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Wednesday, 9 August 2017

SEMAFO Delivers Cash Flow from Operations of $23.6 Million in Second Quarter 2017

SEMAFO Inc.    

Published: 15:11 CEST 09-08-2017 /GlobeNewswire /Source: SEMAFO Inc. / : SMF /ISIN: CA8169221089

SEMAFO Delivers Cash Flow from Operations of $23.6 Million in Second Quarter 2017

Results from Zone 9 Grade Control Program in Line with 2016 Reserves

 

Montreal, Quebec, August 9, 2017- SEMAFO Inc. (TSX, OMX: SMF) today reported its financial and operational results for the three-month period ended June 30, 2017. All amounts are in US dollars unless otherwise stated.

 

Second Quarter 2017 - in Review

  • Results from grade control program on Zone 9 are in line with 2016 reserves
  • Gold production of 47,600 ounces compared to 61,300 ounces for the same period in 2016
  • Gold sales of $59.3 million compared to $76.6 million for the same period in 2016
  • Total cash cost1 of $703 per ounce sold and all-in sustaining cost1 of $1,074 per ounce sold compared to $547 and $742, respectively, for the same period in 2016
  • Net operating loss of $0.8 million compared to an operating income of $14.4 million for the same period in 2016
  • Adjusted operating loss1 of $2.8 million compared to an adjusted operating income of $18.9 million for the same period in 2016
  • Net income of $9.3 million compared to $7.1 million for the same period in 2016
  • Adjusted net loss attributable to equity shareholders1 of 2.9 million or $0.01 loss per share1 compared to an adjusted net income of $14.4 million or $0.05 per share1 for the same period in 2016
  • Cash flows from operating activities2 of $23.6 million or $0.07 per share1 compared to $37.4 million or $0.12 per share1 for the same period in 2016
  • Drawdown of incremental $60 million from Credit Facility with Macquarie Bank Limited in June

 

Boungou Mine

  • Development on schedule with $69 million spent out of $231 million
  • Construction of the mine 35% complete
  • Pre-stripping at Boungou deposit has commenced
  • Water storage facility has been excavated and is ready to collect 2017 rainwater
  • million man-hours have been worked without lost-time injury

 

1 Total cash cost, all-in sustaining cost, adjusted operating income (loss), adjusted net income (loss) attributable to equity shareholders, adjusted basic earnings (loss) 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.

 

Grade Control Results at Siou

 

Earlier this year, the mined grade was adversely affected by the geological interpretation of the upper portion of Zone 9, a mineralized zone in the south-west sector of the Siou pit that was first included in the 2017 mine plan. The upper portion of Zone 9 presents a complex geometry as the area comprises the junction of three different zones: Zone 9 itself, and two subsidiary zones known as Zones 55 and 56. This resulted in misleading ore outlines and led to significant variation in grade.

 

Following these issues, the Corporation changed its method of grade control from channel sampling to reverse-circulation (RC) drilling. We are now pleased to be in a position to provide grade control results for Zone 9. As at end of July, over 7,500 meters (in 200 holes) of in-pit RC drilling had been conducted to a vertical depth of up to 30 meters over 500 meters of mineralization over a grid of 12.5 meters by 6.25 meters in the Zone 9 area. This represents the ore expected to be mined from Zone 9 from May through December 2017. As shown in Figure 1, the results from the grade control program are in line with our 2016 reserves and confirm our expectation that the geometry is simpler and more rectilinear.

 

Table 1 below compares the new block model with the 2016 reserves block model for the same test area of Zone 9.

 

Table 1

 

New block model
(Mining area: May through December 2017)

668,000 tonnes at 4.52 g/t Au for 97,000 oz of gold contained

2016 reserves block model

633,500 tonnes at 4.82 g/t Au for 98,100 oz of gold contained

 

As expected, we exited the complex portion of upper Zone 9 in May. The ore mined in the months of May and June is in line with our new block model.

 

The Corporation reiterates its 2017 outlook of between 190,000 and 205,000 ounces of gold, at a total cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce.

 

Figure 1: See attachment

 

Mana, Burkina Faso

 

Mining Operations

 

 

Three-month period

Six-month period

 

ended June 30,

ended June 30,

 

2017

2016

Variation

2017

2016

Variation

Operating Data

 

 

 

 

 

 

Ore mined
(tonnes)

503,200

 

564,500

 

(11

%)

982,600

 

1,064,800

 

(8

%)

Ore processed
(tonnes)

675,500

 

604,500

 

12

%

1,407,300

 

1,287,400

 

9

%

Waste mined
(tonnes)

3,947,600

 

4,809,700

 

(18

%)

8,586,000

 

8,269,100

 

4

%

Operational
stripping ratio

7.8

 

8.5

 

(8

%)

8.7

 

7.8

 

12

%

Head grade (g/t)

2.31

 

3.33

 

(31

%)

2.43

 

3.18

 

(24

%)

Recovery (%)

95

 

95

 

-

94

 

93

 

1

%

Gold ounces
produced

47,600

 

61,300

 

(22

%)

103,000

 

122,600

 

(16

%)

Gold ounces
sold

46,900

 

60,700

 

(23

%)

101,600

 

123,500

 

(18

%)

 

 

 

 

 

 

 

Statistics
(in dollars)

 

 

 

 

 

 

Average realized
selling price (per ounce)

1,265

 

1,262

 

-

1,242

 

1,224

 

1

%

Cash operating cost
(per tonne processed)¹

43

 

49

 

(12

%)

48

 

46

 

4

%

Total cash cost
(per ounce sold)¹

703

 

547

 

29

%

701

 

526

 

33

%

All-in sustaining cost
(per ounce sold)¹

1,074

 

742

 

45

%

976

 

719

 

36

%

Depre-
ciation
(per ounce sold)²

527

 

331

 

59

%

491

 

303

 

62

%

 

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 Second Quarter Results

 

As expected, grade in the quarter was adversely affected by the geological interpretation of the upper portion of Zone 9. Consequently, production in the second quarter totaled 47,600 ounces of gold compared to 61,300 ounces in the prior-year quarter. During the second quarter of 2017, the ore processed was 675,500 tonnes at an average grade of 2.31 g/t Au, including 194,100 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. Absent the impact of this decision, the head grade would have been 2.94 g/t Au. The decrease in gold ounces produced and sold is a direct result of lower head grade, partially offset by higher throughput.

 

The Corporation's second quarter gold sales decreased relative to 2016 due to lower gold ounces sold, and resulted in a decrease in government royalties. 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. Second quarter operating income decreased compared to the same period in 2016, primarily as a result of lower gold sales and higher depreciation, partially offset by lower share-based compensation expense. The decrease in cash flow from operating activities in the quarter compared to the same period in 2016 is due to lower gold sales following a decrease in production.

 

In the second quarter of 2017, our cash operating cost per tonne processed totaled $43 compared to $49 in the prior year. The decrease is attributable to a lower operational stripping ratio combined with higher throughput compared to 2016. The total cash cost and all-in sustaining cost reached $703 and $1,074 per ounce sold, respectively, compared to $547 and $742 per ounce sold, respectively, for the same period in 2016. The 2017 cost results are due to the lower head grade, partially offset by a lower cash operating cost per tonne.

 

Boungou Mine

 

To date, construction of the Boungou Mine is progressing well and is on time and on budget. As at June 30, 2017, the following key components had been advanced:

  • Development on schedule, with $69 million spent
  • Construction of the mine 35% complete
  • Concrete works are progressing on the SAG, vertimill, crusher and surge bin foundations
  • Erection of the leach and water tanks has commenced
  • On-site delivery of the vertimill, the first long-lead item
  • Work has commenced on the power plant and fuel depot
  • Water storage facility has been excavated and is ready to collect 2017 rainwater
  • Pre-stripping at the Boungou deposit has commenced
  • Receipt of the mining convention from the Council of Ministers of the Government of Burkina Faso
  • 1,540 personnel including contractors were employed on site, 93% of which are Burkinabe
  • 1.1 million man-hours have been worked without lost-time injury

 

Exploration

 

Mana Project, Burkina Faso

 

Exploration drilling at Mana in the quarter targeted the Siou deposit at depth. Year to date, a total of 49 holes (17,400 meters) mainly tested the southern part of the Siou mineralized structures at depth up to 50-meter by 50-meter spacing, including 8 holes (2,800 meters) for geotechnical studies. The delineation program was completed in July 2017. The objectives of this program are to expand the resources at Siou, convert inferred resources into the indicated category and complete a pre-feasibility study in the first quarter of 2018.

 

Under the regional program, a total of 32,780 meters of auger drilling was carried out in the first half of the year over the Mana Ouest, Fobiri II and Bara permits.

 

Tapoa (Boungou Mine)

 

West and East Flank Sectors

 

In the second quarter, exploration activities principally involved completion of the infill program (40-meter by 40-meter spacing) on the West and East Flank Sectors of the Boungou reserves pit. A total of 49,400 meters of drilling in 326 holes was carried out in the first half of the year, most of which was for the infill program, with the objective of bringing the inferred resources into the indicated resources category in order to complete a pre-feasibility study in the first quarter of 2018. Results continue to be in line with the 80-meter x 80-meter model. The East Flank, although much smaller, has a similar structure to that of the West Flank.

 

The geotechnical drilling program on the East and West Flanks has also been completed, and samples have been sent to Rocklab in South Africa to establish engineering parameters. Results are expected in the third quarter of 2017. Analysis of the rock mechanics will be used in the design of the underground stoping in the pre-feasibility study.

 

Regional Exploration

 

In the second quarter, a 60,000-meter auger drill program was initiated on the Bossoari, Dangou and Pambourou permits located within the Tapoa Project. In 2016, a soil sampling program was conducted on the Bossoari permit located southwest of the Boungou permit. A total of 22,000 meters was drilled in 2,375 holes on the three properties in the quarter, and results will be used to define RC drill targets later in the year.

 

Exploration RC drilling commenced at the beginning of June to test auger drill anomalies along the 045 Trend and the Bossoari target. To date, 32 holes (1,450 meters, part of the above 49,400 meters of infill drilling) have been completed.

 

Kongolokoro (Houndé Greenstone Belt)

 

Exploration activities commenced in the quarter on the Milpo permit where a 6,700-meter RC drill program was conducted in 67 holes. The program is now complete, and no significant results were reported.

 

In July, a 1,200-meter core drill program was initiated on the Dynikongolo permit with the aim of finding extensions to the Bantou mineralized zone.

 

Korhogo Ouest (Côte d'Ivoire)

 

A first trenching exploration program commenced in March this year on our Korhogo Ouest permit in Côte d'Ivoire located at some 60 kilometers from the Tongon Mine. The program follows up the airborne geophysical and soil geochemical surveys completed in 2016. A total of 11 trenches has been completed, mapped and sampled (2,011 meters for 2,173 samples). Following encouraging trenching results, a 6,000-meter RC drilling program commenced in July.

 

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.

 

Second Quarter Conference Call

 

A conference call will be held today, Wednesday, August 9, 2017 at 10:00 EDT 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: 48335908

Replay expiration: August 30, 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 "expected", "outlook", "objectives", "will", "aim", "encouraging", "targeting", "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 mine the expected ore from Zone 9 from May through December 2017, the accuracy of our new block model, the ability to meet our 2017 gold outlook of between 190,000 and 205,000 ounces of gold at a total cash cost of between $685 and $715 per ounce and all-in sustaining cost of between $920 and $960 per ounce, the ability to expand the resources at Siou, convert inferred resources into the indicated category and complete a pre-feasibility study in the first quarter of 2018, the ability to bring the inferred resources into the indicated resources category in order to complete a pre-feasibility study in the first quarter of 2018 at Natougou, the ability of the 1,200-meter core drill program on the Dynikongolo permit to find extensions to the Bantou mineralized zone, the accuracy of our assumptions, 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, 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 August 9, 2017 at 7:00 a.m., Eastern Daylight Time.

 

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

 

Consolidated Results and Mining Operations

 

Financial and Operating Highlights

 

 

 

Three-month period

 

Six-month period

 

 

ended June 30,

 

ended June 30,

 

 

2017

2016

Variation

 

2017

2016

Variation

 

 

 

 

 

 

 

 

 

Gold ounces produced

 

47,600

 

61,300

(22

%)

 

103,000

 

122,600

(16

%)

Gold ounces sold

 

46,900

 

60,700

(23

%)

 

101,600

 

123,500

(18

%)

 

 

 

 

 

 

 

 

 

(in thousands of dollars,
except amounts per share)

 

 

 

 

 

 

 

 

Revenues - Gold sales

 

59,315

 

76,590

 

(23

%)

 

126,201

 

151,146

(17

%)

 

 

 

 

 

 

 

 

 

Mining operation expenses

 

30,573

 

30,071

 

2

%

 

66,138

 

58,793

 

12

%

Government royalties

 

2,389

 

3,139

 

(24

%)

 

5,081

 

6,157

 

(17

%)

Depreciation of property,
plant and equipment

 

24,795

 

20,164

 

23

%

 

50,063

 

37,504

 

33

%

Share-based compensation

 

(1,095

)

5,127

 

-

 

124

 

8,805

 

(99

%)

Other

 

3,408

 

3,661

 

(7

%)

 

7,335

 

7,623

 

(4

%)

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(755

)

14,428

 

-

 

(2,540

)

32,264

 

-

 

 

 

 

 

 

 

 

 

Finance income

 

(800

)

(573

)

40

%

 

(1,536

)

(946

)

62

%

Finance costs

 

321

 

1,062

 

(70

%)

 

645

 

1,364

 

(53

%)

Foreign exchange (gain) loss

 

(6,103

)

2,714

 

-

 

(6,932

)

(2,195

)

216

%

Income tax expense (recovery)

 

(3,521

)

4,147

 

-

 

(1,681

)

8,272

 

-

 

 

 

 

 

 

 

 

 

Net income for the period

 

9,348

 

7,078

 

32

%

 

6,964

 

25,769

 

(73

%)

 

 

 

 

 

 

 

 

 

Attributable to
equity shareholders

 

 

 

 

 

 

 

 

Net income

 

8,854

 

5,304

 

67

%

 

6,163

 

21,488

 

(71

%)

 Basic earnings per share

 

0.03

 

0.02

 

50

%

 

0.02

 

0.07

 

(71

%)

 Diluted earnings per share

 

0.03

 

0.02

 

50

%

 

0.02

 

0.07

 

(71

%)

 

 

 

 

 

 

 

 

 

Adjusted amounts

 

 

 

 

 

 

 

 

Adjusted operating income (loss)1

 

(2,754

)

18,911

 

-

 

(4,643

)

38,984

 

-

Adjusted net income (loss)
attributable to equity shareholders¹

 

(2,893

)

14,394

 

-

 

(7,267

)

25,355

 

-

 Per share¹

 

(0.01

)

0.05

 

-

 

(0.02

)

0.08

 

-

 

 

 

 

 

 

 

 

 

Cash flows

 

 

 

 

 

 

 

 

Cash flows from operating activities²

 

23,614

 

37,390

(37

%)

 

46,761

 

72,594

 

(36

%)

 Per share¹

 

0.07

 

0.12

(42

%)

 

0.14

 

0.24

 

(42

%)

 

 

 

 

1 Adjusted operating income (loss), adjusted net income (loss) attributable to equity shareholders, adjusted basic earnings (loss) 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

 

 

June 30,

 

December 31,

 

 

2017

 

2016

 

 

$

 

$

Assets

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

283,297

 

 

273,772

 

Trade and other receivables

 

23,952

 

 

16,945

 

Inventories

 

47,006

 

 

51,391

 

Other current assets

 

3,946

 

 

2,513

 

 

 

358,201

 

 

344,621

 

Non-current assets

 

 

 

 

Advance receivable

 

3,028

 

 

3,060

 

Restricted cash

 

21,191

 

 

5,689

 

Property, plant and equipment

 

585,222

 

 

536,237

 

Intangible asset

 

1,481

 

 

1,595

 

Other non-current assets

 

1,434

 

 

4,074

 

 

 

612,356

 

 

550,655

 

Total assets

 

970,557

 

 

895,276

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables and accrued liabilities

 

61,262

 

 

41,964

 

Current portion of long-term debt

 

310

 

 

310

 

Share unit plans liabilities

 

4,695

 

 

6,635

 

Provisions

 

3,230

 

 

3,271

 

Income tax payable

 

1,953

 

 

5,422

 

 

 

71,450

 

 

57,602

 

Non-current liabilities

 

 

 

 

Long-term debt

 

114,241

 

 

56,726

 

Share unit plans liabilities

 

1,745

 

 

4,899

 

Provisions

 

9,748

 

 

8,137

 

Deferred income tax liabilities

 

30,426

 

 

32,329

 

 

 

156,160

 

 

102,091

 

Total liabilities

 

227,610

 

 

159,693

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

Equity Shareholders

 

 

 

 

Share capital

 

621,996

 

 

621,902

 

Contributed surplus

 

7,324

 

 

7,357

 

Accumulated other comprehensive income

 

1,434

 

 

1,095

 

Retained earnings

 

83,837

 

 

77,674

 

 

 

714,591

 

 

708,028

 

Non-controlling interest

 

28,356

 

 

27,555

 

 

 

 

 

 

Total equity

 

742,947

 

 

735,583

 

Total liabilities and equity

 

970,557

 

 

895,276

 

 

 

 

 

 

 

 

Interim Consolidated Statement of Income

(Expressed in thousands of US dollars, except per share amounts - unaudited)

 

 

 

Three-month period

 

Six-month period

 

 

ended June 30,

 

ended June 30,

 

 

2017

2016

 

2017

2016

 

 

$

$

 

$

$

 

 

 

 

 

 

 

Revenue - Gold sales

 

59,315

 

76,590

 

 

126,201

 

151,146

 

 

 

 

 

 

 

 

Costs of operations

 

 

 

 

 

 

Mining operation expenses

 

32,962

 

33,210

 

 

71,219

 

64,950

 

Depreciation of property, plant and equipment

 

24,795

 

20,164

 

 

50,063

 

37,504

 

General and administrative

 

3,329

 

3,481

 

 

6,871

 

7,308

 

Corporate social responsibility expenses

 

79

 

180

 

 

464

 

315

 

Share-based compensation

 

(1,095

)

5,127

 

 

124

 

8,805

 

 

 

 

 

 

 

 

Operating income (loss)

 

(755

)

14,428

 

 

(2,540

)

32,264

 

 

 

 

 

 

 

 

Other expenses (income)

 

 

 

 

 

 

Finance income

 

(800

)

(573

)

 

(1,536

)

(946

)

Finance costs

 

321

 

1,062

 

 

645

 

1,364

 

Foreign exchange (gain) loss

 

(6,103

)

2,714

 

 

(6,932

)

(2,195

)

 

 

 

 

 

 

 

Income before income taxes

 

5,827

 

11,225

 

 

5,283

 

34,041

 

 

 

 

 

 

 

 

Income tax expense (recovery)

 

 

 

 

 

 

Current

 

514

 

6,611

 

 

2,235

 

10,565

 

Deferred

 

(4,035

)

(2,464

)

 

(3,916

)

(2,293

)

 

 

(3,521

)

4,147

 

 

(1,681

)

8,272

 

 

 

 

 

 

 

 

Net income for the period

 

9,348

 

7,078

 

 

6,964

 

25,769

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

Equity shareholders

 

8,854

 

5,304

 

 

6,163

 

21,488

 

Non-controlling interests

 

494

 

1,774

 

 

801

 

4,281

 

 

 

9,348

 

7,078

 

 

6,964

 

25,769

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

Basic

 

0.03

 

0.02

 

 

0.02

 

0.07

 

Diluted

 

0.03

 

0.02

 

 

0.02

 

0.07

 

 

 

Interim Consolidated Statement of Comprehensive Income

(Expressed in thousands of US dollars - unaudited)

 

 

 

Three-month period

 

Six-month period

 

 

ended June 30,

 

ended June 30,

 

 

2017

2016

 

2017

2016

 

 

$

$

 

$

$

 

 

 

 

 

 

 

Net income for the period

 

9,348

 

7,078

 

 

6,964

 

25,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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) 

 

(479

)

-

 

 

339

 

-

 

Total comprehensive income for the period, net of tax

 

8,869

 

7,078

 

 

7,303

 

25,769

 

Attributable to:

 

 

 

 

 

 

Equity shareholders

 

8,375

 

5,304

 

 

6,502

 

21,488

 

Non-controlling interest

 

494

 

1,774

 

 

801

 

4,281

 

 

 

8,869

 

7,078

 

 

7,303

 

25,769

 

 

 

Interim Consolidated Statement of Cash Flows

(Expressed in thousands of US dollars - unaudited)

 

 

 

Three-month period

 

Six-month period

 

 

ended June 30,

 

ended June 30,

 

 

2017

2016

 

2017

2016

 

 

$

$

 

$

$

 

 

 

 

 

 

 

Cash flows from (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net income for the period

 

9,348

 

7,078

 

 

6,964

 

25,769

 

Adjustments for:

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

24,795

 

20,164

 

 

50,063

 

37,504

 

Share-based compensation

 

(1,095

)

5,127

 

 

124

 

8,805

 

Unrealized foreign exchange loss (gain)

 

(5,331

)

1,862

 

 

(6,339

)

(2,928

)

Deferred income tax expense (recovery)

 

(4,035

)

(2,464

)

 

(3,916

)

(2,293

)

Adjustment for withholding taxes

 

-

 

5,827

 

 

-

 

5,827

 

Other

 

(68

)

(204

)

 

(135

)

(90

)

 

 

23,614

 

37,390

 

 

46,761

 

72,594

 

Changes in non-cash working capital items

 

(2,842

)

(3,578

)

 

(8,594

)

3,187

 

Net cash provided by operating activities

 

20,772

 

33,812

 

 

38,167

 

75,781

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Drawdown (Repayment) of long-term debt

 

59,921

 

-

 

 

59,845

 

(30,000

)

Long-term debt transaction costs

 

-

 

(259

)

 

-

 

(259

)

Proceeds on issuance of share capital, net of expenses

 

12

 

87,238

 

 

61

 

88,643

 

Dividend paid by a subsidiary to non-controlling interest

 

-

 

(10,359

)

 

-

 

(10,359

)

 

 

 

 

 

 

 

Net cash provided by financing activities

 

59,933

 

76,620

 

 

59,906

 

48,025

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Acquisitions of property, plant and equipment

 

(43,864

)

(20,397

)

 

(81,096

)

(39,940

)

Increase in restricted cash

 

(15,077

)

-

 

 

(15,077

)

-

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

(58,941

)

(20,397

)

 

(96,173

)

(39,940

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

6,372

 

(2,632

)

 

7,625

 

3,038

 

Change in cash and cash equivalents during the period

 

28,136

 

87,403

 

 

9,525

 

86,904

 

Cash and cash equivalents - beginning of period

 

255,161

 

166,667

 

 

273,772

 

167,166

 

Cash and cash equivalents - end of period

 

283,297

 

254,070

 

 

283,297

 

254,070

 

Interest paid

 

892

 

910

 

 

1,780

 

2,492

 

Interest received

 

693

 

493

 

 

1,132

 

854

 

Income tax paid

 

3,506

 

6,088

 

 

5,667

 

6,173

 

 



Press release (PDF)



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