Post A Reply
Allstocks.com's Bulletin Board
Asia, China and Canadian Stocks
CAF.V - Canaf Group Inc.
» Post A Reply
Post A Reply
HTML is not enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by chiliandrillman: [QB] CAF.V(Canaf Group Inc.) Year End Results. Financials + MD&A Ending October 31st 2017, Released February 23rd 2018 Note – Q1 2018 Results Will Be Released End Of March 2018 All Information Below Can Be Found On SEDAR Price: $0.09 Common Shares: 47,426,195 Warrants/Options: 0 Website: [URL=http://www.canafgroup.com]www.canafgroup.com[/URL] Financials (ALL IN US DOLLARS) ASSETS Cash: $453,609 Trade Receivables: $1,314,828 Sales Tax Receivable: $357 Inventories: $472,221 Prepaid Expenses: $36,220 Property, Plant & Equipment: $1,037,996 Intangible: $1 Total Assets: $3,315,323 LIABILTIES Trade Payables: $757,875 Sales Tax Payable: $32,010 Income Tax Payable: $77,805 Current Portion Of Bank Loan: $310,819 Remaining Bank Loan: $106,063 Deferred Tax Liability: $122,022 Total Liabilities: $1,406,594 Asset/Debt Ratio: 2.36:1 Revenue Sales: $10,699,117 Cost: $9,476,007 Gross Profit: $1,223,110 G&A Expense: $417,951 Bank Interest: $86,837 Total Expenses: $504,788 Income: $718,322 Interest Income: $17,962 Income Tax Expense: $194,476 Net Income: $541,808 Foreign Currency Loss: $439,664 Converted From USD to CAD $439,664 X 1.25 = $549,580 CAD Earnings Per Share: $549,580 / 47,426,195 = $0.012 cents MD&A Highlights OVERALL PERFORMANCE AND OUTLOOK The outlook and profitability for the coming year remains strong and the Corporation expects to continue to generate positive free cash flow during the fiscal year-end 2018 and, as it accumulates cash and reduces its gearing and increases its efficiencies, will continue to look at investment in related business opportunities in South Africa; a country which many now regard as one with a very positive outlook for 2018 following its recent change of President. The fiscal year ended 31 October 2017 saw the Corporation recover from significantly reduced sales between mid-2015 to mid-2016, when depressed global commodity prices affected the Corporation’s customers negatively, which was reflected in one customer closing down for 7 months of the year and another reducing demand by 50% Revenue for the year ended October 31, 2017 was $10,669,117 (2016 $4,703,528) a $5,965,589 127% increase, and the Corporation returned to profitability with net comprehensive income for year ended October 31, 2017 of $439,664 (2016 net comprehensive loss $162,065) a $601,729 favourable variance. The results reflect the previously reported turnaround from increased demand with sales remaining strong. During 2016, the Corporation commissioned a new, and more efficient, calcining facility, which began to produce saleable product during Q2, 2016. The new facility reduced operating costs and improved margins and profits as demand also increased. Management believes it is in a stronger position with Quantum being one of a few suppliers of a low volatile reductant, a situation, which has allowed the Corporation to emerge as a dominant player in South Africa Operations generated $587,509 in cash during the year ended October 31, 2017 (2016 used $11,722) as the Corporation recovered from 8 months of depressed sales and demand for their product, which started in Q3, 2015. The bank loan bears interest at 10.25% per annum, matures on January 7, 2019, and is secured by the Company’s furnace acquired with the proceeds from the loan. The bank loan is repayable in blended monthly payments of Rand 391,624 ($27,690 translated at October 31, 2017 exchange rate). During the year ended October 31, 2017, the Company incurred interest expense totaling $86,837 (2016 – $71,721). UPDATE ON UGANDAN CLAIM AGAINST KILEMBE MINES LIMITED In August 2006, Canaf, then known as Uganda Gold Mining, announced the termination of any further investment into its Kilembe Copper-Cobalt Project in Uganda. Since 2007, the Corporation has been engaged in an Arbitration with Kilembe Mines Limited, (“KML”), whereby the Corporation seeks general damages, special damages and costs of the Arbitration from KML for breach of contract. The legal work, carried out my MMAKS Advocates, Kampala, against KML is at no cost to the Corporation, but any award in favor of the Corporation will be distributed to both MMAKS and Canaf. Despite the fact that the claim against KML Corporation remains active, the Corporation is unable to give an indication of either the quantum or any likely date by which the Arbitration will be concluded. [/QB][/QUOTE]
Instant UBB Code™
What is UBB Code™?
Disable Graemlins in this post.
*** Click here to review this topic. ***
Allstocks.com Message Board Home
© 1997 - 2018 Allstocks.com. All rights reserved.