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Itafos Inc. Reports Record Q1 2022 Results, Updates Full-Year 2022 Guidance12.05.2022 | 23:02 Uhr | GlobeNewswire
Q1 2022 Key Highlights
(in millions of US Dollars The Company increased the lower end of its guidance range for FY 2022 as follows: - adjusted EBITDA guidance of $210-230 million (previously $190-230 million) to reflect the Company’s view of H2 2021 prices and input costs at Conda, including the current DAP NOLA prices (100% of Conda’s MAP is sold under a long-term offtake agreement with pricing indexed to DAP NOLA on an average three-month trailing basis); - net income guidance of 80-95 million (previously $65-95 million) to reflect the revised adjusted EBITDA guidance; - basic earnings guidance of C$0.55-0.65/share (previously C$/0.44-0.65/share) to reflect the revised adjusted EBITDA guidance; - maintenance capex guidance of $15-23 million (previously $13-23 million); - growth capex guidance of $15-22 million (previously $12-22 million); and - free cash flow guidance of $150-165 million (previously $135-165 million) to reflect the revised adjusted EBITDA guidance. In preparing its revised guidance for 2022, the Company increased its assumption for expected average DAP NOLA during 2022 to $800-875/st (previously $690-750/st). Business Outlook The Company continues to focus on the following key objectives to drive long-term value and shareholder returns: - improving financial and operational performance; - deleveraging the balance sheet; - extending Conda’s current mine life through permitting and development of H1/NDR; - evaluating strategic alternatives for non-North American assets; and - maintaining capital-lite investment approach. About Itafos The Company is a phosphate and specialty fertilizer company. The Company’s businesses and projects are as follows: - Conda – a vertically integrated phosphate fertilizer business with production capacity of approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”) located in Idaho, US; - Arraias – a vertically integrated phosphate fertilizer business with production capacity of approximately 500kt per year of single superphosphate (“SSP”), SSP with micronutrients (“SSP+”) and approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity) located in Tocantins, Brazil; - Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau; - Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil; and - Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil. In addition to the businesses and projects described above, the Company also owns Paris Hills (Idaho, US) and Mantaro (Junin, Peru), which are phosphate mine project that are in process of being wound down. The Company is a Delaware corporation that is headquartered in Houston, TX. The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the ticker symbol “IFOS”. The Company’s principal shareholder is CLF. CLF is an affiliate of Castlelake, L.P., a global private investment firm. For more information, or to join the Company’s mailing list to receive notification of future news releases, please visit the Company’s website at www.itafos.com. Non-IFRS Financial Measures The Company considers both IFRS and certain non-IFRS measures to assess performance. Non-IFRS measures are a numerical measure of a company’s performance, that either include or exclude amounts that are not normally included or excluded from the most directly comparable IFRS measures. In evaluating non-IFRS measures, investors, analysts, lenders and others should consider that non-IFRS measures do not have any standardized meaning under IFRS and that the methodology applied by the Company in calculating such non-IFRS measures may differ among companies and analysts. The Company believes the non-IFRS measures provide useful supplemental information to investors, analysts, lenders and others in order to evaluate the Company’s operational and financial performance. These non-IFRS financial measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with IFRS. Non-IFRS measures included in this news release are defined as follows: - “EBITDA” as earnings before interest, taxes, depreciation, depletion and amortization; - “Adjusted EBITDA” as EBITDA adjusted for non-cash, extraordinary, non-recurring and other items unrelated to the Company’s core operating activities; - “Total capex” as additions to property, plant, and equipment and mineral properties adjusted for additions to asset retirement obligations, additions to right of use assets and capitalized interest; - “Maintenance capex” as portion of total capex relating to the maintenance of ongoing operations; - “Growth capex” as portion of total capex relating to development of growth opportunities; - “Cash growth capex” as growth capex less accrued growth capex; - “Free cash flow” as cash flows from operating activities, which excludes payment of interest expense, plus cash flows from investing activities less cash growth capex; - “Net debt” as debt less cash and cash equivalents plus deferred financing costs (does not consider lease liabilities); and - “Liquidity” as cash and cash equivalents plus undrawn committed borrowing capacity. Reconciliations of non-IFRS measures to the most directly comparable IFRS measures are included in the Company’s management’s discussion and analysis available under the Company’s profile at www.sedar.com and on the Company’s website at www.itafos.com. Other Defined Terms Other defined terms included in this news release are as follows: - Coronavirus disease 2019 (“COVID-19”); - Diammonium phosphate (“DAP”) New Orleans (“NOLA”); and - Environmental, Health and Safety (“EHS”) - Environmental Impact Statement (“EIS”); - Husky 1/North Dry Ridge (“H1/NDR”); - Hydrofluorosilicic acid (“HFSA”); - National Environmental Policy Act (“NEPA”); - Total recordable incident frequency rate (“TRIFR”). Forward-Looking Information Certain information contained in this news release constitutes forward-looking information. All information other than information of historical fact is forward-looking information. Statements that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future include, but are not limited to, statements regarding estimates and/or assumptions in respect of the Company’s financial and business outlook are forward-looking information. The use of any of the words “intend”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward-looking information included in this news release should not be unduly relied upon. Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, the duration and spread of the COVID-19 pandemic and its severity; uncertainties of estimates of capital and operating costs and production estimates; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; fluctuations in foreign exchange or interest rates and stock market volatility; the continued supply of sulfuric acid to Conda from its primary supplier and those risk factors set out in the Company’s annual information form and other disclosure documents available under the Company’s profile at www.sedar.com and on the Company’s website at www.itafos.com. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. The forward-looking information included in this news release is expressly qualified by this cautionary statement and is made as of the date of this news release. The Company undertakes no obligation to publicly update or revise any forward-looking information except as required by applicable securities laws. This news release contains future oriented financial information and financial outlook information (together, “FOFI”) about the Company’s prospective results of operations, including statements regarding expected adjusted EBITDA, net income, basic earnings per share, maintenance capex, growth capex and free cash flow. FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The Company has included the FOFI to provide an outlook of management’s expectations regarding anticipated activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estimates and judgements; however, actual results of operations and the resulting financial results may vary from the amounts set forth herein. Any financial outlook information speaks only as of the date on which it is made and the Company undertakes no obligation to publicly update or revise any financial outlook information except as required by applicable securities laws. NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. For further information, please contact: Itafos Inc. George Burdette, Itafos Investor Relations investor@itafos.com 713-242-8446 Dieser Artikel stammt von Rohstoff-Welt.de
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