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Financial Highlights

Effective 2015 and up to 2022, MVC’s production of copper concentrates is being conducted under a tolling agreement with Codelco’s Division El Teniente (DET). Under the agreement, title to the copper concentrates produced by MVC remains with DET and MVC earns tolling revenue, calculated as gross revenue for copper produced at applicable market prices, net of notional items (treatment and refining charges, DET notional royalties and transportation costs).

As a result of the tolling agreement, Amerigo was required to make changes in the reporting of revenue and costs in its financial statements as of 2015. Revenue is now reported net of notional DET royalties and transportation costs, which were reported as production costs prior to 2015. The changes affect the comparability of revenue and production costs to periods prior to 2015, reducing both revenue and costs, but with no effect on gross margin.

Financial Highlights

  Years ended December 31,
  2016 2015 2014 2013
Financial Results (US$ M)        
Revenue 91.39 52.62 119.62 143.59
Gross profit (loss)  (0.62)  (13.03) 6.58 6.04
Net profit (loss)  (7.53)  (16.93)  (10.70) 0.99
         
Operations cash flow  19.41  (26.46) 18.09 19.52
Investment cash flow  (8.34)  (54.08)  (11.74)  (13.39)
Financing cash flow  (4.66) 72.9 0.26  (1.50)
         
Financial Position (US$ M)        
Cash and cash equivalents 15.92 9.03 18.31 13.15
Borrowings 69.85 72.65                    -                   -
Working capital 0.60  (6.00)              2.77 2.97
         
Total assets 221.69 220.21 180.15 186.11
Total liabilities 133.81 125.32 68.66 64.37
Retained earnings 4.31 11.84 28.77 39.48
Shareholders' equity 87.89 94.89 111.49 121.74
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