FY2021 Full Year Financial Results
The results reported today comprise the statutory results for the Golden Grove Group for the six months to 30 June 2021 combined with the results for the post IPO 29 Metals Group for the six months ended 31 December 2021.
* Revenue of $600.8 million (2020: $434.5 million), reflecting higher commodity prices and Capricorn Copper H2 revenue
* EBITDA3 of $177.3 million (2020: $155.5 million), reflecting higher revenues partly offset by higher cost of sales
* Operating cash flow of $75.1 million (2020: $130.6 million), reflecting higher revenues and improving operating performance, partly offset by higher costs of goods sold, transaction expenses and inventory movements
* Net Profit After Tax (‘NPAT’) of $121.0 million (2020: nil), including the impacts of the IPO transactions in 2021
* Adjusted Net Profit After Tax (‘Adjusted NPAT’)of $55.8 million (2020: $82.7 million),after adjusting for non-recurring restructure and IPO transactions impacts
* Net Drawn Debt of $3.5 million (2020: $112.6 million), comprising cash of $197 million and Drawn Debt of $201 million (US$150 million).
No dividend at the full year.
A bit of background, 29 Metals is a copper/zinc producer that recently floated last year. Their main assets are Capricorn Copper in QLD and Golden Grove in WA and are both Tier 1 assets (+1MT contained copper equivalent).
Disc: Bought 21 February before the result after doing lots of research on Golden Grove and Capricorn Copper assets which was good timing. However, the big attraction is Golden Grove as their is optionality for additional mining fronts from further exploration.
Will try and write up a valuation on this later.