Gendis Inc. Announces First Quarter Earnings
/EINPresswire.com/ --
WINNIPEG, MB--(Marketwired - June 03, 2016) - Gendis Inc. (TSX: GDS) today announced its financial results for the 1
Net earnings for the 1
The volatility in net earnings quarter over quarter is primarily due to the change in fair value of security investments and investment properties with the attendant effect on deferred income taxes.
Condensed summarized information is as follows:
Quarter ended
in millions of Canadian dollars Apr 30 Apr 30
except per share 2016 2015
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Revenue
Lease rental revenue 0.7 1.0
Dividends 0.5 0.5
Total revenue 1.2 1.5
Expense
Property 0.6 0.7
Administration & finance 0.4 0.4
Total expense 1.0 1.1
Total revenue less Total expense 0.2 0.4
Fair value change:
Veresen 2.1 4.0
Other security investments (0.1) 0.1
Investment properties (1.1) (1.8)
Total fair value change 0.9 2.3
Income tax expense 0.1 0.7
Net earnings 1.1 1.9
Earnings per share $0.09 $0.15
Apr 30 Jan 31 Apr 30
in millions of Canadian dollars 2016 2016 2015
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Fair value of investments:
Veresen 18.1 16.0 36.1
Osum 4.8 4.8 6.2
Other security investments 2.7 2.7 4.4
Investment properties 29.0 30.1 28.9
Other assets 0.9 1.8 0.8
Debt & payables 6.3 7.2 6.1
Deferred tax payable 0.1 - 1.5
Shareholders' equity 49.1 48.2 68.8
Quarter ended
Apr 30 Apr 30
in millions of Canadian dollars 2016 2015
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Cash flow from:
Operations
Cash receipts 1.4 1.8
Cash disbursements & finance expense (0.9) (1.1)
Income taxes recovered (paid) 0.6 (0.2)
Investing
Purchase of investments - (0.3)
Expenditures on investment properties - (0.1)
Net expenditures on equipment - -
Financing
Increase (decrease) in debt (0.9) 0.4
Purchase of share capital for cancellation - (0.2)
Dividend (0.3) (0.3)
GENDIS INC.
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
Apr 30 Jan 31 Apr 30
(unaudited - thousands of Canadian dollars) 2016 2016 2015
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ASSETS
Current assets
Cash 9 110 38
Income tax recoverable - 638 -
Receivables 719 800 622
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Total current assets 728 1,548 660
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Non-current assets
Investments in securities (note 2) 25,554 23,461 46,756
Investment properties (note 3) 28,990 30,130 28,857
Other current assets 175 306 181
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Total non-current assets 54,719 53,897 75,794
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Total assets 55,447 55,445 76,454
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LIABILITIES
Current liabilities
Credit facilities (note 4) 4,198 5,098 3,994
Payables 1,145 1,151 1,109
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Total current liabilities 5,343 6,249 5,103
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Non-current liabilities
Post employment benefit obligation 951 951 1,012
Deferred income tax payable 94 - 1,534
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Total non-current liabilities 1,045 951 2,546
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Total liabilities 6,388 7,200 7,649
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SHAREHOLDERS' EQUITY 49,059 48,245 68,805
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Total liabilities and shareholders' equity 55,447 55,445 76,454
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GENDIS INC.
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED APRIL 30
(unaudited - thousands of Canadian quarter ended
dollars except for share data) 2016 2015
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Revenue
Lease rentals 696 976
Dividends 531 520
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Total revenue 1,227 1,496
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Expense
Property 558 683
Administration 383 393
Finance 31 28
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Total expense 972 1,104
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Total revenue less total expense 255 392
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Fair value change
Investments in securities 2,083 4,088
Investment properties (1,142) (1,809)
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Total fair value change 941 2,279
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Earnings before income tax 1,196 2,671
Income tax expense 60 733
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Net earnings from operations and comprehensive income 1,136 1,938
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Net earnings from operations per share $0.09 $0.15
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GENDIS INC.
INTERIM CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited - thousands - shares & Retained
Canadian dollars as applicable) Share Capital earnings Total
# $ $ $
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Balance - January 31, 2015 13,046 13,713 53,667 67,380
Comprehensive income 1,938 1,938
Purchase of share capital for
cancellation (52) (54) (134) (188)
Dividend (325) (325)
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Balance - April 30, 2015 12,994 13,659 55,146 68,805
For the remainder of the year:
Comprehensive loss (18,915) (18,915)
Purchase of share capital for
cancellation (193) (202) (477) (679)
Dividends (966) (966)
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Balance - January 31, 2016 12,801 13,457 34,788 48,245
Comprehensive income 1,136 1,136
Purchase of share capital for
cancellation (1) (1) (1) (2)
Dividend (320) (320)
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Balance - April 30, 2016 12,800 13,456 35,603 49,059
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GENDIS INC.
INTERIM CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED APRIL 30
(unaudited - thousands of Canadian Quarter ended
dollars) 2016 2015
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Changes in cash position
By operations
Cash receipts
Lease rentals 836 1,214
Dividends 596 591
Cash disbursements
Property (517) (582)
Administration (382) (455)
Income taxes paid - (224)
Finance expense paid (31) (28)
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Total by operations 1,140 516
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By investing activities
Acquisition of security investments - (300)
Expenditures on investment properties (2) (89)
Proceeds from disposal of equipment - 85
Expenditures on furnishings and equipment (17) (94)
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Total by investing activities (19) (398)
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By financing activities
Net advance (repayment) of credit facilities (900) 397
Purchase of share capital for cancellation (2) (188)
Dividend paid (320) (325)
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Total by financing activities (1,222) (116)
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Increase (decrease) in cash (101) 2
Cash - beginning of period 110 36
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Cash - end of period 9 38
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Gendis Inc.
Notes to the unaudited Interim condensed Financial Statements
April 30, 2016
(All tabular amounts in thousands of Canadian dollars unless otherwise
stated)
1. General information
General information on Gendis Inc. is the same as disclosed in Note 1 to
the complete audited annual financial statements for the year ended
January 31, 2016, which have been prepared in accordance with
International Financial Reporting Standards. These interim condensed
financial statements are presented in Canadian dollars, which is the
Company's functional and presentation currency. The principal accounting
policies applied in the preparation of these interim condensed financial
statements are the same as set out in Note 2 to the complete audited
annual financial statements for the year ended January 31, 2016. These
policies have been consistently applied to all periods presented.
2. Investments in securities
Apr 30 Jan 31
2016 2016
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Veresen 18,080 15,960
Osum 4,759 4,759
Other security investments 2,715 2,742
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25,554 23,461
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3. Investments property
Apr 30 Jan 31
2016 2016
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Industrial 22,510 23,480
Commercial 6,480 6,650
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28,990 30,130
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4. Credit facilities
Remaining
borrowing Carrying value of
Borrowing Balance availability collateral
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Apr 30 Jan 31 Apr 30 Jan 31 Apr 30 Jan 31
2016 2016 2016 2016 2016 2016
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Banker's acceptances 4,198 5,098 4,208 2,289 16,815 14,778
Broker's margin
account - - 669 591 1,339 1,199
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4,198 5,098 4,877 2,880 18,154 15,977
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5. Subsequent Event
On June 3, 2016, the Company declared a regular dividend of 2.5¢ per
share to shareholders of record June 24, 2016, payable July 8, 2016.
6. Operating segments
Quarter
Ended Inter-
Apr 30 Realty Corporate segment Total
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Revenue 2016 713 738 (224) 1,227
2015 993 727 (224) 1,496
Property & administration 2016 618 401 (78) 941
expense 2015 746 410 (80) 1,076
Finance expense 2016 146 31 (146) 31
2015 144 28 (144) 28
Total revenue less total
expense 2016 (51) 306 - 255
2015 103 289 - 392
Fair value change 2016 (1,142) 2,083 - 941
2015 (1,809) 4,088 - 2,279
Income tax (expense) recovery 2016 21 (81) - (60)
2015 216 (949) - (733)
Comprehensive income 2016 (1,172) 2,308 - 1,136
2015 (1,490) 3,428 - 1,938
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Total assets 2016 29,509 48,047 (22,109) 55,447
2015 29,372 66,515 (19,433) 76,454
Total liabilities 2016 22,756 5,741 (22,109) 6,388
2015 21,831 5,251 (19,433) 7,649
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For more information, please contact:
James E. Cohen
President & Chief Executive Officer
Telephone:
(204)474-5200
Fax:
(204)474-5201
E-mail: Email contact
Web site:
www.gendis.ca
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