This document contains a summary of financial forecasts and metrics for Q3 2017 including:
- Global GDP growth is forecasted to be 3.5% in 2017 and 3.7% in 2018.
- US GDP growth is forecasted to be 2.2% in 2017 and 2.3% in 2018.
- Net income available to common stockholders was $119.8 million for Q3 2017.
- Funds from operations (FFO) per share was $4.16 for Q3 2017.
VANCOUVER, Feb. 8, 2018 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (SVM.TO) (NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2017. All amounts are expressed in US Dollars.
FS-3FORD MOTOR COMPANY AND SUBSIDIARIESCONSOLIDATED INCO.docxericbrooks84875
FS-3
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
For the years ended December 31,
2016 2017 2018
Revenues
Automotive $ 141,546 $ 145,653 $ 148,294
Ford Credit 10,253 11,113 12,018
Mobility 1 10 26
Total revenues (Note 4) 151,800 156,776 160,338
Costs and expenses
Cost of sales 126,195 131,321 136,269
Selling, administrative, and other expenses 10,972 11,527 11,403
Ford Credit interest, operating, and other expenses 8,847 9,047 9,463
Total costs and expenses 146,014 151,895 157,135
Interest expense on Automotive debt 894 1,133 1,171
Interest expense on Other debt 57 57 57
Other income/(loss), net (Note 5) 169 3,267 2,247
Equity in net income of affiliated companies 1,780 1,201 123
Income before income taxes 6,784 8,159 4,345
Provision for/(Benefit from) income taxes (Note 7) 2,184 402 650
Net income 4,600 7,757 3,695
Less: Income/(Loss) attributable to noncontrolling interests 11 26 18
Net income attributable to Ford Motor Company $ 4,589 $ 7,731 $ 3,677
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 8)
Basic income $ 1.16 $ 1.94 $ 0.93
Diluted income 1.15 1.93 0.92
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
For the years ended December 31,
2016 2017 2018
Net income $ 4,600 $ 7,757 $ 3,695
Other comprehensive income/(loss), net of tax (Note 21)
Foreign currency translation (1,024) 314 (523)
Marketable securities (8) (34) (11)
Derivative instruments 219 (265) 183
Pension and other postretirement benefits 56 37 (56)
Total other comprehensive income/(loss), net of tax (757) 52 (407)
Comprehensive income 3,843 7,809 3,288
Less: Comprehensive income/(loss) attributable to noncontrolling interests 10 24 18
Comprehensive income attributable to Ford Motor Company $ 3,833 $ 7,785 $ 3,270
The accompanying notes are part of the consolidated financial statements.
FS-4
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
December 31,
2017
December 31,
2018
ASSETS
Cash and cash equivalents (Note 9) $ 18,492 $ 16,718
Marketable securities (Note 9) 20,435 17,233
Ford Credit finance receivables, net (Note 10) 52,210 54,353
Trade and other receivables, less allowances of $412 and $94 10,599 11,195
Inventories (Note 12) 11,176 11,220
Other assets 3,889 3,930
Total current assets 116,801 114,649
Ford Credit finance receivables, net (Note 10) 56,182 55,544
Net investment in operating leases (Note 13) 28,235 29,119
Net property (Note 14) 35,327 36,178
Equity in net assets of affiliated companies (Note 15) 3,085 2,709
Deferred income taxes (Note 7) 10,762 10,412
Other assets 8,104 7,929
Total assets $ 258,496 $ 256,540
LIABILITIES
Payables $ 23,282 $ 21,520
Other liabilities and deferred revenue (Note 16) 19,697 20,556
Automotive debt payable within one year (Note 18) 3,356 2,314
Ford Credit debt payable within one year (Note 18) 48,265 51,179
Total current liabilities 94,600 95,56.
A press release and financial update from UMH Properties for the first quarter of 2016. UMH buys and manages trailer parks throughout the Marcellus/Utica region.
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Question 5The financial statements of The Hershey Company and .docxteofilapeerless
Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
Class B Common Stock.
Consolidated Statements of OperConsolidated Statements of Operatio.docxdonnajames55
Consolidated Statements of OperConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Income Statement [Abstract]Sales$ 71,879$ 69,495$ 73,785Cost of sales (a)[1]51,12549,14552,241Gross margin20,75420,35021,544Selling, general and administrative expenses14,24813,35614,665Depreciation and amortization (exclusive of depreciation included in cost of sales)[1]2,1942,0251,969Gain on sale00(620)Earnings from continuing operations before interest expense and income taxes4,3124,9695,530Net interest expense6661,004607Earnings from continuing operations before income taxes3,6463,9654,923Provision for income taxes7181,2961,602Net earnings from continuing operations2,9282,6693,321Discontinued operations, net of tax66842Net earnings$ 2,934$ 2,737$ 3,3634.1%3.9%4.6%Basic earnings per shareContinuing operations (in dollars per share)$ 5.35$ 4.62$ 5.29Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)5.364.745.35Diluted earnings per shareContinuing operations (in dollars per share)5.324.585.25Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)$ 5.33$ 4.70$ 5.31Weighted average common shares outstandingBasic (in shares)546.8577.6627.7Dilutive effect of share-based awards (in shares)3.54.95.2Diluted (in shares)550.3582.5632.9Antidilutive shares (in shares)4.10.10Dividends declared per share (in dollars per share)$ 2.46$ 2.36$ 2.20
Consolidated Statements of FinaConsolidated Statements of Financial Position - USD ($) $ in MillionsFeb. 03, 2018Jan. 28, 2017AssetsCash and cash equivalents$ 2,643$ 2,512Inventory8,6578,309 Inventory as % of Total Assets22.2%22.2%Other current assets1,2641,169Total current assets12,56411,990Property and equipmentLand6,0956,106Buildings and improvements28,39627,611Fixtures and equipment5,6235,503Computer hardware and software2,6452,651Construction-in-progress440200 Total Property and Equipment Cost43,19942,071Accumulated depreciation(18,181)(17,413)Property and equipment, net25,01824,658 P&E as % of Total Assets64.2%65.9%Other noncurrent assets1,417783Total assets38,99937,431Liabilities and shareholders' investmentAccounts payable8,6777,252Accrued and other current liabilities4,2543,737Current portion of long-term debt and other borrowings2701,718Total current liabilities13,20112,707Long-term debt and other borrowings11,31711,031Deferred income taxes713861Other noncurrent liabilities2,0591,879Total noncurrent liabilities14,08913,771Shareholders' investmentCommon stock4546Additional paid-in capital5,8585,661Retained earnings6,5535,884Accumulated other comprehensive loss(747)(638)Total shareholders' investment11,70910,953Total liabilities and shareholders' investment$ 38,999$ 37,431Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 541,681,670 shares issued and outstanding at February 3, 2018; 556,156,228 shares issued a.
24. September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
Net (loss) income available to common stockholders (4,140)$ 187,330$ 119,842$ 254,406$
Adjustments:
Noncontrolling interests in operating partnership (79) 3,024 1,632 4,144
Real estate related depreciation and amortization (1) 196,871 175,332 545,328 509,287
Real estate related depreciation and amortization related to investment in
unconsolidated joint ventures 2,732 2,810 8,243 8,423
Impairment of investments in real estate 28,992 - 28,992 -
Impairment charge on Telx trade name - - - 6,122
(Gain) loss on sale of properties (9,750) (169,000) (9,608) (170,097)
FFO available to common stockholders and unitholders 214,626$ 199,496$ 694,429$ 612,285$
Basic FFO per share and unit 1.24$ 1.33$ 4.18$ 4.10$
Diluted FFO per share and unit 1.23$ 1.31$ 4.16$ 4.08$
Weighted average common stock and units outstanding
Basic 173,461 149,778 166,048 149,352
Diluted 174,170 151,765 166,938 150,076
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement 199,914 178,133 554,491 522,743
Impairment charge on Telx trade name - - - (6,122)
Non-real estate depreciation (3,043) (2,801) (9,163) (7,334)
196,871$ 175,332$ 545,328$ 509,287$
Nine Months Ended
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)
(in thousands, except per share and unit data)
(unaudited)
Three Months Ended
25. September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
FFO available to common stockholders and unitholders -- basic and diluted 214,626$ 199,496$ 694,429$ 612,285$
Weighted average common stock and units outstanding 173,461 149,778 166,048 149,352
Add: Effect of dilutive securities 709 1,987 890 724
Weighted average common stock and units outstanding -- diluted 174,170 151,765 166,938 150,076
September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
FFO available to common stockholders and unitholders -- diluted 214,626$ 199,496$ 694,429$ 612,285$
Termination fees and other non-core revenues (1)
(208) (2) (584) (93)
Significant transaction expenses 42,809 6,015 60,367 11,530
(Gain) loss from early extinguishment of debt (1,990) 18 (1,990) 982
Costs on redemption of preferred stock - 10,328 6,309 10,328
Bridge facility fees 3,181 - 3,181 -
Severance accrual and equity acceleration (2)
2,288 2,580 3,522 5,536
Equity in earnings adjustment for non-core items - - (3,285) -
Loss on currency forwards - - - 3,082
Other non-core expense adjustments 3,051 (22) 3,075 (23)
CFFO available to common stockholders and unitholders -- diluted 263,757$ 218,413$ 765,024$ 643,627$
Diluted CFFO per share and unit 1.51$ 1.44$ 4.58$ 4.29$
(1) Includes one-time fees, proceeds and certain other adjustments that are not core to our business.
(2) Relates to severance charges related to the departure of company executives.
Three Months Ended Nine Months Ended
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)
(in thousands, except per share and unit data)
(unaudited)
Three Months Ended Nine Months Ended
26. September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
Net (loss) income available to common stockholders (4,140)$ 187,330$ 119,842$ 254,406$
Interest 71,621 63,084 184,653 180,254
(Gain) loss from early extinguishment of debt (1,990) 18 (1,990) 982
Taxes 2,494 3,720 7,356 8,081
Depreciation and amortization 199,914 178,133 554,491 522,743
Impairment of investments in real estate 28,992 - 28,992 -
EBITDA 296,891 432,285 893,344 966,466
Severance accrual and equity acceleration 2,288 2,580 3,522 5,536
Transactions 42,809 6,015 60,367 11,530
Gain on sale of properties (9,750) (169,000) (9,608) (170,097)
Equity in earnings adjustment for non-core items - - (3,285) -
Loss on currency forwards - - - 3,082
Other non-core expense adjustments 3,051 (22) 3,075 (23)
Noncontrolling interests 40 3,247 1,985 4,600
Preferred stock dividends 16,575 21,530 48,473 66,378
Issuance costs associated with redeemed preferred stock - 10,328 6,309 10,328
Adjusted EBITDA 351,904$ 306,963$ 1,004,182$ 897,800$
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
(in thousands)
(unaudited)
Nine Months EndedThree Months Ended
27. September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
Rental revenues 247,326$ 243,268$ 741,604$ 734,985$
Tenant reimbursements - Utilities 39,106 42,217 111,752 114,022
Tenant reimbursements - Other 16,646 18,542 49,333 52,714
Interconnection and other 50,835 45,425 149,455 132,723
Total Revenue 353,913 349,452 1,052,144 1,034,444
Utilities 52,863 53,356 145,090 143,257
Rental property operating 52,096 56,600 161,552 167,743
Property taxes 19,007 17,173 52,008 51,350
Insurance 1,950 1,859 5,949 5,527
Total Expenses 125,916 128,988 364,599 367,877
Net Operating Income 227,997$ 220,464$ 687,545$ 666,567$
Less:
Stabilized straight-line rent (5,793)$ (4,353)$ (15,166)$ (12,170)$
Above and below market rent 1,886 2,133 6,021 6,447
Cash Net Operating Income 231,904$ 222,684$ 696,690$ 672,290$
Three Months Ended Nine Months Ended
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Same Capital Cash Net Operating Income
(in thousands)
(unaudited)
28. Net Debt/LQA Adjusted EBITDA
QE 09/30/2017
Total debt at balance sheet carrying value 8,484,244$
Add: DLR share of unconsolidated joint venture debt 152,526
Add: Capital lease obligations 170,864
Less: Unrestricted cash (192,578)
Net Debt as of September 30, 2017 8,615,056$
Net Debt / LQA Adjusted EBITDA
(iii)
6.0x
(iii) Adjusted EBITDA
Net (loss) available to common stockholders (4,140)$
Interest expense 71,621
DLR share of unconsolidated joint venture interest expense 1,458
Gain from early extinguishment of debt (1,990)
Taxes 2,494
Depreciation and amortization 199,914
Impairment of investments in real estate 28,992
DLR share of unconsolidated joint venture depreciation 2,732
EBITDA 301,081
Severance accrual and equity acceleration and legal expenses 2,288
Transactions 42,809
Gain on sale of properties (9,750)
Other non-core expense adjustments 3,051
Noncontrolling interests 40
Preferred stock dividends 16,575
Adjusted EBITDA
(a)
356,094$
LQA Adjusted EBITDA (Adjusted EBITDA x 4) 1,424,376$
(a)
Includes certain financial information from unconsolidated joint ventures.
Note: For quarter ended September 30, 2017
QE 09/30/2017
Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)
GAAP interest expense plus capitalized interest and less bridge facility fees 73,724
Scheduled debt principal payments 138
Preferred dividends 16,575
Total fixed charges 90,437
Fixed charge ratio 3.9x
Guidance (as of October 25, 2017)
Net income per diluted share $1.10 - $1.15
Real estate depreciation and (gain)/loss on sale $4.60 - $4.60
Funds From Operations / share (NAREIT-Defined) $5.70 - $5.75
Non-core expense and revenue streams $0.30 - $0.35
Core Funds From Operations / share $6.00 - $6.10
Foreign currency translation adjustments $0.05 - $0.10
Constant-Currency Core FFO / share $6.05 - $6.20
