Net Income
Attributable to Equity Shareholders of $34.2 Million
Montreal, Quebec,
March 8, 2017 - SEMAFO Inc. (TSX, OMX: SMF) today reported its
financial and operational results for the fourth quarter and year
ended December 31, 2016. All amounts are in US dollars unless
otherwise stated.
2016 - The Year
in Review
- Achieved production and cost guidance for a ninth
consecutive year
- Gold production of 240,200
ounces, a 6% decrease compared to 2015
- Total cash cost1 of $548 per
ounce sold and all-in-sustaining cost1 of $720 per
ounce sold, which represent year-over-year increases of 11% and
12%, respectively
- Gold sales of $300.5 million compared to $300.1
million in 2015
- Adjusted operating income1 of
$71.0 million compared to $66.0 million in 2015
- Adjusted net income attributable to equity
shareholders1 of $48.1
million or $0.15 per share1 compared to
$40.9 million or $0.14 per share1 for the same
period in 2015
- Cash flows from operating activities2
of $142.2 million or $0.45 per share1 compared to
$147.6 million or $0.51 per share for the same period in 2015
- Amendment to long-term debt consisting of an
incremental $60.0 million to be drawn by
June 30, 2017
- Completion of a bought deal offering of common
shares for aggregate gross proceeds of $90.8 million
- Resumption of development of Wona North pit
- Recipient of four prizes for community-based
development in Burkina Faso
- Inferred resources at Natougou increased to
754,000 ounces
Fourth Quarter
2016 - in Review
- Gold production of 55,100 ounces compared to
57,500 ounces in 2015
- Gold sales of $69.1 million compared to
$72.5 million in 2015
- Total cash cost1 of $571 per
ounce sold and all-in-sustaining cost1 of $694 per
ounce sold compared to $493 and $719, respectively, in 2015
- Adjusted operating income1 of
$10.6 million compared to $13.5 million in 2015
- Adjusted net income attributable to equity
shareholders1 of 7.9
million or $0.02 per share1 compared to
$4.2 million or $0.02 per share1 in 2015
- Cash flows from operating activities2
of $30.4 million or $0.09 per share1 compared to
$39.4 million or $0.13 per share1 in 2015
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
defined at the end of this press release.
2
Cash flows from operating activities exclude changes in non-cash
working capital items.
Mana, Burkina
Faso
Mining Operations
|
|
Year |
|
|
ended
December 31, |
|
|
2016 |
2015 |
Variation |
Operating Data |
|
|
|
|
Ore
mined (tonnes) |
|
2,175,700 |
|
2,390,600 |
|
(9 |
%) |
Ore
processed (tonnes) |
|
2,753,300 |
|
2,399,100 |
|
15 |
% |
Waste
mined (tonnes) |
|
16,686,800 |
|
18,924,700 |
|
(12 |
%) |
Operational stripping ratio |
|
7.7 |
|
7.9 |
|
(3 |
%) |
Head
grade (g/t) |
|
2.88 |
|
3.63 |
|
(21 |
%) |
Recovery (%) |
|
94 |
|
91 |
|
3 |
% |
Gold
ounces produced |
|
240,200 |
|
255,900 |
|
(6 |
%) |
Gold
ounces sold |
|
240,600 |
|
258,600 |
|
(7 |
%) |
|
|
|
|
|
Statistics (in dollars) |
|
|
|
|
Average realized selling price (per ounce) |
|
1,249 |
|
1,161 |
|
8 |
% |
Cash
operating cost (per tonne processed)¹ |
|
43 |
|
47 |
|
(9 |
%) |
Total
cash cost (per ounce sold)¹ |
|
548 |
|
493 |
|
11 |
% |
All-in
sustaining cost (per ounce sold)¹ |
|
720 |
|
645 |
|
12 |
% |
Depreciation (per ounce sold)² |
|
324 |
|
337 |
|
(4 |
%) |
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
defined at the end of this press release.
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.
The total cash cost of $548 per
ounce sold is due to a lower head grade, partially offset by a
lower cash operating cost per tonne1. The increase
in all-in sustaining cost to $720 was anticipated and is mainly due
to an increase in the stripping capitalized expenditure and to a
higher total cash cost.
During 2016, less ore was mined
compared to 2015 due to the mine plan sequence. The increase in
throughput in 2016 compared to 2015 is mainly due to the processing
of ore through the secondary ball mill during the five-week
shutdown of the SAG mill at the beginning of 2015 and to the low
grade material processed in 2016. The latter results from a
decision to take advantage of higher gold prices and available
milling capacity in order to generate additional cash flow. We
achieved this by adding 423,800 tonnes of low-grade material to the
mix in 2016. Absent the impact of this decision, the head grade
would have been 3.26 g/t.
The year-over-year decrease in
head grade in 2016 is attributable to the mine plan sequence and to
increased throughput from low-grade material.
2016 Reserves and
Resources
As at December 31, 2016, total
proven and probable mineral reserves stood at 28.2 million tonnes
averaging 3.31 g/t Au for 3.0 million ounces as compared to
30.5 million tonnes at 3.32 g/t Au for 3.3 million ounces at the
end of 2015. The slight decrease in reserves is due to depletion as
SEMAFO produced 240,200 ounces of gold in 2016.
Inferred resources at Natougou
amounted to 6.3 million tonnes averaging 3.72 g/t Au for 754,000
ounces of gold, an increase of 119% compared to year-end 2015. The
increase in inferred resources is mainly attributable to the
expansion of the West Flank Sector adjacent to the open-pit
deposit.
All mineral resources reported are
exclusive of mineral reserves. Gold price assumptions for reserves
and resources are unchanged from 2015 at $1,100 and $1,400 per
ounce, respectively. For further details, refer to our press
release of February 27, 2017.
2017
Exploration
As previously disclosed, the 2017 initial exploration program has
been set at $23 million, $15 million of which will be spent at
Natougou, $5 million at Mana and the balance at other properties.
At Mana, $1 million of the initial budget will be used to test the
underground potential at Siou.
The 2017 budget for Natougou
includes a provision of $8.5 million for an infill drill program
(40-meter by 40-meter hole spacing) designed to bring current
inferred resources on the West Flank Sector into the indicated
category. In addition, an amount of $1.3 million has been earmarked
for completing studies into a potential underground operation
accessible by a decline collared at the bottom of the Natougou open
pit. The remainder of the Natougou program involves exploration
drilling on permits both proximal and contiguous to the Natougou
deposit.
Since we have no plan to further
explore the Banfora Zone, we recorded a non-cash impairment loss of
$8.9 million in the year.
Natougou
Development
In the fourth quarter, two key milestones for the Natougou Project
were achieved: award of the mining permit and commencement of
construction. Achievement of these goals means that the project
continues in line with our expected time schedule. In addition, the
following progress has been made:
-
Development on time and on budget, with $17
million spent as at December 31, 2016
-
Detailed design and engineering 80% complete at
end of February 2017
-
Earthworks have commenced including
-
Procurement
-
Hiring of key personnel for the construction
team is well underway
-
Compensation to inhabitants has been initiated
in line with the resettlement action plan
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.
Fourth Quarter
and Year-End 2016 Conference Call
A conference call will be held today, Wednesday, March 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: 60539531
Replay expiration: March 29, 2017
Annual General Meeting of
Shareholders
SEMAFO's Annual General Meeting of Shareholders will be held on
Thursday, May 4, 2017 at 10:00 EDT at Club Saint-James, Salon
Midway, 1145 avenue Union, in Montreal Quebec. Attendees will have
the opportunity to ask questions and meet the management team and
members of the board of directors.
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 deposits of Siou and Fofina, and is advancing
construction of the Natougou Project. 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 "assumptions",
"initial", "will", "designed to", "expected", "potential",
"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 accuracy of our
assumptions, the ability to execute a $23 million exploration
budget, the ability to bring current inferred resources on the West
Flank Sector into the indicated category, the ability to
complete the infill drilling program at Siou to test the
underground potential, the ability to complete studies on the West
Flank Sector into a potential underground operation, the ability to
complete the Natougou project on time and on budget, the ability to
execute on our strategic focus, fluctuation in the price of
currencies, gold or 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,
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 March 8, 2017 at 7:00
a.m., Eastern Standard Time.
For more information, contact
Robert LaVallière
Vice-President, Corporate Affairs & Investor
Relations
Cell: +1 (514) 240 2780
Email: Robert.Lavalliere@semafo.com
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
|
|
Financial and Operating
Highlights
|
|
2016 |
2015 |
2014 |
Gold
ounces produced |
|
240,200 |
|
255,900 |
|
234,300 |
|
Gold
ounces sold |
|
240,600 |
|
258,600 |
|
230,200 |
|
|
|
|
|
|
(in thousands of dollars, except amounts
per ounce, per tonne and per share) |
|
|
From Continuing Operations |
|
|
|
|
Revenues - Gold sales |
|
300,483 |
|
300,129 |
|
289,349 |
|
Operating income |
|
60,086 |
|
66,066 |
|
46,359 |
|
|
|
|
|
|
Net
income attributable to equity shareholders |
|
34,219 |
|
24,910 |
|
15,812 |
|
Basic earnings per share |
|
0.11 |
|
0.09 |
|
0.06 |
|
Diluted earnings per share |
|
0.11 |
|
0.09 |
|
0.06 |
|
|
|
|
|
|
Adjusted operating income¹ |
|
70,989 |
|
65,973 |
|
44,824 |
|
Adjusted net income attributable to equity shareholders¹ |
|
48,109 |
|
40,863 |
|
28,068 |
|
Per share¹ |
|
0.15 |
|
0.14 |
|
0.10 |
|
|
|
|
|
|
Cash
flows from operating activities2 |
|
142,222 |
|
147,561 |
|
120,730 |
|
Per share1 |
|
0.45 |
|
0.51 |
|
0.44 |
|
|
|
|
|
|
Average realized selling price (per ounce) |
|
1,249 |
|
1,161 |
|
1,257 |
|
Cash
operating cost (per tonne processed)¹ |
|
43 |
|
47 |
|
49 |
|
Total
cash cost (per ounce sold)¹ |
|
548 |
|
493 |
|
649 |
|
All-in
sustaining cost (per ounce sold)¹ |
|
720 |
|
645 |
|
801 |
|
|
|
|
|
|
From Discontinued Operations |
|
|
|
|
Net
loss attributable to equity shareholders3 |
|
- |
|
- |
|
(11,339 |
) |
|
|
|
|
|
Total |
|
|
|
|
Net
income attributable to equity shareholders |
|
34,219 |
|
24,910 |
|
4,473 |
|
Basic earnings per share |
|
0.11 |
|
0.09 |
|
0.02 |
|
Diluted earnings per share |
|
0.11 |
|
0.09 |
|
0.02 |
|
|
|
|
|
|
Total
assets |
|
895,276 |
|
781,513 |
|
618,302 |
|
1
Adjusted net income attributable to equity shareholders, adjusted
basic earnings per share, operating cash flows per share, 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 measures defined at the end
of this press release.
2
Cash flows from operating activities exclude changes in non-cash
working capital items.
3
The year ended December 31, 2014 includes a non-cash
amount of $9,691,000 regarding the reversal of the non-controlling
interest as a result of the sale of the Kiniero Mine.
Fourth Quarter Financial and
Operating Highlights
|
|
Three-month
period |
|
|
|
ended
December 31, |
|
|
|
2016 |
2015 |
Variation |
Gold
ounces produced |
|
55,100 |
|
57,500 |
|
(4 |
%) |
Gold
ounces sold |
|
57,100 |
|
65,500 |
|
(13 |
%) |
|
|
|
|
|
(in thousands of dollars, except amounts
per ounce, per tonne and per share) |
|
|
Revenues - Gold sales |
|
69,137 |
|
72,475 |
|
(5 |
%) |
Operating income |
|
4,806 |
|
12,549 |
|
(62 |
%) |
|
|
|
|
|
Net
income attributable to equity shareholders |
|
(4,949 |
) |
476 |
|
- |
Basic earnings per share |
|
(0.02 |
) |
- |
|
- |
Diluted earnings per share |
|
(0.02 |
) |
- |
|
- |
|
|
|
|
|
Adjusted operating income1 |
|
10,554 |
|
13,470 |
|
(22 |
%) |
Adjusted net income attributable to equity shareholders1 |
|
7,899 |
|
4,191 |
|
88 |
% |
Per share1 |
|
0.02 |
|
0.02 |
|
- |
|
|
|
|
|
Cash
flow from operating activities2 |
|
30,362 |
|
39,430 |
|
(23 |
%) |
Per share1 |
|
0.09 |
0.13 |
(31 |
%) |
|
|
|
|
|
Average realized selling price (per ounce) |
|
1,211 |
|
1,106 |
|
9 |
% |
Cash
operating cost (per tonne processed)¹ |
|
40 |
|
42 |
|
(5 |
%) |
Total
cash cost (per ounce sold)¹ |
|
571 |
|
493 |
|
16 |
% |
All-in
sustaining cost (per ounce sold)¹ |
|
694 |
|
719 |
|
(3 |
%) |
1
Cash operating cost, 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.
In 2016, adjusted operating income and adjusted net income
attributable to equity shareholders exclude the impairment of
property, plant and equipment of $8,913,000 related to the
exploration and evaluation assets of the Banfora Zone, and a gain
of $3,165,000 in share-based compensation expense related to the
change in fair value of the share price. The adjusted net income
attributable to equity shareholders also excludes a foreign
exchange loss of $3,530,000 and a deferred tax effect of currency
translation on tax base of $3,570,000.
2
Cash flows from operating activities exclude changes in non-cash
working capital items.
Non-IFRS Financial Performance
Measures
Some of the indicators used by us to analyze and evaluate our
results represent non-IFRS financial measures. We provide non-IFRS
financial performance measures as they may be used by some
investors to evaluate our financial performance. Since the non-IFRS
performance measures do not have any standardized definition
prescribed by IFRS, they may not be comparable to similar measures
presented by other companies. Accordingly, they are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. For the non-IFRS financial performance
measures not already reconciled within the document, we have
defined the IFRS financial performance measures below and
reconciled them to reported IFRS measures.
Cash Operating
Cost
A reconciliation of cash operating cost calculated in accordance
with the Gold Institute Standard to the operating costs is included
in the following table:
|
|
2016 |
2015 |
Per tonne processed |
|
|
|
Tonnes of ore
processed |
|
2,753,300 |
|
2,399,100 |
|
|
|
|
|
(in
thousands of dollars except per tonne) |
|
|
|
Mining operation
expenses (relating to ounces sold) |
|
131,953 |
|
127,618 |
|
Government royalties
and selling expenses |
|
(13,627 |
) |
(12,772 |
) |
Effects of inventory
adjustments (doré bars and gold in circuit) |
|
(67 |
) |
(2,267 |
) |
|
|
|
|
Operating costs
(relating to tonnes processed) |
|
118,259 |
|
112,579 |
|
|
|
|
|
Cash operating cost
(per tonne processed) |
|
43 |
|
47 |
|
Total Cash
Cost
|
|
2016 |
2015 |
Per ounce sold |
|
|
|
Gold ounce sold |
|
240,600 |
|
258,600 |
|
|
|
|
|
(in
thousands of dollars except per ounce) |
|
|
|
Mining operation
expenses |
|
131,953 |
|
127,618 |
|
|
|
|
|
Total cash cost (per
ounce sold) |
|
548 |
|
493 |
|
All-in Sustaining
Cost
All-in sustaining cost represents the total cash cost plus
sustainable capital expenditures and stripping costs per ounce.
|
|
2016 |
2015 |
Per ounce sold |
|
|
|
Gold ounce sold |
|
240,600 |
|
258,600 |
|
|
|
|
|
(in
thousands of dollars except per ounce) |
|
|
|
Sustaining capital
expenditure |
|
41,462 |
|
39,426 |
|
|
|
|
|
Sustaining capital
expenditure (per ounce sold) |
|
172 |
|
152 |
|
|
|
|
|
Total cash cost (per
ounce sold) |
|
548 |
|
493 |
|
|
|
|
|
All-in sustaining cost
(per ounce sold) |
|
720 |
|
645 |
|
Operating Cash
Flows per Share
|
|
2016 |
2015 |
(in thousands except per
share) |
|
|
|
Cash
flows from operating activities1 |
|
142,222 |
|
147,561 |
|
Weighted average number of outstanding common shares - basic |
|
315,290 |
|
291,351 |
|
|
|
|
|
Operating cash flows per share |
|
0.45 |
|
0.51 |
|
Adjusted
Accounting Measures
|
|
2016 |
2015 |
(in
thousands of dollars except per share) |
|
|
|
Net
income attributable to equity shareholders as per IFRS |
|
34,219 |
|
24,910 |
|
|
|
|
|
Foreign exchange
loss |
|
1,144 |
|
8,161 |
|
Tax effect of currency
translation on tax base |
|
1,843 |
|
5,365 |
|
Share-based
compensation expense related to change in the fair value of
the share price |
|
1,990 |
|
(93 |
) |
Impairment of
property, plant and equipment |
|
8,913 |
|
- |
|
Write-off of financing
fees |
|
- |
|
2,520 |
|
|
|
|
|
Adjusted net income attributable to equity
shareholders |
|
48,109 |
|
40,863 |
|
|
|
|
|
Weighted average
number of outstanding shares |
|
315,290 |
|
291,351 |
|
|
|
|
|
Adjusted basic earnings per share |
|
0.15 |
|
0.14 |
|
|
|
2016 |
2015 |
(in
thousands) |
|
$ |
$ |
Operating income as
per IFRS |
|
60,086 |
|
66,066 |
|
|
|
|
|
Share-based
compensation expense related to change in the fair value of
the share price |
|
1,990 |
|
(93 |
) |
Impairment of
property, plant and equipment |
|
8,913 |
|
- |
|
|
|
|
|
Adjusted operating income |
|
70,989 |
|
65,973 |
|
Consolidated Statement of
Financial Position
(Expressed in thousands of US dollars)
|
|
As
at |
|
As at |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
|
$ |
|
$ |
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash
and cash equivalents |
|
273,772 |
|
|
167,166 |
|
Trade
and other receivables |
|
16,945 |
|
|
17,028 |
|
Income
tax receivable |
|
- |
|
|
1,634 |
|
Inventories |
|
51,391 |
|
|
53,200 |
|
Other
current assets |
|
2,513 |
|
|
2,622 |
|
|
|
344,621 |
|
|
241,650 |
|
Non-current assets |
|
|
|
|
Advance receivable |
|
3,060 |
|
|
4,532 |
|
Restricted cash |
|
5,689 |
|
|
4,388 |
|
Property, plant and equipment |
|
536,237 |
|
|
529,087 |
|
Intangible asset |
|
1,595 |
|
|
1,856 |
|
Other
non-current assets |
|
4,074 |
|
|
- |
|
|
|
550,655 |
|
|
539,863 |
|
Total assets |
|
895,276 |
|
|
781,513 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade
payables and accrued liabilities |
|
41,964 |
|
|
35,869 |
|
Current portion of long-term debt |
|
310 |
|
|
29,052 |
|
Share
unit plans liabilities |
|
6,635 |
|
|
1,360 |
|
Provisions |
|
3,271 |
|
|
6,346 |
|
Income
tax payable |
|
5,422 |
|
|
- |
|
|
|
57,602 |
|
|
72,627 |
|
Non-current liabilities |
|
|
|
|
Long-term debt |
|
56,726 |
|
|
59,379 |
|
Share
unit plans liabilities |
|
4,899 |
|
|
4,485 |
|
Provisions |
|
8,137 |
|
|
7,313 |
|
Deferred income tax liabilities |
|
32,329 |
|
|
31,846 |
|
|
|
102,091 |
|
|
103,023 |
|
Total liabilities |
|
159,693 |
|
|
175,650 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Equity Shareholders |
|
|
|
|
Share
capital |
|
621,902 |
|
|
516,070 |
|
Contributed surplus |
|
7,357 |
|
|
10,685 |
|
Accumulated other comprehensive income |
|
1,095 |
|
|
- |
|
Retained earnings |
|
77,674 |
|
|
48,242 |
|
|
|
708,028 |
|
|
574,997 |
|
Non-controlling interest |
|
27,555 |
|
|
30,866 |
|
|
|
|
|
|
Total equity |
|
735,583 |
|
|
605,863 |
|
Total liabilities and equity |
|
895,276 |
|
|
781,513 |
|
Consolidated Statement of
Income
For the years ended December 31, 2016 and 2015
(Expressed in thousands of US dollars, except per share
amounts)
|
|
Year |
|
|
ended
December 31, |
|
|
2016 |
2015 |
|
|
$ |
$ |
|
|
|
|
Revenue - Gold sales |
|
300,483 |
|
300,129 |
|
|
|
|
|
Costs
of operations |
|
|
|
Mining operation
expenses |
|
131,953 |
|
127,618 |
|
Depreciation of
property, plant and equipment |
|
78,323 |
|
87,689 |
|
General and
administrative |
|
13,953 |
|
13,559 |
|
Corporate social
responsibility expenses |
|
960 |
|
857 |
|
Share-based
compensation |
|
6,295 |
|
4,340 |
|
Impairment of
property, plant and equipment |
|
8,913 |
|
- |
|
|
|
|
|
Operating income |
|
60,086 |
|
66,066 |
|
|
|
|
|
Other
expenses (income) |
|
|
|
Finance income |
|
(2,171 |
) |
(748 |
) |
Finance costs |
|
1,938 |
|
3,846 |
|
Foreign exchange
loss |
|
1,144 |
|
8,161 |
|
|
|
|
|
Income before income taxes |
|
59,175 |
|
54,807 |
|
|
|
|
|
Income tax expense |
|
|
|
Current |
|
16,408 |
|
10,510 |
|
Deferred |
|
1,500 |
|
13,744 |
|
|
|
17,908 |
|
24,254 |
|
|
|
|
|
Net
income for the year |
|
41,267 |
|
30,553 |
|
|
|
|
|
Attributable to: |
|
|
|
Equity
shareholders |
|
34,219 |
|
24,910 |
|
Non-controlling
interests |
|
7,048 |
|
5,643 |
|
|
|
41,267 |
|
30,553 |
|
|
|
|
|
Earnings per share |
|
|
|
Basic |
|
0.11 |
|
0.09 |
|
Diluted |
|
0.11 |
|
0.09 |
|
Consolidated Statement of Cash
Flows
For the years ended December 31, 2016 and 2015
(Expressed in thousands of US dollars)
|
|
Year |
|
|
ended
December 31, |
|
|
2016 |
2015 |
|
|
$ |
$ |
|
|
|
|
Cash flows from (used in): |
|
|
|
|
|
|
|
Operating activities |
|
|
|
Net
income for the year |
|
41,267 |
|
30,553 |
|
Adjustments for: |
|
|
|
Depreciation of property, plant and equipment |
|
78,323 |
|
87,689 |
|
Share-based compensation |
|
6,295 |
|
4,340 |
|
Write-off of other non-current assets related to financing
fees |
|
- |
|
2,520 |
|
Unrealized foreign exchange loss |
|
358 |
|
7,612 |
|
Impairment of property, plant and equipment |
|
8,913 |
|
- |
|
Deferred income tax expense |
|
1,500 |
|
13,744 |
|
Adjustment for withholding taxes |
|
5,827 |
|
- |
|
Other |
|
(261 |
) |
1,103 |
|
|
|
142,222 |
|
147,561 |
|
Changes in non-cash working capital items |
|
6,558 |
|
4,756 |
|
Net cash provided by operating activities |
|
148,780 |
|
152,317 |
|
|
|
|
|
Financing activities |
|
|
|
Drawdown (repayment) of long-term debt |
|
(30,129 |
) |
90,000 |
|
Long-term debt transaction costs |
|
(259 |
) |
(1,200 |
) |
Proceeds on issuance of share capital, net of expenses |
|
92,017 |
|
44,305 |
|
Dividend paid by a subsidiary to non-controlling interest |
|
(10,359 |
) |
(2,656 |
) |
|
|
|
|
Net cash provided by financing activities |
|
51,270 |
|
130,449 |
|
|
|
|
|
Investing activities |
|
|
|
Acquisition of Orbis Gold Limited |
|
- |
|
(154,550 |
) |
Acquisitions of property, plant and equipment |
|
(90,890 |
) |
(79,449 |
) |
Advance made to Sonabel |
|
- |
|
(566 |
) |
Increase in restricted cash |
|
(1,390 |
) |
(1,017 |
) |
|
|
|
|
Net cash used in investing activities |
|
(92,280 |
) |
(235,582 |
) |
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents |
|
(1,164 |
) |
(7,946 |
) |
Change in cash and cash equivalents during the
year |
|
106,606 |
|
39,238 |
|
Cash and cash equivalents - beginning of
year |
|
167,166 |
|
127,928 |
|
Cash and cash equivalents - end of year |
|
273,772 |
|
167,166 |
|
Interest paid |
|
4,150 |
|
4,578 |
|
Interest received |
|
1,608 |
|
450 |
|
Income
tax paid |
|
10,816 |
|
1,131 |
|
SEMAFO Reports Cash Flow from
Operations of $142.2 Million in 2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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
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