Selected Financial Information
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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 |