Firan Technology Group (FTG) Announces Third Quart
Post# of 301275
TORONTO, Oct. 11, 2017 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG ) today announced financial results for the third quarter 2017.
- Increased gross margin to over 27% in Q3
- Realized costs savings due to the closure of the Teledyne PCT facility
- Achieved book-to-bill ratio of 1.23:1 in Q3 2017
- Generated $2.3M in cash from operations used to acquire new equipment and pay down debt
“The third quarter of 2017 saw reduced activity, as predicted, as we transitioned the Teledyne PCT equipment to our Chatsworth facilities”, stated Brad Bourne, President and Chief Executive Officer. He added, “The quarter’s activity was also impacted by the strengthening of the Canadian dollar and the normal slowdown resulting from summer vacations. With the closure of the Teledyne facility, FTG’s cost structure was reduced and this resulted in increased gross margins, despite the above impacts. As activity in Chatsworth continues to ramp up, we expect to see improving operating results for the Corporation.”
Third Quarter Results : (three months ended Sept 1, 2017 compared with three months ended Aug 26, 2016)
| Q3 2017 | Q3 2016 | |||||
| Sales | $ | 19,144,000 | $ | 23,187,000 | ||
| Gross Margin | 5,199,000 | 5,011,000 | ||||
| Gross Margin (%) | 27.2 | % | 21.6 | % | ||
| Operating Earnings (1) : | 2,278,000 | 2,309,000 | ||||
| • Net R&D Investment | 1,668,000 | 748,000 | ||||
| • Bargain Purchase Gain | - | (5,578,000 | ) | |||
| • Restructuring Expense | - | 3,245,000 | ||||
| • Foreign Exchange (Gain) Loss | (272,000 | ) | 13,000 | |||
| • Recovery of Investment Tax Credits | (166,000 | ) | (152,000 | ) | ||
| • Amortization of Intangibles | 273,000 | 154,000 | ||||
| Net Earnings before Tax | 775,000 | 3,879,000 | ||||
| • Tax Expense | 637,000 | 383,000 | ||||
| • Non-controlling Interests | (16,000 | ) | 11,000 | |||
| Net Earnings After Tax | $ | 154,000 | $ | 3,485,000 | ||
| Earnings per share | ||||||
| - basic | $ | 0.01 | $ | 0.17 | ||
| - diluted | $ | 0.01 | $ | 0.15 | ||
Year-to-Date Results: (nine months ended Sept 01, 2017 compared with nine months ended Aug 26, 2016)
| YTD 2017 | YTD 2016 | |||||
| Sales | $ | 71,829,000 | $ | 59,881,000 | ||
| Gross Margin | 17,838,000 | 13,623,000 | ||||
| Gross Margin (%) | 24.8 | % | 22.8 | % | ||
| Operating Earnings (1) : | 7,876,000 | 5,453,000 | ||||
| • Net R&D Investment | 4,924,000 | 2,272,000 | ||||
| • Bargain Purchase Gain | - | (7,189,000 | ) | |||
| • Restructuring Expense | - | 3,915,000 | ||||
| • Foreign Exchange (Gain) Loss | (229,000 | ) | 318,000 | |||
| • Recovery of Investment Tax Credits | (495,000 | ) | (499,000 | ) | ||
| • Amortization of Intangibles | 840,000 | 198,000 | ||||
| Net Earnings before tax | 2,836,000 | 6,438,000 | ||||
| • Income Tax | 1,792,000 | 1,136,000 | ||||
| • Non-controlling Interests | (34,000 | ) | 17,000 | |||
| Net Earnings after tax | $ | 1,078,000 | $ | 5,285,000 | ||
| Earnings per share | ||||||
| - basic | $ | 0.05 | $ | 0.27 | ||
| - diluted | $ | 0.04 | $ | 0.25 | ||
(1) Operating Earnings is not a measure recognized under International Financial Reporting Standards (“IFRS”). Management believes that this measure is important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating Operating Earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
Business Highlights
FTG accomplished many goals in the third quarter of 2017 that continue to improve the Corporation and position it for the future, including:
- Completed installation and commissioning of the Teledyne PCT related equipment in the Chatsworth facility.
- Increased throughput at Aerospace Chatsworth by 150% over Q2 2017, primarily by increased activity in August.
- After the quarter, increased throughput at Aerospace Chatsworth by over 160% in September 2017 compared to June 2017, further demonstrating increasing production rates.
- Achieved $1.9M in sales resulting from the Photo Etch acquisition, above our target of $1.5M per quarter.
For FTG, overall sales decreased by $4.0M or 17% from $23.2M in Q3 2016 to $19.1M in Q3 2017. The decrease was attributable to both businesses.
Revenues from the Photo Etch acquisition contributed $1.9M in incremental sales during the third quarter, compared to $1.9M in Q3 last year. Revenues from the Teledyne PCT contributed $0.9M in Q3 2017 compared to $3.5M in Q3 last year. Excluding the acquisitions, revenues were down $1.4M compared to Q3 2016, partially due to the strengthening of the Canadian dollar versus the US dollar. Sequentially, revenues were down $6.4M in Q3 versus Q2 2017 due to transition activities, summer vacations and the strengthening of the Canadian dollar. In addition, the Photo Etch related activity was down $1.0M sequentially due to the end of the current phase of a large military simulator program which is a normal business cycle. The Teledyne PCT related activity was down sequentially by $5.3M due to the closure of the Teledyne facility and the time taken to commission equipment in the Chatsworth facility and ramp production. This activity did ramp each month of the quarter as progress was achieved.
The Circuits Segment sales were down by $1.3M or 8.8% in Q3 2017 versus Q3 2016. The decrease is predominantly due to increased intercompany activity supporting the ramp up in Aerospace Chatsworth which is not reflected in consolidated sales. On a year-to-date basis, Circuits sales were up $4.0M or 9.6%.
For the Aerospace segment, sales in Q3 2017 were $5.7M compared to $8.5M in the same quarter last year. The decrease is primarily attributable to the Teledyne PCT transition activities in the quarter. Year-to-date Aerospace sales were up $8.0M or 43.2%.
Gross margins in Q3 2017 were up $0.2M compared to Q3 2016. As a percentage, gross margins increased from 21.6% in Q3 last year to 27.2% in Q3 this year. The increase is principally due to the cost savings from the Teledyne PCT plant closure offset by lower sales.
Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for trailing twelve months is $8.0M.
The following table reconciles EBITDA (2) to the net earnings for Q3 2017 and trailing 12 months.
| Q3 2017 | Trailing 12 Months | |||
| Net earnings | $ | 154,000 | 1,708,000 | |
| Add: | ||||
| Interest | 109,000 | 488,000 | ||
| Income taxes/ITC/JV | 455,000 | 1,716,000 | ||
| Depreciation/Amortization | 1,068,000 | 4,117,000 | ||
| EBITDA | $ | 1,786,000 | $ | 7,961,000 |
(2) EBITDA is not a measure recognized under International Financial Reporting Standards (“IFRS”). Management believes that this measure is important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating EBITDA may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
Net earnings attributable to equity holders of FTG in Q3 2017 were $0.2M compared to a net profit of $3.5M in Q3 2016. The decrease is due to the one-time gains recognized in the prior year with respect to the Photo Etch and Teledyne PCT transactions which contributed $2.3M to last year and the decreased activity in Q3 of this year.
The Circuits segment net earnings before corporate and interest and other costs was $1.7M in Q3 2017 compared to $2.5M in Q3 2016.
The Aerospace net earnings (loss) before corporate and interest and other costs decreased to ($1.3M) versus $2.0M in Q3 2016. The Q3 2016 results included a one-time net gain of $1.7M related to the acquisition of Teledyne PCT and lower activity.
As at Sept 1, 2017, the Corporation’s net working capital was $23.6M, an increase of $1.2M over year-end 2016.
The Corporation will host a live conference call on Thursday October 12, 2017 at 8:30 am (EDT) to discuss the results of Q3 2017.
Anyone wishing to participate in the call should dial 416-340-2220 OR 1-866-225-2055 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until October 22, 2017 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 905-694-9451 or 1-800-408-3053, Pass Code 3440996#.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information please contact:
Bradley C. Bourne, President and CEO Firan Technology Group Corporation Tel: (416) 299-4000 x 314 Email: bradbourne@ftgcorp.com
Melinda Diebel, Vice President and CFO Firan Technology Group Corporation Tel: (416) 299-4000 x 264 Email: melindadiebel@ftgcorp.com
Additional information can be found at the Corporation’s website www.ftgcorp.com
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||
| Interim Condensed Consolidated Balance Sheets | |||||||
| (Unaudited) | September 01, | November 30, | |||||
| (in thousands of Canadian dollars) | 2017 | 2016 | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash | $ | 2,439 | $ | 3,152 | |||
| Accounts receivable | 14,201 | 21,022 | |||||
| Taxes receivable | 154 | 259 | |||||
| Inventories | 23,526 | 22,464 | |||||
| Prepaid expenses | 2,841 | 1,776 | |||||
| 43,161 | 48,673 | ||||||
| Non-current assets | |||||||
| Plant and equipment, net | 11,167 | 8,851 | |||||
| Deferred income tax assets | - | 1,327 | |||||
| Investment tax credits receivable | 6,765 | 7,330 | |||||
| Deferred development costs | 625 | 739 | |||||
| Intangible assets, net | 3,886 | 5,066 | |||||
| Total assets | $ | 65,604 | $ | 71,986 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities | |||||||
| Bank indebtedness | $ | 5,576 | $ | 6,983 | |||
| Accounts payable and accrued liabilities | 11,739 | 15,105 | |||||
| Provisions | 523 | 2,349 | |||||
| Customer deposits, net of deferred development | 283 | 308 | |||||
| Current portion of long-term bank debt | 1,394 | 1,510 | |||||
| 19,515 | 26,255 | ||||||
| Non-current liabilities | |||||||
| Long-term bank debt | 4,562 | 6,079 | |||||
| Deferred tax payable | 1,667 | 1,573 | |||||
| Total liabilities | 25,744 | 33,907 | |||||
| Equity | |||||||
| Retained earnings | $ | 8,621 | $ | 7,543 | |||
| Accumulated other comprehensive income | 239 | 443 | |||||
| 8,860 | 7,986 | ||||||
| Share capital | |||||||
| Common shares | 19,255 | 19,051 | |||||
| Preferred shares | 2,218 | 2,218 | |||||
| Contributed surplus | 8,322 | 8,381 | |||||
| To tal equity attributable to FTG's shareholders | 38,655 | 37,636 | |||||
| Non-controlling interest | 1,205 | 443 | |||||
| Total equity | 39,860 | 38,079 | |||||
| Total liabilities and equity | $ | 65,604 | $ | 71,986 | |||
| FIRAN TECHNOLOGY GROUP CORPORATION | ||||||||||||||||
| Interim Condensed Consolidated Statements of Earnings | ||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| (Unaudited) | September 01, | August 26, | September 01, | August 26, | ||||||||||||
| (in thousands of Canadian dollars, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Sales | $ | 19,144 | $ | 23,187 | $ | 71,829 | $ | 59,881 | ||||||||
| Cost of sales | ||||||||||||||||
| Cost of sales | 13,253 | 17,567 | 51,908 | 44,609 | ||||||||||||
| Depreciation of plant and equipment | 692 | 609 | 2,083 | 1,649 | ||||||||||||
| Total cost of sales | 13,945 | 18,176 | 53,991 | 46,258 | ||||||||||||
| Gross margin | 5,199 | 5,011 | 17,838 | 13,623 | ||||||||||||
| Expenses | ||||||||||||||||
| Selling, general and administrative | 2,787 | 2,595 | 9,509 | 7,905 | ||||||||||||
| Research and development costs | 1,723 | 818 | 5,089 | 2,482 | ||||||||||||
| Recovery of research and development costs | (55 | ) | (70 | ) | (165 | ) | (210 | ) | ||||||||
| Recovery of investment tax credits | (166 | ) | (152 | ) | (495 | ) | (499 | ) | ||||||||
| Depreciation of plant and equipment | 25 | 30 | 91 | 84 | ||||||||||||
| Amortization of intangible assets | 273 | 154 | 840 | 198 | ||||||||||||
| Interest expense on short-term debt | 56 | 31 | 184 | 51 | ||||||||||||
| Interest expense on long-term debt | 53 | 46 | 178 | 130 | ||||||||||||
| Foreign exchange (gain) loss | (272 | ) | 13 | (229 | ) | 318 | ||||||||||
| Bargain purchase gain | - | (5,578 | ) | - | (7,189 | ) | ||||||||||
| Restructuring expenses | - | 3,245 | - | 3,915 | ||||||||||||
| Total expenses | 4,424 | 1,132 | 15,002 | 7,185 | ||||||||||||
| Earnings before income taxes | 775 | 3,879 | 2,836 | 6,438 | ||||||||||||
| Current income tax expense (recovery) | 14 | 15 | (10 | ) | 46 | |||||||||||
| Deferred income tax expense | 623 | 368 | 1,802 | 1,090 | ||||||||||||
| Total income tax expense | 637 | 383 | 1,792 | 1,136 | ||||||||||||
| Net earnings | $ | 138 | $ | 3,496 | $ | 1,044 | $ | 5,302 | ||||||||
| Attributable to: | ||||||||||||||||
| Non-controlling interest | $ | (16 | ) | $ | 11 | $ | (34 | ) | $ | 17 | ||||||
| Equity holders of FTG | $ | 154 | $ | 3,485 | 1,078 | 5,285 | ||||||||||
| Earnings per share, attributable to the equity holders of FTG | ||||||||||||||||
| Basic | $ | 0.01 | $ | 0.17 | $ | 0.05 | $ | 0.27 | ||||||||
| Diluted | $ | 0.01 | $ | 0.15 | $ | 0.04 | $ | 0.25 | ||||||||
| FIRAN TECHNOLOGY GROUP CORPORATION | ||||||||||||||||
| Interim Condensed Consolidated Statements of Comprehensive Income (loss) | ||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| (Unaudited) | September 01, | August 26, | September 01, | August 26, | ||||||||||||
| (in thousands of Canadian dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Net earnings | $ | 138 | $ | 3,496 | $ | 1,044 | $ | 5,302 | ||||||||
| Other comprehensive income (loss) to be reclassified to net earnings | ||||||||||||||||
| in subsequent periods: | ||||||||||||||||
| Foreign currency translation adjustments | (2,424 | ) | (100 | ) | (1,611 | ) | 688 | |||||||||
| Net unrealized gain (loss) on derivative financial instruments | ||||||||||||||||
| designated as cash flow hedges | 2,983 | 143 | 1,839 | 324 | ||||||||||||
| Tax impact | (746 | ) | (36 | ) | (460 | ) | (81 | ) | ||||||||
| (187 | ) | 7 | (232 | ) | 931 | |||||||||||
| Total comprehensive income (loss) | $ | (49 | ) | $ | 3,503 | $ | 812 | $ | 6,233 | |||||||
| Attributable to: | ||||||||||||||||
| Equity holders of FTG | $ | 27 | $ | 3,493 | $ | 874 | $ | 6,219 | ||||||||
| Non-controlling interest | $ | (76 | ) | $ | 10 | $ | (62 | ) | $ | 14 | ||||||
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||||||||||||||||
| Interim Condensed Consolidated Statements of Changes in Equity | |||||||||||||||||||||
| Nine months ended September 01, 2017 | Attributed to the equity holders of FTG | ||||||||||||||||||||
| Accumulated | |||||||||||||||||||||
| Other | Non- | ||||||||||||||||||||
| (Unaudited) | Common | Preferred | Retained | Contributed | Comprehensive | controlling | Total | ||||||||||||||
| (in thousands of Canadian dollars) | Shares | Shares | Earnings | Surplus | Income (Loss) | Total | interest | equity | |||||||||||||
| Balance, November 30, 2016 | $ | 19,051 | $ | 2,218 | $ | 7,543 | $ | 8,381 | $ | 443 | $ | 37,636 | $ | 443 | $ | 38,079 | |||||
| Net earnings | - | - | 1,078 | - | - | 1,078 | (34 | ) | 1,044 | ||||||||||||
| Stock-based compensation | - | - | - | 99 | - | 99 | - | 99 | |||||||||||||
| Common shares issued on exercise of | |||||||||||||||||||||
| share options and PSU's | 204 | - | - | (158 | ) | - | 46 | - | 46 | ||||||||||||
| Foreign currency translation adjustments | - | - | - | - | (1,583 | ) | (1,583 | ) | (28 | ) | (1,611 | ) | |||||||||
| Net unrealized gain on derivative financial | |||||||||||||||||||||
| instruments designated as cash flow | |||||||||||||||||||||
| hedges, net of tax impact | - | - | - | - | 1,379 | 1,379 | - | 1,379 | |||||||||||||
| Contribution from non-controlling | |||||||||||||||||||||
| interest | - | - | - | - | - | - | 824 | 824 | |||||||||||||
| Balance, September 01, 2017 | $ | 19,255 | $ | 2,218 | $ | 8,621 | $ | 8,322 | $ | 239 | $ | 38,655 | $ | 1,205 | $ | 39,860 | |||||
| Nine months ended August 26, 2016 | Attributed to the equity holders of FTG | ||||||||||||||||||||
| Accumulated | |||||||||||||||||||||
| Other | Non- | ||||||||||||||||||||
| Common | Preferred | Retained | Contributed | Comprehensive | controlling | Total | |||||||||||||||
| (in thousands of Canadian dollars) | Shares | Shares | Earnings | Surplus | Income (Loss) | Total | interest | equity | |||||||||||||
| Balance, November 30, 2015 | $ | 13,075 | $ | 2,218 | $ | 1,628 | $ | 8,373 | $ | (233 | ) | $ | 25,061 | $ | 29 | $ | 25,090 | ||||
| Net earnings | - | - | 5,285 | - | - | 5,285 | 17 | 5,302 | |||||||||||||
| Stock-based compensation | - | - | - | 35 | - | 35 | - | 35 | |||||||||||||
| Common shares issued on exercise of | |||||||||||||||||||||
| share options | 78 | - | - | (20 | ) | - | 58 | - | 58 | ||||||||||||
| Common shares issued | 5,819 | - | - | - | - | 5,819 | - | 5,819 | |||||||||||||
| Foreign currency translation adjustments | - | - | - | - | 691 | 691 | (3 | ) | 688 | ||||||||||||
| Net unrealized gain on derivative financial | |||||||||||||||||||||
| instruments designated as cash flow hedges | - | - | - | - | 243 | 243 | - | 243 | |||||||||||||
| Balance, August 26, 2016 | $ | 18,972 | $ | 2,218 | $ | 6,913 | $ | 8,388 | $ | 701 | $ | 37,192 | $ | 43 | $ | 37,235 | |||||
| FIRAN TECHNOLOGY GROUP CORPORATION | |||||||||||||||||
| Interim Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||
| (Unaudited) | September 01, | August 26, | September 01, | August 26, | |||||||||||||
| (in thousands of Canadian dollars) | 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net inflow (outflow) of cash related to the following: | |||||||||||||||||
| Operating activities | |||||||||||||||||
| Net earnings | $ | 138 | $ | 3,496 | $ | 1,044 | $ | 5,302 | |||||||||
| Items not affecting cash: | |||||||||||||||||
| Non-controlling interest share of net loss (earnings) | 16 | (11 | ) | 34 | (17 | ) | |||||||||||
| Stock-based compensation | 75 | 11 | 99 | 35 | |||||||||||||
| (Gain) on disposal of plant and equipment | (3 | ) | - | (21 | ) | - | |||||||||||
| Effect of exchange rates on US dollar debt | (547 | ) | (22 | ) | (482 | ) | (132 | ) | |||||||||
| Depreciation of plant and equipment | 717 | 640 | 2,174 | 1,734 | |||||||||||||
| Amortization of intangible assets | 273 | 154 | 840 | 198 | |||||||||||||
| Amortization of deferred financing costs | 3 | 3 | 9 | 8 | |||||||||||||
| Deferred income tax | 310 | 403 | 1,421 | 1,465 | |||||||||||||
| Investment tax credits expense (recovery) | 894 | (152 | ) | 565 | (499 | ) | |||||||||||
| (Increase) decrease in net unrealized loss on derivative | - | - | - | - | |||||||||||||
| financial instruments designated as cash flow | - | - | - | - | |||||||||||||
| hedges | 1,217 | 107 | 1,016 | 1,126 | |||||||||||||
| Net change in non-cash operating working capital | (817 | ) | (5,891 | ) | (417 | ) | (12,897 | ) | |||||||||
| 2,276 | (1,262 | ) | 6,282 | (3,677 | ) | ||||||||||||
| Investing activities | |||||||||||||||||
| Additions to plant and equipment, net | (1,419 | ) | (451 | ) | (4,906 | ) | (1,162 | ) | |||||||||
| Additions to plant and equipment - acquisitions | - | (2,922 | ) | - | (3,340 | ) | |||||||||||
| Additions to intangible assets - acquisitions | - | (4,340 | ) | - | (5,280 | ) | |||||||||||
| (Additions) recovery of deferred development costs | (1 | ) | (292 | ) | 115 | (303 | ) | ||||||||||
| Additions to deferred financing costs | - | (11 | ) | - | (11 | ) | |||||||||||
| Proceeds from disposal of plant and equipment | - | - | 18 | - | |||||||||||||
| (1,420 | ) | (8,016 | ) | (4,773 | ) | (10,096 | ) | ||||||||||
| Net cash flow from operating and investing activities | 856 | (9,278 | ) | 1,509 | (13,773 | ) | |||||||||||
| Financing activities | |||||||||||||||||
| Increase (decrease) in bank indebtedness | (1,177 | ) | 1,550 | (1,408 | ) | 5,070 | |||||||||||
| Proceeds from long-term bank debt | - | 3,390 | - | 3,390 | |||||||||||||
| Repayments of long-term bank debt | (377 | ) | (300 | ) | (1,159 | ) | (842 | ) | |||||||||
| Funding from non-controlling interests | - | - | 824 | - | |||||||||||||
| Proceeds from issue of Common shares | 40 | 5,851 | 46 | 5,876 | |||||||||||||
| (1,514 | ) | 10,491 | (1,697 | ) | 13,494 | ||||||||||||
| Effects of foreign exchange rate changes on cash flow | (539 | ) | 113 | (525 | ) | 216 | |||||||||||
| Net increase (decrease) in cash flow | (1,197 | ) | 1,326 | (713 | ) | (63 | ) | ||||||||||
| Cash, beginning of the period | 3,636 | 1,771 | 3,152 | 3,160 | |||||||||||||
| Cash, end of the period | $ | 2,439 | $ | 3,097 | 2,439 | $ | 3,097 | ||||||||||
| Disclosure of cash payments | |||||||||||||||||
| Payment for interest | $ | 111 | $ | 77 | $ | 370 | $ | 181 | |||||||||
| Payments for income taxes | $ | 1 | $ | - | $ | 5 | $ | 14 | |||||||||
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