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    TRQ   CA9004352071

TURQUOISE HILL RESOURCES LTD.

(TRQ)
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Turquoise Hill Resources : Quarterly Financial Report for the Three and Six Months Ended June 30, 2021

07/29/2021 | 05:41pm EDT

TURQUOISE HILL RESOURCES LTD.

Second Quarter Report

June 30, 2021

Financial Statements and MD&A

Turquoise Hill Resources Ltd.

Condensed Interim Consolidated Financial Statements

(Unaudited)

June 30, 2021

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Income

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

Note

2021

2020

2021

2020

Revenue

4

$

317,799

$

277,967

$

844,345

$

408,626

Cost of sales

5

(82,584)

(181,956)

(238,228)

(327,880)

Gross margin

235,215

96,011

606,117

80,746

Operating expenses

6

(73,276)

(49,893)

(129,764)

(94,804)

Corporate administration expenses

(8,525)

(9,855)

(21,568)

(14,572)

Other income (expenses)

20

(14,610)

(1,418)

(27,787)

1,800

Income (loss) before finance items and taxes

138,804

34,845

426,998

(26,830)

Finance items

607

1,897

Finance income

7

3,212

14,624

Finance costs

7

(1,596)

(1,516)

(3,231)

(3,325)

(989)

1,696

(1,334)

11,299

Income (loss) from operations before taxes

$

137,815

$

36,541

$

425,664

$

(15,531)

Income and other taxes

(19,047)

35,777

25,253

106,805

Income for the period

$

118,768

$

72,318

$

450,917

$

91,274

Attributable to owners of Turquoise Hill Resources Ltd.

96,870

72,586

333,585

117,767

Attributable to owner of non-controlling interest

21,898

(268)

117,332

(26,493)

Income for the period

$

118,768

$

72,318

$

450,917

$

91,274

Basic and diluted earnings (loss) per share attributable

to Turquoise Hill Resources Ltd.

17

$

0.48

$

0.36

$

1.66

$

0.59

Basic weighted average number of shares outstanding (000's)

201,231

201,231

201,231

201,231

The accompanying notes are an integral part of these consolidated financial statements.

2

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Comprehensive Income

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Income for the period

$

118,768

$

72,318

$

450,917

$

91,274

Other comprehensive income:

Items that will not be reclassified to income:

2,631

4,887

Changes in the fair value of marketable securities at FVOCI

1,502

127

Other comprehensive income for the period (a)

$

2,631

$

1,502

$

4,887

$

127

Total comprehensive income for the period

$

121,399

$

73,820

$

455,804

$

91,401

Attributable to owners of Turquoise Hill

99,501

74,088

338,472

117,894

Attributable to owner of non-controlling interest

21,898

(268)

117,332

(26,493)

Total comprehensive income for the period

$

121,399

$

73,820

$

455,804

$

91,401

  1. No tax charges and credits arose on items recognized as other comprehensive income or loss in 2021 (2020: nil). The accompanying notes are an integral part of these consolidated financial statements.

3

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Cash Flows

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

Note

2021

2020

2021

2020

Cash generated from operating activities

before interest and tax

16

$

295,693

$

34,698

$

543,929

$

36,193

Interest received

678

5,367

1,853

17,198

Interest paid

(84,511)

(118,696)

(111,022)

(145,518)

Income and other taxes paid

19

(2,525)

(3,198)

(358,648)

(14,149)

Net cash generated from (used in) operating activities

$

209,335

$

(81,829)

$

76,112

$

(106,276)

Cash flows from investing activities

-

-

Receivable from related party: amounts withdrawn

18

204,284

511,284

Expenditures on property, plant and equipment

(230,283)

(261,934)

(480,570)

(563,030)

Purchase of commodity put options

-

-

(29,907)

-

Proceeds from pre-production revenues

12,001

7,593

12,001

7,593

Other investing cash flows

62

184

62

247

Cash used in investing activities

$

(218,220)

$

(49,873)

$

(498,414)

$

(43,906)

Cash flows from financing activities

(21,744)

(21,744)

Repayment of project finance facility

(1,545)

(1,545)

Proceeds from bank overdraft facility

-

-

8,500

-

Repayment of bank overdraft facility

(8,500)

-

(8,500)

-

Payment of lease liability

(166)

(1,992)

(295)

(3,899)

Cash used in financing activities

$

(30,410)

$

(3,537)

$

(22,039)

$

(5,444)

Effects of exchange rates on cash and cash equivalents

(165)

420

(207)

436

Net decrease in cash and cash equivalents

$

(39,460)

$

(134,819)

$

(444,548)

$

(155,190)

Cash and cash equivalents - beginning of period

$

718,533

$

1,631,614

$

1,123,621

$

1,651,985

Cash and cash equivalents - end of period

679,073

1,496,795

679,073

1,496,795

Cash and cash equivalents as presented on the balance sheets

$

679,073

$

1,496,795

$

679,073

$

1,496,795

The accompanying notes are an integral part of these consolidated financial statements.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Turquoise Hill Resources Ltd. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 21:41:04 UTC.


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Sales 2021 1 846 M - -
Net income 2021 543 M - -
Net Debt 2021 3 420 M - -
P/E ratio 2021 5,55x
Yield 2021 -
Capitalization 2 920 M 2 934 M -
EV / Sales 2021 3,43x
EV / Sales 2022 4,57x
Nbr of Employees 3 093
Free-Float 49,2%
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Number of Analysts 8
Last Close Price 14,51 $
Average target price 18,96 $
Spread / Average Target 30,7%
EPS Revisions
Managers and Directors
Steeve Thibeault Chief Executive Officer & Director
Luke Colton Chief Financial Officer
Robert Peter Charles Gillin Chairman
Jo-Anne Dudley Chief Operating Officer
Russel C. Robertson Independent Director
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