Two ASX ann last night
Highlights look OK and include
Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
OGD 7:17 PM OceanaGold 2006 Year End Release Presentation ($US)
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695487
Next $ table looks disappointing
Financial Results 2006$’000 2005 $’000 Change $’000 Change%
Revenue from ordinary activities
--------------- 101,803 -- 152,816 --- (51,013) --- (33.4%)
Profit (loss) from ordinary activities after tax attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Net profit (loss) for the period attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Explanation of Results
Profit/(loss) from ordinary activities after tax but excluding unrealised hedging losses and impairment reversals/(write downs) for the full year ending 31 December 2006 was $11,003,000, representing a 725% increase on the 2005 comparative period.
21 February 2007
REPORT FOR THE YEAR ENDED 31 DECEMBER 2006
HIGHLIGHTS
• Completion of the merger with Climax Mining on 6 November 2006 has created a company with 4.8 million gold equivalent ounces of reserves and market capitalisation of $480 million.
• Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
• Significant diversification of OceanaGold’s share ownership achieved through sell down of GRD shareholding.
• A$140 million of committed financing raised to fund project developments in the Philippines and New Zealand. This is comprised of A$100m in convertible notes and a NZ$45 million bank project debt facility.
• Achieved a 6% increase over gold sales target of 180,000 ounces per annum.
• Completion of the hedge book restructure in May has allowed 41% of production to be sold at higher gold spot prices, delivering a 13% increase on the average gold price received.
• A floor price of NZ$1,000 per ounce put in place for production from the Globe Progress mine between 2007 and 2010.
• Ongoing cost efficiency initiatives and record throughput rates delivered a 5% cash cost per ounce improvement on 2005.
• Dry commissioning of the process plant at the Globe Progress Gold project at Reefton commenced in December 2006. Mining activity remains on schedule and gold production is expected to be reported in the first quarter of 2007.
* All statistics are compared to the corresponding 2005 year.
**Unless otherwise stated all currency is in A$.
Financial
Gold sales revenue for the 2006 year improved 23% compared to 2005 due to the combination of improved sales volumes and an increased gold price received.
The combination of a higher gold price received and lower cash operating costs delivered a 37% increase in cash operating margin to $388 per ounce sold.
This increase together with higher sales volumes produced an operating profit after tax (excluding unrealised hedge losses and impairment reversals/write downs of $11.0 million, a 725% increase on 2005.
OGD 7:01 PM Preliminary Final Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695481