Silver Wheaton |
Exceeding expectations |
Q415 and FY15 results |
Metals & mining |
24 March 2016 |
Share price performance
Business description
Next events
Analyst
Silver Wheaton is a research client of Edison Investment Research Limited |
Notwithstanding a maiden contribution from Antamina, a strong performance at Silver Wheaton’s (SLW) gold division was complemented by an equally impressive performance from its silver division, with records set in both the production and sales of precious metals, as each of its cornerstone assets (Salobo, Penasquito, San Dimas and Antamina) performed in tandem. Constancia – which is in the process of ramping up – also performed better than our expectations. As a result, attributable silver-equivalent (AgE) production was 47.7Moz for the full year cf our forecast of 44.8Moz (and guidance of 45.0Moz). Excluding impairments, Q4 was therefore the best quarter of FY15 and SLW’s best since Q314 (when the average silver price was US$18.98/oz).
Year end |
Revenue (US$m) |
PBT* (US$m) |
EPS* (c) |
DPS (c) |
P/E (x) |
Yield (%) |
12/14 |
620.2 |
268.8 |
75 |
26 |
23.3 |
1.5 |
12/15 |
648.7 |
223.6 |
53 |
20 |
33.0 |
1.1 |
12/16e |
835.3 |
290.6 |
72 |
27 |
24.3 |
1.5 |
12/17e |
1,091.5 |
580.5 |
145 |
39 |
12.1 |
2.2 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
SLW’s guidance for FY16 is for silver-equivalent production of 54.0Moz (13.2% higher than in FY15), followed by 52Moz pa on average over the following five years. This compares to our forecast of 53.1Moz, comprising 33.5Moz Ag and 252.5koz Au, in FY16, and an average of 49.9Moz for the five years thereafter (assuming a gold:silver price ratio of 80).
There have been no material developments regarding SLW’s dispute with the CRA since those last announced, with the exception of the fact that SLW has been allowed to post its deposit for 50% of the disputed taxes in the form of a C$191.7m (C$0.48 per share) letter of guarantee, rather than a cash deposit.
During the quarter, SLW recognised US$230.9m (US$0.57 per share) of, albeit non-cash, impairments related to its Barrick/Pascua-Lama (US$109.7m), 777 mine (US$61.2m), Keno Hill (US$10.5m) and Sudbury (US$49.4m) interests.
Assuming no further, material acquisitions (which is unlikely), we forecast a value per share for SLW of US$46.24, or C$61.83, in FY19, representing a total internal rate of return to investors at the current share price of 43.0% in US dollar terms over four years. In the meantime, it is trading on near-term financial ratios that are cheaper than its royalty/streaming ‘peers’ and the miners themselves in a majority of instances, despite being associated with materially less operational and cost risk.
Excluding impairments, a summary of SLW’s Q415 and FY15 results, compared with our previous expectations, derived from our update note of 15 February, is as provided in Exhibit 1. Notwithstanding the inclusion of Antamina for the first time (see our update note published on 11 November 2015), a strong performance by SLW’s gold division was complemented by an equally impressive performance from its silver division.
Exhibit 1: Silver Wheaton FY15, by quarter*
US$000s (unless otherwise stated) |
FY14** |
Q115 |
Q215 |
Q315 |
Q415e |
Q415a |
Variance1 (%) |
Change2 (%) |
FY15e |
FY15a |
Silver production (koz) |
25,674 |
6,342 |
7,201 |
6,890 |
7,567 |
10,284 |
35.9 |
49.3 |
28,000 |
30,717 |
Gold production (oz) |
142,815 |
55,106 |
50,509 |
54,513 |
69,872 |
69,176 |
-1.0 |
26.9 |
230,000 |
228,764 |
AgE production (koz) |
35,285 |
10,371 |
10,904 |
10,993 |
12,687 |
15,463 |
21.9 |
40.7 |
44,840 |
47,697 |
|
|
|
|
|||||||
Silver sales (koz) |
23,484 |
5,665 |
5,575 |
6,575 |
7,509 |
8,751 |
16.5 |
33.1 |
25,324 |
26,566 |
Gold sales (oz) |
139,522 |
28,399 |
60,974 |
48,077 |
72,661 |
64,899 |
-10.7 |
35.0 |
210,111 |
202,349 |
AgE sales (koz) |
32,891 |
7,723 |
10,043 |
10,194 |
12,833 |
13,614 |
6.1 |
33.5 |
40,732 |
41,574 |
|
|
|
|
|||||||
Avg realised Ag price (US$/oz) |
18.92 |
16.95 |
16.42 |
15.05 |
14.75 |
14.75 |
0.0 |
-2.0 |
15.69 |
15.64 |
Avg realised Au price (US$/oz) |
1,261 |
1,214 |
1,195 |
1,130 |
1,081 |
1,100 |
1.8 |
-2.7 |
1,143 |
1,152 |
Avg realised AgE price (US$/oz) |
18.86 |
16.90 |
16.38 |
15.03 |
14.75 |
14.73 |
-0.1 |
-2.0 |
15.65 |
15.60 |
|
|
|
|
|||||||
Avg Ag cash cost (US$/oz) |
4.14 |
4.14 |
4.26 |
4.26 |
4.56 |
4.06 |
-11.0 |
-4.7 |
4.32 |
4.17 |
Avg Au cash cost (US$/oz) |
386 |
388 |
395 |
389 |
385 |
396 |
2.9 |
1.8 |
389 |
393 |
Avg AgE cash cost (US$/oz) |
4.59 |
4.46 |
4.76 |
4.58 |
4.85 |
4.50 |
-7.2 |
-1.7 |
4.69 |
4.58 |
|
|
|
||||||||
Sales |
620,176 |
130,504 |
164,435 |
153,251 |
189,290 |
200,497 |
5.9 |
30.8 |
637,480 |
648,687 |
Cost of sales |
|
|
|
|||||||
Cost of sales, excluding depletion |
151,097 |
34,464 |
47,795 |
46,708 |
62,214 |
61,247 |
-1.6 |
31.1 |
191,182 |
190,214 |
Depletion |
160,180 |
32,045 |
53,327 |
45,248 |
62,455 |
67,962 |
8.8 |
50.2 |
193,075 |
198,581 |
Total cost of sales |
311,277 |
66,509 |
101,122 |
91,956 |
124,670 |
129,208 |
3.6 |
40.5 |
384,256 |
388,795 |
Earnings from operations |
308,899 |
63,995 |
63,313 |
61,295 |
64,621 |
71,289 |
10.3 |
16.3 |
253,224 |
259,892 |
Expenses and other income |
|
|
|
|||||||
- General and administrative |
37,860 |
8,170 |
7,886 |
7,170*** |
6,486** |
9,011 |
38.9 |
25.7 |
29,712 |
32,237 |
- Foreign exchange (gain)/loss |
(609) |
(373) |
0 |
0 |
0 |
373 |
N/A |
N/A |
(373) |
0 |
- Net interest paid/(received) |
2,277 |
1,500 |
798 |
428 |
428 |
1,364 |
218.7 |
218.7 |
3,154 |
4,090 |
- Other (income)/expense |
2,439 |
2,297 |
992 |
763 |
1,148 |
24 |
-97.9 |
-96.9 |
5,200 |
4,076 |
Total expenses and other income |
41,967 |
11,594 |
9,676 |
8,361 |
8,062 |
10,772 |
33.6 |
28.8 |
37,693 |
40,403 |
Earnings before income taxes |
266,932 |
52,401 |
53,637 |
52,934 |
56,559 |
60,517 |
7.0 |
14.3 |
215,531 |
219,489 |
Income tax expense/(recovery) |
(1,045) |
2,982 |
(89) |
3,133**** |
0 |
3,107**** |
N/A |
-0.8 |
6,026 |
9,132 |
Marginal tax rate (%) |
-0.4 |
5.7 |
-0.2 |
5.9 |
0.0 |
5.1 |
N/A |
-13.6 |
2.8 |
4.2 |
Net earnings |
267,977 |
49,419 |
53,726 |
49,801 |
56,559 |
57,410 |
1.5 |
15.3 |
209,505 |
210,357 |
|
|
|
||||||||
Basic EPS (US$) |
0.75 |
0.13 |
0.15 |
0.12 |
0.14 |
0.14 |
0.0 |
16.7 |
0.53 |
0.53 |
Diluted EPS (US$) |
0.74 |
0.13 |
0.15 |
0.12 |
0.14 |
0.14 |
0.0 |
16.7 |
0.53 |
0.53 |
Source: Silver Wheaton, Edison Investment Research. Note: *Excluding impairments. **Excluding stock-based compensation. ***Includes 1,419 of equity settled stock-based compensation. ****After excluding taxation effect of impairments. 1Q415a vs Q415e. 2Q415a vs Q315a.
Total silver-equivalent ounces produced reached a record for a fifth successive quarter, while total silver and gold ounces reached a record for a fourth successive quarter, driven by strong results at all four of the company’s cornerstone assets (Salobo, Penasquito, San Dimas and Antamina).
Undersales of material compared to production at Sudbury, Antamina and SLW’s ‘other’ silver assets broadly offset oversales at Yauliyacu, Penasquito and Salobo.
Silver Wheaton’s outlook for production for FY16 is 54Moz AgE, including 265koz Au, which compares to our equivalent forecast of 53.1Moz, comprising 33.5Moz Ag and 252.5koz Au, as shown in Exhibit 2 below.
Exhibit 2: Silver Wheaton FY16 forecasts, by quarter*
US$000s (unless otherwise stated) |
FY15* |
Q116 |
Q216 |
Q316 |
Q416e |
FY16 |
FY17 |
Silver production (koz) |
30,717 |
8,373 |
8,373 |
8,373 |
8,373 |
33,490 |
30,939 |
Gold production (oz) |
228,764 |
63,126 |
63,126 |
63,126 |
63,126 |
252,504 |
254,788 |
AgE production (koz) |
47,697 |
13,412 |
13,397 |
13,169 |
13,169 |
53,146 |
45,134 |
Silver sales (koz) |
26,566 |
8,373 |
8,373 |
8,373 |
8,373 |
33,490 |
30,939 |
Gold sales (oz) |
202,349 |
63,126 |
63,126 |
63,126 |
63,126 |
252,504 |
254,788 |
AgE sales (koz) |
41,574 |
13,412 |
13,397 |
13,169 |
13,169 |
53,146 |
45,134 |
Avg realised Ag price (US$/oz) |
15.64 |
14.77 |
15.89 |
16.11 |
16.11 |
15.72 |
24.18 |
Avg realised Au price (US$/oz) |
1,152 |
1,179 |
1,265 |
1,224 |
1,224 |
1,223 |
1,347 |
Avg realised AgE price (US$/oz) |
15.60 |
14.77 |
15.89 |
16.11 |
16.11 |
15.72 |
24.18 |
Avg Ag cash cost (US$/oz) |
4.17 |
4.70 |
4.75 |
4.77 |
4.79 |
4.75 |
5.17 |
Avg Au cash cost (US$/oz) |
393 |
394 |
394 |
394 |
394 |
394 |
396 |
Avg AgE cash cost (US$/oz) |
4.58 |
4.79 |
4.82 |
4.92 |
4.93 |
4.87 |
5.78 |
Sales |
648,687 |
198,088 |
212,917 |
212,148 |
212,148 |
835,300 |
1,091,451 |
Cost of sales |
|||||||
Cost of sales, excluding depletion |
190,214 |
64,225 |
64,628 |
64,812 |
64,920 |
258,586 |
261,029 |
Depletion |
198,581 |
60,513 |
60,513 |
60,513 |
60,513 |
242,050 |
207,852 |
Total cost of sales |
388,795 |
124,738 |
125,141 |
125,325 |
125,433 |
500,637 |
468,881 |
Earnings from operations |
259,892 |
73,350 |
87,776 |
86,823 |
86,715 |
334,664 |
622,570 |
Expenses and other income |
|||||||
- General and administrative |
32,237 |
9,011 |
9,011 |
9,011 |
9,011 |
36,044 |
36,044 |
- Foreign exchange (gain)/loss |
0 |
0 |
|||||
- Net interest paid/(received) |
4,090 |
2,010 |
2,010 |
2,010 |
2,010 |
8,040 |
6,063 |
- Other (income)/expense |
4,076 |
24 |
24 |
24 |
24 |
96 |
|
Total expenses and other income |
40,403 |
11,045 |
11,045 |
11,045 |
11,045 |
44,180 |
42,107 |
Earnings before income taxes |
219,489 |
62,305 |
76,731 |
75,778 |
75,670 |
290,484 |
580,463 |
Income tax expense/(recovery) |
9,132 |
0 |
0 |
0 |
0 |
0 |
|
Marginal tax rate (%) |
4.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Net earnings |
210,357 |
62,305 |
76,731 |
75,778 |
75,670 |
290,484 |
580,463 |
Basic EPS (US$) |
0.53 |
0.15 |
0.19 |
0.19 |
0.19 |
0.72 |
1.45 |
Diluted EPS (US$) |
0.53 |
0.15 |
0.19 |
0.19 |
0.19 |
0.72 |
1.45 |
Source: Silver Wheaton, Edison Investment Research. Note: *Excluding impairments.
Our estimate of 72c for FY16 compares to an average consensus basic EPS estimate of 59.4c within the range 38-74c (source: Bloomberg, 17 March 2016). By contrast, our basic EPS estimate of 145c for FY17 compares to an average consensus estimate of 70.8c, within the range 72-97c (excluding Edison), albeit this depends on higher precious metals prices (see Exhibit 2). Should silver and gold prices remain at the current levels of US$15.89/oz and US$1,265/oz (at the time of writing), we would instead forecast that basic EPS in FY17 will be 79c per share (all other things being equal).
There have been no material developments regarding SLW’s dispute with the Canadian Revenue Agency since those last announced, with the exception of the fact that SLW has been allowed to post its deposit for 50% of the disputed taxes in the form of a C$191.7m (C$0.48/share) letter of guarantee, rather than a cash deposit. SLW has exercised its right to pursue a resolution of the dispute through a judicial court process rather than via the CRA’s internal appeals process. This process is expected to begin around mid-year and will then be followed by a ‘discovery phase’, during which the strengths and weaknesses of each side’s legal arguments will be considered (and it is possible – but by no means certain or even likely – that an out-of-court settlement could be reached). The ‘discovery phase’ typically takes six to nine months. Assuming no resolution of the matter is forthcoming at that point however (ie around the end of the year, at the earliest), a court date will then be set and the case will proceed to litigation.
Excluding FY04 (part year) and FY08 (during which there was an exceptional write-down), SLW’s shares have historically traded on an average P/E multiple of 25.9x current year basic EPS (cf 24.0x Edison FY16e or 30.2x consensus FY16e, currently).
Exhibit 3: Silver Wheaton historic current year P/E multiples |
|
Source: Edison Investment Research. Note: FY14 EPS excludes impairment charge. |
Applying this multiple to our long-term EPS forecast of US$1.79 per share in FY19 implies a potential share value of US$46.24, or C$61.83. Note that this EPS forecast depends on a continued recovery in the gold price to US$1,483/oz and a rebalancing of the gold:silver ratio from an unprecedented 80x currently to 56x – implying a silver price of US$26.57/oz. In the event that silver and gold prices remain at current levels, our FY19 EPS forecast moderates to 87cps and our share value to US$22.45 (C$30.02), implying a still respectable 11.1% IRR to investors at the current share price.
From a relative perspective, meanwhile, it is notable that SLW trades on multiples that are cheaper than its royalty/streaming ‘peers’ in 92% of instances considered (79% using consensus forecasts). and on multiples that are cheaper than the gold miners themselves in c 78% of instances considered (67% using consensus forecasts), despite being associated with materially less operational and cost risk, in particular.
Exhibit 4: Silver Wheaton comparative valuation vs a sample of operating and royalty/streaming companies
P/E (x) |
Yield (%) |
P/CF |
||||
Year 1 |
Year 2 |
Year 1 |
Year 2 |
Year 1 |
Year 2 |
|
Royalty companies |
||||||
Franco-Nevada |
103.7 |
89.8 |
1.3 |
1.3 |
28.9 |
28.0 |
Royal Gold |
48.3 |
36.2 |
1.8 |
1.8 |
16.0 |
12.4 |
Sandstorm Gold |
N/A |
N/A |
0.0 |
0.0 |
12.6 |
12.0 |
Osisko |
44.0 |
38.6 |
1.2 |
1.2 |
27.6 |
27.8 |
Average |
65.3 |
54.9 |
1.1 |
1.1 |
21.2 |
20.0 |
Silver Wheaton (Edison forecasts) |
24.0 |
12.0 |
1.6 |
2.3 |
12.8 |
8.8 |
SLW (consensus) |
30.2 |
26.1 |
1.4 |
1.4 |
14.1 |
13.2 |
Operators |
||||||
Barrick |
35.8 |
27.9 |
0.5 |
0.5 |
8.0 |
7.2 |
Newmont |
38.4 |
24.1 |
0.4 |
0.4 |
7.4 |
6.3 |
Goldcorp |
148.6 |
60.4 |
0.7 |
0.5 |
10.4 |
9.4 |
Newcrest |
44.0 |
21.8 |
0.1 |
0.9 |
11.2 |
9.0 |
Kinross |
N/A |
N/A |
0.0 |
0.0 |
3.8 |
3.9 |
Agnico-Eagle |
249.5 |
70.5 |
0.8 |
0.8 |
12.7 |
11.5 |
Eldorado |
63.8 |
1,690.6 |
0.6 |
0.4 |
11.2 |
11.3 |
Yamana |
344.9 |
51.7 |
1.0 |
0.7 |
5.2 |
4.7 |
Randgold Resources |
39.3 |
31.9 |
0.7 |
0.7 |
18.8 |
16.0 |
Average |
120.5 |
278.2 |
0.5 |
0.6 |
9.9 |
8.8 |
Source: Bloomberg, Edison Investment Research. Note: Peers priced on 18 March 2016.
As at 31 December, SLW had US$1,362.7m of net debt on its balance sheet (vs US$566.5m as at end-September and our previous forecast of US$1,483m, which assumed that SLW would post a US$133m deposit relating to 50% of the disputed tax, interest and penalties relating to its dispute with the CRA). As it is, SLW will now post security for the CRA deposit in the form of a letter of guarantee to the amount of C$191.7m, as opposed to a cash deposit. As such, SLW’s year-end net debt is consistent with its financial performance of generating c US$100m from operating activities per quarter in the context of its paying US$900m for the Antamina stream acquisition in Q4.
SLW has TSX approval to repurchase up to 20,229,671 common shares (representing 5% of the total outstanding common shares at 11 September 2015) under an enhanced normal course issuer bid (NCIB), according to which its broker may also purchase shares for the same purpose over 12 months until 22 September 2016. To date, SLW has repurchased 2,887,854 shares under the NCIB, including 2,123,065 in FY16, although potential future repurchases are excluded from our forecasts on the basis of the uncertainty surrounding the size, price and timing of any such transactions.
SLW’s current net debt equates to a gearing (net debt/equity) ratio of 32.8% and a leverage (net debt/[net debt+equity]) ratio of 24.7%. Such a level of debt is well within the tolerances required of its banking covenants that:
■
net debt should be no more than 0.75x tangible net worth (which was US$4,151m as at end-December 2015); and
■
interest should be no less than 3x covered by EBITDA.
Assuming no further material acquisitions, we forecast that SLW’s net debt will reduce to US$1,027.6m by the end of FY16 and that it will be ostensibly debt free in FY18.
Note that the interest rate associated with SLW’s revolving debt facility is Libor plus 120-220bp.
Exhibit 5: Financial summary
US$'000s |
2012 |
2013 |
2014 |
2015 |
2016e |
2017e |
||
Dec |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
PROFIT & LOSS |
||||||||
Revenue |
|
|
849,560 |
706,472 |
620,176 |
648,687 |
835,300 |
1,091,451 |
Cost of Sales |
(117,489) |
(139,352) |
(151,097) |
(190,214) |
(258,586) |
(261,029) |
||
Gross Profit |
732,071 |
567,120 |
469,079 |
458,473 |
576,714 |
830,422 |
||
EBITDA |
|
|
701,232 |
531,812 |
431,219 |
426,236 |
540,670 |
794,378 |
Operating Profit (before amort. and except.) |
600,003 |
387,659 |
271,039 |
227,655 |
298,620 |
586,526 |
||
Intangible Amortisation |
0 |
0 |
0 |
0 |
0 |
0 |
||
Exceptionals |
0 |
0 |
(68,151) |
(384,922) |
0 |
0 |
||
Other |
788 |
(11,202) |
(1,830) |
(4,076) |
(96) |
0 |
||
Operating Profit |
600,791 |
376,457 |
201,058 |
(161,343) |
298,524 |
586,526 |
||
Net Interest |
0 |
(6,083) |
(2,277) |
(4,090) |
(8,040) |
(6,063) |
||
Profit Before Tax (norm) |
|
|
600,003 |
381,576 |
268,762 |
223,565 |
290,580 |
580,463 |
Profit Before Tax (FRS 3) |
|
|
600,791 |
370,374 |
198,781 |
(165,433) |
290,484 |
580,463 |
Tax |
(14,755) |
5,121 |
1,045 |
3,391 |
0 |
0 |
||
Profit After Tax (norm) |
586,036 |
375,495 |
267,977 |
222,880 |
290,484 |
580,463 |
||
Profit After Tax (FRS 3) |
586,036 |
375,495 |
199,826 |
(162,042) |
290,484 |
580,463 |
||
Average Number of Shares Outstanding (m) |
353.9 |
355.6 |
359.4 |
395.8 |
401.6 |
400.5 |
||
EPS - normalised (c) |
|
|
166 |
106 |
75 |
53 |
72 |
145 |
EPS - normalised and fully diluted (c) |
|
165 |
105 |
74 |
53 |
72 |
145 |
|
EPS - (IFRS) (c) |
|
|
166 |
106 |
56 |
(-41) |
72 |
145 |
Dividend per share (c) |
35 |
45 |
26 |
20 |
27 |
39 |
||
Gross Margin (%) |
86.2 |
80.3 |
75.6 |
70.7 |
69.0 |
76.1 |
||
EBITDA Margin (%) |
82.5 |
75.3 |
69.5 |
65.7 |
64.7 |
72.8 |
||
Operating Margin (before GW and except.) (%) |
70.6 |
54.9 |
43.7 |
35.1 |
35.7 |
53.7 |
||
BALANCE SHEET |
||||||||
Fixed Assets |
|
|
2,403,958 |
4,288,557 |
4,309,270 |
5,526,335 |
5,385,848 |
5,249,996 |
Intangible Assets |
2,281,234 |
4,242,086 |
4,270,971 |
5,494,244 |
5,353,757 |
5,217,905 |
||
Tangible Assets |
1,347 |
5,670 |
5,427 |
12,315 |
12,315 |
12,315 |
||
Investments |
121,377 |
40,801 |
32,872 |
19,776 |
19,776 |
19,776 |
||
Current Assets |
|
|
785,379 |
101,287 |
338,493 |
105,876 |
442,529 |
1,001,628 |
Stocks |
966 |
845 |
26,263 |
1,455 |
1,873 |
2,447 |
||
Debtors |
6,197 |
4,619 |
4,132 |
1,124 |
2,288 |
2,990 |
||
Cash |
778,216 |
95,823 |
308,098 |
103,297 |
438,367 |
996,191 |
||
Other |
0 |
0 |
0 |
0 |
0 |
0 |
||
Current Liabilities |
|
|
(49,458) |
(21,134) |
(16,171) |
(12,568) |
(27,408) |
(27,649) |
Creditors |
(20,898) |
(21,134) |
(16,171) |
(12,568) |
(27,408) |
(27,649) |
||
Short term borrowings |
(28,560) |
0 |
0 |
0 |
0 |
0 |
||
Long Term Liabilities |
|
|
(32,805) |
(1,002,164) |
(1,002,856) |
(1,468,908) |
(1,468,908) |
(1,468,908) |
Long term borrowings |
(21,500) |
(998,136) |
(998,518) |
(1,466,000) |
(1,466,000) |
(1,466,000) |
||
Other long term liabilities |
(11,305) |
(4,028) |
(4,338) |
(2,908) |
(2,908) |
(2,908) |
||
Net Assets |
|
|
3,107,074 |
3,366,546 |
3,628,736 |
4,150,735 |
4,332,060 |
4,755,067 |
CASH FLOW |
||||||||
Operating Cash Flow |
|
|
720,209 |
540,597 |
434,582 |
435,783 |
553,832 |
793,343 |
Net Interest |
0 |
(6,083) |
(2,277) |
(4,090) |
(8,040) |
(6,063) |
||
Tax |
(725) |
(154) |
(204) |
(208) |
0 |
0 |
||
Capex |
(641,976) |
(2,050,681) |
(146,249) |
(1,791,275) |
(101,564) |
(72,000) |
||
Acquisitions/disposals |
0 |
0 |
0 |
0 |
0 |
0 |
||
Financing |
12,919 |
58,004 |
6,819 |
761,824 |
0 |
0 |
||
Dividends |
(123,852) |
(160,013) |
(79,775) |
(68,593) |
(109,158) |
(157,456) |
||
Net Cash Flow |
(33,425) |
(1,618,330) |
212,896 |
(666,559) |
335,070 |
557,824 |
||
Opening net debt/(cash) |
|
|
(761,581) |
(728,156) |
902,313 |
690,420 |
1,362,703 |
1,027,633 |
HP finance leases initiated |
0 |
0 |
0 |
0 |
0 |
0 |
||
Other |
0 |
(12,139) |
(1,003) |
(5,724) |
(0) |
0 |
||
Closing net debt/(cash) |
|
|
(728,156) |
902,313 |
690,420 |
1,362,703 |
1,027,633 |
469,809 |
Source: Company sources, Edison Investment Research
|