TIDMTALV
Stock Exchange Release
Talvivaara Mining Company Plc
25 April 2012
Talvivaara Mining Company Interim Report for January-March 2012
Production impacted by environmental process modifications and
unscheduled improvement measures in metals recovery
Highlights
* Nickel production of 3,374t, adversely impacted by process modifications at
the metals recovery plant
* Net sales of EUR 39.0m
* Operating loss of EUR (11.4)m
* Significantly strengthened financial position; EUR 83m raised from equity
placing and EUR 110m from bond issue((1))
* Uranium permitting progressed with a European Commission confirmation under
the Euratom Treaty and the Finnish Government permit under the Nuclear
Energy Act
* Harri Natunen appointed CEO from 26 April 2012
* Full-year production guidance maintained at 25,000-30,000t nickel, but
production expected to be at the lower end of the range as previously
indicated
((1)) The EUR 110m senior unsecured bond was settled in April and is therefore
not included in Q1 2012 financial figures.
Key figures
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EUR million Q1 Q4 Q1 FY
2012 2011 2011 2011
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Net sales 39.0 66.5 66.5 231.2
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Operating profit (loss) (11.4) 14.9 11.6 30.9
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% of net sales (29.3)% 22.5% 17.5% 13.4%
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Profit (loss) for the period (14.9) 3.7 2.0 (5.2)
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Earnings per share, EUR (0.06) 0.01 0.00 (0.04)
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Equity-to-assets ratio 31.8% 27.9% 32.5% 27.9%
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Net interest bearing debt 422.2 455.7 325.8 455.7
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Debt-to-equity ratio 107.9% 141.3% 82.8% 141.3%
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Capital expenditure 14.7 21.6 10.4 79.1
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Cash and cash equivalents at the end of the period 85.9 40.0 144.7 40.0
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Number of employees at the end of the period 498 461 413 461
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All reported figures in this release are unaudited.
CEO Pekka Perä comments: "The first quarter of 2012 was a difficult period for
Talvivaara with disappointing production and financial performance. In January,
we installed and commissioned a new water recycling system, which is anticipated
to reduce our raw water intake by approximately 65-75% when in full utilisation.
Whilst this takes us yet another step closer to a closed circuit and marks a
proactive step in executing our sustainability strategy, the installation
process caused downtime at the metals recovery plant and thereby impacted first
quarter production volumes.
In March, all of us at Talvivaara were faced with the terrible news that one of
our employees had lost his life in a very unfortunate accident. Whilst the
circumstances surrounding the fatality are still being thoroughly investigated,
we have taken all the possible measures and precautions to make the workplace
both technically and operationally as safe as possible. After the incident, we
stopped the metals recovery plant in order to make preventative occupational
safety-related modifications and improvements, and we have paid even closer
attention to occupational safety guidelines and monitoring. All our thoughts and
sympathy at Talvivaara are with the family and friends of our late colleague.
Despite the disappointing first quarter performance, I am quite pleased with the
underlying positive developments in our operations. In particular, recent
analysis of ore samples taken from heap section 3 indicates nickel recoveries of
up to 85% in less than two years of leaching, which exceeds our expectations.
Last year's problems in primary heap reclaiming are also being overcome through
process changes we have already implemented, which we believe will help us to
offset the recent issues, as well as achieve the 2012 guidance and ramp up
towards full capacity.
From a financial perspective, our first quarter results reflect the
unsatisfactory production volumes and a generally unfavourable nickel price
environment. The nickel price rallied to above USD 21,000 per tonne at the start
of 2012 but subsequently retreated to USD 17,000-18,000 per tonne in February
and March primarily due to prevailing economic conditions. Whilst we cannot be
pleased with the results, they are characteristic to our ongoing ramp-up phase,
and we expect material improvement as production volumes increase going forward.
Importantly, we also took significant steps to increase our financial
flexibility through the EUR 83 million equity placing and EUR 110m bond issue
during the quarter.
This is my last set of results as the CEO of Talvivaara, and as I look back, I
am extremely thankful to everyone at Talvivaara for their hard work and
commitment throughout the planning, construction and ramp-up phases of the
Sotkamo mine. We have had our share of challenges and issues, some of which
still remain. Operationally, we have continued to face commissioning issues, but
at the same time, we have established a solid track record in overcoming them
with a clear plan for increasing production to full capacity over the next few
years.
As I look forward, our vision for Talvivaara as a growing, profitable and
sustainable mining company is as clear as ever. As of tomorrow, Harri Natunen
will take on the CEO role to steer the Company towards full production. As
Executive Chairman, I look forward to helping the Company grow and, knowing
Harri, I have full confidence in him and the team to overcome our remaining
challenges and take Talvivaara forward to stable, profitable full-scale
production and beyond."
Incoming CEO Harri Natunen comments: "Over the past month, I have been preparing
for my role as the CEO of Talvivaara and observing the Company's operations in
full detail. Whilst not without its challenges, I have full confidence in our
ability to overcome the remaining issues and take the Sotkamo mine to full
production.
From an operational perspective, all of our production processes have already
been proven to achieve design capacity, but we have yet to achieve full scale
operational stability on a consistent basis. To do that, we will continue to pay
attention to management systems and organisational design as well as a culture
of continuous improvement. Having already witnessed the high ambition and energy
of the organisation, I have no doubt in my mind that we will reach our goal and
50,000 tonnes of nickel per annum nameplate capacity - it is only a matter of
time.
As for environmental and social issues, these are a clear priority for us and we
will continue our ongoing hard work to minimize our environmental impact. We
have recently made significant additional investment commitments to catalytic
burning and reverse osmosis technologies which will enable us to continue
reducing emissions into air and water. Through these and other efforts we are
well on our way to becoming an industry leader in sustainable mining and we also
seek to support the outcome of these technical efforts with efficient and
transparent communication with our neighbours and other stakeholders.
I very much look forward to using my full experience to help the capable and
motivated team at Talvivaara to take the Company forward. Whilst we still have
some issues to solve, we also have a clear roadmap to overcoming them and to
regaining the confidence of our stakeholders. Finally, I would like to
congratulate Pekka and the team for the incredible project they have developed
and the solid foundation on which further success can be built."
Enquiries:
Talvivaara Mining Company Plc. Tel. +358 20 712 9800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO
Merlin PR Tel. +44 20 726 8400
David Simonson
Anca Spiridon
Webcast and conference call on 25 April 2012 at 12:00 BST/14:00 EET
A combined webcast and conference call on the January-March 2012 Interim Result
will be held on 25 April 2012 at 12:00 BST/14:00 EET. The call will be held in
English.
The webcast can be accessed through the following link:
http://qsb.webcast.fi/t/talvivaara/talvivaara_2012_0425_q1/
A conference call facility will be available for a Q&A with senior management
following the presentation.
Participant - Finland: +358 (0)9 2313 9201
Participant - UK: +44 (0)20 7162 0025
Participant - US: +1 334 323 6201
Conference ID: 914118
The webcast will also be available for viewing on the Talvivaara website shortly
after the event.
Financial review
Net sales and financial result
Talvivaara's net sales for nickel and cobalt deliveries to Norilsk Nickel and
for zinc deliveries to Nyrstar during the quarter ended 31 March 2012 amounted
to EUR 39.0 million (Q1 2011: EUR 66.5 million). The net sales decreased by
41.3% compared to Q4 2011 mainly due to lower than expected metals production.
The product deliveries amounted to 3,522 tonnes of nickel, 8,333 tonnes of zinc
and 96 tonnes of cobalt.
The Group's other operating income amounted to EUR 1.4 million (Q1 2011: EUR
0.3 million) and resulted mainly from indemnities on losses.
Materials and services amounted to EUR (34.9) million in Q1 2012 (Q1 2011: EUR
(36.3) million) and other operating expenses were EUR (18.9) million (Q1 2011:
EUR (13.7) million). The largest cost items were production chemicals,
particularly hydrogen sulphide, external services and maintenance.
Employee benefit expenses including the value of employee expenses related to
the employee share option scheme of 2007 were EUR (7.8) million (Q1 2011: EUR
(6.8) million). The increase was attributable to the increased number of
personnel.
Operating loss for Q1 2012 was EUR (11.4) million (Q1 2011: profit of EUR 11.6
million), and the operating margin was (29.3)%. Regardless of the decrease in
production, operating costs remained at broadly the same level as in Q4 2011
particularly due to maintenance-related cost items across production stages.
Finance income for the period was EUR 1.7 million (Q1 2011: EUR 1.1 million) and
consisted mainly of exchange rate gains. Finance costs of EUR (9.6) million (Q1
2011: EUR (9.4) million) were mainly due to interest and related financing
expenses on borrowings.
Loss for the period amounted to EUR (14.9) million (Q1 2011: profit of EUR 2.0
million), reflecting the delivery volumes and incurred operating costs. Earnings
per share were EUR (0.06) (Q1 2011: EUR (0.00).
Total comprehensive income for the period was EUR (14.9) million (Q1 2011: EUR
(0.6) million). In Q1 2011, total comprehensive income included a reduction in
hedge reserves resulting from the occurrence of the hedged sales.
Balance sheet
Capital expenditure in Q1 2012 totalled EUR 14.7 million (Q1 2011: EUR 10.4
million). The expenditure related primarily to earthworks in secondary leaching,
gypsum pond and uranium extraction circuit. On the consolidated statement of
financial position as at 31 March 2012, property, plant and equipment totalled
EUR 765.7 million (31 December 2011: EUR 762.0 million).
In the Group's assets, inventories amounted to EUR 268.3 million on 31 March
2012 (31 December 2011: EUR 240.4 million). The increase in inventories reflects
the ramp-up of production and the consequent increase in the amount of ore
stacked on heaps, valued at cost.
Trade receivables amounted to EUR 47.8 million on 31 March 2012 (31 December
2011: EUR 64.0 million). The decrease in trade receivables reflects the decrease
in nickel and zinc deliveries compared to Q4 2011.
On 31 March 2012, cash and cash equivalents totalled EUR 85.9 million (31
December 2011: EUR 40.0 million).
In equity and liabilities, total equity amounted to EUR 391.3 million on 31
March 2012 (31 December 2011: EUR 322.6 million). Talvivaara raised EUR 81.5
million, net of transaction costs, through an issue of 24,589,050 new shares in
Q1 2012. In addition, perpetual capital loan interest cost of EUR 2.8 million
was capitalized in equity. A total of 111,747 new shares were subscribed and
paid for in Q1 2012 under the company's stock option rights 2007A and the entire
subscription price amounting to EUR 0.3 million was recognized in equity.
Borrowings increased from EUR 495.7 million on 31 December 2011 to EUR 508.2
million at the end of March 2012. The changes in borrowings during the quarter
included a repayment of commercial paper notes amounting to EUR 7 million and
the drawdown of EUR 20 million under the revolving credit facility.
Total advance payments as at 31 March 2012 amounted to EUR 247.4 million (31
December 2011: EUR 247.3 million). Talvivaara received a total of EUR 1.8
million in advance payments during Q1 2012 based on the uranium off-take
agreement with Cameco Corporation, whilst the advance payment from Nyrstar was
amortised by EUR 1.7 million as a result of zinc deliveries.
Total equity and liabilities as at 31 March 2012 amounted to EUR 1,231.0 million
(31 December 2011: EUR 1,156.7 million).
Financing
In March 2012, Talvivaara issued a EUR 110 million senior unsecured bond,
guaranteed by Talvivaara Sotkamo Ltd. The 5-year bond had an issue price of
100%, pays a coupon of 9.75% and is callable after 3 years. The transaction was
settled and the notes listed on NASDAQ OMX Helsinki in April, hence the
financial impact of the bond is not included in the Q1 2012 figures.
In February 2012, Talvivaara completed an issue of 24,589,050 new shares
representing approximately 10 per cent of the number of the existing shares of
the Company. Through the equity placing, Talvivaara raised EUR 82.6 million
before commissions and expenses. An Extraordinary General Meeting of Talvivaara
resolved to approve the share issue in March and the new shares were
subsequently registered in the Finnish Trade Register.
Currency option programme
Talvivaara has entered into a currency option programme comprising USD options
for three months from April 2012 through June 2012. The monthly obligation is
USD 5.0 million and protection is USD 5.0 million. The collar ranges from
1.1350 to 1.5000.
Production review
Alongside stabilised metals production, Talvivaara's operational focus during
the first quarter was on sustainability and environmental aspects of the
Company's operations as well as on occupational safety. These focus areas
required production stoppages and temporary process alterations that adversely
impacted the production output, which amounted to 3,374t (Q1 2011: 4,215t) of
nickel and 7,890t (Q1 2011: 6,363t) of zinc.
In metals recovery, overall optimization of the process continued to make
progress. Issues in hydrogen sulphide production, that had caused extended
downtime in metals production during the second half of 2011, have been
addressed through improved temperature control by amended operating procedures
and a focus on ensuring the availability of spare parts inventory. The
reliability of Talvivaara's hydrogen sulphide generators, and consequently the
entire metals recovery process, has significantly increased as a result.
However, a production stoppage was required in January for the installation of a
new water recycling system reducing raw water intake by approximately 65-75%
when fully utilised. As part of the undertaken process change, the Company has
also temporarily maintained excess water in circulation thereby somewhat
diluting metal grades in solution. Furthermore, during the latter part of March,
Talvivaara made occupational safety-related preventative improvements at the
plant, which required an unscheduled stoppage and also negatively impacted
production.
The mining department continued to match the ore demand by crushing and waste
rock demand by earthworks, in particular the construction of secondary heap
foundations. Emphasis continues to be on ore mining. The department produced
3.0Mt of ore (Q1 2011: 2.2Mt) and 1.5Mt of waste (Q1 2011: 5.2Mt).
In materials handling, the performance and reliability of the crushing circuit
continued to improve with periods of record output. However, the overall
availability of the circuit did not yet reach the targeted level and required
continued focus on planning and execution of maintenance procedures. Primary
heap reclaiming, which severely restricted the overall crushing and stacking of
ore in 2011, also improved through a new operating procedure that was
implemented in early 2012. The new reclaiming process is expected to remove the
remaining capacity utilisation limitations in materials handling, and enable the
entire process to operate at the required level. Crushing and stacking of ore in
Q1 2012 amounted to 3.0Mt (Q1 2011: 2.2Mt).
In bioheapleaching, the new primary heap section 2 was completed and the
reclaiming of primary heap section 3 commenced. Following the continuous process
development in bioheapleaching, primary heap section 3 has been the most
successful heap section to date. Recent analysis of ore samples taken from heap
section 3 indicates nickel recoveries of up to 85% in less than two years of
leaching, which exceeds the Company's expectations. Furthermore, secondary
leaching has progressed well, confirming that metal content remaining after
primary leaching is effectively recovered through secondary leaching.
During the quarter, nickel grades in primary heap sections were stable at
slightly below 2 g/l, and in the secondary heap stable at approximately 1 g/l.
Accordingly, the average nickel grade pumped to metals recovery was somewhat
below 2 g/l. Metal grades in solution reflected the dilution impact of a process
change-related temporary increase in the amount of water in circulation, as well
as the impact of cold weather. Grades started to develop positively again in
March, reflecting improving water balance, increasing solution temperature and
the completion of the new primary heap section 2.
Production key figures
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Q1 Q4 Q1 FY
2012 2011 2011 2011
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Mining
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Ore production Mt 3.0 3.2 2.2 11.1
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Waste production Mt 1.5 2.0 5.2 17.0
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Materials handling
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Stacked ore Mt 3.0 3.2 2.2 11.1
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Bioheapleaching
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Ore under leaching Mt 38.6 35.6 26.5 35.6
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Metals recovery
=-----------------------------------------------------
Nickel metal content Tonnes 3,374 4,769 4,215 16,087
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Zinc metal content Tonnes 7,890 10,524 6,363 31,815
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Sustainable development, safety and permitting
Safety
In March, one of Talvivaara's employees regrettably lost his life in the
vicinity of the metals recovery plant. Increased hydrogen sulphide
concentrations had been detected in the area, and work had been suspended in
accordance with occupational safety guidelines. Authorities are investigating
the accident and have informed the Company that when found, the victim was not
wearing the compulsory gas detection and protective gear. The fatality has been
disturbing to everyone at Talvivaara, and crisis counselling has been made
available for personnel. A safe working environment and safe working practices
remain top priorities for Talvivaara, and the Company initiated an unscheduled
stoppage in late March with a focus on preventative occupational safety-related
improvements. Certain process clarifications were also requested by the relevant
authority, the Finnish Safety and Chemical Agency (Tukes), and these were
subsequently provided by the Company to the satisfaction of the authority (see
Events after the review period).
At the end of the first quarter, the injury frequency among the Talvivaara
personnel was 11.8 lost time injuries/million working hours on a rolling 12
month basis (31 March 2011: 13.7 lost time injuries/million working hours).
Environment
Talvivaara continued to comply with environmental permit limits for water
emissions during the first quarter, apart from an isolated incident causing no
permanent environmental effects. Sulphate and sodium emissions have continued to
decrease as a result of process improvements and increased water circulation.
Talvivaara also commissioned an independent third party to model the water
quality development of nearby lakes over the next few years, which was completed
during the quarter. Based on the model, water quality will continue to improve
and no permanent damage has been caused to nearby lakes. However, Talvivaara is
committed to further improving process water quality through more efficient
process water treatment and increased recycling.
Hydrogen sulphide (odour) emissions and dust emissions to air have also remained
within the permitted limits, apart from distinct point sources at the screening
building and metals recovery plant. During 2012, dust emissions will be
addressed through a new dust removal system at the screening building and
hydrogen sulphide emissions through catalytic burning of hydrogen sulphide
gases.
In order to improve timely and transparent communication on environmental
matters with the neighbouring communities and other interested stakeholders,
Talvivaara launched a specific website for this purpose in January. The Finnish
language website, www.paikanpaalla.fi, reviews environmental data and events in
blog format and aims to provide region-specific information in an easily
understandable and concise form.
Permitting
In January, Talvivaara received a positive opinion on its uranium recovery
process from the European Commission under the Euratom Treaty. In its opinion,
the European Commission considered that uranium recovery at the Talvivaara mine
complies with the goals set by the Euratom Treaty and may improve the supply
security of nuclear fuel in the European Union. In March, Talvivaara also
received a licence from the Finnish Government to extract uranium as a by-
product from its existing operations pursuant to the Nuclear Energy Act. The
permit is valid throughout the life of the mine, however, no longer than until
the end of 2054.
Following completion of the Environmental Impact Assessment ("EIA") programme,
the EIA process for the potential expansion of the Talvivaara mine was initiated
during the first quarter. The EIA covers options to expand production capacity
up to 100,000t of nickel per annum, and also the option to refine nickel
sulphide into LME-quality nickel metal.
Talvivaara's existing environmental permit is currently being renewed under a
standard process. The renewed permit is anticipated to be received during 2012.
Business development
Uranium production
Talvivaara is preparing for the recovery of uranium as a by-product of the
Company's existing operations. Uranium occurs naturally in small concentrations
in the Talvivaara area and leaches into the process solution along with
Talvivaara's main products. Annual uranium production is estimated at 350tU (ca.
770,000 pounds), corresponding to approximately 410t (900,000 pounds) of yellow
cake (UO(4)), and Talvivaara's entire uranium production will be sold under a
long-term agreement to Cameco Corporation.
Following receipt of the construction permit in August 2011, Talvivaara
commenced construction of the uranium recovery facility, which will be completed
during the current year. The permitting process for uranium production is
ongoing and the start of uranium production is further subject to, among others,
environmental permit approval and chemical authorisation. The decision on the
environmental permit is expected in 2012.
Production expansion - Operation Overlord
Conceptual studies relating to production expansion beyond 50,000tpa of nickel
continued during the quarter, with a particular emphasis on permitting. The
scoping studies are based on the target of doubling the presently planned
production to approximately 100,000tpa of nickel. Whilst studies relating to
various processing options continue, it appears relatively likely that a
substantial part of the expanded production would be LME-quality nickel metal,
i.e. Talvivaara would integrate its production one step further downstream.
During the first quarter, the Environmental Impact Assessment ("EIA") programme
for the expansion was completed and EIA hearings commenced. Permitting is
anticipated to proceed to the submission of an environmental permit application
in late 2012.
No investment decisions relating to the production expansion have yet been
taken. Provided the investment is pursued, it is envisioned to be carried out in
a modular fashion to allow spreading out of the expenditure over an estimated
5-6 year period starting around 2014. The modular approach also allows
commissioning of the equipment and processes sequentially in the order of the
process stages, which is expected to reduce the risk of serious start-up issues.
Energy strategy
Talvivaara's energy strategy is focused on building an environmentally sound
portfolio of low-cost capacity allowing the Company to be energy self-sufficient
in the longer term. Talvivaara's electricity need is currently approximately
45MW, and is expected to increase significantly if the Company proceeds with the
planned capacity expansion and further refining of nickel into LME-quality
metal.
During the first quarter, Talvivaara increased its capacity share in the
Fennovoima nuclear project in Finland from approximately 10MW to approximately
60MW. The Company is also studying, amongst others, on-site windpower
production, bioenergy and utilization of energy generated in the production
process.
Risk management and principal risks
In line with current corporate governance guidelines on risk management,
Talvivaara carries out an ongoing process endorsed by the Board of Directors to
identify risks, measure their impact against certain assumptions and implement
the necessary proactive steps to manage these risks.
Talvivaara's operations are affected by various risks common to the mining
industry, such as risks relating to the development of Talvivaara's mineral
deposits, estimates of reserves and resources, infrastructure risks, and
volatility of commodity prices. There are also risks related to counterparties,
currency exchange ratios, management and control systems, historical losses and
uncertainties about the future profitability of Talvivaara, dependence on key
personnel, effect of laws, governmental regulations and related costs,
environmental hazards, and risks related to Talvivaara's mining concessions and
permits.
In the short term, Talvivaara's key operational risks continue to relate to the
ongoing ramp-up of operations. While the Company has demonstrated that all of
its production processes work and can be operated on industrial scale, the rate
of ramp-up is still subject to risk factors including the reliability and
sustainable capacity of production equipment, and eventual speed of leaching and
metals recovery in bioheapleaching. In addition, there may be production and
ramp-up related risks that are currently unknown or beyond the Company's
control.
The market price of nickel has historically been volatile and in the Company's
view this is likely to persist, driven by shifts in the supply-demand balance,
macroeconomic indicators and variations in currency exchange ratios. Nickel
sales currently represent close to 90% of the Company's revenues and variations
in the nickel price therefore have a direct and significant effect on
Talvivaara's financial result and economic viability. Talvivaara is, since
February 2010, unhedged against variations in metal prices. Full or
substantially full exposure to nickel prices is in line with Talvivaara's
strategy and supported by the Company's view that it can operate the Talvivaara
mine profitably during the lows of commodity price cycles.
Talvivaara's revenues are almost entirely in US dollars, whilst the majority of
the Company's costs are incurred in Euro. Potential strengthening of the Euro
against the US dollar could thus have a material adverse effect on the business
and financial condition of the Company. Talvivaara hedges its exposure to the US
dollar on a case by case basis with the aim of limiting the adverse effects of
US dollar weakness as considered justified from time to time.
Liquidity and refinancing risks may arise as a result of the Company's inability
to produce sufficient volumes of its saleable products, particularly nickel,
unexpected increase in production costs, and sudden or substantial changes in
the prices of commodities or currency exchange rates. Talvivaara seeks to reduce
liquidity risk by close monitoring of liquidity in order to detect any threat of
adverse changes in advance so as to allow for sufficient time to secure access
to adequate credit or other funding on reasonable terms. Talvivaara also seeks
to maintain a balanced maturity profile of its long-term debt in order to
mitigate refinancing risks.
Personnel and management
The number of personnel employed by the Group on 31 March 2012 was 498 (Q1
2011: 413).
Wages and salaries paid during the three months to 31 March 2012 totalled EUR
6.6 million (Q1 2011: EUR 5.9 million).
As part of the Group's long term incentive plan, the employees of Talvivaara
have established a Group personnel fund to manage the earnings bonuses paid by
Talvivaara. In accordance with its bylaws, the fund will invest a substantial
proportion of its assets in Talvivaara Mining Company shares. The fund is
managed by personnel representatives elected by the employees.
Harri Natunen, 56, was appointed Talvivaara's CEO effective as of 26 April
2012. Mr. Natunen has had an over thirty-year successful career in mining and
metallurgical operations internationally, serving Outokumpu from 1981 first in
Finnish projects and subsequently on assignments in Norway and South America. In
Chile, his experience ranged from building management systems to supervising the
ramp-up of processes in early stage operations, such as the Zaldivar copper
bioheapleaching and hydrometallurgical project. Upon his return to Finland, Mr.
Natunen held management responsibility of large operations in full production,
such as Outokumpu's zinc division and ferrochrome operation including the Kemi
mine. He also led the successful modernization of the Outokumpu Kokkola zinc
plant, focusing on streamlining the organization and improving cost control, and
almost doubling production. Mr. Natunen's latest position prior to joining
Talvivaara was as Director, Zinc Production and Business Development at Boliden
AB in Sweden 2008-2012, where he held responsibility over the Kokkola, Finland,
and Odda, Norway, zinc operations.
Shares and shareholders
The number of shares issued and outstanding and registered on the Euroclear
Shareholder Register as of 31 March 2012 was 270,591,300. Including the effect
of the EUR 85 million convertible bond of 14 May 2008, the EUR 225 million
convertible bond of 16 December 2010, the Option Scheme of 2007 and share
subscriptions registered on 13 March 2012, the authorised full number of shares
of the Company amounted to 315,839,103.
The share subscription period for stock options 2007A was between 1 April 2010
and 31 March 2012. By 31 March 2012 a total of 1,830,087 Talvivaara Mining
Company's new shares had been subscribed for under the stock option rights
2007A. A total of 53,727 stock option rights 2007A remained unexercised
following the end of the subscription period.
The share subscription period for stock options 2007B is between 1 April 2011
and 31 March 2013. No new shares of Talvivaara were subscribed for under the
stock option rights 2007B in Q1 2012 and a total of 2,284,337 stock option
rights 2007B remain unexercised. A total of 2,333,000 option rights 2007C were
issued to 250 key employees and the subscription period for stock options 2007C
is between 1 April 2012 and 31 March 2014. A total of 2,333,000 stock options
2007C remain unexercised.
In February 2012, Talvivaara completed an issue of 24,589,050 new shares
representing approximately 10 per cent of the number of the existing shares of
the Company. An Extraordinary General Meeting of Talvivaara Mining Company Plc.
resolved on 12 March 2012 to approve the proposal by the Board of Directors on
the share issue in deviation from the shareholders' pre-emptive subscription
rights. The new shares were registered with the Finnish Trade Register on 13
March 2012.
In addition, the Board of Directors has resolved, on the basis of the
authorisation granted by the Extraordinary General Meeting held on 12 March
2012, to issue special rights entitling to subscribe up to 184,428 new shares,
in order to carry out an adjustment to the conversion price, as a result of the
equity placing, in accordance with the terms and conditions of the convertible
bonds due 2013. Accordingly the maximum number of ordinary shares that may be
issued upon conversion is 11,677,591 shares. Due to an adjustment to the
conversion price of the convertible bonds due 2015, as a result of the placing,
the maximum number of ordinary shares that may be issued upon conversion is
27,180,708 shares.
As at 31 March 2012, the shareholders who held more than 5% of the shares and
votes of Talvivaara were Pekka Perä (21.0%), Varma Mutual Pension Insurance
Company (8.8%), Solidium Oy (8.5%) and Ilmarinen Mutual Pension Insurance
Company (6.2%).
Events after the review period
Clarifications requested by the Finnish Safety and Chemicals Agency Tukes
Following the fatal incident involving an employee of Talvivaara, the Finnish
Safety and Chemicals Agency Tukes requested Talvivaara to provide a
clarification on occupational safety procedures at the Talvivaara mine. At the
time of the request, Talvivaara was carrying out a maintenance stoppage with
special focus on occupational safety-related areas. Talvivaara delivered the
requested clarifications between 3 April and 5 April 2012. On 5 April 2012,
Tukes confirmed the provided clarifications to be satisfactory, and Talvivaara
re-started the metals recovery plant subsequent to completion of the maintenance
work.
Uranium permitting update
On 3 April 2012, Talvivaara was informed by the Northern Finland Regional State
Administrative Agency that the Company's environmental permit for uranium
extraction and the general update of Talvivaara mine's environmental permit are
to be processed together. Consequently, the Company expects a minor delay in the
uranium permitting process. The permitting authorities have informed Talvivaara
that a decision on the environmental permit for uranium extraction will be made
during 2012. Talvivaara aims to start uranium recovery in 2012, as soon as all
the necessary permits have been obtained.
Issuance and listing on Nasdaq OMX Helsinki of senior unsecured bond due 2017
On 4 April 2012, Talvivaara Mining Company Plc issued a EUR 110 million senior
unsecured bond, guaranteed by Talvivaara Sotkamo Ltd. The 5-year bond had an
issue price of 100%, pays a coupon of 9.75% and is callable after 3 years. The
notes were issued in principal amounts of EUR 1,000 and were listed on NASDAQ
OMX Helsinki on 13 April 2012.
Announced investments in environmental technology
On 24 April 2012, Talvivaara announced investments in environmental technology
amounting to more than EUR 13 million. The new technologies will improve the
quality of effluent waters, reduce odour emissions into the environment and
limit dust emissions. The investments consist of reverse osmosis technology to
improve the quality of effluent waters and a catalytic burning unit to treat
hydrogen sulphide (odour) gases, as well as a water recycling system and drilled
wells reducing water intake from nearby lakes. Dust emissions will be reduced by
a new dust removal system at the screening hall. The investments are part of
Talvivaara's environmental improvement strategy announced in January 2012.
As a result of the measures taken in 2011-2012, Talvivaara has already
significantly reduced the sulphate and manganese content in effluent waters. The
new water treatment investments will further considerably reduce the levels of
sodium, sulphate and manganese in effluent waters by the end of 2012. The lower
permit limits proposed by the Company for 2015 will hence be achievable already
in early 2013.
Short-term outlook
Operational outlook
Talvivaara maintains its full-year 2012 production guidance at 25,000-30,000
tonnes of nickel. However, following the first quarter production volumes, the
Company has less flexibility within the guidance range and expects full-year
production to be closer to the lower end of the range. Near-term production
volumes will depend on realised capacity utilisation rates of the metals
recovery plant following the late March - early April stoppage and development
of metal grades in pregnant leach solution.
In line with earlier guidance, total operating costs in 2012 are expected to
amount to approximately EUR 250 million including leasing. Capital expenditure
in 2012 is expected to amount to EUR 40-50 million excluding construction of the
uranium extraction circuit, and approximately EUR 90 million including the
uranium extraction circuit.
Market outlook
Nickel and base metals prices more broadly moved higher in early 2012 as
concerns over the global growth outlook and European sovereign debt crisis
somewhat abated. Whilst other base metals prices have remained relatively
stable, the nickel price has declined from USD 21,000-22,000/t in early February
to USD 17,000-18,000/t in early April as market participants have been assessing
the prospect of new nickel production capacity entering the market and the
economic development and commodity utilisation rate of China.
Whilst several new large-scale nickel projects are being developed, Talvivaara
expects the nickel market to remain broadly balanced from a demand-supply
perspective. Several new laterite nickel projects have continued to face
commissioning issues and appear financially uncompetitive at the current nickel
price level. Chinese NPI production is also expected to balance the market, as
the utilisation rate of this capacity tends to quickly react to variations in
the nickel price. NPI capacity may also be impacted by the announced Indonesian
ban on nickel ore exports.
Barring a severe global recession, Talvivaara continues to see the longer-term
nickel price support level at around USD 20,000/t, supported by marginal costs
of production and the price level required to incentivise new nickel projects.
25 April 2012
Talvivaara Mining Company Plc.
Board of Directors
CONSOLIDATED INCOME STATEMENT
Unaudited Audited
three three
months to months to
(all amounts in EUR '000) 31 Mar 12 31 Mar 11
-----------------------------
Net sales 39,027 66,467
Other operating income 1,357 336
Changes in inventories of finished
goods and work in progress 22,478 12,781
Materials and services (34,921) (36,310)
Personnel expenses (7,819) (6,795)
Depreciation, amortization, depletion
and impairment charges (12,664) (11,198)
Other operating expenses (18,889) (13,664)
-----------------------------
Operating profit (loss) (11,431) 11,617
Finance income 1,717 1,092
Finance cost (9,646) (9,387)
-----------------------------
Finance income (cost) (net) (7,929) (8,295)
Profit (loss) before income tax (19,360) 3,322
Income tax expense 4,451 (1,372)
-----------------------------
Profit (loss) for the period (14,909) 1,950
-----------------------------
Attributable to:
Owners of the parent (13,561) 171
Non-controlling interest (1,348) 1,779
-----------------------------
(14,909) 1,950
-----------------------------
Earnings per share for profit (loss) attributable to the
owners of the parent (expressed in EUR per share)
Basic and diluted (0.06) (0.00)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited three Audited three
months to months to
(all amounts in EUR '000) 31 Mar 12 31 Mar 11
------------------------------
Profit (loss) for the period (14,909) 1,950
Other comprehensive income,
items net of tax
Cash flow hedges - (2,544)
Other comprehensive income, net of tax - (2,544)
------------------------------
Total comprehensive income (14,909) (594)
------------------------------
Attributable to:
Owners of the parent (13,561) (1,864)
Non-controlling interest (1,348) 1,270
------------------------------
(14,909) (594)
------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
As at As at
(all amounts in EUR '000) 31 Mar 12 31 Dec 11
ASSETS
Non-current assets
Property, plant and equipment 765,652 761,985
Biological assets 7,334 7,688
Intangible assets 7,307 7,371
Deferred tax assets 31,892 26,398
Other receivables 2,910 2,902
Available-for-sale financial assets 4,201 630
819,296 806,974
Current assets
Inventories 268,261 240,436
Trade receivables 47,839 64,027
Other receivables 9,662 5,249
Derivative financial instruments 1 10
Cash and cash equivalent 85,949 40,019
411,712 349,741
Total assets 1,231,008 1,156,715
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 80 80
Share issue - 278
Share premium 8,086 8,086
Other reserves 535,127 449,532
Retained earnings (166,467) (151,129)
376,826 306,847
Non-controlling interest in equity 14,494 15,733
Total equity 391,320 322,580
Non-current liabilities
Borrowings 419,368 467,161
Advance payments 235,734 235,569
Provisions 5,174 6,036
660,276 708,766
Current liabilities
Borrowings 88,816 28,515
Advance payments 11,684 11,684
Trade payables 32,913 33,677
Other payables 45,998 51,478
Derivative financial instruments 1 15
179,412 125,369
Total liabilities 839,688 834,135
Total equity and liabilities 1,231,008 1,156,715
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
A. Share capital
B. Share issue
C. Share premium
D. Hedge reserve
E. Invested unrestricted equity
F. Other reserves
G. Retained earnings
H. Total
I. Non-controlling interest
J. Total equity
(all amounts in EUR '000)
A B C D E F G H I J
=------------------------------------------------------------------------------
1 Jan 2011 368, 16, 385,
80 91 8,086 7,494 401,612 31,399 (80,067) 695 895 590
Profit (loss)
for the 1, 1,
period - - - - - - 171 171 779 950
Other
comprehensive
income
- Cash flow (2, (2,
hedges - - - (2,035) - - - 035) (509) 544)
-----------------------------------------------------------------
Total
comprehensive
income for (1, 1,
the period - - - (2,035) - - 171 864) 270 (594)
Transactions
with owners
Stock options - (91) - - 125 - - 34 - 34
Perpetual (1, (2,
capital loan - - - - - - (1,801) 801) (450) 251)
Incentive
arrangement
for Executive
Management - - - - - 23 - 23 - 23
Senior
unsecured
convertible
bonds due
2015, equity 9, 9,
component - - - - - 9,018 - 018 - 018
Employee
share option
scheme
- value of
employee 1, 1,
services - - - - - 1,868 - 868 - 868
-----------------------------------------------------------------
Total
contribution
by and
distribution 9, 8,
to owners - (91) - - 125 10,909 (1,801) 142 (450) 692
Total
transactions 9, 8,
with owners - (91) - - 125 10,909 (1,801) 142 (450) 692
-----------------------------------------------------------------
31 Mar 11 375, 17, 393,
80 - 8,086 5,459 401,737 42,308 (81,697) 973 715 688
-----------------------------------------------------------------
31 Dec 11 306, 15, 322,
80 278 8,086 - 404,070 45,462 (151,129) 847 733 580
01 Jan 12 306, 15, 322,
80 278 8,086 - 404,070 45,462 (151,129) 847 733 580
Profit (loss)
for the (13, (1, (14,
period - - - - - - (13,561) 561) 348) 909)
Other
comprehensive
income
- Cash flow
hedges - - - - - - - - - -
-----------------------------------------------------------------
Total
comprehensive
income for (13, (1, (14,
the period - - - - - - (13,561) 561) 348) 909)
Transactions
with owners
Stock options - (278) - - 579 - - 301 - 301
Perpetual
capital loan - - - - - 2,353 (1,777) 576 109 685
81, 81,
Share issue - - - - 81,534 - - 534 - 534
Incentive
arrangement
for Executive
Management - - - - - 23 - 23 - 23
Employee
share option
scheme
- value of
employee 1, 1,
services - - - - - 1,106 - 106 - 106
-----------------------------------------------------------------
Total
contribution
by and
distribution 83, 83,
to owners - (278) - - 82,113 3,482 (1,777) 540 109 649
Total
transactions 83, 83,
with owners - (278) - - 82,113 3,482 (1,777) 540 109 649
-----------------------------------------------------------------
31 Mar 12 376, 14, 391,
80 - 8,086 - 486,183 48,944 (166,467) 826 494 320
-----------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Audited
three three
months to months to
(all amounts in EUR '000) 31 Mar 12 31 Mar 11
--------------------
Cash flows from operating activities
Profit (loss) for the period (14,909) 1,950
Adjustments for
Tax (4,451) 1,372
Depreciation and amortization 12,664 11,198
Other non-cash income and expenses (5,785) (5,980)
Interest income (1,717) (1,092)
Fair value gains on financial assets at fair value through
profit or loss (5) (145)
Interest expense 9,646 9,387
--------------------
(4,557) 16,690
Change in working capital
Decrease(+)/increase(-) in other receivables 14,707 1,343
Decrease (+)/increase (-) in inventories (27,825) (15,522)
Decrease(-)/increase(+) in trade and other payables (12,558) (14,393)
--------------------
Change in working capital (25,676) (28,572)
--------------------
(30,233) (11,882)
Interest and other finance cost paid (841) (1,810)
Interest and other finance income 225 269
--------------------
Net cash generated (used) in operating activities (30,849) (13,423)
Cash flows from investing activities
Purchases of property, plant and equipment (14,571) (10,371)
Purchases of intangible assets (93) (23)
Proceeds from sale of property, plant and equipment 18 -
Proceeds from sale of biological assets - 184
Purchases of available-for-sale financial assets (3,571) (38)
--------------------
Net cash generated (used) in investing activities (18,217) (10,248)
Cash flows from financing activities
Proceeds from share issue net of transactions costs 81,177 -
Realised stock options 301 34
Proceeds from interest-bearing liabilities 20,000 -
Perpetual capital loan - (3,042)
Proceeds from advance payments 1,787 7,000
Payment of interest-bearing liabilities (8,269) (1,226)
--------------------
Net cash generated (used) in financing activities 94,996 2,766
Net increase (decrease) in cash and cash equivalents 45,930 (20,905)
Cash and cash equivalents at beginning of the period 40,019 165,555
--------------------
Cash and cash equivalents at end of the period 85,949 144,650
--------------------
NOTES
1. Basis of preparation
This year-end report has been prepared in compliance with IAS 34.
The interim financial information set out herein has been prepared on the same
basis and using the same accounting policies as were applied in drawing up the
Group's statutory financial statements for the year ended 31 December 2011.
2. Property, plant and
equipment
Machinery Construction Land Other
and in and tangible
(all amounts in EUR '000) equipment progress buildings assets Total
--------------------------------------------------
Gross carrying amount at 1
Jan 12 361,245 41,344 273,921 224,796 901,306
Additions 1,774 14,416 - - 16,190
Disposals (34) - - - (34)
Transfers 356 (757) 365 36 -
=------------------------------------------------------------------------------
Gross carrying amount at 31
Mar 12 363,341 55,003 274,286 224,832 917,462
--------------------------------------------------
Accumulated depreciation and
impairment losses at 1 Jan
12 66,791 - 32,644 39,886 139,321
Disposals (17) - - - (17)
Depreciation for the period 7,398 - 3,041 2,067 12,506
=------------------------------------------------------------------------------
Accumulated depreciation and
impairment losses at 31 Mar
12 74,172 - 35,685 41,953 151,810
--------------------------------------------------
Carrying amount at 1 Jan 12 294,454 41,344 241,277 184,910 761,985
--------------------------------------------------
Carrying amount at 31 Mar 12 289,169 55,003 238,601 182,879 765,652
--------------------------------------------------
3. Trade receivables
(all amounts in EUR '000)
31 Mar 12 31 Dec 11
--------------------
Nickel-Cobalt sulphide 42,244 55,258
Zinc sulphide 5,595 8,769
--------------------
Total trade receivables 47,839 64,027
--------------------
4. Inventories
(all amounts in EUR '000)
31 Mar 12 31 Dec 11
--------------------
Raw materials and consumables 19,362 14,016
Work in progress 236,118 213,629
Finished products 12,781 12,791
--------------------
Total inventories 268,261 240,436
--------------------
5. Borrowings
(all amounts in EUR '000)
Non-current 31 Mar 12 31 Dec 11
--------------------
Capital loans 1,405 1,405
Investment and Working Capital loan 57,903 57,863
Revolving Credit Facility - 49,110
Senior Unsecured Convertible Bonds due 2015 219,399 217,138
Senior Unsecured Convertible Bonds due 2013 81,520 80,796
Finance lease liabilities 37,004 37,444
Other 22,137 23,405
--------------------
419,368 467,161
--------------------
Current
Investment and Working Capital loan 1,430 1,430
Revolving Credit Facility 69,194 -
Commercial papers 1,500 8,481
Finance lease liabilities 16,692 18,604
--------------------
88,816 28,515
--------------------
--------------------
Total borrowings 508,184 495,676
--------------------
6. Advance payments
(all amounts in EUR '000)
Non-current 31 Mar 12 31 Dec 11
--------------------
Deferred zinc sales revenue 219,565 221,187
Deferred uranium sales revenue 16,169 14,382
--------------------
235,734 235,569
--------------------
Current
Deferred zinc sales revenue 11,684 11,684
--------------------
11,684 11,684
--------------------
--------------------
Total advance payments 247,418 247,253
--------------------
7. Changes in the number of shares issued
Number of shares
----------------------
31 Dec 11 245,781,803
Stock options 2007A 220,447
Share issue 24,589,050
----------------------
31 Mar 12 270,591,300
----------------------
8. Contingencies and commitments
(all amounts in EUR '000)
The future aggregate minimum lease payments
under non cancellable operating leases
31 Mar 12 31 Dec 11
--------------------
Not later than 1 year 1,943 1,919
Later than 1 year and not later than 5 years 780 929
Later than 5 years 15 37
--------------------
2,738 2,885
Capital commitments
At 31 March 2012, the Group had capital commitments amounting to EUR 32.4
million (31 December 2011: EUR 14.5 million) principally relating to the
completion of the Talvivaara mine, improving the reliability and expansion of
production capacity. These commitments are for the acquisition of new property,
plant and equipment.
Key financial figures of the Group
Three Three
months to months to
31 Mar 12 31 Mar 11
--------------------
Net sales EUR '000 39,027 66,467
Operating profit (loss) EUR '000 (11,431) 11,617
Operating profit (loss) percentage (29.3 %) 17.5 %
Profit (loss) before tax EUR '000 (19,360) 3,322
Profit (loss) for the period EUR '000 (14,909) 1,950
Return on equity -4.2 % 0.5 %
Equity-to-assets ratio 31.8 % 32.5 %
Net interest-bearing debt EUR '000 422,235 325,822
Debt-to-equity ratio 107.9 % 82.8 %
Return on investment (0.6 %) 1.3 %
Capital expenditure EUR '000 14,664 10,394
Property, plant and equipment EUR '000 765,652 727,539
Derivative financial instruments EUR '000 - (1,092)
Borrowings EUR '000 508,184 470,472
Cash and cash equivalents
at the end of the period EUR '000 85,949 144,650
Share-related key figures
Three Three
months to months to
31 Mar 12 31 Mar 11
------------------------
Earnings per share EUR (0.06) (0.00)
Equity per share EUR 1.51 1.53
Development of share price at
London Stock Exchange
Average trading price(1) EUR 3.53 6.69
GBP 2.94 5.71
Lowest trading price(1) EUR 2.82 5.99
GBP 2.35 5.12
Highest trading price(1) EUR 4.30 7.28
GBP 3.59 6.22
Trading price at the
end of the period(2) EUR 2.89 6.58
GBP 2.41 5.82
Change during the period 20.4 % -2.4 %
Price-earnings ratio neg. neg.
Market capitalization at the
end of the period(3) EUR '000 781,369 1,614,566
GBP '000 651,584 1,426,792
Development in trading volume
Trading volume 1000 shares 37,271 11,420
In relation to weighted average
number of shares 14.9 % 4.7 %
Development of share price at OMX Helsinki
Average trading price EUR 3.51 6.77
Lowest trading price EUR 2.64 5.91
Highest trading price EUR 4.35 7.34
Trading price at the end of the period EUR 2.91 6.60
Change during the period 16.7 % -6.6 %
Price-earnings ratio neg. neg.
Market capitalization at
the end of the period EUR '000 786,880 1,619,403
Development in trading volume
Trading volume 1000 shares 68,673 38,020
In relation to weighted average number of
shares 27.5 % 15.5 %
Adjusted average number of shares 249,665,643 245,344,901
Fully diluted average number of shares 249,665,643 245,344,901
Number of shares at the end of the period 270,591,300 245,364,096
(1)) Trading price is calculated on the average of EUR/GBP exchange rates
published by the European Central Bank during the period.
(2)) Trading price is calculated on the EUR/GBP exchange rate published by the
European Central Bank at the end of the period.
(3)) Market capitalization is calculated on the EUR/GBP exchange rate published
by the European Central Bank at the end of the period.
Employee-related key figures
Three Three
months to months to
31 Mar 12 31 Mar 11
--------------------
Wages and salaries EUR '000 6,581 5,857
Average number of employees 483 407
Number of employees at the end of the period 498 413
Other figures
Three Three
months to months to
31 Mar 12 31 Mar 11
--------------------
Share options outstanding at the end of
the period 4,665,064 5,937,822
Number of shares to be issued against
the outstanding share options 4,665,064 5,937,822
Rights to vote of shares to be issued
against the outstanding share options 1.7 % 2.4 %
Talvivaara Mining Company Plc
Key financial figures of the Group
Return on equity Profit (loss) for the period
--------------------------------------------------
(Total equity at the beginning of period + Total
equity at the end of period)/2
Equity-to-assets ratio Total equity
--------------------------------------------------
Total assets
Net interest-bearing debt Interest-bearing debt - Cash and cash equivalent
Debt-to-equity ratio Net interest-bearing debt
--------------------------------------------------
Total equity
Return on investment Profit (loss) for the period + Finance cost
--------------------------------------------------
(Total equity at the beginning of period + Total
equity at the end of period)/2
+ (Borrowings at the beginning of period +
Borrowings at the end of period)/2
Share-related key figures
Profit (loss) attributable to equity holders of
Earnings per share the Company
--------------------------------------------------
Adjusted average number of shares
Equity attributable to equity holders of the
Equity per share Company
--------------------------------------------------
Adjusted average number of shares
Price-earnings ratio Trading price at the end of the period
--------------------------------------------------
Earnings per share
Market capitalization at the Number of shares at end of the period * trading
end of the period price at end of period
Talvivaara Interim Report for January-March 2012 25.4.2012:
http://hugin.info/136227/R/1605409/508631.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE
[HUG#1605409]
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