 Paas , ou les "bienfaits " d'une politique de hedg
par marie Ven 7 Avr 2006 - 18:16 | |
| Pan American Silver has refused to give GATA the time of day … Bill, Hedgers come in all sizes, shapes and metals. Would Pan American Silver would still need to sell up to 150 million new shares*, and dilute their shareholder's equity, if they hadn't hedged their production of lead and zinc? According to the 2004 Annual Report, Pan Am had sold, "22,200 tonnes of zinc at an average price of $1,092 per tonne and 4,000 tonnes of lead at an average price of $726 per tonne. These forward sales represent approximately 62 per cent and 22 per cent of anticipated 2005 production of zinc and lead, respectively." Zinc is currently at $2,787/ton and lead $1,150, so Pan Am has foregone as much as $39 million dollars in income due to base metal hedges, and that doesn't include any 2005 activity. For 2005, Pan Am, "reported a net loss of $29.5 million or ($0.44) per share for the fourth quarter of 2005 versus fourth quarter earnings of $13.1 million in2004. Both reporting periods include one-time impacts to earnings... Net earnings for the fourth quarter were $0.15 million or nil per share, including a $6.2 million charge to earnings for commodity and foreign-currency contracts." The losses from those hedges were enough to transform a profitable quarter into a break even period for the company. Perhaps if former CEO Ross Beaty had kept an open mind and paid attention to GATA's findings, rather than repeatedly disparaging them, Pan Am's shareholders would now be celebrating profits in a bull market instead of seeing their holdings watered down. Best wishes, Peter R. * http://biz.yahoo.com/prnews/060405/to294.html?.v=26  Marie Pas de copier-coller: merci de faire un lien vers ce post. Suivez Hardinvestor sur Twitter et sur Facebook
Dernière édition par marie le Ven 2 Jan 2015 - 15:28, édité 2 fois |
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