Endeavour Mining plc

Name: Endeavour Mining plc financial statements and ratios
Creator: Annalist

EDV · LSE · Materials, gold mining · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2024, the fiscal year ended 31 December 2024. Snapshot FY2024_5a17199d.

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Overview

Revenue, fiscal year

+26.5% year on year

Operating profit, fiscal year

−16.9% year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n.m. year on year

Operating margin, fiscal year

−7.2pp year on year

Return on equity, fiscal year

−4.1pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2024 was US$2.7 billion, 26.5% higher than in the previous fiscal year.
Strengthenedin FY2024 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2024-12
History of this finding, 4 records
1. FY2024 StrengthenedRevenue for the fiscal year ended 31 December 2024 was US$2.7 billion, 26.5% higher than in the previous fiscal year.Recorded from FY2024_5a17199d · data update
2. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$2.1 billion, 2.2% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2022 NewRevenue for the fiscal year ended 31 December 2022 was US$2.1 billion, 5.1% lower than in the previous fiscal year.Reconstructed · initial
The company reported a net loss of US$300 million for fiscal 2024, against a net loss of US$209 million in the previous fiscal year.
Strengthenedin FY2024 · stated since FY2022
Rule: Net income against the previous fiscal year · Sources Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 StrengthenedThe company reported a net loss of US$300 million for fiscal 2024, against a net loss of US$209 million in the previous fiscal year.Recorded from FY2024_5a17199d · data update
2. FY2023 StrengthenedThe company reported a net loss of US$209 million for fiscal 2023, against a net loss of US$57 million in the previous fiscal year.Reconstructed · data update
3. FY2022 NewThe company reported a net loss of US$57 million for fiscal 2022, against net income of US$216 million in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2024 was 13.7%, 7.2 percentage points lower than a year earlier.
Weakenedin FY2024 · stated since FY2023
Rule: Operating margin against a year earlier · Sources Annual financial report 2024-12
History of this finding, 4 records
1. FY2024 WeakenedThe operating margin for fiscal 2024 was 13.7%, 7.2 percentage points lower than a year earlier.Recorded from FY2024_5a17199d · data update
2. FY2023 NewThe operating margin for fiscal 2023 was 20.9%, 7.5 percentage points lower than a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2022 NewThe operating margin for fiscal 2022 was 28.4%, 10.0 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2024 was -10.1%, against -6.1% a year earlier.
Confirmedin FY2024 · stated since FY2022
Rule: Return on equity against a year earlier · Sources Annual financial report 2024-12, Annual financial report 2023-12
History of this finding, 3 records
1. FY2024 ConfirmedReturn on equity for fiscal 2024 was -10.1%, against -6.1% a year earlier.Recorded from FY2024_5a17199d · data update
2. FY2023 WeakenedReturn on equity for fiscal 2023 was -6.1%, against -1.5% a year earlier.Reconstructed · data update
3. FY2022 NewReturn on equity for fiscal 2022 was -1.5%, against 7.2% a year earlier.Reconstructed · initial
Net debt was US$764 million at 31 December 2024.
Strengthenedin FY2024 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2024-12
History of this finding, 4 records
1. FY2024 StrengthenedNet debt was US$764 million at 31 December 2024.Recorded from FY2024_5a17199d · data update
2. FY2023 NewNet debt was US$593 million at 31 December 2023.Reconstructed · data update
3. FY2023 RetiredThe finding changed to net debt.Reconstructed · data update
4. FY2022 NewCash and short-term investments exceeded total debt by US$79 million at 31 December 2022.Reconstructed · initial

Records before FY2024 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents4 documents, latest Annual financial report for the year to 31 December 2024List

DownloadsExcel workbook · JSON

SnapshotFY2024_5a17199d

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2024

Annual financial report for the year to 31 December 2024. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted	n/a	n/a	n/a	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Borrowings	$688m	$842m	$825m	$1.1bn	$1.1bn
Lease liabilities	$37.2m	$51.1m	$47.1m	$42.2m	$50.0m
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0	$0
Lease-adjusted debt	$726m	$893m	$872m	$1.1bn	$1.2bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −21.9% · FY2024

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 21.9% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2024 · stated since FY2022
Rule: Cash backing of earnings · Sources Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 21.9% of average total assets.Recorded from FY2024_5a17199d · data update
2. FY2023 WeakenedOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 13.9% of average total assets.Reconstructed · data update
3. FY2022 NewOperating cash flow for fiscal 2022 exceeded net income attributable to the company by an amount equal to 16.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 3.08, Piotroski 4 of 9 · FY2024

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2024 was 3.08, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Weakenedin FY2024 · stated since FY2022
Rule: Altman Z'' zone · Sources Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 3.08, above the safe threshold of 2.60.Recorded from FY2024_5a17199d · data update
2. FY2023 WeakenedThe Altman Z'' score for fiscal 2023 was 4.12, above the safe threshold of 2.60.Reconstructed · data update
3. FY2022 NewThe Altman Z'' score for fiscal 2022 was 4.41, above the safe threshold of 2.60.Reconstructed · initial
The Piotroski F-score for fiscal 2024 was 4 of 9. The 5 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2024 · stated since FY2022
Rule: Piotroski F-score · Sources Annual financial report 2023-12, Annual financial report 2024-12
History of this finding, 3 records
1. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 4 of 9. The 5 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Recorded from FY2024_5a17199d · data update
2. FY2023 ConfirmedThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and margin higher than a year earlier.Reconstructed · data update
3. FY2022 NewThe Piotroski F-score for fiscal 2022 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	safe zone	safe zone	safe zone	safe zone
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a	n/a

Altman Z'' Score

fiscal 2024

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

3.08Safe zone, above 2.60

The score of 3.08 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 1.25.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.026	6.560	0.170
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.373	3.260	1.215
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.067	6.720	0.448
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.187	1.050	1.247
Score			3.080

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Dechow F-score

fiscal 2024

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.63 means a probability of a misstatement 0.63 times the average rate in the Dechow sample: 0.23% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.077	0.790	−0.061
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.021	2.518	−0.053
Change in inventories / average total assetsThe growth of stock against average assets.	0.020	1.191	0.024
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.928	1.979	1.836
Change in cash salesThe growth of sales collected in cash.	0.431	0.171	0.074
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.019	−0.932	0.017
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.054
Probability of a misstatement			0.23%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2024

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

4 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2024	FY2023
Return on assets above zero	Not met	Not met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	17 Apr 2025, added to the index	AFR:529900NI5MXQ91GHXR07-2024-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	8 May 2024, added to the index	AFR:529900NI5MXQ91GHXR07-2022-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	16 Apr 2024, added to the index	AFR:529900NI5MXQ91GHXR07-2023-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	28 Apr 2022, added to the index	AFR:529900NI5MXQ91GHXR07-2021-12-31-0

Checks

2121 checks, all passed

Fiscal calendar9 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity5 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share5 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	178
Proven by a check	8.4%, 15 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	19
Changes compared on one basis	6
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Endeavour Mining plc, snapshot endeavour-mining/FY2024_5a17199d (as of FY2024); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2024_5a17199d · dataset SHA-256 5a17199da6fc65d7a587ebd1edaaead4d9a4bf8a984ddf39f22ad0eec1d34c2e · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json