Press Release: Nutrien Delivers Record Third -5-
Press Release: Nutrien Delivers Record Third -5-
新聞稿：Nutrien提供創紀錄的第三-5-
dollars, except Dollars Tonnes (thousands) Average per Tonne
---------------------- ------------------------- --------------------
as otherwise
noted) 2021 2020 % Change 2021 2020 % Change 2021 2020 % Change
------------------ ----- ----- -------- ----- ----- ----------- ---- ---- --------
Manufactured
product
Net sales
Fertilizer 731 491 49 1,331 1,582 (16) 549 310 77
Industrial
and feed 365 304 20 577 551 5 633 552 15
------------------ ----- ----- -------- ----- ----- ----------- ---- ---- --------
1,096 795 38 1,908 2,133 (11) 575 373 54
Cost of goods
sold 853 779 9 448 366 22
------------------ ----- ----- -------- ---- ---- --------
Gross margin -
manufactured 243 16 n/m 127 7 n/m
Gross margin - Depreciation and
other (1) 15 4 275 amortization 59 84 (30)
------------------ ----- ----- -------- ------------------------- ---- ---- --------
Gross margin - Gross margin excluding
total 258 20 n/m depreciation
and amortization -
Expenses 26 799 (97) manufactured 186 91 104
------------------ ----- ----- -------- ------------------------- ---- ---- --------
EBIT 232 (779) n/m
Depreciation and
amortization 112 179 (37)
------------------ ----- ----- --------
EBITDA 344 (600) n/m
Adjustments (2) - 769 (100)
------------------ ----- ----- --------
Adjusted EBITDA 344 169 104
------------------ ----- ----- -------- ----- ----- ----------- ---- ---- --------
1 Includes other phosphate and purchased products and is comprised of net sales of $140
million (2020 -- $87 million) less cost of goods sold of $125 million (2020 -- $83
million).
2 See Note 2 to the interim financial statements.
-- Adjusted EBITDA increased in the third quarter and first nine months of
2021 due to higher net realized selling prices which more than offset
higher raw material costs and lower sales volumes.
-- Sales volumes were lower in the third quarter of 2021 due to the timing
of sales and a greater proportion of certain fertilizer and industrial
products with a higher P2O5 content. Sales volumes in the first nine
months of 2021 were also impacted by lower inventory volumes at the
beginning of 2021 compared to the same period in 2020.
-- Net realized selling price increased in the third quarter and first nine
months of 2021 as a result of higher fertilizer benchmark prices driven
by robust global phosphate demand, tight inventories and higher global
raw material costs. Industrial and feed prices also increased in the
third quarter and first nine months of 2021, but to a lesser extent than
fertilizer, due to a lag in price realizations relative to spot prices.
-- Cost of goods sold per tonne increased in the third quarter and first
nine months of 2021 due to significantly higher raw material input costs
and a favorable non-cash inventory adjustment in the third quarter of
2020, partially offset by lower depreciation and amortization. Results
for the first nine months of 2020 were also impacted by a $46 million
favorable change in estimate related to an asset retirement obligation
recorded in the second quarter of 2020.
美元，但美元噸(千)平均每噸 ---------------------- ------------------------- -------------------- 如若不然注)2021年2020%變化2021年2020%變化2021年2020%------------------ ----- ----- -------- ----- ----- ----------- ---- ---- -------- 製成產品淨銷售額肥料731 491 49 1,331 1,582(16)549 310 77工業和饋送365 304 20 577 551 5633 552 15------------------ ----- ----- -------- ----- ----- ----------- ---- ---- -------- 1,096 795 38 1,908 2,133 (11) 575 373 54 貨物成本售出853 779 9448 366 22------------------ ----- ----- -------- ---- ---- -------- 毛利率-製造243 16 n/m 127 7 n/m毛利-折舊和其他(1)15 4275攤銷59 84(30)------------------ ----- ----- -------- ------------------------- ---- ---- -------- 毛利-不包括毛利總計258 20 n/m折舊以及攤銷-開支26 799(97)製造186 91 104------------------ ----- ----- -------- ------------------------- ---- ---- -------- 息税前利潤232(779)n/m折舊和折舊攤銷112 179(37)------------------ ----- ----- -------- EBITDA 344(600)n/m調整(2)-769(100)------------------ ----- ----- -------- 調整後的EBITDA 344 169 104------------------ ----- ----- -------- ----- ----- ----------- ---- ---- -------- 1包括其他磷酸鹽和購買的產品，淨銷售額為140美元100萬(2020年--8700萬美元)商品銷售成本減少1.25億美元(2020年--8300萬美元)百萬)。2見中期財務報表附註2。-調整後的EBITDA在第三季度和前九個月增加2021年，由於較高的已實現淨售價，抵消了更高的原材料成本和更低的銷售量。-由於時機的原因，2021年第三季度的銷售量較低以及更大比例的某些化肥和工業P2O5含量較高的產品。前九年的銷售量2021年的月份也受到庫存量下降的影響2021年初與2020年同期相比。-第三季度和前九季度實現淨銷售價格上升2021年的幾個月是化肥基準價格上漲的結果由於強勁的全球磷酸鹽需求，緊張的庫存和更高的全球原材料成本。年內，工業和飼料價格也有所上漲。2021年第三季度和前九個月，但程度低於化肥，由於相對於現貨價格的價格變現滯後。-第三季度和第一季度每噸銷售成本上升2021年的9個月，原因是原材料投入成本大幅上升以及#年第三季度有利的非現金庫存調整2020年，部分被較低的折舊和攤銷所抵消。結果2020年前9個月也受到4600萬美元的影響與資產報廢義務相關的估計的有利變化記錄在2020年第二季度。
Corporate and Others
公司及其他
(millions of US
dollars, except Three Months Ended Nine Months Ended September
as otherwise September 30 30
--------------------------- -----------------------------
noted) 2021 2020 % Change 2021 2020 % Change
---------------- ------- ------- --------- -------- -------- ---------
Sales (1) - 23 (100) - 70 (100)
Cost of goods
sold - 20 (100) - 63 (100)
---------------- ------- ------- --------- -------- -------- ---------
Gross margin - 3 (100) - 7 (100)
Selling expenses (9) (4) 125 (24) (17) 41
General and
administrative
expenses 58 66 (12) 182 191 (5)
Share-based
compensation
expense 64 29 121 125 9 n/m
Impairment of
assets - 5 (100) - 5 (100)
Other expenses 30 67 (55) 141 154 (8)
---------------- ------- ------- --------- -------- -------- ---------
EBIT (143) (160) (11) (424) (335) 27
Depreciation and
amortization 12 15 (20) 34 41 (17)
---------------- ------- ------- --------- -------- -------- ---------
EBITDA (131) (145) (10) (390) (294) 33
Adjustments (2) 89 74 20 232 92 152
---------------- ------- ------- --------- -------- -------- ---------
Adjusted EBITDA (42) (71) (41) (158) (202) (22)
---------------- ------- ------- --------- -------- -------- ---------
1 Primarily relates to our non-core Canadian business that was sold in 2020.
2 See Note 2 to the interim financial statements.
-- Share-based compensation expense was higher in the third quarter and
first nine months of 2021 compared to the same periods in 2020 due to an
increase in our share price. We also had a higher number of share-based
awards that vested in 2021.
-- Other expenses were lower in the third quarter and first nine months of
2021 compared to the same periods in 2020 due to lower information
technology project related costs and lower foreign exchange losses. This
was partially offset by additional cloud computing related expenses
recognized in the first nine months of 2021 from our change in accounting
policy (refer to Note 3 to the interim financial statements).
(數百萬美國人美元，除截至9月的3個月和9個月外如若不然，9月30日30日 --------------------------- ----------------------------- 注)2021年2020%變化2021年2020%---------------- ------- ------- --------- -------- -------- --------- 銷售額(1)-23(100)-70(100)貨物成本售出-20(100)-63(100)---------------- ------- ------- --------- -------- -------- --------- 毛利率-3(100)-7(100)銷售費用(9)(4)125(24)(17)41一般和行政性開支58 66(12)182 191(5)基於共享的補償開支64 29 121 125 9 n/m減損資產-5(100)-5(100)其他開支30 67(55)141 154(8)---------------- ------- ------- --------- -------- -------- --------- 息税前利潤(143)(160)(11)(424)(335)27折舊和折舊攤銷12 15(20)34 41(17)---------------- ------- ------- --------- -------- -------- --------- EBITDA(131)(145)(10)(390)(294)33調整(2)89 74 20 232 92 152---------------- ------- ------- --------- -------- -------- --------- 調整後EBITDA(42)(71)(41)(158)(202)(22)---------------- ------- ------- --------- -------- -------- --------- 1主要涉及我們於2020年出售的非核心加拿大業務。2見中期財務報表附註2。-第三季度基於股票的薪酬支出較高，2021年前9個月與2020年同期相比我們的股價上漲了。我們也有更多以股票為基礎的2021年授予的獎項。-第三季度和今年前9個月的其他費用較低2021年與2020年同期相比，由於信息減少與技術項目相關的成本和較低的匯兑損失。這部分被與雲計算相關的額外費用所抵消在2021年前9個月從我們的會計變更中確認政策(請參閲中期財務報表附註3)。
Eliminations
淘汰
Eliminations of gross margin between operating segments in the third quarter of 2021 were $(82) million compared to $(12) million for the third quarter of 2020 and $(90) million in the first nine months of 2021 compared to a $15 million gross margin recovery for the same period in 2020. Eliminations increased due to higher margin inventories held by our Retail segment. Eliminations are not part of the Corporate and Others segment.
2021年第三季度運營部門之間的毛利率消除為(8200萬美元)，而2020年第三季度為(1200萬美元)，2021年前9個月為(9000萬美元)，而2020年同期的毛利率為1500萬美元。由於我們的零售部門持有更高的保證金庫存，抵銷增加。抵銷不是公司和其他部分的一部分。
Finance Costs, Income Tax Expense (Recovery) and Other Comprehensive (Loss) Income
財務成本、所得税費用(追回)和其他綜合(虧損)收入
(millions of US
dollars, except Three Months Ended September Nine Months Ended September
as otherwise 30 30
---------------------------- ----------------------------
noted) 2021 2020 % Change 2021 2020 % Change
---------------- -------- ------- --------- -------- ------- ---------
Finance costs 122 129 (5) 367 401 (8)
Income tax
expense
(recovery) 209 (264) n/m 615 (45) n/m
Other
comprehensive
(loss) income (79) 71 n/m 6 (86) n/m
---------------- -------- ------- --------- -------- ------- ---------
-- Finance costs in the third quarter and first nine months of 2021 were
lower compared to the same periods in 2020 due to lower interest rates
and a lower short-term debt balance, more than offsetting a higher
long-term debt balance resulting from the $1.5 billion in notes issued in
the second quarter of 2020.
-- Income tax expense in the third quarter and first nine months of 2021 was
higher as a result of higher earnings before income taxes compared to the
same periods in 2020. Income tax recoveries were recorded in 2020 due to
an impairment of assets and discrete tax recoveries related to US
legislative changes.
-- Other comprehensive (loss) income is primarily driven by changes in the
currency translation of our foreign operations and our investment in
Sinofert Holdings Ltd. ("Sinofert"). The Australian dollar depreciated as
at September 30, 2021 relative to June 30, 2021 and December 31, 2020
levels which led to translation losses in the third quarter and first
nine months of 2021. This was partially offset by an increase in the fair
value of our investment in Sinofert.
(數百萬美國人美元，截至9月的3個月除外截至9月的9個月如此一來30 30 ---------------------------- ---------------------------- 注)2021年2020%變化2021年2020%---------------- -------- ------- --------- -------- ------- --------- 財務成本122 129(5)367 401(8)所得税費用(回收)209(264)n/m 615(45)n/m其他全面(虧損)收入(79)71 n/m 6(86)n/m---------------- -------- ------- --------- -------- ------- --------- -2021年第三季度和前9個月的財務成本為與2020年同期相比有所下降，原因是利率下降以及較低的短期債務餘額，遠遠抵消了較高的年發行的15億元票據所產生的長期債務餘額2020年第二季度。-2021年第三季度和前9個月的所得税支出為較高的原因是所得税前收益高於2020年同期。由於以下原因，所得税退税在2020年錄得與美國相關的資產減值和離散退税立法改革。-其他綜合(虧損)收入主要是由我們對外業務和我們在中國的投資的貨幣換算中化集團有限公司(“中化”)澳元貶值，因2021年9月30日相對於2021年6月30日和2020年12月31日導致第三季度和第一季度翻譯損失的水平2021年的九個月。這部分被交易會的增加所抵消。我們在中化集團的投資價值。
Liquidity and Capital Resources
流動性與資本資源
Sources and Uses of Liquidity
流動性的來源和用途
We continued to manage our capital in accordance with our capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under our existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures and other cash requirements for the foreseeable future. Refer to the "Capital Structure and Management" section for details on our existing long-term debt and credit facilities.
我們繼續按照我們的資本配置戰略管理我們的資本。我們相信，我們的內部產生的現金流，加上我們現有融資來源下的可用借款(如有必要)，將足以滿足我們在可預見的未來的預期資本支出和其他現金需求。有關我們現有的長期債務和信貸安排的詳細信息，請參閲“資本結構和管理”部分。
譯文內容由第三人軟體翻譯。
以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。