AUTOCANADA INC. 2021
2021 Second Quarter Financial Results
Condensed Interim Consolidated Financial Statements (Unaudited)
June 30, 2021
AutoCanada Inc.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands of Canadian dollars except for share and per share amounts)
Three-month period ended | Six-month period ended | |||
June 30, | June 30, | June 30, | June 30, | |
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Revenue (Note 5) | 1,281,055 | 727,447 | 2,250,879 | 1,436,273 |
Cost of sales (Note 6) | (1,063,214) | (629,568) | (1,865,402) | (1,221,096) |
Gross profit | 217,841 | 97,879 | 385,477 | 215,177 |
Operating expenses (Note 7) | (154,773) | (99,736) | (282,721) | (216,436) |
Operating profit (loss) before other income (expense) | 63,068 | (1,857) | 102,756 | (1,259) |
Lease and other income, net | 3,065 | 1,568 | 4,983 | 3,538 |
Gain (loss) on disposal of assets, net | 20 | (189) | 78 | (160) |
Impairment of non-financial assets | - | (3,910) | - | (35,455) |
Operating profit (loss) | 66,153 | (4,388) | 107,817 | (33,336) |
Finance costs (Note 8) | (14,266) | (17,801) | (27,544) | (40,121) |
Finance income (Note 8) | 180 | 284 | 405 | 403 |
Other losses | (437) | (2,446) | (494) | (1,287) |
Net income (loss) for the period before taxation | 51,630 | (24,351) | 80,184 | (74,341) |
Income tax expense (recovery) (Note 9) | 13,932 | (4,299) | 21,152 | (7,436) |
Net income (loss) for the period | 37,698 | (20,052) | 59,032 | (66,905) |
Other comprehensive income (loss) | ||||
Items that may be reclassified to profit or loss | ||||
Foreign operations currency translation | 3,037 | (1,573) | 517 | (3,062) |
Change in fair value of cash flow hedge (Note 17) | 2,049 | 263 | 4,426 | (14,127) |
Income tax relating to these items | (580) | (180) | (1,261) | 3,590 |
Other comprehensive income (loss) for the period | 4,506 | (1,490) | 3,682 | (13,599) |
Comprehensive income (loss) for the period | 42,204 | (21,542) | 62,714 | (80,504) |
Net income (loss) for the period attributable to: | ||||
AutoCanada shareholders | 36,045 | (19,689) | 56,879 | (66,374) |
Non-controlling interest | 1,653 | (363) | 2,153 | (531) |
37,698 | (20,052) | 59,032 | (66,905) | |
Comprehensive income (loss) for the period | ||||
attributable to: | ||||
AutoCanada shareholders | 40,551 | (21,179) | 60,561 | (79,973) |
Non-controlling interest | 1,653 | (363) | 2,153 | (531) |
42,204 | (21,542) | 62,714 | (80,504) | |
Net income (loss) per share attributable to | ||||
AutoCanada shareholders: | ||||
Basic | 1.33 | (0.72) | 2.10 | (2.42) |
Diluted | 1.23 | (0.72) | 1.95 | (2.42) |
Weighted average shares | ||||
Basic (Note 18) | 27,030,413 | 27,370,013 | 27,128,360 | 27,400,695 |
Diluted (Note 18) | 29,224,342 | 27,370,013 | 29,216,368 | 27,400,695 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AutoCanada • 2021 Second Quarter Report • Page 2
AutoCanada Inc.
Condensed Interim Consolidated Statements of Financial Position (In thousands of Canadian dollars)
June 30, 2021 | December 31, 2020 | |
$ | $ | |
ASSETS | ||
Current assets | ||
Cash and cash equivalents (Note 11) | 230,103 | 107,704 |
Trade and other receivables (Note 12) | 131,997 | 118,650 |
Inventories (Note 13) | 656,668 | 699,200 |
Other assets | 12,269 | 8,931 |
Assets held for sale | - | 1,039 |
1,031,037 | 935,524 | |
Property and equipment (Note 14) | 212,096 | 203,525 |
Right-of-use assets | 302,479 | 308,897 |
Other long-term assets | 15,283 | 14,337 |
Deferred income tax | 12,394 | 12,732 |
Intangible assets | 399,029 | 399,633 |
Goodwill | 25,663 | 25,734 |
1,997,981 | 1,900,382 | |
LIABILITIES | ||
Current liabilities | ||
Trade and other payables (Note 15) | 188,189 | 137,510 |
Revolving floorplan facilities (Note 16) | 705,656 | 761,943 |
Current tax payable | 5,549 | 5,030 |
Vehicle repurchase obligations | 3,970 | 4,526 |
Indebtedness (Note 16) | 53 | 65 |
Lease liabilities | 23,580 | 24,079 |
Other liabilities | 4,061 | 2,176 |
Redemption liabilities | 7,557 | 7,557 |
938,615 | 942,886 | |
Long-term indebtedness (Note 16) | 246,976 | 197,166 |
Long-term lease liabilities | 357,442 | 363,850 |
Long-term redemption liabilities | 435 | 435 |
Derivative financial instruments (Note 17) | 14,202 | 22,146 |
Other long-term liabilities | 4,239 | 8,428 |
Deferred income tax | 7,959 | 2,651 |
1,569,868 | 1,537,562 | |
EQUITY | ||
Attributable to AutoCanada shareholders | 402,954 | 341,874 |
Attributable to Non-controlling interests | 25,159 | 20,946 |
428,113 | 362,820 | |
1,997,981 | 1,900,382 | |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Page 3 • AutoCanada • 2021 Second Quarter Report
AutoCanada Inc.
Condensed Interim Consolidated Statements of Changes in Equity
(Unaudited)
(in thousands of Canadian dollars)
Attributable to AutoCanada shareholders | ||||||||||||
Cumulative | OCI | Non- | ||||||||||
Share | Contributed | translation | hedge | Accumulated | Total | controlling | Total | |||||
capital | surplus | adjustment | reserve | deficit | capital | interests | equity | |||||
$ | $ | $ | $ | $ | $ | $ | $ | |||||
Balance, January 1, 2021 | 508,112 | 9,995 | (3,036) (12,637) | (160,560) | 341,874 | 20,946 | 362,820 | |||||
Net income | - | - | - | - | 56,879 | 56,879 | 2,153 | 59,032 | ||||
Other comprehensive income | - | - | 517 | 3,165 | - | 3,682 | - | 3,682 | ||||
Dividends declared by | ||||||||||||
subsidiaries to non-controlling | ||||||||||||
interests | - | - | - | - | - | - | (79) | (79) | ||||
Reorganization of non- | ||||||||||||
controlling interests (Note 10) | - | - | - | - | (538) | (538) | 2,139 | 1,601 | ||||
Forward share purchase (Note | ||||||||||||
17) | (3,631) | 3,466 | - | - | - | (165) | - | (165) | ||||
Settlement of share based | ||||||||||||
awards | - | (184) | - | - | - | (184) | - | (184) | ||||
Shares settled from treasury | ||||||||||||
(Note 18) | 265 | (265) | - | - | - | - | - | - | ||||
Share-based compensation | - | 1,406 | - | - | - | 1,406 | - | 1,406 | ||||
Balance, June 30, 2021 | 504,746 | 14,418 | (2,519) (9,472) | (104,219) | 402,954 | 25,159 | 428,113 | |||||
Attributable to AutoCanada shareholders | ||||||||||||
Cumulative | OCI | Non- | ||||||||||
Share Contributed | translation | hedge Accumulated | Total | controlling | Total | |||||||
capital | surplus adjustment | reserve | deficit | capital | interests | equity | ||||||
$ | $ | $ | $ | $ | $ | $ | $ | |||||
Balance, January 1, 2020 | 509,890 | 6,463 | (947) | (4,535) | (157,264) | 353,607 | 14,492 | 368,099 | ||||
Net loss | - | - | - | - | (66,374) | (66,374) | (531) | (66,905) | ||||
Other comprehensive loss | - | - | (3,062) | (10,537) | - | (13,599) | - | (13,599) | ||||
Dividends declared on | ||||||||||||
common shares | - | - | - | - | (2,743) | (2,743) | - | (2,743) | ||||
Treasury shares acquired | ||||||||||||
(Note 18) | (1,576) | - | - | - | - | (1,576) | - | (1,576) | ||||
Dividends reinvested (Note | ||||||||||||
18) | (3) | - | - | - | - | (3) | - | (3) | ||||
Shares settled from | ||||||||||||
treasury (Note 18) | 214 | (214) | - | - | - | - | - | - | ||||
Share-based compensation | - | 1,765 | - | - | - | 1,765 | - | 1,765 | ||||
Balance, June 30, 2020 | 508,525 | 8,014 | (4,009) | (15,072) | (226,381) | 271,077 | 13,961 | 285,038 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AutoCanada • 2021 Second Quarter Report • Page 4
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AutoCanada Inc. published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 00:00:00 UTC.
