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SEMAFO Reports 2013 Cash Flow from Operations of $77.6 Million

12.03.2014  |  Marketwired

MONTREAL, QUEBEC--(Marketwired - Mar 12, 2014) - SEMAFO (TSX:SMF)(OMX:SMF) today reported its financial and operational results for the fourth quarter and year ended December 31, 2013. All amounts are in US dollars unless otherwise stated.

In the third quarter 2013 SEMAFO determined its two non-core assets, the Samira Hill and Kiniero mines, as discontinued operations in the Corporation's financial statements The Samira Hill mine in Niger was sold during the fourth quarter of 2013 and the Kiniero mine in Guinea was placed in care and maintenance in the first quarter of 2014.

The following 2013 year-end and fourth quarter reviews are comprised solely of information and data from ongoing operations at the Mana mine in Burkina Faso.

2013 - The Year in Review

  • Gold production at Mana of 158,600 ounces compared to 172,700 ounces in 2012
  • Gold sales of $226.6 million, a 21% decrease compared to 2012
  • Operating income of $18.9 million compared to $66.5 million in 2012
  • Net loss from continuing operations attributable to equity shareholders of $9.2 million or $0.03 per share compared to net income of $14.9 million or $0.06 per share in 2012
  • Cash flow from operating activities from continuing activities1 of $77.6 million or $0.28 per share2
  • Achieved record throughput at Mana's processing plant of 2.8 million tonnes of ore
  • Siou added 769,300 ounces at 4.94 g/t Au to Mana's gold reserves
  • Siou demonstrated additional potential with inferred mineral resources of 795,300 ounces at 3.97 g/t Au
  • Fast tracked Siou to production, a year in advance of the original schedule
  • Capital expenditures at Siou reduced to $12.5 million from $25.0 million

Fourth Quarter Review

  • Gold production at Mana of 35,700 ounces, compared to 45,600 ounces for the same period in 2012
  • Gold sales at Mana of $50.8 million, a 40% decrease year over year
  • Operating loss from continuing operations of $8.4 million, compared to operating income of $23.9 million for the same period in 2012
  • Net loss from continuing operations attributable to equity shareholders of $7.1 million or $0.03 per share compared to net income of $15.2 million or $0.06 per share for the same period in 2012
  • Cash flow from operating activities from continuing operations1 of $16.2 million or $0.06 per share2 compared to $38.3 million or $0.14 per share2 for the same period in 2012
  • Identified new priority drill targets within the Kokoi shear zone
  • Received the new Pompoi Nord permit from the Government of Burkina Faso
  • Received authorization from the Government of Burkina Faso for the development of our high-grade Siou and Fofina deposits
  • Accelerated Siou development with the commencement of construction of the 17-kilometer access road and began pre-stripping activities
(1) Cash flow from operating activities from continuing operations excludes changes in non-cash working capital items.
(2) Operating cash flow per share from continuing operations is a non-IFRS financial performance measure with no standard definition under IFRS.

A Word from the CEO

Significant volatility in the gold market during 2013, a trend that commenced in 2012, saw the price of the precious metal fluctuate from $1,694 per ounce at the start of the year to $1,204 per ounce as at December 31. Inter-day activity often posted variances of more than $40 per ounce, contributing to a turbulent market for gold within an already uncertain economy. In a weak gold price environment, SEMAFO's strategy remains unchanged: the Corporation continues to focus on achieving production objectives, maintaining stringent control of capital allocation, ongoing optimization programs and continuing value creation through exploration.

Since discovering the high-grade Siou deposit in August 2012, we added 769,300 ounces to mineral reserves and 795,300 ounces to inferred resources. As at December 31, 2013, Mana's reserves grew by 24% to 2.3 million ounces and the average grade increased 22% to 2.81 g/t Au year over year. In the coming years, mining these quality ounces will contribute to increased production and significantly lower all-in sustaining costs. We are proud that our fast-tracked development of Siou resulted in production from the high-grade deposit beginning on February 20, 2014, one full year ahead of schedule.

A Sixth Consecutive Year of Achieving Production and Cost Guidance

SEMAFO's operations team delivered another solid operating performance at Mana with record throughput at the processing plant of 2.8 million tonnes of ore at an average grade of 2.0 g/t Au. Accordingly, Mana achieved the guidance established early in 2013 with production of 158,600 ounces of gold. Mana's total cash cost was $777 per ounce sold, better than 2013 guidance, which had been set at between $805 and $855 per ounce. The Corporation has therefore met its production guidance for a sixth consecutive year.

In 2013, gold sales at Mana totalled 161,300 ounces and resulted in annual revenues of $226.6 million. Cash flow from operating activities amounted to $77.6 million or $0.28 per share2. Operating income totalled $18.9 million, with a net loss from continuing operations of $9.2 million or $0.03 per share. This is primarily due to a decrease in production and a lower average realized selling price per ounce of gold, which fell by $277 per ounce compared to 2012. SEMAFO has a strong financial position; the Corporation is debt-free and has cash and cash equivalents of $83 million as at December 31, 2013.

2014 Outlook - Increased Production and a Lower Cost per Ounce

SEMAFO's 2014 production guidance has been established at between 200,000 and 225,000 ounces of gold, representing a 34% increase over 2013 gold production. The total cash cost1 guidance is between $695 and $745 per ounce, a 7% decrease from 2013. Increased production and lower operating costs are expected as a result of mining the high-grade Siou and Fofina deposits. We anticipate achieving the full mining rate at Siou during the second quarter and advancing the Fofina deposit to production in the third quarter of 2014. In 2015, we anticipate a full year of production at Siou and Fofina, which will have a significant positive impact on Mana's overall production.

Focus on Quality Ounces

In terms of investments, SEMAFO's 2014 sustaining capital expenditures budget has been established at $31 million representing stripping costs for the mining of four pits, while a non-recurring amount of $18 million in growth capital expenditures has been allocated for the development of Siou and Fofina. The Corporation also plans to invest $18 million in a robust exploration program that will focus on the Siou intrusive area, located approximately 20 kilometers east of the Mana processing plant. The drilling program will focus on the North Apex, the newly acquired Pompoi Nord permit and the recently announced 15-kilometer geochemical anomaly trend, and will comprise more than 103,000 meters of reverse-circulation, 290,000 meters of auger, and 33,000 meters of diamond drilling. This area, which covers more than 200 km2, is considered highly promising in our search for quality ounces. Results of auger and reverse-circulation drilling are expected in the second and third quarters of 2014. As part of the program, during the second half of 2014, 24,000 meters of diamond drilling will be carried out with the objective to convert some of the at-depth mineral resources between 180 and 225 meters at Siou to reserves and ultimately extend the life of the mine. Some diamond drilling will be completed at a depth of over 400 meters to test the vertical continuity of the deposit. Results are expected in the fourth quarter of 2014.

Cost Containment at All Levels

We are proud of the great strides made through our ongoing optimization programs, which have resulted in millions of dollars of savings at all levels over the past two years. We expect to lower general and administrative expenses yet again in 2014 to $16 million. Our optimization programs, the sale of the Samira Hill mine in December and the winding down of activities at the Kiniero mine to care and maintenance this month with an objective to sell the property will allow us to focus solely on our Mana property.

For the future, we look to Mana, our quality asset with strong geological potential, as well as to the continued expansion of our pipeline of properties and projects in Burkina Faso, West Africa and beyond.

SEMAFO's Consolidated Financial Statements and Management's Discussion and Analysis and other relevant 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 the website maintained by the Canadian Securities regulators at www.sedar.com.

2013 Fourth Quarter and Year-End Conference Call

SEMAFO will host a conference call today, Wednesday, March 12, 2014 at 10:00 EDT to discuss this press release. Investors 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

The conference call will be archived for replay until April 2, 2014. To access the archived conference call, please dial 1 (800) 585 8367 and enter pass code 58281483.

A live audio webcast of the conference can be accessed through SEMAFO's website at www.semafo.com. The webcast will be available for replay for a period of 30 days.

Annual General and Special Meeting of Shareholders

SEMAFO's Annual General and Special Meeting of Shareholders will be held on Thursday, May 15, 2014 at 10:00 EDT at Le Centre Sheraton Montréal, Salon Jarry & Joyce, 1201 René-Lévesque Boulevard West, 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 currently owns and operates the Mana Mine in Burkina Faso, which includes the high-grade satellite Siou and Fofina deposits. SEMAFO is committed to evolve in a conscientious manner through the responsible development of its Mana property. 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 "strategy", "will", "outlook", "guidance", "expected", "anticipate", "plans", "objective", "committed", "evolve", "become", "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 of the Siou's quality ounces to contribute to increase production and significantly lower all-in sustaining costs, the ability to meet our 2014 guidance of between 200,000 and 225,000 ounces of gold at a total cash cost of between $695 and $745 per ounce, the ability of Siou and Fofina to increase production and lower operating costs, the ability to achieve the full extraction rate at Siou during the second quarter and advance the Fofina deposit to production in the third quarter of 2014, the ability to have in 2015 a full year of production at Siou and Fofina, the ability to meet our capital expenditures and exploration programs in 2014, the ability to lower general and administrative expenses in 2014 to $16 million, 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 2013 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 above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act.

MANA PROPERTY1, 2, 4- MINERAL RESERVES AND RESOURCES (As at December 31, 2013)

The following table states the Corporation's mineral reserves and resources as at December 31, 2013.

DECEMBER 31, 2013
DEPOSITS PROVEN RESERVES PROBABLE RESERVES TOTAL RESERVES

Tonnage Grade
(g/t Au)
Ounces3 Tonnage Grade
(g/t Au)
Ounces3 Tonnage Grade
(g/t Au)
Ounces3
WONA-KONA 8,216,300 2.27 599,900 9,319,100 2.14 640,000 17,535,400 2.20 1,239,900
NYAFÉ 262,600 5.85 49,400 4,100 5.02 700 266,700 5.84 50,100
FOFINA 1,742,300 2.53 141,600 1,014,800 2.94 96,100 2,757,100 2.68 237,700
SIOU 3,394,400 5.55 605,500 1,448,500 3.52 163,800 4,842,900 4.94 769,300
ROMPAD 114,000 1.50 5,500 0 0.00 0 114,000 1.50 5,500
TOTAL MANA 13,729,600 3.18 1,401,900 11,786,500 2.38 900,600 25,516,100 2.81 2,302,500
DECEMBER 31, 2013
DEPOSITS MEASURED INDICATED TOTAL RESOURCES
Tonnage Grade
(g/t Au)
Ounces3 Tonnage Grade
(g/t Au)
Ounces3 Tonnage Grade
(g/t Au)
Ounces3
WONA-KONA 928,600 2.65 79,100 16,100,500 2.90 1,499,600 17,029,100 2.88 1,578,700
NYAFÉ 300,200 5.60 54,100 229,500 5.84 43,100 529,700 5.71 97,200
FOFINA 519,400 1.92 32,000 555,700 4.04 72,200 1,075,100 3.01 104,200
YAHO 4,654,400 1.05 157,200 9,895,200 0.99 316,200 14,549,600 1.01 473,400
FILON 67 26,100 2.72 2,300 8,900 3.59 1,000 35,000 2.93 3,300
FOBIRI 468,900 1.80 27,100 114,200 1.52 5,600 583,100 1.74 32,700
SIOU 241,200 1.22 9,500 1,832,100 2.49 146,700 2,073,300 2.34 156,200
TOTAL MANA 7,138,800 1.57 361,300 28,736,100 2.26 2,084,400 35,874,900 2.12 2,445,700
DECEMBER 31, 2013
DEPOSITS INFERRED
Tonnage Grade
(g/t Au)
Ounces3
WONA-KONA 4,441,100 2.80 399,500
NYAFÉ 150,800 5.86 28,400
FOFINA 210,500 5.36 36,300
YAHO 470,800 1.45 22,000
FILON 67 5,500 6.32 1,100
FOBIRI 577,600 1.39 25,800
MAOULA 2,628,200 1.62 137,100
SIOU 6,227,600 3.97 795,300
TOTAL MANA 14,712,100 3.06 1,445,500
(1) The Corporation indirectly owns 90% of SEMAFO Burkina, which directly holds the interest in the Mana Mine reserves and resources.
(2) Mineral reserves and resources were estimated using a gold price of $1,100 and $1,400 per ounce respectively.
(3) Rounding of numbers to the nearest hundreds of tonnes may present slight differences in the figures representing the ounces contained.
(4) All mineral resources reported are exclusive of mineral reserves. All mineral reserves and resources are net of mining depletion.

Year-end Financial and Operating Highlights

2013 20126,7 20117
Gold ounces produced 158,600 172,700 187,800
Gold ounces sold 161,300 170,800 188,000
(in thousands of dollars, except amounts per ounce, per tonne and per share)
From continuing operations
Revenues - Gold sales 226,618 287,209 297,673
Operating income 18,942 66,471 134,872
Net income (loss) from continuing operations attributable to equity shareholders (9,227 ) 14,927 91,998
Basic earnings (loss) per share from continuing operations (0.03 ) 0.06 0.34
Diluted earnings (loss) per share from continuing operations (0.03 ) 0.05 0.33
Adjusted operating income from continuing operations1 18,942 83,469 134,872
Adjusted net income from continuing operations attributable to equity shareholders1 10,373 51,845 91,998
Adjusted basic earnings per share from continuing operations1 0.04 0.19 0.34
Cash flow from operating activities from continuing operations2 77,562 113,944 137,267
Operating cash flow per share from continuing operations3 0.28 0.42 0.50
Average realized selling price (per ounce) 1,405 1,682 1,583
Cash operating cost (per ounce produced)4 707 662 510
Cash operating cost (per tonne processed)4 40 42 40
Total cash cost (per ounce sold)5 777 750 592
From discontinued operations
Net income (loss) from discontinued operations attributable to equity shareholders (75,995 ) (29,722 ) 19,761
Total
Net income (loss) attributable to equity shareholders (85,222 ) (14,795 ) 111,759
Basic earnings (loss) per share (0.31 ) (0.05 ) 0.41
Diluted earnings (loss) per share (0.31 ) (0.05 ) 0.40
Total assets 567,546 691,714 724,011
Cash dividends declared per share 0.02 0.04 0.02
(1) Adjusted operating income from continuing operations, adjusted net income from continuing operations attributable to equity shareholders and adjusted basic earnings per share from continuing operations 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 22.
(2) Cash flow from operating activities from continuing operations excludes changes in non-cash working capital items.
(3) Operating cash flow per share from continuing operations is a non-IFRS financial performance measure with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 22.
(4) Cash operating cost is a non-IFRS financial performance measure with no standard definition under IFRS and is calculated using ounces produced and tonnes processed. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 22.
(5) Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold.
(6) Amounts have been adjusted for the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine. Please refer to note 6 of the Corporation's financial statements.
(7) Amounts have been adjusted to reflect discontinued operations.

Fourth Quarter Financial and Operating Highlights

Three-month period
ended December 31,
2013 20125,6 Variation
Gold ounces produced 35,700 45,600 (22 %)
Gold ounces sold 40,100 49,000 (18 %)
(in thousands of dollars, except amounts per ounce, per tonne and per share)
From continuing operations
Revenues - Gold sales 50,771 84,519 (40 %)
Operating income (loss) (8,407 ) 23,932 -
Net income (loss) from continuing operations attributable to equity shareholders (7,098 ) 15,246 -
Basic earnings (loss) per share from continuing operations (0.03 ) 0.06 -
Diluted earnings (loss) per share from continuing operations (0.03 ) 0.06 -
Cash flow from operating activities from continuing operations1 16,197 38,301 (58 %)
Operating cash flow per share from continuing operations2 0.06 0.14 (57 %)
Average realized selling price (per ounce) 1,266 1,725 (27 %)
Cash operating cost (per ounce produced)3 890 645 38 %
Cash operating cost (per tonne processed)3 45 40 13 %
Total cash cost (per ounce sold)4 935 746 25 %
From discontinued operations
Net loss from discontinued operations attributable to equity shareholders (11,700 ) (44,057 ) 73 %
Total
Net loss attributable to equity shareholders (18,798 ) (28,811 ) 35 %
Basic loss per share (0.07 ) (0.11 ) 36 %
Diluted loss per share (0.07 ) (0.10 ) 30 %
(1) Cash flow from operating activities from continuing operations excludes changes in non-cash working capital items.
(2) Operating cash flow per share from continuing operations is a non-IFRS financial performance measure with no standard definition under IFRS.
(3) Cash operating cost is a non-IFRS financial performance measure with no standard definition under IFRS and is calculated using ounces produced and tonnes processed.
(4) Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and government royalties per ounce sold.
(5) Amounts have been adjusted for the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine. Please refer to note 6 of the Corporation's financial statements.
(6) Amounts have been adjusted to reflect discontinued operations.
Consolidated Statement of Financial Position
(Expressed in thousands of US dollars)


As at
December 31,
2013
As at
December 31,
2012
$ $
(Adjusted)
Assets
Current assets
Cash and cash equivalents 82,159 139,451
Trade and other receivables 23,657 30,395
Income tax receivable 9,198 -
Inventories 55,140 98,231
Other current assets 2,885 6,432
173,039 274,509
Assets held for sale 4,140 -
177,179 274,509
Non-current assets
Advance receivable 3,029 -
Restricted cash 3,516 923
Property, plant and equipment 382,534 393,682
Intangible asset 1,288 -
Investment - 19,600
Deferred income tax asset - 3,000
390,367 417,205
Total assets 567,546 691,714
Liabilities
Current liabilities
Trade payables and accrued liabilities 38,820 67,020
Restricted share unit liabilities 1,302 -
Provisions 5,359 2,588
Advance payable - 915
Income tax payable 715 8,276
Dividends payable - 5,492
46,196 84,291
Liabilities held for sale 4,386 -
50,582 84,291
Non-current liabilities
Restricted share unit liabilities 2,995 2,001
Provisions 7,079 12,487
Deferred income tax liabilities 1,062 355
Total liabilities 61,718 99,134
Equity
Equity Shareholders
Share capital 458,033 455,179
Contributed surplus 12,687 12,232
Retained earnings 21,459 111,961
492,179 579,372
Non-controlling interests 13,649 13,208
Total equity 505,828 592,580
Total liabilities and equity 567,546 691,714
Consolidated Statement of Income (Loss)
For the Years Ended December 31, 2013 and 2012
(Expressed in thousands of US dollars, except per share amounts)
2013 2012
$ $
(Adjusted)
Revenue - Gold sales 226,618 287,209
Costs of operations
Mining operation expenses 125,393 128,123
Depreciation of property, plant and equipment 58,110 46,060
General and administrative 19,579 22,333
Corporate social responsibility expenses 1,310 4,178
Share-based compensation 3,284 3,046
Write-off of property, plant and equipment - 16,998
Operating income 18,942 66,471
Other expenses (income)
Finance income (249 ) (293 )
Finance costs 1,238 790
Foreign exchange gain (1,653 ) (571 )
Impairment of investment in GoviEx 19,600 -
Loss on the sale of current investment - 24,297
Income before income taxes 6 42,248
Income tax expense (recovery)
Current 4,897 24,881
Deferred 812 (5,176 )
5,709 19,705
Net income (loss) from continuing operations (5,703 ) 22,543
Net loss from discontinued operations (78,262 ) (40,860 )
Net loss for the year (83,965 ) (18,317 )
Net income (loss) from continuing operations attributable to:
Equity shareholders (9,227 ) 14,927
Non-controlling interests 3,524 7,616
(5,703 ) 22,543
Net loss for the year attributable to:
Equity shareholders (85,222 ) (14,795 )
Non-controlling interests 1,257 (3,522 )
(83,965 ) (18,317 )
Basic earnings (loss) per share from continuing operations (0.03 ) 0.06
Basic loss per share from discontinued operations (0.28 ) (0.11 )
Basic loss per share (0.31 ) (0.05 )
Diluted earnings (loss) per share from continuing operations (0.03 ) 0.05
Diluted loss per share from discontinued operations (0.28 ) (0.10 )
Diluted loss per share (0.31 ) (0.05 )
Consolidated Statement of Comprehensive Loss
For the Years Ended December 31, 2013 and 2012
(Expressed in thousands of US dollars, except per share amounts)
2013 2012
$ $
(Adjusted)
Net loss for the year (83,965 ) (18,317 )
Other comprehensive income (loss)
Item that may be classified to net loss
Change in fair value of investments (19,600 ) (29,983 )
Reclassification of accumulated other comprehensive loss to net loss 19,600 24,297
Other comprehensive loss for the year, net of tax - (5,686 )
Total comprehensive loss for the year, net of tax (83,965 ) (24,003 )
Attributable to:
Equity shareholders (85,222 ) (20,481 )
Non-controlling interests 1,257 (3,522 )
(83,965 ) (24,003 )
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2013 and 2012
(Expressed in thousands of US dollars)
2013 2012
$ $
(Adjusted)
Cash flows from (used in):
Operating activities
Net income (loss) for the year from continuing operations (5,703 ) 22,543
Adjustments for :
Depreciation of property, plant and equipment 58,110 46,060
Share-based compensation 3,284 3,046
Write-off of property, plant and equipment - 16,998
Impairment of investment in GoviEx 19,600 -
Loss on the sale of current investment - 24,297
Deferred income taxes expense (recovery) 812 (5,176 )
Provisions - 3,980
Others 1,459 2,196
77,562 113,944
Changes in non-cash working capital items (14,445 ) (4,386 )
Net cash provided by operating activities from continuing operations 63,117 109,558
Net cash provided by operating activities from discontinued operations 12,636 45,098
Net cash provided by operating activities 75,753 154,656
Financing activities
Proceeds on issuance of share capital 2,079 315
Payment of dividends to non-controlling interest (897 ) (787 )
Payment of dividends to equity shareholders (10,691 ) (10,709 )
Net cash used in financing activities from continuing operations (9,509 ) (11,181 )
Net cash used in financing activities from discontinued operations - (2,000 )
Net cash used in financing activities (9,509 ) (13,181 )
Investing activities
Investment - (4,813 )
Advance made to Sonabel (4,050 ) -
Proceeds from the sale of current investment - 5,617
Acquisitions of property, plant and equipment (109,119 ) (152,820 )
Decrease (increase) in restricted cash (2,593 ) 3
Net cash used in investing activities from continuing operations (115,762 ) (152,013 )
Net cash used in investing activities from discontinued operations (5,899 ) (27,646 )
Net cash used in investing activities (121,661 ) (179,659 )
Effect of exchange rate changes on cash and cash equivalents (1,435 ) (1,078 )
Change in cash and cash equivalents during the year (56,852 ) (39,262 )
Cash and cash equivalents - beginning of year 139,451 178,713
Cash and cash equivalents - end of year 82,599 139,451
Less cash and cash equivalents of discontinued operations - end of year 440 -
Cash and cash equivalents of continuing operations - end of year 82,159 139,451
Interest paid - -
Interest received 249 295
Income tax paid 19,590 29,377


Contact

SEMAFO
Robert LaValliere
Vice-President, Investor Relations
Cell: +1 (514) 240 2780
robert.lavalliere@semafo.com
Ruth Hanna
Communications & Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Ruth.Hanna@semafo.com
Sofia St Laurent
Communications & Investor Relations
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Sofia.Stlaurent@semafo.com
www.semafo.com


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