Preliminary Results for the year ended 31 December 2019
19 February 2020
https://hocplc.gcs-web.com/new…-preliminary-results-2019
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Robust 2019 financial performance
§ Revenue up 7% at $755.7 million (2018: $704.3 million)[1]
§ Adjusted EBITDA up 28% at $343.3 million (2018: $268.0 million)[2]
§ Profit before income tax (pre-exceptional) up 89% at $103.4 million (2018: $54.7 million)
§ Profit before income tax (post-exceptional) up 100% at $76.8 million (2018: $38.4 million)
§ Basic earnings per share (pre-exceptional) up 80% at $0.09 (2018: $0.05)
§ Basic earnings per share (post-exceptional) up 100% to $0.06 (2018: $0.03)
§ Cash and cash equivalent balance of $166.4 million as at 31 December 2019 (2018: $79.7 million)
§ Net debt reduced by 57% to $33.2 million as at 31 December 2019 (2018 $77.4 million)
§ Final proposed dividend up 19% at 2.335 cents per share ($12.0 million) bringing the full-year total dividend to $22.2 million (2018: $20.0 million)
Strong 2019 operational delivery[3]
§ All-in sustaining costs (AISC) from operations down to $965 per gold equivalent ounce (2018: $973) or $11.9 per silver equivalent ounce (2018: $12.0) comfortably in line with full year cost guidance of $960-$1,000 per gold equivalent ounce or $11.8-12.3 per silver equivalent ounce[4]
§ Full year attributable production of 477,400 gold equivalent ounces (38.7 million silver equivalent ounces) exceeding full year attributable production guidance of 457,000 gold equivalent ounces (37.0 million silver equivalent ounces)
§ Record production at Inmaculada up 6% to 260,126 gold equivalent ounces (2018: 244,445 ounces)
§ Record production at San Jose up 10% to 15.4 million silver equivalent ounces (2018: 14.0 million ounces)
§ Inmaculada brownfield drilling programme added further 46 million silver or 0.5 million gold equivalent ounces of inferred resources in 2019 (calculated using a gold/silver ratio of 86:1) at a grade of 475 grams per tonne silver equivalent
§ Permits received for key Pablo Sur and Cochaloma exploration targets close to Pallancata with drilling campaign already started at Pablo Sur
2020 outlook[5]
§ Attributable production target of 422,000 gold equivalent ounces (36.0 million silver equivalent ounces)
§ Total sustaining and development capital expenditure expected to be approximately $115-130 million including $22 million expansion of tailings storage facility (TSF) at Inmaculada
§ AISC from operations expected to be $1,040-$1,080 per gold equivalent ounce ($12.1-12.5 per silver equivalent ounce)
§ AISC from operations excluding Inmaculada TSF expansion expected to be $1,000-$1,040 per gold equivalent ounce ($11.6-12.0 per silver equivalent ounce)
§ 2020 brownfield exploration budget expected to be $36 million with greenfield and advanced project budget set at an additional $8 million
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habe mich so gefreut, dass ich HGM gleich aufgestockt habe 