Suncor Energy: Silver Wheaton Corp

Silver Wheaton Corp - SLW.t is the largest precious metals streaming company in the world. The company has a number of agreements where, in exchange for an upfront payment, it has the right to purchase all or a portion of the silver and/or gold production, at a low fixed cost, from high-quality mines located in politically stable regions around the globe.

Silver Wheaton currently has streaming agreements for 22 operating mines and 7 development stage projects.

On March 16, 2016 company reported Numbers
Silver Wheaton loses $162.04-million (U.S.) in 2015

Silver Wheaton achieved record production for a fifth straight quarter, resulting in over 47 million silver equivalent ounces produced in 2015. Total silver and gold ounces sold also came in at a record level for a fourth quarter in a row, with over 41 million silver equivalent ounces sold during 2015. The record production and sales were driven by strong results at all four cornerstone assets: Salobo, Penasquito, San Dimas and Antamina, and were also driven by the start-up of Constancia and record production at one of its oldest streams, Zinkgruvan. Silver Wheaton expects to produce 54 million silver equivalent ounces in 2016, a forecast increase of over 13 per cent relative to 2015.

Full-year highlights:

Record attributable silver equivalent production for the year ended Dec. 31, 2015, of 47.7 million ounces (30.7 million ounces of silver and 228,800 ounces of gold), compared with 35.4 million ounces in 2014, representing an increase of 35 per cent;
Record silver equivalent sales volume for the year ended Dec. 31, 2015, of 41.6 million ounces (26.6 million ounces of silver and 202,300 ounces of gold), compared with 32.9 million ounces in 2014, representing an increase of 26 per cent;
Revenues of $648.7-million for the year ended Dec. 31, 2015, compared with $620.2-million in 2014, representing an increase of 5 per cent;
Average realized sale price per silver equivalent ounce sold for the year ended Dec. 31, 2015, of $15.60 ($15.64 per ounce of silver and $1,152 per ounce of gold), representing a decrease of 17 per cent as compared with 2014;
Adjusted net earnings of $210.4-million (53 cents per share) for the year ended Dec. 31, 2015, compared with $268.0-million (75 cents per share) in 2014, representing a decrease of 22 per cent;
During the year ended Dec. 31, 2015, the company recognized impairment charges of $384.9-million related to certain of its silver and gold interests;
After including the after-tax impact of the impairment charges, the net loss was $162.0-million (41 cents per share) compared with net earnings of $199.8-million (56 cents per share) in 2014;
Operating cash flows of $431.4-million ($1.09 per share) for the year ended Dec. 31, 2015, virtually unchanged from the operating cash flows of $431.9-million ($1.20 per share) in 2014
Cash operating margin of $11.02 per silver equivalent ounce for the year ended Dec. 31, 2015, compared with $14.27 in 2014, representing a decrease of 23 per cent;
Average cash costs were $4.17 and $393 per ounce of silver and gold, respectively; on a silver equivalent basis, average cash costs decreased to $4.58 compared with $4.59 in 2014.

Fourth quarter highlights:

Record attributable silver equivalent production in fourth quarter 2015 of 15.5 million ounces (10.3 million ounces of silver and 69,200 ounces of gold), compared with 9.1 million ounces in fourth quarter 2014, representing an increase of 70 per cent;
Record silver equivalent sales volume in fourth quarter 2015 of 13.6 million ounces (8.8 million ounces of silver and 64,900 ounces of gold), compared with 8.5 million ounces in fourth quarter 2014, representing an increase of 59 per cent;
During the three-month period ended Dec. 31, 2015, payable silver equivalent ounces attributable to the company, produced but not yet delivered, increased by 500,000 ounces to approximately 6.9 million ounces;
Revenues of $200.5-million in fourth quarter 2015 compared with $140.4-million in fourth quarter 2014, representing an increase of 43 per cent;
Average realized sale price per silver equivalent ounce sold in fourth quarter 2015 of $14.73 ($14.75 per ounce of silver and $1,100 per ounce of gold), compared with $16.43 in fourth quarter 2014, representing a decrease of 10 per cent;
Adjusted net earnings of $57.4-million (14 cents per share) in fourth quarter 2015 compared with $52.0-million (14 cents per share) in fourth quarter 2014, representing an increase of 10 per cent;
During the three months ended Dec. 31, 2015, the company recognized impairment charges of $230.9-million related to certain of its silver and gold interests;
After including the after-tax impact of the impairment charges, net loss of $169.3-million (42 cents per share) in fourth quarter 2015 compared with net earnings of $52.0-million (14 cents per share) in fourth quarter 2014;
Operating cash flows of $133.4-million (33 cents per share) in fourth quarter 2015 compared with $94.1-million (26 cents per share) in fourth quarter 2014, representing an increase of 42 per cent;
Cash operating margin in fourth quarter 2015 of $10.23 per silver equivalent ounce compared with $11.92 in fourth quarter 2014, representing a decrease of 14 per cent;
Average cash costs in fourth quarter 2015 were $4.06 and $396 per ounce of silver and gold, respectively; on a silver equivalent basis, average cash costs decreased to $4.50 compared with $4.51 in fourth quarter 2014;
Declared quarterly dividend of five cents per common share;
On Oct. 8, 2015, Silver Wheaton filed notices of objection in respect of the notices of reassessment received from the Canada Revenue Agency (CRA) for the 2005 to 2010 taxation years.

Financial Highlights

	Year Ended Dec. 31, 2015	Quarter Ended Dec 31, 2015
Attributable silver equivalent ounces produced (000’s)1	47,697	15,463
Total sales($000's)	$ 648,687	$ 200,496
Silver equivalent ounces sold (000’s)1	41,574	13,614
Average realized silver equivalent price ($'s per ounce)	$ 15.60	$ 14.73
Average silver equivalent cash cost ($'s per ounce)1	$ 4.58	$ 4.50
Net earnings ($000's)	$ (162,042)	$ (169,263)
Adjusted net earnings ($000's)	$ 210,357	$ 57,400
Earnings per share
Basic	$ (0.41)	$(0.24)
Diluted	$ (0.41)	$(0.24)
Adjusted Earnings per share
Basic	$ 0.53	$0.14
Diluted	$ 0.53	$0.14
Cash flow from operations($000's)	$ 431,400	$ 133,400
Operating cash flow per share2	$ 1.09	$ 0.33
Total assets($000's)	$ 5,632,211	$ 5,632,211
Total liabilities($000’s)	$ 1,481,476	$ 1,481,476
Shareholders' equity($000's)	$ 4,150,735	$ 4,150,735