Ero Copper Corp.
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 7, 2024
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Contents
EX-99.3 · 4. Segment Disclosure
- Segment Disclosure
Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company monitors the operating results of its operating segments independently for the purpose of making decisions about resource allocation and performance assessment.
For the year ended December 31, 2023, the Company’s reporting segments include itstwo operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, its development project, the Tucumã Project in Brazil, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:
Ero Copper Corp.
Notes to Consolidated Financial Statements
(Tabular amounts in thousands of US Dollars, except share and per share amounts)
| Year ended December 31, 2023 | Caraíba (Brazil) | Xavantina(Brazil) | Tucumã(Brazil) | Corporate and Other | Consolidated |
|---|---|---|---|---|---|
| Revenue | $320,603 | $106,877 | $— | $— | $427,480 |
| Cost of production | (153,187) | (25,209) | — | — | (178,396) |
| Depreciation and depletion | (62,032) | (19,489) | — | — | (81,521) |
| Sales expense | (8,953) | (1,765) | — | — | (10,718) |
| Cost of sales | (224,172) | (46,463) | — | — | (270,635) |
| Gross profit | 96,431 | 60,414 | — | — | 156,845 |
| Expenses | |||||
| General and administrative | (31,128) | (6,550) | — | (14,751) | (52,429) |
| Share-based compensation | — | — | — | (9,218) | (9,218) |
| Finance income | 5,543 | 630 | — | 6,292 | 12,465 |
| Finance expenses | (10,143) | (4,431) | — | (11,248) | (25,822) |
| Foreign exchange gain (loss) | 34,737 | — | — | (125) | 34,612 |
| Other (expenses) income | (4,147) | 111 | — | (66) | (4,102) |
| Income (loss) before taxes | 91,293 | 50,174 | — | (29,116) | 112,351 |
| Current tax expense | (1,796) | (7,446) | — | (6,750) | (15,992) |
| Deferred tax (expense) recovery | (2,618) | 563 | — | — | (2,055) |
| Net income (loss) | $86,879 | $43,291 | $— | $(35,866) | $94,304 |
| Capital expenditures(1) | 249,166 | 27,567 | 205,506 | 7,262 | 489,501 |
| Assets | |||||
| Current | $79,463 | $23,736 | $2,016 | $94,272 | 199,487 |
| Non-current | 883,712 | 96,140 | 315,144 | 17,205 | 1,312,201 |
| Total Assets | $963,175 | $119,876 | $317,160 | $111,477 | $1,511,688 |
| Total Liabilities | $138,497 | $101,095 | $30,943 | $431,822 | 702,357 |
(1) Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets.
During theyear ended December 31, 2023, Caraíba earned revenues from four customers (December 31, 2022 -four) while Xavantina earned revenues fromtwo customers (December 31, 2022-two).
Ero Copper Corp.
Notes to Consolidated Financial Statements
(Tabular amounts in thousands of US Dollars, except share and per share amounts)
| Year ended December 31, 2022 | Caraíba (Brazil) | Xavantina(Brazil) | Tucumã (Brazil) | Corporate and Other | Consolidated |
|---|---|---|---|---|---|
| Revenue | $351,405 | $74,987 | $— | $— | $426,392 |
| Cost of production | (146,292) | (24,768) | — | — | (171,060) |
| Depreciation and depletion | (47,051) | (11,605) | — | — | (58,656) |
| Sales expenses | (8,941) | (560) | — | — | (9,501) |
| Cost of sales | (202,284) | (36,933) | — | — | (239,217) |
| Gross profit | 149,121 | 38,054 | — | — | 187,175 |
| Expenses | |||||
| General and administrative | (28,123) | (4,062) | — | (17,274) | (49,459) |
| Share-based compensation | — | — | — | (7,931) | (7,931) |
| Finance income | 4,310 | 1,451 | — | 4,534 | 10,295 |
| Finance expenses | (9,044) | (4,244) | — | (19,935) | (33,223) |
| Foreign exchange gain (loss) | 19,812 | 232 | — | (134) | 19,910 |
| Other expenses | (75) | (292) | — | (17) | (384) |
| Income (loss) before taxes | 136,001 | 31,139 | — | (40,757) | 126,383 |
| Current tax expense | (8,463) | (2,413) | — | (4,167) | (15,043) |
| Deferred tax (expense) recovery | (8,378) | 105 | — | — | (8,273) |
| Net income (loss) | $119,160 | $28,831 | $— | $(44,924) | $103,067 |
| Capital expenditures | 209,143 | 30,773 | 59,428 | 7,155 | 306,499 |
| Assets | |||||
| Current | $114,374 | $50,447 | $144 | $227,462 | 392,427 |
| Non-current | 621,005 | 74,874 | 90,971 | 8,799 | 795,649 |
| Total Assets | $735,379 | $125,321 | $91,115 | $236,261 | $1,188,076 |
| Total Liabilities | $98,904 | $106,266 | $9,595 | $431,146 | 645,911 |
Ero Copper Corp.
Notes to Consolidated Financial Statements
(Tabular amounts in thousands of US Dollars, except share and per share amounts)
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