DUNDEE CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) AS AT AND FOR THE THREE MONTHS ENDED MARCH 31, 2017FINANCIAL POSITION (Unaudited) | |||
(expressed in thousands of Canadian dollars) | |||
Note | March 31, 2017 | As at | December 31, 2016 |
ASSETS Cash | $ 34,995 | $ 75,615 | |
Accounts receivable | 36,546 | 36,356 | |
Client accounts receivable 6 | 63,437 | 22,185 | |
Brokerage securities owned 8 | 11,790 | 13,278 | |
Income taxes receivable | 5,909 | 2,263 | |
Investments 9 | 489,344 | 433,574 | |
Equity accounted investments 10 | 158,612 | 151,183 | |
Real estate joint venture investments 11 | 5,454 | 4,653 | |
Real estate assets 12 | 5,676 | 5,593 | |
Resource properties 13 | 362,929 | 365,637 | |
Livestock 14 | 45,620 | 43,301 | |
Capital and other assets 15 | 175,861 | 181,133 | |
Goodwill 16 | 23,638 | 23,638 | |
Deferred income tax assets 27 | 28,102 | 43,005 | |
TOTAL ASSETS | $ 1,447,913 | $ 1,401,414 | |
LIABILITIES Accounts payable and accrued liabilities | $ 85,384 | $ 94,729 | |
Client deposits and related liabilities 17 | 62,655 | 43,696 | |
Brokerage securities sold short 8 | - | 1 | |
Corporate debt 18 | 205,478 | 200,993 | |
Derivative financial liabilities 7 | 1,110 | 2,275 | |
Decommissioning liabilities 19 | 59,634 | 58,431 | |
Preference Shares, series 5 20 | 87,726 | 87,436 | |
501,987 | 487,561 | ||
SHAREHOLDERS' EQUITY Share capital Common shares 21 | 282,530 | 282,234 | |
Preference Shares, series 2 20 | 84,053 | 84,053 | |
Preference Shares, series 3 20 | 43,015 | 43,015 | |
Contributed surplus | 12,418 | 12,289 | |
Warrants 21 | 1,516 | 1,516 | |
Reserves for changes in equity of subsidiaries | (58,233) | (59,086) | |
Retained earnings | 461,987 | 434,751 | |
Accumulated other comprehensive income 21 | 70,102 | 65,651 | |
897,388 | 864,423 | ||
NON-CONTROLLING INTEREST 22 | 48,538 | 49,430 | |
945,926 | 913,853 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,447,913 | $ 1,401,414 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
Commitments, contingencies and off-balance sheet arrangements (note 32) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(expressed in thousands of Canadian dollars, except for per share amounts)
For the three months ended
Note March 31, 2017 March 31, 2016
REVENUES 23 $66,131 $
61,002
OTHER ITEMS IN NET EARNINGS (LOSS) Cost of sales | 24 | (53,171) | (46,572) |
Depreciation and depletion | 13, 15 | (5,744) | (6,937) |
General and administrative expenses | 26 | (23,478) | (40,967) |
Net gain from investments | 9 | 57,465 | 51,112 |
Share of loss from equity accounted investments | 10, 11 | (856) | (114) |
Fair value changes in livestock | 14 | 5,016 | 27 |
Gain on derivative financial instruments | 7 | 799 | 706 |
Interest expense | 18, 19, 20 | (5,396) | (4,689) |
Foreign exchange loss | (221) | (5,433) | |
NET EARNINGS BEFORE INCOME TAXES | 40,545 | 8,135 | |
Income tax expense | 27 | (12,906) | (4,747) |
NET EARNINGS FOR THE PERIOD | $ 27,639 | $ 3,388 | |
NET EARNINGS (LOSS) ATTRIBUTABLE TO: | |||
Owners of the parent | $ 28,962 | $ (6,068) | |
Non-controlling interest | (1,323) | 9,456 | |
$ 27,639 | $ 3,388 | ||
NET EARNINGS (LOSS) PER SHARE | 28 | ||
Basic | $ 0.46 | $ (0.13) | |
Diluted | $ 0.44 | $ (0.13) |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
COMPREHENSIVE INCOME ( LOSS) (Unaudited)(expressed in thousands of Canadian dollars)
For the three months ended
March 31, 2017 March 31, 2016
NET EARNINGS FOR THE PERIOD Other comprehensive income (loss): Items that may be reclassified to net earnings Unrealized loss from foreign currency translation | $ 27,639 (2,095) | $ 3,388 (16,557) |
Share of other comprehensive income (loss) from equity accounted investments, | 8,552 | (5,518) |
net of associated taxes | (2,267) | 1,462 |
Total other comprehensive income (loss) for the period | 4,190 | (20,613) |
COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | $ 31,829 | $ (17,225) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Owners of the parent | $ 33,413 | $ (17,687) |
Non-controlling interest | (1,584) | 462 |
$ 31,829 | $ (17,225) |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
Dundee Corporation published this content on 12 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 May 2017 02:31:11 UTC.
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