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Segment reporting | 12 Months Ended
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Dec. 31, 2020
Segment reporting |
Segment reporting | Note 19 – 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:
|  | 2020 |  | 2019 |
|  | Mining |  | Energy |  | Total |  |  | Mining |  | Energy |  | Total |
Revenue |  | $ | 928.5 |  | $ | 91.7 |  | $ | 1,020.2 |  |  | $ | 728.2 |  | $ | 115.9 |  | $ | 844.1 |
Income/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of sales |  | $ | 152.4 |  | $ | 6.4 |  | $ | 158.8 |  |  | $ | 137.5 |  | $ | 7.3 |  | $ | 144.8 |
Depletion and depreciation |  |  | 193.8 |  |  | 44.9 |  |  | 238.7 |  |  |  | 210.7 |  |  | 49.0 |  |  | 259.7 |
Segment gross profit |  | $ | 582.3 |  | $ | 40.4 |  | $ | 622.7 |  |  | $ | 380.0 |  | $ | 59.6 |  | $ | 439.6 |
A reconciliation of total segment gross profit to consolidated net income before income taxes is presented below:
|  |  | 2020 |  |  | 2019 |
Total segment gross profit |  | $ | 622.7 |  |  | $ | 439.6 |  |
Other operating (income)/expenses |  |  |  |  |  |  |  |  |
Impairment charges and reversals |  | $ | 262.1 |  |  | $ | — |  |
General and administrative expenses |  |  | 28.8 |  |  |  | 28.8 |  |
Gain on sale of bullion |  |  | (7.0) |  |  |  | (2.9) |  |
Depreciation |  |  | 2.3 |  |  |  | 3.5 |  |
Foreign exchange (gain) loss and other (income) expenses |  |  | (2.8) |  |  |  | (2.8) |  |
Income before finance items and income taxes |  | $ | 339.3 |  |  | $ | 413.0 |  |
Finance items |  |  |  |  |  |  |  |  |
Finance income |  | $ | 3.7 |  |  | $ | 3.5 |  |
Finance expenses |  |  | (3.5) |  |  |  | (10.6) |  |
Net income before income taxes |  | $ | 339.5 |  |  | $ | 405.9 |  |
Revenues earned during the years ended December 31, 2020 and 2019 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest:
|  | 2020 |  | 2019 |
Latin America: |  |  |  |  |  |  |  |
Peru |  | $ | 175.5 |  |  | $ | 145.3 |
Chile |  |  | 106.8 |  |  |  | 103.1 |
Panama |  |  | 135.4 |  |  |  | 64.7 |
Other |  |  | 84.4 |  |  |  | 56.1 |
United States |  |  | 178.6 |  |  |  | 166.6 |
Canada |  |  | 196.9 |  |  |  | 166.2 |
Rest of World |  |  | 142.6 |  |  |  | 142.1 |
|  | $ | 1,020.2 |  |  | $ | 844.1 |
For the year ended December 31, 2020, three interests generated revenue totaling $360.7 million (2019 – two interests generated revenue totaling $203.5 million), each comprising 13%, 12% and 10%, respectively (2019 – 12% and 12%, respectively) of revenue. Royalty, stream and working interests as at December 31, 2020 and 2019 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest.
|  |  | 2020 |  |  |  | 2019 |
Latin America: |  |  |  |  |  |  |  |
Panama |  | $ | 1,318.5 |  |  | $ | 1,348.4 |
Peru |  |  | 766.3 |  |  |  | 825.5 |
Chile |  |  | 485.0 |  |  |  | 504.2 |
Other |  |  | 154.4 |  |  |  | 48.1 |
United States |  |  | 1,216.8 |  |  |  | 1,300.2 |
Canada |  |  | 458.2 |  |  |  | 504.9 |
Rest of World |  |  | 232.9 |  |  |  | 266.5 |
|  | $ | 4,632.1 |  |  | $ | 4,797.8 |
Investments of $238.4 million (2019 - $183.2 million) are held in Canada. Energy well equipment, included in other non-current assets, of $5.0 million (2019 - $9.3 million) is located in Canada.

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