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Segment reporting | 12 Months Ended
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Dec. 31, 2019
Segment reporting |
Segment reporting | Note 21 – 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:
|  | 2019 |  | 2018 |
|  | Mining |  | Energy |  | Total |  |  | Mining |  | Energy |  | Total |
Revenue |  | $ | 728.2 |  | $ | 115.9 |  | $ | 844.1 |  |  | $ | 567.1 |  | $ | 86.1 |  | $ | 653.2 |
Income/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of sales |  | $ | 137.5 |  | $ | 7.3 |  | $ | 144.8 |  |  | $ | 112.3 |  | $ | 5.9 |  | $ | 118.2 |
Depletion and depreciation |  |  | 210.7 |  |  | 49.0 |  |  | 259.7 |  |  |  | 206.6 |  |  | 37.3 |  |  | 243.9 |
Segment gross profit |  | $ | 380.0 |  | $ | 59.6 |  | $ | 439.6 |  |  | $ | 248.2 |  | $ | 42.9 |  | $ | 291.1 |
A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below:
|  |  | 2019 |  |  |  | 2018 |  |
Total segment gross profit |  | $ | 439.6 |  |  | $ | 291.1 |  |
Other operating (income)/expenses |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | 28.8 |  |  | $ | 22.6 |  |
Impairment of royalty, streams and working interests |  |  | - |  |  |  | 76.0 |  |
Gain on sale of bullion |  |  | (2.9) |  |  |  | (0.1) |  |
Depreciation |  |  | 3.5 |  |  |  | 3.8 |  |
Foreign exchange (gain) and other (income) expenses |  |  | (2.8) |  |  |  | (1.8) |  |
Income before finance items and income taxes |  | $ | 413.0 |  |  | $ | 190.6 |  |
Finance items |  |  |  |  |  |  |  |  |
Finance income |  | $ | 3.5 |  |  | $ | 3.1 |  |
Finance expenses |  |  | (10.6) |  |  |  | (4.6) |  |
Net income before income taxes |  | $ | 405.9 |  |  | $ | 189.1 |  |
Revenues earned during the years ended December 31, 2019 and 2018 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest:
|  | 2019 |  | 2018 |
Latin America: |  |  |  |  |  |  |  |
Peru |  | $ | 145.3 |  |  | $ | 148.6 |
Chile |  |  | 103.1 |  |  |  | 70.5 |
Panama |  |  | 64.7 |  |  |  | - |
Other |  |  | 56.1 |  |  |  | 49.2 |
United States |  |  | 166.6 |  |  |  | 137.2 |
Canada |  |  | 166.2 |  |  |  | 122.6 |
Rest of World |  |  | 142.1 |  |  |  | 125.1 |
|  | $ | 844.1 |  |  | $ | 653.2 |
For the year ended December 31, 2019, two interests generated revenue totaling $103.1 million and $100.4 million, (2018 – two interests generated revenue totaling $97.5 million and $70.5 million), each comprising 12% (2018 – 15% and 11%, respectively) of revenue. Royalty, stream and working interests as at December 31, 2019 and 2018 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest.
|  |  | 2019 |  |  |  | 2018 |
Latin America: |  |  |  |  |  |  |  |
Panama |  | $ | 1,348.4 |  |  | $ | 1,364.9 |
Peru |  |  | 825.5 |  |  |  | 886.2 |
Chile |  |  | 504.2 |  |  |  | 504.0 |
Other |  |  | 48.1 |  |  |  | 52.6 |
United States |  |  | 1,300.2 |  |  |  | 931.1 |
Canada |  |  | 504.9 |  |  |  | 503.9 |
Rest of World |  |  | 266.5 |  |  |  | 312.9 |
|  | $ | 4,797.8 |  |  | $ | 4,555.6 |
Investments of $183.2 million (2018 - $169.7 million) are held in Canada. Energy well equipment, included in other non-current assets, of $9.3 million (2018 - $10.2 million) is located in Canada.

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