SEMAFO: Cash Flow from Operations of $34.9 Million in Third Quarter 2017
Construction of Boungou Mine 63% CompleteMONTREAL, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Semafo Inc. (TSX:SMF)(OMX:SMF) today reported its financial and operational results for the three-month period ended September 30, 2017. All amounts are in US dollars unless otherwise stated.
Third Quarter 2017 - in Review
- Zone 9 back on track with good reconciliation to reserves
- Gold production of 53,900 ounces compared to 62,500 ounces for the same period in 2016
- Gold sales of $69.8 million compared to $80.2 million for the same period in 2016
- Total cash cost1 of $557 per ounce sold and all-in sustaining cost1 of $841 per ounce sold compared to $574 and $751, respectively, for the same period in 2016
- Net operating income of $11.8 million compared to $23.0 million for the same period in 2016
- Adjusted operating income1 of $12.9 million compared to $21.5 million for the same period in 2016
- Net income of $13.8 million compared to $19.6 million for the same period in 2016
- Adjusted net income attributable to equity shareholders1 of $8.4 million or $0.03 per share1 compared to $14.9 million or $0.05 per share1 for the same period in 2016
- Cash flows from operating activities2 of $34.9 million or $0.11 per share1 compared to $39.3 million or $0.12 per share1 for the same period in 2016
Boungou Mine
- Development on schedule with $113 million spent out of $231 million
- Construction 63% complete
- Relocation of Boungou residents to newly constructed village
- Completion of over 70% of the total concrete pour
- Installation of the vertimill and completion of the foundations for the SAG mill
- Erection of the leach tanks complete and water tanks halfway complete
- 2.5 million man-hours have been worked without lost-time injury
- Extraction of 5.3 million tonnes of pre-stripping material to date
- Signing of a three-year collective agreement with Boungou employees
The Corporation expects to attain the upper end of its 2017 production outlook of between 190,000 and 205,000 ounces of gold, and to meet its all-in sustaining cost outlook of between $920 and $960 per ounce.
| 1 | Total cash cost, all-in sustaining cost, adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 18. |
| 2 | Cash flows from operating activities exclude changes in non-cash working capital items. |
| Mana, Burkina Faso | ||||||||||||||
| Mining Operations | ||||||||||||||
| Three-month period ended September 30, | Nine-month period ended September 30, | |||||||||||||
| 2017 | 2016 | Variation | 2017 | 2016 | Variation | |||||||||
| Operating Data | ||||||||||||||
| Ore mined (tonnes) | 516,700 | 555,200 | (7 | %) | 1,499,300 | 1,620,000 | (7 | %) | ||||||
| Ore processed (tonnes) | 679,100 | 751,700 | (10 | %) | 2,086,400 | 2,039,100 | 2 | % | ||||||
| Waste mined (tonnes) | 3,629,200 | 3,155,800 | 15 | % | 12,215,200 | 11,424,900 | 7 | % | ||||||
| Operational stripping ratio | 7.0 | 5.7 | 23 | % | 8.1 | 7.1 | 14 | % | ||||||
| Head grade (g/t) | 2.55 | 2.71 | (6 | %) | 2.47 | 3.01 | (18 | %) | ||||||
| Recovery (%) | 97 | 95 | 2 | % | 95 | 94 | 1 | % | ||||||
| Gold ounces produced | 53,900 | 62,500 | (14 | %) | 156,900 | 185,100 | (15 | %) | ||||||
| Gold ounces sold | 54,500 | 60,000 | (9 | %) | 156,100 | 183,500 | (15 | %) | ||||||
| Statistics (in dollars) | ||||||||||||||
| Average realized selling price (per ounce) | 1,282 | 1,337 | (4 | %) | 1,256 | 1,261 | - | |||||||
| Cash operating cost (per tonne processed)¹ | 42 | 41 | 2 | % | 46 | 44 | 5 | % | ||||||
| Total cash cost (per ounce sold)¹ | 557 | 574 | (3 | %) | 651 | 542 | 20 | % | ||||||
| All-in sustaining cost (per ounce sold)¹ | 841 | 751 | 12 | % | 929 | 730 | 27 | % | ||||||
| Depreciation (per ounce sold)² | 401 | 330 | 22 | % | 459 | 312 | 47 | % | ||||||
| 1 | Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 18. |
| 2 | Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold. |
2017 Third Quarter Results
During the third quarter of 2017, the ore processed decreased by 10% compared to the same period in 2016 due to the mine plan. The ore processed in the quarter was 679,100 tonnes at an average grade of 2.55 g/t Au, including 216,500 tonnes of low-grade material not included in our reserves. The latter results from a decision to take advantage of higher gold prices and available milling capacity in order to generate additional cash flow. The lower head grade in the third quarter is a direct result of this decision, without which the head grade would have been 3.42 g/t Au. This includes 240,000 tonnes of ore from Zone 9 at an average grade of 5.0 g/t Au, showing good reconciliation with our reserves.
The Corporation's third quarter gold sales decreased relative to 2016 due to lower gold ounces produced and sold, and results from the mine plan sequence. The 2017 increase in depreciation of property, plant and equipment mainly reflects a higher capitalized stripping ratio from Siou at depth compared to the same period in 2016. Third quarter operating income decreased compared to the same period in 2016, mainly as a result of lower gold sales, higher depreciation and higher share-based compensation expense. The higher share-based compensation expense during the third quarter compared to the same period in 2016 is a result of an increase in our share price.
In the third quarter of 2017, the total cash cost and all-in sustaining cost reached $557 and $841 per ounce sold, respectively, compared to $574 and $751 per ounce sold, respectively, for the same period in 2016. The 2017 all-in sustaining cost increase is due to a higher stripping ratio.
Boungou Mine
Construction of the Boungou Mine continues to advance on time and on budget. As at September 30, 2017, the following achievements had been made:
- Development on schedule, with $113 million spent
- Construction 63% complete
- Relocation of Boungou residents to newly constructed village
- Completion of over 70% of the total concrete pour
- Installation of the vertimill and completion of the foundations for the SAG mill
- Erection of the leach tanks complete with erection of water tanks halfway complete
- Delivery of most major long-lead items on site: the primary crusher, SAG mill shell and power plant gensets
- Erection of structural steel ongoing in the pebble crusher, reagent storage, reclaim, grinding, workshop and pipe rack areas
- Final elevation of water storage facility embankment
- Commencement of earthworks on the tailings storage facility
- Pre-stripping continues at the Boungou deposit with 5.3 million of the projected 18 million tonnes extracted
- 1,695 personnel including contractors were employed on site, 90% of which are Burkinabe
- 2.5 million man-hours have been worked without lost-time injury
Signing of a three-year collective agreement with Boungou employees
Exploration
Mana Project, Burkina Faso
The Siou at depth program was completed in July prior to the rainy season with 15 core holes (4,400 meters), including three geotechnical drill holes, which also completed the geotechnical study for the program.
Compilation and resource estimation is in progress with the aim of delivering a pre-feasibility study for Siou at depth in the first quarter of 2018.
Also in the quarter, 427 auger holes (6,850 meters) were drilled on the Bara permit along the Siou Shear Zone, some 20 kilometers north of the Siou deposit and 20 kilometers from the Mana processing plant.
Tapoa (Boungou Mine)
West and East Flank Sectors
Data compilation and resource estimation of the West and East Flanks is underway to support the pre-feasibility study that is scheduled for completion in the first quarter of 2018.
Regional Exploration
In the third quarter, a total of 600 meters was drilled in 4 reverse-circulation (RC) holes on the Boungou permit in order to test an auger anomaly located in the southwest part of the 045 Trend. Drilling subsequently slowed down due to the rainy season, and an exploration RC drilling program resumed in October, testing auger targets. A total of 15,000 meters of RC drilling will be carried out in the second half of the year, 5,000 meters of which on the Dangou permit, 4,000 meters on the Boungou permit and 3,000 meters on the Pambourou permit.
During the rainy season, the exploration team completed a soil sampling program (680 samples) covering the southern part of the property along the 045 Trend.
Korhogo Ouest (Côte d'Ivoire)
Following an initial soil sampling and airborne magnetic survey covering the northern part of the property in late 2016 and early 2017, trenching and RC drill programs were initiated. Trenching was completed in the second quarter of 2017, while the RC program commenced in July. The program was designed to provide a preliminary test of some soil sample anomalies. At the end of the third quarter of 2017, a total of 116 RC holes (over 12,200 meters) had been drilled.
Trenching Program
Of the 11 trenches completed, seven returned anomalous gold values. Among these, KOTR17-0003 returned a grade of 8.84 g/t Au (11.46 g/t Au uncut) over 14 meters, including 19.55 g/t Au (25.68 g/t Au uncut) over 6 meters along the south wall of the trench. The north wall of the two-meter wide trench was immediately resampled in order to confirm results and returned 9.19 g/t Au (9.52 g/t Au uncut) over 13 meters. The mineralized zone (dubbed Chigata) is hosted in a moderately east-dipping sheared and sericitized granodiorite containing quartz veining. In addition, KOTR17-006 returned 0.63 g/t Au over 11 meters, KOTR17-0007 returned 0.75 g/t Au over 7 meters, and KOTR17-0011 returned 2.47 g/t Au over 8 meters. These four trenches are spread over an area of 7 kilometers by 5 kilometers, and each tested separate soil sample anomalies.
RC Drill Program
RC drilling was carried out to provide a first indication of the potential of these zones. At Chigata, three sections were completed over KOTR17-0003 and 100 meters on each side of the trench. Significant gold values were obtained from four holes (Table 1), two under the trench, one 100 meters north of the trench and one 250 meters south of the trench. Anomalous values were obtained in all 12 holes that crossed the altered and sheared zone.
Table 1
| Hole No. | From (m) | To (m) | Length (m)1 | Au (g/t)2 |
| KORC17-0001 | 15 | 24 | 9.0 | 5.96 |
| KORC17-0002 | 57 | 60 | 3.0 | 5.23 |
| KORC17-0010 | 101 | 109 | 8.0 | 4.36 |
| KORC17-0104 | 21 | 28 | 7.0 | 2.22 |
1 All lengths are along the hole axis, and the true thickness has yet to be established.
2 All assay results are below the cutting grade of 30 g/t Au
SEMAFO's Management's Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the "Investor Relations" section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.
Third Quarter Conference Call
A conference call will be held today, November 8, 2017, at 10:00 EST to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the conference:
Tel. local & overseas: +1 (647) 788 4922
Tel. North America: 1 (877) 223 4471
Webcast: www.semafo.com
Replay number: 1 (800) 585 8367 or +1 (416) 621 4642
Replay pass code: 2369407
Replay expiration: November 29, 2017
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the third quarter of 2018. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "promising", "on schedule", "expects", "outlook", "on time and on budget", "projected", "aim", "scheduled", "will", "significant", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to complete the development of the Boungou Mine on time and on budget, the ability to attain the upper end of our 2017 production outlook of between 190,000 and 205,000 ounces of gold and to meet our all-in sustaining cost outlook of between $920 and $960 per ounce, the ability to deliver a pre-feasibility study for Siou at-depth in the first quarter of 2018, the ability to complete a pre-feasibility study for West and East Flanks of the Boungou deposit in the first quarter of 2018, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2016 Annual MD&A, as updated in SEMAFO's 2017 First Quarter MD&A, 2017 Second Quarter MD&A, 2017 Third Quarter MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on November 8, 2017 at 7:00 a.m., Eastern Standard Time.
| Consolidated Results and Mining Operations | ||||||||||||||
| Financial and Operating Highlights | ||||||||||||||
| Three-month period ended September 30, | Nine-month period ended September 30, | |||||||||||||
| 2017 | 2016 | Variation | 2017 | 2016 | Variation | |||||||||
| Gold ounces produced | 53,900 | 62,500 | (14 | %) | 156,900 | 185,100 | (15 | %) | ||||||
| Gold ounces sold | 54,500 | 60,000 | (9 | %) | 156,100 | 183,500 | (15 | %) | ||||||
| (in thousands of dollars, except amounts per share) | ||||||||||||||
| Revenues - Gold sales | 69,832 | 80,200 | (13 | %) | 196,033 | 231,346 | (15 | %) | ||||||
| Mining operation expenses | 27,329 | 30,410 | (10 | %) | 93,467 | 89,203 | 5 | % | ||||||
| Government royalties | 3,011 | 4,028 | (25 | %) | 8,092 | 10,185 | (21 | %) | ||||||
| Depreciation of property, plant and equipment | 21,921 | 19,880 | 10 | % | 71,984 | 57,384 | 25 | % | ||||||
| Share-based compensation | 1,997 | (576 | ) | - | 2,121 | 8,229 | (74 | %) | ||||||
| Other | 3,755 | 3,442 | 9 | % | 11,090 | 11,065 | - | |||||||
| Operating income | 11,819 | 23,016 | (49 | %) | 9,279 | 55,280 | (83 | %) | ||||||
| Finance income | (952 | ) | (519 | ) | 83 | % | (2,488 | ) | (1,465 | ) | 70 | % | ||
| Finance costs | 336 | 314 | 7 | % | 981 | 1,678 | (42 | %) | ||||||
| Foreign exchange gain | (2,779 | ) | (191 | ) | (1,355 | %) | (9,711 | ) | (2,386 | ) | 307 | % | ||
| Income tax expense (recovery) | 1,407 | 3,853 | (63 | %) | (274 | ) | 12,125 | - | ||||||
| Net income for the period | 13,807 | 19,559 | (29 | %) | 20,771 | 45,328 | (54 | %) | ||||||
| Attributable to equity shareholders | ||||||||||||||
| Net income | 12,224 | 17,680 | (31 | %) | 18,387 | 39,168 | (53 | %) | ||||||
| Basic earnings per share | 0.04 | 0.05 | (20 | %) | 0.06 | 0.13 | (54 | %) | ||||||
| Diluted earnings per share | 0.04 | 0.05 | (20 | %) | 0.06 | 0.13 | (54 | %) | ||||||
| Adjusted amounts | ||||||||||||||
| Adjusted operating income¹ | 12,897 | 21,451 | (40 | %) | 8,254 | 60,435 | (86 | %) | ||||||
| Adjusted net income attributable to equity shareholders¹ | 8,446 | 14,855 | (43 | %) | 1,179 | 40,210 | (97 | %) | ||||||
| Per share¹ | 0.03 | 0.05 | (40 | %) | - | 0.13 | (100 | %) | ||||||
| Cash flows | ||||||||||||||
| Cash flows from operating activities² | 34,853 | 39,266 | (11 | %) | 81,614 | 111,860 | (27 | %) | ||||||
| Per share¹ | 0.11 | 0.12 | (8 | %) | 0.25 | 0.36 | (31 | %) | ||||||
| 1 | Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" section of the Corporation's MD&A, note 18. |
| 2 | Cash flows from operating activities exclude changes in non-cash working capital items. |
| Interim Consolidated Statement of Financial Position | |||
| (Expressed in thousands of US dollars - unaudited) | |||
| As at | As at | ||
| September 30, | December 31, | ||
| 2017 | 2016 | ||
| $ | $ | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 256,761 | 273,772 | |
| Trade and other receivables | 19,385 | 16,945 | |
| Income tax receivable | 229 | - | |
| Inventories | 53,601 | 51,391 | |
| Other current assets | 4,575 | 2,513 | |
| 334,551 | 344,621 | ||
| Non-current assets | |||
| Advance receivable | 2,981 | 3,060 | |
| Restricted cash | 21,182 | 5,689 | |
| Property, plant and equipment | 656,135 | 536,237 | |
| Intangible asset | 1,427 | 1,595 | |
| Other non-current assets | 1,494 | 4,074 | |
| 683,219 | 550,655 | ||
| Total assets | 1,017,770 | 895,276 | |
| Liabilities | |||
| Current liabilities | |||
| Trade payables and accrued liabilities | 66,711 | 41,964 | |
| Current portion of long-term debt | 310 | 310 | |
| Current portion of finance lease | 4,622 | - | |
| Share unit plans liabilities | 5,879 | 6,635 | |
| Provisions | 3,238 | 3,271 | |
| Income tax payable | - | 5,422 | |
| 80,760 | 57,602 | ||
| Non-current liabilities | |||
| Long-term debt | 114,745 | 56,726 | |
| Finance Lease | 20,214 | - | |
| Share unit plans liabilities | 2,558 | 4,899 | |
| Provisions | 11,127 | 8,137 | |
| Deferred income tax liabilities | 31,502 | 32,329 | |
| 180,146 | 102,091 | ||
| Total liabilities | 260,906 | 159,693 | |
| Equity | |||
| Equity Shareholders | |||
| Share capital | 622,065 | 621,902 | |
| Contributed surplus | 7,305 | 7,357 | |
| Accumulated other comprehensive income | 1,494 | 1,095 | |
| Retained earnings | 96,061 | 77,674 | |
| 726,925 | 708,028 | ||
| Non-controlling interest | 29,939 | 27,555 | |
| Total equity | 756,864 | 735,583 | |
| Total liabilities and equity | 1,017,770 | 895,276 | |
| Interim Consolidated Statement of Income | |||||||||
| (Expressed in thousands of US dollars, except per share amounts - unaudited) | |||||||||
| Three-month period ended September 30, | Nine-month period ended September 30, | ||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||
| $ | $ | $ | $ | ||||||
| Revenue - Gold sales | 69,832 | 80,200 | 196,033 | 231,346 | |||||
| Costs of operations | |||||||||
| Mining operation expenses | 30,340 | 34,438 | 101,559 | 99,388 | |||||
| Depreciation of property, plant and equipment | 21,921 | 19,880 | 71,984 | 57,384 | |||||
| General and administrative | 3,453 | 3,195 | 10,324 | 10,503 | |||||
| Corporate social responsibility expenses | 302 | 247 | 766 | 562 | |||||
| Share-based compensation | 1,997 | (576 | ) | 2,121 | 8,229 | ||||
| Operating income | 11,819 | 23,016 | 9,279 | 55,280 | |||||
| Other expenses (income) | |||||||||
| Finance income | (952 | ) | (519 | ) | (2,488 | ) | (1,465 | ) | |
| Finance costs | 336 | 314 | 981 | 1,678 | |||||
| Foreign exchange gain | (2,779 | ) | (191 | ) | (9,711 | ) | (2,386 | ) | |
| Income before income taxes | 15,214 | 23,412 | 20,497 | 57,453 | |||||
| Income tax expense (recovery) | |||||||||
| Current | 1,331 | 3,521 | 3,566 | 14,086 | |||||
| Deferred | 76 | 332 | (3,840 | ) | (1,961 | ) | |||
| 1,407 | 3,853 | (274 | ) | 12,125 | |||||
| Net income for the period | 13,807 | 19,559 | 20,771 | 45,328 | |||||
| Attributable to: | |||||||||
| Equity shareholders | 12,224 | 17,680 | 18,387 | 39,168 | |||||
| Non-controlling interests | 1,583 | 1,879 | 2,384 | 6,160 | |||||
| 13,807 | 19,559 | 20,771 | 45,328 | ||||||
| Earnings per share | |||||||||
| Basic | 0.04 | 0.05 | 0.06 | 0.13 | |||||
| Diluted | 0.04 | 0.05 | 0.06 | 0.13 | |||||
| Interim Consolidated Statement of Comprehensive Income | ||||||||||
| (Expressed in thousands of US dollars - unaudited) | ||||||||||
| Three-month period ended September 30, | Nine-month period ended September 30, | |||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||
| $ | $ | $ | $ | |||||||
| Net income for the period | 13,807 | 19,559 | 20,771 | 45,328 | ||||||
| Other comprehensive income | ||||||||||
| Item that may be classified to net income | ||||||||||
| Change in fair value of the investment in GoviEx (net of tax of nil) | 60 | 1,046 | 399 | 1,046 | ||||||
| Total comprehensive income for the period, net of tax | 13,867 | 20,605 | 21,170 | 46,374 | ||||||
| Attributable to: | ||||||||||
| Equity shareholders | 12,284 | 18,726 | 18,786 | 40,214 | ||||||
| Non-controlling interest | 1,583 | 1,879 | 2,384 | 6,160 | ||||||
| 13,867 | 20,605 | 21,170 | 46,374 | |||||||
| Interim Consolidated Statement of Cash Flows | ||||||||||
| (Expressed in thousands of US dollars - unaudited) | ||||||||||
| Three-month period ended September 30, | Nine-month period ended September 30, | |||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||
| $ | $ | $ | $ | |||||||
| Cash flows from (used in): | ||||||||||
| Operating activities | ||||||||||
| Net income for the period | 13,807 | 19,559 | 20,771 | 45,328 | ||||||
| Adjustments for: | ||||||||||
| Depreciation of property, plant and equipment | 21,921 | 19,880 | 71,984 | 57,384 | ||||||
| Share-based compensation | 1,997 | (576 | ) | 2,121 | 8,229 | |||||
| Unrealized foreign exchange loss (gain) | (2,879 | ) | 172 | (9,218 | ) | (2,756 | ) | |||
| Deferred income tax expense (recovery) | 76 | 332 | (3,840 | ) | (1,961 | ) | ||||
| Adjustment for withholding taxes | - | - | - | 5,827 | ||||||
| Other | (69 | ) | (101 | ) | (204 | ) | (191 | ) | ||
| 34,853 | 39,266 | 81,614 | 111,860 | |||||||
| Changes in non-cash working capital items | (3,096 | ) | 8,052 | (11,690 | ) | 11,239 | ||||
| Net cash provided by operating activities | 31,757 | 47,318 | 69,924 | 123,099 | ||||||
| Financing activities | ||||||||||
| Drawdown (Repayment) of long-term debt | (76 | ) | (52 | ) | 59,769 | (30,052 | ) | |||
| Payments of finance lease | (4,003 | ) | - | (4,003 | ) | - | ||||
| Long-term debt transaction costs | - | - | - | (259 | ) | |||||
| Proceeds on issuance of share capital, net of expenses | 50 | 3,374 | 111 | 92,017 | ||||||
| Dividend paid by a subsidiary to non-controlling interest | - | - | - | (10,359 | ) | |||||
| Net cash provided by (used in) financing activities | (4,029 | ) | 3,322 | 55,877 | 51,347 | |||||
| Investing activities | ||||||||||
| Acquisitions of property, plant and equipment | (58,020 | ) | (22,840 | ) | (139,116 | ) | (62,780 | ) | ||
| Decrease (increase) in restricted cash | 223 | 210 | (14,854 | ) | 210 | |||||
| Net cash used in investing activities | (57,797 | ) | (22,630 | ) | (153,970 | ) | (62,570 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | 3,533 | 159 | 11,158 | 3,197 | ||||||
| Change in cash and cash equivalents during the period | (26,536 | ) | 28,169 | (17,011 | ) | 115,073 | ||||
| Cash and cash equivalents - beginning of period | 283,297 | 254,070 | 273,772 | 167,166 | ||||||
| Cash and cash equivalents - end of period | 256,761 | 282,239 | 256,761 | 282,239 | ||||||
| Interest paid | 1,739 | 1,065 | 3,519 | 3,557 | ||||||
| Interest received | 770 | 419 | 1,902 | 1,273 | ||||||
| Income tax paid | 3,208 | 2,237 | 8,875 | 8,410 | ||||||
For more information, contact Robert LaVallière Vice-President, Corporate Affairs & Investor Relations Email: Robert.Lavalliere@semafo.com Cell: +1 (514) 240 2780 Ruth Hanna Analyst, Investor Relations Email: Ruth.Hanna@semafo.com Tel. local & overseas: +1 (514) 744 4408 North America Toll-Free: 1 (888) 744 4408 Website: www.semafo.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Semafo Inc. via Globenewswire