Total liabilities and equity $ 3,083 $ 3,065 ---------------------------------------- --- ---------- --- --------------
Non-IFRS Measures Reconciliation
The following table provides a reconciliation of net income to Adjusted Net Income for the periods indicated:
Three months ended June
30, Six months ended June 30,
-------------------------- --------------------------
(millions of Canadian
dollars) 2024 2023 2024 2023
---------------------- ---- ---- ---- ----
Net income $ 67 $ 117 $ 130 $ 106
Add back (Deduct)
following items:
Loss on derivative
asset 15 5 22 15
Share-based
compensation
expense
(recovery) (12) (3) (15) 13
Other costs (1) 1 4 4 6
Transaction-based
and other
corporate-related
costs 1 2 3 2
Remeasurement of
employee benefit
commitment (2) 1 -- 1 --
---------------------- ---- ---- ---- ----
Total adjusted items
before tax 6 8 15 36
Tax impact of above
items (2) (2) (4) (9)
---------------------- ---- ---- ---- ----
Total adjusted items
after tax 4 6 11 27
---------------------- ---- ---- ---- ----
Adjusted Net Income $ 71 $ 123 $ 141 $ 133
---------------------- ---- ---- ---- ----
(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.
(2) Remeasurement of employee benefit commitment for change in timing of
projected cash flows and future funding requirements.
The following table provides a reconciliation of net income to Adjusted EBITDA for the periods indicated:
Three months ended June Six months ended June
30, 30,
---------------------- ------------------------ ------------------------
(millions of Canadian
dollars, except where
otherwise noted) 2024 2023 2024 2023
---------------------- ---- ---- --- ---- ---- ---
Net income $ 67 $ 117 $ 130 $ 106
Add back (Deduct)
following items:
Finance costs 34 31 70 60
Depreciation 32 29 65 61
Income tax expense
(recovery):
Current 20 24 41 28
Deferred (1) 16 (1) 9
Loss on derivative
asset 15 5 22 15
Finance income (10) (10) (19) (20)
Share-based
compensation
expense
(recovery) (12) (3) (15) 13
Other costs (1) 1 4 4 6
Transaction-based
and other
corporate-related
costs 1 2 3 2
---------------------- ---- ---- --- ---- ---- ---
Adjusted EBITDA $ 147 $ 215 $ 300 $ 280
---------------------- ---- ---- --- ---- ---- ---
Adjusted EBITDA as a
percentage of total
revenue 21% 26% 21% 18%
---------------------- ---- ---- ---- ----
(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/20240807179590/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
August 07, 2024 17:35 ET (21:35 GMT)