Press Release: AGI Announces Third Quarter 2021 Results
Press Release: AGI Announces Third Quarter 2021 Results
AGI Announces Third Quarter 2021 Results
AGI宣佈2021年第三季度業績
Canada NewsWire
加拿大新聞通訊社
WINNIPEG, MB, Nov. 10, 2021
賓夕法尼亞州温尼伯,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.
亞利桑那州温尼伯,2021年11月10日/CNW/--Ag Growth International Inc.(多倫多證券交易所市場代碼:AFN)(“AGI”,“公司”,“我們”或“OUR”)今天公佈了截至2021年9月30日的三個月和九個月的財務業績。
[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".
[數千美元(不包括每股)-截至9月30日的三個月金額]2021年$2020$CHANGE$CHANGE%貿易銷售([1][2]) 313,859 282,450 31,409 11% 調整後的EBITDA([1][3]) 46,298 51,769 (5,471) (11%) 調整後的EBITDA利潤率%([1][3]) 15% 18% (3%) (17%) 利潤(虧損)(73)(12,261)12,188 n/a每股攤薄利潤(虧損)(0.00)(0.66)0.66n/a調整後利潤([1]) 19,784 32,276 (12,492) (39%) 稀釋後調整後每股利潤 ([1][4]) 1.02 1.62 (0.60) (37%) [1]見“非國際財務報告準則計量”。[2]請參閲我們管理中的“經營業績--貿易銷售”關於截至9月的一段時間的討論和分析2021年30日(‘MD&A’)。[3]見“經營業績--EBITDA和調整後的EBITDA”在我們的MD&A中。[4]見“每股攤薄利潤(虧損)和攤薄調整後利潤”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.
大多數地區對AGI產品的強勁需求導致截至2021年9月30日的三個月綜合貿易銷售額同比增長11%。正如預期的那樣,投入成本的上升影響了調整後的EBITDA,導致截至2021年9月30日的三個月同比下降11%。整合的積壓訂單繼續保持強勁,比2020年9月30日增加了99%,所有細分市場和地理位置都具有廣泛的實力。
"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總裁兼首席執行官蒂姆·克洛斯指出:“在充滿挑戰的供應鏈環境中,我們的團隊繼續表現出色。“雖然供應鏈動態導致利潤率壓縮,但全面的供應商和市場舉措緩解了本季度的全部潛在影響。我們看到成本上漲放緩,投入可獲得性改善,這意味着利潤率將穩步提高至第四季度和2022年。我們的積壓一直持續到第四季度,並處於創紀錄水平,為非常強勁的第四季度和2022年做好準備。”
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日的三個月裏,農場部門貿易銷售額增長了11%,調整後的EBITDA同比分別下降了8%,因為我們繼續看到對便攜式和永久性搬運設備的強勁需求。在截至2021年9月30日的三個月裏,商業部門的貿易銷售額和調整後的EBITDA分別同比增長10%和下降19%,美國、亞太地區和南美市場表現強勁。
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.
考慮到整個2021年投入成本的快速上升和所有投入的供應鏈緊縮,調整後的EBITDA利潤率的下降是完全在意料之中的。積極而大幅的提價、合同修改和更短的報價週期大大緩解了供應鏈問題的全面影響。
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.
對農場部分設備的需求繼續非常強勁,因為客户基於作物產量的增加和供應鏈中斷的可能性,專注於確保關鍵產品的安全。截至2021年9月30日,農場積壓比前一年增加了202%,包括美國和巴西在內的所有地區都有相當大的勢頭。
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.
商業領域的需求也很強勁,積壓訂單同比增長76%,商業平台和食品平台分別貢獻了62%和153%的增長,表明2021年第四季度和2022年第一季度的前景強勁。
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.
在農場和商業領域,本季度我們在巴西的業務表現強勁。巴西繼續獲得增長勢頭,截至2021年9月30日的三個月,貿易銷售額和調整後的EBITDA分別同比增長128%和70%。食品平台也在擴大規模,是商業領域的一個顯著貢獻者,貿易銷售額同比增長46%,其中以美國市場為首,截至2021年9月30日的三個月裏,美國市場的貿易銷售額同比增長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.
在我們的技術部門,第三季度的特點是在各種戰略優先事項上繼續取得進展,以促進銷售增長和利潤率穩定。在截至2021年9月30日的三個月和九個月裏,技術部門的貿易銷售額分別同比增長了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.
隨着9月底積壓訂單增加99%,以及全球非常強勁的報價渠道,我們預計2021年將有一個強勁的結束,進入2022年將呈現積極的勢頭。
UPDATE ON REMEDIATION WORK
補救工作的最新進展
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.
與之前披露的糧倉事件相關的補救工作在本季度繼續取得進展,兩個客户地點之一的補救工作接近完成。在第二個客户現場,即糧倉事故現場,客户決定自我補救,並與其他供應商一起進行補救。到目前為止,在7750萬美元的應計總額中,該公司已經花費了大約4100萬美元。
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年早些時候,與垃圾桶坍塌有關的兩項法律索賠針對該公司,累計金額超過1.9億美元。對坍塌原因和責任的調查仍在進行中。該公司正在對這些索賠進行評估,併為每項索賠提供了若干法律和合同辯護。沒有記錄這些索賠的進一步撥備。公司將全力為自己辯護。此外,該公司仍然相信,保險覆蓋範圍將部分抵消任何財務影響。AGI正在與保險提供商和外部顧問合作,以確定這一成本抵消的程度。保險賠償(如果有)將在收到時記錄。
Additional information on the provision for remediation can also be found in "OPERATING RESULTS ---- Remediation Costs" in our MD&A.
有關補救撥備的更多信息,也可以在我們的MD&A的“經營結果-補救費用”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.
新冠肺炎的出現對愛立信的業務產生了負面影響,包括生產、供應鏈和產品交付的中斷。雖然AGI在2020年大流行初期經歷了臨時停產,但2021年沒有出現任何因新冠肺炎而導致的重大停產或中斷。
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業務在北美許多地區被確定為基本服務,突顯了該公司在全球食品供應鏈中扮演的重要角色。儘管愛彼食品的業務受到了與新冠肺炎相關的中斷的影響,但管理層仍然相信,隨着世界在全球食品基礎設施中建立更多宂餘,以應對未來類似事件,危機後的需求將受到積極影響。
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點全面運營,2021年第三季度沒有因新冠肺炎而損失產能。然而,大流行帶來的逆風影響了生產所需原材料的可用性和成本。供應鏈中的各種中斷,包括鋼鐵供應和物流,導致多個項目出現重大延誤,影響了2021年第三季度的收入確認時間。此外,在巴西和印度等受到新冠肺炎嚴重影響的國家,潛在的限制和停產可能導致供應鏈中斷和暫時停產。我們2021年的業績仍然受到新冠肺炎對我們製造設施、市場和客户的影響。
Additional information on the impacts of COVID-19 can also be found in "OUTLOOK" and "OPERATING RESULTS - Trade Sales" in our MD&A.
有關新冠肺炎影響的更多信息也可以在我們的MD&A的“展望”和“經營業績-貿易銷售”中找到。
BASIS OF PRESENTATION
陳述的基礎
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,該公司對其業務部門進行了重組,以更好地反映其運營和管理結構的變化。由於這些變化,該公司確定了三個可報告的細分市場:農場、商業和技術,每個細分市場都由公司辦公室提供支持。這些細分市場是戰略業務部門,提供不同的產品和服務,每個部門都是單獨管理的。某些公司管理費用包括在基於收入的部門中。税金和某些其他費用按綜合水平管理,不分配給可報告的經營部門。對比期間的財務信息已重述,以反映新的列報方式。在下面的細分市場披露中,我們還包括了產品平台,以便在細分市場中提供可能對讀者有用的附加信息。具體地説,我們的商業部分包括商業和食品產品平台。
Description of Business Segments and Platforms
業務細分和平台説明
Farm Segment
服務器場細分市場
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的農場部門包括銷售穀物、種子和化肥處理設備、通風產品、穀物和燃料儲存解決方案以及穀物管理技術。
Commercial Segment
商業細分市場
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的商業部門包括銷售更大直徑的穀物儲存箱、大容量穀物處理設備、種子和化肥存儲和處理系統、飼料處理和存儲設備、通風產品、自動混合系統控制系統和食品加工解決方案。
Food Platform
食品平台