.29 Aug 2017 08:31
very nice update... very nice figures! UTR share:
"Record sales volumes of 501,676 tonnes of ilmenite (FY2016: 480,538 tonnes), 91,991 tonnes of rutile (FY2016: 85,536 tonnes), 34,566 tonnes of zircon (FY2016: 33,062 tonnes) and 9,501 tonnes of zircon low grade (FY2016: Nil).
Sales revenue was $215.5 million (FY2016: $169.0 million), achieving an average price of product sold (rutile, ilmenite, zircon and zircon low grade) of $338 per tonne, or US$255 per tonne, (FY2016: $282 per tonne or US$205 per tonne) with the main driver being the rising ilmenite price.
Total cost of goods sold increased to $88.6 million (FY2016: $86.6 million) due to the 6% increase in sales volume, with underlying costs remaining steady at an average cost of $139 per tonne, or US$105 per tonne of product sold, (FY2016: $144 per tonne or US$105 per tonne). The continued focus on cost management achieved a slight reduction in operating costs per tonne produced to $114 per tonne, or US$86 per tonne, (FY2016: $121 per tonne or US$88 per tonne).
The Kwale Operation achieved a revenue to cost of sales ratio of 2.4:1, comfortably positioning it in the first quartile of mineral sands producers.
Improved sales volumes, commodity prices and a continued focus on cost management has delivered an 81% increase in Group EBITDA of $109.7 million (FY2016: $60.6 million).
Cash flow from operations was $100.2 million (FY2016: $78.6 million).
Free cash flow of $68.8 million contributed to the significant reduction in net debt of $76.0 million, bringing net debt to $128.2 million (US$98.5 million) at year end.
Repayments of $11.6 million (US$8.2 million) were made against the Taurus Debt Facility during the reporting period, reducing the outstanding balance to US$11.8 million. The Taurus Debt Facility was subsequently retired in July 2017 (refer to the market release on 18 July 2017)."
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