FINAL TRANSCRIPT. Ceres Global Ag Corp. First Quarter 2016 Results Conference Call. Event Date/Time: August 5, :00 p.m. E.T. Length: 19 minutes
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1 Ceres Global Ag Corp. First Quarter 2016 Results Conference Call Event Date/Time: Length: 19 minutes 1
2 CORPORATE PARTICIPANTS Ceres Global Ag Corp. President and Chief Executive Officer Mark Kucala Ceres Global Ag Corp. Chief Financial Officer CONFERENCE CALL PARTICIPANTS Randal van Eijnsbergen Haywood Securities Analyst Clayton Partners Analyst 2
3 PRESENTATION Operator Good afternoon, ladies and gentlemen. Welcome to the Ceres Global Ag Corp.'s First Quarter 2016 Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, you may press *, 0, for Operator assistance at any time. I would like to remind everyone that today s discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on Ceres' risks and uncertainties related to these forward-looking statements, please refer to the Company's management s discussion and analysis dated August 5, 2015 which will be available on SEDAR. Now I would like to turn the call over to, President and Chief Executive Officer of Ceres Global Ag Corp. Please go ahead, sir. President and Chief Executive Officer, Ceres Global Ag Corp. Thank you, Operator, and good afternoon, everyone. Thank you for joining us today. 3
4 Northgate s build-out progressed on time and on budget in our first quarter. And while we are still in the building phase, we are not waiting to take advantage of the value and strategic location of Northgate. As a reminder, Northgate s new elevator will have the capacity of loading 120-car shuttle trains within 15 hours, with anticipated outbound shuttles commencing in November Concurrent with our Grain operations at Northgate, in April of 2015 we started operating a natural gas liquids transloader, which unloads NGLs from inbound trucks and loads the material into outbound railcars on behalf of third-party customers. We are also continuing to evaluate the logistics and profit potential of energy and Ag services commodities at Northgate. In terms of hard data to measure performance, there was no comparative period for Northgate the prior year. However, we saw a decline in activity in fiscal year Q versus Q4 of 2015 because of normal season road restrictions and producers beginning field work. During our first quarter ending June 30, 2015, at Northgate, Ceres handled 600,000 bushels of grain compared to 1.7 million bushels for the quarter ending March 31, In Q1, we loaded 159 railcars of grain at Northgate compared to 544 during our fourth quarter of During Q1, we diversified our revenue and client base through an agreement with Elbow River, a subsidiary of Parkland Fuel Corporation for transloading propane at Northgate. 4
5 For the quarter ending June 30, 2015, Ceres loaded 156 railcars of propane at Northgate. Elbow River is our first NGL client, so there is no prior quarter to accurately compare to. Looking forward, we expect Northgate to grow throughout the fiscal year of 2016 by further leveraging its logistical advantages with energy and agricultural products. Switching from Northgate. Our Grain business performed well during the first quarter due to trading gains as the result of increased premiums for certain commodities during the reporting period and Ceres selling at the higher premium levels. The Grain team managed the recent extreme market volatility due to weather conditions very well. Consequently, we are now well positioned for the upcoming harvest. In addition, widening calendar spreads in the futures market compared to the same quarter in 2015 will add to the economics of storing grain and increase our elevator utilization. In Q1, we also followed through on our mandate to focus on what we believe are the right strategic assets for the long-term health of the Company, while divesting of assets that do not fit our long-term plans. As a reminder, in May 2015 we entered into an agreement to sell our Electric Steel grain facility in Minneapolis to the University of Minnesota for gross proceeds of $1.4 million. With that, I ll turn the call over to Mark Kucala, our CFO. Mark Kucala Chief Financial Officer, Ceres Global Ag Corp. 5
6 Thank you, Pat. Gross profit for the first quarter of our current year increased $700,000 to 1.9 million compared to $1.2 million for the first quarter of the prior year, which was driven by an increase in net trading margins of $1.8 million. Margins increased by $0.50 per bushel due to the increase in market carries and basis appreciation. The increase in net trading margin was offset by an increase in facility operating expenses of $700,000. This increase was mostly due to bringing Northgate online, which was not operating in the first quarter last year. For the quarter ended June 30, general and administrative expenses totalled $2.5 million, which represents a decrease of $900,000. The reduction of 47 percent is predominantly due to the reduction in corporate administrative expenses versus the same quarter ended These reductions are due to eliminating third-party expenses relating to the build-out of Northgate that included consulting, engineering, and outside services in the first quarter of the prior year. The reduction in these expenses was offset slightly due to the revaluation of the provision for future payments due to Front Street Capital, which totalled $165,000 for the quarter ended June 30. The Company issued warrants as part of its rights offering last December. There s a cashless exercise feature in the warrant agreement which causes them to be accounted for as a derivative 6
7 liability. The revaluation of the liability for the quarter ended resulted in a noncash expense of $836,000 due to the appreciation in the share value. Consolidated EBITDA was $57,000 for the quarter ended June 30, 2015, compared to a loss of $1.8 million for the prior year. Consolidated net loss was $1.7 million for the quarter ended June 30, 2015, compared to a net loss of 2.1 million for the same period the prior year. As of June 30th, Ceres has capitalized costs totalling $62 million versus 49.9 million on March 31, 2015, for the Northgate project. In conjunction with the commencement of propane transloading operations, during the quarter ended June 30th, Ceres placed into service $2.7 million in property, plant, and equipment at Northgate, which was most significantly composed of rail track used for NGL operations. I will now turn the call back over to. Thanks, Mark. We are very excited about the long-term prospects for the Company. We are providing Canadian farmers more direct access to open markets south of the border. And we have our sights set on growing into Northgate, which has been built to also ship energy commodities. We look forward to updating you on these initiatives, which could help further diversify our revenues and client base. 7
8 In terms of an outlook for our Grain business, during our first quarter we expanded our operations by opening a Grain merchandising office in Southeastern Ontario which we expect to play a significant role in extending our trading and merchandising reach into Ontario and Eastern Canadian markets, while enhancing the utilization of our Port Colborne, Ontario facility. On a broader level, Statistics Canada is forecasting slightly smaller crops compared to last year. Dry weather has been a concern. However, recent rains have stabilized crop conditions. The immediate area around Northgate is looking very good. These early crop reports, along with our first crop year present in Western Canada, plus our commitment to enhancing our grain merchandising and trade flow capabilities, leads us to believe that these factors will contribute positively to our net earnings throughout the rest of fiscal year In closing, I'd like to thank our shareholders, who have continued to support us throughout the transition over the past year. Tomorrow, I will be giving a corporate update presentation during our Annual General Meeting. We will post the presentation on our website. We will also have a webcast. The details were announced last week on the press release. We would now like to take questions. Thank you. Q&A Operator 8
9 If you would like to ask a question at this time, please press *, then the number 1 on your telephone keypad. And we'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Randal van (sic) [Randal van Eijnsbergen] with Haywood Securities. Your line is now open. Randal van Eijnsbergen Haywood Securities Hi, guys. Thanks very much for the update. It s Randal at Haywood here. Just on the could you just bring me up to speed if there s anything new on the litigation? And I forgot who the counterparty was, but that got the the firm that you had the first agreement with on Northgate? Thanks, Randal. Thanks for that question. Nothing new. It just continues to roll along. It will the next disclosure I think is in November If it proceeds that far, there will be a trial in We continue to be very confident in our position and expect this just to play out over time. Randal van Eijnsbergen Okay. Thank you. And then with regard to the capacity that you guys will be bringing on in November to take on 120-car trains every 15 hours, what kind of demand do you have for that? What would be a realistic assumption of how much of that capacity you will use? What we have said, and what we ve set out in our commitment, is we ve planned one train a week 9
10 Randal van Eijnsbergen Okay. starting November 15. So that would be 120 cars a week or about 450,000 bushels. And we will start while we re on that, we will start receiving trucks, we hope, in early October and then load our first train by mid-november. And then the entire facility will be complete by March Randal van Eijnsbergen Okay. Great. And will you have a little bit more sort of detail on that in the presentation that you release tomorrow? Yes, I will. Randal van Eijnsbergen Okay. (unintelligible) Randal van Eijnsbergen Then I ll wait for that then. Okay. 10
11 Randal van Eijnsbergen Fantastic. Thanks for answering the questions, guys. Okay. Sure. Thank you. Operator As a reminder, in order to ask a question please press *, 1 on your telephone keypad. Your next question comes from the line of with Clayton Partners. Your line is now open. Clayton Partners Hey, guys. Thanks for taking my questions. First one. I was looking just at your MD&A that came out, and I was looking at the total bushels handled. And I know you guys want us to focus on gross profit, and it was good to see the movement in the right direction there on a quarter-overquarter basis. But I noticed there was a pretty big drop in third-party stored bushels handled versus the same quarter in And just wondering why that was the case? Okay. Hi, Alex. Thanks for your question. I m going to let Mark field that one. Sure. Mark Kucala 11
12 Predominantly in a year ago, we had more activity with third-party actual in unloading and loading out because we had started a couple new agreements a year ago. Okay. Mark Kucala And this year they re more sustained and they re not filling as much. So the bushel volume dropped. Uh-huh. Mark Kucala I think that s the main reason. Okay. Mark Kucala That s the reason for the drop. So is this the type of volume that you expect to see going forward? Or is it going to be pretty variable? Mark Kucala 12
13 The volume by third-party customers is because of our take-or-pay nature on the majority of our storage agreements, it doesn t affect our revenue stream in dollars, but it will affect cents per bushel. Right. Right. But lower third-party storage is actually a good thing because it allows us to go into the elevator and use it ourselves, and especially taking advantage of these widening calendar spreads. Right. That s a very important strategic item for us is take back more of our space and utilize it our self. Right. Okay. Yeah. That makes sense. And then once we do get the unit trains rolling, are we going to see our I guess that show up in our company-owned bushels handled in the MD&A? A significant increase there? Yes. Yes. 13
14 Okay. Yes. That will be the case. All the bushels handled out of Northgate when we load these shuttles will be our own bushels. Right. We will not be handling third-party bushels at Northgate. These are all proprietary programs. Okay. All right. That makes sense. And then one last question. Like I said, it was good to see the increase in the gross profit, but I realize we had some warrant revaluation issues. But do you guys still expect to be profitable throughout the year? Or do you need to get the unit trains rolling before that s kind of really the case and you re really covering your costs at Northgate? Yes. Okay. 14
15 We do. And while we want to steer away from forecasting, I think you ll our expectation is you ll see a steady improvement Q2, Q3, and Q4 as we ramp up Northgate, but also more importantly as we finish the transition from old crop to new crop. And if you go back to Mark s comments during the his statement, we re already in better shape this year than we were a year ago in previous years. So we ve laid the foundations. We re going through the old crop, new crop transition. And so we re looking forward to a healthy Q2, Q3, and Q4. Got it. That s great. And then I guess just one last one. I think in this new annual report that you guys have out you talked about a nonbinding term sheet with a global fertilizer company. Have you talked about what the financial impact would be for Northgate of being able to transload this? I haven t. Specifically I haven t. And we re under nondisclosures right now. And I think it s a little premature to be very specific. I will tell you that this will be a significant item for us in terms of volume. It s a huge complement to our Grain business because seasonally we re going to be able to capitalize on backhauls where our Grain customers will deliver grain to the elevator Right. 15
16 and be able to take fertilizer back to the farms or distribution centres. And we hope to have more specific information and timing in our next quarter s call. Okay. Great. That does it for me. Okay. Thank you. Thank you for your questions, Alex. Thanks, guys. Operator There are no further questions at this time. I turn the call back over to Mr. Bracken. Okay. Thank you, Operator. Thank you, everybody, for your questions. I hope everybody can join us tomorrow, either on the webcast or at our Annual General Meeting. And once again, I just want to thank everybody for their support and look forward to speaking to you further later. Thank you. Operator Thank you for joining. This concludes today's conference call. You may now disconnect. ***** 16
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