Bendigo Mining: Financial Statements for the Year Ended 30 June 2010

Monday, 30 August 2010 08:20

The key results for the year include:

FY10 gold production of 79,827 ounces at a cash operating cost of $864/oz
- Henty Gold Mine production of 43,178 oz at a cash cost of $890/oz.
- Kangaroo Flat Mine production of 36,649 oz at a cash cost of $833/oz.
Company revenue of $102.1 million, which after deducting mine operating costs of $71.8 million, indirect costs of mining of $5.3 million (plant, equipment and underground development at the Kangaroo Flat Mine), and D&A of $6.2 million (of which $3.9 million related to Henty), generated a gross profit of $18.9 million.
Net profit increased by 36% to $11.2 million.
Earnings per share increased by 29% to 2.2 cents per share.
Company cashflow before exploration and capital was $28 million. The statutory reported operating cash flows of $17.2 million is after $10.8 million of Kangaroo Flat exploration, plant, equipment and underground development expenses (expensed in line with accounting practice for this site).
- Other investments in the year included the $4.2 million Henty acquisition payment, $2.5 million dividend payment and $4.3 million investment in GoldStone Resources Limited.
During the year the Company invested $7.8 million on exploration and $10.9 million on mine development and plant and equipment.
The Company’s closing cash position remained at $57.2 million at 30 June 2010.

Directors declared a final unfranked dividend of 0.5 cents a share. The dividend is payable on 27 September 2010 to holders of fully paid ordinary shares registered at the close of business on 7 September 2010.

The dividend represents a payout ratio of approximately 23% of net profits. It is the Board’s intention to maintain a flexible dividend policy which rewards shareholders when it is prudent to do so, particularly when considering the growth options available to the Company and the BCD Merger opportunity.

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