Altius Minerals Corp.
A mineral exploration project generation and royalty business
Message: Annual Attributable Revenue of $33,085,000 and Adjusted EBITDA of $25,499,000...
Altius Minerals Corporation (TSX:ALS) Reports Annual Attributable Revenue of $33,085,000 and Adjusted EBITDA of $25,499,000; Declares Quarterly Dividend
A net loss of $38,464,000 or $0.97 per share for the year ended April 30, 2016 compares a net loss of $30,211,000 or $0.94 per share for last year. The net loss is largely attributable to non-cash impairment charges on goodwill of $16,402,000, investment carrying values of $10,943,000, and the write-down of mineral properties of $5,723,000.
A summary of the financial results is included in the following table.
| 2016 | 2015 | ||||
| $ | $ | ||||
| Royalty revenue | |||||
| Base metals | 9,653,000 | 2,523,000 | |||
| Coal | 15,240,000 | 17,889,000 | |||
| Potash | 6,155,000 | 6,707,000 | |||
| Other | 720,000 | 1,509,000 | |||
| Interest and investment | 1,317,000 | 180,000 | |||
| Attributable revenue (1) | 33,085,000 | 28,808,000 | |||
| Net loss attributable to common shareholders | (38,464,000 | ) | (30,211,000 | ) | |
| Net loss per share | |||||
| basic and diluted | (0.97 | ) | (0.94 | ) | |
| Total assets | 411,492,000 | 355,891,000 | |||
| Total liabilities | 91,277,000 | 95,117,000 | |||
| Cash dividends declared & paid to shareholders | 4,789,000 | 647,000 |
Additional information on the Corporation's results of operations is included in the Corporation's MD&A, and Financial Statements, which were filed on SEDAR today and are also available on the Corporation's website at www.altiusminerals.com.
The Corporation also wishes to confirm that its board of directors has declared a cash dividend on its common shares of three cents per common share to all shareholders of record at the close of business on July 6, 2016. The dividend is expected to be paid on or about July 20, 2016.
The declaration, timing, and payment of future dividends will largely depend on the Company's financial results as well as other factors. Dividends paid by Altius are eligible dividends for Canadian income tax purposes unless otherwise stated.
Non-IFRS Measures
Attributable revenue and adjusted EBITDA is intended to provide additional information only and do not have any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures to various IFRS measures, please see below.
- Attributable revenue is defined by the Corporation as total revenue from the consolidated financial statements and the Corporation's proportionate share of gross revenue in the joint ventures. The Corporation's key decision makers use attributable royalty revenue and related attributable royalty expenses as a basis to evaluate the business performance. The attributable royalty revenue amounts, together with as amortization of royalty interests, general and administrative costs and mining tax, are not reported gross in the consolidated statement of earnings (loss) since the royalty revenues are being generated in a joint venture and IFRS 11 Joint Arrangements requires net reporting as an equity pick up. The reconciliation to IFRS reports the elimination of the attributable revenues and reconciles to the revenues recognized in the consolidated statements of earnings (loss).
- Adjusted EBITDA is defined by the Corporation as net earnings (loss) before taxes, amortization, interest, non-recurring items, non-cash amounts such as impairments, losses and gains, and share based compensation. The Corporation also adjusts earnings in joint ventures to reflect EBITDA on those assets which exclude amortization of royalty interests as well as adjusting for any one time items. Adjusted EBITDA is a useful measure of the performance of our business, especially for demonstrating the impact that EBITDA in joint ventures have on the overall business. Adjusted EBITDA identifies the cash generated in a given period that will be available to fund the Corporation's future operations, growth opportunities, shareholder dividends and to service debt obligations.
Reconciliations to IFRS measures
| Attributable revenue | 2016 | 2015 | |
| $ | $ | ||
| Attributable revenue | 33,085,000 | 28,808,000 | |
| Adjust: joint venture revenue | (21,881,000) | (26,127,000) | |
| IFRS revenue per consolidated financial statements | 11,204,000 | 2,681,000 | |
| Adjusted EBITDA | 2016 | 2015 | |
| $ | $ | ||
| (Loss) earnings before income taxes | (39,880,000) | (33,542,000) | |
| Addback(deduct): | |||
| Amortization | 8,410,000 | 481,000 | |
| Exploration and evaluation assets abandoned or impaired | 5,723,000 | 474,000 | |
| Share based compensation (share settled) | 581,000 | - | |
| Interest on long-term debt | 5,440,000 | 10,030,000 | |
| Loss (gain) on disposal of investments & impairment recognition | 4,713,000 | (14,331,000) | |
| Loss on disposal of subsidiary | - | 5,839,000 | |
| Unrealized (gain) loss on fair value adjustment of derivatives | (348,000) | 2,540,000 | |
| Dilution (gain) on issuance of shares by associates | - | (163,000) | |
| Share of loss and impairment in associates | 7,067,000 | 43,613,000 | |
| Earnings from joint ventures | (4,552,000) | (17,031,000) | |
| Callinan related costs | 210,000 | - | |
| LNRLP EBITDA | 1,086,000 | 1,959,000 | |
| Prairie Royalties EBITDA | 20,134,000 | 23,012,000 | |
| Impairment of goodwill | 16,402,000 | - | |
| Foreign currency loss | 513,000 | - | |
| Adjusted EBITDA | 25,499,000 | 22,881,000 | |
| LNRLP EBITDA | |||
| Revenue | 1,430,000 | 2,523,000 | |
| Less: mining taxes | (344,000) | (505,000) | |
| Less: administrative charges | - | (59,000) | |
| LNRLP Adjusted EBITDA | 1,086,000 | 1,959,000 | |
| Prairie Royalties EBITDA | |||
| Revenue | 20,451,000 | 23,609,000 | |
| Operating expenses | (317,000) | (597,000) | |
| Prairie Royalties Adjusted EBITDA | 20,134,000 | 23,012,000 |
About Altius
Altius diversified royalties and streams generate revenue from 14 operating mines largely located throughout Canada, and more recently Brazil, from copper, zinc, nickel, cobalt, precious metals, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre-development stage royalties covering a wide spectrum of mineral commodities and jurisdictions.
Altius has 43,410,902 shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
Contact:
Altius Minerals Corporation
Ben Lewis
1.877.576.2209
Altius Minerals Corporation
Chad Wells
1.877.576.2209
info@altiusminerals.com
www.altiusminerals.com
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