Resultados financieros para el año fiscal 2023
Capital limitado
("Capital", el "Grupo" o la "Compañía")
Capital (LSE: CAPD), a leading mining services company, today provides its full year financial results for the year ended 31 December 2023.
RESULTADOS FINANCIEROS DEL EJERCICIO COMPLETO PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023 *
| AF 2023 | AF 2022 | vs AF 2022 |
Ingresos ($ m) | 318.4 | 290.3 | 9.7% |
EBITDA (ajustado por arrendamientos IFRS 16)1,2 ($ millones) | 91.8 | 86.4 | 6.3% |
Beneficio operativo (millones de dólares) | 60.3 | 59.7 | 1.0% |
Ganancia/(pérdida) de inversión (millones de dólares) | 3.0 | (19.8) | N/A |
Utilidad neta después de impuestos (NPAT) (millones de dólares) | 38.5 | 22.7 | 69.6% |
NPAT (Ajustado por ganancia/(pérdida) de inversión ($ millones) | 35.5 | 42.5 | (16.4%) |
Ganancias por acción | |||
EPS básico (centavos) | 19.1 | 11.1 | 72.1% |
Basic EPS (adjusted for investment gain/(loss) (cents) | 17.5 | 21.5 | (18.5%) |
Dividendo final por acción (centavos) | 2.6 | 2.6 | |
Efectivo de operaciones (ajustado por arrendamientos NIIF 16)2 ($ millones) | 84.3 | 69.8 | 20.8% |
Capex3 ($ millones) | 69.0 | 57.5 | 20.0% |
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Deuda neta1 ($ millones) | 69.8 | 47.2 | 47.9% |
Inversiones ($ millones) | 47.2 | 38.7 | 22.0% |
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Márgenes y rentabilidad | |||
Margen EBITDA (ajustado por arrendamientos NIIF 16)1,2 | 28.8% | 29.8% | |
Operating profit Margin | 18.9% | 20.6% | |
NPAT Margin (adjusted for investment gain/(loss) | 11.2% | 14.6% | |
* Todos los montos están en dólares estadounidenses a menos que se indique lo contrario |
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(1) El EBITDA y la deuda neta son medidas financieras no NIIF y no deben usarse de forma aislada o como sustituto de los resultados financieros de Capital Limited presentados de acuerdo con las NIIF. Medidas de desempeño alternativas como se detalla en las páginas 27 - 28 de este anuncio de resultados (2) Adjustment for the cash cost of the IFRS 16 leases which amounts to $8.2 million in 2023 and $3.7 million in 2022. (3) El gasto de capital (Capex) consiste en la compra de PPE en efectivo, pagos anticipados de PPE y activos comprados durante el año y financiados por OEM.
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Resumen financiero del año fiscal 2023
· FY 2023 revenue of $318.4 million, up 9.7% on FY 2022 ($290.3 million);
· Revenue came in marginally below our guidance of $320 - 340 million given a number of headwinds namely subdued activity in West Africa, particularly in Mali, and operations suspended in Sudan with Perseus. In addition MSALABS revenues fell slightly behind its aggressive growth target for 2023, with utilisation across commercial laboratories deployed through the year slightly behind schedule as we drive adoption of the new PhotonAssayTM tecnología.
· EBITDA del año fiscal 2023 (ajustado por arrendamientos IFRS16) de $ 91.8 millones, un 6.3% más que el año fiscal 2022 ($ 86.4 millones);
· FY 2023 EBITDA margin (adjusted for IFRS16 leases) remained strong at 28.8% (FY 2022: 29.8%);
· Group margins were strong through 2023 especially considering the heavy cost loadings required in the ramp up of MSALABS;
· Value of the Group's strategic investment portfolio as of 31 December 2023 increased to $47.2 million (FY 2022: $38.7 million) including net cash investment of $4.6 million;
· Net profit after tax (NPAT) of $38.5 million, up 69.6% on FY 2022 ($22.7 million). Excluding the impact of investment losses/ gains, adjusted NPAT is $35.5 million for FY 2023, down 16.4% on FY 2022 ($42.5 million);
· Basic earnings per share (EPS) of 19.1 cents, up 72.1% on FY 2022 (11.1 cents). Excluding the impact of investment losses/ gains, basic EPS (adjusted) is 17.5 cents, down 18.5% on FY 2022 (21.5 cents);
· Efectivo de operaciones (ajustado por arrendamientos IFRS 16) de $ 84.3 millones, un aumento del 20.8% en el año fiscal 2022 ($ 69.8 millones);
· Total capex of $69.0 million, up 20.0% on FY 2022 ($57.5 million). Total capex consisted of cash capex of $47.9 million (2022: $43.0 million), prepayments of $5.3 million (2022: $5.5 million) and financed capex of $15.8 million (2022: $9.0 million);
· Net debt of $69.8 million an increase of 47.9% on FY22 ($47.2 million); and
· Net debt excludes the investment holdings of $47.2 million.
· Declared a final dividend of US$2.6 cents per share, to be paid on 15 May 2024 which, together with the interim dividend of US$1.3 cents per share brings the total dividends declared for 2023 to US$3.9 cents per share (2022: US$3.9 cents per share).
Aspectos destacados operativos y estratégicos
· Safety performance remained best in class on a global scale with the 2023 Total Recordable Injury Frequency Rate ("TRIFR") of 0.75 per 1,000,000 hours worked, a significant improvement (38%) on FY 2022 (1.2).
· Capital Drilling: Further contract wins and major contract long-term renewal
· Nuevo contrato ganado:
- A letter of intent from Allied Gold Corporation for a grade control drilling services contract across its Cote d'Ivoire complex.
· FY 2023 major anchoring contract wins with significant growth potential (previously announced):
- A three-year comprehensive drilling services contract with Nevada Gold Mines, USA. The contract includes a wide array of drilling services including underground reverse circulation and diamond, both surface and underground. NGM operates the single largest gold-mining complex globally;
- A three-year reverse circulation and diamond drilling services contract with Fortescue Metals Group at the Belinga iron ore project, Gabon. This is one of the world's largest undeveloped, high-grade hematite iron ore deposits; and
- A two-year diamond drilling services contract with Barrick at the Reko Diq copper-gold project, Pakistan. This is amongst the largest undeveloped copper-gold projects globally.
· Other recent contract awards (previously announced):
- Centamin's Sukari Gold Mine in Egypt has issued Capital with a letter of intent to award a 5-year open pit drilling services contract extension, starting from January 1, 2025. Subject to concluding a contract, which will include both blast hole and grade control drilling, this will extend our activities on site out to the end of 2029, 25 years after we commenced operations in 2005;
- A two-year grade control drilling services contract with Perseus Mining at the Sissingué gold mine in Côte d'Ivoire. This expands our relationship with Perseus from existing contracts in Sudan and the Yaouré mine, Côte d'Ivoire; and
- Expanded rig count at Belinga, Gabon, under our existing three-year reverse circulation and diamond drilling services contract.
· Fleet utilisation for FY 2023 was 73%, compared to 79% in FY 2022;
· Average monthly revenue per operating rig ("ARPOR") was US$186,000 in FY 2023, up 3.3% on FY 2022 (US$180,000); and
· Rig count decreased from 129 to 127 through FY 2023, net of depletion.
| AF 2023 | AF 2022 |
Año fiscal 2023 frente a año fiscal 2022 |
Tamaño de la flota de cierre | 127 | 129 | - 1.6% |
Flota media | 125 | 118 | 5.9% |
Utilización de la flota (%) | 73 | 79 | - 7.6% |
Plataformas utilizadas promedio | 92 | 93 | - 1.1% |
APORTE*($) | 186,000 | 180,000 | 3.3% |
Drilling revenue ($m) | 204.2 | 200.5 | 1.8% |
Surveying revenue ($m) | 3.7 | 4.7 | - 21.3% |
Other Associated revenue1 ($ m) | 7.4 | 8.0 | - 8.6% |
Ingresos totales por perforación e ingresos asociados (millones de dólares) | 215.3 | 213.2 | 1.0% |
*Ingresos promedio por mes por plataforma operativa
1Associated revenue refers to revenue generated from complementary services tied to our drilling operations.
Todos los montos están en USD a menos que se indique lo contrario
· Capital Mining: Second material mining services contract win:
· Capital secured its second high-quality mining services contract with Ivindo Iron SA (Gabon), developing Belinga, one of the world's largest undeveloped, high-grade hematite iron deposits. This contract has a term of up to 5 years and will generate approximately $30 million of revenue per annum once fully operational; and
· Sukari Gold Mine (Egypt) waste mining contract saw consistent operations through FY 2023.
· MSALABS: Furthering on its growth trajectory and initiated strategic global partnership, breaking into the USA market with largest contract in MSALABS history:
· The deployment of Chrysos PhotonAssay? units remains on track:
- MSALABS possesses the largest international network of Chrysos PhotonAssay? technology; and
- MSALABS relationship with Chrysos remains strong and will see the deployment of 21 units.
· MSALABS was awarded a five-year comprehensive laboratory services contract with Nevada Gold Mines (NGM) in the United States of America (USA).
- MSALABS will operate a state-of-the-art hybrid laboratory incorporating Chrysos PhotonAssayTM units as well as traditional fire assay methods and full multi-element assaying capabilities;
- MSALABS will deploy three PhotonAssayTM units in Nevada; and
- The contract is anticipated to generate ~$140 million over the five-year term, with annual revenues of ~$30 million once fully operational, making it the largest award of new business in the history of MSALABS. Capital expenditure for the project is expected of ~$7 million.
· MSALABS has forged a global partnership with Barrick and Chrysos Corporation to deliver PhotonAssayTM technology across Barrick mine sites:
- The three PhotonAssayTM units in Nevada mark the start of this broader partnership agreement, with trials underway for a possible ten further PhotonAssayTM units by the end of 2025 across multiple of Barrick's other operations.
· Commercial laboratory focus in 2023: Capitalising on our early mover advantage, we focused on deploying PhotonAssayTM units in a number of commercial locations of strategic importance. As opposed to mine site laboratories, commercial laboratories have longer lead times to ramp utilisation which in turn impacts margins given the upfront cost loading required. 2024 will benefit from an increase in utilisation at these sites, as well as the business's greater leaning towards mine site laboratories through this coming year.
· Capital Investments: Year on year portfolio growth:
· The total value of investments (listed and unlisted) was $47.2 million as at 31 December 2023 ($38.7 million as at 31 December 2022) including net cash investments of $4.6 million; and
· The portfolio continues to be focused on a select few key holdings with our holdings in Predictive Discovery, Allied Gold Corp and WIA Gold comprising the majority (~85%) of our investments.
Outlook
· Revenue guidance for 2024 of $355 - $375 million driven by an improved contract portfolio, ramp ups of new drilling and mining contracts and a continued expansion of MSALABS;
· Capital Drilling is poised for additional growth in 2024, primarily fuelled by the scale up of operations with Nevada Gold Mines in the USA, alongside promising growth prospects across several of our current operations - Belinga, Gabon and Reko Diq, Pakistan, in particular;
· Capital Mining will continue to embed operations at the Belinga site in Gabon. The Sukari earth moving contract is anticipated to sustain its steady-state performance until the contract concludes (mid 2024);
· MSALABS continues to drive forward its multi-year expansion strategy, with a strong emphasis on the deployment of Chrysos PhotonAssayTM units. The pipeline remains robust, reinforced by the recent partnership forged with Barrick Gold and Chrysos Corporation. The business is expected to deliver revenues of $50-60 million in 2024, another significant YoY increase from 2023 (FY 2023 $38.4 million);
· Capital expenditure is expected to be $70-80 million in 2024. This will fund typical sustaining and replacement capex across the drilling and mining fleet to ensure ongoing youth and productivity, newly purchased rigs to drive growth in the USA and the expansion of MSALABS. This year we will also fund non-recurring expenditures primarily a major workshop facility in Nevada as a hub for our operations in the region; and
· Tendering activity remains robust across the Group with a number of high-quality opportunities progressing.
Commenting on the results, Peter Stokes, Chief Executive, said:
"The past year has been another great year for Capital, achieving growth for the fourth year in a row despite a challenging market environment, all while maintaining an exemplary safety record. We continue to strengthen our portfolio across drilling and mining, with a strategic focus on tier one assets made possible by the longstanding relationships we have built over the years with some of the world's leading miners. Capital has also achieved a number of strategic landmarks through the year, positioning itself for a strong 2024 and beyond.
Our drilling business had another strong year achieving growth despite difficult global market conditions. We have stayed committed to our strategy of focusing on tier one clients with world class assets. This dedicated commitment has seen us add world class assets to our contract portfolio, most notably Barrick's copper project at Reko Diq (Pakistan), FMG's majority owned iron-ore project at Belinga (Gabon) and the major gold-mining complex in the USA, with Nevada Gold Mines, marking our first entry into the North American market.
Our mining business was awarded its second high-quality mining services mining contract with Ivindo, Gabon, which mobilised successfully through the year. Operations at Sukari were also very consistent through 2023, and we are on track to complete the contract by mid-2024, six months ahead of contracted requirements. We have now demonstrated our expertise in both rapid mobilisation and excellent performance in load and haul operations. These milestones underscore our position as a trusted partner for tier-1 clients and provide a robust foundation for future growth.
MSALABS has once again achieved remarkable growth over the past year, driven particularly by the successful rollout of the revolutionary Chrysos PhotoAssayTM technology. MSALABS is quickly becoming a major component of the group as recently highlighted by its largest contract to date with Nevada Gold Mines. It is set to operate PhotonAssayTM units as well as traditional fire assay methods, complemented by extensive multi-element assaying capabilities, all within a state of-the-art hybrid laboratory-the first of its kind in the USA. Moreover, the business continues to strategically lay the foundations for further growth through its recent global partnership with Chrysos and Barrick.
Our investment portfolio remained focused on a select key few holdings through the year. Growth in key investments saw our portfolio grow to $47.2 million, a significant return from the net investment to date of ~$17.1 million. In addition, our portfolio has been a key business development tool for the Group, with contracts from investee companies generating over $140 million in revenue since we formally launched our investment strategy in 2019 and remains a core pillar of our business model.
We are excited for the year ahead and are confident in maintaining the growth momentum of previous years. In addition we will retain our steadfast focus on maintaining peer leading margins, returns and safety performance in parallel to this growth. We will continue to pursue our key strategic priorities during 2024 and expect revenues to reach $355-375 million for the year."
Capital Limited will be hosting a live webcast presentation at 09:00 London time on Thursday 14 March 2024, where questions can be submitted through the platform.
El enlace de presentación del webcast:
Servicios para emisores | Bolsa de Valores de Londres | Resultados de Capital Limited para el año fiscal 2023 (lsegissuerservices.com)
Los participantes pueden unirse al webcast aproximadamente cinco minutos antes de la hora de inicio. Una copia de la presentación de la Compañía estará disponible en www.capdrill.com
- TERMINA -
Para obtener más información, visite el sitio web de Capital www.capdrill.com o comuníquese con:
Capital limitado GME@dhr-rgv.com
Peter Stokes, director ejecutivo
Rick Robson, director financiero
Conor Rowley, Desarrollo Corporativo y Relaciones con Inversores
Támesis Partners LLP +44 20 3882 2868
charlie bendon
Richard Greenfield
Stifel Nicolaus Europa limitada +44 20 7710 7600
Campo de clanes de Ashton
callum stewart
Rory Blundell
Buchanan +44 20 7466 5000
bobby morse GME@dhr-rgv.com
jorge papa
Acerca de Capital Limited
Capital Limited es una empresa líder en servicios mineros que ofrece una gama completa de soluciones de perforación, minería, mantenimiento y laboratorio geoquímico a clientes de la industria minera mundial. Los servicios de la Compañía incluyen: exploración, delineación y perforación de producción; servicios de carga y transporte; mantenimiento; y análisis geoquímicos. La sede corporativa del Grupo se encuentra en el Reino Unido y ha establecido operaciones en Costa de Marfil, Canadá, República Democrática del Congo, Egipto, Gabón, Ghana, Guinea, Kenia, Mali, Mauritania, Nigeria, Pakistán, Arabia Saudita, Tanzania y los Estados Unidos de América.
ESTADO DE RESULTADOS CONSOLIDADO CONDENSADO Y OTROS RESULTADOS INTEGRALES
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| 2023 |
| 2022 | |
Miles de dólares |
| Miles de dólares | |||
Ingresos | 318,424 | 290,284 | |||
El costo de ventas | (171,524) | (155,852) | |||
Beneficio bruto | 146,900 | 134,432 | |||
Gastos administrativos | 4 | (46,852) | (44,331) | ||
Depreciación, amortisation and impairments | (39,766) | (30,416) | |||
Beneficio de operaciones | 5 | 60,282 | 59,685 | ||
Ingresos por intereses | 65 | 35 | |||
Costos financieros | 6 | (13,002) | (7,356) | ||
Fair value gain / (loss) on financial assets | 2,989 | (19,798) | |||
Beneficio antes de impuestos | 50,334 | 32,566 | |||
Taxation | 7 | (11,804) | (9,836) | ||
Utilidad y resultado integral total del año |
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| 38,530 |
| 22,730 |
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Profit and total comprehensive income for the year attributable to: | |||||
Propietarios del padre | 36,737 | 20,990 | |||
Interes no controlado | 1,793 | 1,740 | |||
38,530 | 22,730 | ||||
Ganancias por acción: |
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Utilidad básica por acción (centavos por acción) | 8 | 19.09 | 11.07 | ||
Utilidad diluida por acción (centavos por acción) | 8 | 18.82 | 10.71 |
ESTADO DE SITUACIÓN FINANCIERA CONDENSADO CONSOLIDADO
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Notas |
| 2023 | 2022 | |
Miles de dólares | Miles de dólares | |||
BIENES |
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Activos no corrientes |
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Propiedad, planta y equipo. | 10 | 208,657 | 172,658 | |
Activos por derecho de uso | 29,684 | 16,652 | ||
Goodwill | 1,296 | 1,296 | ||
Activos intangibles | 572 | 1,916 | ||
Otros ingresos | 9,789 | 6,460 | ||
Total del activo no corriente |
| 249,998 | 198,982 | |
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Activos circulantes |
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Inventario | 11 | 61,922 | 58,695 | |
Cuentas por cobrar comerciales | 12 | 49,567 | 41,542 | |
Otros ingresos | 24,055 | 20,073 | ||
Inversiones a valor razonable | 47,154 | 38,727 | ||
Impuesto corriente por cobrar | 686 | 400 | ||
Efectivo y equivalentes de efectivo | 34,366 | 28,380 | ||
Total de activos corrientes |
| 217,750 | 187,817 | |
los activos totales |
| 467,748 | 386,799 | |
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PATRIMONIO Y PASIVO |
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Equidad |
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Capital social | 13 | 19 | 19 | |
Compartir premium | 13 | 62,390 | 62,390 | |
Acciones del Tesoro | 14 | - | (2,475) | |
Reserva para beneficios a los empleados liquidada con instrumentos de patrimonio | 5,763 | 4,469 | ||
Otra reserva | 190 | 190 | ||
Ganancias retenidas | 195,515 | 168,726 | ||
263,877 | 233,319 | |||
Interes no controlado | 9,270 | 5,573 | ||
Equidad total |
| 273,147 | 238,892 | |
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Pasivos no corrientes |
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Préstamos y empréstitos | 15 | 75,521 | 56,865 | |
Pasivos por arrendamiento | 21,109 | 12,127 | ||
Impuesto diferido | 34 | 34 | ||
Comerciales y otras cuentas a pagar | 2,057 | 1,485 | ||
Total pasivo no corriente |
| 98,721 | 70,511 |
ESTADO DE SITUACIÓN FINANCIERA CONSOLIDADO CONDENSADO (continuación)
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| 2023 | 2022 | |
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| Miles de dólares | Miles de dólares | |
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Pasivo circulante |
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Comerciales y otras cuentas a pagar | 50,685 | 43,453 | ||
Provisiones | 487 | 2,637 | ||
Impuesto corriente por pagar | 9,315 | 9,130 | ||
Préstamos y empréstitos | 15 | 27,052 | 18,037 | |
Pasivos por arrendamiento | 8,341 | 4,139 | ||
Total pasivo corriente |
| 95,880 | 77,396 | |
Pasivos totales |
| 194,601 | 147,907 | |
Total patrimonio y pasivos |
| 467,748 | 386,799 |
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
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Capital social |
Compartir premium |
Acciones del Tesoro |
Capital social total |
Otro | Reserva para beneficios a los empleados liquidada con instrumentos de patrimonio |
Reservas totales |
Ingresos retenidos | Total atribuibles a los accionistas del Grupo / Sociedad |
Interes no controlado |
Total equidad |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
Saldo al 1 de enero de 2023 | 19 | 62,390 | (2,475) | 59,934 | 190 | 4,469 | 4,659 | 168,726 | 233,319 | 5,573 | 238,892 |
Ganancias del año | - | - | - | - | - | - | - | 36,737 | 36,737 | 1,793 | 38,530 |
Resultado integral total del año | - | - | - | - | - | - | - | 36,737 | 36,737 | 1,793 | 38,530 |
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Emisión de acciones | - | - | 2,475 | 2,475 | - | (2,246) | (2,246) | (229) | - | - | - |
Reconocimiento de pagos basados en acciones | - | - | - | - | - | 3,540 | 3,540 | - | 3,540 | - | 3,540 |
Ajuste que surge del cambio en la participación no controladora | - | - | - | - | - | - | - | (2,100) | (2,100) | 1,923 | (177) |
Dividendos | - | - | - | - | - | - | - | (7,619) | (7,619) | (18) | (7,637) |
Total contributions by and distributions recognised directly in equity | - | - | 2,475 | 2,475 | - | 1,294 | 1,294 | (9,948) | (6,179) | 1,905 | (4,274) |
Saldo al 31 de diciembre de 2023 | 19 | 62,390 | - | 62,409 | 190 | 5,763 | 5,953 | 195,515 | 263,877 | 9,270 | 273,147 |
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
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Capital social |
Compartir premium |
Acciones del Tesoro |
Capital social total |
Otro |
Reserva para beneficios a los empleados liquidada con instrumentos de patrimonio |
Reservas totales |
Ingresos retenidos | Total atribuible a los accionistas del Grupo / Sociedad |
Interes no controlado |
Total equidad |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
Saldo al 1 de enero de 2022 | 19 | 60,900 | - | 60,919 | 190 | 3,186 | 3,376 | 154,880 | 219,175 | 3,768 | 222,943 |
Ganancias del año | - | - | - | - | - | - | - | 20,990 | 20,990 | 1,740 | 22,730 |
Resultado integral total del año | - | - | - | - | - | - | - | 20,990 | 20,990 | 1,740 | 22,730 |
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Emisión de acciones | - | 1,490 | - | 1,490 | - | (1,490) | (1,490) | - | - | - | - |
Reconocimiento de pagos basados en acciones | - | - | - | - | - | 2,773 | 2,773 | - | 2,773 | - | 2,773 |
Recompra de acciones propias | - | - | (2,475) | (2,475) | - | - | - | - | (2,475) | - | (2,475) |
Ajuste que surge del cambio en la participación no controladora | - | - | - | - | - | - | - | (55) | (55) | 55 | - |
Impacto de la adquisición de la subsidiaria | - | - | - | - | - | - | - | - | - | 10 | 10 |
Dividendos | - | - | - | - | - | - | - | (7,089) | (7,089) | - | (7,089) |
Total contributions by and distributions recognised directly in equity | - | 1,490 | (2,475) | (985) | - | 1,283 | 1,283 | (7,144) | (6,846) | 65 | (6,780) |
Saldo al 31 de diciembre de 2022 | 19 | 62,390 | (2,475) | 59,934 | 190 | 4,470 | 4,660 | 168,725 | 233,319 | 5,573 | 238,892 |
ESTADO DE FLUJOS DE EFECTIVO CONDENSADO CONSOLIDADO
2023 | 2022 | ||
Note | Miles de dólares | Miles de dólares | |
FLUJOS DE EFECTIVO POR ACTIVIDADES OPERACIONALES | |||
Efectivo generado por operaciones | 16 | 92,532 | 73,533 |
Ingresos por intereses recibidos | 65 | 35 | |
Costos financieros pagados | (9,441) | (6,407) | |
Intereses pagados sobre pasivos por arrendamiento | (2,081) | (818) | |
Impuesto pagado | (11,905) | (10,585) | |
Efectivo neto de actividades operativas | 69,170 | 55,758 | |
FLUJOS DE EFECTIVO DE ACTIVIDADES DE INVERSIÓN | |||
Compra de propiedad, planta y equipo | (47,876) | (42,974) | |
Ingresos por venta de propiedades, planta y equipo | 69 | 19 | |
Purchase of intangible assets and cloud computing arrangements | (1,777) | (634) | |
Compra de inversiones a valor razonable | (9,258) | (9,010) | |
Producto de la venta de inversiones a valor razonable | 4,668 | 10,637 | |
Efectivo pagado por adelantado por propiedades, planta y equipo | (5,318) | (5,542) | |
Efectivo neto de actividades de inversión | (59,492) | (47,504) | |
FLUJOS DE EFECTIVO DE LAS ACTIVIDADES DE FINANCIAMIENTO | |||
Producto de préstamos y empréstitos | 38,000 | 20,717 | |
Reembolso de préstamos y empréstitos | (26,732) | (16,666) | |
Repayment of principle on leases liabilities | (6,152) | (2,916) | |
Advance payment on leases | (1,205) | (667) | |
Dividendos pagados | 9 | (7,637) | (7,089) |
Recompra de acciones propias | - | (2,475) | |
Proceeds from issuance of equity to non-controlling interests | 1,193 | - | |
Compra de acciones a participaciones no controladoras | (1,404) | - | |
Efectivo neto utilizado en actividades de financiación. | (3,937) | (9,095) | |
Movimiento de caja total del año | 5,741 | (842) | |
Efectivo a principios de año | 28,380 | 30,577 | |
Efecto de la variación del tipo de cambio en los saldos de caja | 245 | (1,355) | |
Efectivo total al final del año | 34,366 | 28,380 |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
1. General information
Capital Limited (the "Company") is incorporated in Bermuda. The Company and its subsidiaries (the "Group") provide drilling, mining (load and haul), crushing, mineral assaying and surveying services. The Group also has a portfolio of investments in listed and unlisted exploration and mining companies.
During the year ended 31 December 2023, the Group provided drilling services in Côte d'Ivoire, Guinea, Gabon, Egypt, Mali, Saudi Arabia, Pakistan, Sudan and Tanzania. Mining services are provided in Egypt and Gabon and mineral analysis services are provided in Canada, Guyana, Mauritania, Nigeria, Côte d'Ivoire, Mali, Tanzania, Kenya, Ghana, Egypt and Democratic Republic of the Congo. The Group's administrative office are located in the United Kingdom and Mauritius.
2. Bases de preparación
The condensed consolidated financial statements are prepared on the going concern basis under the historical cost convention, except for certain financial instruments which are measured at fair value. The directors are responsible for the preparation of the results announcement.
The condensed consolidated financial statements included in this results announcement has been prepared in accordance with the measurement and recognition criteria of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Whilst the financial information included in this results announcement has been prepared in accordance with IFRS, this announcement does not itself contain sufficient information to comply with the disclosure requirements of IFRS. The Group's 2023 Annual Consolidated Financial Statements have been prepared in accordance with IFRS. The results announcement does not constitute a dissemination of the annual financial reports. A separate dissemination announcement in accordance with Disclosure and Transparency Rules (DTR) 6.3 will be made when the Annual Report and audited consolidated Financial Statements are available on the Company's website.
Las políticas contables están en términos de NIIF y son consistentes con las del año anterior.
La información financiera de los años terminados el 31 de diciembre de 2023 y 2022 no constituye los estados financieros anuales. Los estados financieros consolidados anuales para el año terminado el 31 de diciembre de 2022 y 2023 se completaron y recibieron un informe de auditoría sin modificaciones de los Auditores de la Compañía.
Preocupación continua
Al 31 de diciembre de 2023, el Grupo tenía un balance general sólido con un apalancamiento de deuda bajo con un capital de US $ 273.1 millones y préstamos y préstamos de US $ 102.6 millones. El efectivo al 31 de diciembre de 2023 fue de US$34.4 millones, con una deuda neta de US$68.2 millones. Las inversiones en entidades cotizadas a fines de diciembre de 2023 ascendieron a US$44.8 millones, lo que brindó flexibilidad adicional ya que estas inversiones podrían convertirse en efectivo.
This robustness is underpinned by stable cash flows generated by a diversified service offering and diversified contract portfolio. Revenues continued to perform strongly in 2023 with increased revenue of 10% compared to 2022. Commercially, the Group secured two long-term major contracts with high-quality customers in 2023: Ivindo Iron in Gabon which is majority owned by major mining company Fortescue Metals Group for drilling, mining and crushing services and Nevada Gold Mines in USA, a JV between Barrick Gold Corporation and Newmont Corporation for comprehensive drilling and laboratory services. The contract with Nevada Gold Mines had not started generating revenue as at 31 December 2023.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
2. Basis of preparation (continued)
Preocupación en marcha (continuación)
In determining the going concern status of the business, the Board has reviewed the Group's forecasts for the 18 months to June 2025, including both forecast liquidity and covenant measurements. In the assessment, management took into consideration the principal risks of the business that are most relevant to the going concern assessment and reverse stressed the forecast model to identify the magnitude of sensitivity required to cause a breach in covenants or risk the going concern of the business, alongside the Group's capacity to mitigate. The most relevant sensitivity was considered to be a decrease in EBITDA through loss of contracts, with no redeployment of equipment. EBITDA would need to fall over 40% during the period of assessment for going concern to breach the covenant test. Given the strong market demand from existing high-quality clients and across a large tendering pipeline, the Group's increased service diversification and the limited contract expiries due during the year, management considers the risk of a deep demand reduction to be low.
Given the Group's exposure to high-quality mine site operations, we consider a decrease of such magnitude to be remote. Based on its assessment of the forecasts, principal risks and uncertainties and mitigating actions considered available to the Group (holding back dividends, sale of investments, capex deferment) in the event of downside scenarios, the Board confirms that it is satisfied the Group will be able to continue to operate and meet its liabilities as they fall due over the going concern period to June 2025. Accordingly, the Board has concluded that the going concern basis in the preparation of the Financial Statements is appropriate and that there are no material uncertainties that would cast doubt on that basis of preparation.
3. Análisis de segmento
Operating segments are identified on the basis of internal management reports regarding components of the Group. These are regularly reviewed by the Chairman in order to allocate resources to the segments and to assess their performance. Operating segments are identified based on the regions of operations. For the purposes of the segmental report, the information on the operating segments has been aggregated into the principal regions of operations of the Group. The Group's reportable segments under IFRS 8 are therefore:
· África: | Derives revenue from the provision of drilling and mining services, surveying and mineral assaying. |
· Resto del mundo: | Derives revenue from the provision of drilling services, surveying and mineral assaying. The segment relates to jurisdictions which contribute a relatively small amount of external revenue to the Group. These include Canada, Pakistan and Saudi Arabia. |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
3. Análisis de segmento (continuación)
El siguiente es un análisis de los ingresos y resultados del Grupo por segmento reportable:
África |
| Resto del mundo |
| Consolidado | ||
Miles de dólares | Miles de dólares | Miles de dólares | ||||
2023 | ||||||
Ingresos externos | ||||||
Servicios de perforacion | 199,496 | 12,056 | 211,552 | |||
servicios mineros | 64,721 | - | 64,721 | |||
Servicios de laboratorio | 19,743 | 18,662 | 38,405 | |||
Servicios de topografía | 3,659 | 87 | 3,746 | |||
Ingresos externos totales | 287,619 |
| 30,805 |
| 318,424 | |
Beneficio (pérdida) del segmento | 108,359 | (17,771) | 90,588 | |||
Costos de administración central y depreciación | (30,306) | |||||
Beneficio de operaciones | 60,282 | |||||
Ingresos por intereses | 65 | |||||
Cargos financieros | (13,002) | |||||
Ganancia de valor razonable en activos financieros | 2,989 | |||||
Beneficio antes de impuestos |
|
|
|
|
| 50,334 |
2022 | ||||||
Ingresos externos | ||||||
- Servicios de perforacion | 202,201 | 6,361 | 208,562 | |||
- servicios mineros | 49,763 | - | 49,763 | |||
- Servicios de laboratorio | 13,804 | 13,501 | 27,305 | |||
- Servicios de topografía | 4,333 | 321 | 4,654 | |||
Ingresos externos totales | 270,101 |
| 20,183 |
| 290,284 | |
Beneficio (pérdida) del segmento | 91,428 | (6,554) | 84,874 | |||
Costos de administración central y depreciación | (25,189) | |||||
Beneficio de operaciones | 59,685 | |||||
Ingresos por intereses | 35 | |||||
Cargos financieros | (7,356) | |||||
Pérdida del valor razonable de los activos financieros | (19,798) | |||||
Beneficio antes de impuestos |
| 32,566 | ||||
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
3. Análisis de segmento (continuación)
Los siguientes clientes del segmento de África contribuyeron con un 10 % o más a los ingresos del Grupo:
|
|
| ||
| 2023 | 2022 | ||
| % | % | ||
Cliente A | 16 | 15 | ||
Cliente B | 33 | 39 |
|
|
| ||||||
Activos y pasivos del segmento: | ||||||||
El siguiente es un análisis de los activos y pasivos del Grupo por segmento reportable: | ||||||||
2023 | 2022 | |||||||
Miles de dólares | Miles de dólares | |||||||
Activos del segmento: | ||||||||
África | 567,699 | 506,043 | ||||||
Resto del mundo | 92,454 | 59,642 | ||||||
Activos totales del segmento | 660,153 | 565,685 | ||||||
Empresas de oficinas centrales | 338,507 | 280,828 | ||||||
998,660 | 846,513 | |||||||
Eliminaciones | (530,912) | (459,714) | ||||||
Activos totales |
|
|
|
|
| 467,748 |
| 386,799 |
Pasivos por segmento: | ||||||||
África | 257,526 | 239,013 | ||||||
Resto del mundo | 61,173 | 31,752 | ||||||
Activos totales del segmento | 318,699 | 270,765 | ||||||
Empresas de oficinas centrales | 373,103 | 315,695 | ||||||
691,802 | 586,460 | |||||||
Eliminaciones | (497,201) | (438,553) | ||||||
Responsabilidad total |
|
|
|
|
| 194,601 |
| 147,907 |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
4. Administrative expenses
2023
|
| 2022 | |
Miles de dólares
|
| Miles de dólares | |
|
|
| |
Costos de empleados | 19,809 | 16,324 | |
Honorarios profesionales | 3,813 | 3,848 | |
Seguros | 1,986 | 1,886 | |
Costo de alquiler | 1,605 | 1,549 | |
Gastos de pago basados en acciones | 3,540 | 2,774 | |
Deudas incobrables canceladas | 218 | 1,458 | |
Increase in net expected credit loss provision | 1,717 | 2,981 | |
Viajes y alojamiento | 3,211 | 2,499 | |
cargos bancarios | 1,382 | 1,277 | |
Cambio (ganancia) / pérdida | (151) | 1,711 | |
Costos de software | 1,933 | 1,104 | |
Otros gastos | 7,789 | 6,920 | |
Gastos de administración totales | 46,852 |
| 44,331 |
5. Profit from operations
Las siguientes partidas han sido reconocidas como gastos en la determinación de la utilidad de operación:
depreciación y amortización |
| |||
2023
|
| 2022 | ||
Miles de dólares
|
| Miles de dólares | ||
Derechos de uso de activos | 7,510 | 3,458 | ||
Software de ordenador | 7 | 4 | ||
Equipos de perforación | 10,521 | 10,373 | ||
Equipo de perforación asociado | 4,900 | 3,134 | ||
Vehículos y camiones | 4,493 | 3,180 | ||
Campamento y equipo asociado | 2,594 | 1,390 | ||
Equipo de minería | 9,302 | 8,877 | ||
Depreciación y amortización total | 39,327 |
| 30,416 | |
|
|
|
| |
Discapacidad: |
|
|
| |
Vehículos y camiones | 389 | - | ||
Campamento y equipo asociado | 50 | - | ||
Deterioro total | 439 |
| - | |
|
|
|
| |
Total depreciation, amortisation and impairments | 39,766 |
| 30,416 | |
Gastos de arrendamiento operativo | |||
Alquiler de equipos a corto plazo | 3,786 | 3,335 | |
| |||
Costos de empleados | |||
Sueldos, salarios, bonos y otros beneficios | 90,673 | 79,560 | |
Gastos de compensación basados en acciones | 3,540 | 2,774 | |
Costos totales de empleados | 94,213 |
| 82,334 |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
5. Profit from operations
2023
|
| 2022 | |
Otro | Miles de dólares
|
| Miles de dólares |
Pérdida por enajenación de propiedades, planta y equipo | 946 | 669 | |
Honorarios legales y profesionales | 3,813 | 3,848 | |
Stock write-off | 691 | 200 | |
Provisión para obsolescencia de inventario | 574 | 745 | |
Aumento de la provisión para pérdidas crediticias esperadas | 1,716 | 2,981 | |
Deudas incobrables canceladas | 218 | 1,458 | |
Otros impuestos | 558 | 333 | |
Increase / (decrease) in provisions for other taxes | 136 | (288) |
6. Finance costs
2023
|
| 2022 | |
Miles de dólares
|
| Miles de dólares | |
Intereses sobre pasivos por arrendamiento | 2,081 | 818 | |
Intereses de préstamos bancarios | 7,705 | 4,220 | |
Intereses de las facilidades de crédito de proveedores | 1,943 | 1,005 | |
Costos de arreglo de deuda amortizada | 1,240 | 439 | |
Otros intereses pagados | 33 | 874 | |
Cargos financieros totales | 13,002 |
| 7,356 |
7. Taxation
El Grupo opera en múltiples jurisdicciones con entornos regulatorios legales y fiscales complejos. En algunas de estas jurisdicciones, el Grupo ha asumido posiciones en el impuesto a las ganancias que la administración cree que son respaldables y están destinadas a resistir el desafío de las autoridades fiscales. Algunas de estas posiciones son inherentemente inciertas y se relacionan con la interpretación de las leyes del impuesto a las ganancias. El Grupo reevalúa periódicamente sus posiciones fiscales. Los cambios en el reconocimiento, medición y revelación de los estados financieros de las posiciones fiscales se basan en el mejor juicio de la administración dado cualquier cambio en los hechos, circunstancias, información disponible y leyes fiscales aplicables. Considerando toda la información disponible y el historial de resolución de incertidumbres del impuesto a las ganancias, el Grupo cree que la resolución final de tales asuntos probablemente no tendrá un efecto material en la situación financiera, los estados de operaciones o los flujos de efectivo del Grupo.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
8. Earnings per share
|
|
| ||
| 2023 |
| 2022 | |
|
|
| ||
Ganancias básicas por acción | ||||
Las ganancias y el número promedio ponderado de acciones ordinarias que se utilizan en el cálculo de las ganancias por acción básicas son las siguientes: | ||||
Earnings for the year, used in the calculation of basic earnings per share (US$'000) | 36,737 | 20,990 | ||
Ajustado para: | ||||
Fair value (gain)/loss on financial assets (US$'000) | (2,989) | 19,798 | ||
Earnings for the year, used in the calculation of basic earnings per share (adjusted) (US$'000) | 33,748 | 40,788 | ||
Número promedio ponderado de acciones ordinarias a efectos de la utilidad básica por acción | 192,451,358 | 189,653,369 | ||
Utilidad básica por acción (US$ c) | 19.09 | 11.07 | ||
Utilidad básica por acción (ajustada) (US$ c) | 17.54 | 21.51 |
|
| |||
2023 | 2022 | |||
Ganancias diluidas por acción | ||||
Las ganancias utilizadas en los cálculos de todas las medidas de ganancias por acción diluidas son las mismas que las utilizadas en las medidas de ganancias por acción básicas equivalentes, como se describe anteriormente. | ||||
Número promedio ponderado de acciones ordinarias utilizadas en el cálculo de las ganancias por acción básicas | 192,451,358 | 189,653,369 | ||
Acciones que se consideran emitidas sin contraprestación con respecto a: | ||||
- Efecto de las acciones STIP y LTIP | 2,801,729 | 6,263,799 | ||
Número promedio ponderado de acciones ordinarias utilizadas en el cálculo de las ganancias por acción diluidas | 195,253,087 | 195,917,168 | ||
Utilidad diluida por acción (US$ c) | 18.82 | 10.71 | ||
Utilidad diluida por acción (ajustada) (US$ c) | 17.28 | 20.82 |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
9. Dividends
|
| |||
2023 | 2022 | |||
Miles de dólares | Miles de dólares | |||
Dividendos | 7,637 | 7,089 | ||
|
|
During the 12 months ended 31 December 2023, a dividend of 2.6 cents (2022: 2.4 cents) per ordinary share, totalling to US$5.0 million (2022: US$4.6 million) was declared as the final dividend for 2022. This dividend was paid to the shareholders on 9 May 2023 (2022: 10 May 2022), followed by a further dividend of 1.3 cents (2022: 1.3 cents) per share which was declared as interim dividend for 2023 totalling US$2.5 million (2022: US$2.5 million) and paid on 3 October 2023 (2022: 3 October 2022). The total dividend paid is US$7.6 million (2022: US$7.1 million).
In respect of the year ended 31 December 2023, the Directors propose that a final dividend of 2.6 cents (2022: 2.6 cents) per share be paid to shareholders on 15 May 2024 (2022: 9 May 2023). This final dividend has not been included as a liability in these Consolidated Financial Statements. The proposed final dividend is payable to all shareholders on the Register of Members on 19 April 2024 (2022: 14 April 2023). The total estimated final dividend to be paid is US$5.0 million (2022: US$5.0 million). The payment of this final dividend will not have any tax consequences for the Group.
10. Property, plant and equipment
La red movimiento en propiedad, planta y equipo en el año es un aumento de US$ 36.0 millones (2022: US$ 29.1 millones). Esto es principalmente como resultado de:
· additions in the year of US$69.3 million (2022: US$56.7 million) on drilling rigs, heavy mining equipment and other assets to expand its operations and replace existing assets;
· enajenaciones de propiedad, planta y equipo con un valor neto en libros de US$ 1.0 millones (2022: US$ 0.7 millones) durante el año; y
· Cargo por depreciación de US$31.8 millones (2022: US$27.0 millones).
· Impairment of US$0.4 million (2022: US$ Nil)
La propiedad, planta y equipo del Grupo incluye activos aún no comisionados por un total de US$41.8 millones (2022: US$24.6 millones). Los activos se depreciarán una vez que estén en servicio y disponibles para su uso. Se incurrió en una pérdida de USD 1.0 millones (2022: USD 0.7 millones) por la disposición de propiedades, planta y equipo. Not reflected in the Cash Flow is a US$15.8 million (2022: US$ 9.0 million) asset finance facility obtained from Epiroc Financial Solutions and Caterpillar for the purchase of Rigs.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
11. Inventory
| 2023 | 2022 |
Miles de dólares | Miles de dólares | |
Valor bruto en libros del inventario | 63,724 | 59,955 |
Less: provision for inventory obsolescence | (1,802) | (1,260) |
61,922 | 58,695 |
The cost of inventories recognised as an expense in the current year amounts to US$21.3 million (2022: US$18.3 million). During the year, the Group wrote off US$0.7 million (2022: US$0.2 million) of inventory. A provision of US$0.6 million (2022: US$0.7 million) was made during the year, resulting in an increase in the carrying amount of the provision.
12. Trade receivables
|
| |
2023 | 2022 | |
Miles de dólares | Miles de dólares | |
Cuentas por cobrar comerciales | 54,264 | 44,523 |
Menos: reserva para pérdidas crediticias | (4,697) | (2,981) |
Total de cuentas por cobrar comerciales | 49,567 | 41,542 |
Dado que el Grupo no tiene pérdidas crediticias históricas, las tasas de pérdida esperada se han basado en información actual y prospectiva sobre factores macroeconómicos micro que afectan a los clientes del Grupo. El Grupo ha identificado las tasas de probabilidad de pérdida crediticia del sector de metales y minería como el factor macroeconómico clave en los países donde opera.
La provisión para pérdida esperada durante el tiempo de vida de las cuentas comerciales por cobrar es la siguiente:
31 de diciembre 2023 |
Current | Más de 30 días vencida | Más de 60 días vencida | Más de 120 días vencida |
Total |
| Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares |
Tasa de pérdida esperada | 0.2% | 1.7% | 0.1% | 52.4% | 8.7% |
Importe en libros bruto | 26,139 | 6,583 | 12,913 | 8,629 | 54,264 |
Provisión para pérdidas | 49 | 113 | 14 | 4,521 | 4,697 |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
12. Cuentas comerciales por cobrar (continuación)
Los movimientos en la provisión por deterioro de cuentas por cobrar comerciales son los siguientes:
|
|
| |
2023 |
| 2022 | |
Miles de dólares |
| Miles de dólares | |
Apertura de provisión por deterioro de cuentas por cobrar comerciales | 2,981 | - | |
Incremento durante el año | 1,934 | 4,438 | |
Cuentas por cobrar dadas de baja durante el año como incobrables | (218) | (1,457) | |
Al 31 de diciembre | 4,697 |
| 2,981 |
13. Share capital and Share premium
|
|
|
|
| 2023 |
| 2022 |
| Miles de dólares |
| Miles de dólares |
COMERCIO |
|
|
|
2,000,000,000 (2022: 2,000,000,000) acciones ordinarias de 0.0001 USD (2022: 0.0001 USD) cada una |
200 |
200 | |
|
|
|
|
Capital social emitido |
|
|
|
193,696,920 (2022: 192,864,738) acciones ordinarias de US$0.0001 (2022: US$0.0001) cada una | 19 |
| 19 |
|
|
|
|
Compartir premium | 2023 |
| 2022 |
| Miles de dólares |
| Miles de dólares |
Saldo al inicio del período | |||
Share | |||
Balance al final del periodo | 62,390 |
| 62,390 |
In April 2023, the Group issued 832,182 new common shares pursuant to the Group's employee short- and long-term incentive plans. The shares rank al mismo ritmo with the existing ordinary shares. Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry rights to dividends.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
14. Treasury shares
2023
|
| 2022 | |
Miles de dólares
|
| Miles de dólares | |
Saldo al 1 de enero | 2,475 | - | |
(Reissued)/acquired in the year | (2,475) | 2,475 | |
Saldo al 31 de diciembre de 2023 | - |
| 2,475 |
The treasury shares reserve represents the cost of shares in Capital Limited purchased in the market and held by the Company to satisfy options under the Group's share incentive plans. The number of ordinary shares held by the Company at 31 December 2023 was nil (2022: 1,973,551).
During the year, the treasury shares were reissued to employees against the LTIPs and STIPs that vested during the year.
15. Loans and préstamos
|
|
|
|
| 2023 |
| 2022 |
Miles de dólares |
| Miles de dólares | |
préstamos bancarios | 78,385 | 57,945 | |
Facilidades de crédito a proveedores | 25,813 | 17,674 | |
104,198 | 75,619 | ||
Menos: Costes de formalización de la deuda pendiente de amortizar | (1,625) | (717) | |
Total préstamos y empréstitos | 102,573 |
| 74,902 |
Current | 27,052 | 18,037 | |
No corriente | 75,521 | 56,865 | |
Total préstamos y empréstitos | 102,573 |
| 74,902 |
(A) US$50 million revolving credit facility (RCF) provided by Standard Bank (Mauritius) Limited and Nedbank Limited
The Company entered into a revolving credit facility agreement on 28 March 2023 as borrower together with Standard Bank (Mauritius) Limited and Nedbank Limited (acting through its Nedbank Corporate and Investment banking division) as lenders and arrangers, with Nedbank acting as agent and security agent to borrow a revolving credit facility for an aggregate amount of US$50 million with the Company being able to exercise an accordion option to request an increase of the facility under the terms and conditions of the Facility Agreement. The interest rate on the RCF is the prevailing three-month Secured Overnight Financing Rate (SOFR) (payable in arrears) plus a margin of 5.5%, and an annual commitment fee of 1.75% per annum is charged on any undrawn balances. The amount utilised on the RCF was US$45 million as at 31 December 2023 (2022: US$25 million).
Según los términos del RCF, el Grupo está obligado a cumplir con ciertos convenios financieros relacionados con:
? | Ratio de cobertura de intereses |
? | Ratio Deuda EBITDA |
? | Ratio de capital de la deuda |
? | Valor neto tangible total |
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
15. Loans and préstamos (continuación)
Además, CAPD (Mauritius) Limited, como prestatario, también debe cumplir con el convenio de patrimonio neto tangible total.
Security for the RCF comprises various pledges over the shares and claims of the Group's entities in Tanzania together with a debenture over the rigs in Tanzania and the assignment of material contracts and their collection accounts in each of Egypt, Tanzania and Mali.
A la fecha de reporte y durante el período bajo revisión, el Grupo ha cumplido con todos los convenios adjuntos a las líneas de crédito.
(b) Préstamo a plazo de US$40.5 millones otorgado por Macquarie Bank Limited (sucursal de Londres)
On 15 September 2022, the Group refinanced the senior secured, asset backed term loan facility with Macquarie Bank Limited. The term of the loan is three years repayable in quarterly instalments with an interest rate on the facility of the prevailing three-month SOFR plus a margin of 6.5% per annum (payable quarterly in arrears). The loan is secured over certain assets owned by the Group and currently located in Egypt together with guarantees provided by Capital Limited, Capital Drilling Egypt LLC. The Group drew an additional US$8 million in 2023. As at 31 December 2023, the amount outstanding on the term loan was US$32 million (2022: US$33 million).
Durante el año bajo revisión, el Grupo ha cumplido con todos los convenios adjuntos al préstamo a plazo.
(c) Acuerdos de crédito de Epiroc Financial Solutions AB
The Group has a number of credit agreements with Epiroc, drawn down against the purchase of rigs. The term of the agreements is four years repayable in 46 monthly instalments. The rate of interest on most of the agreements is three-month SOFR plus a margin of 4.8%, with a fixed rate of interest of the remaining agreements of 8.5%. As at 31 December 2023, the total drawn under these credit agreements was US$16.5 million (2022: US$11.7 million).
No se adjuntan convenios a esta instalación.
(d) Facilidad de préstamo a plazo de USD 8.5 millones con Sandvik Financial Services AB (PUBL)
El Grupo tiene un contrato de préstamo a plazo con Sandvik Financial Services AB (PUBL). La facilidad es para la compra de equipo de Sandvik AB, disponible en no más de cuatro tramos. El interés es pagadero trimestralmente al año vencido al 5.45% sobre el monto dispuesto. La línea ya no está disponible para su uso y, al 31 de diciembre de 2023, el saldo pendiente era de USD 4.2 millones (2022: USD 5.9 millones).
Additionally, the Group entered into a further US$10 million facility agreement on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%. As at 31 December 2023, the facility was undrawn.
No se adjuntan convenios a esta instalación.
(e) US$5 million facility with Caterpillar Financial Services
The Group entered into a US$5 million facility agreement with Caterpillar Financial Services Corporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus a margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments. All repayments can be subsequently redrawn. As at 31 December 2023, the facility was fully drawn at US$5 million.
During the year under review, the Group has complied with all covenants attached a la instalación.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
16. Cash generado de operaciones
2023 Miles de dólares |
| 2022 Miles de dólares | |
Beneficio antes de impuestos
| 50,334 | 32,566 | |
Ajustes para:
| |||
Depreciación, amortización y deterioros | |||
Pérdida por enajenaciones | |||
Depreciación de activos por derecho de uso | |||
Pagos basados en acciones | |||
Fair value (gain)/ loss on financial assets | |||
Ingresos por intereses | |||
Costos financieros | |||
Otras partidas no monetarias | |||
Unrealised foreign exchange (gain) / loss on foreign cash held
| (246) | ||
Aumento de la provisión para pérdidas crediticias esperadas | 1,716 | ||
Deudas incobrables canceladas | 218 | ||
Cambios en el capital de trabajo:
| |||
Incremento de inventarios | |||
Aumento de cuentas por cobrar comerciales y otras | |||
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | |||
(Disminución) / aumento de provisiones | |||
Efectivo generado por operaciones | 92,532 |
| 73,533 |
17. Compromisos
El Grupo tiene los siguientes compromisos:
|
|
| |
2023 |
| 2022 | |
Miles de dólares |
| Miles de dólares | |
Gastos de capital comprometidos | 36,083 | 18,686 |
The Group had outstanding purchase orders amounting to US$39.5 million (2022: US$29.7 million) at the end of the reporting period of which US$36.1 million (2022: US$18.7 million) were for capital expenditure.
NOTAS A LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS CONDENSADOS
Por el año terminado el 31 de diciembre de 2023
18. Contingencias
As a result of the multiple jurisdictions in which the Group operates, there are a number of ongoing tax audits. In the opinion of Management none of these ongoing audits represent a reasonable possibility of a material settlement and as such, no contingent liability disclosure is required.
19. Events después de el período de informe
No se han producido hechos significativos que afecten al Grupo desde el cierre del ejercicio.
GLOSARIO
A continuación se detalla una descripción de varios acrónimos:
ARPOR | Ingresos promedio por plataforma operativa |
CAPEX | Gasto de capital |
EBIT | Ganancias antes de intereses e impuestos y ganancia/pérdida de valor razonable en inversiones |
Comparable | Ganancias antes de intereses, impuestos, depreciación, amortización y ganancia/pérdida de valor razonable en inversiones |
EBITDA (ajustado por arrendamientos IFRS 16) | EBITDA antes de la ganancia/pérdida del valor razonable de las inversiones, neto del costo en efectivo de los arrendamientos de la NIIF 16 |
Efectivo de operaciones (ajustado por arrendamientos IFRS 16) | Efectivo generado por las operaciones neto del costo en efectivo de los arrendamientos según la NIIF 16 |
EPS básico | Ganancias básicas por acción |
EPS básico (ajustado) | Ganancias por acción básicas ajustadas por la ganancia/pérdida del valor razonable de las inversiones |
ETR | Tasa efectiva de impuestos |
HSSE | Salud, Seguridad, Social y Medio Ambiente |
KPI | Indicador clave de rendimiento |
LTI | Lesión por tiempo perdido |
LTM | Últimos doce meses |
PBT | Beneficio antes de impuestos |
NPAT | El beneficio neto después de impuestos |
PAN ajustado | NPAT antes de la ganancia/pérdida del valor razonable de las inversiones |
YOY | Año con año |
Rendimiento del capital invertido | EBIT / Capital medio empleado |
Capital medio empleado | Capital medio anual empleado antes de las inversiones a valor razonable y fondo de comercio. |
RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES TO THE FINANCIAL RESULTS:
ARPOR se puede conciliar a partir de los estados financieros de la siguiente manera:
2023 | 2022 | ||
Revenue per financial statements (US$'000) | 318,424 | 290,284 | |
Non-drilling revenue (US$'000) | (114,249) | (89,793) | |
Revenue used in the calculation of ARPOR (US$'000) | 204,175 |
| 200,491 |
Plataformas operativas activas promedio mensual | 92 | 93 | |
Plataformas operativas promedio mensual | 125 | 118 | |
ARPOR (US$'000 per Rig) | 186 |
| 180 |
El EBITDA se puede conciliar a partir de los estados financieros de la siguiente manera:
2023 | 2022 | ||
Miles de dólares | Miles de dólares | ||
Ganancias del año | 38,530 | 22,730 | |
Depreciación | 39,766 | 30,416 | |
Taxation | 11,804 | 9,836 | |
Ingresos por intereses | (65) | (35) | |
Cargos financieros | 13,002 | 7,356 | |
Ajustes de valor razonable de activos financieros | (2,989) | 19,798 | |
Comparable | 100,048 |
| 90,101 |
El EBITDA se puede conciliar a partir de los estados financieros de la siguiente manera:
2023 |
| 2022 | |
Miles de dólares |
| Miles de dólares | |
Beneficio operativo (EBIT) | 60,282 | 59,685 | |
Depreciación, amortización y deterioros | 39,766 | 30,416 | |
Comparable | 100,048 |
| 90,101 |
Beneficio bruto | 146,900 | 134,432 | |
Gastos administrativos | (46,852) | (44,331) | |
Comparable | 100,048 |
| 90,101 |
Margen EBITDA | 31.4% |
| 31.0% |
Adjusted EBITDA can be reconciled from the financial statements as per the below:
2023 | 2022 | ||
Miles de dólares | Miles de dólares | ||
Beneficio operativo (EBIT) | 60,282 | 59,685 | |
Depreciación, amortización y deterioros | 39,766 | 30,416 | |
Cash cost of IFRS 16 leases | (8,234) | (3,733) | |
EBITDA ajustado | 91,814 |
| 86,368 |
Margen EBITDA ajustado | 28.8% |
| 29.8% |
Adjusted cash from operations can be reconciled from the financial statements as per the below:
2023 | 2022 | ||
Miles de dólares | Miles de dólares | ||
Efectivo generado por operaciones | 92,532 | 73,533 | |
Cash cost of IFRS 16 leases | (8,234) | (3,733) | |
Adjusted Cash from operations | 84,298 |
| 69,800 |
El efectivo neto (deuda) se puede conciliar a partir de los estados financieros de la siguiente manera:
2023 | 2022 | ||
Miles de dólares | Miles de dólares | ||
Efectivo y equivalentes de efectivo | 34,366 | 28,380 | |
Préstamos a largo plazo | (76,273) | (57,154) | |
préstamos de corto plazo | (27,925) | (18,465) | |
Neto (deuda)/ caja | (69,832) |
| (47,239) |
The Adjusted EBIT used in the Adjusted ROCE can be reconciled from the financial statements as per the below:
Beneficio operativo (EBIT) | 60,282 | 59,685 | |
Depreciation on IFRS 16 leases | 7,510 | 3,457 | |
Cash cost of IFRS 16 leases | (8,234) | (3,733) | |
EBIT ajustado | 59,558 |
| 59,409 |
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.