Obligations to independent
employee trusts 296 298
----------------------------------- --- ----------- --- --------------
Total non-current liabilities $ 840 $ 854
----------------------------------- --- ----------- --- --------------
Total liabilities $ 1,591 $ 1,769
----------------------------------- --- ----------- --- --------------
EQUITY
Common shares 317 318
Retained earnings 1,008 978
----------------------------------- --- ----------- --- --------------
Total equity $ 1,325 $ 1,296
----------------------------------- --- ----------- --- --------------
Total liabilities and equity $ 2,916 $ 3,065
----------------------------------- --- ----------- --- --------------
Non-IFRS Measures Reconciliation
The following table provides a reconciliation of net income (loss) to Adjusted Net Income for the periods indicated:
(millions of Canadian dollars)
Three months ended March 31, 2024 2023
------------------------------------------------- ---- ----
Net income (loss) $ 63 $ (11)
Add back (Deduct) following items:
Loss on derivative asset 7 10
Share-based compensation expense (recovery) (3) 16
Other costs (1) 3 2
Transaction-based and other corporate-related
costs 2 --
------------------------------------------------- ---- ----
Total adjusted items before tax 9 28
Tax impact of above items (2) (7)
-------------------------------------------------- ---- ----
Total adjusted items after tax 7 21
-------------------------------------------------- ---- ----
Adjusted Net Income $ 70 $ 10
-------------------------------------------------- ---- ----
(1) Represents certain non-routine items that include, but are not limited
to, strategic project-based research and development costs, the
write-down of certain capital projects that are no longer being pursued
by the Company such as aborted construction in progress costs without
future benefit to Stelco, and demolition costs not connected to the
Company's ongoing steelmaking operations.
The following table provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods indicated:
(millions of Canadian dollars, except where
otherwise noted)
Three months ended March 31, 2024 2023
----------------------------------------------- ---- ----
Net income (loss) $ 63 $ (11)
Add back (Deduct) following items:
Finance costs 36 29
Depreciation 33 32
Income tax expense (recovery):
Current 21 4
Deferred -- (7)
Finance income (9) (10)
Loss on derivative asset 7 10
Share-based compensation expense (recovery) (3) 16
Other costs (1) 3 2
Transaction-based and other
corporate-related costs 2 --
----------------------------------------------- ---- ----
Adjusted EBITDA $ 153 $ 65
------------------------------------------------ ---- ----
Adjusted EBITDA as a percentage of total revenue 21% 9%
------------------------------------------------ ---- ----
(1) Represents certain non-routine items that include, but are not limited
to, strategic project-based research and development costs, the
write-down of certain capital projects that are no longer being pursued
by the Company such as aborted construction in progress costs without
future benefit to Stelco, and demolition costs not connected to the
Company's ongoing steelmaking operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508951300/en/
CONTACT: For Further Information
For investor enquiries: Paul D. Scherzer, Chief Financial Officer, 905-577-4432, paul.scherzer@stelco.com
For media enquiries: Trevor Harris, Vice-President, Corporate Affairs, 905-577-4447, trevor.harris@stelco.com
(END) Dow Jones Newswires
May 08, 2024 17:35 ET (21:35 GMT)
Comments