Adjusted Net
Income Attributable to Equity Shareholders of $14.9 Million
Montreal, Quebec,
November 9, 2016- SEMAFO Inc. (TSX, OMX: SMF) today reported
its financial and operational results for the three-month period
ended September 30, 2016. All amounts are in US
dollars unless otherwise stated.
Third Quarter
2016 - in Review
- Gold production of 62,500 ounces compared to
67,200 ounces for the same period in 2015
- Gold sales of $80.2 million compared to
$72.5 million for the same period in 2015
- Total cash cost1 of $574 per
ounce sold and all-in-sustaining cost1 of $751 per
ounce sold compared to $485 and $616, respectively, for the same
period in 2015
- Adjusted operating income1 of
$21.5 million compared to $17.8 million for the same period in
2015
- Adjusted net income attributable to equity
shareholders1 of $14.9
million or $0.05 per share1 compared to
$12.2 million or $0.04 per share1 for the same
period in 2015
- Cash flows from operating activities2
of $39.3 million or $0.12 per share1 compared to
$34.8 million or $0.12 per share1 for the same
period in 2015
- Resumed development of Wona North pit
Natougou Development:
- Permitting anticipated by year-end 2016
- Hiring of key personnel for the construction of
Natougou
- Suppliers selected for earthworks and contract
mining
- Development progressing on time and on budget,
with $7.7 million spent as at September 30, 2016
- Detailed design and engineering 37% complete
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 |
|
Nine-month
period |
|
ended September 30, |
|
ended September 30, |
|
2016 |
2015 |
Variation |
|
2016 |
2015 |
Variation |
Opera-
ting Data |
|
|
|
|
|
|
|
Ore
mined (tonnes) |
555,200 |
541,200 |
|
% |
|
1,620,000 |
1,831,100 |
(12 |
%) |
Ore
pro-
cessed (tonnes) |
751,700 |
618,300 |
22 |
% |
|
2,039,100 |
1,756,500 |
16 |
% |
Waste
mined (tonnes) |
3,155,800 |
4,375,000 |
(28 |
%) |
|
11,424,900 |
16,089,700 |
(29 |
%) |
Opera-
tional stripping ratio |
5.7 |
8.1 |
(30 |
%) |
|
7.1 |
8.8 |
(19 |
%) |
Head
grade (g/t) |
2.71 |
3.67 |
(26 |
%) |
|
3.01 |
3.81 |
(21 |
%) |
Recovery (%) |
95 |
92 |
3 |
% |
|
94 |
92 |
2 |
% |
Gold
ounces produced |
62,500 |
67,200 |
(7 |
%) |
|
185,100 |
198,400 |
(7 |
%) |
Gold
ounces sold |
60,000 |
64,800 |
(7 |
%) |
|
183,500 |
193,100 |
(5 |
%) |
|
|
|
|
|
|
|
|
Statis-
tics (in dollars) |
|
|
|
|
|
|
|
Average realized selling price (per ounce) |
1,337 |
1,119 |
19 |
% |
|
1,261 |
1,179 |
7 |
% |
Cash
opera-
ting cost (per tonne pro-
cessed) ¹ |
41 |
47 |
(13 |
%) |
|
44 |
49 |
(10 |
%) |
Total
cash cost (per ounce sold) ¹ |
574 |
485 |
18 |
% |
|
542 |
494 |
10 |
% |
All-in
sustain-
ning cost (per ounce sold) ¹ |
751 |
616 |
22 |
% |
|
730 |
621 |
18 |
% |
Depre-
ciation (per ounce sold) ² |
330 |
296 |
11 |
% |
|
312 |
339 |
(8 |
%) |
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. |
2016 Third Quarter
Results
SEMAFO's third quarter 2016 gold
production was 62,500 ounces compared to 67,200 ounces in the
prior-year quarter. During the third quarter of 2016, the ore
processed increased and the head grade decreased compared to the
same period in 2015. This 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
127,400 tonnes of low-grade material to the mix in the third
quarter of 2016. Absent the impact of this decision, the head grade
would have been 3.1 g/t in the third quarter of 2016. The decrease
in cash operating cost per tonne processed to $41 relative to the
third quarter of 2015 was expected and is attributable to the lower
operational stripping ratio and the positive volume effect of the
higher throughput.
During the third quarter, we
resumed development of the Wona North pit. As a result, 891,100
tonnes of waste material were extracted from the Wona North pit
during this pre-stripping phase.
The Corporation's third quarter
gold sales increased relative to 2015 as an increase in the average
realized selling price partially offset the lower gold ounces sold.
Relative to the third quarter of 2015, the average realized selling
price increased by $218 per ounce of gold or 19%.
Mining operating expenses
increased during the third quarter of 2016 compared to the third
quarter of 2015 mainly as a result of the higher throughput. Third
quarter adjusted operating income increased by 21% compared to the
same period in 2015, primarily as a result of higher revenues.
In the third quarter of 2016, the
Corporation's cash flow generated by operating activities increased
by 13% to $39.3 million on the back of higher sales.
Year-to-Date
Operational Results and 2016 Guidance
In the first nine months of 2016,
SEMAFO produced 185,100 ounces of gold, in line with its full-year
production guidance of 225,000 to 245,000 ounces. For the
nine-month period ended September 30, 2016, SEMAFO's all-in
sustaining cost of $730 per ounce and total cash cost of $542 per
ounce were higher than those in the prior year and within our 2016
cost guidance ranges. The increase in our total cash cost to $542
per ounce was anticipated and is due to lower head grade, partially
offset by a lower cash cost operating cost per tonne. The increase
in all-in sustaining cost is mainly attributable to an increase in
the capitalized stripping expenditure and to the higher total cash
cost.
Debt
Amendment
In March 2016, the Corporation entered into an amendment of its
Original Credit Facility with Macquarie Bank Limited that increased
the available credit facility to $120 million. We have already
drawn down $60 million and have the option of drawing down the
incremental $60 million by June 30, 2017. The interest rate was
reduced to LIBOR plus 4.75% per annum, with the principal repayable
in eight equal quarterly installments of $15 million, starting on
March 31, 2019.
A second amendment occurred in September 2016
under which the principal will be repayable in eight quarterly
installments of $7.5 million as of March 31, 2019, provided no
drawdown of the incremental $60 million has taken place.
Development Resumed at Wona
North
As announced in September, in light of the commencement of
stripping at Wona, the annual mining capacity at Mana will increase
to 40 million tonnes for the next three years in order to produce
over 200,000 ounces of gold per year. As a result, in order to
reach this mining capacity in 2017, we will purchase mining
equipment at a cost of $10 million and we have established
development capital expenditures at Mana of $2.7 million.
In 2017, the Mana Mine should
process ore from the Fofina, Siou and Wona North pits with the
Fofina deposit expected to be depleted in the first half of 2017.
As of December 31, 2015, mineral reserves at Wona totalled 12.7
million tonnes at an average grade of 2.30 g/t Au for 935,100
ounces of gold contained.
The table below presents the 2016 production guidance in addition
to consolidated production targets for the coming three years:
|
|
Target 3 |
|
Guidance 2016
1,
3 |
2017 |
2018 |
2019 |
Mana ('000 ounces) |
225-245 |
225-245 |
200+ |
200+ |
Natougou 2 ('000
ounces) |
|
|
100 |
226 |
Total ('000 ounces) |
225-245 |
225-245 |
300+ |
426+ |
1 |
See press
release of January 20, 2016. |
2 |
Contingent on receipt of permits and construction start-up by
year-end 2016; for more details, refer to press release of February
25, 2016 or the NI 43-101 technical report for Natougou, which is
filed on http://www.sedar.com/ and available at
http://www.semafo.com/. |
3 |
Assumption: Mineral reserves were estimated using a gold price of
$1,100 per ounce. |
Natougou Development
In the third quarter, the Corporation made steady
progress with regard to the Natougou Project and continues to
target construction start-up by year-end 2016. To date, the
following milestones have been achieved:
- Development on time and budget, with $7.7 million
spent as at September 30, 2016
- Detailed design and engineering 37% complete
- Procurement:
- Suppliers selected for earthworks
and contract mining
- Issue of purchase orders for
comminution equipment and seven other packages
- Award of contracts for the
resettlement action plan follow-up
- Hiring of key personnel for the construction team
has commenced
- Permitting is in line for receipt by year-end
2016
Exploration
Mana Project,
Burkina Faso
In the quarter, the RC drill
program on the Mana Project was primarily carried out within
trucking distance of the Mana Mill such as to the northeast of
Wona-Kona, on strike. Year to date, a total of 29,620 meters of RC
drilling has been effected on the Mana Project, mostly on the
Fobiri II and Kona Blé permits.
As a result of the rainy season,
the auger drill program slowed down in the third quarter,
completing 5,580 meters in 622 holes. Year to date, a total of
38,250 meters of auger drilling has been conducted on the Fobiri
II, Bombouéla Nord, Wona Nyafé and Mana Ouest permits. One RC drill
rig is currently active on the Mana Ouest permit.
Natougou
Project
In the quarter, we completed a
total of 8,360 meters in 86 RC holes across the Tapoa Permit Group.
In addition, 1,210 meters of drilling, including 3 core holes, were
conducted. Two RC drill rigs are currently in operation on the
Tapoa proximal area.
During the third quarter of 2016,
we completed an airborne magnetic radiometry survey totalling 4,430
line kilometers over the Tapoa Permit Group. Data from all
previously conducted surveys were subsequently compiled in order to
produce a full coverage mapping. The Natougou deposit is located to
the northwest of a plus 45-degree oriented regional structure. The
structure, dubbed Trend 045, is an important deep-seated
deformation zone that may have played a role in the formation of
the deposit. A series of lineaments are observed across the entire
property within a two- to four-kilometer wide corridor.
The lineaments were combined with
mapping, soil geochemistry, auger drilling and trenching, which
enabled us to identify targets and commence an RC drill program in
the fourth quarter of 2016.
West Sector and Boungou Shear Zone
A portion of the RC drilling in the quarter focused on defining the
limits of the footwall zone below the Boungou Shear Zone within the
pit area and extending the west flank mineralized zone of the
Boungou Shear Zone. In addition, three core holes were drilled
within the hangingwall zone. At this stage, our objective with
regard to the hangingwall zone is to better understand the style of
the mineralization, which seems to be different from the Boungou
Shear Zone.
In the fourth quarter, we intend to complete a drill program at
80-meter spacing in order to bring the west flank mineralized zone
into the inferred resources category by year-end.
Korhogo (Côte
d'Ivoire)
An airborne geophysical survey was completed (1,290 line kilometers
of magnetic radiometry) over the northern half of the Korhogo Ouest
permit in the quarter. Data from this survey are currently being
processed. Supplementing the survey, an infill soil sampling
program commenced in early October that will better delineate the
newly identified gold-in-soil anomalies.
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, Wednesday, November 9, 2016 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: 5375098
Replay expiration: November 30, 2016
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 developing the advanced gold deposit of Natougou.
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 "anticipated",
"guidance", "expects", "in order to", "should", "expected", "will",
"targets", "in line for", "objective", "intend", "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 achieve
permitting at Natougou by year-end 2016, the ability to start
construction by year-end 2016, the ability to meet our 2016
production guidance of 225,000 to 245,000 ounces, the ability to
meet our 2016 total cash cost and all-in sustaining cost guidance,
the ability to increase the annual mining capacity at Mana to 40
million tonnes for the next three years, the ability to produce
over 200,000 ounces through 2019 at Mana, the ability to meet our
consolidated production targets for the coming three years,
the ability to better understand the style of mineralization at the
hangingwall zone, the ability to bring the west flank mineralized
zone into the inferred resources category by year-end, the
accuracy of our assumption, 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 2015 Annual MD&A, as updated in
SEMAFO's 2016 First Quarter MD&A, 2016 Second Quarter MD&A,
2016 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 9, 2016 at
7:00 a.m., Eastern Standard 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 |
|
Nine-month
period |
|
ended
September 30, |
|
ended
September 30, |
|
2016 |
2015 |
Variation |
|
2016 |
2015 |
Variation |
|
|
|
|
|
|
|
|
Gold
ounces produced |
62,500 |
|
67,200 |
(7 |
%) |
|
185,100 |
|
198,400 |
(7 |
%) |
Gold
ounces sold |
60,000 |
|
64,800 |
(7 |
%) |
|
183,500 |
|
193,100 |
(5 |
%) |
|
|
|
|
|
|
|
|
(in thousands of dollars, except amounts per
share) |
|
|
|
|
|
|
|
Revenues - Gold sales |
80,200 |
|
72,523 |
|
11 |
% |
|
231,346 |
|
227,654 |
2 |
% |
|
|
|
|
|
|
|
|
Mining
operation expenses |
30,410 |
|
28,469 |
|
7 |
% |
|
89,203 |
|
86,170 |
|
4 |
% |
Government royalties |
4,028 |
|
2,950 |
|
37 |
% |
|
10,185 |
|
9,142 |
|
11 |
% |
Depreciation of property, plant and equipment |
19,880 |
|
19,290 |
|
3 |
% |
|
57,384 |
|
65,688 |
|
(13 |
%) |
Share-based compensation |
(576 |
) |
(988 |
) |
(42 |
%) |
|
8,229 |
|
2,309 |
|
256 |
% |
Other |
3,442 |
|
3,316 |
|
4 |
% |
|
11,065 |
|
10,828 |
|
2 |
% |
|
|
|
|
|
|
|
|
Operating income |
23,016 |
|
19,486 |
|
18 |
% |
|
55,280 |
|
53,517 |
|
3 |
% |
|
|
|
|
|
|
|
|
Finance costs |
314 |
|
347 |
|
(10 |
%) |
|
1,678 |
|
3,557 |
|
(53 |
%) |
Foreign exchange loss (gain) |
(191 |
) |
1,110 |
|
- |
|
(2,386 |
) |
5,705 |
|
- |
Income
tax expense |
3,853 |
|
3,762 |
|
2 |
% |
|
12,125 |
|
16,011 |
|
(24 |
%) |
Other |
(519 |
) |
(224 |
) |
132 |
% |
|
(1,465 |
) |
(513 |
) |
186 |
% |
|
|
|
|
|
|
|
|
Net income |
19,559 |
|
14,491 |
|
35 |
% |
|
45,328 |
|
28,757 |
|
58 |
% |
|
|
|
|
|
|
|
|
Attributable to equity shareholders |
|
|
|
|
|
|
|
Net income |
17,680 |
|
12,829 |
|
38 |
% |
|
39,168 |
|
24,434 |
|
60 |
% |
Basic earnings per share |
0.05 |
|
0.04 |
|
25 |
% |
|
0.13 |
|
0.08 |
|
63 |
% |
Diluted earnings per share |
0.05 |
|
0.04 |
|
25 |
% |
|
0.13 |
|
0.08 |
|
63 |
% |
|
|
|
|
|
|
|
|
Adjusted amounts |
|
|
|
|
|
|
|
Adjusted operating income1 |
21,451 |
|
17,775 |
|
21 |
% |
|
60,435 |
|
52,503 |
|
15 |
% |
Adjusted net income attributable to
equity shareholders¹ |
14,855 |
|
12,186 |
|
22 |
% |
|
40,210 |
|
36,672 |
|
10 |
% |
Per share¹ |
0.05 |
|
0.04 |
|
25 |
% |
|
0.13 |
|
0.13 |
|
- |
|
|
|
|
|
|
|
|
Cash flows |
|
|
|
|
|
|
|
Cash flows from operating activities² |
39,266 |
|
34,830 |
13 |
% |
|
111,860 |
|
108,131 |
|
3 |
% |
Per share¹ |
0.12 |
|
0.12 |
- |
|
0.36 |
|
0.37 |
|
(3 |
%) |
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, |
|
|
2016 |
|
2015 |
|
|
$ |
|
$ |
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash
and cash equivalents |
|
282,239 |
|
|
167,166 |
|
Trade
and other receivables |
|
17,512 |
|
|
17,028 |
|
Income
tax receivable |
|
- |
|
|
1,634 |
|
Inventories |
|
48,602 |
|
|
53,200 |
|
Other
current assets |
|
2,986 |
|
|
2,622 |
|
|
|
351,339 |
|
|
241,650 |
|
Non-current assets |
|
|
|
|
Advance receivable |
|
3,395 |
|
|
4,532 |
|
Restricted cash |
|
4,342 |
|
|
4,388 |
|
Property, plant and equipment |
|
533,866 |
|
|
529,087 |
|
Intangible asset |
|
1,655 |
|
|
1,856 |
|
Other
non-current assets |
|
4,025 |
|
|
- |
|
|
|
547,283 |
|
|
539,863 |
|
Total assets |
|
898,622 |
|
|
781,513 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade
payables and accrued liabilities |
|
41,263 |
|
|
35,869 |
|
Current portion of long-term debt |
|
310 |
|
|
29,052 |
|
Share
unit plans liabilities |
|
8,186 |
|
|
1,360 |
|
Provisions |
|
2,726 |
|
|
6,346 |
|
Income
tax payable |
|
6,284 |
|
|
- |
|
|
|
58,769 |
|
|
72,627 |
|
Non-current liabilities |
|
|
|
|
Long-term debt |
|
56,502 |
|
|
59,379 |
|
Share
unit plans liabilities |
|
5,282 |
|
|
4,485 |
|
Provisions |
|
7,847 |
|
|
7,313 |
|
Deferred income tax liabilities |
|
30,627 |
|
|
31,846 |
|
|
|
100,258 |
|
|
103,023 |
|
Total liabilities |
|
159,027 |
|
|
175,650 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Equity Shareholders |
|
|
|
|
Share
capital |
|
621,902 |
|
|
516,070 |
|
Contributed surplus |
|
7,357 |
|
|
10,685 |
|
Accumulated other comprehensive income |
|
1,046 |
|
|
- |
|
Retained earnings |
|
82,623 |
|
|
48,242 |
|
|
|
712,928 |
|
|
574,997 |
|
Non-controlling interest |
|
26,667 |
|
|
30,866 |
|
|
|
|
|
|
Total equity |
|
739,595 |
|
|
605,863 |
|
Total liabilities and equity |
|
898,622 |
|
|
781,513 |
|
|
|
|
|
|
Interim Consolidated Statement of Income |
(Expressed in thousands of US dollars, except per share amounts -
unaudited) |
|
|
|
|
|
|
|
Three-month
period |
|
Nine-month
period |
|
|
ended
September 30, |
|
ended
September 30, |
|
|
2016 |
2015 |
|
2016 |
2015 |
|
|
$ |
$ |
|
$ |
$ |
|
|
|
|
|
|
|
Revenue - Gold sales |
|
80,200 |
|
72,523 |
|
|
231,346 |
|
227,654 |
|
|
|
|
|
|
|
|
Costs
of operations |
|
|
|
|
|
|
Mining operation
expenses |
|
34,438 |
|
31,419 |
|
|
99,388 |
|
95,312 |
|
Depreciation of
property, plant and equipment |
|
19,880 |
|
19,290 |
|
|
57,384 |
|
65,688 |
|
General and
administrative |
|
3,195 |
|
3,087 |
|
|
10,503 |
|
10,139 |
|
Corporate social
responsibility expenses |
|
247 |
|
229 |
|
|
562 |
|
689 |
|
Share-based
compensation |
|
(576 |
) |
(988 |
) |
|
8,229 |
|
2,309 |
|
|
|
|
|
|
|
|
Operating income |
|
23,016 |
|
19,486 |
|
|
55,280 |
|
53,517 |
|
|
|
|
|
|
|
|
Other
expenses (income) |
|
|
|
|
|
|
Finance income |
|
(519 |
) |
(224 |
) |
|
(1,465 |
) |
(513 |
) |
Finance costs |
|
314 |
|
347 |
|
|
1,678 |
|
3,557 |
|
Foreign exchange
(gain) loss |
|
(191 |
) |
1,110 |
|
|
(2,386 |
) |
5,705 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
23,412 |
|
18,253 |
|
|
57,453 |
|
44,768 |
|
|
|
|
|
|
|
|
Income tax expense (recovery) |
|
|
|
|
|
|
Current |
|
3,521 |
|
4,605 |
|
|
14,086 |
|
13,477 |
|
Deferred |
|
332 |
|
(843 |
) |
|
(1,961 |
) |
2,534 |
|
|
|
3,853 |
|
3,762 |
|
|
12,125 |
|
16,011 |
|
|
|
|
|
|
|
|
Net
income for the period |
|
19,559 |
|
14,491 |
|
|
45,328 |
|
28,757 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity
shareholders |
|
17,680 |
|
12,829 |
|
|
39,168 |
|
24,434 |
|
Non-controlling
interests |
|
1,879 |
|
1,662 |
|
|
6,160 |
|
4,323 |
|
|
|
19,559 |
|
14,491 |
|
|
45,328 |
|
28,757 |
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
|
0.05 |
|
0.04 |
|
|
0.13 |
|
0.08 |
|
Diluted |
|
0.05 |
|
0.04 |
|
|
0.13 |
|
0.08 |
|
Interim Consolidated Statement of
Comprehensive Income |
(Expressed in thousands of US dollars - unaudited) |
|
|
|
|
|
|
|
Three-month
period |
|
Nine-month
period |
|
|
ended
September 30, |
|
ended
September 30, |
|
|
2016 |
2015 |
|
2016 |
2015 |
|
|
$ |
$ |
|
$ |
$ |
|
|
|
|
|
|
|
Net income for the period |
|
19,559 |
|
14,491 |
|
|
45,328 |
|
28,757 |
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
Change in fair value of the investment in GoviEx |
|
1,046 |
|
- |
|
|
1,046 |
|
- |
|
Total comprehensive income for the period, net of
tax |
|
20,605 |
|
14,491 |
|
|
46,374 |
|
28,757 |
|
Attributable to: |
|
|
|
|
|
|
Equity
shareholders |
|
18,726 |
|
12,829 |
|
|
40,214 |
|
24,434 |
|
Non-controlling interest |
|
1,879 |
|
1,662 |
|
|
6,160 |
|
4,323 |
|
|
|
20,605 |
|
14,491 |
|
|
46,374 |
|
28,757 |
|
Interim Consolidated Statement of
Cash Flows |
(Expressed in thousands of US
dollars - unaudited) |
|
|
|
|
|
|
|
Three-month
period |
|
Nine-month
period |
|
|
ended
September 30, |
|
ended
September 30, |
|
|
2016 |
2015 |
|
2016 |
2015 |
|
|
$ |
$ |
|
$ |
$ |
|
|
|
|
|
|
|
Cash flows from (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net income for the period |
|
19,559 |
|
14,491 |
|
|
45,328 |
|
28,757 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
19,880 |
|
19,290 |
|
|
57,384 |
|
65,688 |
|
Share-based compensation |
|
(576 |
) |
(988 |
) |
|
8,229 |
|
2,309 |
|
Write-off of other non-current assets related to financing
fees |
|
- |
|
- |
|
|
- |
|
2,520 |
|
Unrealized foreign exchange loss (gain) |
|
172 |
|
1,865 |
|
|
(2,756 |
) |
5,278 |
|
Deferred income taxes expense |
|
332 |
|
(843 |
) |
|
(1,961 |
) |
2,534 |
|
Adjustment for withholding taxes |
|
- |
|
- |
|
|
5,827 |
|
- |
|
Other |
|
(101 |
) |
1,015 |
|
|
(191 |
) |
1,045 |
|
|
|
39,266 |
|
34,830 |
|
|
111,860 |
|
108,131 |
|
Changes in non-cash working capital items |
|
8,052 |
|
(2,728 |
) |
|
11,239 |
|
(11,204 |
) |
Net cash provided by operating
activities |
|
47,318 |
|
32,102 |
|
|
123,099 |
|
96,927 |
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
Drawdown (repayment) of long-term debt |
|
(52 |
) |
- |
|
|
(30,052 |
) |
90,000 |
|
Long-term debt transaction costs |
|
- |
|
- |
|
|
(259 |
) |
(1,200 |
) |
Proceeds on issuance of share capital, net of
expenses |
|
3,374 |
|
304 |
|
|
92,017 |
|
44,229 |
|
Dividend paid to non-controlling interest |
|
- |
|
(2,656 |
) |
|
(10,359 |
) |
(2,656 |
) |
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities |
|
3,322 |
|
(2,352 |
) |
|
51,347 |
|
130,373 |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Acquisition of Orbis Gold Limited |
|
- |
|
- |
|
|
- |
|
(154,550 |
) |
Acquisitions of property, plant and equipment |
|
(22,840 |
) |
(21,031 |
) |
|
(62,780 |
) |
(56,402 |
) |
Advance made to Sonabel |
|
- |
|
- |
|
|
- |
|
(566 |
) |
Decrease in restricted cash |
|
210 |
|
- |
|
|
210 |
|
- |
|
|
|
|
|
|
|
|
Net cash used in investing
activities |
|
(22,630 |
) |
(21,031 |
) |
|
(62,570 |
) |
(211,518 |
) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
159 |
|
(1,805 |
) |
|
3,197 |
|
(5,925 |
) |
Change in cash and cash equivalents
during the period |
|
28,169 |
|
6,914 |
|
|
115,073 |
|
9,857 |
|
Cash and cash equivalents - beginning of
period |
|
254,070 |
|
130,871 |
|
|
167,166 |
|
127,928 |
|
Cash and cash equivalents - end of
period |
|
282,239 |
|
137,785 |
|
|
282,239 |
|
137,785 |
|
Interest paid |
|
1,065 |
|
1,521 |
|
|
3,557 |
|
3,038 |
|
Interest received |
|
419 |
|
3 |
|
|
1,273 |
|
292 |
|
Income tax paid |
|
2,237 |
|
1,043 |
|
|
8,410 |
|
1,043 |
|
SEMAFO_MDA
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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