Operating Results. The calculation of Operating Results will be made by the Company on an annual basis as determined by the filing of audited consolidated financial statements of the Company in its Form 10K filing. The calculation of the “Operating Results” shall be made in accordance with the following formula: Total Consolidated Net Income + Non Cash Charges + Dividends = Operating Results
Operating Results. The Company's operating results shall be consistent with the Operating Plan in the following respects:
Operating Results. In response to the increase in the Coronavirus Disease 2019 (“COVID-19”) case numbers in Mongolia, the Chinese authorities has been restricting the number of trucks permitted to cross the Ceke Port of Entry, and such restriction has severely impacted the sales volume of the Company in the third and fourth quarters of 2021. As a result, the Company’s sales volume decreased from 2.6 million tonnes in 2020 to 0.9 million tonnes in 2021. In response to the restrictions on the number of trucks crossing the Mongolian border into China which began as of the second quarter of 2021, the Company temporarily suspended its major mining operations (including coal mining) in the second quarter of 2021 in order to control the inventory level and preserve the Company’s working capital. Mining operations (including coal mining) resumed in the third quarter of 2021. However, mining operations were temporarily suspended again by the Company beginning in November 2021 in response to the temporary closure of the Ceke Port of Entry in the fourth quarter of 2021. See “Impact of the COVID-19 Pandemic” below. The Company experienced an increase in the average selling price of coal from $35.5 per tonne in the fourth quarter of 2020 to $55.4 per tonne in the fourth quarter of 2021, as a result of improved market conditions in China and an improvement of the overall product mix. • Financial Results – The Company recorded a $4.4 million profit from operations in 2021 compared to a $15.3 million profit in 2020. The financial results were impacted by the decreased sales resulting from the export volume limitations and temporary closure of the Ceke Port of Entry experienced by the Company during the year. • Impact of the COVID-19 Pandemic – Since the second quarter of 2021, additional precautionary measures were imposed by the Chinese authorities at the Ceke Port of Entry in response to the increase of COVID-19 cases in Mongolia, which included restricting the number of trucks crossing the Mongolian border into China. The restrictions on trucking volume have had an adverse impact on the Company’s ability to import its coal products into China in 2021. In response to the increase in the number of COVID-19 cases in Ejinaqi, a region in China’s Inner Mongolia Autonomous Region where the custom and border crossing are located, reported in late October 2021, the local government authorities have imposed stringent preventive measures throughout the region, including the temporary closure of th...
Operating Results. The Company operates in the food service industry and primarily operates quick-service restaurant businesses under the McDonald's brand. To capture additional meal occasions, the Company also operates other restaurant concepts under its Partner Brands: Boston Market, Chipotle and Donatos Pizzeria. In addition, McDonald's has a minority ownership in Pret A Manger. In fourth quarter 2001, the Company approved a plan to dispose of its Aroma Cafe business in the U.K. and completed the sale in March 2002. The segments presented in all tables and related discussion reflect the Company's current management structure. Previously, McDonald's restaurant operations in Canada, the Middle East and Africa, as well as the Partner Brands were included in the Other segment. The newly created APMEA segment includes results for McDonald's restaurant operations in Asia/Pacific, the Middle East and Africa, while Canada and the Partner Brands are presented as individual operating segments. In addition, U.S. and Corporate selling, general & administrative expenses reflect a realignment of certain home office departments' responsibilities for all periods presented. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. Foreign currency translation had a negative impact on reported results for the quarter primarily due to the weaker Euro, Japanese Yen and Brazilian Real. Cumulative Effect of Accounting Change and Asset Impairment Charges Effective January 1, 2002, the Company adopted SFAS No. 142 "Goodwill and Other Intangible Assets," which indicates that goodwill will no longer be amortized but will be subject to annual impairment tests. As a result of the first of required goodwill impairment tests, the Company recorded a non-cash charge of $98.6 million after tax in the first quarter for the cumulative effect of this accounting change. The impaired goodwill was primarily in Argentina, Uruguay and other markets in Latin America and the Middle East, where economies have weakened significantly over the last several years. The Company also recorded $43.0 million of non-cash asset impairment charges in the first quarter, primarily related to the impairment of assets in existing restaurants in Chile and other Latin American markets and the closing ...
Operating Results. The table below summarizes the components of the Company's throughput and rates charged to customers for the past three years. Rates include the customer portion of the Comprehensive Settlement (See Note 3 of Notes to Consolidated Financial Statements.) The amount included in rates for 1997, 1996 and 1995 were $98 million, $90 million and $84 million, respectively. TRANSPORTATION GAS SALES AND EXCHANGE TOTAL -------------------- -------------------- -------------------- THROUGHPUT REVENUE THROUGHPUT REVENUE THROUGHPUT REVENUE ---------- ------- ---------- ------- ---------- ------- (DOLLARS IN MILLIONS, VOLUMES IN BILLION CUBIC FEET) 1997: Residential............................................... 237 $1,726 3 $ 10 240 $1,736 Commercial/Industrial..................................... 80 000 000 000 394 757 Utility Electric Generation............................... 158 76 158 76 Wholesale................................................. 138 67 138 67 --- ------- --- ------- --- ------- Total in Rates............................................ 317 $2,228 613 $ 408 930 2,636 Balancing and Other....................................... 5 ------- Total Operating Revenues................................ $2,641 ------- ------- 1996: Residential............................................... 233 $1,603 3 $ 10 236 $1,613 Commercial/Industrial..................................... 82 473 297 236 379 709 Utility Electric Generation............................... 139 70 139 70 Wholesale................................................. 130 70 130 70 --- ------- --- ------- --- ------- Total in Rates............................................ 315 $2,076 569 $ 386 884 2,462 Balancing and Other....................................... (40) ------- Total Operating Revenues................................ $2,422 ------- ------- 1995: Residential............................................... 237 $1,547 2 $ 7 239 $1,554 Commercial/Industrial..................................... 97 546 267 206 364 752 Utility Electric Generation............................... 205 104 205 104 Wholesale................................................. 4 7 125 55 129 62 --- ------- --- ------- --- ------- Total in Rates............................................ 338 $2,100 599 $ 372 937 2,472 Balancing and Other....................................... (193) ------- Total Operating Revenues.................................. $2,279 ------- ------- Although the revenues from transportation throughput ...
Operating Results. Although the coal prices generally improved in China during 2016, the impact of negotiating coal sale agreements during lower coal price periods and the depreciation of the Renminbi against the USD negatively impacted the overall coal prices achieved by the Company. The Company sold 1.08 million tonnes of coal during the fourth quarter of 2016 compared to 0.21 million tonnes in the fourth quarter of 2015. The production for the fourth quarter of 2016 was 1.21 million tonnes, compared to 0.62 million tonnes for the fourth quarter of 2015. The Company maintained a strong safety record and completed the fourth quarter of 2016 without any lost time injury.
Operating Results. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included in this annual report and in particular, “Item 4. Information on the Company — B. Business Overview.” This discussion contains forward- looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information — D. Risk Factors” and elsewhere in this annual report. We have prepared our financial statements in accordance with U.S. GAAP. Our fiscal year ends on March 31 and references to fiscal years 2018, 2019 and 2020 are to the fiscal years ended March 31, 2018, 2019 and 2020, respectively.
Operating Results. During the three (3) year period ended December 31, 2003, (i) Seller participated in the funding of loans in the average amount of $360,000,000.00 per annum, and (ii) no more than thirty percent (30%) of such loans involved rate and term refinancing of existing mortgages.
Operating Results. McDonald's operates primarily in the quick-service restaurant business. In addition, the Company operates other restaurant concepts: Aroma Cafe, Boston Market, Chipotle Mexican Grill and Donatos Pizza. Collectively these four businesses are referred to as "Other Brands." Throughout this release, Other Brands' financial information is included in the Other segment, except where specifically noted. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. The primary currencies negatively affecting reported results for the quarter and the year were the Euro, the British Pound and the Australian Dollar. In addition, the Japanese Yen had a negative effect for the quarter, but a positive impact for the year. Systemwide Sales and Revenues Systemwide sales represent sales by Company-operated, franchised and affiliated restaurants. Total revenues include sales by Company-operated restaurants and fees from restaurants operated by franchisees and affiliates. These fees include rent, service fees and royalties that are based on a percent of sales, with specified minimum payments along with initial fees. Systemwide sales Dollars in millions 2000 1999 Increase/(Decrease) As In Constant Reported Currencies* Quarters ended December 31 U.S. $4,823.9 $4,681.6 3% n/a Europe 2,210.4 2,449.8 (10) 5% Asia/Pacific 1,749.3 1,697.0 3 11 Latin America 470.2 438.0 7 8 Other** 670.7 483.3 39 43 Total Systemwide sales $9,924.5 $9,749.7 2% 7% Years ended December 31 U.S. $19,572.8 $19,005.6 3% n/a Europe 9,292.8 9,557.0 (3) 9% Asia/Pacific 7,051.4 6,435.7 10 9 Latin America 1,790.0 1,665.6 7 9 Other** 2,474.2 1,826.8 35 36 Total Systemwide sales $40,181.2 $38,490.7 4% 7% * Excluding the effect of foreign currency translation on reported results. ** Includes Systemwide sales for Other Brands of $227.0 million and $605.2 million for the quarter and year 2000, respectively. In 1999, Systemwide sales for Other Brands were $44.5 million and $90.6 million for the quarter and year, respectively. n/a Not applicable On a global basis, the increases in sales and revenues for the quarter and the year were primarily due to expansion. The year also benefited from positive comparable sales, while comparable sales for the quarter were flat. Foreign currency translatio...
Operating Results. Stratosphere's monthly Consolidated Cash Flow for the periods between October 1, 1996 and June 30, 1997 shall average not less than $2,267,000 per month.
