SMF - das Jahr haken wir dann mal ab und machen es 2013 wieder gewohnt besser
March 21, 2013 08:17 ET
SEMAFO Reports 2012 Cash Flow from Operations of $155.4 Million
http://www.marketwire.com/press-rel...perations-of-1554-million-tsx-smf-1770602.htm
MONTRÉAL, QUÉBEC--(Marketwire - March 21, 2013) - SEMAFO (TSX:SMF)(OMX:SMF) today reported its financial and operational results for the fourth quarter and year ended December 31, 2012. All amounts are in US dollars unless otherwise stated.
2012 - The Year in Review
•Gold production of 236,100 ounces
•Gold sales of $388.5 million, a 2% decrease compared to 2011
•Operating income of $34.6 million compared to $154.2 million in 2011
•Net loss attributable to equity shareholders of $6.6 million or $(0.02) per share compared to net income attributable to equity shareholders of $111.8 million or $0.41 per share in 2011
•Cash flow from operating activities(1) of $155.4 million or $0.57 per share
•Discovery of the high-grade Siou Sector at Mana, with one-million ounces of initial in-pit inferred resources at an average grade of 4.62 g/t Au
•Decision to move from an underground mining project to an improved overall economic super pit scenario resulted in a non-recurring loss of $17.0 million
•Non-cash impairment charge of $60.0 million on the Samira Hill Mine
•Sale of current investment resulted in a non-recurring loss of $24.3 million
•Declaration of C$0.04 per share dividends to equity shareholders
•Completed 60-kilometer water pipeline to accommodate Mana processing plant at a cost of $5.8 million less than the originally budgeted $30.2 million
•Record throughput at Mana following the commissioning of Phase IV of the plant expansion
•SEMAFO's Board of Directors appointed Benoit Desormeaux, formerly Executive Vice-President and Chief Operating Officer to the position of President and Chief Executive Officer of the Corporation
Fourth Quarter Review
•Gold production of 62,400 ounces, a decrease of 4% compared to the same period in 2011
•Gold sales of $110.3 million, a 3% decrease compared to the same period in 2011
•Non-cash impairment charge of $60.0 million on the Samira Hill Mine
•Net loss of $25.2 million compared to net income of $33.3 million for the same period in 2011
•Cash flow from operating activities(1) of $48.6 million or $0.18 per share compared to $54.3 million or $0.20 per share for the same period in 2011
(1) Cash flow from operating activities excludes changes in non-cash working capital items.
A Word from the CEO
For SEMAFO, 2012 was a year of transition on many levels. Although disappointing in terms of shareholder value, it nevertheless gave rise to numerous positive aspects with regard to our core business, from both strategic and operational perspectives. We achieved production and cost guidance for a fifth consecutive year. Our production totalled 236,100 gold ounces, just slightly below our 2011 results. Our annual revenues from gold sales posted only a 2% decrease from 2011 to stand at $388.5 million.
The highlight of the year from our standpoint was the discovery of the new high-grade Siou Sector at Mana. This vastly prospective area located approximately 15 kilometers east of our processing plant holds one million ounces of initial in-pit inferred resources at an average 4.62 g/t Au and a gold recovery rate of over 95%. Based on results to date, the Siou Sector where ongoing exploration work is being carried out has already become SEMAFO's most important find ever.
Another important event was the conversion of the Mana underground project to a super-pit. This decision, although it led to a $17 million write-off, was purely an economic decision based on the best return on investment as capital expenditures are spread out over the life of mine.
SEMAFO's reserves and resources decreased slightly to 6.6 million ounces in 2012. This is due to the removal of refractory sulphides from the south sector at Mana and the revision of Samira Hill's reserves and resources that became uneconomic following the review of technical and economic parameters. The revision at Samira Hill resulted in a non-cash impairment of $60 million in the fourth quarter of 2012. At Mana, the inferred category grade, however, almost doubled to 3.18 g/t Au as we included the high-grade Siou Sector in this category.
A comprehensive strategic review of the Corporation conducted during the latter part of the year facilitated the establishment of a realistic plan to move forward. We validated our top ensuing long-standing priority: to create value by generating future cash flow, while maintaining our solid operational performance. As the world economy continues to change shape, we will continue to focus on quality ounces as part of our strategy and ongoing efforts to reduce costs and optimize cash flow.
Our short-term priorities are to bring the Siou Sector to reserves by the third quarter of 2013, initiate the permitting process and begin mining by the end of 2014 or early 2015. We also intend to focus exploration activities within the 20-kilometer radius of the Mana processing plant and carry out exploration on the 30-kilometer Kokoi Trend, host to the high-grade Siou Sector.
Today, with ore sourced almost exclusively from the super pit, we can sustain operations at the plant at full capacity for the next eight to ten years. Owing to the Siou's high-grade mineralization, however, development of the sector could represent an opportunity to reduce our operating cost, boost production and ultimately increase cash flow within the next 18 to 24 months. Moreover, the south sector has yet to be added to the scenario. We believe that the Corporation's fundamentals and potential for creating shareholder value are as strong as ever.
We believe that SEMAFO represents an undeniable investment opportunity. Today, our Corporation's share price is significantly undervalued and far from indicative of the numerous opportunities on the horizon. We are cognizant that our Mana property will serve as the cornerstone of our Corporation's evolution and approach to intelligently grow our business.
SEMAFO is financially sound, has a solid cash position, is debt-free and completely unhedged. Since November 2011, our Corporation has paid out three dividends. We continue to strive for excellence in health and safety and lead the way in corporate responsibility. Our dedicated team continues to pull together in the pursuit of excellence and an overall commitment to simply doing more. We are determined to optimize operations at all levels, improve efficiencies and contain costs.
We are optimistic for 2013. We have established a clear strategy to identify new quality ounces, expand reserves and resources, and build future cash flow. The task at hand is to create value and, moving forward, we are confident that we have the assets, the talent and the ability to do just that.
Guten Morgen! 
eigentlich geht es auch nicht anders - er muß warten bis die Konjunktur stabiler ist - das Problem wird u.U. sein das die Erholung rein auf der FED-Stimuli beruht und wenn die FED sich zurückzieht auch das Wachstum sofort einknickt
