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Wheaton Precious Metals
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== Financials: US$373.5m in net cash == At 31 March, WPM had US$376.2m in cash on its balance sheet and no debt outstanding under its US$2bn revolving credit facility. As such (including a modest US$2.7m in leases), it had US$373.5m in net cash overall after generating US$210.5m in operating cash flow during the quarter and consuming US$66.1m in investing activities. {| class="wikitable" |+Exhibit 19: WPM cash, net cash and operating cash flow, by quarter, Q420βQ122<ref>Source: Wheaton Precious Metals.</ref> !(US$m) !Q420 !Q121 !Q221 !Q321 !Q421 !Q122 |- |Cash/(debt) |192.7 |191.2 |235.4 |372.5 |226.0 |376.2 |- |Net cash/(debt) |6.0 |187.7 |232.1 |369.4 |223.2 |373.5 |- |Operating cash flow |208.0 |232.2 |216.3 |201.3 |195.3 |210.5 |} In FY22, Edison Investment Research estimates that WPM will generate US$913.7m from operating activities, before consuming US$382.4m in investing activities in the form of instalments relating to the acquisitions of the Santo Domingo, Blackwater, Goose, Curipamba and Marathon streams and paying out a forecast dividend of US$275.3m to leave it with net cash of US$479.2m as at end-FY22. In FY23, Edison forecasts that it will generate US$1,102.5m from operating activities, before consuming US$1,098.8m in investing activities, including significant instalments relating to Salobo III and Rosemont and also Kutcho and, potentially, Fenix. On this basis, Edison Investment Research estimates that WPM will end the year with net cash of US$166.3m on its balance sheet, before resuming its upward trend once again. {| class="wikitable" |+ ! ! !US$'000s !2016 !2017 !2018 !2019 !2020 !2021 !2022e !2023e !2024e |- |Dec | | |IFRS |IFRS |IFRS |IFRS |IFRS |IFRS |IFRS |IFRS |IFRS |- |PROFIT & LOSS | | | | | | | | | | | |- |Revenue | | |891,557 |843,215 |794,012 |861,332 |1,096,224 |1,201,665 |1,249,259 |1,518,483 |1,530,230 |- |Cost of Sales | | |(254,434) |(243,801) |(245,794) |(258,559) |(266,763) |(287,947) |(291,801) |(353,460) |(351,720) |- |Gross Profit | | |637,123 |599,414 |548,218 |602,773 |829,461 |913,718 |957,458 |1,165,023 |1,178,510 |- |EBITDA | | |602,684 |564,741 |496,568 |548,266 |763,763 |852,733 |891,084 |1,098,649 |1,112,136 |- |Operating Profit (before amort. and except.) | | |293,982 |302,361 |244,281 |291,440 |519,874 |597,940 |641,782 |776,879 |758,341 |- |Exceptionals | | |(71,000) |(228,680) |245,715 |(156,608) |4,469 |162,806 |540 |0 |0 |- |Other | | |(4,982) |8,129 |(5,826) |217 |387 |190 |(229) |0 |0 |- |Operating Profit | | |218,000 |81,810 |484,170 |135,049 |524,730 |760,936 |642,093 |776,879 |758,341 |- |Net Interest | | |(24,193) |(24,993) |(41,187) |(48,730) |(16,715) |(5,817) |(5,058) |863 |299 |- |Profit Before Tax (norm) | | |269,789 |277,368 |203,094 |242,710 |503,159 |592,123 |636,724 |777,741 |758,641 |- |Profit Before Tax (FRS 3) | | |193,807 |56,817 |442,983 |86,319 |508,015 |755,119 |637,035 |777,741 |758,641 |- |Tax | | |1,330 |886 |(15,868) |(181) |(211) |(234) |(822) |(1,000) |(1,000) |- |Profit After Tax (norm) | | |266,137 |286,383 |181,400 |242,746 |503,335 |592,079 |635,673 |776,741 |757,641 |- |Profit After Tax (FRS 3) | | |195,137 |57,703 |427,115 |86,138 |507,804 |754,885 |636,213 |776,741 |757,641 |- | | | | | | | | | | | | |- |Average Number of Shares Outstanding (m) | | |430.5 |442.0 |443.4 |446.0 |448.7 |450.1 |451.4 |451.5 |451.5 |- |EPS - normalised (c) | | |62 |63 |48 |54 |112 |132 |141 |172 |168 |- |EPS - normalised and fully diluted (c) | | |62 |63 |48 |54 |112 |131 |137 |167 |163 |- |EPS - (IFRS) (c) | | |45 |13 |96 |19 |113 |168 |141 |172 |168 |- |Dividend per share (c) | | |21 |33 |36 |36 |42 |57 |61 |70 |74 |- | | | | | | | | | | | | |- |Gross Margin (%) | | |71.5 |71.1 |69.0 |70.0 |75.7 |76.0 |76.6 |76.7 |77.0 |- |EBITDA Margin (%) | | |67.6 |67.0 |62.5 |63.7 |69.7 |71.0 |71.3 |72.4 |72.7 |- |Operating Margin (before GW and except.) (%) | | |33.0 |35.9 |30.8 |33.8 |47.4 |49.8 |51.4 |51.2 |49.6 |- | | | | | | | | | | | | |- |BALANCE SHEET | | | | | | | | | | | |- |Fixed Assets | | |6,025,227 |5,579,898 |6,390,342 |6,123,255 |5,755,441 |6,046,427 |6,179,483 |6,956,528 |7,004,017 |- |Intangible Assets | | |5,948,443 |5,454,106 |6,196,187 |5,768,883 |5,521,632 |5,940,538 |6,073,594 |6,850,639 |6,898,128 |- |Tangible Assets | | |12,163 |30,060 |29,402 |44,615 |33,931 |44,412 |44,412 |44,412 |44,412 |- |Investments | | |64,621 |95,732 |164,753 |309,757 |199,878 |61,477 |61,477 |61,477 |61,477 |- |Current Assets | | |128,092 |103,415 |79,704 |154,752 |201,831 |249,724 |491,884 |181,074 |558,355 |- |Stocks | | |1,481 |1,700 |1,541 |43,628 |3,265 |12,102 |2,939 |3,573 |3,601 |- |Debtors | | |2,316 |3,194 |2,396 |7,138 |5,883 |11,577 |6,845 |8,320 |8,385 |- |Cash | | |124,295 |98,521 |75,767 |103,986 |192,683 |226,045 |482,100 |169,181 |546,370 |- |Current Liabilities | | |(19,057) |(12,143) |(28,841) |(64,700) |(31,169) |(29,691) |(44,536) |(50,618) |(50,446) |- |Creditors | | |(19,057) |(12,143) |(28,841) |(63,976) |(30,396) |(28,878) |(43,723) |(49,805) |(49,633) |- |Short term borrowings | | |0 |0 |0 |(724) |(773) |(813) |(813) |(813) |(813) |- |Long Term Liabilities | | |(1,194,274) |(771,506) |(1,269,289) |(887,387) |(211,532) |(16,343) |(16,343) |(16,343) |(16,343) |- |Long term borrowings | | |(1,193,000) |(770,000) |(1,264,000) |(878,028) |(197,864) |(2,060) |(2,060) |(2,060) |(2,060) |- |Other long term liabilities | | |(1,274) |(1,506) |(5,289) |(9,359) |(13,668) |(14,283) |(14,283) |(14,283) |(14,283) |- |Net Assets | | |4,939,988 |4,899,664 |5,171,916 |5,325,920 |5,714,571 |6,250,117 |6,610,488 |7,070,642 |7,495,583 |- | | | | | | | | | | | | |- |CASH FLOW | | | | | | | | | | | |- |Operating Cash Flow | | |608,503 |564,187 |518,680 |548,301 |784,843 |851,686 |919,595 |1,102,622 |1,111,872 |- |Net Interest | | |(24,193) |(24,993) |(41,187) |(41,242) |(16,715) |(5,817) |(5,058) |863 |299 |- |Tax | | |28 |(326) |0 |(5,380) |(2,686) |(503) |(822) |(1,000) |(1,000) |- |Capex | | |(805,472) |(19,633) |(861,406) |10,571 |149,648 |(404,437) |(382,359) |(1,098,815) |(401,283) |- |Acquisitions/disposals | | |0 |0 |0 |0 |0 |0 |0 |0 |0 |- |Financing | | |595,140 |1,236 |1,279 |37,198 |22,396 |7,992 |0 |0 |0 |- |Dividends | | |(78,708) |(121,934) |(132,915) |(129,986) |(167,212) |(218,052) |(275,301) |(316,588) |(332,700) |- |Net Cash Flow | | |295,298 |398,537 |(515,549) |419,462 |770,274 |230,869 |256,055 |(312,919) |377,189 |- |Opening net debt/(cash) | | |1,362,703 |1,068,705 |671,479 |1,188,233 |774,766 |5,954 |(223,172) |(479,227) |(166,308) |- |HP finance leases initiated | | |0 |0 |0 |0 |0 |0 |0 |0 |0 |- |Other | | |(1,300) |(1,311) |(1,205) |(5,995) |(1,462) |(1,743) |0 |0 |(0) |- |Closing net debt/(cash) | | |1,068,705 |671,479 |1,188,233 |774,766 |5,954 |(223,172) |(479,227) |(166,308) |(543,497) |}
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