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CAF.V - Canaf Group Inc. (CAF.V)

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DD Report From Q1 2017 Financial Results + MD&A

Price: $0.08
Common Shares: 47,426,195
Options/Warrants: Nil
Insider Holdings: 15,391,328 or 32.5% as per www.Sedi.ca
Website: www.canafgroup.com
Financials (All in US Dollars – Should Be Converted into CDN Dollars for accurate value)


Cash: $595,806
Trade Receivables: $1,298,566
Tax Receivable: $5,904
Inventories: $393,373
Prepaid Expenses: $28,526
Property, Plant & Equipment: $1,197,093
Intangible: $1
Total Assets: $3,519,269  ($4,700,511 CAD as of March 20th 2017)
Trade Payables: $1,130,333
Income Tax: $939
Current Portion of bank loan: $225,758
Total Bank Loan: $403,126
Deferred Tax: $91,918
Total Liabilities: $1,852,074 ($2,473,722 CAD as of March 20th 2017)

Asset/Debt Ratio: 1.9:1 

Revenue over the last 4 quarters
Date – Sales - Profit(Loss)
Q1 2017 - $2,991,706 – Net Income of $197,691 
Q4 2016 - $1,796,330 – Net Income of $136,764 
Q3 2016 - $1,126,582 – Net Income of $19,945
Q2 2016 - $757,843 – Net Loss of ($41,382)

From MD&A: The summary above demonstrates a return of the Corporation to three consecutive quarters of increasing revenue and net profit. The increase in sales has been generated by an increase in Quantum’s product demand, which has been caused by not only a reduction of availability of coke, and coke related products within South Africa, but also due to a slight return to confidence in the local steel and manganese markets. Despite the Corporation feeling that there remains room for more confidence to return to these markets, the outlook for the remainder of the year remains relatively strong.
MD&A Highlights
The Corporation is very pleased to confirm strong results for the 3-month period end January 31, 2017, as forecasted. The results demonstrate the continued strong turnaround of the Corporation’s South African business, Quantum.
Revenue for the 3-month period increased to $2,991,706; an increase of 193% in comparison to the same quarter last fiscal year, and up 67% from the previous quarter ended January 31, 2017. The Company expects sustained levels of revenue during Q2 2017, as demand for Quantum’s product remains strong in South Africa.
During the quarter, the Corporation recorded a net income of $197,691 (C$259,579), in comparison to a net loss of $294,482 for the same quarter the previous year. Adjusted EBITDA rose to $569,300 (C$747,517) for the quarter.
The Corporation is currently in discussions with major customers to secure new long-term contracts for a period of 2 years, which will provide security of sales, and enable the business to further invest in cost saving modifications for the operation.
The recent results further confirm the Corporation’s strong position as a carbon reductant supplier in South Africa. Quantum is one of a few suppliers of a low volatile reductant, a situation, which has allowed the entity to emerge as a key player in the country.
The outlook and profitability for the coming year remains dependent on demand for the Corporation’s calcine product, which the Corporation believes looks far more promising than the previous fiscal year-end 2016. The Corporation intends to continue to generate positive free cash flow during the fiscal year-end 2017 and will focus on increasing shareholders’ value, as well as investment to improve the efficiency of its older facilities, or investment into related business opportunities in South Africa.
In August 2006, Canaf, then known as Uganda Gold Mining, announced the termination of any further investment into its Kilembe Copper-Cobalt Project in Uganda. Since 2007, the Corporation has been involved in a legal dispute with Kilembe Mines Limited, (“KML”). In January 2013, the High Court of Uganda referred the case back to arbitration for settlement. On May 29, 2013, a preliminary meeting was held between the Corporation, KML and the arbitrator.
The Corporation can confirm that further meetings were scheduled for August 2013, after filings of amended statements of defence and claims had been submitted. Since the initial meeting however the Government has awarded a deal to a Chinese Consortium to manage and operate KML. The Corporation’s appointed Ugandan Advocates have notified the board that the Arbitrator has stepped down for personal reasons. The Company’s Uganda Advocates and the Government’s Solicitor General have agreed to a new Arbitrator, Retired Justice James Ogoola. The parties held a preliminary meeting with the Arbitrator who requested them to provide him with their fee estimate for the conduct of the Arbitration. The estimate has since been provided to the Arbitrator who is yet to confirm whether or not he is agreeable to it.
In the meantime the Company appointed SRK Consultants to prepare a brief document to quantify the ‘lost opportunity’ value of the termination of the Kilembe Project. During the current financial year the Company will utilize this document to assist in the submission of a revised claim against KML. The Company has received no new information since 2014, and the Company remains unable to give an indication of either the quantum or any likely date by which a settlement will or will not be reached. The original claim, before costs, is for a money sum of US$10,370,368 as at January 24, 2007.
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#62   Good to see CAF back at a 18 JonnyRBuck12 09/02/20 03:02:58 PM
#61   CANAF ANNOUNCES FINANCIAL RESULTS FOR Q3 2019 JonnyRBuck12 09/25/19 10:37:23 AM
#60   Two news releases over the last couple days: JonnyRBuck12 07/31/19 09:17:11 AM
#59   https://s3-us-west-2.amazonaws.com/cdn.ceo.ca/1ebn684-CAF%20Comparison%20Ch JonnyRBuck12 04/20/19 06:18:06 PM
#58   Canaf Investments registers South African subsidiaries JonnyRBuck12 04/15/19 01:23:18 PM
#57   Canaf Investments Inc. Q1 2019 Results. Financials + MD&A JonnyRBuck12 03/27/19 12:57:10 PM
#56   Canaf Investments earns $187,367 (U.S.) in Q1 JonnyRBuck12 03/26/19 09:28:41 PM
#55   Canaf Investments Inc. 2018 Year End Results. Financials JonnyRBuck12 03/02/19 01:11:36 PM
#54   Canaf Investments earns $623,884 (U.S.) in fiscal 2018 JonnyRBuck12 02/28/19 12:01:13 PM
#53   CAF numbers are out. Asset/Debt ratio keeps looking JonnyRBuck12 02/28/19 10:33:13 AM
#52   CAF Year end results will be out in JonnyRBuck12 02/05/19 07:18:28 PM
#51   Canaf announces full repayment of term loan and JonnyRBuck12 01/21/19 12:30:11 PM
#50   additional insider buying JonnyRBuck12 11/15/18 09:38:34 AM
#49   CAF Insider Buying This Week JonnyRBuck12 10/25/18 11:22:38 PM
#48   Is Canaf Investments Inc’s (CVE:CAF) 18% ROE Strong JonnyRBuck12 10/13/18 12:15:47 AM
#47   Article: Anthracite Coal Market Heating Up Due To JonnyRBuck12 09/30/18 09:51:39 PM
#46   Canaf Group Inc.(CAF.V) Q3 2018 Results. Financials + MD&A JonnyRBuck12 09/26/18 11:11:30 AM
#45   Canaf Investments earns $635,257 (U.S.) in nine months JonnyRBuck12 09/26/18 10:30:58 AM
#44   Sept 3rd 2018 - R14bn deal between SA JonnyRBuck12 09/10/18 10:46:24 AM
#43   Canaf finalizes subsidiary Southern Coal B-BBEE deal JonnyRBuck12 08/15/18 02:32:09 PM
#42   Chinese investors plan $10-billion metallurgical complex in South Africa JonnyRBuck12 07/27/18 11:35:16 PM
#41   China to invest $15 billion in South African economy JonnyRBuck12 07/25/18 12:23:25 PM
#40   Canaf Group appoints Williams to board, as CFO JonnyRBuck12 07/19/18 10:31:11 AM
#39   https://simplywall.st/stocks/ca/materials/tsxv-caf/canaf-investments-shares/news JonnyRBuck12 07/13/18 10:35:56 AM
#38   Canaf Group to sell 30% of unit for $1.7M JonnyRBuck12 07/06/18 11:53:13 PM
#37   Canaf Group changes name to Canaf Investments JonnyRBuck12 07/04/18 10:42:26 AM
#36   Canaf Group Inc.(CAF.V) Q2 2018 Results. Financials + MD&A JonnyRBuck12 06/29/18 11:36:14 AM
#35   Canaf Group earns $691,115 (U.S.) in six months JonnyRBuck12 06/29/18 10:12:01 AM
#34   Newest article on CAF. Won't matter because in JonnyRBuck12 06/21/18 05:36:45 PM
#33   looks as if the CEO of CAF has JonnyRBuck12 05/28/18 11:52:58 AM
#32   Canaf Group Inc Q1 2018 Financial Results + JonnyRBuck12 04/03/18 12:58:05 PM
#31   Canaf Group earns $552,815 (U.S.) in Q1 2018 JonnyRBuck12 04/03/18 09:10:33 AM
#30   Lots of volume today and very little cheap JonnyRBuck12 03/19/18 12:14:49 PM
#29   Multi year high hit today and we got JonnyRBuck12 03/13/18 07:15:16 PM
#28   Here are some recent articles over the last JonnyRBuck12 03/03/18 06:13:25 PM
#27   CAF 10 Year Performance Chart JonnyRBuck12 02/26/18 01:16:22 PM
#26   CAF.V(Canaf Group Inc.) Year End Results. Financials + JonnyRBuck12 02/26/18 09:33:27 AM
#25   CAF made $190K net income in Q4 except JonnyRBuck12 02/23/18 07:40:47 PM
#24   Canaf Group earns $541,808 (U.S.) in fiscal 2017 JonnyRBuck12 02/23/18 03:32:59 PM
#23   Canaf terminates B-BBEE agreement with Elkhat JonnyRBuck12 02/21/18 04:36:53 PM
#22   South African Rand Hits 3 Year High After JonnyRBuck12 02/14/18 10:54:10 PM
#21   Here are three important factors that will significantly JonnyRBuck12 02/13/18 11:00:53 AM
#20   Coking coal price chart - https://ca.investing.com/commodities/coking-coal-futur JonnyRBuck12 02/04/18 10:17:04 PM
#19   8 Recent Bullish Articles On Coking Coal JonnyRBuck12 02/04/18 12:10:44 PM
#18   This article is from 2013, but it explains JonnyRBuck12 02/04/18 11:29:34 AM
#17   Why is the new deal that CAF made JonnyRBuck12 01/31/18 08:50:29 PM
#16   Right now there is a major program going JonnyRBuck12 01/31/18 11:48:53 AM
#15   Canaf's South African subsidiary agrees to B-BBEE deal JonnyRBuck12 01/29/18 01:28:13 PM
#14   Great articles that explain why CAF.V(Canaf Group Inc.) JonnyRBuck12 01/23/18 11:02:16 PM
#13   South African Rand Hits 2 Year High JonnyRBuck12 01/13/18 11:05:26 AM
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