keywords :
Production Performance;
| FY 2013-14 | FY 2012-13 |
Change |
|
| Total Production (kt) | 364 | 426 |
-15.00% |
| Production- Zinc (kt) |
|
||
| Mined metal content BMM and Lisheen | 180 | 208 |
-13.50% |
| Refined metal Skorpion | 125 | 145 |
-14.00% |
| Production- Lead (kt) |
|
||
| Mined metal content | 59 | 72 |
-18.90% |
Our total production of zinc, lead MIC and zinc refined metal stood at 364,000 tonnes, 15.0% lower than the 426,000 tonnes produced in FY 2012 to 2013. This was caused by an unplanned maintenance shut down at Skorpion after a tank failure in Q3 FY 2013 to 2014. Accidents at Lisheen and BMM in Q1 FY 2013 to 2014 also impacted the production.
Markets;
As stated earlier the global market including the south African market is seeing a rise in demand due to higher consumption and thereby leading to higher premiums. We saw an increase in the unit cost of production to USD 1,167 per tonne, up from USD 1,092 per tonne in FY2012 to 2013. This was mainly driven by lower production due to lower ore grades and increasing treatment and refining charges.
Financial Performance;
| FY 2013-14 | FY 2012-13 |
Change |
|
| Revenue | 661.4 | 797.2 |
-17.00% |
| EBITDA | 213.4 | 294.5 |
-27.50% |
| EBITDA Margin | 32.30% | 36.90% |
0 |
| Depreciation | 90.3 | 122.5 |
-26.30% |
| Acquisition related amortisation | 47 | 61.4 |
-23.50% |
| Operating (Loss)/Profit before special items | 76.1 | 110.6 |
-31.20% |
| Share in group operating profit % | 3.50% | 4.40% |
0 |
| Capital Expenditure | 44.6 | 35.5 |
25.60% |
| Sustaining | 29.3 | 27.4 |
6.90% |
| Growth | 15.3 | 8.1 |
88.90% |
EBITDA for FY 2013 to 2014 was USD 213.4 million, 27.5% lower than the previous year. Operating profit was USD 76.1 million, down by 31.2%. This was the result of lower volumes, lower zinc and lead prices and higher costs.