|
Michael J. Smith
Unit 803, Dina House Ruttonjee Centre 11 Duddell Street Hong Kong SAR, China Telephone: 1 (844) 331-3343 Facsimile: +(852) 2840-1260 |
| |
with a copy to:
H.S. Sangra Sangra Moller LLP 1000 Cathedral Place, 925 West Georgia Street Vancouver, British Columbia, Canada V6C 3L2 Facsimile: +1 604-669-8803 |
|
|
Title of each class
|
| |
Name of each exchange on which registered
|
|
|
Common Shares
|
| |
New York Stock Exchange
|
|
| Large accelerated filer ☐ | | |
Accelerated filer ☐
|
| |
Non-accelerated filer ☒
Emerging growth company ☐ |
|
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 12 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 22 | | | |
| | | | | 27 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 42 | | | |
| | | | | 42 | | | |
| | | | | 43 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
| | | | | 47 | | | |
| | | | | 47 | | | |
| | | | | 47 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 50 | | | |
| | | | | 50 | | | |
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 117 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
($/US$)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 1.3642 | | | | | | 1.2545 | | | | | | 1.3427 | | | | | | 1.3840 | | | | | | 1.1601 | | |
High for period
|
| | | | 1.2288 | | | | | | 1.2128 | | | | | | 1.2544 | | | | | | 1.1728 | | | | | | 1.0614 | | |
Low for period
|
| | | | 1.3642 | | | | | | 1.3743 | | | | | | 1.4589 | | | | | | 1.3990 | | | | | | 1.1643 | | |
Average for period
|
| | | | 1.2957 | | | | | | 1.2986 | | | | | | 1.3248 | | | | | | 1.2787 | | | | | | 1.1045 | | |
| | |
($/€)
|
| |||||||||||||||||||||||||||
End of period
|
| | | | 1.5613 | | | | | | 1.5052 | | | | | | 1.4169 | | | | | | 1.5029 | | | | | | 1.4038 | | |
High for period
|
| | | | 1.4791 | | | | | | 1.3848 | | | | | | 1.3875 | | | | | | 1.3111 | | | | | | 1.3927 | | |
Low for period
|
| | | | 1.5330 | | | | | | 1.5330 | | | | | | 1.5928 | | | | | | 1.5298 | | | | | | 1.5549 | | |
Average for period
|
| | | | 1.5302 | | | | | | 1.4651 | | | | | | 1.4660 | | | | | | 1.4182 | | | | | | 1.4671 | | |
Month
|
| |
High
|
| |
Low
|
| | ||||||||
| | |
($/US$)
|
| | |||||||||||
March 2019
|
| | | | 1.3260 | | | | | | 1.3438 | | | | ||
February 2019
|
| | | | 1.3095 | | | | | | 1.3298 | | | | ||
January 2019
|
| | | | 1.3144 | | | | | | 1.3600 | | | | ||
December 2018
|
| | | | 1.3191 | | | | | | 1.3642 | | | | ||
November 2018
|
| | | | 1.3088 | | | | | | 1.3302 | | | | ||
October 2018
|
| | | | 1.2803 | | | | | | 1.3642 | | | | ||
| | |
($/€)
|
| | | | |||||||||
March 2019
|
| | | | 1.5002 | | | | | | 1.5194 | | | | ||
February 2019
|
| | | | 1.4938 | | | | | | 1.5079 | | | | ||
January 2019
|
| | | | 1.5066 | | | | | | 1.5441 | | | | ||
December 2018
|
| | | | 1.4968 | | | | | | 1.5613 | | | | ||
November 2018
|
| | | | 1.4926 | | | | | | 1.5124 | | | | ||
October 2018
|
| | | | 1.4678 | | | | | | 1.5073 | | | |
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015*
|
| |
2014*
|
| |||||||||||||||
Revenue
|
| | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | | | | $ | 1,629,100 | | | | | $ | 1,405,330 | | |
Income (loss) from continuing operations
|
| | | | 112,211 | | | | | | (47,065) | | | | | | (23,720) | | | | | | (244,602) | | | | | | 19,198 | | |
Net income (loss) from continuing operations per share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 8.96 | | | | | | (3.75) | | | | | | (2.01) | | | | | | (19.37) | | | | | | 1.52 | | |
Diluted
|
| | | | 8.96 | | | | | | (3.75) | | | | | | (2.01) | | | | | | (19.37) | | | | | | 1.52 | | |
Net loss from discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | (241,402) | | | | | | (18,522) | | |
Loss per share from discontinued operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19.12) | | | | | | (1.45) | | |
Diluted
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19.12) | | | | | | (1.45) | | |
Net income (loss) for the year
|
| | | | 112,211 | | | | | | (47,065) | | | | | | (23,720) | | | | | | (486,004) | | | | | | 676 | | |
Net income (loss) attributable to owners of the parent company
|
| | | | 112,276 | | | | | | (47,855) | | | | | | (25,361) | | | | | | (487,630) | | | | | | (682) | | |
Net income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 8.96 | | | | | | (3.81) | | | | | | (2.01) | | | | | | (38.61) | | | | | | (0.05) | | |
Diluted
|
| | | | 8.96 | | | | | | (3.81) | | | | | | (2.01) | | | | | | (38.61) | | | | | | (0.05) | | |
Total assets
|
| | | | 506,913 | | | | | | 396,947 | | | | | | 650,338 | | | | | | 977,351 | | | | | | 1,692,219 | | |
Net assets
|
| | | | 394,406 | | | | | | 279,949 | | | | | | 329,430 | | | | | | 369,200 | | | | | | 778,933 | | |
Long-term debt, less current portion
|
| | | | — | | | | | | — | | | | | | 80,564 | | | | | | 174,333 | | | | | | 297,157 | | |
Loan payable, long-term
|
| | | | 3,981 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity
|
| | | | 386,376 | | | | | | 277,780 | | | | | | 327,520 | | | | | | 367,192 | | | | | | 777,717 | | |
Capital stock, net of treasury stock
|
| | | | 309,505 | | | | | | 309,505 | | | | | | 358,831 | | | | | | 358,831 | | | | | | 358,570 | | |
Weighted average number of common
stock outstanding, diluted |
| | | | 12,535 | | | | | | 12,544 | | | | | | 12,628 | | | | | | 12,628 | | | | | | 12,591 | | |
Cash dividends paid to shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,388 | | | | | | 12,486 | | |
Subsidiaries
|
| |
Country of
Incorporation |
| |
Proportion of
Interest(1) |
| |||
MFC (A) Ltd.
|
| |
Marshall Islands
|
| | | | 100% | | |
MFC (D) Ltd.
|
| |
Marshall Islands
|
| | | | 100% | | |
Brock Metals s.r.o.
|
| | Slovakia | | | | | 100% | | |
1178936 B.C. Ltd.
|
| | Canada | | | | | 100% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||||||||
Revenue
|
| | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
Costs of sales and services
|
| | | | 129,522 | | | | | | 263,586 | | | | | | 1,061,052 | | |
Selling, general and administrative expenses
|
| | | | 26,365 | | | | | | 45,472 | | | | | | 79,164 | | |
Share-based compensation – selling, general and administrative
|
| | | | 69 | | | | | | 2,876 | | | | | | — | | |
Loss on settlement
|
| | | | 5,600 | | | | | | — | | | | | | — | | |
Finance costs
|
| | | | 2,125 | | | | | | 8,415 | | | | | | 24,102 | | |
Impairment of available-for-sale securities
|
| | | | — | | | | | | — | | | | | | 91 | | |
Reversal of impairment of hydrocarbon resource properties and property, plant and equipment, net
|
| | | | (188,203) | | | | | | (8,945) | | | | | | (8,566) | | |
Net income (loss) attributable to owners of the parent company
|
| | | | 112,276 | | | | | | (47,855) | | | | | | (25,361) | | |
Earnings (loss) per share – basic and diluted
|
| | | | 8.96 | | | | | | (3.81) | | | | | | (2.01) | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Merchant banking products and services
|
| | | $ | 124,059 | | | | | $ | 249,581 | | | | | $ | 1,078,745 | | |
Interest
|
| | | | 676 | | | | | | 973 | | | | | | 3,056 | | |
Dividends
|
| | | | 168 | | | | | | — | | | | | | 6 | | |
Gain on securities, net
|
| | | | 3,856 | | | | | | — | | | | | | — | | |
Other(1) | | | | | 10,992 | | | | | | 23,481 | | | | | | 49,850 | | |
Revenue
|
| | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Revenue:
|
| | | | | | | | | | | | |
Merchant banking
|
| | | $ | 134,496 | | | | | $ | 256,412 | | |
All other
|
| | | | 5,255 | | | | | | 17,623 | | |
| | | | $ | 139,751 | | | | | $ | 274,035 | | |
|
| | |
Years Ended December 31,
|
| |||
| | |
2018
|
| |
2017
|
|
| | |
%
|
| |
%
|
|
Germany
|
| |
37
|
| |
45
|
|
Other European countries
|
| |
48
|
| |
33
|
|
Americas
|
| |
11
|
| |
15
|
|
Asia and other
|
| |
4
|
| |
7
|
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Metals
|
| | | $ | 107,540 | | | | | $ | 143,572 | | |
Plastics
|
| | | | — | | | | | | 98 | | |
Steel products
|
| | | | — | | | | | | 23,898 | | |
Minerals, chemicals and alloys
|
| | | | — | | | | | | 57,768 | | |
Hydrocarbons
|
| | | | 10,371 | | | | | | 8,931 | | |
Royalties
|
| | | | (2,437) | | | | | | 8,868 | | |
Power/electricity
|
| | | | 4,254 | | | | | | 4,215 | | |
Total sales by products
|
| | | | 119,728 | | | | | | 247,350 | | |
Fees
|
| | | | 4,331 | | | | | | 2,231 | | |
Revenue from products and services
|
| | | $ | 124,059 | | | | | $ | 249,581 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Merchant banking products and services
|
| | | $ | 119,552 | | | | | $ | 223,049 | | |
Credit losses on loans and receivables and guarantees, net of recoveries
|
| | | | 34,985 | | | | | | 23,923 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 109 | | | | | | (400) | | |
Loss (gain) on derivative contracts, net
|
| | | | 794 | | | | | | (1,934) | | |
Loss on securities, net
|
| | | | — | | | | | | 619 | | |
Dispositions of subsidiaries
|
| | | | (25,771) | | | | | | 10,219 | | |
Gains on settlements of liabilities
|
| | | | (9,502) | | | | | | (3,779) | | |
Changes in fair value of a loan payable measured at FVTPL
|
| | | | 167 | | | | | | — | | |
Other
|
| | | | 9,188 | | | | | | 11,889 | | |
Total costs of sales and services
|
| | | $ | 129,522 | | | | | $ | 263,586 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Revenue:
|
| | | | | | | | | | | | |
Merchant banking
|
| | | $ | 256,412 | | | | | $ | 1,095,896 | | |
All other
|
| | | | 17,623 | | | | | | 35,761 | | |
| | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
%
|
| |
%
|
| ||||||
Germany
|
| | | | 45 | | | | | | 25 | | |
Other European countries
|
| | | | 33 | | | | | | 37 | | |
Americas
|
| | | | 15 | | | | | | 25 | | |
Asia and other
|
| | | | 7 | | | | | | 13 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Metals
|
| | | $ | 143,572 | | | | | $ | 223,244 | | |
Plastics
|
| | | | 98 | | | | | | 25,277 | | |
Wood products
|
| | | | — | | | | | | 13,385 | | |
Steel products
|
| | | | 23,898 | | | | | | 298,772 | | |
Minerals, chemicals and alloys
|
| | | | 57,768 | | | | | | 483,806 | | |
Hydrocarbons
|
| | | | 8,931 | | | | | | 18,094 | | |
Royalties
|
| | | | 8,868 | | | | | | 4,875 | | |
Power/electricity
|
| | | | 4,215 | | | | | | 5,882 | | |
Total sales by products
|
| | | | 247,350 | | | | | | 1,073,335 | | |
Fees
|
| | | | 2,231 | | | | | | 5,410 | | |
Revenue from products and services
|
| | | $ | 249,581 | | | | | $ | 1,078,745 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Merchant banking products and services
|
| | | $ | 223,049 | | | | | $ | 1,027,627 | | |
Credit losses on loans and receivables and guarantees, net of recoveries
|
| | | | 23,923 | | | | | | 17,023 | | |
Market value (increase) decrease on commodity inventories
|
| | | | (400) | | | | | | 4,273 | | |
(Gain) loss on derivative contracts, net
|
| | | | (1,934) | | | | | | 521 | | |
Loss on securities, net
|
| | | | 619 | | | | | | 116 | | |
Dispositions of subsidiaries
|
| | | | 10,219 | | | | | | (2,585) | | |
Gains on settlements of liabilities
|
| | | | (3,779) | | | | | | — | | |
Other
|
| | | | 11,889 | | | | | | 14,077 | | |
Total costs of sales and services
|
| | | $ | 263,586 | | | | | $ | 1,061,052 | | |
|
| | |
December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||||||||
Total debt(1)
|
| | | $ | — | | | | | $ | 43,733 | | | | | $ | 116,813 | | |
Less: cash and cash equivalents
|
| | | | (67,760) | | | | | | (74,870) | | | | | | (120,676) | | |
Net debt
|
| | | | Not applicable | | | | | | Not applicable | | | | | | Not applicable | | |
Shareholders’ equity
|
| | | | 386,376 | | | | | | 277,780 | | | | | | 327,520 | | |
Net debt-to-equity ratio
|
| | | | Not applicable | | | | | | Not applicable | | | | | | Not applicable | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands, except ratio amounts)
|
| |||||||||||||||
Long-term debt, less current portion(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | 80,564 | | |
Shareholders’ equity
|
| | | | 386,376 | | | | | | 277,780 | | | | | | 327,520 | | |
Long-term debt-to-equity ratio
|
| | | | Not applicable | | | | | | Not applicable | | | | | | 0.25 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Cash flows (used in) provided by operating activities
|
| | | $ | (7,191) | | | | | $ | (3,197) | | | | | $ | 99,867 | | |
Cash flows (used in) provided by investing activities
|
| | | | (1,281) | | | | | | (3,494) | | | | | | 35,482 | | |
Cash flows used in financing activities
|
| | | | (857) | | | | | | (42,720) | | | | | | (167,275) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | 2,219 | | | | | | 3,605 | | | | | | (37,540) | | |
Decrease in cash and cash equivalents
|
| | | | (7,110) | | | | | | (45,806) | | | | | | (69,466) | | |
| | |
December 31,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 67,760 | | | | | $ | 74,870 | | |
Short-term cash deposits
|
| | | | — | | | | | | 194 | | |
Short-term securities
|
| | | | 7,400 | | | | | | 5,127 | | |
Securities – derivatives
|
| | | | 209 | | | | | | 190 | | |
Trade receivables
|
| | | | 5,343 | | | | | | 34,259 | | |
Tax receivables, current portion
|
| | | | 104 | | | | | | 747 | | |
Other receivables
|
| | | | 8,675 | | | | | | 21,690 | | |
Inventories
|
| | | | 11,406 | | | | | | 9,826 | | |
Restricted cash
|
| | | | 281 | | | | | | — | | |
Deposits, prepaid and other
|
| | | | 828 | | | | | | 2,378 | | |
Total current assets
|
| | | | 102,006 | | | | | | 149,281 | | |
Working capital
|
| | | | 74,799 | | | | | | 56,512 | | |
Total assets
|
| | | | 506,913 | | | | | | 396,947 | | |
Short-term bank borrowings
|
| | | | — | | | | | | 2,074 | | |
Debt, current portion
|
| | | | — | | | | | | 43,733 | | |
Account payables and accrued expenses
|
| | | | 26,315 | | | | | | 44,750 | | |
Financial liabilities – derivatives
|
| | | | 37 | | | | | | 302 | | |
Income tax liabilities
|
| | | | 855 | | | | | | 1,910 | | |
Total current liabilities
|
| | | | 27,207 | | | | | | 92,769 | | |
Loan payable, long-term
|
| | | | 3,981 | | | | | | — | | |
Decommissioning obligations, long-term
|
| | | | 13,641 | | | | | | 13,699 | | |
Deferred income tax liabilities
|
| | | | 66,421 | | | | | | 10,303 | | |
Total liabilities
|
| | | | 112,507 | | | | | | 116,998 | | |
Shareholders’ equity
|
| | | | 386,376 | | | | | | 277,780 | | |
| | |
Payments Due by Period(1)
|
| |||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Contractual Obligations(2)
|
| |
Less than
1 Year |
| |
1 – 3
Years |
| |
3 – 5
Years |
| |
More than
5 Years |
| |
Total
|
| |||||||||||||||
Operating lease obligations
|
| | | $ | 1,327 | | | | | $ | 1,402 | | | | | $ | 902 | | | | | $ | 1,155 | | | | | $ | 4,786 | | |
Purchase obligations
|
| | | | 686 | | | | | | — | | | | | | — | | | | | | — | | | | | | 686 | | |
Loan Payable(3) | | | | | — | | | | | | — | | | | | | — | | | | | | 3,981 | | | | | | 3,981 | | |
Total
|
| | | $ | 2,031 | | | | | $ | 1,402 | | | | | $ | 902 | | | | | $ | 5,136 | | | | | $ | 9,453 | | |
|
Name (Age)
|
| |
Present Position
|
| |
Date of
Commencement of Office with our Company |
| |||
Michael J. Smith (71)
|
| | Chairman, Managing Director, President, Chief Executive Officer and Director | | | | | 2017 | | |
Samuel Morrow (34)(1)
|
| | Deputy Chief Executive Officer and Chief Financial Officer | | | | | 2017 | | |
Dr. Shuming Zhao (67)(2)(3)(4)
|
| | Director | | | | | 2017 | | |
Indrajit Chatterjee (73)(3)(4)
|
| | Director | | | | | 2017 | | |
Silke S. Stenger (51)(2)(3)(4)
|
| | Director | | | | | 2017 | | |
Friedrich Hondl (58)(1)(2)
|
| | Director | | | | | 2017 | | |
Jochen Dümler (64)(1)(2)(3)
|
| | Director | | | | | 2017 | | |
| | | | | | | | | | | | | | | | | | | | |
Non-equity incentive
compensation plan compensation ($)(1) |
| | | | | | | | | | | | | | | | | | | |||||||||
Name and Principal Position
|
| |
Salary
($) |
| |
Share-
based awards ($) |
| |
Option-
based awards ($) |
| |
Annual
incentive plans |
| |
Long-
term incentive plans |
| |
Pension
value ($) |
| |
All other
compensation ($) |
| |
Total
compensation ($) |
| ||||||||||||||||||||||||
Michael J. Smith
Chairman, Managing Director, President and Chief Executive Officer |
| | | | 543,429 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 280,615(2) | | | | | | 824,044 | | |
Samuel Morrow
Chief Financial Officer and Deputy Chief Executive Officer |
| | | | 244,918 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,217(3) | | | | | | 387,135 | | |
Name
|
| |
Fees
Earned ($) |
| |
Share-
based awards ($) |
| |
Option-
based awards ($) |
| |
Non-equity
incentive plan compensation ($) |
| |
Pension
value ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Michael J. Smith(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gerardo Cortina(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,656(3) | | | | | | 33,656 | | |
Dr. Shuming Zhao
|
| | | | 102,779 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,779 | | |
Indrajit Chatterjee
|
| | | | 96,184 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 96,184 | | |
Silke S. Stenger
|
| | | | 150,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 150,528 | | |
Friedrich Hondl
|
| | | | 97,191 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 97,191 | | |
Jochen Dümler
|
| | | | 147,688 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 147,688 | | |
Name and principal position
|
| |
Common Shares
beneficially owned (#) |
| |
Percentage of total
Common Shares outstanding (%) |
| |
Stock options
held (#) |
| |||||||||
Michael J. Smith
Chairman, Managing Director, President and Chief Executive Officer and Director |
| | | | 109,067 | | | | | | 0.9% | | | | | | 12,500(1) | | |
Dr. Shuming Zhao
Director |
| | | | — | | | | | | — | | | | | | 12,000(1) | | |
Indrajit Chatterjee
Director |
| | | | — | | | | | | — | | | | | | 12,000(1) | | |
Silke S. Stenger
Director |
| | | | — | | | | | | — | | | | | | 12,000(1) | | |
Friedrich Hondl
Director |
| | | | — | | | | | | — | | | | | | 12,000(1) | | |
Jochen Dümler
Director |
| | | | — | | | | | | — | | | | | | 12,000(1) | | |
Samuel Morrow
Deputy Chief Executive Officer and Chief Financial Officer |
| | | | 8,478 | | | | | | —* | | | | | | 60,000(1) | | |
Name
|
| |
Amount Owned
|
| |
Percent of Class(1)
|
| ||||||
Peter Kellogg, group(2)
|
| | | | 4,132,480 | | | | | | 33.0% | | |
Lloyd Miller, III(3)
|
| | | | 1,862,523 | | | | | | 14.9% | | |
Nantahala Capital Management, LLC(4)
|
| | | | 846,555 | | | | | | 6.8% | | |
| | | | | 52 | | | |
| | | | | 55 | | | |
| | | | | 56 | | | |
| | | | | 57 | | | |
| | | | | 58 | | | |
| | | | | 60 | | | |
| | | | | 61 | | |
| | |
Notes
|
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
ASSETS
|
| | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | | | $ | 67,760 | | | | | $ | 74,870 | | |
Short-term cash deposits
|
| | | | | | | | | | — | | | | | | 194 | | |
Securities
|
| | | | 7 | | | | | | 7,400 | | | | | | 5,127 | | |
Securities – derivatives
|
| | | | | | | | | | 209 | | | | | | 190 | | |
Trade receivables
|
| | | | 8 | | | | | | 5,343 | | | | | | 34,259 | | |
Tax receivables
|
| | | | | | | | | | 104 | | | | | | 747 | | |
Other receivables
|
| | | | 9 | | | | | | 8,675 | | | | | | 21,690 | | |
Inventories
|
| | | | 10 | | | | | | 11,406 | | | | | | 9,826 | | |
Restricted cash
|
| | | | | | | | | | 281 | | | | | | — | | |
Deposits, prepaid and other
|
| | | | | | | | | | 828 | | | | | | 2,378 | | |
Total current assets
|
| | | | | | | | | | 102,006 | | | | | | 149,281 | | |
Non-current Assets | | | | | | | | | | | | | | | | | | | |
Securities
|
| | | | 7 | | | | | | 4,702 | | | | | | 771 | | |
Securities – derivatives
|
| | | | | | | | | | — | | | | | | 56 | | |
Real estate held for sale
|
| | | | | | | | | | 13,830 | | | | | | 13,803 | | |
Investment property
|
| | | | 11 | | | | | | 37,804 | | | | | | 37,660 | | |
Property, plant and equipment
|
| | | | 12 | | | | | | 58,325 | | | | | | 83,954 | | |
Interests in resource properties
|
| | | | 13 | | | | | | 273,250 | | | | | | 92,551 | | |
Tax receivables
|
| | | | | | | | | | 488 | | | | | | — | | |
Deferred income tax assets
|
| | | | 14 | | | | | | 15,735 | | | | | | 16,694 | | |
Other
|
| | | | | | | | | | 773 | | | | | | 2,132 | | |
Other, restricted
|
| | | | | | | | | | — | | | | | | 45 | | |
Total non-current assets
|
| | | | | | | | | | 404,907 | | | | | | 247,666 | | |
| | | | | | | | | | $ | 506,913 | | | | | $ | 396,947 | | |
LIABILITIES AND EQUITY
|
| | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | |
Short-term bank borrowings
|
| | | | 15 | | | | | $ | — | | | | | $ | 2,074 | | |
Debt, current portion
|
| | | | 16 | | | | | | — | | | | | | 43,733 | | |
Account payables and accrued expenses
|
| | | | 17 | | | | | | 26,315 | | | | | | 44,750 | | |
Financial liabilities – derivatives
|
| | | | | | | | | | 37 | | | | | | 302 | | |
Income tax liabilities
|
| | | | | | | | | | 855 | | | | | | 1,910 | | |
Total current liabilities
|
| | | | | | | | | | 27,207 | | | | | | 92,769 | | |
Long-term Liabilities | | | | | | | | | | | | | | | | | | | |
Loan payable
|
| | | | 29 | | | | | | 3,981 | | | | | | — | | |
Decommissioning obligations
|
| | | | 19 | | | | | | 13,641 | | | | | | 13,699 | | |
Deferred income tax liabilities
|
| | | | 14 | | | | | | 66,421 | | | | | | 10,303 | | |
Other
|
| | | | | | | | | | 1,257 | | | | | | 227 | | |
Total long-term liabilities
|
| | | | | | | | | | 85,300 | | | | | | 24,229 | | |
Total liabilities
|
| | | | | | | | | | 112,507 | | | | | | 116,998 | | |
Equity | | | | | | | | | | | | | | | | | | | |
Capital stock, fully paid
|
| | | | 20 | | | | | | 16 | | | | | | 16 | | |
Additional paid-in capital
|
| | | | | | | | | | 312,132 | | | | | | 312,132 | | |
Treasury stock
|
| | | | 20 | | | | | | (2,643) | | | | | | (2,643) | | |
Contributed surplus
|
| | | | | | | | | | 16,735 | | | | | | 16,666 | | |
Retained earnings (accumulated deficit)
|
| | | | | | | | | | 19,333 | | | | | | (87,183) | | |
Accumulated other comprehensive income
|
| | | | | | | | | | 40,803 | | | | | | 38,792 | | |
Shareholders’ equity
|
| | | | | | | | | | 386,376 | | | | | | 277,780 | | |
Non-controlling interests
|
| | | | | | | | | | 8,030 | | | | | | 2,169 | | |
Total equity
|
| | | | | | | | | | 394,406 | | | | | | 279,949 | | |
| | | | | | | | | | $ | 506,913 | | | | | $ | 396,947 | | |
|
| | |
Notes
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||
Revenue | | | | | 21 | | | | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Costs of sales and services
|
| | | | 21 | | | | | | 129,522 | | | | | | 263,586 | | | | | | 1,061,052 | | |
Selling, general and administrative
|
| | | | 21 | | | | | | 26,365 | | | | | | 45,472 | | | | | | 79,164 | | |
Share-based compensation – selling, general and administrative
|
| | | | 22 | | | | | | 69 | | | | | | 2,876 | | | | | | — | | |
Loss on settlement
|
| | | | 21 | | | | | | 5,600 | | | | | | — | | | | | | — | | |
Finance costs
|
| | | | | | | | | | 2,125 | | | | | | 8,415 | | | | | | 24,102 | | |
Impairment of available-for-sale securities
|
| | | | | | | | | | — | | | | | | — | | | | | | 91 | | |
Reversal of impairment of hydrocarbon, resource properties and property, plant and equipment, net
|
| | | | 12,13 | | | | | | (188,203) | | | | | | (8,945) | | | | | | (8,566) | | |
Exchange differences on foreign currency transactions,
net (gain) loss |
| | | | | | | | | | (3,556) | | | | | | 1,038 | | | | | | (7,480) | | |
| | | | | | | | | | | (28,078) | | | | | | 312,442 | | | | | | 1,148,363 | | |
Income (loss) before income taxes
|
| | | | | | | | | | 167,829 | | | | | | (38,407) | | | | | | (16,706) | | |
Income tax (expense) recovery: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes
|
| | | | 23 | | | | | | (56,105) | | | | | | (6,885) | | | | | | (5,994) | | |
Resource revenue taxes
|
| | | | | | | | | | 487 | | | | | | (1,773) | | | | | | (1,020) | | |
| | | | | | | | | | | (55,618) | | | | | | (8,658) | | | | | | (7,014) | | |
Net income (loss) for the year
|
| | | | | | | | | | 112,211 | | | | | | (47,065) | | | | | | (23,720) | | |
Net loss (income) attributable to non-controlling interests
|
| | | | | | | | | | 65 | | | | | | (790) | | | | | | (1,641) | | |
Net income (loss) attributable to owners of the parent company
|
| | | | | | | | | $ | 112,276 | | | | | $ | (47,855) | | | | | $ | (25,361) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 24 | | | | | $ | 8.96 | | | | | $ | (3.81) | | | | | $ | (2.01) | | |
Diluted
|
| | | | 24 | | | | | $ | 8.96 | | | | | $ | (3.81) | | | | | $ | (2.01) | | |
Weighted average number of common shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | |
– Basic
|
| | | | | | | | | | 12,534,801 | | | | | | 12,544,141 | | | | | | 12,628,454 | | |
– Diluted
|
| | | | | | | | | | 12,534,801 | | | | | | 12,544,141 | | | | | | 12,628,454 | | |
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Net income (loss) for the year
|
| | | $ | 112,211 | | | | | $ | (47,065) | | | | | $ | (23,720) | | |
Other comprehensive income (loss), net of income taxes: | | | | | | | | | | | | | | | | | | | |
Items that will be reclassified subsequently to profit or loss
|
| | | | | | | | | | | | | | | | | | |
Exchange differences arising from translating financial statements of foreign operations
|
| | | | 2,440 | | | | | | 7,002 | | | | | | (14,067) | | |
Reclassification adjustment for exchange differences to statements of operations for subsidiaries deconsolidated
|
| | | | 672 | | | | | | (11,306) | | | | | | (560) | | |
Net exchange difference
|
| | | | 3,112 | | | | | | (4,304) | | | | | | (14,627) | | |
Fair value gain (loss) on available-for-sale securities
|
| | | | — | | | | | | 542 | | | | | | (73) | | |
Reclassification of fair value (gain) loss on available-for-sale securities to statements of operations for securities disposed of or impaired
|
| | | | — | | | | | | (52) | | | | | | 141 | | |
Net fair value gain on available-for-sale securities
|
| | | | — | | | | | | 490 | | | | | | 68 | | |
Fair value loss on securities at fair value through other comprehensive income
|
| | | | (75) | | | | | | — | | | | | | — | | |
Reclassification of reversal of impairment charge to statement of operations
|
| | | | (3) | | | | | | — | | | | | | — | | |
Net fair value loss on securities at fair value through other comprehensive income
|
| | | | (78) | | | | | | — | | | | | | — | | |
Items that will not be reclassified subsequently to profit or loss Remeasurement of net defined benefit liabilities
|
| | | | — | | | | | | 219 | | | | | | 192 | | |
| | | | | 3,034 | | | | | | (3,595) | | | | | | (14,367) | | |
Total comprehensive income (loss) for the year
|
| | | | 115,245 | | | | | | (50,660) | | | | | | (38,087) | | |
Comprehensive income attributable to non-controlling interests
|
| | | | (277) | | | | | | (683) | | | | | | (1,585) | | |
Comprehensive income (loss) attributable to owners of the parent company
|
| | | $ | 114,968 | | | | | $ | (51,343) | | | | | $ | (39,672) | | |
|
| | |
Capital Stock and
additional paid-in capital |
| |
Treasury Stock
|
| |
Contributed Surplus
|
| | | | | | | |
Accumulated Other
Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Share-based
Compensation |
| |
Contingently
Issuable Shares |
| |
(Accumulated
Deficit) Retained Earnings |
| |
Available-
for-sale Securities |
| |
Securities at
Fair Value Through Other Comprehensive Income |
| |
Defined
Benefit Obligations |
| |
Currency
Translation Adjustment |
| |
Share-
holders’ Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2016
|
| | | | 17,315,673 | | | | | $ | 419,916 | | | | | | (4,687,218) | | | | | $ | (61,085) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | (63,559) | | | | | $ | (97) | | | | | $ | — | | | | | $ | (499) | | | | | $ | 57,099 | | | | | $ | 367,192 | | | | | $ | 2,008 | | | | | $ | 369,200 | | |
Net (loss) income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,361) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,361) | | | | | | 1,641 | | | | | | (23,720) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,683) | | | | | | (1,683) | | |
Net fair value gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 68 | | | | | | — | | | | | | — | | | | | | — | | | | | | 68 | | | | | | — | | | | | | 68 | | |
Net gain on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 192 | | | | | | — | | | | | | 192 | | | | | | — | | | | | | 192 | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,571) | | | | | | (14,571) | | | | | | (56) | | | | | | (14,627) | | |
Balance at December 31, 2016
|
| | | | 17,315,673 | | | | | $ | 419,916 | | | | | | (4,687,218) | | | | | $ | (61,085) | | | | | $ | 13,790 | | | | | $ | 1,627 | | | | | $ | (88,920) | | | | | $ | (29) | | | | | $ | — | | | | | $ | (307) | | | | | $ | 42,528 | | | | | $ | 327,520 | | | | | $ | 1,910 | | | | | | 329,430 | | |
Repurchase and cancellation of shares and cancellation of shares and equity instruments
|
| | | | (90,000) | | | | | | (2,856) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,627) | | | | | | 3,165 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,318) | | | | | | — | | | | | | (1,318) | | |
Plan of arrangement – purchase of fractional shares
|
| | | | (3,654) | | | | | | (41) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41) | | | | | | — | | | | | | (41) | | |
Plan of arrangement – cash distributions
|
| | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | (2) | | |
Plan of arrangement – offsetting deficit
|
| | | | — | | | | | | (87,850) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,850 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Plan of arrangement – share capital restructuring
|
| | | | (4,621,571) | | | | | | (17,019) | | | | | | 4,621,571 | | | | | | 58,442 | | | | | | — | | | | | | — | | | | | | (41,423) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shares issued to non-controlling interests, net of subscription receivables
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,177 | | | | | | 1,177 | | |
Net loss (income)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (47,855) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (47,855) | | | | | | 790 | | | | | | (47,065) | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,601) | | | | | | (1,601) | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,876 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,876 | | | | | | — | | | | | | 2,876 | | |
Net fair value gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 490 | | | | | | — | | | | | | — | | | | | | — | | | | | | 490 | | | | | | — | | | | | | 490 | | |
Net gain on remeasurements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | | | — | | | | | | 219 | | | | | | — | | | | | | 219 | | |
Disposition of subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 88 | | | | | | — | | | | | | 88 | | | | | | — | | | | | | 88 | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,197) | | | | | | (4,197) | | | | | | (107) | | | | | | (4,304) | | |
Balance at December 31, 2017
|
| | | | 12,600,448 | | | | | $ | 312,148 | | | | | | (65,647) | | | | | $ | (2,643) | | | | | $ | 16,666 | | | | | $ | — | | | | | $ | (87,183) | | | | | $ | 461 | | | | | $ | — | | | | | $ | — | | | | | $ | 38,331 | | | | | $ | 277,780 | | | | | $ | 2,169 | | | | | $ | 279,949 | | |
Change in accounting policy (see Note 2B(i))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 524 | | | | | | (461) | | | | | | (63) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 112,276 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 112,276 | | | | | | (65) | | | | | | 112,211 | | |
Dividends paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (805) | | | | | | (805) | | |
Return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (52) | | | | | | (52) | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | 69 | | |
Loss on disposition of shares in a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,284) | | | | | | — | | | | | | — | | | | | | — | | | | | | (157) | | | | | | (6,441) | | | | | | 6,441 | | | | | | — | | |
Net fair value loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (78) | | | | | | — | | | | | | — | | | | | | (78) | | | | | | — | | | | | | (78) | | |
Net exchange differences
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,770 | | | | | | 2,770 | | | | | | 342 | | | | | | 3,112 | | |
Balance at December 31, 2018
|
| | | | 12,600,448 | | | | | $ | 312,148 | | | | | | (65,647) | | | | | $ | (2,643) | | | | | $ | 16,735 | | | | | $ | — | | | | | $ | 19,333 | | | | | $ | — | | | | | $ | (141) | | | | | $ | — | | | | | $ | 40,944 | | | | | $ | 386,376 | | | | | $ | 8,030 | | | | | $ | 394,406 | | |
|
| | |
Common Shares
|
| |
Preferred Shares*
|
| |
Total Capital Stock
|
| |||||||||||||||||||||||||||
Components of Capital Stock
|
| |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| ||||||||||||||||||
Balance at December 31, 2015 and 2016
|
| | | | 12,694,102 | | | | | $ | 402,897 | | | | | | 4,621,571 | | | | | $ | 17,019 | | | | | | 17,315,673 | | | | | $ | 419,916 | | |
Issuance of contingently issuable shares
|
| | | | (90,000) | | | | | | (2,856) | | | | | | — | | | | | | — | | | | | | (90,000) | | | | | | (2,856) | | |
2017 plan of arrangement
|
| | | | (3,654) | | | | | | (87,893) | | | | | | (4,621,571) | | | | | | (17,019) | | | | | | (4,625,225) | | | | | | (104,912) | | |
Balance at December 31, 2017 and 2018
|
| | | | 12,600,448 | | | | | $ | 312,148 | | | | | | — | | | | | $ | — | | | | | | 12,600,448 | | | | | $ | 312,148 | | |
|
Components of Common Shares
|
| | | | |||||||||||||||
As at December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Capital stock, no par value and fully paid
|
| | | $ | — | | | | | $ | — | | | | | $ | 402,897 | | |
Capital stock, at par value and fully paid
|
| | | | 16 | | | | | | 16 | | | | | | — | | |
Additional paid-in capital
|
| | | | 312,132 | | | | | | 312,132 | | | | | | — | | |
| | | | $ | 312,148 | | | | | $ | 312,148 | | | | | $ | 402,897 | | |
|
Components of Contributed Surplus
|
| | | | |||||||||||||||
As at December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Share-based compensation
|
| | | $ | 16,735 | | | | | $ | 16,666 | | | | | $ | 13,790 | | |
Contingently issuable shares
|
| | | | — | | | | | | — | | | | | | 1,627 | | |
| | | | $ | 16,735 | | | | | $ | 16,666 | | | | | $ | 15,417 | | |
|
| | |
Notes
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | |||||
Net income (loss) for the year
|
| | | | | | | | | $ | 112,211 | | | | | $ | (47,065) | | | | | $ | (23,720) | | |
Adjustments for:
|
| | | | | ||||||||||||||||||||
Amortization, depreciation and depletion
|
| | | | | | | | | | 5,712 | | | | | | 6,732 | | | | | | 11,951 | | |
Exchange differences on foreign currency
transactions |
| | | | | | | | | | (3,556) | | | | | | 1,038 | | | | | | (7,480) | | |
(Gain) loss on short-term securities and securities at FVTPL
|
| | | | | | | | | | (3,856) | | | | | | 1 | | | | | | 66 | | |
(Gain) loss on dispositions of subsidiaries
|
| | | | 21 | | | | | | (25,771) | | | | | | 10,219 | | | | | | (2,585) | | |
Impairment of available-for-sale securities
|
| | | | | | | | | | — | | | | | | — | | | | | | 91 | | |
Reversal of impairment of hydrocarbon and resource properties and property, plant and equipment, net
|
| | | | | | | | | | (188,203) | | | | | | (8,945) | | | | | | (8,566) | | |
Share-based compensation
|
| | | | 22 | | | | | | 69 | | | | | | 2,876 | | | | | | — | | |
Deferred income taxes
|
| | | | 23 | | | | | | 55,238 | | | | | | 3,141 | | | | | | 1,454 | | |
Market value decrease (increase) on commodity inventories
|
| | | | 21 | | | | | | 109 | | | | | | (400) | | | | | | 4,273 | | |
Interest accretion
|
| | | | | | | | | | 373 | | | | | | 412 | | | | | | 471 | | |
Change in fair value of a loan payable measured at FVTPL
|
| | | | | | | | | | 167 | | | | | | — | | | | | | — | | |
Credit losses
|
| | | | | | | | | | 34,985 | | | | | | 23,923 | | | | | | 18,277 | | |
Write-offs of intangible assets and prepaid
|
| | | | 21 | | | | | | 2,129 | | | | | | — | | | | | | — | | |
Gains on settlements of liabilities
|
| | | | 21 | | | | | | (9,502) | | | | | | (3,779) | | | | | | — | | |
Loss on settlement
|
| | | | 21 | | | | | | 5,600 | | | | | | — | | | | | | — | | |
Changes in operating assets and liabilities, net of effects
of acquisitions and dispositions: |
| | | | | ||||||||||||||||||||
Short-term cash deposits
|
| | | | | | | | | | 197 | | | | | | — | | | | | | 39 | | |
Short-term securities
|
| | | | | | | | | | (1,050) | | | | | | — | | | | | | 3,997 | | |
Receivables
|
| | | | | | | | | | 10,264 | | | | | | 30,188 | | | | | | (16,869) | | |
Inventories
|
| | | | | | | | | | (1,429) | | | | | | 19,588 | | | | | | 184,944 | | |
Restricted cash
|
| | | | | | | | | | (275) | | | | | | — | | | | | | 624 | | |
Deposits, prepaid and other
|
| | | | | | | | | | 70 | | | | | | 8,361 | | | | | | 24,661 | | |
Assets held for sale
|
| | | | | | | | | | — | | | | | | 12,636 | | | | | | — | | |
Short-term bank borrowings
|
| | | | | | | | | | (1,621) | | | | | | (34,513) | | | | | | 34,707 | | |
Account payables and accrued expenses
|
| | | | | | | | | | 435 | | | | | | (26,513) | | | | | | (124,528) | | |
Income tax liabilities
|
| | | | | | | | | | (1,046) | | | | | | 21 | | | | | | (1,576) | | |
Accrued pension assets, net of obligations
|
| | | | | | | | | | — | | | | | | (54) | | | | | | 43 | | |
Other
|
| | | | | | | | | | 1,559 | | | | | | (1,064) | | | | | | (407) | | |
Cash flows (used in) provided by operating activities
|
| | | | | | | | | | (7,191) | | | | | | (3,197) | | | | | | 99,867 | | |
Cash flows from investing activities: | | | | | | ||||||||||||||||||||
Purchases of securities
|
| | | | | | | | | | (1,199) | | | | | | — | | | | | | — | | |
Purchases of property, plant and equipment, net
|
| | | | | | | | | | (198) | | | | | | 4,783 | | | | | | (198) | | |
Acquisition of intangible assets
|
| | | | | | | | | | — | | | | | | (765) | | | | | | — | | |
Proceeds from sales of investments, net
|
| | | | | | | | | | — | | | | | | 526 | | | | | | 10,138 | | |
Proceeds from sales of investment property
|
| | | | | | | | | | 1,018 | | | | | | — | | | | | | — | | |
Increase in loan receivables
|
| | | | | | | | | | — | | | | | | (590) | | | | | | (366) | | |
Decrease in loan receivables
|
| | | | | | | | | | — | | | | | | 725 | | | | | | 693 | | |
Acquisitions of subsidiaries, net of cash and cash equivalents acquired
|
| | | | | | | | | | — | | | | | | (44) | | | | | | (23,926) | | |
Dispositions of subsidiaries, net of cash and cash equivalents disposed of
|
| | | | | | | | | | (825) | | | | | | (8,384) | | | | | | 48,796 | | |
Other
|
| | | | | | | | | | (77) | | | | | | 255 | | | | | | 345 | | |
Cash flows (used in) provided by investing activities
|
| | | | | | | | | | (1,281) | | | | | | (3,494) | | | | | | 35,482 | | |
Cash flows from financing activities: | | | | | | ||||||||||||||||||||
Debt repayment
|
| | | | | | | | | | — | | | | | | (42,253) | | | | | | (186,286) | | |
Debt borrowing
|
| | | | | | | | | | — | | | | | | — | | | | | | 20,694 | | |
Cash paid under the plan of arrangement
|
| | | | | | | | | | — | | | | | | (43) | | | | | | — | | |
Shares issued to non-controlling interests
|
| | | | | | | | | | — | | | | | | 1,177 | | | | | | — | | |
Return of capital to non-controlling interests
|
| | | | | | | | | | (52) | | | | | | — | | | | | | — | | |
Dividends paid to non-controlling interests
|
| | | | | | | | | | (805) | | | | | | (1,601) | | | | | | (1,683) | | |
Cash flows used in financing activities
|
| | | | | | | | | | (857) | | | | | | (42,720) | | | | | | (167,275) | | |
Exchange rate effect on cash and cash equivalents
|
| | | | | | | | | | 2,219 | | | | | | 3,605 | | | | | | (37,540) | | |
Decrease in cash and cash equivalents
|
| | | | | | | | | | (7,110) | | | | | | (45,806) | | | | | | (69,466) | | |
Cash and cash equivalents, beginning of year
|
| | | | | | | | | | 74,870 | | | | | | 120,676 | | | | | | 197,519 | | |
Cash and cash equivalents included in assets held for sale, net
|
| | | | | | | | | | — | | | | | | — | | | | | | (7,377) | | |
Cash and cash equivalents, end of year
|
| | | | | | | | | $ | 67,760 | | | | | $ | 74,870 | | | | | $ | 120,676 | | |
Supplemental cash flows disclosure (see Note 27) | | | | | | ||||||||||||||||||||
Interest received
|
| | | | | | | | | $ | 906 | | | | | $ | 1,079 | | | | | $ | 3,632 | | |
Dividends received
|
| | | | | | | | | | 168 | | | | | | — | | | | | | 6 | | |
Interest paid
|
| | | | | | | | | | (1,198) | | | | | | (4,575) | | | | | | (14,533) | | |
Income taxes paid
|
| | | | | | | | | | (2,626) | | | | | | (2,029) | | | | | | (3,317) | | |
| | |
EUR
|
| |
US$
|
| ||||||
Closing rate at December 31, 2018
|
| | | | 1.5613 | | | | | | 1.3642 | | |
Average rate for the year 2018
|
| | | | 1.5302 | | | | | | 1.2957 | | |
Closing rate at December 31, 2017
|
| | | | 1.5052 | | | | | | 1.2545 | | |
Average rate for the year 2017
|
| | | | 1.4650 | | | | | | 1.2986 | | |
Closing rate at December 31, 2016
|
| | | | 1.4169 | | | | | | 1.3427 | | |
Average rate for the year 2016
|
| | | | 1.4660 | | | | | | 1.3248 | | |
| | |
Lives
|
| |
Method
|
| |||
Buildings
|
| |
20 years
|
| | | | straight-line | | |
Processing plant and equipment
|
| |
5 to 20 years
|
| | | | straight-line | | |
Refinery and power plants
|
| |
20 to 30 years
|
| | | | straight-line | | |
Office equipment and other
|
| |
3 to 10 years
|
| | | | straight-line | | |
As at December 31:
|
| |
2018
|
| |
2017
|
|
Total debt
|
| |
$ —
|
| |
$ 43,733
|
|
Less: cash and cash equivalents
|
| |
(67,760)
|
| |
(74,870)
|
|
Net debt
|
| |
Not applicable
|
| |
Not applicable
|
|
Shareholders’ equity
|
| |
386,376
|
| |
277,780
|
|
Debt-to-adjusted capital ratio
|
| |
Not applicable
|
| |
Not applicable
|
|
As at December 31:
|
| |
2018
|
| |
2017
|
|
Long-term debt
|
| |
$ —
|
| |
$ —
|
|
Shareholders’ equity
|
| |
386,376
|
| |
277,780
|
|
Long-term debt-to-equity ratio
|
| |
Not applicable
|
| |
Not applicable
|
|
| | |
Year ended December 31, 2018
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Revenue from external customers
|
| | | $ | 134,496 | | | | | $ | 5,255 | | | | | $ | 139,751 | | |
Intersegment sale
|
| | | | 3,363 | | | | | | 191 | | | | | | 3,554 | | |
Interest expense
|
| | | | 1,779 | | | | | | 3 | | | | | | 1,782 | | |
Income (loss) before income taxes
|
| | | | 183,395 | | | | | | (15,566) | | | | | | 167,829 | | |
| | |
Year ended December 31, 2017
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Revenue from external customers
|
| | | $ | 256,412 | | | | | $ | 17,623 | | | | | $ | 274,035 | | |
Intersegment sale
|
| | | | 1,668 | | | | | | 204 | | | | | | 1,872 | | |
Interest expense
|
| | | | 4,931 | | | | | | — | | | | | | 4,931 | | |
Loss before income taxes
|
| | | | (28,254) | | | | | | (10,153) | | | | | | (38,407) | | |
| | |
Year ended December 31, 2016
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Revenue from external customers
|
| | | $ | 1,095,896 | | | | | $ | 35,761 | | | | | $ | 1,131,657 | | |
Intersegment sale
|
| | | | 1,975 | | | | | | 360 | | | | | | 2,335 | | |
Interest expense
|
| | | | 15,751 | | | | | | — | | | | | | 15,751 | | |
Loss before income taxes
|
| | | | (13,785) | | | | | | (2,921) | | | | | | (16,706) | | |
| | |
As at December 31, 2018
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Segment assets
|
| | | $ | 458,998 | | | | | $ | 47,915 | | | | | $ | 506,913 | | |
| | |
As at December 31, 2017
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Segment assets
|
| | | $ | 343,649 | | | | | $ | 53,298 | | | | | $ | 396,947 | | |
| | |
As at December 31, 2018
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Segment liabilities
|
| | | $ | 106,651 | | | | | $ | 5,856 | | | | | $ | 112,507 | | |
| | |
As at December 31, 2017
|
| |||||||||||||||
| | |
Merchant
banking |
| |
All other
|
| |
Total
|
| |||||||||
Segment liabilities
|
| | | $ | 106,713 | | | | | $ | 10,285 | | | | | $ | 116,998 | | |
Segment
|
| |
Basis for attributing revenue
|
|
Merchant banking
|
| | Locations of external customers or the reporting units, whichever is appropriate | |
All other
|
| | Locations of the reporting units | |
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Canada
|
| | | $ | 13,035 | | | | | $ | 19,595 | | | | | $ | 28,328 | | |
Germany
|
| | | | 51,867 | | | | | | 122,643 | | | | | | 280,552 | | |
Africa
|
| | | | 4,254 | | | | | | 4,283 | | | | | | 32,519 | | |
Americas
|
| | | | 1,786 | | | | | | 22,446 | | | | | | 256,598 | | |
Asia
|
| | | | 1,549 | | | | | | 14,894 | | | | | | 113,821 | | |
Europe
|
| | | | 67,260 | | | | | | 90,174 | | | | | | 419,839 | | |
| | | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Canada
|
| | | $ | 297,537 | | | | | $ | 144,452 | | |
Africa
|
| | | | 33,258 | | | | | | 32,258 | | |
Asia
|
| | | | 20 | | | | | | 889 | | |
Europe
|
| | | | 52,914 | | | | | | 52,501 | | |
| | | | $ | 383,729 | | | | | $ | 230,100 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Short-term securities | | | | | | | | | | | | | |
Equity securities at FVTPL, publicly traded
|
| | | $ | 1,072 | | | | | $ | 6 | | |
Debt securities at FVOCI
|
| | | | 6,328 | | | | | | — | | |
Debt securities available for sale
|
| | | | — | | | | | | 5,121 | | |
| | | | $ | 7,400 | | | | | $ | 5,127 | | |
Long-term securities | | | | | | | | | | | | | |
Equity securities at FVTPL, publicly traded
|
| | | $ | 701 | | | | | $ | — | | |
Equity securities at FVTPL, privately held
|
| | | | 4001 | | | | | | — | | |
Equity securities available for sale, publicly traded
|
| | | | — | | | | | | 771 | | |
| | | | $ | 4,702 | | | | | $ | 771 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Trade receivables, gross amount
|
| | | $ | 5,654 | | | | | $ | 43,207 | | |
Less: Allowance for expected credit losses under IFRS 9 or credit losses under IAS 39
|
| | | | (311) | | | | | | (8,948) | | |
Trade receivables, net amount
|
| | | $ | 5,343 | | | | | $ | 34,259 | | |
|
| | |
Loss allowance measured at an amount
equal to lifetime expected credit losses |
| |||||||||||||||
| | |
Financial assets that
are credit-impaired at year-end |
| |
Other trade
receivables |
| |
Total
|
| |||||||||
Loss allowance: opening balance
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Reclassification from IAS 39 upon initial adoption of IFRS 9
|
| | | | 8,948 | | | | | | — | | | | | | 8,948 | | |
Additions for the year
|
| | | | 21,817 | | | | | | 87 | | | | | | 21,904 | | |
Reversal
|
| | | | — | | | | | | — | | | | | | — | | |
Written off
|
| | | | (30,935) | | | | | | — | | | | | | (30,935) | | |
Exchange effect
|
| | | | 184 | | | | | | 10 | | | | | | 194 | | |
Other
|
| | | | — | | | | | | 200 | | | | | | 200 | | |
Loss allowance: ending balance
|
| | | $ | 14 | | | | | $ | 297 | | | | | $ | 311 | | |
|
Past-due
|
| |
2017
|
| |||
Below 30 days
|
| | | $ | 7,322 | | |
Between 31 and 60 days
|
| | | | 728 | | |
Between 61 and 90 days
|
| | | | 1,175 | | |
Between 91 and 365 days
|
| | | | 1,813 | | |
Over 365 days
|
| | | | 314 | | |
| | | | $ | 11,352 | | |
|
Past-due
|
| |
2017
|
| |||
Below 30 days
|
| | | $ | — | | |
Between 31 and 60 days
|
| | | | — | | |
Between 61 and 90 days
|
| | | | — | | |
Between 91 and 365 days
|
| | | | — | | |
Over 365 days
|
| | | | 30,337 | | |
| | | | | 30,337 | | |
Allowance for credit losses
|
| | | | (8,948) | | |
Expected recoverable amount of impaired trade receivables(1)
|
| | | $ | 21,389 | | |
|
| | |
2017
|
| |||
Balance, beginning of the year
|
| | | $ | 58,488 | | |
Additions
|
| | | | 12,213 | | |
Reversals
|
| | | | (1,541) | | |
Write-offs
|
| | | | (7,726) | | |
Disposition of subsidiaries
|
| | | | (33,999) | | |
Other
|
| | | | (21,099) | | |
Currency translation adjustment
|
| | | | 2,612 | | |
Balance, end of the year
|
| | | $ | 8,948 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Royalty income from contracts with customers (net of an allowance of $nil and $1,425, respectively)
|
| | | $ | — | | | | | $ | 4,525 | | |
Contract assets under contracts with customers
|
| | | | 295 | | | | | | 876 | | |
Suppliers with debit balance
|
| | | | — | | | | | | 293 | | |
Loans
|
| | | | 6,087 | | | | | | 321 | | |
Other
|
| | | | 2,293 | | | | | | 15,675 | | |
| | | | $ | 8,675 | | | | | $ | 21,690 | | |
|
| | |
2018
|
| |||
Balance, beginning of the year
|
| | | $ | 876 | | |
A change in the time frame for a right to consideration to become unconditional
|
| | | | (581) | | |
Balance, end of the year
|
| | | $ | 295 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Raw materials
|
| | | $ | 3,640 | | | | | $ | 3,632 | | |
Work-in-progress
|
| | | | 3,568 | | | | | | 3,444 | | |
Finished goods
|
| | | | 1,960 | | | | | | 1,440 | | |
Commodity inventories
|
| | | | 2,238 | | | | | | 1,310 | | |
| | | | $ | 11,406 | | | | | $ | 9,826 | | |
Comprising:
|
| | | | | | | |
(Restated)
|
| |||
Inventories contracted at fixed prices or hedged
|
| | | $ | 9,432 | | | | | $ | 8,160 | | |
Inventories – other
|
| | | | 1,974 | | | | | | 1,666 | | |
| | | | $ | 11,406 | | | | | $ | 9,826 | | |
|
Changes in investment property included in non-current assets:
|
| |
2018
|
| |
2017
|
| ||||||
Balance, beginning of year
|
| | | $ | 37,660 | | | | | $ | 35,663 | | |
Change in fair value during the year
|
| | | | (274) | | | | | | (26) | | |
Disposals
|
| | | | (976) | | | | | | (194) | | |
Currency translation adjustments
|
| | | | 1,394 | | | | | | 2,217 | | |
Balance, end of year
|
| | | $ | 37,804 | | | | | $ | 37,660 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Rental income
|
| | | $ | 1,611 | | | | | $ | 1,510 | | | | | $ | 1,511 | | |
Direct operating expenses (including repairs and maintenance) arising from investment property during the year
|
| | | | 193 | | | | | | 256 | | | | | | 226 | | |
Costs
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Dispositions
of subsidiaries |
| |
Impairments
|
| |
Currency
translation adjustments |
| |
Ending
balance |
| |||||||||||||||||||||
Refinery and power plants
|
| | | $ | 92,434 | | | | | $ | — | | | | | $ | (148) | | | | | $ | (27,214) | | | | | $ | — | | | | | $ | 3,487 | | | | | $ | 68,559 | | |
Processing plant and equipment
|
| | | | 3,703 | | | | | | 88 | | | | | | (25) | | | | | | — | | | | | | (42) | | | | | | 37 | | | | | | 3,761 | | |
Office equipment
|
| | | | 1,135 | | | | | | 340 | | | | | | (56) | | | | | | — | | | | | | (4) | | | | | | 35 | | | | | | 1,450 | | |
| | | | $ | 97,272 | | | | | $ | 428 | | | | | $ | (229) | | | | | $ | (27,214) | | | | | $ | (46) | | | | | $ | 3,559 | | | | | $ | 73,770 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Dispositions
of subsidiaries |
| |
Impairments
|
| |
Currency
translation adjustments |
| |
Ending
balance |
| |||||||||||||||||||||
Refinery and power plants
|
| | | $ | 11,047 | | | | | $ | 2,775 | | | | | $ | (148) | | | | | $ | (1,668) | | | | | $ | — | | | | | $ | 757 | | | | | $ | 12,763 | | |
Processing plant and equipment
|
| | | | 1,626 | | | | | | 255 | | | | | | (10) | | | | | | — | | | | | | (27) | | | | | | 29 | | | | | | 1,873 | | |
Office equipment
|
| | | | 645 | | | | | | 211 | | | | | | (60) | | | | | | — | | | | | | (4) | | | | | | 17 | | | | | | 809 | | |
| | | | | 13,318 | | | | | $ | 3,241 | | | | | $ | (218) | | | | | $ | (1,668) | | | | | $ | (31) | | | | | $ | 803 | | | | | | 15,445 | | |
Net book value
|
| | | $ | 83,954 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 58,325 | | |
|
Costs
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Dispositions
of subsidiaries* |
| |
Reclassified
from inventories |
| |
Impairments
|
| |
Currency
translation adjustments |
| |
Ending
balance |
| ||||||||||||||||||||||||
Land and buildings
|
| | | $ | 944 | | | | | $ | 26 | | | | | $ | — | | | | | $ | (1,221) | | | | | $ | — | | | | | $ | — | | | | | $ | 251 | | | | | $ | — | | |
Refinery and power plants
|
| | | | 91,392 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,786 | | | | | | — | | | | | | (2,744) | | | | | | 92,434 | | |
Processing plant and equipment
|
| | | | 18,880 | | | | | | 987 | | | | | | (8,678) | | | | | | 57 | | | | | | — | | | | | | (7,863) | | | | | | 320 | | | | | | 3,703 | | |
Office equipment
|
| | | | 5,189 | | | | | | 300 | | | | | | (1,343) | | | | | | (3,163) | | | | | | — | | | | | | — | | | | | | 152 | | | | | | 1,135 | | |
| | | | $ | 116,405 | | | | | $ | 1,313 | | | | | $ | (10,021) | | | | | $ | (4,327) | | | | | $ | 3,786 | | | | | $ | (7,863) | | | | | $ | (2,021) | | | | | $ | 97,272 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Disposals
|
| |
Dispositions
of subsidiaries |
| |
Impairments
|
| |
Currency
translation adjustments |
| |
Ending
balance |
| |||||||||||||||||||||
Land and buildings
|
| | | $ | 208 | | | | | $ | 344 | | | | | $ | — | | | | | $ | (598) | | | | | $ | — | | | | | $ | 46 | | | | | $ | — | | |
Refinery and power plants
|
| | | | 9,308 | | | | | | 2,267 | | | | | | — | | | | | | — | | | | | | — | | | | | | (528) | | | | | | 11,047 | | |
Processing plant and equipment
|
| | | | 3,545 | | | | | | 1,377 | | | | | | (2,294) | | | | | | (27) | | | | | | (1,223) | | | | | | 248 | | | | | | 1,626 | | |
Office equipment
|
| | | | 3,901 | | | | | | 384 | | | | | | (1,118) | | | | | | (2,639) | | | | | | — | | | | | | 117 | | | | | | 645 | | |
| | | | | 16,962 | | | | | $ | 4,372 | | | | | $ | (3,412) | | | | | $ | (3,264) | | | | | $ | (1,223) | | | | | $ | (117) | | | | | | 13,318 | | |
Net book value
|
| | | $ | 99,443 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 83,954 | | |
|
| | |
2018
|
| |
2017
|
| ||||||
Interest in an iron ore mine
|
| | | $ | 218,203 | | | | | $ | 30,000 | | |
Hydrocarbon development and production assets
|
| | | | 38,040 | | | | | | 40,849 | | |
Exploration and evaluation assets – hydrocarbon probable reserves
|
| | | | 12,367 | | | | | | 12,367 | | |
Exploration and evaluation assets – hydrocarbon undeveloped lands
|
| | | | 4,640 | | | | | | 9,335 | | |
| | | | $ | 273,250 | | | | | $ | 92,551 | | |
|
Costs
|
| |
Opening
balance |
| |
Decommissioning
obligations |
| |
Reversal of
impairment losses |
| |
Ending
balance |
| ||||||||||||
Interest in an iron ore mine
|
| | | $ | 30,000 | | | | | $ | — | | | | | $ | 188,203 | | | | | $ | 218,203 | | |
Hydrocarbon development and production assets
|
| | | | 45,871 | | | | | | (338) | | | | | | — | | | | | | 45,533 | | |
| | | | $ | 75,871 | | | | | $ | (338) | | | | | $ | 188,203 | | | | | $ | 263,736 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Reversal of
impairment losses |
| |
Ending
balance |
| ||||||||||||
Interest in an iron ore mine
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Hydrocarbon development and production assets
|
| | | | 5,022 | | | | | | 2,471 | | | | | | — | | | | | | 7,493 | | |
| | | | | 5,022 | | | | | $ | 2,471 | | | | | $ | — | | | | | | 7,493 | | |
Net book value
|
| | | $ | 70,849 | | | | | | | | | | | | | | | | | $ | 256,243 | | |
|
Costs
|
| |
Opening
balance |
| |
Decommissioning
obligations |
| |
Reversal of
impairment losses |
| |
Ending
balance |
| ||||||||||||
Interest in an iron ore mine
|
| | | $ | 30,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,000 | | |
Hydrocarbon development and production assets
|
| | | | 32,353 | | | | | | 254 | | | | | | 13,264 | | | | | | 45,871 | | |
| | | | $ | 62,353 | | | | | $ | 254 | | | | | $ | 13,264 | | | | | $ | 75,871 | | |
|
Accumulated depreciation
|
| |
Opening
balance |
| |
Additions
|
| |
Reversal of
impairment losses |
| |
Ending
balance |
| ||||||||||||
Interest in an iron ore mine
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Hydrocarbon development and production assets
|
| | | | 2,661 | | | | | | 2,361 | | | | | | — | | | | | | 5,022 | | |
| | | | | 2,661 | | | | | $ | 2,361 | | | | | $ | — | | | | | | 5,022 | | |
Carrying amount
|
| | | $ | 59,692 | | | | | | | | | | | | | | | | | $ | 70,849 | | |
|
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Probable
reserves |
| |
Undeveloped
lands |
| |
Probable
reserves |
| |
Undeveloped
lands |
| ||||||||||||
Balance, beginning of year
|
| | | $ | 12,367 | | | | | $ | 9,335 | | | | | $ | 9,416 | | | | | $ | 10,039 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Disposal
|
| | | | — | | | | | | (4,695) | | | | | | — | | | | | | (74) | | |
Reversal (recognition) of impairment (losses)
|
| | | | — | | | | | | — | | | | | | 2,951 | | | | | | (630) | | |
Balance, end of year
|
| | | $ | 12,367 | | | | | $ | 4,640 | | | | | $ | 12,367 | | | | | $ | 9,335 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
| | | | | | | | |
(Restated)
|
| |||
Non-capital tax loss carry-forwards
|
| | | $ | 26,363 | | | | | $ | 25,504 | | |
Interests in resource properties
|
| | | | (56,904) | | | | | | (10,536) | | |
Other assets
|
| | | | (8,800) | | | | | | (4,817) | | |
Other liabilities
|
| | | | (11,345) | | | | | | (3,760) | | |
| | | | $ | (50,686) | | | | | $ | 6,391 | | |
Presented on the consolidated statements of financial position as follows: | | | | | | | | | | | | | |
Deferred income tax assets
|
| | | $ | 15,735 | | | | | $ | 16,694 | | |
Deferred income tax liabilities
|
| | | | (66,421) | | | | | | (10,303) | | |
Net
|
| | | $ | (50,686) | | | | | $ | 6,391 | | |
|
Country
|
| |
Gross amount
|
| |
Amount for which
no deferred income tax asset is recognized |
| |
Expiration dates
|
| |||
Canada
|
| | | $ | 19,911 | | | |
$ 13
|
| |
2035-2038
|
|
Germany
|
| | | | 2,738 | | | |
—
|
| |
Indefinite
|
|
Austria
|
| | | | 6,125 | | | |
6,125
|
| |
Indefinite
|
|
China
|
| | | | 226 | | | |
226
|
| |
2023
|
|
Malta
|
| | | | 98,752 | | | |
70,056
|
| |
Indefinite
|
|
Uganda
|
| | | | 33,544 | | | |
—
|
| |
Indefinite
|
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Credit facilities from banks
|
| | | $ | — | | | | | $ | 2,074 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Due to a bank, US$nil and US$19,430 at December 31, 2018 and 2017, respectively
|
| | | $ | — | | | | | $ | 24,374 | | |
Due to a bank, €nil and €13,605 at December 31, 2018 and 2017, respectively
|
| | | | — | | | | | | 19,359 | | |
| | | | $ | — | | | | | $ | 43,733 | | |
Current portion
|
| | | $ | — | | | | | $ | 43,733 | | |
Long-term portion
|
| | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | 43,733 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Trade and account payables
|
| | | $ | 18,849 | | | | | $ | 39,528 | | |
Value-added, goods and services and other taxes (other than income taxes)
|
| | | | 831 | | | | | | 2,559 | | |
Compensation
|
| | | | 247 | | | | | | 392 | | |
Contract liabilities under contracts with customers
|
| | | | 6,388 | | | | | | 769 | | |
Provision for guarantee
|
| | | | — | | | | | | 1,502 | | |
| | | | $ | 26,315 | | | | | $ | 44,750 | | |
|
| | |
2018
|
| |||
Balance, beginning of the year
|
| | | $ | 797 | | |
A change in the time frame for a performance obligation to be satisfied
|
| | | | 6,839 | | |
Balance, end of the year
|
| | | $ | 7,636 | | |
|
|
2019 (included in current liabilities)
|
| | | $ | 6,388 | | |
|
2020 (included in long-term liabilities)
|
| | | | 1,248 | | |
| | | | | $ | 7,636 | | |
|
| | |
2018
|
| |
2017
|
| ||||||
Decommissioning obligations, beginning of year
|
| | | $ | 13,699 | | | | | $ | 13,219 | | |
Changes in estimates
|
| | | | (338) | | | | | | 255 | | |
Accretion
|
| | | | 280 | | | | | | 225 | | |
Decommissioning obligations, end of year
|
| | | $ | 13,641 | | | | | $ | 13,699 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Total number of common shares held as treasury stock
|
| | | | 65,647 | | | | | | 65,647 | | |
Total carrying amount of treasury stock
|
| | | $ | 2,643 | | | | | $ | 2,643 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Merchant banking products and services
|
| | | $ | 124,059 | | | | | $ | 249,581 | | | | | $ | 1,078,745 | | |
Interest
|
| | | | 676 | | | | | | 973 | | | | | | 3,056 | | |
Dividends
|
| | | | 168 | | | | | | — | | | | | | 6 | | |
Gain on securities, net
|
| | | | 3,856 | | | | | | — | | | | | | — | | |
Other, including medical and real estate sectors
|
| | | | 10,992 | | | | | | 23,481 | | | | | | 49,850 | | |
Revenue
|
| | | $ | 139,751 | | | | | $ | 274,035 | | | | | $ | 1,131,657 | | |
|
Years Ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Merchant banking products and services
|
| | | $ | 119,552 | | | | | $ | 223,049 | | | | | $ | 1,027,627 | | |
Credit losses on loans and receivables and guarantees, net of recoveries
|
| | | | 34,985* | | | | | | 23,923* | | | | | | 17,023* | | |
Market value decrease (increase) on commodity inventories
|
| | | | 109 | | | | | | (400) | | | | | | 4,273 | | |
Loss (gain) on derivative contracts, net
|
| | | | 794 | | | | | | (1,934) | | | | | | 521 | | |
Loss on securities, net
|
| | | | — | | | | | | 619 | | | | | | 116 | | |
Dispositions of subsidiaries
|
| | | | (25,771) | | | | | | 10,219 | | | | | | (2,585) | | |
Gains on settlements of liabilities
|
| | | | (9,502) | | | | | | (3,779) | | | | | | — | | |
Change in fair value of loan payable at FVTPL
|
| | | | 167 | | | | | | — | | | | | | — | | |
Other, including medical and real estate sectors
|
| | | | 9,188 | | | | | | 11,889 | | | | | | 14,077 | | |
Total costs of sales and services
|
| | | $ | 129,522 | | | | | $ | 263,586 | | | | | $ | 1,061,052 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Inventories as costs of goods sold (including depreciation, amortization
and depletion expenses allocated to costs of goods sold) |
| | | $ | 92,138 | | | | | $ | 206,644 | | | | | $ | 974,497 | | |
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Compensation (wages and salaries)
|
| | | $ | 10,305 | | | | | $ | 16,369 | | |
Legal and professional
|
| | | | 4,469 | | | | | | 8,860 | | |
Accounting
|
| | | | 1,784 | | | | | | 1,979 | | |
Consulting and fees
|
| | | | 4,276 | | | | | | 5,506 | | |
Depreciation and amortization
|
| | | | 254 | | | | | | 1,640 | | |
Office
|
| | | | 1,026 | | | | | | 1,797 | | |
Other
|
| | | | 4,251 | | | | | | 9,321 | | |
| | | | $ | 26,365 | | | | | $ | 45,472 | | |
|
Years Ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Depreciation, amortization and depletion
|
| | | $ | 5,712 | | | | | $ | 6,732 | | | | | $ | 11,951 | | |
Employee benefits expenses*
|
| | | | 18,403 | | | | | | 21,016 | | | | | | 31,890 | | |
| | |
2017 Plan
|
| |
2008 Plan
|
| |
1997 Plan
|
| |||||||||||||||||||||||||||
| | |
Number
of options |
| |
Weighted
average exercise Price per share (US$) |
| |
Number
of options |
| |
Weighted
average exercise price per share (US$) |
| |
Number
of options |
| |
Weighted
average exercise price per share (US$) |
| ||||||||||||||||||
Outstanding as at December 31, 2015
|
| | | | — | | | | | | — | | | | | | 172,000 | | | | | | 39.15 | | | | | | 274,500 | | | | | | 39.05 | | |
Expired
|
| | | | — | | | | | | — | | | | | | (132,000) | | | | | | 39.05 | | | | | | (274,500) | | | | | | 39.05 | | |
Outstanding as at December 31, 2016
|
| | | | — | | | | | | — | | | | | | 40,000 | | | | | | 40.05 | | | | | | — | | | | | | — | | |
Exchanged under the plan of arrangement
|
| | | | 40,000 | | | | | | 40.05 | | | | | | (40,000) | | | | | | 40.05 | | | | | | — | | | | | | — | | |
Granted
|
| | | | 535,000 | | | | | | 8.76 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2017
|
| | | | 575,000 | | | | | | 10.94 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | (125,000) | | | | | | 13.77 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cancelled
|
| | | | (20,000) | | | | | | 40.05 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Granted
|
| | | | 20,000 | | | | | | 8.76 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2018
|
| | | | 450,000 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
As at December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options exercisable
|
| | | | 450,000 | | | | | | 8.76 | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
Options available for granting in future periods
|
| | | | 125,403 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
|
| | |
Options Outstanding and Exercisable
|
| |||||||||
Exercise Price per Share (US$)
|
| |
Number outstanding
|
| |
Weighted average remaining
contractual life (in years) |
| ||||||
$8.76
|
| | | | 450,000 | | | | | | 8.92 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Share-based compensation expenses arising from stock options granted by the Company
|
| | | $ | 69 | | | | | $ | 2,876 | | | | | $ | — | | |
|
| | |
2018
|
| |
2017
|
|
Number of options granted
|
| |
20,000
|
| |
535,000
|
|
Vesting requirements
|
| |
Immediately
|
| |
Immediately
|
|
Contractual life
|
| |
9.54 years
|
| |
10 years
|
|
Method of settlement
|
| |
In equity
|
| |
In equity
|
|
Exercise price per share
|
| |
US$8.76
|
| |
US$8.76
|
|
Market price per share on grant date
|
| |
US$6.30
|
| |
US$8.40
|
|
Expected volatility
|
| |
37.86%
|
| |
37.74%
|
|
Expected option life
|
| |
9.54 years
|
| |
10 years
|
|
Expected dividends
|
| |
0.00%
|
| |
0.00%
|
|
Risk-free interest rate
|
| |
2.93%
|
| |
2.38%
|
|
Fair value of option granted (per option)
|
| |
$3.44(US$2.69)
|
| |
$5.38(US$4.22)
|
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Canada
|
| | | $ | 170,538 | | | | | $ | 7,360 | | | | | $ | 380 | | |
Outside Canada
|
| | | | (2,709) | | | | | | (45,767) | | | | | | (17,086) | | |
| | | | $ | 167,829 | | | | | $ | (38,407) | | | | | $ | (16,706) | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Current taxes
|
| | | $ | (867) | | | | | $ | (3,744) | | | | | $ | (4,540) | | |
Deferred taxes
|
| | | | (55,238) | | | | | | (3,141) | | | | | | (1,454) | | |
Resource revenue recovery (expense)
|
| | | | 487 | | | | | | (1,773) | | | | | | (1,020) | | |
| | | | $ | (55,618) | | | | | $ | (8,658) | | | | | $ | (7,014) | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Income (loss) before income taxes
|
| | | $ | 167,829 | | | | | $ | (38,407) | | | | | $ | (16,706) | | |
Computed (expense) recovery of income taxes
|
| | | $ | (50,137) | | | | | $ | 9,792 | | | | | $ | 4,344 | | |
Decrease (increase) in income taxes resulting from: | | | | | | | | | | | | | | | | | | | |
Subsidiaries’ tax rate differences
|
| | | | — | | | | | | — | | | | | | 714 | | |
Other non-taxable income
|
| | | | 45 | | | | | | 7 | | | | | | 6,057 | | |
Revisions to prior years
|
| | | | (1,355) | | | | | | 4,650 | | | | | | (112) | | |
Taxable capital gains and losses on dispositions, net
|
| | | | (5,357) | | | | | | (3,150) | | | | | | (3,543) | | |
Resource property revenue taxes
|
| | | | 356 | | | | | | (1,311) | | | | | | (755) | | |
Unrecognized losses in current year
|
| | | | (1,411) | | | | | | (20,916) | | | | | | (15,623) | | |
Previously unrecognized deferred income tax assets, net
|
| | | | 3,041 | | | | | | 2,877 | | | | | | 5,747 | | |
Permanent differences
|
| | | | (306) | | | | | | (363) | | | | | | (1,448) | | |
Other, net
|
| | | | (494) | | | | | | (244) | | | | | | (2,395) | | |
Provision for income taxes
|
| | | $ | (55,618) | | | | | $ | (8,658) | | | | | $ | (7,014) | | |
|
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Basic income (loss) attributable to holders of common shares
|
| | | $ | 112,276 | | | | | $ | (47,855) | | | | | $ | (25,361) | | |
Effect of dilutive securities:
|
| | | | — | | | | | | — | | | | | | — | | |
Diluted income (loss)
|
| | | $ | 112,276 | | | | | $ | (47,855) | | | | | $ | (25,361) | | |
|
| | |
Number of Shares
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Weighted average number of common shares outstanding – basic
|
| | | | 12,534,801 | | | | | | 12,544,141 | | | | | | 12,628,454 | | |
Effect of dilutive securities: | | | | | | | | | | | | | | | | | | | |
Options
|
| | | | — | | | | | | — | | | | | | — | | |
Weighted average number of common shares outstanding – diluted
|
| | | | 12,534,801 | | | | | | 12,544,141 | | | | | | 12,628,454 | | |
|
Years ending December 31:
|
| |
Amount
|
| |||
2019
|
| | | $ | 1,020 | | |
2020
|
| | | | 916 | | |
2021
|
| | | | 645 | | |
2022
|
| | | | 461 | | |
2023
|
| | | | 28 | | |
Thereafter
|
| | | | 14 | | |
| | | | $ | 3,084 | | |
|
Years ending December 31:
|
| |
Amount
|
| |||
2019
|
| | | $ | 1,327 | | |
2020
|
| | | | 927 | | |
2021
|
| | | | 475 | | |
2022
|
| | | | 455 | | |
2023
|
| | | | 447 | | |
Thereafter
|
| | | | 1,155 | | |
| | | | $ | 4,786 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| ||||||
Debt, opening balance
|
| | | $ | 43,733 | | | | | $ | 116,813 | | |
Cash flows
|
| | | | — | | | | | | (42,253) | | |
Non-cash changes: | | | | | | | | | | | | | |
Dispositions of subsidiaries
|
| | | | (45,465) | | | | | | (34,996) | | |
Accretion
|
| | | | 94 | | | | | | 187 | | |
Rollover of interest expenses into principal
|
| | | | 286 | | | | | | — | | |
Cumulative transaction adjustments
|
| | | | 1,352 | | | | | | 3,982 | | |
Debt, ending balance
|
| | | $ | — | | | | | $ | 43,733 | | |
|
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Dividends received
|
| | | $ | 168 | | | | | $ | — | | | | | $ | — | | |
Years ended December 31:
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Short-term employee benefits
|
| | | $ | 1,245 | | | | | $ | 1,777 | | | | | $ | 2,296 | | |
Directors’ fees
|
| | | | 594 | | | | | | 576 | | | | | | 634 | | |
Share-based compensation
|
| | | | — | | | | | | 713 | | | | | | — | | |
Total
|
| | | $ | 1,839 | | | | | $ | 3,066 | | | | | $ | 2,930 | | |
|
As at December 31:
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Fair
Value |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities
|
| | | $ | 5,774 | | | | | $ | 5,774 | | | | | $ | 6 | | | | | $ | 6 | | |
Derivative assets
|
| | | | 209 | | | | | | 209 | | | | | | 246 | | | | | | 246 | | |
Fair value through other comprehensive income (or available-for-sale
instruments in 2017) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities
|
| | | | — | | | | | | — | | | | | | 771 | | | | | | 771 | | |
Debt securities
|
| | | | 6,328 | | | | | | 6,328 | | | | | | 5,121 | | | | | | 5,121 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liabilities measured at amortized cost: | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt
|
| | | $ | — | | | | | $ | — | | | | | $ | 43,733 | | | | | $ | 43,733 | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liabilities
|
| | | | 37 | | | | | | 37 | | | | | | 302 | | | | | | 302 | | |
Loan payable
|
| | | | 3,981 | | | | | | 3,981 | | | | | | — | | | | | | — | | |
As at December 31, 2018
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities
|
| | | $ | 1,773 | | | | | $ | 4,001 | | | | | $ | — | | | | | $ | 5,774 | | |
Derivative assets
|
| | | | — | | | | | | 209 | | | | | | — | | | | | | 209 | | |
Fair value through other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities
|
| | | | 6,328 | | | | | | — | | | | | | — | | | | | | 6,328 | | |
Total
|
| | | $ | 8,101 | | | | | $ | 4,210 | | | | | $ | — | | | | | $ | 12,311 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liabilities
|
| | | $ | — | | | | | $ | 37 | | | | | $ | — | | | | | $ | 37 | | |
Loan payable
|
| | | | — | | | | | | — | | | | | | 3,981 | | | | | | 3,981 | | |
| | | | $ | — | | | | | $ | 37 | | | | | $ | 3,981 | | | | | $ | 4,018 | | |
|
As at December 31, 2017
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term securities
|
| | | $ | 6 | | | | | $ | — | | | | | $ | — | | | | | $ | 6 | | |
Derivative assets
|
| | | | — | | | | | | 246 | | | | | | — | | | | | | 246 | | |
Available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities
|
| | | | 771 | | | | | | — | | | | | | — | | | | | | 771 | | |
Debt securities
|
| | | | 5,121 | | | | | | — | | | | | | — | | | | | | 5,121 | | |
Total
|
| | | $ | 5,898 | | | | | $ | 246 | | | | | $ | — | | | | | $ | 6,144 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value through profit or loss: | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liabilities
|
| | | $ | — | | | | | $ | 302 | | | | | $ | — | | | | | $ | 302 | | |
|
| | |
Risks
|
| ||||||||||||
| | | | | |
Market risks
|
| |||||||||
Financial instrument
|
| |
Credit
|
| |
Liquidity
|
| |
Currency
|
| |
Interest rate
|
| |
Other price
|
|
Cash and cash equivalents and restricted cash
|
| |
X
|
| | | | |
X
|
| |
X
|
| | | |
Equity securities
|
| | | | | | | |
X
|
| | | | |
X
|
|
Debt securities
|
| |
X
|
| | | | | | | |
X
|
| |
X
|
|
Derivative securities and financial liabilities
|
| |
X
|
| |
X
|
| |
X
|
| | | | |
X
|
|
Receivables
|
| |
X
|
| | | | |
X
|
| | | | | | |
Short-term bank borrowings
|
| | | | |
X
|
| |
X
|
| | | | | | |
Account payables and accrued expenses
|
| | | | |
X
|
| |
X
|
| | | | | | |
Loan payable
|
| | | | | | | | | | |
X
|
| | | |
|
Cash and cash equivalents and restricted cash
|
| | | $ | 68,041 | | |
|
Derivative assets
|
| | | | 209 | | |
|
Receivables
|
| | | | 14,018 | | |
|
Amounts recognized in the consolidated statement of financial position
|
| | | | 82,268 | | |
|
Guarantees (see Note 26)
|
| | | | — | | |
|
Maximum credit risk exposure
|
| | | $ | 82,268 | | |
|
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Interest income on financial assets not at FVTPL
|
| | | $ | 15 | | | | | $ | 434 | | | | | $ | 605 | | |
Interest income on financial assets classified at FVTPL
|
| | | | 661 | | | | | | 539 | | | | | | 2,451 | | |
Total interest income
|
| | | $ | 676 | | | | | $ | 973 | | | | | $ | 3,056 | | |
Interest expense on financial liabilities not at FVTPL
|
| | | $ | 989 | | | | | $ | 3,509 | | | | | $ | 7,747 | | |
Interest expense on financial liabilities classified at FVTPL
|
| | | | 680 | | | | | | 1,195 | | | | | | 7,720 | | |
Total interest expense
|
| | | $ | 1,669 | | | | | $ | 4,704 | | | | | $ | 15,467 | | |
Dividend income on financial assets at FVTPL
|
| | | $ | 168 | | | | | $ | — | | | | | $ | — | | |
Dividend income on financial assets classified not at FVTPL
|
| | | | — | | | | | | — | | | | | | 6 | | |
Net gain on financial assets at FVTPL
|
| | | | 3,785 | | | | | | 6,825 | | | | | | 1,240 | | |
Loss on loan payable at FVTPL
|
| | | | (167) | | | | | | — | | | | | | — | | |
Reversal of impairment on securities measured at FVTOCI
|
| | | | (3) | | | | | | — | | | | | | — | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Inventories
|
| | | $ | 2,238 | | | | | $ | — | | | | | $ | — | | |
Investment property
|
| | | | — | | | | | | — | | | | | | 37,804 | | |
Total
|
| | | $ | 2,238 | | | | | $ | — | | | | | $ | 37,804 | | |
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
| | | | | | | | |
(Restated)
|
| |
(Restated)
|
| ||||||
Inventories
|
| | | $ | 1,039 | | | | | $ | 271 | | | | | $ | — | | |
Investment property
|
| | | | — | | | | | | — | | | | | | 37,660 | | |
Total
|
| | | $ | 1,039 | | | | | $ | 271 | | | | | $ | 37,660 | | |
|
Subsidiaries
|
| |
Country of Incorporation
|
| |
Proportion of
Voting Interest |
|
MFC (A) Ltd
|
| | Marshall Islands | | |
100%
|
|
MFC (D) Ltd
|
| | Marshall Islands | | |
100%
|
|
Brock Metals s.r.o.
|
| | Slovakia | | |
100%
|
|
1178936 B.C. Ltd.
|
| | Canada | | |
100%
|
|