{"id":13556,"date":"2026-02-18T00:00:00","date_gmt":"2026-02-18T05:00:00","guid":{"rendered":"https:\/\/orroyalties.com\/redevances-or-publie-des-resultats-financiers-records-pour-lexercice-2025-et-fournit-ses-perspectives-de-livraisons-donces-dequivalent-dor-pour-2026-et-ses-nouvell\/"},"modified":"2026-02-18T00:00:00","modified_gmt":"2026-02-18T05:00:00","slug":"redevances-or-publie-des-resultats-financiers-records-pour-lexercice-2025-et-fournit-ses-perspectives-de-livraisons-donces-dequivalent-dor-pour-2026-et-ses-nouvell","status":"publish","type":"post","link":"https:\/\/orroyalties.com\/fr\/redevances-or-publie-des-resultats-financiers-records-pour-lexercice-2025-et-fournit-ses-perspectives-de-livraisons-donces-dequivalent-dor-pour-2026-et-ses-nouvell\/","title":{"rendered":"Redevances OR publie des r\u00e9sultats financiers records pour l\u2019exercice 2025, et fournit ses perspectives de livraisons d\u2019onces d\u2019\u00e9quivalent d\u2019or pour 2026 et ses nouvelles pr\u00e9visions sur cinq ans"},"content":{"rendered":"<div class=\"wrap-pdf\">\n<div class=\"icon-pdf\">&nbsp;<\/div>\n<div class=\"pdf-box\">        <a href=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/c6849987-2288-4c20-8d5c-ef2d63437600\" target=\"_blank\" rel=\"noopener\"> T\u00e9l\u00e9chargez en pdf<\/a>    <\/div>\n<\/div>\n<p><\/br><\/p>\n<p><em>Produits annuels records de 277,4 millions de dollars et flux de tr\u00e9sorerie records li\u00e9s aux activit\u00e9s d&rsquo;exploitation de 245,6 millions de dollars<\/em><\/p>\n<p align=\"justify\">MONTR&#201;AL,  18 f&#233;vr. 2026  (GLOBE NEWSWIRE) &#8212; Redevances OR Inc. (\u00ab <strong>Redevances OR<\/strong>\u00a0\u00bb ou la \u00ab\u00a0<strong>Soci\u00e9t\u00e9<\/strong>\u00a0\u00bb) (TSX et NYSE\u00a0:\u00a0OR) a le plaisir d\u2019annoncer ses r\u00e9sultats financiers consolid\u00e9s pour l\u2019exercice 2025. Les montants qui sont pr\u00e9sent\u00e9s sont en dollars am\u00e9ricains, sauf indication contraire.<\/p>\n<p><strong>Faits saillants financiers de 2025<\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">80 775 onces d\u2019\u00e9quivalent d\u2019or (\u00ab\u00a0OEO<sup>1<\/sup> \u00bb) gagn\u00e9es (80 740 OEO en 2024);<\/li>\n<li style=\"text-align:justify\">Produits records provenant des redevances et des flux de 277,4 millions de dollars (191,2 millions de dollars en 2024);<\/li>\n<li style=\"text-align:justify\">Flux de tr\u00e9sorerie records g\u00e9n\u00e9r\u00e9s par les activit\u00e9s d\u2019exploitation de 245,6 millions de dollars (159,9 millions de dollars en 2024);<\/li>\n<li style=\"text-align:justify\">Marge mon\u00e9taire<sup>2<\/sup> record de 268,3 millions de dollars ou 96,7 % (184,4 millions de dollars ou 96,5 % en 2024);<\/li>\n<li style=\"text-align:justify\">B\u00e9n\u00e9fice net record de 206,1 millions de dollars, ou 1,10 $ par action de base (16,3 millions de dollars, ou 0,09 $ par action de base en 2024);<\/li>\n<li style=\"text-align:justify\">B\u00e9n\u00e9fice ajust\u00e9<sup>3<\/sup> record de 165,5\u00a0millions de dollars, ou 0,88 $ par action de base (97,3\u00a0millions de dollars, ou 0,52 $ par action de base en 2024);<\/li>\n<li style=\"text-align:justify\">Aucune dette suite au remboursement int\u00e9gral de la facilit\u00e9 de cr\u00e9dit renouvelable (remboursements de 94,9 millions de dollars en 2025);<\/li>\n<li style=\"text-align:justify\">Acquisition, en vue d&rsquo;annulation, dans le cadre de l&rsquo;offre publique de rachat dans le cours normal des activit\u00e9s, d\u2019un total de 1,1 million d&rsquo;actions ordinaires pour 36,7 millions de dollars (50,8 millions de dollars canadiens; prix d&rsquo;acquisition moyen par action de 47,86 $ CA) en 2025;<\/li>\n<li style=\"text-align:justify\">Solde de tr\u00e9sorerie de 142,1 millions de dollars au 31 d\u00e9cembre 2025; et<\/li>\n<li style=\"text-align:justify\">Augmentation de la facilit\u00e9 de cr\u00e9dit renouvelable \u00e0 650,0 millions de dollars, en plus d\u2019une option de disposition accord\u00e9on non engag\u00e9e de 200,0 millions de dollars, et prolongation de la date d&rsquo;\u00e9ch\u00e9ance au 30 mai 2029.<\/li>\n<\/ul>\n<p><strong>Autres faits saillants<\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">Premier paiement re\u00e7u de Cardinal Namdini Mining Ltd. au titre de la redevance de 1,0 % sur le rendement net de fonderie (\u00ab NSR \u00bb) de la mine d&rsquo;or Namdini (\u00ab Namdini \u00bb);<\/li>\n<li style=\"text-align:justify\">Premier paiement re\u00e7u de Talisker Resources Ltd. au titre de la redevance de 1,7 % NSR sur Bralorne;<\/li>\n<li style=\"text-align:justify\">Acquisition par OR Royalties International Ltd. (\u00ab OR Royalties International \u00bb), une filiale en propri\u00e9t\u00e9 exclusive de la Soci\u00e9t\u00e9, d&rsquo;un flux argentif\u00e8re de 100 % sur le projet South Railroad d&rsquo;Orla Mining Ltd. dans le Nevada, aux \u00c9tats-Unis, pour une contrepartie en esp\u00e8ces de 13,0 millions de dollars;<\/li>\n<li style=\"text-align:justify\">Acquisition d&rsquo;une redevance de 1,5 % NSR aupr\u00e8s de Japan Gold Corp. (\u00ab Japan Gold \u00bb) sur les propri\u00e9t\u00e9s enti\u00e8rement contr\u00f4l\u00e9es par Japan Gold au Japon pour une contrepartie en esp\u00e8ces de 5,0 millions de dollars;<\/li>\n<li style=\"text-align:justify\">Acquisition d&rsquo;un panier de redevances sur divers projets en Colombie-Britannique, au Canada, aupr\u00e8s de Sable Resources Ltd. (\u00ab Sable Resources \u00bb) pour une contrepartie en esp\u00e8ces de 3,8 millions de dollars canadiens (2,8 millions de dollars), ainsi que de certains droits li\u00e9s \u00e0 l&rsquo;acquisition future d&rsquo;int\u00e9r\u00eats similaires aupr\u00e8s de Sable Resources;<\/li>\n<li style=\"text-align:justify\">Deuxi\u00e8me paiement de 10,0 millions de dollars effectu\u00e9 par OR Royalties International sur le flux aurif\u00e8re Cascabel;<\/li>\n<li style=\"text-align:justify\">R\u00e9ception de 49,0 millions de dollars de Harmony Gold Mining Company Limited (\u00ab Harmony \u00bb) pour les actions d\u00e9tenues par OR Royalties International \u00e0 la cl\u00f4ture de la transaction d&rsquo;acquisition de MAC Copper Limited par Harmony;<\/li>\n<li style=\"text-align:justify\">Publication de la cinqui\u00e8me \u00e9dition du rapport de d\u00e9veloppement durable de la soci\u00e9t\u00e9, intitul\u00e9 \u00ab <em>Growing Responsibly<\/em> \u00bb (Une croissance responsable), en plus du recueil d\u2019actifs 2025 de Redevances OR; et<\/li>\n<li style=\"text-align:justify\">D\u00e9claration de dividendes trimestriels totalisant 0,211 $ par action ordinaire (0,255 $ CA, ou 0,182\u00a0 $ US, par action ordinaire en 2024).<\/li>\n<\/ul>\n<p><strong>Apr\u00e8s le 31 d\u00e9cembre 2025<\/strong><\/p>\n<ul>\n<li style=\"text-align:justify\">La nomination de M. Kevin Thomson au poste d&rsquo;administrateur ind\u00e9pendant au sein du conseil d&rsquo;administration de la Soci\u00e9t\u00e9. Parall\u00e8lement, Redevances OR a annonc\u00e9 que M. William Murray John avait d\u00e9missionn\u00e9 de son poste d&rsquo;administrateur de la Soci\u00e9t\u00e9, avec effet imm\u00e9diat;<\/li>\n<li style=\"text-align:justify\">L&rsquo;acquisition d&rsquo;une redevance suppl\u00e9mentaire de 1,0 % NSR couvrant la mine en production Namdini au Ghana, avec une date d&rsquo;entr\u00e9e en vigueur fix\u00e9e au 1<sup>er<\/sup> octobre 2025. Redevances OR a conclu la transaction avec Savannah Mining Limited (\u00ab Savannah \u00bb), acqu\u00e9rant la participation restante de 50 % de Savannah dans la redevance de 2,0 % NSR pour une contrepartie totale en esp\u00e8ces pouvant atteindre 103,5 millions de dollars;<\/li>\n<li style=\"text-align:justify\">Acquisition d&rsquo;un portefeuille d&rsquo;actifs de m\u00e9taux pr\u00e9cieux aupr\u00e8s de Gold Fields Limited (\u00ab Gold Fields \u00bb) comprenant huit redevances pour un montant total de 115,0 millions de dollars, et s\u2019appuyant sur une redevance de 1,5 % NSR sur la mine d&rsquo;or et d&rsquo;argent San Gabriel (\u00ab San Gabriel \u00bb) exploit\u00e9e par Compa\u00f1\u00eda de Minas Buenaventura S.A.A. (\u00ab Buenaventura \u00bb) situ\u00e9e au P\u00e9rou; et<\/li>\n<li style=\"text-align:justify\">D\u00e9claration d&rsquo;un dividende trimestriel de 0,055 $ par action ordinaire payable le 15 avril 2026 aux actionnaires inscrits aux registres en date du 31 mars 2026 \u00e0 la fermeture des bureaux.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Perspectives 2026 et pr\u00e9visions sur cinq ans<\/strong><\/p>\n<p align=\"justify\"><u>Perspectives 2026<\/u><\/p>\n<p align=\"justify\">Redevances OR pr\u00e9voit que les OEO gagn\u00e9es se situeront entre 80 000 et 90 000 en 2026, avec une marge mon\u00e9taire moyenne d&rsquo;environ 97 %. Pour les perspectives 2026, les livraisons d&rsquo;argent, de cuivre et les redevances en esp\u00e8ces ont \u00e9t\u00e9 converties en OEO \u00e0 l&rsquo;aide des prix des mati\u00e8res premi\u00e8res bas\u00e9s sur les prix consensuels des mati\u00e8res premi\u00e8res de f\u00e9vrier 2026 et un ratio or\/argent de 73:1.<\/p>\n<p align=\"justify\">Les perspectives pour 2026 supposent une augmentation de la production des mines Dalgaranga et San Gabriel, ainsi que les premiers paiements re\u00e7us au titre des redevances sur les revenus bruts et des redevances NSR de Ramelius Resources Ltd. et Buenaventura, respectivement. Les perspectives supposent \u00e9galement une augmentation des paiements li\u00e9s aux OEO g\u00e9n\u00e9r\u00e9es par la redevance de 2,0 % NSR de la Soci\u00e9t\u00e9 couvrant la mine Namdini de Cardinal Namdini Mining Ltd. En outre, les perspectives supposent des livraisons d\u2019OEO relativement constantes d&rsquo;une ann\u00e9e sur l&rsquo;autre provenant de la mine Mantos Blancos de Capstone Copper Corp. Enfin, les perspectives supposent des estimations prudentes des OEO qui devraient \u00eatre g\u00e9n\u00e9r\u00e9es par la mine CSA de Harmony Gold Mining Ltd. (\u00ab\u00a0Harmony\u00a0\u00bb), alors que la transition de propri\u00e9t\u00e9 de Harmony se poursuit et que l&rsquo;\u00e9quipe de Harmony continue \u00e0 conditionner l&rsquo;actif pour optimiser ses performances \u00e0 long terme.<\/p>\n<p align=\"justify\">Les perspectives 2026 de Redevances OR concernant les redevances et les droits de flux de m\u00e9taux sont largement bas\u00e9es sur les pr\u00e9visions publiques de ses partenaires op\u00e9rationnels. Lorsque les pr\u00e9visions publiques sur les propri\u00e9t\u00e9s ne sont pas disponibles, Redevances OR obtient des pr\u00e9visions internes aupr\u00e8s des producteurs ou utilise les meilleures estimations de la direction.<\/p>\n<p align=\"justify\"><u>Pr\u00e9visions sur cinq ans<\/u><\/p>\n<p align=\"justify\">Redevances OR pr\u00e9voit que son portefeuille g\u00e9n\u00e9rera entre 120 000 et 135 000 OEO en 2030. Ces pr\u00e9visions supposent le d\u00e9marrage de la production des projets Windfall de Gold Fields, Hermosa\/Taylor de South32 Limited, Cariboo d&rsquo;Osisko D\u00e9veloppement Corp., Spring Valley de Solidus Resources LLC, Amulsar de United Gold et South Railroad d&rsquo;Orla Mining Ltd. Elles supposent \u00e9galement une augmentation de la production de certains autres op\u00e9rateurs qui poursuivent leur expansion, notamment Alamos Gold Inc. avec son projet d\u2019expansion du district Island Gold. Les pr\u00e9visions sur cinq ans supposent qu&rsquo;il n&rsquo;y aura aucune contribution d\u2019OEO de la mine aurif\u00e8re Eagle Gold, qui reste sous s\u00e9questre.<\/p>\n<p align=\"justify\">Au-del\u00e0 de ce profil de croissance, Redevances OR poss\u00e8de plusieurs autres actifs en croissance, qui n&rsquo;ont pas \u00e9t\u00e9 pris en compte dans les pr\u00e9visions sur 5 ans, car leurs calendriers de d\u00e9veloppement respectifs sont soit plus longs, soit difficiles \u00e0 pr\u00e9voir de mani\u00e8re raisonnable \u00e0 l&rsquo;heure actuelle. \u00c0 mesure que ces exploitants apporteront des pr\u00e9cisions suppl\u00e9mentaires sur ces actifs respectifs, Redevances OR cherchera \u00e0 les inclure dans ses pr\u00e9visions \u00e0 long terme futures.<\/p>\n<p align=\"justify\">Les pr\u00e9visions sur cinq ans sont bas\u00e9es sur des analyses internes concernant les pr\u00e9visions accessibles au public et d&rsquo;autres informations divulgu\u00e9es par les propri\u00e9taires et exploitants tiers des actifs de la Soci\u00e9t\u00e9 et peuvent diff\u00e9rer sensiblement des r\u00e9sultats r\u00e9els. Lorsque les pr\u00e9visions accessibles au public sur les propri\u00e9t\u00e9s ne sont pas disponibles, Redevances OR obtient des pr\u00e9visions internes aupr\u00e8s des exploitants ou utilise les meilleures estimations de la direction. Les hypoth\u00e8ses relatives aux prix des mati\u00e8res premi\u00e8res utilis\u00e9es dans les pr\u00e9visions sur 5 ans sont bas\u00e9es sur le consensus actuel \u00e0 long terme et un ratio or\/argent de 82:1.<\/p>\n<p align=\"justify\">Ces pr\u00e9visions sur cinq ans remplacent celles publi\u00e9es pr\u00e9c\u00e9demment en f\u00e9vrier 2025, qui doivent d\u00e9sormais \u00eatre consid\u00e9r\u00e9es comme retir\u00e9es. Les investisseurs ne doivent pas utiliser les perspectives actuelles sur cinq ans pour extrapoler les r\u00e9sultats pr\u00e9visionnels \u00e0 une ann\u00e9e quelconque de la p\u00e9riode de cinq ans (2026-2030).<\/p>\n<p align=\"justify\"><strong>Commentaire de la direction<\/strong><\/p>\n<p align=\"justify\">Jason Attew, pr\u00e9sident et chef de la direction de Redevances OR, a d\u00e9clar\u00e9\u00a0: \u00ab\u00a02025 a \u00e9t\u00e9 une ann\u00e9e marquante pour Redevances OR, qui a r\u00e9alis\u00e9 un \u00ab\u00a0tripl\u00e9\u00a0\u00bb de records en mati\u00e8re de produits, de flux de tr\u00e9sorerie et de b\u00e9n\u00e9fices. Nous avons cl\u00f4tur\u00e9 l&rsquo;ann\u00e9e sans dette, ce qui a donn\u00e9 \u00e0 la Soci\u00e9t\u00e9 la flexibilit\u00e9 financi\u00e8re n\u00e9cessaire pour renforcer son profil de croissance d\u00e9j\u00e0 leader dans son secteur. Nos perspectives pour 2026 refl\u00e8tent les avantages imm\u00e9diats de l&rsquo;augmentation de la production \u00e0 Namdini, Dalgaranga et San Gabriel, qui compensent les effets de la transition en cours \u00e0 CSA. Notre th\u00e8se \u00e0 long terme reste la meilleure de sa cat\u00e9gorie\u00a0: gr\u00e2ce \u00e0 des extensions de mines enti\u00e8rement financ\u00e9es et \u00e0 de nouvelles constructions qui entreront en service \u00e0 partir de 2027, nous sommes en mesure d&rsquo;atteindre une croissance de 50 % de nos OEO d&rsquo;ici 2030.\u00a0\u00bb<\/p>\n<p><strong>D\u00c9TAILS RELATIFS \u00c0 LA CONF\u00c9RENCE T\u00c9L\u00c9PHONIQUE ET LA WEBDIFFUSION SUR LES R\u00c9SULTATS DU QUATRI\u00c8ME TRIMESTRE ET DE L\u2019EXERCICE 2025<\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%;text-align: justify;vertical-align: middle;vertical-align: top\">Conf\u00e9rence t\u00e9l\u00e9phonique :<\/td>\n<td style=\"max-width:50%;width:50%;min-width:50%;text-align: justify;vertical-align: middle;vertical-align: top\">Jeudi, 19 f\u00e9vrier 2026, 10:00 HE<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Num\u00e9ros de t\u00e9l\u00e9phone :<br \/><strong>(option 1)<\/strong><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Sans frais en Am\u00e9rique du Nord: 1 (800) 717-1738<br \/>Appels locaux Montr\u00e9al : 1 (514) 400-3792<br \/>Appels locaux Toronto : 1 (289) 514-5100<br \/>Appels locaux New York : 1 (646) 307-1865<br \/>ID de la conf\u00e9rence\u00a0: 83967<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Lien pour la webdiffusion\u00a0:<br \/><strong>(option 2)<\/strong><\/p>\n<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\"><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=3JaqGZVPQQVN717-BixkKQ1ApqRuoPV_WCypB81BEuLkwbz_HEnsha_XFxcIg5YWIub4zg6S8W6Egh8nK1cNUoC8-hLcYgECE0MsO7cgvesDrM7JJiBrRFe9rKzurDLsCrDCeDPIFl81LqhO2nEgAEwd5HZoFGNuV9RwAp7GKkrMSGmHZAlSAVAKaHf1mBLHytN9UZAidEjQsfLQD6xo6wiottso4MibL8XR6-1evlE=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1748335&amp;tp_key=ffb84495c6<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Reprise (disponible jusqu\u2019au jeudi 19 mars 2026 \u00e0 23:59 HE) :<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Sans frais en Am\u00e9rique du Nord : 1 (888) 660-6264<br \/>Appels locaux Toronto : 1 (289) 819-1325<br \/>Appels locaux New York : 1 (646) 517-3975\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Code d\u2019acc\u00e8s\u00a0: 83967#<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Reprise \u00e9galement disponible sur notre site web au <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7BX_UDjtyoQclT5quLRC1boJ1Ib1_QHMZQ3YYvZ00KxnLjqir36k45cnRKo9Dd1QFa6ag-L_7W5ZLFZUi47juf7nHy9vdVpnXHitx7t-duI=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.ORroyalties.com\">www.ORroyalties.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p><strong><br \/>Personne qualifi\u00e9e<\/strong><\/p>\n<p align=\"justify\">Le contenu scientifique et technique du pr\u00e9sent communiqu\u00e9 a \u00e9t\u00e9 r\u00e9vis\u00e9 et approuv\u00e9 par Guy Desharnais, Ph.D., g\u00e9o., vice-pr\u00e9sident, \u00e9valuation de projets chez Redevances OR Inc., et \u00ab personne qualifi\u00e9e \u00bb en vertu du R\u00e8glement 43-101 sur l\u2019information concernant les projets miniers (le \u00ab\u00a0R\u00e8glement 43-101\u00a0\u00bb).<\/p>\n<p align=\"justify\"><strong>\u00c0 propos de Redevances OR Inc.<\/strong><\/p>\n<p align=\"justify\">Redevances OR est une soci\u00e9t\u00e9 de redevances et de flux de m\u00e9taux pr\u00e9cieux ax\u00e9e sur des juridictions mini\u00e8res de premier plan, telles que le Canada, les \u00c9tats-Unis et l\u2019Australie. Redevances OR a d\u00e9but\u00e9 ses activit\u00e9s en juin 2014 avec un seul actif en production et d\u00e9tient aujourd\u2019hui un portefeuille de plus de 195\u00a0redevances, flux de m\u00e9taux et droits similaires. Le portefeuille de Redevances OR s\u2019appuie sur son actif cl\u00e9, une redevance de 3 % \u00e0 5 % sur le rendement net de fonderie du complexe Canadian Malartic de Mines Agnico Eagle Lt\u00e9e, l\u2019une des plus importantes op\u00e9rations aurif\u00e8res \u00e0 l\u2019\u00e9chelle mondiale.<\/p>\n<p align=\"justify\">Le si\u00e8ge social de Redevances OR est situ\u00e9 au 1100, avenue des Canadiens-de-Montr\u00e9al, bureau 300, Montr\u00e9al (Qu\u00e9bec) H3B 2S2.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\"><strong>Pour de plus amples informations, veuillez contacter Redevances OR Inc. :<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: top\">Grant Moenting<br \/>Vice-pr\u00e9sident, march\u00e9s des capitaux <br \/>Portable : (365) 275-1954<br \/>Courriel : <a href=\"mailto:gmoenting@orroyalties.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"gmoenting@orroyalties.com\">gmoenting@orroyalties.com<\/a><\/td>\n<td style=\"max-width:60%;width:60%;min-width:60%;vertical-align: top\">Heather Taylor<br \/>Vice-pr\u00e9sidente, d\u00e9veloppement durable et communications <br \/>T\u00e9l : (647) 477-2087<br \/>Courriel : <a href=\"mailto:htaylor@orroyalties.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"htaylor@orroyalties.com\">htaylor@orroyalties.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong>Notes :<\/strong><\/p>\n<p align=\"justify\">(1)\u00a0\u00a0\u00a0<u>Onces d\u2019\u00e9quivalent d\u2019or<\/u><\/p>\n<p>Les OEO sont calcul\u00e9es trimestriellement et comprennent les redevances et les flux. Les onces d\u2019argent et les tonnes de cuivre provenant d\u2019ententes de redevances et de flux ont \u00e9t\u00e9 converties en onces d\u2019\u00e9quivalent d\u2019or en multipliant le nombre d\u2019onces d\u2019argent et de tonnes de cuivre gagn\u00e9es par le prix moyen de l\u2019once d\u2019argent ou du cuivre par tonne pour la p\u00e9riode, puis divis\u00e9 par le prix moyen de l\u2019once d\u2019or pour la p\u00e9riode. Les redevances en tr\u00e9sorerie, et les autres m\u00e9taux et mati\u00e8res premi\u00e8res ont \u00e9t\u00e9 convertis en onces d\u2019\u00e9quivalent d\u2019or en divisant le produit associ\u00e9 par le prix moyen de l\u2019once d\u2019or pour la p\u00e9riode.<\/p>\n<p><u>Prix moyen des m\u00e9taux et taux de change<\/u><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Trois mois termin\u00e9s <br \/>le 31 d\u00e9cembre<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Exercices termin\u00e9s<br \/>le 31 d\u00e9cembre<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:39%;width:39%;min-width:39%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2025<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2024<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2025<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2024<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Or <sup>(i)<\/sup><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4 135<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2 663<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3 432<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2 386<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Argent <sup>(ii)<\/sup><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">54,73<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">31,38<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">40,03<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">28,27<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cuivre <sup>(iii)<\/sup><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">11 092<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">9 193<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">9 945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">9 147<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0$<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Exchange rate (C$\/US$) <sup>(iv)<\/sup><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0,7170<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0,7154<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0,7157<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">0,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: left;vertical-align: middle;vertical-align: top\">(i)<\/td>\n<td style=\"max-width:97%;width:97%;min-width:97%;text-align: left;vertical-align: middle;vertical-align: top\">Le prix moyen repr\u00e9sente le prix pm par once en dollars am\u00e9ricains selon le London Bullion Market Association.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(ii)<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">Le prix moyen repr\u00e9sente le prix par once en dollars am\u00e9ricains selon le London Bullion Market Association.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(iii)<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">Le prix moyen repr\u00e9sente le prix par tonne en dollars am\u00e9ricains selon le London Metal Exchange.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(iv)<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">Taux quotidien de la Banque du Canada.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(2)\u00a0\u00a0 <u>Mesures non conformes aux IFRS<\/u><\/p>\n<p><em>Marge mon\u00e9taire (en dollars et en pourcentage des produits)<\/em><\/p>\n<p align=\"justify\">La marge mon\u00e9taire en dollars et en pourcentage des produits est une mesure financi\u00e8re non conforme aux IFRS. La marge mon\u00e9taire (en dollars) est d\u00e9finie par Redevances OR comme \u00e9tant les produits moins le co\u00fbt des ventes (excluant l&rsquo;\u00e9puisement). La marge mon\u00e9taire (en pourcentage des produits) est obtenue en divisant la marge mon\u00e9taire (en dollars) par les produits.<\/p>\n<p align=\"justify\">La direction utilise la marge mon\u00e9taire en dollars et en pourcentage des produits pour \u00e9valuer la capacit\u00e9 de Redevances OR \u00e0 g\u00e9n\u00e9rer des flux de tr\u00e9sorerie positifs \u00e0 partir de ses redevances, de ses flux de m\u00e9taux et de ses autres droits. La direction et certains investisseurs utilisent \u00e9galement cette information, ainsi que des mesures d\u00e9termin\u00e9es conform\u00e9ment aux normes IFRS de comptabilit\u00e9 telles que la marge brute et les flux de tr\u00e9sorerie d&rsquo;exploitation, pour \u00e9valuer la performance de Redevances OR par rapport \u00e0 des pairs de l&rsquo;industrie mini\u00e8re qui pr\u00e9sentent ces mesures sur une base similaire. La marge mon\u00e9taire en dollars et en pourcentage des produits ne vise qu&rsquo;\u00e0 fournir de l&rsquo;information additionnelle aux investisseurs et aux analystes et ne devraient pas \u00eatre consid\u00e9r\u00e9e isol\u00e9ment ou comme substitut aux mesures de rendement pr\u00e9par\u00e9es conform\u00e9ment aux normes IFRS de comptabilit\u00e9. Elles n&rsquo;ont pas de signification standardis\u00e9e selon les normes IFRS de comptabilit\u00e9 et peuvent ne pas \u00eatre comparables \u00e0 des mesures similaires pr\u00e9sent\u00e9es par d&rsquo;autres \u00e9metteurs.<\/p>\n<p align=\"justify\">Une conciliation de la marge mon\u00e9taire (en milliers de dollars et en pourcentage des produits) est pr\u00e9sent\u00e9e ci-dessous :\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Trois mois termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Exercices termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:35%;width:35%;min-width:35%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong><u>Droits de redevances<\/u><\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Produits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55 555<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35 349<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">177 264<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">130 375<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Moins\u00a0: co\u00fbt des ventes (excluant l\u2019\u00e9puisement)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(180<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(701<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(413<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Marge mon\u00e9taire (en dollars)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55 421<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35 169<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">176 563<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">129 962<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00c9puisement<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4 419<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 160<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13 234<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12 208<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Profit brut<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>51 002<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>33 009<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>163 329<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>117 754<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong><u>Droits de flux<\/u><\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Produits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34 910<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21 393<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100 106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60 782<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Moins\u00a0: co\u00fbt des ventes (excluant l\u2019\u00e9puisement)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 435<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 001<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8 414<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6 325<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Marge mon\u00e9taire (en dollars)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32 475<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19 392<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">91 692<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54 457<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00c9puisement<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 835<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7 315<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(22 536<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20 399<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Profit brut<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>26 640<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>12 077<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>69 156<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>34 058<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong><u>Droits de redevances et de flux<\/u><\/strong><br \/>Marge mon\u00e9taire totale (en dollars)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87 896<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54 561<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">268 255<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">184 419<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Divis\u00e9e par : produits totaux<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90 465<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56 742<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277 370<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">191 157<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Marge mon\u00e9taire (en pourcentage des produits)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">97,2 %<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96,2 %<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96,7 %<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96,5 %<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Total \u2013 profit brut<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>77 642<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>45 086<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>232 485<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>151 812<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><em><br \/>B\u00e9n\u00e9fice ajust\u00e9 et b\u00e9n\u00e9fice ajust\u00e9 par action de base<\/em><\/p>\n<p align=\"justify\">Le b\u00e9n\u00e9fice ajust\u00e9 et le b\u00e9n\u00e9fice ajust\u00e9 par action de base sont des mesures financi\u00e8res non conformes aux IFRS et sont d\u00e9finis par Redevances OR en excluant les \u00e9l\u00e9ments suivants du b\u00e9n\u00e9fice net (perte nette) et du b\u00e9n\u00e9fice (perte) par action\u00a0: le\u00a0gain (la perte) de change, la d\u00e9pr\u00e9ciation d\u2019actifs et la reprise de pertes de valeur pass\u00e9es li\u00e9es aux droits de redevances, de flux de m\u00e9taux et autres droits, les variations de la provision pour pertes de cr\u00e9dit attendues, les radiations et les d\u00e9pr\u00e9ciations d&rsquo;investissements, les gains (pertes) \u00e0 la cession d\u2019actifs, les gains (pertes) sur placements, la quote-part du gain (perte) d\u2019entreprises associ\u00e9es, les co\u00fbts de transaction et autres items tels que les gains (pertes) hors caisse, ainsi que l&rsquo;impact de l&rsquo;imp\u00f4t sur le revenu sur ces \u00e9l\u00e9ments. Le b\u00e9n\u00e9fice ajust\u00e9 par action de base est obtenu en divisant le b\u00e9n\u00e9fice ajust\u00e9 par le nombre moyen pond\u00e9r\u00e9 d\u2019actions ordinaires en circulation pour la p\u00e9riode.<\/p>\n<p align=\"justify\">La direction utilise le b\u00e9n\u00e9fice ajust\u00e9 et le b\u00e9n\u00e9fice ajust\u00e9 par action de base pour \u00e9valuer la performance op\u00e9rationnelle sous-jacente de Redevances OR dans son ensemble pour les p\u00e9riodes pr\u00e9sent\u00e9es, pour aider \u00e0 la planification et \u00e0 la pr\u00e9vision des r\u00e9sultats op\u00e9rationnels futurs, et pour compl\u00e9ter l&rsquo;information contenue dans ses \u00e9tats financiers consolid\u00e9s. La direction estime qu&rsquo;en plus des mesures pr\u00e9par\u00e9es conform\u00e9ment aux normes IFRS de comptabilit\u00e9, telles que le b\u00e9n\u00e9fice net (perte nette) et le b\u00e9n\u00e9fice net (perte nette) par action de base, les investisseurs et les analystes utilisent le b\u00e9n\u00e9fice ajust\u00e9 et le b\u00e9n\u00e9fice ajust\u00e9 par action de base pour \u00e9valuer les r\u00e9sultats de l&rsquo;activit\u00e9 sous-jacente de Redevances OR, en particulier parce que les \u00e9l\u00e9ments exclus ne sont g\u00e9n\u00e9ralement pas inclus dans les pr\u00e9visions annuelles de Redevances OR. Bien que les ajustements au b\u00e9n\u00e9fice net (perte nette) et au b\u00e9n\u00e9fice net (perte nette) par action de base dans ces mesures comprennent des \u00e9l\u00e9ments qui sont \u00e0 la fois r\u00e9currents et non r\u00e9currents, la direction croit que le b\u00e9n\u00e9fice ajust\u00e9 et le b\u00e9n\u00e9fice net ajust\u00e9 par action de base sont des mesures utiles de la performance de Redevances OR parce qu&rsquo;ils s&rsquo;ajustent pour des \u00e9l\u00e9ments qui peuvent ne pas \u00eatre reli\u00e9s ou avoir un effet disproportionn\u00e9 sur la p\u00e9riode pendant laquelle ils sont constat\u00e9s, avoir un impact sur la comparabilit\u00e9 des r\u00e9sultats d&rsquo;exploitation de base d&rsquo;une p\u00e9riode \u00e0 l&rsquo;autre, ne pas toujours refl\u00e9ter la performance d&rsquo;exploitation sous-jacente de l&rsquo;entreprise et\/ou ne pas \u00eatre n\u00e9cessairement indicatifs des r\u00e9sultats d&rsquo;exploitation futurs. Le b\u00e9n\u00e9fice net ajust\u00e9 et le b\u00e9n\u00e9fice net ajust\u00e9 par action de base sont destin\u00e9s \u00e0 fournir des informations suppl\u00e9mentaires aux investisseurs et aux analystes et ne doivent pas \u00eatre consid\u00e9r\u00e9s isol\u00e9ment ou comme un substitut aux mesures de performance pr\u00e9par\u00e9es conform\u00e9ment aux normes IFRS de comptabilit\u00e9. Ils n&rsquo;ont pas de signification standardis\u00e9e selon les normes IFRS de comptabilit\u00e9 et peuvent ne pas \u00eatre comparables \u00e0 des mesures similaires pr\u00e9sent\u00e9es par d&rsquo;autres \u00e9metteurs.<\/p>\n<p align=\"justify\">Une conciliation entre le b\u00e9n\u00e9fice net et le b\u00e9n\u00e9fice net ajust\u00e9 est pr\u00e9sent\u00e9e ci-dessous :<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>Trois mois termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>Exercices termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\"><em>(en milliers de dollars,<\/em><br \/><em>\u00e0 l\u2019exception des montants par action)<\/em><\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">B\u00e9n\u00e9fice net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">65 245<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7 105<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">206 088<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16 267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Ajustements\u00a0:<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">D\u00e9pr\u00e9ciation des droits de redevances, de flux de m\u00e9taux et autres droits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5 495<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49 558<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Perte (gain) de change<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">480<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1 771<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(645<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4 424<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Quote-part de la perte d\u2019entreprises associ\u00e9es<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9 491<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14 178<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30 025<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Variations de la provision pour pertes de cr\u00e9dit attendues et radiations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 399<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">(Gain) perte sur les placements<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 681<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11 322<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 315<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11 319<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Gain \u00e0 la cession r\u00e9put\u00e9e d\u2019une entreprise associ\u00e9e<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(54 439<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Reclassement du cumul des autres \u00e9l\u00e9ments du r\u00e9sultat global dans les \u00e9tats des r\u00e9sultats sur la cession r\u00e9put\u00e9e d\u2019une entreprise associ\u00e9e<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 147<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0\u00a0\u00a0\u00a0 Impact fiscal des ajustements<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(446<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 032<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12 920<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>B\u00e9n\u00e9fice ajust\u00e9<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>59 598<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>29 853<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>165 477<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>97 274<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Nombre moyen pond\u00e9r\u00e9 d\u2019actions <br \/>\u00a0\u00a0\u00a0 ordinaires en circulation (en milliers)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">188 050<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186 747<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">187 775<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">186 290<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>B\u00e9n\u00e9fice ajust\u00e9 par action de base<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0,32<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\"><strong>0,16<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0,88<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>0,52<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><strong><em><br \/>\u00c9nonc\u00e9s prospectifs <\/em><\/strong><\/p>\n<p align=\"justify\"><em>Certains \u00e9nonc\u00e9s contenus dans ce communiqu\u00e9 de presse peuvent \u00eatre consid\u00e9r\u00e9s comme des \u00e9nonc\u00e9s prospectifs, au sens du\u00a0United States Private Securities Litigation Reform Act of 1995, et comme de l\u2019information prospective au sens des lois applicables sur les valeurs mobili\u00e8res canadiennes.\u00a0Les \u00e9nonc\u00e9s prospectifs sont des \u00e9nonc\u00e9s qui ne sont pas des faits historiques et qui font r\u00e9f\u00e9rence, sans s\u2019y limiter, \u00e0 des \u00e9v\u00e9nements futurs, estimations de production des actifs de Redevances OR (y compris l&rsquo;augmentation de la production), les perspectives pour 2025 et les pr\u00e9visions sur 5 ans, le d\u00e9veloppement en temps opportun des propri\u00e9t\u00e9s mini\u00e8res sur lesquelles Redevances OR d\u00e9tient des redevances, des flux, des ententes d\u2019\u00e9coulement de m\u00e9taux et des investissements, les attentes de la direction concernant la croissance de Redevances OR, les r\u00e9sultats d&rsquo;exploitation, les revenus futurs estim\u00e9s, les co\u00fbts de production, la valeur comptable des actifs, la capacit\u00e9 \u00e0 continuer de verser des dividendes, les besoins en capitaux suppl\u00e9mentaires, les perspectives et opportunit\u00e9s commerciales, la demande future et la fluctuation des prix des mati\u00e8res premi\u00e8res (y compris les perspectives concernant l&rsquo;or, l&rsquo;argent, les diamants et d&rsquo;autres mati\u00e8res premi\u00e8res), les march\u00e9s des devises et les conditions g\u00e9n\u00e9rales du march\u00e9. En outre, les d\u00e9clarations et estimations (y compris les donn\u00e9es figurant dans les tableaux) relatives aux r\u00e9serves et ressources min\u00e9rales et aux onces d&rsquo;\u00e9quivalent d\u2019or sont des d\u00e9clarations prospectives, car elles impliquent une \u00e9valuation implicite, bas\u00e9e sur certaines estimations et hypoth\u00e8ses, et aucune garantie ne peut \u00eatre donn\u00e9e quant \u00e0 la r\u00e9alisation de ces estimations. Les \u00e9nonc\u00e9s prospectifs sont des \u00e9nonc\u00e9s qui ne sont pas des faits historiques et qui sont g\u00e9n\u00e9ralement, mais pas toujours, identifi\u00e9s par les mots suivants l\u2019emploi de mots comme \u00ab\u00a0est pr\u00e9vu\u00a0\u00bb, \u00ab pr\u00e9voit \u00bb, \u00ab planifie \u00bb, \u00ab anticipe \u00bb, \u00ab croit \u00bb, \u00ab a l\u2019intention \u00bb, \u00ab estime \u00bb, \u00ab\u00a0projette \u00bb, \u00ab potentiel \u00bb, \u00ab \u00e9ch\u00e9ancier \u00bb, et autres expressions semblables ou des variations (incluant les variantes n\u00e9gatives de ces mots ou phrases), ou qui peuvent \u00eatre identifi\u00e9s par des affirmations \u00e0 l\u2019effet que certaines actions, \u00e9v\u00e9nements ou conditions \u00ab se produiront \u00bb, \u00ab pourraient \u00bb ou \u00ab devraient \u00bb se produire. Les \u00e9nonc\u00e9s prospectifs sont assujettis \u00e0 des risques connus et inconnus, des incertitudes et d\u2019autres facteurs, la plupart desquels Redevances OR ne contr\u00f4le pas, et les r\u00e9sultats r\u00e9els pourraient diff\u00e9rer sensiblement des r\u00e9sultats pr\u00e9vus dans les \u00e9nonc\u00e9s prospectifs. Ces facteurs de risque comprennent, sans s&rsquo;y limiter, (i) en ce qui concerne les propri\u00e9t\u00e9s dans lesquelles Redevances OR d\u00e9tient une redevance, un flux ou un autre droit; les risques li\u00e9s : (a) aux exploitants des propri\u00e9t\u00e9s, (b) au d\u00e9veloppement dans les d\u00e9lais pr\u00e9vus, \u00e0 l&rsquo;obtention des permis, \u00e0 la construction, au d\u00e9but de la production, \u00e0 l&rsquo;accroissement de la production (y compris les d\u00e9fis op\u00e9rationnels et techniques) en temps opportun, (c) aux diff\u00e9rences dans le d\u00e9bit et le moment de la production par rapport aux estimations des ressources min\u00e9rales ou aux pr\u00e9visions de production des exploitants, (d) aux diff\u00e9rences dans le taux de conversion des ressources en r\u00e9serves min\u00e9rales et \u00e0 la capacit\u00e9 de remplacer les ressources, (e) l&rsquo;issue d\u00e9favorable de toute contestation ou litige concernant les titres de propri\u00e9t\u00e9, les permis ou licence d\u2019exploitation, (f) les risques et incertitudes associ\u00e9s aux activit\u00e9s d&rsquo;exploration, de d\u00e9veloppement et d&rsquo;exploitation mini\u00e8re, y compris, mais sans s&rsquo;y limiter, les conditions g\u00e9ologiques et m\u00e9tallurgiques inhabituelles ou inattendues, les ruptures de pente ou les effondrements, les inondations et autres catastrophes naturelles ou les troubles civils ou autres risques non assur\u00e9s; (ii) en ce qui concerne les facteurs externes\u00a0: (a) les fluctuations des prix des mati\u00e8res premi\u00e8res qui supportent des redevances, des flux, des ententes d\u2019\u00e9coulement de m\u00e9taux et des investissements d\u00e9tenus par Redevances OR, (b) une guerre commerciale ou de nouvelles barri\u00e8res tarifaires,(c) les fluctuations de la valeur du dollar canadien par rapport au dollar am\u00e9ricain, (d) les changements de r\u00e9glementation des gouvernements nationaux et locaux, y compris les r\u00e9gimes de permis et de licences et les politiques fiscales; les r\u00e8glements et les d\u00e9veloppements politiques ou \u00e9conomiques dans l&rsquo;un ou l&rsquo;autre des pays o\u00f9 sont situ\u00e9es les propri\u00e9t\u00e9s sur lesquelles Redevances OR d\u00e9tient une redevance, un flux ou un autre droit, ou par l&rsquo;entremise desquelles elles sont d\u00e9tenues, (e) la disponibilit\u00e9 continue du capital et du financement \u00e0 Redevances OR ou aux op\u00e9rateurs des propri\u00e9t\u00e9s, et les conditions g\u00e9n\u00e9rales de l&rsquo;\u00e9conomie, du march\u00e9 ou des affaires, et (f) les r\u00e9ponses des gouvernements concern\u00e9s aux \u00e9pid\u00e9mies de maladies infectieuses et l&rsquo;efficacit\u00e9 de ces r\u00e9ponses, ainsi que l&rsquo;impact potentiel des \u00e9pid\u00e9mies de maladies infectieuses sur les activit\u00e9s, les op\u00e9rations et la situation financi\u00e8re de Redevances OR; (iii) en ce qui concerne les facteurs internes : (a) les occasions d\u2019affaires qui peuvent ou non devenir disponibles pour Redevances OR, ou qui sont poursuivies par Redevances OR, (b) l\u2019int\u00e9gration des actifs acquis, ou (c) la d\u00e9termination du statut PFIC de Redevances OR, (d) que les informations financi\u00e8res pr\u00e9liminaires peuvent faire l\u2019objet d\u2019ajustements \u00e0 la fin du trimestre. Les \u00e9nonc\u00e9s prospectifs contenus dans le pr\u00e9sent communiqu\u00e9 de presse sont fond\u00e9s sur des hypoth\u00e8ses que la direction juge raisonnables, notamment l&rsquo;absence de changement significatif dans les revenus et les actifs courants de la Soci\u00e9t\u00e9 en ce qui concerne la d\u00e9termination de son statut de PFIC; l&rsquo;absence de tout autre facteur qui pourrait faire en sorte que les actions, les \u00e9v\u00e9nements ou les r\u00e9sultats diff\u00e8rent de ceux anticip\u00e9s, estim\u00e9s ou pr\u00e9vus et, en ce qui concerne les propri\u00e9t\u00e9s dans lesquelles Redevances OR d\u00e9tient une redevance, un flux ou un autre droit, (i) l&rsquo;exploitation continue des propri\u00e9t\u00e9s par les propri\u00e9taires ou les exploitants de ces propri\u00e9t\u00e9s d&rsquo;une mani\u00e8re conforme aux pratiques ant\u00e9rieures et \u00e0 la divulgation publique (y compris les pr\u00e9visions de production), (ii) l&rsquo;exactitude des d\u00e9clarations publiques et des divulgations faites par les propri\u00e9taires ou les exploitants de ces propri\u00e9t\u00e9s sous-jacentes (y compris les pr\u00e9visions de d\u00e9veloppement des propri\u00e9t\u00e9s sous-jacentes qui ne sont pas encore en production), (iii) l&rsquo;absence de d\u00e9veloppement d\u00e9favorable concernant toute propri\u00e9t\u00e9 importante, (iv) l&rsquo;exactitude des d\u00e9clarations et des estimations relatives aux r\u00e9serves et aux ressources min\u00e9rales faites par les propri\u00e9taires et les exploitants et (v) la mise en \u0153uvre d&rsquo;un plan ad\u00e9quat d&rsquo;int\u00e9gration des actifs acquis.<\/em><\/p>\n<p align=\"justify\"><em>Pour plus de d\u00e9tails au sujet des risques, incertitudes et hypoth\u00e8ses, veuillez consulter la plus r\u00e9cente notice annuelle de Redevances OR d\u00e9pos\u00e9e aupr\u00e8s des commissions en valeurs mobili\u00e8res canadiennes et disponible en versions \u00e9lectroniques sous le profil de l\u2019\u00e9metteur de Redevances OR sur SEDAR+, au\u00a0<\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=enhwByBPgRpVd4sLo4xVBPZKCZj8OK_AsSR0l1yU6f2S-WCpl8SxcvKjybjrhMeVl5ESe8nqpaamFxNaIVcbq1XC14i5VDyPgkO22hU5DmY=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\"><em>www.sedarplus.com<\/em><\/a><em>, et aupr\u00e8s de la Securities and Exchange Commission (\u00ab\u00a0SEC\u00a0\u00bb) aux \u00c9tats-Unis, sur EDGAR, au <\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=enhwByBPgRpVd4sLo4xVBGs-dNoFG288iWat_P3xpJdBw8_TDvM7nPhSUORJ3yU7vSiI4EugVOhHmaXUJ0lqFw==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\"><em>www.sec.gov<\/em><\/a><em>. Redevances OR souhaite avertir que la liste des risques et incertitudes cit\u00e9s pr\u00e9c\u00e9demment n\u2019est pas exhaustive. Les investisseurs et autres devraient consid\u00e9rer prudemment les facteurs ci-dessus ainsi que les incertitudes qu\u2019ils repr\u00e9sentent et le risque qu\u2019ils impliquent. Redevances OR consid\u00e8re que ses hypoth\u00e8ses sont raisonnables compte tenu de l\u2019information disponible, mais aucune garantie ne peut \u00eatre fournie quant au fait que ces attentes seront exactes, comme les r\u00e9sultats r\u00e9els peuvent diff\u00e9rer de fa\u00e7on importante des r\u00e9sultats pr\u00e9vus, comme les \u00e9nonc\u00e9s prospectifs incluent dans ce communiqu\u00e9 de presse ne sont pas une garantie de performance future et l\u2019on ne devrait pas s\u2019y fier ind\u00fbment. Ces \u00e9nonc\u00e9s ne sont valides qu\u2019en date de ce communiqu\u00e9 de presse. Redevances OR d\u00e9cline toute intention ou obligation de mettre \u00e0 jour ou de r\u00e9viser tout \u00e9nonc\u00e9 prospectif, que ce soit \u00e0 la suite de la r\u00e9ception de nouveaux renseignements, de la survenance d\u2019\u00e9v\u00e9nements futurs ou autrement, \u00e0 l\u2019exception de ce qui est exig\u00e9 par la loi.<\/em><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"6\"><strong>Redevances OR Inc.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\">Bilans consolid\u00e9s<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt\">Au 31 d\u00e9cembre 2025 et au 31 d\u00e9cembre 2024<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"text-align: justify;vertical-align: middle\">(les montants dans les tableaux sont pr\u00e9sent\u00e9s en milliers de dollars am\u00e9ricains)<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\"><strong>31 d\u00e9cembre<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\"><strong>31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:68%;width:68%;min-width:68%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong> 2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong> 2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>Actifs<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>Actifs courants<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Tr\u00e9sorerie<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">142 131<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">59 096<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Sommes \u00e0 recevoir<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3 227<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3 106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Autres actifs<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2 326<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 612<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">147 684<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63 814<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>Actifs non courants<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Placements dans des entreprises associ\u00e9es<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">43 262<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Autres placements<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">189 260<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">74 043<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Redevances, flux et autres int\u00e9r\u00eats<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 140 026<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 113 855<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Goodwill<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">81 134<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">77 284<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Autres actifs<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8 375<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5 376<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 566 479<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 377 634<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Passifs<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Passifs courants<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Comptes cr\u00e9diteurs et charges \u00e0 payer<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">7 477<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5 331<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Dividendes \u00e0 payer<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10 293<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8 433<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Passifs d&rsquo;imp\u00f4t sur le revenu<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">13 655<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Obligations locatives<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 207<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">852<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32 632<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14 616<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Passifs non courants<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Obligations locatives<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3 795<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3 931<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Dette \u00e0 long terme<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">93 900<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Imp\u00f4ts sur le r\u00e9sultat diff\u00e9r\u00e9s<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">98 011<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">76 234<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">134 438<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">188 681<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Capitaux propres <\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Capital-actions<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 688 122<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1 675 940<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Surplus d\u2019apport<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">65 873<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">63 567<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Cumul des autres \u00e9l\u00e9ments du r\u00e9sultat global<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(51 780<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(141 841<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">D\u00e9ficit<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(270 174<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(408 713<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 432 041<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 188 953<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 566 479<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 377 634<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"right\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"12\"><strong> Redevances OR Inc. <\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\">\u00c9tats consolid\u00e9s des r\u00e9sultats<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" style=\"border-bottom: solid black 1pt\">Pour les trois mois et les exercices termin\u00e9s les 31 d\u00e9cembre 2025 et 2024<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\">(les montants dans les tableaux sont pr\u00e9sent\u00e9s en milliers de dollars am\u00e9ricains, \u00e0 l\u2019exception des montants par action)<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>Trois mois termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>Exercices termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>Produits<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>90 465<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>56 742<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>277 370<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>191 157<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Co\u00fbt des ventes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 569<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 181<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 115<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6 738<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00c9puisement<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10 254<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 475<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(35 770<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(32 607<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>B\u00e9n\u00e9fice brut<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>77 642<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>45 086<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>232 485<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>151 812<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\"><strong>Autres charges d\u2019exploitation<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">G\u00e9n\u00e9rales et administratives<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 134<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4 209<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20 932<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18 298<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">D\u00e9veloppement des affaires<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 372<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 987<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 293<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 632<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">D\u00e9pr\u00e9ciation des droits de redevances, de flux de m\u00e9taux et autres droits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 495<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(49 558<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>B\u00e9n\u00e9fice d\u2019exploitation<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>70 136<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>38 890<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>196 765<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>78 324<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Produits d\u2019int\u00e9r\u00eats<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 743<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 144<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4 021<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4 153<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Charges financi\u00e8res<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(735<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 466<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4 475<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7 966<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">(Perte) gain de change<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(480<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 771<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">645<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4 424<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Quote-part de la perte d\u2019entreprises associ\u00e9es<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 491<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14 178<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30 025<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Autres gains (pertes), montant net<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5 681<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11 322<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">58 607<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 920<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>B\u00e9n\u00e9fice avant les imp\u00f4ts sur le r\u00e9sultat <\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>76 345<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>15 984<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>241 385<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>30 142<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Charge d\u2019imp\u00f4ts sur le r\u00e9sultat<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11 100<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8 879<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(35 297<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13 875<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>B\u00e9n\u00e9fice net<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>65 245<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>7 105<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>206 088<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>16 267<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\"><strong>B\u00e9n\u00e9fice net par action<\/strong><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">De base<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,35<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,04<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Dilu\u00e9<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,34<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,04<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0,09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100.012%;border-collapse:collapse\">\n<tr>\n<td colspan=\"12\" style=\"width:99.9942%\"><strong>Redevances OR Inc.\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" style=\"width:99.9942%\">\u00c9tats consolid\u00e9s des flux de tr\u00e9sorerie<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" style=\"width:99.9942%;border-bottom: solid black 1pt\">Pour les trois mois et les exercices termin\u00e9s les 31 d\u00e9cembre 2025 et 2024<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" style=\"width:99.9942%\">(les montants dans les tableaux sont pr\u00e9sent\u00e9s en milliers de dollars am\u00e9ricains)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:25.4593%\">\u00a0<\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:25.4593%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"4\" rowspan=\"2\" style=\"width:24.4354%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Trois mois termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td style=\"width:1.02383%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"4\" rowspan=\"2\" style=\"width:24.4354%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>Exercices termin\u00e9s<\/strong><br \/><strong>le 31 d\u00e9cembre<\/strong><strong><br \/><\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td style=\"width:1.02383%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:47%;width:48.0518%;min-width:47%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11.1939%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11.1939%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11.1939%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11.1939%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1.02383%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td style=\"width:1.02383%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<td style=\"width:1.02383%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:1.02383%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\"><strong>Activit\u00e9s d\u2019exploitation<\/strong><\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">B\u00e9n\u00e9fice net<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">65 245<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7 105<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">206 088<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16 267<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Ajustements pour\u00a0:<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">R\u00e9mun\u00e9ration fond\u00e9e sur des actions<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2 072<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 438<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8 388<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6 238<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">\u00c9puisement et amortissement<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10 556<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9 713<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">36 990<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33 572<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">fation des droits de redevances, de flux de m\u00e9taux et autres droits<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5 495<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49 558<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Variations sur la perte de cr\u00e9dit attendue sur autres placements<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 399<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Quote-part de la perte d\u2019entreprises associ\u00e9es<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9 491<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14 178<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30 025<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Variation de la juste valeur d\u2019actifs financiers et de passifs \u00e0 la juste valeur par le biais\u00a0du r\u00e9sultat net<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 681<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(340<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 315<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(343<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Perte nette d\u00e9coulant de la dilution de placements<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9 300<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9 300<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Gain \u00e0 la cession r\u00e9put\u00e9e d\u2019une entreprise associ\u00e9e<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(54 439<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Reclassement du cumul des autres \u00e9l\u00e9ments du r\u00e9sultat global dans les \u00e9tats des r\u00e9sultats sur la cession r\u00e9put\u00e9e d\u2019une entreprise associ\u00e9e<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 147<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Perte (gain) de change<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">436<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(555<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(734<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4 428<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Charge d\u2019imp\u00f4ts sur le r\u00e9sultat diff\u00e9r\u00e9s<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4 759<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5 150<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">18 664<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11 183<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 25.0px\">Autres<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(28<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">111<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">168<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2 973<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Flux de tr\u00e9sorerie nets li\u00e9s aux activit\u00e9s d\u2019exploitation avant les variations des \u00e9l\u00e9ments hors tr\u00e9sorerie du fonds de roulement<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">77 359<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35 195<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">230 630<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">161 802<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Variations des \u00e9l\u00e9ments hors tr\u00e9sorerie du fonds de roulement<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6 179<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(631<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14 966<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 877<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Flux de tr\u00e9sorerie nets li\u00e9s aux activit\u00e9s d\u2019exploitation<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">83 538<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34 564<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">245 596<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">159 925<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\"><strong>Activit\u00e9s d\u2019investissement<\/strong><\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">Acquisitions de placements \u00e0 court terme<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(650<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5 333<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">Acquisitions de placements<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(240<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12 599<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Produit de la cession de placements<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49 000<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49 805<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3 847<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Acquisitions de redevances, de flux de m\u00e9taux et autres droits<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(62 927<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36 879<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10 522<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Produits de l&rsquo;exercice d&rsquo;un droit de rachat de r\u00e9duction<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2 051<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Autres<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(182<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(26<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 026<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(31<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Flux de tr\u00e9sorerie nets li\u00e9s aux\u00a0activit\u00e9s d\u2019investissement<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48 568<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(63 603<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1 352<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12 039<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\"><strong>Activit\u00e9s de financement<\/strong><\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Augmentation de la dette \u00e0 long terme<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35 000<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10 437<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35 000<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Remboursement de la dette \u00e0 long terme<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(105 372<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(84 721<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Exercice d\u2019options d\u2019achat d\u2019actions et actions \u00e9mises en vertu du r\u00e9gime d\u2019achat d\u2019actions<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">222<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n<p>3 335<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11 736<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n<p>9 558<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Rachat d\u2019actions ordinaires dans le cours normal des activit\u00e9s<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36 673<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36 673<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(428<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">Dividendes vers\u00e9s<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9 698<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7 687<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(34 861<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30 650<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: top\">Retenues \u00e0 la source sur le r\u00e8glement d\u2019unit\u00e9s d\u2019actions avec restrictions et diff\u00e9r\u00e9es<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(48<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6 512<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 442<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Autres<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(265<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(207<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2 101<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 185<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Flux de tr\u00e9sorerie nets li\u00e9s aux activit\u00e9s de financement<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(46 462<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30 441<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(163 346<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(74 868<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:12.2177%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Augmentation de la tr\u00e9sorerie avant l\u2019incidence des variations des taux de change<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">85 644<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16 603<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">83 602<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9 415<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\">Incidence des variations des taux de change sur la tr\u00e9sorerie<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(555<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(873<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(567<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1 523<\/td>\n<td style=\"width:1.02383%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\"><strong>Augmentation nette de la tr\u00e9sorerie<\/strong><\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">85 089<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15 730<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">83 035<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7 892<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:48.0518%;vertical-align: bottom\"><strong>Tr\u00e9sorerie \u2013 d\u00e9but de la p\u00e9riode<\/strong><\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57 042<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43 366<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59 096<\/td>\n<td style=\"width:1.02383%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">51 204<\/td>\n<td 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0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">142 131<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.02383%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:11.1939%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59 096<\/td>\n<td style=\"width:1.02383%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<p><img alt=\"\" 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