PRESS RELEASE
Results on 30 June 2018
Consolidation of revenues and improvement of operating income in a context of favourable metal prices
A degradation of the results of SMI's Silver activity, fully compensated by well-oriented mining activities for other metals
Managem'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:
CONSOLIDATED RESULTS ON 30 JUNE 2018
REVENUES
Managem obtained excellent results in the 1st half of 2018 and improved its operating income, thus compensating the decline in production of its subsidiary SMI.
2 534M MAD 2 474 M MAD
Stabilisation of revenues at MAD 2,474 million, thanks to the strong contribution of the Copper and
Cobalt activities, representing 54% of consolidated revenues
Consolidation of the Gross Operating Surplus at MAD 879 million thanks to the confirmation of the sound foundations of the Copper activity and the strengthening of the global production of Cobalt and Zinc. Driven by the significant increases in metal prices, these activities have seen their overall contribution increase by 23 points to reach 85% of the consolidated gross operating surplus.
GROSS OPERATING SURPLUS
An 11% increase in the operating income with respect to the operating income of the 1st half of 2017 reprocessed to take account of the Pumpi operation.
A 40% increase in financial results thanks to a significant reduction Group debt of 30%.
The Net Income, Group Share amounts to MAD 231 million, representing an increase of +151% with respect to net income, group share of the first half of 2017 reprocessed to take into account the gains from the Pumpi operation.
OPERATING INCOME
This strong progression is representative of the Group's operational and financial performance and its resilience with respect to the drop in earnings of its subsidiary, SMI.
THE GROUP'S MAIN ACHIEVEMENTS
Reprocessed operating income*
The first half of the year was marked by significant progress in the rolling out of the development strategy focused on prospecting and the exploitation of high added value projects, and in particular:
FINANCIAL RESULTS
Finalisation of the feasibility study for the TRI-K Gold project in Guinea, which confirms the certification of over 1 million ounces of gold reserves.
Initiation of a project to extend the Cobalt cathode production workshop to increase the processing capacity by 20%.
Pursuit of the work to build a new CIL plant in Sudan with the goal of doubling the current production capacity by the end of 2018.
Start of civil engineering work to build a new industrial line for the processing of SMI's silver residues.Opening of the Koudiat Aicha multi-metal mine with an objective of 120K mixed-grade tonnes/year;Progress of exploration work and the feasibility study for the Tizert Copper project in Morocco.
NET INCOME, GROUP SHARE
PERSPECTIVES
The second half of 2018 will be marked by significant progress in the Group's Gold strategy through the finalisation of the partnership agreement with AVOCET Mining on the TRI-K project allowing an increase in its JV shareholding to 70%.
Reprocessed net income,Group share*
Managem intends to continue the deployment of its growth strategy in Morocco and internationally, with the aim of building a balanced and diversified portfolio.
(*) Reprocessing to take account of the Pumpi sale
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
Attachments
- Original document
- Permalink
Disclaimer
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 09:22:10 UTC