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News Article | May 12, 2017
Site: globenewswire.com

Luxembourg, May 12, 2017 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results[1] for the three month period ended March 31, 2017. Financial highlights (on the basis of IFRS1): "I am satisfied with the first quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger. All parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1% compared with the fourth quarter. Our mining segment benefitted from an increase in iron-ore shipped at market prices as well as the higher raw material price environment. Looking ahead, we expect market conditions to be broadly stable in the second quarter. While this is encouraging, the steel industry is still impacted by unfair imports in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions". ArcelorMittal will hold a conference call hosted by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month period ended March 31, 2017 on: This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the "SEC") made or to be made by ArcelorMittal, including ArcelorMittal's latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks. Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate. For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient. We are one of the world's five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow. In 2016, ArcelorMittal had revenues of $56.8 billion and crude steel production of 90.8 million metric tonnes, while own iron ore production reached 55.2 million metric tonnes. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/ Health and safety - Own personnel and contractors lost time injury frequency rate Health and safety performance, based on own personnel figures and contractors lost time injury frequency (LTIF) rate of 0.80x in the first quarter of 2017 ("1Q 2017") as compared to 0.84x for the fourth quarter of 2016 ("4Q 2016") and 0.72x for the first quarter of 2016 ("1Q 2016"). The Company's effort to improve the Health and Safety record continues and remains focused on both further reducing the rate of severe injuries and preventing fatalities. Analysis of results for 1Q 2017 versus 4Q 2016 and 1Q 2016 Total steel shipments in 1Q 2017 were 5.1% higher at 21.1 million metric tonnes as compared with 20.0 million metric tonnes for 4Q 2016 primarily due to improved shipments in NAFTA (+12.0%), Europe (+7.1%) and ACIS (+4.1%) offset in part by lower shipments in Brazil (-21.7%). Total steel shipments for 1Q 2017 were 1.9% lower as compared to 1Q 2016 primarily due to lower shipment volumes in Brazil (-9.9%), Europe (-2.3%) and ACIS (-2.8%) offset in part by improved shipments in NAFTA (+2.7%). On a comparable basis (considering the sale of long steel producing subsidiaries in the US (LaPlace and Vinton) in 2Q 2016 and Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 were 0.9% lower as compared with 21.2 million metric tonnes for 1Q 2016. Sales in 1Q 2017 were $16.1 billion as compared to $14.1 billion for 4Q 2016 and $13.4 billion for 1Q 2016. Sales in 1Q 2017 were 13.9% higher as compared to 4Q 2016 primarily due to higher average steel selling prices (+10.2%), higher steel shipments (+5.1%), higher seaborne iron ore reference prices (+21.0%) and higher market-priced iron ore shipments (+6.4%). Sales in 1Q 2017 were 20.1% higher as compared to 1Q 2016 primarily due to higher average steel selling prices (+24.9%), higher seaborne iron ore reference prices (+77.3%) and higher market-priced iron ore shipments (+11.2%), offset in part by lower steel shipments (-1.9%). Depreciation for 1Q 2017 was lower at $655 million as compared to $696 million for 4Q 2016 and stable as compared to $652 million in 1Q 2016. FY 2017 depreciation is expected to be approximately $2.8 billion (based on current exchange rates). Impairment charges for 1Q 2017 and 1Q 2016 were nil. Impairment charges for 4Q 2016 were $156 million mainly related to the Vanderbijlpark plant in South Africa. Operating income for 1Q 2017 was $1.6 billion as compared to $0.8 billion in 4Q 2016 and $275 million in 1Q 2016. Operating income for 4Q 2016 was impacted by impairments as discussed above. Operating income for 1Q 2017 was higher as compared to 4Q 2016 primarily due to higher operating results in steel business as well as improved results in the Mining segment driven primarily by higher seaborne iron ore prices. Income from associates, joint ventures and other investments for 1Q 2017 was $86 million as compared to $14 million for 4Q 2016, primarily due to the annual dividend declared by Erdemir ($45 million) and improved performance of Calvert, offset in part by a loss on dilution of the Company's stake in China Oriental[4]. Income from associates, joint ventures and other investments for 1Q 2016 of $324 million included a $329 million gain on disposal of Gestamp[5]. Net interest expense in 1Q 2017 was $223 million as compared to $221 million in 4Q 2016 and $332 million in 1Q 2016. Net interest expense was lower in 1Q 2017 as compared to 1Q 2016 primarily due to debt reduction including early bond repayment via debt tenders during 2016. Foreign exchange and other net financing costs in 1Q 2017 were $133 million as compared to $278 million for 4Q 2016 and a gain in 1Q 2016 of $9 million. Foreign exchange gains/losses primarily relate to the impact of the USD movements on Euro denominated deferred tax assets and Euro denominated debt. For 1Q 2017 a foreign exchange gain of $35 million was recorded (as compared to a loss of $128 million for 4Q 2016) mainly on account of a 1.4% depreciation of the USD against the Euro (versus 5.6% appreciation in 4Q 2016). Foreign exchange and other net financing costs for 1Q 2017 includes $159 million in premium accrued on an early repayment of bonds (settled in April 2017), offset by non-cash mark to market gains on certain derivatives (primarily mandatory convertible bonds call options following the market price increase in the underlying shares). Foreign exchange and other net financing costs in 4Q 2016 included $0.1 billion non-cash expense in connection with the issuance of shares in the context of the B-BBEE transaction in South Africa[6]. Foreign exchange and other net financing gain for 1Q 2016 included a foreign exchange gain of $107 million primarily on account of a 4.6% depreciation of the USD against the Euro. ArcelorMittal recorded an income tax expense of $283 million for 1Q 2017 as compared to an income tax benefit of $13 million for 4Q 2016 and an income tax expense of $700 million for 1Q 2016. The tax expense in 1Q 2017 largely reflects improved results in a number of countries. The prior periods were impacted by the tax rate change and recoverability assessment of deferred tax assets in Luxembourg. Net income attributable to non-controlling interests for 1Q 2017 of $21 million represents minority shareholders' share of net income recorded in ArcelorMittal Mines Canada[7] and Belgo Bekaert Arames in Brazil offset in part by their share of losses generated by ArcelorMittal South Africa. Net loss attributable to non-controlling interests for 4Q 2016 of $66 million and for 1Q 2016 of $8 million primarily represents their share of losses generated by ArcelorMittal South Africa. ArcelorMittal recorded net income for 1Q 2017 of $1,002 million, or $0.33 earnings per share3, as compared to net income for 4Q 2016 of $403 million, or $0.13 earnings per share3, and a net loss for 1Q 2016 of $416 million, or $0.23 loss per share3. The following tables summarize the Company's principal growth and optimization projects involving significant capital expenditures. NAFTA segment crude steel production increased 19.6% to 6.2 million metric tonnes in 1Q 2017 as compared to 5.2 million metric tonnes for 4Q 2016 in line with improved demand. Steel shipments in 1Q 2017 increased by 12.0% to 5.6 million metric tonnes as compared to 5.0 million metric tonnes in 4Q 2016, primarily driven by a 14.9% increase in flat products volumes reflecting the end of the destock in the US which negatively impacted shipments in the prior period. Sales in 1Q 2017 increased by 17.5% to $4.5 billion as compared to $3.8 billion in 4Q 2016, primarily due to higher average steel selling prices (+5.6%) and higher steel shipment volumes as discussed above. Compared to the 4Q 2016, average steel selling prices for long products improved +10.0% and for flat products improved +4.1%. Operating income in 1Q 2017 increased to $396 million as compared to operating income of $164 million in 4Q 2016 and operating income of $205 million in 1Q 2016. EBITDA in 1Q 2017 increased by 74% to $524 million as compared to $301 million in 4Q 2016 primarily due to higher steel shipment volumes (+12.0%) and a positive price cost impact with average steel selling prices higher by +5.6%. EBITDA in 1Q 2017 improved 54.4% as compared to $339 million in 1Q 2016 due primarily to a positive price cost impact with average steel selling prices higher by +13.2%. Brazil segment crude steel production decreased by 2.5% to 2.7 million metric tonnes in 1Q 2017 as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to planned maintenance at Tubarao, Brazil. Steel shipments in 1Q 2017 decreased by 21.7% to 2.2 million metric tonnes as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to a 27.3% decrease in flat product steel shipments (primarily export shipments, given the need to rebuild inventory following maintenance and ahead of the seasonally stronger demand period, as well as temporary shipment delays) and a 10.2% decrease in long product steel shipments (primarily reflecting weak domestic demand). Sales in 1Q 2017 decreased by 8.0% to $1.6 billion as compared to $1.8 billion in 4Q 2016, due to lower steel shipments as discussed above, offset in part by 20.1% increase in average steel selling prices, with average US dollar selling prices for flat products improving by 28% (reflecting higher domestic prices as well as the mix benefit of lower slab exports) and improving by 11.3% for long products. Operating income in 1Q 2017 increased to $175 million as compared to an operating income of $143 million in 4Q 2016 and operating income of $89 million in 1Q 2016. EBITDA in 1Q 2017 increased by 15.3% to $246 million as compared to $213 million in 4Q 2016 primarily due to a $21 million provision reversal as well as a positive price cost impact offset in part by lower steel shipment volumes. EBITDA in 1Q 2017 was 69.1% higher as compared to $145 million in 1Q 2016 due to a positive price cost impact with a 43.2% increase in average steel selling prices in US$ terms, offset in part by lower steel shipments by -9.9% (flat exports down 14.8% and long product down 14.2%). Europe segment crude steel production increased by 10.2% to 11.2 million metric tonnes in 1Q 2017, as compared to 10.2 million metric tonnes in 4Q 2016 (which was impacted by the planned reline at ArcelorMittal Asturias, Spain). Steel shipments in 1Q 2017 increased by 7.1% to 10.2 million metric tonnes as compared to 9.5 million metric tonnes in 4Q 2016, primarily due to a 12.8% increase in flat product shipments due to improved demand offset partly by a 5.4% decline in long product steel shipments. Sales in 1Q 2017 increased 15.2% to $8.2 billion as compared to $7.1 billion in 4Q 2016, primarily due to higher average steel selling prices (+9.9%), (with flat and long products average steel selling prices increasing +9.4% and +9.9%, respectively), and higher steel shipments as discussed above. Operating income in 1Q 2017 was $636 million as compared to $387 million in 4Q 2016 and $86 million in 1Q 2016. EBITDA in 1Q 2017 increased by 30.3% to $909 million as compared to $698 million in 4Q 2016 primarily due to higher steel volumes. EBITDA in 1Q 2017 improved 150.4% as compared to 1Q 2016 primarily on account of higher average steel selling prices (+22.3%) and cost efficiency improvements, offset in part by higher input costs. ACIS segment crude steel production in 1Q 2017 decreased by 4.2% to 3.5 million metric tonnes as compared to 3.6 million metric tonnes in 4Q 2016 primarily due to planned maintenance of BF#9 in Ukraine. Steel shipments in 1Q 2017 increased by 4.1% to 3.2 million metric tonnes as compared to 3.1 million metric tonnes in 4Q 2016 primarily due to a seasonal improvement in South Africa offset in part by lower steel shipments in the CIS impacted by the planned maintenance as described above. Sales in 1Q 2017 increased 18.4% to $1.8 billion as compared to $1.5 billion in 4Q 2016, primarily due to higher steel shipments (+4.1%) and higher average steel selling prices (+16.2%). Operating income in 1Q 2017 was $116 million as compared to an operating loss of $92 million in 4Q 2016 and operating loss of $15 million in 1Q 2016. Operating loss in 4Q 2016 was impacted by impairments of $156 million mainly related to the Vanderbijlpark plant in South Africa. EBITDA in 1Q 2017 increased +34.2% to $191 million as compared to $142 million in 4Q 2016. EBITDA in 4Q 2016 was impacted by a one-time charge of $28 million in relation to environmental liabilities at the Thabazimbi mine in South Africa. EBITDA in 1Q 2017 was higher than 4Q 2016 primarily on account of higher steel shipment volumes (+4.1%). EBITDA in 1Q 2017 was higher as compared to $61 million in 1Q 2016, primarily due to a positive price cost impact. (a) Own iron ore and coal production not including strategic long-term contracts. (b) Iron ore and coal shipments of market-priced based materials include the Company's own mines, and share of production at other mines, and exclude supplies under strategic long-term contracts. Own iron ore production in 1Q 2017 increased by 0.7% to 14.0 million metric tonnes as compared to 13.9 million metric tonnes in 4Q 2016 due to increased production in Mexico (Volcan mine restarted February 2017) and Liberia, offset in part by seasonally lower production in Canada and lower production in the US. Own iron ore production in 1Q 2017 decreased by 1.0% as compared to 14.1 million metric tonnes in 1Q 2016 primarily due to decreased production in Liberia and US offset in part by higher production in Mexico. Own iron ore production is expected to increase in 2017: In Liberia, based on Tokadeh ore together with the transition to the new Gangra deposit production is expected to increase to 3Mt in 2017 (versus 2Mt in 2016) before ramping up to 5Mtpa in 2018; the restart of the Volcan mine in Mexico in February 2017 is expected to produce an additional 2Mt (in 2017 versus 2016); production in Ukraine is expected to recover following resolution of a delay in accessing new tailings disposal land which negatively impacted production in 2016 by approximately 1Mt. Market-priced iron ore shipments in 1Q 2017 increased 6.4% to 8.7 million metric tonnes as compared to 8.1 million metric tonnes in 4Q 2016, primarily driven by higher shipments in Mexico, Ukraine and ArcelorMittal Mines Canada. During 4Q 2016 market-priced iron ore shipments in ArcelorMittal Mines Canada were impacted by logistics and transportation issues following severe weather conditions. Market-priced iron ore shipments in 1Q 2017 increased by +11.2% as compared to 1Q 2016 driven by increased ArcelorMittal Mines Canada shipments and Mexico offset in part by lower Liberia shipments. Given expected higher production described above, FY 2017 market-priced iron ore shipments are expected to increase by approximately 10% versus FY 2016. Own coal production in 1Q 2017 decreased marginally by 2.6% to 1.7 million metric tonnes as compared to 4Q 2016. Own coal production in 1Q 2017 increased 20.0% as compared to 1Q 2016 with increases at both Kazakhstan and Princeton (US) mines. Market-priced coal shipments in 1Q 2017 decreased 11.9% to 0.8 million metric tonnes as compared to 4Q 2016 primarily due to decreased shipments at Princeton (US). Market-priced coal shipments in 1Q 2017 decreased 7.1% as compared to 1Q 2016 primarily due to decreased shipments at Princeton (US) offset in part by increased shipments in Kazakhstan. Operating income in 1Q 2017 increased to $378 million as compared to an operating income of $203 million in 4Q 2016, and an operating loss of $2 million in 1Q 2016, primarily for the reasons discussed below. EBITDA in 1Q 2017 increased 61.5% to $480 million as compared to $297 million in 4Q 2016, primarily due to increased seaborne iron ore market reference prices (+21.0%) and increased coal prices. EBITDA in 1Q 2017 was significantly higher as compared to $98 million in 1Q 2016, primarily due to higher seaborne iron ore reference prices (+77.3%), higher market-priced iron ore shipment volumes (+11.2%) and higher coal prices. For 1Q 2017, net cash used in operating activities was $299 million as compared to net cash provided by operating activities of $1,653 million in 4Q 2016. The net cash used in operating activities during 1Q 2017 was impacted by a working capital investment ($2,181 million) as compared to a working capital release ($495 million) in 4Q 2016. The change in the working capital position reflects seasonal changes in inventory and receivables as well as the effects of higher selling and raw material prices. Net cash used in investing activities during 1Q 2017 was $598 million as compared to $809 million in 4Q 2016 and $572 million in 1Q 2016. Capital expenditure decreased to $580 million in 1Q 2017 as compared to $802 million in 4Q 2016 and $586 million in 1Q 2016. FY 2017 capital expenditure is expected to be $2.9 billion. Net cash provided by financing activities for 1Q 2017 was $666 million as compared to net cash used in financing activities of $468 million for 4Q 2016 and net cash provided by financing activities of $140 million for 1Q 2016. Net cash provided by financing activities for 1Q 2017 primarily includes proceeds from the European Investment Bank loan[9] of €350 million ($373 million) and $0.3 billion of commercial paper issuances. Net cash used in financing activities for 4Q 2016 primarily includes repayments of a $0.3 billion loan and $0.5 billion of short term facilities, offset in part by a $0.3 billion increase in commercial paper issuances. In addition, while not reflected in the above amounts, the Company used $1,040 million of cash and liquidity resources to redeem outstanding bonds on April 3, 2017 (see Key recent developments). During 1Q 2017, the Company paid dividends of $40 million primarily to minority shareholders in ArcelorMittal Mines Canada. During 4Q 2016 and 1Q 2016, the Company paid dividends of $7 million and $6 million, respectively, to minority shareholders in Belgo Bekaert Arames in Brazil. As of March 31, 2017, the Company's cash and cash equivalents amounted to $2.4 billion as compared to $2.6 billion at December 31, 2016 and $2.9 billion at March 31, 2016. Gross debt increased to $14.5 billion as at March 31, 2017, as compared to $13.7 billion at December 31, 2016 and $20.2 billion at March 31, 2016. The above-referenced usage of cash to redeem bonds on April 3, 2017 is noted in this respect. As of March 31, 2017, net debt increased to $12.1 billion as compared with $11.1 billion at December 31, 2016 (primarily due to a working capital investment), but lower as compared to $17.3 billion as of March 31, 2016. As of March 31, 2017, the Company had liquidity of $7.9 billion, consisting of cash and cash equivalents of $2.4 billion and $5.5 billion of available credit lines[10]. The $5.5 billion credit facility contains a financial covenant of 4.25x Net debt / EBITDA. On March 31, 2017, the average debt maturity was 6.4 years. The following global apparent steel consumption ("ASC") figures have been updated to reflect the Company's final 2016 estimates. The outlook for 2017 remains unchanged from those presented in connection with the full year 2016 results announcement. Global ASC is estimated to have expanded by +1% in 2016. Based on the current economic outlook, ArcelorMittal expects global ASC to grow further in 2017 by between ~ +0.5% to +1.5%. By region: ASC in the US (excluding Pipe & tube) declined in 2016 by approximately -2.0%, driven in large part by a significant destock in the 2H 2016. However, underlying demand continues to expand, and the expected absence of a further destock in 2017 should support ASC growth in the US of approximately +3.0% to 4.0% in 2017. In Europe, ArcelorMittal expects the pick-up in underlying demand to continue, supported by the strength of the automotive end market, but apparent demand is expected to be modest at +0.5% to +1.5% in 2017 (versus growth of +3.0% in 2016). In Brazil, following the significant decline in ASC in 2016 (-13.8%) ASC is expected to grow by +3.0% to +4.0% in 2017 as the economy mildly recovers as consumer confidence returns. In the CIS, following an ASC decline of -3.8% in 2016, the region should stabilize in 2017 with ASC similar to 2016 levels (-0.5% to +0.5%). In China, following ASC growth of +1.3% in 2016, demand is expected to stabilise in 2017 (decline of around 0% to -1.0%). Capex spend in 2017 is expected to increase to $2.9 billion (from $2.4 billion in 2016) as the Group seeks to capitalize on opportunities to grow value and returns. In addition, interest expense is expected to decline to $0.9 billion (as compared to $1.1 billion in FY 2016); while cash taxes and contributions to fund pensions are expected to increase by a total of $0.2 billion. As a result, the Company expects the cash needs of the business in 2017 to increase to $5.0 billion (from $4.5 billion in 2016). Note: "Others and eliminations" lines are not presented in the table Note: "Others and eliminations" lines are not presented in the table * 2017 bonds include $0.9 billion of bonds that were early redeemed in April 2017 ** Other loans in 2017 includes a $0.5 billion drawing under the ArcelorMittal USA $1 billion asset based loan (facility available until 2021) Appendix 4: Credit lines available as of March 31, 2017 Note: Segment EBITDA is reconciled to segment operating income in each of the segment discussions above. At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The table below presents the weighted average common shares outstanding and basic and diluted earnings per share following the share consolidation for the 3 months ended March 31, 2017 and for the 3 months ended December 31, September 30, June 30 and March 31, 2016 recast for comparative purposes. Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below: LTIF: lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors. EBITDA: operating income plus depreciation, impairment expenses and exceptional income/(charges). Exceptional income / (charges): relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business such as restructuring costs or asset disposals. Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments Net debt: long-term debt, plus short term debt less cash and cash equivalents Gross debt: long-term debt, plus short term debt (including those held as part of liabilities held for sale). Market-priced tonnes: represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third parties are transferred from the Mining segment to the Company's steel producing segments and reported at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on a cost-plus basis. Foreign exchange and other net financing (loss) / gain: include foreign currency exchange impact, bank fees, interest on pensions, impairments of financial instruments, revaluation of derivative instruments and other charges that cannot be directly linked to operating results. Average steel selling prices: calculated as steel sales divided by steel shipments. Mining segment sales: i) "External sales": mined product sold to third parties at market price; ii) "Market-priced tonnes": internal sales of mined product to ArcelorMittal facilities and reported at prevailing market prices; iii) "Cost-plus tonnes" - internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market). Working capital: trade accounts receivable plus inventories less trade and other accounts payable. Capex: includes the acquisition of tangible and intangible assets. Seaborne iron ore reference prices: refers to iron ore prices for 62% Fe CFR China. Own iron ore production: Includes total of all finished production of fines, concentrate, pellets and lumps (excludes share of production and strategic long-term contracts). On-going projects: Refer to projects for which construction has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating conditions. EBITDA/tonne: calculated as EBITDA divided by total steel shipments. Steel-only EBITDA: calculated as EBITDA less Mining segment EBITDA. Steel-only EBITDA/tonne: calculated as steel-only EBITDA divided by total steel shipments. Iron ore unit cash cost: includes weighted average pellet and concentrate cost of goods sold across all mines. Liquidity: Cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program. Shipments information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded. Operating segments: The NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat operations of Brazil, and the Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa. YoY: Refers to year-on-year. Free cash flow: Refers to net cash provided by (used in) operating activities less capex. Net debt/EBITDA: Refers to Net debt divided by last twelve months EBITDA calculation. Operating results: Refers to operating income/(loss). [1] The financial information in this press release has been prepared consistently with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union. The interim financial information included in this announcement has been also prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial measures and defined in appendix 8, as additional measurements to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company's operating results to the operating results of other companies. ArcelorMittal also presents net debt and the ratio of net debt to EBITDA as an additional measurement to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. [2] On a comparable basis (considering the sale of long steel producing subsidiaries in the US (LaPlace and Vinton) in 2Q 2016 and Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 of 21.1Mt was 0.9% lower as compared with 21.2Mt for 1Q 2016. [3] At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The figures presented for the basic and diluted earnings per share do not reflect this change and are prior to the share consolidation. See Appendix 7 for the EPS calculated after the share consolidation exercise. [4] China Oriental completed a share placement to restore the minimum 25% free float as per HKEx listing requirements. Following the share placement, ArcelorMittal's interest in China Oriental decreased from 47% to 39%, as a result of which ArcelorMittal recorded a net dilution loss of $44 million. [5] On February 5, 2016 ArcelorMittal announced it had sold its 35% stake in Gestamp Automoción ("Gestamp") to the majority shareholder, the Riberas family, for a total cash consideration of €875 million ($971 million) received in June 2016. In addition to the cash consideration, ArcelorMittal received in 2Q 2016 a payment of $11 million as a 2015 dividend. [6] On September 28, 2016, ArcelorMittal South Africa ("AMSA") announced that it had entered into agreements to implement a Broad-Based Black Economic Empowerment (B-BBEE) transaction which includes: the issuance of a 17% shareholding in AMSA using a new class of notionally funded shares to a special purpose vehicle owned by Likamva Resources Proprietary Limited (Likamva). Likamva has undertaken to introduce broad-based social and community development organisations as shareholders to hold an effective 5% interest (of the 17%, leaving Likamva with a 12% shareholding) within 24 months; and a 5.1% shareholding in AMSA using another new class of notionally funded shares to the ArcelorMittal South Africa Employee Empowerment Share Trust for the benefit of AMSA employees and AMSA management. All the shares have certain restrictions on disposal for a period of 10 years ("Lock-in Period"), thereby promoting long-term sustainable B-BBEE in AMSA. [7] ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada [8] On June 23, 2016, following the ratification by the United Steelworkers of a new labor agreement which is valid until September 1, 2018, ArcelorMittal made changes mainly to healthcare post-retirement benefits in its subsidiary ArcelorMittal USA (NAFTA). The changes resulted in a gain of $832 million recorded in 2Q 2016. [9] On December 16, 2016, ArcelorMittal signed a €350 million finance contract with the European Investment Bank in order to finance European research, development and innovation projects over the 2017-2020 period within the European Union, predominantly France, Belgium and Spain, but also in the Czech Republic, Poland, Luxembourg and Romania. The Company benefits from a guarantee from the European Union under the European Fund for Strategic Investments. [10] On December 21, 2016, ArcelorMittal signed an agreement for a $5.5 billion revolving credit facility (the "Facility"). This Facility amends and restates the $6 billion revolving credit facility dated April 30, 2015. The amended agreement incorporates a first tranche of $2.3 billion maturing on December 21, 2019, and a second tranche of $3.2 billion maturing on December 21, 2021. The Facility may be used for general corporate purposes. As of March 31, 2017, the $5.5 billion revolving credit facility remains fully available. [11] Assets and liabilities held for sale, as of March 31, 2017, include the carrying value of the USA long product facilities at Steelton ("Steelton"). Assets and liabilities held for sale, as of December 31, 2016, include the carrying value Steelton and some activities of ArcelorMittal downstream solutions in the Europe segment and America's Tailored Blanks. [12] The comparative amounts as of March 31, 2016, were reclassified to conform with the presentation as of December 31, 2016 in the annual report.


CALGARY, ALBERTA--(Marketwired - May 10, 2017) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to report its financial and operating results for the three months ended March 31, 2017. Selected financial and operational information is set out below and should be read in conjunction with Spartan's March 31, 2017 interim financial statements and the related management's discussion and analysis, which are available for review at www.sedar.com or on the Company's website at www.spartanenergy.ca. FIRST QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS Spartan's highlights for the first quarter include: Spartan successfully executed one of the most active drilling programs in the Company's history in the first quarter of 2017, drilling 47 (39.8 net) development wells and 1.0 net strat test well. We brought 33 (28.4 net) wells on production in the quarter, 2.0 of which were drilled in 2016. Our drilling program consisted of 19 (16.5 net) open-hole Mississippian wells, 11 (8.0 net) frac Midale wells, 2 (0.8 net) Torquay wells and 15 (14.5 net) Viking wells. Of these, 5 (3.5 net) frac Midale, 2 (0.8 net) Torquay and 9 (9.0 net) Viking wells were drilled but not on production at the end of the quarter. The 3.0 net operated frac Midale wells were completed and brought on production in late April and the Viking wells are scheduled to be brought on production prior to the end of the second quarter. Total capital expenditures (excluding acquisitions, land and seismic) of $42.3 million in the quarter represented approximately 29% of our $145 million 2017 budget, in line with our internal forecast. As previously reported, our first quarter drilling program delivered excellent results, with both open-hole and frac Midale wells significantly exceeding our internal type curves. Open-hole Frobisher wells brought on stream during the quarter had an average IP30 rate of 168 bbls/d and frac Midale wells had an average IP30 of 368 boe/d (238 bbls/d oil), each outperforming our internal type curves by greater than 70%. This outperformance, as well as the success of well workovers and optimizations on assets acquired in 2016, delivered production of 21,455 boe/d in the quarter, over 500 boe/d above our internal forecast despite 10.6 fewer net wells being brought on production in the quarter versus budget. Production has remained strong to begin the second quarter, with field estimated April production of approximately 22,200 boe/d exceeding our internal forecast by more than 1,000 boe/d. Spartan reduced net G&A expenses to $1.07 per boe in the first quarter, a reduction of 46% from the first quarter of 2016. This reduction is a result of Spartan's continued emphasis on cost savings, as well as the strategic acquisition of assets focused in our southeast Saskatchewan core area which provide significant production additions with minimal incremental G&A expense. Operating costs in the quarter were $17.56 per boe, down from $17.96 per boe in the fourth quarter of 2016. Spartan proactively identified a number of well workovers and optimizations in respect of assets acquired in 2016 and completed several of these projects in the first quarter. These initiatives increased operating costs but also contributed to Spartan's production outperformance in the quarter. Spartan will continue to seek to drive operating costs lower through the remainder of the year as we complete fewer workovers and continue to integrate and reduce costs in respect of our acquired assets. Spartan delivered record adjusted funds flow from operations in the quarter of $49.0 million ($0.09 per share), representing an increase of 470% (200% per share) over the first quarter of 2016. Adjusted funds flow from operations exceeded capital expenditures (excluding acquisitions, land and seismic) by approximately $6.7 million. As previously stated, Spartan's intention is to utilize a portion of any excess funds flow to internally fund strategic acquisitions. To that end, in the first quarter we completed the acquisition of approximately 30 boe/d, 13.2 net sections of land prospective for drilling Ratcliffe and Torquay wells and 27.3 net sections of Ratcliffe/Torquay royalty acreage in the Oungre area of southeast Saskatchewan for total consideration of approximately $6.5 million. In addition to adding 13 net conventional Ratcliffe drilling locations in our core Oungre area, this acquisition included approximately 26 net unrisked Torquay drilling locations and increased our position in the emerging unconventional Torquay play to 34.5 net sections of land with 138 net unrisked drilling locations. There are no Torquay locations are booked in our year-end reserve report and we currently intend to drill 3 net Torquay wells in the second half of 2017. Spring break-up conditions have been relatively mild in southeast Saskatchewan to date and Spartan anticipates resuming drilling ahead of schedule in mid to late May. In 2016, Spartan took advantage of unique opportunities caused by the commodity price environment, completing five acquisitions that added almost 11,000 boe/d of production and created a light oil focused asset base capable of delivering attractive growth rates while generating excess cash flow. Our strategy in 2017 is to execute on the growth potential of our assets while deploying our free cash flow into value additive investments such as waterflood initiatives, land purchases and tuck-in acquisitions. Our current 2017 budget is designed to deliver 11% per share production growth while generating approximately $42 million of excess cash flow (assuming a US $50 WTI oil price). Spartan successfully executed on our strategy in the first quarter, as production and cash flow exceeded internal forecasts and generated excess cash flow that was invested in the acquisition of Ratcliffe and Torquay lands in our core Oungre area. As we proceed with the execution of our business plan during the remainder of 2017, we maintain the flexibility to adjust our capital expenditures depending on the commodity price environment and the performance of our capital program. Production early in the second quarter has continued to exceed our budget and we intend to revisit our 2017 guidance following the completion of spring break-up conditions. We will also continue to seek out opportunities to increase shareholder returns through the investment of our excess cash flow. Spartan has assembled a high quality asset base and has continually delivered superior operational results, however we believe that in the current environment our share price at times does not reflect the underlying value of our assets. As such, Spartan intends to make an application to implement a normal course issuer bid ("NCIB") through the facilities of the Toronto Stock Exchange and alternate Canadian trading platforms, pursuant to which Spartan would have an option to repurchase its common shares for cancellation. The NCIB will provide an additional option for the reinvestment of our excess cash flow to increase long-term total shareholder returns. As with all of our expenditures, Spartan will remain vigilant in ensuring we retain flexibility and liquidity on our balance sheet. Our net debt (exclusive of finance lease obligations) at the end of the quarter was approximately $215 million, representing 1.1x annualized first quarter adjusted funds flow from operations, and we will continue to target a ratio of approximately 1.0 to 1.5 times. Spartan continues to believe that the quality of our asset base, characterized by highly economic light oil drilling locations and a moderate decline profile, and our balance sheet flexibility leave us well positioned to deliver long term value to shareholders in a variable commodity price environment. We thank our shareholders for their support and look forward to continuing to deliver on our program through the remainder of 2017. BOE Disclosure. The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. Drilling Locations. This press release discloses unbooked Torquay drilling inventory. All of the 138 unrisked Torquay drilling locations are unbooked locations. Unbooked locations have been identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that we will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production. Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, planned drilling and completion activities, planned investment in waterflood projects and land acquisitions, number of drilling locations and years of drilling inventory, future production levels, future cash flows at various WTI oil prices, future capital expenditure levels, potential NCIB purchases and the completion of asset acquisitions. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions concerning the success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan's properties, the successful application of drilling, completion and seismic technology, prevailing weather and break-up conditions, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and our ability to source and complete land and asset acquisitions. Although Spartan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Spartan can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Spartan's Annual Information Form for the year ended December 31, 2016. The forward-looking information contained in this press release is made as of the date hereof and Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement. Certain financial measures referred to in this press release, such as adjusted funds flow from operations, adjusted funds flow from operations per share, net debt and net debt excluding finance lease obligations are not prescribed by IFRS. Adjusted funds flow from operations is calculated based on cash flows from operating activities before changes in non-cash working capital, transaction costs and decommissioning obligation expenditures incurred. Adjusted funds flow from operations per share is calculated using weighted average shares outstanding consistent with the calculation of net income (loss) per share. Spartan uses adjusted funds flow from operations to analyze operating performance and leverage, and considers adjusted funds flow from operations to be a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investments and repay debt. Spartan's determination of adjusted funds flow from operations, on an absolute and per share basis, may not be comparable to that reported by other companies. The following table reconciles adjusted funds flow from operations to cash flow from operating activities, which is the most directly comparable measure calculated in accordance with IFRS: Net debt is calculated as bank debt plus trade and other liabilities plus finance lease obligations less current assets. The following table reconciles bank debt (an IFRS measure) to net debt (a non-IFRS measure): Spartan management considers net debt excluding finance lease obligations to be a meaningful measure of the Company's leverage and liquidity. The following table reconciles net debt (a non-IFRS measure) to net debt excluding finance lease obligations (a non-IFRS measure): This press release also contains other industry benchmarks and terms, including operating netbacks (calculated on a per unit basis as oil, gas and natural gas liquids revenues, plus/minus realized derivative contracts, less royalties and less operating and transportation costs), which are not recognized measures under IFRS. Management believes that in addition to net income (loss) and cash flow from (used in) operating activities, adjusted funds flow from operations, net debt, net debt excluding finance lease obligations, total market capitalization and operating netbacks are useful supplemental measures as they provide an indication of Spartan's operating performance, leverage and liquidity. Investors should be cautioned, however, that these measures should not be construed as an alternative to both net income (loss) and cash flow from (used in) operating activities, which are determined in accordance with IFRS, as indicators of Spartan's performance.


LAVAL, QUÉBEC--(Marketwired - 11 mai 2017) - Un des chefs de file nord-américains de l'industrie de l'accessibilité, Savaria Corporation (TSX:SIS), divulgue aujourd'hui les résultats de son premier trimestre clos le 31 mars 2017. Les résultats du premier trimestre de l'exercice 2017, autant au niveau des revenus, que du résultat opérationnel et du BAIIA1, ont atteint des niveaux sans précédent pour un premier trimestre. « Les revenus du premier trimestre de 2017 ont atteint un niveau de 31,1 M $, en hausse de 18,7 % par rapport aux revenus de 26,2 M $ du premier trimestre de 2016, soit un record pour un premier trimestre. Le BAIIA a atteint un niveau de 5,1 M $, en hausse de 31,4 % par rapport au BAIIA du premier trimestre de 2016 de 3,9 M $. De plus, notre ratio de BAIIA / revenus de 16,4 %, est plus que satisfaisant pour un premier trimestre, » a déclaré le président et chef de la direction de Savaria, M. Marcel Bourassa. « Je suis très satisfait du début des opérations de notre nouvelle acquisition, Premier Lifts. La transition avance très bien grâce à la collaboration de l'ancien propriétaire, Timothy Blair, et aux employés en place. De plus, le lancement de notre lève-patient portable se passe comme prévu; ce produit fait partie d'une nouvelle gamme de produits « Monarch » en développement, qui aura une incidence importante sur nos revenus de 2018. La réalisation du projet de fabrication de 37 plates-formes inclinées pour le projet du système de Service rapide par bus (SRB) dans la province de Hubei en Chine impactera favorablement notre deuxième trimestre. « Notre bilan est très sain et nous permet d'envisager une progression rapide de nos revenus au cours des prochaines années, soit par des acquisitions ou par le développement de produits grâce à la contribution de nos deux centres de recherche et développement situés à Magog (Québec) et à Huizhou (Chine),» a conclu M. Bourassa. En tenant compte de l'acquisition de Premier Lifts qui a été complétée en février 2017 et sans tenir compte de l'acquisition éventuel de Span-America, la société maintient ses prévisions de revenus de l'ordre de 143 M $ et d'un BAIIA ajusté se situant entre 25,5 M $ et 26,5 M $ pour la période de douze mois qui se terminera le 31 décembre 2017. Selon la politique de dividende de la société, le Conseil d'administration a déclaré un dividende de 6,5 cents (0,065 $) par action pour le premier trimestre de 2017. Ce dividende est payable le 6 juin 2017 aux actionnaires inscrits aux registres de la société à la fermeture des bureaux le 23 mai 2017. Il s'agit d'un dividende déterminé au sens de la Loi de l'impôt sur le revenu. Savaria Corporation (savaria.com) est un des chefs de file nord-américains de l'industrie de l'accessibilité. Elle offre des solutions aux personnes à mobilité réduite afin de les aider à regagner leur mobilité et leur liberté. La diversité de sa gamme de produits est l'une des plus complètes sur le marché. Savaria conçoit, fabrique, distribue et installe des équipements d'accessibilité, tels que des sièges pour escaliers droits et courbes, des plates-formes élévatrices verticales et inclinées, des ascenseurs résidentiels et commerciaux, ainsi que des lève-patient. Elle fait aussi la conversion et l'adaptation de véhicules afin de les rendre accessibles en fauteuil roulant. De plus, elle opère un réseau de franchisés et de magasins corporatifs par lequel est vendu de l'équipement d'accessibilité neuf et recyclé, et dans certains magasins, des conversions de véhicules sont effectuées. Savaria possède une usine située à Huizhou (Chine), ce qui accroît son avantage concurrentiel. La société réalise près de 60 % de ses revenus à l'extérieur du Canada, principalement aux États-Unis. Elle possède un réseau de ventes d'environ 400 détaillants et affiliés en Amérique du Nord et emploie quelque 500 personnes. Ses principales places d'affaires sont situées à Laval (QC), Brampton (ON) et Huizhou (Chine). Les informations contenues dans ce communiqué de presse ont été préparées conformément aux IFRS. Toutefois, la société utilise à des fins d'analyse le BAIIA et le BAIIA par action afin de mesurer sa performance financière. Ces mesures n'ont aucune définition normalisée selon les IFRS. Elles sont donc considérées comme des mesures non conformes aux IFRS. En conséquence, ces mesures pourraient ne pas être comparables à des mesures similaires présentées par d'autres entreprises. Un rapprochement entre le résultat net et le BAIIA et BAIIA par action est montré à la section Rapprochement du BAIIA et du BAIIA par action avec le résultat net ci-dessous. Certaines informations contenues dans ce communiqué de presse pourraient constituer des « énoncés prospectifs » à l'égard de Savaria, qui pourraient notamment, mais sans s'y limiter, comprendre des éléments relatifs à l'avenir de l'entreprise, se rapportant à son rendement financier ou d'exploitation, aux coûts et au calendrier d'acquisitions futures, aux besoins de capitaux supplémentaires et aux questions de réglementation. Le plus souvent, mais non invariablement, l'énoncé prospectif peut être identifié par l'emploi de termes telsque « prévoit », « s'attend à », « devrait », « budget », « prévu », « estimation », « prévisions », « l'intention de », « anticipe », « croit », de certaines de leurs variantes (incluant les variantes négatives) ou de déclarations que certains événements, résultats ou actions « pourraient », « devraient » ou « seront » pris, surviendront ou seront atteints. Ces énoncés mettent en jeu des risques connus et inconnus, des incertitudes et d'autres facteurs susceptibles de faire différer sensiblement les résultats, le rendement ou les réalisations réels de Savaria à l'égard de ceux qui sont exposés dans les énoncés prospectifs. Tels facteurs comprennent, entre autres, des incertitudes générales, économiques, concurrentielles, politiques et sociales. Bien que Savaria ait tenté d'identifier les principaux éléments susceptibles de faire différer les mesures, événements ou résultats actuels de ceux décrits dans les énoncés prospectifs, d'autres facteurs pourraient influer sur la réalité et produire des résultats imprévus. Les énoncés prospectifs contenus ici sont valables à la date dudit communiqué de presse. Il n'existe aucune garantie que ces énoncés prospectifs seront exacts, dans la mesure où les résultats et événements futurs réels pourraient différer de manière considérable de ceux anticipés dans lesdits énoncés. En conséquence, il est vivement conseillé aux lecteurs de ne pas s'y fier aveuglément. Le rapprochement du BAIIA et du BAIIA par action avec le résultat net se trouve ci-dessous. Les états financiers complets et le rapport de gestion pour la période close le 31 mars 2017 seront disponibles sous peu sur le site Web de Savaria et sur www.sedar.com. Rapprochement du BAIIA et BAIIA par action avec le résultat net


Jau tika paziņots, ka 2017. gada 21. aprīlī AS “HansaMatrix” parakstījusi līgumu ar KS “AIF Imprimatur Capital Technology Venture Fund”, par nākamās investīciju kārtas 799 365 eiro apmērā piešķiršanu “LightSpace Technologies, SIA”. Šajā investīciju kārtā AS “HansaMatrix” piedalās ar 649 635 eiro un pēc investīciju kārtas palielina savu līdzdalību pamatkapitālā līdz 33.07%. Jauno daļu apmaksa pilnībā tiks veikta 6 mēnešu periodā. Atbilstoši IFRS un saskaņā ar AS “HansaMatrix” finanšu uzskaites


News Article | May 11, 2017
Site: www.prnewswire.com

1 Net revenue excludes construction revenue. 2 Same-basis figures: (i) exclude STP, whose stake was sold on August 31, 2016; (ii) in profit in the same comparison basis and in same-basis proforma comparisons, exclude ViaRio and VLT. 3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses. 4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS. 5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses. 6 LTM 1Q17 adjusted EBITDA includes the sale of the stake in STP. Excluding this R$1,307.7 million effect on EBITDA, the Net Debt/EBITDA ratio came to 2.4x (2.3x in proforma figures) in March 2017. Friday, May 12, 2017 12:00 p.m. Sao Paulo / 11:00 a.m. New York Participants calling from Brazil: (11) 3193-1001 or (11) 2820-4001 Access code: CCR Replay: (11) 3193-1012 or (11) 2820-4012 Code: 1360620# Participants calling from Brazil: (55 11) 3193-1001 or (55 11) 2820-4001 Participants calling from the United States: (+1) 888-700-0802 Participants calling from other countries: (+1) 786-924-6977 Access code: CCR Replay: (11) 3193-1012 or (11) 2820-4012 Code: 0347904# The instructions to participate in these events are available on CCR's website: www.ccr.com.br/ir. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ccr---results-for-the-1st-quarter-of-2017-300456549.html


News Article | May 12, 2017
Site: globenewswire.com

« Nous continuons à renforcer notre élan en exécutant notre plan de transformation et en commençant à tirer parti de la pleine valeur du portefeuille de Bombardier, a dit Alain Bellemare, président et chef de la direction, Bombardier Inc. L'expansion soutenue de nos marges et l'amélioration de notre performance de trésorerie démontrent toutes deux les premiers bénéfices de nos actions ainsi que le potentiel à long terme de notre entreprise. » Bombardier a affiché des revenus consolidés de 3,6 milliards $ pour le trimestre, ce qui est conforme aux attentes et souligne l'élan renouvelé de croissance de Transport. Le RAII avant éléments spéciaux a été de 128 millions $, en hausse par rapport à 104 millions $ au quatrième trimestre et aligné sur l'an dernier, alors que les marges continuent de démontrer les bénéfices du plan de transformation. La marge RAII avant éléments spéciaux a progressé pour s'établir à un solide 8,0 % chez Transport et a atteint 7,6 % chez Avions d'affaires et 7,5 % chez Aérostructures et Services d'ingénierie. L'utilisation des flux de trésorerie disponibles s'est améliorée pour atteindre 593 millions $ tandis que Bombardier a continué à investir dans la phase d'essais et de certification des programmes d'avions Global 7000 et Global 8000 ainsi que dans les stocks soutenant l'accélération de la production des avions C Series et dans certains projets clés de Transport. Ces résultats amènent Bombardier à réitérer ses prévisions pour l'exercice, soit une croissance des revenus de quelques points de pourcentage, compte non tenu de l'incidence des taux de change, un RAII avant éléments spéciaux entre 530 millions $ et 630 millions $ et une utilisation de flux de trésorerie disponibles entre 1,0 milliard $ et 750 millions $. ·      Les livraisons et les revenus pour le premier trimestre s'alignent sur les tendances saisonnières habituelles, les livraisons effectuées représentant plus de 20 % des 135 livraisons prévues pour l'exercice. ·      La marge RAII avant éléments spéciaux s'est améliorée de 90 pdb, passant de 6,7 % à 7,6 % au premier trimestre. ·      Nous avons continué à faire d'importants progrès dans le développement du programme d'avions Global 7000 et Global 8000, deux FTV ayant démontré un haut degré de maturité lors de leurs essais en vol. Après la fin du trimestre, le troisième FTV a rejoint le programme d'essais en vol. Les deux autres FTV sont à divers stades avancés de production. La mise en service de l'avion Global 7000 est prévue pour le deuxième semestre de 2018. ·      Les 10 avions C Series livrés à Swiss International Air Lines (SWISS) et Air Baltic Corporation AS (airBaltic) maintenant en service offrent de bonnes performances. ·      Au premier trimestre, nous avons accéléré considérablement la cadence de production des avions C Series en prévision d'une hausse des livraisons au deuxième semestre de 2017, qui seront stimulées par l'obtention récente de la certification pour approche à forte pente par l'avion CS100 à l'aéroport London City, la livraison attendue du premier avion CS300 à SWISS et la mise en service commerciale des avions CS300 de Korean Air. ·      Au cours du trimestre, nous avons reçu des commandes de CityJet pour 10 avions CRJ900, ce qui portera sa flotte d'avions CRJ Series à 22. Selon le prix affiché, les commandes fermes sont évaluées à 467 millions $. ·      Après la fin du trimestre, l'avion CS100 a obtenu ses certifications pour approche à forte pente de Transports Canada et de l'Agence européenne de sécurité aérienne, ce qui lui permettra d'atterrir à des aéroports difficiles d'accès comme l'aéroport London City. ·      La progression de l'exécution de projets clés stimule la croissance des revenus, lesquels ont enregistré une hausse de 5 % par rapport à ceux du trimestre correspondant de l'exercice précédent, compte non tenu de l'incidence des taux de change. ·      La marge RAII avant éléments spéciaux a augmenté de 190 pdb par rapport à celle du trimestre correspondant de l'exercice précédent, atteignant 8,0 %, et tient compte de l'incidence positive des initiatives de transformation. ·      Au cours du premier trimestre de 2017, nous avons obtenu plusieurs commandes importantes en Europe, surtout en France, en Allemagne et en Suisse, ainsi qu'en Malaisie, poussant le ratio de nouvelles commandes sur revenus à 1,1. La majorité de nos nouvelles commandes au premier trimestre de 2017 repose sur les plateformes de produits actuelles qui favorisent la réutilisation des technologies existantes. À propos de Bombardier  Bombardier est le leader mondial de la fabrication d'avions et de trains. Regardant vers l'avenir tout en repoussant les limites du présent, Bombardier fait évoluer la mobilité en répondant à la demande mondiale en moyens de transport plus efficaces, plus durables et plus agréables. Notre leadership résulte d'un vaste éventail de véhicules, de services et, surtout, de nos employés. Bombardier, CRJ900, CRJ Series, CS100, CS300, C Series, Global, Global 7000 et Global 8000 sont des marques de commerce de Bombardier Inc. ou de ses filiales. pdb : point de base (1) Marge fait référence à la marge RAII avant éléments spéciaux. Performance en trésorerie fait référence à l'utilisation de flux de trésorerie disponibles. Mesures financières non conformes aux PCGR. Voir la mise en garde relative aux mesures non conformes aux PCGR à la fin du présent communiqué de presse. (2) Mesures financières non conformes aux PCGR. Se reporter à la rubrique Mesures financières non conformes aux PCGR à la fin de ce communiqué de presse. (3)  Définies comme Trésorerie et équivalents de trésorerie plus le montant disponible en vertu des facilités de crédit renouvelables de la Société. Le présent communiqué de presse repose sur les résultats établis selon les normes internationales d'information financière (IFRS). Toute référence aux principes comptables généralement reconnus (PCGR) signifie IFRS, sauf indication contraire. Il repose également sur des mesures non conformes aux PCGR, dont le RAIIA, le RAII avant éléments spéciaux et le RAIIA avant éléments spéciaux, le résultat net ajusté, le résultat par action ajusté et les flux de trésorerie disponibles. Ces mesures non définies par les PCGR découlent directement des états financiers consolidés mais n'ont pas un sens normalisé prescrit par les IFRS; par conséquent, d'autres entreprises utilisant ces termes peuvent les définir différemment. La direction croit que fournir certaines mesures de performance non conformes aux PCGR, en plus des mesures IFRS, donnent aux utilisateurs de notre rapport financier une meilleure compréhension de nos résultats et tendances connexes, et accroît la transparence et la clarté des résultats de base de notre entreprise. Se reporter à la rubrique Mesures financières non conformes aux PCGR et à la rubrique Liquidités et sources de financement de la section Sommaire et à la rubrique Analyse des résultats des sections de chaque secteur d'activité du rapport de gestion de la Société pour la définition de ces indicateurs et pour le rapprochement avec les mesures les plus comparables des IFRS. Le présent communiqué de presse contient des énoncés prospectifs, qui peuvent comprendre, sans s'y limiter, des déclarations portant sur les objectifs, les prévisions, les cibles, les buts, les priorités, les marchés et les stratégies de l'entreprise, sa situation financière, ses croyances, ses perspectives, ses plans, ses attentes, ses anticipations, ses estimations et ses intentions; les perspectives de l'économie générale et les perspectives commerciales; les perspectives et les tendances d'une industrie; la croissance prévue de la demande de produits et de services; le développement de produits, y compris la conception, les caractéristiques, la capacité ou la performance projetées; les dates prévues ou fixées de la mise en service de produits et de services, des commandes, des livraisons, des essais, des délais, des certifications et de l'exécution des projets en général; la position de l'entreprise en regard de la concurrence; l'incidence prévue du cadre législatif et réglementaire et des procédures judiciaires sur l'entreprise et ses activités; les liquidités disponibles et l'examen continu des solutions de rechange stratégiques et financières; l'incidence et les avantages escomptés de l'investissement par le gouvernement du Québec dans la Société en commandite Avions C Series et du placement privé visant une participation minoritaire de la Caisse de dépôt et placement du Québec dans Transport sur les activités de l'entreprise, son infrastructure, ses occasions, sa situation financière, son accès à des capitaux et sa stratégie générale; et l'incidence de ces investissements sur son bilan et sa situation financière. Les énoncés prospectifs se reconnaissent habituellement à l'emploi de termes comme « pouvoir », « prévoir », « devoir », « avoir l'intention de », « estimer », « planifier », « entrevoir », « croire », « continuer », « maintenir » ou « aligner », la forme négative de ces termes, leurs variations ou une terminologie semblable. De par leur nature, les énoncés prospectifs exigent que la direction formule des hypothèses et ils sont assujettis à d'importants risques et incertitudes, connus et inconnus, de sorte que les résultats réels de périodes futures pourraient différer de façon importante des résultats prévus décrits dans les énoncés prospectifs. Bien que la direction juge ces hypothèses raisonnables et appropriées selon l'information à sa disposition, il existe un risque qu'elles ne soient pas exactes. Parmi les facteurs qui pourraient faire en sorte que les résultats réels diffèrent de manière importante des résultats prévus dans les énoncés prospectifs, l'entreprise note, sans s'y limiter, les risques liés à la conjoncture économique, au contexte commercial de l'entreprise (tels les risques liés à la situation financière de l'industrie du transport aérien, des clients d'avions d'affaires et de l'industrie du transport sur rail; à la politique commerciale; à l'accroissement de la concurrence; à l'instabilité politique et à des cas de force majeure), à l'exploitation (tels les risques liés au développement de nouveaux produits et services; au développement de nouvelles activités; à la certification et à l'homologation de produits et services; aux engagements à prix et à terme fixes et à la production et à l'exécution de projets, aux pressions sur les flux de trésorerie exercées par les fluctuations liées aux cycles de projet et au caractère saisonnier, à la capacité de l'entreprise de mettre en oeuvre et de réaliser avec succès sa stratégie et son plan de transformation; aux partenaires commerciaux; aux pertes découlant de sinistres et de garanties sur la performance des produits; aux procédures réglementaires et judiciaires; à l'environnement; à sa dépendance à l'égard de certains clients et fournisseurs; aux ressources humaines; à la fiabilité des systèmes informatiques; à la fiabilité des droits relatifs à la propriété intellectuelle; et au caractère adéquat de la couverture d'assurance), au financement (tels les risques liés aux liquidités et à l'accès aux marchés financiers; aux régimes d'avantages de retraite; à l'exposition au risque de crédit; aux obligations importantes au titre des paiements de la dette; à certaines clauses restrictives de conventions d'emprunt; et à certains seuils minimums de liquidités; à l'aide au financement en faveur de certains clients; et à la dépendance à l'égard de l'aide gouvernementale), au marché (tels les risques liés aux fluctuations des taux de change et des taux d'intérêt; à la diminution de la valeur résiduelle; à l'augmentation des prix des produits de base; et aux fluctuations du taux d'inflation). Pour plus de détails, se reporter à la rubrique Risques et incertitudes de la section Autres du rapport de gestion du rapport financier de l'entreprise pour l'exercice clos le 31 décembre 2016. Pour en savoir davantage sur les hypothèses sur lesquelles reposent les énoncés prospectifs figurant dans le présent communiqué de presse, voir les rubriques Prévisions et énoncés prospectifs du rapport de gestion du rapport financier de l'entreprise pour l'exercice clos le 31 décembre 2016. Le lecteur est prévenu que la présente liste de facteurs pouvant influer sur la croissance, les résultats et le rendement futurs n'est pas exhaustive et qu'il ne faudrait pas se fier indûment aux énoncés prospectifs. Les énoncés prospectifs décrits aux présentes reflètent les attentes de la direction à la date du présent communiqué de presse et pourraient subir des modifications après cette date. À moins d'y être tenue selon les lois sur les valeurs mobilières applicables, l'entreprise nie expressément toute intention ou obligation de mettre à jour ou de réviser tout énoncé prospectif, que ce soit à la lumière de nouveaux renseignements, d'événements futurs ou autrement. Les énoncés prospectifs contenus dans le présent communiqué de presse sont formulés expressément sous réserve de cette mise en garde. Le programme d'avions Global 7000 et Global 8000 est présentement à la phase de développement et est susceptible de changements, notamment en ce qui a trait à la stratégie de gamme, à la marque, à la capacité, aux performances, à la conception et aux systèmes de circuits. Toutes les spécifications et les données sont approximatives, peuvent changer sans préavis et sont assujetties à certaines règles d'exploitation, hypothèses et autres conditions. Le présent document ne constitue ni une offre, ni un engagement, ni une déclaration, ni une garantie d'aucune sorte.


News Article | May 14, 2017
Site: www.PR.com

Receive press releases from T.A. Cook Conferences Ltd: By Email Birmingham, United Kingdom, May 14, 2017 --( This two day event offers the perfect opportunity to explore how current business processes can be reimagined to elevate treasury operations. SAP solutions can help to prepare organizations to make the leap towards digital transformation thus gaining better control over treasury management - maximizing visibility into cash flow, liquidity and risk. The event will kick off with 1 full-day and 6 half-day, deep-dive, pre-conference workshops. Topics to be covered will include: Reimagining Treasury Management with SAP Solutions, S 4/HANA, Hedge Management & Hedge Accounting, Central Finance and SAP GRC Solutions and more. Each workshop offers a unique opportunity to address challenges and gain valuable guidance from some of the most knowledgeable experts on SAP applications. The workshops will be followed by the main conference, with sessions covering key topics such as: Digital Transformation Blockchain FX Risk Management IFRS Regulation Payments Hedge Management Supply Chain Finance Commodity Management Business model Trade Management Cyber Crime Hear implementation case studies from international SAP customers including but not limited to: Coca Cola, August Storck KG, Akzo Nobel, Smurfit Kappa, Mondelez International, Givaudan and more. Also on offer will be SAP solution update sessions; interactive micro-forums covering innovation, technology and compliance; a vibrant exhibition showcasing SAP implementation partners and a not-to-be-missed evening celebration. Visit the official web site to download the conference brochure, find out more information about the event and register: www.tacook.com/saptreasury Birmingham, United Kingdom, May 14, 2017 --( PR.com )-- T.A. Cook is delighted to announce the 10th annual International SAP Conference for Treasury Management, taking place in Prague, Czech Republic on 11-13th July 2017.This two day event offers the perfect opportunity to explore how current business processes can be reimagined to elevate treasury operations. SAP solutions can help to prepare organizations to make the leap towards digital transformation thus gaining better control over treasury management - maximizing visibility into cash flow, liquidity and risk.The event will kick off with 1 full-day and 6 half-day, deep-dive, pre-conference workshops. Topics to be covered will include: Reimagining Treasury Management with SAP Solutions, S 4/HANA, Hedge Management & Hedge Accounting, Central Finance and SAP GRC Solutions and more. Each workshop offers a unique opportunity to address challenges and gain valuable guidance from some of the most knowledgeable experts on SAP applications.The workshops will be followed by the main conference, with sessions covering key topics such as:Digital TransformationBlockchainFX Risk ManagementIFRS RegulationPaymentsHedge ManagementSupply Chain FinanceCommodity ManagementBusiness modelTrade ManagementCyber CrimeHear implementation case studies from international SAP customers including but not limited to: Coca Cola, August Storck KG, Akzo Nobel, Smurfit Kappa, Mondelez International, Givaudan and more.Also on offer will be SAP solution update sessions; interactive micro-forums covering innovation, technology and compliance; a vibrant exhibition showcasing SAP implementation partners and a not-to-be-missed evening celebration.Visit the official web site to download the conference brochure, find out more information about the event and register:www.tacook.com/saptreasury Click here to view the list of recent Press Releases from T.A. Cook Conferences Ltd


News Article | May 11, 2017
Site: globenewswire.com

TOKYO, May 11, 2017 (GLOBE NEWSWIRE) -- DeNA Co., Ltd. (Tokyo:2432) today announced its IFRS and non-GAAP financial results for the quarter and fiscal year ended March 31, 2017. DeNA reported quarterly IFRS revenue of 35.1 billion yen, IFRS operating profit of 4.5 billion yen and non-GAAP operating profit excluding the seasonal sports business of 7.2 billion yen. DeNA also reported full year IFRS revenue of 143.8 billion yen, IFRS operating profit of 23.2 billion yen, and non-GAAP operating profit of 24.9 billion yen. “We achieved the goal we set earlier this year to achieve year-on-year profit growth for the fiscal year ended March 31, 2017, and also achieved year-on-year revenue growth,” said Isao Moriyasu, President and CEO of DeNA. “We are satisfied with the performance of Fire Emblem Heroes, a title from the Nintendo Alliance, and we plan to continue our initiatives to grow existing titles as well as release new ones." Earnings presentation slides and related materials are available at: dena.com/intl/investors/ir-news/ About DeNA DeNA (pronounced “D-N-A”) develops and operates a broad range of mobile and online services including games, e-commerce, entertainment, healthcare, automotive and other diversified offerings. Founded in 1999, DeNA is headquartered in Tokyo with over 2,000 employees. DeNA Co., Ltd. is listed on the Tokyo Stock Exchange (2432). For more information, visit: dena.com The information and data contained within this press release have been determined based on information available as of May 11, 2017. DeNA disclaims any obligation to update or revise such information and data, whether as a result of new information, future events or otherwise. In addition, any forward-looking statements contained in this press release are based on our opinions and information available as of May 11, 2017, and involve uncertainty. Please be aware that the actual performance data and similar information are subject to influence from diverse factors, and may differ from the forecasts presented herein.


News Article | May 10, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - May 10, 2017) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) ("Bonterra" or "the Company") is pleased to announce its operating and financial results for the three month period ended March 31, 2017. The related unaudited condensed financial statements and notes, as well as management's discussion and analysis (MD&A), are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on Bonterra's website at www.bonterraenergy.com. During the first quarter, Bonterra continued to focus on the development of its high quality, oil-weighted assets in the Pembina Cardium in Alberta. The Company benefitted from a stronger commodity price environment compared to the same quarter in 2016 and the previous quarter, but the stronger pricing in the quarter led to increased demand for completion services across the industry. This tight supply-demand balance for services caused some delays in the execution of Bonterra's first quarter capital program, leading to production coming on-stream in the second quarter despite the majority of the capital being incurred in the first quarter. As a result, the Company's first quarter production averaged 12,053 BOE per day, slightly below budget of 12,500 BOE per day, but has increased in the month of April to average approximately 13,100 BOE per day following the completion of 11 wells throughout April 2017. Bonterra's results for the first quarter of 2017 were impacted by timing issues that resulted in certain capital expenditures being incurred during the first quarter, but no corresponding production volumes until the second quarter. As such, the Company's production volumes in the first quarter averaged below budget solely related to delays and scheduling challenges with the completion service providers. The impact of this timing difference is clearly demonstrated by Bonterra's current average production for the month of April of approximately 13,100 BOE per day, within annual guidance, following the completion and tie-in of 11 wells in the second quarter that were originally scheduled for the first quarter. Given Bonterra's concentrated infrastructure in the Pembina field, the Company was able to complete wells in April during periods of spring road bans while operators situated in less accessible areas could not. An additional six wells will also be drilled and completed throughout the remainder of Q2 2017. By timing its more easily accessible drilling locations with spring break up and aggregating completions activities, Bonterra faces less demand for pumping services, and can secure these services while saving on costs typically associated with moving equipment and crews. During the first three months of 2017, WTI averaged US $51.87 per barrel, a 55 percent increase over the same period in 2016, and over five percent higher than the previous quarter. As a result of this price improvement, Bonterra's funds flow increased in the first quarter, but uncertainty about future potential policies out of the U.S., coupled with the increase in industry activity has raised concerns about growing supply and benchmark oil prices have weakened in the second quarter of 2017. The Company will continue to monitor WTI prices and, given the flexibility in its capital budget, can respond accordingly to upward or downward movements in price. The Company will continue to assess its dividend and capital expenditures on a quarterly basis, seeking to reduce its net debt to acceptable levels. Subsequent to the end of the quarter, the Company completed its annual banking review and its syndicate reaffirmed the credit facilities at $380 million, leaving terms and conditions unchanged. The term loan revolves to April 30, 2018 with a maturity date of April 30, 2019. Bonterra is maintaining its commitment to debt reduction to achieve a level that is less than 2.5 times funds flow during low commodity prices and less than 1.5 times funds flow when oil prices are higher than US $60 West Texas Intermediate (WTI) with a realized price for natural gas of CDN $3.50 per MCF. Bonterra's drilling and completions spending in the first quarter positioned the Company to maintain its current production levels through 2017 supported by highly economical, low-risk drilling locations. The Company will continue to pursue a sustainable growth strategy focused on operational efficiencies, while exercising financial discipline to reduce debt, manage its dividend and deliver optimal returns for shareholders across a variety of commodity price levels. Given recent volatility in commodity prices into the second quarter of 2017, the Company will maintain its practice of reviewing capital spending and dividend levels and adjusting capital spending as needed to preserve value should prices decline further. Bonterra continues to maintain its full year 2017 production guidance range between 13,000 and 13,500 BOE per day based on capital spending of approximately $70 million, which was designed to achieve five percent production growth, while maintaining a balance between funds flow and capital spending plus dividends, assuming US $55 WTI, AECO $3.10 per MCF and CDN/US dollar foreign exchange rate of $0.74. Based on these assumptions, Bonterra forecasts annual funds flow of approximately $145 million, which would generate an estimated $35 million in free cash flow for debt repayment assuming a monthly dividend of $0.10 per share, or up to $50 million assuming an incremental $15 million from other sources, mainly option exercises. Bonterra is a low-cost producer featuring a low production decline rate, significant exposure to the massive Pembina Cardium pool, and a large inventory of low-risk, highly economic undrilled locations. The Company's sustainable growth plus dividend model contributes to stable production and funds flow in a muted commodity price environment, with significant torque to the upside in a rising oil price environment. The future for Bonterra remains positive and the Company will continue to manage the business conservatively for the benefit of shareholders. Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia. The shares are listed on The Toronto Stock Exchange under the symbol "BNE". This summarized news release should not be considered a suitable source of information for readers who are unfamiliar with Bonterra Energy Corp. and should not be considered in any way as a substitute for reading the full report. For the full report, please go to www.bonterraenergy.com. Use of Non-IFRS Financial Measures Throughout this release the Company uses the terms "payout ratio" and "cash netback" to analyze operating performance, which are not standardized measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures are commonly utilized in the oil and gas industry and are considered informative by management, shareholders and analysts. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. The Company calculates payout ratio by dividing cash dividends paid to shareholders by cash flow from operating activities, both of which are measures prescribed by IFRS which appear on our statements of cash flows. We calculate cash netback by dividing various financial statement items as determined by IFRS by total production for the period on a barrel of oil equivalent basis. Certain statements contained in this release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: expected cash provided by continuing operations; cash dividends; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters. All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained herein is expressly qualified by this cautionary statement. Bonterra uses the following frequently recurring terms in this press release: "bbl" refers to barrel, "NGL" refers to Natural gas liquids, "MCF" refers to thousand cubic feet and "BOE" refers to barrels of oil equivalent. Disclosure provided herein in respect of a BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reporting and the functional currency of the Company is the Canadian dollar. The TSX does not accept responsibility for the accuracy of this release.


News Article | May 10, 2017
Site: www.prnewswire.com

"We are pleased to commence reporting in USD, which will better reflect the Company's business activities and will, therefore, improve investors' ability to compare the Company's financial results with other publicly traded mining companies. Our Q1 results reflect improvements in revenues, operating income, and net income.  We remain focused on our objectives which include our expansion plans announced in January that are progressing very well, and we are confident that the implementation of these important plans will continue to support the company's growth efforts. We experienced lower production and development numbers in the first quarter compared to the same period last year, except gold production, which increased by 23%. While the results are lower, due to lower grade material being mined, we are confident that the company will achieve another solid year. Our team continually looks to improve efficiencies, and we are very appreciative of their support and dedication. Other key achievements for the quarter included the commencement of the work required for the expansion of Mill Circuit #4, the receipt of a positive Preliminary Economic Assessment of the Oxide Tailings at the Avino mine, and a review of possible alternatives to the Tailings Storage Facility." The Company generated revenues of $8.1 million during the first quarter of 2017; a 306% increase compared to the first quarter of 2016. The increase is a result of the commencement of production mining at the Avino Mine. Mine operating income was $3.5 million during the first quarter of 2017, an increase of $2.2 million or 168% from $1.3 million in 2016. During the first quarter of 2017, net income increased by 1,607% to 0.7 million or $0.01 per share, compared to net income of $42 thousand or $0.00 basic and diluted per share during the corresponding period of 2016. Silver equivalent production for the first quarter of 2017 decreased by 16% to 604,643 oz1 compared to 715,933 oz1 in the first quarter of 2016. Silver production for the first quarter of 2017 decreased 21% to 320,082 oz compared to 403,447 oz in the first quarter of 2016. Gold production for the first quarter of 2017 increased by 23% to 1,837 oz compared to 1,497 oz in the corresponding period of 2016. Copper production decreased by 24% to 1,024,853 lbs compared to 1,350,912 lbs in the first quarter of 2016. Total mill feed processed during the first quarter of 2017 was 136,686 dry tonnes compared to 140,116 dry tonnes during the first quarter of 2016, a decrease of 2%. At the Avino Mine, silver equivalent ounces1 produced during the first quarter of 2017 totalled 439,163 compared to 474,206 during the first quarter of 2016, a decrease of 7%. The lower production is due to the lower grade material being mined. At the San Gonzalo Mine, silver equivalent ounces1 produced during the first quarter of 2017 totalled 165,480 representing a decrease of 32% compared to 241,727 in the first quarter of 2016. Consolidated all-in sustaining cash costs per AgEq ounce1 during the first quarter of 2017 were $9.55 compared to $8.22 during the corresponding period of 2016, an increase of 16%. All-in sustaining cash costs at San Gonzalo during the first quarter of 2017 were $6.21 per AgEq ounce1 compared to $8.22 during the first quarter of 2016, a decrease of 24%. All-in sustaining cash costs at Avino during the first quarter of 2017 were $10.81, with no comparable available as production mining commenced as of April 1, 2016. Capital expenditures during the three months ended March 31, 2017, were $1,965,198 compared to $946,217 for the corresponding period of 2016 (net of concentrate proceeds of $4,294,464). Capital expenditures relate to the Avino mine advancement (including Mill Circuit #4) and mining and production equipment to advance operations at the San Gonzalo, Avino, and Bralorne mines. During the first quarter of 2017, the Company continued to develop and review strategic operating plans to achieve a profitable operation at Bralorne. The mine plan includes changing the mining method to long hole mining, which is considered safer and less labour intensive than previous methods employed, and is expected to support a higher production rate. Engineering is in progress to expand the mill and to upgrade the surface infrastructure for a larger operation. Work in the mill during the quarter was focused on demolishing the old ore and waste bins plus the removal of all of the old crushing equipment to create room for new larger components. In February 2017, Bralorne, in conjunction with North Island College, the B.C. Government and First Nations completed a second educational cohort to provide basic mining training for members of the St'at'imc First Nation in Lillooet.  Bralorne provided support and access to the mine site for hands-on training. To date, 22 students have graduated from the program, two of whom are now full time employees. The financial results in this news release include references to cash flow per share, cash cost per silver equivalent ounce, and all-in sustaining cash cost per silver equivalent ounce, all of which are non-IFRS measures. Cash flow per share, cash cost per ounce, and all-in sustaining cash cost per ounce are measures developed by mining companies in an effort to provide a comparable standard of performance. However, there can be no assurance that our reporting of these non-IFRS measures is similar to that reported by other mining companies. Cash flow per share, cash cost per silver equivalent ounce, and all-in sustaining cash cost per silver equivalent ounce are measures used by the Company to manage and evaluate operating performance of the Company's mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to the prescribed IFRS measures provided in the Company's financial statements and MD&A. Avino will be holding a conference call on May 11, 2017 at 8:00 am Pacific Daylight Time (11:00 am Eastern Daylight Time). To participate in the conference call, please dial the following: No pass-code is necessary to participate in the conference call; participants will have the opportunity to ask questions during the Q&A portion of the call. Participants should dial in 10 minutes prior to the conference. The conference call will be recorded and the replay will be available on the Company's web site within one hour following the conclusion of the call. Avino's Mexican projects are under the supervision of Mr. Chris Sampson, P.Eng, BSc, Avino consultant and Mr. Jasman Yee, P.Eng, Avino director; Avino's Bralorne Mine project is under the supervision of Fred Sveinson, B.A., BSc, P.Eng, Avino Senior Mining Advisor. These individuals are qualified persons ("QP") within the context of National Instrument 43-101. The respective QP's have reviewed and approved all the applicable technical data in this press release. Avino is a silver and gold producer with a diversified pipeline of gold, silver and base metals properties in Mexico and Canada employing approximately 500 people.  Avino produces from its wholly owned Avino and San Gonzalo Mines near Durango, Mexico, and is currently planning for future production at the Bralorne Gold Mine in British Columbia, Canada. The Company's gold and silver production remains unhedged. The Company's mission and strategy is to create shareholder value through its focus on profitable organic growth at the historic Avino Property near Durango, Mexico, and the strategic acquisition of mineral exploration and mining properties. We are committed to managing all business activities in an environmentally responsible and cost-effective manner, while contributing to the well-being of the communities in which we operate. Avino's mission is to create shareholder value through profitable organic growth at the Avino Property and the strategic acquisition and advancement of mineral exploration and mining properties. We are committed to expanding our operations and managing all business activities in an environmentally responsible and cost-effective manner while contributing to the well-being of the communities in which we operate. The Company remains focused on the following key objectives: On Behalf of the Board Safe Harbor Statement - This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies including the PEA, and exploration results, the potential tonnage, grades and content of deposits, and timing, establishment, and extent of resource estimates. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by SEC standards, unless such information is required to be disclosed by the law of the Company's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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