H1-2024 Interim Results

Hummingbird Resources PLC
24 September 2024
 

Company name Description automatically generated with medium confidence

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

24 September 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

H1-2024 Interim Results

Hummingbird Resources (AIM: HUM) is pleased to announce its unaudited results for the six months ended 30 June 2024 ("the Period" or "H1-2024").

Financial Results

·      The Group recorded revenue of US$62.8 million at the Yanfolila Gold Mine in Mali ("Yanfolila") during the Period (H1-2023: US$98.6 million), from the sale of 30,687 ounces ("oz") of gold at an average price of US$2,048 per oz (H1-2023: 51,149 oz sold at an average price of US$1,927 per oz).

An additional US$2.3 million (H1-2023: US$4.6 million) of revenue generated from the sale of single mine origin ("SMO") gold.

·      The Group reported an adjusted EBITDA loss of US$8.9 million for H1-2024 (H1-2023 gain of US$33.1 million), primarily due to reduced production from Yanfolila in the second quarter. The pre-tax loss for the period was US$29.6 million (H1-2023 profit of: US$4.1 million).

·      At the end of H1-2024, the Company held a net bank debt position of US$153.5 million (US$150.1 million including gold inventory value).

Operating Summary

·      During the period, Yanfolila produced 29,064 oz at an AISC of US$2,015 per oz, driven by lower grade through-put and increased waste stripping in preparation for H2-2024 operations.

·      The Kouroussa Gold Mine in Guinea ("Kouroussa") produced 13,657 oz of gold in H1-2024 as ramp-up of operations faced challenges through the period. Following the restart of mining by the mining contractor, volumes progressively increased with the mining of high-grade fresh material mining commencing in late Q2-2024.

·      Through the year, Hummingbird has continued to advance its ESG initiatives, focusing on community engagement and sustainability projects and the Company published its annual Sustainability Report during H1-2024, which is available on the Company's website.

Post Period Corporate Updates:

·      In August 2024, Hummingbird secured a refinancing package of US$25 million with its principal lender, Coris Bank International ("Coris Bank"). This financing covers existing obligations and is repayable over two years with a one-year payment and interest deferral, offering the Company financial flexibility during this crucial phase of ramp-up at the Kouroussa.

·      Hummingbird's 53%-owned subsidiary, Pasofino Gold Limited ("Pasofino"), has made considerable progress in its strategic review of the Dugbe Gold Project in Liberia. Pasofino received two non-binding expressions of interest from third parties in late August 2024. On 16 September 2024, Pasofino entered into an exclusivity agreement with a potential purchaser to acquire the company for a total consideration of US$75 million.



 

Dan Betts, CEO of Hummingbird, commented:

"This year has been a challenging period for us and our stakeholders, with operational and market headwinds to navigate. Despite these hurdles, we have made significant strides in positioning the Company for a stronger future. Our focus on advancing key projects, particularly the ramp-up at Kouroussa and the implementation of strategic initiatives at Yanfolila, is laying the groundwork for improved performance in the second half of the year and beyond. Securing the US$25m refinancing with Coris was another crucial step, providing the flexibility needed as we progress towards our goal of becoming a 200 Koz pa producer.

Looking ahead, our priority remains on delivering profitable production and value for our shareholders. With Kouroussa nearing commercial production and the ongoing optimisation programme at Yanfolila, we are confident in delivering improved production in the last quarter of the year. Additionally, our commitment to sustainable and responsible mining practices is unwavering, with continued progress on our ESG initiatives.

With gold prices remaining robust, we are highly optimistic about the future and believe Hummingbird is well-positioned to capitalise on the vast opportunities that lie ahead. We will continue to keep our stakeholders informed and provide further updates in due course."

**ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin (https://singlemineorigin.com/). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile. Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our ESG policies and practices.


For further information, please visit
 hummingbirdresources.co.uk or contact:

 

Daniel Betts, CEO

Thomas Hill, FD

Edward Montgomery, CD

Hummingbird Resources plc

Tel: +44 (0) 20 7409 6660

James Spinney

Ritchie Balmer

Strand Hanson Limited

Nominated Adviser

Tel: +44 (0) 20 7409 3494

James Asensio

Charlie Hammond

Canaccord Genuity Limited

Broker

Tel: +44 (0) 20 7523 8000

Bobby Morse

Oonagh Reidy

George Pope

Buchanan

Financial PR/IR

Tel:  +44 (0) 20 7466 5000

Email: HUM@buchanan.uk.com

 



 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2024

 

 


 

 

Unaudited

6 months ended

30

June

 

Unaudited

6 months ended

30

June

 

Audited

Year ended

31

December

 

 

 

Notes

2024

$'000

2023

$'000

2023

$'000

 





Revenue

 

65,137

103,194

167,107

Production costs


(51,451)

(50,982)

(93,961)

Amortisation and depreciation


(17,523)

(22,590)

(40,845)

Royalties and taxes


(4,623)

(3,841)

(6,235)

Cost of sales

 

(73,597)

(77,413)

(141,041)

Gross (loss) / profit

 

(8,460)

25,781

26,066

Share based payments


(697)

(2,027)

(2,238)

Other administrative expenses


(8,387)

(9,176)

(17,070)

Operating (loss) / profit

 

(17,544)

14,578

6,758

Finance income


3,779

148

690

Finance expense


(8,826)

(11,914)

(22,417)

Share of joint venture profit / (loss)


-

2

(29)

Profit on disposal on joint venture


112

-

-

Reversals / (impairment) of financial assets


53

(46)

(223)

(Losses) / gains on financial assets and liabilities measured at fair value


(7,137)

1,313

(3,433)

(Loss)/profit before tax

 

(29,563)

4,081

(18,654)

Tax

5

882

(7,104)

(7,168)

Loss for the period / year

 

(28,681)

(3,023)

(25,822)

 

 

Attributable to:





Equity holders of the parent


(25,670)

(3,846)

(24,359)

Non-controlling interests


(3,011)

823

(1,463)

Loss for the period/year


(28,681)

(3,023)

(25,822)

 

 

Loss per share (attributable to equity holders of the parent)










Basic ($ cents)

6

(3.28)

(0.73)

(4.30)

Diluted ($ cents)

6

(3.28)

(0.73)

(4.30)

 

 

 

Consolidated Statement of Financial Position

As at 30 June 2024


Unaudited

30

June

Unaudited

30

June

Audited

31

December

 


2024

2023

2023

 

Notes

$'000

$'000

$'000

Assets





Non-current assets





Intangible exploration and evaluation assets


123,379

131,262

120,555

Intangible assets software


319

103

393

Property, plant and equipment


331,699

242,088

306,300

Right of use assets


56,411

19,769

75,235

 Investments in associates and joint ventures


-

136

104

 Financial assets at fair value through profit or loss


1,414

2,114

993

Trade and other receivables


27,968

-

28,155

Deferred tax assets


6,801

3,453

4,315



547,991

398,925

536,050

Current assets





Inventory


13,103

20,672

16,006

Trade and other receivables


40,444

61,210

30,789

Other financial assets


-

-

2,030

Unrestricted cash and cash equivalents


4,858

1,683

11,212

Restricted cash and cash equivalents


3,776

4,003

4,030



62,181

87,568

64,067

Total assets

 

610,172

486,493

600,117

Liabilities





Non-current liabilities





Borrowings


52,125

58,841

65,632

Lease liabilities


38,917

11,654

53,505

Deferred consideration


2,790

1,886

2,549

Financial liabilities at fair value through profit or loss


9,848

25,950

7,497

Deferred tax liabilities


975

-

-

Provisions


37,538

27,750

36,779

 


142,193

126,081

165,962

Current liabilities


 



Trade and other payables


134,013

88,169

114,175

Lease liabilities


30,474

11,819

34,075

Other financial liabilities


22,799

15,000

19,866

Provisions


145

830

145

Borrowings


101,739

69,754

82,650

Bank overdraft


8,227

-

7,602

 


297,397

185,572

258,513

Total liabilities


439,590

311,653

424,475

Net assets

 

170,582

174,840

175,642

Equity





Share capital

7

10,861

8,287

8,840

Share premium


59,713

33,647

39,140

Retained earnings


34,483

94,619

59,399

Equity attributable to equity holders of the parent


105,057

136,553

107,379

Non-controlling interest


65,525

38,287

68,263

Total equity


170,582

174,840

175,642

 

Consolidated Statement of Cash Flows

For the six months ended 30 June 2024

 

 

Unaudited

Unaudited

Audited

 

 

6 months ended

6 months ended

Year ended

 

 

30 June 2024

30 June 2023

31 December 2023

 

 

$'000

$'000

$'000

Operating activities

 


 

 

(Loss) / profit before tax


(29,563)

4,081

(18,654)

Adjustments for:


 



Amortisation and depreciation


11,931

16,965

29,598

Amortisation and depreciation - right of use assets


5,691

5,719

11,438

Share based payments


610

2,650

2,570

Finance income


(3,780)

(149)

(690)

Finance expense


8,826

11,914

22,417

 Share of joint venture profit


-

(2)

29

Profit on sale of joint venture


(112)

-

-

(Reversals)/impairment of financial assets


(53)

46

223

Losses/(gains) on financial assets and liabilities measured at fair value


7,137

(1,313)

3,433

Operating cash flows before movements in working capital


687

39,911

50,364

Decrease / (increase) in inventories


2,903

(4,923)

(258)

Increase in receivables


(9,469)

(14,796)

(7,734)

Increase in payables


15,763

14,647

46,157

 


9,884

34,839

88,529

Taxation paid


(361)

(736)

(1,470)

Net cash generated from operating activities


9,523

34,103

87,059

Investing activities

 




Asset purchase, net of cash

 

-

-

130

Purchases of exploration and evaluation assets


(2,823)

(1,610)

(4,230)

Purchases of property, plant and equipment


(26,295)

(39,856)

(84,978)

Sale of investment


13

-

-

Interest received


15

-

31

Net cash used in investing activities

 

(29,090)

(41,466)

(89,047)

Financing activities

 



 

Net proceeds from issue of shares


22,757

17,066

22,454

Lease principal payments


(12,554)

(5,739)

(15,082)

Lease interest payments


(4,038)

(1,094)

(9,136)

Lease deposits


-

-

(1,158)

Net proceeds from minority interests


286

-

-

Loan interest paid


(2,695)

(6,279)

(12,918)

Commissions and other fees paid


(388)

(2,188)

(3,962)

Loans repaid


(22,648)

(809)

(37,031)

Loan drawdown


31,345

9,682

64,412

Net cash generated from financing activities

 

12,065

10,639

7,579

 Net (decrease)/increase in cash and cash equivalents

 

(7,502)

3,276

5,591

Effect of foreign exchange rate changes


269

259

(102)

Cash and cash equivalents at beginning of period/year

 

7,640

2,151

2,151

Cash and cash equivalents at end of period/year

 

407

5,686

7,640

 

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2024

 

 

Share

capital

$'000

Share

premium

$'000

Retained

earnings

$'000

Total equity attributable to the parent

$'000

Non-controlling interest

$'000

Total

$'000

As at 1 January          2023

5,828

 

17,425

97,177

120,430

37,464

157,894

(Loss)/profit for the period

-

-

(3,846)

(3,846)

823

(3,023)

Total comprehensive (loss)/profit for the period

-

-

(3,846)

(3,846)

823

(3,023)

Transactions with owners in their capacity as owners:







Shares issued

2,459

16,222

-

18,681

-

18,681

Total transactions with owners in their capacity as owners

2,459

16,222

-

18,681

-

18,681

Share based payments

-

-

1,288

1,288

-

1,288

As at 30 June 2023 (Unaudited)

8,287

 

33,647

94,619

136,553

38,287

174,840

As at 1 January 2023

5,828

17,425

97,177

120,430

37,464

157,894

Loss for the year

-

-

(24,359)

(24,359)

(1,463)

(25,822)

Total comprehensive loss for the year

-

-

(24,359)

(24,359)

(1,463)

(25,822)

Transactions with owners in their capacity as owners:







Issue of shares

3,012

21,940

-

24,952

-

24,952

Issue of shares - fees

-

(225)

-

(225)

-

(225)

Movements in non-controlling interest

-

-

(15,809)

(15,809)

32,262

16,453

Share based payments

-

-

2,390

2,390

-

2,390

As at 31 December 2023

8,840

39,140

59,399

107,379

68,263

175,642

 



 

 

As at 1 January 2024

8,840

39,140

59,399

107,379

68,263

175,642

Comprehensive (loss)/income for the period:

 

 

 

 

 

 

Loss for the period

-

-

(25,670)

(25,670)

(3,011)

(28,681)

Total comprehensive loss for the period

-

-

(25,670)

(25,670)

(3,011)

(28,681)

Transactions with owners in their capacity as owners:

 

 

 

 

 

 

Shares issued

2,021

20,573

-

22,594

-

22,594

Movement in minority interest

-

-

13

13

273

286

Total transactions with owners in their capacity as owners

2,021

20,573

13

22,607

273

22,880

Share based payments

-

-

741

741

-

741

As at 30 June 2024 (Unaudited)

10,861

59,713

34,483

105,057

65,525

170,582

1.   General information

Hummingbird Resources PLC is a public limited company with securities traded on the AIM market of the London Stock Exchange. It is incorporated and domiciled in the United Kingdom and has a registered office at 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.

The nature of the Group's operations and its principal activities are the exploration, evaluation, development, and operating of mineral projects, principally gold, focused currently in West Africa.

2.   Adoption of new and revised standards

The interim financial statements have been drawn up based on accounting policies consistent with those applied in the financial statements for the year ended 31 December 2023. There were several accounting standards updates effective 1 January 2024, which did not have any material impact on the financial statements of the Group. 

 

IFRS 16

effective 1 January 2024

Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 Leases

IAS 1

effective 1 January 2024

Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants - Amendments to IAS 1 Presentation of Financial Statements

IAS 7

effective 1 January 2024

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures - Supplier Finance Arrangements

 

3.   Significant accounting policies

Basis of preparation

The financial statements have been prepared in accordance with UK adopted International Accounting Standards. The principal accounting policies adopted are set out below. The functional currency of all companies in the Group is United States Dollar ("$"). The financial statements are presented in thousands of United States dollars ("$'000").

The consolidated interim financial information for the period 1 January 2024 to 30 June 2024 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2023.  In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the interim period 1 January 2023 to 30 June 2023 and the audited financial year to 31 December 2023.  As permitted, the Group has chosen not to adopt IAS34 'Interim Financial Reporting'.

The annual financial statements of Hummingbird Resources plc are prepared in accordance with UK adopted International Accounting Standards.  The Group's consolidated annual financial statements for the year ended 31 December 2023, have been filed with the Registrar of Companies and are available on the Company's website www.hummingbirdresources.co.uk. The auditor's report on those financial statements though unqualified contained a material uncertainty paragraph in respect of risks surrounding the going concern assumption of the Company at that date.

Going concern

The financial position of the Group, its cash flows, liquidity position and borrowings are set out in the Consolidated Statement of Financial Position and Consolidated Statements of Cash Flows above.  At 30 June 2024, the Group had net cash and cash equivalents of $0.4 million, net debt of $153.5 million, and total borrowings of $153.9 million.

The Group has prepared cash flow forecasts based on estimates of key variables including production, gold price, operating costs, scheduled debt repayments in line with the Group's debt arrangements and capital expenditure through to December 2025. These cash flows showed that due to delays in meeting commercial production at Kouroussa, plus the temporary stoppage by the mining contractor on 17 March 2024, and the impact this had on accessing the high-grade ore, the Group will need to reschedule its debt repayment and/or will require additional funding to meet its financial obligations over that period. 

To mitigate the impact of the stoppage and delays in meeting commercial production, the Group's majority shareholder, Nioko Resources provided the Group with a short-term loan of $10 million. Further, the Group's majority lender, Coris Bank International ("Coris") has provided a $25 million refinancing package, with further discussions ongoing surrounding the mitigation of the financial impacts of the suspension in operation. These discussions include reviews on current debt repayments profile together with options for further funding.

Management have therefore presented cashflows that supports the conclusion of the Directors that, subject to those discussions with Coris concluding positively on the loan repayment profile and the continued support of the majority shareholder, Nioko Resources, there is sufficient funding available to meet the Group's anticipated cash flow requirements to 31 December 2025. These cashflow forecasts are subject to a number of risks and uncertainties, in particular the estimated time it will take the mining contractor to access high grade ore at Kouroussa, the ability of the Group to achieve the planned levels of production and the recent higher gold prices being sustained. The Committee reviewed and challenged the key assumptions used by management in its going concern assessment, as well as the scenarios applied and risks considered, including the risks around production at Kouroussa.

The biggest material uncertainties and risks remains conclusion of the discussions with Coris, the ramp up at Kouroussa, ounces produced and whether the current mine plans can be achieved and mining contractor equipment performances at both Yanfolila and Kouroussa. Where additional funding may be required, the Group believes it has several options available to it, including but not limited to, use of the overdraft facility, cost reduction strategies, selling of non-core assets and raising additional funds.

The Board also considered sensitivities to those cash flow scenarios (including where production is lower than forecast and gold prices lower than current levels) which would require additional funding. Should this situation arise, the Committee believe that they have several options available to them, as referenced above, which would allow the Group to meet its cash flow requirements through this period, however, there remains a risk that the Group may not be able to achieve these in the necessary timeframe.

Based on its review and subject to successful negotiations with Coris, the Board has a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future and hence the Board considers that the application of the going concern basis for the preparation of the Financial Statements is appropriate. However, the risk of unsuccessful discussions with Coris, further delays in ramp up at Kouroussa, lower-than-expected production levels, timing of VAT offsets and receipts, and the ability to secure any potential required funding at date of signing of these financial statements, indicates the existence of a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.

Should the Group be unable to achieve the required levels of production and associated cashflows, defer expenditures, and obtain additional funding and/or renegotiate the current financing arrangements, such that the going concern basis of preparation was no longer appropriate, adjustment would be required including the reduction of balance sheet asset values to their recoverable amounts and to provide for future liabilities should they arise.

4.   EBITDA and adjusted EBITDA

Earnings before interest, taxes, depreciation and amortisation ("EBITDA") is a factor of volumes, prices and cost of production. This is a measure of the underlying profitability of the Group, widely used in the mining sector. Adjusted EBITDA removes the effect of impairment charges, foreign currency translation gains/losses and other non-recurring expense adjustments but including IFRS 16 lease payments.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

 


Unaudited

six months ended 30

June 2024

Unaudited

six months

ended 30

June 2023

Audited year ended 31 December

2023

 


$'000

$'000

$'000

(Loss)/profit before tax

 

(29,563)

4,081

(18,654)

  Less: Finance income

 

(3,779)

(149)

(690)

  Add: Finance costs

 

8,826

11,914

22,417

  Add: Depreciation and amortisation

 

17,623

22,683

41,035

EBITDA

 

(6,893)

38,529

44,108

  IFRS 16 lease interest and principal payments


(9,623)

(6,833)

(13,742)

  Share based payments


610

2,650

2,570

  Share of joint venture gain


-

(2)

29

Profit on sale of joint venture


(112)

-

-

  (Reversal) / impairment of financial assets


(53)

46

223

  Losses / (gains) on financial assets and liabilities measured at fair value


7,137

(1,313)

3,433

Adjusted EBITDA

 

(8,934)

33,077

36,621

5.   Tax

The tax (income)/charge for the period/year is summarised as follows:

 

 

 

 

Unaudited six months ended 30 June 2024

$'000

 

Unaudited six months ended 30 June 2023

$'000

Audited year ended 31 December 2023

$'000

Minimum tax pursuant to Malian law

630

986

1,912

Deferred tax (income)/expense

(1,512)

6,118

5,256

Tax (income)/expense for the period / year

(882)

7,104

7,168

 

The taxation (income)/charge for the period/year can be reconciled to the loss per the statement of comprehensive income as follows:

 

 

 

Unaudited six months ended 30 June 2024

$'000

 

Unaudited six months ended 30 June 2023

$'000

Audited year ended 31 December 2022

$'000

(Loss)/profit before tax for the period / year

(29,563)

4,081

(18,654)

Tax (income)/expense at the rate of tax 30.00%

(8,869)

1,224

(5,596)

Tax effect of non-deductible items

-

-

52

Origination and reversal of temporary differences

3,296

5,058

11,260

Deferred tax asset not recognised/(recognised)

5,573

(6,282)

(5,716)

Recognised net deferred tax assets

(1,512)

6,118

5,256

Minimum tax pursuant to Malian and Guinean law

630

986

1,912

Tax (income)/expense for the period / year

(882)

7,104

7,168

 

The Group's primary tax rate is 30%. The taxation of the Group's operations in Mali are aligned to the Mining Code of Mali 1999 under which tax is charged at an amount not less than 1% of turnover and not more than 30% of taxable profits. For the Guinean operations the taxation is aligned to local statutes under which tax is charged at an amount of the greater 2% of turnover and 30% of taxable profits.

6.   Loss per ordinary share

Basic loss per ordinary share is calculated by dividing the net loss for the period/year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period/year.

 

The calculation of the basic and diluted loss per share is based on the following data:

 

 

 

Unaudited six months ended 30 June 2024

$'000

 

 Unaudited six months ended 30 June 2023

$'000

Audited year ended 31 December 2023

$'000

Loss

Loss for the purposes of basic loss per share being loss attributable to equity holders of the parent

 

 

(25,670)

 

 

(3,846)

 

(24,359)

 

Number of shares

 

 

30 June 2024

Number

 

 

30 June 2023

Number

 

 

31 December 2023

Number

Weighted average number of ordinary shares for the purposes of basic loss per share

783,988,352

529,047,722

566,893,814

Adjustments for share options and warrants

5,710,613

24,444,473

1,967,146

Weighted average number of ordinary shares for the purposes of diluted loss per share

789,698,965

553,492,195

568,860,960

 

Loss per ordinary share

 

 30 June

2024

$ cents

 

30 June

 2023

$ cents

 

31 December 2023

 $ cents

Basic

(3.28)

(0.73)

(4.30)

Diluted

(3.28)

(0.73)

(4.30)

 

For the period ended 30 June 2024, because there is a reduction in diluted loss per share due to the loss-making position, therefore there is no difference between basic and diluted loss per share.

7.   Share capital

Authorised share capital

As permitted by the Companies Act 2006, the Company does not have an authorised share capital.

 

 

 

Unaudited six months ended 30 June 2024

Number

 

Unaudited six months ended 30 June 2023

Number

Audited year ended 31 December 2023

Number

Issued and fully paid

Ordinary shares of £0.01 each

799,374,658

 

601,918,700

 

640,495,505

Total Ordinary shares after issue - shares of £0.01 each

799,374,658

601,918,700

640,495,505

 

Issued and fully paid

 

 

 

30 June 2024

$'000

 

 

30 June 2023

$'000

31 December 2023

$'000

Issued and fully paid

 



Ordinary shares of £0.01 each

10,861

8,287

8,840

Ordinary shares after issue of £0.01 each

10,861

8,287

8,840

 

 

 

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