Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK)
today reported the Company's results for the quarter ended
September 30, 2020:
Consolidated Financial
Summary
|
Three Months Ended |
(in thousands of U.S.
dollars, except per share data) |
September 30, 2020 |
June 30, 2020 |
September 30, 2019 (3) |
GAAP FINANCIAL COMPARISON |
|
|
|
|
|
|
Total revenues |
170,240 |
|
|
|
246,492 |
|
|
187,444 |
|
|
|
(Loss) income from operations |
(29,193 |
) |
|
|
92,986 |
|
|
(4,873 |
) |
|
|
Net (loss) income |
(44,434 |
) |
|
|
98,198 |
|
|
(19,850 |
) |
|
|
(Loss) earnings per share (4) |
(1.32 |
) |
|
|
2.91 |
|
|
(0.59 |
) |
|
|
NON-GAAP FINANCIAL COMPARISON |
|
|
|
|
|
Total Adjusted EBITDA (1) |
46,248 |
|
|
|
124,241 |
|
|
27,837 |
|
|
|
Adjusted net income (loss)
(1) |
3,132 |
|
|
|
80,700 |
|
|
(21,173 |
) |
|
|
Adjusted earnings (loss) per
share (1)(4) |
0.09 |
|
|
|
2.39 |
|
|
(0.63 |
) |
|
|
Free cash flow (1) |
31,178 |
|
|
|
125,799 |
|
|
11,735 |
|
|
|
(1) These are non-GAAP financial
measures. Please refer to "Definitions and Non-GAAP Financial
Measures" and the Appendices to this release for definitions of
these terms and reconciliations of these non-GAAP financial
measures as used in this release to the most directly comparable
financial measures under United States generally accepted
accounting principles (GAAP).
(2) Net debt is a non-GAAP financial
measure and represents short-term, current and long-term debt and
current and long-term obligations related to finance leases less
cash and cash equivalents and restricted cash.
(3) Comparative balances relating to
the three months ended September 30, 2019 have been updated to
reflect results as presented in the Company’s Annual Report on Form
20-F for the year ended December 31, 2019.
(4) The per share amounts for all
periods presented have been adjusted to reflect a one-for-eight
reverse stock split completed in November 2019.
Third Quarter of 2020 Compared to Second Quarter of
2020
GAAP net loss and non-GAAP adjusted net income
for the third quarter of 2020, compared to the second quarter of
2020, primarily reflects lower average spot tanker rates and a
higher number of scheduled drydockings during the third quarter of
2020. GAAP net loss in the third quarter of 2020 also included a
$45.0 million write-down of assets, while GAAP net income in the
second quarter of 2020 included a $15.2 million reduction in
freight tax accruals relating to prior periods.
Third Quarter of 2020 Compared to Third Quarter of
2019
GAAP net loss for the third quarter of 2020
increased, while non-GAAP adjusted net income improved compared to
the same period of the prior year. These measures were positively
impacted primarily by higher revenues from several fixed-rate
charters secured during the past year at higher rates and higher
average spot tanker rates in the third quarter of 2020, partially
offset by the sale of four Suezmax tankers during December 2019 and
the first quarter of 2020, as well as the sale of the non-US
portion of the ship-to-ship support services and LNG terminal
management business in the second quarter of 2020. GAAP net loss in
the third quarter of 2020 also included a $45.0 million write-down
of assets.
CEO Commentary
“Despite weaker spot tanker rates and a heavy
drydock schedule during the third quarter of 2020, Teekay Tankers
reported an adjusted net income of $3.1 million, or $0.09 per
share, as we benefitted from well-timed fixed-rate charters secured
over the last several quarters at rates meaningfully above current
spot market levels," commented Kevin Mackay, Teekay Tankers’
President and Chief Executive Officer.
"Following three strong quarters, spot tanker
rates came under pressure during the third quarter of 2020 as a
result of seasonal weakness, record OPEC+ production cuts resulting
from reduced oil demand related to the pandemic, and the unwinding
of floating storage. We were able to successfully mitigate the
impact of these weaker rates with 22 percent of our fleet on
fixed-rate charters during the third quarter at an average rate of
$37,600 per day,” commented Mr. Mackay. “This weakness in spot
tanker rates has continued into the fourth quarter; however, there
is potential for an uplift in spot tanker rates as seasonal winter
conditions typically tighten tanker supply as we move through the
fourth quarter. At this point, the near-term outlook remains
uncertain, but we are pleased that we secured a fifth of our fleet
on strong fixed-rate charters and remain encouraged by fleet supply
fundamentals which are significantly more favorable relative to
prior market cycles.”
“Increasing our financial strength has been one
of our strategic priorities, and over the past year, we have
transformed our balance sheet," continued Mr. Mackay. “During this
past year, we generated over $400 million in free cash flow and
completed over $100 million of asset sales, which have contributed
to net debt reduction of approximately $500 million, or 50 percent,
as well as strengthened our liquidity position from around $100
million to $470 million at the end of the third quarter of 2020. In
addition to delevering our balance sheet, we have also reduced our
cost of capital through the recently completed debt refinancing and
the voluntary early termination of existing sale-leaseback
financings on two of our vessels.”
Mr. Mackay concluded, "I want to thank our
seafarers and onshore colleagues for their continued dedication to
provide safe and uninterrupted service to our customers during this
COVID-19 pandemic over the past several months. With strong
fixed-rate charter contracts, low free cash flow break-even,
reduced balance sheet leverage, a strong liquidity position, and no
debt maturities until 2023, we believe that Teekay Tankers is
well-positioned financially to continue creating shareholder value
throughout a wide range of near-term market conditions.”
Summary of Recent Events
In October 2020, Teekay Tankers repurchased two
of its Aframax vessels that were previously subject to long-term
finance leases for a total purchase price of $29.6 million.
The purchases were funded with existing cash balances and
therefore, the two vessels are currently unencumbered.
In September 2020, Teekay Tankers entered into a
one-year time charter-out contract for an Aframax tanker at $18,700
per day, which commenced in early-October 2020.
In August 2020, Teekay Tankers secured a
three-year, $67 million term loan to refinance four Suezmax
tankers. The net proceeds from the new debt facility, along with
existing cash balances, were used to repay approximately $85
million outstanding on the Company's existing debt facility with
respect to these vessels that was scheduled to mature in 2021.
Tanker Market
Crude tanker spot rates fell during the third
quarter of 2020 due to a combination of seasonal weakness, reduced
oil demand due to the impact of COVID-19, and low trade volumes as
a result of oil supply cuts by the OPEC+ group of producers. The
return of some ships to the spot trading fleet from floating
storage further compounded the weakness in rates.
Global oil demand has been gradually recovering
since the low point in April 2020, when oil demand plummeted by
over 20 million barrels per day (mb/d) due to severe restrictions
and lockdowns in the wake of the COVID-19 outbreak. These
restrictions, which were at their height in the second quarter of
2020, have eased since the summer, leading to a corresponding
increase in oil demand. However, as of October 2020, global oil
demand remains several million barrels below pre-pandemic levels
and although global crude oil and refined product inventories have
been falling since the third quarter of 2020, they remain well
above long-term averages.
The OPEC+ group of oil producers, who
implemented supply cuts of 9.7 mb/d in May 2020, returned 2 mb/d of
supply to the market in August 2020. Although this was a positive
step, it still results in crude trade volumes that are well below
pre-pandemic levels, which has depressed crude spot tanker rates
into the early part of the fourth quarter of 2020.
Typically, spot tanker rates would find some
support during the winter months due to the seasonal impacts of
higher oil demand and an increase in vessel delays due to poor
weather and shorter daylight hours. While these seasonal factors
are still expected to be positive for the tanker market, the
potential increase in spot rates this winter is expected to be
tempered by the underlying imbalance between tanker supply and
demand. Mid-size tankers could find some support from an increase
in Libyan crude oil production, which is expected to reach 1.0 mb/d
during the fourth quarter of 2020, having averaged only 0.1 mb/d
during the third quarter of 2020. However, this could be
counter-balanced by a potential slowdown in demand due to a
resurgence of COVID-19 cases in many regions and the potential for
fresh restrictions and lockdowns over the winter months.
Looking ahead, the Company expects that tanker
demand will continue to recover during 2021 as oil demand increases
and oil inventories are brought back to more normal levels.
However, the timing of this recovery remains uncertain and depends
to a large extent on how the COVID-19 pandemic evolves over the
coming months. The OPEC+ group is scheduled to return a further 2.0
mb/d of oil supply to the market from January 2021 onwards, which
would be positive for tanker demand; however, a more definitive
determination is expected to be made at the next OPEC meeting on
November 30, 2020.
Fleet supply fundamentals continue to look very
positive due to a significantly reduced level of newbuild ordering,
a diminishing tanker orderbook, and the potential for higher
scrapping due to an aging world fleet. As of October 2020, the
tanker orderbook totaled 47.5 million deadweight tonnes (mdwt), or
just over seven percent of the existing fleet size. When measured
as a proportion of the total fleet, this is the lowest orderbook
since 1996. The level of newbuild orders remains low, and is
expected to remain so due to uncertainty over vessel technology and
a more restrictive financial landscape. Although scrapping has been
very low this year, scrapping facilities have now returned to full
operation, and the level may pick up during periods of potentially
weaker spot tanker rates in 2021.
In summary, the tanker market has come off the
highs seen during the first half of the year, and the next few
months look to be challenging. However, tanker demand should
continue to gradually recover through the course of 2021 which,
coupled with a positive fleet supply outlook, should help the
tanker market begin to rebalance.
Operating Results
The following table highlights the operating
performance of the Company’s time-charter vessels and spot vessels
trading in revenue sharing arrangements (RSAs), voyage charters and
full service lightering, in each case measured in net revenues(i)
per revenue day, or time-charter equivalent (TCE) rates, before
off-hire bunker expenses and fees associated with vessels exiting
the RSAs:
|
Three Months Ended |
|
September 30, 2020(ii) |
June 30, 2020(ii) |
September 30, 2019(ii) |
Time Charter-Out
Fleet |
|
|
|
|
|
|
Suezmax revenue days |
831 |
|
|
794 |
|
|
92 |
|
|
Suezmax TCE per revenue day |
$ |
41,216 |
|
|
$ |
37,740 |
|
|
$ |
20,488 |
|
|
Aframax revenue days |
184 |
|
|
91 |
|
|
— |
|
|
Aframax TCE per revenue
day |
$ |
24,983 |
|
|
$ |
22,925 |
|
|
— |
|
|
LR2 revenue days |
79 |
|
|
71 |
|
|
— |
|
|
LR2 TCE per revenue
day |
$ |
28,638 |
|
|
$ |
25,463 |
|
|
— |
|
|
|
|
|
|
|
|
|
Spot
Fleet |
|
|
|
|
|
|
Suezmax revenue days |
1,388 |
|
|
1,544 |
|
|
2,576 |
|
|
Suezmax spot TCE per revenue
day (iii) |
$ |
22,269 |
|
|
$ |
46,484 |
|
|
$ |
16,321 |
|
|
Aframax revenue days |
1,534 |
|
|
1,632 |
|
|
1,821 |
|
|
Aframax spot TCE per revenue
day (iv) |
$ |
14,802 |
|
|
$ |
29,569 |
|
|
$ |
14,850 |
|
|
LR2 revenue days |
865 |
|
|
876 |
|
|
781 |
|
|
LR2 spot TCE per revenue day
(v) |
$ |
14,400 |
|
|
$ |
29,621 |
|
|
$ |
14,686 |
|
|
|
|
|
|
|
|
|
Total
Fleet |
|
|
|
|
|
|
Suezmax revenue days |
2,219 |
|
|
2,338 |
|
|
2,668 |
|
|
Suezmax TCE per revenue
day |
$ |
29,366 |
|
|
$ |
43,516 |
|
|
$ |
16,465 |
|
|
Aframax revenue days |
1,718 |
|
|
1,723 |
|
|
1,821 |
|
|
Aframax TCE per revenue
day |
$ |
15,892 |
|
|
$ |
29,218 |
|
|
$ |
14,850 |
|
|
LR2 revenue days |
944 |
|
|
947 |
|
|
781 |
|
|
LR2 TCE per revenue day |
$ |
15,592 |
|
|
$ |
29,309 |
|
|
$ |
14,686 |
|
|
- Net revenues is a non-GAAP financial measure. Please refer to
"Definitions and Non-GAAP Financial Measures" for a definition of
this term.
- Revenue days are the total number of calendar days the
Company's vessels were in its possession during a period, less the
total number of off-hire days during the period associated with
major repairs, dry dockings or special or intermediate surveys.
Consequently, revenue days represent the total number of days
available for the vessel to earn revenue. Idle days, which are days
when the vessel is available to earn revenue but is not employed,
are included in revenue days.
- Includes vessels trading in the Teekay Suezmax RSA, Teekay
Suezmax Classic RSA and non-pool voyage charters.
- Prior to January 1, 2020, includes vessels trading in the
Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage
charters and full service lightering voyages. Subsequent to January
1, 2020, includes Aframax vessels trading in the Teekay Aframax
RSA, non-pool voyage charters and full service lightering
voyages.
- Prior to January 1, 2020, includes vessels trading in the
Teekay Taurus RSA and non-pool voyage charters. Subsequent to
January 1, 2020, includes LR2 vessels trading in the Teekay Aframax
RSA, non-pool voyage charters, and full service lightering
voyages.
Fourth Quarter of 2020 Tanker Performance
Update
The following table summarizes Teekay Tankers’
TCE rates fixed to-date in the fourth quarter of 2020 for both its
spot-traded fleet only and its combined spot-traded and fixed-rate
fleets:
|
To-Date Spot Tanker Rates |
Combined To-Date Spot Tanker and
Fixed-RateContract Rates |
|
TCE Rates Per Day |
% Fixed |
TCE Rates Per Day |
% Fixed |
Suezmax |
$10,100 |
49 |
% |
$24,200 |
62 |
% |
Aframax (1) |
$7,700 |
45 |
% |
$12,400 |
54 |
% |
LR2 (2) |
$8,500 |
44 |
% |
$13,500 |
52 |
% |
(1) Rates and percentage booked
to-date include Aframax RSA, full service lightering (FSL) and
non-pool voyage charters for all Aframax vessels.(2) Rates
and percentage booked to-date include Aframax RSA, FSL and non-pool
voyage charters for all LR2 vessels, whether trading in the clean
or dirty spot market.
Teekay Tankers’ Fleet
The following table summarizes the Company’s
fleet as of November 1, 2020:
|
Owned and Leased Vessels |
Chartered-in Vessels |
Total |
Fixed-rate: |
|
|
|
Suezmax Tankers |
7 |
— |
7 |
Aframax Tankers |
3 |
— |
3 |
LR2
Product Tanker |
1 |
— |
1 |
Total Fixed-Rate Fleet |
11 |
— |
11 |
Spot-rate: |
|
|
|
Suezmax Tankers |
19 |
— |
19 |
Aframax Tankers(i) |
14 |
2 |
16 |
LR2 Product Tankers(ii) |
8 |
2 |
10 |
VLCC
Tanker(iii) |
1 |
— |
1 |
Total Spot Fleet |
42 |
4 |
46 |
Total Tanker Fleet |
53 |
4 |
57 |
STS Support Vessels |
— |
3 |
3 |
Total Teekay Tankers' Fleet |
53 |
7 |
60 |
- Includes two Aframax tankers with charter-in contracts that are
scheduled to expire in March 2021 and September 2021, respectively,
one with an option for the Company to extend for one additional
year.
- Includes two LR2 product tankers with charter-in contracts that
are scheduled to expire in January 2021, each with an option for
the Company to extend for one additional year.
- The Company’s ownership interest in this vessel is 50
percent.
Liquidity Update
As at September 30, 2020, the Company had
total liquidity of $469.8 million (comprised of $120.9 million in
cash and cash equivalents and $348.9 million in undrawn capacity
from its credit facilities) compared to total liquidity of $467.5
million as at June 30, 2020.
Conference Call
The Company plans to host a conference call on
Thursday, November 12, 2020 at 12:00 p.m. (ET) to discuss its
results for the third quarter of 2020. All shareholders and
interested parties are invited to listen to the live conference
call by choosing from the following options:
- By dialing (800) 367-2403 or (647) 490-5367, if outside of
North America, and quoting conference ID code 9018310.
- By accessing the webcast, which will be available on Teekay
Tankers’ website at www.teekay.com (the archive will remain on the
website for a period of one year).
An accompanying Third Quarter of 2020 Earnings
Presentation will also be available at www.teekay.com in advance of
the conference call start time.
About Teekay Tankers
Teekay Tankers currently has a fleet of 52
double-hull tankers (including 26 Suezmax tankers, 17 Aframax
tankers and nine LR2 product tankers), and also has four time
chartered-in tankers. Teekay Tankers’ vessels are typically
employed through a mix of short- or medium-term fixed-rate time
charter contracts and spot tanker market trading. Teekay Tankers
also owns a Very Large Crude Carrier (VLCC) through a 50
percent-owned joint venture. In addition, Teekay Tankers owns a
ship-to-ship transfer business that performs full service
lightering and lightering support operations in the U.S. Gulf and
Caribbean. Teekay Tankers was formed in December 2007 by Teekay
Corporation as part of its strategy to expand its conventional oil
tanker business.
Teekay Tankers’ Class A common stock trades on
the New York Stock Exchange under the symbol “TNK.”
For Investor Relations enquiries contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
Definitions and Non-GAAP Financial Measures
This release includes various financial measures
that are non-GAAP financial measures as defined under the rules of
the Securities and Exchange Commission (SEC). These non-GAAP
financial measures, which include Adjusted Net Income (Loss), Free
Cash Flow, Net Revenues, and Adjusted EBITDA, are intended to
provide additional information and should not be considered
substitutes for measures of performance prepared in accordance with
GAAP. In addition, these measures do not have standardized
definitions across companies, and therefore may not be comparable
to similar measures presented by other companies. These
non-GAAP measures are used by management, and the Company believes
that these supplemental metrics assist investors and other users of
its financial reports in comparing financial and operating
performance of the Company across reporting periods and with other
companies.
Non-GAAP Financial Measures
Adjusted net income (loss) excludes items of
income or loss from GAAP net (loss) income that are typically
excluded by securities analysts in their published estimates of the
Company’s financial results. The Company believes that certain
investors use this information to evaluate the Company’s financial
performance, as does management. Please refer to Appendix A of this
release for a reconciliation of this non-GAAP financial measure to
net (loss) income, the most directly comparable GAAP measure
reflected in the Company’s consolidated financial statements.
Adjusted EBITDA represents net (loss) income
before interest, taxes, and depreciation and amortization and is
adjusted to exclude certain items whose timing or amount cannot be
reasonably estimated in advance or that are not considered
representative of core operating performance. Such adjustments
include foreign exchange gains and losses, gains and losses on sale
of vessels, unrealized credit loss adjustments, unrealized gains
and losses on derivative instruments and any write-offs and certain
other income or expenses. Adjusted EBITDA also excludes realized
gains or losses on interest rate swaps as management, in assessing
the Company's performance, views these gains or losses as an
element of interest expense and realized gains or losses on
derivative instruments resulting from amendments or terminations of
the underlying instruments. Consolidated Adjusted EBITDA represents
Adjusted EBITDA from vessels that are consolidated on the Company's
financial statements. Adjusted EBITDA from Equity-Accounted
Joint Venture represents the Company's proportionate share of
Adjusted EBITDA from its equity-accounted joint venture, and as a
result, the Company does not have the unilateral ability to
determine whether the cash generated by its equity-accounted joint
venture is retained within the entity in which the Company holds
the equity-accounted joint venture or distributed to the Company
and other owners. In addition, the Company does not control the
timing of any such distributions to the Company and other owners.
Adjusted EBITDA is a non-GAAP financial measure used by certain
investors and management to measure the operational performance of
companies. Total Adjusted EBITDA represents Consolidated Adjusted
EBITDA plus Adjusted EBITDA from Equity-Accounted Joint Venture.
Please refer to Appendices C and D of this release for
reconciliations of Adjusted EBITDA to net (loss) income and equity
income, respectively, which are the most directly comparable GAAP
measures reflected in the Company’s consolidated financial
statements.
Free cash flow (FCF) represents net (loss)
income, plus depreciation and amortization, unrealized losses from
derivative instruments, loss on sales of vessels, equity loss from
the equity-accounted joint venture, and any write-offs and certain
other non-cash non-recurring items, less unrealized gains from
derivative instruments, gain on sales of vessels, equity income
from the equity-accounted joint venture and certain other non-cash
items. The Company includes FCF from the equity-accounted joint
venture as a component of its FCF. FCF from the equity-accounted
joint venture represents the Company’s proportionate share of FCF
from its equity-accounted joint venture. The Company does not
control its equity-accounted joint venture, and as a result, the
Company does not have the unilateral ability to determine whether
the cash generated by its equity-accounted joint venture is
retained within the joint venture or distributed to the Company and
other owners. In addition, the Company does not control the timing
of such distributions to the Company and other owners.
Consequently, readers are cautioned when using FCF as a liquidity
measure as the amount contributed from FCF from the
equity-accounted joint venture may not be available to the Company
in the periods such FCF is generated by the equity-accounted joint
venture. FCF is a non-GAAP financial measure used by certain
investors and management to evaluate the Company’s financial and
operating performance and to assess the Company’s ability to
generate cash sufficient to repay debt, pay dividends and undertake
capital and dry-dock expenditures. Please refer to Appendix B to
this release for a reconciliation of this non-GAAP financial
measure to net (loss) income, the most directly comparable GAAP
financial measure reflected in the Company’s consolidated financial
statements.
Net revenues represents revenues less voyage
expenses. Because the amount of voyage expenses the Company incurs
for a particular charter depends on the type of the charter, the
Company uses net revenues to improve the comparability between
periods of reported revenues that are generated by the different
types of charters and contracts. The Company principally uses net
revenues, a non-GAAP financial measure, because the Company
believes it provides more meaningful information about the
deployment of the Company's vessels and their performance than does
revenues, the most directly comparable financial measure under
GAAP.
Teekay Tankers Ltd. Summary
Consolidated Statements of (Loss) Income(in thousands of
U.S. dollars, except share and per share data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
June 30, |
September 30, |
|
September 30, |
September 30, |
|
|
|
2020 |
2020 |
2019 (1) |
|
2020 |
2019 (1) |
|
|
|
(unaudited) |
(unaudited) |
(unaudited) |
|
(unaudited) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Voyage charter
revenues (2) |
125,819 |
|
|
207,926 |
|
|
178,174 |
|
|
|
651,223 |
|
|
591,746 |
|
|
|
Time-charter
revenues |
42,180 |
|
|
34,986 |
|
|
1,909 |
|
|
|
92,733 |
|
|
6,815 |
|
|
|
Other revenues
(3) |
2,241 |
|
|
3,580 |
|
|
7,361 |
|
|
|
14,676 |
|
|
34,051 |
|
|
|
Total revenues |
170,240 |
|
|
246,492 |
|
|
187,444 |
|
|
|
758,632 |
|
|
632,612 |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses
(2) |
(57,777 |
) |
|
(61,558 |
) |
|
(92,866 |
) |
|
|
(238,576 |
) |
|
(293,263 |
) |
|
|
Vessel operating
expenses |
(46,336 |
) |
|
(46,218 |
) |
|
(48,539 |
) |
|
|
(143,203 |
) |
|
(156,726 |
) |
|
|
Time-charter hire
expenses |
(9,070 |
) |
|
(9,296 |
) |
|
(10,637 |
) |
|
|
(28,245 |
) |
|
(30,877 |
) |
|
|
Depreciation and
amortization |
(29,992 |
) |
|
(29,546 |
) |
|
(31,536 |
) |
|
|
(89,170 |
) |
|
(92,059 |
) |
|
|
General and
administrative expenses |
(9,887 |
) |
|
(9,784 |
) |
|
(8,739 |
) |
|
|
(28,957 |
) |
|
(27,412 |
) |
|
|
(Write-down) and
(loss) gain on sale of assets (4) |
(44,973 |
) |
|
2,896 |
|
|
— |
|
|
|
(45,164 |
) |
|
— |
|
|
|
Restructuring
charge |
(1,398 |
) |
|
— |
|
|
— |
|
|
|
(1,398 |
) |
|
— |
|
|
|
(Loss) income from operations |
(29,193 |
) |
|
92,986 |
|
|
(4,873 |
) |
|
|
183,919 |
|
|
32,275 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
(12,553 |
) |
|
(13,492 |
) |
|
(16,134 |
) |
|
|
(41,180 |
) |
|
(49,683 |
) |
|
|
Interest
income |
337 |
|
|
567 |
|
|
138 |
|
|
|
1,160 |
|
|
724 |
|
|
|
Realized and
unrealized (loss) gain on derivative
instruments (5) |
(414 |
) |
|
(589 |
) |
|
1,453 |
|
|
|
(1,830 |
) |
|
(1,172 |
) |
|
|
Equity income
(6) |
46 |
|
|
3,188 |
|
|
68 |
|
|
|
5,174 |
|
|
652 |
|
|
|
Other (expense)
income |
(470 |
) |
|
940 |
|
|
933 |
|
|
|
1,613 |
|
|
1,182 |
|
|
|
Net (loss) income before income tax |
(42,247 |
) |
|
83,600 |
|
|
(18,415 |
) |
|
|
148,856 |
|
|
(16,022 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax
(expense) recovery (7) |
(2,187 |
) |
|
14,598 |
|
|
(1,435 |
) |
|
|
11,747 |
|
|
(5,688 |
) |
|
|
Net (loss) income |
(44,434 |
) |
|
98,198 |
|
|
(19,850 |
) |
|
|
160,603 |
|
|
(21,710 |
) |
|
|
|
|
|
|
|
|
|
|
(Loss) earnings
per share attributable |
|
|
|
|
|
|
|
|
to shareholders of Teekay
Tankers |
|
|
|
|
|
|
|
|
- Basic (8) |
(1.32 |
) |
|
2.91 |
|
|
(0.59 |
) |
|
|
4.76 |
|
|
(0.65 |
) |
|
|
|
- Diluted (8) |
(1.32 |
) |
|
2.89 |
|
|
(0.59 |
) |
|
|
4.73 |
|
|
(0.65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of total common |
|
|
|
|
|
|
|
shares outstanding |
|
|
|
|
|
|
|
|
- Basic (8) |
33,738,143 |
|
|
33,727,978 |
|
|
33,623,608 |
|
|
|
33,712,124 |
|
|
33,610,936 |
|
|
|
|
- Diluted (8) |
33,738,143 |
|
|
33,978,730 |
|
|
33,623,608 |
|
|
|
33,942,191 |
|
|
33,610,936 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of
outstanding shares of common stock at the end of the period
(8) |
33,738,143 |
|
|
33,738,143 |
|
|
33,623,608 |
|
|
|
33,738,143 |
|
|
33,623,608 |
|
|
|
- Voyage expenses incurred that are recoverable from the
Company's customers in connection with its voyage charter contracts
are reflected in voyage charter revenues and voyage expenses. The
Company recast the results for the three and nine months ended
September 2019 to be consistent with the presentation in the 2019
20-F and this report for the three and nine months ended September
30, 2020. This had the impact of increasing both voyage charter
revenues and voyage expenses by $5.1 million and $15.5 million,
respectively, for the three and nine months ended September 30,
2019.
- Voyage charter revenues include revenues earned from full
service lightering activities. Voyage expenses include certain
costs associated with full service lightering activities, which
include: short-term in-charter expenses, bunker fuel expenses and
other port expenses totaling $10.8 million, $12.7 million and $9.0
million for the three months ended September 30, 2020, June 30,
2020 and September 30, 2019, respectively, and $42.2 million and
$39.9 million for the nine months ended September 30, 2020 and
September 30, 2019, respectively.
- Other revenues include lightering support and liquefied natural
gas services revenue, revenue earned from the Company's
responsibilities in employing the vessels subject to the RSAs, and
bunker commissions earned. In April 2020, the Company sold a
portion of its oil and gas ship-to-ship transfer support business,
including its gas terminal management services.
- (Write-down) and (loss) gain on sale of assets for the three
and nine months ended September 30, 2020 includes a write-down of
$45.0 million relating to five Aframax tankers and the Company's
operating lease right-of-use assets, which were written-down to
their estimated fair values. (Write-down) and (loss) gain on sale
of assets for the nine months ended September 30, 2020 also
includes a loss on sale of $2.6 million relating to three Suezmax
tankers which were sold in the first quarter of 2020 and a
write-down of $0.7 million relating to the Company's operating
lease right-of-use assets in the second quarter of 2020, partially
offset by a gain on sale of $3.1 million relating to the completion
of the sale of the non-US portion of the Company's ship-to-ship
support services business, as well as the Company's LNG terminal
management business in the second quarter of 2020.
- Includes realized gains on interest rate swaps of nil, $0.1
million and $0.6 million for the three months ended September 30,
2020, June 30, 2020 and September 30, 2019, respectively, and
realized gains of $0.6 million and $2.4 million for the nine months
ended September 30, 2020 and September 30, 2019, respectively. The
Company also recognized realized losses of $0.2 million, $0.2
million and realized gains of $0.4 million for the three months
ended September 30, 2020, June 30, 2020 and September 30, 2019,
respectively, and realized losses of $0.4 million and realized
gains of $0.4 million for the nine months ended September 30, 2020
and September 30, 2019, respectively, relating to its forward
freight agreements.
- Equity income relates to the Company’s 50 percent interest in
the High-Q Investment Ltd. (High-Q) joint venture, which owns one
VLCC tanker.
- Income tax recovery for the three months ended June 30, 2020
includes a reduction in freight tax accruals of $15.2 million
related to periods prior to 2020.
- The number of shares and per share amounts, including
comparative figures, have been adjusted to reflect the changes
resulting from the one-for-eight reverse stock split which took
effect on November 25, 2019.
Teekay Tankers Ltd. Summary
Consolidated Balance Sheets(in thousands of U.S.
dollars)
|
As at |
As at |
As at |
|
September 30, |
June 30, |
December 31, |
|
2020 |
2020 |
2019 |
|
(unaudited) |
(unaudited) |
(unaudited) |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
120,872 |
|
|
167,907 |
|
|
88,824 |
|
|
Restricted cash |
4,686 |
|
|
4,766 |
|
|
3,071 |
|
|
Accounts receivable |
46,247 |
|
|
88,663 |
|
|
95,648 |
|
|
Bunker and lube oil
inventory |
33,444 |
|
|
30,885 |
|
|
49,790 |
|
|
Prepaid expenses |
13,561 |
|
|
12,103 |
|
|
10,288 |
|
|
Due from affiliates |
3,323 |
|
|
2,440 |
|
|
697 |
|
|
Current portion of derivative
assets |
— |
|
|
— |
|
|
577 |
|
|
Assets held for sale (1) |
— |
|
|
— |
|
|
65,458 |
|
|
Accrued
revenue |
29,410 |
|
|
42,153 |
|
|
106,872 |
|
|
Total current assets |
251,543 |
|
|
348,917 |
|
|
421,225 |
|
|
Restricted cash –
long-term |
3,437 |
|
|
3,437 |
|
|
3,437 |
|
|
Vessels and equipment –
net |
1,131,742 |
|
|
1,161,097 |
|
|
1,223,085 |
|
|
Vessels related to finance
leases – net |
484,776 |
|
|
511,879 |
|
|
527,081 |
|
|
Operating lease right-of-use
assets |
6,148 |
|
|
10,758 |
|
|
19,560 |
|
|
Investment in and advances to
equity-accounted joint venture |
28,635 |
|
|
29,740 |
|
|
28,112 |
|
|
Derivative assets |
— |
|
|
— |
|
|
82 |
|
|
Other non-current assets |
1,175 |
|
|
1,453 |
|
|
1,923 |
|
|
Intangible assets – net |
2,122 |
|
|
2,259 |
|
|
2,545 |
|
|
Goodwill |
2,426 |
|
|
2,426 |
|
|
2,426 |
|
|
Total assets |
1,912,004 |
|
|
2,071,966 |
|
|
2,229,476 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Accounts payable and accrued
liabilities |
83,272 |
|
|
100,012 |
|
|
130,713 |
|
|
Short-term debt |
20,000 |
|
|
10,000 |
|
|
50,000 |
|
|
Current portion of long-term
debt |
10,962 |
|
|
27,549 |
|
|
43,573 |
|
|
Current portion of derivative
liabilities |
755 |
|
|
414 |
|
|
86 |
|
|
Current obligations related to
finance leases |
26,794 |
|
|
26,281 |
|
|
25,357 |
|
|
Current portion of operating
lease liabilities |
7,602 |
|
|
10,986 |
|
|
16,290 |
|
|
Liabilities associated with
assets held for sale (1) |
— |
|
|
— |
|
|
2,980 |
|
|
Due to affiliates |
2,932 |
|
|
2,091 |
|
|
2,139 |
|
|
Other
current liabilities |
3,696 |
|
|
8,485 |
|
|
8,567 |
|
|
Total current liabilities |
156,013 |
|
|
185,818 |
|
|
279,705 |
|
|
Long-term debt |
204,103 |
|
|
285,389 |
|
|
516,106 |
|
|
Long-term obligations related
to finance leases |
369,278 |
|
|
376,238 |
|
|
389,431 |
|
|
Long-term operating lease
liabilities |
421 |
|
|
417 |
|
|
3,270 |
|
|
Other long-term
liabilities |
29,683 |
|
|
27,516 |
|
|
51,044 |
|
|
Derivative liabilities |
717 |
|
|
789 |
|
|
— |
|
|
Equity |
1,151,789 |
|
|
1,195,799 |
|
|
989,920 |
|
|
Total liabilities and equity |
1,912,004 |
|
|
2,071,966 |
|
|
2,229,476 |
|
|
|
|
|
|
|
|
|
Net
debt (2) |
502,142 |
|
|
549,347 |
|
|
929,135 |
|
|
- On April 30, 2020, the Company finalized the sale of a portion
of its oil and gas ship-to-ship transfer support business, which
also provides gas terminal management services, for $27.1 million.
The sale of a portion of the ship-to-ship support services business
and gas terminal management business, including cash, cash
equivalents and restricted cash of $1.5 million, was classified as
held for sale as at December 31, 2019. Also included in assets held
for sale at December 31, 2019 were two Suezmax vessels.
- Net debt is a non-GAAP financial measure and represents
short-term, current and long-term debt and current and long-term
obligations related to finance leases less cash and cash
equivalents and restricted cash.
Teekay Tankers Ltd. Summary
Consolidated Statements of Cash Flows(in thousands of U.S.
dollars)
|
|
Nine Months Ended |
|
|
September 30, |
September 30, |
|
|
2020 |
2019 |
|
|
(unaudited) |
(unaudited) |
Cash, cash
equivalents and restricted cash provided by (used for) |
|
|
|
|
OPERATING
ACTIVITIES |
|
|
|
|
Net income
(loss) |
160,603 |
|
|
|
(21,710 |
) |
|
|
Non-cash
items: |
|
|
|
|
Depreciation and amortization |
89,170 |
|
|
|
92,059 |
|
|
|
Write-down and loss on sale of assets |
45,164 |
|
|
|
— |
|
|
|
Unrealized loss on derivative instruments |
1,948 |
|
|
|
3,960 |
|
|
|
Equity income |
(5,174 |
) |
|
|
(652 |
) |
|
|
Income tax (recovery) expense |
(10,951 |
) |
|
|
4,181 |
|
|
|
Other |
3,827 |
|
|
|
3,690 |
|
|
|
Change in
operating assets and liabilities |
72,629 |
|
|
|
18,685 |
|
|
|
Expenditures for
dry docking |
(9,405 |
) |
|
|
(37,430 |
) |
|
|
Net operating cash flow |
347,811 |
|
|
|
62,783 |
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
Proceeds from
short-term debt |
235,000 |
|
|
|
125,000 |
|
|
|
Proceeds from
long-term debt, net of issuance costs |
544,872 |
|
|
|
56,788 |
|
|
|
Scheduled
repayments of long-term debt |
(10,366 |
) |
|
|
(76,216 |
) |
|
|
Prepayments of
long-term debt |
(882,495 |
) |
|
|
(109,688 |
) |
|
|
Prepayments of
short-term debt |
(265,000 |
) |
|
|
(75,000 |
) |
|
|
Proceeds from
financing related to sales and leaseback of vessels |
— |
|
|
|
63,720 |
|
|
|
Scheduled
repayments of obligations related to finance leases |
(18,716 |
) |
|
|
(18,075 |
) |
|
|
Other |
(562 |
) |
|
|
(126 |
) |
|
|
Net financing cash flow |
(397,267 |
) |
|
|
(33,597 |
) |
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
Proceeds from sale
of assets |
85,892 |
|
|
|
— |
|
|
|
Expenditures for
vessels and equipment |
(8,881 |
) |
|
|
(7,210 |
) |
|
|
Loan repayments
from equity-accounted joint venture |
4,650 |
|
|
|
— |
|
|
|
Net investing cash flow |
81,661 |
|
|
|
(7,210 |
) |
|
|
|
|
|
|
|
Increase in cash,
cash equivalents and restricted cash |
32,205 |
|
|
|
21,976 |
|
|
|
Cash, cash
equivalents and restricted cash, beginning of the period |
96,790 |
|
|
|
60,507 |
|
|
|
Cash, cash equivalents and restricted cash, end of the
period |
128,995 |
|
|
|
82,483 |
|
|
|
Teekay Tankers Ltd. Appendix A -
Reconciliation of Non-GAAP Financial
MeasuresAdjusted Net Income (Loss)(in
thousands of U.S. dollars, except per share amounts)
|
|
|
Three Months Ended |
|
|
|
September 30, 2020 |
June 30, 2020 |
September 30, 2019 |
|
|
|
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
$ |
$ Per Share(1) |
$ |
$ Per Share(1) |
$ |
$ Per Share(1) |
Net (loss) income
- GAAP basis |
(44,434 |
) |
|
|
($ |
1.32 |
) |
|
|
98,198 |
|
|
|
$ |
2.91 |
|
|
|
(19,850 |
) |
|
|
($ |
0.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add (subtract) specific items affecting net
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Write-down and (gain) on sale of assets |
44,973 |
|
|
|
$ |
1.33 |
|
|
|
(2,896 |
) |
|
|
($ |
0.09 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
|
Unrealized loss (gain) on derivative instruments
(2) |
172 |
|
|
|
$ |
0.01 |
|
|
|
475 |
|
|
|
$ |
0.02 |
|
|
|
(405 |
) |
|
|
($ |
0.01 |
) |
|
|
|
Other (3) |
2,421 |
|
|
|
$ |
0.07 |
|
|
|
(15,077 |
) |
|
|
($ |
0.45 |
) |
|
|
(918 |
) |
|
|
($ |
0.03 |
) |
|
|
Total adjustments |
47,566 |
|
|
|
$ |
1.41 |
|
|
|
(17,498 |
) |
|
|
($ |
0.52 |
) |
|
|
(1,323 |
) |
|
|
($ |
0.04 |
) |
|
|
Adjusted
net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Teekay Tankers |
3,132 |
|
|
|
$ |
0.09 |
|
|
|
80,700 |
|
|
|
$ |
2.39 |
|
|
|
(21,173 |
) |
|
|
($ |
0.63 |
) |
|
|
- Basic per share amounts.
- Reflects unrealized gains or losses due to the changes in the
mark-to-market value of derivative instruments that are not
designated as hedges for accounting purposes, including unrealized
gains or losses on interest rate swaps and forward freight
agreements.
- The amount recorded for the three months ended September 30,
2020 primarily relates to restructuring charges, unrealized foreign
exchange losses and debt issuance costs which were written off in
connection with the refinancing of one of the Company's debt
facilities in August 2020. The amount recorded for the three months
ended June 30, 2020 primarily relates to a reduction to freight tax
accruals of prior years and unrealized foreign exchange losses. The
amount recorded for the three months ended September 30, 2019
primarily relates to unrealized foreign exchange gains.
Teekay Tankers Ltd.Appendix B -
Reconciliation of Non-GAAP Financial Measures Free
Cash Flow(in thousands of U.S. dollars, except share
data)
|
|
|
Three Months Ended |
|
|
|
September 30, 2020 |
June 30, 2020 |
September 30, 2019 |
|
|
|
(unaudited) |
(unaudited) |
(unaudited) |
|
Net (loss) income
- GAAP basis |
(44,434 |
) |
|
98,198 |
|
|
(19,850 |
) |
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
29,992 |
|
|
29,546 |
|
|
31,536 |
|
|
|
|
Proportionate share of free
cash flow from equity-accounted joint venture |
521 |
|
|
3,664 |
|
|
522 |
|
|
|
|
Unrealized loss on derivative
instruments |
172 |
|
|
475 |
|
|
— |
|
|
|
|
Write-down of assets |
44,973 |
|
|
185 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Equity income (1) |
(46 |
) |
|
(3,188 |
) |
|
(68 |
) |
|
|
|
Unrealized gain on derivative
instruments |
— |
|
|
— |
|
|
(405 |
) |
|
|
|
Gain on sale of assets |
— |
|
|
(3,081 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow |
31,178 |
|
|
125,799 |
|
|
11,735 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding for the
period - basic |
33,738,143 |
|
|
33,727,978 |
|
|
33,623,608 |
|
|
(1) Equity income relates to
the Company’s 50 percent ownership interest in the High-Q joint
venture, which owns one VLCC tanker.
Teekay Tankers Ltd. Appendix C -
Reconciliation of Non-GAAP Financial MeasuresTotal
Adjusted EBITDA(in thousands of U.S. dollars)
|
Three Months Ended |
|
|
September 30, 2020 |
June 30, 2020 |
September 30, 2019 |
|
(unaudited) |
(unaudited) |
(unaudited) |
Net (loss) income - GAAP
basis |
(44,434 |
) |
|
98,198 |
|
|
(19,850 |
) |
|
Depreciation and amortization |
29,992 |
|
|
29,546 |
|
|
31,536 |
|
|
Interest expense, net of interest income |
12,216 |
|
|
12,925 |
|
|
15,996 |
|
|
Income tax expense (recovery) |
2,187 |
|
|
(14,598 |
) |
|
1,435 |
|
|
EBITDA |
(39 |
) |
|
126,071 |
|
|
29,117 |
|
|
|
|
|
|
|
|
|
Add (subtract) specific income
statement items affecting EBITDA: |
|
|
|
|
|
|
Foreign exchange loss (gain) |
514 |
|
|
87 |
|
|
(918 |
) |
|
Write-down and (gain) on sale of assets |
44,973 |
|
|
(2,896 |
) |
|
— |
|
|
Realized loss (gain) on interest rate swaps |
58 |
|
|
(86 |
) |
|
(613 |
) |
|
Unrealized loss (gain) on derivative instruments |
172 |
|
|
475 |
|
|
(405 |
) |
|
Equity income |
(46 |
) |
|
(3,188 |
) |
|
(68 |
) |
|
Consolidated adjusted EBITDA |
45,632 |
|
|
120,463 |
|
|
27,113 |
|
|
Adjusted EBITDA from equity-accounted joint venture (See
Appendix D) |
616 |
|
|
3,778 |
|
|
724 |
|
|
Total Adjusted EBITDA |
46,248 |
|
|
124,241 |
|
|
27,837 |
|
|
Teekay Tankers Ltd. Appendix D -
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA from Equity-Accounted Joint
Venture(in thousands of U.S. dollars)
|
Three Months Ended |
|
September 30, 2020 |
June 30, 2020 |
September 30, 2019 |
|
(unaudited) |
(unaudited) |
(unaudited) |
|
At |
Company's |
At |
Company's |
At |
Company's |
|
100 |
% |
Portion (1) |
100 |
% |
Portion (1) |
100 |
% |
Portion (1) |
Revenues |
1,986 |
|
993 |
|
8,113 |
|
4,056 |
|
2,022 |
|
1,011 |
|
Vessel and other operating
expenses |
(753 |
) |
(376 |
) |
(557 |
) |
(278 |
) |
(575 |
) |
(287 |
) |
Depreciation and
amortization |
(951 |
) |
(476 |
) |
(952 |
) |
(476 |
) |
(908 |
) |
(454 |
) |
Income from vessel operations of equity-accounted joint
venture |
282 |
|
141 |
|
6,604 |
|
3,302 |
|
539 |
|
270 |
|
|
|
|
|
|
|
|
Net interest expense |
(190 |
) |
(94 |
) |
(228 |
) |
(114 |
) |
(403 |
) |
(202 |
) |
Other |
(1 |
) |
(1 |
) |
— |
|
— |
|
— |
|
— |
|
Equity income of equity-accounted joint
venture |
91 |
|
46 |
|
6,376 |
|
3,188 |
|
136 |
|
68 |
|
|
|
|
|
|
|
|
Equity income of
equity-accounted joint venture |
91 |
|
46 |
|
6,376 |
|
3,188 |
|
136 |
|
68 |
|
Depreciation and amortization |
951 |
|
476 |
|
952 |
|
476 |
|
908 |
|
454 |
|
Interest expense, net of interest income |
190 |
|
94 |
|
228 |
|
114 |
|
403 |
|
202 |
|
EBITDA from equity-accounted joint venture |
1,232 |
|
616 |
|
7,556 |
|
3,778 |
|
1,447 |
|
724 |
|
|
|
|
|
|
|
|
Adjusted EBITDA from equity-accounted joint
venture |
1,232 |
|
616 |
|
7,556 |
|
3,778 |
|
1,447 |
|
724 |
|
(1) The Company’s proportionate share of its
equity-accounted joint venture is 50 percent.
Forward Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including, among other
things, statements regarding: crude oil and refined product tanker
market fundamentals, including the balance of supply and demand in
the oil and tanker markets and the volatility of such markets;
forecasts of worldwide tanker fleet growth or contraction and
newbuilding tanker deliveries and vessel scrapping; estimated
growth in global oil demand and supply and the timing thereof;
future tanker rates, including the impact of seasonal conditions on
spot tanker rates; future OPEC+ oil production increases; the
impact of the COVID-19 outbreak and related developments on the
Company's business and tanker and oil market fundamentals; the
Company's liquidity and market position; the Company’s strategic
priorities and anticipated delevering of the Company's balance
sheet and reduction in its cost of capital; and the Company’s
ability to deal with potential market volatility and create
shareholder value. The following factors are among those that could
cause actual results to differ materially from the forward-looking
statements, which involve risks and uncertainties, and that should
be considered in evaluating any such statement: changes in tanker
rates; changes in the production of, or demand for, oil or refined
products; changes in trading patterns significantly affecting
overall vessel tonnage requirements; OPEC+ and non-OPEC production
and supply levels; the duration and extent of the COVID-19 outbreak
and any resulting effects on the markets in which the Company
operates; the impact of the COVID-19 outbreak on the Company’s
ability to maintain safe and efficient operations; the impact of
geopolitical tensions and changes in global economic conditions;
greater or less than anticipated levels of tanker newbuilding
orders and deliveries and greater or less than anticipated rates of
tanker scrapping; the potential for early termination of charter
contracts of existing vessels in the Company's fleet; the inability
of charterers to make future charter payments; the inability of the
Company to renew or replace charter contracts; changes in global
oil prices; changes in applicable industry laws and regulations and
the timing of implementation of new laws and regulations and the
impact of such changes, including IMO 2030; increased costs; and
other factors discussed in Teekay Tankers’ filings from time to
time with the United States Securities and Exchange Commission,
including its Annual Report on Form 20-F for the fiscal year ended
December 31, 2019. The Company expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company’s expectations with respect thereto or any change in
events, conditions or circumstances on which any such statement is
based.
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