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VANCOUVER, British Columbia, Feb. 22, 2018 /PRNewswire/ -- Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX: THO, NYSE: TAHO) today announced solid financial and operating results for the fourth quarter and twelve months ended December 31, 2017. The Company's balance sheet remains strong, with cash and cash equivalents of $125.7 million at December 31, 2017 and very little debt.
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Fourth Quarter Net Income of $5.2 Million and Cash Flow from Operations of $11.7 Million
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FREMONT, Calif., Feb. 22, 2018 /PRNewswire/ -- NEXTracker, Inc., a Flex company, the global leader in solar tracker technology, today announced that it achieved the number one global market share for the third consecutive year among photovoltaic ("PV") solar tracker manufacturers in 2017. According to GTM Research's upcoming Global PV Tracker Landscape Report 2018, NEXTracker captured 33 percent of the global PV tracker market by megawatts (MWdc) shipped in 2017, growing steadily from 24 percent in 2015 and 31 percent in 2016.
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Tahoe Reports Strong 2017 Financial Results And Updates 2018 And Multi-Year Gold Guidance
VANCOUVER, British Columbia, Feb. 22, 2018 /CNW/ -- Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX: THO, NYSE: TAHO) today announced solid financial and operating results for the fourth quarter and twelve months ended December 31, 2017. The Company's balance sheet remains strong, with cash and cash equivalents of $125.7 million at December 31, 2017 and very little debt. Ron Clayton, President and CEO of Tahoe, commented: "Tahoe achieved record gold production of 445,900 ounces in 2017, realizing the high end of its annual gold production guidance range of 400,000 to 450,000 ounces. The strong gold production for the year was driven primarily by La Arena. The outstanding performance from the gold business in 2017 underscores the increasingly meaningful contribution of the gold segment to the overall financial performance of the Company. Despite the challenges in Guatemala during the second half of 2017, I am very pleased to report earnings of $81.8 million for the year, or $0.26 per share. Looking forward, I expect 2018 will be a pivotal year for the Company. We remain optimistic that based on legal precedent, the Guatemalan Constitutional Court will issue a favorable ruling reinstating the Escobal mining license. We are focused on a positive resolution at the Casillas roadblock, located 16 kilometers from the mine, which, in conjunction with a favorable court ruling, will put us in position to resume operations at Escobal. In the meantime, we are executing on our strategy to complete our two near-term development projects in Canada and Peru by late summer, which will position us to achieve our target of 500,000 ounces of gold production in 2019." Key Financial and Operating Results $ millions unless otherwise indicated Q4 2017 Q4 2016 2017 2016 Revenue $ 117.7 $ 189.4 $ 733.6 $ 784.5 Earnings (loss) and total comprehensive income (loss)(4) $ (18.0) $ 0.3 $ 81.8 $ 117.9 Earnings (loss) per share $ (0.06) $ — $ 0.26 $ 0.41 Adjusted earnings (loss)(1)(4) $ (17.7) $ 18.4 $ 84.0 $ 180.4 Cash provided by operating activities $ 18.1 $ 107.8 $ 234.3 $ 249.5 Cash provided by operating activities before changes in working capital $ 24.0 $ 74.7 $ 287.0 $ 385.9 Silver production (moz) — 4.8 9.9 21.3 Gold production (koz) 105.8 119.9 445.9 385.2 Total cash cost per silver oz produced ($/oz)(1)(2) $ — $ 6.48 $ 6.15 $ 5.84 AISC per silver oz produced ($/oz)(1)(2) $ — $ 9.76 $ 8.91 $ 8.06 Total cash cost per gold oz produced ($/oz)(1)(2) $ 648 $ 594 $ 641 $ 620 AISC per gold oz produced ($/oz)(1)(2) $ 1,033 $ 945 $ 973 $ 943 Sustaining capital (incl. capitalized drilling) $ 32.1 $ 41.9 $ 124.0 $ 118.4 Project capital $ 29.9 $ 19.2 $ 99.1 $ 93.0 Exploration expense $ 3.9 $ 6.9 $ 18.5 $ 14.4 Corporate G&A(3) $ 11.0 $ 9.5 $ 45.8 $ 47.5 Weighted average shares outstanding (basic, in millions) 313.19 311.65 312.80 289.73 (1) See "Cautionary Note on Non-GAAP Financial Measures" at the end of this press release. (2)  Total cash costs and AISC are presented net of by-product credits; costs per ounce silver are through June 30, 2017 as cessation of mining activities occurred in June at the Escobal mine. (3)  Corporate G&A includes non-cash, stock-based compensation. (4)  Includes adjusted depreciation for Peru mines. See segmented operational results in MD&A. Q4 2017 Summary & Highlights: Strong operating and financial results from gold segments – Q4 2017 gold production totaled 105.8 thousand ounces. Production and costs in Q4 2017 reflected strong results at all of the Company's gold mines, with total cash costs and AISC of $648 and $1,033 per ounce, respectively. Q4 2017 earnings were impacted by Escobal and a one-time non-cash depreciation charge – Q4 2017 earnings were negatively impacted by the cessation of mining activities at the Escobal mine which resulted in no material revenue for the quarter from the mine and care and maintenance costs of $11.1 million ($0.04 per share) and a one-time pre-tax $11 million cumulative adjustment ($0.04 per share) during the quarter to true-up the depletion related to the purchase price on the acquisition of the Peruvian mines in 2015. Except for these items, reported earnings for the quarter would have been positive on the strength of the gold segment alone. Near-term expansion projects remain on time and in-line with guidance – Both major expansion projects - the Shahuindo crushing and agglomeration expansion and the Bell Creek shaft project - remained on track during the quarter and within their respective estimated total project spend of $80 million each. 2017 Summary & Highlights: Record gold production of 445.9 thousand ounces – The Company achieved record gold production of 445.9 thousand ounces in 2017, achieving the high end of the annual gold production guidance range of 400,000 to 450,000 ounces, which was revised upward in September 2017. The strong gold production for the year was driven primarily by La Arena in Peru, which exceeded its guidance due to on-going positive mine plan reconciliation with both higher grade and additional ore tonnes mined. The outstanding performance from the gold business in 2017 underscores the increasingly meaningful contribution of the gold segment to the overall financial performance of the Company. Gold operations met or exceeded 2017 revised guidance including lower costs $ millions unless otherwise indicated Initial 2017Guidance Revised 2017Guidance 2017 Year-end Actual Gold Production (koz) 375 - 425 400 - 450 445.9 Total cash cost per gold oz produced ($/oz)(1)(2)   $ 700 - 750 $ 650 - 700 $ 641 AISC per gold oz produced ($/oz)(1)(2)   $ 1,150 - 1,250 $ 1,050 - 1,150 $ 973 Sustaining Capital (incl. capitalized drilling) $ 125 - 137 $ 100 - 135 $ 124 Project Capital $ 150 -175 $ 100 - 115 $ 99 Exploration Expense $ 35 - 43 $ 14 - 20 $ 19 Corporate G&A(3) $ 45 - 55 $ 45 - 55 $ 46 (1)  See "Cautionary Note on Non-GAAP Financial Measures" at the end of this press release. (2)  Total cash costs and AISC are presented net of by-product credits. (3)  Corporate G&A includes non-cash, stock-based compensation. Silver production reflects suspension at Escobal – The Company produced 9.9 million ounces of silver during 2017 at total cash costs of $6.15 per silver ounce and all-in sustaining costs of $8.91 per silver ounce. Silver production reflects the impact of the Escobal suspension, where no production has been recorded since July 2017. Positive cash flow and earnings – Cash flow provided by operating activities before changes in working capital totaled $287.0 million for 2017, despite the ongoing suspension at Escobal in Guatemala. The Company generated positive earnings of $81.8 million, or $0.26 per share, for 2017. Earnings reflected the impact of the suspension at the Escobal mine, where no material revenues have been recorded since July 2017, and $24.9 million ($0.08 per share) in care and maintenance costs have been incurred during the second half of the year. Shahuindo expansion remains on track – Construction of leach Pad 2B continued in Q4 2017 as planned and is scheduled to be placed into production in Q3 2018. Commissioning of the 12,000 tpd crushing and agglomeration circuit was substantially completed in early February 2018 and the production ramp-up was initiated. Construction of the 24,000 tpd circuit has begun with commissioning of the full 36,000 tpd plant scheduled for mid-year 2018. Of the $80 million guidance for the crushing and agglomeration circuit, approximately $48.8 million has been spent through December 31, 2017. The project remains on schedule and within guidance. Bell Creek shaft expansion in-line with guidance – The Bell Creek shaft project remains on track for commissioning in mid-year and on track with its $80 million budget. Excavation of the third and final pilot raise from the shaft bottom is complete and slashing of this raise to the final dimensions has begun. Pilot raises for the underground ore and waste bins are complete and slashing of the raises is underway. Surface construction is focused primarily on the hoist room and headframe. Mechanical installation of the hoists started in early February and the headframe civil work is progressing with a projected start of steel installation by the end of Q1 2018. Of the $80 million guidance for the Bell Creek shaft project, approximately $51.6 million has been spent to December 31, 2017. The project remains on schedule and within guidance. Strong cash position with $125.7 million at year-end – Despite the on-going interruption of mining operations at Escobal, Tahoe ended the year with cash and cash equivalents of $125.7 million. Strengthened Financial Position with Amended $175 Million Revolving Credit Facility On February 16th 2018, the Company closed its revised revolving credit facility with its bank syndicate. The Company now has access to a $175 million revolving credit facility plus a $25 million accordion feature, for total access of $200 million in capital. The revised facility matures on July 19, 2021. This facility is structured on the strength of Tahoe's gold business alone, and access to the facility does not rely on, nor have covenants related to, the operation of Escobal. The Bank of Nova Scotia and HSBC Securities (USA) Inc. are the co-leads for the facility. In addition, on February 20, 2018, the Company repaid the $35 million in debt in Peru that was due on April 9, 2018 from existing cash balances. Subsequent to this repayment, the company has no debt outstanding and approximately $8 million in capital leases. 2018 Gold Guidance and Long-term Outlook Tahoe Resources' gold guidance for 2018 and multi-year gold outlook is provided below. While Tahoe expects the Guatemalan Constitutional Court to rule in favor of reinstating the Escobal mining license based on existing legal precedent, the Company will not be providing guidance or long-term outlook for silver production or costs until steady operations at Escobal resume and the export credential is issued. 2018 Gold Guidance by Mine Production (gold - koz) Cash Costs ($/oz) All-inSustainingCosts  ($/oz) Project Capital($ millions) SustainingCapital  ($ millions) Exploration ($ millions) Low High Low High Low High Low High Low High Low High La Arena 160 185 650 700 950 1,050 — — 35 40 1 2 Shahuindo 80 110 750 800 1,050 1,100 80 100 15 20 8 10 Timmins Mines 160 175 800 850 1,050 1,150 45 50 40 55 6 12 Gold total 400 475 725 775 1,000 1,100 125 150 90 115 15 25 (1)  See "Cautionary Statement on Forward-Looking Information" and "Cautionary Note on Non-GAAP Financial Measures" in this press release. (2)  All per ounce costs are based on gold ounces recovered. (3)  The top end of the gold production range includes approximatively 5 thousand ounces from Escobal. (4)  Numbers may not calculate due to rounding. Key Highlights for 2018 Guidance: 2018 gold production guidance has shifted downward by 25,000 ounces at either end of the range compared to the initial 2018 guidance provided in January 2017. This change reflects the higher risk of the growth profile related to the timing of the commissioning of the Bell Creek shaft project mid-year and the ramp up of the Shahuindo expansion to 36,000 tonnes per day by the end of 2018. 2018 guidance is also impacted by the initial 144 Gap Mineral Reserve estimate issued on September 21, 2017 which, although increasing the Proven and Probable Mineral Reserves at the Timmins West Mine from 233,000 to 738,000 ounces of gold, was at a lower grade than expected. The production forecasts at Shahuindo and Timmins are weighted to the second half of 2018, with the commissioning of the complete crushing and agglomeration circuit at Shahuindo and the Bell Creek shaft expected to begin in the third quarter. The operational ramp up to 36,000 tpd and the completion of the Shahuindo expansion is expected by the end of 2018. Production at La Arena is also weighted in the second half of the year. 2018 will be a transition year and the Company anticipates seeing higher total cash costs in 2018 than we saw in 2017 at a range of $725 to $775 per ounce. This increase is being driven by the lower grade in the 144 Gap deposit, along with more ounces coming from Shahuindo, both of which have higher cost profiles than La Arena. As expected, the lower cost La Arena will make up a smaller proportion of total production in 2018 than in previous years which will also impact costs. Tahoe is continuously focused on finding ways to increase the profitability of all its mines and lower costs, however this focus is a priority in 2018 at the Timmins operations given the lower grade profile. Higher unit costs per ounce of gold produced in 2018 are expected as a result of lower anticipated production levels at La Arena, the increased proportion of production from Shahuindo, as well as a stronger forecasted Canadian dollar impacting the Timmins operations. 2018 reflects peak project capital expenditure levels to complete the two near-term expansion projects - with the Shahuindo expansion (including the 36,000 tpd crushing and agglomeration plant) accounting for approximately 65% of the total and the remainder the Bell Creek shaft project. Project capital at the Shahuindo expansion is associated with the completion of the crushing and agglomeration plant, process plant expansion, leach Pad 2B (stated as sustaining capital in previously issued guidance), waste dumps and the power substation. Project capital in Canada relates primarily to the Bell Creek shaft and tailings pond expansion. Approximately $60 million in project capital was deferred from 2017 and is now expected to be spent in 2018. Despite this shift in timing of spending, both projects remain within their original guidance. Sustaining capital expenditures in 2018 are targeted at $90 to $115 million for the gold operations. Canada will account for approximately 45% of total gold sustaining capital expenditures in 2018, while La Arena is approximately 30%. A significant proportion of these expenditures relate to the underground drilling and development in Canada, as well as leach pad and waste dump construction at La Arena. Exploration expenses (excluding capitalized drilling in the mines) are anticipated to be between $15 and $25 million in 2018, including drilling programs designed to expand Mineral Resources at existing operations and to advance longer-term projects in Canada and Peru. 2018 gold cost guidance was calculated based on certain commodity and currency assumptions. The table below includes a sensitivity of the impact of a change in these assumptions on total cash costs and all-in sustaining costs: 2018 Guidance Change (+/-) Impact (+/-) Commodity assumptions Silver ($/oz) $17.50 $1.00/oz nil Diesel (US$/gal) $2.40 10% $6/oz gold Currency assumptions CAD/USD $1.20 1% $9/oz gold Peruvian sol/USD 3.3 1% $2/oz gold Long-term outlook As outlined below, the Company is on track to achieve annual gold production of over a half million ounces in 2019. At that time, total cash costs net of by-product credits and all-in sustaining costs per ounce of gold produced are also projected to improve. Multi-Year Gold Guidance 2018 2019 2020 Gold ounces produced (000's) 400-475 500-550 500-550 Total cash costs per ounce gold produced net of by-product credits $ 725-775 $ 650-700 $ 650-750 All-in sustaining costs per ounce gold produced net of by-product credits $ 1,000-1,100 $ 950-1,050 $ 900-1,000 Total corporate G&A ($millions) $ 45-55 $ 45-55 $ 45-55 Exploration ($millions) $ 15-25 $ 15-25 $ 15-25 Sustaining capital - gold ($millions) $ 90-115 $ 100-125 $ 80-100 Project capital ($millions) $ 125-150 $ 50-70 $ 0-10 (1)  See "Cautionary Statement on Forward-Looking Information" and "Cautionary Note on Non-GAAP Financial Measures" in this press release. (2)  Commodity and currency price assumptions used in the calculation of 2019 and 2020 guidance are the same as those used in the calculation of 2018 guidance. Refer to the "2018 Guidance by mine" section of this press release. (3)  The top end of the gold production range includes approximately 5,000 ounces from Escobal in 2018. (4)  All per ounce costs are based on gold ounces recovered. (5)  Guidance does not include inflation adjustments. Key Highlights for Long-term Outlook: The Company anticipates that a favorable Constitutional Court ruling would enable it to resume operations at the Escobal mine and that, over a period of 3 to 6 months, it will be able to ramp up its annual silver production to 2014-2016 levels. The Company's goal is to reach and sustain 18-21 million ounces of silver production and 500-550 thousand ounces of gold production annually. Meeting this goal for gold production depends on exploration success in delivering additional resources and reserves to replace those mined annually. Sustaining capital expenditures for the gold segment are targeted at $90 to $115 million for 2018, $100 - $125 million in 2019 and $80 to $100 million in 2020. Once production is restored to normal levels at the Escobal mine, the Company anticipates annual sustaining capital expenditures for the silver segment targeted at $30 to $40 million. Although Tahoe expects to continue its evaluation of the La Arena II project with the intent of advancing the project to the prefeasibility or feasibility stage at the appropriate time, the timeline and estimated capital required to progress the project to the next stage are under review. As such, no additional spending has been considered in the multi-year guidance. Until the Company decides to commence the development of any significant new projects, growth capital expenditures will be substantially complete in 2019. Exploration expenditures are likely to remain between $15 and $25 million annually over the next two years as the Company works to advance its exploration targets to increase gold Mineral Resources and to convert existing gold Mineral Resources into Mineral Reserves. With exploration programs being largely success driven, future expenditure targets will be developed following completion of 2018 drilling programs. Mineral Resources and Mineral Reserves Update On February 15, the Company released updated Mineral Resources and Mineral Reserves effective January 1, 2018, including updated resources for the La Arena II project and increased resources and reserves at Shahuindo that resulted from exploration successes at the La Chilca, San Jose, San Lorenzo and El Sauce areas proximal to the current Shahuindo pit. The Company's updated Mineral Reserves and Mineral Resources are summarized by the following tables: TOTAL MINERAL RESERVES AS OF JANUARY 1, 2018 Reserve Classification Gold (koz) Silver (koz) Copper (mlbs) Lead (ktonnes) Zinc (ktonnes) Proven 1,356 54,288 0 26 44 Probable 2,366 233,345 0 170 276 Proven + Probable 3,721 287,633 0 196 320   TOTAL MINERAL RESOURCES AS OF JANUARY 1, 2018 Resource Classification Gold (koz) Silver (koz) Copper (mlbs) Lead (ktonnes) Zinc (ktonnes) Measured 3,101 74,911 1,279 33 58 Indicated 10,904 327,642 4,511 224 369 Measured + Indicated 14,005 402,552 5,790 256 427 Inferred 8,816 57,726 349 4 8 (1)  Totals may not sum due to rounding. (2)  Please refer to the Technical Disclosure of this press release for inputs and assumptions used for the Mineral Resource and Mineral Reserve estimates for each deposit. For full details, please refer to the February 15, 2018 press release and available on the Company's website at www.tahoeresources.com. Details of Mineral Resource and Mineral Reserve estimates for each operating mine and for each exploration/development project are included in the Technical Information section of this press release and in the MD&A. La Arena II Preliminary Economic Assessment On February 20th, the Company released a new NI 43-101 technical report for the La Arena property which includes an update of the existing La Arena Mine oxide gold heap leach operation and a Preliminary Economic Assessment ("PEA") of the La Arena II copper-gold porphyry project. Tahoe expects to continue its evaluation of the La Arena II project with the intent of advancing the project to the prefeasibility or feasibility stage at the appropriate time. The timeline and estimated capital required to progress the project to the next stage are under review by management. The project will be evaluated in the context of existing operations and pipeline opportunities. Tahoe intends to progress the project responsibly and to maximize value for its shareholders. For full details, please refer to the February 20, 2018 press release and the NI 43-101 technical report which is available on the Company's website at http://www.tahoeresources.com/operations/la-arena-mine/ and on SEDAR at www.sedar.com and EDGAR (www.sec.gov). UN Global Compact and 2018 CSR Initiatives On February 5, 2018, Tahoe announced that it has joined the United Nations Global Compact (UNGC), the world's largest corporate sustainability initiative. As an official participant of the UNGC, Tahoe joins other international businesses, including a number of industry-leading mining companies, in committing to align its strategies and operations with the ten principles of the UNGC on human rights, labor, environment and anti-corruption, and take actions that advance these societal goals. As part of its commitment, Tahoe will make the UN Global Compact and its principles part of the strategy, policy, culture and day-to-day operations of the company, and continue to engage collaboratively on programming that advances the UN Sustainable Development Goals.  Tahoe will also participate in the Global Compact's Canada Local Network to work with other companies, with the aim to scale the impact of sustainability efforts on a global level. Guatemala Update Update on Escobal mining license and export credential - On July 5, 2017, the Company was notified that the Supreme Court of Guatemala issued a temporary decision to provisionally suspend the Escobal mining license of Minera San Rafael ("MSR") in response to an action brought by CALAS, an anti-mining NGO, against the Ministry of Energy and Mines ("MEM"). On September 10, 2017, the Guatemalan Supreme Court issued a definitive decision that reinstated the Escobal mining license. The ruling also ordered MEM to consult with the Xinka indigenous communities within certain geographic areas within 12 months. The ruling allows Escobal to restart operations immediately and to continue to operate during the consultation process. Although Tahoe believes that MEM complied with ILO Convention 169 before it issued the Escobal license, it will fully support MEM in any of its future indigenous engagement to the extent permitted. CALAS and other interested parties appealed the Supreme Court's decision reinstating the Escobal mining license to the Constitutional Court, the highest court in Guatemala, which heard the matter on October 25, 2017. According to Guatemalan law, the Constitutional Court was required to have issued its ruling within 5 calendar days of the public hearing, however, the Constitutional Court has yet to rule. In June 2017, the Company filed its annual request to renew the export credential with MEM. However, MEM did not renew the credential because its renewal had become contingent on the Supreme Court's reinstatement of the Escobal mining license. The credential therefore expired in August 2017. After the Supreme Court reinstated the mining license in September 2017, MEM publicly stated to local press that the export credential could be legally renewed. However, contrary to such public declaration, in December MEM indicated in a written communication to MSR that it will not renew the credential given the pending ruling from the Constitutional Court. The Company expects that MEM will renew the export credential upon a favorable ruling of the Constitutional Court on the appeal reinstating the license. Update on Guatemala Road Block - Since June 7, 2017, a group of protesters near the town of Casillas has blocked the municipal road that connects Guatemala City to San Rafael Las Flores and the Escobal mine. Operations were reduced between June 8 and June 19 to conserve fuel and were further curtailed on June 19. While some of the protestors come from Casillas, which is 16 kilometers from the mine, many more are from outside the municipality. The Company has reason to believe that the blockade is politically motivated and is being substantially funded by anti-mining groups. MSR representatives have been pursuing engagement with community leaders, indigenous groups, government agencies, and international mediation experts to positive effect. The Company's dialogue process is making headway in bringing communities together with an aim to peaceably resolve the roadblock. Escobal Workforce Reduction - Tahoe has been committed to maintaining Escobal's full workforce since the July 5, 2017 mining license suspension. Given the delay and the inability of the Company to resume mining operations, the Company terminated 250 Minera San Rafael employees on January 15, 2018. Prior to the license suspension, Minera San Rafael employed 1,030 people, 97% of whom are Guatemalan and 50% of whom are from the Santa Rosa region. Despite this difficult decision, Tahoe remains optimistic that based on legal precedent, the Constitutional Court will issue a favorable ruling reinstating the mining license and that Escobal will resume operations.  At such time, Tahoe will seek to restore its workforce. Assuming that the Supreme Court ruling is confirmed by the Constitutional Court and the export credential is renewed, the Company anticipates it will take approximately one month to resume production at Escobal. Once the mine resumes steady operations for a period of time, the Company will seek to establish guidance outlook for Escobal. Conference Call Tahoe's senior management will host a conference call and webcast to discuss the Q4 2017 and year-end 2017 results on Friday, February 23, 2018 at 10:00 a.m. ET (7:00 a.m. PT). Dial-in:1-800-319-4610 (toll free from Canada and the U.S.)+1-604-638-5340 (from outside Canada and the U.S.) The webcast will be available on the Company's website at http://www.tahoeresources.com/investor-relations/ as will a recording of the call later in the day. Complete financial results for Q4 2017 and year-end 2017 including the Company's management discussion and analysis and other filings will be posted on SEDAR (www.sedar.com) and EDGAR (www.sec.gov) and on the Company's website. The Company has filed its 2017 Annual Report on Form 40-F with the United States Securities Exchange Commission on EDGAR at www.sec.gov/edgar on February 22, 2018. Copies of the Company's financial statements are available through the Company's website at www.tahoeresources.com. Hard copies may be requested, free of charge, by emailing investors@tahoeresources.com. About Tahoe Resources Inc. Tahoe's strategy is to responsibly operate mines to world standards and to develop high quality precious metals assets in the Americas. Tahoe is a member of the S&P/TSX Composite and TSX Global Mining indices and the Russell 3000 on the NYSE. The Company is listed on the TSX as THO and on the NYSE as TAHO. Qualified Person Statement Technical information in this press release has been approved by Charlie Muerhoff, Vice President Technical Services, Tahoe Resources Inc., a Qualified Person as defined by NI 43-101. For further information, please contact: Tahoe Resources Inc.Alexandra Barrows, Vice President Investor Relationsinvestors@tahoeresources.comTel: 775-448-5812 TECHNICAL DISCLOSURE Technical information in this press release has been approved by Charlie Muerhoff, Vice President Technical Services, Tahoe Resources Inc., a Qualified Person as defined by NI 43-101. Mineral Resource estimates reported herein have been classified as Measured, Indicated or Inferred based on the confidence of the input data, geological interpretation and grade estimation parameters. Mineral Reserve estimates reported herein are based on known inputs that include metallurgical performance, taxation/royalty obligations, geologic and geotechnical characterization, operational costs, and other economic parameters. The company is not currently aware of any known factors that are reasonably likely to have a negative material impact on the Company's Mineral Resources or Mineral Reserves. The Mineral Resource and Mineral Reserve estimates were prepared in accordance with NI 43-101 and classifications adopted by the CIM Council. Mineral Resources are inclusive of Mineral Reserves. The basis of the Mineral Resource and Mineral Reserve estimates for the Escobal mine is from Escobal Mine Guatemala NI 43-101 Feasibility Study, dated November 5, 2014 with effective dates of January 23, 2014 for the Mineral Resource estimate and July 1, 2014 for the Mineral Reserve estimate. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mine depletion volumes from the Mineral Resource and Mineral Reserve estimates stated in the aforementioned technical report. The basis of the Mineral Resource and Mineral Reserve estimates for the La Arena mine and the Mineral Resource estimate for the La Arena II project is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018. The basis of the Mineral Resource and Mineral Reserve estimate for the Shahuindo mine is from the NI 43-101 Technical Report on the Shahuindo Mine, Cajabamba, Peru, dated January 25, 2016, with effective dates of April 15, 2015 for the Mineral Resource estimate and November 1, 2015 for the Mineral Reserve estimate. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed July 1, 2017. The basis of the Timmins West Mine Mineral Resources and Mineral Reserves is from NI 43-101 Technical Report, Timmins West Mine, Timmins, Ontario, Canada, dated September 20, 2017 with an effective date of May 15, 2017. Mineral Resources and Mineral Reserves for the Timmins West Mine reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The basis of the Mineral Resource and Mineral Reserve estimates for the Bell Creek mine is from NI 43-101 Technical Report, Updated Mineral Reserve Estimate for Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, dated March 27, 2015 with an effective date of December 31, 2014. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Mineral Resource estimate for the Whitney project is from Technical Report and Resource Estimate on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney Gold Property, Timmins Area, Ontario, Canada, dated February 26, 2014 with an effective date of January 14, 2014. The Mineral Resource estimate for the Gold River project is from Technical Report on the Update of Mineral Resource Estimate for the Gold River Property, Thorneloe Township, Timmins, Ontario, Canada, dated April 5, 2012 with an effective date of January 17, 2012. The Mineral Resource estimate for the Juby project is from Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario, dated February 24, 2014 with an effective date of February 24, 2014. The Mineral Resource estimate for the Fenn-Gib project is from Fenn-Gib Resource Estimate Technical Report, Timmins Canada, dated December 23, 2011 with an effective date of November 17, 2011. The Marlhill Mineral Resource estimate is from Technical Report on the Marhill Project, Hoyle Township, Timmins, Ontario, Canada, dated March 1, 2011 with an effective date of March 1, 2011. The Vogel/Schumacher Mineral Resource estimate is from Technical Report on the Initial Mineral Resource Estimate for the Vogel/Schumacher Deposit, Bell Creek Complex, Hoyle Township, Timmins, Ontario, Canada, dated June 14, 2011. The effective date of the Mineral Resource estimate is May 2, 2011. Escobal Mine The Escobal Mine is an underground silver-gold-lead-zinc mine with mineral recovery by differential flotation producing precious metal-rich lead concentrates and zinc concentrates. The mine is located in southeast Guatemala, approximately 40 kilometres east-southeast of Guatemala City and 2 kilometres east of the town of San Rafael las Flores in the Department of Santa Rosa. Mining at Escobal is done by transverse longhole stoping methods with lesser longitudinal longhole stoping. The nominal production rate at the Escobal Mine is 4,500 tonnes/day. The Mineral Resource estimate for the Escobal Mine, as of January 1, 2018, is summarized below: ESCOBAL MINERAL RESOURCES Classification Tonnes (M) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (Moz) Gold (koz) Lead (kt) Zinc (kt) Measured 4.8 374 0.33 0.68 1.20 58 51 33 58 Indicated 36.3 271 0.29 0.62 1.02 317 337 224 369 Measured + Indicated 41.1 283 0.29 0.62 1.04 375 388 256 427 Inferred 1.9 180 0.90 0.22 0.42 11 54 4 8 (1)  Totals may not sum due to rounding. Mineral Resources are reported using a 100 g/t silver-equivalent cut-off grade. Silver-equivalent calculated using metal prices of $20.00/oz silver, $1,300/oz gold, $1.00/lb lead and $1.10/lb zinc. The Escobal Mineral Resource estimate at January 1, 2018 was calculated by subtracting mine depletion volumes (tonnes and contained metal) from the Mineral Resource estimate stated in the Escobal Feasibility Study. The Mineral Reserve estimate for the Escobal Mine, as of January 1, 2018, is summarized below: ESCOBAL MINERAL RESERVES Classification Tonnes (M) Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Silver (Moz) Gold (koz) Lead (kt) Zinc (kt) Proven 2.5 486 0.42 1.02 1.75 40 34 26 44 Probable 22.1 316 0.34 0.77 1.25 225 244 170 276 Proven + Probable 24.7 334 0.35 0.79 1.30 264 278 196 320 (1)  Totals may not sum due to rounding. Mineral Reserves as of January 1, 2018 were calculated by applying an updated mine plan to the Mineral Resource estimate stated in the Escobal Feasibility Study taking into account mining depletion through the end of 2017. Cut-off grades to define the January 1, 2018 Mineral Reserves were calculated from the NSR value of the resource model blocks contained within the life-of-mine plan minus the production cost to account for variability in mining method and metallurgical response. Metal prices used to determine the NSR value are $20.00/oz silver, $1,300/oz gold, $1.00/lb lead and $1.10/lb zinc. Actual mining, processing and general and administrative (G&A) costs, metallurgical performance and smelter contract rates from the Escobal Mine were used to derive operating costs used in the reserve calculation. Proven and Probable Mineral Reserves include approximately 33% dilution that takes into account internal and external mining dilution and dilution from paste backfill where applicable. Subeconomic material internal to the stope designs and external mining dilution account for approximately 30% of the dilution total and paste backfill dilution accounts for about 3% of the dilution total. Mineral Resources within the mine plan classified as Inferred have been given metal grades of zero for the calculation of Mineral Reserves. La Arena Mine The La Arena Mine is an open pit, run-of-mine heap leach oxide gold mine located in northern Peru, 480 kilometres north-northwest of Lima, Peru, in the Huamachuco District, Department of La Libertad. The current mining rate is approximately 45,000 tonnes of ore per day. The Mineral Resource estimate for the La Arena Mine, as of January 1, 2018, is summarized below: LA ARENA MINE MINERAL RESOURCES Material Type Classification Tonnes (M) Gold (g/t) Gold (koz) Oxide Measured 0.3 0.38 3.3 Indicated 49.6 0.40 640.2 Measured + Indicated 49.9 0.40 643.5 Inferred 0.4 0.32 4.3 (1)  Totals may not sum due to rounding. The oxide resource is reported at a cut-off grade of 0.10 g/t Au within an optimized undiscounted cash flow pit shell using a metal price of $1,400/oz Au and actual costs experienced at the La Arena Mine. The La Arena Mine Mineral Resource estimate at January 1, 2018 was calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed in mid-year 2017. The Mineral Reserve estimate for the La Arena Mine, as of January 1, 2018, is summarized below: LA ARENA MINE MINERAL RESERVES Material Type Classification Tonnes (M) Gold (g/t) Gold (koz) Oxide Proven 0.3 0.38 3 Probable 43.7 0.40 565 Proven + Probable 44.0 0.40 568 (1)  Totals may not sum due to rounding. Oxide Mineral Reserves for the La Arena Mine are reported at a 0.10 g/t gold cut-off grade and have been constrained to the final pit design based on an optimized pit shell using $1,200/oz gold and actual operating costs incurred. The Mineral Reserves were calculated from Measured and Indicated oxide Mineral Resources. As the resource block model is a diluted block model, no additional dilution or mining losses were applied. The life-of-mine strip ratio is 1.9 (waste:ore). Shahuindo Mine The Shahuindo Mine is an open pit heap leach oxide gold operation which is currently in production. The mine is located in northern Peru, approximately 970 kilometers by road north-northwest of Lima. The life-of-mine mining schedule at the Shahuindo Mine consists of mining higher grade starter pits providing run-of mine material to the leach pads through mid-2018; after which, the mine plan is designed to deliver ore to a crushing and agglomeration circuit with lesser amounts of run-of-mine material delivered directly to the leach pads. The average mining rate in 2017 was approximately 17,800 tonnes of ore per day, with an average of 14,900 tonnes of ore per day placed on the leach pads. Over the course of the next two years, mining is projected to ramp up to a nominal 36,000 tonnes of ore per day. The Mineral Resource estimate for Shahuindo, as of January 1, 2018, is summarized below: SHAHUINDO MINERAL RESOURCES Material Type Classification Tonnes (M) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Oxide Measured 89.1 0.47 5.9 1,358 16,807 Indicated 67.6 0.42 5.1 921 11,122 Measured + Indicated 156.7 0.45 5.5 2,278 27,929 Inferred 13.4 0.41 4.5 177 1,925 Sulfide Inferred 97.4 0.74 14.4 2,323 45,055 All Material Measured 89.1 0.47 5.9 1,358 16,807 Indicated 67.6 0.42 5.1 921 11,122 Measured + Indicated 156.7 0.45 5.5 2,278 27,929 Inferred 110.8 0.70 13.2 2,500 46,980 (1)  Totals may not sum due to rounding. The Shahuindo Mineral Resources are reported using a gold cut-off grade for oxide material of 0.15 g/t. Oxide resources are reported within a $1,400/oz gold optimized pit shell. The sulfide Mineral Resources at Shahuindo are classified entirely as Inferred due to limited metallurgical characterization and wider drill spacing than in the oxide portion of the deposit. There have been no economic or mining studies of the sulfide portion of the Shahuindo deposit completed to date; the Inferred sulfide Mineral Resource is reported at a 0.5 g/t gold-equivalent cut-off grade using a silver-to-gold ratio of 80. The Mineral Reserve estimate for Shahuindo, as of January 1, 2018, is summarized below: SHAHUINDO MINERAL RESERVES Material Type Classification Tonnes (M) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Oxide Proven 77.9 0.48 5.9 1,203 14,756 Probable 49.9 0.44 5.2 704 8,384 Proven + Probable 127.8 0.46 5.6 1,907 23,140 (1)  Totals may not sum due to rounding. Oxide Mineral Reserves were reported at a 0.18 g/t gold cut-off grade and have been constrained to the final pit design based on an optimized pit shell using $1,200/oz gold and actual operating costs incurred. The Mineral Reserves were calculated from Measured and Indicated oxide Mineral Resources only and include 5% dilution and mining losses of 2%. The life-of-mine strip ratio is 1.1 (waste:ore). There are no sulfide Mineral Reserves reported for Shahuindo. In 2017, exploration drilling focused on identification of mineralized zones peripheral to the current Shahuindo pit with the potential to contribute to an expansion of the Mineral Resources and Mineral Reserves. A total of 17,500 metres were drilled during the year testing the San José, San Lorenzo, San Jose and La Chilca near-pit targets exploration success at these proximal targets replaced gold ounces produced in 2017 and added approximately 50 thousand additional gold ounces to the 2018 Mineral Reserve. Timmins West Mine The Timmins West Mine is an underground gold mine located approximately 19 kilometres west of the city of Timmins, Ontario and is comprised of the Timmins, Thunder Creek and 144 Gap deposits. Production comes from a combination of ore development and transverse and longitudinal longhole stoping. In 2017, the average mining rate at the Timmins West Mine was approximately 2,800 tonnes of ore per day. Ore from the Timmins West Mine is trucked to the Company's Bell Creek Mill for processing. The Mineral Resource estimate for the Timmins West Mine, as of January 1, 2018, is summarized below: TIMMINS WEST MINE MINERAL RESOURCES Deposit Classification Tonnes (k) Gold (g/t) Gold (koz) Timmins Measured 0 0 0 Indicated 1,256 4.46 180 Measured & Indicated 1,256 4.46 180 Inferred 357 4.32 50 Thunder Creek Measured 0 0 0 Indicated 1,107 3.39 121 Measured & Indicated 1,107 3.39 121 Inferred 39 2.61 3 144 Gap Measured 247 4.86 39 Indicated 4,751 3.82 584 Measured & Indicated 4,998 3.88 623 Inferred 695 3.60 81 Total Timmins West Mine Measured 247 4.86 39 Indicated 7,114 3.87 885 Measured & Indicated 7,361 3.90 923 Inferred 1,091 3.80 133 (1)  Totals may not sum due to rounding. Mineral Resources for the Timmins West Mine as of January 1, 2018 were reported by subtracting mining depletion through the end of 2017 from an updated resource model completed on May 15, 2017. The Timmins West Mine Mineral Resources are reported as in situ resources using a gold cut-off grade of 1.5 g/t. The Mineral Reserve estimate for the Timmins West Mine, as of January 1, 2018, is summarized below: TIMMINS WEST MINE MINERAL RESERVES Deposit Classification Tonnes (k) Gold (g/t) Gold (koz) Timmins Proven 0 0 0 Probable 984 3.59 114 Proven + Probable 984 3.59 114 Thunder Creek Proven 0 0 0 Probable 466 2.89 43 Proven + Probable 466 2.89 43 144 Gap Proven 407 3.61 47 Probable 4,605 3.03 449 Proven + Probable 5,012 3.08 496 Total Timmins West Mine Proven 407 3.61 47 Probable 6,055 3.11 606 Proven + Probable 6,462 3.15 654 (1)  Totals may not sum due to rounding. Mineral Reserves were calculated by applying the life-of-mine plan at January 1, 2018 to the Measured and Indicated Mineral Resources using a gold price of $1,275/oz and a gold cut-off grade of 2.0 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the updated Mineral Resource model using operating costs of $78.64/tonne ore with 95% mining recovery, external dilution of 15% and metallurgical recovery of 97%. Mineral Resources are inclusive of Mineral Reserves. Bell Creek Mine The Bell Creek Mine is an underground gold mine and processing facility located in Hoyle Township, Porcupine Mining Division, approximately 20 kilometres by road northeast of Timmins, Ontario. Narrow vein longitudinal longhole stoping with unconsolidated rock fill is the primary mining method used at the Bell Creek Mine. The processing plant consists of a one-stage crushing circuit, ore storage dome, one-stage grinding circuit with gravity recovery, followed by pre-oxidation and cyanidation of the slurry with carbon-in-leach (CIL) and carbon-in-pulp (CIP) recovery. The Mineral Resource estimate for the Bell Creek deposit, as of January 1, 2018, is summarized below: BELL CREEK MINERAL RESOURCES Classification Tonnes (M) Gold (g/t) Gold (koz) Measured 1.2 4.43 167 Indicated 4.1 4.27 569 Measured & Indicated 5.3 4.31 736 Inferred 3.0 4.36 415 (1)  Totals may not sum due to rounding. Mineral Resources for the Bell Creek deposit as of January 1, 2018 were reported by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Bell Creek Mineral Resources are reported as in situ resources using a gold cut-off grade of 2.2 g/t. The Mineral Reserve estimate for the Bell Creek deposit, as of January 1, 2018, is summarized below: BELL CREEK MINERAL RESERVES Classification Tonnes (M) Gold (g/t) Gold (koz) Proven 0.5 3.90 68 Probable 1.9 4.12 246 Proven & Probable 2.4 4.07 315 (1)  Totals may not sum due to rounding. Mineral Reserves were calculated by applying the life-of-mine plan as of January 1, 2018 to the Measured and Indicated Mineral Resources using a long-term gold price of $1,275/oz and reported at a gold cut-off grade of 2.3 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the Mineral Resource model using operating costs of $87.42/tonne ore with 95% mining recovery, external dilution of 16% and metallurgical recovery of 94.5%. Mineral Resources are inclusive of Mineral Reserves. EXPLORATION AND DEVELOPMENT PROPERTIES La Arena II The La Arena II project is a porphyry-hosted copper and gold deposit located adjacent to, and east of, the La Arena oxide gold mine currently in production. The Mineral Resource estimate for the La Arena II project, effective January 1, 2018, is summarized below: LA ARENA II MINERAL RESOURCES Material Type Classification Tonnes (M) Gold (g/t) Copper (%) Gold (koz) Copper (Mlbs) Oxide Measured 5.9 0.27 0 51 0 Indicated 43.2 0.28 0 388 0 Meas + Ind 49.1 0.28 0 440 0 Inferred 41.3 0.26 0 349 0 Sulfide Measured 149.7 0.25 0.39 1,214 1,279 Indicated 543.5 0.23 0.38 3,984 4,511 Meas + Ind 693.2 0.23 0.38 5,197 5,790 Inferred 50.4 0.21 0.31 344 349 (1)  Totals may not sum due to rounding. The La Arena II Mineral Resources are reported within an optimized undiscounted cash flow pit shell using metal prices of $4.00/lb copper and $1,500/oz gold and operating cost parameters developed for the La Arena II PEA. Oxide Mineral Resources are reported using a 0.10 g/t gold cut-off grade; sulfide Mineral Resources are reported using a 0.18% copper-equivalent cut-off grade. There are no Mineral Reserves reported for La Arena II. The 2018 La Arena II PEA supersedes the 2015 feasibility study completed by Rio Alto. The prior study included Probable Mineral Reserves of 63.1 million tonnes at average grades of 0.43% copper and 0.31 g/t gold containing 579 million pounds of copper and 633 thousand ounces of gold. There are no Mineral Reserves reported in the 2018 PEA as the scope of the project has changed significantly with a refined geologic model, an updated Mineral Resource estimate, increased mining and processing rates, modified processing scheme, and the use of alternative tailings disposal facilities. While a portion of the data generated for the 2015 feasibility study provides support for some of the assumptions incorporated into the 2018 PEA, much of the mining, processing, geotechnical, hydrological, social, and capital and operating cost parameters used in the 2015 study are no longer applicable to the project as envisioned in the 2018 PEA. WHITNEY The Whitney gold property is located in the township of Whitney, within the city limits of Timmins, Ontario. The property is held in joint venture by Tahoe (79%) and Goldcorp (21%), with Tahoe as operator. Gold mineralization at Whitney is broadly classified as mesothermal quartz-carbonate vein deposits within the Archean-age Abitibi Greenstone Belt. The Mineral Resource estimate for Whitney, with an effective date of January 24, 2014, is summarized below: WHITNEY MINERAL RESOURCES Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Measured 1.0 7.02 218 Indicated 2.3 6.77 491 Measured + Indicated 3.2 6.85 709 Inferred 1.0 5.34 171 (1)  Totals may not sum due to rounding. The Whitney Mineral Resource estimate is reported using a gold cut-off grade of 3.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $96.75/tonne milled, mining dilution of 20% and process recovery of 95%. There are no Mineral Reserves reported for the Whitney property. GOLD RIVER The Gold River gold property is located approximately 20 kilometres southwest of the city of Timmins, Ontario. The Gold River deposit is situated in the western portion of the Archean-age Abitibi Greenstone Belt, hosted in metasedimentary rocks of the Porcupine assemblage. Mineralization generally occurs as steeply-dipping irregular lenses which vary from less than one metre to locally five metres in width. The Mineral Resource estimate for the Gold River deposit, with an effective date of January 17, 2012, is summarized below: GOLD RIVER MINERAL RESOURCES Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Indicated 0.7 5.29 117 Inferred 5.3 6.06 1,028 The Gold River Mineral Resource estimate is reported using a gold cut-off grade of 2.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $82.00/tonne milled and process recovery of 85%. A minimum thickness of two metres was used to constrain the reported Mineral Resources There are no Measured Mineral Resources or Mineral Reserves reported for the Gold River property. JUBY The Juby gold property is located approximately 15 kilometres southwest of the town of Gowganda, Ontario and about 100 kilometres southwest of the city of Timmins, Ontario in the Shining Tree area of northern Ontario. Gold mineralization is associated with discreet narrow quartz veins, quartz-carbonate-pyrite veins within broad zones of ankerite-albite-silica-sericite alteration, and feldspar (± quartz) porphyry dikes. Structural and stratigraphic contacts and rheological contrasts appear to be the primary controls of mineral emplacement. The Mineral Resource estimate for the Juby deposit, with an effective date of February 24, 2014, is summarized below: JUBY MINERAL RESOURCES Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Indicated 26.6 1.28 1,090 Inferred 96.2 0.94 2,909 Mineral Resources are reported as in situ resources using a gold cut-off grade of 0.40 g/t. There are no Measured Mineral Resources or Mineral Reserves reported for the Juby property. FENN-GIB The Fenn-Gib gold property is located approximately 80 kilometres east of the city of Timmins, Ontario and 21 kilometres east of Matheson, Ontario. The property is situated in the southern portion of the Abitibi Subprovince and is underlain by metavolcanics and metasediments of the Hoyle Sedimentary Assemblage and Kidd-Munro Volcanic Assemblage. Gold mineralization is primarily associated with disseminated pyrite in syenites and basalts in proximity to the fault contact between the two assemblages. The Mineral Resource estimate for the Fenn-Gib deposit, with an effective date of November 17, 2011, is summarized below: FENN-GIB MINERAL RESOURCES Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Inside Pit Shell Indicated 40.8 0.99 1,300 Inferred 23.3 0.90 670 Below Pit Indicated 0.04 1.89 2 Inferred 1.2 1.90 80 All Material Indicated 40.8 0.99 1,300 Inferred 24.5 0.95 750 (1)  Totals may not sum due to rounding. Nearly all of the Indicated Mineral Resources and approximately 90% of Inferred Mineral Resources are reported within a $1,190/oz gold pit shell using a gold cut-off grade of 0.50 g/t, operating costs of $13.00/tonne ore and process recovery of 85%. The remaining Indicated and Inferred Mineral Resources which occur below the pit limits are reported using a gold cut-off grade of 1.5 g/t. There are no Measured Mineral Resources or Mineral Reserves reported for the Fenn-Gib property. MARLHILL The Marlhill gold deposit is located within the Company's Bell Creek Mine property in Hoyle Township, approximately 20 kilometres northeast of the city of Timmins, Ontario. The deposit is situated in the western part of the Archean-age Southern Abitibi Greenstone Belt and is hosted in metavolcanic and clastic metasedimentary rocks. Gold is hosted in quartz veins generally within magnesium-rich tholeiitic mafic metavolcanics. The Mineral Resource estimate for the Marlhill deposit, with an effective date of March 1, 2011, is summarized below: MARLHILL MINERAL RESOURCES (M1 VEIN) Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Indicated 0.4 4.52 57 Mineral Resources are reported as in situ resources using a gold cut-off grade of 0.2.9 g/t and a minimum width of two metres. The cut-off grade was determined using a gold price of $1,125/oz, operating costs of C$100/tonne and metallurgical recovery of 90%. There are no Measured or Inferred Mineral Resources or Mineral Reserves reported for the Marlhill property. VOGEL/SCHUMACHER The Vogel/Schumacher gold property is located Hoyle Township, approximately 20 kilometres east of the city of Timmins, Ontario. The deposit is situated within the Western Abitibi Subprovince, hosted in Archean-age carbonate-altered greenschist facies metavolcanic and metasedimentary rocks. Gold mineralization occurs within zones of quartz veining associated with pyrite and ankerite-albite-sericite alteration. Mineralized zones vary from less than one metre to in excess of 20 metres. The Mineral Resource estimate for the Vogel/Schumacher deposit, with an effective date of May 2, 2011, is summarized below: VOGEL/SCHUMACHER MINERAL RESOURCES Resource Classification Tonnes (M) Gold (g/t) Gold (koz) Inside Pit Shell Indicated 2.2 1.75 125 Inferred 0.7 1.43 32 Below Pit Inferred 0.8 5.56 137 All Material Indicated 2.2 1.75 125 Inferred 1.5 3.60 169 (1)  Totals may not sum due to rounding. Mineral Resources labeled as 'Inside Pit Shell' are those resources which occur inside an optimized pit shell developed using a gold price of $1,150/oz, operating costs of $24.75/tonne and process recovery of 95%. 'Inside Pit Shell' Mineral Resources are reported at a gold cut-off grade of 0.63 g/t. Mineral Resources which occur below the pit shell are reported using a gold cut-off grade of 2.9 g/t. There are no Measured Mineral Resources or Mineral Reserves reported for the Vogel/Schumacher property. Technical terms used in this press release but not otherwise defined herein are as described in the Company's AIF available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov or on the Company's website at www.tahoeresources.com. SELECT SEGMENTED OPERATIONAL RESULTS Selected segmented operational information from continuing operations for 2017 and 2016 is as follows: 2017/ 2016 Escobal La Arena Shahuindo(4) Timminsmines Total Revenues $ 192,510 $ 233,782 $ 95,425 $ 211,840 $ 733,557 $ 355,812 $ 244,397 $ 47,174 $ 137,120 $ 784,503 Silver produced (000's ozs) 9,692 34 116 21 9,863 21,189 24 54 — 21,267 Gold produced (000's ozs) 4.3 195.6 79.0 167.0 445.9 10.7 204.4 49 122 385.2 Silver sold (000's ozs) 9,951 29 112 21 10,113 18,996 22 47 — 19,065 Gold sold (000's ozs) 3.3 187.8 74.6 169.5 435.2 7.7 198.6 44 108 358.2 Average realized price(1) (per oz) Silver $ 17.71 $ — $ — $ — $ 17.71 $ 17.57 $ — $ — $ — $ 17.57 Gold $ 1,294 $ 1,233 $ 1,246 $ 1,243 $ 1,239 $ 1,291 $ 1,227 $ 1,258 $ 1,272 $ 1,245 Costs per ounce produced(2)(3) Total cash costs net of by-product credits silver $ 6.15 $ — $ — $ — 6.15 $ 5.84 $ — $ — $ — $ 5.84 Total cash costs net of by-product credits gold $ — $ 599 $ 668 $ 678 $ 641 $ — $ 596 $ 775 $ 615 $ 620 All-in sustaining costs net of by-product credits silver $ 8.91 $ — $ — $ — $ 8.91 $ 8.06 $ — $ — $ — $ 8.06 All-in sustaining costs net of by-product credits gold $ — $ 837 $ 1,124 $ 1,062 $ 973 $ — $ 837 $ 1,162 $ 1,057 $ 943 Capital Expenditures Sustaining Capital $ 22.9 $ 32.0 $ 22.2 $ 46.8 $ 124.0 $ 27.0 $ 35.3 $ 11.0 $ 45.1 $ 118.4 Non-Sustaining Capital $ — $ — $ 47.1 $ 51.9 $ 99.1 $ 3.0 $ 0.4 $ 52.9 $ 36.6 $ 93.0 (1)  The realized price is for silver sold in concentrate and the realized price is for gold sold in doré. (2)  Non-GAAP financial measures are described in the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (3)  Total cash cost per silver ounce produced at the Escobal mine and total cash cost per gold ounce produced at the La Arena, Shahuindo and Timmins mines, are net of by-product credits. For a reconciliation to cash costs before by-product credits, refer to the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (4)  Commercial production at Shahuindo was declared on May 1, 2016. Revenues presented are generated from the sale of gold ounces in doré beginning May 1, 2016. Pre-commercial production revenues at Shahuindo were considered pre- operating revenues and 44.3 thousand gold ounces sold at Shahuindo for 2016 as presented include four months of pre-commercial production ounces produced and sold (13.4 thousand gold ounces in doré produced and 7.6 thousand ounces of gold in doré sold for the period of January through April 2016). (5)  Numbers may not calculate due to rounding. Selected quarterly segmented operational information from continuing operations for Q4 2017 and Q4 2016 is as follows: Q4 2017 / Q4 2016 Escobal La Arena Shahuindo Timminsmines Total Revenues (844) 49,873 24,415 44,290 117,734 70,527 62,555 16,084 40,232 189,398 Silver produced (000's ozs) — 9.1 24.1 5.0 38.2 4,802 5.0 20.0 4.8 4,831.8 Gold produced (000's ozs) — 47.2 18.6 40.0 105.8 2.4 58.4 13.8 45.3 119.9 Silver sold (000's ozs) — 7.1 34.1 5.0 46.2 4,468 7 21 4.8 4,500.8 Gold sold (000's ozs) — 39.5 18.7 34.7 92.9 1.8 53 12.9 33 100.7 Average realized price(1) (per oz) Silver $ — $ — $ — $ — $ — $ 14.45 $ — $ — $ — $ 14.45 Gold $ — $ 1,257 $ 1,271 $ 1,275 $ 1,266 $ — $ 1,180 $ 1,224 $ 1,216 $ 1,197 Costs per ounce produced(2)(3) Total cash costs net of by-product credits silver $ — $ — $ — $ — $ — $ 6.48 $ — $ — $ — $ 6.48 Total cash costs net of by-product credits gold $ — $ 520 $ 737 $ 756 $ 648 $ — $ 516 $ 989 $ 575 $ 594 All-in sustaining costs net of by-product credits silver $ — $ — $ — $ — $ — $ 9.76 $ — $ — $ — $ 9.76 All-in sustaining costs net of by-product credits gold $ — $ 855 $ 1,313 $ 1,112 $ 1,033 $ — $ 787 $ 1,508 $ 976 $ 945 Capital Expenditures Sustaining Capital $ 2.2 $ 12.0 $ 7.4 $ 10.6 $ 32.1 $ 10.3 $ 13.6 $ 2.3 $ 15.7 $ 41.9 Non-Sustaining Capital $ — $ — $ 17.6 $ 12.2 $ 29.9 $ 0.6 $ 0.1 $ 9.2 $ 9.3 $ 19.2 (1)  The realized price is for silver sold in concentrate and the realized price is for gold sold in doré. (2)  Non-GAAP financial measures are described in the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (3)  Total cash cost per silver ounce produced at the Escobal mine and total cash cost per gold ounce produced at the La Arena, Shahuindo and Timmins mines, are net of by-product credits. For a reconciliation to cash costs before by-product credits, refer to the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (4)  Numbers may not calculate due to rounding. CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURES The Company has included certain non-GAAP financial measures throughout this document which include total cash costs, all-in sustaining costs per silver and per gold ounce ("all-in sustaining costs"), adjusted earnings, adjusted earnings per share, and cash provided by operating activities before changes in working capital. These measures are not defined under IFRS and should not be considered in isolation. The Company's Escobal mine primarily produces silver in concentrates with other metals (gold, lead and zinc), produced simultaneously in the mining process, the value of which represents a small percentage of the Company's revenue from Escobal and is therefore considered "by-product". The Company's La Arena, Shahuindo and Timmins mines primarily produce gold with other metals (primarily silver), produced simultaneously in the mining process, the value of which represents a small percentage of the Company's revenue from these mines and is therefore considered "by-product". The Company believes these measures may provide investors and analysts with useful information about the Company's underlying earnings, cash costs of operations, the impact of by-product credits on the Company's cost structure and its ability to generate cash flow, as well as providing a meaningful comparison to other mining companies. Accordingly, these measures are intended to provide additional information and should not be substituted for GAAP measures. These non-GAAP financial measures may be calculated differently by other companies depending on the underlying accounting principles and policies applied. The Company also reports total operating costs (cost of sales) per ounce. The Company believes that this metric is important in assessing the performance of each of the Company's sold metals and as a meaningful GAAP-based comparison to other mining companies. Total operating costs (cost of sales) per ounce sold is calculated by dividing total the operating costs by gold ounces sold. Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties. The reconciliation of total operating costs (cost of sales) to total cash costs is included in the total cash cost and total production cost tables below. Comparative periods have been updated to reflect current period presentation. There is no impact to current or prior period disclosed numbers due to the inclusion of this metric. Consolidated adjusted earnings and consolidated adjusted earnings per share The Company has adopted the reporting of consolidated adjusted earnings ("adjusted earnings)" and consolidated adjusted earnings per share ("adjusted earnings per share") as a non-GAAP measure of a precious metals mining company's operating performance. This measure has no standardized meaning and the Company's presentation of adjusted measures are not meant to be substituted for GAAP measures of consolidated earnings or consolidated earnings per share and should be read in conjunction with such GAAP measures. Adjusted earnings and adjusted earnings per share are calculated as earnings excluding i) non-cash impairment losses and reversals on mineral interests and other assets, ii) unrealized foreign exchange gains or losses related to the revaluation of deferred income tax assets and liabilities on non-monetary items, iii) unrealized foreign exchange gains or losses related to other items, iv) unrealized gains or losses on derivatives other than provisionally priced trade receivables, v) loss on extinguishment of the Lake Shore Debentures, vi) gains or losses on sale of assets and vii) costs related to the acquisition of Lake Shore Gold and the related tax impact of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment. Non-recurring adjustments from unusual events or circumstances are reviewed periodically based on materiality and the nature of the event or circumstance. The Company calculates adjusted earnings and adjusted earnings per share on a consolidated basis. Q4 2017 Q4 2016 2017 2016 Earnings (loss) $ (18,010) $ 315 $ 81,793 $ 117,876 Unrealized foreign exchange loss $ 332 $ (1,284) $ 2,218 $ 539 Acquisition costs(2) — $ 49 — $ 11,134 Deferred tax(3) — $ 19,335 — $ 19,335 Loss on conversion of debentures — — — $ 32,304 Loss (gain) on derivative instruments (currency swap) — — — $ (803) Adjusted earnings (loss) $ (17,678) $ 18,415 $ 84,011 $ 180,385 Weighted average common shares outstanding Basic (000's) 313,193 311,653 312,804 289,727 Diluted (000's) 313,200 311,786 312,834 289,988 Adjusted earnings (loss) per share Basic $ (0.06) $ 0.06 $ 0.27 $ 0.62 Diluted $ (0.06) $ 0.06 $ 0.27 $ 0.62 (1)  Results of the Timmins mines prior to the date of acquisition of Lake Shore Gold on April 1, 2016 were excluded. (2)  Costs related to the acquisition of Lake Shore Gold on April 1, 2016. (3)  Adjustment to reflect the impact of a non-cash deferred tax charge resulting from a change in enacted rates in Peru. Total cash costs before and net of by-product credits The Company reports total cash costs on a silver ounce and a gold ounce produced basis for the Escobal mine and the La Arena, Shahuindo and Timmins mines, respectively. The Company follows the recommendation of the cost standard as endorsed by the Silver Institute ("The Institute") for the reporting of total cash costs (silver) and the generally accepted standard of reporting total cash costs (gold) by precious metal mining companies. The Institute is a nonprofit international association with membership from across the silver industry and serves as the industry's voice in increasing public understanding of the many uses and values of silver. This remains the generally accepted standard for reporting cash costs of silver production by silver mining companies. The Company believes that these generally accepted industry measures are realistic indicators of operating performance and are useful in performing year over year comparisons. However, these non-GAAP measures should be considered together with other data prepared in accordance with IFRS, and these measures, taken alone, are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.  Total cash costs are divided by the number of silver ounces contained in concentrate or gold ounces recovered from the leach pads to calculate per ounce figures. When deriving the total cash costs associated with an ounce of silver or gold, the Company deducts by-product credits from sales which are incidental to producing silver and gold. Total cash costs per ounce of produced silver net of by-product credits incorporate all production costs, including adjustments to inventory carrying values, adjusted for changes in estimates in reclamation which are non-cash in nature, and include by-product gold, lead and zinc credits, and treatment and refining charges included within revenue. In addition to conventional measures, the Company assesses this per ounce measure in a manner that isolates the impacts of silver production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total cash costs per ounce of produced silver net of by-product credits to monitor its operating performance internally, including operating cash costs, as well as in its assessment of potential development projects and acquisition targets. The Company believes this measure provides investors and analysts with useful information about the Company's underlying cash costs of operations and the impact of by-product credits on the Company's cost structure and is a relevant metric used to understand the Company's operating profitability and ability to generate cash flow. When deriving the production costs associated with an ounce of silver, the Company includes by-product credits as the Company considers that the cost to produce the silver is reduced as a result of the by-product sales incidental to the silver production process, thereby allowing the Company's management and other stakeholders to assess the net costs of silver production. Total cash costs (silver) Total cash costs per ounce of produced silver, net of by-product credits Q4 2017 Q4 2016 2017 2016 Total operating costs (cost of sales)(1) $ — $ 52,524 $ 95,854 $ 200,497 Depreciation and depletion — $ (12,903) $ (29,052) $ (53,204) Change in product inventory — $ (2,558) $ 6,329 $ (1,139) Treatment and refining charges — $ 8,173 $ 16,205 $ 32,600 Total cash costs before by-product credits $ — $ 45,236 $ 89,336 $ 178,754 By-product credits(2) — $ (14,121) $ (29,740) $ (54,925) Total cash costs net of by-product credits $ — $ 31,115 $ 59,596 $ 123,829 Silver ounces sold in concentrate (000's) — 4,470 9,773 18,996 Silver ounces produced in concentrate (000's) — 4,801 9,692 21,189 Total operating costs (cost of sales) per ounce sold $ — $ 11.75 $ 9.81 $ 10.55 Total cash costs per ounce produced before by-product credits $ — $ 9.42 $ 9.22 $ 8.44 Total cash costs per ounce produced net of by-product credits $ — $ 6.48 $ 6.15 $ 5.84 (1)  Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties. All 2017 YTD costs for silver were through Q2 2017 as no silver was produced in Q3 or Q4 2017. (2)  Gold, lead and zinc by-product credits were calculated as follows: Q4 2017 Q4 2016 Quantity UnitPrice TotalCredit Credit perounce Quantity Unit Price TotalCredit Credit perounce Gold Ounces — — — — 1,820 $1,050 $1,910 $0.40 Lead Tonnes — — — — 2,288 $3,303 $7,554 $1.57 Zinc Tonnes — — — — 2,840 $1,640 $4,657 $0.97   2017 2016 Quantity UnitPrice TotalCredit Credit perounce Quantity Unit Price TotalCredit Credit perounce Gold Ounces 3,554 $1,281 $4,555 $0.47 7,676 $1,330 $10,213 $0.48 Lead Tonnes 4,085 $2,369 $9,679 $1.00 8,993 $2,448 $22,019 $1.04 Zinc Tonnes 5,568 $2,785 $15,508 $1.60 12,345 $1,838 $22,693 $1.07 (3) Table has been updated to reflect current period presentation with no impact to the cash costs previously presented. (4) Numbers in tables may not calculate due to rounding.   Total cash costs (gold) Total cash costs per ounce of produced gold, net of by-product credits Q4 2017 La Arena Shahuindo Timminsmines Total Total operating costs (cost of sales)(1) $ 58,070 $ 10,660 $ 41,924 $ 110,654 Depreciation and depletion $ (28,499) $ 3,374 $ (15,522) $ (40,647) Change in product inventory $ (5,141) $ 196 $ 3,888 $ (1,057) Smelting and refining charges $ 221 $ 75 $ 36 $ 332 Total cash costs before by-product credits $ 24,651 $ 14,305 $ 30,326 $ 69,282 Silver credit(2) $ (118) $ (571) $ (83) $ (772) Total cash costs net of by-product credits $ 24,533 $ 13,734 $ 30,243 $ 68,510 Gold ounces sold (000's) 39.5 18.7 34.7 92.9 Gold ounces produced (000's) 47.2 18.6 40.0 105.8 Total operating costs (cost of sales) per ounce sold $ 1,471 $ 570 $ 1,208 $ 1,191 Total cash costs per ounce produced before by-product credits $ 523 $ 768 $ 759 $ 655 Total cash costs per ounce produced net of by-product credits(2) $ 520 $ 737 $ 756 $ 648   2017 La Arena Shahuindo Timminsmines Total Total operating costs (cost of sales)(1) $ 174,468 $ 65,313 $ 171,638 $ 411,419 Depreciation and depletion $ (48,092) $ (11,452) $ (60,614) $ (120,158) Change in product inventory $ (9,739) $ 483 $ 2,323 $ (6,933) Smelting and refining charges $ 1,031 $ 384 $ 175 $ 1,590 Total cash costs before by-product credits $ 117,668 $ 54,728 $ 113,522 $ 285,918 Silver credit(2) $ (487) $ (1,917) $ (358) $ (2,762) Total cash costs net of by-product credits $ 117,181 $ 52,811 $ 113,164 $ 283,156 Gold ounces sold (000's) 187.8 74.6 169.5 431.9 Gold ounces produced (000's) 195.6 79.0 167.0 441.6 Total operating costs (cost of sales) per ounce sold $ 929 $ 876 $ 1,013 $ 953 Total cash costs per ounce produced before by-product credits $ 602 $ 692 $ 680 $ 647 Total cash costs per ounce produced net of by-product credits(2) $ 599 $ 668 $ 678 $ 641 (1)  Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties. (2) Consolidated silver by-product credits were calculated as follows:   Q4 2017 2017 Quantity Unit Price TotalCredit Credit perounce Quantity Unit Price TotalCredit Credit perounce Silver Ounces (000's) 46,452 $16.61 $772 $7.29 162,415 $17.01 $2,762 $6.25 (3) Numbers in table may not calculate due to rounding.   Q4 2016(3) La Arena Shahuindo Timminsmines Total Total operating costs (cost of sales)(4) $ 36,083 $ 18,929 $ 34,016 $ 89,028 Depreciation and depletion $ (9,732) $ (5,548) $ (14,320) $ (29,600) Change in product inventory $ 2,951 $ 469 $ 6,389 $ 9,809 Smelting and refining charges $ 810 $ 92 $ 49 $ 951 Total cash costs before by-product credits $ 30,112 $ 13,942 $ 26,134 $ 70,188 Silver credit(6) $ (100) $ (348) $ (83) $ (531) Total cash costs net of by-product credits $ 30,012 $ 13,594 $ 26,051 $ 69,657 Gold ounces sold (000's) 53.0 12.9 33.0 98.9 Gold ounces produced(5) (000's) 58.1 13.8 45.3 117.2 Total operating costs (cost of sales) per ounce sold $ 680 $ 1,473 $ 1,030 $ 900 Total cash costs per ounce produced before by-product credits $ 518 $ 1,014 $ 576 $ 599 Total cash costs per ounce produced net of by-product credits $ 516 $ 989 $ 575 $ 594   2016(1)(2)(3) La Arena Shahuindo Timminsmines Total Total operating costs (cost of sales)(4) $ 143,008 $ 35,134 $ 101,739 $ 279,881 Depreciation and depletion $ (27,779) $ (10,016) $ (33,745) $ (71,540) Change in product inventory $ 4,994 $ 2,471 $ 6,843 $ 14,308 Smelting and refining charges $ 1,814 $ 262 $ 133 $ 2,209 Total cash costs before by-product credits $ 122,037 $ 27,851 $ 74,970 $ 224,858 Silver credit(6) $ (385) $ (721) $ (261) $ (1,367) Total cash costs net of by-product credits $ 121,652 $ 27,130 $ 74,709 $ 223,491 Gold ounces sold (000's) 198.6 36.7 107.6 343.0 Gold ounces produced(5) (000's) 204.1 35.0 121.6 360.7 Total operating costs (cost of sales) per ounce sold $ 720 $ 956 $ 946 $ 816 Total cash costs per ounce produced before by-product credits $ 598 $ 796 $ 617 $ 623 Total cash costs per ounce produced net of by-product credits $ 596 $ 775 $ 615 $ 620 (1) 2016 figures include data from the Timmins mines beginning April 1, 2016, the date of acquisition of Lake Shore Gold. (2) 2016 figures include data from Shahuindo beginning May 1, 2016, the commencement date of commercial production. (3) Change in product inventory at Shahuindo for Q4 2016 and 2016 includes costs related to gold produced in doré, but not sold as at December 31, 2016. Costs associated with the build-up of stockpile during the commissioning phase which remained work in process inventory at December 31, 2016 have been excluded from the inventory movements in the period. (4) Total operating costs (cost of sales) includes production costs, depreciation and depletion, royalties and smelting and refining charges. (5) Gold ounces produced at La Arena are gold ounces produced in doré. (6) Silver by-product credits were calculated as follows:   Q4 2016 2016 Quantity Unit Price Total Credit Credit perounce Quantity Unit Price Total Credit Credit perounce Silver Ounces 26,310 $20.18 $531 $4.53 68,830 $19.86 $1,367 $3.79 (7)  Table has been updated to reflect current period presentation with no impact to the cash costs previously presented. (8)  Numbers in table may not calculate due to rounding. All-in sustaining costs The Company has also adopted the reporting of all-in sustaining costs as a non-GAAP measure of a precious metals mining company's ability to generate cash flow from operations. This measure has no standardized meaning and the Company has utilized an adapted version of the guidance released by the World Gold Council ("WGC"), the market development organization for the gold industry. The WGC is not a regulatory industry organization and does not have the authority to develop accounting standards or disclosure requirements. All-in sustaining costs include total cash costs incurred at the Company's mining operations, sustaining capital expenditures, corporate administrative expense, exploration and evaluations costs, and reclamation and closure accretion. The Company believes that this measure represents the total costs of producing silver and gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows the Company to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions. All-in sustaining costs (silver) Total all-in sustaining costs per ounce of produced silver, net of by-product credits The following tables reconciling total all-in sustaining costs per ounce of produced silver, net of by-product credits to the consolidated financial statements should be read in conjunction with the prior tables which reconcile total cash costs net of by-product credits to total operating costs. Q4 2017 Q4 2016 2017 2016 Total cash costs net of by-product credits $ — $ 31,115 $ 59,596 $ 123,829 Sustaining capital(1) — $ 10,295 $ 19,062 $ 27,030 Exploration — $ 281 $ 498 $ 1,002 Reclamation cost accretion — $ 57 $ 123 $ 198 General and administrative expenses — $ 5,129 $ 7,032 $ 18,655 All-in sustaining costs $ — $ 46,877 $ 86,311 $ 170,714 Silver ounces produced in concentrate (000's) — 4,801 9,692 21,189 All-in sustaining costs per ounce produced net of by-product credits $ — $ 9.76 $ 8.91 $ 8.06 (1) Sustaining capital includes underground development and surface sustaining capital expenditures. (2)  Q4 YTD 2017 silver numbers reflect actual through Q2 2017 as no silver was produced in Q3 or Q4 2017. (3)  Numbers in table may not calculate due to rounding.   All-in sustaining costs (gold) Total all-in sustaining costs per ounce of produced gold, net of by-product credits Q4 2017 La Arena Shahuindo Timminsmines Total Total cash costs net of by-product credits $ 24,533 $ 13,734 $ 30,243 $ 68,510 Sustaining capital $ 12,013 $ 7,388 $ 10,565 $ 29,966 Exploration $ 126 $ 979 $ 1,458 $ 2,563 Reclamation cost accretion $ 336 $ 219 $ 43 $ 598 General and administrative expenses $ 3,301 $ 2,142 $ 2,160 $ 7,603 All-in sustaining costs $ 40,309 $ 24,462 $ 44,469 $ 109,240 Gold ounces produced (000's) 47.2 18.6 40.0 105.8 All-in sustaining costs per ounce produced net of by-product credits $ 855 $ 1,313 $ 1,112 $ 1,033   2017 La Arena Shahuindo Timminsmines Total Total cash costs net of by-product credits $ 117,181 $ 52,811 $ 113,164 $ 283,156 Sustaining capital $ 32,019 $ 22,222 $ 46,825 $ 101,066 Exploration $ 975 $ 4,701 $ 7,809 $ 13,485 Reclamation cost accretion $ 1,358 $ 868 $ 138 $ 2,364 General and administrative expenses $ 12,079 $ 8,248 $ 9,328 $ 29,655 All-in sustaining costs $ 163,612 $ 88,850 $ 177,264 $ 429,726 Gold ounces produced (000's) 195.6 79.0 167.0 441.6 All-in sustaining costs per ounce produced net of by-product credits $ 837 $ 1,124 $ 1,062 $ 973 (1)  Numbers in table may not calculate due to rounding.   Q4 2016 La Arena Shahuindo Timminsmines Total Total cash costs net of by-product credits $ 30,012 $ 13,594 $ 26,051 $ 69,657 Sustaining capital $ 13,560 $ 2,307 $ 14,686 $ 30,553 Exploration $ 568 $ 1,594 $ 2,518 $ 4,680 Reclamation cost accretion $ 308 $ 177 $ 41 $ 526 General and administrative expenses(3) $ 1,268 $ 3,132 $ 938 $ 5,338 All-in sustaining costs $ 45,716 $ 20,804 $ 44,234 $ 110,754 Gold ounces produced in doré (000's) 58.1 13.8 45.3 117.2 All-in sustaining costs per ounce produced net of by-product credits $ 787 $ 1,508 $ 976 $ 945   2016(1)(2) La Arena Shahuindo Timminsmines Total Total cash costs net of by-product credits $ 121,652 $ 27,130 $ 74,709 $ 223,491 Sustaining capital $ 35,272 $ 5,833 $ 45,123 $ 86,228 Exploration $ 1,664 $ 3,751 $ 5,062 $ 10,477 Reclamation cost accretion $ 1,266 $ 816 $ 90 $ 2,172 General and administrative expenses(3) $ 11,024 $ 3,135 $ 3,559 $ 17,718 All-in sustaining costs $ 170,878 $ 40,665 $ 128,543 $ 340,086 Gold ounces produced in doré (000's) 204.1 35.0 121.6 360.7 All-in sustaining costs per ounce produced net of by-product credits $ 837 $ 1,162 $ 1,057 $ 943 (1)  2016 figures include data from the Timmins mines beginning April 1, 2016, the date of acquisition of Lake Shore Gold. (2)  2016 figures include data from Shahuindo beginning May 1, 2016, the commencement date of commercial production. (3)  General and administrative expenses at Shahuindo included a year-to-date adjustment to assign certain costs to production and other expense. (4)  Numbers in table may not calculate due to rounding.   The reconciliation which formed the basis for the ranges in the 2018 total cash cost and all-in sustaining cost guidance is as follows ($ in thousands): Total cash costs La Arena Shahuindo Timmins Mines Gold Production costs $ 115,000 $ 70,000 $ 140,000 $ 325,000 Treatment and refining charges — — — — Total cash costs before by-product credits $ 115,000 $ 70,000 $ 140,000 $ 325,000 By-product credits — — — — Total cash costs net of by-product credits $ 115,000 $ 70,000 $ 140,000 $ 325,000 Gold ounces produced in doré (000's) 170 90 175 435 Total cash costs per ounce before by-product credits $ 676 $ 778 $ 800 $ 747 Total cash costs per ounce net of by-product credits $ 676 $ 778 $ 800 $ 747   All-in sustaining costs La Arena Shahuindo Timmins Mines Gold Total cash costs net of by-product credits $ 115,000 $ 70,000 $ 140,000 $ 325,000 Sustaining capital 35,000 15,000 45,000 95,000 Exploration — — 4,500 4,500 Reclamation cost accretion 1,000 1,000 1,000 3,000 General and administrative expenses 12,000 9,000 9,000 30,000 All-in sustaining costs $ 163,000 $ 95,000 $ 199,500 $ 457,500 Gold ounces produced in doré (000's) 170 90 175 435 All-in sustaining costs per ounce producednet of by-product credits $ 959 $ 1,056 $ 1,140 $ 1,052   The reconciliation which formed the basis for the ranges in the multi-year total cash cost and all-in sustaining cost guidance for gold is as follows: Total cash costs (gold) 2018 2019 2020 Production costs $ 325,000 $ 354,500 $ 354,500 Treatment and refining charges — — — Total cash costs before by-product credits $ 325,000 $ 354,500 $ 354,500 By-product credits — — — Total cash costs net of by-product credits $ 325,000 $ 354,500 $ 354,500 Gold ounces produced in doré (000's) 435 525 525 Total cash costs per ounce before by-product credits $ 747 $ 675 $ 675 Total cash costs per ounce net of by-product credits $ 747 $ 675 $ 675   All-in sustaining costs (gold) 2018 2019 2020 Total cash costs net of by-product credits $ 325,000 $ 354,500 $ 354,500 Sustaining capital $ 95,000 $ 125,000 $ 107,000 Exploration $ 4,500 $ 10,000 $ 6,000 Reclamation cost accretion $ 3,000 $ 3,000 $ 3,000 Corporate G&A(1) $ 30,000 $ 32,500 $ 28,500 All-in sustaining costs $ 457,500 $ 525,000 $ 499,000 Gold ounces produced in doré (000's) 435 525 525 All-in sustaining costs per ounce producednet of by-product credits $ 1,052 $ 1,000 $ 950 (1)  Numbers may not calculate due to rounding (2)  General and administrative expenses have been allocated to gold at 60% of total corporate G&A consistent with 2018. Cash provided by operating activities before changes in working capital Cash provided by operating activities before changes in working capital represents the cash flows generated by operating activities after adjusting for interest expense, income tax expense and financing fees as well as items not involving cash but before changes in working capital. Net cash provided by operating activities represents the cash flows generating by operating activities after changes in working capital and income taxes paid. Management believes that these measures provide useful information to investors to evaluate the Company's ability to generate cash flows from its mining operations. The non-GAAP measures described above do not have standardized meanings prescribed by IFRS. As such, there are likely to be differences in the method of computation when compared to similar measures presented by other reporting issuers. Q4 2017 Q4 2016 2017 2016 Cash provided by operating activities before changes in working capital(1) $ 23,988 $ 74,669 $ 287,014 $ 385,926 Net cash provided by operating activities(1) $ 18,081 $ 107,804 $ 234,264 $ 249,454 Basic weighted average common shares outstanding 313,193 311,653 312,804 289,727 (1)  Refer to the condensed interim consolidated statements of cash flows in the Company's interim financial statements for a detailed reconciliation from earnings and total comprehensive income to cash provided by operating activities before changes in working capital and net cash provided by operating activities. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION This press release contains "forward-looking information" "forward-looking information" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the US Exchange Act, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, and "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements, other than statements of historical fact, are forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements include, but are not limited to, statements related to the following: in regards to the appeals to the Guatemalan Constitutional Court of the decision by the Supreme Court of Guatemala ordering the Guatemalan Ministry of Energy and Mining ("MEM") to conduct consultation with indigenous populations in certain designated locations in and around the Escobal Mine, reinstating the Company's mining license in respect of the Escobal mine, the timeline for such appeals to be heard and decided and the likelihood of an adverse decision by the Constitutional Court; the timing and results of other court proceedings; the timing and likelihood of peacefully resolving the road blockage affecting the Escobal mine; timing and possible outcome of pending litigation; the continuation of the expansion plans at Shahuindo and Bell Creek; the future price of gold, silver, copper, lead and zinc, the estimation of Mineral Reserves and Mineral Resources, the realization of Mineral Reserve estimates; production and cost targets for the Company's gold operations in 2018 of 400,000 to 475,000 ounces of gold, total cash costs of $725 to $775 per ounce and all-in sustaining costs of $1,000 to $1,100 per ounce, as well as estimated 2018 production, cash costs, all-in sustaining costs, project capital, sustaining capital and exploration expenditures on a per gold mine basis; project capital expenditures in 2018 of $125 to $150 million; sustaining capital expenditures in 2018 of $90 to $115 million; exploration expenditures in 2018 of $15 to $25 million; corporate G&A expenses in 2018 of $45 to $55 million; gold production by mine in 2018; multi-year gold guidance (2018 to 2020) relating to gold ounces produced, total cash costs per ounce gold produced net of by-product credits, all-in sustaining costs per ounce gold produced net of by-product credits, sustaining and project capital expenditures, corporate general and administration expenses, and exploration expenses; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; the expectation of meeting production targets; growing gold production to over a half million ounces in 2019 and the costs of production and capital and other expenditures associated with such growth; the Company's goal to reach and sustain 18-21 million ounces of silver production and 500-550 thousand ounces of gold production annually; the continued evaluation of the La Arena II project and the economic analysis provided in the PEA, including the timeline and estimated capital required; the timing and cost of the design, procurement, construction and commissioning of the 24,000 tpd crushing and agglomeration circuit at Shahuindo, as well as the expansion of the Shahuindo mine to a production capacity of 36,000 tpd with commissioning by mid-year 2018 and achieving the full 36,000 tpd production rate by the end of 2018; the timing of the receipt of permits at Shahuindo; the steps being taken to optimize leaching permeability at Shahuindo; the timing for construction of Pad 2B at Shahuindo and the commencement of production at Pad 2B in the second half of 2018; the expectation of the capacity of the south waste rock dump at Shahuindo; the timing of completion of the Bell Creek shaft project; the completion of construction of the Phase 5 tailings facility expansion at the Bell Creek Mill ready for operation in accordance with the life of mine plan; care and maintenance plans at Escobal; production, costs, cash flows returns on investment and net present values presented in the La Arena II preliminary economic assessment; providing further updates to guidance when additional information regarding the Escobal license is available; the expected working capital requirements; the sufficiency of capital resources and the consideration of alternative financing arrangements to meet strategic needs; the expected depreciation and depletion rates; exploration and review of prospective mineral acquisitions; the anticipated timing of updated Mineral Resource and Mineral Reserve estimates; the timing for completion of the underground dewatering project at Escobal; the cost and timing of sustaining capital projects; and the timing, costs, results and impacts of purported class action lawsuits filed against the Company and certain of its officers and directors. Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the Company's performance and ability to implement operational improvements at the Escobal, La Arena, Shahuindo and Timmins mines; the Company's ability to carry on exploration and development activities, including land acquisition and construction; the availability and sufficiency of power and water for operations; the timely receipt of permits and other approvals; the successful outcomes of consultations with indigenous populations; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with the Company's current expectations; production meeting expectations and being consistent with estimates; plant, equipment and processes operating as anticipated; there being no material variations in the current tax and regulatory environment; the Company's ability to operate in a safe, efficient and effective manner; the exchange rates among the Canadian dollar, Guatemalan quetzal, Peruvian sol and the USD remaining consistent with current levels; the Company's ability to peacefully resolve the protests and road blockages of the Escobal Mine; the timing and ability of the Company to resume operations once the suspension of the mining license to Minera San Rafael for the Escobal Mine is lifted and all licenses, permits and credentials affecting the operation of the Company's mines, including the Escobal Mine, are renewed or re-issued and all roadblocks are cleared, and relationships with our partners, including employees, vendors and community populations are maintained or effectively managed; the Company's ability to obtain financing as and when required and on reasonable terms; and the Company's ability to continue to comply with the terms of the credit agreements with its lenders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include summarized above and discussed in more detail in our public filings available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov or on the Company's website at www.tahoeresources.com. Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Except as otherwise indicated by the Company, these statements do not reflect the potential impact of any non-recurring or other special items or of any disposition, monetization, merger, acquisition, other business combination or other transaction that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. The Company does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except as, and to the extent required by, applicable securities laws. CAUTIONARY NOTE TO INVESTORS IN THE UNITED STATES REGARDING RESERVES AND RESOURCES The Mineral Resource and Mineral Reserve estimates contained in this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws and use terms that are not recognized by the United States Securities and Exchange Commission ("SEC"). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards"). U.S. reporting requirements are governed by the SEC Industry Guide 7 ("Industry Guide 7") under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody difference approaches and definitions. For example, the terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" are Canadian mining terms as defined in in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this press release containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. SELECTED QUARTERLY CONSOLIDATED FINANCIAL RESULTS Selected quarterly and YTD consolidated financial information from continuing operations is as follows: Q4 2017 Q4 2016 2017 2016 Metal Sold Silver (000's ozs) 46.2 4,496 10,113 19,065 Gold (000's ozs)(2) 92.9 100.7 435.2 358.2 Lead (000's t) — 2.3 4.0 9.0 Zinc (000's t) — 2.8 5.6 12.3 Realized Price Silver in concentrate (per oz) $ — $ 14.45 $ 17.71 $ 17.57 Gold in doré (per oz) $ 1,272 $ 1,197 $ 1,246 $ 1,245 Lead (per t) $ — $ 2,036 $ 2,379 $ 1,886 Zinc (per t) $ — $ 2,872 $ 2,864 $ 2,268 LBMA/LME Price(3) Silver (per oz) $ 16.84 $ 17.19 $ 17.16 $ 17.14 Gold (per oz) $ 1,278 $ 1,220 $ 1,251 $ 1,250 Lead (per t) $ 2,334 $ 2,149 $ 2,259 $ 1,872 Zinc (per t) $ 2,963 $ 2,517 $ 2,783 $ 2,095 Revenues $ 117,734 $ 189,398 $ 733,557 $ 784,503 Total operating costs $ 122,997 $ 141,552 $ 541,587 $ 480,378 Earnings from operations $ (20,219) $ 31,466 $ 191,970 $ 242,268 Earnings (loss)(6)(7) $ (18,010) $ 315 $ 81,793 $ 117,876 Earnings (loss) per common share Basic $ (0.06) $ — $ 0.26 $ 0.41 Diluted $ (0.06) $ — $ 0.26 $ 0.41 Adjusted earnings (loss)(4) $ (17,678) $ 18,415 $ 84,011 $ 180,385 Adjusted earnings (loss) per common share(4) Basic(4) $ (0.06) $ 0.06 $ 0.27 $ 0.62 Diluted(4) $ (0.06) $ 0.06 $ 0.27 $ 0.62 Weighted average shares outstanding - Basic 313,193 311,653 312,804 289,726 Weighted average shares outstanding - Diluted 313,200 311,786 312,834 289,988 Dividends paid $ — $ 18,672 $ 43,686 $ 69,402 Cash flow provided by operating activities $ 18,081 $ 107,021 $ 234,264 $ 249,454 Cash flow provided by operating activities before changes in working capital(4) $ 23,988 $ 74,669 $ 287,014 $ 385,926 Cash and cash equivalents $ 125,665 $ 163,368 $ 125,665 $ 163,368 Total assets $ 3,080,638 $ 3,071,253 $ 3,080,638 $ 3,071,253 Total long-term liabilities $ 299,920 $ 348,663 $ 299,920 $ 348,663 Costs per silver ounce produced Total cash costs net of by-product credits(4) $ — $ 6.48 $ 6.15 $ 5.84 All-in sustaining costs per silver ounce net of by-product credits(4) $ — $ 9.76 $ 8.91 $ 8.06 Costs per gold ounce produced Total cash costs net of by-product credits(4) $ 648 $ 594 $ 641 $ 620 All-in sustaining costs per gold ounce net of by-product credits(4)(5) $ 1,033 $ 945 $ 973 $ 943 (1)    2016 numbers include operational and financial information from the Timmins mines beginning April 1, 2016, the date of acquisition of Lake Shore Gold and operational and financial information from Shahuindo beginning May 1, 2016, the commencement of commercial production. (2)  Included in the 358.2 thousand gold ounces sold for 2016 are 44.3 thousand gold ounces sold at Shahuindo which include four months of pre-commercial production ounces sold (7.6 thousand ounces of gold in doré sold in the period January through April 2016). (3)  London Bullion Market Association (LBMA)/London Metal Exchange (LME) average closing prices for each period presented. (4)  Refer to the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (5)  All-in sustaining costs net of by-product credits per gold ounce produced for 2016 exclude the impact of $11.1 million in non-recurring transaction costs related to the acquisition of Lake Shore Gold. (6)  Earnings of $0.3 million for Q4 2016 were negatively impacted by the change in enacted tax rates in Peru, resulting in a charge of approximately $19.3 million to deferred income tax expense. Refer to the Company's adjusted earnings described and calculated in the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (7)  Earnings of $117.9 million for 2016 were impacted by the result of a change in enacted tax rates in Peru for $19.3 million, a non-cash loss on the redemption of the Lake Shore Gold debentures of $32.3 million and non-recurring transaction costs of $11.1 million related to the acquisition of Lake Shore Gold. Refer to the Company's adjusted earnings described and calculated in the "Cautionary Note on Non-GAAP Financial Measures" section of this press release. (8)  Numbers may not calculate due to rounding.   View original content:http://www.prnewswire.com/news-releases/tahoe-reports-strong-2017-financial-results-and-updates-2018-and-multi-year-gold-guidance-300603135.html SOURCE Tahoe Resources Inc.

Summit Midstream Partners Logo. (PRNewsFoto/Summit Midstream Partners)
THE WOODLANDS, Texas, Feb. 22, 2018 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today its financial and operating results for the three months and year ended December 31, 2017. SMLP reported a net loss of $18.3 million for the fourth quarter of 2017 compared to net income of $14.0 million for the prior-year period. Net income in the fourth quarter of 2017 included (i) a long-lived asset impairment of $187.1 million related to our Bison Midstream system in the Williston Basin segment and (ii) $145.6 million of non-cash income related to the decrease in the present value of the estimated Deferred Purchase Price Obligation ("DPPO") at December 31, 2017, compared to September 30, 3017. Net income for the fourth quarter of 2016 included $24.7 million of non-cash DPPO expense. Net cash provided by operations totaled $41.3 million in the fourth quarter of 2017 compared to $61.8 million in the prior-year period. Adjusted EBITDA totaled $72.9 million and distributable cash flow ("DCF") totaled $49.2 million for the fourth quarter of 2017 compared to $72.7 million and $52.8 million, respectively, for the prior-year period.
 (PRNewsfoto/Marin Software Incorporated)
SAN FRANCISCO, Feb. 22, 2018 /PRNewswire/ -- Marin Software Incorporated (NYSE: MRIN), a leading provider of cross-channel, cross-device, enterprise marketing software for advertisers and agencies, today announced financial results for the fourth quarter and full year ended December 31, 2017.
Advanced Disposal - Vertical 4C Logo (PRNewsFoto/Advanced Disposal Services, Inc.) (PRNewsFoto/Advanced Disposal Services, Inc.)
PONTE VEDRA, Fla., Feb. 22, 2018 /PRNewswire/ -- Advanced Disposal Services, Inc. (NYSE: ADSW), (d/b/a Advanced Disposal) announced today revenue for the three months ended December 31, 2017 of $384.4 million versus $352.0 million in the same period of the prior year. Net income during fourth quarter 2017 was $42.0 million, or $0.47 per diluted share, versus a net loss of $20.1 million, or $0.24 per diluted share in fourth quarter 2016. Excluding certain gains and expenses, adjusted net income in fourth quarter 2017 was $11.2 million and adjusted diluted earnings per share was $0.13.
SES S.A.: Full Year and Fourth Quarter 2017 Results
Feb. 23, 2018 07:00 UTC LUXEMBOURG--(BUSINESS WIRE)-- SES S.A. announced financial results for the year and three months ended 31 December 2017. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180222006522/en/ Full Year and Fourth Quarter 2017 Results (Photo: Business Wire) Key financial highlights Reported revenue EUR 2,035.0 million, down 1.6% (-5.2% like-for-like(1)); SES Video -3.6%(1) and SES Networks -1.9%(1) EBITDA margin 65.1% (2016: 70.2% as reported and 66.7% like-for-like(1)) Net profit of EUR 596.1 million (2016: EUR 962.7 million including EUR 495.2 million gain related to O3b consolidation) Board is proposing 2017 dividend per A share of EUR 0.80 (2016: EUR 1.34)                       Change (%)     Change (%) EUR million FY 2017   FY 2016 Reported   Like-for-like(1)   Q4 2017   Q4 2016 Reported   Like-for-like(1) Revenue 2,035.0 2,068.8 -1.6% -5.2%   507.8 578.7 -12.2% -8.7% EBITDA 1,324.2 1,451.5 -8.8% -7.6%   329.6 390.6 -15.6% -12.2% EBITDA margin 65.1% 66.7%(1)       64.9% 67.6%(1)     Operating profit(2) 610.6 820.3 -25.6% -14.4%   162.2 209.9 -22.8% -20.2% Deemed gain on disposal of equity interest -- 495.2 n/m n/a   -- -- -- -- Net profit attributable to SES shareholders 596.1 962.7 -38.1% n/a   201.6 138.6 +45.4% n/a Earnings per share EUR 1.21 EUR 2.18 -44.5% n/a   EUR 0.41 EUR 0.27 +51.9% n/a Dividend per A share   EUR 0.80   EUR 1.34   -40.3%   n/a   n/a   n/a   n/a   n/a 1) Comparative figures are restated at constant FX to neutralise currency variations and assuming (on a pro forma basis) that RR Media and O3b had been consolidated from 1 January 2016. FY 2016 EBITDA margin as reported was 70.2%2) Before deemed gain on disposal of equity interest (relating to consolidation of O3b) of EUR 495.2 million in 2016 Financial outlook                       FY 2017 as reported   FY 2017   FY 2018   FY 2020 Average EUR/USD FX rate 1.1249 1.15 1.15 1.15 SES Video revenue EUR 1,383.0 million EUR 1,373.7 million EUR 1,300 - 1,320 million Over EUR 1,350 million SES Networks revenue EUR 646.1 million EUR 632.0 million EUR 660 - 690 million Over EUR 875 million Group EBITDA margin   65.1%   65.1%   64.0% to 64.5%   Over 65.0% Financial outlook for FY 2018 and FY 2020 assumes a EUR/USD exchange rate of 1.15, nominal launch schedule and satellite health status and includes the impact of IFRS accounting changes Karim Michel Sabbagh, President and CEO, commented: “2017 has been an important year of transformation for SES. We have established two market-focused business units, SES Video and SES Networks, and are now well positioned to deliver growth in the future. Business performance was below our expectations as the market remained challenging throughout 2017, compounded by some fleet health issues.” “We are starting to see the benefits of our investment programme with three new satellites successfully launched in 2017 and another two already launched in 2018. These, along with other planned launches for 2018 and 2019, will bring much needed capacity and customer-specific capabilities to our fleet, particularly in the rapidly growing aeronautical market, that will underpin our future growth. As part of our strategic transformation, we have launched our ‘Fit-for-Growth’ programme that will optimise and focus the allocation of our world-class resources and increase internal efficiencies. As we continue to adapt to the new operating and financial model, and invest in our future growth, we have decided to rebase our dividend, allowing for growth in future years as our business develops.” “SES Video delivers more channels to more viewers from more premium neighbourhoods than any other operator and, with a backlog of EUR 5.3 billion, our video business is large, profitable and resilient. SES Networks is the only business capable of combining Geostationary, Medium Earth Orbit and innovative ground solutions into compelling solutions for our data-centric customers. We are committed to reinvesting cash generated by our businesses to generate long-term growth, principally focused on SES Networks. Whilst 2018 will still be a year of completing our business transformation, SES expects to deliver growth at attractive margins, as evidenced by the 2020 guidance given today.” “As has already been announced, Padraig McCarthy and I will be stepping down as CFO and CEO of SES on 5 April 2018. Steve Collar and Andrew Browne (as President & CEO and CFO respectively) have been appointed as our successors and we wish them every success in taking SES forward.” Key business highlights SES Video revenue of EUR 1,383.0 million in FY 2017 was down 3.6% (like-for-like), including Q4 2017 revenue of EUR 351.5 million (-3.0% like-for-like). While Video remains a competitive market environment, the business also had an unusually high impact from satellite health and launch delays, as well as some specific short-term factors at MX1 relating to the non-renewal of certain legacy contracts. In 2018, the implementation of IFRS 15 is expected to lead to a revenue reduction of around EUR 15-20 million related to HD+, with no cash impact. SES Networks revenue was down 1.9% (like-for-like) at EUR 646.1 million, including EUR 156.1 million of revenue in Q4 2017 (-12.9% like-for-like). The Q4 2017 year-on-year (YOY) decline was primarily related to a significant transponder sale in Mobility in Q4 2016. Mobility was flat year-on-year excluding this transponder sale, with Fixed Data showing a decline of 8.4% and Government up 5.5%. SES Networks grew by 7.4% from Q3 2017 to Q4 2017 at constant FX. SES Networks is building, resourcing and implementing unique and differentiated data solutions services which are gaining traction with customers around the world. In Q4 2017, SES Networks experienced its strongest quarter of sales, more than doubling its annualised sales volume from Q2 2017. A number of important customer services were also commissioned during Q4, generating new revenue early in 2018. Overall, SES’s backlog of committed contracts stands at EUR 7.5 billion (2016: EUR 8.1 billion as reported and EUR 7.6 billion at constant FX), flat year-on-year demonstrating that the business is successfully replacing revenue that was delivered over the course of the year. More than 80% of expected 2018 revenue is already committed. SES’s future growth is enabled by the successful launches of SES-10, SES-11 and SES-15 in 2017, and now SES-14 and SES-16 already in 2018. In the remainder of this year, SES expects to launch SES-12 and an additional four satellites for the O3b constellation which are specifically designed to maximise the MEO advantages for the target customers. As part of its business transformation, SES is increasingly focused on managing costs to optimise efficiency and growth. In 2017, SES reduced operating expenses by EUR 4.0 million to EUR 710.8 million on a like-for-like basis. This helped support the EBITDA margin, which was 64.9% in Q4 2017 and 65.1% in full year 2017. SES is intensifying its focus on operational efficiency with the roll-out of a company-wide ‘Fit-for-Growth’ programme and anticipates taking a EUR 10-12 million restructuring provision in Q1 2018 to fund planned measures. In Q4 2017, the tax line included the recognition of several non-recurring gains, the main one being the positive impact of changes in U.S. tax legislation which led to the recognition of a one-off accounting gain of EUR 94 million. Excluding this item and other one-off elements during 2017, the group’s effective tax rate was 20.4% for FY 2017 (2016: 17.7% excluding the gain on deemed disposal of equity interest). A higher cash conversion ratio of 94.5% and EUR 129.1 million reduction in investing activities (of EUR 490.4 million) led to Free Cash Flow before financing activities and acquisitions increasing by 16.2% (YOY) to EUR 760.8 million. Net debt to EBITDA ratio at year end 2017 was 3.27 times, including 50% of SES’s hybrid bonds, within SES’s threshold level of 3.3 times. Looking ahead, as the businesses continue to scale up their capabilities and identify additional growth opportunities, the revenue mix and margin structure will evolve. SES has updated the guidance and provided enhanced disclosures to improve understanding of the current performance and future prospects. The outlook combines caution for 2018 as SES completes the business transformation with strengthened confidence for meaningful growth in the following two years and beyond. Given the investments that have been made, the future capital expenditure commitments, and the evolving nature of the business model, SES intends to strengthen the balance sheet. Accordingly, the Board of Directors has proposed to rebase the dividend to a lower level of EUR 0.80 per A class share for 2017, a reduction of 40% from 2016. This rebasing is appropriate for SES and will allow a strengthening of the balance sheet whilst supporting growth opportunities and enabling a progressive dividend in the future. OPERATIONAL REVIEW                       Change (%)     Change (%) EUR million FY 2017   FY 2016 Reported   Like-for-like(1)   Q4 2017   Q4 2016 Reported   Like-for-like(1) SES Video 1,383.0 1,391.6(3) -0.6% -3.6%   351.5 371.6 -5.4% -3.0% Underlying 1,373.2 1,366.5 +0.5% -2.4%   348.6 370.1 -5.8% -3.4% Periodic 9.8 25.1 n/m n/m   2.9 1.5 n/m n/m SES Networks 646.1 627.3 +3.0% -1.9%   156.1 192.3 -18.8% -12.9% Underlying 606.6 588.6 +3.1% -2.6%   154.7 166.5 -7.1% -0.8% Periodic 39.5 38.7 n/m n/m   1.4 25.8 n/m n/m Sub-total 2,029.1 2,018.9 +0.5% -3.1%   507.6 563.9 -10.0% -6.3% Underlying 1,979.8 1,955.1 +1.3% -2.4%   503.3 536.6 -6.2% -2.6% Periodic 49.3 63.8 n/m n/m   4.3 27.3 n/m n/m Other(2) 5.9 49.9(3) n/m n/m   0.2 14.8 n/m n/m Group Total   2,035.0   2,068.8   -1.6%   -5.2%   507.8   578.7   -12.2%   -8.7% 1) At constant FX and assuming (on a pro forma basis) that RR Media and O3b had been consolidated from 1 January 20162) Other includes revenue not directly applicable to a particular vertical3) During 2017, EUR 7.2 million of 2016 reported revenue was reclassified from Video to Other Reported revenue, which included the full year of 2017 contribution from RR Media (acquired in July 2016) and O3b (consolidated in August 2016), was 1.6% lower than the prior year. On a like-for-like basis (at constant FX and assuming RR Media and O3b were consolidated from 1 January 2016), group revenue decreased by EUR 112.6 million (or 5.2%) mainly due to higher periodic and “Other” revenue in 2016, the impact from the loss of AMC-9 in June 2017 and lower revenue in MX1 as a number of legacy services were not renewed. “Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This is impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. This includes: the outright sale of capacity; accelerated revenue from hosted payloads during the course of construction; termination fees; insurance proceeds; certain interim satellite missions and other such items when material. At 31 December 2017, SES’s fully protected contract backlog was EUR 7.5 billion (31 December 2016: EUR 8.1 billion). Excluding the impact of the change in the EUR/USD FX rate, the contract backlog was in line with the prior year (of EUR 7.6 billion) as new long-term contracts replaced the roll-off from revenue recognised in the period. This was supported by a strong increase in commercial activity across SES Networks, where the annualised value of new business wins and customer renewals signed in Q4 2017 was double the amount in any of the preceding quarters. SES Video: 68% of group revenue (2016: 67%) Reported revenue down -0.6% to EUR 1,383.0 million (-3.6% like-for-like) Underlying revenue -2.4% (like-for-like) including the impact of satellite health and MX1 non-renewals 2% growth (YOY) in total TV channels, driven by expansion of HD/UHD and International market growth Contract backlog of EUR 5.3 billion (2016: EUR 5.9 billion as reported and EUR 5.6 billion at constant FX) Over 85% of 2018 expected revenue already committed Going forward, SES Video’s revenue will be disclosed for two principal activities – Video Distribution and Video Services. Video Distribution refers to revenue generated from satellite capacity for the distribution of video content via Direct-to-Home (DTH), Direct-to-Cable (DTC) and Internet Protocol TV (IPTV) platforms. Video Services represents the combined contribution of MX1, including revenue from “pull through” capacity directly generated by the business, and HD+ platform revenue.                       Change (%)     Change (%) EUR million FY 2017   FY 2016 Reported   Like-for-like(1)   Q4 2017   Q4 2016 Reported   Like-for-like(1) Video Distribution(2) 1,053.8 1,107.8 -4.9% -4.2%   261.9 277.6 -5.7% -3.1% Underlying 1,044.0 1,088.7 -4.1% -3.1%   259.0 276.1 -6.2% -3.6% Periodic 9.8 19.1 n/m n/m   2.9 1.5 n/m n/m Video Services(3) 329.2 283.8 +16.0% -1.9%   89.6 94.0 -4.6% -2.6% Underlying 329.2 277.8 +18.5% -0.1%   89.6 94.0 -4.6% -2.6% Periodic -- 6.0 n/m n/m   -- -- n/m n/m SES Video 1,383.0 1,391.6(4) -0.6% -3.6%   351.5 371.6 -5.4% -3.0% - Underlying 1,373.2 1,366.5 +0.5% -2.4%   348.6 370.1 -5.8% -3.4% - Periodic   9.8   25.1   n/m   n/m   2.9   1.5   n/m   n/m 1) At constant FX and assuming (on a pro forma basis) that RR Media had been consolidated from 1 January 20162) Satellite capacity revenue, excluding “pull through” capacity provided to support MX13) Comprising MX1, including associated satellite capacity, and HD+ subscription revenue4) During 2017, EUR 7.2 million of 2016 reported revenue was reclassified from Video to Other Full Year 2017 Highlights: SES Video The 3.6% like-for-like revenue reduction is predominantly related to higher periodic revenue in the prior year, the impact of changes in satellite health and lower revenue in MX1 as a number of legacy services were not renewed. Fourth Quarter 2017 Highlights and Business Trends: SES Video SES Video’s revenue was 3.0% lower than Q4 2016 which included the impact of the loss of AMC-9 and lower revenue in MX1 following the non-renewal of a number of legacy services in Q3 2017. The underlying revenue, including satellite health, was down 3.4%. Video Distribution (Q4 2017) Overall, Video Distribution revenue was 3.1% (like-for-like) lower in Q4 2017 compared with the prior year period. The decline was driven by lower revenue in North America and International markets, which were also impacted by the loss of AMC-9. The European business returned to stability in Q4 2017 supported by new capacity contracted for UHD. At 31 December 2017, total TV channels had grown by 2% year-on-year to 7,709 TV channels. Continued expansion of High Definition (HD) TV led to a 4% year-on-year growth to 2,602 HD channels. HDTV channels represented 33.8% of total TV channels (Q4 2016: 33.1%), while the proportion of total TV channels broadcast in MPEG-4 increased from 61.4% at Q4 2016 to 65.0% as at Q4 2017. The number of commercial Ultra HD (UHD) TV channels increased from 21 UHD TV channels to 28 UHD TV channels including new channels announced by QVC and Canal+ during Q4 2017. Revenue in Q4 2017 was stable year-on-year in Europe, where QVC contracted additional capacity to support the launch of a new UHD TV channel in Germany. The European business also benefited from additional long-term capacity renewals including ProSiebenSat.1 and ARD-ZDF in Germany, Orange (through SES’s partnership with Globecast) in Romania and All Media Baltics over the Nordic and Baltic markets. Across Europe, total TV channels were stable compared with Q4 2016 at nearly 2,700 TV channels, as a net reduction in the number of Standard Definition (SD) channels was offset by additional HD and UHD channels. In North America, there was a small decline in revenue in Q4 2017, compared with Q4 2016, due to modest volume reductions, as well as lower occasional use revenue following the loss of AMC-9. At Q4 2017, the SES fleet was broadcasting more than 2,000 total TV channels in North America which represented a small decrease year-on-year reflecting a lower number of SD channels, partly offset by growth in the number of HD channels. SES’s UHD platform in North America is continuing to build market traction towards wider commercial adoption, with more than 30 U.S. cable and IPTV operators testing UHD using SES Video’s 4K content delivery platform. Underlying revenue across the International markets was lower (year-on-year) in Q4 2017 due to the combination of lower volume following the loss of AMC-9 and a gradual ramp-up of new capacity including SES-9 and SES-10 in 2017 reflecting the dynamics of these markets. The number of total TV channels (including HD and UHD) increased by 8% year-on-year to nearly 3,000 TV channels as new DTH platforms, notably in Africa and the Middle East, were rolled out using previously contracted capacity. Video Services (Q4 2017) Video Services decreased 2.6% (like-for-like) in Q4 2017, compared to the prior year period, as non-renewals of legacy services in MX1 more than offset revenue growth in the HD+ platform in Germany. The impact of the MX1 non-renewals contributed to a net reduction of EUR 7.0 million for Q4 2017 compared with Q4 2016 for the business. This represented a slight improvement on the EUR 7.5 million (year-on-year) net reduction reported in Q3 2017 as new business wins - such as eoTV and fuboTV - for linear and over-the-top distribution services will support the on-going stabilisation of MX1 revenue under its new CEO. Compared with Q3 2017, MX1 benefited from revenue seasonality, notably for distribution of premium sports and entertainment content to customers’ end-viewers. This offset year-on-year growth for HD+ in Q4 2017 reflecting the combination of the increased annual subscription fee (from EUR 60 to EUR 70) and the introduction of a supplementary premium Eurosport package. At Q4 2017, the total number of paying subscribers was 2.1 million (Q4 2016: 2.1 million). Adoption of IFRS 15 accounting changes in 2018 is expected to lead to a year-on-year revenue reduction of EUR 15-20 million in HD+, although there is no cash impact. 2017 revenue will not be restated. SES Networks: 32% of group revenue (2016: 30%) Reported revenue up 3.0% to EUR 646.1 million (-1.9% like-for-like) Underlying revenue down 2.6% (like-for-like) including the impact of changes in satellite health Contract backlog of EUR 2.3 billion (2016: EUR 2.2 billion as reported and EUR 2.0 billion at constant FX) Over 75% of 2018 expected revenue already committed with annualised value of contracts signed in Q4 2017 doubled Investing in new capabilities, such as O3b mPOWER, to enhance differentiation and expand addressable market                       Change (%)     Change (%) EUR million FY 2017   FY 2016 Reported   Like-for-like(1)   Q4 2017   Q4 2016 Reported   Like-for-like(1) Fixed Data 254.8 251.8 +1.2% -6.0%   60.3 70.3 -14.3% -8.4% Underlying 245.8 248.7 -1.2% -8.3%   60.3 70.3 -14.3% -8.4% Periodic 9.0 3.1 n/m n/m   -- -- n/m n/m Mobility 145.4 133.7 +8.7% -0.1%   31.0 56.9 -45.4% -40.4% Underlying 127.8 108.2 +18.2% +4.4%   31.0 33.5 -7.2% +0.0% Periodic 17.6 25.5 n/m n/m   -- 23.4 n/m n/m Government 245.9 241.8 +1.7% +1.6%   64.8 65.2 -0.6% +5.5% Underlying 233.0 231.7 +0.5% +0.4%   63.4 62.8 +1.0% +7.1% Periodic 12.9 10.1 n/m n/m   1.4 2.4 n/m n/m SES Networks 646.1 627.3 +3.0% -1.9%   156.1 192.3 -18.8% -12.9% - Underlying 606.6 588.6 +3.1% -2.6%   154.7 166.5 -7.1% -0.8% - Periodic   39.5   38.7   n/m   n/m   1.4   25.8   n/m   n/m 1) At constant FX and assuming (on a pro forma basis) that O3b had been consolidated from 1 January 2016 Full Year 2017 Highlights: SES Networks The 1.9% like-for-like revenue reduction related to higher up-front revenue contribution from the transaction with Global Eagle Entertainment (GEE) for AMC-3, U.S. Government-funded hosted payloads and other periodic revenue in the prior year. On an underlying basis, SES Networks’ revenue for full year 2017 was 2.6% lower than the prior year as the impact of losing AMC-9 and lower Fixed Data revenue was not fully offset by growth in Mobility and Government. Nevertheless, the trend in Fixed Data is reversing as SES Networks’ unique O3b fleet services continue to grow, albeit taking somewhat longer to implement than initially expected. Following the outright sale of assets to GEE in Q4 2016 and Q1 2017, Mobility is expected to grow in 2018 with the successful launches of SES-15 and SES-14 while the further adoption of MEO services by U.S. Department of Defense drove exciting growth in the Government business towards the end of the year. Fourth Quarter 2017 Highlights and Business Trends: SES Networks Q4 2017 revenue was 12.9% lower than Q4 2016 which included the first of two up-front revenue contributions from the GEE transaction related to AMC-3, with the second tranche recognised in Q1 2017. Underlying revenue development in the quarter, including the impact from the loss of AMC-9, was -0.9% compared with Q4 2016. This reflected the expansion of managed service agreements across Fixed Data, Mobility and Government. SES Networks grew by 7.4% from Q3 2017 to Q4 2017 at constant FX, showing growth in all three market verticals, and while some of this growth reflects seasonal trends, this positive revenue development quarter-on-quarter reflects the underlying growth now evident in the business. This is also reflected in the fact that the annualised value of new business signed and customer recommitting to renewals in Q4 2017 was double that of Q2 2017. In November 2017, SES Networks achieved an important milestone as the only satellite-enabled services provider to achieve Metro Ethernet Forum Carrier Ethernet (MEF CE) 2.0 Services Certification. The certification recognises SES Networks’ capability to deliver today's most advanced, high-performance and secure Ethernet services across its global footprint. Achieving MEF certification builds on SES Networks’ initiatives to transform the role of satellite-enabled services as a pillar of mainstream global connectivity for the benefit of customers which also included the important investment in O3b mPOWER. SES Networks also partnered with Alphabet’s Project Loon to restore 3G and 4G services in Puerto Rico following one of the worst hurricane seasons for many years. Fixed Data Fixed Data revenue in Q4 2017 was 8.4% lower compared with Q4 2016 due to the impact of satellite health issues related to the loss of AMC-9 and lowering of legacy wholesale capacity revenue across most International markets during 2016 and 2017. These near-term headwinds offset growth from new managed service contracts signed with clients from the Telecommunications and Mobile Network Operator sectors, notably across the MEO fleet. Fixed Data revenue in the Americas was stable year-on-year, while the start of a significant multi-year, multi-gigabit contract with ETECSA, the national postal, telegraph and telephone (PTT) operator in Cuba and a significant geostationary network for a major Mexican customer will both contribute to positive revenue development in 2018. Further positive developments include connectivity contracts signed with COMNET in Guatemala and the expansion of SES’s partnership with SpeedCast in Peru for the roll-out of additional Enterprise+ Broadband services. Lower GEO wholesale capacity revenue across Europe, Middle East and Africa (EMEA) following reduced pricing of bandwidth-only contracts when renewed, mostly during 2016 and early 2017, offset additional growth in new MEO managed services, such as the contract signed in October 2017 with CETel to provide a satellite-based network to expand connectivity to new areas across North and West Africa. There were very similar trends in Asia-Pacific to those noted above, with revenue stable year-on-year. During Q4 2017, SES Networks secured new contracts, including supporting the roll-out of Our Telekom’s first 4G/LTE network and high-speed broadband service in the Solomon Islands. Mobility Mobility revenue in Q4 2017 was -40.4% lower than Q4 2016 which included the first of two up-front revenue contributions from the GEE transaction related to AMC-3. Excluding this periodic item, underlying revenue in Mobility was stable. Underlying revenue from aeronautical contracts grew in the fourth quarter, compared with the prior year period, with the benefit of new contracts signed during 2017, including the revenue contribution from the agreement with Gogo for the entire capacity on AMC-4. The entry into commercial service of SES-15 in January 2018 and subsequent agreement with GEE for significant additional capacity will support increased run-rate revenue in this segment, with SES-14 (launched in January 2018) and SES-12 (expected to be launched in early Q2 2018) delivering additional growth capability towards the end of 2018. Higher revenue from services provided in cruise in Q4 2016 resulted in a slight year-on-year reduction in Maritime revenue for Q4 2017. This offset growth in 2017, which included the delivery of new services supporting Carnival Corporation’s MedallionNetTM and Dream Cruises’ enhanced on-board connectivity experience with additional demand underpinning a future growth trajectory. Government Government revenue in Q4 2017 (+5.5% year-on-year) was driven by a return to growth in underlying U.S. Government business, complemented by strong growth in Global Government. Q4 2017 revenue included EUR 1.4 million of periodic revenue, as compared with EUR 2.4 million in Q4 2016 relating to the accelerated revenue recognition associated with the two U.S. Government-funded hosted payloads which has now normalised. Substantial incremental adoption of MEO fleet capabilities by the U.S. Department of Defense was a key driver of a return to underlying growth in Q4 2017 versus Q4 2016. As at December 2017, SES GS was contracted to deliver nearly five gigabits per second of managed MEO O3b services, supporting various U.S. Government customers across 18 sites globally. In December 2017, SES GS was also awarded the Pathfinder 3 contract by the U.S. Government. In total, SES GS is now serving 50 clients across 15 U.S. Government agencies (2016: 44 clients across 13 agencies). Growth in U.S. Government revenue was complemented by strong year-on-year growth in Global Government, reflecting the positive contribution from new business in MEO, notably in Africa, as well as revenue recognised from GovSat’s (a public-private partnership between SES and the Luxembourg Government) long-term agreement to support NATO’s Allied Ground Surveillance (AGS) with an end-to-end service involving existing commercial satellite capacity and managed services. SES-16/GovSat-1 was successfully launched in January 2018. The Luxembourg Government has pre-committed an important amount of capacity on the satellite in support of its NATO commitments. The remaining capacity will be commercialised and made available to other governmental and institutional customers. At the end of 2017, SES Networks was supporting 58 global government clients, up from 49 clients a year ago. Other Revenue Other includes revenue not directly applicable to a particular vertical and returned to a normalised level of EUR 5.9 million in the full year 2017. This compared with EUR 54.0 million (like-for-like) in the prior year which included accelerated revenue related to a long-term contract amendment and other revenue not directly attributable to a vertical such as insurance proceeds and development revenue. Financial Outlook                       FY 2017 as reported   FY 2017   FY 2018   FY 2020 Average EUR/USD FX rate 1.1249 1.15 1.15 1.15 SES Video revenue EUR 1,383.0 million EUR 1,373.7 million EUR 1,300 - 1,320 million Over EUR 1,350 million SES Networks revenue EUR 646.1 million EUR 632.0 million EUR 660 - 690 million Over EUR 875 million Group EBITDA margin   65.1%   65.1%   64.0% to 64.5%   Over 65.0% Financial outlook assumes a EUR/USD exchange rate of 1.15, nominal launch schedule and satellite health status and includes the impact of IFRS accounting changes. Revenue development of SES Video in FY 2018 will continue to be impacted by the loss of AMC-9 (in June 2017) and non-renewals of legacy MX1 services. In addition, the implementation of IFRS 15 in 2018 is expected to lead to a revenue reduction of around EUR 15-20 million related to HD+, but without any cash impact. Thereafter, the business is expected to benefit from the ramp-up of capacity to support the acceleration of HD and UHD TV channels, growth of video distribution across International markets and the expansion of SES’s unique, global video services business. New business supported by the entry into service of new satellite capabilities across both SES’s GEO and MEO fleets over the course of 2018 will be a key driver of revenue development for SES Networks in 2018. Thereafter, the further commercialisation of these assets, complemented by an additional four MEO satellites in H1 2019, is expected to support sustained and profitable growth. Other revenue is expected to be around EUR 10 million per annum. SES is intensifying its focus on operational efficiency with the roll-out of a company-wide Fit-for-Growth programme and anticipates taking a EUR 10-12 million restructuring provision in Q1 2018 to fund planned measures. At the same time, SES Networks is continuing to build, resource and implement its unique and differentiated data solutions services. This will mean the new business will have a lower margin profile, but this is expected to be offset by positive operational leverage from revenue growth and further efficiencies. These factors are expected to impact the 2018 EBITDA margin, while supporting revenue growth and profitability in the longer term. Capital expenditure (CapEx) is expected to be EUR 460 million in 2018, before reducing to EUR 430 million in 2019 and EUR 380 million in 2020. In 2021, the launch of O3b mPOWER (the most flexible and scalable satellite-based network) and SES-17 (a Ka-band high-throughput satellite with significant commitment agreed with Thales to provide in-flight connectivity and entertainment over the Americas) contribute to CapEx of EUR 1,130 million, before returning to a more normalised level of EUR 550 million for 2022. For O3b mPOWER, SES has the right to acquire the satellites directly at the end of the construction period (assumed as the base case for SES’s CapEx guidance), or enter into a leasing agreement that would result in a deferred payment plan. Future satellite capacity and fleet update COMMITTED LAUNCH SCHEDULE               Satellite   Region   Application   Launch Date SES-10 Latin America Video, Fixed Data Launched (March 2017) EchoStar 105/SES-11 North America Video, Fixed Data Launched (October 2017) SES-12(1) Asia-Pacific Video, Fixed Data, Mobility Q2 2018 (from Q1 2018) SES-14(1) Latin America Video, Fixed Data, Mobility Launched (January 2018) SES-15 North America Fixed Data, Mobility, Government Launched (May 2017) SES-16/GovSat-1(2) Europe/MENA Government Launched (January 2018) O3b (satellites 13-16) Global Fixed Data, Mobility, Government Q1 2018 O3b (satellites 17-20) Global Fixed Data, Mobility, Government H1 2019 SES-17 Americas Fixed Data, Mobility, Government H1 2021 O3b mPOWER (satellites 1-7)   Global   Fixed Data, Mobility, Government   H1 2021 1) To be positioned using electric orbit raising (entry into service typically around six months after launch)2) Procured by GovSat SES successfully launched three new satellites in 2017, and another two already in 2018. These, along with other planned launches for 2018 and 2019 will bring additional, customer-specific capabilities that underpin SES’s future growth. On 30 March 2017, SES-10 was launched on board a SpaceX Falcon 9 rocket, becoming the first GEO satellite to launch on a flight-proven first-stage rocket booster, and entered into service in May 2017. On 18 May 2017, SES-15 was launched on a Soyuz rocket. This spacecraft is SES’s first hybrid satellite with wide-beam and high-throughput capacity serving in-flight connectivity and entertainment customers over North America. SES-15 also carries a Wide Area Augmentation System (WAAS) hosted payload for the U.S. Government. The satellite entered into service on 15 January 2018. In June 2017, AMC-9 (48 total transponders) was affected by a significant anomaly, which resulted in an impairment charge of EUR 38.4 million against the spacecraft in the 2017 financial statements and a revenue reduction of EUR 18 million compared with the prior year. In July 2017, SES determined that the available capacity on NSS-806 was reduced by 12 transponders due to an anomaly. In October 2017, EchoStar 105/SES-11 was launched using, for the second time, a flight-proven Falcon 9 rocket. EchoStar 105/SES-11 is a dual-mission satellite, providing SES with a C-band payload (SES-11) of 24 transponders owned and operated by SES to accelerate the development of HD and UHD channels in North America, and providing EchoStar with 24 Ku-band transponders (EchoStar 105). The satellite entered into service on 29 November 2017. In January 2018, SES-14 was launched on an Ariane 5 rocket. The spacecraft will serve Latin America, the Caribbean, North America and the North Atlantic region with C- and Ku-band wide beam coverage and Ku-band high throughput spot beam coverage. SES-14 also carries the Global Scale Observations of the Limb and Disk (GOLD) as a hosted payload for NASA. SES-16/GovSat-1 was successfully launched, in January 2018, on board a flight-proven SpaceX Falcon 9 rocket. GovSat-1 is the first satellite of GovSat, and is a multi-mission spacecraft to serve governmental and institutional customers over Europe, the Middle East and Africa, and provide extensive maritime coverage over the Mediterranean and Baltic seas, and the Atlantic and Indian oceans. The next four O3b satellites (satellites 13 to 16) are expected to be launched before the end of Q1 2018, followed by the launch of satellites 17 to 20 during the first half of 2019. The launch of the new satellites will augment SES’s current fleet of 12 O3b satellites which is already approaching peak capacity across a number of regions. SES-17, a Ka-band high throughput satellite with significant commitment agreed with Thales to provide in-flight connectivity and entertainment over the Americas, is expected to be launched in 2021. In 2021, SES also expects to launch seven super-powered, next generation MEO satellites as part of O3b mPOWER which will be the most powerful, flexible and scalable satellite-based system. The constellation will deliver unrivalled cloud-scale connectivity and managed services globally to meet the fast-growing needs of customers across dynamic fixed data, mobility and government markets, offering: Unique levels of flexibility with over 30,000 fully-shapeable and steerable beams that can be shifted and switched in real time, making O3b mPOWER the most bandwidth-efficient system; Unrivalled coverage of an area of nearly 400 million square kilometres, representing 80% of the Earth’s surface; Highest performance with the combination of multiple terabits of throughput and low latency which will be seamlessly integrated with SES’s existing GEO-MEO and terrestrial capabilities; and Improved economics with lower cost per bit and cheaper ground equipment, including small, fast and easy to install O3b mPOWER Customer Edge Terminals. FINANCIAL REVIEW Income Statement REVENUE, OPERATING EXPENSES AND EBITDA                   EUR million   2017   2016   Change   Change (%) Revenue 2,035.0 2,068.8 (33.8) -1.6% Revenue (like-for-like)(1) 2,035.0 2,147.6 (112.6) -5.2%           Operating expenses (710.8) (617.3) (93.5) -15.2% Operating expenses (like-for-like)(1) (710.8) (714.8) +4.0 +0.6%           EBITDA 1,324.2 1,451.5 (127.3) -8.8% EBITDA (like-for-like)(1)   1,324.2   1,432.8   (108.6)   -7.6% 1) At constant FX and assuming RR Media and O3b had been consolidated from 1 January 2016 Reported revenue, which included the full year contribution from RR Media (acquired in July 2016) and O3b (consolidated in August 2016), was 1.6% lower than the prior year. On a like-for-like basis (at constant FX and assuming RR Media and O3b were consolidated from 1 January 2016), group revenue decreased by EUR 112.6 million (or 5.2%) mainly due to higher periodic and “Other” revenue in 2016, the impact from the loss of AMC-9 in June 2017 and lower revenue in MX1 as a number of legacy services were not renewed. Adoption of IFRS 15 accounting changes in 2018 is expected to lead to a year-on-year revenue reduction of EUR 15-20 million in HD+, although there is no cash impact. 2017 revenue will not be restated. Operating expenses improved by 0.6% (like-for-like) compared with the prior year, as reductions in the group’s fixed cost base of EUR 6.0 million, or 1.4%, more than offset the additional cost of sales principally associated with the increase in managed services contracts. The increase in reported operating expenses reflects the full year impact from the consolidation of RR Media and O3b. Adoption of IFRS 16 accounting changes in 2018 is expected to lead to a small reduction in future operating expenses, with a corresponding increase in annual depreciation expense. Group EBITDA of EUR 1,324.2 million (down 8.8% as reported and 7.6% like-for-like), represented an EBITDA margin of 65.1% (2016: 70.2% as reported and 66.7% like-for-like). The reduction in like-for-like margin reflected the lower revenue base with costs kept flat. DEPRECIATION, AMORTISATION AND OPERATING PROFIT                   EUR million   2017   2016   Change   Change (%) Depreciation and impairment expense (635.0) (560.5) (74.5) -13.3% Amortisation expense (78.6) (70.7) (7.9) -11.1% Depreciation, impairment and amortisation (713.6) (631.2) (82.4) -13.1% Depreciation, impairment and amortisation (like-for-like)(1) (713.6) (719.3) +5.7 +0.8%           Operating profit(2) 610.6 820.3 (209.7) -25.6% Operating profit (like-for-like)(1,2)   610.6   713.5   (102.9)   -14.4% 1) At constant FX and assuming RR Media and O3b had been consolidated from 1 January 20162) Before gain on deemed disposal of equity interest of EUR 495.2 million in 2016 Reported depreciation, impairment and amortisation expense in 2017 included a full year impact of RR Media and O3b, as well as an impairment charge of EUR 38.4 million related to the loss of AMC-9. Like-for-like depreciation and amortisation (excluding the impairment charge) was 6.1% lower than the prior year reflecting lower depreciation on the MEO fleet and a net reduction in depreciation for the GEO fleet, which offset the additional depreciation from new capacity recently added. Group operating profit, excluding the reported gain on deemed disposal of equity interest of EUR 495.2 million which was recognised directly after the consolidation of O3b (August 2016) and consequently not repeated in 2017, represented an operating profit margin of 30.0%, or 31.9% excluding the impairment charge (2016: 39.7% as reported and 33.2% on a like-for-like basis). PROFIT ATTRIBUTABLE TO SES SHAREHOLDERS                   EUR million   2017   2016   Change   Change (%) Gain on deemed disposal of equity interest -- 495.2 (495.2) n/m           Net interest expense and other (189.2) (228.3) +39.1 +17.1% Capitalised interest 47.0 39.7 +7.3 +18.3% Net foreign exchange gains (1.1) 14.3 (15.4) n/m Net financing costs (143.3) (174.3) +31.0 +17.7% Profit before tax 467.3 1,141.2 (673.9) -59.1%           Income tax benefit/(expense) 130.6 (114.1) +244.7 n/m Profit after tax 597.9 1,027.1 (429.2) -41.8%           Share of associates’ results (net of tax) -- (62.4) +62.4 n/m Non-controlling interests (1.8) (2.0) +0.2 +7.3% Profit attributable to SES shareholders 596.1 962.7 (366.6) -38.1%           Coupon on hybrid (perpetual) bond, net of tax (47.3) (15.0) (32.4) n/m Adjusted profit attributable to SES shareholders 548.8 947.7 (399.0) -42.1% Earnings per A Class share   EUR 1.21   EUR 2.18         As highlighted above, the 2016 results included a reported gain on deemed disposal of equity interest (EUR 495.2 million) which was not repeated in 2017. Net financing costs were 17.7% lower than the prior year, as additional finance costs from the full year contribution of RR Media and O3b were more than offset by lower same scope net interest, higher capitalised interest and the effect of refinancing the entire O3b debt in the second half of 2016. As presented using IFRS recognition principles, net financing costs exclude interest payments for the EUR 1.3 billion of hybrid (perpetual) bonds issued during 2016 at an average coupon of 5.05%. The positive contribution from income tax resulted from the release of certain tax provisions, the recognition of a tax asset in relation to withholding tax and certain U.S. tax credits during the first nine months of 2017. Q4 2017 included the positive impact of changes in U.S. tax legislation which led to the recognition of a one-off non-cash gain of EUR 94.4 million from the reduction in deferred tax liabilities. Excluding these items, the group’s effective tax rate was 20.4% (2016: 10.0% as reported and 17.7% excluding the gain on deemed disposal of equity interest). As a result of the consolidation of O3b, the group’s share of associates’ results (net of tax) was nil, compared with a loss of EUR 62.4 million in the prior year. Non-controlling interests of EUR 1.8 million were slightly lower than the prior year. Consequently, net profit attributable to SES shareholders was EUR 596.1 million (2016: EUR 962.7 million) representing a decrease of 20.9% over the prior year, excluding the gain on deemed disposal of equity interest of EUR 495.2 million in 2016 and the non-recurring tax gains of EUR 226.0 million recognised in 2017 (2016: nil). Earnings per share was EUR 1.21 (2016: EUR 2.18) after deducting the coupon (net of tax) for the group’s hybrid (perpetual) bonds issued during 2016. Cash Flow and Financing FREE CASH FLOW BEFORE FINANCING ACTIVITIES                   EUR million   2017   2016   Change   Change (%) Net cash generated by operating activities 1,251.2 1,274.1 (22.9) -1.8% Net cash absorbed by investing activities (490.4) (619.5) +129.1 -20.8% Free cash flow before financing activities and acquisitions 760.8 654.6 +106.2 +16.2%           Acquisitions of RR Media and remaining O3b shares -- (762.2) +762.2 n/m Free cash flow before financing activities   760.8   (107.6)   +868.4   n/m Net cash generated by operating activities was in line with the prior year and represented a cash conversion ratio (measured as the ratio of net cash generated by operating activities to EBITDA) of 94.5% (2016: 87.8%). Lower net cash absorbed by investing activities resulted in an increase of EUR 106.2 million (or 16.2%) in free cash flow before financing activities and acquisitions compared with the prior year. Consequently, the ratio of free cash flow before financing activities and acquisitions to revenue increased from 31.6% in 2016 to 37.4% in 2017. NET DEBT TO EBITDA RATIO                   EUR million   31 December 2017   31 December 2016   Change   Change (%) Borrowings(1) 3,947.9 4,427.4 (479.5) -10.8% Cash and cash equivalents (269.6) (587.5) +317.9 +54.1% Net debt 3,678.3 3,839.9 (161.6) -4.2%           Net debt / EBITDA (rating agency)(2) 3.27 times 3.09 times     Weighted average interest cost(3) 3.66% 3.87%     Weighted average debt maturity   7.0 years   7.8 years         1) As presented using IFRS recognition principles, where hybrid (perpetual) bonds are treated as 100% equity2) Rating agency methodology treats the hybrid bonds as 50% debt and 50% equity. Net debt / EBITDA ratio, using IFRS recognition principles (treats the hybrid bonds as 100% equity), was 2.78 times at 31 December 2017 (31 December 2016: 2.65 times)3) Excluding loan origination costs, commitment fees and hybrid bonds (average coupon of 5.05%) Total borrowings were reduced by EUR 479.5 million, or 10.8%, due to the repayment of borrowings with existing cash, as well as the effect of the weaker U.S. dollar. This led to a net debt reduction of EUR 161.6 million. Consequently, the group’s net debt to EBITDA ratio was 3.27 times as at 31 December 2017, based on the treatment of SES’s hybrid (perpetual) bonds as 50% debt and 50% equity. In November 2017, S&P affirmed SES’s BBB rating and stable outlook and, in January 2017, Moody’s affirmed the group’s Baa2 rating and stable outlook. The Moody’s rating reflects a baseline credit assessment of Baa3 and the company’s recent designation, in Moody’s assessment, as a Government-Related Issuer. Dividend The Board of SES is proposing a dividend of EUR 0.80 for each Class A share and EUR 0.32 for each Class B share. This dividend, which is subject to approval at the company’s annual general meeting on 5 April 2018, will be paid to shareholders on 25 April 2018. This rebasing is appropriate for SES and will allow a strengthening of the balance sheet whilst supporting growth opportunities and enabling a progressive dividend in the future. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER           EUR million   2017   2016 Revenue 2,035.0 2,068.8       Cost of sales (273.9) (231.0) Staff costs (279.2) (233.1) Other operating expenses (157.7) (153.2) Operating expenses (710.8) (617.3) EBITDA(1) 1,324.2 1,451.5       Depreciation and impairment expense (635.0) (560.5) Amortisation expense (78.6) (70.7) Operating profit before gain on deemed disposal of equity interest 610.6 820.3       Gain on deemed disposal of equity interest -- 495.2 Operating profit 610.6 1,315.5       Finance income 1.1 22.8 Finance costs (144.4) (197.1) Net financing costs (143.3) (174.3) Profit before tax 467.3 1,141.2       Income tax benefit/(expense) 130.6 (114.1) Profit after tax 597.9 1,027.1       Share of associates’ results (net of tax) -- (62.4) Profit for the year 597.9 964.7       Non-controlling interests (1.8) (2.0) Profit attributable to owners of the parent 596.1 962.7       Earnings per share (in EUR)(2)     Class A shares 1.21 2.18 Class B shares   0.48   0.87 1) Earnings before interest, tax, depreciation, amortisation and share of associates’ result (net of tax)2) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER           EUR million   2017   2016 Property, plant and equipment 4,591.4 5,156.3 Assets in the course of construction 1,480.2 1,389.6 Intangible assets 4,630.9 5,247.7 Other financial assets 5.0 6.5 Trade and other receivables 317.8 356.1 Deferred customer contract costs 15.2 29.3 Deferred tax assets 70.4 70.5 Total non-current assets 11,110.9 12,256.0 Inventories 30.1 30.2 Trade and other receivables 648.2 694.1 Deferred customer contract costs 10.4 -- Prepayments 43.7 49.8 Derivatives 2.6 -- Income tax receivable 68.9 28.3 Cash and equivalents 269.6 587.5 Total current assets 1,073.5 1,389.9 Total assets 12,184.4 13,645.9 Equity attributable to the owners of the parent 5,987.9 6,806.5 Non-controlling interests 124.6 138.6 Total equity 6,112.5 6,945.1       Borrowings 3,413.8 4,223.1 Provisions 41.2 44.7 Deferred income 477.3 411.8 Deferred tax liabilities 438.5 664.2 Other long-term liabilities 76.1 53.7 Fixed assets suppliers 53.4 15.4 Total non-current liabilities 4,500.3 5,412.9 Borrowings 534.1 204.3 Provisions 12.7 86.7 Deferred income 443.2 510.5 Trade and other payables 385.6 398.3 Fixed assets suppliers 126.6 60.8 Derivatives 0.6 1.0 Income tax liabilities 68.8 26.3 Total current liabilities 1,571.6 1,287.9 Total liabilities 6,071.9 6,700.8       Total equity and liabilities   12,184.4   13,645.9 An amount of EUR 277.6 million as at 31 December 2016 representing non-current portion of unbilled accrued revenue has been reclassified from ‘trade and other receivables’ current to ‘trade and other receivables’ non-current CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER           EUR million   2017   2016 Profit before tax 467.3 1,141.2       Taxes paid during the year (58.4) (90.2) Interest expense 111.0 142.3 Loan repayment fees -- 21.6 Depreciation, impairment and amortisation expense 713.6 631.2 Amortisation of client upfront payments (70.8) (71.4) Gain on deemed disposal of equity interest -- (495.2) Other non-cash items in consolidated income statement 34.3 18.6 Consolidated operating profit before working capital changes 1,197.0 1,298.1 Changes in working capital 54.2 (24.0) Net operating cash flow 1,251.2 1,274.1 Payments for purchases of intangible assets (35.1) (42.6) Payments for purchases of tangible assets (446.1) (577.4) Payments for acquisition of subsidiary, net of cash acquired -- (725.5) Proceeds from disposal of tangible assets 1.1 -- Net investment in equity-accounted investments (8.7) (36.7) Other investing activities (1.6) 0.5 Cash flow from investing activities (490.4) (1,381.7) Free cash flow before financing activities 760.8 (107.6) Proceeds from borrowings 34.5 275.5 Repayment of borrowings (287.5) (1,582.4) Proceeds from perpetual bond, net of transaction costs (2.1) 1,274.7 Coupon paid on perpetual bond (24.7) -- Interest paid (158.3) (188.5) Dividends paid on ordinary shares, net of dividends received on treasury shares (608.3) (527.5) Dividends paid to non-controlling interests (7.2) (7.2) Equity contribution by non-controlling interests 1.9 12.5 Issue of shares, net of the contribution in kind -- 882.2 Payments for acquisition of treasury shares (51.3) (197.6) Proceeds from treasury shares sold and exercise of stock options 40.5 100.8 Other financing activities -- 2.6 Cash flow from financing activities (1,062.5) 45.1 Free cash flow after financing activities (301.7) (62.5) Net foreign exchange movements (16.2) 10.3 Cash and equivalents at beginning of the year 587.5 639.7 Net increase/(decrease) in cash and equivalents (317.9) (52.2) Cash and equivalents at end of the year   269.6   587.5 Supplementary information: U.S. DOLLAR EXCHANGE RATE                           2017 average   2017 closing       2016 average   2016 closing EUR 1 = U.S. dollars   1.1249   1.1993       1.1060   1.0541 QUARTERLY INCOME STATEMENT (AS REPORTED)                       In EUR million   Q4 2016   Q1 2017   Q2 2017   Q3 2017   Q4 2017 Average U.S. dollar exchange rate 1.0914 1.0631 1.0947 1.1655 1.1764             Revenue 578.7 540.6 508.1 478.5 507.8 Operating expenses (188.1) (183.0) (178.6) (171.0) (178.2) EBITDA 390.6 357.6 329.5 307.5 329.6 EBITDA margin 67.5% 66.2% 64.8% 64.3% 64.9%             Depreciation and impairment (159.3) (151.5) (190.5)(1) (146.0) (147.0) Amortisation (21.4) (19.4) (19.7) (19.1) (20.4) Operating profit 209.9 186.7 119.3 142.4 162.2 Operating profit margin 36.3% 34.5% 23.5% 29.8% 31.9%             Net financing costs (38.9) (29.7) (38.9) (33.6) (41.1) Profit before tax 171.0 157.0 80.4 108.8 121.1             Income tax (30.2) (27.7) 67.8 9.4 81.1             Non-controlling interests (2.2) (0.9) (1.1) 0.8 (0.6) Profit attributable to owners of the parent 138.6 128.4 147.1 119.0 201.6             Earnings per share (in EUR)(2)           Class A shares 0.27 0.26 0.30 0.23 0.42 Class B shares   0.10   0.10   0.12   0.09   0.17 1) Includes EUR 38.4 million of impairment charge related to the loss of AMC-92) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share QUARTERLY OPERATING PROFIT (AT CONSTANT FX)                       In EUR million   Q4 2016   Q1 2017   Q2 2017   Q3 2017   Q4 2017 Average U.S. dollar exchange rate 1.1764 1.1764 1.1764 1.1764 1.1764             Revenue 555.9 512.2 490.2 476.1 507.8 Operating expenses (180.3) (172.3) (171.0) (170.0) (178.2) EBITDA 375.6 339.9 319.2 306.1 329.6 EBITDA margin 67.6% 66.4% 65.1% 64.3% 64.9%             Depreciation and impairment (151.3) (141.5) (180.6)(1) (145.0) (147.0) Amortisation (21.0) (18.9) (19.4) (19.0) (20.4) Operating profit 203.3 179.5 119.2 142.1 162.2 Operating profit margin   36.6%   35.0%   24.3%   29.8%   31.9% 1) Includes EUR 38.4 million of impairment charge related to the loss of AMC-9 QUARTERLY REVENUE BY VERTICAL (REPORTED)                                                   In EUR million   Q1 2015   Q2 2015   Q3 2015   Q4 2015   Q1 2016   Q2 2016   Q3 2016   Q4 2016   Q1 2017   Q2 2017   Q3 2017   Q4 2017 Average USD exchange rate 1.1562 1.0981 1.1124 1.0933 1.0898 1.1314 1.1116 1.0914 1.0631 1.0947 1.1655 1.1764 Video Distribution 275.0 287.1 279.0 284.6 285.0 269.6 275.6 277.6 271.7 265.8 254.4 261.9 - Underlying 270.1 276.9 274.8 280.0 275.9 268.6 268.1 276.1 268.2 262.8 254.0 259.0 - Periodic 4.9 10.2 4.2 4.6 9.1 1.0 7.5 1.5 3.5 3.0 0.4 2.9 Video Services 48.5 49.9 49.7 61.8 53.4 55.6 80.8 94.0 81.7 80.5 77.4 89.6 - Underlying 48.5 49.9 49.7 59.6 50.8 52.2 80.8 94.0 81.7 80.5 77.4 89.6 - Periodic -- -- -- 2.2 2.6 3.4 -- -- -- -- -- -- Total Video 323.5 337.0 328.7 346.4 338.4 325.2 356.4 371.6 353.4 346.3 331.8 351.5 - Underlying 318.6 326.8 324.5 339.6 326.7 320.8 348.9 370.1 349.9 343.3 331.4 348.6 - Periodic 4.9 10.2 4.2 6.8 11.7 4.4 7.5 1.5 3.5 3.0 0.4 2.9                           Fixed Data 72.3 71.1 72.6 73.9 59.8 57.5 64.2 70.3 71.6 68.0 54.9 60.3 - Underlying 72.3 71.1 72.6 73.9 59.8 57.5 61.1 70.3 67.6 63.0 54.9 60.3 - Periodic -- -- -- -- -- -- 3.1 -- 4.0 5.0 -- -- Mobility 14.2 15.6 21.3 17.3 22.3 22.2 32.4 56.8 50.6 33.2 30.6 31.0 - Underlying 14.2 15.6 16.2 17.3 22.3 22.2 30.3 33.4 33.0 33.2 30.6 31.0 - Periodic -- -- 5.1 -- -- -- 2.1 23.4 17.6 -- -- -- Government 60.9 72.4 63.2 61.3 56.8 56.1 63.7 65.2 59.5 60.6 61.0 64.8 - Underlying 56.8 60.2 59.3 59.3 54.3 52.3 62.3 62.8 58.9 56.2 54.5 63.4 - Periodic 4.1 12.2 3.9 2.0 2.5 3.8 1.4 2.4 0.6 4.4 6.5 1.4 Total Networks 147.4 159.1 157.1 152.5 138.9 135.8 160.3 192.3 181.7 161.8 146.5 156.1 - Underlying 143.3 146.9 148.1 150.5 136.4 132.0 153.7 166.5 159.5 152.4 140.0 154.7 - Periodic 4.1 12.2 9.0 2.0 2.5 3.8 6.6 25.8 22.2 9.4 6.5 1.4                           Sub-total 470.9 496.1 485.8 498.9 477.3 461.0 516.7 563.9 535.1 508.1 478.3 507.6                           Other 6.9 25.2 7.7 23.0 4.3 14.2 16.6 14.8 5.5 0.0 0.2 0.2                           Group total   477.8   521.3   493.5   521.9   481.6   475.2   533.3   578.7   540.6   508.1   478.5   507.8 QUARTERLY REVENUE BY VERTICAL (LIKE-FOR-LIKE AND AT CONSTANT FX)                                                   In EUR million   Q1 2015   Q2 2015   Q3 2015   Q4 2015   Q1 2016   Q2 2016   Q3 2016   Q4 2016   Q1 2017   Q2 2017   Q3 2017   Q4 2017 Video Distribution 282.7 286.9 274.1 276.5 286.8 271.4 271.1 270.2 271.7 265.8 254.4 261.9 - Underlying 277.6 276.6 270.2 272.1 275.7 268.9 263.8 268.7 268.2 262.8 254.0 259.0 - Periodic 5.1 10.3 3.9 4.4 11.1 2.5 7.3 1.5 3.5 3.0 0.4 2.9 Video Services 73.4 76.3 78.3 91.2 82.1 81.8 79.6 92.0 81.7 80.5 77.4 89.6 - Underlying 73.4 76.3 78.3 88.9 79.6 78.4 79.6 92.0 81.7 80.5 77.4 89.6 - Periodic -- -- -- 2.3 2.5 3.4 -- -- -- -- -- -- Total Video 356.1 363.2 352.4 367.7 368.9 353.2 350.7 362.2 353.4 346.3 331.8 351.5 - Underlying 351.0 352.9 348.5 361.0 355.3 347.3 343.4 360.7 349.9 343.3 331.4 348.6 - Periodic 5.1 10.3 3.9 6.7 13.6 5.9 7.3 1.5 3.5 3.0 0.4 2.9                           Fixed Data 81.2 76.3 78.0 79.0 71.2 68.9 65.2 65.8 71.6 68.0 54.9 60.3 - Underlying 81.2 76.3 78.0 79.0 71.2 68.9 62.2 65.8 67.6 63.0 54.9 60.3 - Periodic -- -- -- -- -- -- 3.0 -- 4.0 5.0 -- -- Mobility 21.1 22.6 28.0 24.4 30.9 30.2 32.4 52.1 50.6 33.2 30.6 31.0 - Underlying 21.1 22.6 23.0 24.4 30.9 30.2 30.3 31.1 33.0 33.2 30.6 31.0 - Periodic -- -- 5.0 -- -- -- 2.1 21.0 17.6 -- -- -- Government 65.0 73.3 62.0 59.1 58.0 60.1 62.4 61.4 59.5 60.6 61.0 64.8 - Underlying 60.6 61.2 58.2 57.2 55.4 56.3 61.1 59.2 58.9 56.2 54.5 63.4 - Periodic 4.4 12.1 3.8 1.9 2.6 3.8 1.3 2.2 0.6 4.4 6.5 1.4 Total Networks 167.3 172.2 168.0 162.5 160.1 159.2 160.0 179.3 181.7 161.8 146.5 156.1 - Underlying 162.9 160.1 159.2 160.6 157.5 155.4 153.6 156.1 159.5 152.4 140.0 154.7 - Periodic 4.4 12.1 8.8 1.9 2.6 3.8 6.4 23.2 22.2 9.4 6.5 1.4                           Sub-total 523.4 535.4 520.4 530.2 529.0 512.4 510.7 541.5 535.1 508.1 478.3 507.6                           Other 6.9 25.1 7.5 22.0 6.1 16.7 16.8 14.4 5.5 0.0 0.2 0.2                           Group total   530.3   560.5   527.9   552.2   535.1   529.1   527.5   555.9   540.6   508.1   478.5   507.8 Presentation of Results: A presentation of the results for investors and analysts will be hosted at 9.30 CET on 23 February 2018, and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows: Belgium +32 (0)2 404 0659France +33 (0)1 76 77 22 74Germany +49 (0)89 20303 5709Luxembourg +352 2786 1336U.K. +44 (0)330 336 9105U.S.A. +1 323 794 2551 Confirmation code: 2032980 Webcast registration: https://edge.media-server.com/m6/p/2c5sbgvi The presentation will be available for download from the Investors section of the SES website (www.ses.com), and a replay will be available for two weeks from the Investors section of the SES website. About SES SES is the world-leading satellite operator and the first to deliver a differentiated and scalable GEO-MEO offering worldwide, with more than 50 satellites in Geostationary Earth Orbit (GEO) and 12 in Medium Earth Orbit (MEO). SES focuses on value-added, end-to-end solutions in two key business units: SES Video and SES Networks. The company provides satellite communications services to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions. SES’s portfolio includes ASTRA, O3b and MX1, a leading media service provider that offers a full suite of innovative digital video and media services. SES is listed on the Euronext Paris and Luxembourg Stock Exchange (ticker: SESG). Further information available at: www.ses.com Disclaimer This presentation does not, in any jurisdiction, and in particular not in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies and the environment in which SES will operate in the future and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. SES and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. View source version on businesswire.com: http://www.businesswire.com/news/home/20180222006522/en/ Contacts For further information please contact:SES S.A.Richard Whiteing, +352 710 725 261Investor RelationsRichard.Whiteing@ses.comorMarkus Payer, +352 710 725 500Corporate CommunicationsMarkus.Payer@ses.comFollow us on:Social MediaBlogMedia GalleryWhite Papers Source: SES S.A. Smart Multimedia Gallery Photo Full Year and Fourth Quarter 2017 Results (Photo: Business Wire) Logo View this news release and multimedia online at: http://www.businesswire.com/news/home/20180222006522/en

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Leading Real Estate Companies of the World President/CEO Pam O’Connor, WRRE Luxury Properties Marketing Managers Marisa Omiatacz and Leah Portale, WRRE Co-Presidents Ryan Raveis and Chris Raveis, WRRE Luxury Properties Executive Director Jamie Zdru, Luxury Portfolio International President Paul Boomsma (PRNewsfoto/William Raveis Real Estate, Mor)
SHELTON, Conn., Feb. 22, 2018 /PRNewswire/ -- William Raveis Real Estate, Mortgage & Insurance (WRRE) received Luxury Portfolio International's® Top Luxury Brokerage Award for overall engagement in Luxury Portfolio; embracement of tools, meetings, events, advertising and brand usage; and outstanding marketing strategy in the discerning market of affluent buyers and sellers. WRRE, which is led by Chairman/Chief Executive Officer Bill Raveis and his sons Chris Raveis and Ryan Raveis as co-presidents, was recognized among 565 brokerages across 65 countries.
NEW YORK--(BUSINESS WIRE)-- Trump International Hotel Washington, D.C. announces today that it has been awarded the 2018 Forbes Five-Star recognition, making it the first hotel to
NEWARK, Del.--(BUSINESS WIRE)-- College-bound students in the process of choosing a future alma mater have a lot to consider — academics, location, campus culture, and, of course,
Construction Begins for SEVEN04 PLACE, a New Community That Will Bring High-Quality, Affordable Housing to Milwaukee
Feb. 22, 2018 21:18 UTC $12.2 million development will offer 60 new homes with on-site supportive services for military veterans and working families UnitedHealthcare is the largest investor, providing $6.3 million in equity as part of an initiative to connect people in need to housing and support services to help them live healthier lives MILWAUKEE--(BUSINESS WIRE)-- Community leaders, local residents and development partners came together today to celebrate the start of construction for SEVEN04 PLACE, a new 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180222006512/en/ Community leaders and development partners don hard hats and shovels for a groundbreaking ceremony celebrating the start of construction for SEVEN04 PLACE, a new 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee. L to R: Maria Prioletta, City of Milwaukee; Ryan Thacker, Arc Int Architecture; City of Milwaukee Alderman José G. Pérez (District 12); Brandon Rule, Rule Enterprises; Wisconsin District 4 U.S. Rep. Gwen Moore; Chris Laurent, President, Building Blocks-Cinnaire; Kristine Giornalista, Vice President of Real Estate Development, Impact Seven; Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin; Brian Schimming, Deputy Executive Director, WHEDA; and Dale Darrow, U.S. Department of Housing and Urban Development (Photo courtesy of Impact Seven). Developed by Impact Seven and Rule Enterprises, SEVEN04 PLACE will feature one-, two- and three-bedroom apartments, including 46 units of affordable housing for individuals and working families. Fourteen units will be dedicated to permanent supportive housing for military veterans and other adults who have struggled with barriers to housing stability. “Today marks another important step in the revitalization of Walker’s Point and our community’s efforts to bring quality, affordable housing for working families and people in need in Milwaukee,” said Brandon Rule, CEO of Rule Enterprises. Kristine Giornalista, Impact Seven vice president of real estate development, said, “SEVEN04 PLACE will be a model community that will reflect the diverse socioeconomic makeup of the neighborhood and create a long-term affordable-housing option that includes support services to help residents succeed.” During the groundbreaking event, UnitedHealthcare – the largest investor in the new development – announced it is providing $6.3 million in equity through a Low-Income Housing Tax Credit (LIHTC) partnership with Cinnaire and Minnesota Equity Fund. “UnitedHealthcare’s investment in SEVEN04 PLACE is part of a company initiative to help people live healthier lives by connecting quality and affordable housing to better health,” said Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin. “We are grateful for the opportunity to work together to help expand housing opportunities for veterans and working families in Milwaukee.” UnitedHealthcare employs 8,900 people in Wisconsin and serves the health care needs of more than 1.6 million people statewide. UnitedHealthcare has partnered with Cinnaire and MEF to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes Region, providing nearly 670 new, affordable homes with support services for individuals and families. This includes a $5.3 million investment in The Flats at Grandview Commons, currently under construction in Madison. The Wisconsin Housing and Economic Development Authority (WHEDA) allocated tax credits for 49 of the 60 units and is providing $3.2 million in loans and mortgage financing for the entire development. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago; Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding. Impact Seven and Rule Enterprises is providing $450,000 in deferred development fees. “Thanks to SEVEN04 PLACE, 49 families living in affordable housing will be able to make independent spending choices,” said WHEDA executive director Wyman Winston. “These 49 families will save a total of nearly $300,000 per year. They will no longer have to make tough decisions about whether they can put food on the table or shoes on their babies.” Impact Seven will manage SEVEN04 PLACE, which will feature on-site amenities such as a multipurpose community lounge, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and a washer and dryer in each unit. The new community will be accessible to public transportation, located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee. “This groundbreaking represents what can happen when our community comes together,” said Milwaukee District 12 Alderman José G. Pérez. “We are laying the groundwork for something great here in Walker’s Point, where individuals and families can live together and thrive in affordable, quality houses that will benefit our region for years to come.” The Milwaukee County Housing Division (MCHD) and Center for Veterans Issues (CVI) will refer individuals and families in need of affordable housing, manage on-site support services and help connect resident veterans to community-based services. This includes access to existing programs administered through the agencies and providing case management for health care, rehabilitation, job training, education and social services. “This is an important moment for our community. We have worked together to bring new, quality homes for working families and to help our veterans who have struggled with homelessness to have the support and services they need to succeed,” said U.S. Congresswoman Gwen Moore, who helped lead the groundbreaking ceremony. “With the support of so many partners, SEVEN04 PLACE will be a model for how we can support our residents as they build a brighter future for themselves and their families in Milwaukee.” Impact Seven is one of the largest nonprofit developers of affordable housing in Wisconsin, having developed over 2,000 rental housing units since 1980. Rule Enterprises is led by Brandon Rule, who grew up in nearby Clarke Square and is a graduate of the Associates in Commercial Real Estate (ACRE) Program, an industry-supported initiative that recruits and retains people of color for careers in commercial real estate. The goal of ACRE is to expand minority representation in the commercial real estate fields of development, property management, and construction management. “Cinnaire continues to be a steadfast supporter of the ACRE Program and its role in connecting talented and motivated students like Brandon with Milwaukee development opportunities,” said Mark McDaniel, President & CEO of Cinnaire. “Partnerships with Impact Seven and other developers have been critical to the success of communities like SEVEN04 PLACE. The ACRE Program is an industry-supported initiative that recruits and retains people of color for careers in commercial real estate.” Arc-Int Architecture is the architect for SEVEN04 PLACE, and the construction contractor is Catalyst Construction. The development, expected to open in early 2019, is designed to meet Wisconsin Green Built Home certification standards, including measures for high energy efficiency. SEVEN04 PLACE will replace a vacant warehouse and will be built in a part of Walker’s Point that is one of the most active development zones in Milwaukee. Click here to subscribe to Mobile Alerts for UnitedHealth Group. View source version on businesswire.com: http://www.businesswire.com/news/home/20180222006512/en/ Contacts Impact Seven, Inc.Kristine Giornalista, 608-514-2108orRule EnterprisesBrandon Rule, 414-810-2139orWHEDAKevin Fischer, 414-227-2295orCinnaireCorinne Hyzny, 302-300-4247orUnitedHealthcareLynne High, 952-979-5861 Source: UnitedHealthcare Smart Multimedia Gallery Photo Community leaders and development partners don hard hats and shovels for a groundbreaking ceremony celebrating the start of construction for SEVEN04 PLACE, a new 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee. L to R: Maria Prioletta, City of Milwaukee; Ryan Thacker, Arc Int Architecture; City of Milwaukee Alderman José G. Pérez (District 12); Brandon Rule, Rule Enterprises; Wisconsin District 4 U.S. Rep. Gwen Moore; Chris Laurent, President, Building Blocks-Cinnaire; Kristine Giornalista, Vice President of Real Estate Development, Impact Seven; Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin; Brian Schimming, Deputy Executive Director, WHEDA; and Dale Darrow, U.S. Department of Housing and Urban Development (Photo courtesy of Impact Seven). Video B-Roll video of groundbreaking tour (Video: Kevin Herglotz). Photo Rendering of SEVEN04 PLACE, a 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee (Photo courtesy of Impact Seven). View this news release and multimedia online at: http://www.businesswire.com/news/home/20180222006512/en
Finance Attitude - 4 Basic Guidelines Useful in Trading Binary Options
/Lydia Wanjiru/ -- A binary option is a financial option that is considered to be an asset-or-nothing option, because the payoff is either you get a fixed amount of compensation or nothing at all when the option expires. It is also referred to as all-or-nothing or fixed-return options (FROs) and provides access to commodities and foreign exchange, indices, and stocks. Binary options are based on a Yes or a No proposition about whether an underlying asset will be above or below a certain price at a certain time. If the trader believes that the asset price will be below a certain price, he sells the option and if he believes it will be above a certain price he buys the option.  
Finance Attitude - 5 Key Variables to Consider Before Selecting the Stocks to Buy
/Lydia Wanjiru/ -- How do you identify the best and the most suitable stocks to buy? Majority of investors buy stocks based on a few things that they can understand such as the price of the stock. A group of other investors tend to invest based on a given emotional attachment to the company like them or their close relative is a client or an employee of that company. However, there are more variables that you should take into account before committing your money in a particular stock.  
5 Ways to Invest in Stocks with Little Money
/Lydia Wanjiru/ -- Stock investments are a lucrative opportunity that anyone can venture into even with little money. Investors looking for cheap stocks to buy today can consider buying these 5 stocks: 1.    Buy a mutual fund A mutual fund is an investment platform that is funded by the shareholders that trades in diversified holdings usually run by an asset management company. A mutual fund pools money from various investors to purchase securities such as stocks, bonds and more. Shares of a mutual fund are bought and sold by a fund family like the Fidelity, Vanguard or Charles Schwab. Buy a mutual fund with the lowest possible fees.  
Finance Attitude - 4 Steps to Become a Successful Forex Trader for Dummies
4 Steps to Become a Successful Forex Trader (for dummies)
/Lydia Wanjiru/ -- To become a successful forex trader, you need to learn, practice and set a clear plan for the trade. Getting into the forex business is easy and you can follow a few simple steps. You need to learn how to mitigate losses while maximizing profits which you can achieve by identifying good trade setups that have a positive risk and reward set up. Here are 4 steps you can follow to become a successful forex trader: Step 1: Research and open an online forex brokerage Research on different forex brokerage accounts available in the market that is regulated by an oversight body. Visit their website, ensure that it has active links and read reviews about them. Find out the transactions cost per trade. Request for information about opening an account with them, you can choose either a personal or a managed account.  A personal account enables you to execute your own trades and the broker will execute trades for you in a managed account. Step 2: Use a Demo Account The next step is to open a demo account that acts as a trading account with monopoly money in it which is connected to the live market. You can place trades just like in trading in a live account and have true losses and gains represented in real time. You should be able to trade profitably on your paper trading or demo account. You need to do a lot of practice before you commit your real cash to this trade. Using a demo account, you can practice the trade until you are contented. This is quite helpful because it gives the feel of the trading platform and you get well acquainted/versed with its features. However, do not overtrade on a demo account, switch to a live trading account as soon as you are ready. Step 3: Learn and practice FX trading before going live Another important aspect of forex trading is learning the forex trading terminologies. You can read material and watch webinars to understand forex trading better. Get advice from a forex trainer. You will need to develop unique trading style and strategies as a trader. Developing such strategies takes time and efforts and is a trial and error process. You can choose to become a swing trader, a positional trader etc. Set stop-loss order for every trade. Set a margin of about 2% per single trade. Never place a trade in a bid to compensate a previously incurred loss. Trade at the moment that you feel its right and never fear losses, every trader has them. Step 4: Get the trading capital and start trading Forex trading doesn’t necessarily require a lot of minimum capital to trade. The forex trader should seek to trade on margin. On average a forex broker requires at least $300 to open an account and to begin trading. A general rule of the thumb is to have at $1,000-$2,000 to open a mini account. It helps the trader to have a bit of buffer in case of losses. The idea is to avoid risking the entire amount but rather have just a higher cushion so that you can remain as a trader for longer. It is difficult to know when you are fully ready to switch to live trading. The process should take about a month after you gather a good understanding of the market and the risks involved in forex trade. You need to analyze the market and then determine your margin. You can then place your order, for example, a market order, a limit order or a stop order. It takes time effort and passion to become successful in forex trading. Keep on keeping on until you all master the tricks of the trade.
Finance Attitude - Technical Analysis BTC (2018-02-19)
BTC is now following the upward trend after rejecting the long-term upward trendline. We can also see a downward trendline from the chart which is very important for changing the direction. If the price breaks the trend line and goes for a retrenchment, then we will be able to know that whether the price will continue uptrend or not. Besides, from the H4 chart, the price is on a resistance level. Now we need to wait if it breaks the resistance and go up or gets a rejection and go down. We should wait for the confirmation.  
WILDWOOD, Fla., Feb. 13, 2018 (GLOBE NEWSWIRE) -- OTC PR WIRE -- eFUEL EFN Corp. (OTC:EFLN) releases today the following letter to shareholders:
Finance Attitude - Technical Analysis BITCOIN (BTCUSD) 2018-02-09
In the H4, chart of BTC we can see that downward trend is continuing for a long time. Moreover, It is following a strong trend line as well. Previously, we saw price rejected from this area and got down from here. Now price is again near to the trend line as well as near to making another lower high. So, from here there is a massive chance for the price to go down. It’s better to wait for some time so that price can go up near to the trend line and if we find any candlestick conformation there; we can hope the price will go down.  
Acute Angle Cloud Live at Huobi’s YouTube Channel
Hong Kong, Feb. 21, 2018 (GLOBE NEWSWIRE) -- On February the 12th, Huobi Pro introduced their new brand for digital asset exchange – HADAX. On that day, the first period for submission by voting of tokens to the platform officially started and Acute Angle Cloud (AAC) is included in the 75 projects. Results of the vote will be released on February 28. From February 20 to 28, Huobi will host a series live broadcasts to allow their community to know more about some of their outstanding projects.As one of the leading Bitcoin trading platforms in the world, Huobi is committed to providing investors with professional, secure and trustworthy digital currency trading services, and they have won the trust and support of a large majority of online investors. With the creation of HADAX, users decide how much they believe in a project and vote accordingly using HT, thus providing an opportunity for new projects to understand the users perception. It also creates an entirely new digital asset trading ecosystem. On February 20, Huobi held the first round of broadcasts. Due to AAC’s consistent backing from their user base and being one of the projects leading the poll, they were invited to be one of the 3 guests on the first round of broadcasts. Acute Angle Cloud is a globally distributed IaaS platform. It is based on the Acute Angle PC, Acute Angle Chain and IPFS. Its biggest differentiator is the fact that the cloud is created not in a traditionally centralized way, but by having users share idle resources such as bandwidth, CPU and hard drive storage space. This achieves a truly decentralized cloud that has an added value to users.On February 20, Acute Angle Cloud’s CEO, Michael Lin, and CTO, He Zhi, joined the Huobi team online for both of their live YiZhiBo and YouTube broadcasts. Acute Angle Cloud will be joining them again on February 26, in Singapore for a face-to-face conversation, that will also be broadcast on YouTube. This time Acute Angle Cloud’s founder, Victor Gao and International Operations Director, Charles Rego, will be on set to introduce their project in detail. For more information, please go onto their website: https://www.acuteangle.com/.Photos accompanying this announcement are available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/4fc1fc43-8c88-42fa-9d44-6f91ae75dedd http://www.globenewswire.com/NewsRoom/AttachmentNg/f04ced1b-2910-455f-a465-5fa99f5ce9a5CONTACT: Charles Rego charles@acuteangle.com