Gewinnrückgang bei AGT Food and Ingredients
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
AGT Food and Ingredients Inc. Announces Third Quarter 2017 Results
REGINA - AGT Food and Ingredients Inc. (TSX:AGT) ("AGT" or the "Company") has announced its financial results for the three and nine months ended September 30, 2017.
Results for the quarter include:
- Issued $190.0 million in unsecured preferred securities with Fairfax Financial Holdings Limited (“Fairfax”), 99 year term and interest at 5.375%
- Net Debt* decreased to $386.3 million at September 30, 2017, compared to $543.7 million at June 30, 2017 and compared to $538.7 million when compared to December 31, 2016.
- Consolidated revenue for the nine months ended September 30, 2017 was $1.3 billion and was consistent with the nine months ended September 30, 2016.
- Adjusted Gross Profit* for the three month period ended September 30, 2017 decreased to $29.4 million compared to $47.0 million for the three months ended September 30, 2016.
- Adjusted EBITDA* for the three months ended September 30, 2017 decreased to $10.1 million compared to $27.4 million for the three months ended September 30, 2016.
- Food ingredients and packaged foods contributed to 53.2% of Adjusted EBITDA* for the nine months ended September 30, 2017 compared to 31.8% for the nine months ended September 30, 2016.
- Food ingredients and packaged foods metric tonnes (“mt”) invoiced for the nine months ended September 30, 2017 were 234,173 mt, an increase of 18.6% compared to the nine months ended September 30, 2016.
- Net working capital* was $353.0 million at September 30, 2017, a decrease from $361.4 million at June 30, 2017 and a decrease from $388.3 million at September 30, 2016.
- Net working capital* as a percentage of trailing twelve-month revenue improved to 17.84% at September 30, 2017 compared to 20.43% at September 30, 2016.
- Adjusted net loss per share* was $0.06 ($0.06 fully diluted) for the three months ended September 30, 2017 compared to adjusted net earnings* per share of $0.50 ($0.50 fully diluted) for the three months ended September 30, 2016.
- Dividend of $0.15 per share for the quarter ($0.60 per share on an annualized basis).
“Our business continued to be impacted by market conditions noted in the recent quarters, impacting our volumes and margins, particularly in our core pulses segment. Markets have been impacted by low prices and by oversupply in our core segment, with India and Turkey working through their own local production before moving to new crop harvested products from Canada and other origins. The quality of new crop products is good and these stocks will be important once traditional buying patterns re-commence in the import markets. Our food ingredients and packaged foods segment continued to perform well, accounting for the majority of our third quarter earnings. Diversification into other segments was a deliberate strategy by management in order to balance the potential cyclical commodity effects of traditional pulse markets. Human and pet food manufacturers and global retailers are affected by different market dynamics than traditional pulse markets. Until market conditions normalize, we are focused on costs and efficiencies in our current production systems. While earnings have been constrained, our business remains very liquid, and we believe in the long-term profitability of our diversified product offerings, global origins and logistics solutions for our global clients. The recent Fairfax financing has allowed us to reduce our net debt by 29%,” said Mr. Murad Al-Katib, President and CEO of AGT.
“Regarding issues in India, such as fumigation, AGT is closely monitoring the developments and progress by the Government of Canada with the Government of India. We support the position of the pulse industry in its belief that it has a long-term future in supplying pulses to India and to all pulse importing markets. In the case of India, we believe the science and systems-based approach proposed by Canada is the correct path to a long-term solution while recognizing India’s needs for food security, a healthy agricultural production sector and an ability to provide nutritious, well-priced food and agri-food products for their populations. Population growth and rising incomes, we believe, will ensure that India remains a growing global pulses market,” added Mr. Al-Katib.
“Our business has many origins and market dynamics. We believe that AGT has positioned itself well in periods where market conditions are affected by these dynamics. We have made strategic investments in infrastructure, processing, transportation and market development that we believe will allow AGT to move through these challenges and create new market opportunities as markets normalize to traditional product flows. We are pleased with the contributions of our food ingredients and packaged foods business units to generate earnings while the market oversupply resolves itself in the coming quarters,” said Mr. Huseyin Arslan, Executive Chairman of the Board of Directors of AGT.