Osisko Reports Record 2022 Results and Provides 2023 Guidance and 5-Year Outlook

2023-02-23 / @GlobeNewswire

 

Record cash margin of $201.7 million

Record operating cash flows from continuing operations of $175.1 million

MONTRÉAL, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the fourth quarter and full year 2022, and provided guidance for 2023 as well as its updated 5-year growth outlook. Amounts presented are in Canadian dollars, except where otherwise noted.

2022 Financial Highlights

  • Deconsolidation of Osisko Development Corp. (“Osisko Development”) as of September 30, 2022 and presentation of its results as discontinued operations on the consolidated statements of loss and the consolidated statements of cash flows;
  • 89,367 GEOs1 earned, an annual record and an increase of 12% over 2021 (80,000 GEOs);
  • Record revenues from royalties and streams of $217.8 million (2021 – $199.6 million; $224.9 million including offtakes); Record cash flows generated by operating activities from continuing operations of $175.1 million (2021 – $153.2 million);
  • Record cash margin2 from royalties and streams of $201.7 million or 93% (2021 – $186.3 million or 93%; $187.2 million including offtakes);
  • Net earnings from continuing operations of $85.3 million, or $0.47 per share (2021 – $76.6 million or $0.46 per basic share); and
  • Record adjusted earnings2 of $111.3 million, or $0.62 per basic share (2021 – $94.4 million, $0.56 per basic share).

Q4 2022 Financial Highlights

  • 25,023 GEOs1 earned, a quarterly record (Q4 2021 – 19,830 GEOs);
  • Record quarterly revenues from royalties and streams of $61.9 million (Q4 2021 – $50.7 million);
  • Cash flows generated by operating activities from continuing operations of $48.5 million (Q4 2021 – $35.1 million);
  • Record quarterly cash margin2 from royalties and streams of $57.2 million or 92% (Q4 2021 – $47.0 million or 93%);
  • Net earnings from continuing operations of $22.4 million, or $0.12 per share (Q4 2021 – $21.2 million or $0.13 per basic share); and
  • Record quarterly adjusted earnings2 of $34.9 million, or $0.19 per basic share (Q4 2021 – $23.8 million, $0.14 per basic share).

Sandeep Singh, President and CEO of Osisko commented: “As discussed in our Q4 2022 preliminary results release, Osisko had an exceptional year in 2022. We had successive quarters of record GEO deliveries, revenues and cash margins, we were active on several high-quality transactions, and returned capital to shareholders via dividends and share buy-backs. We continue to benefit from a sustained period of organic growth and we have simplified the business positioning Osisko to unlock significant value in 2023 for shareholders.”

Other Highlights

  • Bought deal public offering of 18,600,000 common shares at a price of US$13.45 per common share for total gross proceeds of US$250.2 million;
  • Osisko Bermuda Limited (“Osisko Bermuda”), a wholly-owned subsidiary of Osisko, entered into a revised binding agreement with Metals Acquisition Corp. (“MAC”) with respect to a US$75.0 million silver stream to facilitate MAC’s acquisition of the producing CSA mine in New South Wales, Australia). Osisko Bermuda also entered into a backstop financing agreement with respect to an up to US$75.0 million copper stream;
  • Osisko Bermuda entered into an agreement with Osisko Development, with respect to a metals stream on the Trixie property, as well as mineral claims covering more than 17,000 acres in Central Utah’s historic Tintic Mining District;
  • Acquired a 1.0% net smelter return (“NSR”) royalty covering the currently known mineralization and prospective exploration areas that constitute the Marimaca copper project located in Antofagasta, Chile, for US$15.5 million ($20.3 million);
  • Acquired a 0.6% NSR royalty for US$50.0 million ($67.2 million) covering the entire 4,979 hectare Cascabel property, including the Alpala project, located in northeastern Ecuador and operated by SolGold plc;
  • Took up a 20% participation right in Carbon Streaming Corporation’s Magdalena Bay Blue carbon project, expected to be one of the largest blue carbon conservation projects in the world. Osisko has funded US$1.2 million towards the development of the project and will receive a stream of approximately 40,000 carbon credits annually or 4% of annual production;
  • Increased the accordion feature of the revolving credit facility from $100.0 million to $200.0 million and extended the maturity date to September 29, 2026;
  • Repaid the $300 million convertible debentures that came to maturity, using $150.0 million from the cash balance and drew the credit facility for the same amount;
  • Repurchased 1.7 million common shares for $22.1 million under the normal course issuer bid (average acquisition price of $13.06);
  • Added Ms. Edie Hofmeister and Mr. Rob Krcmarov to the Board as independent directors; and
  • Declared quarterly dividends totaling $0.22 per common share in 2022 compared to $0.21 per common share in 2021.

Subsequent to December 31, 2022

  • Declared a quarterly dividend of $0.055 per common share payable on April 14, 2023 to shareholders of record as of the close of business on March 31, 2023.

2023 Guidance and 5-Year Outlook

2023 Guidance

Osisko expects GEOs earned to range between 95,000 to 105,000 GEOs in 2023 at an average cash margin of 93%.

Osisko’s 2023 guidance on royalty and stream interests is largely based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management’s best estimate.

For the 2023 guidance, deliveries of silver, diamond, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus prices and a gold/silver price ratio of 80:1. The 2023 guidance also forecasts the closing of the CSA Silver Stream in the second quarter of 2023, with an effective date of February 1, 2023.

5-Year Outlook3

Osisko expects its portfolio to generate between 130,000 and 140,000 GEOs in 2027. The outlook assumes the commencement of production at the San Antonio, Cariboo, Windfall and Back Forty projects. It also assumes that Mantos Blancos will have reached its nameplate capacity following the recent expansion of its activities, as well as increased production from certain other operators that have announced planned expansions. Further, the outlook assumes that production from the Renard diamond stream will have ceased by 2027 (while there remain opportunities for mine life extensions under study by the operator), but such GEOs are expected to be largely replaced by initial production from other assets.

Beyond this growth profile, Osisko owns several other growth assets, which have not been factored in the 5-year outlook, as their timelines are either later, or less clear. As the operators provide further clarity on these assets, Osisko will seek to include them in its long-term outlook.

This 5-year outlook is based on publicly available forecasts and other disclosure by the third-party owners and operators of the Company’s assets, and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management’s best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 75:1.

Q4 and Year-end 2022 Results Conference Call Details

Conference Call:Friday, February 24th, 2023 at 10:00 am ET
Dial-in Numbers:North American Toll-Free: 1 (888) 886 7786
Local and International: 1 (416) 764 8658
Conference ID: 04967722
Replay (available until Friday, March 24th at 11:59 pm ET):North American Toll-Free: 1 (877) 674 7070
Local and International: 1 (416) 764 8692
Playback passcode: 967722#
 Replay also available on our website at www.osiskogr.com

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 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’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:

Heather Taylor
Vice President, Investor Relations
Tel. (514) 940-0670 x105
htaylor@osiskogr.com

Notes:

(1) Gold Equivalent Ounces

GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the period.

Average Metal Prices and Exchange Rate

 Three months ended
December 31,
 Years ended
December 31,
  2022 2021  2022 2021
      
Gold(i)$1,727$1,796 $1,800$1,799
Silver(ii)$21$23 $22$25
      
Exchange rate (US$/Can$)(iii) 1.3578 1.2603  1.3013 1.2535

 

 (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) Non-IFRS Measures

The Corporation has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including (i) cash margin (in dollars and in percentage), (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) per share. The presentation of these non-IFRS measures 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. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. As Osisko’s operations are primarily focused on precious metals, the Corporation presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS, to evaluate the Corporation’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

Cash Margin (in dollars and in percentage of revenues)

Cash margin (in dollars) represents revenues from continuing operations less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues from continuing operations.

 Three months ended
December 31,
  Years ended
December 31,
 
 2022  2021  2022  2021 
 $  $  $  $ 
        
Royalty interests       
Revenues40,038  34,502  144,066  140,279 
Less: cost of sales (excluding depletion)(283) (233) (1,055) (551)
Cash margin (in dollars)39,755  34,269  143,011  139,728 
        
Depletion(6,993) (7,324) (27,362) (28,958)
Gross profit32,762  26,945  115,649  110,770 
        
Stream interests       
Revenues21,876  16,171  73,743  59,333 
Less: cost of sales (excluding depletion)(4,449) (3,413) (15,021) (12,752)
Cash margin (in dollars)17,427  12,758  58,722  46,581 
        
Depletion(7,052) (4,940) (23,993) (19,135)
Gross profit 10,375  7,818  34,729  27,446 
        
Royalty and stream interests
Total cash margin (in dollars)
57,182  47,027  201,733  186,309 
Divided by: total revenues61,914  50,673  217,809  199,612 
Cash margin (in percentage of revenues)92.4% 92.8% 92.6% 93.3%
        
Offtake interests       
Revenues-  -  -  25,265 
Less: cost of sales (excluding depletion)-  -  -  (24,343)
Cash margin (in dollars)-  -  -  922 
Cash margin (in percentage of revenues)-% -% -% 3.6%
        
Depletion-  -  -  (268)
Gross profit      654 
        
Total – Gross profit43,137  34,763  150,378  138,870 

Adjusted earnings (loss) and adjusted earnings (loss) per basic share

Adjusted earnings (loss) 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 assets, unrealized gain (loss) on investments, share of income (loss) of associates, deferred income tax expense (recovery), transaction costs and other items such as non-cash gains (losses).

Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the weighted average number of common shares outstanding for the period.

  Three months ended 
December 31,
 Years ended 
December 31,
 
   20222021 2022 2021 
(in thousands of dollars, except per share amounts)  $$ $ $ 
       
Net earnings from continuing operations  22,40821,233 85,285 76,627 
       
Adjustments:      
Impairment of royalty, stream and other interests  1,818650 1,818 2,938 
Impairment of investments 1,181- 2,361 2,112 
Foreign exchange loss (gain)  2,8224 (19,907)186 
Unrealized net loss (gain) on investments  1,024(6,143)13,196 (14,403)
Share of loss of associates  2,246883 1,863 2,246 
Deferred income tax expense 3,4277,181 26,688 24,695 
       
Adjusted earnings  34,92623,808 111,304 94,401 
       
Weighted average number of common shares outstanding (000’s)  184,265167,924 180,398 167,786 
       
Adjusted earnings per basic share  0.190.14 0.62 0.56 

(3) 5-year Outlook

The 5-year outlook presented in this press release replaces the 5-year outlook previously released in 2022. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2023-2027).

Forward-looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko’s assets (including increase of production), timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks; with respect to external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing and general economic, market or business conditions, and (e) responses of relevant governments to the COVID-19 outbreak and the effectiveness of such response and the potential impact of COVID-19 on Osisko’s business, operations and financial condition; with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko or (b) the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Corporation’s ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.



Osisko Gold Royalties Ltd
Consolidated Balance Sheets
As at December 31, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars)

 

   December 31,  December 31, 
    2022   2021 
   $  $ 
      
Assets     
      
Current assets     
      
Cash  90,548  115,698 
Amounts receivable  11,700  14,691 
Inventories  -  18,596 
Other assets  2,546  3,941 
   104,794  152,926 
      
Non-current assets     
      
Investments in associates  319,763  125,354 
Other investments  73,504  169,010 
Royalty, stream and other interests  1,378,253  1,154,801 
Mining interests and plant and equipment  6,947  635,655 
Exploration and evaluation  -  3,635 
Goodwill  111,204  111,204 
Other assets  1,836  18,037 
   1,996,301  2,370,622 
      
Liabilities     
      
Current liabilities     
      
Accounts payable and accrued liabilities  6,825  30,049 
Dividends payable  10,121  9,157 
Provisions and other liabilities  921  12,179 
Current portion of long-term debt  -  294,891 
   17,867  346,276 
      
Non-current liabilities     
      
Provisions and other liabilities  6,701  60,334 
Long-term debt  147,950  115,544 
Deferred income taxes  86,572  68,407 
   259,090  590,561 
      
Equity      
      
Share capital  2,076,070  1,783,689 
Warrants  -  18,072 
Contributed surplus  77,295  42,525 
Equity component of convertible debentures  -  14,510 
Accumulated other comprehensive income  47,435  58,851 
Deficit  (463,589) (283,042)
Equity attributable to Osisko Gold Royalties Ltd’s shareholders  1,737,211  1,634,605 
Non-controlling interests  -  145,456 
Total equity  1,737,211  1,780,061 
   1,996,301  2,370,622 



Osisko Gold Royalties Ltd
Consolidated Statements of Loss
For the three months and the years ended December 31, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

 

   Three months ended
December 31,
  Years ended
December 31,
 
   2022  2021  2022  2021 
   $  $  $  $ 
          
          
Revenues  61,914  50,673  217,809  224,877 
          
Cost of sales  (4,732) (3,646) (16,076) (37,646)
Depletion  (14,045) (12,264) (51,355) (48,361)
Gross profit  43,137   34,763   150,378  138,870 
          
Other operating expenses         
General and administrative  (5,254) (4,704) (20,216) (19,610)
Business development  (1,491) (1,130) (5,375) (4,168)
Impairment of royalty interests  (1,818) (650) (1,818) (2,938)
Operating income   34,574  28,279  122,969  112,154 
Interest income  3,747  1,098  9,767  4,292 
Finance costs  (5,390) (5,989) (22,339) (23,838)
Foreign exchange (loss) gain  (2,865) 59  20,146  (133)
Share of loss of associates  (2,246) (883) (1,863) (2,246)
Other (losses) gains, net  (2,205) 6,176  (15,557) 12,324 
Earnings before income taxes  25,615  28,740  113,123  102,553 
Income tax expense  (3,207) (7,507) (27,838) (25,926)
Net earnings from continuing operations 22,408   21,233  85,285  76,627  
Net loss from discontinued operations  -  (56,456) (268,475) (133,302)
Net earnings (loss)  22,408  (35,223) (183,190) (56,675)
          
Net earnings (loss) attributable to:         
Osisko Gold Royalties Ltd’s shareholders  22,408  (21,184) (118,754) (23,554)
Non-controlling interests  -  (14,039) (64,436) (33,121)
          
Net earnings per share from continuing operations         
Basic and diluted  0.12  0.13  0.47  0.46 
          
Net earnings (loss) per share attributable to Osisko Gold Royalties Ltd’s shareholders         
Basic and diluted  0.12  (0.13) (0.66) (0.14)

 


Osisko Gold Royalties Ltd
Consolidated Statements of Cash Flows
For the three months and the years ended December 31, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars)

 

   Three months ended
December 31,
  Years ended
December 31,
 
      
   2022  2021  2022  2021 
   $  $  $  $ 
          
Operating activities         
Net earnings from continuing operations  22,408  21,233  85,285  76,627 
Adjustments for:         
Share-based compensation  2,109  2,096  7,119  7,729 
Depletion and amortization  14,307  12,553  52,415  49,422 
Impairment of assets  2,999  650  4,179  5,050 
Finance costs  2,007  1,807  7,340  6,973 
Share of loss of associates  2,246  883  1,863  2,246 
Net gain on acquisition of investments  -  -  (48) (7,416)
Change in fair value of financial assets and liabilities at fair value through profit and loss  1,024  (6,143) 16,848  (6,987)
Net gain on dilution of investments  -  -  (3,604) - 
Foreign exchange loss (gain)  2,822  4  (19,907) 186 
Deferred income tax expense  3,427  7,180  26,688  24,695 
Other  32  13  116  107 
Net cash flows provided by operating activities before changes in non-cash working capital items 53,381  40,276  178,294  158,632 
Changes in non-cash working capital items  (4,857) (5,157) (3,231) (5,413)
Net operating cash flows provided by continuing operations 48,524  35,119  175,063  153,219 
Net operating cash flows used by discontinued operations  -  (22,348) (65,116) (47,124)
Net cash flows provided by operating activities 48,524  12,771  109,947  106,095 
          
Investing activities         
Net disposal of short-term investments  -  -  2,960  3,501 
Acquisition of investments  (4,298) (4,610) (12,472) (35,419)
Proceeds from disposal of investments  -  3,007  -  7,882 
Acquisitions of royalty and stream interests  (91,846) (22,249) (124,209) (90,980)
Cash balance of Osisko Development Corp. at the time of deconsolidation  -  -  (133,138) - 
Other  -  80  (18) (40)
Net investing cash flows used by continuing operations (96,144) (23,772) (266,877) (115,056)
Net investing cash flows used by discontinued
operations
  -  (18,655) (114,984) (156,982)
Net cash flows used in investing activities (96,144) (42,427) (381,861) (272,038)
          
Financing activities         
Bought deal equity financing  -  -  311,962  - 
Share issue costs  -  -  (13,941) - 
Increase in long-term debt  147,833  -  147,833  50,000 
Repayment of long-term debt  (300,000) -  (413,120) (50,000)
Exercise of share options and shares issued under the share purchase plan  3,330  1,353  4,387  14,544 
Normal course issuer bid purchase of common shares (805) (290) (22,135) (30,791)
Dividends paid  (9,681) (8,719) (37,929) (32,464)
Capital payments on lease liabilities  (222) (212) (874) (834)
Withholding taxes on settlement of restricted and deferred share units  -  (133) (2,224) (3,715)
Other  -  3  (555) (1,079)
Net financing cash flows used by continuing operations (159,545) (7,998) (26,596) (54,339)
Net financing cash flows provided by
discontinued operations
  -  2,431  245,833  34,738 
Net cash flows (used in) provided by financing activities (159,545) (5,567) 219,237  (19,601)
          
Decrease in cash before effects of exchange rate changes (207,165) (35,233) (52,677) (185,544)
Effects of exchange rate changes on cash         
Continuing operations  (2,829) (852) 21,008  (920)
Discontinued operations  -  (172) 6,519  (362)
Net decrease in cash   (209,994) (36,247) (25,150) (186,826)
Cash – beginning of period 300,542  151,945  115,698  302,524 
Cash – end of period  90,548  115,698  90,548  115,698 

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