MANAGEM S.A. PRESS RELEASE
SMI's RESULTS ON 30 JUNE 2018
Drop in Silver production impacted by the decrease in the average content processed in ImiterIncrease in the processed tonnage thanks to an increase in the plant's capacities
Start of an ambitious exploration programme
SMI's Board of Directors met on 14 September 2018 under the chairmanship of Mr. Imad TOUMI, and approved the accounts closed on 30/06/2018:
REVENUESGROSS OPERATING
SURPLUS
592
-248
344
277
-211
End June 2017
End June 2018
End June 2017
RESULTS ON 30 JUNE 2018
OPERATING INCOME
140
-233-93
End June 2018
End June 2017
The revenues amounted to MDH 344, representing a drop of 42%, impacted by a decrease of 41% of the average content processed, aggravated by the drop in Silver prices and exchange rates representing -7%. These negative impacts were partially attenuated by an increase in the tonnage processed by 12%.
The Gross Operating Surplus and the Operating Income both fell by MDH 211 MDH and 233 MDH, respectively, as a result of the significant drop in revenues and the increase in cash cost.
The Financial Result increased by MDH 21, thanks to the positive impact of the $/MAD exchange-rate hedging operations.
The Net Income fell by MDH 197, translating the drop in operating income.
FINANCIAL RESULTSNET INCOME
-3
-24
+21
95
-197
-102
End June 2018
End June 2017
End June 2018
End June 2017
End June 2018
DEVELOPMENT
With the aim of offsetting the drop in content and optimising the future operation of the mine, in-depth geological and technical studies were initiated in the first half of 2018.
SMI has also achieved significant progress in the extension of its production capacities, in particular for the project to reprocess surface-stored tailings (Dyke), the start of which is planned for 2019.
PERSPECTIVES
On the basis of a solid financial situation (absence of debt), SMI starts the second half with determination by pursuing its efforts to increase production and control costs, whilst maintaining its investments in exploration.
Twin Center, Tour A, intersection of the Zerktouni and Al Massira Al Khadra Boulevards, BP 5199, Casablanca
Tel.: 05 22 95 65 65 - Fax: 05 22 95 64 64 - Email:managem@managemgroup.com- Website: www.managemgroup.com
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Managem SA published this content on 18 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 September 2018 09:37:04 UTC
