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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mfc Bancorp Ltd. | NYSE:MFCB | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
|
Gerardo Cortina
Suite 1860 - 400 Burrard Street Vancouver, British Columbia, Canada V6C 3A6 Telephone: +1 604-683-8286 Facsimile: +1 604-683-3205 |
| |
with a copy to:
H.S. Sangra Sangra Moller LLP 1000 Cathedral Place, 925 West Georgia Street Vancouver, British Columbia, Canada V6C 3L2 Facsimile: +1 604-669-8803 |
|
|
Title of each class
|
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Name of each exchange on which registered
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Common Shares
|
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New York Stock Exchange
|
|
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Large accelerated filer
☐
|
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Accelerated filer ☒
|
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Non-accelerated filer
☐
|
|
|
U.S. GAAP
☐
|
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International Financial Reporting Standards as issued by the International Accounting Standards Board ☒
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Other
☐
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PRODUCT
|
| |
June 2015
|
| |
December 2015
|
| ||||||
Ferrosilicon | | | | | 1.1 % | | | | | | (24.5 )% | | |
Ferro Manganese | | | | | 3.2 % | | | | | | (12.5 )% | | |
Ferro Chrome | | | | | (4.2 )% | | | | | | (18.9 )% | | |
Silicon Metal | | | | | (1.7 )% | | | | | | (28.8 )% | | |
Ferro Molybdenum | | | | | (21.1 )% | | | | | | (42.8 )% | | |
FINANCIAL POSITION
($ in thousands, except ratios and per share amounts) |
| |
December 31, 2015
|
| |
December 31, 2014
|
| ||||||
Cash and cash equivalents | | | | | 197,519 | | | | | | 344,891 | | |
Securities, current | | | | | 170 | | | | | | 290 | | |
Trade receivables | | | | | 151,229 | | | | | | 187,558 | | |
Inventories | | | | | 245,345 | | | | | | 246,611 | | |
Total current assets | | | | | 785,850 | | | | | | 1,003,259 | | |
Total current liabilities | | | | | 414,562 | | | | | | 440,773 | | |
Short-term bank borrowings | | | | | 60,103 | | | | | | 187,171 | | |
Working capital | | | | | 371,288 | | | | | | 562,486 | | |
Current ratio (1) | | | | | 1.90 | | | | | | 2.28 | | |
Total assets | | | | | 977,351 | | | | | | 1,692,219 | | |
Total long-term debt | | | | | 259,038 | | | | | | 363,255 | | |
Total long-term debt-to-equity (1) | | | | | 0.71 | | | | | | 0.47 | | |
Total liabilities | | | | | 608,151 | | | | | | 913,286 | | |
Shareholders’ equity | | | | | 367,192 | | | | | | 777,717 | | |
Net book value per share | | | | | 5.81 | | | | | | 12.32 | | |
OPERATING EBITDA (LOSS)
($ in thousands)
|
| |
December 31, 2015
|
| |
December 31, 2014
|
| ||||||
Net (loss) income (1) | | | | | (57,918 ) | | | | | | 4,141 | | |
Tax expense | | | | | 2,501 | | | | | | 2,173 | | |
Finance costs | | | | | 20,355 | | | | | | 13,263 | | |
Depreciation, depletion and amortization | | | | | 6,450 | | | | | | 4,957 | | |
Operating EBITDA (loss)
|
| | | | (28,612 ) | | | | | | 24,534 | | |
OFF-TAKE AND CREDIT LOSSES
($ in thousands)
|
| |
December 31, 2015
|
| |||
Long-term off-take losses | | | | | (9,880 ) | | |
Credit losses related to an insolvent customer | | | | | (51,382 ) | | |
Total
|
| | | | (61,262 ) | | |
| BOARD OF DIRECTORS | | | AUDITORS | | | TRANSFER AGENT | |
|
Michael J. Smith
Chairman Director since 1987
Indrajit Chatterjee
Director since 2005
Silke S. Stenger*
Director since 2013 |
| |
PricewaterhouseCoopers LLP
Suite 700 250 Howe Street Vancouver, BC V6C 3S7 Canada Telephone: (1) 604 806 7000 www.pwc.com/ca |
| |
Computershare
480 Washington Blvd 27th Floor Jersey City, NJ 07310 USA Telephone: (1) 888 478 2338 www.computershare.com |
|
| | | | STOCK LISTING | | | CORPORATE | |
|
Dr. Shuming Zhao*
Director since 2014
Gerardo Cortina
Director since 2014
Friedrich Hondl*
Director since 2015 |
| |
New York Stock Exchange
11 Wall Street New York, NY 10005 USA Telephone: (1) 212 656 3000 Email: nyselistings@nyse.com Trading symbol: MFCB |
| |
MFC Bancorp Ltd.
400 Burrard Street Suite 1860 Vancouver, BC, V6C 3A6 Canada Telephone: (1) 604 683 8286 Email: rrandall@bmgmt.com |
|
|
Jochen P. Duemler
Director since 2016
*
Member of the Audit Committee
|
| |
CORPORATE WEBSITE
www.mfcbancorpltd.com
|
| |
COMMERCIAL HEADQUARTERS
MFC Commodities GmbH
Millennium Tower 21 st Floor 94-96 Handelskai 1200 Vienna, Austria Telephone: (43) 1 240 25 0 Email: office@mfc-commodities.com |
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| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
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2012
|
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2011
|
| |||||||||||||||
| | |
($/US$)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 1.3840 | | | | | | 1.1601 | | | | | | 1.0636 | | | | | | 0.9949 | | | | | | 1.0170 | | |
High for period
|
| | | | 1.1728 | | | | | | 1.0614 | | | | | | 0.9839 | | | | | | 0.9710 | | | | | | 0.9449 | | |
Low for period
|
| | | | 1.3990 | | | | | | 1.1643 | | | | | | 1.0697 | | | | | | 1.0418 | | | | | | 1.0604 | | |
Average for period
|
| | | | 1.2787 | | | | | | 1.1045 | | | | | | 1.0299 | | | | | | 0.9996 | | | | | | 0.9891 | | |
| | |
($/€)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 1.5029 | | | | | | 1.4038 | | | | | | 1.4655 | | | | | | 1.3118 | | | | | | 1.3193 | | |
High for period
|
| | | | 1.3111 | | | | | | 1.3927 | | | | | | 1.2859 | | | | | | 1.2153 | | | | | | 1.2847 | | |
Low for period
|
| | | | 1.5298 | | | | | | 1.5549 | | | | | | 1.4724 | | | | | | 1.3446 | | | | | | 1.4305 | | |
Average for period
|
| | | | 1.4182 | | | | | | 1.4671 | | | | | | 1.3681 | | | | | | 1.2850 | | | | | | 1.3767 | | |
| | |
2015
|
| |
2014
(1)
|
| |
2013
|
| |
2012
(2)
|
| |
2011
|
| |||||||||||||||
| | | | | | | | |
(Restated
(3)
)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 1,579,702 | | | | | $ | 1,286,324 (3) | | | | | $ | 621,085 (3) | | | | | $ | 386,273 (3) | | | | | $ | 452,724 (3) | | |
(Loss) income from operations
|
| | | | (55,129 ) (4) | | | | | | 12,770 | | | | | | 6,221 | | | | | | (52,710 ) ( 5 ) | | | | | | (6,388 ) | | |
(Loss) earnings from continuing operations
(
6
)
|
| | | | (59,544 ) (4) | | | | | | 2,783 | | | | | | 4,324 | | | | | | (41,570 ) ( 5 ) | | | | | | (8,037 ) | | |
Net (loss) income from continuing operations per share
|
| | | | | | |||||||||||||||||||||||||
Basic
|
| | | | (0.94 ) (4) | | | | | | 0.04 | | | | | | 0.07 | | | | | | (0.67 ) ( 5 ) | | | | | | (0.13 ) | | |
Diluted
|
| | | | (0.94 ) (4) | | | | | | 0.04 | | | | | | 0.07 | | | | | | (0.67 ) ( 5 ) | | | | | | (0.13 ) | | |
Net (loss) income from discontinued operations
(
6
)
|
| | |
|
(428,086
)
(
7
)
|
| | | |
|
(3,465
)
(
8
)
|
| | | |
|
5,408
(
9
)
|
| | | |
|
238,154
(
10
)
|
| | | |
|
19,712
|
| |
(Loss) earnings per share from discontinued operations:
|
| | | | | | |||||||||||||||||||||||||
Basic
|
| | |
|
(6.78
)
(
7
)
|
| | | |
|
(0.05
)
(
8
)
|
| | | |
|
0.09
(
9
)
|
| | | |
|
3.81
(
10
)
|
| | | |
|
0.32
|
| |
Diluted
|
| | |
|
(6.78
)
(
7
)
|
| | | |
|
(0.05
)
(
8
)
|
| | | |
|
0.09
(
9
)
|
| | | |
|
3.81
(
10
)
|
| | | |
|
0.32
|
| |
Net (loss) income
(
6
)
|
| | |
|
(487,630
)
(
4
)
(7)
|
| | | |
|
(682
)
(
8
)
|
| | | |
|
9,732
(
9
)
|
| | | |
|
196,584
(
5
)(
10
)
|
| | | |
|
11,675
|
| |
Net (loss) income per share: | | | | | | | |||||||||||||||||||||||||
Basic
|
| | |
|
(7.72
)
(
4
)
(7)
|
| | | |
|
(0.01
)
(
8
)
|
| | | |
|
0.16
(
9
)
|
| | | |
|
3.14
(
5
)(
10
)
|
| | | |
|
0.19
|
| |
Diluted
|
| | |
|
(7.72
)
(
4
)
(7)
|
| | | |
|
(0.01
)
(
8
)
|
| | | |
|
0.16
(
9
)
|
| | | |
|
3.14
(
5
)(
10
)
|
| | | |
|
0.19
|
| |
Total assets
|
| | | | 977,351 | | | | | | 1,692,219 | | | | | | 1,402,460 | | | | | | 1,353,684 | | | | | | 873,558 | | |
Net assets
|
| | | | 369,200 | | | | | | 778,933 | | | | | | 744,245 | | | | | | 733,018 | | | | | | 558,478 | | |
Long-term debt, less current portion
|
| | | | 174,333 | | | | | | 297,157 | | | | | | 201,947 | | | | | | 31,012 | | | | | | 20,493 | | |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | | | | | 744,063 | | | | | | 726,862 | | | | | | 555,916 | | |
Capital stock, net of treasury stock
|
| | | | 358,831 | | | | | | 358,570 | | | | | | 357,322 | | | | | | 357,322 | | | | | | 357,355 | | |
Weighted average number of common
stock outstanding, diluted |
| | | | 63,142 | | | | | | 62,957 | | | | | | 62,757 | | | | | | 62,555 | | | | | | 62,561 | | |
Cash dividends paid to shareholders
|
| | | | 4,388 | | | | | | 12,486 | | | | | | 15,353 | | | | | | 13,789 | | | | | | 12,389 | | |
Subsidiaries
|
| |
Country of
Incorporation |
| |
Proportion
of Voting Interest (1) |
|
MFC Commodities GmbH
|
| |
Austria
|
| |
100%
|
|
MFC Trade & Financial Services GmbH
|
| |
Austria
|
| |
100%
|
|
IC Managementservice GmbH
|
| |
Austria
|
| |
100%
|
|
International Trade Services GmbH
|
| |
Austria
|
| |
100%
|
|
MFC Commodities Trading GmbH
|
| |
Austria
|
| |
100%
|
|
MFC Metal Trading GmbH
|
| |
Austria
|
| |
100%
|
|
Kasese Cobalt Company Limited
|
| |
Uganda
|
| |
75%
|
|
MFC (A) Ltd
|
| |
Marshall Islands
|
| |
100%
|
|
MFC (D) Ltd
|
| |
Marshall Islands
|
| |
100%
|
|
M Financial Corp.
|
| |
Barbados
|
| |
100%
|
|
MFC Corporate Services AG
|
| |
Switzerland
|
| |
100%
|
|
GPT Global Pellets Trading GmbH
|
| |
Austria
|
| |
100%
|
|
MFC Power Limited Partnership
|
| |
Canada
|
| |
100%
|
|
MFC Resources Inc.
|
| |
U.S.
|
| |
100%
|
|
Possehl Mexico S.A. de C.V.
|
| |
Mexico
|
| |
100%
|
|
MFC Holding Norway AS
|
| |
Norway
|
| |
100%
|
|
Fesil AS
|
| |
Norway
|
| |
100%
|
|
Fesil Sales AS
|
| |
Norway
|
| |
100%
|
|
Fesil Rana Metall AS
|
| |
Norway
|
| |
100%
|
|
Fesil Sales GmbH
|
| |
Germany
|
| |
100%
|
|
Fesil Sales SA
|
| |
Luxembourg
|
| |
100%
|
|
F.J. Elsner Trading Gesellschaft mbH
|
| |
Austria
|
| |
100%
|
|
MFC Merchant Bank Limited
|
| |
Malta
|
| |
100%
|
|
Mednet (Shanghai) Medical Technical Developing Co. Ltd.
|
| |
China
|
| |
100%
|
|
Hangzhou Zhe-er Optical Co. Ltd.
|
| |
China
|
| |
51%
|
|
| | |
Reserves as of December 31, 2015
|
| |||||||||||||||||||||||||||||||||||||||||||||
Category
|
| |
Natural Gas
|
| |
NGLs
|
| |
Crude Oil
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||||||||
| | |
(mmcf)
|
| |
(mbbl)
|
| |
(mbbl)
|
| |
(mboe)
|
| ||||||||||||||||||||||||||||||||||||
Proved | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Developed Producing
|
| | | | 12,020 | | | | | | 10,614 | | | | | | 468 | | | | | | 295 | | | | | | 27 | | | | | | 36 | | | | | | 2,499 | | | | | | 2,100 | | |
Undeveloped
|
| | | | 1,564 | | | | | | 1,427 | | | | | | 61 | | | | | | 52 | | | | | | — | | | | | | — | | | | | | 322 | | | | | | 290 | | |
Total Proved
|
| | | | 13,583 | | | | | | 12,041 | | | | | | 529 | | | | | | 347 | | | | | | 27 | | | | | | 36 | | | | | | 2,820 | | | | | | 2,391 | | |
Probable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Probable Developed
|
| | | | 3,657 | | | | | | 3,239 | | | | | | 143 | | | | | | 90 | | | | | | 13 | | | | | | 16 | | | | | | 765 | | | | | | 645 | | |
Probable Undeveloped
|
| | | | 1,908 | | | | | | 1,570 | | | | | | 74 | | | | | | 52 | | | | | | 73 | | | | | | 56 | | | | | | 465 | | | | | | 369 | | |
Total Probable
|
| | | | 5,565 | | | | | | 4,809 | | | | | | 217 | | | | | | 141 | | | | | | 86 | | | | | | 72 | | | | | | 1,230 | | | | | | 1,015 | | |
| | |
Years Ended December 31
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Area
|
| |
Natural
Gas (mcf/d) |
| |
NGLs
(bbl/d) |
| |
Crude
Oil (bbl/d) |
| |
Total
(boe/d) |
| |
Natural
Gas (mcf/d) |
| |
NGLs
(bbl/d) |
| |
Crude
Oil (bbl/d) |
| |
Total
(boe/d) |
| |
Natural
Gas (mcf/d) |
| |
NGLs
(bbl/d) |
| |
Crude
Oil (bbl/d) |
| |
Total
(boe/d) |
| ||||||||||||||||||||||||||||||||||||
Northern Alberta
|
| | | | 6,289 | | | | | | 252 | | | | | | 37 | | | | | | 1,337 | | | | | | 10,144 | | | | | | 428 | | | | | | 65 | | | | | | 2,184 | | | | | | 11,712 | | | | | | 492 | | | | | | 81 | | | | | | 2,525 | | |
Southern Alberta (1) | | | | | 25,393 | | | | | | 332 | | | | | | 174 | | | | | | 4,738 | | | | | | 35,138 | | | | | | 424 | | | | | | 253 | | | | | | 6,533 | | | | | | 36,294 | | | | | | 484 | | | | | | 245 | | | | | | 6,778 | | |
Total
|
| | | | 31,682 | | | | | | 584 | | | | | | 211 | | | | | | 6,075 | | | | | | 45,282 | | | | | | 852 | | | | | | 318 | | | | | | 8,717 | | | | | | 48,006 | | | | | | 976 | | | | | | 326 | | | | | | 9,303 | | |
| | |
Year Ended December 31, 2015
|
| |||||||||||||||||||||||||||
Area
|
| |
Natural
Gas ($/mcf/d) |
| |
NGLs
($/bbl/d) |
| |
Crude
Oil ( $/bbl/d) |
| |
Total
Hydro- Carbons ($/boe/d) |
| |
Sulphur
($/mcf/d) |
| |||||||||||||||
Price (1) | | | | | 3.01 | | | | | | 39.42 | | | | | | 56.22 | | | | | | 21.64 | | | | | | 154.26 | | |
Royalties | | | | | 0.59 | | | | | | 13.63 | | | | | | 13.26 | | | | | | 4.90 | | | | | | 19.38 | | |
Operating costs
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 15.77 | | | | | | N/A | | |
Transportation costs
|
| | | | 0.16 | | | | | | 5.44 | | | | | | 1.96 | | | | | | 1.44 | | | | | | 73.46 | | |
| | |
Year Ended December 31, 2014
|
| |||||||||||||||||||||||||||
Area
|
| |
Natural
Gas ($/mcf/d) |
| |
NGLs
($/bbl/d) |
| |
Crude
Oil ( $/bbl/d) |
| |
Total
Hydro- Carbons ($/boe/d) |
| |
Sulphur
($/mcf/d) |
| |||||||||||||||
Price (1) | | | | | 4.82 | | | | | | 79.69 | | | | | | 90.80 | | | | | | 36.16 | | | | | | 150.38 | | |
Royalties | | | | | 0.84 | | | | | | 28.71 | | | | | | 23.14 | | | | | | 8.00 | | | | | | 25.19 | | |
Operating costs
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 13.46 | | | | | | N/A | | |
Transportation costs
|
| | | | 0.16 | | | | | | 7.44 | | | | | | 3.27 | | | | | | 1.67 | | | | | | 73.04 | | |
| | |
Year Ended December 31, 2013
|
| |||||||||||||||||||||||||||
Area
|
| |
Natural
Gas ($/mcf/d) |
| |
NGLs
($/bbl/d) |
| |
Crude
Oil ( $/bbl/d) |
| |
Total
Hydro- Carbons ($/boe/d) |
| |
Sulphur
($/mcf/d) |
| |||||||||||||||
Price (1) | | | | | 3.46 | | | | | | 77.30 | | | | | | 84.98 | | | | | | 28.92 | | | | | | 64.83 | | |
Royalties
|
| | | | 0.62 | | | | | | 26.74 | | | | | | 20.78 | | | | | | 6.76 | | | | | | 10.21 | | |
Operating costs
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 12.38 | | | | | | N/A | | |
Transportation costs
|
| | | | 0.14 | | | | | | 5.68 | | | | | | 2.29 | | | | | | 1.39 | | | | | | — | | |
Area
|
| |
Producing
Natural Gas Wells |
| |
Non-producing
Natural Gas Wells (1) |
| |
Producing
Crude Oil Wells |
| |
Non-producing
Crude Oil Wells (1) |
| |
Total Wells
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||||||||||||||
Northern Alberta
|
| | | | 99 | | | | | | 69 | | | | | | 79 | | | | | | 54 | | | | | | 11 | | | | | | 8 | | | | | | 13 | | | | | | 10 | | | | | | 202 | | | | | | 141 | | |
Area
|
| |
Gross Acres
|
| |
Net Acres
|
| ||||||
Alberta | | | | ||||||||||
Developed
|
| | | | 67,766 | | | | | | 49,575 | | |
Undeveloped
|
| | | | 28,841 | | | | | | 20,914 | | |
| | |
December 31,
2015 |
| |
December 31,
2014 |
| ||||||
| | |
(In thousands,
except per share amounts) |
| |||||||||
Net book value
|
| | | $ | 367,192 | | | | | $ | 777,717 | | |
Net book value per share
|
| | | | 5.81 | | | | | | 12.32 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2015
|
| |
2014
(1)
|
| |
2013
|
| |||||||||
| | | | | | | | |
(Restated
(2)
)
|
| |||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||
Gross revenues
|
| | | $ | 1,579,702 | | | | | $ | 1,286,324 (2) | | | | | $ | 621,085 (2) | | |
Costs and expenses
|
| | | | 1,634,831 | | | | | | 1,273,554 (2) | | | | | | 614,864 (2) | | |
Costs of sales and services
|
| | | | 1,529,578 | | | | | | 1,178,022 (2) | | | | | | 550,822 (2) | | |
Selling, general and administrative expense
|
| | | | 84,653 | | | | | | 81,505 | | | | | | 53,750 | | |
Finance costs
|
| | | | 20,355 | | | | | | 13,263 | | | | | | 9,742 | | |
Share-based compensation – selling, general and administrative
|
| | | | — | | | | | | 423 | | | | | | — | | |
Impairment of available-for-sale securities
|
| | | | 245 | | | | | | 341 | | | | | | 550 | | |
(Loss) earnings from continuing operations
(
3
)
|
| | | | (59,544 ) (4) | | | | | | 2,783 | | | | | | 4,324 | | |
Net (loss) income from discontinued operations
(
3
)
|
| | |
|
(428,086
)
(
5
)
|
| | | |
|
(3,465
)
(
6
)
|
| | | |
|
5,408
(
7
)
|
| |
Net (loss) income
(
3
)
|
| | |
|
(487,630
)
(
4
)
(5)
|
| | | |
|
(682
)
(
6
)
|
| | | |
|
9,732
(
7
)
|
| |
(Loss) earnings per share: | | | | | |||||||||||||||
Basic
|
| | |
|
(7.72
)
(
4
)
(5)
|
| | | |
|
(0.01
)
(
6
)
|
| | | |
|
0.16
(
7
)
|
| |
Diluted
|
| | |
|
(7.72
)
(
4
)
(5)
|
| | | |
|
(0.01
)
(
6
)
|
| | | |
|
0.16
(
7
)
|
| |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2015
|
| |
2014
(1)
|
| |
2013
|
| |||||||||
| | | | | | | | |
(Restated
(2)
)
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Finance and supply chain products and services
|
| | | $ | 1,531,549 | | | | | $ | 1,237,153 (2) | | | | | $ | 585,146 (2) | | |
Gains on securities, net
|
| | | | — | | | | | | 5,221 | | | | | | 6,507 | | |
Interest
|
| | | | 4,225 | | | | | | 4,506 | | | | | | 2,411 | | |
Dividends
|
| | | | 7 | | | | | | 8 | | | | | | 304 | | |
Other
|
| | | | 43,921 | | | | | | 39,436 | | | | | | 26,717 | | |
Total revenues
|
| | | $ | 1,579,702 | | | | | $ | 1,286,324 | | | | | $ | 621,085 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
| | | | | | | | |
(Restated)
(1)
|
| |||
| | |
(In thousands)
|
| |||||||||
Gross Revenues: | | | | ||||||||||
Finance and supply chain
|
| | | $ | 1,544,481 | | | | | $ | 1,256,520 | | |
All other
|
| | | | 35,221 | | | | | | 29,804 | | |
| | | | $ | 1,579,702 | | | | | $ | 1,286,324 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
| | | | | | | | |
(Restated)
(1)
|
| |||
| | |
(In thousands)
|
| |||||||||
Supply chain products and services
|
| | | $ | 1,468,680 | | | | | $ | 1,169,305 | | |
Credit losses on loans and receivables and guarantees
|
| | | | 54,540 | | | | | | 4,346 | | |
Fair value gain on government environmental emission refund
|
| | | | (4,157 ) | | | | | | — | | |
Fair value loss on investment property
|
| | | | — | | | | | | 134 | | |
Market value decrease (increase) on commodities inventories
|
| | | | 1,910 | | | | | | (4,172 ) | | |
Gain on derivative contracts, net
|
| | | | (2,913 ) | | | | | | (3,466 ) | | |
Write-off of inventories, net
|
| | | | — | | | | | | 165 | | |
Loss on trading securities
|
| | | | 84 | | | | | | — | | |
Other
|
| | | | 11,434 | | | | | | 11,710 | | |
Total costs of sales and services
|
| | | $ | 1,529,578 | | | | | $ | 1,178,022 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA (loss) from continuing operations | | | | ||||||||||
Net (loss) income from continuing operations
(1)
|
| | | $ | (57,918 ) | | | | | $ | 4,141 | | |
Income tax expense
|
| | | | 2,501 | | | | | | 2,173 | | |
Finance costs
|
| | | | 20,355 | | | | | | 13,263 | | |
Amortization, depreciation and depletion
|
| | | | 6,450 | | | | | | 4,957 | | |
Operating EBITDA (loss) from continuing operations
(2)
|
| | | $ | (28,612 ) | | | | | $ | 24,534 | | |
|
| | |
Year Ended December 31,
2015 |
| |||
| | |
(In thousands)
|
| |||
Long-term ferrosilicon off-take losses
|
| | | $ | (9,880 ) | | |
Credit losses related to an insolvent customer
|
| | | | (51,382 ) | | |
Total
|
| | | $ | (61,262 ) | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
| | |
(Restated)
(1)
|
| |||||||||
| | |
(In thousands)
|
| |||||||||
Gross Revenues: | | | | ||||||||||
Finance and supply chain
|
| | | $ | 1,256,520 | | | | | $ | 597,518 | | |
All other
|
| | | | 29,804 | | | | | | 23,567 | | |
| | | | $ | 1,286,324 | | | | | $ | 621,085 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
| | |
(Restated)
(1)
|
| |||||||||
| | |
(In thousands)
|
| |||||||||
Supply chain products and services
|
| | | $ | 1,169,305 | | | | | $ | 544,179 | | |
Credit losses on loans and receivables
|
| | | | 4,346 | | | | | | 4,763 | | |
Fair value loss on investment property
|
| | | | 134 | | | | | | — | | |
Market value increase on commodity inventories
|
| | | | (4,172 ) | | | | | | (5,502 ) | | |
Gain on derivative contracts, net
|
| | | | (3,466 ) | | | | | | (2,135 ) | | |
Write-off of inventories, net
|
| | | | 165 | | | | | | — | | |
Other | | | | | 11,710 | | | | | | 9,517 | | |
Total costs of sales and services
|
| | | $ | 1,178,022 | | | | | $ | 550,822 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2014
|
| |
2013
|
| ||||||
Operating EBITDA from continuing operations
|
| |
(In thousands)
|
| |||||||||
Earnings from continuing operations
(1)
|
| | | $ | 4,141 | | | | | $ | 4,156 | | |
Income tax expense (recovery)
|
| | | | 2,173 | | | | | | (997 ) | | |
Finance costs
|
| | | | 13,263 | | | | | | 9,742 | | |
Amortization, depreciation and depletion
|
| | | | 4,957 | | | | | | 2,206 | | |
Operating EBITDA from continuing operations
|
| | | $ | 24,534 | | | | | $ | 15,107 | | |
|
| | |
December 31,
|
||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
||||||||
| | |
(In thousands, except ratio amounts)
|
||||||||||||||
Total long-term debt
|
| | | $ | 259,038 | | | | | $ | 363,255 | | | | | $ | 249,670 |
Less: cash and cash equivalents
|
| | | | (197,519 ) | | | | | | (344,891 ) | | | | | | (353,299 ) |
Net debt (net cash and cash equivalents)
|
| | | | 61,519 | | | | | | 18,364 | | | | | | (103,629 ) |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | | | | | 744,063 |
Net debt-to-equity ratio
|
| | | | 0.17 | | | | | | 0.02 | | | |
Not applicable
|
| | |
December 31
|
| |||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||||||||
Long-term debt, less current portion
|
| | | $ | 174,333 | | | | | $ | 297,157 | | | | | $ | 201,947 | | |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | | | | | 744,063 | | |
Long-term debt-to-equity ratio
|
| | | | 0.47 | | | | | | 0.38 | | | | | | 0.27 | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Cash flows used in continuing operating activities
|
| | | $ | (94,102 ) | | | | | $ | (48,638 ) | | | | | $ | (27,467 ) | | |
Cash flows used in continuing investing activities
|
| | | $ | (7,960 ) | | | | | $ | (105,121 ) | | | | | $ | (919 ) | | |
Cash flows (used in) provided by continuing financing activities
|
| | | $ | (49,488 ) | | | | | $ | 90,909 | | | | | $ | 89,905 | | |
| | |
December 31,
|
| |||||||||
| | |
2015
|
| |
2014
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 197,519 | | | | | $ | 344,891 | | |
Short-term cash deposits
|
| | | | 233 | | | | | | 184 | | |
Short-term securities
|
| | | | 170 | | | | | | 290 | | |
Securities – derivatives
|
| | | | 5,555 | | | | | | 6,274 | | |
Restricted cash
|
| | | | 639 | | | | | | 644 | | |
Trade receivables
|
| | | | 151,229 | | | | | | 187,558 | | |
Tax receivables
|
| | | | 11,705 | | | | | | 15,339 | | |
Other receivables
|
| | | | 14,727 | | | | | | 26,406 | | |
Inventories
|
| | | | 245,345 | | | | | | 246,611 | | |
Real estate held for sale
|
| | | | 1,130 | | | | | | 13,970 | | |
Deposits, prepaid and other
|
| | | | 21,442 | | | | | | 8,985 | | |
Assets held for sale
|
| | | | 136,156 | | | | | | 152,107 | | |
Total assets
|
| | | | 977,351 | | | | | | 1,692,219 | | |
Working capital
|
| | | | 371,288 | | | | | | 562,486 | | |
Short-term bank borrowings
|
| | | | 60,103 | | | | | | 187,171 | | |
Debt, current portion
|
| | | | 84,705 | | | | | | 66,098 | | |
Account payables and accrued expenses
|
| | | | 174,812 | | | | | | 158,345 | | |
Dividends payable
|
| | | | — | | | | | | 4,388 | | |
Income tax liabilities
|
| | | | 3,809 | | | | | | 4,963 | | |
Liabilities relating to assets held for sale
|
| | | | 87,579 | | | | | | 17,802 | | |
Long-term debt, less current portion
|
| | | | 174,333 | | | | | | 297,157 | | |
Deferred income tax liabilities
|
| | | | 13,711 | | | | | | 11,852 | | |
Decommissioning obligations
|
| | | | — | | | | | | 150,299 | | |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | |
Maturity
|
| |
Principal
|
| |
Interest
|
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
2016 | | | | $ | 84,705 | | | | | $ | 7,333 | | | | | $ | 92,038 | | |
2017 | | | | | 34,886 | | | | | | 5,170 | | | | | | 40,056 | | |
2018 | | | | | 44,452 | | | | | | 3,998 | | | | | | 48,450 | | |
2019 | | | | | 29,404 | | | | | | 2,649 | | | | | | 32,053 | | |
2020 | | | | | 26,778 | | | | | | 1,714 | | | | | | 28,492 | | |
Thereafter
|
| | | | 38,813 | | | | | | 1,491 | | | | | | 40,304 | | |
| | | | $ | 259,038 | | | | | $ | 22,355 | | | | | $ | 281,393 | | |
|
| | |
Payments Due by Period
(1)
|
| |||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Contractual Obligations
(2)
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |
Total
|
| |||||||||||||||
Long-term debt obligations, including interest
|
| | | $ | 92,038 | | | | | $ | 88,506 | | | | | $ | 60,545 | | | | | $ | 40,304 | | | | | $ | 281,393 | | |
Operating lease obligations
|
| | | | 2,006 | | | | | | 2,975 | | | | | | 2,580 | | | | | | 1,266 | | | | | | 8,827 | | |
Purchase obligations
|
| | | | 71,865 | | | | | | — | | | | | | — | | | | | | — | | | | | | 71,865 | | |
Other long-term liabilities
|
| | | | — | | | | | | 504 | | | | | | 177 | | | | | | — | | | | | | 681 | | |
Total
|
| | | $ | 165,909 | | | | | $ | 91,985 | | | | | $ | 63,302 | | | | | $ | 41,570 | | | | | $ | 362,766 | | |
|
| | |
December 31,
2015 |
| |
September 30,
2015 |
| |
June 30,
2015 |
| |
March 31,
2015 |
| ||||||||||||
| | | | | | | | |
(Restated)
(1)
|
| |||||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 406,164 | | | | | $ | 403,697 (1) | | | | | $ | 420,284 (1) | | | | | $ | 349,557 (1) | | |
Net (loss) income from continuing operations
(
2
)
|
| | | | (71,160 ) (3) | | | | | | 399 | | | | | | 5,818 | | | | | | 5,399 | | |
(Loss) earnings from continuing operations, per share
|
| | | | | ||||||||||||||||||||
Basic
|
| | | | (1.13 ) (3) | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.09 | | |
Diluted
|
| | | | (1.13 ) (3) | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.09 | | |
Net (loss) income
(
2
)
|
| | |
|
(111,807
)
(
3
)
(4)
|
| | | |
|
(392,208
)
(
5
)
|
| | | |
|
8,549
|
| | | |
|
7,836
|
| |
(Loss) earnings, per share | | | | | | ||||||||||||||||||||
Basic
|
| | |
|
(1.77
)
(
3
)
(4)
|
| | | |
|
(6.21
)
(
5
)
|
| | | |
|
0.14
|
| | | |
|
0.12
|
| |
Diluted
|
| | |
|
(1.77
)
(
3
)
(4)
|
| | | |
|
(6.21
)
(
5
)
|
| | | |
|
0.14
|
| | | |
|
0.12
|
| |
| | |
December 31,
2014 |
| |
September 30,
2014 |
| |
June 30,
2014 (1) |
| |
March 31,
2014 |
| ||||||||||||
| | |
(Restated)
(2)
|
| |||||||||||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 346,560 (2) | | | | | $ | 360,260 (2) | | | | | $ | 388,264 (2) | | | | | $ | 191,240 (2) | | |
Net (loss) income from continuing operations
(
3
)
|
| | | | 3,659 | | | | | | (4,909 ) | | | | | | 3,290 | | | | | | 743 | | |
(Loss) earnings from continuing operations, per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | 0.06 | | | | | | (0.08 ) | | | | | | 0.05 | | | | | | 0.01 | | |
Diluted
|
| | | | 0.06 | | | | | | (0.08 ) | | | | | | 0.05 | | | | | | 0.01 | | |
Net income (loss)
(
3
)
|
| | |
|
(21,797
)
(
4
)
|
| | | |
|
6,990
|
| | | |
|
7,720
|
| | | |
|
6,405
|
| |
Earnings (loss), per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | (0.35 ) | | | | | | 0.11 | | | | | | 0.12 | | | | | | 0.10 | | |
Diluted
|
| | | | (0.35 ) | | | | | | 0.11 | | | | | | 0.12 | | | | | | 0.10 | | |
Name (Age)
|
| |
Present Position
|
| |
Date of
Commencement of Office with our Company |
|
Gerardo Cortina (60)
|
| |
President and Chief Executive Officer and Director
|
| |
2014
|
|
Samuel Morrow (31)
|
| |
Deputy Chief Executive Officer and
Chief Financial Officer |
| |
2014
|
|
Ferdinand Steinbauer (59)
|
| | Treasurer | | |
2014
|
|
Michael J. Smith (68)
(1)
|
| | Chairman and Managing Director | | |
1986
|
|
Dr. Shuming Zhao (63)
(2)(3)(4)
|
| | Director | | |
2014
|
|
Indrajit Chatterjee (70)
(2)(4)
|
| | Director | | |
2005
|
|
Silke S. Stenger (47)
(2)(3)(4)
|
| | Director | | |
2013
|
|
Friedrich Hondl (55)
(3)(5)
|
| | Director | | |
2015
|
|
Jochen Dümler (61)
(6)(2)
|
| | Director | | |
2016
|
|
| | | | | | | | | | | | | | | | | | | | |
Non-equity incentive
compensation plan compensation ($) (1) |
| | | | ||||||||||||||||||||||||
Name and Principal Position
|
| |
Salary
($) |
| |
Share-
based awards ($) |
| |
Option-
based awards ($) |
| |
Annual
incentive plans |
| |
Long-
term incentive plans |
| |
Pension
value ($) |
| |
All other
compensation ($) |
| |
Total
compensation ($) |
| ||||||||||||||||||||||||
Gerardo Cortina
President and Chief Executive Officer |
| | | | 840,645 | | | | | | — | | | | | | — | | | | | | 226,328 | | | | | | — | | | | | | — | | | | | | 123,026 (2) | | | | | | 1,189,999 | | |
Samuel Morrow
Chief Financial Officer and Deputy Chief Executive Officer |
| | | | 312,332 | | | | | | — | | | | | | — | | | | | | 205,840 | | | | | | — | | | | | | — | | | | | | 3,259 (3) | | | | | | 521,431 | | |
Michael J. Smith
Chairman and Managing Director |
| | | | 596,895 | | | | | | — | | | | | | — | | | | | | 135,083 | | | | | | — | | | | | | — | | | | | | 275,278 (4) | | | | | | 1,007,256 | | |
Ferdinand Steinbauer
Treasurer |
| | | | 462,182 | | | | | | — | | | | | | — | | | | | | 205,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | 668,022 | | |
Guy Konsbruck
Executive Vice-President (5) |
| | | | 473,923 | | | | | | — | | | | | | — | | | | | | 140,491 | | | | | | — | | | | | | — | | | | | | — | | | | | | 614,414 | | |
Name
|
| |
Fees
Earned ($) |
| |
Share-
based awards ($) |
| |
Option-
based awards ($) |
| |
Non-equity
incentive plan compensation ($) |
| |
Pension
value ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Gerardo Cortina
(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael J. Smith
(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dr. Shuming Zhao
|
| | | | 78,493 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 78,493 | | |
Indrajit Chatterjee
|
| | | | 118,251 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 118,251 | | |
Silke S. Stenger
|
| | | | 148,549 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 148,549 | | |
Friedrich Hondl
(3)
|
| | | | 13,616 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,616 | | |
Jochen Dümler
(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Peter Kellogg
(5)
|
| | | | 52,064 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 52,064 | | |
William C. Horn III
(6)
|
| | | | 67,959 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,959 | | |
Name and principal position
|
| |
Common shares
beneficially owned (#) |
| |
Percentage of total
common shares outstanding (%) |
| |
Stock options
held (#) |
| |||||||||
Michael J. Smith
Chairman, Managing Director and Director (1) |
| | | | 272,727 | | | | | | 0.4 % | | | | | | — | | |
Dr. Shuming Zhao
Director |
| | | | — | | | | | | — | | | | | | — | | |
Indrajit Chatterjee
Director |
| | | | — | | | | | | — | | | | | | — | | |
Silke S. Stenger
Director |
| | | | — | | | | | | — | | | | | | — | | |
Friedrich Hondl
Director (2) |
| | | | — | | | | | | — | | | | | | — | | |
Gerardo Cortina
President and Chief Executive Officer and Director |
| | | | 559,820 (3) | | | | | | 0.9 % | | | | | | — | | |
Samuel Morrow
Deputy Chief Executive Officer and Chief Financial Officer |
| | | | 42,390 | | | | | | — * | | | | | | 100,000 (3) | | |
Ferdinand Steinbauer
Treasurer |
| | | | 241,438 | | | | | | 0.4 % | | | | | | — | | |
Guy Konsbruck
Executive Vice-President (5) |
| | | | 7,700 | | | | | | — * | | | | | | — | | |
Peter Kellogg
Former Chairman and Director (6) |
| | | | 20,662,400 (6) | | | | | | 32.7 % | | | | | | — | | |
William C. Horn III
Former Director (7) |
| | | | 618 (8) | | | | | | — * | | | | | | — | | |
Name
|
| |
Amount Owned
|
| |
Percent of Class
(1)
|
| ||||||
Peter Kellogg
|
| | | | 20,662,400 (2 ) | | | | | | 32.7 % | | |
Lloyd I. Miller, III
|
| | | | 6,686,333 (3 ) | | | | | | 10.6 % | | |
| | |
(In thousands)
|
||
Sale of Goods
|
| | | $ | 3,349 |
| | |
High (US$)
|
| |
Low (US$)
|
| ||||||
Annual Highs and Lows | | | | ||||||||||
2015
|
| | | | 7.11 | | | | | | 1.50 | | |
2014
|
| | | | 8.25 | | | | | | 5.20 | | |
2013
|
| | | | 10.39 | | | | | | 7.25 | | |
2012
|
| | | | 8.80 | | | | | | 6.65 | | |
2011
|
| | | | 9.00 | | | | | | 6.17 | | |
Quarterly Highs and Lows | | | | ||||||||||
2016 | | | | ||||||||||
First Quarter
|
| | | | 2.50 | | | | | | 1.71 | | |
2015 | | | | ||||||||||
Fourth Quarter
|
| | | | 3.32 | | | | | | 1.50 | | |
Third Quarter
|
| | | | 4.15 | | | | | | 2.79 | | |
Second Quarter
|
| | | | 5.04 | | | | | | 3.85 | | |
First Quarter
|
| | | | 7.11 | | | | | | 3.61 | | |
2014 | | | | ||||||||||
Fourth Quarter
|
| | | | 7.17 | | | | | | 5.20 | | |
Third Quarter
|
| | | | 8.20 | | | | | | 7.11 | | |
Second Quarter
|
| | | | 8.11 | | | | | | 7.07 | | |
First Quarter
|
| | | | 8.25 | | | | | | 6.97 | | |
Monthly Highs and Lows | | | | ||||||||||
April 2016
|
| | | | 2.04 | | | | | | 1.66 | | |
March 2016 | | | | | 2.50 | | | | | | 1.90 | | |
February 2016
|
| | | | 2.23 | | | | | | 1.80 | | |
January 2016
|
| | | | 2.24 | | | | | | 1.71 | | |
December 2015
|
| | | | 2.06 | | | | | | 1.50 | | |
November 2015
|
| | | | 3.00 | | | | | | 1.98 | | |
| | | | | 68 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 74 | | | |
| | | | | 76 | | | |
| | | | | 78 | | |
| | |
Notes
|
| |
December 31,
2015 |
| |
December 31,
2014 |
| |
January 1,
2014 |
| ||||||||||||
ASSETS
|
| | | | | ||||||||||||||||||||
Current Assets | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | | | | | | | $ | 197,519 | | | | | $ | 344,891 | | | | | $ | 353,299 | | |
Short-term cash deposits
|
| | | | | | | | | | 233 | | | | | | 184 | | | | | | 4,660 | | |
Securities
|
| | | | | | | | | | 170 | | | | | | 290 | | | | | | 2,200 | | |
Securities – derivatives
|
| | | | | | | | | | 5,555 | | | | | | 6,274 | | | | | | 1,483 | | |
Restricted cash
|
| | | | | | | | | | 639 | | | | | | 644 | | | | | | 332 | | |
Trade receivables
|
| | | | 6 | | | | | | 151,229 | | | | | | 187,558 | | | | | | 123,035 | | |
Tax receivables
|
| | | | | | | | | | 11,705 | | | | | | 15,339 | | | | | | 6,917 | | |
Other receivables
|
| | | | 7 | | | | | | 14,727 | | | | | | 26,406 | | | | | | 23,944 | | |
Inventories
|
| | | | 8 | | | | | | 245,345 | | | | | | 246,611 | | | | | | 94,494 | | |
Real estate held for sale
|
| | | | | | | | | | 1,130 | | | | | | 13,970 | | | | | | 13,482 | | |
Deposits, prepaid and other
|
| | | | 9 | | | | | | 21,442 | | | | | | 8,985 | | | | | | 28,861 | | |
Assets held for sale
|
| | | | 4 | | | | | | 136,156 | | | | | | 152,107 | | | | | | 103,535 | | |
Total current assets
|
| | | | | | | | | | 785,850 | | | | | | 1,003,259 | | | | | | 756,242 | | |
Non-current Assets | | | | | | ||||||||||||||||||||
Securities
|
| | | | | | | | | | 680 | | | | | | 839 | | | | | | 2,622 | | |
Securities – derivatives
|
| | | | | | | | | | 171 | | | | | | — | | | | | | — | | |
Real estate held for sale
|
| | | | | | | | | | 13,812 | | | | | | — | | | | | | — | | |
Investment property
|
| | | | 10 | | | | | | 37,873 | | | | | | — | | | | | | — | | |
Property, plant and equipment
|
| | | | 11 | | | | | | 95,745 | | | | | | 122,829 | | | | | | 100,503 | | |
Interests in resource properties
|
| | | | 4 | | | | | | — | | | | | | 403,813 | | | | | | 382,678 | | |
Hydrocarbon probable reserves
|
| | | | 4 | | | | | | — | | | | | | 50,644 | | | | | | 80,054 | | |
Hydrocarbon unproved lands
|
| | | | 4 | | | | | | — | | | | | | 27,560 | | | | | | 33,348 | | |
Accrued pension assets, net
|
| | | | 12 | | | | | | — | | | | | | 1,362 | | | | | | 1,339 | | |
Deferred income tax assets
|
| | | | 13 | | | | | | 20,641 | | | | | | 27,832 | | | | | | 19,082 | | |
Other
|
| | | | | | | | | | 21,912 | | | | | | 53,490 | | | | | | 26,592 | | |
Other, restricted
|
| | | | | | | | | | 667 | | | | | | 591 | | | | | | — | | |
Total non-current assets
|
| | | | | | | | | | 191,501 | | | | | | 688,960 | | | | | | 646,218 | | |
| | | | | | | | | | $ | 977,351 | | | | | $ | 1,692,219 | | | | | $ | 1,402,460 | | |
LIABILITIES AND EQUITY
|
| | | | | ||||||||||||||||||||
Current Liabilities | | | | | | ||||||||||||||||||||
Short-term bank borrowings
|
| | | | 14 | | | | | $ | 60,103 | | | | | $ | 187,171 | | | | | $ | 138,037 | | |
Debt, current portion
|
| | | | 15 | | | | | | 84,705 | | | | | | 66,098 | | | | | | 47,723 | | |
Account payables and accrued expenses
|
| | | | 16 | | | | | | 174,812 | | | | | | 158,345 | | | | | | 132,490 | | |
Dividends payable
|
| | | | | | | | | | — | | | | | | 4,388 | | | | | | — | | |
Income tax liabilities
|
| | | | | | | | | | 3,809 | | | | | | 4,963 | | | | | | 2,011 | | |
Financial liabilities – derivatives
|
| | | | | | | | | | 3,554 | | | | | | 2,006 | | | | | | 2,213 | | |
Liabilities relating to assets held for sale
|
| | | | 4 | | | | | | 87,579 | | | | | | 17,802 | | | | | | 12,249 | | |
Total current liabilities
|
| | | | | | | | | | 414,562 | | | | | | 440,773 | | | | | | 334,723 | | |
Long-term Liabilities | | | | | | ||||||||||||||||||||
Debt, less current portion
|
| | | | 15 | | | | | | 174,333 | | | | | | 297,157 | | | | | | 201,947 | | |
Deferred income tax liabilities
|
| | | | 13 | | | | | | 13,711 | | | | | | 11,852 | | | | | | 3,798 | | |
Financial liabilities – derivatives
|
| | | | | | | | | | 682 | | | | | | 1,533 | | | | | | — | | |
Decommissioning obligations
|
| | | | 4 | | | | | | — | | | | | | 150,299 | | | | | | 112,586 | | |
Accrued pension obligations, net
|
| | | | 12 | | | | | | 4,061 | | | | | | 4,329 | | | | | | — | | |
Other
|
| | | | | | | | | | 802 | | | | | | 7,343 | | | | | | 5,161 | | |
Total long-term liabilities
|
| | | | | | | | | | 193,589 | | | | | | 472,513 | | | | | | 323,492 | | |
Total liabilities
|
| | | | | | | | | | 608,151 | | | | | | 913,286 | | | | | | 658,215 | | |
Equity | | | | | | ||||||||||||||||||||
Capital stock, fully paid
|
| | | | 17 | | | | | | 419,916 | | | | | | 419,655 | | | | | | 418,407 | | |
Treasury stock
|
| | | | 17 | | | | | | (61,085 ) | | | | | | (61,085 ) | | | | | | (61,085 ) | | |
Contributed surplus
|
| | | | | | | | | | 15,417 | | | | | | 15,620 | | | | | | 13,451 | | |
Retained (deficit) earnings
|
| | | | | | | | | | (63,559 ) | | | | | | 424,129 | | | | | | 438,508 | | |
Accumulated other comprehensive income (loss)
|
| | | | | | | | | | 56,503 | | | | | | (20,602 ) | | | | | | (65,218 ) | | |
Shareholders’ equity
|
| | | | | | | | | | 367,192 | | | | | | 777,717 | | | | | | 744,063 | | |
Non-controlling interests
|
| | | | | | | | | | 2,008 | | | | | | 1,216 | | | | | | 182 | | |
Total equity
|
| | | | | | | | | | 369,200 | | | | | | 778,933 | | | | | | 744,245 | | |
| | | | | | | | | | $ | 977,351 | | | | | $ | 1,692,219 | | | | | $ | 1,402,460 | | |
|
| | |
Notes
|
| |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Restated – Note 1A)
|
| |||||||||
Gross revenues
|
| | | | 18 | | | | | $ | 1,579,702 | | | | | $ | 1,286,324 | | | | | $ | 621,085 | | |
Costs and expenses: | | | | | | ||||||||||||||||||||
Costs of sales and services
|
| | | | 18 | | | | | | 1,529,578 | | | | | | 1,178,022 | | | | | | 550,822 | | |
Selling, general and administrative
|
| | | | | | | | | | 84,653 | | | | | | 81,505 | | | | | | 53,750 | | |
Share-based compensation – selling, general and administrative
|
| | | | 19 | | | | | | — | | | | | | 423 | | | | | | — | | |
Finance costs
|
| | | | | | | | | | 20,355 | | | | | | 13,263 | | | | | | 9,742 | | |
Impairment of available-for-sale securities
|
| | | | | | | | | | 245 | | | | | | 341 | | | | | | 550 | | |
| | | | | | | | | | | 1,634,831 | | | | | | 1,273,554 | | | | | | 614,864 | | |
(Loss) income from operations
|
| | | | | | | | | | (55,129 ) | | | | | | 12,770 | | | | | | 6,221 | | |
Other items: | | | | | | ||||||||||||||||||||
Exchange differences on foreign currency
transactions |
| | | | | | | | | | (288 ) | | | | | | (6,293 ) | | | | | | (2,211 ) | | |
Change in fair value of puttable instrument financial liabilities
|
| | | | | | | | | | — | | | | | | (163 ) | | | | | | (851 ) | | |
(Loss) income before income taxes
|
| | | | | | | | | | (55,417 ) | | | | | | 6,314 | | | | | | 3,159 | | |
Income tax (expense) recovery
|
| | | | 20 | | | | | | (2,501 ) | | | | | | (2,173 ) | | | | | | 997 | | |
(Loss) income from continuing operations
|
| | | | | | | | | | (57,918 ) | | | | | | 4,141 | | | | | | 4,156 | | |
(Loss) income on discontinued operations
|
| | | | 4 | | | | | | (428,086 ) | | | | | | (3,465 ) | | | | | | 5,408 | | |
Net (loss) income for the year
|
| | | | | | | | | | (486,004 ) | | | | | | 676 | | | | | | 9,564 | | |
Less: Net (income) loss attributable to non-controlling interests
|
| | | | | | | | | | (1,626 ) | | | | | | (1,358 ) | | | | | | 168 | | |
Net (loss) income attributable to owners of the parent company
|
| | | | | | | | | $ | (487,630 ) | | | | | $ | (682 ) | | | | | $ | 9,732 | | |
Basic (loss) earnings per share: | | | | | | ||||||||||||||||||||
Continuing operations
|
| | | | 21 | | | | | $ | (0.94 ) | | | | | $ | 0.04 | | | | | $ | 0.07 | | |
Discontinued operations
|
| | | | 21 | | | | | | (6.78 ) | | | | | | (0.05 ) | | | | | | 0.09 | | |
| | | | | | | | | | $ | (7.72 ) | | | | | $ | (0.01 ) | | | | | $ | 0.16 | | |
Diluted (loss) earnings per share: | | | | | | ||||||||||||||||||||
Continuing operations
|
| | | | 21 | | | | | $ | (0.94 ) | | | | | $ | 0.04 | | | | | $ | 0.07 | | |
Discontinued operations
|
| | | | 21 | | | | | | (6.78 ) | | | | | | (0.05 ) | | | | | | 0.09 | | |
| | | | | | | | | | $ | (7.72 ) | | | | | $ | (0.01 ) | | | | | $ | 0.16 | | |
Weighted average number of common shares outstanding
|
| | | | | ||||||||||||||||||||
– basic
|
| | | | 21 | | | | | | 63,142,272 | | | | | | 62,922,837 | | | | | | 62,552,126 | | |
– diluted
|
| | | | 21 | | | | | | 63,142,272 | | | | | | 62,957,105 | | | | | | 62,756,791 | | |
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Net (loss) income for the year
|
| | | $ | (486,004 ) | | | | | $ | 676 | | | | | $ | 9,564 | | |
Other comprehensive income, net of income taxes | | | | | |||||||||||||||
Exchange differences arising from translating financial statements of foreign operations
|
| | | | 79,355 | | | | | | 45,767 | | | | | | 16,916 | | |
Reclassification adjustment for exchange differences to statements of operations for subsidiaries deconsolidated
|
| | | | 143 | | | | | | (127 ) | | | | | | — | | |
Net exchange differences
|
| | | | 79,498 | | | | | | 45,640 | | | | | | 16,916 | | |
Fair value loss on available-for-sale securities
|
| | | | (293 ) | | | | | | (282 ) | | | | | | (117 ) | | |
Reclassification of fair value loss on available-for-sale securities to statements of operations for securities disposed of or impaired
|
| | | | 245 | | | | | | 147 | | | | | | 321 | | |
Net fair value (loss) gain on available-for-sale securities
|
| | | | (48 ) | | | | | | (135 ) | | | | | | 204 | | |
Remeasurement of net defined benefit liabilities
|
| | | | (298 ) | | | | | | (1,034 ) | | | | | | 1,522 | | |
Other comprehensive income
|
| | | | 79,152 | | | | | | 44,471 | | | | | | 18,642 | | |
Total comprehensive (loss) income for the year
|
| | | | (406,852 ) | | | | | | 45,147 | | | | | | 28,206 | | |
Comprehensive income attributable to non-controlling interests
|
| | | | (2,028 ) | | | | | | (1,213 ) | | | | | | (123 ) | | |
Comprehensive (loss) income attributable to owners of the parent company
|
| | | $ | (408,880 ) | | | | | $ | 43,934 | | | | | $ | 28,083 | | |
Consisting of: Continuing operations
|
| | | $ | 7,057 | | | | | $ | 28,201 | | | | | $ | 35,758 | | |
Discontinued operations
|
| | | | (415,937 ) | | | | | | 15,733 | | | | | | (7,675 ) | | |
| | | | $ | (408,880 ) | | | | | $ | 43,934 | | | | | $ | 28,083 | | |
Other comprehensive income, net of income taxes, comprised amounts:
|
| | | | |||||||||||||||
will not be reclassified subsequently to profit or loss
|
| | | $ | (298 ) | | | | | $ | (1,034 ) | | | | | $ | 1,522 | | |
will be reclassified subsequently to profit or loss when specific conditions are met
|
| | | | 79,450 | | | | | | 45,505 | | | | | | 17,120 | | |
| | | | $ | 79,152 | | | | | $ | 44,471 | | | | | $ | 18,642 | | |
|
| | |
Capital Stock
|
| |
Treasury Stock
|
| |
Contributed Surplus
|
| | | | | | | |
Accumulated Other
Comprehensive Income |
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Share-based
Compensation |
| |
Contingently
Issuable Shares |
| |
Retained
Earnings (Deficit) |
| |
Available-
for-sale Securities |
| |
Defined
Benefit Obligations |
| |
Currency
Translation Adjustment |
| |
Share-
holders’ Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| |||||||||||||||||||||||||||||||||||||||
Balance at
December 31, 2012 |
| | | | 67,132,106 | | | | | $ | 418,035 | | | | | | (4,579,980 ) | | | | | $ | (60,713 ) | | | | | $ | 13,451 | | | | | $ | — | | | | | $ | 439,658 | | | | | $ | (118 ) | | | | | $ | 956 | | | | | $ | (84,407 ) | | | | | $ | 726,862 | | | | | $ | 6,156 | | | | | $ | 733,018 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,732 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,732 | | | | | | (168 ) | | | | | | 9,564 | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,353 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,353 ) | | | | | | (804 ) | | | | | | (16,157 ) | | |
Issuance of preferred shares as dividends
|
| | | | 369,830 | | | | | | 372 | | | | | | (369,830 ) | | | | | | (372 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition and elimination of
non-controlling interest |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,471 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,471 | | | | | | (5,293 ) | | | | | | (822 ) | | |
Net fair value gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 204 | | | | | | — | | | | | | — | | | | | | 204 | | | | | | — | | | | | | 204 | | |
Net gain on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,522 | | | | | | — | | | | | | 1,522 | | | | | | — | | | | | | 1,522 | | |
Net exchange
differences |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,625 | | | | | | 16,625 | | | | | | 291 | | | | | | 16,916 | | |
Balance at
December 31, 2013 |
| | | | 67,501,936 | | | | | | 418,407 | | | | | | (4,949,810 ) | | | | | | (61,085 ) | | | | | | 13,451 | | | | | | — | | | | | | 438,508 | | | | | | 86 | | | | | | 2,478 | | | | | | (67,782 ) | | | | | | 744,063 | | | | | | 182 | | | | | | 744,245 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (682 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (682 ) | | | | | | 1,358 | | | | | | 676 | | |
Dividends paid and payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,874 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,874 ) | | | | | | (1,034 ) | | | | | | (17,908 ) | | |
Share-based
compensation |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 423 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 423 | | | | | | — | | | | | | 423 | | |
Exercise of employee stock options
|
| | | | 30,326 | | | | | | 343 | | | | | | — | | | | | | — | | | | | | (84 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 259 | | | | | | — | | | | | | 259 | | |
Acquisition and elimination of
non-controlling interest |
| | | | 509,820 | | | | | | 905 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,830 | | | | | | 3,177 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,912 | | | | | | (1,403 ) | | | | | | 4,509 | | |
Purchase of a
subsidiary |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 140 | | | | | | 140 | | |
Disposition of
subsidiaries |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,118 | | | | | | 2,118 | | |
Net fair value loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (135 ) | | | | | | — | | | | | | — | | | | | | (135 ) | | | | | | — | | | | | | (135 ) | | |
Net loss on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,034 ) | | | | | | — | | | | | | (1,034 ) | | | | | | — | | | | | | (1,034 ) | | |
Net exchange
differences |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 45,785 | | | | | | 45,785 | | | | | | (145 ) | | | | | | 45,640 | | |
Balance at December 31, 2014
|
| | | | 68,042,082 | | | | | | 419,655 | | | | | | (4,949,810 ) | | | | | | (61,085 ) | | | | | | 13,790 | | | | | | 1,830 | | | | | | 424,129 | | | | | | (49 ) | | | | | | 1,444 | | | | | | (21,997 ) | | | | | | 777,717 | | | | | | 1,216 | | | | | | 778,933 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (487,630 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (487,630 ) | | | | | | 1,626 | | | | | | (486,004 ) | | |
Deconsolidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,645 ) | | | | | | — | | | | | | (1,645 ) | | | | | | — | | | | | | (1,645 ) | | |
Issuance of contingently issuable shares
|
| | | | 50,000 | | | | | | 261 | | | | | | — | | | | | | — | | | | | | — | | | | | | (203 ) | | | | | | (58 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,236 ) | | | | | | (1,236 ) | | |
Net fair value loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (48 ) | | | | | | — | | | | | | — | | | | | | (48 ) | | | | | | — | | | | | | (48 ) | | |
Net loss on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (298 ) | | | | | | — | | | | | | (298 ) | | | | | | — | | | | | | (298 ) | | |
Net exchange
differences |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 79,096 | | | | | | 79,096 | | | | | | 402 | | | | | | 79,498 | | |
Balance at December 31, 2015
|
| | | | 68,092,082 | | | | | $ | 419,916 | | | | | | (4,949,810 ) | | | | | $ | (61,085 ) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | (63,559 ) | | | | | $ | (97 ) | | | | | $ | (499 ) | | | | | $ | 57,099 | | | | | $ | 367,192 | | | | | $ | 2,008 | | | | | $ | 369,200 | | |
|
Total Comprehensive
Income (Loss) for the Years ended December 31, |
| |
Owners of the
Parent Company |
| |
Non-
controlling Interests |
| |
Total
|
| |||||||||
2013
|
| | | $ | 28,083 | | | | | $ | 123 | | | | | $ | 28,206 | | |
2014
|
| | | $ | 43,934 | | | | | $ | 1,213 | | | | | $ | 45,147 | | |
2015
|
| | | $ | (408,880 ) | | | | | $ | 2,028 | | | | | $ | (406,852 ) | | |
| | |
Common Shares
|
| |
Preferred Shares*
|
| |
Total Capital Stock
|
| |||||||||||||||||||||||||||
Components of Capital Stock
|
| |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| ||||||||||||||||||
Balance at December 31, 2012
|
| | | | 62,880,365 | | | | | $ | 401,388 | | | | | | 4,251,741 | | | | | $ | 16,647 | | | | | | 67,132,106 | | | | | $ | 418,035 | | |
Exercise of employee stock options
|
| | | | — | | | | | | — | | | | | | 369,830 | | | | | | 372 | | | | | | 369,830 | | | | | | 372 | | |
Balance at December 31, 2013
|
| | | | 62,880,365 | | | | | | 401,388 | | | | | | 4,621,571 | | | | | | 17,019 | | | | | | 67,501,936 | | | | | | 418,407 | | |
Exercise of employee stock options
|
| | | | 30,326 | | | | | | 343 | | | | | | — | | | | | | — | | | | | | 30,326 | | | | | | 343 | | |
Acquisition and elimination of non-controlling interests
|
| | | | 509,820 | | | | | | 905 | | | | | | — | | | | | | — | | | | | | 509,820 | | | | | | 905 | | |
Balance at December 31, 2014
|
| | | | 63,420,511 | | | | | | 402,636 | | | | | | 4,621,571 | | | | | | 17,019 | | | | | | 68,042,082 | | | | | | 419,655 | | |
Issuance of contingently issuable shares
|
| | | | 50,000 | | | | | | 261 | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | 261 | | |
Balance at December 31, 2015
|
| | | | 63,470,511 | | | | | $ | 402,897 | | | | | | 4,621,571 | | | | | $ | 17,019 | | | | | | 68,092,082 | | | | | $ | 419,916 | | |
|
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Cash flows from continuing operating activities: | | | | | |||||||||||||||
Net (loss) income for the year
|
| | | $ | (57,918 ) | | | | | $ | 4,141 | | | | | $ | 4,156 | | |
Adjustments for:
|
| | | | |||||||||||||||
Amortization, depreciation and depletion
|
| | | | 6,450 | | | | | | 4,957 | | | | | | 2,206 | | |
Exchange differences on foreign currency transactions
|
| | | | 288 | | | | | | 6,293 | | | | | | 2,211 | | |
Loss (gain) on short-term securities
|
| | | | 84 | | | | | | (299 ) | | | | | | (5,851 ) | | |
Gain on available-for-sale and other securities, net
|
| | | | — | | | | | | (5,066 ) | | | | | | (238 ) | | |
Impairment of available-for-sale securities
|
| | | | 245 | | | | | | 341 | | | | | | 550 | | |
Share-based compensation
|
| | | | — | | | | | | 423 | | | | | | — | | |
Deferred income taxes
|
| | | | (1,771 ) | | | | | | (1,202 ) | | | | | | (3,696 ) | | |
Market value decrease (increase) on commodity inventories
|
| | | | 1,910 | | | | | | (4,172 ) | | | | | | (5,502 ) | | |
Interest accretion
|
| | | | 47 | | | | | | — | | | | | | 433 | | |
Credit losses
|
| | | | 54,528 | | | | | | 4,358 | | | | | | 4,095 | | |
Change in fair value of puttable instrument financial liabilities
|
| | | | — | | | | | | 163 | | | | | | 851 | | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
| | | | |||||||||||||||
Short-term cash deposits
|
| | | | (33 ) | | | | | | 4,643 | | | | | | (4,314 ) | | |
Short-term securities
|
| | | | 80 | | | | | | 2,305 | | | | | | 10,458 | | |
Restricted cash
|
| | | | 60 | | | | | | 6,593 | | | | | | 599 | | |
Receivables
|
| | | | 56,306 | | | | | | 3,640 | | | | | | (38,660 ) | | |
Inventories
|
| | | | 15,650 | | | | | | (32,026 ) | | | | | | 33,514 | | |
Deposits, prepaid and other
|
| | | | (8,596 ) | | | | | | 41,445 | | | | | | 32 | | |
Assets held for sale
|
| | | | — | | | | | | 911 | | | | | | 113 | | |
Short-term bank borrowings
|
| | | | (135,467 ) | | | | | | (99,329 ) | | | | | | (32,631 ) | | |
Account payables and accrued expenses
|
| | | | (17,017 ) | | | | | | 13,423 | | | | | | 5,636 | | |
Income tax liabilities
|
| | | | (975 ) | | | | | | 720 | | | | | | (1,080 ) | | |
Accrued pension assets, net of obligations
|
| | | | (760 ) | | | | | | (119 ) | | | | | | — | | |
Other
|
| | | | (7,213 ) | | | | | | (781 ) | | | | | | (349 ) | | |
Cash flows used in continuing operating activities
|
| | | | (94,102 ) | | | | | | (48,638 ) | | | | | | (27,467 ) | | |
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Cash flows from continuing investing activities: | | | | | |||||||||||||||
Purchases of property, plant and equipment, net
|
| | | $ | (8,045 ) | | | | | $ | (29,648 ) | | | | | $ | (1,645 ) | | |
Proceeds from sales of long-term investments, net
|
| | | | — | | | | | | 1,632 | | | | | | 7,249 | | |
Increase in loan receivables
|
| | | | — | | | | | | (3,132 ) | | | | | | — | | |
Decrease in loan receivables
|
| | | | — | | | | | | 88 | | | | | | — | | |
Acquisition (disposition) of subsidiaries, net of cash acquired (disposed)
|
| | | | — | | | | | | (74,135 ) | | | | | | (6,599 ) | | |
Other
|
| | | | 85 | | | | | | 74 | | | | | | 76 | | |
Cash flows used in continuing investing activities
|
| | | | (7,960 ) | | | | | | (105,121 ) | | | | | | (919 ) | | |
Cash flows from continuing financing activities: | | | | | |||||||||||||||
Debt repayment
|
| | | | (49,526 ) | | | | | | (12,735 ) | | | | | | (19,311 ) | | |
Debt borrowing
|
| | | | 5,662 | | | | | | 140,481 | | | | | | 101,797 | | |
Issuance of shares
|
| | | | — | | | | | | 259 | | | | | | — | | |
Repayment to a customer
|
| | | | — | | | | | | (23,576 ) | | | | | | 23,576 | | |
Dividends paid to shareholders
|
| | | | (4,388 ) | | | | | | (12,486 ) | | | | | | (15,353 ) | | |
Dividends paid to non-controlling interests
|
| | | | (1,236 ) | | | | | | (1,034 ) | | | | | | (804 ) | | |
Cash flows (used in) provided by continuing financing activities
|
| | | | (49,488 ) | | | | | | 90,909 | | | | | | 89,905 | | |
Cash flows (used in) provided by discontinued operating activities
|
| | | | (10,264 ) | | | | | | 51,596 | | | | | | 45,327 | | |
Cash flows used in discontinued investing activities
|
| | | | (1,996 ) | | | | | | (13,698 ) | | | | | | (7,160 ) | | |
Cash flows used in discontinued financing activities
|
| | | | (19,181 ) | | | | | | (19,843 ) | | | | | | (41,052 ) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | 35,619 | | | | | | 36,387 | | | | | | 22,271 | | |
(Decrease) increase in cash and cash equivalents
|
| | | | (147,372 ) | | | | | | (8,408 ) | | | | | | 80,905 | | |
Cash and cash equivalents, beginning of year
|
| | | | 344,891 | | | | | | 353,299 | | | | | | 272,394 | | |
Cash and cash equivalents, end of year
|
| | | $ | 197,519 | | | | | $ | 344,891 | | | | | $ | 353,299 | | |
Cash and cash equivalents at end of year consisted of: | | | | | |||||||||||||||
Cash
|
| | | $ | 120,805 | | | | | $ | 279,867 | | | | | $ | 246,866 | | |
Money market and highly liquid funds
|
| | | | 76,714 | | | | | | 65,024 | | | | | | 106,433 | | |
| | | | $ | 197,519 | | | | | $ | 344,891 | | | | | $ | 353,299 | | |
Supplemental cash flows disclosure (see Note 24) | | | | | |||||||||||||||
Interest received
|
| | | $ | 4,222 | | | | | $ | 5,369 | | | | | $ | 2,916 | | |
Dividends received
|
| | | | 7 | | | | | | 6 | | | | | | 304 | | |
Interest paid
|
| | | | (15,183 ) | | | | | | (12,672 ) | | | | | | (9,441 ) | | |
Income taxes paid
|
| | | | (5,035 ) | | | | | | (4,229 ) | | | | | | (2,304 ) | | |
| | |
EUR
|
| |
US$
|
| ||||||
Closing rate at December 31, 2015
|
| | | | 1.5029 | | | | | | 1.3840 | | |
Average rate for the year 2015
|
| | | | 1.4182 | | | | | | 1.2787 | | |
Closing rate at December 31, 2014
|
| | | | 1.4038 | | | | | | 1.1601 | | |
Average rate for the year 2014
|
| | | | 1.4671 | | | | | | 1.1045 | | |
Closing rate at December 31, 2013
|
| | | | 1.4655 | | | | | | 1.0636 | | |
Average rate for the year 2013
|
| | | | 1.3681 | | | | | | 1.0299 | | |
| | |
Lives
|
| |
Method
|
| |||
Buildings
|
| |
20 years
|
| | | | straight-line | | |
Processing plant and equipment
|
| |
5 to 20 years
|
| | | | straight-line | | |
Power plants
|
| |
20 to 30 years
|
| | | | straight-line | | |
Office equipment and other
|
| |
3 to 10 years
|
| | | | straight-line | | |
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Total debt
|
| | | $ | 259,038 | | | | | $ | 363,255 | | |
Less: cash and cash equivalents
|
| | | | (197,519 ) | | | | | | (344,891 ) | | |
Net debt (net cash and cash equivalents)
|
| | | | 61,519 | | | | | | 18,364 | | |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | |
Debt-to-adjusted capital ratio
|
| | | | 0.17 | | | | | | 0.02 | | |
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Long-term debt
|
| | | $ | 174,333 | | | | | $ | 297,157 | | |
Shareholders’ equity
|
| | | | 367,192 | | | | | | 777,717 | | |
Long-term debt-to-equity ratio
|
| | | | 0.47 | | | | | | 0.38 | | |
| | |
2015
|
| |
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2013
|
| ||||||||||||||||||
| | |
Hydro-carbon
properties |
| |
Iron ore
interests |
| |
Hydro-carbon
properties |
| |
Iron ore
interests |
| |
Hydro-carbon
properties |
| |
Iron ore
interests |
| ||||||||||||||||||
Revenues
|
| | | $ | 71,792 | | | | | $ | 1,625 | | | | | $ | 133,088 | | | | | $ | 13,588 | | | | | $ | 101,488 | | | | | $ | 26,727 | | |
Costs and expenses
|
| | | | (273,979 ) | | | | | | (215,608 ) | | | | | | (146,934 ) | | | | | | (3,486 ) | | | | | | (108,590 ) | | | | | | (6,446 ) | | |
(Loss) income before income taxes
|
| | | | (202,187 ) | | | | | | (213,983 ) | | | | | | (13,846 ) | | | | | | 10,102 | | | | | | (7,102 ) | | | | | | 20,281 | | |
Income tax (expense)
recovery |
| | | | (45,773 ) | | | | | | 45,844 | | | | | | 4,853 | | | | | | (4,574 ) | | | | | | 339 | | | | | | (8,110 ) | | |
Net (loss) income from discontinued operations
|
| | | | (247,960 ) | | | | | | (168,139 ) | | | | | | (8,993 ) | | | | | | 5,528 | | | | | | (6,763 ) | | | | | | 12,171 | | |
Loss on disposal of assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Income tax expense
|
| | | | (11,987 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss on disposal of
assets |
| | | | (11,987 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total (loss) income from discontinued operations
|
| | | $ | (259,947 ) | | | | | $ | (168,139 ) | | | | | $ | (8,993 ) | | | | | $ | 5,528 | | | | | $ | (6,763 ) | | | | | $ | 12,171 | | |
|
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Hydrocarbon properties
|
| | | $ | 196,549 | | | | | $ | 33,200 | | | | | $ | 6,463 | | |
Interests in iron ore mines
|
| | | | 215,600 | | | | | | — | | | | | | — | | |
Gross impairment
|
| | | $ | 412,149 | | | | | $ | 33,200 | | | | | $ | 6,463 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Assets held for sale: | | | | ||||||||||
Hydrocarbon properties
|
| | | $ | 94,556 | | | | | $ | 116,729 | | |
Amount due from former subsidiaries, net
|
| | | | 11,600 | | | | | | — | | |
Royalty interest in an iron ore mine
|
| | | | 30,000 | | | | | | — | | |
Interest in an iron ore development project
|
| | | | — * | | | | | | — | | |
Investment property
|
| | | | — ** | | | | | | 35,378 | | |
| | | | | 136,156 | | | | | | 152,107 | | |
Liabilities (including decommissioning obligations) relating to assets held for sale: | | | | ||||||||||
Hydrocarbon properties
|
| | | | (79,779 ) | | | | | | (17,802 ) | | |
Royalty interest in an iron ore mine, deferred income tax liability
|
| | | | (7,800 ) | | | | | | — | | |
Total liabilities
|
| | | | (87,579 ) | | | | | | (17,802 ) | | |
Net assets held for sale
|
| | | $ | 48,577 | | | | | $ | 134,305 | | |
Represented by: | | | | ||||||||||
Hydrocarbon properties
|
| | | $ | 14,777 | | | | | $ | 98,927 | | |
Royalty interest in an iron ore mine
|
| | | | 22,200 | | | | | | — | | |
Amount due from former subsidiaries, net
|
| | | | 11,600 | | | | | | — | | |
Investment property
|
| | | | — ** | | | | | | 35,378 | | |
| | | | $ | 48,577 | | | | | $ | 134,305 | | |
|
|
Current assets
|
| | | $ | 8,583 | | |
|
Non-current assets held for sale
|
| | | | 85,973 | | |
|
Total assets
|
| | | | 94,556 | | |
|
Bank debt
|
| | | | (59,252 ) | | |
|
Short-term borrowings
|
| | | | (1,859 ) | | |
|
Decommissioning obligations
|
| | | | (17,923 ) | | |
|
Other liabilities
|
| | | | (745 ) | | |
|
Net assets held for sale, owing to the Group entities
|
| | | $ | 14,777 | | |
|
|
Property, plant and equipment
|
| | | $ | 43,652 | | |
|
Interests in resource properties
|
| | | | 403,813 | | |
|
Hydrocarbon probable reserves
|
| | | | 50,644 | | |
|
Hydrocarbon unproved lands
|
| | | | 27,560 | | |
|
Decommissioning obligations
|
| | | | (149,199 ) | | |
| | |
Year ended December 31, 2015
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 1,544,481 | | | | | $ | 35,221 | | | | | $ | — | | | | | $ | 1,579,702 | | |
Intersegment sale
|
| | | | 1,705 | | | | | | 175 | | | | | | — | | | | | | 1,880 | | |
Interest expense
|
| | | | 15,535 | | | | | | 11 | | | | | | — | | | | | | 15,546 | | |
Loss before income taxes
|
| | | | (53,811 ) | | | | | | (449 ) | | | | | | (1,157 ) | | | | | | (55,417 ) | | |
| | |
Year ended December 31, 2014
|
| |||||||||||||||||||||
| | |
(Restated – Note 1A)
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 1,256,520 | | | | | $ | 29,804 | | | | | $ | — | | | | | $ | 1,286,324 | | |
Intersegment sale
|
| | | | 242 | | | | | | 507 | | | | | | — | | | | | | 749 | | |
Interest expense
|
| | | | 11,690 | | | | | | 45 | | | | | | — | | | | | | 11,735 | | |
Income (loss) before income taxes
|
| | | | 19,264 | | | | | | (10,873 ) | | | | | | (2,077 ) | | | | | | 6,314 | | |
| | |
Year ended December 31, 2013
|
| |||||||||||||||||||||
| | |
(Restated – Note 1A)
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 597,518 | | | | | $ | 23,567 | | | | | $ | — | | | | | $ | 621,085 | | |
Intersegment sale
|
| | | | 219 | | | | | | 354 | | | | | | — | | | | | | 573 | | |
Interest expense
|
| | | | 9,069 | | | | | | 75 | | | | | | — | | | | | | 9,144 | | |
Income (loss) before income taxes
|
| | | | 15,341 | | | | | | (9,851 ) | | | | | | (2,331 ) | | | | | | 3,159 | | |
| | |
As at December 31, 2015
|
| |||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Total
|
| |||||||||
Segment assets
|
| | | $ | 907,337 | | | | | $ | 70,014 | | | | | $ | 977,351 | | |
| | |
As at December 31, 2014
|
| |||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Total
|
| |||||||||
Segment assets
|
| | | $ | 1,638,921 | | | | | $ | 53,298 | | | | | $ | 1,692,219 | | |
| | |
As at December 31, 2015
|
| |||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Total
|
| |||||||||
Segment liabilities
|
| | | $ | 594,842 | | | | | $ | 13,309 | | | | | $ | 608,151 | | |
| | |
As at December 31, 2014
|
| |||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Total
|
| |||||||||
Segment liabilities
|
| | | $ | 896,932 | | | | | $ | 16,354 | | | | | $ | 913,286 | | |
Segment
|
| |
Basis for attributing revenues
|
|
Finance and supply chain | | | Locations of external customers or the reporting units, whichever is appropriate | |
All other | | | Locations of the reporting units | |
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | | | | | | | |
(Restated – Note 1A)
|
| |||||||||
Canada
|
| | | $ | 39,196 | | | | | $ | 31,578 | | | | | $ | 2,443 | | |
Africa
|
| | | | 26,376 | | | | | | 24,633 | | | | | | 5,139 | | |
Americas
|
| | | | 297,830 | | | | | | 277,130 | | | | | | 166,403 | | |
Asia
|
| | | | 176,766 | | | | | | 81,877 | | | | | | 22,411 | | |
Europe
|
| | | | 1,038,496 | | | | | | 871,106 | | | | | | 424,689 | | |
Other
|
| | | | 1,038 | | | | | | — | | | | | | — | | |
| | | | $ | 1,579,702 | | | | | $ | 1,286,324 | | | | | $ | 621,085 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Canada
|
| | | $ | 27,742 | | | | | $ | 549,949 | | |
Africa
|
| | | | 33,695 | | | | | | 28,890 | | |
Americas
|
| | | | 4,651 | | | | | | 3,654 | | |
Asia
|
| | | | 7,770 | | | | | | 451 | | |
Europe
|
| | | | 73,572 | | | | | | 21,902 | | |
| | | | $ | 147,430 | | | | | $ | 604,846 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Trade receivables, gross amount (including $nil (2014: $1,227) due from related parties)
|
| | | $ | 172,439 | | | | | $ | 196,813 | | |
Less: Allowance for credit losses
|
| | | | (21,210 ) | | | | | | (9,255 ) | | |
Trade receivables, net amount
|
| | | $ | 151,229 | | | | | $ | 187,558 | | |
|
Past-due
|
| |
2015
|
| |
2014
|
| ||||||
Below 30 days
|
| | | $ | 6,847 | | | | | $ | 45,608 | | |
Between 31 and 60 days
|
| | | | 3,191 | | | | | | 8,905 | | |
Between 61 and 90 days
|
| | | | 1,936 | | | | | | 4,725 | | |
Between 91 and 365 days
|
| | | | 1,923 | | | | | | 14,866 | | |
Over 365 days
|
| | | | 21 | | | | | | 2,197 | | |
| | | | $ | 13,918 | | | | | $ | 76,301 | | |
|
Past-due
|
| |
2015
|
| |
2014
|
| ||||||
Below 30 days
|
| | | $ | 13,765 | | | | | $ | 238 | | |
Between 31 and 60 days
|
| | | | 8,656 | | | | | | 238 | | |
Between 61 and 90 days
|
| | | | 625 | | | | | | 468 | | |
Between 91 and 365 days
|
| | | | 2,792 | | | | | | 9,101 | | |
Over 365 days
|
| | | | 11,616 | | | | | | 27,924 | | |
| | | | | 37,454 | | | | | | 37,969 | | |
Allowance for credit losses
|
| | | | 21,210 | | | | | | 9,255 | | |
Expected recoverable amount of impaired receivables
(1)
|
| | | $ | 16,244 | | | | | $ | 28,714 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Balance, beginning of the year
|
| | | $ | 9,255 | | | | | $ | 1,091 | | |
Additions
|
| | | | 13,381 | | | | | | 3,702 | | |
Reversals
|
| | | | (124 ) | | | | | | (1,463 ) | | |
Write-offs
|
| | | | (95 ) | | | | | | (91 ) | | |
Other
|
| | | | (2,946 ) | | | | | | 6,859 | | |
Reclassification to assets held for sale
|
| | | | (114 ) | | | | | | — | | |
Currency translation adjustment
|
| | | | 1,853 | | | | | | (843 ) | | |
Balance, end of the year
|
| | | $ | 21,210 | | | | | $ | 9,255 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Investment income
|
| | | $ | 9 | | | | | $ | 13 | | |
Government environmental emission refund
|
| | | | 4,913 | | | | | | 1,979 | | |
Royalty income
|
| | | | 100 | | | | | | 600 | | |
Receivables from insurance company/supplier
|
| | | | 4,333 | | | | | | 12,036 | | |
Indemnification assets
|
| | | | — | | | | | | 3,361 | | |
Suppliers with debit balance
|
| | | | 972 | | | | | | 3,916 | | |
Other
|
| | | | 4,400 | | | | | | 4,501 | | |
| | | | $ | 14,727 | | | | | $ | 26,406 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Raw materials
|
| | | $ | 21,852 | | | | | $ | 27,414 | | |
Work-in-progress
|
| | | | 5,275 | | | | | | 4,000 | | |
Finished goods
|
| | | | 88,556 | | | | | | 43,120 | | |
Commodity inventories
|
| | | | 120,323 | | | | | | 150,213 | | |
Goods-in-transit
|
| | | | 7,899 | | | | | | 20,683 | | |
Other
|
| | | | 1,440 | | | | | | 1,181 | | |
| | | | $ | 245,345 | | | | | $ | 246,611 | | |
Presented on the consolidated statements of financial position as follows:
|
| | | ||||||||||
Inventories contracted at fixed prices or hedged
|
| | | $ | 141,344 | | | | | $ | 127,407 | | |
Inventories - other
|
| | | | 104,001 | | | | | | 119,204 | | |
| | | | $ | 245,345 | | | | | $ | 246,611 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Prepayments and deposits for inventories
|
| | | $ | 19,368 | | | | | $ | 5,317 | | |
Other
|
| | | | 2,074 | | | | | | 3,668 | | |
| | | | $ | 21,442 | | | | | $ | 8,985 | | |
|
Changes in investment property in non-current assets:
|
| |
2015
|
| |
2014
|
| ||||||
Balance, beginning of year
|
| | | $ | — | | | | | $ | — | | |
Additions
|
| | | | — | | | | | | — | | |
Disposals
|
| | | | — | | | | | | — | | |
Change in fair value during the year
|
| | | | — | | | | | | — | | |
Reclassification from assets held for sale
|
| | | | 37,677 | | | | | | — | | |
Currency translation adjustments
|
| | | | 196 | | | | | | — | | |
Balance, end of year
|
| | | $ | 37,873 | | | | | $ | — | | |
|
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Rental income
|
| | | $ | 1,474 | | | | | $ | 1,468 | | | | | $ | 1,421 | | |
Direct operating expenses (including repairs and maintenance) arising from investment property that generated rental income during the
year |
| | | | 279 | | | | | | 243 | | | | | | 343 | | |
Costs
|
| |
Opening
balance |
| |
Additions
|
| |
Reclassification
|
| |
Reclassified
to assets held for sale |
| |
Currency
translation adjustments |
| |
Ending
balance |
| ||||||||||||||||||
Land and buildings
|
| | | $ | 3,890 | | | | | $ | 18 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,982 | | | | | $ | 5,890 | | |
Refinery and power plants
|
| | | | 104,779 | | | | | | 3,961 | | | | | | — | | | | | | (48,134 ) | | | | | | 6,730 | | | | | | 67,336 | | |
Processing plant and equipment
|
| | | | 21,204 | | | | | | 3,836 | | | | | | 6,769 | | | | | | — | | | | | | 2,739 | | | | | | 34,548 | | |
Office equipment
|
| | | | 8,584 | | | | | | 983 | | | | | | (274 ) | | | | | | (1,592 ) | | | | | | 814 | | | | | | 8,515 | | |
| | | | $ | 138,457 | | | | | $ | 8,798 | | | | | $ | 6,495 | | | | | $ | (49,726 ) | | | | | $ | 12,265 | | | | | $ | 116,289 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Reclassification
|
| |
Reclassified
to assets held for sale |
| |
Currency
translation adjustments |
| |
Ending
balance |
| ||||||||||||||||||
Land and buildings
|
| | | $ | 436 | | | | | $ | 425 | | | | | $ | — | | | | | $ | — | | | | | $ | 739 | | | | | $ | 1,600 | | |
Refinery and power plants
|
| | | | 9,065 | | | | | | 1,218 | | | | | | — | | | | | | (4,636 ) | | | | | | 1,213 | | | | | | 6,860 | | |
Processing plant and equipment
|
| | | | 2,979 | | | | | | 3,936 | | | | | | 225 | | | | | | — | | | | | | 1,252 | | | | | | 8,392 | | |
Office equipment
|
| | | | 3,148 | | | | | | 871 | | | | | | (225 ) | | | | | | (736 ) | | | | | | 634 | | | | | | 3,692 | | |
| | | | | 15,628 | | | | | $ | 6,450 | | | | | $ | — | | | | | $ | (5,372 ) | | | | | $ | 3,838 | | | | | | 20,544 | | |
Carrying amount
|
| | | $ | 122,829 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 95,745 | | |
|
Costs
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Business
combination* |
| |
Reclassification
|
| |
Reclassified
to assets held for sale |
| |
Decom-
missioning obligations |
| |
Currency
translation adjustments |
| |
Ending
balance |
| |||||||||||||||||||||||||||
Land and buildings
|
| | | $ | 3,018 | | | | | $ | — | | | | | $ | — | | | | | $ | 166 | | | | | $ | 1,047 | | | | | $ | — | | | | | $ | — | | | | | $ | (341 ) | | | | | $ | 3,890 | | |
Refinery and power
plants |
| | | | 100,832 | | | | | | 26,138 | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,913 ) | | | | | | (1,253 ) | | | | | | 1,975 | | | | | | 104,779 | | |
Processing plant and equipment
|
| | | | 4,455 | | | | | | 1,330 | | | | | | (972 ) | | | | | | 21,407 | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,016 ) | | | | | | 21,204 | | |
Office equipment
|
| | | | 4,437 | | | | | | 4,329 | | | | | | (225 ) | | | | | | 1,007 | | | | | | (1,047 ) | | | | | | — | | | | | | — | | | | | | 83 | | | | | | 8,584 | | |
| | | | $ | 112,742 | | | | | $ | 31,797 | | | | | $ | (1,197 ) | | | | | $ | 22,580 | | | | | $ | — | | | | | $ | (22,913 ) | | | | | $ | (1,253 ) | | | | | $ | (3,299 ) | | | | | $ | 138,457 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Business
combination* |
| |
Reclassified
to assets held for sale |
| |
Currency
translation adjustments |
| |
Ending
balance |
| |||||||||||||||||||||
Land and buildings
|
| | | $ | 337 | | | | | $ | 283 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (184 ) | | | | | $ | 436 | | |
Refinery and power plants
|
| | | | 7,041 | | | | | | 4,564 | | | | | | — | | | | | | — | | | | | | (2,658 ) | | | | | | 118 | | | | | | 9,065 | | |
Processing plant and equipment
|
| | | | 2,726 | | | | | | 3,217 | | | | | | (941 ) | | | | | | (1,254 ) | | | | | | — | | | | | | (769 ) | | | | | | 2,979 | | |
Office equipment
|
| | | | 2,135 | | | | | | 1,212 | | | | | | (24 ) | | | | | | — | | | | | | — | | | | | | (175 ) | | | | | | 3,148 | | |
| | | | | 12,239 | | | | | $ | 9,276 | | | | | $ | (965 ) | | | | | $ | (1,254 ) | | | | | $ | (2,658 ) | | | | | $ | (1,010 ) | | | | | | 15,628 | | |
Carrying amount
|
| | | $ | 100,503 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 122,829 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Balance, beginning of year
|
| | | $ | 27,088 | | | | | $ | 11,345 | | |
Assumed upon acquisition
|
| | | | — | | | | | | 18,124 | | |
Reclassified to assets held for sale
|
| | | | (10,063 ) | | | | | | — | | |
Net current service cost
|
| | | | 213 | | | | | | 527 | | |
Employee contributions
|
| | | | — | | | | | | 74 | | |
Obligation interest cost
|
| | | | 389 | | | | | | 492 | | |
Actuarial gains from changes in demographic assumptions and experience
|
| | | | (618 ) | | | | | | (1,011 ) | | |
Actuarial (gains) losses from changes in financial assumptions
|
| | | | (455 ) | | | | | | 2,943 | | |
Benefits paid
|
| | | | (1,272 ) | | | | | | (4,621 ) | | |
Currency translation adjustments
|
| | | | 617 | | | | | | (785 ) | | |
Balance, end of year
|
| | | $ | 15,899 | | | | | $ | 27,088 | | |
Defined benefit obligations for plans that are wholly unfunded
|
| | | $ | 3,702 | | | | | $ | 3,363 | | |
Defined benefit obligations for plans that are wholly or partly
funded |
| | | $ | 12,197 | | | | | $ | 23,725 | | |
Significant actuarial assumptions used in calculating the defined benefit obligations as at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Discount rate
|
| |
2.1%–6.3%
|
| |
1.8%–6.0%
|
| ||||||
Rate of salary increases
|
| |
1.0%–5.5%
|
| |
1.0%–5.5%
|
| ||||||
Consumer price index
|
| |
0%–1.5%
|
| |
1.0%–5.5%
|
|
| | |
2015
|
| |
2014
|
| ||||||
Balance, beginning of year
|
| | | $ | 24,121 | | | | | $ | 12,684 | | |
Reclassified to assets held for sale
|
| | | | (11,425 ) | | | | | | — | | |
Fair value of plan assets upon acquisition
|
| | | | — | | | | | | 13,560 | | |
(Loss) return on plan assets
|
| | | | (241 ) | | | | | | 1,447 | | |
Administration costs
|
| | | | — | | | | | | (66 ) | | |
Employer contributions
|
| | | | 448 | | | | | | 775 | | |
Employee contributions
|
| | | | — | | | | | | 74 | | |
Benefits paid
|
| | | | (1,272 ) | | | | | | (4,621 ) | | |
Currency translation adjustments
|
| | | | 207 | | | | | | 268 | | |
Balance, end of year
|
| | | $ | 11,838 | | | | | $ | 24,121 | | |
Interest income on plan assets
|
| | | $ | 289 | | | | | $ | 567 | | |
Actuarial (losses) gains
|
| | | | (530 ) | | | | | | 880 | | |
(Loss) return on plan assets
|
| | | $ | (241 ) | | | | | $ | 1,447 | | |
|
| | |
2015
|
| |
2014
|
| ||||||
Fair value of plan assets
|
| | | $ | 11,838 | | | | | $ | 24,121 | | |
Defined benefit obligations
|
| | | | (15,899 ) | | | | | | (27,088 ) | | |
Plan deficit and net liability
|
| | | $ | (4,061 ) | | | | | $ | (2,967 ) | | |
Recognized in the consolidated statement of financial position as follows:
|
| | | ||||||||||
Accrued pension assets
|
| | | $ | — | | | | | $ | 1,362 | | |
Accrued pension obligations
|
| | | | (4,061 ) | | | | | | (4,329 ) | | |
| | | | $ | (4,061 ) | | | | | $ | (2,967 ) | | |
|
Discount Rate Sensitivity Analysis
|
| |
2015
|
| |||
Effect of an increase of 1% | | | |||||
Defined benefit obligations, end of year
|
| | | $ | 14,605 | | |
Effect of a decrease of 1% | | | |||||
Defined benefit obligations, end of year
|
| | | $ | 17,518 | | |
Salary Increase Sensitivity Analysis
|
| |
2015
|
| |||
Effect of an increase of 1% | | | |||||
Defined benefit obligations, end of year
|
| | | $ | 15,940 | | |
Effect of a decrease of 1% | | | |||||
Defined benefit obligations, end of year
|
| | | $ | 15,303 | | |
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Non-capital tax loss carry-forwards
|
| | | $ | 11,848 | | | | | $ | 20,661 | | |
Interests in resource properties
|
| | | | — | | | | | | (3,529 ) | | |
Other assets
|
| | | | 11,469 | | | | | | 10,700 | | |
Other liabilities
|
| | | | (16,387 ) | | | | | | (11,852 ) | | |
| | | | $ | 6,930 | | | | | $ | 15,980 | | |
Presented on the consolidated statement of financial position as follows:
|
| | | ||||||||||
Deferred income tax assets
|
| | | $ | 20,641 | | | | | $ | 27,832 | | |
Deferred income tax liabilities
|
| | | | (13,711 ) | | | | | | (11,852 ) | | |
Net
|
| | | $ | 6,930 | | | | | $ | 15,980 | | |
|
Country
|
| |
Gross
amount |
| |
Amount for which
no deferred income tax asset is recognized |
| |
Expiration
dates |
| ||||||
Canada
|
| | | $ | 10,556 | | | | | $ | — | | | |
2033-2035
|
|
Germany
|
| | | | 14,535 | | | | | | 14,485 | | | |
Indefinite
|
|
Austria
|
| | | | 96,536 | | | | | | 67,003 | | | |
Indefinite
|
|
Slovakia
|
| | | | 751 | | | | | | 751 | | | |
2016-2017
|
|
Uganda
|
| | | | 113,297 | | | | | | 113,297 | | | |
Indefinite
|
|
United Sates of America
|
| | | | 9,594 | | | | | | 9,594 | | | |
Indefinite
|
|
Romania
|
| | | | 2,018 | | | | | | 2,018 | | | |
2021
|
|
Luxembourg
|
| | | | 12,254 | | | | | | 12,254 | | | |
2016
|
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Credit facilities from banks
|
| | | $ | 60,103 | | | | | $ | 187,171 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Due to a bank, US$886 and US$6,000 at December 31, 2015 and 2014, respectively,
interest at LIBOR plus an interest margin (3.23% at December 2015) and payable monthly, secured by trade receivables and due in negotiated periodic repayments with final payment in September 2016 |
| | | $ | 1,225 | | | | | $ | 6,960 | | |
Due to a bank, US$1,700 and US$11,100 at December 31, 2015 and 2014,
respectively, interest at LIBOR plus an interest margin (4.73% at December 2015) and payable monthly, secured by real estate and trade receivables and due in negotiated periodic repayments with final payment in October 2018 |
| | | | 2,353 | | | | | | 12,877 | | |
Due to banks, €52,950 at December 31, 2014, fixed interest and backup guarantee fee on €52,950 and payable quarterly, due in semi-annual repayments with final payment in November 2020. Reclassified to liabilities relating to assets held for sale in 2015
|
| | | | — | | | | | | 74,331 | | |
Due to a bank, US$24,000 and US$28,000 at December 31, 2015 and 2014,
respectively, fixed interest plus an interest margin and backup guarantee fee on US$24,000 (5.05% at December 31, 2015) and payable quarterly and due in equal annual repayments with final repayment in September 2022 |
| | | | 33,216 | | | | | | 32,483 | | |
Due to a bank, €22,200 and €27,600 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €21,660 (3.94% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (3.29% at December 2015) and payable quarterly, due in semi-annual repayments with final payment in December 2022
|
| | | | 33,364 | | | | | | 38,745 | | |
Due to a bank, US$10,000 at both December 31, 2015 and 2014, interest at LIBOR
plus an interest margin (2.307% at December 2015) and payable in November 2016 |
| | | | 13,840 | | | | | | 11,601 | | |
Due to banks, €31,000 at both December 31, 2015 and 2014, interest at EURIBOR
plus an interest margin (1.90% at December 2015) and payable from November 2016 to November 2020 |
| | | | 46,590 | | | | | | 43,519 | | |
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Due to a bank, €65,708 and €76,380 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €59,604 (2.57% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (1.82% at December 2015) and payable quarterly due in semi-annual repayments with final payment in August 2022
|
| | | | 98,752 | | | | | | 107,218 | | |
Due to a bank, €4,043 and €4,620 at December 31, 2015 and 2014, respectively, fixed interest and backup guarantee fee on €3,696 (at 2.5% at December 31, 2015) and the remainder at OEKB variable plus an interest margin and backup guarantee fee (1.85% at December 2015) and payable quarterly due in semi-annual repayments with final payment in August 2022
|
| | | | 6,076 | | | | | | 6,486 | | |
Due to a Bank €5,830 at December 31, 2014 at fixed interest. Repaid in 2015
|
| | | | — | | | | | | 8,185 | | |
Due to a bank, €16,713 and €16,052 at December 31, 2015 and 2014, respectively,
€14,192 at a fixed interest rate (2.7% at December 31, 2015) and the remainder at EURIBOR plus an interest margin (1.30% at December 31, 2015) and payable quarterly, due in semi-annual repayments with final payment in May 2025 |
| | | | 23,622 | | | | | | 20,850 | | |
| | | | $ | 259,038 | | | | | $ | 363,255 | | |
Current portion
|
| | | $ | 84,705 | | | | | $ | 66,098 | | |
Long-term portion
|
| | | | 174,333 | | | | | | 297,157 | | |
| | | | $ | 259,038 | | | | | $ | 363,255 | | |
|
Years ending December 31:
|
| |
Principal
|
| |
Interest
|
| |
Total
|
| |||||||||
2016
|
| | | $ | 84,705 | | | | | $ | 7,333 | | | | | $ | 92,038 | | |
2017
|
| | | | 34,886 | | | | | | 5,170 | | | | | | 40,056 | | |
2018
|
| | | | 44,452 | | | | | | 3,998 | | | | | | 48,450 | | |
2019
|
| | | | 29,404 | | | | | | 2,649 | | | | | | 32,053 | | |
2020
|
| | | | 26,778 | | | | | | 1,714 | | | | | | 28,492 | | |
Thereafter
|
| | | | 38,813 | | | | | | 1,491 | | | | | | 40,304 | | |
| | | | $ | 259,038 | | | | | $ | 22,355 | | | | | $ | 281,393 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Trade and account payables
|
| | | $ | 110,881 | | | | | $ | 137,280 | | |
Value-added, goods and services and other taxes (other than income taxes)
|
| | | | 8,821 | | | | | | 8,470 | | |
Compensation
|
| | | | 3,358 | | | | | | 3,391 | | |
Provisions for payments under guarantees (see Note 23)
|
| | | | 40,677 | | | | | | — | | |
Provisions for warranty
|
| | | | — | | | | | | 730 | | |
Short-sale of securities
|
| | | | — | | | | | | 131 | | |
Deferred revenues
|
| | | | 1,239 | | | | | | 420 | | |
Deposits from customers
|
| | | | 2,920 | | | | | | 2,488 | | |
Acquisition price payables
|
| | | | 1,769 | | | | | | 1,484 | | |
Sale of shares on behalf of other
|
| | | | 3,070 | | | | | | 3,070 | | |
Contingent consideration on a business combination
|
| | | | 2,077 | | | | | | 881 | | |
| | | | $ | 174,812 | | | | | $ | 158,345 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||
Common shares
|
| | | | 328,239 | | | | | | 328,239 | | |
Preferred Shares
|
| | | | 4,621,571 | | | | | | 4,621,571 | | |
Total number of treasury stock
|
| | | | 4,949,810 | | | | | | 4,949,810 | | |
Total carrying amount of treasury stock
|
| | | $ | 61,085 | | | | | $ | 61,085 | | |
|
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | | | | | | | |
(Restated – Note 1A)
|
| |||||||||
Finance and supply chain products and services
|
| | | $ | 1,531,549 | | | | | $ | 1,237,153 | | | | | $ | 585,146 | | |
Gain on securities, net
|
| | | | — | | | | | | 5,221 | | | | | | 6,507 | | |
Interest
|
| | | | 4,225 | | | | | | 4,506 | | | | | | 2,411 | | |
Dividends
|
| | | | 7 | | | | | | 8 | | | | | | 304 | | |
Other
|
| | | | 43,921 | | | | | | 39,436 | | | | | | 26,717 | | |
Gross revenues
|
| | | $ | 1,579,702 | | | | | $ | 1,286,324 | | | | | $ | 621,085 | | |
|
Years Ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Trading securities
|
| | | $ | — | | | | | $ | 299 | | | | | $ | 5,850 | | |
Available-for-sale securities
|
| | | | — | | | | | | 178 | | | | | | 238 | | |
Subsidiaries
|
| | | | — | | | | | | 4,888 | | | | | | 427 | | |
Holding loss on advance sales of securities
|
| | | | — | | | | | | (144 ) | | | | | | (8 ) | | |
Net gain on securities
|
| | | $ | — | | | | | $ | 5,221 | | | | | $ | 6,507 | | |
|
Years Ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | | | | | | | |
(Restated – Note 1A)
|
| |||||||||
Supply chain products and services
|
| | | $ | 1,468,680 | | | | | $ | 1,169,305 | | | | | $ | 544,179 | | |
Credit losses on loans and receivables and guarantees
|
| | | | 54,540 | | | | | | 4,346 | | | | | | 4,763 | | |
Fair value gain on government environmental emission refund
|
| | | | (4,157 ) | | | | | | — | | | | | | — | | |
Fair value loss on investment property
|
| | | | — | | | | | | 134 | | | | | | — | | |
Market value decrease (increase) on commodity inventories
|
| | | | 1,910 | | | | | | (4,172 ) | | | | | | (5,502 ) | | |
Gain on derivative contracts, net
|
| | | | (2,913 ) | | | | | | (3,466 ) | | | | | | (2,135 ) | | |
Write-off of inventories, net
|
| | | | — | | | | | | 165 | | | | | | — | | |
Loss on trading securities
|
| | | | 84 | | | | | | — | | | | | | — | | |
Other
|
| | | | 11,434 | | | | | | 11,710 | | | | | | 9,517 | | |
Total costs of sales and services
|
| | | $ | 1,529,578 | | | | | $ | 1,178,022 | | | | | $ | 550,822 | | |
|
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
| | | $ | 1,421,175 | | | | | $ | 1,117,770 | | | | | $ | 549,461 | | | |
Loss on unwinding sale and repurchase arrangements
|
| | | | — | | | | | | — | | | | | | 2,426 | | |
Years Ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Depreciation, amortization and depletion
|
| | | $ | 6,450 | | | | | $ | 4,957 | | | | | $ | 2,206 | | |
Employee benefits expenses
|
| | | | 36,502 | | | | | | 34,597 | | | | | | 22,896 | | |
| | |
2008 Plan
|
| |
2008 Plan
|
| |
1997 Plan
|
| |
1997 Plan
|
| ||||||||||||
| | |
Number of
options |
| |
Weighted
average exercise price per share (US$) |
| |
Number of
options |
| |
Weighted
average exercise price per share (US$) |
| ||||||||||||
Outstanding as at December 31, 2012 and 2013
|
| | | | 915,000 | | | | | | 7.81 | | | | | | 1,720,000 | | | | | | 7.81 | | |
Granted
|
| | | | 200,000 | | | | | | 8.01 | | | | | | — | | | | | | — | | |
Expired
|
| | | | (24,674 ) | | | | | | 7.81 | | | | | | (255,000 ) | | | | | | 7.81 | | |
Exercised
|
| | | | (30,326 ) | | | | | | 7.81 | | | | | | — | | | | | | — | | |
Surrendered and cancelled
|
| | | | (200,000 ) | | | | | | 7.81 | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2014
|
| | | | 860,000 | | | | | | 7.83 | | | | | | 1,465,000 | | | | | | 7.81 | | |
Expired
|
| | | | — | | | | | | — | | | | | | (92,500 ) | | | | | | 7.81 | | |
Outstanding as at December 31, 2015
|
| | | | 860,000 | | | | | | 7.83 | | | | | | 1,372,500 | | | | | | 7.81 | | |
As at December 31, 2015: | | | | | | ||||||||||||||||||||
Options exercisable
|
| | | | 860,000 | | | | | | | | | | | | 1,372,500 | | | | | | | | |
Options available for granting in future periods
|
| | | | — | | | | | | | | | | | | — | | | | | | | | |
|
| | |
Options Outstanding and Exercisable
|
| |||||||||
Exercise Price per Share (US$)
|
| |
Number
outstanding |
| |
Weighted average
remaining contractual life (in years) |
| ||||||
$7.81
|
| | | | 2,032,500 | | | | | | 0.00 * | | |
$8.01
|
| | | | 200,000 | | | | | | 3.25 | | |
| | | | | 2,232,500 | | | | | | 0.29 | | |
|
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Share-based compensation expenses arising from stock options granted by the Company
|
| | | $ | — | | | | | $ | 423 | | | | | $ | — | | |
|
|
Number of options granted
|
| |
200,000
|
|
|
Vesting requirements
|
| |
Immediately
|
|
|
Contractual life
|
| |
5 years
|
|
|
Method of settlement
|
| |
In equity
|
|
|
Exercise price per share
|
| |
US$8.01
|
|
|
Market price per share on grant date
|
| |
US$8.01
|
|
|
Expected volatility
|
| |
34.72%
|
|
|
Expected option life
|
| |
5 years
|
|
|
Expected dividends
|
| |
3.03%
|
|
|
Risk-free interest rate
|
| |
1.64%
|
|
|
Fair value of option granted (per option)
|
| |
$2.115 (US$1.917)
|
|
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
(Loss) income before income taxes
|
| | | $ | (55,417 ) | | | | | $ | 6,314 | | | | | $ | 3,159 | | |
Computed recovery of (provision for) income taxes at MFC
Bancorp’s statutory tax rates |
| | | $ | 14,408 | | | | | $ | (1,642 ) | | | | | $ | (813 ) | | |
(Increase) decrease in income taxes resulting from: | | | | | |||||||||||||||
Subsidiaries’ tax rate differences
|
| | | | 935 | | | | | | 404 | | | | | | 6 | | |
Other non-taxable income
|
| | | | 2,774 | | | | | | 481 | | | | | | 1,569 | | |
Revisions to prior years
|
| | | | 227 | | | | | | (548 ) | | | | | | 2,822 | | |
Taxable capital gains on dispositions, net
|
| | | | 13 | | | | | | 516 | | | | | | (60 ) | | |
Unrecognized losses in current year
|
| | | | (20,848 ) | | | | | | (607 ) | | | | | | (1,433 ) | | |
Previously recognized deferred income tax assets, net
|
| | | | 1,449 | | | | | | — | | | | | | — | | |
Deferred income tax asset on a purchased asset
|
| | | | 1,339 | | | | | | — | | | | | | — | | |
Permanent differences
|
| | | | (3,360 ) | | | | | | (1,109 ) | | | | | | (968 ) | | |
Change in future tax rate
|
| | | | 94 | | | | | | — | | | | | | 252 | | |
Other, net
|
| | | | 468 | | | | | | 332 | | | | | | (378 ) | | |
(Provision for) recovery of income taxes
|
| | | $ | (2,501 ) | | | | | $ | (2,173 ) | | | | | $ | 997 | | |
|
| | |
2015
|
| |
2014
|
| |
2013
|
||||||||
Basic (loss) earnings available to holders of common shares
|
| | | $ | (59,544 ) | | | | | $ | 2,783 | | | | | $ | 4,324 |
Effect of dilutive securities:
|
| | | | — | | | | | | — | | | | | | — |
Diluted earnings
|
| | | $ | (59,544 ) | | | | | $ | 2,783 | | | | | $ | 4,324 |
|
| | |
Number of Shares
|
| |||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Weighted average number of common shares outstanding — basic
|
| | | | 63,142,272 | | | | | | 62,922,837 | | | | | | 62,552,126 | | |
Effect of dilutive securities: | | | | | |||||||||||||||
Options
|
| | | | — | | | | | | 21 | | | | | | 204,665 | | |
Contingently issuable shares
|
| | | | — | | | | | | 34,247 | | | | | | — | | |
Weighted average number of common shares outstanding — diluted
|
| | | | 63,142,272 | | | | | | 62,957,105 | | | | | | 62,756,791 | | |
|
Years ending December 31:
|
| |
Amount
|
| |||
2016
|
| | | $ | 13,284 | | |
2017
|
| | | | 2,162 | | |
2018
|
| | | | 314 | | |
2019
|
| | | | 125 | | |
2020
|
| | | | 105 | | |
Thereafter
|
| | | | 6 | | |
| | | | $ | 15,996 | | |
|
Years ending December 31:
|
| |
Amount
|
| |||
2016
|
| | | $ | 2,006 | | |
2017
|
| | | | 1,553 | | |
2018
|
| | | | 1,422 | | |
2019
|
| | | | 1,379 | | |
2020
|
| | | | 1,201 | | |
Thereafter
|
| | | | 1,266 | | |
| | | | $ | 8,827 | | |
|
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Continuing operations: | | | | | |||||||||||||||
Sales of goods
|
| | | $ | 3,349 | | | | | $ | 2,994 | | | | | $ | 2,028 | | |
Fee income
|
| | | | — | | | | | | 61 | | | | | | — | | |
Purchases of goods for sale*
|
| | | | — | | | | | | 19,346 | | | | | | — | | |
Reimbursement of office and expenses at cost to a director**
|
| | | | — | | | | | | (117 ) | | | | | | — | | |
Termination payment to the former President***
|
| | | | — | | | | | | (1,909 ) | | | | | | — | | |
Discontinued operations: | | | | | |||||||||||||||
Dividend income on common shares
|
| | | $ | — | | | | | $ | — | | | | | $ | 286 | | |
Royalty expense paid and payable
|
| | | | — | | | | | | (284 ) | | | | | | (625 ) | | |
Years ended December 31:
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Short-term employee benefits
|
| | | $ | 2,719 | | | | | $ | 1,932 | | | | | $ | 745 | | |
Termination benefits
|
| | | | — | | | | | | 1,909 | | | | | | — | | |
Share-based payments*
|
| | | | — | | | | | | 211 | | | | | | — | | |
Directors’ fees
|
| | | | 479 | | | | | | 402 | | | | | | 383 | | |
Total
|
| | | $ | 3,198 | | | | | $ | 4,454 | | | | | $ | 1,128 | | |
|
As at December 31:
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
Financial Assets: | | | | | | ||||||||||||||||||||
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Short-term securities
|
| | | $ | 170 | | | | | $ | 170 | | | | | $ | 290 | | | | | $ | 290 | | |
Derivative assets
|
| | | | 5,726 | | | | | | 5,726 | | | | | | 6,274 | | | | | | 6,274 | | |
Loans and receivables: | | | | | | ||||||||||||||||||||
Long-term loan receivables (including current portion)
|
| | | | 2,828 | | | | | | 2,691 | | | | | | 2,996 | | | | | | 2,797 | | |
Long-term receivables, other
|
| | | | 4,523 | | | | | | 4,523 | | | | | | — | | | | | | — | | |
Available-for-sale instruments: | | | | | | ||||||||||||||||||||
Securities, at fair value
|
| | | | 630 | | | | | | 630 | | | | | | 790 | | | | | | 790 | | |
Securities, at cost
|
| | | | 298 | | | | | | 298 | | | | | | 287 | | | | | | 287 | | |
Financial Liabilities: | | | | | | ||||||||||||||||||||
Financial liabilities measured at amortized cost: | | | | | | ||||||||||||||||||||
Debt
|
| | | $ | 259,038 | | | | | $ | 242,808 | | | | | $ | 363,255 | | | | | $ | 365,244 | | |
Other financial liabilities, long-term
|
| | | | — | | | | | | — | | | | | | 5,778 | | | | | | 5,778 | | |
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Derivative liabilities
|
| | | | 4,236 | | | | | | 4,236 | | | | | | 3,539 | | | | | | 3,539 | | |
As at December 31, 2015
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Assets: | | | | | | ||||||||||||||||||||
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Short-term securities
|
| | | $ | 170 | | | | | $ | — | | | | | $ | — | | | | | $ | 170 | | |
Derivative assets
|
| | | | — | | | | | | 5,726 | | | | | | — | | | | | | 5,726 | | |
Available-for-sale: | | | | | | ||||||||||||||||||||
Securities
|
| | | | 630 | | | | | | — | | | | | | — | | | | | | 630 | | |
Total
|
| | | $ | 800 | | | | | $ | 5,726 | | | | | $ | — | | | | | $ | 6,526 | | |
Financial Liabilities: | | | | | | ||||||||||||||||||||
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Derivative liabilities
|
| | | $ | — | | | | | $ | 4,236 | | | | | $ | — | | | | | $ | 4,236 | | |
|
As at December 31, 2014
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Assets: | | | | | | ||||||||||||||||||||
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Short-term securities
|
| | | $ | 290 | | | | | $ | — | | | | | $ | — | | | | | $ | 290 | | |
Derivative assets
|
| | | | — | | | | | | 6,274 | | | | | | — | | | | | | 6,274 | | |
Available-for-sale: | | | | | | ||||||||||||||||||||
Securities
|
| | | | 790 | | | | | | — | | | | | | — | | | | | | 790 | | |
Total
|
| | | $ | 1,080 | | | | | $ | 6,274 | | | | | $ | — | | | | | $ | 7,354 | | |
Financial Liabilities: | | | | | | ||||||||||||||||||||
Fair value through profit or loss: | | | | | | ||||||||||||||||||||
Derivative liabilities
|
| | | $ | — | | | | | $ | 3,539 | | | | | $ | — | | | | | $ | 3,539 | | |
|
| | |
Risks
|
| |||||||||||||||||||||||||||
| | | | | |
Market risks
|
| ||||||||||||||||||||||||
Financial instrument
|
| |
Credit
|
| |
Liquidity
|
| |
Currency
|
| |
Interest rate
|
| |
Other price
|
| |||||||||||||||
Cash and cash equivalents, short-term cash deposits and restricted cash
|
| | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | | | |
Short-term securities
|
| | | | | | | | | | | | | | | | X | | | | | | | | | | | | X | | |
Long-term securities
|
| | | | | | | | | | | | | | | | X | | | | | | | | | | | | X | | |
Derivative assets and liabilities
|
| | | | X | | | | | | X | | | | | | X | | | | | | | | | | | | X | | |
Receivables
|
| | | | X | | | | | | | | | | | | X | | | | | | | | | | | | | | |
Short-term bank borrowings
|
| | | | | | | | | | X | | | | | | X | | | | | | | | | | | | | | |
Account payables and accrued expenses
|
| | | | | | | | | | X | | | | | | X | | | | | | | | | | | | | | |
Long-term debt
|
| | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | | | |
|
Cash and cash equivalents, short-term cash deposits and restricted cash
|
| | | $ | 198,391 | | |
|
Derivative assets
|
| | | | 5,726 | | |
|
Receivables
|
| | | | 167,649 | | |
|
Amounts recognized in the consolidated statement of financial position
|
| | | | 371,766 | | |
|
Guarantees (see Note 23)
|
| | | | 14,137 | | |
|
Maximum credit risk exposure
|
| | | $ | 385,903 | | |
|
| | |
2015
|
| |
2014
|
| |
2013
|
| |||||||||
Interest income on financial assets not at fair value through profit or loss
|
| | | $ | 742 | | | | | $ | 1,268 | | | | | $ | 63 | | |
Interest income on financial assets classified at fair value through profit or loss
|
| | | | 3,483 | | | | | | 3,238 | | | | | | 2,348 | | |
Total interest income
|
| | | $ | 4,225 | | | | | $ | 4,506 | | | | | $ | 2,411 | | |
Interest expense on financial liabilities not at fair value through profit or loss
|
| | | $ | 1,791 | | | | | $ | 2,482 | | | | | $ | 3,614 | | |
Interest expense on financial liabilities classified at fair value through profit or loss
|
| | | | 13,755 | | | | | | 9,253 | | | | | | 5,530 | | |
Total interest expense
|
| | | $ | 15,546 | | | | | $ | 11,735 | | | | | $ | 9,144 | | |
Dividend income on financial assets at fair value through profit or loss
|
| | | $ | — | | | | | $ | — | | | | | $ | 232 | | |
Dividend income on financial assets classified as available for sale, other
|
| | | | 7 | | | | | | 8 | | | | | | 72 | | |
Net gain on financial assets at fair value through profit or loss
|
| | | | 2,829 | | | | | | 3,765 | | | | | | 7,986 | | |
Credit losses
|
| | | | 54,540 | | | | | | 4,346 | | | | | | 4,763 | | |
| | |
Fair Value Measurements at
Reporting Date Using |
| |||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Inventories
|
| | | $ | 3,418 | | | | | $ | 116,905 | | | | | $ | — | | |
Investment property
|
| | | | — | | | | | | 37,873 | | | | | | — | | |
Total
|
| | | $ | 3,418 | | | | | $ | 154,778 | | | | | $ | — | | |
|
| | |
Fair Value Measurements at
Reporting Date Using |
| |||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Inventories
|
| | | $ | 3,200 | | | | | $ | 147,013 | | | | | $ | — | | |
Investment property (included in assets held for sale)
|
| | | | — | | | | | | 35,378 | | | | | | — | | |
Total
|
| | | $ | 3,200 | | | | | $ | 182,391 | | | | | $ | — | | |
|
|
Subsidiaries
|
| |
Country of
Incorporation |
| |
Proportion
of Interest |
| |||
|
MFC Commodities GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
MFC Trade & Financial Services GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
IC Managementservice GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
International Trade Services GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
MFC Commodities Trading GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
MFC Metal Trading GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
Kasese Cobalt Company Limited
|
| |
Uganda
|
| | | | 75 % | | |
|
MFC (A) Ltd
|
| |
Marshall Islands
|
| | | | 100 % | | |
|
MFC (D) Ltd
|
| |
Marshall Islands
|
| | | | 100 % | | |
|
M Financial Corp.
|
| |
Barbados
|
| | | | 100 % | | |
|
MFC Corporate Services AG
|
| |
Switzerland
|
| | | | 100 % | | |
|
GPT Global Pellets Trading GmbH
|
| |
Austria
|
| | | | 100 % | | |
|
MFC Power Limited Partnership
|
| |
Canada
|
| | | | 100 % | | |
|
MFC Resources Inc.
|
| |
U.S.
|
| | | | 100 % | | |
|
Possehl Mexico S.A. de C.V
|
| |
Mexico
|
| | | | 100 % | | |
|
MFC Holding Norway AS
|
| |
Norway
|
| | | | 100 % | | |
|
Fesil AS
|
| |
Norway
|
| | | | 100 % | | |
|
Subsidiaries
|
| |
Country of
Incorporation |
| |
Proportion
of Interest |
| |||
|
Fesil Sales AS
|
| |
Norway
|
| | | | 100 % | | |
|
Fesil Rana Metall AS
|
| |
Norway
|
| | | | 100 % | | |
|
Fesil Sales GmbH
|
| |
Germany
|
| | | | 100 % | | |
|
Fesil Sales SA
|
| |
Luxembourg
|
| | | | 100 % | | |
|
F.J. Elsner Trading Gesellschaft mbH
|
| |
Austria
|
| | | | 100 % | | |
|
Mednet (Shanghai) Medical Technical Developing Co. Ltd.
|
| |
China
|
| | | | 100 % | | |
|
Hangzhou Zhe-er Optical Co. Ltd.
|
| |
China
|
| | | | 51 % | | |
Exhibit
Number |
| |
Description
|
|
1.1 | | | Amended and Restated Articles of MFC Bancorp Ltd. dated November 14, 2014. Incorporated by reference from our Form 6-K dated November 14, 2014. | |
1.2 | | | Certificate of Change of Name dated February 16, 2016 of MFC Bancorp Ltd. Incorporated by reference from our Form 6-K dated February 16, 2016. | |
1.3 | | | Advance Notice Policy adopted by board of directors of MFC Bancorp Ltd. on November 18, 2013. Incorporated by reference from our Form 6-K dated November 19, 2013. | |
4.1 | | | Amendment to Mining Lease Agreement dated January 1, 1987 between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989. | |
4.2 | | | Memorandum of Agreement dated November 24, 1987 between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989. | |
4.3 | | | First Amendment to the Memorandum of Agreement between MFC Bancorp Ltd. and Wabush Iron Co. Limited, Stelco Inc. and Dofasco Inc. Incorporated by reference from our Form 10-K for the year ended December 31, 1989. | |
4.4 | | | Amended 1997 Stock Option Plan. Incorporated by reference from our Form S-8 dated May 23, 2007. | |
4.5 | | | 2008 Equity Incentive Plan. Incorporated by reference from our Form F-4 dated October 7, 2010. | |
4.6 | | | Mutual Settlement Agreement between MFC Bancorp Ltd., Peter Kellogg and IAT Reinsurance Company, Ltd. dated February 7, 2014. Incorporated by reference from our Form 6-K dated February 10, 2014. | |
4.7 | | | 2014 Equity Incentive Plan. Incorporated by reference from our Form 6-K dated October 10, 2014. | |
8.1 | | | List of significant subsidiaries of MFC Bancorp Ltd. as at May 2, 2016. | |
11.1* | | | Code of Business Conduct and Ethics and Insider Trading Policy. | |
12.1 | | | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
12.2 | | | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
13.1 | | | Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
13.2 | | | Certification of Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
15.1 | | | Consent dated May 2, 2016 of PricewaterhouseCoopers LLP. | |
15.3 | | | Third Party Report on Reserves. | |
15.4 | | | Consent dated May 2, 2016 of GLJ Petroleum Consultants Ltd. | |
16.1 | | | Mine Safety and Health Administration Safety Data. | |
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