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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% | 12.05 | 0.00 | 01:00:00 |
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☒ Form 20-F
|
| |
☐
Form 40-F
|
|
|
☐
Yes
|
| |
☒ No
|
|
OPERATING EBITDA ($ in thousands)
|
| |
March 31, 2016
|
| |
March 31, 2015
|
| ||||||
Net income (1) | | | | $ | 40 | | | | | $ | 5,759 | | |
Tax expense | | | | | 1,187 | | | | | | 2,692 | | |
Finance costs | | | | | 4,316 | | | | | | 4,787 | | |
Amortization, depreciation and depletion
|
| | | | 2,059 | | | | | | 1,280 | | |
Operating EBITDA
(2)
|
| | | $ | 8,302 | | | | | $ | 14,518 | | |
FINANCIAL POSITION
($ in thousands, except ratios and per share amounts) |
| |
March 31, 2016
|
| |
December 31, 2015
|
| ||||||
Cash and cash equivalents | | | | $ | 250,366 | | | | | $ | 197,519 | | |
Securities, current | | | | | 20,942 | | | | | | 170 | | |
Trade receivables | | | | | 207,901 | | | | | | 151,229 | | |
Inventories | | | | | 197,406 | | | | | | 245,345 | | |
Total current assets | | | | | 859,235 | | | | | | 785,850 | | |
Total current liabilities | | | | | 524,475 | | | | | | 414,562 | | |
Short-term bank borrowings | | | | | 207,457 | | | | | | 60,103 | | |
Working capital | | | | | 334,760 | | | | | | 371,288 | | |
Current ratio (1) | | | | | 1.64 | | | | | | 1.90 | | |
Total assets | | | | | 1,055,859 | | | | | | 977,351 | | |
Total long-term debt | | | | | 245,287 | | | | | | 259,038 | | |
Total long-term debt-to-equity (1) | | | | | 0.47 | | | | | | 0.47 | | |
Total liabilities | | | | | 707,479 | | | | | | 608,151 | | |
Shareholders’ equity | | | | | 346,174 | | | | | | 367,192 | | |
Net book value per share | | | | | 5.48 | | | | | | 5.81 | | |
|
|
| | | | | | |
| 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 |
|
|
Producing
Natural Gas Wells |
| |
Non-producing
Natural Gas Wells (1) |
| |
Producing
Crude Oil Wells |
| |
Non-producing
Crude Oil Wells (1) |
| |
Total Wells
|
| |||||||||||||||
|
Gross
|
| |
Net
(2)
|
| |
Gross
|
| |
Net
(2)
|
| |
Gross
|
| |
Net
(2)
|
| |
Gross
|
| |
Net
(2)
|
| |
Gross
|
| |
Net
(2)
|
|
|
99
|
| |
69
|
| |
79
|
| |
54
|
| |
11
|
| |
8
|
| |
13
|
| |
10
|
| |
202
|
| |
141
|
|
| | |
March 31,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||
Net book value
|
| | | $ | 346,174 | | | | | $ | 367,192 | | |
Net book value per share
|
| | | | 5.48 | | | | | | 5.81 | | |
| | |
March 31,
2016 |
| |
December 31,
2015 |
| |
September 30,
2015 |
| |
June 30,
2015 |
| ||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 350,005 | | | | | $ | 406,164 | | | | | $ | 403,697 | | | | | $ | 420,284 | | |
Net income (loss) from continuing operations
(1)
|
| | | | 409 | | | | | | (71,160 ) (2) | | | | | | 399 | | | | | | 5,818 | | |
Earnings (loss) from continuing operations, per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | 0.01 | | | | | | (1.13 ) (2) | | | | | | 0.01 | | | | | | 0.09 | | |
Diluted
|
| | | | 0.01 | | | | | | (1.13 ) (2) | | | | | | 0.01 | | | | | | 0.09 | | |
Net (loss) income
(1)
|
| | | | (61 ) | | | | | | (111,807 ) (2)(3) | | | | | | (392,208 ) (4) | | | | | | 8,549 | | |
Earnings (loss), per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | — | | | | | | (1.77 ) (2)(3) | | | | | | (6.21 ) (4) | | | | | | 0.14 | | |
Diluted
|
| | | | — | | | | | | (1.77 ) (2)(3) | | | | | | (6.21 ) (4) | | | | | | 0.14 | | |
| | |
March 31,
2015 |
| |
December 31,
2014 |
| |
September 30,
2014 |
| |
June 30,
2014 |
| ||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 349,557 | | | | | $ | 346,560 | | | | | $ | 360,260 | | | | | $ | 388,264 | | |
Net income (loss) from continuing operations
(1)
|
| | | | 5,398 | | | | | | 3,659 | | | | | | (4,909 ) | | | | | | 3,290 | | |
Earnings (loss) from continuing operations, per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | 0.09 | | | | | | 0.06 | | | | | | (0.08 ) | | | | | | 0.05 | | |
Diluted
|
| | | | 0.09 | | | | | | 0.06 | | | | | | (0.08 ) | | | | | | 0.05 | | |
Net income (loss)
(1)
|
| | | | 7,836 | | | | | | (21,797 ) (2) | | | | | | 6,990 | | | | | | 7,720 | | |
Earnings (loss), per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | 0.12 | | | | | | (0.35 ) | | | | | | 0.11 | | | | | | 0.12 | | |
Diluted
|
| | | | 0.12 | | | | | | (0.35 ) | | | | | | 0.11 | | | | | | 0.12 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands,
except per share amounts) |
| |||||||||
Gross revenues
|
| | | $ | 350,005 | | | | | $ | 349,557 | | |
Costs and expenses
|
| | | | 348,078 | | | | | | 341,106 | | |
Costs of sales and services
|
| | | | 327,289 | | | | | | 319,026 | | |
Selling, general and administrative expenses
|
| | | | 19,920 | | | | | | 18,815 | | |
Finance costs
|
| | | | 4,316 | | | | | | 4,787 | | |
Exchange differences on foreign currency transactions, net gain
|
| | | | 3,447 | | | | | | 1,522 | | |
Earnings from continuing operations
(2)
|
| | | | 409 | | | | | | 5,398 | | |
Net (loss) income from discontinued operations
(2)
|
| | | | (470 ) | | | | | | 2,438 | | |
Net (loss) income
(2)
|
| | | | (61 ) | | | | | | 7,836 | | |
Earnings per share from continuing operations: | | | | ||||||||||
Basic
|
| | | | 0.01 | | | | | | 0.09 | | |
Diluted
|
| | | | 0.01 | | | | | | 0.09 | | |
Earnings per share: | | | | ||||||||||
Basic
|
| | | | — | | | | | | 0.12 | | |
Diluted
|
| | | | — | | | | | | 0.12 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Gross Revenues: | | | | ||||||||||
Finance and supply chain
|
| | | $ | 340,706 | | | | | $ | 341,348 | | |
All other
|
| | | | 9,299 | | | | | | 8,209 | | |
| | | | $ | 350,005 | | | | | $ | 349,557 | | |
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Supply chain products and services
|
| | | $ | 324,381 | | | | | $ | 314,105 | | |
Credit losses on loans and receivables
|
| | | | 384 | | | | | | 32 | | |
Market value increase on commodity inventories
|
| | | | (961 ) | | | | | | (283 ) | | |
(Gain) loss on derivative contracts, net
|
| | | | (252 ) | | | | | | 2,314 | | |
Loss on trading securities
|
| | | | 43 | | | | | | 27 | | |
Other
|
| | | | 3,694 | | | | | | 2,831 | | |
Total cost of sales and services
|
| | | $ | 327,289 | | | | | $ | 319,026 | | |
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA from continuing operations | | | | ||||||||||
Net income from continuing operations
(1)
|
| | | $ | 740 | | | | | $ | 5,759 | | |
Income tax expense
(2)
|
| | | | 1,187 | | | | | | 2,692 | | |
Finance costs
|
| | | | 4,316 | | | | | | 4,787 | | |
Amortization, depreciation and depletion
|
| | | | 2,059 | | | | | | 1,280 | | |
Operating EBITDA from continuing operations
(3)
|
| | | $ | 8,302 | | | | | $ | 14,518 | | |
|
| | |
March 31,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||
Total long-term debt
|
| | | $ | 245,287 | | | | | $ | 259,038 | | |
Less: cash and cash equivalents
|
| | | | (250,366 ) | | | | | | (197,519 ) | | |
(Net cash and cash equivalents) net debt
|
| | | | (5,079 ) | | | | | | 61,519 | | |
Shareholders’ equity
|
| | | | 346,174 | | | | | | 367,192 | | |
Net debt-to-equity ratio
|
| |
N/A
|
| | | | 0.17 | | |
| | |
March 31,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||
Long-term debt, less current portion
|
| | | $ | 164,173 | | | | | $ | 174,333 | | |
Shareholders’ equity
|
| | | | 346,174 | | | | | | 367,192 | | |
Long-term debt-to-equity ratio
|
| | | | 0.47 | | | | | | 0.47 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash flows provided by continuing operating activities
|
| | | $ | 103,688 | | | | | $ | 78,963 | | |
Cash flows used in continuing investing activities
|
| | | $ | (26,083 ) | | | | | $ | (1,398 ) | | |
Cash flows used in continuing financing activities
|
| | | $ | (7,172 ) | | | | | $ | (8,016 ) | | |
| | |
March 31,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 250,366 | | | | | $ | 197,519 | | |
Short-term cash deposits
|
| | | | 199 | | | | | | 233 | | |
Short-term securities
|
| | | | 20,942 | | | | | | 170 | | |
Securities – derivatives
|
| | | | 4,092 | | | | | | 5,555 | | |
Restricted cash
|
| | | | 353 | | | | | | 639 | | |
Trade receivables
|
| | | | 207,901 | | | | | | 151,229 | | |
Tax receivables
|
| | | | 9,550 | | | | | | 11,705 | | |
Other receivables
|
| | | | 13,244 | | | | | | 14,727 | | |
Inventories
|
| | | | 197,406 | | | | | | 245,345 | | |
Real estate held for sale
|
| | | | 1,111 | | | | | | 1,130 | | |
Deposits, prepaid and other
|
| | | | 16,807 | | | | | | 21,442 | | |
Assets held for sale
|
| | | | 137,264 | | | | | | 136,156 | | |
Total assets
|
| | | | 1,055,859 | | | | | | 977,351 | | |
Working capital
|
| | | | 334,760 | | | | | | 371,288 | | |
Short-term bank borrowings
|
| | | | 207,457 | | | | | | 60,103 | | |
Debt, current portion
|
| | | | 81,114 | | | | | | 84,705 | | |
Account payables and accrued expenses
|
| | | | 139,396 | | | | | | 174,812 | | |
Income tax liabilities
|
| | | | 3,335 | | | | | | 3,809 | | |
Liabilities relating to assets held for sale
|
| | | | 88,658 | | | | | | 87,579 | | |
Long-term debt, less current portion
|
| | | | 164,173 | | | | | | 174,333 | | |
Deferred income tax liabilities
|
| | | | 13,432 | | | | | | 13,711 | | |
Shareholders’ equity
|
| | | | 346,174 | | | | | | 367,192 | | |
Maturity
|
| |
Principal
|
| |
Interest
|
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
12 months
|
| | | $ | 81,114 | | | | | $ | 6,534 | | | | | $ | 87,648 | | |
12 – 24 months
|
| | | | 36,745 | | | | | | 4,634 | | | | | | 41,379 | | |
24 – 36 months
|
| | | | 43,264 | | | | | | 3,457 | | | | | | 46,721 | | |
36 – 48 months
|
| | | | 26,556 | | | | | | 2,234 | | | | | | 28,790 | | |
48 – 60 months
|
| | | | 26,190 | | | | | | 1,363 | | | | | | 27,553 | | |
Thereafter
|
| | | | 31,418 | | | | | | 1,260 | | | | | | 32,678 | | |
| | | | $ | 245,287 | | | | | $ | 19,482 | | | | | $ | 264,769 | | |
|
| | |
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 | | |
|
| | |
March 31,
2016 |
| |
December 31,
2015 |
| ||||||
ASSETS
|
| | | ||||||||||
Current Assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 250,366 | | | | | $ | 197,519 | | |
Short-term cash deposits
|
| | | | 199 | | | | | | 233 | | |
Securities
|
| | | | 20,942 | | | | | | 170 | | |
Securities – derivatives
|
| | | | 4,092 | | | | | | 5,555 | | |
Restricted cash
|
| | | | 353 | | | | | | 639 | | |
Trade receivables
|
| | | | 207,901 | | | | | | 151,229 | | |
Tax receivables
|
| | | | 9,550 | | | | | | 11,705 | | |
Other receivables
|
| | | | 13,244 | | | | | | 14,727 | | |
Inventories
|
| | | | 197,406 | | | | | | 245,345 | | |
Real estate held for sale
|
| | | | 1,111 | | | | | | 1,130 | | |
Deposits, prepaid and other
|
| | | | 16,807 | | | | | | 21,442 | | |
Assets held for sale
|
| | | | 137,264 | | | | | | 136,156 | | |
Total current assets
|
| | | | 859,235 | | | | | | 785,850 | | |
Non-current Assets | | | | ||||||||||
Securities
|
| | | | 624 | | | | | | 680 | | |
Securities – derivatives
|
| | | | — | | | | | | 171 | | |
Real estate held for sale
|
| | | | 13,578 | | | | | | 13,812 | | |
Investment property
|
| | | | 37,233 | | | | | | 37,873 | | |
Property, plant and equipment
|
| | | | 91,529 | | | | | | 95,745 | | |
Deferred income tax assets
|
| | | | 29,992 | | | | | | 20,641 | | |
Other
|
| | | | 22,993 | | | | | | 21,912 | | |
Other, restricted
|
| | | | 675 | | | | | | 667 | | |
Total non-current assets
|
| | | | 196,624 | | | | | | 191,501 | | |
| | | | $ | 1,055,859 | | | | | $ | 977,351 | | |
LIABILITIES AND EQUITY
|
| | | ||||||||||
Current Liabilities | | | | ||||||||||
Short-term bank borrowings
|
| | | $ | 207,457 | | | | | $ | 60,103 | | |
Debt, current portion
|
| | | | 81,114 | | | | | | 84,705 | | |
Account payables and accrued expenses
|
| | | | 139,396 | | | | | | 174,812 | | |
Income tax liabilities
|
| | | | 3,335 | | | | | | 3,809 | | |
Financial liabilities – derivatives
|
| | | | 4,515 | | | | | | 3,554 | | |
Liabilities relating to assets held for sale
|
| | | | 88,658 | | | | | | 87,579 | | |
Total current liabilities
|
| | | | 524,475 | | | | | | 414,562 | | |
Long-term Liabilities | | | | ||||||||||
Debt, less current portion
|
| | | | 164,173 | | | | | | 174,333 | | |
Deferred income tax liabilities
|
| | | | 13,432 | | | | | | 13,711 | | |
Financial liabilities – derivatives
|
| | | | 629 | | | | | | 682 | | |
Accrued pension obligations, net
|
| | | | 3,889 | | | | | | 4,061 | | |
Other
|
| | | | 881 | | | | | | 802 | | |
Total long-term liabilities
|
| | | | 183,004 | | | | | | 193,589 | | |
Total liabilities
|
| | | | 707,479 | | | | | | 608,151 | | |
Equity | | | | ||||||||||
Capital stock, fully paid
|
| | | | 419,916 | | | | | | 419,916 | | |
Treasury stock
|
| | | | (61,085 ) | | | | | | (61,085 ) | | |
Contributed surplus
|
| | | | 15,417 | | | | | | 15,417 | | |
Retained deficit
|
| | | | (63,620 ) | | | | | | (63,559 ) | | |
Accumulated other comprehensive income
|
| | | | 35,546 | | | | | | 56,503 | | |
Shareholders’ equity
|
| | | | 346,174 | | | | | | 367,192 | | |
Non-controlling interests
|
| | | | 2,206 | | | | | | 2,008 | | |
Total equity
|
| | | | 348,380 | | | | | | 369,200 | | |
| | | | $ | 1,055,859 | | | | | $ | 977,351 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated)
|
| |||
Gross revenues
|
| | | $ | 350,005 | | | | | $ | 349,557 | | |
Costs and Expenses: | | | | ||||||||||
Costs of sales and services
|
| | | | 327,289 | | | | | | 319,026 | | |
Selling, general and administrative
|
| | | | 19,920 | | | | | | 18,815 | | |
Finance costs
|
| | | | 4,316 | | | | | | 4,787 | | |
Exchange differences on foreign currency transactions
|
| | | | (3,447 ) | | | | | | (1,522 ) | | |
| | | | | 348,078 | | | | | | 341,106 | | |
Income before income taxes
|
| | | | 1,927 | | | | | | 8,451 | | |
Income tax expense
|
| | | | (1,187 ) | | | | | | (2,692 ) | | |
Income from continuing operations
|
| | | | 740 | | | | | | 5,759 | | |
(Loss) income from discontinued operations
|
| | | | (470 ) | | | | | | 2,438 | | |
Net income for the period
|
| | | | 270 | | | | | | 8,197 | | |
Net income attributable to non-controlling interests
|
| | | | (331 ) | | | | | | (361 ) | | |
Net (loss) income attributable to owners of the parent company
|
| | | $ | (61 ) | | | | | $ | 7,836 | | |
Basic (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.09 | | |
Discontinued operations
|
| | | | (0.01 ) | | | | | | 0.03 | | |
| | | | $ | — | | | | | $ | 0.12 | | |
Diluted (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.09 | | |
Discontinued operations
|
| | | | (0.01 ) | | | | | | 0.03 | | |
| | | | $ | — | | | | | $ | 0.12 | | |
Weighted average number of common shares outstanding | | | | ||||||||||
– basic
|
| | | | 63,192,272 | | | | | | 63,142,272 | | |
– diluted
|
| | | | 63,192,272 | | | | | | 63,142,272 | | |
| | |
2016
|
| |
2015
|
| ||||||
Net income for the period
|
| | | $ | 270 | | | | | $ | 8,197 | | |
Other comprehensive (loss) income, net of income taxes: | | | | ||||||||||
Exchange differences arising from translating financial statements of foreign operations
|
| | | | (21,185 ) | | | | | | 47,735 | | |
Fair value gain on available-for-sale securities, net
|
| | | | 87 | | | | | | 153 | | |
Remeasurement of net defined benefit liabilities
|
| | | | 8 | | | | | | (129 ) | | |
| | | | | (21,090 ) | | | | | | 47,759 | | |
Total comprehensive (loss) income for the period
|
| | | | (20,820 ) | | | | | | 55,956 | | |
Comprehensive income attributable to non-controlling interests
|
| | | | (198 ) | | | | | | (500 ) | | |
Comprehensive (loss) income attributable to owners of the parent company
|
| | | $ | (21,018 ) | | | | | $ | 55,456 | | |
Consisting of:
Continuing operations
|
| | | $ | (22,250 ) | | | | | $ | 34,993 | | |
Discontinued operations
|
| | | | 1,232 | | | | | | 20,463 | | |
| | | | $ | (21,018 ) | | | | | $ | 55,456 | | |
Other comprehensive (loss) income, net of income taxes, comprised amounts: | | | | ||||||||||
will not be reclassified subsequently to profit or loss
|
| | | $ | 8 | | | | | $ | (129 ) | | |
will be reclassified subsequently to profit or loss when specific conditions are
met |
| | | | (21,098 ) | | | | | | 47,888 | | |
| | | | $ | (21,090 ) | | | | | $ | 47,759 | | |
|
| | |
Capital Stock
|
| |
Treasury Stock
|
| |
Contributed Surplus
|
| | | | | | | |
Accumulated Other
Comprehensive Income (Loss) |
| | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Amount
|
| |
Number of
Shares |
| |
Amount
|
| |
Share-based
Compensation |
| |
Contingently
Issuable Shares |
| |
Retained
Deficit |
| |
Available-
for-sale Securities |
| |
Defined
Benefit Obligations |
| |
Currency
Translation Adjustment |
| |
Share-
holders’ Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| |||||||||||||||||||||||||||||||||||||||
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 | | |
Net (loss) income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (61 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (61 ) | | | | | | 331 | | | | | | 270 | | |
Net fair value gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 87 | | | | | | — | | | | | | — | | | | | | 87 | | | | | | — | | | | | | 87 | | |
Net gain on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | — | | | | | | 8 | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,052 ) | | | | | | (21,052 ) | | | | | | (133 ) | | | | | | (21,185 ) | | |
Balance at March 31, 2016
|
| | | | 68,092,082 | | | | | $ | 419,916 | | | | | | (4,949,810 ) | | | | | $ | (61,085 ) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | (63,620 ) | | | | | $ | (10 ) | | | | | $ | (491 ) | | | | | $ | 36,047 | | | | | $ | 346,174 | | | | | $ | 2,206 | | | | | $ | 348,380 | | |
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 income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,836 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,836 | | | | | | 361 | | | | | | 8,197 | | |
Net fair value gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 153 | | | | | | — | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 153 | | |
Net loss on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (129 ) | | | | | | — | | | | | | (129 ) | | | | | | — | | | | | | (129 ) | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,596 | | | | | | 47,596 | | | | | | 139 | | | | | | 47,735 | | |
Balance at March 31, 2015
|
| | | | 68,042,082 | | | | | $ | 419,655 | | | | | | (4,949,810 ) | | | | | $ | (61,085 ) | | | | | $ | 13,790 | | | | | $ | 1,830 | | | | | $ | 431,965 | | | | | $ | 104 | | | | | $ | 1,315 | | | | | $ | 25,599 | | | | | $ | 833,173 | | | | | $ | 1,716 | | | | | $ | 834,889 | | |
|
Total Comprehensive
Income (Loss) for the Three Months Ended March 31: |
| |
Owners of the
parent company |
| |
Non-
controlling interests |
| |
Total
|
| |||||||||
2015
|
| | | $ | 55,456 | | | | | $ | 500 | | | | | $ | 55,956 | | |
2016
|
| | | | (21,018 ) | | | | | | 198 | | | | | | (20,820 ) | | |
| | |
2016
|
| |
2015
|
| ||||||
Cash flows from operating activities: | | | | ||||||||||
Net income for the period
|
| | | $ | 740 | | | | | $ | 5,759 | | |
Adjustments for:
|
| | | ||||||||||
Amortization, depreciation and depletion
|
| | | | 2,059 | | | | | | 1,280 | | |
Exchange differences on foreign currency transactions
|
| | | | (3,447 ) | | | | | | (1,522 ) | | |
Loss on short-term securities
|
| | | | 43 | | | | | | 27 | | |
Deferred income taxes
|
| | | | 435 | | | | | | 2,199 | | |
Market value increase on commodity inventories
|
| | | | (961 ) | | | | | | (283 ) | | |
Interest accretion
|
| | | | 47 | | | | | | — | | |
Credit losses
|
| | | | 393 | | | | | | 37 | | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
| | | ||||||||||
Short-term cash deposits
|
| | | | 31 | | | | | | — | | |
Short-term securities
|
| | | | (7,580 ) | | | | | | 1 | | |
Restricted cash
|
| | | | 283 | | | | | | (3,708 ) | | |
Receivables
|
| | | | (57,609 ) | | | | | | 16,329 | | |
Inventories
|
| | | | 45,873 | | | | | | (6,707 ) | | |
Deposits, prepaid and other
|
| | | | 4,474 | | | | | | 2,372 | | |
Assets held for sale
|
| | | | 172 | | | | | | — | | |
Short-term bank borrowings
|
| | | | 152,517 | | | | | | 95,128 | | |
Account payables and accrued expenses
|
| | | | (32,848 ) | | | | | | (29,329 ) | | |
Income tax liabilities
|
| | | | (380 ) | | | | | | (1,555 ) | | |
Accrued pension obligations, net
|
| | | | (98 ) | | | | | | 94 | | |
Other
|
| | | | (456 ) | | | | | | (1,159 ) | | |
Cash flows provided by operating activities
|
| | | | 103,688 | | | | | | 78,963 | | |
Cash flows from investing activities: | | | | ||||||||||
Purchases of property, plant and equipment, net
|
| | | | (757 ) | | | | | | (1,156 ) | | |
Decrease in loan receivables
|
| | | | 278 | | | | | | — | | |
Acquisition of a subsidiary, net of cash and cash equivalents acquired
|
| | | | (23,924 ) | | | | | | — | | |
Other
|
| | | | (1,680 ) | | | | | | (242 ) | | |
Cash flows used in continuing investing activities
|
| | | | (26,083 ) | | | | | | (1,398 ) | | |
Cash flows from continuing financing activities: | | | | ||||||||||
Debt repayment
|
| | | | (13,351 ) | | | | | | (6,762 ) | | |
Debt borrowing
|
| | | | 6,179 | | | | | | 3,134 | | |
Dividends paid to shareholders
|
| | | | — | | | | | | (4,388 ) | | |
Cash flows used in continuing financing activities
|
| | | | (7,172 ) | | | | | | (8,016 ) | | |
Cash flows used in discontinued operating activities
|
| | | | (950 ) | | | | | | (6,565 ) | | |
Cash flows provided by (used in) discontinued investing activities
|
| | | | 80 | | | | | | (1,319 ) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | (16,716 ) | | | | | | 13,609 | | |
Increase in cash and cash equivalents
|
| | | | 52,847 | | | | | | 75,274 | | |
Cash and cash equivalents, beginning of year
|
| | | | 197,519 | | | | | | 344,891 | | |
Cash and cash equivalents, end of period
|
| | | $ | 250,366 | | | | | $ | 420,165 | | |
Cash and cash equivalents at end of period consisted of: | | | | ||||||||||
Cash
|
| | | $ | 185,478 | | | | | $ | 292,109 | | |
Money market and highly liquid funds
|
| | | | 64,888 | | | | | | 128,056 | | |
| | | | $ | 250,366 | | | | | $ | 420,165 | | |
|
| | |
Three Months ended March 31, 2016
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 340,706 | | | | | $ | 9,299 | | | | | $ | — | | | | | $ | 350,005 | | |
Intersegment sale
|
| | | | 1,033 | | | | | | 77 | | | | | | — | | | | | | 1,110 | | |
Interest expense
|
| | | | 3,322 | | | | | | — | | | | | | — | | | | | | 3,322 | | |
Income before income taxes
|
| | | | 1,433 | | | | | | 816 | | | | | | (322 ) | | | | | | 1,927 | | |
| | |
Three Months ended March 31, 2015
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 341,348 | | | | | $ | 8,209 | | | | | $ | — | | | | | $ | 349,557 | | |
Intersegment sale
|
| | | | 58 | | | | | | 48 | | | | | | — | | | | | | 106 | | |
Interest expense
|
| | | | 3,930 | | | | | | 10 | | | | | | — | | | | | | 3,940 | | |
Income before income taxes
|
| | | | 8,118 | | | | | | 781 | | | | | | (448 ) | | | | | | 8,451 | | |
Three months ended March 31:
|
| |
2016
|
| |
2015
|
| ||||||
Finance and supply chain products and services
|
| | | $ | 337,782 | | | | | $ | 339,331 | | |
Interest
|
| | | | 802 | | | | | | 761 | | |
Other
|
| | | | 11,421 | | | | | | 9,465 | | |
Gross revenues
|
| | | $ | 350,005 | | | | | $ | 349,557 | | |
|
Three months ended March 31:
|
| |
2016
|
| |
2015
|
| ||||||
Supply chain products and services
|
| | | $ | 324,381 | | | | | $ | 314,105 | | |
Credit losses on loans and receivables
|
| | | | 384 | | | | | | 32 | | |
Market value increase on commodity inventories
|
| | | | (961 ) | | | | | | (283 ) | | |
(Gain) loss on derivative contracts, net
|
| | | | (252 ) | | | | | | 2,314 | | |
Loss on trading securities
|
| | | | 43 | | | | | | 27 | | |
Other
|
| | | | 3,694 | | | | | | 2,831 | | |
Total costs of sales and services
|
| | | $ | 327,289 | | | | | $ | 319,026 | | |
|
| | |
2016
|
| |
2016
|
| |
2015
|
| |
2015
|
| ||||||||||||
| | |
Hydro-carbon
properties |
| |
Iron ore
interests |
| |
Hydro-carbon
properties |
| |
Iron ore
interests |
| ||||||||||||
Revenues
|
| | | $ | 7,577 | | | | | $ | — | | | | | $ | 27,931 | | | | | $ | 813 | | |
Costs and expenses
|
| | | | (7,656 ) | | | | | | — | | | | | | (24,445 ) | | | | | | (6 ) | | |
(Loss) income before income taxes
|
| | | | (79 ) | | | | | | — | | | | | | 3,486 | | | | | | 807 | | |
Income tax expense
|
| | | | (366 ) | | | | | | — | | | | | | (1,527 ) | | | | | | (328 ) | | |
Net (loss) income from discontinued
operations |
| | | | (445 ) | | | | | | — | | | | | | 1,959 | | | | | | 479 | | |
Loss on disposal of assets
|
| | | | (25 ) | | | | | | — | | | | | | — | | | | | | — | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss on disposal of assets
|
| | | | (25 ) | | | | | | — | | | | | | — | | | | | | — | | |
Total (loss) income from discontinued
operations |
| | | $ | (470 ) | | | | | $ | — | | | | | $ | 1,959 | | | | | $ | 479 | | |
|
Three months ended March 31:
|
| |
2016
|
| |
2015
|
| ||||||
Basic earnings from continuing operations available to holders of common shares
|
| | | $ | 409 | | | | | $ | 5,398 | | |
Effect of dilutive securities: | | | | | — | | | | | | — | | |
Diluted earnings from continuing operations
|
| | | $ | 409 | | | | | $ | 5,398 | | |
|
| | |
Number of Shares
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Weighted average number of common shares outstanding –
basic |
| | | | 63,192,272 | | | | | | 63,142,272 | | |
Effect of dilutive securities: | | | | | | | | | | | | | |
Options
|
| | | | — | | | | | | — | | |
Contingently issuable shares
|
| | | | — | | | | | | — | | |
Weighted average number of common shares outstanding –
diluted |
| | | | 63,192,272 | | | | | | 63,142,272 | | |
|
|
|
| |
NEWS RELEASE
|
| |||
|
Corporate
MFC Bancorp Ltd. Rene Randall 1 (604) 683 8286 ex 2 rrandall@bmgmt.com |
| |
Investors
DresnerAllenCaron Inc. Joe Allen 1 (212) 691 8087 jallen@desnerallencaron.com |
|
| |
MFC BANCORP LTD.
REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 |
| |
OPERATING EBITDA ($ in thousands)
|
| |
March 31, 2016
|
| |
March 31, 2015
|
| ||||||
Net income (1) | | | | $ | 40 | | | | | $ | 5,759 | | |
Tax expense | | | | | 1,187 | | | | | | 2,692 | | |
Finance costs | | | | | 4,316 | | | | | | 4,787 | | |
Amortization, depreciation and depletion | | | | | 2,059 | | | | | | 1,280 | | |
Operating EBITDA (2) | | | | $ | 8,302 | | | | | $ | 14,518 | | |
FINANCIAL POSITION
($ in thousands, except ratios and per share amounts) |
| |
March 31, 2016
|
| |
December 31, 2015
|
| ||||||
Cash and cash equivalents | | | | $ | 250,366 | | | | | $ | 197,519 | | |
Securities, current | | | | | 20,942 | | | | | | 170 | | |
Trade receivables | | | | | 207,901 | | | | | | 151,229 | | |
Inventories | | | | | 197,406 | | | | | | 245,345 | | |
Total current assets | | | | | 859,235 | | | | | | 785,850 | | |
Total current liabilities | | | | | 524,475 | | | | | | 414,562 | | |
Short-term bank borrowings | | | | | 207,457 | | | | | | 60,103 | | |
Working capital | | | | | 334,760 | | | | | | 371,288 | | |
Current ratio (1) | | | | | 1.64 | | | | | | 1.90 | | |
Total assets | | | | | 1,055,859 | | | | | | 977,351 | | |
Total long-term debt | | | | | 245,287 | | | | | | 259,038 | | |
Total long-term debt-to-equity (1) | | | | | 0.47 | | | | | | 0.47 | | |
Total liabilities | | | | | 707,479 | | | | | | 608,151 | | |
Shareholders’ equity | | | | | 346,174 | | | | | | 367,192 | | |
Net book value per share | | | | | 5.48 | | | | | | 5.81 | | |
| By: | | |
/s/ Gerardo Cortina
|
|
| | | |
Gerardo Cortina
Chief Executive Officer |
|
1 Year MFC Industrial Ltd. Chart |
1 Month MFC Industrial Ltd. Chart |
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