Press Release: AGI Announces Third Quarter 2021 Results
Press Release: AGI Announces Third Quarter 2021 Results
AGI Announces Third Quarter 2021 Results
AGI宣布2021年第三季度业绩
Canada NewsWire
加拿大新闻通讯社
WINNIPEG, MB, Nov. 10, 2021
宾夕法尼亚州温尼伯,2021年11月10日
WINNIPEG, MB, Nov. 10, 2021 /CNW/ - Ag Growth International Inc. (TSX: AFN) ("AGI", the "Company", "we" or "our") today announced its financial results for the three and nine-months ended September 30, 2021.
亚利桑那州温尼伯,2021年11月10日/CNW/--Ag Growth International Inc.(多伦多证券交易所市场代码:AFN)(“AGI”,“公司”,“我们”或“OUR”)今天公布了截至2021年9月30日的三个月和九个月的财务业绩。
[thousands of dollars except per share Three-months Ended September 30
amounts]
2021$ 2020$ Change$ Change%
Trade sales ([1][2]) 313,859 282,450 31,409 11%
Adjusted EBITDA ([1][3]) 46,298 51,769 (5,471) (11%)
Adjusted EBITDA Margin % ([1][3]) 15% 18% (3%) (17%)
Profit (loss) (73) (12,261) 12,188 n/a
Diluted profit (loss) per share (0.00) (0.66) 0.66 n/a
Adjusted profit ([1]) 19,784 32,276 (12,492) (39%)
Diluted adjusted profit per share
([1][4]) 1.02 1.62 (0.60) (37%)
[1] See "Non-IFRS Measures".
[2] See "OPERATING RESULTS -- Trade Sales" in our Management
Discussion and Analysis for the period ended September
30, 2021 ('MD&A').
[3] See "OPERATING RESULTS -- EBITDA and Adjusted EBITDA"
in our MD&A.
[4] See "Diluted profit (loss) per share and diluted adjusted
profit per share".
[数千美元(不包括每股)-截至9月30日的三个月金额]2021年$2020$CHANGE$CHANGE%贸易销售([1][2]) 313,859 282,450 31,409 11% 调整后的EBITDA([1][3]) 46,298 51,769 (5,471) (11%) 调整后的EBITDA利润率%([1][3]) 15% 18% (3%) (17%) 利润(亏损)(73)(12,261)12,188 n/a每股摊薄利润(亏损)(0.00)(0.66)0.66n/a调整后利润([1]) 19,784 32,276 (12,492) (39%) 稀释后调整后每股利润 ([1][4]) 1.02 1.62 (0.60) (37%) [1]见“非国际财务报告准则计量”。[2]请参阅我们管理中的“经营业绩--贸易销售”关于截至9月的一段时间的讨论和分析2021年30日(‘MD&A’)。[3]见“经营业绩--EBITDA和调整后的EBITDA”在我们的MD&A中。[4]见“每股摊薄利润(亏损)和摊薄调整后利润”每股盈利“。
Strong demand for AGI's products across most regions resulted in consolidated trade sales increasing 11% year-over-year ('YOY') for the three-months ended September 30, 2021. As anticipated, the rise in input costs impacted adjusted EBITDA resulting in a 11% decline YOY for the three-months ended September 30, 2021. Consolidated backlogs continued to remain strong and were up 99% over September 30, 2020, with broad-based strength across all segments and geographies.
大多数地区对AGI产品的强劲需求导致截至2021年9月30日的三个月综合贸易销售额同比增长11%。正如预期的那样,投入成本的上升影响了调整后的EBITDA,导致截至2021年9月30日的三个月同比下降11%。整合的积压订单继续保持强劲,比2020年9月30日增加了99%,所有细分市场和地理位置都具有广泛的实力。
"Our team continued to execute very well amid challenging supply chain conditions," noted Tim Close, President & CEO of AGI. "While supply chain dynamics led to margin compression, comprehensive supplier and market initiatives mitigated the full potential impact in the quarter. We are seeing cost increases ease and input availability improve, meaning margins will steadily improve into the fourth quarter and 2022. Our backlog has continued to grow into the fourth quarter and sits at record levels setting up for a very strong fourth quarter and 2022."
AGI总裁兼首席执行官蒂姆·克洛斯指出:“在充满挑战的供应链环境中,我们的团队继续表现出色。“虽然供应链动态导致利润率压缩,但全面的供应商和市场举措缓解了本季度的全部潜在影响。我们看到成本上涨放缓,投入可获得性改善,这意味着利润率将稳步提高至第四季度和2022年。我们的积压一直持续到第四季度,并处于创纪录水平,为非常强劲的第四季度和2022年做好准备。”
Farm segment trade sales grew 11% while adjusted EBITDA declined 8% YOY, respectively, for the three-months ended September 30, 2021, as we continue to see strong demand for both portable and permanent handling equipment. Commercial segment trade sales and adjusted EBITDA grew 10% and declined 19% YOY, respectively, for the three-months ended September 30, 2021, with strength in the U.S., Asia Pacific, and South America markets.
在截至2021年9月30日的三个月里,农场部门贸易销售额增长了11%,调整后的EBITDA同比分别下降了8%,因为我们继续看到对便携式和永久性搬运设备的强劲需求。在截至2021年9月30日的三个月里,商业部门的贸易销售额和调整后的EBITDA分别同比增长10%和下降19%,美国、亚太地区和南美市场表现强劲。
The decrease in adjusted EBITDA margins was fully expected given the rapid rise in input costs and constricted supply chain for all inputs throughout 2021. Active and substantial price increases, contract modifications, and shorter quoting periods served to significantly mitigate the full extent of the supply chain issues.
考虑到整个2021年投入成本的快速上升和所有投入的供应链紧缩,调整后的EBITDA利润率的下降是完全在意料之中的。积极而大幅的提价、合同修改和更短的报价周期大大缓解了供应链问题的全面影响。
The demand for Farm segment equipment continues to be very robust as customers focus on securing critical products based on the increase in crop volumes and the potential for supply chain disruption. Farm backlog is up 202% over prior year as of September 30, 2021, with considerable strength across all geographies including the U.S. as well as Brazil.
对农场部分设备的需求继续非常强劲,因为客户基于作物产量的增加和供应链中断的可能性,专注于确保关键产品的安全。截至2021年9月30日,农场积压比前一年增加了202%,包括美国和巴西在内的所有地区都有相当大的势头。
The Commercial segment is also seeing strong demand as backlogs are up 76% YOY with the Commercial platform and Food platform contributing 62% and 153% increases, respectively, signaling a strong outlook for Q4 2021 and Q1 2022.
商业领域的需求也很强劲,积压订单同比增长76%,商业平台和食品平台分别贡献了62%和153%的增长,表明2021年第四季度和2022年第一季度的前景强劲。
Within the Farm and Commercial segments, we had notable strength in the quarter from our Brazilian operations. Brazil continued to gain momentum with trade sales and adjusted EBITDA growing 128% and 70% YOY, respectively, for the three-months ended September 30, 2021. The Food platform is also gaining scale and was a notable contributor to the Commercial segment with trade sales increasing 46% YOY, led by the U.S. market with 118% YOY trade sales growth for the three-months ended September 30, 2021.
在农场和商业领域,本季度我们在巴西的业务表现强劲。巴西继续获得增长势头,截至2021年9月30日的三个月,贸易销售额和调整后的EBITDA分别同比增长128%和70%。食品平台也在扩大规模,是商业领域的一个显著贡献者,贸易销售额同比增长46%,其中以美国市场为首,截至2021年9月30日的三个月里,美国市场的贸易销售额同比增长118%。
In our Technology segment, the third quarter was marked by continued progress on a variety of strategic priorities to facilitate sales growth and margin stability. Technology segment trade sales increased 41% and 49% YOY for the three and nine-months ended September 30, 2021.
在我们的技术部门,第三季度的特点是在各种战略优先事项上继续取得进展,以促进销售增长和利润率稳定。在截至2021年9月30日的三个月和九个月里,技术部门的贸易销售额分别同比增长了41%和49%。
With backlogs up 99% at the end of September and very robust quoting pipelines globally we expect a strong finish to 2021 with positive dynamics heading into 2022.
随着9月底积压订单增加99%,以及全球非常强劲的报价渠道,我们预计2021年将有一个强劲的结束,进入2022年将呈现积极的势头。
UPDATE ON REMEDIATION WORK
补救工作的最新进展
Progress on advancing the remediation work as it relates to the previously disclosed grain bin incident continued in the quarter with remediation work nearly complete at one of the two customer sites. At the second customer site, the site of the grain bin incident, the customer has decided to remediate themselves and with other suppliers. To-date, the Company has spent approximately $41.0 million of the $77.5 million total accrual.
与之前披露的粮仓事件相关的补救工作在本季度继续取得进展,两个客户地点之一的补救工作接近完成。在第二个客户现场,即粮仓事故现场,客户决定自我补救,并与其他供应商一起进行补救。到目前为止,在7750万美元的应计总额中,该公司已经花费了大约4100万美元。
Earlier in 2021, two legal claims related to the bin collapse were initiated against the Company for a cumulative amount in excess of $190 million. The investigation into the cause of and responsibility for the collapse remains ongoing. The Company is in the process of assessing these claims and has a number of legal and contractual defenses to each claim. No further provisions have been recorded for these claims. The Company will fully and vigorously defend itself. In addition, the Company continues to believe that any financial impact will be partially offset by insurance coverage. AGI is working with insurance providers and external advisors to determine the extent of this cost offset. Insurance recoveries, if any, will be recorded when received.
2021年早些时候,与垃圾桶坍塌有关的两项法律索赔针对该公司,累计金额超过1.9亿美元。对坍塌原因和责任的调查仍在进行中。该公司正在对这些索赔进行评估,并为每项索赔提供了若干法律和合同辩护。没有记录这些索赔的进一步拨备。公司将全力为自己辩护。此外,该公司仍然相信,保险覆盖范围将部分抵消任何财务影响。AGI正在与保险提供商和外部顾问合作,以确定这一成本抵消的程度。保险赔偿(如果有)将在收到时记录。
Additional information on the provision for remediation can also be found in "OPERATING RESULTS ---- Remediation Costs" in our MD&A.
有关补救拨备的更多信息,也可以在我们的MD&A的“经营结果-补救费用”中找到。
COVID-19
新冠肺炎
The emergence of COVID-19 had an adverse impact on AGI's business, including the disruption of production, our supply chain, and product delivery. While AGI experienced temporary production suspension early in the pandemic in 2020, there has not been any significant production suspension or interruptions in 2021 as a result of COVID-19.
新冠肺炎的出现对爱立信的业务产生了负面影响,包括生产、供应链和产品交付的中断。虽然AGI在2020年大流行初期经历了临时停产,但2021年没有出现任何因新冠肺炎而导致的重大停产或中断。
AGI operations were identified as essential services in many regions throughout North America, highlighting the important role the Company plays in the global food supply chain. Although AGI's business has been impacted by the COVID-19 related disruptions, management continues to believe post-crisis demand will be positively impacted as the world builds additional redundancy into the global food infrastructure to account for similar events in the future.
AGI业务在北美许多地区被确定为基本服务,突显了该公司在全球食品供应链中扮演的重要角色。尽管爱彼食品的业务受到了与新冠肺炎相关的中断的影响,但管理层仍然相信,随着世界在全球食品基础设施中建立更多冗余,以应对未来类似事件,危机后的需求将受到积极影响。
AGI is currently fully operational across all manufacturing locations globally, with no loss of productive capacity owing to COVID-19 during Q3 2021. However, headwinds stemming from the pandemic have impacted the availability and cost of raw materials required for production. Various disruptions in the supply chain including steel supply and logistics have caused significant delays on a number of projects which impacted the timing of revenue recognition in Q3 2021. In addition, potential restrictions and lockdowns in countries such as Brazil and India that have been severely impacted by COVID-19 may cause supply chain disruptions and temporary production suspensions. Our 2021's results remain subject to the effect of COVID-19 on our manufacturing facilities, markets, and customers.
AGI目前在全球所有制造地点全面运营,2021年第三季度没有因新冠肺炎而损失产能。然而,大流行带来的逆风影响了生产所需原材料的可用性和成本。供应链中的各种中断,包括钢铁供应和物流,导致多个项目出现重大延误,影响了2021年第三季度的收入确认时间。此外,在巴西和印度等受到新冠肺炎严重影响的国家,潜在的限制和停产可能导致供应链中断和暂时停产。我们2021年的业绩仍然受到新冠肺炎对我们制造设施、市场和客户的影响。
Additional information on the impacts of COVID-19 can also be found in "OUTLOOK" and "OPERATING RESULTS - Trade Sales" in our MD&A.
有关新冠肺炎影响的更多信息也可以在我们的MD&A的“展望”和“经营业绩-贸易销售”中找到。
BASIS OF PRESENTATION
陈述的基础
On January 1, 2021, the Company reorganized its business segments to better reflect changes in its operations and management structure. As a result of those changes, the Company identified three reportable segments: Farm, Commercial, and Technology, each supported by the corporate office. These segments are strategic business units that offer different products and services, and each is managed separately. Certain corporate overheads are included in the segments based on revenue. Taxes and certain other expenses are managed at a consolidated level and are not allocated to the reportable operating segments. Financial information for the comparative period has been restated to reflect the new presentation. In the segment disclosure that follows, we have also included product platforms in order to provide additional information within a segment that may be useful to the reader. Specifically, our Commercial segment includes the Commercial and Food product platforms.
2021年1月1日,该公司对其业务部门进行了重组,以更好地反映其运营和管理结构的变化。由于这些变化,该公司确定了三个可报告的细分市场:农场、商业和技术,每个细分市场都由公司办公室提供支持。这些细分市场是战略业务部门,提供不同的产品和服务,每个部门都是单独管理的。某些公司管理费用包括在基于收入的部门中。税金和某些其他费用按综合水平管理,不分配给可报告的经营部门。对比期间的财务信息已重述,以反映新的列报方式。在下面的细分市场披露中,我们还包括了产品平台,以便在细分市场中提供可能对读者有用的附加信息。具体地说,我们的商业部分包括商业和食品产品平台。
Description of Business Segments and Platforms
业务细分和平台说明
Farm Segment
服务器场细分市场
AGI's Farm segment includes the sale of grain, seed, and fertilizer handling equipment, aeration products, grain and fuel storage solutions, and grain management technologies.
AGI的农场部门包括销售谷物、种子和化肥处理设备、通风产品、谷物和燃料储存解决方案以及谷物管理技术。
Commercial Segment
商业细分市场
AGI's Commercial segment includes the sale of larger diameter grain storage bins, high-capacity grain handling equipment, seed and fertilizer storage and handling systems, feed handling and storage equipment, aeration products, automated blending systems control systems, and food processing solutions.
AGI的商业部门包括销售更大直径的谷物储存箱、大容量谷物处理设备、种子和化肥存储和处理系统、饲料处理和存储设备、通风产品、自动混合系统控制系统和食品加工解决方案。
Food Platform
食品平台