The management guidance for 2013 given by FNV indicates that it is expecting to receive a total of 215K to 235K gold equivalent ounces from its mineral assets (230K ounces in 2012) and $55-$65 million in revenue ($40.9 million in 2012) from its oil & gas assets. The five year outlook, with the same commodity price assumptions as for 2013, has been given at 300K to 325K gold equivalent ounces, and $70 to $80 million in oil & gas revenues in 2017. This implies that while the management expects the receipts to remain flat in 2013, it expects a growth of 30% to 40% over the next five years. For 2012, FNV clocked record revenues at $427.0 million compared with $411.2 million for last year (4% growth). For Q4'12, however, the revenues fell to $114.1 million from $118.5 million in 2011 (a fall of 3.7%). In 2012, precious metal assets contributed 87% of the revenues while the oil & gas revenues contributed 11%. 83% of revenue came from North America, with Canada being the highest contributor at 31%. Stream revenues contributed 45% to the total revenues while revenue-based and profit based revenues contributed 42% and 9% respectively. For 2012, the net income was $102.6 million, or $0.72 per share, compared with a net loss of $6.8 million, or $0.05 per share, for 2011. The fourth quarter, however, reported a loss of 33.1 million. With high profit margins and substantial cash flows, over the past five years, it has made new acquisitions worth $2.1 billion, and has committed to a further $1.4 billion in new investments. Even the mining companies are on the lookout for new potential assets e.g Bullfrog Gold (BFGC's) Newsboy project, or companies which are about to start production soon e.g Pershing Gold (PGLC) (about to start production in 2014). Stakes in these companies are available at very low prices, and investment leads to strategic advantages.
