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ELYSEE Earns $37,659 ($0.00 Per Share) During the Year Ended December 31, 2021
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Elysee Development Corp. (TS...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE Earns $37,659 ($0.00 Per Share) During the Year Ended December 31, 2021Vancouver, British Columbia--(Newsfile Corp. - March 24, 2022) - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) is pleased to announce its audited financial results for the year ended December 31, 2021 (\"FY 2021\"). All dollar amounts are in Canadian funds.Highlights of Fiscal 2021 results include:Net income of $37,659 ($0.00 per share) in FY 2021 as compared to $4,018,643 ($0.15 per share) in FY 2020;Net investment income of $545,774 in FY 2021 as compared to $4,797,053 in FY 2020; Total Net Equity on December 31, 2021 of $18,087,694 as compared to $18,444,540 as of December 31, 2020;The payment of $833,178 in dividends ($0.03 per share) to shareholders; andNet Asset Value on December 31, 2021 of $0.64 per share. The year ending December 31,2021 was difficult for gold and silver miners, as evidenced by a decline of 21.3% in the world's leading tracker of junior gold and silver miners, the GDXJ during the period. The share prices of exploration companies suffered even more, with an evident negative impact on Elysee's investment portfolio. Nevertheless, the Company was able to realize gains of $4,280,859 in FY 2021. This was offset by unrealized losses of $3,893,862. General and Administrative expenses declined substantially from $778,410 in FY 2020 to $508,115 in FY 2021. As a result, net earnings were $37,659 ($0.00 per share) during the year ended December 31, 2021.In the fourth quarter of FY 2021 Elysee recorded net income of $48,872. Realized gains on marketable securities were $412,269 while unrealized losses were $186,230. Elysee's balance sheet remains strong, with over $18 million in net shareholders equity and no debt as of December 31, 2021. Guido Cloetens, the Chairman and CEO of Elysee, stated: \"In an environment where share prices of Gold & Silver producers and explorers have declined significantly, we are pleased with our performance in 2021. This marks our ninth consecutive year of profitability and our eighth year paying a significant dividend.\" On March 1, 2022, Elysee declared a dividend of $0.02 per share for fiscal 2021 to shareholders of record on March 15, 2022. This dividend will be paid on March 31, 2022. Outlook: During the fourth quarter of 2021 and the first quarter of 2022 Elysee increased its investments in the Oil...