Acadian Timber Corp.(ACAZF) 首席执行官 Erika Reilly 于 2019年 第三季度业绩-收益电话抄本

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Acadian Timber Corp. (OTCPK:ACAZF) Q3 2019 Results Earnings Conference Call October 31, 2019 1:00 PM ET

Acadian Timber Corp. (OTCPK:ACAZF) Q3 2019 Results Earnings Conference Call October 31, 2019 1:00 PM ET

公司参与者

Brian Banfill - Chief Financial Officer
Erika Reilly - President and CEO

  • Brian Banfill - Chief Financial Officer
  • Erika Reilly - President and CEO

电话会议参与者

Hamir Patel - CIBC Capital Markets
Andrew Kuske - Credit Suisse

  • Hamir Patel - CIBC Capital Markets
  • Andrew Kuske - Credit Suisse

会议主持员

Ladies and gentlemen, thank you for standing by. And welcome to the Acadian Timber Third Quarter 2019 Conference Call and Webcast. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advice that today’s conference is being recorded. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Brian Banfill, Chief Financial Officer. Please go ahead, sir.

Ladies and gentlemen, thank you for standing by. And welcome to the Acadian Timber Third Quarter 2019 Conference Call and Webcast. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advice that today’s conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Brian Banfill, Chief Financial Officer. Please go ahead, sir.

Brian Banfill

Brian Banfill

Thank you, Operator, and good afternoon, everyone. Welcome to Acadian’s third quarter conference call.
Before we get started, I will first remind everyone in that -- that in discussing our third quarter financial and operating performance and outlook, and responding to questions, we may make forward-looking statements. These statements are subject to known and unknown risks and future results may differ materially.
For further information on our known risk factors, I encourage you to review Acadian’s annual information form dated March 28, 2019, and other filings of Acadian, which are available on SEDAR at sedar.com and on our website.
Before outlining the financial highlights for the quarter ended September 28, 2019, I will turn the call over to Erika Reilly, Acadian’s President and CEO to discuss some of the transformative activities that took place during the quarter. Erika?

Thank you, Operator, and good afternoon, everyone. Welcome to Acadian’s third quarter conference call.

Before we get started, I will first remind everyone in that -- that in discussing our third quarter financial and operating performance and outlook, and responding to questions, we may make forward-looking statements. These statements are subject to known and unknown risks and future results may differ materially.

For further information on our known risk factors, I encourage you to review Acadian’s annual information form dated March 28, 2019, and other filings of Acadian, which are available on SEDAR at sedar.com and on our website.

Before outlining the financial highlights for the quarter ended September 28, 2019, I will turn the call over to Erika Reilly, Acadian’s President and CEO to discuss some of the transformative activities that took place during the quarter. Erika?

Erika Reilly

Erika Reilly

Thank you, Brian. As I am sure most of you are aware, Brookfield sold its 45% interest in Acadian in late August. On September 9th Acadian announced it had entered into an agreement to terminate the evergreen management contract it had with Brookfield and that it would internalize the asset management and corporate functions.
Acadian paid Brookfield $18 million to terminate the agreement and in return Acadian no longer pays management a performance fees. These fees amounted to $3 million in 2018. Acadian is well on its way to internalize the functions Brookfield provided with key positions including the Chief Financial, or sorry, Chief Forester, Resource Systems Specialist and land management positions transitioned and with Brian Banfill joining as a Chief Financial Officer.
We are also building out Acadian’s internal corporate administrative capabilities with a focus on making Acadian an efficiently run public company and delivering savings from the elimination of the asset management agreement to its shareholders.
I would that while the sale and internalization were material events for Acadian, Acadian’s core strategy remains unchanged. The team that has been with Acadian since inception remains in place. And with the full support from our Board we continue to focus on maximizing shareholder value through active management as we have successfully done since its formation.
I will provide my comments to our -- on out operations, market conditions and outlook for the remainder of 2019 and into early 2020 after Brian discusses the financial results for the quarter. Brian?

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谢谢你,布莱恩。我相信大多数人都知道,Brookfield于8月下旬出售了其在Acadian中45%的权益。 9月9日,Acadian宣布已终止与Brookfield的常绿管理合同,并将内部化资产管理和公司职能。

Acadian向Brookfield支付了1800万美元以终止协议,作为回报,Acadian不再向管理层支付绩效费。这些费用在2018年达到300万美元。Acadian正在顺利地内部化Brookfield所提供的关键职位的功能,这些职位包括首席财务官,或者对不起,首席森林人,资源系统专家和土地管理职位已过渡,并且Brian Brianfill作为首席财务官。

我们还正在建立Acadian的内部公司管理能力,重点是使Acadian成为有效运作的上市公司,并通过取消资产管理协议向其股东节省资金。

我想,虽然出售和内部化对Acadian来说是重要事件,但Acadian的核心战略保持不变。自成立以来一直与Acadian合作的团队仍然存在。自成立以来,我们一直在董事会的全力支持下,继续致力于通过积极的管理最大化股东价值。

在Brian讨论本季度的财务业绩之后,我将向我们就2019年剩余时间以及2020年初的运营状况,市场状况和前景发表评论。布莱恩?

Brian Banfill

Brian Banfill

Thanks, Erika. Acadian continues to benefit from strong and stable market dynamics in New Brunswick and Maine softwood sawlog pricing has come under pressure recently reflecting the current weakness and prices for North American saw and timber products. Maine’s hardwood pulp market continues to be strong and softwood pulp -- softwood pulpwood market continue to improve.
Sales for the quarter were $25.4 million, down $1.2 million compared to the prior year period. Strong demand for pulpwood drove a 7% year-over-year increase in sales volumes excluding biomass.
High values -- higher values sawlog volumes were down 8% overall with the volume in New Brunswick up 6% and Maine down 30%. This decrease reflects the operations temporary focused on harvesting lower quality stands and delivering more softwood pulpwood as markets have improved for this product.
The weighted average selling price excluding biomass was down 2% from the prior year, with weakness in softwood sawlog pricing in Maine mostly offset by strong pulpwood prices at both operations. Variable harvest cost per cubic meter were almost unchanged decreasing just 1% or $0.41 per cubic meter.
Acadian generated adjusted EBITDA $5.1 million during the third quarter, down $1 million from the same period last year. The adjusted EBITDA contribution from timber services was in line with the prior year but the contribution from higher and better use land sales was lower as the bulk of the properties currently available for sale have been sold.
Acadian also had higher land management activity during the quarter and higher administrative costs due to the early settlement of the annual performance fees with Brookfield LP as a result of the termination of the management agreement. Adjusted EBITDA margin for the quarter was 20%, compared to 23% in the same period last year.
Our net loss was $10.9 million during the third quarter, compared to net income of $5.9 million in the prior year. The variance from the prior year period is primarily due to the management agreement termination fee that Erika mentioned earlier which after income tax reduced net income by $12.8 million.
We also recorded an unrealized foreign exchange revaluation loss on U.S. dollar denominated long-term debt during the quarter compared to an unrealized gain in the prior year period that reduced pre-tax net income by an additional $2.6 million.
Acadian’s year-to-date payout ratio was 108%, which is above our long-term annual target but in line with expectations given the seasonality of our operations and the dividend increases approved in May 2018 and February 2019. We anticipate that over the long-term we will to a payout ratio consistent with our target level and in the near-term Acadian’s cash position supports a payout ratio in excess of our target.
I will now move into the results for each of our New Brunswick and Maine operations. During the third quarter, sales for our New Brunswick timberlands were $19.5 million, compared to $20.1 million in the same period last year.

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谢谢,埃里卡。阿卡迪亚人继续受益于新不伦瑞克省和缅因州软木锯材原木强劲而稳定的市场动态,最近价格承受压力,反映出北美锯木产品的当前疲软和价格上涨。缅因州的硬木纸浆市场继续保持强劲,而软木纸浆-软木纸浆市场持续改善。

该季度的销售额为2540万美元,与去年同期相比下降了120万美元。对纸浆木的强劲需求推动不包括生物质在内的销量同比增长7%。

高价值-较高价值的锯木量整体下降8%,新不伦瑞克省(New Brunswick)上升6%,缅因州(Maine)下降30%。这种减少反映了随着该产品市场的改善,临时集中于收获质量较低的林分并提供更多软木纸浆的业务。

不含生物质的加权平均售价比上年下降2%,缅因州的软木锯材价格疲软在很大程度上被这两个业务的纸浆价格强劲所抵消。每立方米的可变收获成本几乎没有变化,仅降低了1%,即每立方米0.41美元。

Acadian在第三季度产生了调整后的EBITDA 510万美元,比去年同期减少了100万美元。木材服务的调整后EBITDA贡献与上年持平,但更高和更好使用土地的销售贡献较低,因为目前可供出售的大部分物业已售出。

由于终止管理协议,Acadian在本季度的土地管理活动也有所增加,而行政费用也较高,这是由于提前与Brookfield LP结算了年度绩效费。本季度调整后的EBITDA利润率为20%,而去年同期为23%。

我们在第三季度的净亏损为1,090万美元,而上年同期的净收入为590万美元。与上年同期的差异主要是由于Erika先前提到的管理协议终止费,该费用在所得税后使净收入减少了1,280万美元。

我们还记录了本季度以美元计价的长期债务的未实现外汇重估损失,而去年同期的未实现收益使税前净收入减少了260万美元。

Acadian的年初至今派息率为108%,高于我们的长期年度目标,但鉴于我们的业务季节性以及2018年5月和2019年2月批准的股息增加,这一预期与预期相符。短期内,我们的派息比率将与我们的目标水平保持一致,并且短期内,Acadian的现金状况将支持超出我们目标的派息比率。

现在,我将介绍我们的新不伦瑞克省和缅因州每个业务的结果。在第三季度,我们的新不伦瑞克省林地销售额为1,950万美元,而去年同期为2,010万美元。

The sales volume excluding biomass increased 10% over the prior year. However, the biomass sales volume fell 57% due to the recent operating curtailment of the customer who ships the product to export markets.
Revenues from timber services declined 24% as a result of decreased operating activities during the quarter. The weighted average selling price during the quarter was 6,571 per cubic meter, an increase of 3% over the prior year.
Prices for all products improved year-over-year with the biggest gains being for softwood sawlogs where prices were up 3% due to customer mix and for softwood pulpwood which saw price increase of 6% due to improved demand.
Operating costs were $14.9 million during the third quarter, compared to $15.8 million last year. Effective lower biomass sales volumes and decreased timber services activity was partially offset by higher reforestation cost due to the timing of these activities.
Administrative costs were also higher as we paid the annual management agreement performance fees during the quarter instead of at the end of the year due to the termination of the management. Variable harvested cost per cubic meter excluding biomass were almost unchanged year-over-year.
New Brunswick adjusted EBITDA was $4.8 million during the third quarter of 2019, compared to $4.5 last year as decreased sales revenues were mostly offset by decreased operating costs. Adjusted EBITDA margin for the quarter increased 25% from 22% in the prior year due to the 3% increase in selling prices I mentioned previously.
Switching over to our Maine timberlands, sales during the quarter totaled $5.9 million, compared to $6.5 million in the same period last year. Demand for softwood pulpwood improved, providing the opportunity to focus harvesting activities on retrieving pulpwood that wasn’t harvested in prior years when markets were very weak.
This led to a lower value product mix that along with weaker pricing for softwood sawlogs resulted in an 11% decrease in the weighted average selling price excluding biomass. In U.S. dollar terms, the weighted average selling price of $58.04 per cubic meter was 12% lower than last year.
Maine timberlands benefited from improved demand for hardwood and softwood pulpwood with hardwood pulpwood prices climbing 7% year-over-year. However, change in the mix of delivery points for softwood pulpwood resulted in a 1% decrease in pricing for that product. The benefit from improved hardwood pulpwood prices were more than offset by a 10% decrease in softwood solid sawlog price.
As a result of these factors along with increased road maintenance and construction costs and lower revenue from land sales, adjusted EBITDA for the quarter slipped to $0.7 million from $1.9 million last year, while the adjusted EBITDA margin was 12% during the quarter, compared to 29%.
Lastly a few comments on our financial position. We ended the quarter with a cash balance of approximately $13 million. This is down $8 million relative to the end of the prior period as we use this amount plus approximately $10 million draw from Acadians revolver to fund the termination fee.

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不包括生物质的销量比上年增长10%。但是,由于最近将产品运送到出口市场的客户的经营减少,生物质的销量下降了57%。

由于本季度经营活动减少,木材服务收入下降了24%。本季度的加权平均售价为每立方米6,571,比去年同期增长3%。

所有产品的价格均比去年同期有所提高,其中最大的涨幅是软木锯材,其中由于客户组合的影响,价格上涨了3%;软木纸浆原木的价格由于需求的增长而上涨了6%。

第三季度的运营成本为1,490万美元,而去年同期为1,580万美元。由于这些活动的时间安排,有效的较低的生物量销售量和减少的木材服务活动被较高的造林成本所抵消。

行政费用也较高,因为由于管理终止,我们在本季度而不是在年底支付了年度管理协议绩效费。每立方米不包括生物质在内的可变收获成本同比几乎没有变化。

新不伦瑞克省(New Brunswick)调整后的EBITDA在2019年第三季度为480万美元,而去年同期为4.5美元,这是因为销售收入的下降大部分被运营成本的下降所抵消。由于我之前提到的销售价格上涨了3%,本季度调整后的EBITDA利润率比去年同期的22%增加了25%。

切换到我们的缅因州林地后,该季度的总销售额为590万美元,而去年同期为650万美元。对软木纸浆的需求有所改善,这使人们有机会将采伐活动集中在回收纸浆木上,而在过去几年市场非常疲软时就没有采伐纸浆。

这导致产品组合的价值降低,加上软木锯材的价格疲软,不包括生物质的加权平均售价下降了11%。以美元计算,加权平均售价为每立方米58.04美元,比去年下降了12%。

缅因州的林地受益于对硬木和软木纸浆需求的增长,其中硬木纸浆价格同比上涨了7%。但是,软木纸浆交付点组合的变化导致该产品的价格下降了1%。硬木纸浆价格上涨的好处被软木固体锯木价格下跌10%所抵消。

由于这些因素,加上道路维护和建设成本的增加以及土地销售收入的减少,本季度调整后的EBITDA从去年的190万美元降至70万美元,而本季度的调整后EBITDA利润率为12%。 29%。

最后,对我们的财务状况发表一些评论。截至本季度末,我们的现金余额约为1300万美元。与上一期间末相比,这减少了800万美元,因为我们使用这笔款项加上从Acadians左轮手枪中提取的大约1000万美元来支付终止费。

Our liquidity position was also impacted by the elimination of the US$50 million stand-by equity commitment from Brookfield that was automatically terminated when Brookfield sold it to interest in Acadian. Acadian ended the quarter with $14.1 million of liquidity. During the quarter we declared a dividend of $0.29 per share.
I will now turn the call back over to Erika for additional comments on our operations, market conditions and outlook for the remainder of 2019 and into early 2020. Erika?

Our liquidity position was also impacted by the elimination of the US$50 million stand-by equity commitment from Brookfield that was automatically terminated when Brookfield sold it to interest in Acadian. Acadian ended the quarter with $14.1 million of liquidity. During the quarter we declared a dividend of $0.29 per share.

I will now turn the call back over to Erika for additional comments on our operations, market conditions and outlook for the remainder of 2019 and into early 2020. Erika?

Erika Reilly

Erika Reilly

Thank you, Brian. During the quarter, Acadian operations had no reportable safety incidents among employees and contractors. This is a notable achievement as it’s the first third quarter since inception with no safety incidents.
With this said we continue to stay focus on maintaining a culture across the organization that emphasis the importance of strong safety performance and support that by active and regular training and monitoring. Also we are pleased to announce that both operations completed their SFI recertification audit with zero major non-conformances during the quarter.
Turning to our operating performance, sales volume excluding biomass of 288,000 meters for the quarter was up 7% year-over-year largely reflecting the improve demand for hardwood and softwood pulpwood.
Acadian’s weighted average selling price excluding biomass was down 2% from the prior year, reflecting weakness in softwood sawlog pricing in Maine mostly offset by strong prices for hardwood pulpwood and improve softwood pulpwood prices at both operations.
More specifically, demand for softwood sawlog in New Brunswick remained strong with prices increasing 3% or pricing for pulpwood increased -- continue to improve increases of 6% and 1% for softwood and hardwood, respectively.
Pulpwood markets in Maine remained strong, although prices in U.S. dollar term for softwood pulpwood weakened by 1% due to delivery point, while hardwood pulpwood prices improved 7% on stronger demand compared to the prior year. As previously noted, softwood sell-off prices in Maine have weakened recently and are down 10% in U.S. dollar term year-over-year.
Shipment of biomass lessened for export have been curtailed recently and which has led to the decrease volumes sold year-over-year and margins per cubic meter for this product have fallen. This product does, however, typically only contribute 4% to 7% of Acadian’s total adjusted EBITDA.
The outlook for Acadian’s end-use markets is expected to remain stable in the near-term, suggesting that demand and pricing for our products will follow suit. Our customers generally have a positive outlook for the remainder of 2019 and as we head into 2020, despite the mix indicators for global supply and demand of wood products.
As we review the supply and demand dynamics for our key markets, U.S. housing starts are up 1% to 1.26 million year-over-year, as of September 2019. Consensus estimates are calling for this level to be sustained through 2020 with favorable demand drivers, including lower interest rates, wage growth and stronger U.S. household balance sheets, offset by supply-side constraints, including labor shortages, increased construction costs and new regulation.
Benefits from steady expected U.S. demand for North American softwood lumber in 2020 is -- and significant sawmill curtailments in western North America are expected to be offset, in part, by lower offshore exports, available softwood supply in the U.S. south, and increased wood supply from Central Europe as spruce forests impacted by a bark beetle are liquidated. Regionally, Acadian’s softwood sawmill customers continue to operate on full shifts and we expect stable demand for our softwood sawtimber products going into 2020.

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谢谢你,布莱恩。在该季度中,Acadian运营部门的员工和承包商之间没有可报告的安全事件。这是自成立以来的第三个季度,没有发生安全事故,这是一项令人瞩目的成就。

如此说来,我们将继续专注于在整个组织内保持一种文化,该文化强调强大的安全绩效的重要性,并通过积极和定期的培训与监控提供支持。此外,我们很高兴地宣布,两个部门在本季度内完成了SFI重新认证审核,主要不合格项为零。

谈到我们的经营业绩,该季度不包括生物质的销量为28.8万米,同比增长7%,主要反映了对硬木和软木纸浆需求的增长。

不计生物质的Acadian加权平均售价比上年下降了2%,反映出缅因州软木锯材价格的疲软主要被硬木纸浆的强劲价格抵消,并且两家公司的软木纸浆价格均上涨。

更具体地说,新不伦瑞克省对软木锯材的需求保持强劲,价格上涨3%或纸浆价格上涨-软木和硬木的价格分别继续增长6%和1%。

缅因州的纸浆市场仍然保持强劲,尽管美元交货期的软木纸浆价格由于交货点而下降了1%,而硬木纸浆价格则比上年增长了7%,这是因为交货期有所增加。如前所述,缅因州的软木抛售价格最近有所下降,按美元计算,同比下跌了10%。

最近减少了减少出口的生物质的装运,这导致销量同比下降,该产品的每立方米利润率下降了。但是,该产品通常只贡献了Acadian调整后EBITDA的4%至7%。

预计Acadian最终用途市场的前景在短期内将保持稳定,这表明我们产品的需求和价格将紧随其后。尽管有全球木材产品供求的混合指标,但我们对2019年剩余时间和2020年客户的前景总体看好。

在我们审查主要市场的供求动态时,截至2019年9月,美国住房开工量同比增长1%至126万。市场共识估计,这一水平将持续到2020年,且需求驱动因素有利包括较低的利率,工资增长和更强大的美国家庭资产负债表,但被供应方的限制(包括劳动力短缺,建筑成本增加和新法规)所抵消。

预计2020年美国对北美软木木材需求的稳定预期将带来好处-北美西部锯木厂的大幅削减预计将部分抵消,因为海外出口减少,美国南部可用软木供应以及木材供应增加来自中欧的云杉林受到树皮甲虫的影响被清理。从地区来看,阿卡迪亚(Acadian)的软木锯木厂客户将继续全班运转,我们预计,到2020年,我们的软木锯木产品需求将保持稳定。

Local markets for hardwood sawlogs are expected to remain balanced for the remainder of the year despite the impact of the U.S.-China trade dispute and slowing Chinese economy have had on appearance grade lumber exports as markets for industrial lumber are expected to remain strong for most of our customers. Notably, we are experiencing increase demand for our hardwood log and the railway tie market is strong in our region.
Hardwood and softwood pulpwood remain -- demand is expected to remain steady or gradually improve. The inventory level at our key hardwood pulpwood customer in Maine is low and a restart of the old town mill in Maine is driving regional demand for softwood pulpwood.
Biomass markets in Maine remain weak, without any significant changes in sight. The New Brunswick biomass market continues to be supported by steady demand at attractive prices. However, the export market in New Brunswick has been curtailed for the remainder of 2019 and we expect this market to return in 2020.
In closing, I would like to highlight that Acadian’s highly capable and dedicated team remains committed to continuing to deliver strong financial and operating results for our shareholders. On the behalf of the Board and management of Acadian I would like to thank you for your ongoing support.
That concludes our formal remarks. We are available to take any questions from participants on the line. Operator?

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尽管中美贸易争端的影响以及中国经济放缓对原木出口的影响,预计硬木锯木的本地市场在今年剩余时间内将保持平衡,因为大部分工业用木材市场预计将保持强劲我们的顾客。值得注意的是,我们对硬木原木的需求正在增长,并且我们地区的铁路领带市场强劲。

硬木和软木纸浆仍然存在-预计需求将保持稳定或逐步改善。我们在缅因州的主要硬木纸浆客户的库存水平很低,缅因州老镇纸厂的重启正在推动区域对软木纸浆的需求。

缅因州的生物质能市场仍然疲软,看不到任何重大变化。新不伦瑞克生物质能市场继续受到稳定需求的支撑,价格具有吸引力。但是,新不伦瑞克省的出口市场在2019年剩余时间内一直受到限制,我们预计该市场将在2020年恢复。

最后,我要强调的是,Acadian的强大能力和敬业的团队仍然致力于继续为我们的股东提供强劲的财务和运营业绩。我谨代表Acadian董事会和管理层感谢您一直以来的支持。

我们的正式发言到此结束。我们可以在线回答参与者的任何问题。操作员?

问答环节

[Operator Instructions] Our first question comes from Hamir Patel with CIBC Capital Markets. Your line is now open.

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[操作员说明]我们的第一个问题来自CIBC Capital Markets的Hamir Patel。 您的线路现已打开。

Hamir Patel

Hi. Good morning. Hey, Erika. I was wondering if you could speak to maybe how following the management and shareholder shift if that’s changed, how you think about growth opportunities and if you are looking beyond Timberland and maybe considering potential sawmill acquisition targets in your operating areas?

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你好 早上好。 嘿,埃里卡。 我想知道您是否可以说说如果管理层和股东变更后该如何变化,您如何看待增长机会,是否正在超越Timberland并考虑在您的运营领域内潜在的锯木厂收购目标?

Erika Reilly

Erika Reilly

Great. Thanks, Hamir. As I noted in my prepared remarks, right now we are very much focused on the internalization of management, so making sure that we put in place a strong team and set up Acadian for the future.
As time goes on here we will continue to work to find opportunities. We are certainly looking to stay in the flow in North American timberland transactions and look at opportunities more specifically regionally that are good fit for the company.
Again, we will be very focused on making sure any opportunities that we do pursue will be done in accretive basis. There is -- we are certainly not contemplating at this time to change our strategy. We will continue to be a pure play timberland company.

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大。 谢谢,哈米尔。 正如我在准备发言中指出的那样,现在我们非常专注于管理的内部化,因此请确保我们建立了一支强大的团队并为未来建立了Acadian。

随着时间的流逝,我们将继续努力寻找机会。 我们当然希望保持在北美林地交易中的潮流,并更具体地在区域内寻找适合公司的机会。

同样,我们将非常专注于确保我们追求的任何机会都将在增值基础上完成。 有-我们现在当然不在考虑改变我们的战略。 我们将继续成为一家纯木材公司。

Hamir Patel

Okay. Fair enough. And Erika, I was curious or maybe Brian could speak to this, but with the beetle situation in Europe and what we have seen unfold in BC. How do you feel about from a risk management perspective some of the unknowns whether it would be forest fires or beetles and I am just curious how you manage that, is that something you can insure against, is it prohibitive to insure against, how do you think about that?

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好的。 很公平。 还有埃里卡(Erika),我很好奇,或者也许布莱恩(Brian)可以这样说,但是由于欧洲甲虫的状况以及我们在不列颠哥伦比亚省所看到的情况。 从风险管理的角度来看,您是如何看待一些未知数的,无论是森林大火还是甲虫?我只是很好奇您是如何进行管理的?是否可以针对某些事物进行保险? 考虑一下?

Erika Reilly

Erika Reilly

Well, yeah, I will start and then Brian if you have anything to add.

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好吧,是的,如果您有任何补充,我将开始,然后是布莱恩。

Brian Banfill

Brian Banfill

Yeah.

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是的

Erika Reilly

Erika Reilly

So -- with respect to risk mitigations, we have strong policies and procedures in place at the operation whether that is to manage fire risk or beetle infestation, et cetera. In the Northeast there have been outbreaks in the past and the provinces and the federal government have been very active in sponsoring and supporting both research, as well as treatment of any outbreaks as a lot of monitoring that goes on New Brunswick and northern Maine to make sure that we get ahead or stay on top of any beetle outbreaks and it’s been a very active program.

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因此,就减轻风险而言,我们在运营中已制定了强有力的政策和程序,无论是管理火灾风险还是甲虫侵扰,等等。 东北地区过去曾爆发疫情,各省和联邦政府一直非常积极地赞助和支持这两项研究以及对任何爆发的治疗,因为新不伦瑞克省和缅因州北部将进行大量监测 确保我们取得成功或保持对任何甲虫暴发的领先地位,这是一个非常活跃的计划。

Brian Banfill

Brian Banfill

Yeah. I think the primary risk is as you probably know in that region is really spruce budworm as opposed to a bark beetle. And it’s really aggressively managed and I think we are always impressed of the efforts made by the Québec and New Brunswick governments, and then as Erika said, supported by the federal government as well. So that side of things I think is really well managed.
On fire risk, I think, to-date the fire risk in the Atlantic provinces has been much lower than we have seen certainly in the western provinces. And we always benefit from the geographic diversification of the assets, it’s not one giant block, obviously we are spread between the State of Maine and the Province of New Brunswick and even within New Brunswick we are spread over quite a land base. So that reduces the fire risk.
I think you asked about insurance as well and insurance costs for standing timber if available are generally prohibitive, they just -- they don’t make good business sense as an investment.

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是的我认为主要的风险是,如您所知,在该地区,真正的危害是云杉芽虫而不是树皮甲虫。它的管理方式非常积极,我想我们总是对魁北克和新不伦瑞克省政府的努力印象深刻,然后正如埃里卡所说,在联邦政府的支持下。因此,我认为这方面的处理得很好。

关于火灾风险,我认为,迄今为止,大西洋省份的火灾风险远低于我们在西部省份中肯定看到的火灾风险。而且,我们始终受益于资产的地域多元化,这不是一个巨大的街区,很明显,我们分布在缅因州和新不伦瑞克省之间,甚至在新不伦瑞克省内,我们都分布在相当大的土地基础上。这样可以减少火灾的危险。

我想您也曾问过保险,如果有立木的保险费用一般来说是禁止的,它们只是-他们作为投资没有良好的商业意义。

Hamir Patel

Great. Thanks. That’s helpful. I will turn it over.

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大。 谢谢。 很有帮助。 我会把它翻过来。

会议主持员

Our next question comes from Andrew Kuske with Credit Suisse. Your line is now open.

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下一个问题来自瑞士信贷的Andrew Kuske。 您的线路现已打开。

Andrew Kuske

安德鲁·库斯克

Hi. Good day. Maybe just a first question just upon the clarification for Brian, the performance fee that I think you said was paid out with the internalization that would normally be paid out later in the year, was that included in the $18 million?

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你好 美好的一天。 也许只是在澄清布莱恩之后的第一个问题,我认为您所说的绩效费是通过内部化支付的,通常会在今年晚些时候支付,这是否包括在1800万美元中?

Brian Banfill

Brian Banfill

No. That was really included just in administrative expenses, because it is a normal part of the management fee expense. It’s just an additional component of the management fee expense. You would see that on the admin expense line of the income statement.

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不会。实际上这只是行政费用,因为这是管理费费用的正常部分。 这只是管理费支出的附加组成部分。 您会在损益表的管理费用行上看到该行。

Andrew Kuske

安德鲁·库斯克

Okay. Helpful. Thank you for that. And then, maybe just a broader question on the management internalization plan, I think, there is a 24-month window, if memory serves me correctly, where Brookfield essentially provides the services really at no cost, but when you look at internalizing everything, what’s the sort of whether 100-day game plan or 24 months game plan, what are the priorities to really knock off and how do you think about the progress sort of to-date even though it’s early and just prospectively?

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好的。 很有帮助 谢谢你 然后,我认为可能是关于管理内部化计划的一个更广泛的问题,我认为有一个24个月的窗口,如果内存能够正确地为我服务,那么Brookfield基本上可以免费提供服务,但是当您着眼于内部化一切时, 无论是100天的游戏计划还是24个月的游戏计划,要真正实现的优先事项是什么?您如何看待迄今为止的进度,即使它是早期的并且只是预期的?

Erika Reilly

Erika Reilly

That’s great. Yes. We have as a two-year transition services agreement with Brookfield at effectively no cost. There is some cost recoveries for -- where my involvement is seconded to Acadian.
The -- as I mentioned the internalization process is certainly well underway. I think the bulk of the tasks have already creep in transition with Brian coming on Board as an Acadian employee and meeting a lot of accounting and finance experts that Brookfield use to provide for the company and we have also transitioned all of our kind of our the forestry folks that were part of Brookfield. They are now members of the Acadian team and that went smoothly.
I expect that it will be kind of another six months as we continue to transition some of the more administrative support functions that Brookfield was applying -- was providing historically. But again, while we have a two-year contract, I hope to have most of it tucked in, in the next six months to eight months.

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那很棒。 是。 作为与布鲁克菲尔德的两年过渡服务协议,我们实际上是免费的。 我的工作被借调到了Acadian,可以收回一些费用。

正如我提到的那样,内部化过程肯定正在进行中。 我认为,随着Brian担任Acadian员工并与Brookfield用来为公司提供服务的许多会计和财务专家会面,大部分任务已经过渡了,我们也已经过渡了所有 布鲁克菲尔德的林业专家。 他们现在是Acadian团队的成员,进展顺利。

我希望这会再过六个月,因为我们将继续过渡布鲁克菲尔德应用的某些历史上提供的更多行政支持功能。 但是,尽管我们有一份为期两年的合同,但我希望在接下来的六个月至八个月中,将大部分合同都收起来。

Brian Banfill

Brian Banfill

Yeah. I think, Andrew, the biggest thing that the agreement gives us is that continued access to the -- just the kind of the amazing skill set that the Brookfield team brings to us whether that’s tax or maybe a bit legal or other advisory services. So it’s less on the administrative services functional type of services and more of the benefits that we could get just from the advisory set of skills that are.

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是的 我想,安德鲁(Andrew),该协议给我们带来的最大好处是,人们可以继续使用-只是布鲁克菲尔德团队为我们带来的惊人技能集,无论是税收还是法律或其他咨询服务。 因此,与行政服务功能类型有关的服务较少,而更多的是我们从咨询技能中可以获得的收益。

Andrew Kuske

安德鲁·库斯克

Okay. That’s very helpful. Thank you.

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好的。 这非常有帮助。 谢谢。

会议主持员

I am not showing any further questions in queue at this time. I would like to turn the call back to Erika Reilly for closing remarks.

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我目前不在队列中显示任何其他问题。 我想回电给埃里卡·赖利(Erika Reilly)致闭幕词。

Erika Reilly

Erika Reilly

Great. While thank you everyone for joining today’s call and for your continued interest in the company. I hope everyone has a nice rest of the day.

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大。 在此感谢大家参加今天的电话会议以及您对公司的持续关注。 希望大家今天过得愉快。

会议主持员

Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.

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女士们,先生们,今天的电话会议到此结束。 感谢您的参与。 您现在可以断开连接。

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