Frontera, despite reporting a loss in Q1 2021, if you read closely in MD&A and Financial statement, you’d notice that they have a lot of income generated from its midstream asset – $19 million USD in Q1. This is not part of OPERATING EBITDA.
ODL
- Share of income – $9.8 million
- Dividends Receivable – $28.8 million
For the three months ended March 31, 2021, the Company recognized $9.8 million as its share of income from ODL which was
source: https://www.fronteraenergy.ca/content/uploads/2021/05/FEC-MDA-Q1-21.pdf
$2.4 million lower than the same period of 2020 primarily due decrease in the transportation tariff since the second quarter 2020
and impact of foreign exchange fluctuations. During the three months ended March 31, 2021, the Company recognized gross
dividends of $41.6 million and a return of capital of $4.2 million. As at March 31, 2021, the Company has accounts receivables of
$28.5 million of dividends and return of capital contributions.
During the three months ended March 31, 2021, the Company recognized gross dividends of $41.6 million, (2020: $24.5
source: https://www.fronteraenergy.ca/content/uploads/2021/05/Frontera-FS-Notes-Q1-2021.pdf
million) and received cash dividends of $9.0 million, (2020: $38.7 million). As at March 31, 2021, the carrying value of
dividends receivable after withholding taxes is $26.6 million (2020: $Nil). In addition, during the three months ended March 31, 2021, the Company recognized a return of capital of $4.2 million, (2020:$Nil) and received in cash $2.0 million (2020: $Nil).
Puerto Bahia
Operating income: $10 million
For the three months ended March 31, 2020, prior to the acquisition of a controlling interest in Puerto Bahia on August 6, 2020,
source: https://www.fronteraenergy.ca/content/uploads/2021/05/FEC-MDA-Q1-21.pdf
the Company had recognized $25.1 million as its share of losses from IVI mainly due to higher unrealized foreign exchange
losses on the revaluation of Puerto Bahia’s USD-denominated bank debt. For the three months ended March 31, 2021 Puerto
Bahia has generated $10.0 million of segment operating income primarily from take-or-pay contracts in its liquid bulk storage
terminal business.
Bicentenario
Are they actually going to receive their dividends?