Investor Presentaiton
Reconciliation of Non-IFRS Financial Measures
"EBITDA": Net earnings (loss) before interest, taxes,
depreciation and amortization. Management believes that
EBITDA is an important measure when analyzing its operating
profitability, as it removes the impact of financing costs,
certain non-cash items and income taxes. As a result,
Management considers it a useful and comparable benchmark
for evaluating the Company's performance, as companies
rarely have the same capital and financing structure.
"Adjusted gross profit and margin": Contract revenue less
operating costs. Operating expenses comprise material and
service expenses, personnel expenses, other operating
expenses, excluding depreciation. Although adjusted gross
profit and margin are not recognized financial measures
defined by IFRS, Management considers them to be important
measures as they represent the Company's core profitability,
without the impact of depreciation expenses. As a result,
Management believes they provide useful and comparable
benchmarks for evaluating the Company's performance.
INVESTOR PRESENTATION - MARCH 2021
FORAGE
ORBIT
GARANT
DRILLING
(unaudited)
(in millions of dollars)
3 months ended
December 31, 2020
3 months ended
December 31, 2019
6 months ended
December 31, 2020
6 months ended
December 31, 2019
Net earnings (loss) for the period
0.3
(2.4)
3.8
(1.3)
Add:
Finance costs
0.7
0.7
1.3
1.4
Income tax expense (recovery)
0.5
(0.1)
2.1
0.4
Depreciation and amortization
EBITDA
2.9
2.8
5.6
5.6
4.4
1.0
12.8
6.1
(unaudited)
(in millions of dollars)
Contract revenue
3 months ended
December 31, 2020
3 months ended
6 months ended
6 months ended
December 31, 2019
December 31, 2020
December 31, 2019
36.1
38.3
71.7
81.6
Cost of contract revenue
(including depreciation)
Less depreciation
30.7
35.9
60.2
72.3
(2.3)
(2.4)
(4.7)
(4.7)
Direct costs
28.4
33.5
55.5
67.6
Adjusted gross profit
7.7
4.8
16.2
14.0
Adjusted gross margin (%) (1)
21.3
12.5
22.6
17.2
(1) Adjusted gross profit, divided by contract revenue X 100
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