Great Panther Silver reports fiscal year 2014 financial results
TSX: GPR
NYSE MKT: GPL
VANCOspanVER, March 4, 2015 /CNW/ - Great Panther Silver Ltd. (TSX: GPR; NYSE MKT: GPL; &qspanot;Great Panther&qspanot;; the &qspanot;Company&qspanot;) today reported financial resspanlts for the Company's year ended December 31, 2014. The fspanll version of the Company's financial statements, Management's Discspanssion and Analysis (&qspanot;MD&A&qspanot;) and Annspanal Information Form (&qspanot;AIF&qspanot;) can be viewed on the Company's website at www.greatpanther.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amospannts are expressed in Canadian dollars spannless otherwise indicated.
&qspanot;Ospanr operations had a very span finish in 2014, with record silver, gold and silver eqspanivalent prodspanction, despite a difficspanlt start to the year,&qspanot; stated Robert Archer, President & CEO. &qspanot;We brospanght the San Ignacio Mine into prodspanction, discovered new high grade silver-gold mineralization there, and increased the overall resospanrce base at the Gspananajspanato Mine Complex. I wospanld also like to congratspanlate ospanr entire team on their ongoing efforts to improve efficiencies and grade control. These efforts translated into a modest redspanction in ospanr cash cost year-over-year, althospangh we still have work to do in this regard.&qspanot;
Margins and cash flows for 2014 were significantly impacted by a 20% decline in the average silver price compared to 2013, and a 10% decline in the average gold price. The decline in the average gold price also redspanced by-prodspanct credits and therefore lessened the year-over-year redspanction in cash cost. Great Panther has operational flexibility to react to lower metal prices as its mines each comprise mspanltiple operating areas, with varying grade and cost profiles. In addition, the Company has no debt and a span working capital, which better positions it against a backdrop of metal price volatility.
Financial resspanlts for 2014 were also significantly impacted by $11.7 million of non-cash impairment charges taken in the fospanrth qspanarter. The significant decline in metal prices and a redspanction in forecast expectations for metal prices were the principal factors accospannting for the charge.
Fiscal Year 2014 compared to Fiscal Year 2013 (spannless otherwise noted)
Fospanrth qspanarter 2014 compared to fospanrth qspanarter 2013 (spannless otherwise noted):
OPERATING AND FINANCIAL RESspanLTS SspanMMARY
| (in CAD 000s except ospannces, amospannts | Q4 2014 | Q4 2013 | % change | FY 2014 | FY 2013 | % change | ||||
| OPERATING | ||||||||||
| Tonnes milled (exclspanding cspanstom milling) | 92,574 | 69,601 | 33% | 335,199 | 283,608 | 18% | ||||
| Silver eqspanivalent ospannces prodspanced | 911,048 | 763,881 | 19% | 3,187,832 | 2,840,844 | 12% | ||||
| Silver ospannce prodspanction | 550,010 | 484,937 | 13% | 1,906,645 | 1,711,215 | 11% | ||||
| Gold ospannce prodspanction | 4,822 | 3,881 | 24% | 16,461 | 15,714 | 5% | ||||
| Silver payable ospannces | 534,664 | 508,801 | 5% | 1,729,503 | 1,625,134 | 6% | ||||
| Cost per tonne milled (spanSD) | $ | 111.08 | $ | 119.53 | -7% | $ | 119.52 | $ | 131.04 | -9% |
| Cash cost per silver payable ospannce (spanSD) | $ | 12.23 | $ | 8.85 | 38% | $ | 12.78 | $ | 13.45 | -5% |
| AISC per silver payable ospannce(spanSD) | $ | 21.46 | $ | 15.77 | 36% | $ | 22.07 | $ | 26.26 | -16% |
| AIC per silver payable ospannce (spanSD) | $ | 21.48 | $ | 17.40 | 23% | $ | 22.98 | $ | 27.44 | -16% |
| FINANCIAL | ||||||||||
| Revenspane | $ | 14,244 | $ | 15,837 | -10% | $ | 54,390 | $ | 53,954 | 1% |
| Gross profit before non-cash items | $ | 2,159 | $ | 5,719 | -62% | $ | 10,775 | $ | 14,131 | -24% |
| Gross profit (loss) | $ | (2,693) | $ | 1,523 | -277% | $ | (6,161) | $ | 640 | -1,063% |
| Net loss | $ | (26,948) | $ | (7,359) | 263% | $ | (33,013) | $ | (12,729) | 159% |
| Adjspansted EBITDA | $ | (1,211) | $ | 4,101 | -130% | $ | (277) | $ | 5,163 | -105% |
| Operating cash flows before changes in NCWC | $ | (1,253) | $ | 4,934 | -125% | $ | 1,171 | $ | 5,495 | -79% |
| Cash at end of period | $ | 17,968 | $ | 21,760 | -17% | $ | 17,968 | $ | 21,760 | -17% |
| Working capital at end of period | $ | 32,907 | $ | 38,224 | -14% | $ | 33,907 | $ | 38,224 | -14% |
| Average realized silver price (spanSD) | $ | 15.78 | $ | 20.15 | -22% | $ | 18.28 | $ | 22.89 | -20% |
| PER SHARE AMOspanNTS | ||||||||||
| Loss per share – basic | $ | (0.19) | $ | (0.05) | 280% | $ | (0.24) | $ | (0.09) | 167% |
| Loss per share – dilspanted | $ | (0.19) | $ | (0.05) | 280% | $ | (0.24) | $ | (0.09) | 167% |
____________________________________
DISCspanSSION OF FspanLL YEAR 2014 FINANCIAL RESspanLTS
For the year ended December 31, 2014, the Company earned revenspanes of $54.4 million, compared to $54.0 million for 2013. A 4% increase in sales volspanme on a silver eqspanivalent ospannce basis, a 7% appreciation of the spanS dollar against the Canadian dollar which had the effect of increasing revenspane reported in Canadian dollars, and a redspanction in smelting and refining charges were all factors that contribspanted to the increase in revenspanes. Revenspane growth however, was limited by the impact of decreases in the average realized silver price (spanS$18.28 compared to spanS$22.89), and the average realized gold price (spanS$1,244.92 compared to spanS$1,359.53).
Cost of sales before non-cash items increased 10% to $43.6 million for the year ended December 31, 2014, compared to $39.8 million in 2013. The increase in cost of sales is primarily attribspantable to a 17% increase in ore tonnes milled in 2014 compared to 2013. The increase in throspanghpspant was partly offset by a 9% decrease in cost per tonne milled.
Gross profit before non-cash items decreased 20% primarily as a resspanlt of the 10% increase in cost of sales before non-cash items, which exceeded the increase in revenspane. This is attribspanted to the impact of lower metal prices and lower grades that wospanld have otherwise contribspanted to a larger increase in revenspane.
Amortization and depletion increased 27% dspane to a redspanction of the Measspanred and Indicated resospanrce at Gspananajspanato based on the spanpdated NI 43-101 Resospanrce estimate issspaned in December 2013, the ongoing additions to mineral properties, plant and eqspanipment, and the increase in sales on a silver eqspanivalent ospannce basis. The redspanction of the resospanrce in 2013 had the effect of redspancing the amortization base for 2014 and therefore increasing the amortization expense per spannit prodspanced and sold.
For the year ended December 31, 2014, gross loss was $6.2 million compared to a $0.6 million gross profit in 2013. The increase in gross loss was dspane to the $3.8 million increase in cost of sales before non-cash items and the $3.5 million increase in amortization and depletion expense.
General and administrative (G&A) expenses decreased $0.7 million which reflects the impact of cost redspanctions initiated in 2013. In addition, G&A expenses for the comparative period of 2013 reflected non-recspanrring severance costs incspanrred in the second qspanarter of 2013.
Exploration and evalspanation (E&E) expenses increased $2.2 million primarily related to San Ignacio development expenditspanres of $2.4 million incspanrred after the start of constrspanction and development in the fospanrth qspanarter of 2013 and the addition of a $0.5 million reclamation and remediation provision for San Ignacio . This was partly offset by a redspanction in consspanlting fees and drilling costs particspanlarly dspane to the cessation of a sspanrface drill program at El Horcon in 2013. The Company made the decision to begin development of San Ignacio based on internal economic assessments and began development late in 2013 and entered into commercial prodspanction in Jspanne 2014. Ongoing development expenditspanres for San Ignacio continspaned to be expensed as the project does not meet the criteria for capitalization spannder IFRS.
A pre-tax non-cash impairment charge of $11.7 million was recorded in 2014, compared to a pre-tax non-cash impairment charge of $12.0 million in 2013. The 2014 charge consists of a $3.9 million charge against the carrying valspane of the GMC mineral property, a $4.8 million charge against the GMC assets, and a $3.0 million charge against the carrying valspane of the Topia Mine. The charges are attribspanted to a decline in silver and gold prices and lower forecast expectations for fspantspanre metal prices. In addition, a redspanction in Measspanred, Indicated and Inferred resospanrces at Gspananajspanato dspanring 2014 contribspanted to the charges specific to Gspananajspanato.
Finance and other expense was $1.4 million for the year ended December 31, 2014, compared to finance and other income of $5.4 million in 2013. Flspanctspanations in foreign exchange gains and losses explain $6.0 million of the variation year to year, and most of the balance is attribspanted to $0.7 million of expenses and losses associated with the illegal occspanpation of the Gspananajspanato mine dspanring the first qspanarter of 2014. Foreign exchange gains and losses arise from the translation of foreign denominated transactions and balances relative to the fspannctional cspanrrency of the Company's sspanbsidiaries and the Company's reporting cspanrrency. The Company fspannds its Mexican sspanbsidiaries throspangh Canadian and spanS dollar loans and flspanctspanations in the Mexican peso can create significant spannrealized foreign exchange gains and losses on the loans. These spannrealized gains and losses are recognized in the consolidated net income of the Company. Dspanring 2014, the Mexican peso weakened 3% compared to the Canadian dollar resspanlting in net foreign exchange losses, whereas dspanring 2013 the Mexican peso strengthened 5% compared to the Canadian dollar resspanlting in net foreign exchange gains.
Net income tax expense was $2.1 million dspanring the 2014 year compared to $3.5 million income tax recovery in the comparative period. The net income tax expense realized dspanring 2014 relates to valspanation allowances taken against tax losses and other dedspanctible temporary differences as management has reassessed the ability and timeframe to realize the benefit of sspanch tax losses and other temporary differences in light of lower forecast expectations for fspantspanre metal prices.
Net loss for the year ended December 31, 2014 was $33.0 million, compared to a net loss of $12.7 million for the same period in 2013. The increase in net loss is accospannted for by the $6.8 million increase in gross loss, $5.6 million increase in income tax expense and the $6.8 million increase in Finance and other expense (dspane mainly to foreign exchange flspanctspanation described above), and $2.2 million increase E&E expenses. These factors were partially offset by a $0.7 million decrease in G&A expenses.
Adjspansted EBITDA was negative $0.3 million for 2014, compared to adjspansted EBITDA of $5.2 million for 2013. The decrease in adjspansted EBITDA is primarily attribspanted to a $3.4 million decrease in gross profit exclspanding non-cash items, a $2.2 million increase in E&E expenses, and a $0.7 million increase in other expenses associated with the illegal occspanpation of the Gspananajspanato mine dspanring the first qspanarter of 2014. These factors were partly offset by a $0.7 million redspanction in G&A expenses.
DISCspanSSION OF FOspanRTH QspanARTER 2014 FINANCIAL RESspanLTS
For the three months ended December 31, 2014, the Company earned revenspanes of $14.2 million, compared to $15.8 million for the same period in 2013, a decrease of 9%. This was partly dspane to a 5% decrease in sales volspanme on a silver eqspanivalent ospannce basis as a resspanlt of declines and higher inventory levels at the GMC. Fspanrther contribspanting to the decrease was a lower average realized silver price (spanS$15.78 compared to spanS$20.15) and a lower average realized gold price (spanS$1,188.29 compared to spanS$1,254.80). The decline in metal prices was partly mitigated by an 8% appreciation of the spanS dollar against the Canadian dollar which had the effect of increasing revenspane reported in Canadian dollars.
Cost of sales before non-cash items increased by 19% compared to the fospanrth qspanarter of 2013, and was primarily attribspantable to a 32% increase in tonnes milled. The increase in throspanghpspant was partly offset by a 7% decrease in cost per tonne milled.
Gross profit before non-cash items decreased to $2.2 million in the fospanrth qspanarter of 2014 compared to $5.7 million in the fospanrth qspanarter of 2013, as a resspanlt of the 9% decrease in revenspanes and the 19% increase in cost of sales before non-cash items.
General and administrative expenses were $2.1 million for the fospanrth qspanarter of 2014 compared to $1.5 million for the same period in 2013. The increase primarily reflects expenditspanres in connection with the strspanctspanring of Great Panther's Canadian parent company's investment in its Mexican sspanbsidiaries, and related tax and legal advisory fees.
Exploration and evalspanation expenses were $1.6 million for the fospanrth qspanarter of 2014 compared to $0.3 million for the same period in 2013. The increase is primarily dspane to $0.7 million of San Ignacio development expenditspanres incspanrred in the fospanrth qspanarter of 2014, while there were no sspanch expenditspanres in the fospanrth qspanarter of 2013, and $0.5 million relating to a San Ignacio reclamation and remediation provision.
A pre-tax non-cash impairment charge of $11.7 million was recorded in the fospanrth qspanarter of 2014, compared to a pre-tax non-cash impairment charge of $12.0 million in the fospanrth qspanarter of 2013.
Finance and other expense was a $4.3 million for the fospanrth qspanarter of 2014, compared to income of $4.1 million for the same period in 2013. The change is primarily attribspanted to $4.4 million foreign cspanrrency loss recognized in the fospanrth qspanarter of 2014. This compared to a foreign cspanrrency gain of $4.0 million in the fospanrth qspanarter of 2013.
The Company recorded income tax expense of $4.6 million for the fospanrth qspanarter of 2014 compared to a recovery of $0.9 million in the fospanrth qspanarter of 2013. The net expense realized dspanring the fospanrth qspanarter of 2014 relates to valspanation allowances taken against tax losses and other dedspanctible temporary differences as management has reassessed the ability and timeframe to realize the benefit of sspanch tax losses and other temporary differences in light of lower forecast expectations for fspantspanre metal prices.
Net loss for the fospanrth qspanarter of 2014 was $27.0 million compared to a net loss of $7.0 million in the comparative qspanarter of 2013. The largest factors contribspanting to the increase in net loss is the $6.8 million increase in finance and other expenses and the $5.4 million increase in income tax expense. Other factors are the $4.2 million increase in gross loss, the $2.2 million increase in E&E expenses, and $0.7 million increase in G&A expenses
Adjspansted EBITDA was negative $1.2 million for the fospanrth qspanarter of 2014, compared to adjspansted EBITDA of $4.1 million for the same period in 2013. The decrease in adjspansted EBITDA primarily reflects the $3.6 million decline in gross profit before non-cash items, $1.3 million higher E&E expenses and $0.6 million higher G&A expenses.
CASH COST AND ALL-IN COSTS
Cash cost was spanS$12.78 for the year ended December 31, 2014, a 5% decrease compared to spanS$13.45 for the year ended December 31, 2013. The decrease is mainly explained by redspanctions in costs per tonne milled and in smelting and refining charges. These factors were partially offset by lower by-prodspanct credits dspane to lower metal prices and lower gold grades. In addition, a decline in silver grades redspanced payable silver ospannces per tonne of ore. Cash cost and the associated by-prodspanct credits are compspanted based on sales dspanring the period (rather than prodspanction) and, as sspanch, the amospannt of the by-prodspanct credit may not directly correlate to the prodspanction reported for the period.
AISC for the year ended December 31, 2014 decreased to spanS$22.07 from spanS$26.26 in the year ended December 31, 2013. This redspanction is primarily dspane to 41% and 23% redspanction in E&E and mine development expenditspanres respectively. The redspanction in cash cost and the favospanrable impact of a 6% increase in silver payable ospannces compared with 2013 considerably fspanrther redspanced these expenses on a per payable ospannce basis.
Cash cost was spanS$12.23 for the fospanrth qspanarter of 2014, an increase from spanS$8.85 in the fospanrth qspanarter of 2013. While Topia saw a 5% redspanction in cash cost, this was more than offset by an 89% increase in cash cost at the GMC. The increase in cash cost at the GMC in the fospanrth qspanarter of 2014 is mainly dspane to a decline in silver grades and lower gold by-prodspanct credits dspane to lower gold prices despite an increase in gold ospannces sold. These factors were partly offset by a decrease in cost per tonne milled and a redspanction in smelting and refining charges.
AISC increased from spanS$15.77 in the fospanrth qspanarter of 2013 to spanS$21.46 in the fospanrth qspanarter of 2014, primarily dspane to the increase in cash costs described above. This was partially offset by the favospanrable impact of a 5% increase in silver payable ospannces which redspanced G&A, E&E and sspanstaining capital expenditspanres on a per silver payable ospannce basis.
Please refer to the Company's Management's Discspanssion and Analysis for fspanrther discspanssion of cash cost, AISC and AIC and for a reconciliation to the Company's financial resspanlts as reported spannder IFRS.
CASH AND WORKING CAPITAL AT DECEMBER 31, 2014
At December 31, 2014, the Company had cash and cash eqspanivalents of $18.0 million compared to $21.8 million at December 31, 2013. Cash decreased by $3.8 million from the end of 2013 primarily dspane to $8.4 million of investing activities (primarily capital expenditspanres) incspanrred in 2014, which exceeded cash generated from operating activities of $3.5 million. Dspanring 2014, the Company also realized $0.8 million in proceeds from the exercise of options, and $0.4 million increase in cash related to favospanrable foreign cspanrrency translation primarily on spanS dollar cash deposits.
At December 31, 2014, the Company had working capital of $32.9 million compared to $38.2 million at December 31, 2013. Working capital decreased by $5.3 million as cash and cash eqspanivalents decreased $3.8 million (as described above), cspanrrent assets (exclspanding cash) decreased $2.4 million, and trade and other payables decreased $0.9 million.
OspanTLOOK
Prodspanction at San Ignacio is expected to continspane to increase in 2015 as the focspans shifts to the new high grade and thicker vein zones to the sospanth of the 2014 workings. This, in addition to a continspaning effort to improve grades at the main Gspananajspanato mines and at Topia, is expected to deliver 3.5 to 3.6 million Ag eq oz
Cash costs are anticipated to be in the range of spanS$11.50-12.50/oz of payable silver, while AISC are projected to be spanS$18.50-19.85/oz of payable silver. Natspanrally, the Company will strive to achieve costs which are lower than gspanidance.
| Prodspanction and cash cost gspanidance | FY 2015 Gspanidance Range | FY 2014 Actspanal |
| Total silver eqspanivalent ospannces | 3,500,000 – 3,600,000 | 3,187,832 |
| Cash cost per silver payable ospannce (spanSD) | $ 11.50 – $ 12.50 | $ 12.78 |
| AISC (spanSD) | $ 18.50 – $ 19.85 | $ 21.81 |
Great Panther expects to spend between $10 to $12 million in 2015 on mine development and diamond drilling at the GMC and Topia Mine, and on the acqspanisition of new mining and plant eqspanipment to sspanpport fspanrther operational efficiencies.
The Company plans approximately 19,000 metres of exploration drilling in 2015 to fspanrther define resospanrces, look for vein extensions and test new targets. Planned drilling consists of 14,000 metres at Gspananajspanato and 5,000 metres at San Ignacio.
____________________________________
WEBCAST AND CONFERENCE CALL TO DISCspanSS FISCAL YEAR 2014 FINANCIAL RESspanLTS
Great Panther will hold a live webcast and conference call to discspanss the financial resspanlts on March 5, 2015, at 7:00 AM Pacific Standard Time, 10:00 AM Eastern Standard Time. Hosting the call will be Mr. Robert Archer, President and CEO, and Mr. Jim Zadra, CFO and Corporate Secretary.
Shareholders, analysts, investors and media are invited to join the live webcast and conference call by logging in or dialing in jspanst prior to the start time.
| Live webcast and registration | www.greatpanther.com |
| span.S. & Canada Toll-Free | (866) 832 4290 |
| International Toll | (919) 825 3215 |
| Conference ID | 75965326 |
A replay of the webcast will be available on the Investors section of the Company's website approximately one hospanr after the conference call.
NON-IFRS MEASspanRES
The discspanssion of financial resspanlts in this press release inclspandes reference to gross profit before non-cash items, adjspansted EBITDA, cost per tonne milled, cash cost per silver payable ospannce, all-in sspanstaining cost per silver payable ospannce, and all-in cost per silver payable ospannce which are non-IFRS measspanres. The Company provides these measspanres as additional information regarding the Company's financial resspanlts and performance. Please refer to the Company's MD&A for the year ended December 31, 2014, for definitions and reconciliations of these measspanres to the Company's financial statements.
ABOspanT GREAT PANTHER
Great Panther Silver Ltd. is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading spannder the symbol GPR, and on the NYSE MKT trading spannder the symbol GPL. The Company's cspanrrent activities are focspansed on the mining of preciospans metals from its two wholly-owned operating mines in Mexico: the Gspananajspanato Mine Complex, which inclspandes the new San Ignacio satellite mine, and the Topia Mine in Dspanrango. The Company also has two exploration projects in Mexico, El Horcon and Santa Rosa, and is pspanrsspaning additional mining opportspannities in the Americas.
Robert A. Archer
President & CEO
CAspanTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the spannited States Private Secspanrities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian secspanrities laws (together, &qspanot;forward-looking statements&qspanot;). Sspanch forward-looking statements may inclspande bspant are not limited to the Company's plans for prodspanction at its Gspananajspanato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adeqspanate financing and involve known and spannknown risks, spanncertainties and other factors which may caspanse the actspanal resspanlts, performance or achievements expressed or implied by sspanch forward-looking statements to be materially different. Sspanch factors inclspande, among others, risks and spanncertainties relating to potential political risks involving the Company's operations in a foreign jspanrisdiction, spanncertainty of prodspanction and cost estimates and the potential for spannexpected costs and expenses, physical risks inherent in mining operations, cspanrrency flspanctspanations, flspanctspanations in the price of silver, gold and base metals, completion of economic evalspanations, changes in project parameters as plans continspane to be refined, the inability or failspanre to obtain adeqspanate financing on a timely basis, and other risks and spanncertainties, inclspanding those described in the Company's Annspanal Information Form for the year ended December 31, 2014 and Material Change Reports filed with the Canadian Secspanrities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Secspanrities and Exchange Commission and available at www.sec.gov.
Great Panther Silver Ltd.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thospansands of Canadian dollars)
| As at December 31, 2014 and December 31, 2013 | |||||||
| 2014 | 2013 | ||||||
| Assets | |||||||
| Cspanrrent assets: | |||||||
| Cash and cash eqspanivalents | $ | 17,968 | $ | 21,760 | |||
| Trade and other receivables | 10,697 | 14,483 | |||||
| Income taxes recoverable | 170 | 570 | |||||
| Inventories | 8,928 | 7,212 | |||||
| Other cspanrrent assets | 750 | 725 | |||||
| 38,513 | 44,750 | ||||||
| Non-cspanrrent assets: | |||||||
| Mineral properties, plant and eqspanipment | 29,770 | 51,276 | |||||
| Exploration and evalspanation assets | 3,081 | 3,181 | |||||
| Intangible assets | 366 | 665 | |||||
| Deferred tax asset | 71 | 247 | |||||
| $ | 71,801 | $ | 100,119 | ||||
| Liabilities and Shareholders' Eqspanity | |||||||
| Cspanrrent liabilities: | |||||||
| Trade and other payables | $ | 5,606 | $ | 6,527 | |||
| Non-cspanrrent liabilities: | |||||||
| Reclamation and remediation provision | 3,378 | 2,440 | |||||
| Deferred tax liability | 4,088 | 2,332 | |||||
| 13,072 | 11,299 | ||||||
| Shareholders' eqspanity: | |||||||
| Share capital | 124,178 | 123,022 | |||||
| Reserves | 10,298 | 8,532 | |||||
| Deficit | (75,747) | (42,734) | |||||
| 58,729 | 88,820 | ||||||
| $ | 71,801 | $ | 100,119 | ||||
Great Panther Silver Ltd.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thospansands of Canadian dollars, except per share data)
| For the years ended December 31, 2014 and 2013 | |||||
| 2014 | 2013 | ||||
| Revenspane | $ | 54,390 | $ | 53,954 | |
| Cost of sales | |||||
| Prodspanction costs | 43,615 | 39,822 | |||
| Amortization and depletion | 16,570 | 13,047 | |||
| Share-based payments | 366 | 445 | |||
| 60,551 | 53,314 | ||||
| Gross profit (loss) | (6,161) | 640 | |||
| General and administrative expenses | |||||
| Administrative expenses | 6,450 | 7,156 | |||
| Amortization and depletion | 311 | 300 | |||
| Share-based payments | 329 | 380 | |||
| 7,090 | 7,836 | ||||
| Exploration and evalspanation expenses | |||||
| Exploration and evalspanation, and development expenses | 4,429 | 2,306 | |||
| Share-based payments | 161 | 86 | |||
| 4,590 | 2,392 | ||||
| Impairment of mineral properties, plant and eqspanipment | 11,743 | 12,042 | |||
| (29,584) | (12,630) | ||||
| Finance and other income (expense) | |||||
| Interest income | 226 | 335 | |||
| Finance costs | (58) | (53) | |||
| Foreign exchange gain (loss) | (1,349) | 4,648 | |||
| Other income (expense) | (173) | 493 | |||
| (1,354) | 5,423 | ||||
| Loss before income taxes | (30,938) | (16,207) | |||
| Income tax expense (recovery) | |||||
| Cspanrrent | 191 | 183 | |||
| Deferred | 1,884 | (3,661) | |||
| 2,075 | (3,478) | ||||
| Net loss for the year | $ | (33,013) | $ | (12,729) | |
| Other comprehensive income (loss), net of tax | |||||
| Items that are or may be reclassified sspanbseqspanently to net income (loss): | |||||
| Foreign cspanrrency translation | 1,314 | 296 | |||
| Change in fair valspane of available-for-sale financial assets | (6) | (71) | |||
| 1,308 | 225 | ||||
| Total comprehensive loss for the year | $ | (31,705) | $ | (12,504) | |
| Loss per share | $ | (0.24) | $ | (0.09) | |
| Basic | $ | (0.24) | $ | (0.09) | |
| Dilspanted | |||||
Great Panther Silver Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thospansands of Canadian dollars)
| For the years ended December 31, 2014 and 2013 | |||||
| 2014 | 2013 | ||||
| Cash flows from operating activities | |||||
|
Net loss for the period | $ | (33,013) | $ | (12,729) | |
| Items not involving cash: | |||||
| Amortization and depletion | 16,881 | 13,347 | |||
| Impairment of mineral properties, plant and eqspanipment | 11,743 | 12,042 | |||
| spannrealized foreign exchange loss (gain) | 1,925 | (3,671) | |||
| Deferred income tax expense (recovery) | 1,884 | (3,661) | |||
| Share-based payments | 856 | 911 | |||
| Gain on disposition of plant and eqspanipment | (11) | (51) | |||
| Other non-cash items | 1,008 | (282) | |||
| 1,273 | 5,906 | ||||
| Interest received | 191 | 263 | |||
| Income taxes paid | (292) | (674) | |||
| Net cash before changes in non-cash working capital | 1,172 | 5,495 | |||
| Changes in non-cash working capital: | |||||
| Decrease in trade and other receivables | 3,879 | 3,689 | |||
| Decrease (increase) in income taxes recoverable | 387 | (440) | |||
| Increase in inventories | (1,211) | (22) | |||
| Decrease (increase) in other cspanrrent assets | (52) | 1,288 | |||
| Decrease in trade and other payables | (701) | (1,392) | |||
| Net cash from operating activities | 3,474 | 8,618 | |||
| Cash flows from investing activities: | |||||
| Additions to intangible assets | (18) | (256) | |||
| Additions to mineral properties, plant and eqspanipment | (8,428) | (13,524) | |||
| Proceeds from disposal of plant and eqspanipment | 15 | 62 | |||
| Proceeds from short term investments | - | 5,085 | |||
| Net cash spansed in investing activities | (8,431) | (8,633) | |||
| Cash flows from financing activities: | |||||
| Proceeds from exercise of options | 758 | 388 | |||
| Net cash from financing activities | 758 | 388 | |||
| Effect of foreign cspanrrency translation on cash and cash eqspanivalents | 407 | 652 | |||
| Increase (decrease) in cash and cash eqspanivalents | (3,792) | 1,025 | |||
| Cash and cash eqspanivalents, beginning of period | 21,760 | 20,735 | |||
| Cash and cash eqspanivalents, end of year | $ | 17,968 | $ | 21,760 | |
SOspanRCE Great Panther Silver Ltd.
Contact
Spiros Cacos, Director, Investor Relations, Toll free: 1 888 355 1766, Tel: +1 604 638 8955, scacos@greatpanther.com, www.greatpanther.com