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Eldorado Gold Reports Strong 2021 Year-End and Fourth Quarter Financial and Operational Results; Meets 2021 Production and Cost Guidance; and Delivers on Key Organic Growth Projects

Feb 24, 2022

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Continuing operations ⁽⁹⁾		2021		2020		2019
Revenue⁽¹⁾	$940.9		$1,026.7		$617.8
Gold revenue^(1,2)	$838.6		$938.3		$530.9
Gold produced (oz)⁽³⁾		475,850		528,874		395,331
Gold sold (oz)⁽¹⁾		472,307		526,406		374,902
Average realized gold price ($/oz sold) ⁽⁵⁾	$1,775		$1,783		$1,416
Production costs		449.7		445.2		334.9
Cash operating costs ($/oz sold)⁽⁵⁾		626		560		608
Total cash costs ($/oz sold) ⁽⁵⁾		715		649		645
All-in sustaining costs ($/oz sold)⁽⁵⁾		1,069		921		1,034
Net earnings for the period^(4,5,7)		10.8		131.1		73.1
Net earnings per share – basic ($/share)^(4,5,7)		0.06		0.77		0.46
Adjusted net earnings ^(4,5,6,7,8)		119.3		194.3		10.2
Adjusted net earnings per share ($/share) ^(4,5,6,7,8)		0.66		1.14		0.06
Cash flow from operating activities before changes in working capital^(5,8)		374.8		438.5		186.5
Free cash flow ^(5,8)		62.4		268.7		3.0
Cash, cash equivalents and term deposits		481.3		511.0		181.0

(1)	Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q2 2019).
(2)	See Note 30 of our Consolidated Financial Statements for further details.
(3)	Includes pre-commercial production at Lamaque (Q1 2019)
(4)	Attributable to shareholders of the Company.
(5)	These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.
(6)	2019 amounts have been adjusted to conform with 2021 and 2020 presentation by excluding adjustments relating to normal course gains on disposal of assets ($7.4 million) and inventory write-downs ($2.5 million). Adjusted net earnings as originally presented in 2019 were $5.6 million ($0.04 per share).
(7)	2020 and 2019 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements
(8)	2020 and 2019 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.
(9)	Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.

2021 Continuing Operations⁽¹⁾	Q1		Q2			Q3		Q4				2021
Revenue	$224.6		$233.2			$238.4		$244.6			$940.9
Gold revenue ⁽²⁾	$195.7		$209.5			$221.5		$212.0			$838.6
Gold produced (oz)		111,742		116,067			125,459		122,582			475,850
Gold sold (oz)		113,594		114,140			125,189		119,384			472,307
Average realized gold price ($/oz sold) ⁽³⁾	$1,723		$1,835			$1,769		$1,776			$1,775
Production costs		108.6		112.8			110.2		118.2			449.7
Cash operating cost ($/oz sold) ^(3,4)		641		645			646		571			626
Total cash cost ($/oz sold) ^(3,4)		687		746			743		681			715
All-in sustaining cost ($/oz sold) ^(3,4)		986		1,074			1,133		1,077			1,069
Net earnings (loss) ^(5,6)		14.3		31.0			8.5		(43.1	)		10.8
Net earnings (loss) per share – basic ($/share) ^(5,6)		0.08		0.17			0.05		(0.24	)		0.06
Adjusted net earnings ^(3,5,6)		25.2		29.1			39.9		25.1			119.3
Adjusted net earnings per share ($/share)^(3,5,6)		0.14		0.16			0.22		0.14			0.66
Cash flow from operating activities before changes in working capital ^(3,7)		81.2		75.9			101.0		116.7			374.8
Free cash flow ^(3,7)		33.4		(23.7	)		29.7		23.1			62.4
Cash, cash equivalents and term deposits		533.8		410.7			439.3		481.3			481.3

2020 Continuing Operations⁽¹⁾	Q1		Q2			Q3		Q4				2020
Revenue	$204.7		$255.9			$287.6		$278.5			$1,026.7
Gold revenue ⁽²⁾	$185.4		$235.0			$264.3		$253.7			$938.3
Gold produced (oz)		115,950		137,782			136,922		138,220			528,874
Gold sold (oz)		116,219		134,960			137,704		137,523			526,406
Average realized gold price ($/oz sold) ⁽³⁾	$1,580		$1,726			$1,919		$1,845			$1,783
Production costs		101.4		109.5			117.4		117.0			445.2
Cash operating cost ($/oz sold) ^(3,4)		627		550			537		536			560
Total cash cost ($/oz sold) ^(3,4)		678		616			664		640			649
All-in sustaining cost ($/oz sold) ^(3,4)		952		859			918		959			921
Net earnings ^(5,6)		4.5		50.6			46.0		30.0			131.1
Net earnings per share – basic ($/share) ^(5,6)		0.03		0.30			0.26		0.17			0.77
Adjusted net earnings ^(3,5,6)		16.4		47.9			63.6		66.4			194.3
Adjusted net earnings per share ($/share)^(3,5,6)		0.10		0.28			0.37		0.38			1.14
Cash flow from operating activities before changes in working capital ^(3,7)		74.0		117.3			135.1		112.1			438.5
Free cash flow ^(3,7)		9.6		81.1			114.7		63.4			268.7
Cash, cash equivalents and term deposits		363.6		440.3			504.4		511.0			511.0

(1)	Amounts presented are from continuing operations only and exclude the Brazil Segment. See Note 7 of our Consolidated Financial Statements.
(2)	See Note 30 of our Consolidated Financial Statements for further details.
(3)	These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.
(4)	By-product revenues are off-set against cash operating costs.
(5)	Attributable to shareholders of the Company.
(6)	2020, Q1-Q2 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.
(7)	2020, Q1-Q2 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.

	3 months ended December 31,				12 months ended December 31,
		2021		2020		2021		2020	2022 Outlook
Total
Ounces produced		122,582		138,220		475,850		528,874	460,000 – 490,000
Ounces sold		119,384		137,523		472,307		526,406	n/a
Production costs	$118.2		$117.0		$449.7		$445.2		n/a
Cash operating costs ($/oz sold) ⁽¹⁾	$571		$536		$626		$560		$640 – 690
All-in sustaining costs ($/oz sold)⁽¹⁾	$1,077		$959		$1,069		$921		$1,075 – 1,175
Sustaining capital expenditures ⁽¹⁾	$33.8		$29.0		$113.1		$92.4		$118 – 138
Kisladag
Ounces produced		33,136		56,816		174,365		226,475	145,000 – 155,000
Ounces sold		33,269		55,807		175,862		226,895	n/a
Production costs	$28.8		$34.1		$122.6		$129.3		n/a
Cash operating costs ($/oz sold)⁽¹⁾	$737		$447		$583		$451		$690 – 740
All-in sustaining costs ($/oz sold) ⁽¹⁾	$977		$732		$797		$664		n/a
Sustaining capital expenditures⁽¹⁾	$4.0		$6.5		$18.6		$20.1		$14 – 19
Lamaque
Ounces produced		51,354		44,168		153,201		144,141	165,000 – 175,000
Ounces sold		50,257		44,990		151,393		142,269	n/a
Production costs	$26.7		$24.0		$99.0		$78.3		n/a
Cash operating costs ($/oz sold) ⁽¹⁾	$482		$503		$616		$522		$620 – 670
All-in sustaining costs ($/oz sold) ⁽¹⁾	$815		$789		$1,017		$827		n/a
Sustaining capital expenditures ⁽¹⁾	$13.4		$9.8		$47.3		$32.9		$55 – 60
Efemcukuru
Ounces produced		22,631		25,828		92,707		99,835	85,000 – 90,000
Ounces sold		21,797		24,956		92,758		98,340	n/a
Production costs	$18.1		$17.4		$67.2		$72.6		n/a
Cash operating costs ($/oz sold) ⁽¹⁾	$606		$493		$551		$556		$600 – 650
All-in sustaining costs ($/oz sold) ⁽¹⁾	$1,104		$989		$901		$918		n/a
Sustaining capital expenditures⁽¹⁾	$6.4		$7.3		$18.0		$19.1		$15 – 20
Olympias
Ounces produced		15,461		11,408		55,577		58,423	65,000 – 75,000
Ounces sold		14,061		11,770		52,294		58,902	n/a
Production costs	$28.1		$27.6		$113.4		$113.4		n/a
Cash operating costs ($/oz sold) ⁽¹⁾	$441		$1,166		$930		$1,078		$650 – 700
All-in sustaining costs ($/oz sold) ⁽¹⁾	$1,467		$1,768		$1,715		$1,541		n/a
Sustaining capital expenditures⁽¹⁾	$10.1		$5.5		$29.1		$20.2		$34 – 39

Conference Call Details		Replay (available until April 1, 2022)
Date:	February 25, 2022	Toronto :	+1 604.638.9010
Time:	8:30 am PT (11:30 am ET)	Toll Free:	+1 800.319.6413
Dial in:	+1 604.638.5340	Access code:	8299
Toll free:	+1 800.319.4610

	Q4 2021		Q4 2020			2021		2020		2019
Production costs ⁽¹⁾	$118.2		$117.0		$449.7		$445.2		$334.8
Stratoni production costs ⁽²⁾		(16.5)		(13.8)		(47.6)		(51.6)		(53.8)
Production costs – excluding Stratoni		101.7		103.2		402.2		393.6		281.1
By-product credits		(20.5)		(15.1)		(64.7)		(52.2)		(39.3)
Royalty expense and production taxes		(13.1)		(14.4)		(42.0)		(46.7)		(13.7)
Cash operating costs	$68.2		$73.6		$295.5		$294.7		$228.0
Gold ounces sold		119,384		137,523		472,307		526,406		374,902
Cash operating cost per ounce sold	$571		$536		$626		$560		$608

(1)	Includes inventory write-downs.
(2)	Base metals production

	Direct mining costs		By-product credits		Refining and selling costs		Inventory change⁽¹⁾		Cash operating costs		Gold oz sold	Cash operating cost/oz sold
Kisladag	$22.6		($0.6)		$0.1		$2.4		$24.5		33,269	$737
Lamaque		26.5		(0.5)		0.1		(1.9)		24.2	50,257		482
Efemcukuru		12.8		(1.0)		1.6		(0.1)		13.2	21,797		606
Olympias		24.9		(18.3)		3.8		(4.2)		6.2	14,061		441
Total consolidated	$86.9		($20.5)		$5.5		($3.8)		$68.2		119,384	$571

	Cash operating costs		Royalties & production taxes		Total cash costs		Corporate & allocated G&A		Exploration costs		Reclamation costs and amortization			Sustaining capex		Total AISC		Gold oz sold	Total AISC/ oz sold
Kisladag	$24.5		$3.6		$28.2			$—		$—	$0.4			$4.0		$32.5		33,269	$977
Lamaque		24.2		1.9		26.1		—		2.3		(0.8	)		13.4		41.0	50,257		815
Efemcukuru		13.2		3.9		17.2		—		0.3		0.2			6.4		24.1	21,797		1,104
Olympias		6.2		3.7		9.9		—		0.3		0.4			10.1		20.6	14,061		1,467
Corporate⁽¹⁾		—		—		—		10.4		—		—			—		10.4	—		87
Total consolidated	$68.2		$13.1		$81.3		$10.4		$2.9		$0.2			$33.8		$128.5		119,384	$1,077

(1)	Does not include capital expenditures related to discontinued operations
(2)	Base metals production.
(3)	Non-cash sustaining equipment leases.

Continuing Operations	Q4 2021			Q4 2020				2021			2020			2019
Net earnings (loss) attributable to shareholders of the Company^(1,2)	($43.1		)	$30.0			$10.8			$131.1			$73.1
Loss (gain) on foreign exchange translation of deferred tax balances ^(2,3)		41.4			(6.0	)		54.6			10.6			10.4
Closure of Stratoni, net of tax ⁽⁴⁾		30.8			—			30.8			—			—
Gain on redemption option derivative		(4.0	)		(1.8	)		2.7			(1.8	)		(4.2	)
Finance costs relating to debt refinancing ⁽⁵⁾		—			—			31.1			—			—
Gain on deferred tax due to changes in tax rates ⁽⁶⁾		—			—			(5.3	)		—			(7.2	)
Gain on sale of mining licences, net of tax ⁽⁷⁾		—			—			(5.3	)		—			—
Write-down of assets ⁽⁸⁾		—			43.4			—			43.4			6.3
Finance costs relating to partial debt redemption		—			0.7			—			8.6			—
Lamaque standby costs, net of tax ⁽⁹⁾		—			—			—			2.3			—
Impairment (reversal) of property, plant and equipment, net of tax ⁽¹⁰⁾		—			—			—			—			(68.2	)
Other items ⁽¹¹⁾		—			—			—			—			(3.4	)
Total adjusted net earnings^(1,2)	$25.1			$66.4			$119.3			$194.3			$6.8
Weighted average shares outstanding (thousands)		182,496			174,710			180,297			171,047			158,856
Adjusted net earnings per share ($/share)⁽¹⁾	$0.14			$0.38			$0.66			$1.14			$0.04

(1)	2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation. See Note 2(a) of our Consolidated Financial Statements.
(2)	From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.
(3)	Includes depreciation within general and administrative expenses.
(4)	Non-recurring write-downs in Q4 2020 include a $40.0 million write-down of capital works in progress and a $3.4 million VAT provision associated with the write-down.
(5)	Costs relating to the closure of Stratoni include $3.5 million write-down of equipment and $13.9 million impairment.
(6)	Sale of mining licences in Turkey in May 2021.
(7)	Mine standby costs relating to the government-mandated temporary suspension of operations at Lamaque to address the COVID-19 pandemic.

(1)	2020 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity. See Note 5(d) of our Consolidated Financial Statements.
(2)	From Q3 2021, the Brazil Segment is presented as a discontinued operation. See Note 7 of our Consolidated Financial Statements. Amounts presented are from continuing operations only.
(3)	Cash paid upon acquisition of QMX in Q2 2021, net of $4.3 million cash acquired.
(4)	Purchase of marketable securities includes $18.7 million cash paid on the acquisition of Probe Metals Inc. Free cash flow in 2020 has been adjusted to conform with 2021 presentation by including adjustments relating to proceeds from the sale of marketable securities (2020: $5.2 million).
(5)	Cash proceeds received upon the sale of Tocantinzinho, net of $0.3 million cash disposed.
(6)	Cash consideration received on sale of mining licences.

	As at December 31, 2021		As at December 31, 2020
Current assets, excluding assets held for sale ⁽¹⁾	$728.2		$754.1
Current liabilities, excluding liabilities held for sale		206.7		262.0
Working capital	$521.6		$492.1

	Q4 2021			Q4 2020				2021			2020			2019
General and administrative expenses (from consolidated statement of operations)	$9.1			$7.5			$36.7			$28.5			$29.2
Add:
Share based payments expense		2.5			3.4			7.9			10.7			10.4
Employee benefit pension plan expense from corporate and operating gold mines		0.1			0.9			2.3			2.8			2.7
Less:
General and administrative expenses related to non-gold mines and in-country offices		(0.2	)		0.1			(0.5	)		(0.4	)		(1.9	)
Depreciation in G&A		(0.4	)		(0.5	)		(1.9	)		(2.1	)		(2.2	)
Business development		(0.4	)		(0.9	)		(4.6	)		(2.5	)		(1.7	)
Development projects		(0.4	)		(0.5	)		(2.5	)		(1.4	)		(2.6	)
Adjusted corporate general and administrative expenses	$10.4			$10.1			$37.5			$35.6			$33.9
Regional general and administrative costs allocated to gold mines		—			—			0.1			0.1			0.3
Corporate and allocated general and administrative expenses per AISC	$10.4			$10.1			$37.6			$35.7			$34.2

	Q4 2021			Q4 2020				2021			2020			2019
Exploration and evaluation expense⁽¹⁾ (from consolidated statement of operations)	$1.8			$3.0			$18.3			$12.5			$14.6
Add:
Capitalized evaluation cost related to gold mines		2.1			2.3			8.8			6.0			7.2
Less:
Exploration and evaluation expenses related to non-gold mines and other sites⁽¹⁾		(1.0	)		(2.4	)		(14.9	)		(10.1	)		(12.3	)
Exploration costs per AISC	$2.9			$2.9			$12.3			$8.4			$9.5

	Q4 2021			Q4 2020				2021			2020			2019
Asset retirement obligation accretion (from notes to the consolidated financial statements)	$0.4			$0.4			$1.4			$1.9			$2.5
Add:
Depreciation related to asset retirement obligation assets		(0.1	)		1.5			3.2			5.6			2.9
Less:
Asset retirement obligation accretion related to non-gold mines and other sites		(0.1	)		(0.1	)		(0.3	)		(0.6	)		(0.8	)
Reclamation costs and amortization per AISC	$0.2			$1.9			$4.4			$7.0			$4.6

	Q4 2021			Q4 2020				2021			2020			2019
Additions to property, plant and equipment⁽¹⁾ (from notes to the consolidated financial statements)	$80.1			$71.9			$292.8			$198.4			$181.1
Growth and development project capital expenditure		(40.0	)		(31.5	)		(156.7	)		(82.9	)		(58.2	)
Capitalized exploration		(3.6	)		(2.5	)		(12.4	)		(7.4	)		(10.9	)
Sustaining capital expenditure Stratoni⁽²⁾		(2.5	)		(2.7	)		(7.3	)		(7.5	)		(9.3	)
Sustaining capital expenditure equipment leases⁽³⁾		(0.2	)		(0.1	)		(2.0	)		(2.0	)		(1.5	)
Corporate leases		—			(6.2	)		(1.3	)		(6.2	)		—
Capitalized interest		—			—			—			—			(3.8	)
Sustaining capital expenditure at operating gold mines	$33.8			$29.0			$113.1			$92.4			$97.4

	Note	December 31, 2021			December 31, 2020
					Restated (Note 5(e))
ASSETS
Current assets
Cash and cash equivalents	8	$	481,327		$	451,962
Term deposits			—			59,034
Accounts receivable and other	9		68,745			73,216
Inventories	2(a),10		178,163			164,135
Current portion of employee benefit plan assets	19		—			5,749
			728,235			754,096
Restricted cash			2,674			2,097
Other assets	11		104,023			39,562
Property, plant and equipment	2(a),13		4,003,211			4,042,199
Goodwill	14		92,591			92,591
		$	4,930,734		$	4,930,545
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities	16	$	195,334		$	179,372
Current portion of lease liabilities			7,228			11,297
Current portion of debt	17		—			66,667
Current portion of asset retirement obligations	18		4,088			4,701
			206,650			262,037
Debt	17		489,763			434,465
Lease liabilities			14,895			14,658
Employee benefit plan obligations	19		8,942			11,109
Asset retirement obligations	18		131,367			106,677
Deferred income tax liabilities	2(a),21		439,195			414,554
		$	1,290,812		$	1,243,500
Equity
Share capital	22		3,225,326			3,144,644
Treasury stock			(10,289	)		(11,452	)
Contributed surplus			2,615,459			2,638,008
Accumulated other comprehensive loss			(20,905	)		(21,822	)
Deficit	2(a)		(2,239,226	)		(2,103,206	)
Total equity attributable to shareholders of the Company			3,570,365			3,646,172
Attributable to non-controlling interests			69,557			40,873
			3,639,922			3,687,045
		$	4,930,734		$	4,930,545

	Note	Year ended December 31, 2021			Year ended December 31, 2020
Revenue
Metal sales	30	$	940,914		$	1,026,685

Cost of sales
Production costs	31		449,748			445,183
Depreciation and amortization	2(a)		200,958			218,084
			650,706			663,267

Earnings from mine operations			290,208			363,418

Exploration and evaluation expenses			18,314			12,493
Mine standby costs	32		15,433			13,665
General and administrative expenses			36,657			28,533
Employee benefit plan expense	19		2,317			2,849
Share-based payments expense	23		7,945			10,692
Impairment of property, plant and equipment	13		13,926			—
Write-down of assets			9,106			38,660
Foreign exchange gain			(26,421	)		(3,997	)
Earnings from operations			212,931			260,523

Other income (expense)	20		9,944			(3,321	)
Finance costs	20		(71,809	)		(50,874	)

Earnings from continuing operations before income tax			151,066			206,328
Income tax expense	2(a),21		139,970			82,361
Net earnings from continuing operations			11,096			123,967
Net loss from discontinued operations, net of tax	7		(146,802	)		(6,352	)
Net (loss) earnings for the year		$	(135,706	)	$	117,615

Attributable to:
Shareholders of the Company			(136,020	)		124,795
Non-controlling interests			314			(7,180	)
Net (loss) earnings for the year		$	(135,706	)	$	117,615

(Loss) earnings attributable to shareholders of the Company:
Continuing operations	2(a)		10,782			131,147
Discontinued operations	7		(146,802	)		(6,352	)
		$	(136,020	)	$	124,795

Weighted average number of shares outstanding (thousands):	33
Basic			180,297			171,047
Diluted			181,765			175,231

Net (loss) earnings per share attributable to shareholders of the Company:
Basic (loss) earnings per share	2(a)	$	(0.75	)	$	0.73
Diluted (loss) earnings per share	2(a)	$	(0.75	)	$	0.71

Net earnings per share attributable to shareholders of the Company - continuing operations:
Basic earnings per share	2(a)	$	0.06		$	0.77
Diluted earnings per share	2(a)	$	0.06		$	0.75

Cash flows generated from (used in):	Note	Year ended December 31, 2021			Year ended December 31, 2020
					Restated (Note 5(d))
Operating activities
Net earnings for the year from continuing operations	2(a)	$	11,096		$	123,967
Items not affecting cash:
Depreciation and amortization	2(a)		202,857			220,224
Finance costs			71,809			50,874
Interest income			(2,231	)		(2,056	)
Unrealized foreign exchange gain			(6,231	)		(2,999	)
Income tax expense	2(a)		139,970			82,361
Loss on disposal of assets			2,318			4,631
Gain on disposal of mining licenses			(7,296	)		—
Impairment	13		13,926			—
Write-down of assets			9,106			38,660
Share-based payments expense	23		7,945			10,692
Employee benefit plan expense	19		2,317			2,849
			445,586			529,203
Property reclamation payments			(2,313	)		(2,301	)
Employee benefit plan receipt (payments)			4,744			(2,633	)
Income taxes paid			(75,472	)		(87,872	)
Interest received			2,231			2,056
Changes in non-cash operating working capital	24		(8,917	)		33,391
Net cash generated from operating activities of continuing operations			365,859			471,844
Net cash used in operating activities of discontinued operations			(3,489	)		(1,864	)

Investing activities
Purchase of property, plant and equipment			(282,088	)		(188,858	)
Acquisition of QMX Gold Corporation, net of $4,311 cash received	6		(19,336	)		—
Proceeds from sale of Tocantinzinho, net of $340 cash disposed	7		19,660			—
Proceeds from the sale of property, plant and equipment			3,090			1,214
Value added taxes related to mineral property expenditures, net			(24,449	)		(15,468	)
Proceeds from the sale of mining licenses			7,296			—
Purchase of marketable securities and investment in debt securities			(28,050	)		—
Proceeds from the sale of investments in marketable and debt securities			2,375			5,237
Decrease (increase) in term deposits			59,034			(55,759	)
(Increase) decrease in restricted cash			(577	)		983
Net cash used in investing activities of continuing operations			(263,045	)		(252,651	)
Net cash (used in) generated from investing activities of discontinued operations			(2,833	)		8,422

Financing activities
Issuance of common shares, net of issuance costs			14,552			95,992
Acquisition of non-controlling interest			—			(7,500	)
Contributions from non-controlling interests			409			421
Proceeds from borrowings	17		500,000			150,000
Repayments of borrowings	17		(517,286	)		(132,714	)
Debt redemption premium paid	17		(21,400	)		(6,274	)
Loan financing costs			(9,140	)		—
Interest paid			(23,643	)		(38,099	)
Principal portion of lease liabilities			(10,579	)		(9,732	)
Purchase of treasury stock			—			(3,550	)
Net cash (used in) generated from financing activities of continuing operations			(67,087	)		48,544
Net cash used in financing activities of discontinued operations			(40	)		(75	)

Net increase in cash and cash equivalents			29,365			274,220
Cash and cash equivalents - beginning of year			451,962			177,742
Cash and cash equivalents - end of year		$	481,327		$	451,962