METHANEX FILES 2019 ANNUAL DISCLOSURE DOCUMENTS
March 24 2020 - 9:54PM
Methanex Corporation (TSX:MX) (NASDAQ:MEOH) today filed its Annual
Report, which includes its audited Consolidated Financial
Statements and related Management Discussion and Analysis
(“MD&A”) for the year ended December 31, 2019, as well as its
2019 Annual Information Form, with Canadian securities regulatory
authorities. The Company also filed its Form 40-F for the year
ended December 31, 2019 with the U.S. Securities and Exchange
Commission. Copies of these documents are available electronically
on the Company’s website at www.methanex.com in the Investor
Relations section, at www.sedar.com (Canadian filings) and at
www.sec.gov/edgar.shtml (U.S. filings).
The Company sells all the methanol produced by
the Atlas joint venture and earns a commission on the sale of the
methanol. The Company had previously recognized the commission on a
net basis in revenue. The Company has restated revenue and cost of
sales within its annual Consolidated Statement of Income for the
year ended December 31, 2018 to present revenue and cost of sales
from methanol produced by the Atlas joint venture and sold by the
Company on a gross basis. The restatement results in an increase to
both revenue and cost of sales in the amount of $551 million each
for the year ended December 31, 2018. As a result, there is no
impact to operating income, net income, cash flows or financial
position.
The restatement resulted from discussions with
regulators and experts, and further consideration of
interpretations of IFRS 15, Revenue from Contracts with Customers.
For further information on the restatement, including the restated
quarterly and year-to-date revenue and cost of sales for 2018 and
2019, refer to our MD&A and Consolidated Financial
Statements.
Methanex is a Vancouver-based, publicly traded
company and is the world's largest producer and supplier of
methanol to major international markets. Methanex shares are listed
for trading on the Toronto Stock Exchange in Canada under the
trading symbol "MX" and on the NASDAQ Global Market in the United
States under the trading symbol "MEOH”. Methanex can be visited
online at www.methanex.com.
For further information, contact:
Kim CampbellManager, Investor RelationsMethanex
Corporation604 661 2600 or Toll Free: 1 800 661
8851www.methanex.com
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