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Silvercorp net income $43.7 million, $0.26 per share, for Fiscal 2017
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PR Newswire
VANCOUVER, May 25, 2017
| Trading Symbol: | TSX: SVM |
| | NYSE MKT: SVM |
VANCOUVER, May 25, 2017 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE: SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2017. All amounts are expressed in US Dollars.
FISCAL YEAR 2017 HIGHLIGHTS
- Net income attributable to equity shareholders of $43.7 million, or $0.26 per share1, up 589% compared to net income attributable to equity shareholders of $6.3 million, or $0.04 per share in the prior year. Adjusted net income2 attributable to equity shareholders of $38.6 million or $0.23 per share, up 509% from the prior year after adjustment to one-time net impairment reversal of $5.1 million;
- Silver, lead, and zinc metals sold up 29%, 34%, and 5%, respectively from the prior year, to approximately 6.5 million ounces silver, 70.5 million pounds lead, and 18.3 million pounds zinc;
- Silver production of approximately 6.4 million ounces, surpassing the Fiscal 2017 annual production guidance by 25%;
- Sales of $163.5 million, up 51% compared to $107.9 million in the prior year;
- A 12%, 16%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year;
- Gross margin of 54% compared with 33% in the prior year;
- Cash flow from operations of $80.4 million, an increase of $48.5 million compared to $31.9 million in the prior year;
- Cash production costs per tonne ore2 decreased by 11% to $59.84 from $67.39 in the prior year;
- Cash costs per ounce of silver2, net of by-product credits, of negative $3.03, compared to $1.44 in the prior year;
- All-in sustaining costs per ounce of silver2, net of by-product credits, of $3.82, compared to $10.20 in the prior year; and
- Ended the fiscal year with $96.5 million in cash and cash equivalents and short-term investments, an increase of $34.5 million or 56% compared to $62.0 million as at March 31, 2016.
HIGHLIGHTS FOR THE FOURTH QUARTER FISCAL 2017 ("Q4 FISCAL 2017")
- Net income attributable to equity shareholders was $13.5 million, or $0.08 per share in Q4 Fiscal 2017, compared to the loss of $1.5 million, or $0.01 per share in Q4 Fiscal 2016. Adjusted net income attributable to equity shareholders of $8.2 million, or $0.05 per share after adjustment to one-time impairment reversal of $5.3 million;
- Silver and lead metals sold up 34% and 53%, respectively from the prior year quarter, to approximately 1.3 million ounces silver and 14.3 million pounds lead;
- Sales of $34.1 million, up 75% compared to $19.4 million in Q4 Fiscal 2016;
- Gross margin of 60% compared with 32% in the prior year;
- Cash costs per ounce of silver, net of by-product credits, of negative $3.65, compared to $2.22 in the prior year;
- All-in sustaining costs per ounce of silver, net of by-product credits, of $3.26, compared to $9.91 in the prior year.
| _____________________________________ | |
| 1 | Earnings per share refers to basic earnings per share |
| 2 | Non IFRS measure, please see reconciliation on section 11 of MD&A for the corresponding period |
FINANCIALS
1. Fiscal 2017 vs. Fiscal 2016
Net income attributable to the shareholders of the Company in Fiscal 2017 was $43.7 million, or $0.26 per share, up 589% compared to $6.3 million, or $0.04 per share in Fiscal 2016. The adjusted net income attributable to the shareholders of the Company was $38.6 million, or $0.23 per share, up 509% compared to $6.3 million, or $0.04 per share in the prior year.
In the current fiscal year, the Company's financial results were mainly impacted by the following: i) improved head grades yielded higher silver, lead, and zinc metals sold, up 29%, 34%, and 5% respectively; ii) a 9% decrease in per tonne ore production costs; and iii) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 15%, 21%, and 33% compared to the prior year, respectively.
Sales in Fiscal 2017 were $163.5 million, up 51% compared to $107.9 million in Fiscal 2016. Silver and gold sales represented $89.6 million and $3.3 million, respectively, while base metals represented $70.6 million of total sales compared to silver, gold and base metals of $60.6 million, $1.9 million, and $45.4 million, respectively, in Fiscal 2016.
Cost of sales in Fiscal 2017 was $75.3 million compared to $71.9 million in Fiscal 2016. The cost of sales included $57.6 million (Fiscal 2016 - $54.5 million) cash costs, $17.7 million (Fiscal 2016 - $17.3 million) depreciation, amortization and depletion charges, and a $nil write down of inventories (Fiscal 2016 - $0.2 million).
Gross profit in Fiscal 2017 was 54% compared to 33% in Fiscal 2016. The improvement of gross profit margin was mainly due to: i) a 12%, 16%, and 15% increase in the head grades of silver, lead, and zinc; ii) a 9% decrease in per tonne ore production costs; and iii) the increase of metal prices. Ying Mining District's gross margin was 57% compared to a 38% gross profit margin in the prior year, while GC Mine's profit margin was 31% compared to a 10% gross profit margin in the prior year.
Cash flows provided by operating activities in Fiscal 2017 were $80.4 million, an increase of $48.5 million or 152%, compared to $31.9 million in the prior year. Before changes in non-cash operating working capital, cash flows provided by operating activities in Fiscal 2017 were $76.0 million, an increase of $42.8 million or 129%, compared to $33.1 million in the prior year mainly due to the improvement of operating earnings.
The Company ended the fiscal year with $96.5 million in cash and short term investments, an increase of $34.5 million or 56% compared to $62.0 million as at March 31, 2016.
Working capital as at March 31, 2017 was $70.7 million, an increase of $35.5 million or 101%, compared to $35.2 million working capital as at March 31, 2016.
2. Q4 Fiscal 2017 vs. Q4 Fiscal 2016
Net income attributable to equity shareholders of the Company in Q4 Fiscal 2017 was $13.5 million, or $0.08 per share compared to a loss of $1.5 million, or $0.01 per share in Q4 Fiscal 2016 while the adjusted net income attributable to the equity shareholders of the Company in Q4 Fiscal 2017 was $8.2 million, or $0.05 per share.
The Company's financial results in Q4 Fiscal 2017 were mainly impacted by the following: i) more lead concentrate sold at the Ying Mining District, resulted in higher quantities of silver and lead metals being sold, up 34% and 53%, respectively; ii) a 19% decrease in per tonne ore production costs; iii) due to the annual Chinese New Year holiday the mine is only in operation for two months in Q4, resulting in reduced tonnage of ore mined compared to previous quarters of Fiscal 2017; and iv) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 22%, 49%, and 107% compared to the prior year quarter, respectively.
Sales in Q4 Fiscal 2017 were $34.1 million, up 75% compared to $19.4 million in the same quarter last year. Silver and gold sales represented $18.3 million and $0.7 million, respectively, while base metals represented $15.1 million of total sales compared to silver, gold and base metals of $11.1 million, $0.3 million, and $8.0 million, respectively, in the prior year quarter.
Cost of sales in Q4 Fiscal 2017 was $13.8 million compared to $13.2 million in Q4 Fiscal 2016. The cost of sales included $12.0 million (Q4 Fiscal 2016 - $10.2 million) cash costs, $1.8 million (Q4 Fiscal 2016 - $2.8 million) depreciation, amortization and depletion charges, and $nil write down of inventories (Q4 Fiscal 2016 - $0.2 million).
Gross profit in Q4 Fiscal 2017 improved to 60%, compared to 32% in Q4 Fiscal 2016.
Cash flows provided by operating activities in Q4 Fiscal 2017 were $4.9 million in Q4 Fiscal 2017 compared to $4.3 million in Q4 Fiscal 2016. Before changes in non-cash operating working capital, cash flows provided by operating activities in the current quarter were $9.1 million, an increase of $7.0 million, compared to $2.1 million in the prior year quarter.
OPERATIONS AND DEVELOPMENT
In Fiscal 2017, the Company sold 6.5 million ounces of silver, 3,300 ounces of gold, 70.5 million pounds of lead, and 18.3 million pounds of zinc, compared to 5.0 million ounces of silver, 2,400 ounces of gold, 52.5 million pounds of lead, and 17.5 million pounds of zinc, respectively, in Fiscal 2016. The increase of metals sold was mainly due to: i) a 6% increase in ore milled, and ii) a 12%, 16% and 15% increase in the head grades of silver, lead and zinc head grades, resulting largely from the ongoing dilution control measures and operation management improvements.
1. Ying Mining District, Henan Province, China
| | | | | | | | | ||
| Operational results - Ying Mining District | | | | | | ||||
| | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | | Fiscal year ended March 31, | ||
| | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | | 2017 | 2016 | |
| Ore Mined (tonne) | 112,755 | 171,303 | 179,194 | 173,508 | 99,415 | | 636,760 | 589,766 | |
| Ore Milled (tonne) | 108,051 | 182,259 | 180,154 | 167,747 | 99,203 | | 638,211 | 587,450 | |
| Head Grades | | | | | | | | | |
| | Silver (gram/tonne) | 298 | 303 | 302 | 308 | 310 | | 303 | 268 |
| | Lead (%) | 4.8 | 4.8 | 4.9 | 4.4 | 4.0 | | 4.7 | 3.9 |
| | Zinc (%) | 0.8 | 0.8 | 1.1 | 1.1 | 0.9 | | 1.0 | 0.8 |
| Recoveries | | | | | | | | | |
| | Silver (%) | 96.6 | 95.1 | 95.5 | 95.7 | 95.0 | | 95.5 | 95.0 Werbung Mehr Nachrichten zur Silvercorp Metals Aktie kostenlos abonnieren
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