Altius reports 14% decline in royalty revenue in 2020
(Kitco News) - Altius Minerals (ALS:TSX) (ATUSF: OTCQX) reported today that its attributable royalty revenue of $67.5 million ($1.62 per share) for the year ended December 31, 2020 was down 14% from royalty revenue of $78.1 million ($1.83 per share) reported in 2019.
Adjusted EBITDA for the year was $53.0 million or $1.27 per share, down 15% from adjusted EBITDA of $62.6 million ($1.46 per share) in 2019.
The company’s adjusted operating cash flow of $47.5 million or $1.14 per share increased by 8% over 2019 despite the lower annual revenue, reflecting reduced general and administrative expenses, lower Chapada stream cost of sales and the timing of corporate tax instalment payments.
Adjusted net earnings were $14.6 million or $0.35 per share compared to $23.4 million or $0.55 per share in 2019, with the main adjusting items for 2020 being non-cash based carrying value adjustments.
Altius’ strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. The company’s royalty portfolio consists of base metals, potash, iron ore, metallurgical, thermal coal and other assets.