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Segment reporting | 6 Months Ended
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Jun. 30, 2020
Segment reporting |
Segment reporting | Note 17 – Segment reporting The chief operating decision-maker organizes and manages the business under two operating segments, consisting of royalty, stream and working interests in each of the mining and energy sectors. The Company’s reportable segments for purposes of assessing performance are presented as follows:
|  | For the three months ended June 30, |
|  | 2020 |  | 2019 |
|  | Mining |  | Energy |  | Total |  |  | Mining |  | Energy |  | Total |
Revenue |  | $ | 180.8 |  | $ | 14.6 |  | $ | 195.4 |  |  | $ | 142.9 |  | $ | 27.6 |  | $ | 170.5 |
Income/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of sales |  | $ | 27.0 |  | $ | 1.0 |  | $ | 28.0 |  |  | $ | 25.6 |  | $ | 1.8 |  | $ | 27.4 |
Depletion and depreciation |  |  | 42.1 |  |  | 9.8 |  |  | 51.9 |  |  |  | 46.7 |  |  | 11.4 |  |  | 58.1 |
Segment gross profit |  | $ | 111.7 |  | $ | 3.8 |  | $ | 115.5 |  |  | $ | 70.6 |  | $ | 14.4 |  | $ | 85.0 |
|  | For the six months ended June 30, |
|  | 2020 |  | 2019 |
|  | Mining |  | Energy |  | Total |  |  | Mining |  | Energy |  | Total |
Revenue |  | $ | 394.8 |  | $ | 41.1 |  | $ | 435.9 |  |  | $ | 301.9 |  | $ | 48.4 |  | $ | 350.3 |
Income/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of sales |  | $ | 68.5 |  | $ | 3.1 |  | $ | 71.6 |  |  | $ | 56.6 |  | $ | 3.2 |  | $ | 59.8 |
Depletion and depreciation |  |  | 94.0 |  |  | 21.5 |  |  | 115.5 |  |  |  | 97.3 |  |  | 20.8 |  |  | 118.1 |
Segment gross profit |  | $ | 232.3 |  | $ | 16.5 |  | $ | 248.8 |  |  | $ | 148.0 |  | $ | 24.4 |  | $ | 172.4 |
For the six months ended June 30, 2020, there were $1.2 million (H1/2019 - $1.7 million) of depreciation expenses on corporate assets. A reconciliation of total segment gross profit to consolidated net (loss) income before income taxes is presented below:
|  |  | For the three months ended |  |  | For the six months ended |
|  |  | June 30, |  |  | June 30, |
|  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Total segment gross profit |  | $ | 115.5 |  |  | $ | 85.0 |  |  | $ | 248.8 |  |  | $ | 172.4 |  |
Other operating (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of royalty, stream and working interests |  | $ | — |  |  | $ | — |  |  | $ | 271.7 |  |  | $ | — |  |
General and administrative expenses |  |  | 11.7 |  |  |  | 5.6 |  |  |  | 17.9 |  |  |  | 12.5 |  |
Gain on sale of bullion |  |  | (2.4) |  |  |  | (0.4) |  |  |  | (4.4) |  |  |  | (0.8) |  |
Depreciation |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 1.2 |  |  |  | 1.7 |  |
Foreign exchange (gain) loss and other (income) expenses |  |  | 0.1 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |  |
Income before finance items and income taxes |  | $ | 105.7 |  |  | $ | 79.0 |  |  | $ | (37.8) |  |  | $ | 159.0 |  |
Finance items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance income |  | $ | 1.0 |  |  | $ | 1.2 |  |  | $ | 1.9 |  |  | $ | 1.9 |  |
Finance expenses |  |  | (0.8) |  |  |  | (2.5) |  |  |  | (1.9) |  |  |  | (5.0) |  |
Net income before income taxes |  | $ | 105.9 |  |  | $ | 77.7 |  |  | $ | (37.8) |  |  | $ | 155.9 |  |

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