MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

HANWEI ENERGY SERVICES CORP.

 

 

Registered Office :

Suite 902, 595 Howe Street, Vancouver, BC V6C 2T5

 

 

Country :

Canada

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1920

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufactures and sells high pressure fiberglass reinforced pipes (FRP), wind power equipment, FRP blades and towers, and FRP products used in flue gas desulphurization (FGD) processes in coal fired power plants

 

 

No. of Employees :

1,111

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Canada

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Hanwei Energy Services Corp.

Suite 902, 595 Howe Street

Vancouver, BC V6C 2T5

Canada

Tel:       604-685-2239

Fax:      604-677-5579

Web:    www.hanweienergy.com

 

 

Synthesis     

 

Employees:                  1,111

Company Type:            Public Independent

Traded:

Toronto Stock

Exchange:                     HE

Auditor:                        KPMG LLP

Financials in:                 USD (Millions)

Year Established           1920

Fiscal Year End:            31-Mar-2011

Reporting Currency:       Canadian Dollar

Annual Sales:                30.2  1

Net Income:                  (26.7)

Total Assets:                74.8  2

Market Value:               5.0 (01-Jun-2012)

 

 

Business Description     

 

Hanwei Energy Services Corp. (Hanwei) manufactures and sells high pressure fiberglass reinforced pipes (FRP), wind power equipment, FRP blades and towers, and FRP products used in flue gas desulphurization (FGD) processes in coal fired power plants. The Company has three business segments: pipe business, wind power equipment business and flue gas desulphurization (FGD) business. Pipe business produces and sells fiberglass reinforced plastic (FRP) pipes for the oil and gas, the salt mining, and the water transmission industries. Wind power produces and sells FRP blades (propellers) and assembles wind turbines and towers for the wind power industry. FGD produces and sells FRP products for FGD pollution control systems for coal fired power plants. Its subsidiaries include Daqing Harvest Longwall High Pressure FRP Pipe Co, Ltd., Kazakhstan Hanwei Fibreglass Reinforced Plastic Co. Ltd., Hanwei Energy Services Tyumen Co., Ltd., and Daqing Deta Electric Co., Ltd. For the nine months ended 31 December 2010, Hanwei Energy Services Corp.'s revenues decreased 40% to C$23.4M. Net loss from continuing operations decreased 55% C$3.5M. Revenues reflect decreased sales from Pipe segments and the absence of revenues from Windpower segment. Net loss also reflects increase in research & development expenses, higher impairment loss & write downs and decreased in other income.

Industry             

Industry            Construction - Raw Materials

ANZSIC 2006:    2034 - Concrete Product Manufacturing

NACE 2002:      2666 - Manufacture of other articles of concrete, plaster and cement

NAICS 2002:     327332 - Concrete Pipe Manufacturing

UK SIC 2003:    2666 - Manufacture of other articles of concrete, plaster and cement

US SIC 1987:    3272 - Concrete Products, Except Block and Brick

 

           

Key Executives   

 

Name

Title

Graham Kwan

EVP, Strategic Development, Corporate Affaris, Corporate Secretary

Huiping Hu

Chief Operating Officer

Rick Huang

CFO

Malcolm F. Clay

Independent Director

William G. Paine

Independent Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Divestitures / Spin-offs

1

Hanwei Energy Services Corp. Executes Agreement For Sale Of Current Wind Inventory For Up To CNY120 Million

14-Jun-2011

Business Deals

2

Hanwei Energy Services Corp. Confirms Pipe Supply Contracts For New China Salt Mining Applications

20-Oct-2011

 

 

* number of significant developments within the last 12 months        

 

 

News

 

Title

Date

Hanwei Energy Services Reports Third Quarter Fiscal 2012 Financial and Operational Results
Market Wire (1204 Words)

8-Feb-2012

Hanwei Announces Third Quarter Fiscal 2012 Financial Results Conference Call
Market Wire (196 Words)

2-Feb-2012

Hanwei Energy Services Reports Second Quarter Fiscal 2012 Financial and Operational Results
Market Wire (845 Words)

15-Nov-2011

Hanwei Announces Second Quarter Fiscal 2012 Financial Results Conference Call
Marketwire (Canada) (211 Words)

9-Nov-2011

Hanwei Energy Confirms Pipe Supply Contracts for New China Salt Mining Applications
Market Wire (612 Words)

20-Oct-2011

 

 

Financial Summary    

 

As of 31-Dec-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   0.96                  2.04

Quick Ratio (MRQ)                     0.81                  1.12

Debt to Equity (MRQ)                 1.09                  1.04

Net Profit Margin (TTM) %           -68.28               -1.38

Return on Assets (TTM) %          -21.23               -0.0060

Return on Equity (TTM) %           -58.02               -2.72

 

 

Stock Snapshot   

 

 

Traded: Toronto Stock Exchange: HE

 

As of 1-Jun-2012

   Financials in: CAD

Recent Price

0.07

 

EPS

-0.32

52 Week High

0.25

 

Price/Sales

0.17

52 Week Low

0.07

 

Price/Book

0.20

Avg. Volume (mil)

0.02

 

Beta

1.70

Market Value (mil)

5.14

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-35.00%

-32.08%

13 Week

-40.91%

-34.24%

52 Week

-74.00%

-69.06%

Year to Date

-35.00%

-31.60%

 

 

ABI Number: 052403847

 

1 - Profit & Loss Item Exchange Rate: USD 1 = CAD 1.01687

2 - Balance Sheet Item Exchange Rate: USD 1 = CAD 0.97275

Corporate Overview

 

Location

Suite 902, 595 Howe Street

Vancouver, BC, V6C 2T5

Canada

Tel:       604-685-2239

Fax:      604-677-5579

Web:    www.hanweienergy.com

           

Quote Symbol - Exchange

HE - Toronto Stock Exchange

Sales CAD(mil):             30.7

Assets CAD(mil):           72.7

Employees:                   1,111

Fiscal Year End:                        31-Mar-2011

Industry:                                    Construction - Raw Materials

Company Type:             Public Independent

Quoted Status:              Quoted

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

Additional Information

 

Industry Codes

 

ANZSIC 2006 Codes:

1912     -          Rigid and Semi-Rigid Polymer Product Manufacturing

2034     -          Concrete Product Manufacturing

 

NACE 2002 Codes:

2666     -          Manufacture of other articles of concrete, plaster and cement

2521     -          Manufacture of plastic plates, sheets, tubes and profiles

 

NAICS 2002 Codes:

327332  -          Concrete Pipe Manufacturing

326122  -          Plastics Pipe and Pipe Fitting Manufacturing

 

US SIC 1987:

3084     -          Plastics Pipe

3272     -          Concrete Products, Except Block and Brick

 

UK SIC 2003:

2521     -          Manufacture of plastic plates, sheets, tubes and profiles

2666     -          Manufacture of other articles of concrete, plaster and cement

 

Business Description

Hanwei Energy Services Corp. (Hanwei) manufactures and sells high pressure fiberglass reinforced pipes (FRP), wind power equipment, FRP blades and towers, and FRP products used in flue gas desulphurization (FGD) processes in coal fired power plants. The Company has three business segments: pipe business, wind power equipment business and flue gas desulphurization (FGD) business. Pipe business produces and sells fiberglass reinforced plastic (FRP) pipes for the oil and gas, the salt mining, and the water transmission industries. Wind power produces and sells FRP blades (propellers) and assembles wind turbines and towers for the wind power industry. FGD produces and sells FRP products for FGD pollution control systems for coal fired power plants. Its subsidiaries include Daqing Harvest Longwall High Pressure FRP Pipe Co, Ltd., Kazakhstan Hanwei Fibreglass Reinforced Plastic Co. Ltd., Hanwei Energy Services Tyumen Co., Ltd., and Daqing Deta Electric Co., Ltd. For the nine months ended 31 December 2010, Hanwei Energy Services Corp.'s revenues decreased 40% to C$23.4M. Net loss from continuing operations decreased 55% C$3.5M. Revenues reflect decreased sales from Pipe segments and the absence of revenues from Windpower segment. Net loss also reflects increase in research & development expenses, higher impairment loss & write downs and decreased in other income.

 

More Business Descriptions

HANWEI ENERGY SERVICES CORP. provides products and services for international energy sector customers in the oil, coal power and wind power industries.

 

Fiberglass-Reinforced Plastic Pipes Mfr

 

Special trade contractors primarily engaged in plumbing, heating, air-conditioning, and similar work. Sheet metal work performed by plumbing, heating, and air-conditioning contractors in conjunction with the installation of plumbing, heating, and air-conditioning equipment is included.

 

Hanwei Energy Services Corp. is the leading Chinese manufacturer of high pressure fiberglass reinforced plastic (FRP) pipe products and associated technologies and services for the international oil and gas infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.

 

Hanwei Energy Services Corp. (Hanwei Energy) engages in manufacture, sale, research and development of high pressure fibreglass reinforced plastic products. The company expanded its product line to include pollution control components for the coal industry. In September 2010, the company discontinued its flue gas desulphurization (FGD) business. Hanwei Energy operates through two business segment, namely, Pipe Business and Wind Power Equipment Business. The Pipe Business segment of the company produces and sells fibreglass reinforced plastics (FRP) for oil and gas, water transmission and salt mining, FRP blades, wind power equipment and towers industries. Currently, the company owns 22 pipe production lines with total annual capacity of 4,000 km of FRP pipe annually at Daqing facility in China. The company’s subsidiaries in this segment include Harvest, Long Road, Hanwei Kazakhstan, and Hanwei Tyumen. For the fiscal year ended March 31, 2011, the segment generated revenue of CAD30.73m indicating a decrease of 7.72% when compared to 2010. This segment accounted for 100% of companies total revenue in 2011. Through Wind Power Equipment Business segment, the company produces and sells FRP blades (propellers) and assembled wind turbines for the wind power sector. It also produces other equipment including control systems and towers. The company’s products include turbine blades, double-fed turbines, direct drive turbines and tower assemblies. Hanwei Energy has an annual capacity of 400 MW of wind power products. The production facilities are located in Daqing and Tianjin, China..The major clients of the company include China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and other industry service providers as well as end users in Algeria, Kuwait, Kazakhstan, Oman and Iran. The key subsidiaries of the company includes Daqing Harvest Longwall High Pressure FRP Pipe Co., Ltd., Hanwei Wind Power Equipment (Daqing) Co., Ltd, Kerui Green Energy Equipment (Tianjin) Co., Ltd., Kazakhstan Hanwei Fibreglass Reinforced Plastic Co. Ltd., Hanwei Energy Services Tyumen Co., Ltd., Hanwei Delan Technology Development (Beijing) Co., Ltd. Geographically, the company has divided its business into three segments namely China, Kazakhstan and Middle East. For the fiscal year ended March 31, 2011, the China segment accounted 61% of the company’s total revenue followed by Middle East; 30% and Kazakhstan; 9%. The company has received new FRP pipe sales contracts for an amount of CAD3m. Hanwei Energy has agreed to sell its majority of interest in its wind power equipment inventory to a Chinese customer for approximately CAD17.8m and it also received sales orders in China for approximately CAD9m.

 

Hanwei Energy Services Corp. (Hanwei Energy) is a Canada based company which engages in the manufacture, and sales of high pressure fibreglass reinforced plastic (FRP) products. The company produces FRP products mainly for the oil and gas, coal power and wind power industries located in China and other parts of Asia. Hanwei Energy has 22 FRP pipe production lines with an annual capacity of over 4,000 km of pipe and fittings. The company operates through two business segments namely Pipe Business and Wind Power Equipment Business. The FRP manufacturing, and research and development facility is located in China. The company operates in China, Kazakhstan and Middle East. Hanwei Energy is headquartered in Vancouver, British Columbia, Canada.The company reported revenues of (Canadian Dollars) CAD 30.73 million during the fiscal year ended March 2011, a decrease of 28.46% from 2010. The operating loss of the company was CAD 17.42 million during the fiscal year 2011, as compared to an operating loss of CAD 64.64 million during 2010. The net loss of the company was CAD 27.18 million during the fiscal year 2011, as compared to a net loss of CAD 65.67 million during 2010.

 

Hanwei Energy Services Corporation provides a range of products and services for the global energy sector. It operates manufacturing facilities in China and serves the coal and wind power industries. The company focuses on products and services that address needs for environmental protection in the world. Hanwei Energy Services Corporation offers pollution control products and fiberglass-reinforced plastic pipes for the oil industry. It operates several subsidiaries, including Hanwei Wind Power Equipment Company, Hanwei Green Energy equipment Company, Hanwei Energy Services Tyumen Company and Beijing Long Road Pipe technology Company.

 

 

Financial Data

Financials in:

CAD(mil)

 

Revenue:

30.7

Net Income:

-27.2

Assets:

72.7

Long Term Debt:

0.0

 

Total Liabilities:

49.2

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

-28.5%

NA

-46.1%

Market Data

Quote Symbol:

HE

Exchange:

Toronto Stock Exchange

Currency:

CAD

Stock Price:

0.1

Stock Price Date:

06-01-2012

52 Week Price Change %:

-74.0

Market Value (mil):

5,144.4

 

SEDOL:

B125QY5

ISIN:

CA4113551002

 

Equity and Dept Distribution:

09/07, Exchange changed from TSX Venture Exchange to Toronto Stock Exchange.

 

Shareholders

 

 

Major Shareholders

Fulai Lang (18.16%)

 

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP, KPMG LLP

 

 

 

 

 

 

 

Additional Information

ABI Number:

052403847

 

 

 

 

 

Credit Report as of 08/01/201

 

Location

595 Howe St Ste:902
Vancouver, BC V6C 2T5
Canada

 

County:

Greater Vancouver

 

Phone:

604-685-2239

Fax:

604-677-5579

 

ABI©:

052403847

 

Annual Sales:

$41,174,000 (CAD)

Employees:

6

 

 

Business Type:

Public

Location Type:

Headquarter

 

Ticker:

HE

Exchange:

TORONTO

Primary Line of Business:

SIC:

1711-31 - Energy Management Systems & Products

NAICS:

238220 - Plumbing & Hvac Contrs

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Baoding Huide Wind Power Engineering Co., Ltd

Baoding, China

 

Private

LM Wind Power Holding A/S

Kolding, Denmark

5,826

Private

Suzlon Energy Limited

Pune, India

14,000

Public

Vestas Wind Systems A/S

Aarhus, Denmark

22,576

Public



executive report

 

Board of Directors

 

Name

Title

Function

 

Malcolm F. Clay

 

Independent Director

Director/Board Member

 

Biography

Mr. Malcolm F. Clay, CPA, B.A., FCA., has been appointed as the Independent Director of Hanwei Energy Services Corp. He was a partner of KPMG LLP in Canada for 27 years, during which he was in charge of the Vancouver audit practice of KPMG for ten years. As a public accountant, he served as lead audit or concurring partner for public companies listed on AMEX, NYSE, and Canadian stock exchanges. In 1997, he was elected non-executive Chairman of KPMG LLP Canada. Mr. Clay retired from his career at KPMG in 2002 and since then he has served as a consultant and advisor to numerous private and public companies. He has been a consultant and corporate director of Versatile Systems Inc., a company specializing in business information technology solutions since 2002, and Minco Gold Corporation, a gold mining company since 2007. Since 2004, Mr. Clay has been a director of Zongshen PEM Power Systems Inc., a Canadian listed, China-based company that manufactures electric and gas motorcycles and electric bicycles for the Chinese and international markets. He has also been a director of Powertech Uranium Corp., a mineral exploration and development company since 2008.

 


Education:

University of British Columbia, BA (Economics)

 

Graham Kwan

 

EVP, Strategic Development, Corporate Affaris, Corporate Secretary

Director/Board Member

 

 

Biography

Mr. Graham Richard Kwan has been appointed as the Executive Vice President - Strategic Development and Corporate Affairs, Corporate Secretary, Director of Hanwei Energy Services Corp. Mr. Kwan is currently the Chief Executive Officer of Character Capital Inc., a company that provides strategic investment advisory and capital markets mandates for Chinese and western businesses in cross cultural enterprises. From 2006 to May 2010, he was the Chief Executive Officer and a Director of Melco China Resorts (Holding) Limited (“MCRâ€), and oversaw its strategic direction and development. He worked directly with Chinese private and state owned enterprises as well provincial and city government authorities. From 1997 to 2006 Mr. Kwan held various senior executive positions in the corporate, real estate and operations groups of Intrawest Corporation, a publicly traded, destination resort developer and operator. Mr. Kwan was responsible for all of Intrawest’s activities in China as well as their international expansion into luxury and adventure travel recognized by their purchase of Abercrombie & Kent in 2004. Prior to joining Intrawest, Mr. Kwan was a partner with Belt Collins LLC, one of Asia’s development consulting firms.

 


Age: 45

 


Education:

University of New South Wales, B (Landscape Architecture)

 


Compensation/Salary:70,000

Compensation Currency: CAD

 

William G. Paine

 

Independent Director

Director/Board Member

 

 

Biography

Mr. William G. Paine is Independent Director of Hanwei Energy Services Corp. Mr. Paine has been Managing Director of Canadian Gas Services International since April 2009 prior to which he was Managing Director of Terasen International Inc., a subsidiary of Terasen Inc., a natural gas company, from 1995 to 2007. He is a director of Palmet Energy of Istanbul, Turkey and has been a director of several energy companies and joint ventures both in Canada and internationally. Mr. Paine has industry knowledge in the international oil and gas and energy services sectors. He has an MBA from the Schulich School of Business in Toronto.

 


Education:

York University, MBA 

 

Randall Smallbone

 

Independent Director

Director/Board Member

 

 

Biography

Mr. S. Randall Smallbone is Independent Director of Hanwei Energy Services Corp. Mr. Smallbone has been Chief Financial Officer of Migao Corporation since July 2008. He is the former Executive Vice-President, Finance and Chief Financial Officer of KIK Custom Products (KCP Income Fund) from October 2005 to February 2008. He is a financial executive with more than 30 years operation experience in global manufacturing of consumer goods, contract manufacturing, automotive and aerospace parts. He is a director and Treasurer of Joseph Brant Hospital Foundation and has had board of directors experience in the past 10 years. Mr. Smallbone has experience in financial management, capital market, acquisition and investor relations and holds a CGA designation.

 

Joanne Yan

 

Lead Independent Director

Director/Board Member

 

 

Biography

Ms. Joanne Yan is Lead Independent Director of Hanwei Energy Services Corp. Ms. Yan has more than 15 years experience in advising and managing public companies and has played a role in the financing and business development strategies of several North American and Chinese based companies. Ms. Yan is currently the President and a director of Brazilian Gold Corporation. (formerly Red Dragon Resources Corp.), a TSX Venture listed company involved in base metal and uranium exploration. She is also a director of TSX listed Hanfeng Evergreen Inc., a developer and producer of value-added fertilizer in China, a director of Zongshen PEM Power Systems Inc., a Canadian listed, China-based company that manufactures electric and gas motorcycles and electric bicycles, and a director of Yalian Steel Corporation, a TSX Venture listed company. She is also former founding director, managing director, VP and Corporate Secretary of Golden China Resources Corp.(formerly APAC Minerals Inc.) and a former director and one of the founders of CPAC (Care) Holdings Ltd., a publicly traded company acquired by Chartwell Master Care LP in July 2005.

 


Education:

Malaspina University College (Business Administration)
Xian University (English)

 

 

Executives

 

Name

Title

Function

 

Huiping Hu

 

Chief Operating Officer

Operations Executive

 

Biography

Mr. Huiping Hu is Chief Operating Officer of Hanwei Energy Services Corp. since February 20, 2009. He served as General Manager of Buzachi Operating Ltd., an international joint venture operated by China National Petroleum Company (CNPC) from 2006 to 2008; senior executive in production and engineering of Greater Nile Petroleum Operating Company Ltd.(a CNPC consortium) from 1997 to 2005.

 


Education:

University of Houston

 

Graham Kwan

 

EVP, Strategic Development, Corporate Affaris, Corporate Secretary

Company Secretary

 

 

Biography

Mr. Graham Richard Kwan has been appointed as the Executive Vice President - Strategic Development and Corporate Affairs, Corporate Secretary, Director of Hanwei Energy Services Corp. Mr. Kwan is currently the Chief Executive Officer of Character Capital Inc., a company that provides strategic investment advisory and capital markets mandates for Chinese and western businesses in cross cultural enterprises. From 2006 to May 2010, he was the Chief Executive Officer and a Director of Melco China Resorts (Holding) Limited (“MCRâ€), and oversaw its strategic direction and development. He worked directly with Chinese private and state owned enterprises as well provincial and city government authorities. From 1997 to 2006 Mr. Kwan held various senior executive positions in the corporate, real estate and operations groups of Intrawest Corporation, a publicly traded, destination resort developer and operator. Mr. Kwan was responsible for all of Intrawest’s activities in China as well as their international expansion into luxury and adventure travel recognized by their purchase of Abercrombie & Kent in 2004. Prior to joining Intrawest, Mr. Kwan was a partner with Belt Collins LLC, one of Asia’s development consulting firms.

 


Age: 45

 


Education:

University of New South Wales, B (Landscape Architecture)

 


Compensation/Salary:70,000

Compensation Currency: CAD

 

Rick Huang

 

CFO

Finance Executive

 

 

 

 

Significant Developments

 

Hanwei Energy Services Corp. Confirms Pipe Supply Contracts For New China Salt Mining Applications Oct 20, 2011

 

Hanwei Energy Services Corp. announced that it has recently confirmed pipe supply contracts for new salt mining applications in China for an amount of approximately Renminbi (RMB) 21.3 million (CDN$3.4 million). Inclusive of the abovementioned new contracts, the Company has confirmed total sales orders to date for the China market of approximately RMB105.9 million (CDN$17 million). These sales orders are expected to be fully produced and shipped in the Company's current fiscal year ending March 31, 2012.

 

Hanwei Energy Services Corp. Confirms New International Pipe Supply Contracts for Kazakhstan Oil and Gas Applications Oct 19, 2011

 

Hanwei Energy Services Corp. announced that it has recently confirmed new supply contracts to several customers in Kazakhstan for its high performance Fiberglass Reinforced Plastic (FRP) pipe products of approximately $2.1 million. The projects are located in Kazakhstan's North Buzachi oil field and will be utilized for distribution line installations. Inclusive of the abovementioned new contracts, the Company has confirmed total sales orders to date for the Kazakhstan market of approximately $7.42 million which are expected to be fully produced and shipped in the Company's current fiscal year ending March 31, 2012.

 

Hanwei Energy Services Corp. Executes Agreement For Sale Of Current Wind Inventory For Up To CNY120 Million Jun 14, 2011

 

Hanwei Energy Services Corp. announced that it has signed an Agreement by and between Hanwei and a Chinese customer (the Parties) for the sale of the majority of the Company's current wind power equipment inventory for a total amount up to CNY120 million (CAD18 million). As of the date of this news release, an initial non-refundable amount of CNY20 million (CAD3.0 million) has been received by the Company. A further payment of CNY10 million (approximately CAD1.5 million) shall be made by the customer to Hanwei upon a final detailed inventory valuation being completed by the Parties which will establish any adjustments together with a staged payment and shipping plan.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Restated Normal 
30-Jun-2011

Restated Special 
31-Mar-2011

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

30.2

39.4

90.3

38.0

20.9

Revenue

30.2

39.4

90.3

38.0

20.9

Total Revenue

30.2

39.4

90.3

38.0

20.9

 

 

 

 

 

 

    Cost of Revenue

43.2

27.9

66.8

21.9

11.2

Cost of Revenue, Total

43.2

27.9

66.8

21.9

11.2

Gross Profit

-13.0

11.5

23.6

16.2

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.5

46.8

11.4

8.9

4.7

    Labor & Related Expense

-

-

1.1

0.6

-

Total Selling/General/Administrative Expenses

2.5

46.8

12.5

9.4

4.7

Research & Development

1.6

1.5

1.0

0.1

0.3

    Impairment-Assets Held for Use

0.0

22.4

-

-

-

Unusual Expense (Income)

0.0

22.4

-

-

-

Total Operating Expense

47.3

98.6

80.2

31.4

16.2

 

 

 

 

 

 

Operating Income

-17.1

-59.3

10.1

6.6

4.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.7

-4.1

-1.6

-0.6

-0.6

    Interest Expense, Net Non-Operating

-2.7

-4.1

-1.6

-0.6

-0.6

        Interest Income - Non-Operating

0.0

0.3

0.6

1.1

0.0

    Interest/Investment Income - Non-Operating

0.0

0.3

0.6

1.1

0.0

Interest Income (Expense) - Net Non-Operating Total

-2.7

-3.7

-1.0

0.4

-0.6

    Other Non-Operating Income (Expense)

-1.8

-0.4

-0.6

-0.3

0.0

Other, Net

-1.8

-0.4

-0.6

-0.3

0.0

Income Before Tax

-21.7

-63.4

8.5

6.8

4.1

 

 

 

 

 

 

Total Income Tax

0.6

-4.2

1.2

0.5

0.0

Income After Tax

-22.3

-59.3

7.3

6.3

4.1

 

 

 

 

 

 

    Minority Interest

-

0.0

-0.4

-0.7

-0.1

Net Income Before Extraord Items

-22.3

-59.2

7.0

5.5

4.1

    Discontinued Operations

-4.4

-1.0

-

-

-

Total Extraord Items

-4.4

-1.0

-

-

-

Net Income

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-22.3

-59.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

70.0

60.8

60.5

47.3

20.6

Basic EPS Excl Extraord Items

-0.32

-0.97

0.12

0.12

0.20

Basic/Primary EPS Incl Extraord Items

-0.38

-0.99

0.12

0.12

0.20

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-26.7

-60.2

7.0

5.5

4.1

Diluted Weighted Average Shares

70.0

60.8

61.8

49.1

33.9

Diluted EPS Excl Extraord Items

-0.32

-0.97

0.11

0.11

0.12

Diluted EPS Incl Extraord Items

-0.38

-0.99

0.11

0.11

0.12

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

2.7

4.1

1.6

0.6

0.6

Depreciation, Supplemental

-

2.9

1.9

0.9

0.7

Total Special Items

0.0

22.4

-

-

-

Normalized Income Before Tax

-21.7

-41.0

8.5

6.8

4.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

7.8

-

-

-

Inc Tax Ex Impact of Sp Items

0.6

3.7

1.2

0.5

0.0

Normalized Income After Tax

-22.3

-44.7

7.3

6.3

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-22.3

-44.7

7.0

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

-0.32

-0.73

0.12

0.12

0.20

Diluted Normalized EPS

-0.32

-0.73

0.11

0.11

0.12

Amort of Intangibles, Supplemental

-

1.8

0.7

-

-

Research & Development Exp, Supplemental

1.6

1.5

1.0

0.1

0.3

Normalized EBIT

-17.1

-36.9

10.1

6.6

4.7

Normalized EBITDA

-17.1

-32.1

12.7

7.5

5.4

    Current Tax - Total

-

0.4

2.1

0.8

0.0

Current Tax - Total

-

0.4

2.1

0.8

0.0

    Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Income Tax - Total

-

-4.2

1.2

0.5

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Restated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

0.97275

1.01455

1.2345

0.98695

1.1637

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

3.9

2.8

9.6

13.7

-

    Cash & Equivalents

-

-

-

-

2.0

    Short Term Investments

0.4

0.8

2.4

22.7

0.0

Cash and Short Term Investments

4.3

3.6

12.1

36.4

2.0

        Accounts Receivable - Trade, Gross

-

64.1

-

-

-

        Provision for Doubtful Accounts

-

-27.9

-

-

-

    Trade Accounts Receivable - Net

21.2

36.1

64.9

34.8

17.4

Total Receivables, Net

21.2

36.1

64.9

34.8

17.4

    Inventories - Finished Goods

7.8

15.1

8.7

6.7

3.5

    Inventories - Work In Progress

7.5

9.2

2.2

4.0

0.2

    Inventories - Raw Materials

7.2

6.3

12.6

4.4

1.3

Total Inventory

22.4

30.7

23.4

15.1

5.0

Prepaid Expenses

0.7

19.7

7.9

10.5

0.3

    Deferred Income Tax - Current Asset

-

0.6

0.9

0.9

0.0

    Discontinued Operations - Current Asset

0.0

-

-

-

-

    Other Current Assets

0.0

1.9

0.6

0.3

0.0

Other Current Assets, Total

0.0

2.5

1.5

1.1

0.0

Total Current Assets

48.6

92.6

109.9

97.9

24.8

 

 

 

 

 

 

        Buildings

-

24.0

8.5

5.4

5.0

        Machinery/Equipment

-

22.7

16.6

7.5

5.8

        Construction in Progress

-

1.5

13.9

2.8

0.0

        Leases

-

4.0

3.9

0.6

0.5

        Other Property/Plant/Equipment

-

1.1

0.5

0.3

0.0

    Property/Plant/Equipment - Gross

-

53.3

43.5

16.6

11.3

    Accumulated Depreciation

-

-16.4

-4.5

-3.0

-1.9

Property/Plant/Equipment - Net

22.3

36.8

39.0

13.7

9.4

Goodwill, Net

0.0

0.4

13.2

0.0

-

    Intangibles - Gross

-

21.5

8.6

-

-

    Accumulated Intangible Amortization

-

-19.3

-0.6

-

-

Intangibles, Net

3.8

2.2

8.1

0.0

-

    Deferred Income Tax - Long Term Asset

0.0

1.0

1.0

0.1

0.0

    Other Long Term Assets

-

-

-

-

0.0

Other Long Term Assets, Total

0.0

1.0

1.0

0.1

0.0

Total Assets

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

Accounts Payable

0.5

29.9

8.0

6.9

6.8

Payable/Accrued

27.7

-

-

-

-

Accrued Expenses

-

3.5

2.9

0.9

0.5

Notes Payable/Short Term Debt

21.4

50.0

31.5

1.9

4.3

    Dividends Payable

0.1

0.1

0.1

0.1

0.9

    Customer Advances

0.8

0.6

8.5

0.6

0.2

    Income Taxes Payable

-

2.2

-

-

-

    Other Payables

-

0.5

11.8

3.8

2.5

Other Current liabilities, Total

0.9

3.4

20.4

4.4

3.6

Total Current Liabilities

50.5

86.8

62.8

14.2

15.1

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

21.4

50.0

31.5

1.9

4.3

 

 

 

 

 

 

Minority Interest

0.1

0.0

0.0

3.5

3.2

    Discontinued Operations - Liabilities

-

0.0

0.9

0.0

-

Other Liabilities, Total

-

0.0

0.9

0.0

-

Total Liabilities

50.5

86.8

63.8

17.7

18.3

 

 

 

 

 

 

    Common Stock

90.3

83.1

68.2

82.6

11.1

Common Stock

90.3

83.1

68.2

82.6

11.1

Additional Paid-In Capital

6.0

5.2

3.1

3.9

1.6

Retained Earnings (Accumulated Deficit)

-72.2

-47.5

14.1

10.1

3.5

    Translation Adjustment

0.2

5.5

21.9

-2.7

-0.3

Other Equity, Total

0.2

5.5

21.9

-2.7

-0.3

Total Equity

24.2

46.3

107.4

94.0

15.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

71.1

60.9

60.8

59.9

21.1

Total Common Shares Outstanding

71.1

60.9

60.8

59.9

21.1

Employees

-

1,111

1,297

-

-

Accumulated Intangible Amort, Suppl.

-

19.3

0.6

-

-

Deferred Revenue - Current

0.8

0.6

8.5

0.6

0.2

Total Long Term Debt, Supplemental

-

-

-

1.8

-

Long Term Debt Maturing within 1 Year

-

-

-

1.8

-

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

0.0

-

Total Operating Leases, Supplemental

-

8.3

2.6

1.0

0.0

Operating Lease Payments Due in Year 1

-

1.4

0.6

0.3

0.0

Operating Lease Payments Due in Year 2

-

1.2

0.8

0.2

-

Operating Lease Payments Due in Year 3

-

1.0

0.8

0.2

-

Operating Lease Payments Due in Year 4

-

0.7

0.1

0.1

-

Operating Lease Payments Due in Year 5

-

0.8

0.1

0.1

-

Operating Lease Pymts. Due in 2-3 Years

-

2.2

1.7

0.4

-

Operating Lease Pymts. Due in 4-5 Years

-

1.4

0.3

0.2

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

3.2

0.0

0.0

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-25.8

-59.2

7.0

5.5

4.1

    Depreciation

4.1

4.7

1.9

0.9

0.7

Depreciation/Depletion

4.1

4.7

1.9

0.9

0.7

Deferred Taxes

1.0

-4.6

-0.9

-0.3

0.0

    Discontinued Operations

-0.8

-2.1

-

-

-

    Unusual Items

12.9

22.4

0.0

-

-

    Other Non-Cash Items

-13.0

31.5

1.5

1.3

0.1

Non-Cash Items

-0.9

51.8

1.5

1.3

0.1

    Accounts Receivable

30.5

-6.1

-49.0

-14.9

-7.5

    Inventories

8.7

-7.0

-7.4

-9.0

-1.0

    Prepaid Expenses

19.2

-12.3

1.2

-9.5

0.1

    Other Assets

-

-

-

-

0.0

    Accounts Payable

-

-1.0

-0.5

-0.3

-0.7

    Payable/Accrued

-8.9

18.4

6.0

5.0

1.3

    Other Liabilities

0.8

-8.4

7.8

0.2

-0.2

    Other Assets & Liabilities, Net

-1.5

0.4

-

-

0.0

Changes in Working Capital

48.7

-16.2

-41.9

-28.4

-8.1

Cash from Operating Activities

27.0

-23.5

-32.6

-21.0

-3.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.6

-5.6

-23.4

-4.8

-0.9

    Purchase/Acquisition of Intangibles

-

-

-

-

0.0

Capital Expenditures

-1.6

-5.6

-23.4

-4.8

-0.9

    Sale of Fixed Assets

1.6

0.0

-

-

-

    Sale/Maturity of Investment

1.9

3.2

18.1

0.0

-

    Purchase of Investments

-1.5

-1.2

0.0

-20.8

0.0

    Other Investing Cash Flow

0.2

-0.7

0.0

0.0

-

Other Investing Cash Flow Items, Total

2.3

1.4

18.2

-20.8

0.0

Cash from Investing Activities

0.7

-4.3

-5.2

-25.7

-0.9

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

-

-

-

Financing Cash Flow Items

0.0

0.0

-

-

-

    Cash Dividends Paid - Common

-

-

-

-0.8

-0.1

Total Cash Dividends Paid

-

-

-

-0.8

-0.1

        Sale/Issuance of Common

3.4

0.0

-

65.4

1.7

    Common Stock, Net

3.4

0.0

-

65.4

1.7

    Options Exercised

0.0

0.0

1.4

-

-

Issuance (Retirement) of Stock, Net

3.5

0.0

1.4

65.4

1.7

        Short Term Debt Issued

36.0

54.4

32.3

1.8

-

        Short Term Debt Reduction

-66.0

-35.6

-1.6

-9.2

-

    Short Term Debt, Net

-30.0

18.8

30.7

-7.3

3.2

        Long Term Debt Reduction

-

-

-

-

0.0

    Long Term Debt, Net

-

-

-

-

0.0

Issuance (Retirement) of Debt, Net

-30.0

18.8

30.7

-7.3

3.2

Cash from Financing Activities

-26.5

18.8

32.1

57.2

4.7

Foreign Exchange Effects

-0.2

0.7

4.1

-0.1

-0.1

Net Change in Cash

1.0

-8.3

-1.6

10.4

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

2.8

10.9

12.7

2.2

1.7

Net Cash - Ending Balance

3.8

2.6

11.1

12.6

2.1

Cash Interest Paid

2.2

3.9

1.9

0.5

0.5

Cash Taxes Paid

0.0

0.0

0.5

0.2

0.0

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Restated Normal 
30-Jun-2011

Restated Special 
31-Mar-2011

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

30.2

39.4

90.3

38.0

20.9

Total Revenue

30.2

39.4

90.3

38.0

20.9

 

 

 

 

 

 

    Cost of Goods Sold

43.2

27.9

66.8

21.9

11.2

    Sales and marketing

3.6

5.2

4.6

4.4

2.0

    General and Administrative

-1.1

13.6

6.8

4.5

2.8

    Bad debts (recovery)

0.0

28.1

-

-

-

    Research & Development

1.6

1.5

1.0

0.1

0.3

    Stock Based Compensation

-

-

1.1

0.6

-

    Impairment loss and write-downs (Note 18

0.0

22.4

-

-

-

Total Operating Expense

47.3

98.6

80.2

31.4

16.2

 

 

 

 

 

 

    Interest Income

0.0

0.3

0.6

1.1

0.0

    Interest Expense

-2.7

-4.1

-1.6

-0.6

-0.6

    Other Income

-1.8

-0.4

-0.6

-0.3

0.0

Net Income Before Taxes

-21.7

-63.4

8.5

6.8

4.1

 

 

 

 

 

 

Provision for Income Taxes

0.6

-4.2

1.2

0.5

0.0

Net Income After Taxes

-22.3

-59.3

7.3

6.3

4.1

 

 

 

 

 

 

    Minority Interest

-

0.0

-0.4

-0.7

-0.1

Net Income Before Extra. Items

-22.3

-59.2

7.0

5.5

4.1

    Loss from discontinued operations (Note

-4.4

-1.0

-

-

-

Net Income

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-22.3

-59.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Basic Weighted Average Shares

70.0

60.8

60.5

47.3

20.6

Basic EPS Excluding ExtraOrdinary Items

-0.32

-0.97

0.12

0.12

0.20

Basic EPS Including ExtraOrdinary Items

-0.38

-0.99

0.12

0.12

0.20

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-26.7

-60.2

7.0

5.5

4.1

Diluted Weighted Average Shares

70.0

60.8

61.8

49.1

33.9

Diluted EPS Excluding ExtraOrd Items

-0.32

-0.97

0.11

0.11

0.12

Diluted EPS Including ExtraOrd Items

-0.38

-0.99

0.11

0.11

0.12

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-21.7

-41.0

8.5

6.8

4.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

3.7

1.2

0.5

0.0

Normalized Income After Taxes

-22.3

-44.7

7.3

6.3

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-22.3

-44.7

7.0

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

-0.32

-0.73

0.12

0.12

0.20

Diluted Normalized EPS

-0.32

-0.73

0.11

0.11

0.12

Interest Expense

2.7

4.1

1.6

0.6

0.6

Depreciation

-

2.9

1.9

0.9

0.7

Amortization of Intangibles

-

1.8

0.7

-

-

Research & Development

1.6

1.5

1.0

0.1

0.3

    Current Tax

-

0.4

2.1

0.8

0.0

Current Tax - Total

-

0.4

2.1

0.8

0.0

    Deferred Tax

-

-4.6

-0.9

-0.3

0.0

Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Income Tax - Total

-

-4.2

1.2

0.5

0.0

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Restated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

0.97275

1.01455

1.2345

0.98695

1.1637

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

3.9

2.8

9.6

13.7

-

    Cash & Equivalents

-

-

-

-

2.0

    Short-Term Investments

0.4

0.8

2.4

22.7

0.0

    Accounts Receivable

21.2

-

64.9

34.8

17.4

    Accounts Receivable

-

64.1

-

-

-

    Doubtfull Accounts

-

-27.9

-

-

-

    Prepaid Expenses

0.7

19.7

7.9

10.5

0.3

    Raw Materials

7.2

6.3

12.6

4.4

1.3

    Work in Progress

7.5

9.2

2.2

4.0

0.2

    Finished Goods

7.8

15.1

8.7

6.7

3.5

    Other

0.0

1.9

0.6

0.3

0.0

    Future Income Tax Assets

-

0.6

0.9

0.9

0.0

    Assets classified as held for sale

0.0

-

-

-

-

Total Current Assets

48.6

92.6

109.9

97.9

24.8

 

 

 

 

 

 

    Property, plant and equipment

22.3

-

-

-

-

    Lease prepayments

3.8

-

-

-

-

    Building

-

24.0

8.5

5.4

5.0

    Land Use Rights

-

4.0

3.9

0.6

0.5

    Production Equipment

-

20.2

14.4

6.2

4.9

    Construction in Progress

-

1.5

13.9

2.8

0.0

    Vehicles

-

1.6

1.5

1.0

0.7

    Office Equipment

-

0.9

0.8

0.3

0.2

    Other Property & Equipment

-

1.1

0.5

0.3

0.0

    Impairment

-

-6.1

-

-

-

    Depreciation

-

-10.3

-4.5

-3.0

-1.9

    Future Income Tax Asset

0.0

1.0

1.0

0.1

0.0

    Intangible Gross

-

21.5

8.6

-

-

    Impairment

-

-17.3

-

-

-

    Accumulated Amortization of Intangibles

-

-2.0

-0.6

-

-

    Intangible Assets

0.0

-

-

0.0

-

    Adjustment

-

-

-

-

0.0

    Goodwill

0.0

0.4

13.2

0.0

-

    Other

-

-

-

-

0.0

Total Assets

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    Accounts Payable & Accrued Liabilities

27.7

-

-

-

-

    Short Term Loans

21.4

50.0

31.5

1.9

4.3

    Due to Related Parties

0.5

2.0

2.0

0.4

5.1

    Trade Accounts Payable

-

22.5

5.9

6.5

1.7

    Accrued Expenses

-

3.5

2.9

0.9

0.5

    Salaries & Benefits Payable

-

0.5

1.0

1.0

0.6

    Deferred Revenue

0.8

0.6

8.5

0.6

0.2

    Dividends Payable

0.1

0.1

0.1

0.1

0.9

    Tax Payable

-

1.5

-

-

-

    Other tax payable

-

0.7

-

-

-

    Other Account Payable

-

5.5

-

-

-

    Other Payables

-

-

10.8

2.8

2.0

Total Current Liabilities

50.5

86.8

62.8

14.2

15.1

 

 

 

 

 

 

    Future Income Tax Liabs.

-

0.0

0.9

0.0

-

    Non Controling Interest

0.1

0.0

0.0

3.5

3.2

Total Liabilities

50.5

86.8

63.8

17.7

18.3

 

 

 

 

 

 

    Share Capital

90.3

83.1

68.2

82.6

11.1

    Subscribed Shares

-

-

-

-

1.6

    Contributed Surplus

6.0

5.2

3.1

3.9

0.0

    Cumulative Translation Adjustment

0.2

5.5

21.9

-2.7

-0.3

    Retained Earnings

-72.2

-47.5

14.1

10.1

3.5

Total Equity

24.2

46.3

107.4

94.0

15.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    S/O-Common Stock

71.1

60.9

60.8

59.9

21.1

Total Common Shares Outstanding

71.1

60.9

60.8

59.9

21.1

Deferred Revenue - Current

0.8

0.6

8.5

0.6

0.2

Accumulated Amortization of IntangiblesA

-

19.3

0.6

-

-

Employees

-

1,111

1,297

-

-

Long Term Debt Maturing Within 1 Year

-

-

-

1.8

-

Total Long Term Debt, Supplemental

-

-

-

1.8

-

Operating Leases Due Within 1 Year

-

1.4

0.6

0.3

0.0

Operating Leases Due Within 2 Year

-

1.2

-

-

-

Operating Lease Maturing Within 3 Years

-

1.0

1.7

0.4

-

Operating Leases Due Within 4 Year

-

0.7

-

-

-

Operating Lease Maturing Within 5 Years

-

0.8

0.3

0.2

-

Operating Lease Maturing thereafter

-

3.2

-

-

-

Total Operating Leases, Supplemental

-

8.3

2.6

1.0

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-25.8

-59.2

7.0

5.5

4.1

    Depreciation

4.1

4.7

1.9

0.9

0.7

    Non Controlling Interest

0.0

0.0

0.4

0.7

0.1

    Allowance for (recovery of) doubtful acc

-13.4

30.2

0.0

-

-

    Future Income Tax Recovery

1.0

-4.6

-0.9

-0.3

0.0

    Stock Based Compensation

0.4

1.4

1.1

0.6

0.0

    Accounts Receivable

30.5

-6.1

-49.0

-14.9

-7.5

    Prepaid Expenses

19.2

-12.3

1.2

-9.5

0.1

    Inventories

0.8

-7.3

-7.4

-9.0

-1.0

    Due From Related Parties

-1.5

0.4

-

-

0.0

    Cash applied to discontinued operations

-0.8

-2.1

-

-

-

    Impairment loss

1.7

16.1

0.0

-

-

    Inventory provision

7.9

0.2

0.0

-

-

    Gain on disposal of tangible assets

-0.2

0.0

-

-

-

    Write-down of tangible assets

11.3

6.3

0.0

-

-

    Accounts Payable & Accrued Liabilities

-8.9

18.4

6.0

5.0

1.3

    Customer Deposit and other

0.5

-8.4

7.8

0.2

-0.2

    Due to Related Parties

-

-1.0

-0.5

-0.3

-0.7

    Other

0.4

-

-

-

-

    Restricted Cash

-

-

-

-

0.0

Cash from Operating Activities

27.0

-23.5

-32.6

-21.0

-3.3

 

 

 

 

 

 

    Cash provided by (applied to) discontinu

0.2

-0.3

-

-

-

    Proceeds from sales of capital assets

1.6

0.0

-

-

-

    Acquisition of property plant and equip

-1.6

-5.6

-23.4

-4.8

-0.9

    Maturity of short term investments

1.9

3.2

18.1

0.0

-

    Purchase of short-term investments

-1.5

-1.2

0.0

-20.8

0.0

    Acquisition of Intangible Assets

-

-

-

-

0.0

    Other

0.0

-0.3

0.0

0.0

-

Cash from Investing Activities

0.7

-4.3

-5.2

-25.7

-0.9

 

 

 

 

 

 

    Proceeds from Short-term Loans

33.7

46.9

30.8

1.8

-

    Repayments of Short-term Loans

-63.7

-25.1

-1.3

-4.3

-

    Short-Term Loan from Related Party

2.2

7.5

1.6

0.0

-

    Cash provided by discontinued operations

0.0

0.0

-

-

-

    Proceeds from issuance of common shares,

0.0

0.0

1.4

-

-

    Short-Term Loan to Related party

-2.2

-10.5

-0.3

-4.8

-

    Common Shares Issued For Cash

3.4

0.0

-

65.4

-

    Short Term Loans

-

-

-

-

0.1

    Short Term Loans From Related Parties

-

-

-

-

3.1

    Long Term Loan

-

-

-

-

0.0

    Private Placement Subscription Received

-

-

-

0.0

1.7

    Dividends Paid

-

-

-

-0.8

-0.1

Cash from Financing Activities

-26.5

18.8

32.1

57.2

4.7

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

0.7

4.1

-0.1

-0.1

Net Change in Cash

1.0

-8.3

-1.6

10.4

0.4

 

 

 

 

 

 

Net Cash - Begining Balance

2.8

10.9

12.7

2.2

1.7

Cash, end of period

3.8

2.6

11.1

12.6

2.1

    Cash Interest Paid

2.2

3.9

1.9

0.5

0.5

    Cash Taxes Paid

0.0

0.0

0.5

0.2

0.0

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

4.5

-61.21%

30.2

-28.46%

-9.02%

13.70%

Research & Development1

0.2

-50.70%

1.6

0.18%

155.07%

53.47%

Operating Income1

-0.4

-

-17.1

-

-

-

Income Available to Common Excl Extraord Items1

-0.8

-

-22.3

-

-

-

Basic EPS Excl Extraord Items1

-0.01

-

-0.32

-

-

-

Capital Expenditures2

0.4

-58.67%

1.6

-74.37%

-32.70%

-4.94%

Cash from Operating Activities2

-4.8

-

27.0

-

-

-

Free Cash Flow

-5.1

-

26.6

-

-

-

Total Assets3

74.5

-

74.8

-46.14%

-12.95%

20.95%

Total Liabilities3

52.3

-

50.5

-44.20%

41.15%

32.54%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Total Common Shares Outstanding3

71.1

-

71.1

16.63%

5.86%

33.27%

1-ExchangeRate: CAD to USD Average for Period

1.022964

 

1.016870

 

 

 

2-ExchangeRate: CAD to USD Average for Period

0.990270

 

1.016870

 

 

 

3-ExchangeRate: CAD to USD Period End Date

1.018250

 

0.972750

 

 

 

Key Ratios

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

-43.05%

29.13%

26.08%

42.51%

46.74%

Operating Margin

-56.68%

-150.49%

11.22%

17.48%

22.49%

Pretax Margin

-71.72%

-161.11%

9.44%

17.83%

19.56%

Net Profit Margin

-73.74%

-150.43%

7.71%

14.56%

19.40%

Financial Strength

Current Ratio

0.96

1.07

1.75

6.90

1.64

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.88

1.08

0.29

0.02

0.27

Management Effectiveness

Return on Assets

-21.81%

-37.34%

4.87%

8.97%

13.82%

Return on Equity

-64.27%

-71.99%

6.60%

10.67%

26.62%

Efficiency

Receivables Turnover

1.07

0.74

1.68

1.49

1.53

Inventory Turnover

1.66

1.01

3.25

2.27

2.44

Asset Turnover

0.30

0.25

0.60

0.54

0.70

Market Valuation USD (mil)

Enterprise Value2

26.6

.

Price/Sales (TTM)

0.18

Enterprise Value/Revenue (TTM)

0.96

.

Price/Book (MRQ)

0.20

Market Cap as of 01-Jun-20121

 

.

 

 

1-ExchangeRate: CAD to USD on 1-Jun-2012

 

 

 

 

2-ExchangeRate: CAD to USD on 31-Dec-2011

1.018250

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

0.96

1.07

1.75

6.90

1.64

Quick/Acid Test Ratio

0.50

0.46

1.23

5.01

1.29

Working Capital1

-1.8

5.8

47.1

83.7

9.7

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.88

1.08

0.29

0.02

0.27

Long Term Debt/Total Capital

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital

0.47

0.52

0.23

0.02

0.21

Payout Ratio

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

-

-

13.96%

7.56%

-1.03%

Total Capital1

45.6

96.3

138.9

95.9

20.2

 

 

 

 

 

 

Efficiency

Asset Turnover

0.30

0.25

0.60

0.54

0.70

Inventory Turnover

1.66

1.01

3.25

2.27

2.44

Days In Inventory

219.73

360.10

112.18

161.14

149.31

Receivables Turnover

1.07

0.74

1.68

1.49

1.53

Days Receivables Outstanding

340.07

496.34

216.64

244.23

239.05

Revenue/Employee2

-

38,107

60,238

-

-

Operating Income/Employee2

-

-57,347

6,761

-

-

EBITDA/Employee2

-

-52,733

8,449

-

-

 

 

 

 

 

 

Profitability

Gross Margin

-43.05%

29.13%

26.08%

42.51%

46.74%

Operating Margin

-56.68%

-150.49%

11.22%

17.48%

22.49%

EBITDA Margin

-56.68%

-138.38%

14.03%

19.76%

25.90%

EBIT Margin

-56.68%

-150.49%

11.22%

17.48%

22.49%

Pretax Margin

-71.72%

-161.11%

9.44%

17.83%

19.56%

Net Profit Margin

-73.74%

-150.43%

7.71%

14.56%

19.40%

R&D Expense/Revenue

5.35%

3.82%

1.07%

0.24%

1.57%

COGS/Revenue

143.05%

70.87%

73.92%

57.49%

53.26%

SG&A Expense/Revenue

8.28%

118.94%

13.79%

24.79%

22.67%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-21.81%

-37.34%

4.87%

8.97%

13.82%

Return on Equity

-64.27%

-71.99%

6.60%

10.67%

26.62%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.37

-0.51

-0.80

-0.47

-0.19

Operating Cash Flow/Share 2

0.40

-0.41

-0.46

-0.38

-0.15

1-ExchangeRate: CAD to USD Period End Date

0.97275

1.01455

1.2345

0.98695

1.1637

2-ExchangeRate: CAD to USD Average for Period

0.97275

1.01455

1.2345

0.98695

1.1637

 

Current Market Multiples

Market Cap/Earnings (TTM)

-0.29

Market Cap/Equity (MRQ)

0.23

Market Cap/Revenue (TTM)

0.18

Market Cap/EBIT (TTM)

-0.37

Market Cap/EBITDA (TTM)

-0.43

Enterprise Value/Earnings (TTM)

-1.54

Enterprise Value/Equity (MRQ)

1.20

Enterprise Value/Revenue (TTM)

0.96

Enterprise Value/EBIT (TTM)

-1.97

Enterprise Value/EBITDA (TTM)

-2.25

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Restated Normal 
30-Jun-2011

Restated Special 
31-Mar-2011

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

30.2

39.4

90.3

38.0

20.9

Revenue

30.2

39.4

90.3

38.0

20.9

Total Revenue

30.2

39.4

90.3

38.0

20.9

 

 

 

 

 

 

    Cost of Revenue

43.2

27.9

66.8

21.9

11.2

Cost of Revenue, Total

43.2

27.9

66.8

21.9

11.2

Gross Profit

-13.0

11.5

23.6

16.2

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.5

46.8

11.4

8.9

4.7

    Labor & Related Expense

-

-

1.1

0.6

-

Total Selling/General/Administrative Expenses

2.5

46.8

12.5

9.4

4.7

Research & Development

1.6

1.5

1.0

0.1

0.3

    Impairment-Assets Held for Use

0.0

22.4

-

-

-

Unusual Expense (Income)

0.0

22.4

-

-

-

Total Operating Expense

47.3

98.6

80.2

31.4

16.2

 

 

 

 

 

 

Operating Income

-17.1

-59.3

10.1

6.6

4.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.7

-4.1

-1.6

-0.6

-0.6

    Interest Expense, Net Non-Operating

-2.7

-4.1

-1.6

-0.6

-0.6

        Interest Income - Non-Operating

0.0

0.3

0.6

1.1

0.0

    Interest/Investment Income - Non-Operating

0.0

0.3

0.6

1.1

0.0

Interest Income (Expense) - Net Non-Operating Total

-2.7

-3.7

-1.0

0.4

-0.6

    Other Non-Operating Income (Expense)

-1.8

-0.4

-0.6

-0.3

0.0

Other, Net

-1.8

-0.4

-0.6

-0.3

0.0

Income Before Tax

-21.7

-63.4

8.5

6.8

4.1

 

 

 

 

 

 

Total Income Tax

0.6

-4.2

1.2

0.5

0.0

Income After Tax

-22.3

-59.3

7.3

6.3

4.1

 

 

 

 

 

 

    Minority Interest

-

0.0

-0.4

-0.7

-0.1

Net Income Before Extraord Items

-22.3

-59.2

7.0

5.5

4.1

    Discontinued Operations

-4.4

-1.0

-

-

-

Total Extraord Items

-4.4

-1.0

-

-

-

Net Income

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-22.3

-59.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

70.0

60.8

60.5

47.3

20.6

Basic EPS Excl Extraord Items

-0.32

-0.97

0.12

0.12

0.20

Basic/Primary EPS Incl Extraord Items

-0.38

-0.99

0.12

0.12

0.20

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-26.7

-60.2

7.0

5.5

4.1

Diluted Weighted Average Shares

70.0

60.8

61.8

49.1

33.9

Diluted EPS Excl Extraord Items

-0.32

-0.97

0.11

0.11

0.12

Diluted EPS Incl Extraord Items

-0.38

-0.99

0.11

0.11

0.12

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

2.7

4.1

1.6

0.6

0.6

Depreciation, Supplemental

-

2.9

1.9

0.9

0.7

Total Special Items

0.0

22.4

-

-

-

Normalized Income Before Tax

-21.7

-41.0

8.5

6.8

4.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

7.8

-

-

-

Inc Tax Ex Impact of Sp Items

0.6

3.7

1.2

0.5

0.0

Normalized Income After Tax

-22.3

-44.7

7.3

6.3

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-22.3

-44.7

7.0

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

-0.32

-0.73

0.12

0.12

0.20

Diluted Normalized EPS

-0.32

-0.73

0.11

0.11

0.12

Amort of Intangibles, Supplemental

-

1.8

0.7

-

-

Research & Development Exp, Supplemental

1.6

1.5

1.0

0.1

0.3

Normalized EBIT

-17.1

-36.9

10.1

6.6

4.7

Normalized EBITDA

-17.1

-32.1

12.7

7.5

5.4

    Current Tax - Total

-

0.4

2.1

0.8

0.0

Current Tax - Total

-

0.4

2.1

0.8

0.0

    Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Income Tax - Total

-

-4.2

1.2

0.5

0.0

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

6 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Special 
31-Dec-2011

Restated Calculated 
30-Sep-2011

Restated Calculated 
30-Jun-2011

Restated Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.022964

0.974012

0.968102

0.985816

1.012915

 

 

 

 

 

 

    Net Sales

4.5

16.7

5.1

7.5

11.8

Revenue

4.5

16.7

5.1

7.5

11.8

Total Revenue

4.5

16.7

5.1

7.5

11.8

 

 

 

 

 

 

    Cost of Revenue

2.9

11.7

3.3

25.2

9.0

Cost of Revenue, Total

2.9

11.7

3.3

25.2

9.0

Gross Profit

1.6

5.0

1.8

-17.7

2.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.8

5.1

2.5

-5.2

2.1

Total Selling/General/Administrative Expenses

1.8

5.1

2.5

-5.2

2.1

Research & Development

0.2

0.5

0.2

0.4

0.4

    Impairment-Assets Held for Sale

-

-

-

0.0

-

Unusual Expense (Income)

-

-

-

0.0

-

Total Operating Expense

5.0

17.3

6.0

20.4

11.6

 

 

 

 

 

 

Operating Income

-0.4

-0.6

-0.9

-12.9

0.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.5

-1.0

-0.3

-1.4

-0.3

    Interest Expense, Net Non-Operating

-0.5

-1.0

-0.3

-1.4

-0.3

        Interest Income - Non-Operating

0.1

0.0

0.0

-

0.1

    Interest/Investment Income - Non-Operating

0.1

0.0

0.0

-

0.1

    Interest Income (Expense) - Net Non-Operating

-

-

-

-0.2

-

Interest Income (Expense) - Net Non-Operating Total

-0.4

-1.0

-0.3

-1.6

-0.1

    Other Non-Operating Income (Expense)

-

-

-0.1

-1.8

-

Other, Net

-

-

-0.1

-1.8

-

Income Before Tax

-0.8

-1.6

-1.3

-16.3

0.1

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.8

0.0

Income After Tax

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-0.8

-1.6

-1.3

-17.2

0.1

    Discontinued Operations

0.2

-1.2

-0.1

-3.0

4.2

Total Extraord Items

0.2

-1.2

-0.1

-3.0

4.2

Net Income

-0.6

-2.9

-1.5

-20.2

4.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.6

-2.9

-1.5

-20.2

4.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

71.1

71.0

71.1

79.3

71.1

Basic EPS Excl Extraord Items

-0.01

-0.02

-0.02

-0.22

0.00

Basic/Primary EPS Incl Extraord Items

-0.01

-0.04

-0.02

-0.25

0.06

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-0.6

-2.9

-1.5

-20.2

4.3

Diluted Weighted Average Shares

71.1

71.0

71.1

79.3

71.2

Diluted EPS Excl Extraord Items

-0.01

-0.02

-0.02

-0.22

0.00

Diluted EPS Incl Extraord Items

-0.01

-0.04

-0.02

-0.25

0.06

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.5

1.0

0.3

1.4

0.3

Depreciation, Supplemental

-

-

0.4

0.4

-

Total Special Items

-

-

-

0.0

-

Normalized Income Before Tax

-0.8

-1.6

-1.3

-16.3

0.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

-

-

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.8

0.0

Normalized Income After Tax

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Basic Normalized EPS

-0.01

-0.02

-0.02

-0.22

0.00

Diluted Normalized EPS

-0.01

-0.02

-0.02

-0.22

0.00

Research & Development Exp, Supplemental

0.2

0.5

0.2

0.4

0.4

Normalized EBIT

-0.4

-0.6

-0.9

-12.9

0.3

Normalized EBITDA

-0.4

-0.6

-0.5

-12.6

0.3

    Current Tax - Domestic

-0.1

0.1

0.0

0.0

0.0

Current Tax - Total

-0.1

0.1

0.0

0.0

0.0

    Deferred Tax - Domestic

0.0

0.0

0.0

0.8

0.0

Deferred Tax - Total

0.0

0.0

0.0

0.8

0.0

Income Tax - Total

0.0

0.0

0.0

0.8

0.0

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Restated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

0.97275

1.01455

1.2345

0.98695

1.1637

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

3.9

2.8

9.6

13.7

-

    Cash & Equivalents

-

-

-

-

2.0

    Short Term Investments

0.4

0.8

2.4

22.7

0.0

Cash and Short Term Investments

4.3

3.6

12.1

36.4

2.0

        Accounts Receivable - Trade, Gross

-

64.1

-

-

-

        Provision for Doubtful Accounts

-

-27.9

-

-

-

    Trade Accounts Receivable - Net

21.2

36.1

64.9

34.8

17.4

Total Receivables, Net

21.2

36.1

64.9

34.8

17.4

    Inventories - Finished Goods

7.8

15.1

8.7

6.7

3.5

    Inventories - Work In Progress

7.5

9.2

2.2

4.0

0.2

    Inventories - Raw Materials

7.2

6.3

12.6

4.4

1.3

Total Inventory

22.4

30.7

23.4

15.1

5.0

Prepaid Expenses

0.7

19.7

7.9

10.5

0.3

    Deferred Income Tax - Current Asset

-

0.6

0.9

0.9

0.0

    Discontinued Operations - Current Asset

0.0

-

-

-

-

    Other Current Assets

0.0

1.9

0.6

0.3

0.0

Other Current Assets, Total

0.0

2.5

1.5

1.1

0.0

Total Current Assets

48.6

92.6

109.9

97.9

24.8

 

 

 

 

 

 

        Buildings

-

24.0

8.5

5.4

5.0

        Machinery/Equipment

-

22.7

16.6

7.5

5.8

        Construction in Progress

-

1.5

13.9

2.8

0.0

        Leases

-

4.0

3.9

0.6

0.5

        Other Property/Plant/Equipment

-

1.1

0.5

0.3

0.0

    Property/Plant/Equipment - Gross

-

53.3

43.5

16.6

11.3

    Accumulated Depreciation

-

-16.4

-4.5

-3.0

-1.9

Property/Plant/Equipment - Net

22.3

36.8

39.0

13.7

9.4

Goodwill, Net

0.0

0.4

13.2

0.0

-

    Intangibles - Gross

-

21.5

8.6

-

-

    Accumulated Intangible Amortization

-

-19.3

-0.6

-

-

Intangibles, Net

3.8

2.2

8.1

0.0

-

    Deferred Income Tax - Long Term Asset

0.0

1.0

1.0

0.1

0.0

    Other Long Term Assets

-

-

-

-

0.0

Other Long Term Assets, Total

0.0

1.0

1.0

0.1

0.0

Total Assets

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

Accounts Payable

0.5

29.9

8.0

6.9

6.8

Payable/Accrued

27.7

-

-

-

-

Accrued Expenses

-

3.5

2.9

0.9

0.5

Notes Payable/Short Term Debt

21.4

50.0

31.5

1.9

4.3

    Dividends Payable

0.1

0.1

0.1

0.1

0.9

    Customer Advances

0.8

0.6

8.5

0.6

0.2

    Income Taxes Payable

-

2.2

-

-

-

    Other Payables

-

0.5

11.8

3.8

2.5

Other Current liabilities, Total

0.9

3.4

20.4

4.4

3.6

Total Current Liabilities

50.5

86.8

62.8

14.2

15.1

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

21.4

50.0

31.5

1.9

4.3

 

 

 

 

 

 

Minority Interest

0.1

0.0

0.0

3.5

3.2

    Discontinued Operations - Liabilities

-

0.0

0.9

0.0

-

Other Liabilities, Total

-

0.0

0.9

0.0

-

Total Liabilities

50.5

86.8

63.8

17.7

18.3

 

 

 

 

 

 

    Common Stock

90.3

83.1

68.2

82.6

11.1

Common Stock

90.3

83.1

68.2

82.6

11.1

Additional Paid-In Capital

6.0

5.2

3.1

3.9

1.6

Retained Earnings (Accumulated Deficit)

-72.2

-47.5

14.1

10.1

3.5

    Translation Adjustment

0.2

5.5

21.9

-2.7

-0.3

Other Equity, Total

0.2

5.5

21.9

-2.7

-0.3

Total Equity

24.2

46.3

107.4

94.0

15.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

71.1

60.9

60.8

59.9

21.1

Total Common Shares Outstanding

71.1

60.9

60.8

59.9

21.1

Employees

-

1,111

1,297

-

-

Accumulated Intangible Amort, Suppl.

-

19.3

0.6

-

-

Deferred Revenue - Current

0.8

0.6

8.5

0.6

0.2

Total Long Term Debt, Supplemental

-

-

-

1.8

-

Long Term Debt Maturing within 1 Year

-

-

-

1.8

-

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

0.0

-

Total Operating Leases, Supplemental

-

8.3

2.6

1.0

0.0

Operating Lease Payments Due in Year 1

-

1.4

0.6

0.3

0.0

Operating Lease Payments Due in Year 2

-

1.2

0.8

0.2

-

Operating Lease Payments Due in Year 3

-

1.0

0.8

0.2

-

Operating Lease Payments Due in Year 4

-

0.7

0.1

0.1

-

Operating Lease Payments Due in Year 5

-

0.8

0.1

0.1

-

Operating Lease Pymts. Due in 2-3 Years

-

2.2

1.7

0.4

-

Operating Lease Pymts. Due in 4-5 Years

-

1.4

0.3

0.2

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

3.2

0.0

0.0

0.0

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Restated Normal 
30-Jun-2011

Restated Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

1.01825

1.04205

0.9651

0.97275

0.99365

 

 

 

 

 

 

    Cash

2.4

1.3

6.4

3.9

1.1

    Short Term Investments

0.2

0.5

0.0

0.4

0.4

Cash and Short Term Investments

2.6

1.8

6.4

4.3

1.5

    Trade Accounts Receivable - Net

36.6

32.5

20.9

21.2

30.4

Total Receivables, Net

36.6

32.5

20.9

21.2

30.4

    Inventories - Finished Goods

5.3

4.7

8.6

7.8

-

    Inventories - Work In Progress

0.3

0.3

7.6

7.5

-

    Inventories - Raw Materials

1.9

1.8

7.1

7.2

-

Total Inventory

7.5

6.8

23.3

22.4

29.5

Prepaid Expenses

2.7

1.9

0.7

0.7

11.2

    Deferred Income Tax - Current Asset

-

-

-

-

0.0

    Discontinued Operations - Current Asset

0.6

1.0

0.0

0.0

0.0

    Other Current Assets

-

-

0.0

0.0

2.4

Other Current Assets, Total

0.6

1.0

0.0

0.0

2.5

Total Current Assets

49.9

44.1

51.3

48.6

75.1

 

 

 

 

 

 

Property/Plant/Equipment - Net

20.6

20.5

22.2

22.3

24.4

Goodwill, Net

-

-

0.0

0.0

0.4

Intangibles, Net

3.9

3.9

3.9

3.8

5.7

    Deferred Income Tax - Long Term Asset

-

0.0

0.0

0.0

1.3

    Discontinued Operations - Long Term Asset

-

-

-

-

0.0

    Other Long Term Assets

-

6.6

-

0.0

-

Other Long Term Assets, Total

-

6.6

0.0

0.0

1.3

Total Assets

74.5

75.1

77.4

74.8

106.9

 

 

 

 

 

 

Accounts Payable

0.0

0.0

0.0

0.5

0.2

Payable/Accrued

26.3

26.5

25.2

27.7

26.3

Notes Payable/Short Term Debt

24.0

25.6

24.2

21.4

34.7

    Dividends Payable

0.1

0.1

0.1

0.1

0.1

    Customer Advances

1.8

0.5

4.7

0.8

1.1

Other Current liabilities, Total

1.9

0.6

4.8

0.9

1.2

Total Current Liabilities

52.2

52.7

54.2

50.5

62.3

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

24.0

25.6

24.2

21.4

34.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

-

-

-

0.2

Deferred Income Tax

-

-

-

-

0.2

Minority Interest

0.1

0.1

0.1

0.1

0.0

Total Liabilities

52.3

52.7

54.3

50.5

62.5

 

 

 

 

 

 

    Common Stock

86.2

84.3

91.0

90.3

88.4

Common Stock

86.2

84.3

91.0

90.3

88.4

Additional Paid-In Capital

5.8

5.6

6.1

6.0

5.9

Retained Earnings (Accumulated Deficit)

-72.3

-70.1

-74.3

-72.2

-50.6

    Translation Adjustment

2.5

2.6

0.3

0.2

-

    Other Comprehensive Income

-

-

-

-

0.8

Other Equity, Total

2.5

2.6

0.3

0.2

0.8

Total Equity

22.1

22.4

23.1

24.2

44.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

74.5

75.1

77.4

74.8

106.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

71.1

71.1

71.1

71.1

71.1

Total Common Shares Outstanding

71.1

71.1

71.1

71.1

71.1

Deferred Revenue - Current

1.8

0.5

4.7

0.8

1.1

Total Long Term Debt, Supplemental

24.0

25.6

24.2

-

-

Long Term Debt Maturing within 1 Year

24.0

25.6

24.2

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

-

-

Total Operating Leases, Supplemental

-

0.4

0.7

-

-

Operating Lease Payments Due in Year 1

-

0.3

0.5

-

-

Operating Lease Payments Due in Year 2

-

0.0

0.1

-

-

Operating Lease Payments Due in Year 3

-

0.0

0.1

-

-

Operating Lease Payments Due in Year 4

-

0.0

0.0

-

-

Operating Lease Payments Due in Year 5

-

0.0

0.0

-

-

Operating Lease Pymts. Due in 2-3 Years

-

0.1

0.1

-

-

Operating Lease Pymts. Due in 4-5 Years

-

0.0

0.0

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

0.0

0.0

-

-

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-25.8

-59.2

7.0

5.5

4.1

    Depreciation

4.1

4.7

1.9

0.9

0.7

Depreciation/Depletion

4.1

4.7

1.9

0.9

0.7

Deferred Taxes

1.0

-4.6

-0.9

-0.3

0.0

    Discontinued Operations

-0.8

-2.1

-

-

-

    Unusual Items

12.9

22.4

0.0

-

-

    Other Non-Cash Items

-13.0

31.5

1.5

1.3

0.1

Non-Cash Items

-0.9

51.8

1.5

1.3

0.1

    Accounts Receivable

30.5

-6.1

-49.0

-14.9

-7.5

    Inventories

8.7

-7.0

-7.4

-9.0

-1.0

    Prepaid Expenses

19.2

-12.3

1.2

-9.5

0.1

    Other Assets

-

-

-

-

0.0

    Accounts Payable

-

-1.0

-0.5

-0.3

-0.7

    Payable/Accrued

-8.9

18.4

6.0

5.0

1.3

    Other Liabilities

0.8

-8.4

7.8

0.2

-0.2

    Other Assets & Liabilities, Net

-1.5

0.4

-

-

0.0

Changes in Working Capital

48.7

-16.2

-41.9

-28.4

-8.1

Cash from Operating Activities

27.0

-23.5

-32.6

-21.0

-3.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.6

-5.6

-23.4

-4.8

-0.9

    Purchase/Acquisition of Intangibles

-

-

-

-

0.0

Capital Expenditures

-1.6

-5.6

-23.4

-4.8

-0.9

    Sale of Fixed Assets

1.6

0.0

-

-

-

    Sale/Maturity of Investment

1.9

3.2

18.1

0.0

-

    Purchase of Investments

-1.5

-1.2

0.0

-20.8

0.0

    Other Investing Cash Flow

0.2

-0.7

0.0

0.0

-

Other Investing Cash Flow Items, Total

2.3

1.4

18.2

-20.8

0.0

Cash from Investing Activities

0.7

-4.3

-5.2

-25.7

-0.9

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

-

-

-

Financing Cash Flow Items

0.0

0.0

-

-

-

    Cash Dividends Paid - Common

-

-

-

-0.8

-0.1

Total Cash Dividends Paid

-

-

-

-0.8

-0.1

        Sale/Issuance of Common

3.4

0.0

-

65.4

1.7

    Common Stock, Net

3.4

0.0

-

65.4

1.7

    Options Exercised

0.0

0.0

1.4

-

-

Issuance (Retirement) of Stock, Net

3.5

0.0

1.4

65.4

1.7

        Short Term Debt Issued

36.0

54.4

32.3

1.8

-

        Short Term Debt Reduction

-66.0

-35.6

-1.6

-9.2

-

    Short Term Debt, Net

-30.0

18.8

30.7

-7.3

3.2

        Long Term Debt Reduction

-

-

-

-

0.0

    Long Term Debt, Net

-

-

-

-

0.0

Issuance (Retirement) of Debt, Net

-30.0

18.8

30.7

-7.3

3.2

Cash from Financing Activities

-26.5

18.8

32.1

57.2

4.7

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

0.7

4.1

-0.1

-0.1

Net Change in Cash

1.0

-8.3

-1.6

10.4

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

2.8

10.9

12.7

2.2

1.7

Net Cash - Ending Balance

3.8

2.6

11.1

12.6

2.1

Cash Interest Paid

2.2

3.9

1.9

0.5

0.5

Cash Taxes Paid

0.0

0.0

0.5

0.2

0.0

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

0.99027

0.974012

0.968102

1.01687

1.027025

 

 

 

 

 

 

Net Income/Starting Line

-2.4

-1.6

-1.6

-25.8

-2.8

    Depreciation

1.3

0.9

0.4

4.1

1.0

Depreciation/Depletion

1.3

0.9

0.4

4.1

1.0

Deferred Taxes

-

-

-

1.0

-

    Discontinued Operations

-1.0

-2.0

0.8

-0.8

1.5

    Unusual Items

0.1

0.2

1.1

12.9

1.6

    Other Non-Cash Items

1.4

1.0

-0.4

-13.0

1.3

Non-Cash Items

0.5

-0.8

1.6

-0.9

4.4

    Accounts Receivable

-7.5

-8.5

2.1

30.5

8.2

    Inventories

1.7

2.2

-2.1

8.7

0.2

    Prepaid Expenses

-1.7

-0.9

-0.2

19.2

-1.5

    Payable/Accrued

3.7

0.8

-2.4

-8.9

3.5

    Taxes Payable

0.0

0.0

0.0

-

-0.3

    Other Liabilities

0.9

-0.2

4.2

0.8

0.6

    Other Assets & Liabilities, Net

-0.5

2.2

-1.1

-1.5

-1.9

    Other Operating Cash Flow

-0.9

-0.5

-0.4

-

-1.1

Changes in Working Capital

-4.3

-4.9

-0.1

48.7

7.9

Cash from Operating Activities

-4.8

-6.5

0.3

27.0

10.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.4

-0.3

-0.2

-1.6

-1.0

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-

0.0

Capital Expenditures

-0.4

-0.3

-0.2

-1.6

-1.0

    Sale of Fixed Assets

0.0

0.0

0.0

1.6

1.6

    Sale/Maturity of Investment

0.7

0.4

0.4

1.9

1.9

    Purchase of Investments

-0.5

-0.5

0.0

-1.5

-1.5

    Other Investing Cash Flow

1.7

0.6

0.1

0.2

0.0

Other Investing Cash Flow Items, Total

1.8

0.5

0.5

2.3

2.0

Cash from Investing Activities

1.4

0.2

0.3

0.7

1.0

 

 

 

 

 

 

    Other Financing Cash Flow

-1.6

0.0

0.0

0.0

-3.0

Financing Cash Flow Items

-1.6

0.0

0.0

0.0

-3.0

        Sale/Issuance of Common

0.0

0.0

0.0

3.4

3.4

    Common Stock, Net

0.0

0.0

0.0

3.4

3.4

    Options Exercised

0.0

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

3.5

3.4

        Short Term Debt Issued

19.4

11.8

4.2

36.0

22.4

        Short Term Debt Reduction

-16.8

-9.0

-2.5

-63.7

-36.2

    Short Term Debt, Net

3.4

3.7

1.7

-30.0

-13.8

Issuance (Retirement) of Debt, Net

3.4

3.7

1.7

-30.0

-13.8

Cash from Financing Activities

1.8

3.7

1.7

-26.5

-13.3

 

 

 

 

 

 

Foreign Exchange Effects

0.2

0.1

0.0

-0.2

0.1

Net Change in Cash

-1.4

-2.5

2.4

1.0

-1.7

 

 

 

 

 

 

Net Cash - Beginning Balance

3.9

3.9

3.9

2.8

2.7

Net Cash - Ending Balance

2.4

1.4

6.4

3.8

1.1

Cash Interest Paid

0.9

0.5

0.4

2.2

1.0

Cash Taxes Paid

0.0

0.0

0.0

0.0

0.0

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Restated Normal 
30-Jun-2011

Restated Special 
31-Mar-2011

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

30.2

39.4

90.3

38.0

20.9

Total Revenue

30.2

39.4

90.3

38.0

20.9

 

 

 

 

 

 

    Cost of Goods Sold

43.2

27.9

66.8

21.9

11.2

    Sales and marketing

3.6

5.2

4.6

4.4

2.0

    General and Administrative

-1.1

13.6

6.8

4.5

2.8

    Bad debts (recovery)

0.0

28.1

-

-

-

    Research & Development

1.6

1.5

1.0

0.1

0.3

    Stock Based Compensation

-

-

1.1

0.6

-

    Impairment loss and write-downs (Note 18

0.0

22.4

-

-

-

Total Operating Expense

47.3

98.6

80.2

31.4

16.2

 

 

 

 

 

 

    Interest Income

0.0

0.3

0.6

1.1

0.0

    Interest Expense

-2.7

-4.1

-1.6

-0.6

-0.6

    Other Income

-1.8

-0.4

-0.6

-0.3

0.0

Net Income Before Taxes

-21.7

-63.4

8.5

6.8

4.1

 

 

 

 

 

 

Provision for Income Taxes

0.6

-4.2

1.2

0.5

0.0

Net Income After Taxes

-22.3

-59.3

7.3

6.3

4.1

 

 

 

 

 

 

    Minority Interest

-

0.0

-0.4

-0.7

-0.1

Net Income Before Extra. Items

-22.3

-59.2

7.0

5.5

4.1

    Loss from discontinued operations (Note

-4.4

-1.0

-

-

-

Net Income

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-22.3

-59.2

7.0

5.5

4.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-26.7

-60.2

7.0

5.5

4.1

 

 

 

 

 

 

Basic Weighted Average Shares

70.0

60.8

60.5

47.3

20.6

Basic EPS Excluding ExtraOrdinary Items

-0.32

-0.97

0.12

0.12

0.20

Basic EPS Including ExtraOrdinary Items

-0.38

-0.99

0.12

0.12

0.20

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-26.7

-60.2

7.0

5.5

4.1

Diluted Weighted Average Shares

70.0

60.8

61.8

49.1

33.9

Diluted EPS Excluding ExtraOrd Items

-0.32

-0.97

0.11

0.11

0.12

Diluted EPS Including ExtraOrd Items

-0.38

-0.99

0.11

0.11

0.12

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-21.7

-41.0

8.5

6.8

4.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

3.7

1.2

0.5

0.0

Normalized Income After Taxes

-22.3

-44.7

7.3

6.3

4.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-22.3

-44.7

7.0

5.5

4.1

 

 

 

 

 

 

Basic Normalized EPS

-0.32

-0.73

0.12

0.12

0.20

Diluted Normalized EPS

-0.32

-0.73

0.11

0.11

0.12

Interest Expense

2.7

4.1

1.6

0.6

0.6

Depreciation

-

2.9

1.9

0.9

0.7

Amortization of Intangibles

-

1.8

0.7

-

-

Research & Development

1.6

1.5

1.0

0.1

0.3

    Current Tax

-

0.4

2.1

0.8

0.0

Current Tax - Total

-

0.4

2.1

0.8

0.0

    Deferred Tax

-

-4.6

-0.9

-0.3

0.0

Deferred Tax - Total

-

-4.6

-0.9

-0.3

0.0

Income Tax - Total

-

-4.2

1.2

0.5

0.0

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

6 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Special 
31-Dec-2011

Restated Calculated 
30-Sep-2011

Restated Calculated 
30-Jun-2011

Restated Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.022964

0.974012

0.968102

0.985816

1.012915

 

 

 

 

 

 

    Revenues

4.5

16.7

5.1

7.5

11.8

Total Revenue

4.5

16.7

5.1

7.5

11.8

 

 

 

 

 

 

    Cost of revenues

2.9

11.7

3.3

25.2

9.0

    Sales and marketing

0.4

2.0

0.9

0.8

0.9

    Research and development

0.2

0.5

0.2

0.4

0.4

    General and administrative

1.4

3.1

1.6

-6.0

1.2

    Bad debts (recovery)

-

-

-

0.0

-

    Impairment loss and write-down

-

-

-

0.0

-

Total Operating Expense

5.0

17.3

6.0

20.4

11.6

 

 

 

 

 

 

    Interest income

-

-

-

-0.2

-

    Interest income

0.1

0.0

0.0

-

0.1

    Finance costs

-0.5

-1.0

-0.3

-1.4

-0.3

    Other income (expense)

-

-

-0.1

-1.8

-

Net Income Before Taxes

-0.8

-1.6

-1.3

-16.3

0.1

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.8

0.0

Net Income After Taxes

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

    Non-controlling interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-0.8

-1.6

-1.3

-17.2

0.1

    Income (loss) from discontinued operatio

0.2

-1.2

-0.1

-3.0

4.2

Net Income

-0.6

-2.9

-1.5

-20.2

4.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.6

-2.9

-1.5

-20.2

4.3

 

 

 

 

 

 

Basic Weighted Average Shares

71.1

71.0

71.1

79.3

71.1

Basic EPS Excluding ExtraOrdinary Items

-0.01

-0.02

-0.02

-0.22

0.00

Basic EPS Including ExtraOrdinary Items

-0.01

-0.04

-0.02

-0.25

0.06

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-0.6

-2.9

-1.5

-20.2

4.3

Diluted Weighted Average Shares

71.1

71.0

71.1

79.3

71.2

Diluted EPS Excluding ExtraOrd Items

-0.01

-0.02

-0.02

-0.22

0.00

Diluted EPS Including ExtraOrd Items

-0.01

-0.04

-0.02

-0.25

0.06

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-0.8

-1.6

-1.3

-16.3

0.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.8

0.0

Normalized Income After Taxes

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.8

-1.6

-1.3

-17.2

0.1

 

 

 

 

 

 

Basic Normalized EPS

-0.01

-0.02

-0.02

-0.22

0.00

Diluted Normalized EPS

-0.01

-0.02

-0.02

-0.22

0.00

Interest Expense

0.5

1.0

0.3

1.4

0.3

Depreciation

-

-

0.4

0.4

-

Research & Development

0.2

0.5

0.2

0.4

0.4

    Current income tax expense

-0.1

0.1

0.0

0.0

0.0

Current Tax - Total

-0.1

0.1

0.0

0.0

0.0

    Deferred income tax recovery

0.0

0.0

0.0

0.8

0.0

Deferred Tax - Total

0.0

0.0

0.0

0.8

0.0

Income Tax - Total

0.0

0.0

0.0

0.8

0.0

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Restated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

0.97275

1.01455

1.2345

0.98695

1.1637

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

3.9

2.8

9.6

13.7

-

    Cash & Equivalents

-

-

-

-

2.0

    Short-Term Investments

0.4

0.8

2.4

22.7

0.0

    Accounts Receivable

21.2

-

64.9

34.8

17.4

    Accounts Receivable

-

64.1

-

-

-

    Doubtfull Accounts

-

-27.9

-

-

-

    Prepaid Expenses

0.7

19.7

7.9

10.5

0.3

    Raw Materials

7.2

6.3

12.6

4.4

1.3

    Work in Progress

7.5

9.2

2.2

4.0

0.2

    Finished Goods

7.8

15.1

8.7

6.7

3.5

    Other

0.0

1.9

0.6

0.3

0.0

    Future Income Tax Assets

-

0.6

0.9

0.9

0.0

    Assets classified as held for sale

0.0

-

-

-

-

Total Current Assets

48.6

92.6

109.9

97.9

24.8

 

 

 

 

 

 

    Property, plant and equipment

22.3

-

-

-

-

    Lease prepayments

3.8

-

-

-

-

    Building

-

24.0

8.5

5.4

5.0

    Land Use Rights

-

4.0

3.9

0.6

0.5

    Production Equipment

-

20.2

14.4

6.2

4.9

    Construction in Progress

-

1.5

13.9

2.8

0.0

    Vehicles

-

1.6

1.5

1.0

0.7

    Office Equipment

-

0.9

0.8

0.3

0.2

    Other Property & Equipment

-

1.1

0.5

0.3

0.0

    Impairment

-

-6.1

-

-

-

    Depreciation

-

-10.3

-4.5

-3.0

-1.9

    Future Income Tax Asset

0.0

1.0

1.0

0.1

0.0

    Intangible Gross

-

21.5

8.6

-

-

    Impairment

-

-17.3

-

-

-

    Accumulated Amortization of Intangibles

-

-2.0

-0.6

-

-

    Intangible Assets

0.0

-

-

0.0

-

    Adjustment

-

-

-

-

0.0

    Goodwill

0.0

0.4

13.2

0.0

-

    Other

-

-

-

-

0.0

Total Assets

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    Accounts Payable & Accrued Liabilities

27.7

-

-

-

-

    Short Term Loans

21.4

50.0

31.5

1.9

4.3

    Due to Related Parties

0.5

2.0

2.0

0.4

5.1

    Trade Accounts Payable

-

22.5

5.9

6.5

1.7

    Accrued Expenses

-

3.5

2.9

0.9

0.5

    Salaries & Benefits Payable

-

0.5

1.0

1.0

0.6

    Deferred Revenue

0.8

0.6

8.5

0.6

0.2

    Dividends Payable

0.1

0.1

0.1

0.1

0.9

    Tax Payable

-

1.5

-

-

-

    Other tax payable

-

0.7

-

-

-

    Other Account Payable

-

5.5

-

-

-

    Other Payables

-

-

10.8

2.8

2.0

Total Current Liabilities

50.5

86.8

62.8

14.2

15.1

 

 

 

 

 

 

    Future Income Tax Liabs.

-

0.0

0.9

0.0

-

    Non Controling Interest

0.1

0.0

0.0

3.5

3.2

Total Liabilities

50.5

86.8

63.8

17.7

18.3

 

 

 

 

 

 

    Share Capital

90.3

83.1

68.2

82.6

11.1

    Subscribed Shares

-

-

-

-

1.6

    Contributed Surplus

6.0

5.2

3.1

3.9

0.0

    Cumulative Translation Adjustment

0.2

5.5

21.9

-2.7

-0.3

    Retained Earnings

-72.2

-47.5

14.1

10.1

3.5

Total Equity

24.2

46.3

107.4

94.0

15.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

74.8

133.1

171.1

111.7

34.2

 

 

 

 

 

 

    S/O-Common Stock

71.1

60.9

60.8

59.9

21.1

Total Common Shares Outstanding

71.1

60.9

60.8

59.9

21.1

Deferred Revenue - Current

0.8

0.6

8.5

0.6

0.2

Accumulated Amortization of IntangiblesA

-

19.3

0.6

-

-

Employees

-

1,111

1,297

-

-

Long Term Debt Maturing Within 1 Year

-

-

-

1.8

-

Total Long Term Debt, Supplemental

-

-

-

1.8

-

Operating Leases Due Within 1 Year

-

1.4

0.6

0.3

0.0

Operating Leases Due Within 2 Year

-

1.2

-

-

-

Operating Lease Maturing Within 3 Years

-

1.0

1.7

0.4

-

Operating Leases Due Within 4 Year

-

0.7

-

-

-

Operating Lease Maturing Within 5 Years

-

0.8

0.3

0.2

-

Operating Lease Maturing thereafter

-

3.2

-

-

-

Total Operating Leases, Supplemental

-

8.3

2.6

1.0

0.0

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Restated Normal 
30-Jun-2011

Restated Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate

1.01825

1.04205

0.9651

0.97275

0.99365

 

 

 

 

 

 

    Cash

2.4

1.3

6.4

3.9

1.1

    Short Term Investments

0.2

0.5

0.0

0.4

0.4

    Accounts receivable

36.5

32.5

20.1

21.2

30.4

    Prepaid Expenses

2.7

1.9

0.7

0.7

11.2

    Inventories

-

-

-

-

29.5

    Raw Materials

1.9

1.8

7.1

7.2

-

    Work in Progress

0.3

0.3

7.6

7.5

-

    Finished Goods

5.3

4.7

8.6

7.8

-

    Future Income Tax Assets

-

-

-

-

0.0

    Other

-

-

0.0

0.0

2.4

    Due From a Related Party

0.1

-

0.8

0.0

-

    Assets held for sale

0.6

1.0

0.0

0.0

0.0

Total Current Assets

49.9

44.1

51.3

48.6

75.1

 

 

 

 

 

 

    Accounts receivable

-

6.6

-

0.0

-

    Property Plant and Equipment.

20.6

20.5

22.2

22.3

24.4

    Lease prepayments

3.9

3.9

3.9

3.8

3.9

    Intangible Assets

0.0

0.0

0.0

0.0

1.8

    Goodwill

-

-

0.0

0.0

0.4

    Deferred tax assets

-

0.0

0.0

0.0

1.3

    Assets held for sale

-

-

-

-

0.0

Total Assets

74.5

75.1

77.4

74.8

106.9

 

 

 

 

 

 

    Accounts payable and accrued liabilities

26.3

26.5

25.2

27.7

26.3

    Deferred Revenue/Customer deposit and ot

1.8

0.5

4.7

0.8

1.1

    Dividends Payable

0.1

0.1

0.1

0.1

0.1

    Short Term Loans

24.0

25.6

24.2

21.4

34.7

    Due to Related Parties

0.0

0.0

0.0

0.5

0.2

Total Current Liabilities

52.2

52.7

54.2

50.5

62.3

 

 

 

 

 

 

    Future income tax liabilities

-

-

-

-

0.2

    Non Controling Interest

0.1

0.1

0.1

0.1

0.0

Total Liabilities

52.3

52.7

54.3

50.5

62.5

 

 

 

 

 

 

    Share Capital

86.2

84.3

91.0

90.3

88.4

    Contributed Surplus

5.8

5.6

6.1

6.0

5.9

    Cumulative Translation Adjustment

2.5

2.6

0.3

0.2

-

    Retained earnings

-72.3

-70.1

-74.3

-72.2

-50.6

    Accumulated comprehensive income

-

-

-

-

0.8

Total Equity

22.1

22.4

23.1

24.2

44.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

74.5

75.1

77.4

74.8

106.9

 

 

 

 

 

 

    S/O-Common Stock

71.1

71.1

71.1

71.1

71.1

Total Common Shares Outstanding

71.1

71.1

71.1

71.1

71.1

Deferred Revenue - Current

1.8

0.5

4.7

0.8

1.1

Long Term Debt Maturing Within 1 Year

24.0

25.6

24.2

-

-

Total Long Term Debt, Supplemental

24.0

25.6

24.2

-

-

Operating Leases Due Within 1 Year

-

0.3

0.5

-

-

Operating Lease Maturing Within 3 Years

-

0.1

0.1

-

-

Operating Lease Maturing Within 5 Years

-

0.0

0.0

-

-

Operating Lease Maturing After 5 Years

-

0.0

0.0

-

-

Total Operating Leases, Supplemental

-

0.4

0.7

-

-

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

15 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

1.01687

1.090827

1.067611

1.073399

1.134649

Auditor

KPMG LLP

KPMG LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-25.8

-59.2

7.0

5.5

4.1

    Depreciation

4.1

4.7

1.9

0.9

0.7

    Non Controlling Interest

0.0

0.0

0.4

0.7

0.1

    Allowance for (recovery of) doubtful acc

-13.4

30.2

0.0

-

-

    Future Income Tax Recovery

1.0

-4.6

-0.9

-0.3

0.0

    Stock Based Compensation

0.4

1.4

1.1

0.6

0.0

    Accounts Receivable

30.5

-6.1

-49.0

-14.9

-7.5

    Prepaid Expenses

19.2

-12.3

1.2

-9.5

0.1

    Inventories

0.8

-7.3

-7.4

-9.0

-1.0

    Due From Related Parties

-1.5

0.4

-

-

0.0

    Cash applied to discontinued operations

-0.8

-2.1

-

-

-

    Impairment loss

1.7

16.1

0.0

-

-

    Inventory provision

7.9

0.2

0.0

-

-

    Gain on disposal of tangible assets

-0.2

0.0

-

-

-

    Write-down of tangible assets

11.3

6.3

0.0

-

-

    Accounts Payable & Accrued Liabilities

-8.9

18.4

6.0

5.0

1.3

    Customer Deposit and other

0.5

-8.4

7.8

0.2

-0.2

    Due to Related Parties

-

-1.0

-0.5

-0.3

-0.7

    Other

0.4

-

-

-

-

    Restricted Cash

-

-

-

-

0.0

Cash from Operating Activities

27.0

-23.5

-32.6

-21.0

-3.3

 

 

 

 

 

 

    Cash provided by (applied to) discontinu

0.2

-0.3

-

-

-

    Proceeds from sales of capital assets

1.6

0.0

-

-

-

    Acquisition of property plant and equip

-1.6

-5.6

-23.4

-4.8

-0.9

    Maturity of short term investments

1.9

3.2

18.1

0.0

-

    Purchase of short-term investments

-1.5

-1.2

0.0

-20.8

0.0

    Acquisition of Intangible Assets

-

-

-

-

0.0

    Other

0.0

-0.3

0.0

0.0

-

Cash from Investing Activities

0.7

-4.3

-5.2

-25.7

-0.9

 

 

 

 

 

 

    Proceeds from Short-term Loans

33.7

46.9

30.8

1.8

-

    Repayments of Short-term Loans

-63.7

-25.1

-1.3

-4.3

-

    Short-Term Loan from Related Party

2.2

7.5

1.6

0.0

-

    Cash provided by discontinued operations

0.0

0.0

-

-

-

    Proceeds from issuance of common shares,

0.0

0.0

1.4

-

-

    Short-Term Loan to Related party

-2.2

-10.5

-0.3

-4.8

-

    Common Shares Issued For Cash

3.4

0.0

-

65.4

-

    Short Term Loans

-

-

-

-

0.1

    Short Term Loans From Related Parties

-

-

-

-

3.1

    Long Term Loan

-

-

-

-

0.0

    Private Placement Subscription Received

-

-

-

0.0

1.7

    Dividends Paid

-

-

-

-0.8

-0.1

Cash from Financing Activities

-26.5

18.8

32.1

57.2

4.7

 

 

 

 

 

 

Foreign Exchange Effects

-0.2

0.7

4.1

-0.1

-0.1

Net Change in Cash

1.0

-8.3

-1.6

10.4

0.4

 

 

 

 

 

 

Net Cash - Begining Balance

2.8

10.9

12.7

2.2

1.7

Cash, end of period

3.8

2.6

11.1

12.6

2.1

    Cash Interest Paid

2.2

3.9

1.9

0.5

0.5

    Cash Taxes Paid

0.0

0.0

0.5

0.2

0.0

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

CAD

CAD

CAD

CAD

CAD

Exchange Rate (Period Average)

0.99027

0.974012

0.968102

1.01687

1.027025

 

 

 

 

 

 

Net Income

-2.4

-1.6

-1.6

-25.8

-2.8

    Depreciation

1.3

0.9

0.4

4.1

1.0

    Stock Based Compensation

0.0

0.0

0.0

0.4

0.1

    Income tax expense (recovery)

0.0

0.0

0.0

-

-0.3

    Allowance for (recovery of) doubtful acc

-0.1

-0.1

-0.8

-13.4

0.2

    Inventory write-down (recovery)

0.0

0.0

1.0

-

1.8

    Write-down of tangible assets

0.1

0.1

0.1

11.3

0.0

    Net finance costs

1.0

0.6

0.5

-

1.0

    Non Controlling Interest

-

-

-

0.0

-

    Gain on disposal of tangible assets

0.0

0.0

0.0

-0.2

-0.2

    Loss on embedded derivatives

0.0

0.0

-

-

0.0

    Unrealized foreign exchange loss

0.4

0.4

-

-

0.0

    Future income tax expense

-

-

-

1.0

-

    Accounts Receivable

-7.5

-8.5

2.1

30.5

8.2

    Prepaid Expenses

-1.7

-0.9

-0.2

19.2

-1.5

    Inventories

1.7

2.2

-2.1

0.8

0.2

    Due From Related Parties

-0.5

2.2

-1.1

-1.5

-1.9

    Accounts Payable & Accrued Liabilities

3.7

0.8

-2.4

-8.9

3.5

    Customer Deposit & Other

0.9

-0.3

4.1

0.5

0.7

    Other

0.0

0.1

0.0

0.4

0.0

    Interest paid

-0.9

-0.5

-0.4

-

-1.0

    Income taxes paid

0.0

0.0

0.0

-

0.0

    Cash provided by (applied to) discontinu

-1.0

-2.0

0.8

-

1.5

    Cash applied to discontinued operations

-

-

-

-0.8

-

    Impairment loss

-

-

-

1.7

-

    Inventory provision

-

-

-

7.9

-

Cash from Operating Activities

-4.8

-6.5

0.3

27.0

10.5

 

 

 

 

 

 

    Maturity of short term investments

0.7

0.4

0.4

1.9

1.9

    Purchase of short-term investments

-0.5

-0.5

0.0

-1.5

-1.5

    Acquisition of property plant and equip

-0.4

-0.3

-0.2

-1.6

-1.0

    Acquisition of Intangible Assets

0.0

0.0

0.0

-

0.0

    Proceeds from sales of capital assets

0.0

0.0

0.0

1.6

1.6

    Cash provided by discontinued operations

1.7

0.6

0.1

-

0.0

    Cash provided by (applied to) discontinu

-

-

-

0.2

-

    Other adjustment

-

0.0

-

0.0

-

Cash from Investing Activities

1.4

0.2

0.3

0.7

1.0

 

 

 

 

 

 

    Proceeds from Short-term Loans

19.4

11.8

4.2

33.7

20.2

    Repayments of short term loans

-16.0

-8.2

-1.7

-63.7

-34.0

    Proceeds from short term loan from

0.0

-

-

-

2.2

    Repayments of short-term loan from relat

0.0

-

-0.8

-

-2.2

    Short-term loan to related party

-0.8

-0.8

-

-

0.0

    Repayments of short-term loan to related

0.8

0.8

-

-2.2

0.0

    Proceeds from issuance of common shares

0.0

-

-

3.4

3.4

    Proceeds from issuance of common shares,

0.0

0.0

0.0

0.0

0.0

    Cash provided by (used in) discontinued

-1.6

-

-

-

-3.0

    Short-Term Loan from Related Party

-

0.0

0.0

2.2

-

    Common Shares Issued For Cash

-

0.0

0.0

-

-

    Cash provided by discontinued operations

-

0.0

0.0

0.0

-

    Short Term Loans From Related Parties

-

0.0

-

-

-

Cash from Financing Activities

1.8

3.7

1.7

-26.5

-13.3

 

 

 

 

 

 

Foreign Exchange Effects

0.2

0.1

0.0

-0.2

0.1

Net Change in Cash

-1.4

-2.5

2.4

1.0

-1.7

 

 

 

 

 

 

Net Cash - Begining Balance

3.9

3.9

3.9

2.8

2.7

Cash and cash equivalents end of period

2.4

1.4

6.4

3.8

1.1

    Cash Interest Paid

0.9

0.5

0.4

2.2

1.0

    Cash Taxes Paid

0.0

0.0

0.0

0.0

0.0

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual   

                         

 

External Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

China

18.5

61.1 %

32.9

83.5 %

78.0

86.3 %

36.2

95.3 %

Kazakhstan

2.6

8.6 %

6.5

16.5 %

12.4

13.7 %

1.8

4.7 %

Middle East

9.2

30.3 %

0.0

0 %

-

-

-

-

Segment Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Consolidated Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

China

18.5

61.1 %

32.9

83.5 %

78.0

86.3 %

36.2

95.3 %

Kazakhstan

2.6

8.6 %

6.5

16.5 %

12.4

13.7 %

1.8

4.7 %

Middle East

9.2

30.3 %

0.0

0 %

-

-

-

-

Segment Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Consolidated Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

          Interim   

         

External Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

China

4.3

95.7 %

10.5

90.3 %

3.3

64.7 %

5.5

73.8 %

3.6

30.8 %

Kazakhstan

0.2

4.3 %

2.0

17.7 %

1.4

26.6 %

0.3

3.6 %

0.6

5.3 %

Middle East

0.0

0 %

-0.9

-8 %

0.4

8.7 %

1.7

22.5 %

7.5

63.9 %

Segment Total

4.5

100 %

11.6

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Consolidated Total

4.5

100 %

11.6

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Exchange Rate: CAD to USD

1.022964

 

0.979827

 

0.968102

 

0.985816

 

1.012915

 

Total Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

China

4.3

95.7 %

10.5

90.3 %

3.3

64.7 %

5.5

73.8 %

3.6

30.8 %

Kazakhstan

0.2

4.3 %

2.0

17.7 %

1.4

26.6 %

0.3

3.6 %

0.6

5.3 %

Middle East

0.0

0 %

-0.9

-8 %

0.4

8.7 %

1.7

22.5 %

7.5

63.9 %

Segment Total

4.5

100 %

11.6

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Consolidated Total

4.5

100 %

11.6

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Exchange Rate: CAD to USD

1.022964

 

0.979827

 

0.968102

 

0.985816

 

1.012915

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual  

 

 

External Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

30.2

100 %

30.3

77.1 %

43.7

48.3 %

28.7

75.4 %

FGD

0.0

0 %

0.0

0 %

3.0

3.3 %

1.3

3.5 %

Wind Power

0.0

0 %

9.0

22.9 %

43.7

48.3 %

8.0

21.1 %

Segment Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

Total Revenue   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

30.2

100 %

30.3

77.1 %

43.7

48.3 %

28.7

75.4 %

FGD

0.0

0 %

0.0

0 %

3.0

3.3 %

1.3

3.5 %

Wind Power

0.0

0 %

9.0

22.9 %

43.7

48.3 %

8.0

21.1 %

Segment Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

30.2

100 %

39.4

100 %

90.3

100 %

38.0

100 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

 

Depreciation   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

1.7

42.9 %

1.5

31.6 %

0.9

49.1 %

0.8

92.2 %

FGD

0.0

0 %

0.0

0 %

0.1

4.9 %

0.1

7.4 %

Wind Power

2.3

57.1 %

3.2

68.4 %

0.9

46 %

0.0

0.4 %

Segment Total

4.0

100 %

4.6

100 %

1.9

100 %

0.9

100 %

Corporate

0.0

0.5 %

0.0

0.4 %

0.0

0.8 %

0.0

0.9 %

Consolidated Total

4.1

100.5 %

4.6

100.4 %

1.9

100.8 %

0.9

100.9 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

-1.0

18 %

0.5

-1.6 %

6.4

48.8 %

7.8

88.6 %

FGD

0.0

0 %

0.0

0 %

0.1

1 %

-0.1

-0.8 %

Wind Power

-4.4

82 %

-33.8

101.6 %

6.6

50.2 %

1.1

12.3 %

Segment Total

-5.4

100 %

-33.3

100 %

13.2

100 %

8.8

100 %

Corporate

-

-

-3.6

10.7 %

-3.0

-23.1 %

-2.2

-24.8 %

Consolidated Total

-5.4

100 %

-36.9

110.7 %

10.1

76.9 %

6.6

75.2 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

 

Operating Margin (%)  

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

-3.2

-

1.7

-

14.7

-

27.3

-

FGD

-

-

-66.2

-

4.4

-

-5.6

-

Wind Power

-

-

-374.7

-

15.2

-

13.5

-

Segment Total

-17.8

-

-84.6

-

14.6

-

23.3

-

Consolidated Total

-17.8

-

-93.6

-

11.2

-

17.5

-

Total Assets   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

44.8

63.2 %

63.1

46.1 %

70.3

42.7 %

49.0

55.3 %

FGD

0.3

0.5 %

4.9

3.6 %

4.1

2.5 %

2.5

2.8 %

Wind Power

25.7

36.3 %

68.9

50.3 %

90.1

54.8 %

37.1

41.9 %

Segment Total

70.8

100 %

136.9

100 %

164.6

100 %

88.5

100 %

Corporate

0.6

0.8 %

-3.8

-2.8 %

6.6

4 %

23.2

26.2 %

Consolidated Total

71.4

100.8 %

133.1

97.2 %

171.1

104 %

111.7

126.2 %

Exchange Rate: CAD to USD

0.972750

 

1.014550

 

1.234500

 

0.986950

 

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

-2.3

-

0.9

-

7.9

-

17.4

-

FGD

0.0

-

0.0

-

2.8

-

-3.2

-

Wind Power

-18.0

-

-52.8

-

6.4

-

3.2

-

Segment Total

-8.0

-

-26.2

-

6.9

-

10.9

-

Corporate

-

-

100.4

-

-40.1

-

-10.3

-

Consolidated Total

-7.9

-

-29.8

-

5.1

-

6.5

-

Purchase of Fixed Assets   USD (mil)

 

31-Mar-11

31-Mar-10

31-Dec-08

31-Dec-07

Oil Pipe

0.9

58.3 %

2.6

46.7 %

4.9

21 %

2.9

61 %

FGD

0.0

0 %

0.0

0 %

0.1

0.6 %

0.2

5.1 %

Wind Power

0.6

41.7 %

2.9

53.3 %

18.3

78.4 %

1.6

33.9 %

Segment Total

1.5

100 %

5.5

100 %

23.4

100 %

4.8

100 %

Corporate

0.0

2.9 %

0.0

0 %

0.0

0 %

0.1

1.4 %

Consolidated Total

1.6

102.9 %

5.5

100 %

23.4

100 %

4.8

101.4 %

Exchange Rate: CAD to USD

1.016870

 

1.090827

 

1.067611

 

1.073399

 

 

 

Business Segments

 

Financials in: As Reported (mil)

Interim    

           

External Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Oil Pipe

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Wind Power

-

-

-

-

-0.7

-12.8 %

0.0

0 %

0.0

0 %

FGD (Discontinued)

-

-

-

-

-

-

0.0

0 %

-

-

Segment Total

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

0.985816

 

1.012915

 

Total Revenue   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Oil Pipe

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Wind Power

-

-

-

-

-0.7

-12.8 %

0.0

0 %

0.0

0 %

FGD (Discontinued)

-

-

-

-

-

-

0.0

0 %

-

-

Segment Total

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

4.5

100 %

16.7

100 %

5.1

100 %

7.5

100 %

11.8

100 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

0.985816

 

1.012915

 

 

Depreciation   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Oil Pipe

0.4

100 %

0.7

100 %

0.4

100 %

0.7

73 %

0.3

100 %

Wind Power

-

-

-

-

0.0

9.7 %

0.3

27 %

0.7

211.8 %

FGD (Discontinued)

-

-

-

-

0.0

0 %

0.0

0 %

-

-

Segment Total

0.4

100 %

0.7

100 %

0.4

100 %

1.0

100 %

0.3

100 %

Corporate

0.1

31.3 %

0.1

14 %

0.0

-5.2 %

0.0

0.6 %

0.0

1.8 %

Consolidated Total

0.5

131.3 %

0.9

114 %

0.4

94.8 %

1.0

100.6 %

0.3

101.8 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

0.985816

 

1.012915

 

Operating Income/Loss   USD (mil)

 

31-Mar-11

31-Dec-10

Oil Pipe

0.2

-2 %

0.2

1.7 %

Wind Power

-11.8

102 %

10.9

98.3 %

FGD (Discontinued)

0.0

0 %

-

-

Segment Total

-11.5

100 %

11.1

100 %

Corporate

-0.4

3.8 %

-0.1

-0.5 %

Consolidated Total

-12.0

103.8 %

11.0

99.5 %

Exchange Rate: CAD to USD

0.985816

 

1.012915

 

 

Operating Margin (%)  

 

31-Mar-11

31-Dec-10

Oil Pipe

3.1

-

1.6

-

Segment Total

-154.2

-

93.9

-

Consolidated Total

-160.1

-

93.5

-

Interest Expense - Operating   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Dec-10

Oil Pipe

0.5

100 %

1.0

100 %

0.3

100 %

0.3

100 %

Segment Total

0.5

100 %

1.0

100 %

0.3

100 %

0.3

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

0.5

100 %

1.0

100 %

0.3

100 %

0.3

100 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

1.012915

 

 

Income Before Tax   USD (mil)

 

30-Jun-11

Oil Pipe

-0.9

71.2 %

Wind Power

-0.4

28.8 %

Segment Total

-1.2

100 %

Corporate

-0.4

31.8 %

Consolidated Total

-1.6

131.8 %

Exchange Rate: CAD to USD

0.968102

 

Pre-Tax Margin (%)  

 

30-Jun-11

Oil Pipe

-17.2

-

Wind Power

54.4

-

Segment Total

-27.7

-

Consolidated Total

-36.6

-

 

Total Income Tax   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Dec-10

Oil Pipe

0.0

100 %

0.0

100 %

0.0

0 %

0.0

100 %

Segment Total

0.0

100 %

0.0

100 %

0.0

0 %

0.0

100 %

Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

0.0

100 %

0.0

100 %

0.0

0 %

0.0

100 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

1.012915

 

Income After Tax   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Dec-10

Oil Pipe

-0.4

100 %

-0.7

100 %

-0.9

100 %

0.2

100 %

Segment Total

-0.4

100 %

-0.7

100 %

-0.9

100 %

0.2

100 %

Corporate

-0.4

101.3 %

-0.9

118.2 %

-0.4

50.5 %

-0.1

-36.3 %

Consolidated Total

-0.8

201.3 %

-1.6

218.2 %

-1.3

150.5 %

0.1

63.7 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

1.012915

 

 

Net Profit Margin (%)  

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Dec-10

Oil Pipe

-8.6

-

-4.5

-

-17.2

-

1.4

-

Segment Total

-8.6

-

-4.5

-

-17.2

-

1.4

-

Consolidated Total

-17.2

-

-9.7

-

-25.9

-

0.9

-

Total Assets   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Oil Pipe

53.1

83.2 %

50.7

78.9 %

47.9

62.1 %

44.8

63.2 %

49.2

46.3 %

Wind Power

10.4

16.3 %

13.1

20.3 %

28.7

37.3 %

25.7

36.3 %

56.3

52.9 %

FGD (Discontinued)

0.3

0.5 %

0.5

0.8 %

0.5

0.6 %

0.3

0.5 %

0.9

0.8 %

Segment Total

63.8

100 %

64.3

100 %

77.1

100 %

70.8

100 %

106.4

100 %

Corporate

10.7

16.7 %

10.8

16.8 %

0.3

0.4 %

0.6

0.8 %

0.5

0.5 %

Consolidated Total

74.5

116.7 %

75.1

116.8 %

77.4

100.4 %

71.4

100.8 %

106.9

100.5 %

Exchange Rate: CAD to USD

1.018250

 

1.042050

 

0.965100

 

0.972750

 

0.993650

 

 

Operating Return on Assets (%)  

 

31-Mar-11

31-Dec-10

Oil Pipe

0.5

-

0.4

-

Wind Power

-46.4

-

19.8

-

FGD (Discontinued)

0.0

-

-

-

Segment Total

-16.5

-

10.7

-

Corporate

-80.6

-

-11.2

-

Consolidated Total

-17.0

-

10.6

-

Purchase of Fixed Assets   USD (mil)

 

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

Oil Pipe

0.1

100 %

0.3

100 %

0.0

100 %

-0.1

-46.6 %

0.5

100 %

Wind Power

-

-

-

-

-

-

0.4

146.6 %

0.0

0 %

FGD (Discontinued)

-

-

-

-

-

-

0.0

0 %

-

-

Segment Total

0.1

100 %

0.3

100 %

0.0

100 %

0.3

100 %

0.5

100 %

Corporate

0.1

134.4 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

8.5 %

Consolidated Total

0.1

234.4 %

0.3

100 %

0.0

100 %

0.3

100 %

0.5

108.5 %

Exchange Rate: CAD to USD

1.022964

 

0.974012

 

0.968102

 

0.985816

 

1.012915

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

New Business

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.