Montreal, Quebec,
May 3, 2017- SEMAFO Inc. (TSX, OMX: SMF) today reported its
financial and operational results for the three-month period ended
March 31, 2017. All amounts are in US dollars
unless otherwise stated.
First Quarter
2017 - in Review
-
Gold production of 55,400 ounces compared to
61,300 ounces for the same period in 2016
-
Gold sales of $66.9 million compared to
$74.6 million for the same period in 2016
-
Total cash cost1 of $699 per
ounce sold and all-in-sustaining cost1 of $892 per
ounce sold compared to $505 and $695, respectively, for the same
period in 2016
-
Adjusted operating loss1 of $1.9
million mainly due to an increase in depreciation expense, compared
to an adjusted operating income of $20.1 million for the same
period in 2016
-
Adjusted net loss attributable to equity
shareholders1 of $4.4
million or $0.01 per share1 compared to
an adjusted net income of $11.0 million or $0.04 per
share1 for the same
period in 2016
-
Cash flows from operating activities2
of $23.1 million or $0.07 per share1 compared to
$35.2 million or $0.12 per share1 for the same
period in 2016
-
Guidance revision following geological
interpretation challenges at Mana
-
Strong financial position of $255.2 million in
cash and cash equivalents as at March 31, 2017
Boungou Mine (Natougou
Project):
- Development on schedule with $38 million spent as
at March 31, 2017
- Detailed design and engineering completed at end
of April 2017
- Earthworks for the water storage facility have
commenced
- Mobilization of mining contractor
- Ground-breaking ceremony held on March 31, 2017,
and project named "Boungou Mine"
- Operational savings on selected power plant and
re-allocation of capital expenditures
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.
Mana, Burkina
Faso
Mining Operations
|
|
Three-month
period |
|
|
ended
March 31, |
|
|
2017 |
2016 |
Variation |
Operating Data |
|
|
|
|
Ore
mined (tonnes) |
|
479,400 |
|
500,300 |
|
(4 |
%) |
Ore
processed (tonnes) |
|
731,800 |
|
682,900 |
|
7 |
% |
Waste
mined (tonnes) |
|
4,638,400 |
|
3,459,400 |
|
34 |
% |
Operational stripping ratio |
|
9.7 |
|
6.9 |
|
41 |
% |
Head
grade (g/t) |
|
2.55 |
|
3.04 |
|
(16 |
%) |
Recovery (%) |
|
92 |
|
92 |
|
- |
Gold
ounces produced |
|
55,400 |
|
61,300 |
|
(10 |
%) |
Gold
ounces sold |
|
54,700 |
|
62,800 |
|
(13 |
%) |
|
|
|
|
|
Statistics (in dollars) |
|
|
|
|
Average realized selling price (per ounce) |
|
1,223 |
|
1,187 |
|
3 |
% |
Cash
operating cost (per tonne processed)¹ |
|
52 |
|
42 |
|
24 |
% |
Total
cash cost (per ounce sold)¹ |
|
699 |
|
505 |
|
38 |
% |
All-in
sustaining cost (per ounce sold)¹ |
|
892 |
|
695 |
|
28 |
% |
Depreciation (per ounce sold)² |
|
460 |
|
275 |
|
67 |
% |
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 First
Quarter Results
Production in the first quarter
totalled 55,400 ounces of gold compared to 61,300 ounces in the
prior-year quarter. During the first quarter of 2017, the ore
processed was 731,800 tonnes at an average grade of 2.55 g/t Au,
including 252,400 tonnes of stockpile and low-grade material at an
average grade of 2.24 g/t Au. The 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 presents a
complex geometry as the area comprises the junction of three
different zones. This resulted in misleading ore outlines and led
to a significant variation in grade. However, the geometry becomes
simpler and more rectilinear at depth. Mining will commence in the
area at depth in the coming weeks.
Accordingly, we adjusted our 2017
guidance to 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. For more
information, consult our April 24, 2017 press release. Additional
cross-sections of Zones 9, 55 and 56 may be found on
www.semafo.com/en/Siou.
The decrease in gold ounces
produced and sold is a direct result of lower head grade, partially
offset by higher throughput.
The Corporation's first quarter
gold sales decreased relative to 2016 due to lower gold ounces
sold, partially offset by an increase in the average realized gold
price. Relative to the first quarter of 2016, the average realized
selling price increased by $36 per ounce of gold or 3%.
Mining operating expenses
increased during the first quarter of 2017 compared to the same
period in 2016 mainly as a result of higher operational stripping
ratio and higher throughput. First quarter operating income
decreased compared to the same period in 2016, primarily as a
result of lower gold sales, higher mining operating expenses and
higher depreciation. The decrease in cash flow from operating
activities in the quarter compared to the same period in 2016 is
due to lower gold sales and higher mining operation expenses.
In the first quarter of 2017, the
total cash cost and all-in sustaining cost reached $699 and $892
per ounce sold, respectively, compared to $505 and $695 per ounce
sold, respectively, for the same period in 2016 due to the lower
head grade and higher cash operating cost per tonne.
Boungou Mine (Natougou
Project)
In the first three months of 2017, ground
preparation progressed on-time. In addition, the following
achievements have been made:
- Development on schedule, with $38 million spent
as at March 31, 2017
- Detailed design and engineering completed at end
of April 2017
- Earthworks are progressing including:
- Bulk earthworks for the water storage
facility
- Earthworks for the processing plant with first
concrete pour expected in the second quarter of 2017
- Earthworks for the resettled village including
site clearing and moving bricks on site
- Construction has started on accommodation for
supervisory personnel and expatriates
- Fencing work continues, with construction of the
main entrance and guardhouses ongoing
- Procurement - selection of principal suppliers
fully completed
- Mobilization of both the mining and engineering,
procurement, construction management (EPCM) contractors on
site
- 927 personnel including contractors were employed
on site at end of March 2017, 96% of which are Burkinabe
Operational
Savings on Selected Power Plant and Re-allocation of Capital
Expenditures
In the feasibility study, the
capital expenditures for the power plant were based on a BOOT
(Build-Own-Operate-Transfer) project over a period of three
years. Accordingly, a portion of the capital expenditures was
to be deferred over the first three years of production and
accounted for as deferred capital expenditures in the feasibility
study. However, the bid process was characterised by supplier
disinterest in BOOT projects in Africa and by expensive financing
terms. We concluded that it was more cost-effective to purchase the
power plant up front rather than pursue a BOOT scheme. Therefore,
deferred capital expenditures for the power plant have been reduced
by $12 million to $3 million while initial capital expenditures
have been increased from $219 million to $231 million.
Furthermore, the selected power plant is expected to deliver
savings of approximately $600,000 per year over the life of mine
compared to the feasibility study.
Ground-breaking
Ceremony
On March 31, 2017, a
ground-breaking ceremony was held for the Boungou Mine (Natougou
Project) in the presence of Mr. Oumarou Idani, Minister of Mines
and Carriers in Burkina Faso, who represented the President of
Burkina Faso, His Excellency Roch Marc Christian Kaboré. The
ceremony was held to mark the beginning of construction at the
mine, which has now been named "Boungou Mine" after the closest
village. Some 2,000 persons attended the event including Burkinabe
government officials, representatives from the Canadian government,
senior community figures and members, in addition to members of our
management team.
Exploration
Mana Project,
Burkina Faso
The Mana exploration program in
the quarter targeted the Siou deposit at depth. A total of 12 holes
(5,020 meters) tested the Siou mineralized structures at depth in
order to better orient the subsequent delineation drilling program
(Phase II), which has been designed to provide 50-meter center
coverage of the southern half of the zones. The Phase II
delineation program is expected to be completed in the second
quarter of 2017. Although some assay results from Phase I remain
pending, three holes returned significant results. Hole MMP17-008
returned a grade of 11.3 g/t Au (31.7 g/t Au uncut) across 11.2
meters, hole MMP17-018 returned 6.98 g/t Au (121.2 g/t Au uncut) Au
across 4.7 meters, while hole MMP17-019 returned 6.1 g/t Au over
4.7 meters.
Tapoa (Natougou
Project)
West Flank
Sector
During the first three months of
2017, a total of 25,700 meters was drilled in 170 holes, with
sixty-five percent of the assay results received to date. The
infill program is now three-quarters through with completion
expected in the second quarter of 2017. All holes served to drill
the West Flank Sector up to 40-meter by 40-meter spacing. Results
to date are generally in line with the 80-meter x 80-meter
model.
In the second quarter of 2017,
further geotechnical holes will be completed for engineering
measurement purposes. Subsequently, drilling will focus on the East
Flank target where an additional 67-hole program will be conducted
with the aim of providing a 40-meter x 40-meter space sampling of
the mineralized zone.
South of Natougou
- Trend 045
In addition, a 23,600-meter auger
drill program was completed along Trend 045 located south of the
Natougou deposit. Results from this work will serve to drill test
the interpreted structure in the second half of the year.
Yactibo (Nabanga
Project)
During the first quarter, a total of 56 RC holes (6,050 meters)
tested six different targets proximal to the Nabanga deposit. The
program is focusing on identifying parallel structures near the
main mineralized quartz vein. The RC program is completed, and
assay results are expected by the end of the second quarter of
2017.
Kongolokoro,
Burkina Faso
An exploration program began in mid-April on the Kongolokoro
Sector, where 7,200 meters of RC and 1,200 meters of core drilling
have been scheduled for the year.
Korhogo Ouest
(Côte d'Ivoire)
In March, a first trenching /RC
drill program commenced on the Korhogo Ouest permit that builds on
the results of 2016 airborne geophysical and soil geochemical
surveys. Work on the first of the 11 trenches (100 meters of 2,000
meters) has started and is ongoing. A scout RC drill program is
planned to follow up on targets defined by both the survey and
trench results.
Michel Crevier, P.Geo MScA, Vice-President
Exploration and Mine Geology, is SEMAFO's Qualified Person and has
reviewed this press release for accuracy and compliance with
National Instrument 43-101.
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.
First Quarter Conference
Call
A conference call will be held
today, Wednesday, May 3, 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: 10612421
Replay expiration: May 24, 2017
Annual General Meeting of
Shareholders
SEMAFO's Annual General Meeting of
Shareholders will be held on Thursday, May 4, 2017 at 10:00 a.m.
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 deposit of Siou, and
is targeting production start-up of the Boungou Mine in the second
half 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.www.semafo.com
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 "guidance", "will",
"expected", "scheduled for", "planned", "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 meet our revised
2017 production guidance 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 commence the mining of the Zones 9, 55 and 56 at
depth in the coming weeks, the ability of the selected power plant
to deliver savings of $600,000 per year over the life of mine
compared to the feasibility study, the ability to complete the
Phase II delineation program at Siou in the second quarter of 2017,
the ability to identify parallel structures near the main
mineralized quartz vein proximal to the Nabanga deposit, 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, and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com. These documents are also available on our website at
. 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 May 3, 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 |
|
|
ended
March 31, |
|
|
2017 |
2016 |
Variation |
|
|
|
|
|
Gold
ounces produced |
|
55,400 |
|
61,300 |
(10 |
%) |
Gold
ounces sold |
|
54,700 |
|
62,800 |
(13 |
%) |
|
|
|
|
|
(in thousands of dollars, except amounts per
share) |
|
|
|
|
Revenues - Gold sales |
|
66,886 |
|
74,556 |
(10 |
%) |
|
|
|
|
|
Mining
operation expenses |
|
35,565 |
|
28,722 |
|
24 |
% |
Government royalties |
|
2,692 |
|
3,018 |
|
(11 |
%) |
Depreciation of property, plant and equipment |
|
25,268 |
|
17,340 |
|
46 |
% |
Share-based compensation |
|
1,219 |
|
3,678 |
|
(67 |
%) |
Other |
|
3,927 |
|
3,962 |
|
(1 |
%) |
|
|
|
|
|
Operating income (loss) |
|
(1,785 |
) |
17,836 |
|
- |
|
|
|
|
|
Finance income |
|
(736 |
) |
(373 |
) |
97 |
% |
Finance costs |
|
324 |
|
302 |
|
7 |
% |
Foreign exchange gain |
|
(829 |
) |
(4,909 |
) |
(83 |
%) |
Income
tax expense |
|
1,840 |
|
4,125 |
|
(55 |
%) |
|
|
|
|
|
Net income (loss) for the period |
|
(2,384 |
) |
18,691 |
|
- |
|
|
|
|
|
Attributable to equity shareholders |
|
|
|
|
Net
income (loss) |
|
(2,691 |
) |
16,184 |
|
- |
Basic earnings (loss) per share |
|
(0.01 |
) |
0.05 |
|
- |
Diluted earnings (loss) per share |
|
(0.01 |
) |
0.05 |
|
- |
|
|
|
|
|
Adjusted amounts |
|
|
|
|
Adjusted operating income (loss)1 |
|
(1,889 |
) |
20,073 |
|
- |
Adjusted net income (loss) attributable to equity
shareholders¹ |
|
(4,374 |
) |
10,961 |
|
- |
Per share¹ |
|
(0.01 |
) |
0.04 |
|
- |
|
|
|
|
|
Cash flows |
|
|
|
|
Cash
flows from operating activities² |
|
23,147 |
|
35,204 |
|
(34 |
%) |
Per share¹ |
|
0.07 |
|
0.12 |
|
(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 |
|
|
March 31, |
|
December 31, |
|
|
2017 |
|
2016 |
|
|
$ |
|
$ |
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash
and cash equivalents |
|
255,161 |
|
|
273,772 |
|
Trade
and other receivables |
|
19,967 |
|
|
16,945 |
|
Inventories |
|
48,191 |
|
|
51,391 |
|
Other
current assets |
|
2,528 |
|
|
2,513 |
|
|
|
325,847 |
|
|
344,621 |
|
Non-current assets |
|
|
|
|
Advance receivable |
|
2,969 |
|
|
3,060 |
|
Restricted cash |
|
5,768 |
|
|
5,689 |
|
Property, plant and equipment |
|
550,464 |
|
|
536,237 |
|
Intangible asset |
|
1,536 |
|
|
1,595 |
|
Other
non-current assets |
|
4,892 |
|
|
4,074 |
|
|
|
565,629 |
|
|
550,655 |
|
Total assets |
|
891,476 |
|
|
895,276 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade
payables and accrued liabilities |
|
43,326 |
|
|
41,964 |
|
Current portion of long-term debt |
|
310 |
|
|
310 |
|
Share
unit plans liabilities |
|
5,763 |
|
|
6,635 |
|
Provisions |
|
3,224 |
|
|
3,271 |
|
Income
tax payable |
|
4,909 |
|
|
5,422 |
|
|
|
57,532 |
|
|
57,602 |
|
Non-current liabilities |
|
|
|
|
Long-term debt |
|
56,951 |
|
|
56,726 |
|
Share
unit plans liabilities |
|
1,772 |
|
|
4,899 |
|
Provisions |
|
8,331 |
|
|
8,137 |
|
Deferred income tax liabilities |
|
32,824 |
|
|
32,329 |
|
|
|
99,878 |
|
|
102,091 |
|
Total liabilities |
|
157,410 |
|
|
159,693 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Equity Shareholders |
|
|
|
|
Share
capital |
|
621,980 |
|
|
621,902 |
|
Contributed surplus |
|
7,328 |
|
|
7,357 |
|
Accumulated other comprehensive income |
|
1,913 |
|
|
1,095 |
|
Retained earnings |
|
74,983 |
|
|
77,674 |
|
|
|
706,204 |
|
|
708,028 |
|
Non-controlling interest |
|
27,862 |
|
|
27,555 |
|
|
|
|
|
|
Total equity |
|
734,066 |
|
|
735,583 |
|
Total liabilities and equity |
|
891,476 |
|
|
895,276 |
|
|
|
|
|
|
Interim Consolidated Statement of
Income (Loss) |
(Expressed in thousands of US dollars, except per share amounts -
unaudited) |
|
|
Three-month
period |
|
|
ended
March 31, |
|
|
2017 |
2016 |
|
|
$ |
$ |
|
|
|
|
Revenue - Gold sales |
|
66,886 |
|
74,556 |
|
|
|
|
|
Costs
of operations |
|
|
|
Mining operation
expenses |
|
38,257 |
|
31,740 |
|
Depreciation of
property, plant and equipment |
|
25,268 |
|
17,340 |
|
General and
administrative |
|
3,542 |
|
3,827 |
|
Corporate social
responsibility expenses |
|
385 |
|
135 |
|
Share-based
compensation |
|
1,219 |
|
3,678 |
|
|
|
|
|
Operating income (loss |
|
(1,785 |
) |
17,836 |
|
|
|
|
|
Other
expenses (income) |
|
|
|
Finance income |
|
(736 |
) |
(373 |
) |
Finance costs |
|
324 |
|
302 |
|
Foreign exchange
gain |
|
(829 |
) |
(4,909 |
) |
|
|
|
|
Income (loss) before income taxes |
|
(544 |
) |
22,816 |
|
|
|
|
|
Income tax expense |
|
|
|
Current |
|
1,721 |
|
3,954 |
|
Deferred |
|
119 |
|
171 |
|
|
|
1,840 |
|
4,125 |
|
|
|
|
|
Net
income (loss) for the period |
|
(2,384 |
) |
18,691 |
|
|
|
|
|
Attributable to: |
|
|
|
Equity
shareholders |
|
(2,691 |
) |
16,184 |
|
Non-controlling
interests |
|
307 |
|
2,507 |
|
|
|
(2,384 |
) |
18,691 |
|
|
|
|
|
Earnings (loss) per share |
|
|
|
Basic |
|
(0.01 |
) |
0.05 |
|
Diluted |
|
(0.01 |
) |
0.05 |
|
Interim Consolidated Statement of
Comprehensive Income (Loss) |
(Expressed in thousands of US dollars - unaudited) |
|
|
Three-month
period |
|
|
ended
March 31, |
|
|
2017 |
2016 |
|
|
$ |
$ |
|
|
|
|
Net income (loss) for the period |
|
(2,384 |
) |
18,691 |
|
|
|
|
|
|
|
|
|
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) |
|
818 |
|
- |
|
Total comprehensive income (loss) for the period,
net of tax |
|
(1,566 |
) |
18,691 |
|
Attributable to: |
|
|
|
Equity
shareholders |
|
(1,873 |
) |
16,184 |
|
Non-controlling interest |
|
307 |
|
2,507 |
|
|
|
(1,566 |
) |
18,691 |
|
Interim Consolidated Statement of
Cash Flows |
(Expressed in thousands of US dollars - unaudited) |
|
|
Three-month
period |
|
|
ended
March 31, |
|
|
2017 |
2016 |
|
|
$ |
$ |
|
|
|
|
Cash flows from (used in): |
|
|
|
|
|
|
|
Operating activities |
|
|
|
Net
income (loss) for the period |
|
(2,384 |
) |
18,691 |
|
Adjustments for: |
|
|
|
Depreciation of property, plant and equipment |
|
25,268 |
|
17,340 |
|
Share-based compensation |
|
1,219 |
|
3,678 |
|
Unrealized foreign exchange gain |
|
(1,008 |
) |
(4,790 |
) |
Deferred income tax expense |
|
119 |
|
171 |
|
Other |
|
(67 |
) |
114 |
|
|
|
23,147 |
|
35,204 |
|
Changes in non-cash working capital items |
|
(5,752 |
) |
6,765 |
|
Net cash provided by operating activities |
|
17,395 |
|
41,969 |
|
|
|
|
|
Financing activities |
|
|
|
Repayment of long-term debt |
|
(76 |
) |
(30,000 |
) |
Proceeds on issuance of share capital, net of expenses |
|
49 |
|
1,405 |
|
|
|
|
|
Net cash used in financing activities |
|
(27 |
) |
(28,595 |
) |
|
|
|
|
Investing activities |
|
|
|
Acquisitions of property, plant and equipment |
|
(37,232 |
) |
(19,543 |
) |
|
|
|
|
Net cash used in investing activities |
|
(37,232 |
) |
(19,543 |
) |
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents |
|
1,253 |
|
5,670 |
|
Change in cash and cash equivalents during the
period |
|
(18,611 |
) |
(499 |
) |
Cash and cash equivalents - beginning of
period |
|
273,772 |
|
167,166 |
|
Cash and cash equivalents - end of period |
|
255,161 |
|
166,667 |
|
Interest paid |
|
888 |
|
1,582 |
|
Interest received |
|
439 |
|
361 |
|
Income
tax paid |
|
2,161 |
|
85 |
|
SEMAFO Delivers Cash Flow from
Operations of $23.1 Million
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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