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Consolidating Our Growth Advancing Our Pipeline FRESNILLO PLC FRESNILLO ANNUAL REPORT AND ACCOUNTS 2018 AND ACCOUNTS REPORT ANNUAL CONSOLIDATING OUR GROWTH ADVANCING OUR PIPELINE Fresnillo plc Annual Report and Accounts 2018 Fresnillo plc is the world’s largest silver producer and Mexico’s largest gold producer, listed on the London and Mexican stock exchanges. The Company has been a steady and credible member of the FTSE 100 since 2008. Find out more online at www.fresnilloplc.com Fresnillo plc Annual Report and Accounts 2018 01 FRESNILLO TODAY STRATEGIC REPORT CORPORATE GOVERNANCE PERFORMANCE HIGHLIGHTS FINANCIAL STATEMENTS FRESNILLO TODAY This has been another year of production growth across 01 Performance highlights 02 Fresnillo at a glance the portfolio. With our pipeline continuing to advance, 04 Where we operate 06 Consolidating our growth and extensive consolidation activities currently underway, 08 Advancing our pipeline we are well-positioned to seize future opportunities. 10 Chairman’s statement 1 STRATEGIC REPORT Silver production Adjusted revenue 14 Chief Executive’s statement 17 Our markets 20 Business model 22 Relationships with key stakeholders 61.8 moz US$2,243.4m 24 Our strategy and KPIs 28 Managing our risks 42 Viability statement & +5.3% +0.5% going concern statement 44 Review of operations 66 Social and sustainability report Gold production Gross profit 85 Financial review CORPORATE GOVERNANCE 98 Fresnillo’s approach to governance 922.5 koz US$780.7m 99 Chairman’s letter 102 The Board of Directors 106 Executive Committee +1.3% -15.6% 107 Effectiveness 109 The governance of Fresnillo’s related party arrangements Total attributable silver resources EBITDA 110 Board business and activities 111 Board performance evaluation 113 UK Corporate Governance Code 2018 2,204.0 moz US$915.1m 114 Relations with shareholders 116 Nominations Committee report 119 Audit Committee report -5.0% -13.7% 130 Remuneration at a glance 132 Directors’ remuneration report 148 Directors’ report Total attributable gold resources Profit from continuing operations 150 Statement of Directors’ responsibilities FINANCIAL STATEMENTS 151 Independent auditor’s report 39.1 moz US$506.7m 164 Consolidated income statement 165 Consolidated statement +1.5% -28.6% of comprehensive income 166 Consolidated balance sheet 168 Consolidated statement OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS of cash flows • Record annual silver production of • Adjusted revenue 1 of US$2,243.4 169 Consolidated statement of changes in equity 61.8 moz driven by the first full year of million, up 0.5% over 2017 due to an 170 Notes to the consolidated operations at San Julián (Disseminated Ore increase in volumes of silver, lead and financial statements Body), albeit this was lower than guidance zinc sold, offset by the lower prices of 218 Parent company statement of comprehensive income (which was revised twice during the year) and these metals. 219 Parent company balance sheet the long-term target set at the time of the IPO. • Gross profit and EBITDA down 220 Parent company statement • Gold production up 1.3% vs. 2017 and in line 15.6% and 13.7%, to US$780.7 million of cash flows with our upwardly revised guidance, as a result and US$915.1 million respectively. 221 Parent company statement of changes in equity of a higher ore grade and recovery rate at • Profit from continuing operations 222 Notes to the parent company Saucito, the contribution of the new Pyrites of US$506.7 million, down 28.6%. financial statements plant and the higher ore grade at Fresnillo. • Capex of US$668.7 million, up 10.3% 245 Fresnillo plc consolidated • Commissioned Pyrites plant (phase I) on and US$298.1 million of dividends paid, audited mineral resource statement budget with a minor delay. up 26.0%. 246 Consolidated audited mineral • Completed second line of dynamic leaching • Strong balance sheet and low leverage resource statement of exploration plant on budget but a longer testing period ratio; cash and other liquid funds 2 of projects and prospects 247 Consolidated audited ore resulted in commercial production not US$560.8 million, down 37.4% mainly reserve statement commencing until 2019. due to lower cash flow from operations 248 Operating statistics • Gold resources increased 1.5% while silver and increased capex. 250 Shareholder information resources decreased 5.0%. Silver and gold reserves declined 5.1% and 6.0% respectively. • We regret to report that five fatalities occurred during 2018 and one more in early 2019. 1 Adjusted revenue is the revenue shown in the income statement adjusted to add back treatment and refining costs and gold, lead and zinc hedging. The Company considers this a useful additional measure to help understand underlying factors driving revenue in terms of volumes sold and realised prices. 2 Cash and other liquid funds are disclosed in note 30(c) to the Financial Statements. 02 Fresnillo plc Annual Report and Accounts 2018 FRESNILLO TODAY AT A GLANCE Our goal is to maintain the Group’s position as the world’s largest primary silver company and Mexico’s largest gold producer. Following a decade of consistent and successful progress, we are now focused on consolidating our growth and advancing our pipeline in order to deliver further growth in the years ahead. Our continuing success is a tribute to the long-term nature of our strategy, the skills and dedication of our people and the ongoing support of our stakeholders. WHAT WE DO We seek to create value for stakeholders across precious metal cycles, focusing on high-potential silver and gold projects that can be developed into low cost, world-class mines. 1 EXPLORE 2 DEVELOP 3 OPERATE Continuous, sustained exploration is Before we decide to develop a new We have seven mines currently in the engine that drives our business. mine, we check its potential against operation and continue to invest in We invest across all price cycles, seeking a set of strict criteria, including mineral infrastructure improvements, new out ore deposits in order to expand our content and associated costs. This technologies and new working practices resource base and replenish reserves. means that only those projects with to maximise the efficiency of each one. the potential to create value across OUR COMPETITIVE ADVANTAGE precious metal price cycles are OUR COMPETITIVE ADVANTAGE Several concessions in Mexico; a team developed into operating mines. Competitive cost performance against of talented, dedicated geologists; our industry peers; all-in sustaining cost rigorous approach to prospects, with OUR COMPETITIVE ADVANTAGE on a life-of-mine basis significantly lower only those that demonstrate a minimum Strictly applied viability criteria including than current and projected market prices potential of 150 moz of silver or 2 moz rates of return and high environmental for gold and silver. of gold advancing; strict criteria on ore and social impact standards; a district grades, metallurgical recoveries and consolidation strategy that creates environmental impact. synergies across our prospects and projects, reducing capex requirements; in addition to synergistic benefits from our membership of the Peñoles Group, with common requirements across a number of service areas creating opportunities for costs to be shared; in-house teams for engineering and construction. See our business model on pages 20-21. Fresnillo plc Annual Report and Accounts 2018 03 FRESNILLO TODAY STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS PRECIOUS METAL VALUE CHAIN OUR INVESTMENT CASE Fresnillo has established a reputation for a strong balance sheet, high quality assets, low cost and flexible operations, a disciplined Exploration for approach to development and sustainable business practices. mineral resources These qualities are the foundation for our long-established track record of creating value through growth and returns. STRONG BALANCE SHEET DISCIPLINED APPROACH OUTCOME: TO DEVELOPMENT OPERATIONAL FLEXIBILITY, OUTCOME: INVESTMENT ACROSS PRICE LONG-TERM PROFITABLE GROWTH Development and CYCLES, SHAREHOLDER RETURNS All decisions to proceed with a construction of new mines Our healthy cash position and low development project are based on FRESNILLO PLC FRESNILLO leverage ratio enable us to invest stringent viability criteria covering in profitable growth, optimise areas such as rates of return and high operations and deliver solid returns to environmental and social impact shareholders. Our capital expenditures standards. We set delivery timelines in 2018 totalled US$668.7 million, and budgets to meet production while we invested US$172.8 million Mineral extraction and targets in the context of market in exploration activities and paid beneficiation conditions, and maintain control dividends of US$298.1 million. by carrying out engineering and See the Financial Review on pages 85-97. construction activities. Our Juanicipio project will be approved for Smelting and refining development in due course and we HIGH QUALITY ASSETS look forward to construction activities OUTCOME: beginning later in 2019, with operations LONG-TERM VISIBILITY DELIVERING commencing in 2H 2020. LONG-TERM RETURNS Brokers With approximately 1.8 million hectares SUSTAINABLE of surface land, we pursue a district consolidation strategy that leverages BUSINESS PRACTICES local knowledge and shared infra- OUTCOME: Buyers ENVIRONMENTAL STEWARDSHIP, structure. At the end of 2018, our SOCIAL LICENCE TO OPERATE, portfolio of low cost gold and silver ETHICAL CULTURE mines, high potential development Our commitment to sustainability projects and advanced exploration underpins our ability to create value prospects comprised over 2,204.0 SUSTAIN for all our stakeholders and ensure 4 moz of attributable silver resources operational continuity. We strive to and 39.1 moz of gold resources. Fresnillo is a business focused on the understand and respect the needs long term. We operate responsibly See our Review of Operations on pages of local communities, prioritise local at all times and work hard to ensure 44-65. goods, services and employees, the highest standards of health and improve our health and safety record safety, environmental stewardship and LOW COST AND FLEXIBLE in the light of our recent unacceptable governance.
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