Century Announces Filing of Third Quarter Financial Results and Related Management’S Discussion and Analysis
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For Immediate Release TSX: CNT
CENTURY ANNOUNCES FILING OF THIRD QUARTER FINANCIAL RESULTS AND
RELATED MANAGEMENT’S DISCUSSION AND ANALYSIS
Toronto, Canada, February 13, 201 7 – Century Global Commodities Corporation (“Century” or the
“Company”) is pleased to announce that it has filed its condensed consolidated interim financial statements
for the third fiscal quarter ended December 31, 2016 and the related management’s discussion and analysis
(“MD&A”). Copies of these documents may be obtained under Century’s SEDAR profile at www.sedar.com
and will be posted on Century’s website at www.centuryglobal.ca.
The Company reported substantial working capital of $ 30.8 million, comprised of cash , bank deposits and
investment portfolio of $20.4 million and a net receivable of $10.0 million as at December 31, 2016, not tied
to any funding commitment for any project development.
We continue to support our large portfolio of strong iron ore assets, while maintaining our readiness to
advance our flag ship DSO project, Joyce Lake, when the market fully recovers. Recovery in the iron ore
market was strong in the quarter with iron ore spot prices stay ing steadily at about US$80/t in December
2016.
In the meantime, we continue to diversify into new international business areas where we can capitalize on
management’s core competence, developed and accumulated over the past few years. This ensures that over
time, our shareholders will benefit from both our iron ore and non-iron ore businesses.
One highlight of our new development is our food business in China. Started in mid-2015 in Hong Kong, we
achieved our first sales in January of 2016. Over the four quarters of calendar year 2016, growth in sales
revenue, product range and customer base has been strong and steady. The following table shows the rapid
growth of our food business since the beginning of calendar year 2016, when sales began.
Period Sales (C$)
First quarter sales began:
Jan – Mar, 2016 87,165
Fiscal year 2016-17:
Apr – Jun, 2016 131,255
Jul – Sep, 2016 349,217
Oct – Dec, 2016 419,321
Year-to-date: Apr – Dec, 2016 899,793
The December 2016 quarter continued this healthy growth trend with sales revenue gr owing by
approximately 20% from the September 2016 quarter, delivering a gross margin of approximately 20%. On a
year-to-date basis, sales for the three fiscal quarters reached $899,793 and our gross margin reached
approximately 26%.
We are now a credible player in the local market. Our core product range now reaches about 100 retail stores,
covering the major super market chains, as well as an international airline, hotels and restaurants. This
business has grown to the point that it is now necessary under IFRS to report our operations by segment for
this third quarter of fiscal 2016-17 in our financial statements, in order to provide our shareholders a clearer
view of this more diversified Century.
In addition, our Mining Database won the Canada China Business Council’s Silver Award in Professional,
Scientific and Technical Services in December 2016. This is a significant recognition of our work and
encouragement for our hard-working team.
We are pleased to see the rebound of our share price at the beginning of 2017. We hope that the market will,
in due course, recognize our continued efforts to create value for the Company: more than $30 million in cash
and receivables at the end of the third quarter; our iron ore assets; the food business; and the potential of
other initiatives we are undertaking.
About Century
Century Global Commodities Corporation (TSX:CNT) is buil ding shareholder value through existing and
entrepreneurial business units that meet continuing and growing demand from China, the largest market in
human history.
Iron Ore
With WISCO International Resources & Investment Limited and Minmetals Exploration & Development
(Luxembourg) Limited S.àr.l., both Global Fortune 500 Chinese strategic partners, Century owns one of the
largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and
Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is our most advanced
project. It has completed feasibility and permitting studies and can be brought to production within
approximately 30 months. We are maintaining our properties in preparation for a ret urn to higher iron ore
prices.
Base and Precious Metals
Century is monitoring investment and acquisition opportunities. When the right opportunity presents itself,
our strong balance sheet will allow us to invest or acquire undervalued assets during the current down-cycle,
positioning ourselves for gains when the market improves.
Quality Food Services
Quality food products sourced from advanced countries are in great demand from the quickly-growing middle
class in China. The emphasis is on the need for sa fe, high-quality food products. Century has established a
professional marketing team and built a distribution system to serve Hong Kong and eventually mainland
China. Initial successes include contracts with one of the largest egg producers in Australia a nd supply
contracts with hotels, restaurants, grocery chains as well as an international airline.
Century’s website is www.centuryglobal.ca.
For further information please contact:
Sandy Chim
Century Global Commodities Corporation
416-977-3188
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THIS PRESS RELEASE C ONTAINS “FORWARD-LOOKING INFORMATION” WITHIN THE MEANING O F CANADIAN SECURITIES
LEGISLATION. THE FORWARD -LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE
EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER
SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMO NG OTHER TH INGS,
CENTURY’S INTENTION TO EVALUATE PROSPECT IVE TRANSACTIONS ARI SING FROM THE REVIEW BY CENTURY OF ITS
STRATEGIC OPTIONS AN D ITS AVAILABLE WORK ING CAPITAL , AS WELL AS STATEME NTS REGARDING THE FU TURE
PERFORMANCE AND PROSPECTS OF THE COMPANY’S FOOD BUSINESS. FORWARD-LOOKING INFORMATION IS BASED ON,
AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANA LYSES THAT, WHILE CO NSIDERED REASONABLE
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