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Forum - Mining and Commodities Eh! (SUNORA FOODS INC - SNF.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 11/28/2017 18:41
Forum: Mining and Commodities Eh! - Msg #6078 - List SNF.V msgs Thread #673806379 (Rec: 0)
Sunora Foods Q3 Results ( Ending September 30th 2017 )
All Information Below Can Be Found At

Price: $0.15
Common Shares: 42,254,332
Retail Shares Available: 12,254,332
Insider/Institutional Holdings: 71% total, as per information circular. CEO holds 52%

Balance Sheet For Q3

Cash: $3,139,881
Accounts Receivable: $992,672
Inventory: $351,977
Prepaid Expenses: $11,011
Goods & Services Tax Recoverable: $7,331
Income Tax Recoverable: $141,767
Deferred Tax Asset: $159,545
Total Assets: $4,804,184

Accounts Payable: $852,584
Customer Deposits: $56,328
Total Liabilities: $908,912

Quarter – Sales – Profit
Q1 2017 - $3,480,230 - $55,560
Q2 2017 - $3,164,688 - $82,525
Q3 2017 - $3,396,872 - $20,118

Year – Sales – Profit/(Loss) – Additional Information
2017(Q1-Q3) - $10,041,788 – ($156,499) –Loss from $434,000 settlement(2015 Dispute)
2016 - $12,254,101 - $282,794 - Currency loss of $34,000 or else net income was stable
2015 - $10,815,959 - $502,182 - Net income of $200,000 affected by currency exchange
2014 - $13,235,038 - $189,073 - Listing expenses incurred from merger with capital pool

MD&A Highlights


Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations.

Management is also actively considering possible new products that may benefit from its contacts in domestic and international markets. With the continuing positive momentum in the United States economy and new customers being added in Asia, Sunora is well placed for the future.

Sunora maintains good relationships with customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in recent quarters. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

Sunora had 14% higher sales for the nine-month period ended September 30, 2017 than the comparative nine- month period. Sales were positively impacted by stronger results in the United States and Canada and continued positive momentum overseas.

The loss and comprehensive loss for the nine months ended September 30, 2017 was primarily the result of the settlement of a trading dispute. The income from operations before taxes and the claim was $201,643 compared to $282,583 for the same period of 2016. Although sales were 14% higher, gross margin declined from 8.9% to 7.0% in this nine-month period. Gross margin percentage declined because of a higher proportion of bulk oil sales.

The legal settlement arises from a statement of claim filed against the Corporation in 2015 by one of its vendors, who alleged that Sunora wilfully did not accept deliveries of soybean oil pursuant to a contractual arrangement. The vendor claimed USD $506,798 in damages relating to losses allegedly suffered. Sunora denied responsibility for such a claim. However, on the recommendation of legal counsel, management settled the claim for CDN $390,000 to be paid by August 31, 2017. The claim settlement comprises a full provision for the claim including already incurred and expected legal fees.

Reply to Jimjones1972 - Msg #6077 - 11/27/2017 18:30

Canola Council of Canada completes successful China trip

Canola Council of Canada completes successful China trip

Group took part in a Canadian trade mission led by federal ag-minister Lawrence Macaulay

The Canola Council of Canada (CCC) is feeling pleased as it prepares to return to Canada following a trade mission to China.

“We feel we’ve had a very successful week of promoting canola in China. As you know it’s a very important market, it’s a growing market for canola,” said Jim Everson, president of CCC, over a conference call from China on Nov. 20.

The group took part in a Canadian trade mission led by Federal Agriculture Minister Lawrence MacAulay. CCC hosted several events while there, including a canola dialogue in Beijing Monday. The dialogue was capped off with the signing of a Memorandum of Understanding (MOU) between the Canola Council of Canada and China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and Animal By-Products (CFNA).

The MOU is a co-operative arrangement to share information between the two organizations. As well Everson said there will be co-operation on future events held in the two countries by the organizations.

“The CFNA will undertake to assist us in reaching out to different officials in the Government of China and different industry people,” he said.

However the MOU didn’t include any commitments with respect to canola volumes or guarantees in regards to trade.

China is one of the largest markets for Canadian canola. In 2016, C$2.7 billion worth of canola was exported to China, according to CCC. China imported 4.8 million tonnes of Canadian canola in 2016, including 3.5 million tonnes of seed, 600 thousand tonnes of oil and 660 thousand tonnes of meal.

Last week CCC hosted two other events in Guangzhou – a canola meal seminar and canola oil media event.

The canola meal seminar focused on research about how canola meal-fed pigs grow as well as soybean meal-fed pigs.

“(Chinese feed millers were) able to go away from this seminar with an understanding of inclusion levels of up to 30 per cent canola meal, which is at least double what they are presently putting into (swine rations),” said Bruce Jowett, vice-president of market development with CCC, over the conference call.

The canola oil event was designed to teach the Chinese media about the reported nutritional and health benefits of canola oil. Speakers were able to tell the media about the role canola oil can have to help in regards to cardiovascular disease (which is a leading cause of death in China), and diabetes (which 20 per cent of the Chinese population has).

“So connecting the challenges that they have with a product such as canola oil and how it can benefit the Chinese population,” Jowett said.

Other trade issues such as the ongoing blackleg issues were talked about briefly as well during the trip.

“The subject came up. But really only in terms of going over again or repeating the commitment that we have each made from the Chinese side and the Canadian side to taking efforts jointly to mitigate against any kind of concerns with blackleg being transferred from Canada to China,” Everson said.
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