Hudbay Minerals Inc
(NYSE:HBM)

Hudbay Minerals Inc., a diversified mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; molybdenum concentrates; and zinc metal...

Website: http://www.hudbayminerals.com

Founded: 1996

Full Time Employees: 2,233

Sector: Basic Materials

Industry: Copper

Materials Canadian

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Income Statements:

Quarterly

Annual

Unit: USD	2025-03-31	2024-09-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2019-09-30	2019-06-30	2018-11-01	2018-08-01	2018-05-03	2017-06-30	2016-09-30	2014-03-31	2013-12-31	2013-03-31	2012-03-31	2011-12-31	2011-03-10	2010-11-04

cash and cash equivalents and short-term investments	582,600,000	483,273,000
total long-term debt	1,108,700,000	1,108,900,000
net debt1	526,100,000	625,627,000
working capital2	598,000,000	434,346,000
total assets	5,507,000,000	5,508,075,000		5,312.6				4,325.9				4,616.2
equity attributable to owners of the company	2,653,200,000	2,537,845,000
net debt to adjusted ebitda 1	600,000	700
financial performance
revenue	594,900,000	485,773,000	525,000,000	602,200,000	480,500,000	312,200,000	295,200,000	1,461,400,000	346,200,000	415,500,000	378,600,000	1,502,000,000	359,000,000	404,200,000	313,600,000		316,100,000	208,900,000	291,282,000	329,414,000	362,649,000	371,288,000	386,656,000	324,898,000	311,424,000	106,779,000			187,038,000	890,817,000	778,818,000	163,367,000
yoy	23.81%	55.60%	77.85%	-58.79%	38.79%	-24.86%	-22.03%	-2.70%	-3.57%	2.80%	20.73%		13.57%	93.49%	7.66%		-12.84%	-43.74%	-24.67%	1.39%	16.45%	247.72%			66.50%	-88.01%
qoq	22.46%	-7.47%	-12.82%	25.33%	53.91%	5.76%	-79.80%	322.13%	-16.68%	9.75%	-74.79%	318.38%	-11.18%	28.89%			51.32%	-28.28%	-11.58%	-9.16%	-2.33%	-3.97%	19.01%	4.33%	191.65%				-79.00%	14.38%	376.73%
cost of sales	363,600,000	345,987,000																	260,327,000
earnings before tax	171,300,000	79,701,000	67,800,000																												158,105,000
net earnings	99,200,000		18,500,000																												70,038,000
yoy
qoq
net income margin %	16.68%	0%	3.52%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	0%	0%	8.99%	0%
net earnings attributable to owners	100,400,000	49,762,000
basic and diluted earnings per share - attributable	0.25	0.13
adjusted earnings per share - attributable1	0.24	0.13
operating cash flow before change in non-cash working capital	163.5		147.5	246.5															69,910
adjusted ebitda1	287.2		214.2	274.4	190.7	81.2	101.9	475.9	99.3	141.4	110.2	547.1	119.3	143.2	104.2		96.1	49.1
net earnings for the period		50,354,000
operating cash flow before change in non-cash working capital2		186.3
adjusted ebitda1,2		206.2
production on a copper equivalent basis			62,120,000,000	77,951,000,000	71,335,000,000	37,530,000,000	38,614,000,000	178,970,000,000	42,099,000,000	46,332,000,000
average realized copper price			3,910,000	3,770,000	3,770,000	3,890,000	3,980,000	3,940,000	3,470,000	4,280,000
gross profit			152,000,000						32,400,000			131,000,000	-85,400,000	82,200,000	52,500,000					43,143,000	85,282,000	92,461,000	120,771,000	77,979,000	68,459,000	10,069,000			55,750,000	303,442,000
yoy									-137.94%											-44.67%	24.57%	818.27%			22.80%	-96.68%
qoq												-253.40%	-203.89%	56.57%						-49.41%	-7.76%	-23.44%	54.88%	13.91%	579.90%				-81.63%
gross margin %	0%	0%	28.95%	0%	0%	0%	0%	0%	9.36%	0%	0%	8.72%	-23.79%	20.34%	16.74%	NaN%	0%	0%	0%	13.10%	23.52%	24.90%	31.23%	24.00%	21.98%	9.43%	NaN%	NaN%	29.81%	34.06%	0%	0%
adjusted net earnings1			57,600,000		24,400,000	-18,300,000	100,000						38,200,000	5,400,000	-16,100,000		-25,400,000	-39,700,000
earnings per share:
basic and diluted			0.05	0.1	0.13	-0.05	0.02	0.27	-0.03	0.12	0.24	-0.93	-0.65	-0.01	-0.23		-0.09	-0.2			0.09	0.09		0.11	0.14
adjusted net earnings1 per share			0.16	0.2	0.07	-0.07		0.1				0.09	0.15	0.02	-0.06		-0.1	-0.15
tax expense				47.5	38.7		12	3.1	7.8		25	10.3	22.6	18.2		6,500,000	-73.6			10,214,000	7,479,000	25,124,000	31,658,000	16,227,000	8,430,000	3,080,000			16,609,000	133,829,000	88,067,000	17,902,000
adjusting items:
mark-to-market adjustments1				12.7	1.3	0.6	6.8					13.3	1.7	10.9	40.8	-28,000,000	-0.8	1.6
foreign exchange loss				4.2	-0.6	1.4	0.3	0.2	-4.8	-2.2	1.5	1.1	-3.1	1.7	1.7	2,600,000															8,477,000	3,605,000
variable consideration adjustment - stream revenue and accretion					-3.9				3.9		-5.8				-1
re-evaluation adjustment - environmental provision2				34	-32.4	-4.7
restructuring charges
reduction of obligation to renounce flow-through expenditures
loss on disposal of investments				-0.5		-3.1	0.7	0.5		3.1
write-down/loss on disposal of pp&e
adjusted earnings before income taxes				133.6	54.9	-25.4	12.1	15.5	-10.5	43.3	22.3	66.9	16.7	26.7
tax impact of adjusting items				-14.8	8.2	-8.7			5.9	-23.4	7.9		34.6	-2.3	-18.9	3,600,000	-78.9
adjusted net earnings				71.3	24.4	-18.3	0.1	2.6	-12.4	30.5	5.2	32.7	38.2	5.4
basic weighted-average number of common shares outstanding				349.1	346.7	272.2	262	262	261.9	261.9	261.7	261.6	261.5	261.5	261.3	261,300,000	261.3	261.3
gross profit2				196,800,000
profit before tax				81,000,000	84,100,000	-30,700,000	17,400,000	95,800,000	-300,000	21,500,000	88,900,000	-202,800,000	-147,800,000	14,800,000		900,000	-23,900,000	-74,600,000	-348,367,000		30,287,000	49,797,000	73,103,000	41,813,000	42,001,000				24,579,000	209,025,000
profit				33,500,000	45,500,000	-14,900,000	5,500,000	70,400,000	-8,100,000	32,100,000	63,800,000	-244,400,000	-170,400,000	-3,400,000	-60,100,000		-24,000,000	-51,900,000	-274,796,000
adjusted net earning (loss)1				71,300,000
gross profit 4				392.6
adjusted net earnings 1				72.5				26,400,000				23,100,000
operating cash flow before precious metals stream deposit and changes in non-cash working capital				570
total non-current financial liabilities2				1,400.7
dividends declared per share - c3				0.02
profit for the period				33.5	45.5	-14.9	5.4		-8.1	32.1	63.8	-10.5		-3.4		7,400,000					22,808,000	24,673,000	41,445,000	25,586,000	33,571,000	-27,219,000			7,970,000
inventory adjustments				1.4	-2.1	0.9			2.1	1.9
premium paid on redemption of notes				2.2									-7.3		22.9
impairment - arizona						-95
acquisition related costs					0.1	6.8
evaluation expenses				-0.1	-0.1	-0.7		0.1	0.1	0.7	7
insurance recovery				-4.2						-5.7
value-added-tax recovery				-3.9
write off fair value of the copper mountain bonds				-1
restructuring charges 3				0.6	2.3
post-employment plan curtailment
loss on disposal of plant and equipment and non-current assets				6.6
changes in other provisions (non-capital) 4				-5.8				5.8
gross profit3					106,400,000	22,900,000	66,500,000
operating cash flow2					182	55.9	85.6	391.7	81.6	123.9	77.1	483.9	103.5	132.8	90.7		84.4	29.5
1 adjusted net earnings, adjusted net earnings per share, and adjusted ebitda are non-ifrs financial performance measure with no standardized definition under ifrs. for further information and a detailed reconciliation, please see the discussion under the "non-ifrs financial performance measures" section of this md&a.
2 operating cash flow before changes in non-cash working capital.
3 gross profit includes 46.2 million, respectively, of impairment losses related to environmental reclamation provision for the now closed flin flon operation for the three months ended december 31, 2021.
1 includes changes in fair value of the gold prepayment liability, canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation (recoveries) expenses.
2 changes from movements to environmental reclamation provisions are primarily related to the flin flon operations, which were fully depreciated as of september 30, 2022, as well as other manitoba non-operating sites.
3 includes closure costs for flin flon operations in 2022 and restructuring charges for british columbia in 2023.
tax (recovery) expense						-15.8				-10.6
restructuring charges - manitoba3						-3.7
loss on disposal of plant and equipment and non-current assets - manitoba						0.3	0.1
tax recovery						15.8				10.6					-9.5	-6,500,000		-10.2
peru inventory reversal											-0.5
gross profit 5								276,900,000
total non-current financial liabilities3								1,281.5				1,345.7
dividends declared per share - c4								0.02				0.02
1 adjusted net earnings, adjusted net earnings per share, and adjusted ebitda are non-ifrs financial performance measure with no standardized definition under ifrs. for further information and a detailed reconciliation, please see the discussion under the "non-ifrs financial reporting measures" section of this md&a.
2 operating cash flow before change in non-cash working capital and precious metals stream deposit.
3 total non-current financial liabilities consists of non-current other financial liabilities, lease liabilities and long-term debt.
4 dividend paid during march and september of each year.
5 gross profit includes 193.5 million of impairment losses related to environmental reclamation provision for the now closed flin flon operation for the year ended december 31, 2021.
mark-to-market adjustments 1								10.7	-4.2	-14	10.5
impairment losses									-147.3																					6,839,000
re-evaluation adjustment - environmental provision 2								13.5
write-down of unamortized transaction costs													-3.8		2.5
restructuring charges - manitoba 3								1	5.1	3.7	0.7
post-employment plan (curtailment) / past service cost adjustment
loss on disposal of plant and equipment and non-current assets - manitoba & arizona								0.4	-6
2 changes from movements to environmental reclamation provisions are primarily related to the flin flon operations, which were fully depreciated as of june 30, 2022, as well as other manitoba non-operating sites.
3 includes closure costs for flin flon operations.
4 includes changes in other provisions including corporate restructuring and costs which do not pertaining to operation of the business.
adjusted net earnings1,3									-12,400,000	30,500,000	5,200,000
adjusted net earnings1,3 per share									-0.05	0.12	0.02
environmental obligation adjustments 2									-6.4	-60.7	-79.9
past service pension cost									-4.2			0.7	4.2
gross earnings										89,500,000	85,300,000
3 the adjusted net earnings and adjusted net earnings per share in respect of the third quarter of 2021 were adjusted in our management's discussion and analysis of financial results for the year ended december 31, 2021 due to a change in the computed tax effect on certain adjustments. the adjusted net earnings changed from 38.2 million to an adjusted net earnings of 0.9 million and the adjusted net earnings per share changed from 0.15/share to an adjusted net earnings per share of 0.00/share.
impairment loss										95
1 includes changes in fair value of the gold prepayment liability, canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation expenses.
2 changes from movements to environmental obligation closure estimates are primarily related to the flin flon operations, which were fully depreciated as of june 30, 2022, as well as other manitoba non-operating sites.
tax (expense) recovery											-25	-10.3	-22.6	-18.2
2 changes from movements to environmental obligation closure estimates are primarily related to the flin flon operations, which were fully depreciated as of march 31, 2022, as well as other manitoba non-operating sites.
peru cost of sales direct charge from temporary shutdown
manitoba cost of sales direct charge from temporary shutdown																11,700,000
impairment - environmental obligation												46.2	147.3
restructuring charges - manitoba2												3.4	9
loss on disposal of plant and equipment - manitoba												2.4	5.4
adjusted tax (expense) recovery impact3												-23.9
loss for the period													-170.4		-60.1
loss before tax													-147.8		-69.6
peru inventory (reversal)/write-down														-0.7	-0.7
non-cash deferred tax adjustments													9.5	-0.8	-3.3	-11,500,000	2.2
1 includes changes in fair value of the embedded derivative on our redeemed notes, gold prepayment liability, canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation expenses.
profit profit before tax															-69,600,000
adjusted loss before income taxes															-3.4	-15,000,000
adjusted net loss															-16.1	-16,400,000
rosemont impairment																	322.2
peru inventory write-down																-2,200,000
write down of ucm receivable																		26
costs associated with proxy contest																		3
variable consideration adjustment - stream revenue
pampacancha delivery obligation
dividend withholding tax																	6.9
1 includes changes in fair value of the embedded derivative on 2025 senior unsecured notes, gold prepayment liability, canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation expenses.
add back: tax recovery																-6,500,000
add back: net finance expense																6,300,000
add back: other expenses																6,000,000
add back: depreciation and amortization1																98,600,000
less: amortization of deferred revenue and variable consideration adjustment																-20,100,000
adjusting items
cash portion of peru cost of sales direct charge from temporary shutdown
cash portion of manitoba cost of sales direct charge from temporary shutdown																8,200,000
share-based compensation expenses (recoveries)2																9,200,000
adjusted ebitda																106,900,000
1 includes the non-cash portion of the peru cost of sales direct charge from the temporary shutdown of 16.1 million and the non-cash portion of the manitoba cost of sales direct charge from the temporary shutdown of 3.5 million for the year ended december 31, 2020.
2 share-based compensation expenses (recoveries) reflected in cost of sales and selling and administrative expenses.
gross margin																	39,300,000	-12,700,000
foreign exchange gain																		0.9
1 includes changes in fair value of financial assets and liabilities at fair value through profit or loss and share-based compensation expenses.
peru inventory write-down/
deferred revenue adjustment from increased reserves and resources
basic and diluted earnings per share																			-1.05
hudbay:
www.hudbay.com
management’s discussion and analysis:
http://www.hudbayminerals.com/files/doc_financials/2019/q3/mda193.pdf
financial statements:
http://www.hudbayminerals.com/files/doc_financials/2019/q3/fs193.pdf
conference call and webcast
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assets
current assets
cash and cash equivalents
trade and other receivables
inventories
prepaid expenses and other current assets
other financial assets
taxes receivable
receivables
intangibles and other assets
property, plant and equipment
deferred tax assets
liabilities
current liabilities
trade and other payables
taxes payable
other liabilities
other financial liabilities
lease liabilities
deferred revenue
long term debt
provisions
pension obligations
other employee benefits
deferred tax liabilities
equity
share capital
reserves
retained earnings
commitments
mine operating costs																				195,077,000	191,103,000	195,275,000	185,277,000	170,398,000	160,686,000	81,283,000			112,453,000	476,621,000
depreciation and amortization																				91,194,000	86,264,000	83,552,000	80,608,000	76,521,000	82,279,000	15,427,000			18,835,000	103,915,000	103,399,000	25,267,000
selling and administrative expenses																				10,422,000	6,786,000	6,104,000	5,715,000	5,847,000	6,783,000	14,065,000			10,159,000	38,737,000
exploration and evaluation expenses																				7,935,000			7,342,000
other operating expenses																				28,909,000			7,849,000						1,319,000	9,305,000
results from operating activities																					65,599,000	78,692,000	99,865,000	68,500,000	60,601,000
finance income
finance expenses																				37,675,000	37,906,000	37,408,000	38,304,000	26,422,000	29,290,000	2,382,000			1,518,000	6,605,000
other finance loss																				4,454,000						6,474,000
net finance expense																				39,808,000	35,312,000	28,895,000	26,762,000	26,687,000	18,600,000	8,076,000
earnings per share
basic and diluted			0.05	0.1	0.13	-0.05	0.02	0.27	-0.03	0.12	0.24	-0.93	-0.65	-0.01	-0.23		-0.09	-0.2			0.09	0.09		0.11	0.14
weighted-average number of common shares outstanding:
basic and diluted																				261,272,151	261,271,942	261,271,188	261,271,188
exploration and evaluation																					7,775,000	7,455,000		1,743,000	609,000	1,942,000			12,759,000	46,923,000
other operating income																					5,122,000	210,000
other finance (gain) losses
weighted-average number of common shares outstanding
basic and diluted																				261,272,151	261,271,942	261,271,188	261,271,188
other finance (gain) loss
earnings per share - basic and diluted																							0.16			-0.15
other operating income and expenses																								1,889,000	466,000	3,613,000
other finance gain																								864,000
weighted-average number of common shares outstanding
basic																								237,271,188	236,231,688	186,031,709			171,912,598	167,863,427	150,636,835	148,949,050
diluted																								237,271,188	236,231,688	186,031,709			172,306,097	167,863,427	151,336,399	149,688,010
asset impairment
loss on disposal of subsidiary																										6,512,000
attributable to:
owners of the company																										-27,129,000			9,124,000	-153,895,000
non-controlling interests																															-2,947,000
weighted-average number of common shares outstanding:
basic																								237,271,188	236,231,688	186,031,709			171,912,598	167,863,427	150,636,835	148,949,050
diluted																								237,271,188	236,231,688	186,031,709			172,306,097	167,863,427	151,336,399	149,688,010
profit before accounting change																											-113,877
decrease to cost of sales																											7,220	1,760
decrease to selling and administrative expenses
decrease to tax expense
decrease to loss																											4,601
profit after accounting change																											-109,276
adjustment to loss per share as a result of change in net income																											0.03
net income before accounting change																												886
increase to net income																												1,021
net income after accounting change																												1,907
adjustment to earnings per share as a result of change in net income
basic and diluted																												0.01
other finance losses																													7,662,000	4,991,000
net finance loss																													7,131,000	2,826,000
profit from continuing operations																													7,970,000	75,196,000
loss from discontinued operations
earnings per share - basic and diluted:
profit for the year																														-163,588,000
expenses
operating																															451,106,000	92,652,000
general and administrative																															28,132,000	7,370,000
stock-based compensation																															6,511,000	2,980,000
accretion of asset retirement obligations																															4,352,000	1,295,000
earnings before the following:																															176,841,000	30,198,000
exploration																															-29,822,000	-5,868,000
interest and other income																															8,323,000	3,133,000
gain on derivative instruments																															2,763,000	2,109,000
asset impairment losses
share of income of equity investee
net earnings attributable to:
shareholders of the company																															72,985,000
earnings per share:
basic																															0.48	0.08
diluted																															0.48	0.08
earnings before tax and non-controlling interest																																29,572,000
net earnings before non-controlling interest																																11,670,000
less: non-controlling interest																																-10,000
net earnings attributable to common shareholders																																11,660,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2012-11-01	2011-03-10

expenses	-2,554,000
tax benefit
loss on remeasurement to fair value less costs to sell
foreign exchange losses transferred from the foreign currency reserve
loss from discontinued operations	-25,031,000
total assets under canadian gaap		2,173,086
adjustments for:
capitalization of exploration costs		-88,413
depreciation and amortization		4,219
capitalization of start-up costs		-7,568
pension		310
tax effect of us gaap adjustments		11,405
total assets under us gaap		2,093,039
total liabilities under canadian gaap		424,105
other employee future benefits		19,257
total liabilities under us gaap		434,583
total equity under canadian gaap		1,748,981
investment tax credits		2,898
total equity under us gaap		1,658,457

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-03-31	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-05-07	2019-02-20	2018-09-30	2018-06-30	2018-05-03	2018-03-31	2016-04-29	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-11-01	2012-06-30	2012-03-31	2011-12-31	2011-11-03	2011-08-10	2011-05-31	2011-05-17	2011-03-10

cash generated from operating activities:
net income for the period	99,200,000
items not affecting cash:
tax expense	72,100,000	49,215,000	43,628,000			11,973,000	17,561,000			25,046,000	19,026,000	4,367,000									77,942,000	-17,645,000	-6,534,000	31,658,000	31,658,000			10,632,000		1,747,000	3,511,000	3,080,000	46,607,000	-6,138,000	6,786,000	6,017,000	62,221,000	-18,617,000	13,106,000	16,609,000
depreciation and amortization	108,500,000	109,759,000	278,969,000	25,112,000	21,235,000	67,752,000	248,917,000	2,498,000	6,115,000	81,533,000	273,316,000	-13,336,000	267,138,000	15,235,000	-5,627,000	86,857,000	263,796,000	-8,901,000	14,058,000	77,681,000	246,760,000	2,681,000	3,007,000	80,696,000	80,696,000	74,565,000	5,205,000	32,140,000	63,531,000	5,773,000	8,297,000	15,612,000	57,469,000	-963,000	6,621,000	14,382,000	61,364,000	-6,238,000	2,447,000	19,031,000	77,330,000	71,000	2,641,000	24,559,000	24,559,000	103,399,000
share-based compensation	4,000,000				-490,000	1,195,000	-425,000			3,303,000	10,596,000	-752,000
net finance expense	14,400,000	44,013,000	114,408,000	424,000	-4,473,000	34,976,000														42,450,000	107,843,000	277,000	-1,496,000	36,926,000	36,926,000	29,355,000	18,806,000	4,001,000
inventory adjustments	1,200,000						1,479,000	141,000			-1,446,000
amortization of deferred revenue and variable consideration
pension and other employee benefit payments, net of accruals	3,200,000	3,227,000	5,122,000	1,033,000	-2,267,000	3,074,000	-301,000	1,602,000			3,287,000	2,918,000	2,483,000	-1,190,000	-434,000	2,184,000	1,360,000	-115,000	60,000	843,000				143,000	143,000
amortization of community agreements	1,900,000	3,021,000
re-evaluation adjustment - environmental obligation	12,800,000
write-down/loss on disposal of pp&e	600,000
decommissioning and restoration payments
other		6,319,000	7,182,000								-5,192,000																										4,753,000	-1,443,000	1,115,000	1,175,000		-1,494,000	-3,587,000	-611,000	-611,000	632,000
taxes paid																																										-249,000	35,217,000	-52,854,000	-52,854,000
operating cash flow before change in non-cash working capital	163,500,000	147,539,000						-42,294,000	46,858,000	77,053,000		-29,277,000	157,480,000	54,926,000	-12,494,000	41,951,000	237,374,000	-11,236,000	-8,449,000	89,595,000	371,374,000	-9,538,000	-156,000	131,791,000	131,791,000
change in non-cash working capital							5,183,000	49,196,000																		29,665,000							-12,022,000	9,456,000							-7,285,000	14,613,000	19,301,000	-10,838,000	-10,838,000	55,740,000
cash from investing activities:
acquisition of property, plant and equipment																																										-15,306,000	-9,274,000	-43,805,000	-43,805,000
acquisition of intangibles
community agreements
grants received		2,400,000
purchase of investments
proceeds from disposition of property, plant and equipment	100,000		869,000	-507,000	374,000	138,000	9,000
change in restricted cash	200,000																2,709,000	-945,000	900,000	737,000
short-term investments	20,000,000
investment income received	6,000,000
cash from financing activities:
repayment of revolving credit facility
interest paid on long-term debt
financing costs
lease payments
equipment financing payments
gold prepayment repayments
net payments on settlement of non-qp hedges
net proceeds from exercise of stock options and warrants	400,000	1,256,000
dividends paid																																												-17,152,000	-17,152,000	-14,901,000
effect of movement in exchange rates on cash	1,100,000	1,435,000	969,000	-178,000	208,000	450,000	289,000
net increase in cash and cash equivalents	20,800,000	34,591,000												-27,261,000							138,711,000	-26,493,000	10,483,000	36,297,000	36,297,000	31,865,000											-350,909,000					77,000,000	246,741,000	-200,362,000	-200,362,000
cash and cash equivalents, beginning of the period	541,800,000	249,794,000												85,139,000	-90,149,000	396,146,000		3,660,000	-29,630,000	515,497,000
cash and cash equivalents, end of the period	562,600,000	284,385,000												57,878,000	85,139,000	305,997,000		-91,089,000	3,660,000	485,867,000
net earnings for the period		18,535,000
cash and cash equivalents acquired in acquisitions, net of cash paid			10,689,000
net sale of investments																					-899,000
interest received		2,430,000	4,501,000	2,036,000	-124,000	1,597,000	1,916,000	544,000	188,000	162,000	1,139,000	-26,000																					7,757,000	107,000	690,000	2,366,000	4,657,000	-368,000	-599,000	2,038,000			-864,000	2,664,000	2,664,000
cash (used in) generated from financing activities:
proceeds from/(repayment) of revolving credit facility
repurchase of senior unsecured notes, net of discount
principal repayments - nordic bonds
premium paid on nordic bonds
equity issuance, net of transaction and share issuance costs
deferred rosemont acquisition payment
share-based compensation expense		5,858,000	5,145,000
proceeds from revolving credit facility
profit for the year
impairment - arizona
operating cash flow before changes in non-cash working capital			388,014,000	126,102,000	-29,730,000	85,608,000
proceeds from revolving credit facility, net of repayments
principal repayments on copper mountain bonds
premium paid on copper mountain bonds
proceeds on flow-through shares, net of share issuance cost
change in restricted cash debt service account
net proceeds from exercise of stock options			175,000	-15,000	-48,000	78,000	1,213,000	34,000	-862,000	868,000	970,000	-287,000
share issuance cost
cash and cash equivalents, beginning of the year
cash and cash equivalents, end of the year
profit for the period						5,457,000			-31,672,000	63,815,000												-1,865,000	-16,772,000	41,445,000	41,445,000					48,996,000	27,471,000	-27,219,000				1,907,000				7,970,000
principal repayments
premium paid on bonds
net increase in cash						29,898,000		-17,636,000
cash, beginning of the period				-75,829,000	29,898,000	225,665,000		45,197,000	-57,630,000	270,989,000		-16,277,000
cash, end of the period				65,483,000	-75,829,000	255,563,000		27,561,000	45,197,000	213,359,000		3,164,000
tax (recovery) expense
cash and cash equivalents acquired in copper mountain acquisition, net of cash paid
proceeds from drawdown of revolving credit facility						40,000,000
net proceeds from disposal of investments						53,000
cash generated from financing activities:
net interest expense on long-term debt							50,742,000	10,000
accretion on streaming arrangements							19,211,000	1,210,000	2,521,000	4,836,000	34,359,000	-2,241,000	45,885,000	-4,947,000
change in fair value of financial instruments										7,216,000	54,352,000	-8,404,000
other net finance costs							20,318,000	-4,784,000	-1,217,000	7,794,000	46,650,000	-4,851,000	16,891,000	7,347,000
impairment - environmental obligation											46,168,000
operating cash flow before precious metals stream deposit and changes in non-cash working capital
precious metals stream deposit																													139,287,000			139,287,000					0
issuance of senior unsecured notes, net of transaction costs													400,000,000
premium paid on redemption of notes
net decrease in cash
cash, beginning of the year
cash, end of the year
impairment - environmental adjustment
environmental obligation adjustment
impairment loss
net interest expense on long term debt										16,898,000	55,448,000	1,995,000	60,974,000	2,009,000
loss for the year
proceeds from disposal of investments
cash (used in)/generated from financing activities:
gold prepayment proceeds
loss for the period																												-23,708,000										24,302,000
cash (used) from investing activities:
cash (used) from financing activities:
for supplemental information, see note 22.
inventory (recovery) write-down
cash (used)/generated from financing activities:
tax recovery
inventory write-down
write-down of ucm receivable
asset impairment
other 1													1,537,000
acquisition of subsidiary, net of cash acquired																																												-94,856,000	-94,856,000
cash generated from/(used) in financing activities:
1 includes disbursements for share-based compensation, restructuring, realized foreign exchange gains and losses and pampacancha delivery obligation payments.
for supplemental information, see note 30.
share-based compensation expenses														1,039,000
net interest received														-45,000	-796,000	1,138,000	6,199,000	-278,000	-85,000	2,283,000	4,014,000	1,764,000	303,000	651,000	651,000	138,000
effect of movement in exchange rates on cash and cash equivalents																2,644,000				186,000	1,739,000	-232,000				1,153,000		11,206,000	14,534,000			16,496,000			-9,045,000	18,433,000			-1,726,000	1,795,000	-2,571,000	6,634,000	248,000	-1,363,000	-1,363,000
1 includes disbursements for share based compensation, restructuring, realized foreign exchange gains and losses and pampacancha delivery obligation payments.
for supplemental information, see note 23.
inventory (recoveries) writedowns
amortization of deferred revenue
write down of ucm receivable
share-based payment (recoveries) expenses
finance expense																41,695,000	118,692,000	315,000
change in fair value of derivatives																2,871,000																	5,447,000	-747,000	3,716,000	645,000			1,014,000	431,000	-1,328,000	4,845,000	1,324,000	-543,000	-543,000	-1,421,000
inventory writedowns																10,375,000
loss on investments																3,373,000	960,000
other and foreign exchange																	-3,278,000			963,000
net decrease in cash and cash equivalents
share-based payment expenses																				5,342,000
unrealized gain on warrants
acquisition of mason
net proceeds from equity transactions
for supplemental information, see note 29.
change in taxes receivable/payable																				3,911,000						3,745,000					3,304,000	1,080,000			-5,280,000	8,552,000	41,724,000	-28,726,000	8,428,000	22,851,000
share issuance costs
loss (gain) on investments
net purchase of investments
cash generated from (used in) operating activities:
cash generated from (used in) investing activities:
cash generated from (used in) financing activities:
for supplemental information, see note 20.
share- based payment (recoveries) expenses
unrealized (gain) on warrants
asset impairment losses
cash generated from investing activities:
long term borrowing
sale leaseback
payment of finance lease
change in deferred revenue related to stream
unrealized loss on warrants
release of (addition to) restricted cash
cash and cash equivalents, beginning of period																						46,780,000	36,297,000	356,499,000	356,499,000	53,852,000	-84,749,000	207,273,000		-216,718,000	132,574,000	631,427,000		26,451,000	-286,612,000	1,337,088,000		-60,643,000	-128,373,000	899,077,000		46,379,000	-200,362,000	901,693,000	901,693,000
cash and cash equivalents, end of period																						20,287,000	46,780,000	392,796,000	392,796,000	85,717,000	20,747,000	122,524,000		-129,588,000	-216,718,000	764,001,000		-284,440,000	26,451,000	1,050,476,000		788,920,000	-60,643,000	770,704,000		123,379,000	46,379,000	701,331,000	701,331,000
unrealized (gain) loss on warrants
(gain) loss on investments
net sale (purchase) of investments
share-based payment (recovery) expense
release of restricted cash																								206,000	206,000
gain on investments
net (purchase) sale of investments
loss (gain) on investments at fvtpl																								2,040,000
interest paid
gain on investments at fvtpl																									2,040,000
loss on available-for-sale investments
acquisition of available-for-sale investment
long-term debt borrowing, net of transaction costs																													100,602,000			59,201,000
equity transaction costs
finance lease
pension past service costs
taxes (paid) recovered
operating cash flows before change in non-cash working capital																										71,889,000										12,261,000			23,891,000	42,247,000
net cash received on disposal of subsidiaries
acquisition of investment
peruvian sales tax refunded on capital expenditures
proceeds from exercise of stock options																											780,000	114,000	155,000	968,000			319,000			319,000	175,000	12,000	-38,000	78,000	62,000	46,000	12,000	25,000	25,000
net proceeds from issuance of equity
share-based payment expense																										627,000	432,000	2,179,000	6,673,000	-1,111,000	1,154,000	1,322,000	1,791,000			1,467,000	3,143,000			1,674,000
change in fair value of prepayment option embedded derivative/gold option																										659,000
loss on writedown of assets and impairment losses																										3,683,000
impairment and mark-to-market losses on investments																										99,000
foreign exchange and other																												11,392,000	3,458,000			12,042,000
addition to restricted cash - peru
net peruvian sales tax refunded on capital expenditures
long-term debt borrowing, net of transaction costs paid																										39,797,000		159,699,000
asset impairment / loss on disposition of subsidiary
impairment and mark-to-market losses																											361,000	1,618,000	1,216,000	-168,000	-457,000	794,000	15,506,000	-4,175,000	3,178,000	1,894,000
operating cash flows before stream deposit and change in non-cash working capital																											-3,394,000	24,055,000	3,633,000	-23,000			-2,946,000				121,470,000
acquisition of intangible assets																																										1,280,000	-359,000	-1,781,000	-1,781,000
acquisition of new britannia, net cash paid
sale (acquisition) of investment
addition to restricted cash
proceeds (costs) from issuance of equity
mark-to-market loss on warrants																												3,386,000
loss on disposition of subsidiary																																6,512,000
acquisition of investments																																										-4,480,000	23,465,000	-27,635,000	-27,635,000
peruvian sales tax received on capital expenditures																												2,135,000
proceeds from issuance of equity																																165,131,000
net finance income																													4,679,000	79,000	-168,000	1,602,000	3,287,000	-604,000
mark-to-market gain on warrants
gain on deemed disposition of augusta shares
taxes recovered
addition to cash from acquisition of augusta																													0
cash and cash equivalents, beginning of year																																														886,814,000
cash and cash equivalents, end of year																																														901,693,000
mark-to-market gains on warrants
gain on disposition of augusta shares
loss in disposition of subsidiary
taxes refunded
sale (acquisition) of investments
peruvian sales tax paid on capital expenditures																															-30,571,000	51,552,000
long-term debt borrowing, net of transaction costs and payments
costs (proceeds) from issuance of equity
net (decrease) increase in cash and cash equivalents
interest and other investing activities																																442,000
net increase (decrease) in cash and cash equivalents																																132,574,000
items reclassified from other comprehensive income																																						-27,352,000				3,931,000	951,000	-1,116,000	-1,116,000
impairment on exploration and evaluation assets																																	11,939,000
deposit of restricted cash
long-term debt borrowing net of transaction costs																																					-3,766,000
loss from discontinued operations																																									263,815,000
profit from continuing operations																																								7,970,000
loss on disposition
operating cash flows of discontinued operations
proceeds on disposition of assets																																									17,813,000
sale of short-term investments
acquisition of non-controlling interests																																												-9,156,000	-9,156,000
investing cash flows of discontinued operations
share issue costs																																												-237,000	-237,000
net finance costs																																						1,798,000				-271,000	882,000	-727,000	-727,000
gain on dispositions
release of (additions to) restricted cash																																										-192,000	-255,000	277,000	277,000	54,626,000
gain on disposition																																								13,000		2,741,000
impairment losses																																								5,256,000	5,002,000
operating finance fees paid
repurchase of common shares																																														-63,294,000
add back: tax expense from continuing operations
profit before tax																																									171,552,000	183,145,000	-179,262,000	33,590,000	33,590,000
equity-settled share-based payment expense																																										-2,418,000	874,000	847,000	847,000
operating interest paid
proceeds on disposition
acquisition of subsidiary, netof cash acquired
cash generated from
operating activities:
loss on sale of property, plant and equipment																																												350,000	350,000
investing activities:
proceeds from sale of investments																																														8,051,000
financing activities:
cash from:
operating activities
net earnings																																														70,038,000
reclamation payments																																														-2,764,000
stock-based compensation																																														6,336,000
accretion on asset retirement obligations																																														4,352,000
foreign exchange loss																																														2,826,000
future tax expense																																														21,881,000
net gains reclassified from oci																																														-5,429,000
share of income of equity investee
investing activities
additions to property, plant and equipment																																														-167,642,000
additions to computer software																																														-4,691,000
purchase of short-term investments
purchase of other non-current investments																																														-52,619,000
release of cash held in trust
cash acquired with acquisition of hmi nickel
financing activities
repayment of loans payable and senior secured notes
repayment of obligations under capital leases
prepaid financing costs																																														-2,668,000
proceeds on exercise of stock options																																														5,253,000
effect of exchange rate changes on cash and cash equivalents																																														-2,826,000
change in cash and cash equivalents																																														14,879,000
net earnings before non-controlling interest
additions to restricted cash
repayment of senior secured notes

Hudbay Minerals Inc(NYSE:HBM)

Hudbay Minerals Inc
(NYSE:HBM)