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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 |
|
☒ Form 20-F
|
| |
☐
Form 40-F
|
|
|
☐
Yes
|
| |
☒ No
|
|
| | |
June 30,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands,
except ratio and per share amounts) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 213,477 | | | | | $ | 197,519 | | |
Short-term securities
|
| | | | 12,961 | | | | | | 170 | | |
Trade receivables
|
| | | | 184,352 | | | | | | 151,229 | | |
Tax receivables
|
| | | | 19,790 | | | | | | 11,705 | | |
Other receivables
|
| | | | 52,134 | | | | | | 14,727 | | |
Inventories
|
| | | | 154,703 | | | | | | 245,345 | | |
Total current assets
|
| | | | 765,508 | | | | | | 785,850 | | |
Total current liabilities
|
| | | | 459,526 | | | | | | 414,562 | | |
Current ratio
(1)
|
| | | | 1.67 | | | | | | 1.90 | | |
Total assets
|
| | | | 987,841 | | | | | | 977,351 | | |
Short-term bank borrowings
|
| | | | 184,282 | | | | | | 60,103 | | |
Long-term debt
|
| | | | 236,481 | | | | | | 259,038 | | |
Long-term debt-to-equity
(1)
|
| | | | 0.44 | | | | | | 0.47 | | |
Total liabilities
|
| | | | 639,148 | | | | | | 608,151 | | |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 | | |
Net book value per share
|
| | | | 5.48 | | | | | | 5.81 | | |
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA from continuing operations | | | | | | | | | | | | | |
Income from continuing operations
(1)
|
| | | $ | 561 | | | | | $ | 6,065 | | |
Income tax expense
(2)
|
| | | | 1,999 | | | | | | 880 | | |
Finance costs
|
| | | | 4,766 | | | | | | 4,562 | | |
Amortization, depreciation and depletion
|
| | | | 1,727 | | | | | | 1,382 | | |
Operating EBITDA from continuing operations
(3)
|
| | | $ | 9,053 | | | | | $ | 12,889 | | |
|
| | |
As at June 30, 2016
|
| |||||||||||||||
| | |
Shareholders’
Equity |
| |
Equity
Per Share |
| |
Price
(1)
to Equity |
| |||||||||
| | |
(In thousands, except per share and ratio amounts)
|
| |||||||||||||||
Working capital
|
| | | $ | 305,982 | | | | | $ | 4.85 | | | | | | | | |
Long-term debt, less current portion
|
| | | | (153,498 ) | | | | | | (2.43 ) | | | | | | | | |
Other long-term assets
|
| | | | 222,333 | | | | | | 3.52 | | | | | | | | |
Other long-term liabilities
(2)
|
| | | | (28,488 ) | | | | | | (0.46 ) | | | | | | | | |
Shareholders’ equity
|
| | | $ | 346,329 | | | | | $ | 5.48 | | | | | | 0.53 | | |
|
|
|
| | | | | | |
| | |
June 30,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||
Net book value
|
| | | $ | 346,329 | | | | | $ | 367,192 | | |
Net book value per share
|
| | | | 5.48 | | | | | | 5.81 | | |
| | |
June 30,
2016 |
| |
March 31,
2016 |
| |
December 31,
2015 |
| |
September 30,
2015 |
| ||||||||||||
| | | | | | | | |
(Re-presented
(1)
)
|
| |
(Re-presented
(1)
)
|
| |
(Re-presented
(1)
)
|
| |||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 326,236 | | | | | $ | 350,005 | | | | | $ | 406,164 | | | | | $ | 404,513 | | |
Net income (loss) from continuing operations
(2)
|
| | | | 321 | | | | | | 409 | | | | | | (48,452 ) (3) | | | | | | (163,526 ) (4) | | |
Earnings (loss) from continuing operations, per share
|
| | | | | ||||||||||||||||||||
Basic
|
| | | | 0.01 | | | | | | 0.01 | | | | | | (0.77 ) (3) | | | | | | (2.59 ) (4) | | |
Diluted
|
| | | | 0.01 | | | | | | 0.01 | | | | | | (0.77 ) (3) | | | | | | (2.59 ) (4) | | |
Net loss
(2)
|
| | | | (636 ) | | | | | | (61 ) | | | | | | (111,807 ) (3)(5) | | | | | | (392,208 ) (6) | | |
(Loss) earnings, per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | (0.01 ) | | | | | | — | | | | | | (1.77 ) (3)(5) | | | | | | (6.21 ) (6) | | |
Diluted
|
| | | | (0.01 ) | | | | | | — | | | | | | (1.77 ) (3)(5) | | | | | | (6.21 ) (6) | | |
| | |
June 30,
2015 |
| |
March 31,
2015 |
| |
December 31,
2014 |
| |
September 30,
2014 |
| ||||||||||||
| | |
(Re-presented
(1)
)
|
| |
(Re-presented
(1)
)
|
| |
(Re-presented
(1)
)
|
| |
(Re-presented
(1)
)
|
| ||||||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||||||||
Gross revenues
|
| | | $ | 420,280 | | | | | $ | 350,370 | | | | | $ | 349,930 | | | | | $ | 367,208 | | |
Net income (loss) from continuing operations
(2)
|
| | | | 5,815 | | | | | | 5,878 | | | | | | 5,020 | | | | | | (1,973 ) | | |
Earnings (loss) from continuing operations, per share
|
| | | | | ||||||||||||||||||||
Basic
|
| | | | 0.09 | | | | | | 0.09 | | | | | | 0.08 | | | | | | (0.03 ) | | |
Diluted
|
| | | | 0.09 | | | | | | 0.09 | | | | | | 0.08 | | | | | | (0.03 ) | | |
Net income (loss)
(2)
|
| | | | 8,549 | | | | | | 7,836 | | | | | | (21,797 ) (3) | | | | | | 6,990 | | |
Earnings (loss), per share | | | | | | ||||||||||||||||||||
Basic
|
| | | | 0.14 | | | | | | 0.12 | | | | | | (0.35 ) | | | | | | 0.11 | | |
Diluted
|
| | | | 0.14 | | | | | | 0.12 | | | | | | (0.35 ) | | | | | | 0.11 | | |
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands,
except per share amounts) |
| |||||||||
Gross revenues
|
| | | $ | 326,236 | | | | | $ | 420,280 | | |
Costs and expenses
|
| | | | 323,676 | | | | | | 413,335 | | |
Costs of sales and services
|
| | | | 299,172 | | | | | | 384,288 | | |
Selling, general and administrative expenses
|
| | | | 21,335 | | | | | | 21,337 | | |
Finance costs
|
| | | | 4,766 | | | | | | 4,562 | | |
Exchange differences on foreign currency transactions, net gain (loss)
|
| | | | 1,597 | | | | | | (3,148 ) | | |
Net income from continuing operations
(2)
|
| | | | 321 | | | | | | 5,815 | | |
Net (loss) income from discontinued operations
(2)
|
| | | | (957 ) | | | | | | 2,734 | | |
Net (loss) income
(2)
|
| | | | (636 ) | | | | | | 8,549 | | |
Earnings per share from continuing operations: | | | | ||||||||||
Basic
|
| | | | 0.01 | | | | | | 0.09 | | |
Diluted
|
| | | | 0.01 | | | | | | 0.09 | | |
(Loss) earnings per share: | | | | ||||||||||
Basic
|
| | | | (0.01 ) | | | | | | 0.14 | | |
Diluted
|
| | | | (0.01 ) | | | | | | 0.14 | | |
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Gross Revenues: | | | | ||||||||||
Finance and supply chain
|
| | | $ | 315,495 | | | | | $ | 411,738 | | |
All other
|
| | | | 10,741 | | | | | | 8,542 | | |
| | | | $ | 326,236 | | | | | $ | 420,280 | | |
|
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Supply chain products and services
|
| | | $ | 292,902 | | | | | $ | 383,506 | | |
Credit losses on loans and receivables
|
| | | | 599 | | | | | | 110 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 1,736 | | | | | | (1,815 ) | | |
Gain on derivative contracts, net
|
| | | | (17 ) | | | | | | (711 ) | | |
Loss on trading securities
|
| | | | 37 | | | | | | 29 | | |
Other
|
| | | | 3,915 | | | | | | 3,169 | | |
Total costs of sales and services
|
| | | $ | 299,172 | | | | | $ | 384,288 | | |
|
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA from continuing operations | | | | ||||||||||
Income from continuing operations
(1)
|
| | | $ | 561 | | | | | $ | 6,065 | | |
Income tax expense
(2)
|
| | | | 1,999 | | | | | | 880 | | |
Finance costs
|
| | | | 4,766 | | | | | | 4,562 | | |
Amortization, depreciation and depletion
|
| | | | 1,727 | | | | | | 1,382 | | |
Operating EBITDA from continuing operations
(3)
|
| | | $ | 9,053 | | | | | $ | 12,889 | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands,
except per share amounts) |
| |||||||||
Gross revenues
|
| | | $ | 676,241 | | | | | $ | 770,650 | | |
Costs and expenses
|
| | | | 671,754 | | | | | | 754,447 | | |
Costs of sales and services
|
| | | | 626,461 | | | | | | 703,314 | | |
Selling, general and administrative expenses
|
| | | | 41,255 | | | | | | 40,158 | | |
Finance costs
|
| | | | 9,082 | | | | | | 9,349 | | |
Exchange differences on foreign currency transactions, net gain (loss)
|
| | | | 5,044 | | | | | | (1,626 ) | | |
Net income from continuing operations
(2)
|
| | | | 730 | | | | | | 11,692 | | |
Net (loss) income from discontinued operations
(2)
|
| | | | (1,427 ) | | | | | | 4,693 | | |
Net (loss) income
(2)
|
| | | | (697 ) | | | | | | 16,385 | | |
Earnings per share from continuing operations: | | | | ||||||||||
Basic
|
| | | | 0.01 | | | | | | 0.19 | | |
Diluted
|
| | | | 0.01 | | | | | | 0.19 | | |
(Loss) earnings per share: | | | | ||||||||||
Basic
|
| | | | (0.01 ) | | | | | | 0.26 | | |
Diluted
|
| | | | (0.01 ) | | | | | | 0.26 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Gross Revenues: | | | | ||||||||||
Finance and supply chain
|
| | | $ | 656,201 | | | | | $ | 753,899 | | |
All other
|
| | | | 20,040 | | | | | | 16,751 | | |
| | | | $ | 676,241 | | | | | $ | 770,650 | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Restated
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Supply chain products and services
|
| | | $ | 617,283 | | | | | $ | 697,611 | | |
Credit losses on loans and receivables
|
| | | | 983 | | | | | | 142 | | |
Market value increase on commodity inventories
|
| | | | 775 | | | | | | (2,098 ) | | |
(Gain) loss on derivative contracts, net
|
| | | | (269 ) | | | | | | 1,603 | | |
Loss on trading securities
|
| | | | 80 | | | | | | 56 | | |
Other
|
| | | | 7,609 | | | | | | 6,000 | | |
Total costs of sales and services
|
| | | $ | 626,461 | | | | | $ | 703,314 | | |
|
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA from continuing operations | | | | ||||||||||
Income from continuing operations
(1)
|
| | | $ | 1,301 | | | | | $ | 12,303 | | |
Income tax expense
(2)
|
| | | | 3,186 | | | | | | 3,900 | | |
Finance costs
|
| | | | 9,082 | | | | | | 9,349 | | |
Amortization, depreciation and depletion
|
| | | | 3,786 | | | | | | 2,662 | | |
Operating EBITDA from continuing operations
(3)
|
| | | $ | 17,355 | | | | | $ | 28,214 | | |
|
| | |
June 30,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||
Total long-term debt
|
| | | $ | 236,481 | | | | | $ | 259,038 | | |
Less: cash and cash equivalents
|
| | | | (213,477 ) | | | | | | (197,519 ) | | |
Net debt
|
| | | | 23,004 | | | | | | 61,519 | | |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 | | |
Net debt-to-equity ratio
|
| | | | 0.07 | | | | | | 0.17 | | |
| | |
June 30,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||
Long-term debt, less current portion
|
| | | $ | 153,498 | | | | | $ | 174,333 | | |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 | | |
Long-term debt-to-equity ratio
|
| | | | 0.44 | | | | | | 0.47 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Re-presented
(1)
)
|
| |||
| | |
(In thousands)
|
| |||||||||
Cash flows provided by continuing operating activities
|
| | | $ | 74,532 | | | | | $ | 2,667 | | |
Cash flows used in continuing investing activities
|
| | | $ | (26,910 ) | | | | | $ | (3,412 ) | | |
Cash flows used in continuing financing activities
|
| | | $ | (10,549 ) | | | | | $ | (17,401 ) | | |
Exchange rate effect on cash and cash equivalents
|
| | | $ | (12,990 ) | | | | | $ | 7,283 | | |
Increase (decrease) in cash and cash equivalents
|
| | | $ | 15,958 | | | | | $ | (32,944 ) | | |
| | |
June 30,
2016 |
| |
December 31,
2015 |
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 213,477 | | | | | $ | 197,519 | | |
Short-term cash deposits
|
| | | | 191 | | | | | | 233 | | |
Short-term securities
|
| | | | 12,961 | | | | | | 170 | | |
Securities – derivatives
|
| | | | 5,431 | | | | | | 5,555 | | |
Restricted cash
|
| | | | 406 | | | | | | 639 | | |
Trade receivables
|
| | | | 184,352 | | | | | | 151,229 | | |
Tax receivables
|
| | | | 19,790 | | | | | | 11,705 | | |
Other receivables
|
| | | | 52,134 | | | | | | 14,727 | | |
Inventories
|
| | | | 154,703 | | | | | | 245,345 | | |
Real estate held for sale
|
| | | | 1,079 | | | | | | 1,130 | | |
Deposits, prepaid and other
|
| | | | 15,141 | | | | | | 21,442 | | |
Assets held for sale
|
| | | | 105,843 | | | | | | 136,156 | | |
Total assets
|
| | | | 987,841 | | | | | | 977,351 | | |
Working capital
|
| | | | 305,982 | | | | | | 371,288 | | |
Short-term bank borrowings
|
| | | | 184,282 | | | | | | 60,103 | | |
Debt, current portion
|
| | | | 82,983 | | | | | | 84,705 | | |
Account payables and accrued expenses
|
| | | | 116,419 | | | | | | 174,812 | | |
Income tax liabilities
|
| | | | 3,370 | | | | | | 3,809 | | |
Liabilities relating to assets held for sale
|
| | | | 69,167 | | | | | | 87,579 | | |
Long-term debt, less current portion
|
| | | | 153,498 | | | | | | 174,333 | | |
Deferred income tax liabilities
|
| | | | 21,026 | | | | | | 13,711 | | |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 | | |
Maturity
|
| |
Principal
|
| |
Interest
|
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
12 months
|
| | | $ | 82,983 | | | | | $ | 5,895 | | | | | $ | 88,878 | | |
12 – 24 months
|
| | | | 34,488 | | | | | | 4,218 | | | | | | 38,706 | | |
24 – 36 months
|
| | | | 39,459 | | | | | | 3,036 | | | | | | 42,495 | | |
36 – 48 months
|
| | | | 25,443 | | | | | | 1,976 | | | | | | 27,419 | | |
48 – 60 months
|
| | | | 25,443 | | | | | | 1,104 | | | | | | 26,547 | | |
Thereafter
|
| | | | 28,665 | | | | | | 1,017 | | | | | | 29,682 | | |
| | | | $ | 236,481 | | | | | $ | 17,246 | | | | | $ | 253,727 | | |
|
| | |
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 | | |
|
| | |
June 30, 2016
|
| |
December 31, 2015
|
| ||||||
ASSETS
|
| | | ||||||||||
Current Assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 213,477 | | | | | $ | 197,519 | | |
Short-term cash deposits
|
| | | | 191 | | | | | | 233 | | |
Securities
|
| | | | 12,961 | | | | | | 170 | | |
Securities – derivatives
|
| | | | 5,431 | | | | | | 5,555 | | |
Restricted cash
|
| | | | 406 | | | | | | 639 | | |
Trade receivables
|
| | | | 184,352 | | | | | | 151,229 | | |
Tax receivables
|
| | | | 19,790 | | | | | | 11,705 | | |
Other receivables
|
| | | | 52,134 | | | | | | 14,727 | | |
Inventories
|
| | | | 154,703 | | | | | | 245,345 | | |
Real estate held for sale
|
| | | | 1,079 | | | | | | 1,130 | | |
Deposits, prepaid and other
|
| | | | 15,141 | | | | | | 21,442 | | |
Assets held for sale
|
| | | | 105,843 | | | | | | 136,156 | | |
Total current assets
|
| | | | 765,508 | | | | | | 785,850 | | |
Non-current Assets | | | | ||||||||||
Securities
|
| | | | 583 | | | | | | 680 | | |
Securities – derivatives
|
| | | | — | | | | | | 171 | | |
Real estate held for sale
|
| | | | 13,191 | | | | | | 13,812 | | |
Investment property
|
| | | | 36,172 | | | | | | 37,873 | | |
Property, plant and equipment
|
| | | | 90,084 | | | | | | 95,745 | | |
Interest in resource property
|
| | | | 30,000 | | | | | | — | | |
Deferred income tax assets
|
| | | | 29,241 | | | | | | 20,641 | | |
Other
|
| | | | 22,398 | | | | | | 21,912 | | |
Other, restricted
|
| | | | 664 | | | | | | 667 | | |
Total non-current assets
|
| | | | 222,333 | | | | | | 191,501 | | |
| | | | $ | 987,841 | | | | | $ | 977,351 | | |
LIABILITIES AND EQUITY
|
| | | ||||||||||
Current Liabilities | | | | ||||||||||
Short-term bank borrowings
|
| | | $ | 184,282 | | | | | $ | 60,103 | | |
Debt, current portion
|
| | | | 82,983 | | | | | | 84,705 | | |
Account payables and accrued expenses
|
| | | | 116,419 | | | | | | 174,812 | | |
Financial liabilities – derivatives
|
| | | | 3,305 | | | | | | 3,554 | | |
Income tax liabilities
|
| | | | 3,370 | | | | | | 3,809 | | |
Liabilities relating to assets held for sale
|
| | | | 69,167 | | | | | | 87,579 | | |
Total current liabilities
|
| | | | 459,526 | | | | | | 414,562 | | |
Long-term Liabilities | | | | ||||||||||
Debt, less current portion
|
| | | | 153,498 | | | | | | 174,333 | | |
Financial liabilities – derivatives
|
| | | | 571 | | | | | | 682 | | |
Accrued pension obligations, net
|
| | | | 3,752 | | | | | | 4,061 | | |
Deferred income tax liabilities
|
| | | | 21,026 | | | | | | 13,711 | | |
Other
|
| | | | 775 | | | | | | 802 | | |
Total long-term liabilities
|
| | | | 179,622 | | | | | | 193,589 | | |
Total liabilities
|
| | | | 639,148 | | | | | | 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
|
| | | | (64,256 ) | | | | | | (63,559 ) | | |
Accumulated other comprehensive income
|
| | | | 36,337 | | | | | | 56,503 | | |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 | | |
Non-controlling interests
|
| | | | 2,364 | | | | | | 2,008 | | |
Total equity
|
| | | | 348,693 | | | | | | 369,200 | | |
| | | | $ | 987,841 | | | | | $ | 977,351 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Re-presented -
Note 2) |
| |||
Gross revenues
|
| | | $ | 676,241 | | | | | $ | 770,650 | | |
Costs and Expenses: | | | | ||||||||||
Costs of sales and services
|
| | | | 626,461 | | | | | | 703,314 | | |
Selling, general and administrative
|
| | | | 41,255 | | | | | | 40,158 | | |
Finance costs
|
| | | | 9,082 | | | | | | 9,349 | | |
Exchange differences on foreign currency transactions
|
| | | | (5,044 ) | | | | | | 1,626 | | |
| | | | | 671,754 | | | | | | 754,447 | | |
Income before income taxes
|
| | | | 4,487 | | | | | | 16,203 | | |
Income tax expense: | | | | ||||||||||
Income taxes
|
| | | | (2,490 ) | | | | | | (3,737 ) | | |
Resource property revenue taxes
|
| | | | (696 ) | | | | | | (163 ) | | |
| | | | | (3,186 ) | | | | | | (3,900 ) | | |
Income from continuing operations
|
| | | | 1,301 | | | | | | 12,303 | | |
(Loss) income from discontinued operations
|
| | | | (1,427 ) | | | | | | 4,693 | | |
Net (loss) income for the period
|
| | | | (126 ) | | | | | | 16,996 | | |
Net income attributable to non-controlling interests
|
| | | | (571 ) | | | | | | (611 ) | | |
Net (loss) income attributable to owners of the parent company
|
| | | $ | (697 ) | | | | | $ | 16,385 | | |
Basic (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.19 | | |
Discontinued operations
|
| | | | (0.02 ) | | | | | | 0.07 | | |
| | | | $ | (0.01 ) | | | | | $ | 0.26 | | |
Diluted (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.19 | | |
Discontinued operations
|
| | | | (0.02 ) | | | | | | 0.07 | | |
| | | | $ | (0.01 ) | | | | | $ | 0.26 | | |
Weighted average number of common shares outstanding | | | | ||||||||||
– basic
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
– diluted
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Re-presented -
Note 2) |
| |||
Gross revenues
|
| | | $ | 326,236 | | | | | $ | 420,280 | | |
Costs and Expenses: | | | | ||||||||||
Costs of sales and services
|
| | | | 299,172 | | | | | | 384,288 | | |
Selling, general and administrative
|
| | | | 21,335 | | | | | | 21,337 | | |
Finance costs
|
| | | | 4,766 | | | | | | 4,562 | | |
Exchange differences on foreign currency transactions
|
| | | | (1,597 ) | | | | | | 3,148 | | |
| | | | | 323,676 | | | | | | 413,335 | | |
Income before income taxes
|
| | | | 2,560 | | | | | | 6,945 | | |
Income tax expense: | | | | ||||||||||
Income taxes
|
| | | | (1,303 ) | | | | | | (880 ) | | |
Resource property revenue taxes
|
| | | | (696 ) | | | | | | — | | |
| | | | | (1,999 ) | | | | | | (880 ) | | |
Income from continuing operations
|
| | | | 561 | | | | | | 6,065 | | |
(Loss) income from discontinued operations
|
| | | | (957 ) | | | | | | 2,734 | | |
Net (loss) income for the period
|
| | | | (396 ) | | | | | | 8,799 | | |
Net income attributable to non-controlling interests
|
| | | | (240 ) | | | | | | (250 ) | | |
Net (loss) income attributable to owners of the parent company
|
| | | $ | (636 ) | | | | | $ | 8,549 | | |
Basic (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.09 | | |
Discontinued operations
|
| | | | (0.02 ) | | | | | | 0.05 | | |
| | | | $ | (0.01 ) | | | | | $ | 0.14 | | |
Diluted (loss) earnings per share | | | | ||||||||||
Continuing operations
|
| | | $ | 0.01 | | | | | $ | 0.09 | | |
Discontinued operations
|
| | | | (0.02 ) | | | | | | 0.05 | | |
| | | | $ | (0.01 ) | | | | | $ | 0.14 | | |
Weighted average number of common shares outstanding | | | | ||||||||||
– basic
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
– diluted
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
| | |
2016
|
| |
2015
|
| ||||||
Net (loss) income for the period
|
| | | $ | (126 ) | | | | | $ | 16,996 | | |
Other comprehensive (loss) income, net of income taxes: | | | | ||||||||||
Exchange differences arising from translating financial statements of foreign
operations |
| | | | (20,336 ) | | | | | | 37,616 | | |
Fair value loss on available-for-sale securities, net
|
| | | | (67 ) | | | | | | (122 ) | | |
Remeasurement of net defined benefit liabilities
|
| | | | 22 | | | | | | (261 ) | | |
| | | | | (20,381 ) | | | | | | 37,233 | | |
Total comprehensive (loss) income for the period
|
| | | | (20,507 ) | | | | | | 54,229 | | |
Comprehensive income attributable to non-controlling interests
|
| | | | (356 ) | | | | | | (705 ) | | |
Comprehensive (loss) income attributable to owners of the parent company
|
| | | $ | (20,863 ) | | | | | $ | 53,524 | | |
Consisting of:
Continuing operations
|
| | | $ | (23,961 ) | | | | | $ | 47,096 | | |
Discontinued operations
|
| | | | 3,098 | | | | | | 6,428 | | |
| | | | $ | (20,863 ) | | | | | $ | 53,524 | | |
Other comprehensive (loss) income, net of income taxes, comprised amounts: | | | | ||||||||||
will not be reclassified subsequently to profit or loss
|
| | | $ | 22 | | | | | $ | (261 ) | | |
will be reclassified subsequently to profit or loss when specific conditions are met
|
| | |
|
(20,403
)
|
| | | |
|
37,494
|
| |
| | | | $ | (20,381 ) | | | | | $ | 37,233 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Net (loss) income for the period
|
| | | $ | (396 ) | | | | | $ | 8,799 | | |
Other comprehensive income (loss), net of income taxes: | | | | ||||||||||
Exchange differences arising from translating financial statements of foreign operations
|
| | | | 849 | | | | | | (10,119 ) | | |
Fair value loss on available-for-sale securities, net
|
| | | | (154 ) | | | | | | (275 ) | | |
Remeasurement of net defined benefit liabilities
|
| | | | 14 | | | | | | (132 ) | | |
| | | | | 709 | | | | | | (10,526 ) | | |
Total comprehensive income (loss) for the period
|
| | | | 313 | | | | | | (1,727 ) | | |
Comprehensive income attributable to non-controlling interests
|
| | | | (158 ) | | | | | | (205 ) | | |
Comprehensive income (loss) attributable to owners of the parent company
|
| | | $ | 155 | | | | | $ | (1,932 ) | | |
Consisting of:
Continuing operations
|
| | | $ | (1,711 ) | | | | | $ | (968 ) | | |
Discontinued operations
|
| | | | 1,866 | | | | | | (964 ) | | |
| | | | $ | 155 | | | | | $ | (1,932 ) | | |
Other comprehensive income (loss), net of income taxes, comprised amounts: | | | | ||||||||||
will not be reclassified subsequently to profit or loss
|
| | | $ | 14 | | | | | $ | (132 ) | | |
will be reclassified subsequently to profit or loss when specific conditions are met
|
| | |
|
695
|
| | | |
|
(10,394
)
|
| |
| | | | $ | 709 | | | | | $ | (10,526 ) | | |
|
| | |
Capital Stock
|
| |
Treasury Stock
|
| |
Contributed Surplus
|
| | | | | | | |
Accumulated Other
Comprehensive Income (Loss) |
| | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Share-
based Comp- ensation |
| |
Contingently
Issuable Shares |
| |
Retained
(Deficit) Earnings |
| |
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
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (697 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (697 ) | | | | | | 571 | | | | | | (126 ) | | |
Net fair value loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (67 ) | | | | | | — | | | | | | — | | | | | | (67 ) | | | | | | — | | | | | | (67 ) | | |
Net gain on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22 | | | | | | — | | | | | | 22 | | | | | | — | | | | | | 22 | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,121 ) | | | | | | (20,121 ) | | | | | | (215 ) | | | | | | (20,336 ) | | |
Balance at June 30, 2016
|
| | | | 68,092,082 | | | | | $ | 419,916 | | | | | | (4,949,810 ) | | | | | $ | (61,085 ) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | (64,256 ) | | | | | $ | (164 ) | | | | | $ | (477 ) | | | | | $ | 36,978 | | | | | $ | 346,329 | | | | | $ | 2,364 | | | | | $ | 348,693 | | |
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
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,385 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,385 | | | | | | 611 | | | | | | 16,996 | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,212 ) | | | | | | (1,212 ) | | |
Issuance of contingently issuable
shares |
| | | | 50,000 | | | | | | 261 | | | | | | — | | | | | | — | | | | | | — | | | | | | (203 ) | | | | | | (58 ) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net fair value loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (122 ) | | | | | | — | | | | | | — | | | | | | (122 ) | | | | | | — | | | | | | (122 ) | | |
Net loss on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (261 ) | | | | | | — | | | | | | (261 ) | | | | | | — | | | | | | (261 ) | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,522 | | | | | | 37,522 | | | | | | 94 | | | | | | 37,616 | | |
Balance at June 30, 2015
|
| | | | 68,092,082 | | | | | $ | 419,916 | | | | | | (4,949,810 ) | | | | | $ | (61,085 ) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | 440,456 | | | | | $ | (171 ) | | | | | $ | 1,183 | | | | | $ | 15,525 | | | | | $ | 831,241 | | | | | $ | 709 | | | | | $ | 831,950 | | |
|
Total Comprehensive
Income (Loss) for the Six Months Ended June 30: |
| |
Owners of the
parent company |
| |
Non-
controlling interests |
| |
Total
|
| |||||||||
2015
|
| | | $ | 53,524 | | | | | $ | 705 | | | | | $ | 54,229 | | |
2016
|
| | | | (20,863 ) | | | | | | 356 | | | | | | (20,507 ) | | |
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Re-presented -
Note 2) |
| |||
Cash flows from operating activities: | | | | ||||||||||
Income for the period
|
| | | $ | 1,301 | | | | | $ | 12,303 | | |
Adjustments for:
|
| | | ||||||||||
Amortization, depreciation and depletion
|
| | | | 3,786 | | | | | | 2,662 | | |
Exchange differences on foreign currency transactions
|
| | | | (5,044 ) | | | | | | 1,626 | | |
Loss on short-term securities
|
| | | | 80 | | | | | | 56 | | |
Deferred income taxes
|
| | | | 741 | | | | | | 2,690 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 775 | | | | | | (2,098 ) | | |
Interest accretion
|
| | | | 94 | | | | | | — | | |
Credit losses
|
| | | | 2,416 | | | | | | 147 | | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
| | | ||||||||||
Short-term cash deposits
|
| | | | 33 | | | | | | 5 | | |
Short-term securities
|
| | | | (244 ) | | | | | | 16 | | |
Restricted cash
|
| | | | 212 | | | | | | 225 | | |
Receivables
|
| | | | (87,867 ) | | | | | | 36,424 | | |
Inventories
|
| | | | 81,637 | | | | | | 4,530 | | |
Deposits, prepaid and other
|
| | | | 5,620 | | | | | | 675 | | |
Assets held for sale
|
| | | | (1,324 ) | | | | | | — | | |
Short-term bank borrowings
|
| | | | 130,373 | | | | | | (13,833 ) | | |
Account payables and accrued expenses
|
| | | | (56,441 ) | | | | | | (40,835 ) | | |
Income tax liabilities
|
| | | | (225 ) | | | | | | (1,211 ) | | |
Accrued pension obligations, net
|
| | | | (159 ) | | | | | | (464 ) | | |
Other
|
| | | | (1,232 ) | | | | | | (251 ) | | |
Cash flows provided by continuing operating activities
|
| | | | 74,532 | | | | | | 2,667 | | |
Cash flows from investing activities: | | | | ||||||||||
Purchases of property, plant and equipment, net
|
| | | | (1,713 ) | | | | | | (3,011 ) | | |
Decrease in loan receivables
|
| | | | 407 | | | | | | — | | |
Acquisition of a subsidiary, net of cash and cash equivalents acquired
|
| | | | (23,924 ) | | | | | | — | | |
Other
|
| | | | (1,680 ) | | | | | | (401 ) | | |
Cash flows used in continuing investing activities
|
| | | | (26,910 ) | | | | | | (3,412 ) | | |
Cash flows from financing activities: | | | | ||||||||||
Debt repayment
|
| | | | (18,302 ) | | | | | | (14,935 ) | | |
Debt borrowing
|
| | | | 7,753 | | | | | | 3,134 | | |
Dividends paid to shareholders
|
| | | | — | | | | | | (4,388 ) | | |
Dividends paid to non-controlling interests
|
| | | | — | | | | | | (1,212 ) | | |
Cash flows used in continuing financing activities
|
| | | | (10,549 ) | | | | | | (17,401 ) | | |
Cash flows provided by (used in) discontinued operating activities
|
| | | | 1,775 | | | | | | (12,548 ) | | |
Cash flows provided by (used in) discontinued investing activities
|
| | | | 145 | | | | | | (216 ) | | |
Cash flows used in discontinued financing activities
|
| | | | (10,045 ) | | | | | | (9,317 ) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | (12,990 ) | | | | | | 7,283 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 15,958 | | | | | | (32,944 ) | | |
Cash and cash equivalents, beginning of period
|
| | | | 197,519 | | | | | | 344,891 | | |
Cash and cash equivalents, end of period
|
| | | $ | 213,477 | | | | | $ | 311,947 | | |
Cash and cash equivalents at end of period consisted of: | | | | ||||||||||
Cash
|
| | | $ | 141,654 | | | | | $ | 242,621 | | |
Money market and highly liquid funds
|
| | | | 71,823 | | | | | | 69,326 | | |
| | | | $ | 213,477 | | | | | $ | 311,947 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Re-presented -
Note 2) |
| |||
Cash flows from operating activities: | | | | ||||||||||
Income for the period
|
| | | $ | 561 | | | | | $ | 6,065 | | |
Adjustments for:
|
| | | ||||||||||
Amortization, depreciation and depletion
|
| | | | 1,727 | | | | | | 1,382 | | |
Exchange differences on foreign currency transactions
|
| | | | (1,597 ) | | | | | | 3,148 | | |
Loss on short-term securities
|
| | | | 37 | | | | | | 29 | | |
Deferred income taxes
|
| | | | 306 | | | | | | 326 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 1,736 | | | | | | (1,815 ) | | |
Interest accretion
|
| | | | 47 | | | | | | — | | |
Credit losses
|
| | | | 2,023 | | | | | | 110 | | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
| | | ||||||||||
Short-term cash deposits
|
| | | | 2 | | | | | | 5 | | |
Short-term securities
|
| | | | 7,336 | | | | | | 15 | | |
Restricted cash
|
| | | | (71 ) | | | | | | 3,933 | | |
Receivables
|
| | | | (30,258 ) | | | | | | 20,745 | | |
Inventories
|
| | | | 35,764 | | | | | | 11,237 | | |
Deposits, prepaid and other
|
| | | | 1,146 | | | | | | (1,697 ) | | |
Assets held for sale
|
| | | | (1,496 ) | | | | | | — | | |
Short-term bank borrowings
|
| | | | (22,144 ) | | | | | | (108,961 ) | | |
Account payables and accrued expenses
|
| | | | (23,593 ) | | | | | | (11,266 ) | | |
Income tax liabilities
|
| | | | 155 | | | | | | 344 | | |
Accrued pension obligations, net
|
| | | | (61 ) | | | | | | (558 ) | | |
Other
|
| | | | (776 ) | | | | | | 908 | | |
Cash flows used in continuing operating activities
|
| | | | (29,156 ) | | | | | | (76,050 ) | | |
Cash flows from investing activities: | | | | ||||||||||
Purchases of property, plant and equipment, net
|
| | | | (956 ) | | | | | | (1,855 ) | | |
Decrease in loan receivables
|
| | | | 129 | | | | | | — | | |
Other
|
| | | | — | | | | | | 100 | | |
Cash flows used in continuing investing activities
|
| | | | (827 ) | | | | | | (1,755 ) | | |
Cash flows from financing activities: | | | | ||||||||||
Debt repayment
|
| | | | (4,951 ) | | | | | | (8,173 ) | | |
Debt borrowing
|
| | | | 1,574 | | | | | | — | | |
Dividends paid to non-controlling interests
|
| | | | — | | | | | | (1,212 ) | | |
Cash flows used in continuing financing activities
|
| | | | (3,377 ) | | | | | | (9,385 ) | | |
Cash flows provided by (used in) discontinued operating activities
|
| | | | 2,725 | | | | | | (6,228 ) | | |
Cash flows provided by discontinued investing activities
|
| | | | 65 | | | | | | 843 | | |
Cash flows used in discontinued financing activities
|
| | | | (10,045 ) | | | | | | (9,317 ) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | 3,726 | | | | | | (6,326 ) | | |
Decrease in cash and cash equivalents
|
| | | | (36,889 ) | | | | | | (108,218 ) | | |
Cash and cash equivalents, beginning of period
|
| | | | 250,366 | | | | | | 420,165 | | |
Cash and cash equivalents, end of period
|
| | | $ | 213,477 | | | | | $ | 311,947 | | |
Cash and cash equivalents at end of period consisted of: | | | | ||||||||||
Cash
|
| | | $ | 141,654 | | | | | $ | 242,621 | | |
Money market and highly liquid funds
|
| | | | 71,823 | | | | | | 69,326 | | |
| | | | $ | 213,477 | | | | | $ | 311,947 | | |
|
| | |
Six Months ended June 30, 2016
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 656,201 | | | | | $ | 20,040 | | | | | $ | — | | | | | $ | 676,241 | | |
Intersegment sale
|
| | | | 1,533 | | | | | | 178 | | | | | | — | | | | | | 1,711 | | |
Interest expense
|
| | | | 6,945 | | | | | | — | | | | | | — | | | | | | 6,945 | | |
Income (loss) before income taxes
|
| | | | 2,944 | | | | | | 2,167 | | | | | | (624 ) | | | | | | 4,487 | | |
| | |
Six Months ended June 30, 2015
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 753,899 | | | | | $ | 16,751 | | | | | $ | — | | | | | $ | 770,650 | | |
Intersegment sale
|
| | | | 117 | | | | | | 67 | | | | | | — | | | | | | 184 | | |
Interest expense
|
| | | | 7,447 | | | | | | 10 | | | | | | — | | | | | | 7,457 | | |
Income (loss) before income taxes
|
| | | | 17,948 | | | | | | (809 ) | | | | | | (936 ) | | | | | | 16,203 | | |
| | |
Three Months ended June 30, 2016
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 315,495 | | | | | $ | 10,741 | | | | | $ | — | | | | | $ | 326,236 | | |
Intersegment sale
|
| | | | 844 | | | | | | 101 | | | | | | — | | | | | | 945 | | |
Interest expense
|
| | | | 3,623 | | | | | | — | | | | | | — | | | | | | 3,623 | | |
Income (loss) before income taxes
|
| | | | 1,511 | | | | | | 1,351 | | | | | | (302 ) | | | | | | 2,560 | | |
| | |
Three Months ended June 30, 2015
|
| |||||||||||||||||||||
| | |
Finance and
supply chain |
| |
All other
|
| |
Elimination
with discontinued operations |
| |
Total
|
| ||||||||||||
Revenues from external customers
|
| | | $ | 411,738 | | | | | $ | 8,542 | | | | | $ | — | | | | | $ | 420,280 | | |
Intersegment sale
|
| | | | 59 | | | | | | 19 | | | | | | — | | | | | | 78 | | |
Interest expense
|
| | | | 3,517 | | | | | | — | | | | | | — | | | | | | 3,517 | | |
Income (loss) before income taxes
|
| | | | 9,023 | | | | | | (1,590 ) | | | | | | (488 ) | | | | | | 6,945 | | |
Six months ended June 30:
|
| |
2016
|
| |
2015
|
| ||||||
Finance and supply chain products and services
|
| | | $ | 648,179 | | | | | $ | 749,051 | | |
Interest
|
| | | | 1,637 | | | | | | 1,701 | | |
Other
|
| | | | 26,425 | | | | | | 19,898 | | |
Gross revenues
|
| | | $ | 676,241 | | | | | $ | 770,650 | | |
|
Six months ended June 30:
|
| |
2016
|
| |
2015
|
| ||||||
Supply chain products and services
|
| | | $ | 617,283 | | | | | $ | 697,611 | | |
Credit losses on loans and receivables
|
| | | | 983 | | | | | | 142 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 775 | | | | | | (2,098 ) | | |
(Gain) loss on derivative contracts, net
|
| | | | (269 ) | | | | | | 1,603 | | |
Loss on trading securities
|
| | | | 80 | | | | | | 56 | | |
Other
|
| | | | 7,609 | | | | | | 6,000 | | |
Total costs of sales and services
|
| | | $ | 626,461 | | | | | $ | 703,314 | | |
|
| | |
2016
|
| |
2016
|
| |
2015
|
| |
2015
|
| ||||||||||||
| | |
Hydro-carbon
properties |
| |
Iron ore
interest |
| |
Hydro-carbon
properties |
| |
Iron ore
interest |
| ||||||||||||
Revenues
|
| | | $ | 10,810 | | | | | $ | — | | | | | $ | 43,548 | | | | | $ | — | | |
Costs and expenses
|
| | | | (12,286 ) | | | | | | — | | | | | | (43,066 ) | | | | | | — | | |
(Loss) income before income taxes
|
| | | | (1,476 ) | | | | | | — | | | | | | 482 | | | | | | — | | |
Income tax (expense) recovery
|
| | | | (291 ) | | | | | | — | | | | | | 4,211 | | | | | | — | | |
Net (loss) income from discontinued operations
|
| | | | (1,767 ) | | | | | | — | | | | | | 4,693 | | | | | | — | | |
Gain on disposal of assets
|
| | | | 465 | | | | | | — | | | | | | — | | | | | | — | | |
Income tax expense
|
| | | | (125 ) | | | | | | — | | | | | | — | | | | | | — | | |
Net loss on disposal of assets
|
| | | | 340 | | | | | | — | | | | | | — | | | | | | — | | |
Total (loss) income from discontinued operations
|
| | | $ | (1,427 ) | | | | | $ | — | | | | | $ | 4,693 | | | | | $ | — | | |
|
Six months ended June 30:
|
| |
2016
|
| |
2015
|
| ||||||
Basic earnings from continuing operations available to holders of common shares
|
| | | $ | 730 | | | | | $ | 11,692 | | |
Effect of dilutive securities: | | | | | — | | | | | | — | | |
Diluted earnings from continuing operations
|
| | | $ | 730 | | | | | $ | 11,692 | | |
|
| | |
Number of Shares
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Weighted average number of common shares outstanding – basic
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
Effect of dilutive securities: | | | | ||||||||||
Options
|
| | | | — | | | | | | — | | |
Contingently issuable shares
|
| | | | — | | | | | | — | | |
Weighted average number of common shares outstanding – diluted
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
|
Three months ended June 30:
|
| |
2016
|
| |
2015
|
| ||||||
Basic earnings from continuing operations available to holders of common shares
|
| | | $ | 321 | | | | | $ | 5,815 | | |
Effect of dilutive securities: | | | | | — | | | | | | — | | |
Diluted earnings from continuing operations
|
| | | $ | 321 | | | | | $ | 5,815 | | |
|
| | |
Number of Shares
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Weighted average number of common shares outstanding – basic
|
| | | | 63,142,272 | | | | | | 63,142,272 | | |
Effect of dilutive securities: | | | | ||||||||||
Options
|
| | | | — | | | | | | — | | |
Contingently issuable shares
|
| | | | — | | | | | | — | | |
Weighted average number of common shares outstanding – diluted
|
| | | | 63,142,272 | | | | | | 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@dresnerallencaron.com |
|
| |
MFC BANCORP LTD. REPORTS RESULTS FOR THE THREE
AND SIX MONTHS ENDED JUNE 30, 2016 |
| |
| | |
June 30,
2016 |
| |
December 31,
2015 |
|||||
| | |
(In thousands, except ratio and
per share amounts) |
||||||||
Cash and cash equivalents
|
| | | $ | 213,477 | | | | | $ | 197,519 |
Short-term securities
|
| | | | 12,961 | | | | | | 170 |
Trade receivables
|
| | | | 184,352 | | | | | | 151,229 |
Tax receivables
|
| | | | 19,790 | | | | | | 11,705 |
Other receivables
|
| | | | 52,134 | | | | | | 14,727 |
Inventories
|
| | | | 154,703 | | | | | | 245,345 |
Total current assets
|
| | | | 765,508 | | | | | | 785,850 |
Total current liabilities
|
| | | | 459,526 | | | | | | 414,562 |
Current ratio
(1)
|
| | | | 1.67 | | | | | | 1.90 |
Total assets
|
| | | | 987,841 | | | | | | 977,351 |
Short-term bank borrowings
|
| | | | 184,282 | | | | | | 60,103 |
Long-term debt
|
| | | | 236,481 | | | | | | 259,038 |
Long-term debt-to-equity
(1)
|
| | | | 0.44 | | | | | | 0.47 |
Total liabilities
|
| | | | 639,148 | | | | | | 608,151 |
Shareholders’ equity
|
| | | | 346,329 | | | | | | 367,192 |
Net book value per share
|
| | | | 5.48 | | | | | | 5.81 |
| | |
Three Months Ended
June 30, |
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating EBITDA from continuing operations | | | | ||||||||||
Income from continuing operations
(1)
|
| | | $ | 561 | | | | | $ | 6,065 | | |
Income tax expense
(2)
|
| | | | 1,999 | | | | | | 880 | | |
Finance costs
|
| | | | 4,766 | | | | | | 4,562 | | |
Amortization, depreciation and depletion
|
| | | | 1,727 | | | | | | 1,382 | | |
Operating EBITDA from continuing operations
(3)
|
| | | $ | 9,053 | | | | | $ | 12,889 | | |
|
| | |
As at June 30, 2016
|
| |||||||||||||||
| | |
Shareholders’
Equity |
| |
Equity
Per Share |
| |
Price
(1)
to Equity |
| |||||||||
| | |
(In thousands, except per share
and ratio amounts) |
| |||||||||||||||
Working capital
|
| | | $ | 305,982 | | | | | $ | 4.85 | | | | | | | | |
Long-term debt, less current portion
|
| | | | (153,498 ) | | | | | | (2.43 ) | | | | | | | | |
Other long-term assets
|
| | | | 222,333 | | | | | | 3.52 | | | | | | | | |
Other long-term liabilities
(2)
|
| | | | (28,488 ) | | | | | | (0.46 ) | | | | | | | | |
Shareholders’ equity
|
| | | $ | 346,329 | | | | | $ | 5.48 | | | | | | 0.53 | | |
|
| By: | | |
/s/ Gerardo Cortina
|
|
| | | |
Gerardo Cortina
Chief Executive Officer |
|
| Date: | | | August 15, 2016 | |
1 Year MFC Industrial Ltd. Chart |
1 Month MFC Industrial Ltd. Chart |
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