Stewart Southern Rail>>>>>>Northgate>>>>>>Riverland Ag>>>> Ceres Global Ag Corp

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Ceres Global Ag Corp. announces results for the first quarter ended June 30, 2012


TORONTO, Aug. 9, 2012 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the "Corporation") announces its results for the first quarter ended June 30, 2012:

The following summarizes the financial results for the fiscal quarter ended June 30, 2012, for Ceres on a consolidated basis and for its operating subsidiary Riverland Ag:
• Revenues:
• Consolidated and Riverland Ag revenues were $42.9 million (2011: $89.6 million).
• Gross profit:
• Consolidated and Riverland Ag gross profit was $1.4 million (2011: $6.2 million).
• EBITDA:
• Consolidated EBITDA was a loss of ($2.6 million) (2011: income of $3.5 million), representing EBITDA loss per share of ($0.18) (2011: EBITDA income per share of $0.23).
• Riverland Ag EBITDA was $1.1 million (2011: $4.9 million), representing EBITDA per share of $0.08 (2011: $0.35).
• Net income (loss):
• Consolidated net loss was ($4.0 million) (2011: net income of $0.3 million), representing basic and fully diluted loss per share of ($0.28) for 2012 (2011: basic and diluted earnings per share of $0.02).
• Riverland Ag's net loss was ($0.4 million) (2011: net income of $2.2 million), representing basic and fully diluted loss per share of ($0.03) (2011: basic and fully diluted earnings per share of $0.14).
• Cash and portfolio investment assets:
• As at June 30, 2012, cash and portfolio investments totalled $35.4 million, representing $2.45 per share (March 31, 2012: $39.6 million, $2.72 per share).
• Shareholders' equity per common share:
• As at June 30, 2012, consolidated shareholders' equity per common share was $10.61 (March 31, 2012: $10.69; December 31, 2011: 10.83; September 30, 2011: $11.07; June 30, 2011: $10.58).
• Normal Course Issuer Bid
• On October 13, 2011, Ceres announced a normal course issuer bid commencing on October 17, 2011 with the intention of purchasing up to 1,184,334 shares. For the quarter ended June 30, 2012, Ceres purchased 118,400 shares for a total cost of approximately $764,000. The average purchase price during this quarter, under the normal course issuer bid, was $6.45 (quarter ended March 31, 2012: 109,800 shares were purchased for $635,000; average purchase price was $5.78).

Consolidated EBITDA for the Corporation for the quarter ended June 30, 2012 was a loss of $2.6 million (quarter ended March 31, 2012: consolidated EBITDA was income of $1.2 million). EBITDA for Riverland Ag for the fiscal quarter ended June 30, 2012 was $1.1 million (quarter ended March 31, 2012: Riverland Ag EBITDA was $0.3 million). Consolidated EBITDA was lower primarily due to a reduction in the value of portfolio investment ($1.4 million) and a realized currency hedging loss ($1.0 million).

As at June 30, 2012, the Corporation's net book value per share was $10.61, down from $10.69 as at the prior quarter-end, but up from $10.58 as at June 30, 2011. The decrease during the quarter is attributable to the consolidated net loss, which was partially offset by a currency exchange gain of $2.3 million related to the un-hedged portion of Ceres' investment in the net assets of Riverland Ag, denominated in U.S. dollars and by discounts totaling $0.4 million realized on shares repurchased in the Normal Course Issuer Bid. This currency exchange gain was caused by a decrease in the value of the Canadian dollar against the U.S. dollar of approximately 2.1% during the quarter.

After quarter-end, we entered into a new 2-year credit facility for USD $180.0 M. This renewed facility has an accordion feature for additional funds, which will provide ample funds to support the rebuilding of our inventories and take advantage of the changes caused by the elimination of the CWB monopoly.

The challenged results of past quarters continued in the first quarter of fiscal 2013, and were due primarily to the performance of our wholly owned subsidiary, Riverland Ag. As mentioned in previous quarter results, its challenged performance was the result of a combination of lower inventory levels and reduced carrying income. Management is cautiously optimistic this trend will begin to reverse heading into the 2012 harvest, as the cereal grain harvest in the northern U.S. plains and western Canada appears to be strong.

The removal of the Canadian Wheat Board monopoly on wheat and barley sales, effective August 1, 2012, is now official. While still in its infancy, we are now seeing Canadian wheat and barley markets operate in a more market-driven and integrated manner. Riverland Ag has now started booking Canadian wheat purchases, which are a key component to the company rebuilding its inventories going forward. The combination of expected large supplies from this year's harvest and high prices caused by the drought in the U.S. corn and soybean growing areas is creating an ideal environment for Riverland Ag to acquire grain at attractive levels. With the potential for a large Canadian canola crop this year, other crops could face challenges for ex-North America export space, which could result in more grain flowing to the United States. The Minneapolis spring wheat futures market has seen rapidly expanding volumes and open interest as the market factors in Canadian supplies and the trade uses this futures contract to hedge its spring wheat positions. With over 30% of the delivery space on this contract, Riverland Ag is in a strong position to benefit from these changes. This potential increase in movement of Canadian Grain to the United States for U.S. domestic consumption and to utilize the American grain export infrastructure should increase the demand for storage space in the United States, and Riverland Ag is well placed to meet this demand.

A large cereal grain crop is expected in the northern U.S. plains and western Canada, helping to push the Minneapolis spring wheat futures markets into a contango structure that should be favourable for our earnings going forward. The combination of this large crop and the deregulation of the Canadian Wheat Board should help Riverland Ag to rebuild its inventories. In addition, the harvest around our Ralston, Wyoming facility has been excellent with high yields and top quality, and Riverland Ag's Manitowoc, Wisconsin facility has benefited from being under the company's control at harvest and has been building rapidly its inventories.

While Riverland Ag's results for this past year were disappointing, Management is starting to see a more positive outlook as the 2012 harvest begins. As one of the largest independent grain companies, with 55 million bushels of storage located in the Upper Lakes and Mississippi River area strategically close to the Canadian border, Riverland Ag is in a unique position to benefit from the structural changes occurring in the North American cereal grain market. We are confident in the enhanced strategic location and value of Riverland Ag's assets, and continue to assess complementary upstream and downstream investment opportunities.

Our 25% investment in Stewart Southern Railway ("SSR"), located in the southeastern area of Saskatchewan, continued to improve its performance during the quarter. It achieved profitability for the first time since Ceres made its investment. This improvement is directly attributable to shipping increasing volumes of oil by rail. Daily volume of oil shipments averaged approximately 13,000 barrels per day in June, up from 4,000 barrels per day in March, and is expected to continue to increase in coming quarters. Shipments of agricultural commodities could also rise significantly as the local area looks to have a very promising harvest. SSR management continues to identify opportunities for expanding the volume and efficiency of this rail line. Ceres' management is also working hard to expand and diversify Ceres' emerging commodity logistics division, with several initiatives gaining momentum during the quarter.

The interim condensed consolidated financial statements for the quarter ended June 30, 2012 and the notes related thereto, and the Interim Management's Discussion and Analysis are available under Ceres' profile on www.sedar.com and have been posted on the company's web site at www.ceresglobalagcorp.com. Unless otherwise indicated, all amounts are reported in Canadian dollars.

"While very disappointed in the results of this past quarter, we have positioned Riverland Ag to benefit from the expected strong harvest in cereal grains as well as structural changes caused by the elimination of the CWB monopoly in the North American cereal grain market ." said Michael Detlefsen, President of Ceres. Mr. Detlefsen added, "In addition, our emerging commodities logistics business, including the SSR and other promising initiatives, progressed well during the quarter."

Jason Gould, Chief Financial Officer of Ceres, said: "The renewal of a new 2-year credit facility has put Riverland Ag in a strong financial position to take advantages of the strong 2012 cereal grain harvest as well as the current higher price environment." Mr. Gould added, "In addition, Ceres continues to have a strong balance sheet to support the growth of its grain and commodity logistics businesses."

Non-IFRS Financial Measures

EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) is not a standardized financial measure prescribed by IFRS; however, management believes that most of its shareholders, creditors, other stakeholders and investment analysts benefit from using this performance measure in analyzing Ceres' results. Ceres also uses this measure internally to monitor the Corporation's performance.

In calculating EBITDA, Ceres excludes its share of the net income (loss) from investments in associates and the loss on impairment of property, plant and equipment. Ceres may calculate EBITDA differently than other companies; therefore, Ceres' EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss, or to other standardized financial measures determined in accordance with IFRS, and is not intended to represent cash flows or results of operations in accordance with IFRS.

About Ceres Global Ag Corp.

Ceres Global Ag Corp. owns 100% of Riverland Ag Corp., owns a 25% interest in Stewart Southern Railway Inc., and has significant capital available to invest in this and related businesses. Riverland Ag Corp. is an agricultural grain storage and handling and supply chain business operating 15 grain storage facilities in Minnesota, North Dakota, Wyoming, New York, Wisconsin and Ontario having aggregate storage capacity of approximately 55 million bushels. Stewart Southern Railway Inc. is a short line rail company that operates in Southeastern Saskatchewan as our commodities logistics division. Ceres common shares trade on the Toronto Stock Exchange under the symbol "CRP".

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risks and uncertainty. The Corporation's future actual results could vary materially from those expressed or implied in such statements. Reference should be made to the Corporation's annual audited financial statements, its management discussion and analysis, or the initial public offering prospectus dated December 13, 2007 for a description of the major risk factors.

SOURCE: Ceres Global Ag Corp.
For further information:
Jason Gould, Chief Financial Officer, at (416) 915-2426.





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1. CORPORATE STATUS, REPORTING ENTITY AND NATURE OF OPERATIONS
Ceres Global Ag Corp. (hereinafter referred to as “Ceres” or the “Corporation”) was incorporated on
November 1, 2007, as amended on December 6, 2007, under the provisions of the Business Corporations
Act (Ontario). Ceres is a corporation domiciled in Canada, and the address of its registered office is 33
Yonge Street, Suite 600, Toronto, Ontario, Canada, M5E 1G4. These consolidated financial statements of
Ceres as at and for the year ended March 31, 2012 include the accounts of Ceres and its wholly owned
subsidiaries Ceres Canada Holdco Corp., Riverland Agriculture Limited, Ceres U.S. Holdco Corp., Corus
Land Holdings Corp., Linares Land Holdings Corp. and Riverland Ag Corp. All intercompany
transactions and balances have been eliminated.
On the completion of its initial public offering on December 21, 2007, the Corporation commenced its
business activities. Until June 11, 2010, Ceres was an actively managed investment company.
On June 11, 2010, using a wholly owned holding company and other intermediary companies, Ceres
acquired all the issued and outstanding shares of Whitebox Commodities Holdings Corp. (the
“Acquisition”), which operates under the trade name Riverland Ag. Concurrently, using the same wholly
owned holding company, Ceres acquired all the issued and outstanding shares of Riverland Agriculture
Limited, a Canadian company (“Riverland Canada”). On June 11, 2010, the Acquisition, its wholly owned
subsidiaries and an intermediary company owned by Ceres were merged to form Riverland Ag Corp.
(“Riverland Ag”). Riverland Canada was unaffected by the merger and continues to operate in Canada.
Unless otherwise stated, Riverland Ag and Riverland Canada will be collectively referred to as Riverland
Ag. Riverland Ag is an agricultural grain supply ingredient company that owns and operates fifteen
storage and handling facilities in the American states of Minnesota, North Dakota, Wyoming, New York,
Wisconsin and the Canadian province of Ontario (see Note 5, Business combination).

[oneoff]

O wow!!!! Heres some investers anal


http://harvestinvestor.blogspot.ca/2012/06/ceres-global-ag-crp-4th-quarter-and.html

[oneoff]

Here is a copy for those who have trouble with links



Harvest Investor
Trying to separate the wheat from the chaff.





Friday, June 15, 2012Ceres Global Ag (CRP): 4th Quarter and Fiscal 2012 Update
A reader of my blog recently asked me to do a quick update on Ceres Global Ag now that full year 2012 (year ended 3/31/12) numbers are posted. Considering that there are only 4 of you out there that follow my blog (Mom . . . is that you?), I thought I should comply . . . especially since, as they noted, not many people seem to be following this stock. If any other blogs are following this stock, or if any of you have some research on the company, shoot me an email, I’d love to talk.

What follows are my brief notes on the 2012 financial statements and MD&A. I am still reading through the filings and going through all the details, but what follows are my initial reactions.

The Balance Sheet

Looking at the balance sheet on a year-over-year basis, CRP saw a drop in current assets of $33.4 million (mainly accounted for by decreases in cash [-$17mm], investments [-$7.7mm], due from brokers [-$8.2mm], and inventories [-$2.8mm]). Where did all of these funds go?


$15.3mm went to Property Plant and Equipment.
$13mm went to liability decreases, mainly:
$14.7mm of debt pay down (long-term debt, repurchase obligations, and bank indebtedness).
$5.4mm is accounted for by a drop in equity. This further breaks down as:
$4.1mm in share buybacks. Because CRP is buying back shares below book value, it actually bought back $6.3mm worth of “book value” stock, with the difference ($2.1mm) being allocated back as retained earnings [in essence, CRP made money from buying back its own shares if you believe book value is a good proxy for economic value].
A $1.3mm full year loss (net income of -$3.8mm plus a $2.5mm foreign exchange gain).
All of this results in a book value (NAV) of $10.69 per share and a net current asset value (NCAV) of $5.22 per share. Compare both to yesterday’s (6/14/12) close of $5.66.

The Income Statement

I already delivered the punchline above – CRP lost $3.8mm in fiscal 2012. This works out to -$0.25 per share.

Despite a positive tone in the annual report and MD&A, as well as what seems a loss of “only” $0.02 a share in the quarter, this is masking what was truly a horrendous 4Q. Without factoring in finance income of $2.2mm, we see a gross margin of 2% on the operating business. Compare this with 21.5% in 3Q12 and 11.8% in 2Q12. Is this some sort of capitulation? Management is certainly building it up as that as they cite a host of positive catalysts in fiscal 2013 with the removal of the Canadian Wheat Board (an untapped production source for Riverland’s grain terminals), a return to contango in key futures markets (easier for merchandisers to extract storage profits), and a strong start to the northern U.S. and Canadian small grain belts (Riverland lives and dies on inventory turnover – witness 2012’s low capacity utilization and ensuing poor financial performance).

Management is also – for the first time that I’ve seen – making a big deal about Stewart Southern Railway. This is an 81 mile (interestingly, a Canadian company talking about distance in miles, not kilometers?) short-line in south eastern Saskatchewan that runs from Stoughton to Regina. CRP holds a 25% interest in SSR. The line is benefitting from an oil boom in the area, as well as a lack of pipelines to carry the oil – making rail the best logistical alternative. As I mentioned last quarter – I continue to view CRP’s rail interest as a nice call option for the company.

The Statement of Cash Flows

Cash Flow from Operations grew by $15.8mm, but most of this ($13.1MM) came from changes in non-cash working capital accounts. If we want to think about Owner’s Earnings, this first step is taking net income and adding back depreciation/amortization. This would be -$1.1mm (-$0.08/share for fiscal 2012).

Cash Flow from Investing was -$9.7mm, but the most interesting part of CFI was the $16.4mm capex spend. The overwhelming majority of this ($12.8mm) went into buildings and silos/elevators. $3mm went into land. I’m a little disappointed that management didn’t give at least some color on where these funds went (we know they purchased the Manitowoc facility and have been doing some needed updates on other facilities) – making it difficult to determine just what is “maintenance capex.”

Without a good estimate of maintenance capex, it’s tough to determine a good owner’s earnings number. For my analysis, I’m going to assume that depreciation/amortization is equal to maintenance capex, so net income is a good proxy for owner’s earnings is a good proxy for free cash flow.

Cash Flow from Financing was -$23.1mm. The biggest issue here was the swap of repo obligation into long-term debt, the general paydown of debt, and the share repurchases.

Bottom line

There was very little we didn’t already know / expect in the annual financials of CRP. We knew it was going to be a bad year (well, maybe we didn’t know how horrendous the 4Q would be). We were fairly positive that NCAV would continue to erode as management invested those assets lower on the balance sheet (PP&E).

What came as a surprise, at least to me, was how much stock management bought back in fiscal 2012 (they spent $4.1mm – equivalent to an almost 5% net payout yield at today’s price) and how upbeat they are for the short-term. They are certainly hanging their hats on the break-up of the CWB, as well as specifically pointing out the return to contango on the futures market and the strong early growing prospects for northern tier production areas.

At a premium of only ~8% to NCAV, with the potential for increasing market penetration (CWB break-up), strong growing conditions, recent industry consolidation (Glencore for Viterra, Marubeni for Gavillon [Marubeni already owns Columbia Grain]), and a still healthy balance sheet, I continue to like the long-term prospects for CRP at these levels. I am maintaining my position, and will become more accumulation minded on any pullbacks below NCAV.

One last item – still the biggest issue facing CRP, in my humble opinion, is the dual management structure. A low margin business in a commodity industry cannot sustain the SG&A expense of maintaining two management teams (Riverland Ag and Front Street Capital). This is a key factor to watch going forward.

Full Disclosure: Long CRP


Harvest Investor © 2012. All rights reserved. The content and ideas contained in this blog represents only the opinions of the author. The content in no way constitutes investment advices, and should never be relied on in making an investment decision, ever. No content shall be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The author may hold positions in the securities and companies mentioned on this site. Any position disclosed on this site may be modified or reversed without notice to you. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Spike at 1:12 PM 5 comments:
Anonymous said...
Thanks for providing this update. I hope your readership grows and you continue to share your ideas with us. You provide a level of detail and organization at the right level of abstraction that is rare in this superficial age.

Comments on Ceres:

- Your initial analysis of Ceres focussed on the income statement: briefly I think it concluded that if Ceres could invest all their sizeable cash stockpile in new capacity and if they could operate at peak EBIT/bushel going forward it might be a $9 stock earning 10% ROI. Since then the cash has eroded without appreciable increase in capacity and as you also noted earlier the open market price of grain elevators has probably increased given the Viterra deal. So plan A has to be going in the ditch for them.

- The tone of the MD&A seemed to be: "well, the worst is behind us." Is it? Why will Q1 be any better? I doubt operations will improve until Q2 and if all goes well Q3 might be back to healthy levels. But even at healthy levels this company wasn't exactly a gold mine.

- In terms of the portfolio, it got a boost this quarter as Ecosyntetix rallied in Q4 ($1M.) That is gone now as it tanked again.

- I concur with your comments about dual SG&A. I have concluded I would like to own Riverland if I could, but not Ceres. For the last two years since the Riverland deal, Ceres management has not closed any substantial deals with their large cash stockpile (Manitowic deal excluded as it was an abandoned facility). Basically they have been paid over $6M to manage a pile of cash.

- I would not mind so much but for four years I was told that Ceres was going to be building a behemoth corporation, issuing debt and preffs to finance large acquisitions, none of which happened. I wonder if psychologically Front Street is viewing their management fee as a 10-15% coupon on their own initial investments and are minimizing expense (effort) on this project. Probably an unfair commentI know but what can we conclude with inaction?

- Of note in the MD&A was the comment: "Management is also working hard to expand and diversify Ceres’ emerging commodity logistics division, with several initiatives in the very early stages of development." Division? What Division? Ceres is really Front Street managers working on this when they have time, and two hird consultants (Detlefsen and Muir.) I am guessing that Ceres is exploring other businesses because the grain elevator one is not panning out. They take great pains to isolate Riverland as a standalone company in the financial statements. Perhaps to facillitate a future sale?

- I wish they would get some analyst coverage and a quarterly conference call in place so I am not making wild guesses about what is going on.

- finally, after owning since the IPO, I now go long and short based on some metrics. Right now I am short.

Thanks very much for your time and effort looking at this company.

June 16, 2012 11:56 AM
Anonymous said...
Just FYI for anyone interested.


Ceres, (through its wholly owned subsidiary Corus Land Holdings Corp)bought some land near the southern Saskatchewan border a couple of quarters ago. They made no announcements and only made passing reference to it in the quarterly earnings report as a late quarter land purchase.

Corus recently received an exemption to build a "facility" on this land.

https://secure.farmland.gov.sk.ca/admin/orders/decisions/Corus.pdf

Corus has been quite secretive with the locals as to their plans, which has led to some speculation (some speculation is quite bizarre.)

Anyway it is not on the Stewart Southern Railway I am pretty sure. It does seem to be near a railway that crosses the border. It is in grain and oil country. So the best speculation is a grain handling facility of some sort for the expected movement of Canadian Wheat South, or to facilitate oil by rail from the Bakken area, like what Stewart Railway is doing with Crescent Point Energy. Or maybe both, as the exemption alludes to other facilities possibly being built.

So maybe it will be good for anyone "Long". "Really Long", because this company seems to take forever.

July 16, 2012 11:14 PM
tinbox said...
Just as an update to the management commentary, the contango in futures that indicated more grain in storage has evaporated with the ongoing drought. No grains are currently priced to account for significant storage costs.

As far as the impact from Canadian Wheat Board changes, I can say that as a member of the Minneapolis Grain Exchange, I have seen zero positive impact on membership prices due to increased trading/storage of the Canadian wheat crop.

But CRP is still attractive at the price, IMHO. So are MGEX seats.

July 24, 2012 11:19 AM
Anonymous said...
Thanks for the info Tinbox.

FYI - on the plan for Southern Saskatchewan, here are more details:

http://www.oxbowherald.sk.ca/Living/Community/2012-05-26/article-2988995/Proposed-grain-loading-facility%3A-RM-of-Enniskillen-sells-property-at-Northgate/1

It seems curious that the article indicates that Ceres through Corus bought $20M worth of land.

I don't think the financials have reflected a purchase of this magnitude yet (unless there is a new mortgage buried somewhere or if it is off balance sheet through Corus) so I am guessing that the deal closed in Q1 and will show up on the balance sheet when Q1 Financials are published in the next week or so.

Definitely staying short.

August 2, 2012 2:45 PM
Anonymous said...
Love the comments; and they might prove to be right on the mark.
Only one comment might be totally unfounded by Anonymous on Aug 2/2012
"It seems curious that the article indicates that Ceres through Corus bought $20M worth of land."
However; I don't see any evidence that the $20 million figure is true or was ever reprorted or ever mentioned by anyonyone except "Anonymous".
Corus Land Holding Corp now has title two miles of property along the 49th parallel and virtually every one of the "hundreds" of lots in Northgate SK. That property is included in the basically contiguous full section of land upon which the townsite was situated (less the CNR railyard, railbeds, small Canada customs lot; and I expect a Pioneer elevator and its rail tracks; and maybe a single property owner holdout. There has been no mention of municipal development permits, rezoning or actually transferring all the current currently streets and lanes associated with the townsite.

The Farm Land Security Board exemption requires building permit approval within slightly over the next half year; and there is a new zoning bylaw scheduled along with a $60,000 value Community Development Plan. Much remains to be done and there is next to zero oversight by the public, press or apparently municipal or government entities. I mean how often does a non Canadian entity pick up a "complete" townsite that has one of the three rail connections to the USA between Winnipeg and Alberta)

Multiple twenty-five foot wide undeveloped private lots were acquired by Corus Land Holding Corp for $57,000 each. The adjacent 150 plus municipal lots were picked up for less than 1% (yes that is one percent or $500 each). No advertising; reluctant delayed announcement etc.
And the secrecy and lack of public disclosure has been mind boggling.

Google Corus Land Holding Corp, check out agriville.com. Search for Northgate posts for further comments and speculation; since thats about all you can go on when there is no further information willingly provided.

August 12, 2012 8:31 AM
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