Centerra Gold Reports Fourth Quarter and Full-Year 2021 Results Full Year Cash Provided by Operating Activities from Continuing Operations of $270.9 million and Free Cash FlowNG from Continuing Operations of $178.4 million.
NEWS RELEASE
Centerra Gold Reports Fourth Quarter and Full-Year 2021 Results
Full Year Cash Provided by Operating Activities from Continuing Operations of $270.9 million
and Free Cash FlowNG from Continuing Operations of $178.4 million.
All figures are in United States dollars and all production figures are on a 100%-basis a nd continuing operations basis , unless
otherwise stated. This news release contains forward-looking information regarding Centerra Gold’s business and operations. See
“Caution Regarding Forward-Looking Information” in Centerra Gold’s Management’s Discussion & Analysis for the year ended
December 31, 2021 (“MD&A”) included in this press release. All references in this document denoted with NG, indicate a “specified
financial measure” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the
Canadian Securities Administrators. None of these specified measures is a standardized financial measure under International
Financial Reporting Standards (“IFRS”) and these measures might not be comparable to similar financial measures disclosed by
other issuers. See “Non-GAAP and Other Financial Measures” in the MD&A included in this press release for a discussion of the
specified financial measures used in this document and a reconciliation to the most directly comparable IFRS measure.
Toronto, Canada, February 25, 2022: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE:
CGAU) today reported its fourth quarter and full-year 2021 results.
Significant financial and operating results of the fourth quarter and year ended December 31, 2021 included:
• Net loss for the year of $ 381.8 million or $ 1.29 per common share (basic), including a $926.4 million loss on
the change of control of the Kumtor Mine, and an impairment reversal at the Mount Milligan Mine of $117.3
million (net of tax).
• Adjusted net earnings NG for the year of $ 233.6 million or $ 0.79 per common share (basic), inclusive of
earnings from operations from the Kumtor Mine prior to the loss of control event.
• Net earnings from continuing operations and adjusted net earnings NG from continuing operations for the
year of $446.9 million or $1.51 per common share (basic) and $149.3 million or $0.50 per common share
(basic), respectively.
• Net earnings and adjusted net earningsNG for the quarter of $274.9 million or $0.93 per common share (basic)
and $35.4 million or $0.12 per common share (basic), respectively.
• Cash provided by operating activities from continuing operation for the quarter of $61.8 million.
• Free cash flowNG from continuing operation for the quarter of $38.7 million.
• Gold production from continuing operations for the quarter of 91,197 ounces.
• Copper production from continuing operations for the quarter of 17.0 million pounds.
• Gold production costs from continuing operations for the quarter of $550 per ounce.
• Copper production costs from continuing operations for the quarter of $1.79 per pound.
• All-in sustaining costs on a by-product basis NG from continuing operations for the quarter of $ 591 per
ounce. All-in costs on a by-product basisNG from continuing operations for the quarter of $732 per ounce.
• Strong balance sheet with cash position at the year-end of $947.2 million.
• Centerra remains engaged in discussions and negotiations with representatives of the Government of the
Kyrgyz Republic to resolve the outstanding disputes related to Kumtor Mine and the Company continues to
pursue legal proceedings in several jurisdictions.
• Quarterly Dividend declared of CAD$0.07 per common share.
On February 22, 2022, and subsequent to the year ended December 31, 2021, the Company announced that it has entered
into an agreement to acquire Gemfield Resources LLC, owner of the Goldfield Project from Waterton Nevada Splitter,
LLC. Total consideration consists of approximately $175 million in cash at closing and a $31.5 million deferred
milestone payment payable the earlier of 18 months following the acquisition date and a construction decision with
respect to the Goldfield Project among other things.
The Company’s 2021 full-year results on a continuing basis, and previously disclosed full-year 2022 guidance are
summarized below:
(On continuing operations basis)(1) 2021 Guidance 2021 Full-Year
results 2022 Guidance
Production
Total gold production (Koz) 270 - 310 308 400 - 450
Total copper production (Mlb) 70 - 80 73 70 - 80
Costs
Gold production costs ($/oz) 600 - 650 604 500 - 550
All-in sustaining costs on a by-product basisNG ($/oz) 700 - 750 649 600 - 650
All-in costs on a by-product basisNG ($/oz) 850 - 900 785 700 - 750
All-in sustaining costs on a co-product basisNG ($/oz) 900 - 950 891 750 - 800
Copper production costs ($/lb) 1.45 - 1.60 1.51 1.70 - 1.85
All-in sustaining costs on a co-product basisNG ($/lb) 2.10 - 2.25 1.94 2.40 - 2.55
Cash Flows(2)
Cash provided by operating activities ($M) — 270.9 300 - 350
Free cash flowNG ($M) — 178.4 200 - 250
(1) For the discussion of significant differences in the forward-looking and historical non-GAAP measures, refer to the “Outlook” section
(2) Cash provided by operating activities from discontinued operations and net cash flow from discontinued operations for the year were $143.9
million and $47.8 million, respectively.
Commentary
Scott Perry, President and Chief Executive Officer of Centerra stated, “As always, safety remains our top priority, and
we are pleased that in its first full year of operation, the Öksüt Mine achieved two million hours of work without a lost
time injury. While we experienced some setback in our safety journey at the Mount Milligan Mine, we put a strategy in
place to improve the current performance. Additionally, we continue to maintain rigorous health protocols at all of our
operations to help prevent the spread of COVID-19.”
“The Mount Milligan Mine and Öksüt Mine paved the way for our strong operating performance in 2021. Record
performance at the Mount Milligan Mine and an impressive first full calendar year of operations at the Öksüt Mine,
enabled us to achieve the upper end of our gold production guidance, producing more than 308,141 ounces in the year, at
gold production costs of $604 per ounce and all-in sustaining costs on a by-product basis NG of $649 per ounce. Gold
production of 196,438 ounces at Mount Milligan was at the upper end of its 2021 gold production guidance, as the mine
achieved the highest throughput since it started operations in 2014. Mount Milligan achieved this record year while
maintaining a low cost operation with gold production costs and all-in-sustaining cost on a by-product basis NG of $ 683
and $508 per ounce sold, respectively. In its first full year of operations, the Öksüt Mine favourably outperformed both
its gold production and all-in-sustaining cost on a by-product basis NG guidance, achieving 111,703 ounces of gold
production at $668 per ounce, respectively. The Öksüt Mine’s gold production costs of $ 457 per ounce sold were at the
low end of the 2021 guidance range.”
“Financially, the Company generated cash provided by operating activities of $271 million, including a record $ 269
million generated at the Mount Milligan Mine, in addition to $ 132 million generated at the Öksüt Mine. The Company
ended the year with a cash balance of $947 million.”
“In 2022, we expect to see continued strong operational performance at the Mount Milligan and Öksüt Mines, with a
significant increase in gold production and cash generation. We anticipate consolidated gold production in 2022 to range
from 400,000 to 450,000 ounces compared to 308,141 ounces of gold production in 2021. We expect to achieve this
higher production level, while maintaining our low cost model with 2022 gold production costs and all-in sustaining
costs on a by-product basis NG expected to be $500 to $550 per ounce and $600 to $650 per ounce, respectively, in line
with 2021. Cash provided by operating activities and free cash flow NG in 2022 are expected to be between $300 to $350
million and $200 to $250 million, respectively, an increase from the $ 271 million and $ 178 million in 2021,
respectively.”
“Subsequent to year-end, we announced the acquisition of Gemfield Resources which will assist in replenishing
Centerra’s pipeline by adding the Goldfield Project to our portfolio. Host to a land package with an upside potential for
expansion, the Goldfield Project is positioned to deliver another source of meaningful cash flow to Centerra in the future.
We continue to invest in greenfield and brownfield exploration, with increased drilling programs at the Mount Milligan
and Öksüt Mines, where we have seen promising results. This is reflected in the increased mineral resources of contained
ounces of gold and pounds of copper at the Mount Milligan Mine as at December 31, 2021.”
“Based on the Company’s continued strong financial position, operating results and cash flows, the Board approved a
quarterly dividend of CAD$0.07 per share on February 24, 2022 to shareholders of record on March 11, 2022.”
“We have a well-established track record of delivering results and outperforming gold production guidance, which
speaks to the quality of our assets and gives us confidence in our outlook at the core operations. In such regard, 2022 will
be an exciting year for Centerra and we expect to see continued strong operational performance at the Mount Milligan
and Öksüt Mines, with increased gold production levels and meaningful generation of cash provided by operating
activities and free cash flowNG.”
Exploration Update
Exploration activities in the fourth quarter of 2021 included drilling, surface sampling, geological mapping and
geophysical surveying at the Company’s various projects and earn-in properties, targeting gold and copper
mineralization in Canada, Turkey, Finland and the United States of America.
Exploration expenditures at the Company’s continuing operations for the year and for the quarter were $37.4 million and
$9.2 million, respectively. The activities were focused on expanded drilling programs at the Mount Milligan Mine and
the Öksüt Mine, as well as at the Sivritepe Project, which is a greenfield exploration property located in north-eastern
Turkey.
In the fourth quarter of 2021, exploration drilling (2,853 metres in four drill holes) and resource expansion drilling
(12,592 metres in 18 drill holes) continued at the Mount Milligan Mine. Following previous successful in-pit and near-pit
exploration drilling programs, the resource expansion drilling was designed to develop and upgrade resources and
reserves in the MBX, WBX and DWBX zones below and to the west of the current ultimate open-pit boundary. There is
potential for additional resources to exist in these areas and assays obtained throughout the fourth quarter of 2021
returned multiple intersections of potentially economic gold and copper porphyry mineralization outside of the current
ultimate open-pit boundary. The Company announced updated reserves and resources for the Mount Milligan Mine as at
December 31, 2021 which showed an increase in mineral resources of contained ounces of gold and pounds of copper .
The results from the 2021 drilling program will be used in an updated resource model to support a new National
Instrument 43-101 Standards of Disclosure for Mineral Projects technical report for the Mount Milligan Mine, planned to
be released in the second quarter of 2022, and a new life-of-mine plan.
In 2022, drilling at the Mount Milligan Mine will continue to target gold and copper porphyry mineralization below and
adjacent to the current ultimate open-pit boundary, as well as continue to test targets with potential for shallower
mineralization peripheral to the current pits.
At the Öksüt Mine, exploration activities comprised resource expansion drilling (7,399 metres in 35 drill holes) and
exploration drilling (5,413 metres in 20 drill holes). Drilling activities were undertaken to provide greater confidence to
the resources and reserves within the Keltepe and Güneytepe deposits in support of an updated resource model and new
life-of-mine plan. Exploration drilling activities completed in 2021 expanded oxide gold mineralization at the Keltepe
North and Keltepe Northwest deposits and provided encouragement that it may be possible to join these two deposits in
the future. In addition, a new zone of oxide gold mineralization (Keltepe North-Northwest) was discovered just to the
east of the Keltepe North and Keltepe Northwest deposits.
In 2022, drilling at the Öksüt Mine will continue to target potential expansion of oxide gold mineralization at the Keltepe
North, Keltepe Northwest, and Keltepe North-Northwest deposits and focus on new oxide gold mineralization at targets
peripheral to the known deposits.
Selected drill program results and intercepts are highlighted in the supplementary data at the end of this news release.
The drill collar locations and associated graphics are available at the following link:
https://ml.globenewswire.com/media/63702a77-3ee8-4dac-b4c3-ccff21f3d4a7/document/?v=02242022094200
About Centerra
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring
gold properties in North America, Turkey, and other markets worldwide. Centerra operates two mines: the Mount
Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Turkey. While the Company still owns the Kumtor
Mine in the Kyrgyz Republic, it is currently no longer under the Company’s control. The Company also owns the pre-
development stage Kemess Project in British Columbia, Canada and owns and operates the Molybdenum Business Unit
in the United States. Centerra's shares trade on the Toronto Stock Exchange (“TSX”) under the symbol CG and on the
New York Stock Exchange (“NYSE”) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.
Conference Call
Centerra invites you to join its 2021 fourth quarter conference call on Friday, February 25, 2022 at 9:00 AM Eastern
Time. The call is open to all investors and the media. To join the call, please dial toll-free in North America 1 (800)
757-5680. International participants may access the call at +1 (416) 981-9004 . Results summary presentation slides are
available on Centerra’s website at www.centerragold.com. Alternatively, an audio feed webcast will be broadcast live by
Notified (formerly Intrado) and can be accessed live at Centerra’s website at www.centerragold.com. A recording of the
call will be available on Centerra’s website at www.centerragold.com shortly after the call and via telephone until
midnight Eastern Standard Time on March 4, 2022 by calling +1 (416) 626-4100 or 1 (800) 558-5253 and using
passcode 21989633.
For more information:
Toby Caron
Treasurer and Director, Investor Relations
(416) 204-1694
Shae Frosst
Manager, Investor Relations
(416) 204-2159
Additional information on Centerra is available on the Company’s website at www.centerragold.com and at
SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.
Management’s
Discussion and
Analysis
For the Years Ended December 31, 2021 and 2020
This Management’s Discussion and Analysis (“MD&A”) has been prepared as of February 24, 2022 and is intended to provide a
review of the financial position and results of operations of Centerra Gold Inc. (“Centerra” or the “Company”) for the three and
twelve month periods ended December 31, 2021 in comparison with the corresponding periods ended December 31, 2020 . This
discussion should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year
ended December 31, 2021 prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company’s
audited financial statements and the notes thereto for the year ended December 31, 2021, are available at www.centerragold.com
and on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and EDGAR at www.sec.gov/
edgar. In addition, this discussion contains forward-looking information regarding Centerra’s business and operations. Such
forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. See “Caution Regarding Forward-Looking Information” below.
All dollar amounts are expressed in United States dollars (“USD”), except as otherwise indicated. All references in this document
denoted with NG indicate a “specified financial measure” within the meaning of National Instrument 52-112 Non-GAAP and
Other Financial Measures Disclosure of the Canadian Securities Administrators. None of these measures is a standardized
financial measure under IFRS and these measures might not be comparable to similar financial measures disclosed by other
issuers. See section “Non-GAAP and Other Financial Measures” below for a discussion of the specified financial measures used
in this document and a reconciliation to the most directly comparable IFRS measure.
Caution Regarding Forward-Looking Information
Information contained in this document which is not a statement of historical fact, and the documents incorporated by reference
herein, may be “forward-looking information” for the purposes of Canadian securities laws and within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Such forward-looking information involves risks, uncertainties and other
factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”,
“continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking
information. These forward-looking statements relate to, among other things: statements regarding 2022 Outlook and 2022
Guidance, including outlook on production (including the timing thereof), cost, free cash flow and capital spend in 2022, and the
assumptions used in preparing such guidance and outlook, including those discussed under “2022 Material Assumptions”; the
impact of the seizure of the Kumtor Mine on the Company’s other operations and businesses; the outcome of arbitration and other
proceedings initiated by the Company regarding the unlawful seizure by the Kyrgyz Government of the Kumtor Mine in May,
2021, or the outcome or effect of the legacy environmental and tax disputes and criminal investigations relating to the Kumtor
Mine, or the outcome of any future discussions or negotiations to resolve any or all of the disputes relating to the Kumtor Mine
and the potential terms and conditions (including legal and regulatory requirements and approvals in connection therewith) of
any such resolution; possible impacts to its operations relating to COVID-19; the Company’s expectation regarding having
sufficient water at Mount Milligan in the medium-term for its targeted throughput and its plans for a long-term water solution; the
Company’s continued evaluation of potential activity at the Kemess East Project; expectations regarding the resources and
reserves within the Keltepe and Güneytepe deposits in support of an updated resource model and new life-of-mine plan;
expectations regarding the future joining of the Keltepe North and Keltepe Northwest deposits; the Company’s expectations
regarding exploration results in connection with the Sivritepe Project and 2XFred Project; expectations in respect of the
acquisition of Gemfield Resources LLC, owner of the Goldfield District Project (the “Goldfield Project”), including the
completion and the anticipated benefits and strategic rationale of the transaction and future prospects in respect of the Goldfield
Project; the Company’s expectations of adequate liquidity and capital resources for 2022; and, expectations regarding contingent
payments to be received from the sale of Greenstone Partnership.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable
by Centerra, are inherently subject to significant technical, political, business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-
looking information. Factors and assumptions that could cause actual results or events to differ materially from current
expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with
the Company’s operations in Turkey, the USA and Canada; resource nationalism including the management of external
stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government
practices, including unjustified civil or criminal action against the Company, its affiliates, or its current or former employees;
risks that community activism may result in increased contributory demands or business interruptions; the risks related to
outstanding litigation affecting the Company, including the potential failure to negotiate a mutually-acceptable outcome of
disputes relating to the Kumtor Mine and any negotiations or resolution between Centerra and the Kyrgyz Republic and the
potential terms and conditions (including legal and regulatory requirements and approvals in connection therewith) of any such
resolution; risks that an arbitrator will reject the Company’s claims against the Kyrgyz Republic and/or Kyrgyzaltyn JSC
(“Kyrgyzaltyn”) or that such claims may not be practically enforceable against the Kyrgyz Republic and/or Kyrgyzaltyn; risks
related to the continued imposition by the Kyrgyz Government of external management on the Company’s wholly-owned
subsidiary, Kumtor Gold Company CJSC (“KGC”) or the prolongation of such external management, including risks that the
external manager materially damages the Kumtor Mine’s operations; the inability of the external management of KGC to obtain
equipment, spare parts, consumables or other supplies; the Kyrgyz Republic Government taking further steps to nationalize or
expropriate the Kumtor Mine, and/or utilizing the purported environmental and tax claims being asserted against KGC to strip
KGC of its assets; the ongoing failure of the Kyrgyz Republic Government to comply with its continuing obligations under the
investment agreements governing the Kumtor Mine and not take any expropriation action against the Kumtor Mine; risks that the
Kyrgyz Government undertake further unjustified civil or criminal action against the Company, its affiliates, or its current or
former employees; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United
States or other jurisdictions against various Russian and Turkish individuals and entities; potential defects of title in the
Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their
legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the Kyrgyz
Republic; risks related to anti-corruption legislation; Centerra not being able to replace mineral reserves; Indigenous claims and
consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks
related to kidnapping or acts of terrorism; completion of the acquisition of the Goldfield Project in accordance with, and on the
timeline contemplated by, the terms and conditions of the relevant agreements in respect thereof, management’s assessment of the
effects of the successful completion of the proposed acquisition of the Goldfield Project and the making of a determination to
proceed with the development of the Goldfield Project on terms acceptable to Centerra; (B) risks relating to financial matters,
including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices; the use of
provisionally-priced sales contracts for production at the Mount Milligan Mine; reliance on a few key customers for the gold-
copper concentrate at the Mount Milligan Mine; use of commodity derivatives; the imprecision of the Company’s mineral
reserves and resources estimates and the assumptions they rely on; the accuracy of the Company’s production and cost estimates;
the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from
pursuing certain business activities or making distributions from its subsidiaries; changes to tax regimes; the Company’s ability
to obtain future financing; the impact of global financial conditions; the impact of currency fluctuations; the effect of market
conditions on the Company’s short-term investments; the Company’s ability to make payments, including any payments of
principal and interest on the Company’s debt facilities, which depends on the cash flow of its subsidiaries; and (C) risks related to
operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including
the stability of the pit walls at the Company’s operations; the integrity of tailings storage facilities and the management thereof,
including as to stability, compliance with laws, regulations, licenses and permits, controlling seepages and storage of water
where applicable; the risk of having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill
throughput; changes to, or delays in, transportation routes, including cessation or disruption in rail and shipping networks
whether caused by decisions of third-party providers or force majeure events (including, but not limited to, flooding or
COVID-19, respectively); the success of the Company’s future exploration and development activities, including the financial and
political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the
mining operations; the adequacy of the Company’s insurance to mitigate operational and corporate risks; mechanical
breakdowns; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully renegotiate
collective agreements when required; the risk that Centerra’s workforce and operations may be exposed to widespread epidemic
including, but not limited to, the COVID-19 pandemic; seismic activity; wildfires; long lead-times required for equipment and
supplies given the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for
certain consumables, equipment and components; the ability of the Company to address physical and transition risks from climate
change and sufficiently manage stakeholder expectations on climate-related issues; the Company’s ability to accurately predict
decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral
acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; and, the Company’s ability to manage
its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project
resources. For additional risk factors, please see section titled “Risks Factors” in the Company’s most recently filed Annual
Information Form (“AIF”) available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and
future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from
the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained
herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with
respect to Centerra, and prospective investors should not place undue reliance on forward-looking information. Forward-looking
information is as of February 25, 2022. Centerra assumes no obligation to update or revise forward-looking information to reflect
changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as
required by applicable law.
TABLE OF CONTENTS
Balance Sheet Review .................................................................................................................................................. 23
Liquidity and Capital Resources ................................................................................................................................ 24
Contractual Obligations .............................................................................................................................................. 25
2022 Liquidity and Capital Resources Analysis ........................................................................................................ 26
Operating Mines and Facilities ................................................................................................................................... 26
Discontinued Operations ............................................................................................................................................. 37
Quarterly Results – Previous Eight Quarters ........................................................................................................... 38
Related Party Transactions .................................................................................................................. 38
Accounting Estimates, Policies and Changes ............................................................................................................ 39
Disclosure Controls and Procedures and Internal Control Over Financial Reporting ........................................ 39
Non-GAAP and Other Financial Measures ............................................................................................................... 40
Mineral Reserves and Mineral Resources ................................................................................................................. 47
Qualified Person & QA/QC – Production, Mineral Reserves and Mineral Resources ......................................... 48
Overview ....................................................................................................................................................................... 1
Overview of Consolidated Financial and Operational Highlights .......................................................................... 3
Overview of Consolidated Results .............................................................................................................................. 4
Outlook ......................................................................................................................................................................... 6
Recent Events and Developments ............................................................................................................................... 11
Risks That Can Affect Centerra's Business .............................................................................................................. 15
Market Conditions ....................................................................................................................................................... 17
Financial Performance ................................................................................................................................................ 19
Financial Instruments .................................................................................................................................................. 22