Fresnillo (FRES)

Sector:

Mining

Index:

FTSE 100

616.00p
   
  • Change Today:
    -0.40p
  • 52 Week High: 1,027.50
  • 52 Week Low: 601.00
  • Currency: UK Pounds
  • Shares Issued: 736.89m
  • Volume: 1,902,634
  • Market Cap: £4,539.26m
  • Beta: 0.16

Fresnillo voluntarily aligns tax treatment across mining operations

By Josh White

Date: Monday 01 Jul 2019

LONDON (ShareCast) - (Sharecast News) - Fresnillo updated the market on the tax treatment of its mining works on Monday, reporting that in 2017 the Mexican tax authorities (SAT) opened a routine audit into the 2014 tax returns of two of its underground mining subsidiaries.
The FTSE 100 company said that audit primarily related to the tax treatment of mining works, which was not explicitly dealt with in the Mexican income tax law.

Following that, in 2018 the firm and SAT agreed on the tax treatment deemed most appropriate to mining works disbursements for the year of the audit, resulting in a tax amendment which was documented through an agreement executed between SAT, Mexico\'s tax ombudsman PRODECON, and Fresnillo on 30 November.

\"Fresnillo has now determined it to be in the company\'s best interests to align its tax treatment across its underground mining operations subsidiaries with the conclusive agreement,\" the board explained in a statement on Monday.

\"Accordingly, Fresnillo has voluntarily elected to apply the same criteria regarding the tax treatment of mining works to all its underground mines, retrospectively for the years 2014 to 2018.\"

The company said the decision had an estimated net impact on the profit and loss statement of $8m.

It said the total amended amount was $55.3m, of which $39.6mwas income tax and mining rights and $15.7m was interest and surcharges.

The principal amount was reclassified from deferred to current taxes, and had no impact on the income statement.

\"This principal amount will be offset in future years by deducting depreciation from the tax base,\" the board explained.

It said the total amended amount of $55.3m had been covered as $22.2m against tax receivables, with the remaining $33.1m in cash.

\"These effects will be recorded in the company\'s results for the six months ending 30 June.\"

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Fresnillo Market Data

Currency UK Pounds
Share Price 616.00p
Change Today -0.40p
% Change -0.06 %
52 Week High 1,027.50
52 Week Low 601.00
Volume 1,902,634
Shares Issued 736.89m
Market Cap £4,539.26m
Beta 0.16

Fresnillo Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
53.27% below the market average53.27% below the market average53.27% below the market average53.27% below the market average53.27% below the market average
94.92% below the sector average94.92% below the sector average94.92% below the sector average94.92% below the sector average94.92% below the sector average
Price Trend
71.56% below the market average71.56% below the market average71.56% below the market average71.56% below the market average71.56% below the market average
36% below the sector average36% below the sector average36% below the sector average36% below the sector average36% below the sector average
Income
64.41% below the market average64.41% below the market average64.41% below the market average64.41% below the market average64.41% below the market average
82.61% below the sector average82.61% below the sector average82.61% below the sector average82.61% below the sector average82.61% below the sector average
Growth
29.1% below the market average29.1% below the market average29.1% below the market average29.1% below the market average29.1% below the market average
80.33% below the sector average80.33% below the sector average80.33% below the sector average80.33% below the sector average80.33% below the sector average

What The Brokers Say

Strong Buy 5
Buy 0
Neutral 10
Sell 0
Strong Sell 0
Total 15
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Fresnillo Dividends

  Latest Previous
  Interim Final
Ex-Div 08-Aug-19 25-Apr-19
Paid 06-Sep-19 24-May-19
Amount 2.60¢ 16.70¢

Trades for 18-Oct-2019

Time Volume / Share Price
16:35 614,899 @ 616.00p
16:29 207 @ 615.80p
16:29 508 @ 615.80p
16:29 43 @ 615.80p
16:29 43 @ 615.80p

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