ENP Newswire -
Release date- 29082014 -
Sales revenue increased by 5% to
Group gold production increased by 9% to 427,703 ounces gold equivalent - achieving guidance
Average All-In Sustaining Costs reduced by 12% to
Significant reduction in capital expenditure compared to the prior period as a result of completion of Mt Carlton construction and improved capital budgeting discipline
Low gearing of 12% and good liquidity maintained with cash and available credit of
Agreement to pay final dividend based on gold-linked royalty style dividend policy:
Dividend amount -
Ex-dividend date -
Record Date -
Payable Date -
Commenting on the Financial Results, Evolution's Executive Chairman
'Evolution is in a strong financial position and we are confident of achieving production and cost guidance in the coming year. Accordingly we have declared a final dividend for the year of
Evolution achieved a profit after tax for the FY14 period of
There have been no write-downs in asset carrying values in the current period (other than adjustments to stockpile values). When comparing underlying profit, the FY14 result represents a 13% improvement over the prior period. The improvement is a result of the Mt Carlton mine commencing commercial production in FY14 and also the significant cost reductions achieved at all of the Company's operations.
Gold equivalent production for the period was 427,703 ounces, 9% higher than the prior period of 392,920 ounces, primarily due to the additional gold and silver sales following commencement of commercial production at the Mt Carlton mine.
Sales revenue for the period was
Approximately 80% of gold production was sold on spot markets with the remaining 20% sold into the Company's hedge book. At year end the Company had 164,319 ounces remaining in its hedge book at an average deliverable price of
Unit cost of sales for the period, namely All-In Sustaining Costs, decreased by 12% to
All of Evolution's mines generated free cash flow in the period. Outstanding success was achieved at Cracow where cash flow was
Capital expenditure for the period was
Evolution ended the period in a strong financial position with cash at bank of
Evolution is forecasting Group production in FY15 of 400,000 - 440,000 ounces gold equivalent at All-in Sustaining Cost in the range of
All of Evolution's mines are expected to generate free cash flow at a gold price of
The Evolution Board has agreed to pay a final dividend of
Noting however that in this case, the dividend amount of
Tel: +61 2 9696 2900
Chief Financial Officer
Tel: +61 2 9696 2900
Forward Looking Statements
This announcement includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', and 'guidance', or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements.
Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future.
The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.
Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company.
Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
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