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Osisko Gold Royalties Ltd (OR)

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11.52-0.31 (-2.62%)
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Neutralpattern detected
Previous Close11.83
Open11.64
Bid11.55 x 1800
Ask11.56 x 1100
Day's Range11.38 - 11.74
52 Week Range4.65 - 13.17
Volume1,017,403
Avg. Volume902,028
Market Cap1.924B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.27
Earnings DateMay 03, 2018
Forward Dividend & Yield0.15 (1.24%)
Ex-Dividend DateJun 29, 2020
1y Target EstN/A
  • GlobeNewswire

    Osisko Declares Third Quarter 2020 Dividend

    MONTREAL, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) is pleased to announce a third quarter 2020 dividend of C$0.05 per common share. The dividend will be paid on October 15, 2020 to shareholders of record as of the close of business on September 30, 2020.For shareholders residing in the United States, the U.S. dollar equivalent will be determined based on the daily rate published by the Bank of Canada on September 30, 2020. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the “Plan”). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on October 15, 2020 to shareholders on record as of September 30, 2020. If a shareholder elects to participate in the Plan, the Company will issue to the shareholder, in lieu of a cash dividend, common shares from treasury at a 3% discount to the weighted average price of the common shares during the five (5) trading days immediately preceding the dividend payment date. Participation in the Plan is optional and will not affect a shareholders’ cash dividends if the shareholder elects not to participate in the Plan. Quarterly dividends are only payable as and when declared by Osisko’s Board of Directors.A complete copy of the Plan and the enrolment form are available on Osisko’s website at http://osiskogr.com/en/dividends/drip/. Shareholders should carefully read the complete text of the Plan before making any decisions regarding their participation in the Plan.Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact the Agent at 1-800-387-0825 (toll-free in Canada) or inquiries@canstockta.com.Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.This press release is not an offer or a solicitation of an offer of securities.About Osisko Gold Royalties Ltd Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 138 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns the Cariboo gold project in Canada as well as a portfolio of publicly held resource companies, including a 14.7% interest in Osisko Mining Inc., 18.6% interest in Osisko Metals Incorporated and an 18.3% interest in Falco Resources Ltd.Osisko’s head office is located at 1100 Avenue des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B 2S2.For further information, please contact Osisko Gold Royalties Ltd:Sandeep Singh President Tel. (514) 940-0670 ssingh@osiskogr.comForward-looking statementsCertain statements contained in this press release may be deemed "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. In this news release, these forward-looking statements may involve, but are not limited to, comments with respect to the directors and officers of the Company, information pertaining to the fact that all conditions for payment of the dividend will be met and that such dividend will continue to be an “eligible dividend” as defined in the Income Tax Act (Canada). Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including that the financial situation of the Company will remain favourable. The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business.For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer profile on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

  • GlobeNewswire

    Osisko Reports Second Quarter 2020 Results and Updated Guidance for Second Half of 2020

    MONTRÉAL, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2020.Highlights * Updated guidance for the second half of the year of 33,000 to 35,000 gold equivalent ounces1 (“GEOs”); * Revenues from royalties and streams of $28.7 million (Q2 2019 – $33.8 million); * Cash flows from operating activities of $15.4 million (Q2 2019 – $21.4 million); $18.6 million before changes in non-cash working capital items (Q2 2019 – $23.5 million); * Earned 12,386 GEOs (Q2 2019 – 19,651 GEOs); * Net earnings of $13.0 million, $0.08 per basic share (Q2 2019 – net loss of $6.5 million, $0.04 per basic share); * Adjusted earnings2 of $5.7 million or $0.03 per basic share (Q2 2019 – $8.2 million, $0.05 per basic share); * Cash operating margin3 of 95% from royalty and stream interests, generating $27.2 million in operating cash flow, in addition to a cash operating margin of $0.6 million from offtake interests; * Cash on hand of $202.0 million and up to $400.0 million further available under the credit facility as at June 30, 2020; * Closed a non-brokered private placement of $85.0 million with Investissement Québec on April 1, 2020; * Improved the silver stream on the Gibraltar mine by investing $8.5 million to reduce the transfer price from US$2.75 per ounce of silver to nil in April 2020; * Commercial production was declared by the operator of the Eagle Gold mine on July 1, 2020, on which the Company holds a 5% NSR royalty;              * As a result of the COVID-19 pandemic, several of Osisko’s assets were temporarily placed on care and maintenance by our operating partners during the second quarter, but the affected assets have now largely resumed operations; and * Declared a quarterly dividend of $0.05 per common share paid on July 15, 2020 to shareholders of record as of the close of business on June 30, 2020.PerformanceSean Roosen, Chair and Chief Executive Officer, commented on the activities of the second quarter of 2020: “Even though our results for the second quarter have been affected by the impacts of the COVID‑19 pandemic, our business model remains extremely strong and the rising gold price helped to partially offset the closures. We look forward to benefiting from the gold price environment and our assets being at full capacity for the rest of the year.”OutlookOn March 23, 2020, given the uncertainties with respect to future developments related to the COVID-19 pandemic, including the duration, severity and scope of the outbreak, the actions taken to contain or treat the COVID‑19 outbreak, and impacts on mining operations, Osisko announced the withdrawal of its 2020 production guidance until further notice.As the main mining assets on which Osisko holds a royalty, stream or other interest have mostly returned to operations, Osisko has updated its guidance for the six months and the year ending December 31, 2020. This guidance excludes any potential impact on GEOs and cash margins if the Renard diamond mine would restart its operations in 2020 or if additional periods of care and maintenance were announced in light of the development of the COVID-19 pandemic.        Six months ending December 31, 2020 (i) Year ending December 31, 2020 (i)   Low High Cash margin Low High Cash margin   (GEOs) (GEOs) (%) (GEOs) (GEOs) (%)               Royalty interests 24,800 26,250 100 45,500 46,950 100 Stream interests 8,000 8,450 87 17,150 17,650 81 Offtake interests 200 300 2 850 900 3   33,000 35,000   63,500 65,500                 (i) Excluding any potential revenues from the Renard diamond mine for the six months ending December 31, 2020.For the full year 2020 guidance, actual results were used for the first semester and added to the forecast for the second semester of the year. For the outlook of the last 6 months of 2020, silver and cash royalties have been converted to GEOs using commodity prices of US$1,900 per ounce of gold, US$22 per ounce of silver and an exchange rate (US$/C$) of 1.33.Q2 2020 Results Conference CallOsisko will host a conference call on Thursday, August 6, 2020 at 10:00 am EDT to review and discuss its second quarter 2020 results. Participants to the call must register using one of the methods below: * Online pre-registration: http://www.directeventreg.com/registration/event/7026109 Once you register, you will receive a confirmation which will have the dial in number and both the Direct Event Passcode and your unique Registrant ID to join this call. For security reasons, please do NOT share this information with anyone else.   * You can alternatively, pre-register by phone: Pre-phone registration: 1-(888) 869-1189 and provide the Conference ID which is 7026109 to the Live Agent who will take the details from you live. Please pre-register in advance of the call.The conference call replay will be available from 1:00 pm EDT on August 6, 2020 until 11:59 pm EDT on August 13, 2020 with the following dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access code 7026109. The replay will also be available on our website at www.osiskogr.com.About Osisko Gold Royalties Ltd Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 138 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns the Cariboo gold project in Canada as well as a portfolio of publicly held resource companies, including a 14.7% interest in Osisko Mining Inc., 18.6% interest in Osisko Metals Incorporated and an 18.3% interest in Falco Resources Ltd.Osisko’s head office is located at 1100 Avenue des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B 2S2.For further information, please contact Osisko Gold Royalties Ltd:  Sandeep Singh President Tel. (514) 940-0670 ssingh@osiskogr.com  Notes:  (1)GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. Offtake agreements were converted using the financial settlement equivalent divided by the average gold price for the period.     Average Metal Prices and Exchange Rate Three months ended June 30, Six months ended June 30,  20202019 20202019        Gold (i)$1,711$1,309 $1,645$1,307 Silver(ii)$16$15 $17$15        Exchange rate (US$/Can$)(iii)1.38531.3377 1.36511.3336  (i)The London Bullion Market Association’s pm price in U.S. dollars. (ii)The London Bullion Market Association’s price in U.S. dollars. (iii)Bank of Canada daily rate.     (2)The Company has included certain non-IFRS measures including “Adjusted Earnings” and “Adjusted Earnings per basic share” to supplement its consolidated financial statements, which are presented in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. “Adjusted earnings” is defined as “Net earnings (loss)” adjusted for certain items: “Foreign exchange gain (loss)”, “Impairment of assets”, including impairment on financial assets and investments in associates, “Gains (losses) on disposal of exploration and evaluation assets”, “Unrealized gain (loss) on investments”, “”, “Share of loss of associates”, “Deferred income tax expense (recovery)” and other unusual items such as transaction costs. Adjusted earnings per basic share is obtained from the “adjusted earnings” divided by the “Weighted average number of common shares outstanding” for the period.      Three months ended  June 30,   Six months ended  June 30,    2020 2019  2020 2019             (in thousands of dollars,  except per share amounts)$ $  $ $             Net earnings (loss)13,048 (6,547) (270)(33,096)            Adjustments:          Impairment of assets3,117 -  30,323 38,900  Foreign exchange loss (gain)544 484  (1,557)1,643  Unrealized (gain) loss on investments(13,923)5,298  (15,458)5,333  Share of loss of associates1,458 8,780  3,174 10,542  Deferred income tax expense (recovery)1,489 216  (2,025)(9,266)            Adjusted earnings5,733 8,231  14,187 14,056             Weighted average number of common shares outstanding (000’s)164,733 154,988  160,067 155,023             Adjusted earnings per basic share0.03 0.05  0.09 0.09   (3)Cash operating margin, which represents revenues less cost of sales, is a non-IFRS measure. The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of operating performance and provides a useful comparison with its peers. The following table reconciles the cash margin to the revenues and cost of sales presented in the consolidated statements of income (loss) and related notes (In thousands of dollars):      Three months ended  June 30,   Six months ended June 30,    2020 2019  2020 2019   $ $  $ $         Revenues40,758 131,606  93,363 232,332  Less: Revenues from offtake interests(12,025)(97,825) (26,796)(165,051) Revenues from royalty and stream interests28,733 33,781  66,567 67,281         Cost of sales(12,945)(100,093) (30,228)(170,197) Less: Cost of sales of offtake interests11,454 96,642  25,376 163,152  Cost of sales of royalty and stream interests(1,491)(3,451) (4,852)(7,045)                             Revenues from royalty and stream interests28,733 33,781  66,567 67,281  Less: Cost of sales of royalty and stream interests(1,491)(3,451) (4,852)(7,045) Cash margin from royalty and stream interests27,242 30,330  61,715 60,236          95%90% 93%90%        Revenues from offtake interests12,025 97,825  26,796 165,051  Less: Cost of sales of offtake interests(11,454)(96,642) (25,376)(163,152) Cash margin from offtake interests 571 1,183  1,420 1,899          5%1% 5%1%            Forward-looking StatementsThis news release contains forward-looking information and forward-looking statements (together, "forward‑looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenue, requirements for additional capital, production estimates, production costs and revenue, business prospects and opportunities are forward-looking statements. In addition, statements relating to gold equivalent ounces ("GEOs") are forward‑looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "is expected" "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations of such words and phrases), or may be identified by statements to the effect that certain actions, events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the performance of the assets of Osisko, that sufficient funding will be available to fund work at the Cariboo Project, that significant value will be created within the accelerator group of companies and Osisko’s ability to seize future opportunities. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results deriving from Osisko’s royalties, streams and other interests to differ materially from those in forward-looking statements include, without limitation: the uncertainties related to the COVID-19 impacts, the influence of political or economic factors including fluctuations in the prices of the commodities and in value of the Canadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions; regulations and regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks and hazards associated with the business of exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure, operating or technical difficulties, unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from mineral resource estimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko and exercise of third party rights affecting proposed investments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Osisko’s ongoing income and assets relating to the determination of its PFIC status, no material changes to existing tax treatments; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko's issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.  Osisko Gold Royalties Ltd Consolidated Balance Sheets (Unaudited) (tabular amounts expressed in thousands of Canadian dollars)      June 30,  December 31,     2020    2019    $  $             Assets         Current assets         Cash201,971  108,223  Short-term investments21,105  20,704  Amounts receivable8,355  6,330  Other assets5,878  5,172   237,309  140,429       Non-current assets         Investments in associates123,907  103,640  Other investments107,954  67,886  Royalty, stream and other interests1,128,673  1,130,512  Mining interests and plant and equipment369,536  343,693  Exploration and evaluation43,065  42,949  Goodwill111,204  111,204  Other assets6,940  6,940   2,128,588  1,947,253       Liabilities         Current liabilities         Accounts payable and accrued liabilities14,379  18,772  Dividends payable8,259  7,874  Current portion of long-term debt49,298  -  Provisions and other liabilities2,377  1,289   74,313  27,935       Non-current liabilities         Provisions and other liabilities28,918  29,365  Long-term debt372,354  349,042  Deferred income taxes48,327  47,465   523,912  453,807       Equity          Share capital1,742,111  1,656,350  Warrants18,072  18,072  Contributed surplus38,220  37,642  Equity component of convertible debentures17,601  17,601  Accumulated other comprehensive income60,712  13,469  Deficit(272,040) (249,688)  1,604,676  1,493,446   2,128,588  1,947,253          Osisko Gold Royalties Ltd Consolidated Statements of Income (Loss) For the three and six months ended June 30, 2020 and 2019 (Unaudited) (tabular amounts expressed in thousands of Canadian dollars, except per share amounts)    Three months ended June 30,   Six months ended June 30,    2020  2019  2020  2019   $  $  $  $                      Revenues40,758  131,606  93,363  232,332            Cost of sales(12,945) (100,093) (30,228) (170,197) Depletion of royalty, stream and other interests(8,692) (11,825) (22,392) (24,201) Gross profit19,121  19,688  40,743  37,934            Other operating expenses         General and administrative(5,818) (4,574) (12,102) (10,475) Business development(1,634) (1,786) (2,772) (3,524) Exploration and evaluation(34) (58) (76) (91) Impairment of assets-  -  (26,300) (38,900) Operating income (loss)11,635   13,270   (507 ) (15,056 ) Interest and dividend income1,075  920  2,196  2,092  Finance costs(6,636) (5,792) (13,498) (11,539) Foreign exchange (loss) gain(608) (491) 1,718  (1,612) Share of loss of associates(1,458) (8,780) (3,174) (10,542) Other gains (losses), net10,806  (5,298) 11,435  (5,333) Earnings (loss) before income taxes14,814   (6,171) (1,830) (41,990) Income tax (expense) recovery(1,766) (376) 1,560  8,894  Net earnings (loss)13,048  (6,547) (270) (33,096)           Net earnings (loss) per share         Basic and diluted0.08  (0.04) -  (0.21)            Osisko Gold Royalties Ltd Consolidated Statements of Cash Flows For the three and six months ended June 30, 2020 and 2019 (Unaudited) (tabular amounts expressed in thousands of Canadian dollars)               Three months ended June 30,  Six months ended June 30,   2020  2019  2020  2019   $  $  $  $           Operating activities        Net earnings (loss)13,048  (6,547) (270) (33,096) Adjustments for:        Share-based compensation1,682  1,520  4,365  4,221  Depletion and amortization8,981  12,166  23,113  24,826  Impairment of assets3,117  -  30,323  38,900  Finance costs2,126  1,791  4,750  3,474  Share of loss of associates1,458  8,780  3,174  10,542  Net gain on acquisition of investments-  (263) (2,845) (88) Change in fair value of financial assets at fair value through profit and loss(2,316) 665  (1,006) 1,194  Net gain on dilution of investments(10,381) -  (10,381) -  Net gain (loss) on disposal of investments(1,226) 4,896  (1,226) 4,227  Foreign exchange loss (gain)544  484  (1,557) 1,643  Deferred income tax expense (recovery)1,490  216  (2,025) (9,266) Other33  (245) 75  (493) Net cash flows provided by operating activities before changes in non-cash working capital items18,556  23,463  46,490  46,084  Changes in non-cash working capital items(3,134) (2,113) (7,268) 16  Net cash flows provided by operating activities15,422  21,350  39,222  46,100           Investing activities        Short-term investments-  (3,111) (1,069) (16,230) Acquisition of investments(18,356) (34,778) (33,943) (40,537) Proceeds on disposal of investments3,115  58,052  3,437  58,474  Acquisition of royalty and stream interests(16,867) -  (24,367) (27,969) Exploration and evaluation (expenses) tax credits, net-  (36) (116) 150  Mining assets and plant and equipment(11,561) 32  (26,415) 588  Other(5) (352) 151  (1,063) Net cash flows (used in) provided by investing activities(43,674) 19,807  (82,322) (26,587)          Financing activities        Private placement of common shares85,000  -  85,000  -  Exercise of share options and shares issued under the share purchase plan773  585  1,133  6,268  Increase in long-term debt-  -  71,660  -  Repayment of long-term debt-  -  -  (30,000) Common shares acquired and cancelled through a share repurchase-  (58,052) -  (58,052) Normal course issuer bid purchase of common shares(977) -  (3,933) (11,901) Dividends paid(6,639) (7,504) (14,181) (13,802) Other(1,611) (18) (2,766) (192) Net cash flows provided by (used in) financing activities76,546  (64,989) 136,913  (107,679)          Increase (decrease) in cash before effects of exchange rate changes on cash48,294  (23,832) 93,813  (88,166) Effects of exchange rate changes on cash(4,648) (1,076) (65) (2,510) Increase (decrease) in cash43,646  (24,908) 93,748  (90,676) Cash  – beginning of period158,325  108,497  108,223  174,265  Cash  – end of period201,971  83,589  201,971  83,589

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