Magellan Aerospace Corporation Announces Financial Results

TORONTO--(BUSINESS WIRE)--Magellan Aerospace Corporation (“Magellan” or the “Corporation”) released its financial results for the first quarter of 2025. All amounts are expressed in Canadian dollars unless otherwise indicated. The results are summarized as follows:

	Three month period ended
	March 31
Expressed in thousands of Canadian dollars, except per share amounts	2025	2024	Change
Revenues	260,898	235,243	10.9%
Gross Profit	33,732	23,817	41.6%
Net Income	10,827	6,311	71.6%
Net Income per Share	0.19	0.11	72.7%
Adjusted EBITDA	27,283	21,698	25.7%
Adjusted EBITDA per Share	0.48	0.38	26.3%

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Corporation with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. The Corporation assumes no future obligation to update these forward-looking statements except as required by law.   This news release presents certain non-IFRS financial measures to assist readers in understanding the Corporation's performance. Non-IFRS financial measures are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). Throughout this news release, reference is made to EBITDA (defined as net income before interest, income taxes, depreciation and amortization), which the Corporation considers to be an indicative measure of operating performance and a metric to evaluate profitability. EBITDA is not a generally accepted earnings measure and should not be considered as an alternative to net income (loss) or cash flows as determined in accordance with IFRS. As there is no standardized method of calculating this measure, the Corporation’s EBITDA may not be directly comparable with similarly titled measures used by other companies.

1. Overview

A summary of Magellan’s business and significant updates

Magellan is a diversified supplier of components to the aerospace industry. Through its wholly owned subsidiaries, controlled entity and joint venture, Magellan designs, engineers and manufactures aeroengine and aerostructure components for aerospace markets, including advanced products for defence and space markets, and complementary specialty products. The Corporation also supports the aftermarket through supply of spare parts as well as performing repair and overhaul services.

Magellan operates substantially all of its activities in one reportable segment, Aerospace, which is viewed as one segment by the chief operating decision-makers for the purpose of resource allocations, assessing performance and strategic planning. The Aerospace segment includes the design, development, manufacture, repair and overhaul, and sale of systems and components for defence and civil aviation.

In the first three months of 2025, 62.2% of revenues were derived from commercial markets while 37.8% of revenues related to defence markets.

Business Update

On March 6, 2025, Magellan announced the signing of a Memorandum of Understanding with Aequs Private Limited (“Aequs”) to explore the development of a business plan for setting up a 50/50 jointly-owned aerospace sand casting facility situated at the Belagavi Aerospace Cluster (BAC), in Karnataka, India. The proposed facility aims to meet the sand casting demands in the growing aerospace industry and would support both commercial and defence sectors.

On March 6, 2025, Magellan announced it has signed an amendment to a long-term Revenue Sharing Agreement (“RSA”) with GE Aerospace to include the production of major components for the F414-GE-400K aircraft engine for the Korean KF-21 aircraft program.

For additional information, please refer to the “Management’s Discussion and Analysis” section of the Corporation’s 2024 Annual Report available on www.sedarplus.ca.

2. Results of Operations

A discussion of Magellan’s operating results for the first quarter ended March 31, 2025

The Corporation reported revenue in the first quarter of 2025 of $260.9 million, an $25.7 million or 10.9% increase from the first quarter of 2024 revenue of $235.2 million. Gross profit and net income for the first quarter of 2025 were $33.7 million and $10.8 million, respectively, in comparison to gross profit of $23.8 million and net income of $6.3 million for the first quarter of 2024.

Consolidated Revenue

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024	Change
Canada		105,375	91,928	14.6%
United States		75,033	67,999	10.3%
Europe		80,490	75,316	6.9%
Total revenues		260,898	235,243	10.9%

Revenues in Canada increased 14.6% in the first quarter of 2025 compared to the corresponding period in 2024, primarily due to higher casting product revenues and higher propulsion product revenues.

Revenues in the United States increased by 10.3% in the first quarter of 2025 compared to the first quarter of 2024, mainly due to higher engine shaft revenues and favourable foreign exchange impacts due to the strengthening of the United States dollar relative to the Canadian dollar, offset in part by lower revenues on single aisle aircraft programs.

European revenues in the first quarter of 2025 increased 6.9% compared to the corresponding period in 2024 primarily driven by higher revenues for wide body aircraft parts and favourable foreign exchange impacts as the United States dollar strengthened relative to the British pound.

Gross Profit

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024	Change
Gross profit		33,732	23,817	41.6%
Percentage of revenues		12.9%	10.1%

Gross profit of $33.7 million for the first quarter of 2025 was $9.9 million higher than the $23.8 million gross profit for the first quarter of 2024, and gross profit as a percentage of revenues of 12.9% for the first quarter of 2025 increased from the 10.1% recorded in the same period in 2024. The gross profit in the current quarter increased from the same quarter in the prior year as a result of volume increases and contract rehabilitations on certain programs in addition to favourable product mix, offset in part by increased costs on purchased materials and supplies.

Administrative and General Expenses

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024	Change
Administrative and general expenses		15,229	14,237	7.0%
Percentage of revenues		5.8%	6.1%

Administrative and general expenses as a percentage of revenues of 5.8% for the first quarter of 2025 were higher on a nominal basis than the same period of 2024, but lower as a percentage of revenues. Administrative and general expenses increased $1.0 million or 7.0% to $15.2 million in the first quarter of 2025 compared to $14.2 million in the first quarter of 2024 mainly due to increases in employee related costs and the impact of foreign exchange movements of the United States dollar and British pound denominated expenses.

Other

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
Foreign exchange loss (gain)		2,933	(734)
Loss on disposal of property, plant and equipment		─	24
Other		─	(202)
Total other		2,933	(912)

Other for the first quarter of 2025 included a $2.9 million foreign exchange loss compared to a $0.7 million foreign exchange gain in the first quarter of the prior year. The movements in balances denominated in foreign currencies and the fluctuations of the foreign exchange rates impact the net foreign exchange gain or loss recorded in a quarter.

Interest Expense

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
Interest on cash, bank indebtedness and long-term debt		(143)	709
Accretion charge on long-term debt and borrowings		207	175
Accretion charge for lease liabilities		455	369
Discount on sale of accounts receivable		57	57
Total interest expense		576	1,310

Total interest expense of $0.6 million in the first quarter of 2025 decreased by $0.7 million compared to the first quarter of 2024, mainly due to lower interest on bank indebtedness and long-term debt as a result of lower principal amounts borrowed compared to the prior year and higher interest earned on cash due to higher cash balances in the current quarter as compared to the prior year.

Provision for Income Taxes

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
Current income tax expense		5,508	3,494
Deferred income tax recovery		(1,341)	(623)
Total income tax expense		4,167	2,871
Effective tax rate		27.8%	31.3%

Income tax expense for the three months ended March 31, 2025 was $4.2 million, representing an effective income tax rate of 27.8% compared to 31.3% for the same period of 2024. The change in effective tax rate and current and deferred income tax expenses year over year was primarily due to the change in mix of income and loss across the different jurisdictions in which the Corporation operates and the reversal of temporary differences.

3. Selected Quarterly Financial Information

A summary view of Magellan’s quarterly financial performance

	2025				2024			2023
Expressed in millions of dollars, except per share amounts	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30
Revenues	260.9	240.7	223.5	242.9	235.2	223.5	213.0	219.7
Income before taxes	15.0	19.4	9.3	9.9	9.2	4.4	4.7	6.1
Net income (loss)	10.8	15.9	5.8	7.5	6.3	(0.3)	3.7	1.9
Net income (loss) per share
Basic and diluted	0.19	0.28	0.10	0.13	0.11	(0.00)	0.06	0.03
EBITDA^1	27.3	31.6	21.5	21.9	21.7	15.9	17.7	19.3
Adjusted EBITDA^1	27.3	31.6	21.5	21.9	21.7	16.4	18.5	19.5
^1 EBITDA and Adjusted EBITDA are not IFRS financial measures. Please see Section 4 the “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” for more information.

Revenues and net income in the quarter were impacted by the movements of the Canadian dollar relative to the United States dollar and British pound, when the Corporation translates its foreign operations to Canadian dollars. Further, the movements in the United States dollar relative to the British pound impact the Corporation’s United States dollar exposures in its European operations. During the periods reported, the average quarterly exchange rate of the United States dollar relative to the Canadian dollar fluctuated between a high of 1.4350 in the first quarter of 2025 and a low of 1.3412 in the third quarter of 2023. The average quarterly exchange rate of the British pound relative to the Canadian dollar reached a high of 1.8081 in the first quarter of 2025 and hit a low of 1.6814 in the second quarter of 2023. The average quarterly exchange rate of the British pound relative to the United States dollar reached a high of 1.3011 in the third quarter of 2024 and hit a low of 1.2419 in the fourth quarter of 2023.

Revenue for the first quarter of 2025 of $260.9 million was higher than that in the first quarter of 2024. The average quarterly exchange rate of the United States dollar relative to the Canadian dollar in the first quarter of 2025 was 1.4350 versus 1.3488 in the same period of 2024. The average quarterly exchange rate of the British pound relative to the Canadian dollar moved from 1.7103 in the first quarter of 2024 to 1.8081 during the current quarter. The average quarterly exchange rate of the British pound relative to the United States dollar decreased from 1.2680 in the first quarter of 2024 to 1.2600 in the current quarter.

The Corporation’s results in fiscal 2023 were negatively impacted by the continued effects of the COVID-19 pandemic via reduced volumes, supply chain disruptions and the effect of inflation on materials, supplies, utilities and labour. These impacts, which continued into 2024 have stabilized and are having a less disruptive impact. Since the end of 2023, the Company has seen a general, but uneven, growth trend in quarterly revenues and net income.

4. Reconciliation of Net Income to EBITDA

A description and reconciliation of certain non-IFRS measures used by management

In addition to the primary measures of earnings and earnings per share (basic and diluted) in accordance with IFRS, the Corporation includes EBITDA (net income before interest, income taxes and depreciation and amortization) in this news release. The Corporation has provided this measure because it believes this information is used by certain investors to assess financial performance and that EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Corporation’s principal business activities prior to consideration of how these activities are financed and how the results are taxed in the various jurisdictions. Each component of this measure is calculated in accordance with IFRS, but EBITDA is not a recognized measure under IFRS, and the Corporation’s method of calculation may not be comparable with that of other companies. Accordingly, EBITDA should not be used as an alternative to net income as determined in accordance with IFRS or as an alternative to cash provided by or used in operations.

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
Income before interest and income taxes		15,570	10,492
Depreciation and amortization		11,713	11,206
EBITDA		27,283	21,698

EBITDA in the first quarter of 2025 increased $5.6 million or 25.7% to $27.3 million in comparison to $21.7 million in the same quarter of 2024 mainly as a result of higher income before interest and income taxes mainly as a result of the gross margin improvements partly offset by higher administrative and general expenses and higher other expenses.

5. Liquidity and Capital Resources

A discussion of Magellan’s cash flow, liquidity, credit facilities and other disclosures

The Corporation’s liquidity needs can be met through a variety of sources including cash on hand, cash provided by operations, short-term borrowings from its credit facility and accounts receivable securitization program, and long-term debt and equity capacity. Principal uses of cash are for operational requirements, capital expenditures, common share repurchases and dividend payments. Based on current funds available and expected cash flow from operating activities, management believes that the Corporation has sufficient funds available to meet its liquidity requirements at any point in time. However, if cash from operating activities is lower than expected or capital projects exceed current estimates, or if the Corporation incurs major unanticipated expenses, it may be required to seek additional capital in the form of debt or equity or a combination of both.

Cash Flow from Operations

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
(Increase) decrease in trade and other receivables		(25,104)	2,382
Decrease (increase) in contract assets		8,461	(5,250)
Increase in inventories		(6,367)	(7,513)
Increase in prepaid expenses and other		(361)	(934)
Increase (decrease) in accounts payable, accrued liabilities and provisions		19,098	(1,567)
Increase (decrease) in contract liabilities		3,579	15,148
Changes to non-cash working capital balances		(694)	2,266
Cash provided by operating activities		21,508	19,827

For the three months ended March 31, 2025, operating activities provided $21.5 million of cash compared to $19.8 million provided in the first quarter of 2024. Changes in non-cash working capital items used cash of $0.7 million, $3.0 million lower when compared to the cash provided from working capital of $2.3 million in the prior year. This working capital decrease is largely attributable to increases in accounts receivables from timing of customer payments, decreases in contract liabilities due to timing of customer deposits offset in part by decreases in contract assets, and increases in accounts payable, accrued liabilities and provisions primarily driven by timing of material purchases and supplier payments.

Investing Activities

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
Purchase of property, plant and equipment		(12,498)	(6,295)
Proceeds of disposal of property plant and equipment		─	7
Increase in intangible and other assets		(666)	(1,240)
Cash used in investing activities		(13,164)	(7,528)

Investing activities used $13.2 million of cash for the first quarter of 2025 compared to $7.5 million of cash used in the same quarter of the prior year, an increase of $5.6 million. The increase in cash usage was primarily due to higher levels of investment in property, plant and equipment.

Financing Activities

	Three month period
	ended March 31
Expressed in thousands of dollars		2025	2024
(Decrease) increase in bank indebtedness		(4,533)	116
Decrease in long-term debt		─	(540)
Lease liability payments		(1,664)	(1,371)
Decrease in borrowings subject to specific conditions, net		(1,391)	(1,276)
Decrease in long-term liabilities and provisions		(277)	(67)
Common share repurchases		(4)	(384)
Common share dividends		(1,428)	(1,429)
Cash used in financing activities		(9,297)	(4,951)

Financing activities used $9.3 million of cash in the first quarter of 2025 compared to $5.0 million of cash used in the same quarter of the prior year. The increase in cash usage was primarily driven by the decreases in bank indebtedness and long-term debt.

The Corporation’s Bank Credit Facility Agreement (“2023 Credit Facility”) with a syndicate of lenders expires on June 30, 2025. The 2023 Credit Facility provides for a multi-currency global operating credit facility to be available to Magellan in a maximum aggregate amount of $75 million. The 2023 Credit Facility also includes a $75 million uncommitted accordion provision, which provides Magellan with the option to increase the size of the operating credit facility to $150 million. Extensions of the 2023 Credit Facility are subject to mutual consent of the syndicate of lenders and the Corporation. At March 31, 2025, drawings under the 2023 Credit Facility were $19.6 million, including letters of credit totaling $3.8 million.

As at March 31, 2025, the Corporation had contractual commitments to purchase $22.5 million of capital assets.

Dividends

During the first quarter of 2025, the Corporation declared and paid a quarterly cash dividend of $0.025 per common share amounting to a dividend payment of $1.4 million in the aggregate.

Subsequent to March 31, 2025, the Corporation announced that its Board of Directors had declared a quarterly cash dividend on its common shares of $0.05 per common share. The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 16, 2025. The Board of Directors of the Corporation continues to review its dividends on a quarterly basis to ensure that the dividend declared balances the return of capital to shareholders while maintaining adequate financial flexibility and funds available for growth initiatives.

Normal Course Issuer Bid

On May 24, 2024, the Corporation’s application to extend its normal course issuer bid (“2024 NCIB”) was approved, which allows the Corporation to purchase up to 2,857,469 common shares between May 28, 2024 and May 27, 2025. During the first quarter of 2025, the Corporation purchased 400 common shares for cancellation at a volume weighted average price of $10.00 per common share at a cost of $4 thousand.

Outstanding Share Information

The authorized capital of the Corporation consists of an unlimited number of preference shares, issuable in series, and an unlimited number of common shares. As at May 6, 2025, 57,138,580 common shares were outstanding and no preference shares were outstanding.

6. Risk Factors

A summary of risks and uncertainties facing Magellan

The Corporation manages a number of risks in each of its businesses in order to achieve an acceptable level of risk without hindering the ability to maximize returns. Management has procedures to help identify and manage significant operational and financial risks.

For more information in relation to the risks inherent in Magellan’s business, reference is made to the information under “Risk Factors” in the Corporation’s Management’s Discussion and Analysis for the year ended December 31, 2024 and to the information under “Risks Inherent in Magellan’s Business” in the Corporation’s Annual Information Form for the year ended December 31, 2024, which have been filed with SEDAR at www.sedarplus.ca.

7. Outlook

The outlook for Magellan’s business in 2025

While turbulence in the commercial aircraft manufacturing market began to improve somewhat in the fourth quarter of 2024, the tariffs being imposed by the US administration have the potential of creating a new form of turbulence for the sector.

The strike at Boeing in the later part of 2024 halted all production and delivery activities on 737, 767 and 777 aircraft programs, as well as 777-9 certification flight tests. This disruption compounded what was already a challenging environment with supply chain delays, labor shortages, and other market turmoil, that is carrying into 2025. While engine deliveries continue to impact the desired aircraft delivery rates, the tariff situation has the potential of further impacting deliveries.

In the first quarter of 2025, Airbus secured gross orders for 280 aircraft and delivered 136 aircraft. Airbus ended the first quarter of 2025 with a total order backlog of 8,720 aircraft. Airbus’ single aisle production rate during 2024 did not reach the planned delivery rate, and headwinds in the supply chain are likely going to prevail in 2025. Forecasts suggest Airbus will work towards a A320 production rate of 75 aircraft per month by 2027.

Boeing secured orders for 241 aircraft and delivered 130 aircraft in the first quarter of 2025, and ended the quarter with an order backlog of 6,319 aircraft. A revised production schedule was issued by Boeing indicating that the 737-production rate would reach 38 aircraft per month by May 2025, followed by an increase to 57 aircraft per month by 2027. Increases beyond 38 aircraft per month remain subject to FAA directives. Boeing delivered 33 737 MAX aircraft in March 2025. Flight-testing and certification of the 777-9 resumed in January 2025.

In the defence market, the outlook remains unchanged with the demand expected to continue to provide manufacturers with secure order books for the foreseeable future. Against the backdrop of global conflicts and the U.S. trade tensions with China, the modernization of armed forces globally was in the forefront in 2024 and this continues to be the case in the first quarter of 2025. There has been a number of announcements made by the U.S. administration that has caused the European defence community to assess a migration away from U.S. based defence products. Growth in demand is expected as countries prioritize defence readiness and fleet modernization in their annual budgets. NATO’s 2% of GDP defence investment guideline is not expected to be an adequate spending target to fund the level of preparedness required in today’s environment.

The global fleet of F-35 Lightning II fighters now exceeds 1,100, as order bookings continue for the industry’s largest defence program. Deliveries by Lockheed Martin are expected to be 156 aircraft in 2025.

Additional Information

Additional information relating to Magellan Aerospace Corporation, including the Corporation’s annual information form, can be found on the SEDAR web site at www.sedarplus.ca.

Forward Looking Statements

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the Corporation with respect to its performance, business and future events. Such statements are subject to a number of uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. These forward looking statements can be identified by the words such as "anticipate", "continue", "estimate", "forecast", “expect”, "may", "project", "could", "plan", "intend", "should", "believe" and similar words suggesting future events or future performance. In particular there are forward looking statements contained under the heading "Overview" which outlines certain expectations for future operations. These statements assume the continuation of the current regulatory and legal environment; the continuation of trends for passenger airliner and defence production and are subject to the risks contained herein and outlined in our annual information form. The Corporation assumes no future obligation to update these forward-looking statements except as required by law.

MAGELLAN AEROSPACE CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Three month period
(unaudited)	ended March 31
(expressed in thousands of Canadian dollars, except per share amounts)	2025	2024
Revenues	260,898	235,243
Cost of revenues	227,166	211,426
Gross profit	33,732	23,817
Administrative and general expenses	15,229	14,237
Other	2,933	(912)
Income before interest and income taxes	15,570	10,492
Interest	576	1,310
Income before income taxes	14,994	9,182
Income tax expense (recovery):
Current	5,508	3,494
Deferred	(1,341)	(623)
	4,167	2,871
Net income	10,827	6,311
Other comprehensive income (loss):
Items that may be reclassified to profit and loss in subsequent periods:
Foreign currency translation	6,310	8,984
Unrealized gain (loss) on foreign currency contract hedges	490	(269)
Items not to be reclassified to profit and loss in subsequent periods:
Actuarial income on defined benefit pension plans, net of taxes	182	─
Comprehensive income	17,809	15,026
Net income per share
Basic and diluted	0.19	0.11

MAGELLAN AEROSPACE CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)	March 31	December 31
(expressed in thousands of Canadian dollars)	2025	2024
Current assets
Cash	55,545	56,437
Trade and other receivables	234,320	208,430
Contract assets	74,068	82,416
Inventories	293,085	284,082
Prepaid expenses and other	12,226	11,733
	669,244	643,098
Non-current assets
Property, plant and equipment	384,156	377,563
Right-of-use assets	34,861	35,817
Investment properties	6,962	6,839
Intangible assets	35,954	36,248
Goodwill	24,236	23,948
Other assets	13,935	14,102
Deferred tax assets	9,246	8,639
	509,350	503,156
Total assets	1,178,594	1,146,254
Current liabilities
Bank indebtedness	15,798	19,857
Accounts payable, accrued liabilities and provisions	159,290	139,921
Contract liabilities	70,927	67,220
Debt due within one year	10,867	10,742
	256,882	237,740
Non-current liabilities
Lease liabilities	30,505	31,613
Borrowings subject to specific conditions	22,952	24,213
Other long-term liabilities and provisions	13,766	13,840
Deferred tax liabilities	35,295	36,031
	102,518	105,697
Equity
Share capital	249,760	249,762
Contributed surplus	2,044	2,044
Other paid in capital	13,565	13,565
Retained earnings	490,217	480,638
Accumulated other comprehensive income	60,231	53,431
Equity attributable to equity holders of the Corporation	815,817	799,440
Non-controlling interest	3,377	3,377
	819,194	802,817
Total liabilities and equity	1,178,594	1,146,254

MAGELLAN AEROSPACE CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)	Three month period ended March 31
(expressed in thousands of Canadian dollars)	2025	2024
Cash flow from operating activities
Net income	10,827	6,311
Amortization/depreciation of intangible assets, right-of-use assets and property, plant and equipment	11,713	11,206
Loss on disposal of property, plant and equipment	─	24
Decrease in defined benefit plans	624	255
Accretion of financial liabilities	662	544
Deferred taxes	(1,342)	(624)
Income on investments in joint ventures	(282)	(155)
Changes to non-cash working capital	(694)	2,266
Net cash provided by operating activities	21,508	19,827
Cash flow from investing activities
Purchase of property, plant and equipment	(12,498)	(6,295)
Proceeds from disposal of property, plant and equipment	─	7
Increase in intangible and other assets	(666)	(1,240)
Net cash used in investing activities	(13,164)	(7,528)
Cash flow from financing activities
(Decrease) increase in bank indebtedness	(4,533)	116
Decrease in debt	─	(540)
Lease liability payments	(1,664)	(1,371)
Decrease in borrowings subject to specific conditions, net	(1,391)	(1,276)
Decrease in long-term liabilities and provisions	(277)	(67)
Common share repurchases	(4)	(384)
Common share dividends	(1,428)	(1,429)
Net cash used in financing activities	(9,297)	(4,951)
(Decrease) increase in cash during the period	(953)	7,348
Cash at beginning of the period	56,437	8,709
Effect of exchange rate differences	61	319
Cash at end of the period	55,545	16,376