Selected Financial Information

 

Selected Financial Information

 

In thousands of US dollars, except share data

Three months ending June 30:

Six months ending June 30:

For years ended December 31:

2021 2020 2021 2020 2020 2019 2018
Financial results:
Net sales 118,449 112,450 225,778 206,647 501,572 328,126 316,603
Profit attributable to owners of the Company 18,320 6,675 24,639 6,155 33,703 10,219 8,536
Adjusted Profit attributable to owners of the Company1 18,474 6,710 24,793 8,483 36,087 10,948 8,926
Earnings per share
– Basic 0.68 0.29 0.91 0.26 1.40 0.44 0.37
– Diluted 0.65 0.27 0.87 0.26 1.35 0.44 0.37
Adjusted earnings per share1
– Basic 0.68 0.29 0.92 0.36 1.50 0.47 0.38
– Diluted 0.65 0.27 0.88 0.35 1.45 0.47 0.38
EBITDA1 24,914 25,630 39,304 33,065 103,211 32,082 25,675
Adjusted EBITDA1 25,068 25,665 39,458 35,393 105,595 32,196 26,065
Net cash from operating activities (6,693) 17,323 (10,669) 29,732 104,399 11,706 19,867
Free cash flow1 (9,731) 13,947 (18,947) 24,514 89,965 (7,775) 11,632
Dividends declared per share (CAD$) 0.10 0.07 0.17 0.14 0.28 0.28 0.28
Capital additions 3,055 3,376 12,836 6,017 15,606 26,700 8,476
As at: Jun. 30, 2021 Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Financial Position:
Total assets 393,093 367,369 249,664 232,528
Term loan and other debt 76,051 90,734 74,144 62,956
Net debt1 12,884 (9,718) 59,481 44,859
Shareholders’ equity 216,718 194,588 125,979 121,483
Outstanding shares 26,984,987 26,908,802 23,392,442 23,392,442
Note (1): Non – IFRS Financial Measures: EBITDA, Adjusted EBITDA, Adjusted profit attributable to owners of the Company, Adjusted earnings per share, Free cash flow and Net debt are directly derived from the consolidated financial statements but do not have a standardized meaning prescribed by IFRS and are not necessarily comparable to similar measure presented by other issuers. The Company discloses these terms for use in financial measurements made by interested parties and investors to monitor the ability of the Company to generate cash from operations for debt service, to finance working capital and capital expenditures, potential acquisitions and to pay dividends. These terms are not a measure of performance under IFRS and should not be considered in isolation or as a substitute for net income under IFRS. Reconciliations of net income to EBITDA and Adjusted EBITDA, net income to Adjusted Profit attributable to owners of the Company and Adjusted earnings per share, loans and borrowings to Net Debt and net cash provided by (used in) operating activities to Free Cash Flow are presented below.
Reconciliation of net income to EBITDA and Adjusted EBITDA

Three-months ended June 30

Six-months ended June 30

For years ended December 31:

(unaudited)

(unaudited)

In thousands of US dollars

2021

2020

2021

2020

2020

2019

2018

EBITDA:

Profit

18,320 14,383 24,639 15,170 56,262 10,219 8,536

Finance costs

1,134 802 1,681 1,971 3,368 3,831 2,921

Depreciation, amortization and impairment

4,830 4,013 9,493 8,248 21,014 13,716 10,966

Income tax expense

630 6,432 3,491 7,676 22,567 4,316 3,252

EBITDA

24,914 25,630 39,304 33,065 103,211 32,082 25,675

Acquisition and transaction fees

154 35 154 2,328 2,384 1,401 390

Insurance provision

(1,287)

Adjusted EBITDA

25,068 25,665 39,458 35,393 105,595 32,196 26,065
Reconciliation of net income to Adjusted profit attributable to owners of the Company and Adjusted earnings per share

Three-months ended June 30

Six-months ended June 30

For years ended December 31:

(unaudited)

(unaudited)

In thousands of US dollars

2021

2020

2021

2020

2020

2019

2018

Adjusted profit attributable to owners of the Company:

Profit attributable to owners of the Company

18,320 6,675 24,639 6,155 33,703 10,219 8,536

Acquisition and transaction fees

154 35 154 2,328 2,384 1,401 390

Insurance provision

(672)

Adjusted profit attributable to owners of the Company

18,474 6,710 24,793 8,483 36,087 10,948 8,926

Basic weighted average number of shares outstanding

26,985 23,399 26,953 23,396 24,032 23,392 23,345

Diluted weighted average number of shares outstanding

28,374 24,427 28,269 23,962 24,901 23,445 23,383

Adjusted earnings per share:

Basic

0.68 0.29 0.92 0.36 1.50 0.47 0.38

Diluted

0.65 0.27 0.88 0.35 1.45 0.47 0.38
Reconciliation of loans and borrowings to Net debt

In thousands of US dollars

30-Jun-21

31-Dec-20

Dec. 31, 2019

Dec. 31, 2018

(unaudited)

Net debt:

Loans and borrowings – current

10,938 27,083 5,358 3,794

Loans and borrowings – non-current

65,113 63,651 68,786 59,162

Leases included in loans and borrowings

(17,014) (13,482) (14,542) (235)

Cash and cash equivalents

(46,153) (86,970) (121) (17,862)

Net debt

12,884 (9,718) 59,481 44,859
Reconciliation of net cash provided by (used in) operating activities to free cash flow

Three-months ended June 30

Six-months ended June 30

For years ended December 31:

(unaudited)

(unaudited)

In thousands of US dollars

2021 2020 2021 2020 2020 2019 2018

Free cash flow:

Net cash provided by (used in) operating activities

(6,693) 17,323 (10,669) 29,732 104,399 11,706 19,867

Acquisition of property, plant and equipment

(2,870) (3,105) (7,743) (5,109) (14,215) (17,261) (7,264)

Acquisition of intangible assets

(168) (271) (541) (609) (719) (2,220) (971)

Proceeds from government grant

500 500

Proceeds from disposition

6

Free cash flow

(9,731) 13,947 (18,947) 24,514 89,965 (7,775) 11,632

Basic weighted average number of shares outstanding

26,985 23,399 26,953 23,396 24,032 23,392 23,345

Diluted weighted average number of shares outstanding

26,985 24,427 26,953 23,962 24,901 23,445 23,383

Free cash flow per share:

Basic

(0.36) 0.60 (0.70) 1.05 3.74 (0.33) 0.50

Diluted

(0.36) 0.57 (0.70) 1.02 3.61 (0.33) 0.50