In recent days, Taiwanese agricultural authorities have contacted grouper farmers to discuss ways that the government can help, including by providing low-interest loans and feed subsidies and expanding access to domestic consumers and overseas markets. Another idea being floated is to include the fish in individually packaged meal boxes sold at train stations and on trains by Taiwan’s railway administration. Taiwan’s Fisheries Agency said on Tuesday that the agency would spend more than $13 million to support the grouper industry.

Taiwan’s Council of Agriculture has said it would consider filing a complaint about the grouper ban to the World Trade Organization. Lin Kuo-ping, the deputy director general of the official Fisheries Agency, said the government had reached out to their Chinese counterparts to discuss the inspection process but had not heard back. China’s General Administration of Customs did not respond to an emailed request for comment.

Some grouper farmers said that if the ban was not lifted, they would have to settle for selling the fish on the domestic market at a huge loss. Until then, the fish will remain in the ponds. Mr. Lin, the grouper farmer, said he worried the groupers could die as a result of overcrowding.

He is now pinning his hopes on another kind of fish that he has been farming, the four-finger threadfin fish, which is also popular on the mainland. But he acknowledged that even this backup strategy was vulnerable to geopolitical shifts. Last year, Taiwan’s exports of the fish were worth nearly $40 million — and more than 70 percent went to China.

“Our biggest customer,” he said, “is still China.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

In the last-chance saloon, Boris Johnson survives as UK PM for now

  • Prime Minister’s party only just approves him in confidence vote
  • Conservative Party rebellion means he has much work to do
  • Johnson looking vulnerable to further threats

LONDON, June 6 (Reuters) – For a man who long set his sights on becoming Britain’s prime minister, Boris Johnson came dangerously close on Monday to being ousted by lawmakers tired of defending him and faces a battle to win back the confidence of his party and country.

He survives, just, for now. But he is deeply wounded and even loyal lawmakers who backed him in a confidence vote say he must now change – return to the traditional ideals of the governing Conservative Party, foster unity and lead.

His inbox is daunting. British households face the biggest cost-of-living squeeze since the 1950s, with food and fuel prices rising while wages lag, and travellers are experiencing transport chaos at airports caused by staffing shortages.

Register now for FREE unlimited access to Reuters.com

The master of political comebacks might struggle this time.

Ed Costelloe, chair of the group Conservative Grassroots who backed Johnson in 2019, said he had got many things right, but had been brought down by the so-called “partygate” scandal over his breaches of COVID-19 lockdown rules. read more

“Once you face a vote of confidence somehow you are doomed. After that, the vultures start gathering. I think he is in real, real trouble,” he told Reuters.

Johnson won the vote 211 to 148, a worse showing than when lawmakers tried to oust his predecessor Theresa May, who won her vote but then resigned six months later. read more

The confidence vote was a brutal wake up call for a leader whose mandate once seemed unassailable after his promise to “get Brexit done” in 2019 won over voters in parts of the country the Conservatives had never been able to capture and the party’s biggest majority in over three decades.

Since then, the list of reasons lawmakers gave for wanting Johnson gone were as varied as they are many, cutting across usual factional lines and making the rebels somewhat uneasy bedfellows.

As reasons why the 57-year-old leader should resign, lawmakers cite anything from “partygate”, threats to breaking international law, the defence of rule-breakers at the heart of power, multiple policy U-turns, an initial slow response to COVID-19 to a general lack of respect for his office.

It was perhaps the lack of cohesion in Monday’s rebellion that helped save him. But it has left him weakened.

SURVIVOR

Political survival is something Johnson, known widely as Boris, has made a career of, with former prime minister David Cameron likening him to a “greased piglet” who is hard to catch.

“My friends, as I have discovered myself, there are no disasters, only opportunities. And indeed, opportunities for fresh disasters,” Johnson wrote in a newspaper column in 2004.

In a speech to the party lawmakers just hours before the vote, Johnson remained adamant he could win again.

“If you don’t believe that we can come back from our current position and win again then you haven’t looked at my own record or the record of this party,” he said, according to a senior party source in the meeting.

Some have warned of underestimating Johnson, or Alexander Boris de Pfeffel Johnson, saying his ruffled appearance and distinctive mop of blond hair masks the discipline and ruthlessness he needed to get to this point.

But after years of weathering sex scandals, gaffes and missteps as London mayor, foreign secretary and now prime minister, Johnson, a relative loner in the Conservative party, might be running out of road.

For some in the party the rot set in when he defended his former adviser Dominic Cummings when he broke COVID-19 rules early in the pandemic, enraging the country.

The following year he initially defended a Conservative lawmaker who had been found guilty of breaching lobbying rules and a U-turn on extending free school meals to children from low-income families did little to improve the picture.

The final straw was months of a steady drip of stories about lockdown-breaking parties in Johnson’s Downing Street culminating in a report last month detailing fights and alcohol-induced vomit in the early house at times when the rest of the country was obeying strict COVID-19 rules.

One former Conservative lawmaker was so incensed even before the report, they “crossed the floor” or went to join the main opposition Labour Party.

“Prior to leaving … it was just embarrassing being asked to defend the indefensible for a PM who clearly has no morals,” Christian Wakeford, who joined Labour in January, told Reuters.

Conservative Grassroots chair Costelloe said the decision could be fatal in the long-term: “I am firmly of the view if he is still there in two years then we will lose the next election.”

Register now for FREE unlimited access to Reuters.com

Reporting by Elizabeth Piper; editing by Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Putin says ‘Thank God’ some foreign companies have left Russia

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

  • Putin says Russian companies will grow
  • Quips that luxury Mercedes will still be imported
  • Says Russia won’t be cut off from top technologies

LONDON, May 26 (Reuters) – President Vladimir Putin said on Thursday that he was glad some foreign companies had left Russia because home-grown businesses could take their place, and he warned the West that Moscow would still find ways to acquire advanced technology and luxury goods.

Putin has cast the invasion of Ukraine as a turning point in Russian history: a revolt by Moscow against the United States, which he says has humiliated Russia since the 1991 fall of the Soviet Union. Ukraine says it is fighting for its survival.

Besides the death and horror of war, the conflict and the West’s attempt to isolate Russia as punishment have crimped global economic growth and triggered a wave of inflation as the prices of grain, cooking oil, fertiliser and energy soar.

Register now for FREE unlimited access to Reuters.com

Since the war, a host of major foreign investors – ranging from BP (BP.L) to McDonald’s Corp (MCD.N) – have exited just as the Russian economy faces its worst contraction since the years following the turmoil of the Soviet collapse.

“Sometimes when you look at those who leave – thank God, perhaps? We will occupy their niches: our business, our production – it has already grown, and it will safely sit on the ground prepared by our partners,” Putin said.

Speaking by video link to leaders of ex-Soviet states, Putin quipped that luxuries such as the Mercedes favoured by bandits in the chaos of post-Soviet Russia would still be available, though he admitted they might be a little more expensive.

“It will be a little more expensive for them but these are people who already drove Mercedes 600s and they will still do so. I can assure you they will bring them in from wherever, from whichever country.”

Putin said Russia still needed access to the advanced technologies of developed economies.

“We are not going to cut ourselves off from this – they want to squeeze us out a bit, but in the modern world this is simply unrealistic, impossible.”

He did not elaborate on how Russia would find ways to maintain access to western components and software.

Putin promised that Western attempts to isolate Russia would fail, saying developed economies were grappling with an inflationary spiral, broken supply chains and a food crisis just as the centre of global economic power had moved to Asia.

Western sanctions have stoked Russian inflation while snarling supply chains, though Putin said the country is coping well and that Russia is turning away from the West in favour of China, India and other powers.

“Representatives of our businesses face problems, of course, especially in the field of supply chains and transport. But nevertheless, everything can be adjusted, everything can be built in a new way,” Putin said.

“Not without losses at a certain stage, but it helps us in a way to become stronger. In any case, we are definitely acquiring new competencies, we are starting to concentrate our economic, financial and administrative resources on breakthrough areas

Russia’s central bank slashed its key interest rate to 11% on Thursday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy heads towards a contraction. read more

Russia’s Feb. 24 invasion of Ukraine has killed thousands of people, displaced millions more and raised fears of the most serious confrontation between Russia and the United States since the 1962 Cuban Missile Crisis.

Putin says the United States was using Ukraine to threaten Russia through NATO enlargement and Moscow had to defend against the persecution of Russian-speaking people.

Ukraine and its Western allies reject these as baseless pretexts to invade a sovereign country.

Register now for FREE unlimited access to Reuters.com

Reporting by Reuters, Editing by Mark Trevelyan and Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

In London, a Long-Awaited High-Speed Train Is Ready to Roll

LONDON — When Andy Byford ran New York City’s dilapidated subway system, fed-up New Yorkers hailed his crusade to make the trains run with fewer delays and lamented his premature exit after clashes with the governor at the time, Andrew M. Cuomo. He was a familiar, unfailingly cheerful presence on its often-restive platforms. Straphangers even took to calling him “Train Daddy.”

Nobody calls Mr. Byford Train Daddy in London, where he resurfaced in May 2020 as the commissioner of the city’s transit authority, Transport for London. But on May 24, when he opens the Elizabeth line — the long-delayed, $22 billion-plus high-speed railway that uncoils from west and east underneath central London — he might find himself again worthy of a cheeky nickname.

“That was fun in New York,” said Mr. Byford, 56, a gregarious public transport evangelist who grew up in Plymouth, England, began his career as a tube-station manager in London, and has also run transit systems in Toronto and Sydney, Australia. “But I’m really enjoying almost complete anonymity in London.”

Second Avenue subway or the extension of the No. 7 line, which are tiny projects by comparison.”

Mr. Cuomo resigned last year, his successor, Gov. Kathy Hochul, put a proposed $2.1 billion AirTrain project to LaGuardia airport on ice. That leaves the newly renovated airport without a rail link to Manhattan, to the enduring frustration of many New Yorkers.

Heathrow Airport has had a subway link for decades. When the Elizabeth line’s next phase is opened in the fall, passengers will be able to travel from Heathrow to the banks at Canary Wharf in East London in 40 minutes; that is a prime selling point for a city desperate to hold on to its status as financial mecca after Brexit. All told, the line has 10 entirely new stations, 42 miles of tunnels and crosses under the Thames three times.

“We’re jealous, it’s fair to say,” said Danny Pearlstein, the policy director for Riders Alliance, a transportation advocacy group in New York. “Imagining a new, full-length underground line here is not something anyone is doing. The Second Avenue subway, which people have been talking about for 100 years, has three stations.”

To be fair, Transport for London is not without its problems. It has shelved plans to build a north-south counterpart to the Elizabeth line, not to mention an extension to the Bakerloo tube line, because of a lack of funding. Still reeling from a near-total loss of riders during pandemic lockdowns, the system faces many of the same financial woes as New York’s subway.

Though ridership has recovered from a nadir of 5 percent, it is still at only 70 percent of prepandemic levels. Transport for London is also heavily dependent on ticket fares to cover its costs, more so than the New York subway, which gets state subsidies, as well as funds from bridge and tunnel tolls.

“My other obsession is sorting out the finances,” Mr. Byford said. “One way is to wean us away from dependence on fares.”

He is somewhat vague about how to do that, and it is clear that Transport for London will depend on additional government handouts to get back on sound financial footing. That is why the opening of the Elizabeth line is so important to London: It makes a powerful case for public transportation at a time when people are questioning how many workers will ever return to their offices.

Mr. Byford lays out the case with the practiced cadence of a stump speech. The new line will increase the capacity of the system by 10 percent. Its spacious coaches are well suited to a world in which people are used to social distancing. It will revitalize economically blighted towns east of the city, while making central London accessible to people who live in far-flung towns to the east and west.

While Mr. Byford does not expect ridership ever to return completely, he thinks 90 percent is attainable. If office buildings remain underpopulated, London could develop like Paris, with more residential neighborhoods downtown. (The Elizabeth line bears a distinct resemblance to the high-speed RER system in Paris.) The line, he says, is an insurance policy against the “siren voices of doom” about Brexit.

At times, Mr. Byford slips perilously close to a real estate agent’s patter. “These super-high-tech stations simply ooze quality,” he said. But emerging from Liverpool Street, with its spectacular, rippling, pinstriped ceiling, it is hard to argue with his basic assertion: “This is a game changer.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Ukraine Live Updates: West Raises Pressure on Putin, Including Sanctions on Reputed Girlfriend

KRAKOW, Poland — President Vladimir V. Putin of Russia faced fresh setbacks Friday over the Ukraine invasion, as Sweden became the second neutral country in two days to move toward joining NATO and the West devised ways to reroute Ukrainian grain past a Russian naval blockade.

New signs of a Russian military retreat near Ukraine’s second-largest city, Kharkiv, also added to Mr. Putin’s challenges, appearing to subvert or at least delay the Kremlin’s goal of encircling Ukrainian forces concentrated in eastern Ukraine.

But for Mr. Putin, the biggest vexation may have been the most personal: Britain slapped sanctions on his ex-wife, Lyudmila Ocheretnaya, on a former Olympic gymnast long rumored to be his girlfriend, Alina Kabaeva, and on three cousins: Igor, Mikhail and Roman Putin.

“We are exposing and targeting the shady network propping up Putin’s luxury lifestyle and tightening the vise on his inner circle,” Britain’s foreign secretary, Liz Truss, said.

Credit…Giuseppe Cacace/Agence France-Presse — Getty Images

The West faced challenges of its own. Even as Sweden signaled that it would benefit from joining NATO — one day after Finland said it was ready to join — the president of Turkey signaled his objections to an expansion of the alliance, a possible complication that could work in Russia’s favor. Foreign ministers of the alliance were meeting Saturday in Germany, and invited counterparts from Sweden and Finland to join them.

In a sign that not all diplomatic channels have been cut off, the American secretary of defense, Lloyd J. Austin III, spoke on Friday with Sergei K. Shoigu, Russia’s defense minister, for the first time since Feb. 18 — six days before the invasion of Ukraine. Mr. Austin pushed for an immediate cease-fire in Ukraine and emphasized the importance of maintaining lines of communication, according to John F. Kirby, the Pentagon spokesman.

The Russian Defense Ministry said the call had been held “at the initiative of the American side,” which two senior U.S. officials confirmed.

Top Pentagon officials, including Mr. Austin, had repeatedly tried to contact their Russian counterparts in the aftermath of the invasion. Until Friday, those efforts had been unsuccessful.

“What motivated them to change their mind and be open to it, I don’t think we know for sure,” one senior Pentagon official said, speaking on condition of anonymity to describe a confidential call. He said the hourlong conversation was “professional” but broke no new ground. Mr. Austin nevertheless hoped it would “serve as a springboard for future conversations,” the official said.

It was the highest-level contact between U.S. and Russian leaders since Jake Sullivan, President Biden’s national security adviser, spoke with Gen. Nikolay Patrushev, secretary of the Russian Security Council, on March 16, to reiterate the United States’ strong opposition to the invasion.

Credit…Anton Novoderezhkin/Sputnik

Russia has taken roughly 80 percent of the Donbas region of eastern Ukraine, where its latest offensive has been concentrated. If Moscow can hold that territory, it would gain significant leverage in any future talks. Yet it has been struggling to gain more ground against Ukrainian forces wielding heavy weapons supplied by the West.

On Friday, Russian forces bombarded largely abandoned and devastated towns in Donbas while Ukrainian forces drove Russian troops further away from Kharkiv in the northeast. The Ukrainian counteroffensive there was beginning to rival the one that pushed Russian troops away from Kyiv, Ukraine’s capital, last month, the Institute for the Study of War, a Washington research group, said.

The British Defense Ministry said that satellite imagery confirmed that Ukrainian forces had also decimated a Russian battalion as it tried to cross pontoon bridges over a river in northeast Ukraine earlier this week. While it was not clear how many soldiers were killed, the scattering of burned-out and destroyed vehicles along the riverside suggested that Russia had suffered heavy losses.

Credit…Finbarr O’Reilly for The New York Times

In moving closer to joining NATO, Sweden contended in a report that Russian aggression in Ukraine had fundamentally altered Europe’s security and that Swedish membership in the alliance would “have a deterrent effect in northern Europe.”

“Through NATO membership, Sweden would not only strengthen its own security, but also contribute to the security of like-minded countries,” the report stated.

If Sweden joins, it would end more than 200 years of neutrality and military nonalignment and deliver another rebuke to Mr. Putin, who had invoked NATO expansion as a rationale for the invasion.

But the addition of Sweden and Finland could be complicated by Turkey’s president, Recep Tayyip Erdogan, who suggested on Friday that his country, which has one of the largest armies among NATO members, would be reluctant to welcome them into the alliance.

“Right now, we are following developments regarding Sweden and Finland, but don’t have positive views,” Mr. Erdogan told reporters after attending Friday Prayer at a mosque in Istanbul.

Turkey has generally supported Western responses to the invasion, agreeing to block Russian warships from passing through the Turkish Straits.

Credit…Lynsey Addario for The New York Times

But Sweden and Finland would need unanimous support from NATO’s 30 members to join. Mr. Erdogan could be withholding Turkey’s approval for leverage on issues he cares about, such as Turkey’s longstanding concerns about a guerrilla group known as the Kurdistan Workers’ Party, or P.K.K., which launched a violent separatist movement in Turkey in the early 1980s.

“Sadly, Scandinavian countries are almost like guesthouses for terrorist organizations,” Mr. Erdogan said, naming the P.K.K.

Karen Donfried, the assistant secretary of state for European and Eurasian affairs, told reporters in Washington on Friday that the United States was “working to clarify Turkey’s position.” She said U.S. officials do not assume that Turkey opposes NATO membership for Finland and Sweden.

“We respect the political processes that are underway in both Finland and Sweden,” she said.

In Germany, agricultural ministers from the Group of 7, representing the world’s wealthiest democracies, discussed ways to circumvent Russian warships that have blocked Ukrainian grain from reaching global markets through the Black Sea. Ukraine is the world’s fourth largest grain exporter, and the blockade has threatened to worsen a global food crisis.

Cem Özdemir, the German agricultural minister, said the G7 would seek routes to transport Ukrainian grain by road and rail, as well as via the Danube River. He called the blockade “part of Russia’s perfidious strategy to not only take out a competitor, which they’re not going to be able to do, but it’s also economic war that Russia is waging.”

Credit…David Guttenfelder for The New York Times

In Kyiv, Ukrainian judicial authorities began hearing a case against a Russian soldier accused of shooting a civilian, the first trial involving a suspected war crime by a Russian service member since the invasion began.

Prosecutors said the soldier, Sgt. Vadim Shysimarin, fatally shot a 62-year-old man on a bicycle in a village in the Sumy region, about 200 miles east of Kyiv, on Feb. 28, to stop the man from reporting him and his fellow soldiers to the Ukrainians.

Sargeant Shysimarin, who is 21 and faces 10 to 15 years in prison, was brought into the courtroom in handcuffs and seated in a locked glass box. Head bowed, he ignored journalists who asked him how he was feeling.

“For me, it is just work,” Viktor Ovsyannikov, a Ukrainian court-appointed lawyer, said when asked about defending Sargeant Shysimarin. “It is very important to make sure my client’s human rights are protected, to show that we are a country different to the one he is from.”

In the Russian town of Khimki, near Moscow, a court extended the pretrial detention of the American basketball star Brittney Griner, a two-time Olympic gold medalist, until June 18, her lawyer said.

Credit…Andrej Cukic/EPA, via Shutterstock

Ms. Griner has been in Russian custody since mid-February on drug charges that can carry up to 10 years in prison. The charge is based on allegations that she had vape cartridges containing hashish oil in her luggage when she was stopped at an airport near Moscow in February.

“She is OK,” Ms. Griner’s lawyer, Aleksandr Boikov, said in an interview, adding that the court had denied his motion to have Ms. Griner transferred to house arrest. He said he expected the trial to begin in about two months.

The State Department said this month that Ms. Griner had been “wrongfully detained,” signaling that it may become more actively involved in trying to secure her release.

Marc Santora reported from Krakow, Mark Landler from London and Michael Levenson from New York. Reporting was contributed by Eric Schmitt and Edward Wong from Washington, Ivan Nechepurenko from Tbilisi, Georgia, Valerie Hopkins from Kyiv, Ukraine, Matthew Mpoke Bigg and Cassandra Vinograd from London, Dan Bilefsky from Montreal and Steven Erlanger from Tallinn, Estonia.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Ukraine Live Updates: Finland’s Move to Join NATO Upends Putin’s War Aims

BRUSSELS — President Vladimir V. Putin of Russia has said stopping NATO’s expansion helped drive him to invade Ukraine. But on Thursday, Finland declared its unequivocal intention to join, not only upending Mr. Putin’s plan but placing the alliance’s newest prospective member on Russia’s northern doorstep.

The declaration by Finland’s leaders that they will join NATO — with expectations that neighboring Sweden would soon do the same — could now reshape a strategic balance in Europe that has prevailed for decades. It is the latest example of how Russia’s invasion of Ukraine 11 weeks ago has backfired on Mr. Putin’s intentions.

Russia reacted angrily, with Mr. Putin’s chief spokesman, Dmitri S. Peskov, saying the addition of Finland and Sweden to NATO would not make Europe safer. Russia’s deputy U.N. ambassador, Dmitry Polyanskiy, appeared to go further, saying in an interview with a British news site he posted on Twitter that as NATO members, the two Nordic countries “become part of the enemy and they bear all the risks.”

Finland, long known for such implacable nonalignment that “Finlandization” became synonymous with neutrality, had been signaling that Russia’s Feb. 24 invasion of Ukraine was giving the Finns a reason to join NATO. But Thursday was the first time Finland’s leaders said publicly they definitely intended to join, making it all but certain that Russia would share an 810-mile border with a NATO country.

The addition of Finland and Sweden to NATO carries significant risks of elevating prospects of war between Russia and the West, under the alliance’s underlying principle that an attack on one is an attack on all.

Credit…Alessandro Rampazzo/Agence France-Presse — Getty Images

But the Finnish leaders, President Sauli Niinisto and Prime Minister Sanna Marin, said that “NATO membership would strengthen Finland’s security,’’ adding that “as a member of NATO, Finland would strengthen the entire defense alliance.”

Mr. Putin has offered a range of reasons for his full-scale invasion of Ukraine, but it was intended in part to block the eastern expansion of NATO and was premised on what he apparently had assumed would be a fractious European response. Instead, the invasion has united the West and helped to isolate Moscow.

With the likely redrawing of Europe’s security borders, Western officials also moved to reshape Europe’s economic infrastructure by taking steps to establish new transport routes from Ukraine, which is under a Russian naval embargo. Russia, meanwhile, found itself further ostracized from the global economy, as Siemens, the German electronics giant, became the latest company to pull out of Russia, exiting after 170 years of doing business there.

The European Union announced a set of measures on Thursday to facilitate Ukraine’s exports of blocked food products, mainly grain and oilseeds, in a bid to alleviate the war’s strain on the Ukrainian economy and avert a looming global food shortage.

The Russian navy has blocked exports by Ukraine — a major global supplier of wheat, corn and sunflower oil before the invasion — at the country’s Black Sea ports. The long-term goal of the European Commission, the bloc’s executive branch, is to establish new transport routes from Ukraine into Europe, circumventing the Russian blockade by using Polish ports — although creating new routes could take months, if not years.

Credit…David Guttenfelder for The New York Times

On the ground in Ukraine, where the Russian invaders are still facing strong resistance from Western-armed Ukrainian forces and the prospect of a prolonged war, the Kremlin redeployed troops to strengthen its territorial gains in the Donbas, the eastern region where the fighting has been fiercest.

Ukrainian and Western officials say that Russia is withdrawing forces from around Ukraine’s second-largest city, Kharkiv, where it has been losing territory — a pullback that Britain’s Defense Ministry on Thursday described as “a tacit recognition of Russia’s inability to capture key Ukrainian cities where they expected limited resistance from the population.”

By contrast in the Luhansk and Donetsk regions, which together comprise the Donbas, the Russians now control about 80 percent of the territory. In Luhansk, where Russian shelling rarely relents, “the situation has deteriorated significantly” in recent days, according to the regional governor, Serhiy Haidai.

“The Russians are destroying everything in their path,” Mr. Haidai said on Thursday in a post on Telegram. “The vast majority of critical infrastructure will have to be rebuilt,” he said, adding that there is no electricity, water, gas or cellphone connection in the region, where most residents have fled.

Russia’s withdrawal from Kharkiv represents of one of the bigger setbacks Moscow has confronted since its retreat from areas near Kyiv, the capital — where the costs of Russian occupation became clearer on Thursday.

The bodies of more than 1,000 civilians have been recovered in areas north of Kyiv that were occupied by Russian forces, the United Nations human rights chief, Michelle Bachelet, said on Thursday. They included several hundred who were summarily executed and others who were shot by snipers, Ms. Bachelet said.

Credit…Daniel Berehulak for The New York Times

“The figures will continue to increase,” Ms. Bachelet told a special session of the United Nations Human Rights Council in Geneva, the second in two weeks, focusing on abuses uncovered by investigators in Bucha, Irpin and other suburbs of Kyiv that were seized by Russia’s forces in the invasion’s early stages. Russia has denied committing any atrocities in Ukraine.

The announcement by Finland’s leaders to apply for membership in NATO had been widely expected. Public opinion in Finland has shifted significantly in favor of joining the alliance, from 20 percent six months ago to nearly 80 percent now, especially if Sweden, Finland’s strategic partner and also militarily nonaligned, joins as well.

“Finland must apply for NATO membership without delay,” the Finnish leaders said in a statement. “We hope that the national steps still needed to make this decision will be taken rapidly within the next few days.”

A parliamentary debate and vote were expected on Monday.

The debate in Sweden is less advanced than in Finland, but Sweden, too, is moving toward applying to join NATO, perhaps as early as next week.

Mr. Putin has cited NATO’s spread eastward into Russia’s sphere of influence, including to former Soviet states on its borders, as a national threat. He has used Ukraine’s desire to join the alliance to help justify his invasion of that country, though Western officials have repeatedly said that the possibility of Ukrainian membership remains remote.

One reason is that NATO would be highly unlikely to offer membership to a country entangled in a war.

Credit…Sergey Ponomarev for The New York Times

If Ukraine were to become a NATO member, the alliance would be obligated to defend it against Russia and other adversaries, in keeping with the application of NATO’s Article 5 that an attack on one member is an attack on the entire alliance.

Even without the geopolitical risks, Ukraine, a former Soviet republic that has struggled with endemic corruption since gaining independence, would find it difficult to meet several necessary requirements to join NATO, including the need to demonstrate a commitment to the rule of law.

Sweden and Finland, in contrast, have developed over decades into vibrant and healthy liberal democracies.

Still, NATO members would have to act if Finland and Sweden were attacked by Russia or others, raising the risks of a direct confrontation between nuclear powers.

Mr. Putin was likely to try to rally support for the Ukraine invasion by portraying the moves by Finland and Sweden as fresh evidence that NATO is growing increasingly hostile.

If Finland and Sweden apply, they are widely expected to be approved, although NATO officials are publicly discreet, saying only that the alliance has an open-door policy and any country that wishes to join can request an invitation. Still, even a speedy application process could take a year, raising concerns that the two countries would be vulnerable to Russia while outside the alliance.

Besides a long border, Finland shares a complicated, violent history with Russia. The Finns fended off a Soviet invasion in 1939-40 in what is known as “The Winter War.”

Credit…Lynsey Addario for The New York Times

The Finns eventually lost, gave up some territory and agreed to remain formally neutral throughout the Cold War, but their ability to temporarily hold off the Soviet Union became a central point of Finnish pride.

After the collapse of the Soviet Union, Finland moved to join the European Union in 1992, becoming a member in 1995, while remaining militarily nonaligned and keeping working relations with Moscow.

Finland has maintained its military spending and sizable armed forces. Finland joined NATO’s Partnership for Peace program along with Sweden in 1994 and has become ever closer to the alliance without joining it.

Steven Erlanger reported from Brussels, and Norimitsu Onishi from Paris. Reporting was contributed by Cora Engelbrecht from London, Nick Cumming-Bruce from Geneva, Ivan Nechepurenko from Tbilisi, Georgia, Monika Pronczuk from Brussels, and Dan Bilefsky from Montreal.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Loma Negra Reports 1Q22 results

BUENOS AIRES, Argentina–(BUSINESS WIRE)–Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three-month period ended March 31, 2022 (our “1Q22 Results”).

1Q22 Key Highlights

The Company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The Company has prepared all other financial information herein by applying IAS 29.

Commenting on the financial and operating performance for the first quarter of 2022, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We started the year in a very good way, the industry continues to show very good levels of activity with a growth of 7% in the quarter compared to the previous year. At the current rate, cement consumption is on track to hit an all-time high for the year, despite the challenges that the local economy is currently facing.

In this sense, the end of the quarter showed very good levels of profitability, with an EBITDA of 60 million dollars, 14% higher than last year, and very good profit margins. Despite the uncertainty in the international context, the scarcity, and the significant increase in the price of fuels worldwide, we were able to maintain our high levels of profitability on the back of a very good operating performance, our productive structure, and an adequate management of our energy matrix.

Likewise, during the month of April, and taking advantage of our solid financial position, we have once again paid dividends of 45 million dollars, thus continuing along the path of maximizing the return to our shareholders that we had been going before with the share repurchase plans.

Last but not least, I would like to thank all of our people and stakeholders for their commitment to Loma’s operational excellence. Supported by a robust and efficient production structure, a solid balance sheet and a dedicated team, Loma is prepared to face another challenging year.”

Table 1: Financial Highlights

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

19,310

20,436

-5.5%

Gross Profit

6,443

7,407

-13.0%

Gross Profit margin

33.4%

36.2%

-288 bps

Adjusted EBITDA

6,484

7,299

-11.2%

Adjusted EBITDA Mg.

33.6%

35.7%

-214 bps

Net Profit (Loss)

3,134

3,983

-21.3%

Net Profit attributable to owners of the Company

3,168

4,034

-21.5%

EPS

5.4066

6.7716

-20.2%

Average outstanding shares (*)

586

596

-1.6%

Net Debt

(4,145)

993

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

(*) Net of shares repurchased

Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)

In million Ps.

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

18,263

12,635

44.5%

Adjusted EBITDA

6,343

4,632

36.9%

Adjusted EBITDA Mg.

34.7%

36.7%

-193 bps

Net Profit (Loss)

4,333

3,260

32.9%

Net Debt

(4,145)

993

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

 

In million US$

Three-months ended
March 31,

 

2022

2021

% Chg.

Ps./US$, av

106.59

88.65

20.2%

Ps./US$, eop

110.98

91.99

20.6%

Net revenue

171

143

20.2%

Adjusted EBITDA

60

52

13.9%

Adjusted EBITDA Mg.

34.7%

36.7%

-193 bps

Net Profit (Loss)

41

37

10.5%

Net Debt

(37)

11

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

Overview of Operations

Sales Volumes

Table 2: Sales Volumes2

 

 

 

Three-months ended
March 31,

 

 

2022

2021

% Chg.

Cement, masonry & lime

MM Tn

1.48

1.38

6.6%

Concrete

MM m3

0.12

0.16

-25.2%

Railroad

MM Tn

1.05

0.99

6.2%

Aggregates

MM Tn

0.24

0.18

35.6%

2 Sales volumes include inter-segment sales

Sales volumes of cement, masonry, and lime during 1Q22 increased by 6.6% to 1.5 million tons, mainly leveraged by the growth of bulk cement. Sales of bagged cement remained solid due to a sustained demand from the retail sector, while bulk cement was driven by a higher level of activity in small and medium-scale infrastructure projects, both private and public.

Regarding the volume of the Concrete segment, it registered a YoY drop of 25.2%. 1Q21 was positively affected by specific infrastructure projects. The volume of concrete maintains its trend, still below historic levels due to the lack of relevant projects, both private and public in the markets where we operate. On the other hand, Aggregates had an increase of 35.6% YoY sustained mainly by the reactivation of certain roadworks in the Buenos Aires area.

Likewise, the volumes of the Railway segment experienced an increase of 6.2% compared to the same quarter of 2021, leveraged mainly on the higher transported volume of construction materials and chemicals, while there was a decrease in the transport of frac sand.

Review of Financial Results

Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

19,310

20,436

-5.5%

Cost of sales

(12,867)

(13,029)

-1.2%

Gross profit

6,443

7,407

-13.0%

Share of loss of associates

n/a

Selling and administrative expenses

(1,827)

(1,674)

9.2%

Other gains and losses

30

66

-54.6%

Impairment of property, plant and equipment

n/a

Tax on debits and credits to bank accounts

(191)

(194)

-1.4%

Finance gain (cost), net

Gain on net monetary position

849

866

-2.0%

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expense

(493)

(744)

-33.8%

Profit (Loss) before taxes

4,676

5,825

-19.7%

Income tax expense

Current

(1,892)

(2,412)

-21.5%

Deferred

351

569

-38.3%

Net profit (Loss)

3,134

3,983

-21.3%

Net Revenues

Net revenue decreased 5.5% to Ps. 19,310 million in 1Q22, from Ps. 20,436 million in the comparable quarter last year, driven by a decrease in Cement and Concrete, partially offset by an improvement in Aggregates and in the Railway segment.

Cement, masonry cement and lime segment was down 6.5% YoY, with volumes expanding 6.6% impacted by price dynamics.

Concrete registered a decrease its top line of 17.5% compared with 1Q21, where the improvement in prices couldn’t compensate for the decrease in volume. The Aggregates segment posted a strong revenue increase of 89.0%, as higher volume coupled with good price performance and a positive sales mix.

Railroad revenues increased 10.8% in 1Q22 compared to the same quarter of 2021, mainly explained by an increase in transported volumes and the improvement in prices, which offset the slight drop in the average transported distance because of the decrease in the transported volume of frac sand.

Cost of sales, and Gross profit

Cost of sales decreased 1.2% YoY, reaching Ps. 12,867 million in 1Q22, mainly as a result of a lower unit cost of sales in cement that offset the higher volume sold and the increase in depreciations due to the impact of the new production line in L’Amalí.

Gross Profit decreased 13.0% YoY to Ps. 6,443 million in 1Q22, from Ps. 7,407 million in 1Q21, with a gross profit margin that contracted 288 basis points year-on-year to 33.4%, mainly reflecting the impact of a drop in total sales.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) in 1Q22 increased by 9.2% YoY to Ps. 1,827 million, from Ps. 1,674 million in 1Q21, mainly as a result of higher expenses in marketing, IT and insurances compared with the previous year. As a percentage of sales, SG&A showed an increase against 1Q21 of 127 basis points, reaching 9.5%.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Adjusted EBITDA reconciliation:

Net profit (Loss)

3,134

3,983

-21.3%

(+) Depreciation and amortization

1,838

1,499

22.6%

(+) Tax on debits and credits to bank accounts

191

194

-1.4%

(+) Income tax expense

1,542

1,843

-16.3%

(+) Financial interest, net

357

584

-38.8%

(+) Exchange rate differences, net

153

(33)

n/a

(+) Other financial expenses, net

117

95

22.7%

(+) Gain on net monetary position

(849)

(866)

-2.0%

(+) Share of profit (loss) of associates

n/a

(+) Impairment of property, plant and equipment

n/a

Adjusted EBITDA

6,484

7,299

-11.2%

Adjusted EBITDA Margin

33.6%

35.7%

-214 bps

Adjusted EBITDA decreased 11.2% YoY in the first quarter of 2022 to Ps. 6,484 million from 7,299 in the same period last year.

Likewise, the Adjusted EBITDA margin contracted 214 basis points to 33.6% compared to 35.7% in 1Q21, mainly due to cement margin compression.

In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment decreased 332 bps to 37.4%, primarily due to lower price performance partially offset by lower cost of sales.

The Adjusted EBITDA margin for Concrete showed a significant improvement compared to 1Q21, but remaining in negative values, reaching -0.8%, from a negative margin of 10.1% in 1Q21, supported by price recovery and higher operating leverage.

The adjusted EBITDA margin of the Aggregates segment was negative at 4.6% but showing an improvement of 656 basis points compared to 1Q21, due to a strong recovery in revenues on the back of solid price performance and a positive sales mix.

Finally, the Railroad adjusted EBITDA margin improved 351 bps to 5.9% in the first quarter, from 2.4%, mainly due to the improvement in transported volume and a positive price performance.

Finance Costs-Net

Table 5: Finance Gain (Cost), net

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

% Chg.

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expense

(493)

(744)

-33.8%

Gain on net monetary position

849

866

-2.0%

Total Finance Gain (Cost), Net

 

221

219

0.8%

During 1Q22, the Company reported a total net financial gain of Ps. 221 million compared to a total net financial gain of Ps. 219 million in 1Q21, primarily explained because of a lower net financial expense that offset the exchange rate negative effect.

Net Profit and Net Profit Attributable to Owners of the Company

Net Profit for 1Q22 reached Ps. 3,134 million compared to Ps. 3,983 million in the same period last year, mainly due to the decrease in the operational result.

Net Profit Attributable to Owners of the Company reached Ps. 3.168 million. During the quarter, the Company reported earnings per common share of Ps. 5,4066 and an ADR gain of Ps. 27.0332, compared to earnings per common share of Ps. 6.7716 and an ADR gain of Ps. 33.8579 in 1Q21.

Capitalization

Table 6: Capitalization and Debt Ratio

(amounts expressed in millions of pesos, unless otherwise noted)

 

As of March 31,

 

As of December, 31

 

2022

2021

 

2021

 

Total Debt

993

10,373

2,915

– Short-Term Debt

669

9,404

2,452

– Long-Term Debt

323

969

463

Cash, Cash Equivalents and Investments

(5,138)

(9,380)

6,118

Total Net Debt

(4,145)

993

(3,203)

Shareholder’s Equity

86,721

83,110

84,162

Capitalization

87,713

93,483

87,077

LTM Adjusted EBITDA

27,855

23,639

26,840

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

-0.12x

As of March 31, 2022, total Cash, Cash Equivalents, and Investments were Ps. 5,138 million compared with Ps. 9,380 million as of the March 31, 2021. Total debt at the close of the quarter stood at Ps. 993 million, composed by Ps. 669 million in short-term borrowings, including the current portion of long-term borrowings (or 67.4% of total borrowings), and Ps. 323 million in long-term borrowings (or 32.6% of total borrowings).

As of March 31, 2022, 76.7% (or Ps. 761 million) of Loma Negra’s total debt was denominated in U.S. dollars and 23.3% (or Ps. 232 million) was in Argentine pesos. The average duration of Loma Negra’s total debt was 0.7 years.

As of March 31, 2022, the total of the Company’s consolidated debt accrued interest at a variable rate. The debt in US dollars bore interest at rates based on Libor, while the debt in Argentine pesos bore interest at the short-term market rate.

The Net Debt to Adjusted EBITDA (LTM) ratio decreased to -0.15x as of March 31, 2022, from -0.12x as of December 31, 2021, as a result of strong cash generation and debt reduction.

Cash Flows

Table 7: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net Profit (Loss)

 

3,134

3,983

Adjustments to reconcile net profit (loss) to net cash provided by operating activities

 

3,458

3,250

Changes in operating assets and liabilities

 

(4,285)

(2,690)

Net cash generated by operating activities

 

2,307

4,543

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

 

55

146

Property, plant and equipment, Intangible Assets, net

 

(631)

(1,585)

Contributions to Trust

 

(33)

(31)

Investments, net

(2,595)

Net cash (used in) investing activities

 

(609)

(4,066)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds / Repayments from borrowings, Interest paid

 

(1,860)

(688)

Share repurchase plan

(609)

(396)

Net cash generated by (used in) by financing activities

 

(2,469)

(1,084)

 

Net increase (decrease) in cash and cash equivalents

 

(771)

(606)

Cash and cash equivalents at the beginning of the year

 

3,837

7,666

Effect of the re-expression in homogeneous cash currency (“Inflation-Adjusted”)

(115)

(56)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

65

(238)

Cash and cash equivalents at the end of the period

 

3,015

6,766

In 1Q22, our operating cash generation stood at Ps. 2,547 million, compared to Ps. 4,543 million in the same period of the previous year, reflecting a lower level of profitability and higher working capital requirements. During this quarter, we increased our Clinker stock to minimize the impact of natural gas shortages in the winter months and take advantage of cost reduction opportunities.

During 1Q22, the Company used cash in financing and investing activities for a total of Ps. 2,469 and Ps. 603 million, respectively. The completion of the L’Amalí expansion project significantly reduced the cash allocations for investment.

Share Repurchase Plan.

On December 21, 2021, the Company announced the approval of the fourth share repurchase program, in accordance with Section 64 of Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to efficiently apply a portion of the Company´s cash position which may result in a greater return of value for its shareholders considering the attractive value of the share with the additional possibility of allocating part of the shares acquired to implement specific compensation plans.

The plan became effective as from December 23, 2021, for an amount to invest up to Ps. 900 million or such lower amount that derives from the repurchase of up to 10% of Company’s capital stock. The maximum amount of shares or maximum percentage of the Company’s capital stock to be repurchased shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of LMC.

A summary of the Share Repurchase Program that ended on February 18, 2022, is shown below:

 

Repurchase Program IV

Maximum amount for repurchase

Ps 900 million

Maximum price

Ps. 310/ordinary share or US$ 7.5/ADR

Period in force

60 days since December 23, 2021

Repurchase under the program until its completion

Ps. 643 million

Progress

71.5%

Recent Events

Dividends Distribution

On April 14, 2022, the board of directors approved the payment of dividends for a total amount of Ps. 5,150 million equivalents to Ps. 8.80 per outstanding share (Ps. 43.99 per ADS), through the partial allocation of funds from the Reserve for Future Dividends. As of the date of the presentation of this earnings release, the total amount of dividends was distributed.

1Q22 Earnings Conference Call

When:

4:00 p.m. U.S. ET (5:00 p.m. BAT), May 9, 2022

Dial-in:

0800-444-2930 (Argentina), 1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)

Password:

Loma Negra Call

Webcast:

https://services.choruscall.com/mediaframe/webcast.html?webcastid=NKQChLSM

Replay:

A telephone replay of the conference call will be available between May 10, 2022, at 1:00 pm U.S. E.T. and ending on May 16, 2022. The replay can be accessed by dialing 1-877-344-7529 (U.S. toll free), or 1-412-317-0088 (International). The passcode for the replay is 10158956. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com

Definitions

Adjusted EBITDA is calculated as net profit plus financial interest, net plus income tax expense plus depreciation and amortization plus exchange rate differences plus other financial expenses, net plus tax on debits and credits to bank accounts, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. Loma Negra believes that excluding tax on debits and credits to bank accounts from its calculation of Adjusted EBITDA is a better measure of operating performance when compared to other international players.

Net Debt is calculated as borrowings less cash, cash equivalents and marketable securities.

About Loma Negra

Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in private and public construction. Loma Negra is a vertically-integrated cement and concrete company, with nationwide operations, supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels. Loma Negra is listed both on BYMA and on NYSE in the U.S., where it trades under the symbol “LOMA”. One ADS represents five (5) common shares. For more information, visit www.lomanegra.com.

Note

The Company presented some figures converted from Pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication “A” 3500) reported by the Central Bank for U.S. dollars. The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.

Rounding: We have made rounding adjustments to reach some of the figures included in this annual report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Disclaimer

This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the heading “Risk Factors” in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra’s initial public offering. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

— Financial Tables Follow —

Table 8: Condensed Interim Consolidated Statements of Financial Position

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

As of March 31,

 

 

As of December 31,

 

 

 

2022

 

 

2021

ASSETS

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Property, plant and equipment

 

92,953

94,359

Right to use assets

 

335

360

Intangible assets

 

304

336

Investments

 

6

6

Goodwill

 

61

61

Inventories

 

3,815

3,580

Other receivables

 

800

807

Total non-current assets

 

 

98,274

99,508

Current assets

 

 

Inventories

 

11,370

10,095

Other receivables

 

1,243

1,382

Trade accounts receivable

 

4,578

4,597

Investments

 

4,868

5,734

Cash and banks

270

384

Total current assets

 

 

22,329

22,193

TOTAL ASSETS

120,603

121,700

SHAREHOLDER’S EQUITY

 

 

Capital stock and other capital related accounts

 

23,065

23,641

Reserves

 

52,683

52,683

Retained earnings

 

10,813

7,644

Accumulated other comprehensive income

 

Equity attributable to the owners of the Company

 

86,560

83,968

Non-controlling interests

160

195

TOTAL SHAREHOLDER’S EQUITY

 

 

86,721

84,162

LIABILITIES

 

 

Non-current liabilities

 

Borrowings

 

323

463

Accounts payables

 

Provisions

 

636

659

Salaries and social security payables

 

45

59

Debts for leases

241

273

Other liabilities

 

158

166

Deferred tax liabilities

16,261

16,612

Total non-current liabilities

 

 

17,665

18,230

Current liabilities

Borrowings

 

669

2,452

Accounts payable

 

7,937

9,142

Advances from customers

 

732

1,191

Salaries and social security payables

 

2,329

2,361

Tax liabilities

 

4,313

3,883

Debts for leases

79

92

Other liabilities

160

186

Total current liabilities

 

 

16,218

19,308

TOTAL LIABILITIES

 

 

33,882

37,538

TOTAL SHAREHOLDER’S EQUITY AND LIABILITIES

 

 

120,603

121,700

Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income (unaudited)

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

% Change

Net revenue

19,310

20,436

-5.5%

Cost of sales

(12,867)

(13,029)

-1.2%

Gross Profit

 

6,443

7,407

-13.0%

Share of loss of associates

n/a

Selling and administrative expenses

(1,827)

(1,674)

9.2%

Other gains and losses

30

66

-54.6%

Impairment of property, plant and equipment

n/a

Tax on debits and credits to bank accounts

(191)

(194)

-1.4%

Finance gain (cost), net

Gain on net monetary position

849

866

-2.0%

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expenses

(493)

(744)

-33.8%

Profit (loss) before taxes

 

4,676

5,825

-19.7%

Income tax expense

Current

(1,892)

(2,412)

-21.5%

Deferred

351

569

-38.3%

Net Profit (Loss)

 

3,134

3,983

-21.3%

Net Profit (Loss) for the period attributable to:

Owners of the Company

3,168

4,034

-21.5%

Non-controlling interests

(34)

(51)

-33.1%

NET PROFIT (LOSS) FOR THE PERIOD

 

3,134

3,983

-21.3%

Earnings per share (basic and diluted):

 

5.4066

6.7716

-20.2%

Table 10: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

Three-months ended
March 31,

 

 

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net Profit (Loss)

3,134

3,983

Adjustments to reconcile net profit to net cash provided by operating activities

 

Income tax expense

 

1,542

1,843

Depreciation and amortization

 

1,838

1,499

Provisions

 

42

(1)

Exchange rate differences

(179)

(235)

Interest expense

 

165

154

Share of loss of associates

Gain on disposal of property, plant and equipment

(15)

(30)

Gain on disposal of shareholding of Yguazú Cementos S.A.

Impairment of property, plant and equipment

Impairment of trust fund

32

20

Share-based payment

33

Changes in operating assets and liabilities

 

Inventories

 

(1,163)

(812)

Other receivables

19

(423)

Trade accounts receivable

(709)

(624)

Advances from customers

(389)

(34)

Accounts payable

(523)

261

Salaries and social security payables

 

291

255

Provisions

 

(40)

(14)

Tax liabilities

 

120

177

Other liabilities

 

(32)

(84)

Gain on net monetary position

(849)

(866)

Income tax paid

 

(1,011)

(526)

Net cash generated by (used in) operating activities

 

2,307

4,543

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

55

146

Proceeds from disposal of Property, plant and equipment

 

1

58

Payments to acquire Property, plant and equipment

(632)

(1,643)

Payments to acquire Intangible Assets

 

(0)

Acquire investments

(2,595)

Proceeds from maturity investments

Contributions to Trust

 

(33)

(31)

Net cash generated by (used in) investing activities

 

(609)

(4,066)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds from borrowings

 

888

137

Interest paid

 

(138)

(274)

Dividends paid

0

Debts for leases

(28)

(60)

Repayment of borrowings

(2,581)

(491)

Share repurchase plan

(609)

(396)

Net cash generated by (used in) financing activities

 

(2,469)

(1,084)

Net increase (decrease) in cash and cash equivalents

 

(771)

(606)

Cash and cash equivalents at the beginning of the period

 

3,837

7,666

Effect of the re-expression in homogeneous cash currency (“Inflation-Adjusted”)

(115)

(56)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

65

(238)

 

Cash and cash equivalents at the end of the period

 

3,015

6,766

 

Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended March 31,

 

 

2022

%

2021

%

Net revenue

 

18,263

100.0%

12,635

100.0%

Cement, masonry cement and lime

16,180

88.6%

11,317

89.6%

Concrete

1,379

7.6%

1,086

8.6%

Railroad

1,548

8.5%

914

7.2%

Aggregates

376

2.1%

129

1.0%

Others

151

0.8%

72

0.6%

Eliminations

(1,370)

-7.5%

(883)

-7.0%

Cost of sales

 

10,847

100.0%

7,403

100.0%

Cement, masonry cement and lime

8,958

82.6%

6,043

81.6%

Concrete

1,312

12.1%

1,160

15.7%

Railroad

1,478

13.6%

906

12.2%

Aggregates

375

3.5%

132

1.8%

Others

94

0.9%

44

0.6%

Eliminations

 

(1,370)

-12.6%

(883)

-11.9%

Selling, admin. expenses and other gains & losses

 

1,667

100.0%

943

100.0%

Cement, masonry cement and lime

1,467

88.0%

840

89.1%

Concrete

67

4.0%

22

2.4%

Railroad

84

5.0%

55

5.8%

Aggregates

4

0.2%

2

0.2%

Others

 

45

2.7%

24

2.6%

Depreciation and amortization

 

594

100.0%

343

100.0%

Cement, masonry cement and lime

454

76.4%

253

73.6%

Concrete

11

1.8%

17

4.9%

Railroad

122

20.5%

67

19.5%

Aggregates

7

1.1%

6

1.7%

Others

 

1

0.2%

1

0.3%

Adjusted EBITDA

 

6,343

100.0%

4,632

100.0%

Cement, masonry cement and lime

6,208

97.9%

4,687

101.2%

Concrete

11

0.2%

(80)

-1.7%

Railroad

107

1.7%

20

0.4%

Aggregates

3

0.0%

1

0.0%

Others

 

14

0.2%

5

0.1%

Reconciling items:

Effect by translation in homogeneous cash currency (“Inflation-Adjusted”)

141

2,667

Depreciation and amortization

(1,838)

(1,499)

Tax on debits and credits banks accounts

(191)

(194)

Finance gain (cost), net

221

219

Income tax

(1,542)

(1,843)

Share of profit of associates

Impairment of property, plant and equipment

NET PROFIT (LOSS) FOR THE PERIOD

 

3,134

3,983

 

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

FIDUCIE DE PLACEMENT IMMOBILIER PROPRIÉTÉS DE CHOIX ANNONCE SES RÉSULTATS DU TRIMESTRE CLOS LE 31 MARS 2022

TORONTO–(BUSINESS WIRE)–Fiducie de placement immobilier Propriétés de Choix (« Propriétés de Choix » ou la « Fiducie ») (TSX : CHP.UN) a annoncé aujourd’hui ses résultats financiers consolidés pour le trimestre clos le 31 mars 2022. Le rapport du premier trimestre de 2022 aux porteurs de parts pourra être consulté sous l’onglet « Investisseurs » de son site Web, à l’adresse www.choicereit.ca, ainsi que sur SEDAR, à l’adresse www.sedar.com.

« Nous sommes ravis d’annoncer d’excellents résultats en ce début d’exercice, le taux de recouvrement des loyers étant demeuré élevé dans un contexte de location favorable. Notre portefeuille et notre situation financière sont solides, comme en témoigne la hausse de 4,8 % de la valeur liquidative par part enregistrée pour le trimestre, qui est attribuable à la demande continue liée aux commerces essentiels, au dynamisme du marché industriel et à l’avancement de notre programme d’aménagement, a déclaré M. Rael Diamond, président et chef de la direction de la Fiducie. À la suite de la récente réalisation de la vente stratégique de six immeubles de bureaux à Allied Properties REIT, nous sommes bien positionnés pour consacrer notre temps et nos dépenses d’investissement à nos principales catégories d’actifs que sont les immeubles de commerce de détail, les immeubles industriels et notre plateforme résidentielle en pleine expansion, ainsi qu’à notre solide programme d’aménagement. »

La Fiducie a aussi annoncé aujourd’hui la publication de son rapport d’environnement, société et gouvernance 2021 (« rapport ESG »). Selon M. Diamond, « le rapport présente les ambitieux objectifs en matière d’environnement, de société et de gouvernance qui guideront nos activités dans l’avenir. Nous sommes satisfaits des progrès réalisés en 2021 et sommes impatients d’annoncer nos futures avancées. Il y a beaucoup à faire, mais nous sommes prêts à relever le défi. »

Sommaire des résultats financiers selon les PCGR

 

 

Trimestres

(en milliers de dollars, sauf indication contraire)

(non audité)

 

31 mars 2022

 

 

31 mars 2021

 

 

Variation

 

Bénéfice net (perte nette)

 

386 986

 

$

 

(62 198

)

$

 

449 184

 

$

Bénéfice net (perte nette) par part après dilution

 

0,535

 

 

 

(0,086

)

 

 

0,621

 

 

Produits locatifs

 

328 049

 

 

 

326 539

 

 

 

1 510

 

 

Profit (perte) lié(e) à la juste valeur des parts échangeablesi)

 

(118 736

)

 

 

(217 683

)

 

 

98 947

 

 

Profits (pertes) lié(e)s à la juste valeur, compte non tenu

des parts échangeablesii)

 

301 177

 

 

 

59 220

 

 

 

241 957

 

 

Entrées nettes de trésorerie liées aux activités d’exploitation

 

113 117

 

 

 

148 632

 

 

 

(35 515

)

 

Nombre moyen pondéré de parts en circulation après dilutioniii)

 

723 466 930

 

 

 

722 930 485

 

 

 

536 445

 

 

i)

 

Les parts échangeables sont comptabilisées à leur juste valeur selon le prix des parts de fiducie sur le marché, ce qui a une incidence défavorable sur les résultats financiers lorsque le prix des parts de fiducie augmente et une incidence favorable lorsque leur prix diminue.

ii)

 

Les profits (pertes) lié(e)s à la juste valeur, compte non tenu des parts échangeables, comprennent des ajustements de la juste valeur des immeubles de placement et de la rémunération fondée sur des parts.

iii)

Comprend les parts et les parts échangeables de la Fiducie.

Résultats trimestriels

Propriétés de Choix a comptabilisé un bénéfice net de 387,0 millions de dollars pour le premier trimestre de 2022, comparativement à une perte nette de 62,2 millions de dollars pour le premier trimestre de 2021. L’augmentation trimestrielle par rapport à l’exercice précédent est essentiellement attribuable à la variation favorable de 243,5 millions de dollars de la juste valeur des immeubles de placement découlant des profits liés à la juste valeur dans les portefeuilles d’immeubles industriels, de projets d’aménagement et d’immeubles de commerce de détail de la Fiducie, à la hausse de 106,5 millions de dollars du bénéfice des coentreprises comptabilisées selon la méthode de la mise en équivalence et à la variation favorable de 98,9 millions de dollars de la juste valeur des parts échangeables de la Fiducie.

Sommaire des résultats financiers selon une base proportionnelle1)

 

 

Trimestres

À la date indiquée ou pour la période close à cette date

(en milliers de dollars, sauf indication contraire)

 

31 mars 2022

 

 

31 mars 2021

 

 

Variation

 

Produits locatifsi)

 

345 108

$

 

341 608

$

 

3 500

 

$

Résultat d’exploitation net (« REN »), selon la méthode

de la comptabilité de trésoreriei), ii)

 

237 277

 

 

229 633

 

 

7 644

 

 

REN des actifs comparables, selon la méthode

de la comptabilité de trésoreriei), ii)

 

223 130

 

 

214 725

 

 

8 405

 

 

Ajustement de la juste valeur des immeubles de placementi)

 

412 680

 

 

60 895

 

 

351 785

 

 

Taux d’occupation (% de la SLB)

 

97,0

%

 

97,0

%

 

 

%

Fonds provenant des activités d’exploitation (« FPAE »)i)

 

175 136

 

 

170 608

 

 

4 528

 

 

FPAEi) par part après dilution

 

0,242

 

 

0,236

 

 

0,006

 

 

Montant ajusté des fonds provenant des activités

d’exploitation (« montant ajusté des FPAE »)i)

 

160 749

 

 

155 316

 

 

5 433

 

 

Montant ajusté des FPAEi) par part après dilution

 

0,222

 

 

0,215

 

 

0,007

 

 

Ratio de distribution du montant ajusté des FPAEi) après dilution

 

83,3

%

 

86,1

%

 

(2,8

)

%

Distributions en trésorerie déclarées

 

133 836

 

 

133 706

 

 

130

 

 

Nombre moyen pondéré de parts en circulation

après dilutioniii)

 

723 466 930

 

 

722 930 485

 

 

536 445

 

 

i)

 

Il y a lieu de se reporter à la rubrique « Mesures financières non conformes aux PCGR et informations financières supplémentaires ».

ii)

 

Comprend une provision pour créances douteuses et des réductions de loyer.

iii)

Comprend les parts et les parts échangeables de la Fiducie.

Résultats trimestriels

Les fonds provenant des activités d’exploitation (les « FPAE », mesure non conforme aux PCGR) du trimestre clos le 31 mars 2022 se sont établis à 175,1 millions de dollars, soit 0,242 $ par part après dilution, comparativement à 170,6 millions de dollars, soit 0,236 $ par part après dilution, pour le trimestre clos le 31 mars 2021.

Les FPAE ont augmenté de 4,5 millions de dollars par rapport à ceux de l’exercice précédent en raison surtout de la croissance du résultat d’exploitation net découlant de l’accroissement des loyers lors des renouvellements dans le portefeuille d’immeubles de commerce de détail, des gains liés aux causes en appel en matière d’impôts fonciers et de la hausse des recouvrements de capital, de la diminution de la charge au titre des créances douteuses et des charges d’intérêt et de la hausse des produits d’intérêt.

Transactions et financements survenus au cours du trimestre

La Fiducie a réalisé des transactions d’une valeur de 854,4 millions de dollars au premier trimestre.

La Fiducie a investi dans son programme d’aménagement, effectuant des dépenses totalisant 13,2 millions de dollars pour le trimestre selon une base proportionnelle1). Au cours du trimestre, la Fiducie a transféré, depuis les biens en voie d’aménagement vers les immeubles à revenu, des locaux de commerce de détail d’une superficie de 23 000 pieds carrés, à une valeur de 10,2 millions de dollars selon une base proportionnelle1).

Au cours du trimestre clos le 31 mars 2022, la Fiducie a acquitté trois prêts hypothécaires totalisant 52,3 millions de dollars dont le taux d’intérêt moyen pondéré était de 3,3 %.

i)

La Fiducie a reçu 11 809 145 parts de catégorie B d’Allied Properties Exchangeable Limited Partnership (les « parts de catégorie B »), une société liée à Allied. Les parts peuvent être échangées contre des parts de fiducie cotées en bourse d’Allied (les « parts d’Allied »), et ont une valeur économique équivalente à celles-ci. Aucune restriction ne sera imposée à l’échange de parts de catégorie B en parts d’Allied, mais les parts d’Allied (en cas d’échange) seront soumises à blocage à la clôture de la transaction, de sorte que 25% des parts de catégorie B ou des parts d’Allied, le cas échéant, seront débloquées tous les trois mois après le premier anniversaire de la clôture de la transaction. En tant que porteur des parts d’Allied Properties Exchangeable Limited Partnership, la Fiducie a droit aux distributions versées par Allied. Les parts de catégorie B sont comptabilisées à la juste valeur établie selon le cours de marché des parts d’Allied. Au 31 mars 2022, la juste valeur par part a été établie à 46,63 $.

Perspectives

Propriétés de Choix est une fiducie de placement immobilier chef de file qui crée une valeur durable en détenant, en exploitant et en développant des propriétés résidentielles et commerciales de grande qualité. Nous avons pour objectif d’offrir, dans une perspective à long terme, une appréciation de la valeur liquidative, une croissance stable de notre résultat d’exploitation net et la préservation du capital. Propriétés de Choix est convaincue que son modèle économique, la stabilité de ses locataires, son solide bilan et son approche disciplinée en matière de gestion financière continueront de bien la servir en vue de sa réussite future.

Notre portefeuille diversifié d’immeubles de commerce de détail, d’immeubles industriels, d’immeubles résidentiels et d’immeubles à usage mixte affiche un taux d’occupation de 97,0 %. De plus, nous pouvons compter sur des locataires de grande qualité partout au Canada. Notre portefeuille est principalement loué à des détaillants de biens de première nécessité et à des fournisseurs de services logistiques, qui sont moins sensibles à la volatilité économique, ce qui procure donc une stabilité à notre portefeuille dans son ensemble. Cette stabilité est mise en évidence par celle des résultats financiers que nous avons enregistrés pour l’exercice précédent et pour le dernier trimestre. Nous sommes encouragés par les mesures mises en place en vue de la réouverture qui se poursuit et qu’a rendue possible les taux de vaccination contre COVID-19 élevés. Cet optimisme se manifeste dans notre bassin de locataires, alors que nous observons une dynamique positive de location dans l’ensemble de notre portefeuille.

L’an passé, nous avons pris la décision stratégique de consacrer du temps et des dépenses d’investissement afin de saisir les occasions liées à nos principales activités, soit les immeubles de commerce de détail essentiels, les immeubles industriels et la plateforme résidentielle en pleine expansion, ainsi qu’à notre solide programme d’aménagement. Il s’agit de catégories d’actifs pour lesquelles nous avons la capacité d’accroître notre envergure, de réaliser des efficiences sur le plan de l’exploitation, de créer de nouvelles occasions de placement et d’attirer les gens les plus talentueux. Cette décision a donné lieu à la vente stratégique de six immeubles de bureaux de grande qualité à Allied Properties REIT au premier trimestre. Nous ne présenterons plus nos résultats relatifs aux immeubles de bureaux comme une catégorie d’actifs distincte.

Nous continuons de faire progresser notre programme d’aménagement, lequel constitue pour nous le meilleur moyen d’ajouter à notre portefeuille des biens immobiliers de grande qualité et à un coût raisonnable et d’accroître la valeur liquidative au fil du temps. Nos projets d’aménagement en cours sont diversifiés par la taille, l’ampleur et la complexité. Ils comprennent à la fois des projets de densification d’immeubles de commerce de détail, des projets d’aménagement industriels et des projets résidentiels locatifs situés dans des marchés urbains et axés sur l’accessibilité du transport en commun. Dans le secteur résidentiel, nous poursuivons la construction de deux projets d’immeubles résidentiels de grande hauteur, le premier étant situé près de la station Mount Pleasant du réseau GO à Brampton, en Ontario, et le second, dans le quartier Westboro d’Ottawa, en Ontario. Nous cherchons également à accroître notre plateforme industrielle grâce à nos activités d’aménagement. Nous avons deux projets d’aménagement industriels en cours, qui offriront, selon nos prévisions, 0,6 million de pieds carrés d’espace logistique de nouvelle génération. Notre projet industriel situé à Horizon Business Park à Edmonton (Alberta), qui comprend deux immeubles dont la superficie totalise 0,3 million de pieds carrés, avance, les premiers locataires étant attendus à la fin du deuxième trimestre de 2022. Après la clôture du premier trimestre, nous avons commencé la construction de notre deuxième site industriel en activité, une installation logistique moderne d’une superficie de 0,3 million de pieds carrés située dans un quartier industriel de premier plan à Surrey, en Colombie-Britannique.

En plus de nos projets en cours, nous disposons d’un important programme de projets plus complexes d’aménagement d’immeubles à usage mixte de plus grande envergure et de terrains destinés à des projets d’aménagement industriels futurs, lesquels devraient contribuer collectivement à une croissance significative de la valeur liquidative à l’avenir. Nous continuons de faire progresser le processus de changement de zonage de plusieurs sites à usage mixte, 11 projets représentant plus de 10,5 millions de pieds carrés et étant actuellement à différents stades du processus de changement de zonage et de planification. Nous avons réussi à faire approuver une modification du plan officiel et du règlement de zonage pour un important projet à usage mixte à Grenville et à Grosvenor, à Toronto (Ontario) au cours du trimestre. Après la clôture du premier trimestre, nous avons acquis une parcelle de terrain adjacente au terrain destiné à des projets d’aménagement industriels futurs qui avait été acquis dans la région du Grand Toronto en 2021, ce qui porte à environ 380 acres la superficie nette totale destinée à des projets d’aménagement industriels futurs dans ce parc industriel comptant plusieurs phases et ouvre la voie à de multiples possibilités de croissance pour notre portefeuille d’immeubles industriels.

Les taux d’intérêt ont considérablement augmenté depuis le début de l’exercice, alors que la Banque du Canada a déjà augmenté son taux de financement à un jour de 75 points de base et que plusieurs autres hausses sont attendues d’ici la fin de l’année 2022. Les taux d’intérêt à long terme ont également enregistré une hausse, le taux de rendement des obligations de référence à 10 ans de la Banque du Canada ayant augmenté de 1,6 % au début de 2022, pour se fixer à environ 2,8 % à la date des présentes. Nous continuons de surveiller l’incidence du contexte de hausse globale des taux sur nos résultats d’exploitation et notre situation financière. Nous avons des dettes d’approximativement 623 millions de dollars arrivant à échéance en 2022, que nous avons l’intention de refinancer à l’aide de titres d’emprunt à plus long terme, essentiellement des débentures non garanties et des emprunts hypothécaires commerciaux. Pour ce qui est des liquidités, la Fiducie a accès à environ 1,5 milliard de dollars en liquidités disponibles, montant qui comprend la tranche inutilisée de 1,4 milliard de dollars de la facilité de crédit renouvelable de la Fiducie ainsi que 35,2 millions de dollars de trésorerie et d’équivalents de trésorerie et environ 12,4 milliards de dollars d’actifs non grevés. Nos liquidités abondantes, nos actifs non grevés et le profil d’échéances échelonnées de notre dette nous procurent une marge de manœuvre dans le contexte actuel.

Mesures financières non conformes aux PCGR et informations financières supplémentaires

Outre les mesures de performance déterminées conformément aux Normes internationales d’information financière (les International Financial Reporting Standards ou « IFRS » ou, encore, les « PCGR »), Propriétés de Choix utilise certaines mesures non conformes aux PCGR pour évaluer sa performance, et elle fournit ces mesures dans le présent communiqué de presse afin que les investisseurs puissent en faire de même. Ces mesures ainsi que les montants par part connexes ne sont pas définis aux termes des IFRS et, par conséquent, ne devraient pas être considérés comme des mesures de substitution au bénéfice net ou aux flux de trésorerie liés aux activités d’exploitation établis selon les IFRS. Par ailleurs, les mesures supplémentaires utilisées par la direction pourraient ne pas être comparables à des mesures semblables présentées par d’autres fiducies de placement immobilier ou d’autres entreprises immobilières. Les mesures non conformes aux PCGR dont il est question dans le présent communiqué de presse sont définies et rapprochées avec les mesures conformes aux PCGR les plus comparables ci-après. Propriétés de Choix estime que ces mesures financières non conformes aux PCGR fournissent de l’information utile à la direction et aux investisseurs pour évaluer la performance financière et la situation financière de la Fiducie, pour les raisons indiquées ci-après.

Mesures

non conformes

aux PCGR

Description

Base proportionnelle

  • S’entend de l’information financière ajustée pour tenir compte des coentreprises de la Fiducie comptabilisées selon la méthode la mise en équivalence, des actifs immobiliers financiers et de la quote-part du bénéfice net (de la perte nette) attribuable aux coentreprises comptabilisées selon la méthode la mise en équivalence et aux actifs immobiliers financiers revenant à la Fiducie selon une base proportionnelle consolidée en fonction du pourcentage de participation de la Fiducie dans le placement connexe.
  • La direction croit que cette méthode est appropriée pour démontrer la capacité de la Fiducie à gérer les aspects économiques sous-jacents des placements connexes, y compris la performance financière et les flux de trésorerie et qu’elle illustre également dans quelle mesure les actifs sous‑jacents sont financés par emprunt, ce qui constitue une composante importante de la gestion du risque.

Résultat

d’exploitation net

(« REN »), selon le référentiel

comptable

  • S’entend des produits locatifs, compte tenu des produits locatifs comptabilisés sur une base linéaire, du remboursement de produits tirés de contrats de location et des paiements pour cessions de bail reçus, diminués des charges d’exploitation liées aux immeubles directes et des impôts fonciers et excluant certaines charges telles que les charges d’intérêts et les charges d’exploitation indirectes afin de fournir des résultats qui reflètent les activités d’exploitation d’un immeuble compte non tenu de la façon dont il est financé ou des coûts d’exploitation de l’entité qui le détient.
  • La direction est d’avis que le REN est une mesure importante de la performance sur le plan de l’exploitation pour les actifs immobiliers commerciaux de la Fiducie qui est utilisée par les analystes du secteur immobilier, les investisseurs et la direction et qu’il constitue également une donnée clé pour déterminer la juste valeur du portefeuille de Propriétés de Choix.

REN, selon

la méthode de

la comptabilité

de trésorerie

  • S’entend des produits locatifs compte non tenu des produits locatifs comptabilisés sur une base linéaire, des charges d’exploitation liées aux immeubles directes et des impôts fonciers, et ne tient pas compte de certaines charges comme les charges d’intérêts et les charges d’exploitation indirectes pour fournir des résultats qui reflètent l’exploitation d’un immeuble compte non tenu de la façon dont il est financé ou des coûts d’exploitation de l’entité qui le détient.
  • La direction estime que le REN est une mesure utile pour comprendre les variations d’une période à l’autre du résultat d’exploitation attribuables aux taux d’occupation, aux loyers, aux charges d’exploitation et aux impôts fonciers.

REN des actifs

comparables,

selon la méthode

de la comptabilité

de trésorerie

 

et

 

REN des actifs

comparables,

selon le référentiel

comptable

  • Le REN des actifs comparables est utilisé à des fins d’évaluation de la performance, d’une période à l’autre, des immeubles détenus et exploités par Propriétés de Choix depuis le 1er janvier 2021, inclusivement.
  • Le REN des biens qui ont été i) acquis, ii) sortis ou iii) modifiés considérablement en raison de nouveaux aménagements, de projets de réaménagement, de travaux d’agrandissement ou de démolitions (collectivement, les « transactions ») n’est pas pris en compte dans l’établissement du REN des actifs comparables.
  • Le REN des actifs comparables, selon la méthode de la comptabilité de trésorerie, est utile pour évaluer la réalisation des variations des loyers contractuels prévues aux contrats de location ou la fin des périodes de location gratuite. Il s’agit aussi d’une mesure utile à la compréhension des variations, d’une période à l’autre, du REN attribuables aux taux d’occupation, aux loyers, aux charges d’exploitation et aux impôts fonciers, compte non tenu des variations du REN qui peuvent être imputables aux transactions et aux activités d’aménagement.

Fonds provenant

des activités

d’exploitation

(« FPAE »)

  • Calculés conformément au document de l’Association des biens immobiliers du Canada (« REALpac ») portant sur les fonds provenant des activités d’exploitation (« FPAE ») et sur le montant ajusté des fonds provenant des activités d’exploitation (« montant ajusté des FPAE ») en vertu des IFRS publié en janvier 2022.
  • La direction considère les FPAE comme étant une mesure utile de la performance sur le plan de l’exploitation puisqu’elle réintègre au bénéfice net (ou à la perte nette) les éléments ne découlant pas des activités d’exploitation ou ne donnant pas nécessairement une représentation fidèle de la performance passée ou récurrente de la Fiducie, tels que les ajustements de la juste valeur des parts échangeables, des immeubles de placement et de la rémunération fondée sur des parts. À l’occasion, la Fiducie peut conclure des transactions dont l’incidence sur le calcul de cette mesure est considérable; le cas échéant, elle n’en tient pas compte dans son calcul de ce montant établi pour les besoins de la direction.
  • La direction utilise les FPAE et estime qu’ils constituent une mesure utile de la performance de la Fiducie qui, lorsqu’ils sont comparés d’une période à l’autre, reflètent l’incidence sur les activités d’exploitation des tendances en matière de taux d’occupation, de loyers, de charges d’exploitation, d’impôts fonciers, d’activités d’acquisition et de charges d’intérêts.

Montant ajusté des

fonds provenant

des activités

d’exploitation

(« montant ajusté

des FPAE »)

  • Calculés conformément au document de REALpac portant sur les fonds provenant des activités d’exploitation (« FPAE ») et sur le montant ajusté des fonds provenant des activités d’exploitation (« montant ajusté des FPAE ») en vertu des IFRS publié en janvier 2022.
  • La direction considère le montant ajusté des FPAE comme étant une mesure utile de la performance sur le plan de l’exploitation puisqu’elle ajuste davantage les FPAE pour tenir compte des dépenses d’investissement engagées pour maintenir la capacité productive des immeubles à revenu et élimine l’incidence des loyers comptabilisés sur une base linéaire. Le caractère saisonnier des dépenses d’investissement liées aux immeubles a une incidence sur le montant ajusté des FPAE.
  • Lors du calcul du montant ajusté des FPAE, les FPAE sont ajustés en excluant les ajustements liés aux loyers comptabilisés sur une base linéaire, ainsi que les coûts engagés au titre des activités de location internes et des dépenses d’investissement liées aux immeubles. Les variations du fonds de roulement, considérées comme des besoins en trésorerie à court terme ou des surplus, sont réputées être des activités de financement selon la méthodologie et ne sont pas prises en compte lors du calcul du montant ajusté des FPAE.
  • Les dépenses d’investissement qui sont exclues et qui ne sont pas déduites du calcul du montant ajusté des FPAE comprennent les dépenses qui génèrent de nouveaux flux d’investissement, comme la construction d’un nouvel ensemble de commerces de détail au cours d’un projet d’agrandissement ou de densification, les activités d’aménagement ou les activités d’acquisition.
  • Par conséquent, le montant ajusté des FPAE diffère des FPAE puisqu’il ne tient pas compte dans sa définition de certains produits et charges hors trésorerie comptabilisés selon les PCGR, notamment les loyers comptabilisés sur une base linéaire, mais qu’il tient compte des dépenses d’investissement et des frais de location engagés au cours de la période qui sont inscrits à l’actif aux fins des PCGR. À l’occasion, la Fiducie peut conclure des transactions dont l’incidence sur le calcul de cette mesure est considérable; le cas échéant, elle n’en tient pas compte dans son calcul de ce montant établi pour les besoins de la direction.

Ratio de

distribution du

montant ajusté

des FPAE

  • Le ratio de distribution du montant ajusté des FPAE est une mesure supplémentaire utilisée par la direction pour évaluer le caractère durable des paiements de distribution de la Fiducie.
  • Ce ratio correspond au montant des distributions en trésorerie déclarées divisé par le montant ajusté des FPAE.

Le tableau qui suit présente un rapprochement du bénéfice net (de la perte nette) établi(e) selon les PCGR au résultat net présenté selon une base proportionnelle pour le trimestre clos le 31 mars 2022.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

Selon les PCGR

 

 

Consolidation et

éliminationsi)

 

 

Selon une base

proportionnelle

 

Résultat d’exploitation net

 

 

 

 

 

 

 

 

 

Produits locatifs

 

328 049

 

$

 

17 059

 

$

 

345 108

 

$

Charges d’exploitation liées aux immeubles

 

(99 551

)

 

 

(6 762

)

 

 

(106 313

)

 

 

 

228 498

 

 

 

10 297

 

 

 

238 795

 

 

Autres produits et charges

 

 

 

 

 

 

 

 

 

Produits d’intérêts

 

7 491

 

 

 

(3 943

)

 

 

3 548

 

 

Produits de commissions

 

1 091

 

 

 

 

 

 

1 091

 

 

Charges d’intérêts nettes et autres charges financières

 

(130 803

)

 

 

(2 195

)

 

 

(132 998

)

 

Charges générales et administratives

 

(10 840

)

 

 

 

 

 

(10 840

)

 

Quote-part du bénéfice (de la perte) des coentreprises

comptabilisées selon la méthode de la mise en équivalence

 

114 596

 

 

 

(114 596

)

 

 

 

 

Amortissement des immobilisations incorporelles

 

(250

)

 

 

 

 

 

(250

)

 

Coûts de transaction liés aux acquisitions et autres

charges connexes

 

(5 236

)

 

 

 

 

 

(5 236

)

 

Autres profits (pertes) lié(e)s à la juste valeur, montant net

 

(1 066

)

 

 

 

 

 

(1 066

)

 

Ajustement de la juste valeur des parts échangeables

 

(118 736

)

 

 

 

 

 

(118 736

)

 

Ajustement de la juste valeur des immeubles de placement

 

302 243

 

 

 

110 437

 

 

 

412 680

 

 

Bénéfice (perte) avant impôt sur le résultat

 

386 988

 

 

 

 

 

 

386 988

 

 

Recouvrement d’impôt sur le résultat

 

(2

)

 

 

 

 

 

(2

)

 

Bénéfice net (perte nette)

 

386 986

 

$

 

 

$

 

386 986

 

$

i)

 

Les ajustements reflètent la quote-part du bénéfice net (de la perte nette) attribuable aux coentreprises comptabilisées selon la méthode de la mise en équivalence et aux actifs immobiliers financiers revenant à la Fiducie selon une base proportionnelle consolidée en fonction du pourcentage de participation de la Fiducie dans le placement connexe.

Le tableau qui suit présente un rapprochement du bénéfice net (de la perte nette) établi(e) selon les PCGR au résultat net présenté selon une base proportionnelle pour le trimestre clos le 31 mars 2021.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

Selon les PCGR

 

 

Consolidation et

éliminationsi)

 

 

Selon une base

proportionnelle

 

Résultat d’exploitation net

 

 

 

 

 

 

 

 

 

Produits locatifs

 

326 539

 

$

 

15 069

 

$

 

341 608

 

$

Charges d’exploitation liées aux immeubles

 

(100 136

)

 

 

(5 892

)

 

 

(106 028

)

 

 

 

226 403

 

 

 

9 177

 

 

 

235 580

 

 

Autres produits et charges

 

 

 

 

 

 

 

 

 

Produits d’intérêts

 

4 148

 

 

 

(1 333

)

 

 

2 815

 

 

Produits de commissions

 

1 039

 

 

 

 

 

 

1 039

 

 

Charges d’intérêts nettes et autres charges financières

 

(133 563

)

 

 

(1 927

)

 

 

(135 490

)

 

Charges générales et administratives

 

(9 574

)

 

 

 

 

 

(9 574

)

 

Quote-part du bénéfice (de la perte) des coentreprises

comptabilisées selon la méthode de la mise en équivalence

 

8 069

 

 

 

(8 069

)

 

 

 

 

Amortissement des immobilisations incorporelles

 

(250

)

 

 

 

 

 

(250

)

 

Autres profits (pertes) lié(e)s à la juste valeur, montant net

 

477

 

 

 

 

 

 

477

 

 

Ajustement de la juste valeur des parts échangeables

 

(217 683

)

 

 

 

 

 

(217 683

)

 

Ajustement de la juste valeur des immeubles de placement

 

58 743

 

 

 

2 152

 

 

 

60 895

 

 

Bénéfice (perte) avant impôt sur le résultat

 

(62 191

)

 

 

 

 

 

(62 191

)

 

Charge d’impôt sur le résultat

 

(7

)

 

 

 

 

 

(7

)

 

Bénéfice net (perte nette)

 

(62 198

)

$

 

 

$

 

(62 198

)

$

i)

 

Les ajustements reflètent la quote-part du bénéfice net (de la perte nette) attribuable aux coentreprises comptabilisées selon la méthode de la mise en équivalence et aux actifs immobiliers financiers revenant à la Fiducie selon une base proportionnelle consolidée en fonction du pourcentage de participation de la Fiducie dans le placement connexe.

Le tableau qui suit présente un rapprochement du bénéfice net (de la perte nette) établi(e) selon les PCGR au résultat d’exploitation net présenté selon la méthode de la comptabilité de trésorerie pour les périodes closes aux dates indiquées.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

2022

 

 

 

2021

 

 

 

Variation

 

Bénéfice net (perte nette)

 

386 986

 

$

 

(62 198

)

$

 

449 184

 

$

Charges générales et administratives

 

10 840

 

 

 

9 574

 

 

 

1 266

 

 

Produits de commissions

 

(1 091

)

 

 

(1 039

)

 

 

(52

)

 

Charges d’intérêts nettes et autres charges financières

 

130 803

 

 

 

133 563

 

 

 

(2 760

)

 

Produits d’intérêts

 

(7 491

)

 

 

(4 148

)

 

 

(3 343

)

 

Quote-part du bénéfice (de la perte) des coentreprises

comptabilisées selon la méthode de la mise

en équivalence

 

(114 596

)

 

 

(8 069

)

 

 

(106 527

)

 

Amortissement des immobilisations incorporelles

 

250

 

 

 

250

 

 

 

 

 

Coûts de transaction liés aux acquisitions et autres charges

connexes

 

5 236

 

 

 

 

 

 

5 236

 

 

Autres profits (pertes) lié(e)s à la juste valeur, montant net

 

1 066

 

 

 

(477

)

 

 

1 543

 

 

Ajustement de la juste valeur des parts échangeables

 

118 736

 

 

 

217 683

 

 

 

(98 947

)

 

Ajustement de la juste valeur des immeubles de placement

 

(302 243

)

 

 

(58 743

)

 

 

(243 500

)

 

Charge d’impôt sur le résultat

 

2

 

 

 

7

 

 

 

(5

)

 

Résultat d’exploitation net, selon le référentiel

comptable – selon les PCGR

 

228 498

 

 

 

226 403

 

 

 

2 095

 

 

Produits locatifs comptabilisés sur une base linéaire

 

(511

)

 

 

(4 477

)

 

 

3 966

 

 

Paiements pour cession de bail reçus

 

(398

)

 

 

(1 124

)

 

 

726

 

 

Résultat d’exploitation net, selon la méthode de

la comptabilité de trésorerie – selon les PCGR

 

227 589

 

 

 

220 802

 

 

 

6 787

 

 

Ajustement pour tenir compte des coentreprises

comptabilisées selon la méthode de la mise

en équivalence et des actifs immobiliers financiers

 

9 688

 

 

 

8 831

 

 

 

857

 

 

Résultat d’exploitation net, selon la méthode

de la comptabilité de trésorerie – selon une base

proportionnelle

 

237 277

 

$

 

229 633

 

$

 

7 644

 

$

Le tableau qui suit présente un rapprochement du résultat d’exploitation net, selon la méthode de la comptabilité de trésorerie, au résultat d’exploitation net des actifs comparables, selon la méthode de la comptabilité de trésorerie, pour les périodes closes aux dates indiquées.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

2022

 

 

2021

 

 

Variation

 

Résultat d’exploitation net, selon la méthode

de la comptabilité de trésorerie – selon une base

proportionnelle

 

237 277

$

 

229 633

$

 

7 644

 

$

REN lié aux transactions, selon la méthode de la comptabilité

de trésorerie

 

14 147

 

 

14 908

 

 

(761

)

 

REN des actifs comparables, selon la méthode

de la comptabilité de trésorerie

 

223 130

$

 

214 725

$

 

8 405

 

$

Le tableau qui suit présente un rapprochement du résultat net établi selon les PCGR aux fonds provenant des activités d’exploitation pour les périodes closes aux dates indiquées.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

2022

 

 

 

2021

 

 

 

Variation

 

Bénéfice net (perte nette)

 

386 986

 

$

 

(62 198

)

$

 

449 184

 

$

Amortissement des immobilisations incorporelles

 

250

 

 

 

250

 

 

 

 

 

Coûts de transaction liés aux acquisitions et autres charges connexes

 

5 236

 

 

 

 

 

 

5 236

 

 

Autres profits (pertes) lié(e)s à la juste valeur, montant net

 

1 066

 

 

 

(477

)

 

 

1 543

 

 

Ajustement de la juste valeur des parts échangeables

 

118 736

 

 

 

217 683

 

 

 

(98 947

)

 

Ajustement de la juste valeur des immeubles de placement

 

(302 243

)

 

 

(58 743

)

 

 

(243 500

)

 

Ajustement de la juste valeur de l’immeuble de placement détenu par

l’intermédiaire de la coentreprise comptabilisée selon la méthode

de la mise en équivalence

 

(110 437

)

 

 

(2 152

)

 

 

(108 285

)

 

Intérêts au titre de l’aménagement autrement inscrits à l’actif

au titre des coentreprises comptabilisées selon la méthode

de la mise en équivalence

 

240

 

 

 

1 021

 

 

 

(781

)

 

Distributions sur les parts échangeables

 

73 221

 

 

 

73 221

 

 

 

 

 

Frais de location internes

 

2 079

 

 

 

1 996

 

 

 

83

 

 

Charge d’impôt sur le résultat

 

2

 

 

 

7

 

 

 

(5

)

 

Fonds provenant des activités d’exploitation

 

175 136

 

$

 

170 608

 

$

 

4 528

 

$

FPAE par part après dilutioni)

 

0,242

 

$

 

0,236

 

$

 

0,006

 

$

Nombre moyen pondéré de parts en circulation après dilutionii)

 

723 466 930

 

 

 

722 930 485

 

 

 

536 445

 

 

i)

 

Le ratio de distribution des FPAE correspond au montant des distributions en trésorerie déclarées divisé par le montant des FPAE.

ii)

 

Comprend les parts et les parts échangeables de la Fiducie.

Le tableau qui suit présente un rapprochement des fonds provenant des activités d’exploitation au montant ajusté des fonds provenant des activités d’exploitation pour les périodes closes aux dates indiquées.

 

 

Trimestres

Pour les périodes closes les 31 mars

(en milliers de dollars)

 

2022

 

 

 

2021

 

 

 

Variation

 

Fonds provenant des activités d’exploitation

 

175 136

 

$

 

170 608

 

$

 

4 528

 

$

Frais de location internes

 

(2 079

)

 

 

(1 996

)

 

 

(83

)

 

Produits locatifs comptabilisés sur une base linéaire

 

(511

)

 

 

(4 477

)

 

 

3 966

 

 

Ajustement pour tenir compte de la quote-part des produits locatifs

comptabilisés sur une base linéaire tirés des coentreprises

comptabilisées selon la méthode de la mise en équivalence

et des actifs immobiliers financiers

 

(399

)

 

 

(346

)

 

 

(53

)

 

Dépenses d’investissement liées aux immeubles

 

(2 364

)

 

 

(2 684

)

 

 

320

 

 

Frais directs de location

 

(1 799

)

 

 

(1 044

)

 

 

(755

)

 

Améliorations locatives

 

(6 117

)

 

 

(4 262

)

 

 

(1 855

)

 

Ajustement pour tenir compte de la quote-part des dépenses

d’investissement liées à l’exploitation provenant des coentreprises

comptabilisées selon la méthode de la mise en équivalence

et des actifs immobiliers financiers

 

(1 118

)

 

 

(483

)

 

 

(635

)

 

Montant ajusté des fonds provenant des activités d’exploitation

 

160 749

 

$

 

155 316

 

$

 

5 433

 

$

Montant ajusté des FPAE par part après dilution

 

0,222

 

$

 

0,215

 

$

 

0,007

 

$

Ratio de distribution du montant ajusté des FPAE après dilutioni)

 

83,3

 

%

 

86,1

 

%

 

(2,8

)

%

Distribution déclarée par part

 

0,185

 

$

 

0,185

 

$

 

 

$

Nombre moyen pondéré de parts en circulation après dilutionii)

 

723 466 930

 

 

 

722 930 485

 

 

 

536 445

 

 

i)

 

Le ratio de distribution du montant ajusté des FPAE correspond au montant des distributions en trésorerie déclarées divisé par le montant ajusté des FPAE.

ii)

 

Comprend les parts et les parts échangeables de la Fiducie.

Rapport de gestion, états financiers consolidés et notes afférentes

L’information figurant dans le présent communiqué de presse est un bref sommaire des résultats. Le présent communiqué de presse devrait être lu à la lumière du rapport du premier trimestre de 2022 aux porteurs de parts de Propriétés de Choix, qui comprend les états financiers consolidés résumés et le rapport de gestion de la Fiducie et qui est publié à l’adresse www.choicereit.ca, et sur SEDAR, à l’adresse www.sedar.com.

Téléconférence et webémission

La direction tiendra une téléconférence (en anglais seulement) le jeudi 28 avril 2022 à 9 h (heure de l’Est) et diffusera simultanément une webémission audio. Pour accéder à la téléconférence, veuillez composer le 240-789-2714 ou le 1‑888‑330‑2454, puis composer le code d’accès 4788974. L’enregistrement de la webémission pourra être écouté à l’adresse www.choicereit.ca/fr/events-webcasts-fr/.

À propos de la Fiducie de placement immobilier Propriétés de Choix

Propriétés de Choix est une fiducie de placement immobilier chef de file qui crée une valeur durable en détenant, en exploitant et en développant des propriétés résidentielles et commerciales de grande qualité.

Nous croyons que la création d’espaces qui améliorent la façon de vivre, de travailler et de créer des liens de nos locataires et de nos communautés génère de la valeur. Nous nous efforçons de comprendre les besoins de nos locataires et de gérer nos propriétés selon les normes les plus élevées. Nous aspirons à développer des communautés viables et résilientes en mettant au premier plan la durabilité sociale, économique et environnementale. Dans tout ce que nous faisons, nous sommes guidés par une série de valeurs communes ancrées dans les piliers Engagement, Tenir à cœur, Respect et Excellence. Pour obtenir de plus amples renseignements, veuillez visiter le site Web de Propriétés de Choix, à l’adresse www.choicereit.ca, et le profil d’émetteur de Propriétés de Choix sur SEDAR, à l’adresse www.sedar.com.

Mise en garde concernant énoncés prospectifs

Le présent communiqué de presse renferme des énoncés prospectifs qui portent sur les activités de Propriétés de Choix et sur le contexte dans lequel la Fiducie évolue. Ils sont fondés sur les attentes, estimations, prévisions et projections de la direction et ne sont pas garants de la performance future de la Fiducie. Ils comportent de nombreux risques et incertitudes qui sont indépendants de sa volonté et difficilement prévisibles. Par conséquent, les résultats réels pourraient différer considérablement de ceux qu’expriment ces énoncés prospectifs. Les lecteurs ne devraient donc pas se fier indûment à ces énoncés prospectifs. Qui plus est, un énoncé prospectif n’est valable qu’à la date à laquelle il est formulé. Sauf dans la mesure où la loi l’exige, la direction ne s’engage aucunement à publier une mise à jour de ces énoncés de manière à rendre compte de nouvelles informations, de l’occurrence de nouveaux événements ou d’un changement éventuel de circonstances.

Bon nombre de risques et incertitudes pourraient faire en sorte que les résultats réels de la Fiducie diffèrent sensiblement de ceux qui sont exprimés explicitement ou implicitement ou de ceux qui sont prévus dans les énoncés prospectifs, notamment ceux qui sont décrits à la rubrique 12, « Risques d’entreprise et gestion des risques », du rapport de gestion de la Fiducie pour l’exercice clos le 31 décembre 2021, lequel comprend le détail des risques et de l’information à présenter à l’égard de la COVID‑19 et de son incidence sur la Fiducie, ainsi que ceux présentés dans la notice annuelle de la Fiducie pour l’exercice clos le 31 décembre 2021.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<