HIGHLIGHTS:
Group underlying EBITDA1 of EUR 15 million for Q1 2019, EUR 49 million lower than Q1 2018, primarily due to lower commodity prices (zinc, lead, silver and gold prices down 21%, 19%, 6% and 2% respectively), higher energy prices and reduced production volumes across all commodities
Metals Processing underlying EBITDA of EUR 12 million, down EUR 47 million year-on-year, primarily due to reduced availability of raw materials and consequently metal and by-product production caused by liquidity constraints, lower realised zinc treatment charges with a carryover of volumes priced on 2018 terms, lower commodity prices and higher energy prices, partially offset by a stronger US dollar against the Euro; and
Mining underlying EBITDA of EUR 19 million, up EUR 2 million year-on-year, driven by continued operating performance improvements at the East Tennessee mines, partially offset by the negative EBITDA contribution of Myra Falls which had its operations on temporary suspension in Q1 2019 and reduction in ore milled and head grade at the Middle Tennessee mines
Net debt excluding zinc metal prepay2 of EUR 1.698 billion at the end of Q1 2019, an increase of EUR 55 million on 31 December 2018 driven predominantly by working capital outflow since the Q3 2018 results announcement and reduced earnings in Q1 2019. Net debt inclusive of zinc metal prepay and perpetual securities of EUR 1.829 billion at the end of Q1 2019, an increase of EUR 58 million on 31 December 2018
Port Pirie Redevelopment ramp-up progressing well with the proportion of residue in feed for the new TSL furnace, averaging 61% during Q1 2019 and 68% in April 2019, ahead of the fully ramped-up target of 40%
Myra Falls mine re-commenced operations in April 2019 and is now expected to have first shipments of zinc in concentrate in Q3 2019
Implementation of the Group recapitalisation progressing in-line with management’s expectations with the lock-up of creditors having become effective on 7 May 2019
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2018 Full Year Results
26 May 2019 at 23:45 CEST
HIGHLIGHTS:
Capital structure review initiated in October 2018 in response to extremely challenging financial and operating conditions being faced by the Company due to materially reduced Underlying EBITDA performance in H2 2018 and the maturity of certain liabilities during 2019
Group underlying EBITDA1 of EUR 99 million for 2018, a decrease of 52% on 2017, primarily driven by substantial reductions in zinc and lead treatment charges, a weakening of the US dollar against the Euro (1.13 to 1.18), increased energy prices in Metals Processing and higher direct operating costs at the mining operations, partially offset by increased zinc metal and zinc in concentrate production (up 4% and 14% respectively)
Metals Processing underlying EBITDA of EUR 135 million, down EUR 71 million year-on-year, driven by lower zinc treatment charges, higher energy prices in Europe and Australia during H2 2018, the suspension of operations at Port Pirie in December 2018, partially offset by higher production of zinc, copper, silver and minor metals; and
Mining underlying EBITDA of EUR 19 million, down EUR 28 million year-on-year, driven by the negative EBITDA performance from the restart and subsequent suspension of the Myra Falls mine and weak production and operating cost performance at the Langlois and Middle Tennessee mines, partially offset by lower zinc treatment charges and continued operating improvements at the East Tennessee mines
Balance sheet and liquidity
Following the Q3 2018 results announcement on 30 October 2018, substantial working capital outflows were experienced during Q4 2018 and liquidity was substantially reduced
Net debt excluding zinc metal prepay of EUR 1,643 million at the end of December 2018, an increase of EUR 541 million on 31 December 2017 which included the Perpetual Securities which are now accounted for as financial liabilities. Net debt inclusive of zinc metal prepay and perpetual securities of EUR 1,771 million at the end of December 2018, an increase of EUR 408 million on 31 December 2017
New USD 650 million committed working capital facility from Trafigura implemented in December 2018, replacing the USD 250 million working capital facility with Trafigura, originally entered into in May 2016
Net loss of EUR 618 million for 2018, primarily driven by a large income tax expense with the partial de-recognition of deferred tax assets, impairment of the carrying value of the Langlois and Myra Falls mines, costs associated with the capital restructuring process and operating loss incurred in 2018
Port Pirie Redevelopment continues to ramp-up in-line with management expectations
Maintenance shutdown of the sinter plant, TSL furnace and blast furnace during December 2018 to comply with the prescribed lead-in-air limits at the end of Q4 2018 also allowed Nyrstar to address a TSL furnace cooling issue and bring forward maintenance previously scheduled for the blast furnace in January 2019
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Regulated Information
Nyrstar releases notice for the 2019 annual general shareholders’ meeting
26 May 2019 at 23:50 CEST
Nyrstar today invited its shareholders to attend its forthcoming annual general shareholders’ meeting on 25 June 2019. The annual general shareholders’ meeting will commence at 11:00 a.m. CEST at BluePoint, A. Reyerslaan 80, 1030 Brussels, Belgium.
The full notice, including agenda, proposed resolutions and explanatory note, can be found on the Nyrstar website: http://www.nyrstar.com/investors/en/shareholderinformation/Pages/Shareholder-Meetings.aspx
Regulated Information
Nyrstar releases notice for the 2019 annual general shareholders’ meeting
26 May 2019 at 23:50 CEST
Nyrstar today invited its shareholders to attend its forthcoming annual general shareholders’ meeting on 25 June 2019. The annual general shareholders’ meeting will commence at 11:00 a.m. CEST at BluePoint, A. Reyerslaan 80, 1030 Brussels, Belgium.
The full notice, including agenda, proposed resolutions and explanatory note, can be found on the Nyrstar website: http://www.nyrstar.com/investors/en/shareholderinformation/Pages/Shareholder-Meetings.aspx
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