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On 28th February 2019, Australia Gold Limited (ASX:AGD) which is a precious metals mining (gold and silver etc.) company, announced filling of Preliminary Final Report for the Financial Year Ended 31 December 2018.
All the comparisons of reported numbers of FY18 are made with FYD17 due to a change in the companyâs year-end reporting to align the Companyâs financial year with that of its operating subsidiaries. The total revenue of FY18 stood at $122.76 million as compared to the reported number of $48.86 million in FYD17. The rise in the reported numbers was due to an increase of production at Guanaco/Amancaya, due to completion of the construction of the new agitation leaching plant during the latter part of 2017 etc. While the production at Casposo decreased due to lower head grades, the lower tonnage of ore extraction from the mine declined the revenue and partially offset the revenue gains from Guanaco/Amancaya.
The company posted a gross profit of $5.95 million in FY18 which included depreciation and amortization of $18.4 million compared to the loss of $3.95 million in FYD17 which included depreciation and amortization of $13.9 million.
EBITDA for FY18 fell sharply to negative $16.5 million from the positive EBITDA of $2.03 million in FYD17. But the adjusted EBITDA (which excluded gains/loss on movements in financial assets and the impairment loss) rose from $1.4 million to $13.88 million in the same year. This consequently increased the adjusted EBITDA per share from 0.003 per share to 0.026 per share.
There was also a deterioration seen in the balance sheet of the company. Both current and non-current assets saw a decline from $43.51 to $25.26 million and $111.24 million to $81.97 million respectively in the same period. The current liabilities of the business have gone down from $42.10 million in FYD17 to $30.48 million in FY18 that might give temporary relief to the business, but the long-term liabilities as marginally gone up from $21.24 million to $21.85 million in the same period. Due to this capability of the company to pay its short-term obligations has reduced as the current ratio has gone down from 1.03 in FYD17 to 0.83 FY18.
The net cash from operating activities has increased from $2.0 million in FYD17to $13.04 million in FY18. The company reported a loss after income tax of $36.23 million in FY18 compared $13.38 million in FYD17. This massive increase in the loss was offset by the non-cash expenses like impairment of assets which stood at $29.19 million etc. which led to the positive cash inflow from operating activities. Cash from investing activities also saw an outflow of more than 100% primarily due to net additions to plant and equipment which stood at $15.85 million. Due to the repayment of borrowings, the financing activities saw an outflow of $8.48 million from mere $591,000. The net cash outflow of the company reported at $4.89 million in FY18 compared to $518,000 of inflow in FYD17.
The market showed a neutral response and the stock closed flat at A$0.07 as of 28th February 2019. The YTD return of the stock is 16.67%
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