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Press Release: Nutrien Delivers Record Third -5-

Press Release: Nutrien Delivers Record Third -5-

新闻稿:Nutrien提供创纪录的第三-5-
Dow Jones Newswires ·  2021/11/02 05:01

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,但美元吨(千)平均每吨                    ----------------------  -------------------------  -------------------- 如若不然注)2021年2020%变化2021年2020%变化2021年2020%------------------  -----  -----  --------  -----  -----  -----------  ----  ----  -------- 制成产品净销售额肥料731 491 49 1,331 1,582(16)549 310 77工业和馈送365 304 20 577 551 5633 552 15------------------  -----  -----  --------  -----  -----  -----------  ----  ----  --------                     1,096    795        38  1,908  2,133         (11)   575   373        54 货物成本售出853 779 9448 366 22------------------  -----  -----  --------                             ----  ----  -------- 毛利率-制造243 16 n/m 127 7 n/m毛利-折旧和其他(1)15 4275摊销59 84(30)------------------  -----  -----  --------  -------------------------  ----  ----  -------- 毛利-不包括毛利总计258 20 n/m折旧以及摊销-开支26 799(97)制造186 91 104------------------  -----  -----  --------  -------------------------  ----  ----  -------- 息税前利润232(779)n/m折旧和折旧摊销112 179(37)------------------  -----  -----  -------- EBITDA 344(600)n/m调整(2)-769(100)------------------  -----  -----  -------- 调整后的EBITDA 344 169 104------------------  -----  -----  --------  -----  -----  -----------  ----  ----  -------- 1包括其他磷酸盐和购买的产品,净销售额为140美元100万(2020年--8700万美元)商品销售成本减少1.25亿美元(2020年--8300万美元)百万)。2见中期财务报表附注2。-调整后的EBITDA在第三季度和前九个月增加2021年,由于较高的已实现净售价,抵消了更高的原材料成本和更低的销售量。-由于时机的原因,2021年第三季度的销售量较低以及更大比例的某些化肥和工业P2O5含量较高的产品。前九年的销售量2021年的月份也受到库存量下降的影响2021年初与2020年同期相比。-第三季度和前九季度实现净销售价格上升2021年的几个月是化肥基准价格上涨的结果由于强劲的全球磷酸盐需求,紧张的库存和更高的全球原材料成本。年内,工业和饲料价格也有所上涨。2021年第三季度和前九个月,但程度低于化肥,由于相对于现货价格的价格变现滞后。-第三季度和第一季度每吨销售成本上升2021年的9个月,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现金库存调整2020年,部分被较低的折旧和摊销所抵消。结果2020年前9个月也受到4600万美元的影响与资产报废义务相关的估计的有利变化记录在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).
(数百万美国人美元,除截至9月的3个月和9个月外如若不然,9月30日30日                  ---------------------------  ----------------------------- 注)2021年2020%变化2021年2020%----------------  -------  -------  ---------  --------  --------  --------- 销售额(1)-23(100)-70(100)货物成本售出-20(100)-63(100)----------------  -------  -------  ---------  --------  --------  --------- 毛利率-3(100)-7(100)销售费用(9)(4)125(24)(17)41一般和行政性开支58 66(12)182 191(5)基于共享的补偿开支64 29 121 125 9 n/m减损资产-5(100)-5(100)其他开支30 67(55)141 154(8)----------------  -------  -------  ---------  --------  --------  --------- 息税前利润(143)(160)(11)(424)(335)27折旧和折旧摊销12 15(20)34 41(17)----------------  -------  -------  ---------  --------  --------  --------- EBITDA(131)(145)(10)(390)(294)33调整(2)89 74 20 232 92 152----------------  -------  -------  ---------  --------  --------  --------- 调整后EBITDA(42)(71)(41)(158)(202)(22)----------------  -------  -------  ---------  --------  --------  --------- 1主要涉及我们于2020年出售的非核心加拿大业务。2见中期财务报表附注2。-第三季度基于股票的薪酬支出较高,2021年前9个月与2020年同期相比我们的股价上涨了。我们也有更多以股票为基础的2021年授予的奖项。-第三季度和今年前9个月的其他费用较低2021年与2020年同期相比,由于信息减少与技术项目相关的成本和较低的汇兑损失。这部分被与云计算相关的额外费用所抵消在2021年前9个月从我们的会计变更中确认政策(请参阅中期财务报表附注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年第三季度运营部门之间的毛利率消除为(8200万美元),而2020年第三季度为(1200万美元),2021年前9个月为(9000万美元),而2020年同期的毛利率为1500万美元。由于我们的零售部门持有更高的保证金库存,抵销增加。抵销不是公司和其他部分的一部分。

Finance Costs, Income Tax Expense (Recovery) and Other Comprehensive (Loss) Income

财务成本、所得税费用(追回)和其他综合(亏损)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.
(数百万美国人美元,截至9月的3个月除外截至9月的9个月如此一来30 30                  ----------------------------  ---------------------------- 注)2021年2020%变化2021年2020%----------------  --------  -------  ---------  --------  -------  --------- 财务成本122 129(5)367 401(8)所得税费用(回收)209(264)n/m 615(45)n/m其他全面(亏损)收入(79)71 n/m 6(86)n/m----------------  --------  -------  ---------  --------  -------  --------- -2021年第三季度和前9个月的财务成本为与2020年同期相比有所下降,原因是利率下降以及较低的短期债务余额,远远抵消了较高的年发行的15亿元票据所产生的长期债务余额2020年第二季度。-2021年第三季度和前9个月的所得税支出为较高的原因是所得税前收益高于2020年同期。由于以下原因,所得税退税在2020年录得与美国相关的资产减值和离散退税立法改革。-其他综合(亏损)收入主要是由我们对外业务和我们在中国的投资的货币换算中化集团有限公司(“中化”)澳元贬值,因2021年9月30日相对于2021年6月30日和2020年12月31日导致第三季度和第一季度翻译损失的水平2021年的九个月。这部分被交易会的增加所抵消。我们在中化集团的投资价值。

Liquidity and Capital Resources

流动性与资本资源

Sources and Uses of Liquidity

流动性的来源和用途

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.

我们继续按照我们的资本配置战略管理我们的资本。我们相信,我们的内部产生的现金流,加上我们现有融资来源下的可用借款(如有必要),将足以满足我们在可预见的未来的预期资本支出和其他现金需求。有关我们现有的长期债务和信贷安排的详细信息,请参阅“资本结构和管理”部分。

译文内容由第三方软件翻译。


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