Cash flow West African Resources Limited

Equities

WAF

AU000000WAF6

Gold

Market Closed - Australian S.E. Other stock markets 10:40:16 06/03/2026 am IST			5-day change	1st Jan Change
3.150 ^AUD	-5.12%		-9.74%	+5.00%

04/03	West African Resources UBS Sells Stake, Shares Down 7%	MT
23/02	West African Resources Confirms Ongoing Talks with Burkina Faso on Kiaka Stake Increase	MT

2207588f7110ae494858cd5abd411.PHLGcssYzIJfzBbVuW6QxcN7bH7yXbRUS4OWsJtny8U.aSCAGvxevPocnyKZ7ySk_JUtKBi1Aoc-HNfC-uE4-K4MOo9AiXv71jO1Qw

Published financial data: WEST AFRICAN RESOURCES LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	31Cr	71Cr	61Cr	66Cr	73Cr
Total Revenues	31Cr	71Cr	61Cr	66Cr	73Cr
Cost of Goods Sold, Total	15Cr	31Cr	32Cr	39Cr	38Cr
Gross Profit	17Cr	41Cr	28Cr	27Cr	35Cr
Selling General & Admin Expenses, Total	50.79L	57.41L	77.85L	97.89L	1.16Cr
Exploration / Drilling Costs, Total	25.17L	22.84L	48.95L	40.7L	19.49L
Provision for Bad Debts	-	-	-	-	-
Stock-Based Compensation (IS)	23.43L	24.92L	24.56L	25.97L	30.82L
R&D Expenses	-	12.18L	-	-	-
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	27.69L	61.76L	96.95L	1.75Cr	58.05L
Other Operating Expenses, Total	1.27Cr	1.79Cr	2.48Cr	3.39Cr	2.24Cr
Operating Income	15Cr	39Cr	26Cr	24Cr	33Cr
Interest Expense, Total	-1.99Cr	-5.87Cr	-21.1L	-17.7L	-27.72L
Net Interest Expenses	-1.99Cr	-5.87Cr	-21.1L	-17.7L	-27.72L
Currency Exchange Gains (Loss)	1.42Cr	-71.47L	9L	64.46L	1.5Cr
Other Non Operating Income (Expenses)	-62.61L	-	-	-	-
EBT, Excl. Unusual Items	14Cr	32Cr	26Cr	24Cr	34Cr
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	14Cr	32Cr	26Cr	24Cr	34Cr
Income Tax Expense	4.25Cr	11Cr	7.39Cr	7.63Cr	9.59Cr
Earnings From Continuing Operations	9.89Cr	21Cr	18Cr	16Cr	25Cr
Net Income to Company	9.89Cr	21Cr	18Cr	16Cr	25Cr
Minority Interest	-95.38L	-2.55Cr	-1.93Cr	-1.79Cr	-2.24Cr
Net Income - (IS)	8.94Cr	19Cr	16Cr	15Cr	22Cr
Net Income to Common Incl Extra Items	8.94Cr	19Cr	16Cr	15Cr	22Cr
Net Income to Common Excl. Extra Items	8.94Cr	19Cr	16Cr	15Cr	22Cr
Per Share Items
Net EPS - Basic	0.1	0.21	0.16	0.14	0.21
Basic EPS - Continuing Operations	0.1	0.21	0.16	0.14	0.21
Basic Weighted Average Shares Outstanding	87Cr	90Cr	102.11Cr	102.47Cr	108.01Cr
Net EPS - Diluted	0.1	0.21	0.16	0.14	0.21
Diluted EPS - Continuing Operations	0.1	0.21	0.16	0.14	0.21
Diluted Weighted Average Shares Outstanding	88Cr	91Cr	103.13Cr	103.11Cr	108.62Cr
Normalized Basic EPS	0.09	0.19	0.14	0.13	0.18
Normalized Diluted EPS	0.09	0.19	0.14	0.13	0.18
Supplemental Items
EBITDA	18Cr	44Cr	32Cr	32Cr	40Cr
EBITA	15Cr	39Cr	26Cr	24Cr	33Cr
EBIT	15Cr	39Cr	26Cr	24Cr	33Cr
EBITDAR	-	44Cr	32Cr	32Cr	40Cr
Effective Tax Rate - (Ratio)	30.04	33.31	28.67	31.65	28.02
Total Current Taxes	2.08Cr	10Cr	5.64Cr	7.93Cr	9.33Cr
Total Deferred Taxes	2.16Cr	-7L	1.48Cr	13.53L	6L
Normalized Net Income	7.88Cr	18Cr	14Cr	13Cr	19Cr
Interest Capitalized	77.38L	-	-	-	-
Interest on Long-Term Debt	2.61Cr	8L	7L	4L	10.82L
Supplemental Operating Expense Items
General and Administrative Expenses	50.79L	57.41L	77.85L	97.89L	1.16Cr
Research And Development Expense From Footnotes	-	12.18L	-	-	-
Exploration/Drilling Costs	25.17L	22.84L	48.95L	40.7L	19.49L
Net Rental Expense, Total	-	22T	55T	30T	31T
Imputed Operating Lease Interest Expense	-	62.67T	16.9T	4.96T	2.39T
Imputed Operating Lease Depreciation	-	-40.67T	38.1T	25.04T	28.61T
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	23.43L	24.92L	24.56L	25.97L	30.82L
Total Stock-Based Compensation	23.43L	24.92L	24.56L	25.97L	30.82L

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	9.5Cr	18Cr	17Cr	14Cr	39Cr
Short Term Investments	39T	39T	-	-	-
Total Cash And Short Term Investments	9.51Cr	18Cr	17Cr	14Cr	39Cr
Other Receivables	1.97Cr	3.62Cr	4.05Cr	7.92Cr	11Cr
Notes Receivable	-	-	-	14Cr	-
Total Receivables	1.97Cr	3.62Cr	4.05Cr	22Cr	11Cr
Inventory	5.2Cr	5.9Cr	6.8Cr	10Cr	13Cr
Prepaid Expenses	29.45L	62.94L	28.56L	29.63L	30.37L
Restricted Cash	-	16.26L	1.03Cr	32.68L	58.32L
Other Current Assets, Total	-	-	-	73.03L	-
Total Current Assets	17Cr	29Cr	30Cr	47Cr	65Cr
Gross Property Plant And Equipment	38Cr	60Cr	72Cr	97Cr	162.79Cr
Accumulated Depreciation	-2.37Cr	-8.09Cr	-14Cr	-22Cr	-30Cr
Net Property Plant And Equipment	36Cr	52Cr	58Cr	75Cr	132.51Cr
Deferred Charges Long-Term	-	-	5L	-	-
Total Assets	53Cr	80Cr	88Cr	122.08Cr	197.43Cr
Liabilities
Accounts Payable, Total	2.44Cr	2.16Cr	2.39Cr	4.63Cr	6.88Cr
Accrued Expenses, Total	1.54Cr	2.16Cr	2.75Cr	3.64Cr	4.15Cr
Short-term Borrowings	-	6.19Cr	-	-	-
Current Portion of Long-Term Debt	13Cr	2L	1.41Cr	1.41Cr	2.38Cr
Current Portion of Leases	45.81L	55.91L	66.24L	19.7L	64.92L
Current Income Taxes Payable	2.08Cr	8.54Cr	1.44Cr	3Cr	5.43Cr
Unearned Revenue Current, Total	2.4Cr	-	-	-	-
Other Current Liabilities	7L	10.07L	10.27L	-	-
Total Current Liabilities	22Cr	20Cr	8.76Cr	13Cr	19Cr
Long-Term Debt	9.37Cr	1.29Cr	-	13Cr	38Cr
Long-Term Leases	1.12Cr	70.96L	14.5L	-	1.3Cr
Pension & Other Post Retirement Benefits	-	-	-	21.39L	30.01L
Deferred Tax Liability Non Current	2.16Cr	2Cr	3.47Cr	3.61Cr	3.67Cr
Other Non Current Liabilities	94.06L	1.26Cr	1.44Cr	1.51Cr	3.01Cr
Total Liabilities	36Cr	25Cr	14Cr	32Cr	66Cr
Common Stock, Total	17Cr	34Cr	34Cr	34Cr	48Cr
Retained Earnings	-38.85L	19Cr	35Cr	49Cr	72Cr
Comprehensive Income and Other	38.51L	41.73L	1.58Cr	3.07Cr	5Cr
Total Common Equity	17Cr	53Cr	70Cr	86Cr	124.7Cr
Minority Interest	70.36L	2.94Cr	4.01Cr	4.46Cr	6.69Cr
Total Equity	17Cr	55Cr	74Cr	91Cr	131.39Cr
Total Liabilities And Equity	53Cr	80Cr	88Cr	122.08Cr	197.43Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	88Cr	102.1Cr	102.36Cr	102.66Cr	113.98Cr
ECS Total Common Shares Outstanding	88Cr	102.08Cr	102.28Cr	102.63Cr	113.98Cr
Book Value / Share	0.19	0.51	0.68	0.84	1.09
Tangible Book Value	17Cr	53Cr	70Cr	86Cr	124.7Cr
Tangible Book Value Per Share	0.19	0.51	0.68	0.84	1.09
Total Debt	24Cr	8.77Cr	2.22Cr	15Cr	43Cr
Net Debt	15Cr	-9.57Cr	-15Cr	1.41Cr	3.43Cr
Debt Equivalent Oper. Leases	-	2L	4L	2L	2L
Minority Interest, Total (Incl. Fin. Div)	70.36L	2.94Cr	4.01Cr	4.46Cr	6.69Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	3.55Cr	5Cr	5.87Cr	8.81Cr	11Cr
Inventories - Finished Goods, Total	1.64Cr	89.99L	93.1L	1.58Cr	2.43Cr
Land - (BS)	3.11Cr	3.34Cr	3.47Cr	3.57Cr	3.69Cr
Buildings, Total	-	-	-	-	-
Machinery, Total	21Cr	24Cr	24Cr	27Cr	30Cr
Full Time Employees	-	550	729	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	8.94Cr	19Cr	16Cr	15Cr	22Cr
Depreciation & Amortization - CF	2.72Cr	6.21Cr	6.45Cr	8.7Cr	7.52Cr
Amortization of Goodwill and Intangible Assets - (CF)	1L	-	-	-	-
Depreciation & Amortization, Total	2.74Cr	6.21Cr	6.45Cr	8.7Cr	7.52Cr
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	23.43L	24.92L	24.56L	25.97L	30.82L
Other Operating Activities, Total	1.69Cr	8Cr	31.94L	1.2Cr	60.34L
Change In Accounts Receivable	-1.83Cr	-1.98Cr	-30.97L	-3.75Cr	-2.45Cr
Change In Inventories	-2.65Cr	-76.07L	-91.42L	-3.59Cr	-2.73Cr
Change In Accounts Payable	1.42Cr	-2.71Cr	2.17Cr	1.36Cr	-3.31Cr
Change In Income Taxes	2.08Cr	7.23Cr	-7.47Cr	1.54Cr	2.72Cr
Change In Deferred Taxes	2.16Cr	-16.81L	1.48Cr	13.53L	6L
Change in Other Net Operating Assets	-	-	-	31.57L	6L
Cash from Operations	15Cr	35Cr	18Cr	21Cr	25Cr
Capital Expenditure	-12Cr	-11Cr	-18Cr	-23Cr	-49Cr
Other Investing Activities, Total	3L	-	-	-	-
Cash from Investing	-12Cr	-11Cr	-18Cr	-23Cr	-49Cr
Long-Term Debt Issued, Total	3.78Cr	-	-	-	38Cr
Total Debt Issued	3.78Cr	-	-	-	38Cr
Long-Term Debt Repaid, Total	-3.84Cr	-24Cr	-75.44L	-53.28L	-81.55L
Total Debt Repaid	-3.84Cr	-24Cr	-75.44L	-53.28L	-81.55L
Issuance of Common Stock	23.69L	14Cr	6L	2L	15Cr
Other Financing Activities, Total	-2.29Cr	-5.15Cr	-88.14L	-1.81Cr	-5.19Cr
Cash from Financing	-2.11Cr	-15Cr	-1.57Cr	-2.32Cr	47Cr
Foreign Exchange Rate Adjustments	15.37L	12.06L	24.2L	45.93L	2.63Cr
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	1.14Cr	8.83Cr	-99.81L	-3.83Cr	26Cr
Supplemental Items
Cash Interest Paid	1.56Cr	1.42Cr	13.75L	17.54L	2.68Cr
Cash Income Tax Paid (Refund)	-	3.65Cr	13Cr	5.95Cr	6.78Cr
Levered Free Cash Flow	-58.23L	18Cr	-3.48Cr	-16Cr	-7.09Cr
Unlevered Free Cash Flow	66L	21Cr	-3.34Cr	-16Cr	-6.92Cr
Change In Net Working Capital	17.19L	-1.58Cr	8.13Cr	17Cr	-13Cr
Net Debt Issued / Repaid	-6L	-24Cr	-75.44L	-53.28L	37Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	22.11	36.28	19.22	14.08	12.9
Return on Total Capital	26.17	45.84	23.02	16.26	14.75
Return On Equity %	80.24	59.02	28.37	20.02	22.19
Return on Common Equity	73.98	54.75	26.84	18.81	21.24
Margin Analysis
Gross Profit Margin %	53.35	56.92	46.62	40.89	48.26
SG&A Margin	1.63	0.81	1.28	1.48	1.59
EBITDA Margin %	57.04	62.45	52.3	48.09	54.88
EBITA Margin %	49.31	54.4	42.54	35.75	45.18
EBIT Margin %	49.27	54.4	42.54	35.75	45.18
Income From Continuing Operations Margin %	31.78	30.11	30.2	24.92	33.73
Net Income Margin %	28.72	26.53	27.04	22.21	30.66
Net Avail. For Common Margin %	28.72	26.53	27.04	22.21	30.66
Normalized Net Income Margin	25.33	24.64	23.3	20.08	26.22
Levered Free Cash Flow Margin	-1.87	24.97	-5.71	-24.77	-9.72
Unlevered Free Cash Flow Margin	2.12	30.13	-5.5	-24.6	-9.48
Asset Turnover
Asset Turnover	0.72	1.07	0.72	0.63	0.46
Fixed Assets Turnover	1.02	1.62	1.11	0.99	0.7
Inventory Turnover (Average Inventory)	-	5.53	5.11	4.55	3.17
Short Term Liquidity
Current Ratio	0.76	1.45	3.37	3.69	3.33
Quick Ratio	0.52	1.11	2.44	1.67	2.6
Operating Cash Flow to Current Liabilities	0.66	1.77	2.1	1.62	1.29
Days Outstanding Inventory (Average Inventory)	-	65.98	71.39	80.29	115.36
Average Days Payable Outstanding	-	26.74	24.84	29.98	51.63
Long Term Solvency
Total Debt/Equity	140.56	15.82	3	16.47	32.42
Total Debt / Total Capital	58.43	13.66	2.91	14.14	24.48
LT Debt/Equity	60.89	3.61	0.2	14.69	30.12
Long-Term Debt / Total Capital	25.31	3.11	0.19	12.61	22.74
Total Liabilities / Total Assets	67.54	31.07	15.72	25.8	33.45
EBIT / Interest Expense	7.71	6.6	122.62	133.57	118.99
EBITDA / Interest Expense	9.09	7.65	153.17	182.74	146.13
(EBITDA - Capex) / Interest Expense	3.19	5.82	67.49	53.74	-29.68
Total Debt / EBITDA	1.34	0.2	0.07	0.46	1.05
Net Debt / EBITDA	0.81	-0.21	-0.47	0.04	0.08
Total Debt / (EBITDA - Capex)	3.82	0.26	0.16	1.57	-5.18
Net Debt / (EBITDA - Capex)	2.32	-0.28	-1.06	0.15	-0.42
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	25.01T	128.86	-14.59	8.71	10.4
Gross Profit, 1 Yr. Growth %	14.58T	144.15	-30.05	-4.66	30.3
EBITDA, 1 Yr. Growth %	-3.26T	150.73	-28.48	1.58	26.02
EBITA, 1 Yr. Growth %	-2.79T	152.7	-33.22	-8.62	39.51
EBIT, 1 Yr. Growth %	-2.79T	152.7	-33.22	-8.62	39.51
Earnings From Cont. Operations, 1 Yr. Growth %	-2.38T	116.82	-14.33	-10.29	49.41
Net Income, 1 Yr. Growth %	-2.19T	111.46	-12.98	-10.68	52.41
Normalized Net Income, 1 Yr. Growth %	-3.07T	122.66	-19.25	-6.32	44.19
Diluted EPS Before Extra, 1 Yr. Growth %	-2.13T	104.95	-23.19	-10.69	45.07
Inventory, 1 Yr. Growth %	-	13.53	15.35	52.76	29.11
Net Property, Plant and Equip., 1 Yr. Growth %	43.94	43.39	12.63	28.05	77.47
Total Assets, 1 Yr. Growth %	57.97	51.54	9.26	38.94	61.72
Tangible Book Value, 1 Yr. Growth %	116.4	217.77	33.42	22.94	44.8
Common Equity, 1 Yr. Growth %	116.4	217.77	33.42	22.94	44.8
Cash From Operations, 1 Yr. Growth %	-2.35T	136.38	-47.35	13.32	20.63
Capital Expenditures, 1 Yr. Growth %	-43.92	-7.88	67.46	26.3	113.43
Levered Free Cash Flow, 1 Yr. Growth %	-97.18	-1.9T	-119.54	311.55	-56.71
Unlevered Free Cash Flow, 1 Yr. Growth %	-103.2	3.21T	-115.59	322.78	-57.48
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.86T	2.3T	39.81	-3.64	9.55
Gross Profit, 2 Yr. CAGR %	1.33T	1.79T	30.69	-18.33	11.46
EBITDA, 2 Yr. CAGR %	419.69	790.03	33.91	-15.44	13.13
EBITA, 2 Yr. CAGR %	376.7	724.22	29.91	-21.88	12.91
EBIT, 2 Yr. CAGR %	376.51	724.22	29.91	-21.88	12.91
Earnings From Cont. Operations, 2 Yr. CAGR %	273.17	603.41	36.29	-12.34	15.77
Net Income, 2 Yr. CAGR %	255.47	564.85	35.65	-11.84	16.67
Normalized Net Income, 2 Yr. CAGR %	322.82	713.82	34.09	-13.02	16.22
Diluted EPS Before Extra, 2 Yr. CAGR %	218.73	543.43	25.47	-17.18	13.82
Inventory, 2 Yr. CAGR %	-	-	14.44	32.74	40.44
Net Property, Plant and Equip., 2 Yr. CAGR %	333.45	43.67	27.08	20.09	50.75
Total Assets, 2 Yr. CAGR %	143.36	54.72	28.67	23.21	49.89
Tangible Book Value, 2 Yr. CAGR %	43.85	162.23	105.9	28.07	33.42
Common Equity, 2 Yr. CAGR %	43.85	162.23	105.9	28.07	33.42
Cash From Operations, 2 Yr. CAGR %	318.15	628.58	11.56	-22.76	16.91
Capital Expenditures, 2 Yr. CAGR %	122.17	-28.12	24.2	45.43	64.19
Levered Free Cash Flow, 2 Yr. CAGR %	-	-7.17	87.74	-4.04	33.52
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	1.97	127.24	-12.93	34.12
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	857.99	688.86	28.56	0.83
Gross Profit, 3 Yr. CAGR %	-	693.92	530.55	17.65	-4.57
EBITDA, 3 Yr. CAGR %	-	307.5	284.08	21.48	-3.42
EBITA, 3 Yr. CAGR %	-	285.7	256.65	15.53	-5.22
EBIT, 3 Yr. CAGR %	-	285.7	256.65	15.53	-5.22
Earnings From Cont. Operations, 3 Yr. CAGR %	-	211.39	248.67	18.55	4.72
Net Income, 3 Yr. CAGR %	-	198.96	237.57	18.01	5.81
Normalized Net Income, 3 Yr. CAGR %	-	241.44	276.76	18.98	2.94
Diluted EPS Before Extra, 3 Yr. CAGR %	-	174.65	216.82	12.03	-0.16
Inventory, 3 Yr. CAGR %	-	-	-	26	31.52
Net Property, Plant and Equip., 3 Yr. CAGR %	-	199.78	32.47	27.4	36.79
Total Assets, 3 Yr. CAGR %	-	107.82	37.78	32.01	34.9
Tangible Book Value, 3 Yr. CAGR %	-	87.34	109.34	73.38	33.42
Common Equity, 3 Yr. CAGR %	-	87.34	109.34	73.38	33.42
Cash From Operations, 3 Yr. CAGR %	-	245.75	203.47	12.14	-10.39
Capital Expenditures, 3 Yr. CAGR %	-	65.67	-4.71	24.9	65.27
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-44.77	155.13	-26.39
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-45.48	192.87	-31.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	282.27	258.14
Gross Profit, 5 Yr. CAGR %	-	-	-	219.66	215.27
EBITDA, 5 Yr. CAGR %	-	-	-	117.24	134.8
EBITA, 5 Yr. CAGR %	-	-	-	103.63	125.13
EBIT, 5 Yr. CAGR %	-	-	-	103.63	125.13
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	87.55	124.33
Net Income, 5 Yr. CAGR %	-	-	-	83.43	120.7
Normalized Net Income, 5 Yr. CAGR %	-	-	-	97.58	135.37
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	70.03	110.37
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	107.91	39.5
Total Assets, 5 Yr. CAGR %	-	-	-	68.6	42.5
Tangible Book Value, 5 Yr. CAGR %	-	-	-	60.9	74.83
Common Equity, 5 Yr. CAGR %	-	-	-	60.9	74.83
Cash From Operations, 5 Yr. CAGR %	-	-	-	89.84	107.21
Capital Expenditures, 5 Yr. CAGR %	-	-	-	57.26	18.45
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	-19.23
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	-19.63