Belvedere Reports Annual and Fourth Quarter Financial and Operating Results for 2013
2014年5月2日 - 3:35AM
Marketwired Canada
Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports Annual and
Fourth Quarter financial and operating results for the year ending December 31,
2013.
Key 2013 Operational Points
-- Hitura Nickel Mine produced 934 t of nickel from 263,320t of ore
-- Hitura Nickel Mine placed on care and maintenance on June 5th due to low
nickel prices
-- In July regular pumping was stopped at the nickel mine allowing the
deeper levels to flood
-- Positive PEA completed on Kopsa gold copper deposit to provide feed for
the Hitura mill
Key 2013 Financial Points
-- Revenues of EUR10.32 million (CDN$ 15.69 million)
-- Operating Loss of EUR0.39 million (CDN$ 0.59 million)(i)
-- Net loss of EUR10.09 million (CDN$ 15.34 million)(ii)
(i) Operating Income is calculated as sales less operating costs and excludes
depletion, depreciation and amortization.
(ii) Primarily due to an impairment charge against the Hitura mineral property
SELECTED FINANCIAL INFORMATION
The following selected annual financial information in the table that follows
has been derived from the consolidated financial statements of the Company for
the periods indicated and should be read in conjunction with such statements and
notes thereto. Those financial statements have been prepared in accordance with
International Financial Reporting Standards.
The Company incurred a net loss for the year ended December 31, 2013 of
EUR10,086,709 or EUR0.07 per share, which compares with net income for the year
ended December 31, 2012 of EUR1,297,886 or EUR0.01 per share and net income of
EUR2,585,914 or EUR0.02 per share reported for fiscal 2011. The principal causes
of these quarterly and annual variations are explained after the 'Financial
Highlights' table following.
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Selected Annual Year Year Year
Financial Information ended ended ended
All amounts in EUR000's, except 31-Dec 31-Dec 31-Dec
shares and per share figures 2013 2012 2011
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Revenue 10,325 27,862 24,675
Operating Expenses 11,350 24,974 21,991
G&A Expenses (i) 899 1,152 1,233
Other (income) and expenses (73) 272 833
Mineral property impairment 9,058 34 41
Gain (loss) on fair valuation
derivative liability - (234) (1,797)
Income tax expense (recovery) (823) 366 (212)
Net income (loss) (10,087) 1,298 2,586
Earnings (loss) per share
(basic and diluted) (0.07) 0.01 0.02
Cash Flow from (used) operating
activities (971) 3,833 3,875
Cash Flow from (used) investing
activities (831) (2,279) (4,131)
Cash Flow from (used) financing
activities - (804) 1,455
Net increase (decrease) in cash (1,971) 702 1,122
Cash at end of period 239 2,210 1,508
Total Assets 10,356 24,078 24,774
Total Liabilities 9,261 12,895 14,923
Shareholders' equity 1,096 11,183 9,851
Working Capital (ii) (485) (1,899) (1,151)
Weighted average number of
shares outstanding(iii) 151,812,291 151,812,291 148,656,234
Dividends per Share - - -
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(i): Including stock based compensation
(ii): Current assets less current liabilities
(iii): Following the share consolidation on 26th March, 2014 the weighted
average number of shares outstanding was 24,275,442
During the fourth quarter:
The Company generated a net loss of EUR4,630,273, EUR0.03 per share in the
fourth quarter primarily due to an impairment charge against the Hitura mineral
property. This compares with a net loss of EUR4,295,872 or EUR0.03 per share for
the previous quarter and a net loss of EUR1,120,855 or EURnil per share reported
for the fourth quarter of fiscal 2012 and net income of EUR641,242 or EUR0.01
per share for the fourth quarter of 2011.
Compared to the prior year:
-- In fiscal 2013, the Company produced 934 tonnes of nickel and
EUR10,324,919 in revenues. In fiscal 2012, the Company produced 2,282
tonnes of nickel and EUR27,862,112 in revenues.
-- Cash decreased to EUR239,193 (2012: EUR2,210,369) as a result of the
cessation of mining operations and investment and exploration and
development expenses of EUR830,822.
-- General and administrative expenses decreased to EUR899,173 (2012:
EUR1,151,747) substantially as a consequence of cost cutting measures
implemented following the cessation of mining operations. Increases in
legal and travel costs were offset by lower public relations, consulting
and stock compensation expenses.
-- Other income was EUR72,973 (2012: expense EUR38,311) due mainly to
foreign exchange.
-- Accounts receivable EUR692 (2012: EUR985,200), inventories EUR156,480
(2012: EUR1,356,363) and prepaid expenses EUR43,535 (2012: EUR113,356),
decreased significantly as a consequence of the cessation of Hitura
nickel production.
-- Long lived assets decreased significantly to EUR9,658,035 (2012:
EUR18,782,217) as a consequence of the EUR9,023,630 impairment charge
taken against the Hitura Nickel Mine and the transfer of underground
mining equipment to assets held for sale. The decrease was partially
offset by the transfer of slow moving inventory of spares and
consumables from current to long-term assets.
-- Current and long term liabilities decreased to EUR9,260,514 (2012:
EUR12,895,289). The decrease in liabilities is a consequence of the
cessation of Hitura mining operations and the elimination of the
deferred income tax liability resulting from the write down of the
Hitura mine.
OUTLOOK
During the suspension period referred to in the section above, the company
continues to monitor nickel markets, but prices would need to show a sustained
increase before any restart of nickel operations could be considered. Any
restart of operations would require substantial capital investment to put in
place new underground development and would require at least 12 months lead time
before production could recommence.
In the meantime, following the positive results of the PEA, work continues on
permitting and completing the Final Feasibility study for the Kopsa gold copper
project. The Company will require additional financing through debt or equity
issuances, or other available means in order to initiate and complete the
Feasibility Study on the Kopsa gold property and for general working capital
purposes.
Forward Looking Statement: Some of the statements contained herein may be
forward-looking statements, which involve known and unknown risks and
uncertainties. Without limitation, statements regarding future plans and
objectives of the Company (including statements relating to possible
re-commencement of production at Hitura, and the timelines and results of
expected studies for the Kopsa gold project) are forward-looking statements that
involve various degrees of risk. It is important to note that the Company's
actual results could differ materially from those in such forward-looking
statements.
About Belvedere: Belvedere Resources Limited is a mining company incorporated in
British Columbia with a primary focus on nickel, gold, cobalt and copper in
Finland. The Company produced 2,200t of nickel in concentrate in 2012 from its
Hitura nickel mine in Central Finland which was put into care and maintenance in
June 2013. The Company has a number of advanced gold projects in close proximity
to the Hitura mine. The Company is focused on completing the feasibility study
for its Kopsa gold copper project.
BELVEDERE RESOURCES LTD.
David Pym, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Belvedere Resources Limited
David Pym
CEO
+1-604-844-2838
Belvedere Resources Limited
Steven Cuthill
CFO
+1-604-513-0007
www.belvedere-resources.com
Belvedere Resources Ltd. (TSXV:BEL)
過去 株価チャート
から 5 2024 まで 6 2024
Belvedere Resources Ltd. (TSXV:BEL)
過去 株価チャート
から 6 2023 まで 6 2024
