6-K 1 atco-6k_20200930.htm 6-K atco-6k_20200930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

Commission File Number 333-229312

 

ATLAS CORP.

(Exact name of Registrant as specified in its Charter)

 

23 Berkeley Square

London, United Kingdom

W1J 6HE

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1).     Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7).     Yes      No  

 

 

 

 

 


 

Item 1 — Information Contained in this Form 6-K Report

Attached as Exhibit I is Atlas Corp.’s report on Form 6-K, or this Report, for the quarter ended September 30, 2020. This Report is hereby incorporated by reference into: the Registration Statement of Atlas Corp. filed with the Securities and Exchange Commission, (the “SEC”), on May 30, 2008 on Form F-3D (Registration No. 333-151329), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 31, 2011 on Form S-8 (Registration No. 333-173207), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 20, 2013 on Form S-8 (Registration No. 333-189493), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 24, 2012 on Form F-3 (Registration No. 333-180895), as amended on March 22, 2013 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 29, 2014 on Form F-3 (Registration No. 333-195571), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form F-3 (Registration No. 333-200639), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form S-8 (Registration No. 333-200640), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 12, 2015 on Form F-3D (Registration No. 333-202698), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 24, 2016 on Form S-8 (Registration No. 333-212230), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on August 25, 2017 on Form F-3 (Registration No. 333-220176), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on December 21, 2017 on Form S-8 (Registration No. 333-222216), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3D (Registration No. 333-224291), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3 (Registration No. 333-224288), as amended on May 3, 2018, May 7, 2018 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on September 28, 2018 on Form F-3 (Registration No. 333-227597), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on January 18, 2019 on Form F-3 (Registration No. 333-229312), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 27, 2019 on Form F-3 (Registration No. 333-230524), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on May 11, 2020 on Form F-3 (Registration No. 333-238178), and the Registration Statement of Atlas Corp. filed with the SEC on June 30, 2020 on Form S-8 (Registration No. 333-239578).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

ATLAS CORP.

 

 

 

 

Date: November 10, 2020

By:

 

/s/ Bing Chen

 

 

 

Bing Chen

 

 

 

Chief Executive Officer and Interim Chief Financial Officer

 

 

 

(Principal Executive, Financial and Accounting Officer)

 

 

 

 

 

 

 

 


 

EXHIBIT I

ATLAS CORP.
REPORT ON FORM 6-K FOR THE QUARTER ENDED SEPTEMBER 30, 2020

INDEX

 

 

 

Unless we otherwise specify, when used in this Report, (i) the terms “Atlas”, the “Company”, “we”, “our” and “us” refer to Atlas Corp. and its subsidiaries, (ii) the term “Seaspan” refers to Seaspan Corporation and its subsidiaries and (iii) the term “APR Energy” refers to Apple Bidco Limited, its subsidiary APR Energy Ltd., and APR Energy Ltd.’s subsidiaries.

 

 

 

 

 


 

 

ATLAS CORP.

PART I — FINANCIAL INFORMATION

ITEM 1 — INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ATLAS CORP.

Interim Consolidated Balance Sheets

(Unaudited)

(Expressed in millions of United States dollars, except number of shares and par value amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

220.6

 

 

$

195.0

 

Accounts receivable

 

 

86.2

 

 

 

18.7

 

Inventories

 

 

72.0

 

 

 

14.2

 

Prepaid expenses and other

 

 

29.9

 

 

 

17.6

 

Net investment in lease (note 6)

 

 

10.5

 

 

 

35.2

 

Acquisition related assets (note 2)

 

 

65.0

 

 

 

 

 

 

 

484.2

 

 

 

280.7

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment (note 7)

 

 

7,029.8

 

 

 

5,707.7

 

Right-of-use assets (note 8)

 

 

872.0

 

 

 

957.2

 

Net investment in lease (note 6)

 

 

421.6

 

 

 

723.6

 

Goodwill (note 2)

 

 

84.1

 

 

 

75.3

 

Deferred tax assets (note 14)

 

 

13.0

 

 

 

 

Other assets (note 9)

 

 

305.4

 

 

 

172.5

 

 

 

$

9,210.1

 

 

$

7,917.0

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

151.5

 

 

$

83.4

 

Deferred revenue

 

 

20.7

 

 

 

20.3

 

Income tax payable (note 14)

 

 

84.8

 

 

 

 

Long-term debt - current (note 10)

 

 

246.7

 

 

 

363.7

 

Operating lease liabilities - current (note 11)

 

 

160.3

 

 

 

159.7

 

Other financing arrangements - current (note 12)

 

 

57.7

 

 

 

134.6

 

Other liabilities - current (note 13)

 

 

32.1

 

 

 

7.8

 

 

 

 

753.8

 

 

 

769.5

 

 

 

 

 

 

 

 

 

 

Long-term debt (note 10)

 

 

3,207.7

 

 

 

2,696.9

 

Operating lease liabilities (note 11)

 

 

699.4

 

 

 

782.6

 

Other financing arrangements (note 12)

 

 

738.9

 

 

 

373.9

 

Deferred tax liabilities (note 14)

 

 

7.5

 

 

 

 

Derivative instruments (note 20c)

 

 

68.3

 

 

 

50.2

 

Other liabilities (note 13)

 

 

42.3

 

 

 

11.2

 

Total liabilities

 

 

5,517.9

 

 

 

4,684.3

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Share capital (note 15):

 

 

 

 

 

 

 

 

Preferred shares, $0.01 par value; 150,000,000 shares authorized

   (2019 - 150,000,000); 33,335,570 shares issued and outstanding (2019 - 33,335,570)

 

 

 

 

 

 

 

 

Common shares, $0.01 par value; 400,000,000 shares authorized

   (2019 - 400,000,000); 246,031,989 shares issued and outstanding (2019 - 215,675,599), 727,351 shares held in treasury (2019 – 37,778)

 

 

2.4

 

 

 

2.1

 

Additional paid in capital

 

 

3,834.9

 

 

 

3,452.9

 

Deficit

 

 

(124.5

)

 

 

(200.7

)

Accumulated other comprehensive loss

 

 

(20.6

)

 

 

(21.6

)

 

 

 

3,692.2

 

 

 

3,232.7

 

 

 

$

9,210.1

 

 

$

7,917.0

 

Basis of presentation (note 1(a))

Commitments and contingencies (note 18)

Subsequent events (note 21)

See accompanying notes to interim consolidated financial statements.

 

1

 


 

ATLAS CORP.

Interim Consolidated Statements of Operations

(Unaudited)

(Expressed in millions of United States dollars, except per share amounts)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue (note 4)

 

$

386.2

 

 

$

282.7

 

 

$

1,058.4

 

 

$

843.5

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

78.2

 

 

 

56.8

 

 

 

205.0

 

 

 

170.4

 

Depreciation and amortization

 

 

103.9

 

 

 

63.9

 

 

 

264.6

 

 

 

189.9

 

General and administrative

 

 

21.1

 

 

 

7.7

 

 

 

51.3

 

 

 

23.3

 

Operating leases (note 11)

 

 

37.0

 

 

 

38.2

 

 

 

113.7

 

 

 

116.3

 

Income related to modification of time charters

 

 

 

 

 

 

 

 

 

 

 

(227.0

)

 

 

 

240.2

 

 

 

166.6

 

 

 

634.6

 

 

 

272.9

 

Operating earnings

 

 

146.0

 

 

 

116.1

 

 

 

423.8

 

 

 

570.6

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

45.3

 

 

 

52.4

 

 

 

145.7

 

 

 

170.5

 

Interest income

 

 

(0.9

)

 

 

(2.0

)

 

 

(3.4

)

 

 

(8.2

)

Loss on derivative instruments (note 20(c))

 

 

2.2

 

 

 

22.1

 

 

 

34.0

 

 

 

37.7

 

Other expenses

 

 

10.8

 

 

 

0.5

 

 

 

16.3

 

 

 

1.7

 

 

 

 

57.4

 

 

 

73.0

 

 

 

192.6

 

 

 

201.7

 

Net earnings before income tax

 

 

88.6

 

 

 

43.1

 

 

 

231.2

 

 

 

368.9

 

Income tax expense (note 14)

 

 

4.5

 

 

 

0.1

 

 

 

12.5

 

 

 

0.7

 

Net earnings

 

$

84.1

 

 

$

43.0

 

 

$

218.7

 

 

$

368.2

 

Earnings per share (note 16):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common share, basic

 

$

0.27

 

 

$

0.12

 

 

$

0.70

 

 

$

1.47

 

Common share, diluted

 

$

0.27

 

 

$

0.11

 

 

$

0.68

 

 

$

1.44

 

 

See accompanying notes to interim consolidated financial statements.

 

2

 


 

ATLAS CORP.

Interim Consolidated Statements of Comprehensive Income

(Unaudited)  

(Expressed in millions of United States dollars)

 

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net earnings

 

$

84.1

 

 

$

43.0

 

 

$

218.7

 

 

$

368.2

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified to net earnings during the period

relating to cash flow hedging instruments (note 20(c))

 

 

0.3

 

 

 

0.3

 

 

 

1.0

 

 

 

0.8

 

Comprehensive income

 

$

84.4

 

 

$

43.3

 

 

$

219.7

 

 

$

369.0

 

 

See accompanying notes to interim consolidated financial statements.

 

 

 

3

 


 

ATLAS CORP.

Interim Consolidated Statements of Shareholders’ Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares)

 

Three months ended September 30, 2020

 

 

 

 

 

 

Number of

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Number of

 

 

non-puttable

 

 

 

 

 

puttable

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

 

common

 

 

preferred

 

Common

 

 

preferred

 

 

paid-in

 

 

 

 

 

 

comprehensive

 

 

shareholders'

 

 

shares

 

 

shares

 

Shares

 

 

shares

 

 

capital

 

 

Deficit

 

 

loss

 

 

Equity

 

Balance, June 30, 2020, carried forward

 

246,792,132

 

 

 

33,335,570

 

$

2.1

 

 

$

0.3

 

 

$

3,845.6

 

 

$

(207.5

)

 

$

(20.9

)

 

$

3,619.6

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84.1

 

 

 

 

 

 

84.1

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Shares issued through dividend reinvestment program

 

8,461

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

 

 

 

0.1

 

Share-based compensation expense: restricted common shares, phantom share units, restricted stock units and stock options

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

 

 

 

1.7

 

Issuance of common shares from unissued acquisition related equity consideration

 

81,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of common shares to unissued acquisition related equity consideration

 

(727,351

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of common shares issued on acquisition

 

(1,122,290

)

 

 

 

 

 

 

 

 

 

 

(12.5

)

 

 

 

 

 

 

 

 

(12.5

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

 

 

 

 

 

(1.1

)

Balance, September 30, 2020

 

246,031,989

 

 

 

33,335,570

 

$

2.1

 

 

$

0.3

 

 

$

3,834.9

 

 

$

(124.5

)

 

$

(20.6

)

 

$

3,692.2

 

 

See accompanying notes to interim consolidated financial statements.

 

4

 


 

ATLAS CORP.

Interim Consolidated Statements of Puttable Preferred Shares and Shareholders’ Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares and per share amounts)

 

Three months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Series D puttable

 

Number of

 

 

non-puttable

 

 

 

 

puttable

 

 

Additional

 

 

 

 

 

other

 

 

Total

 

 

preferred shares

 

Common

 

 

Preferred

 

Common

 

preferred

 

 

paid-in

 

 

 

 

 

comprehensive

 

 

shareholders'

 

 

Shares

 

Amount

 

Shares

 

 

Shares

 

shares

 

shares

 

 

capital

 

 

Deficit

 

loss

 

 

equity

 

Balance, June 30, 2019, carried forward

 

1,983,585

 

$

49.0

 

 

215,617,526

 

 

 

33,275,570

 

$

1.8

 

$

0.3

 

 

$

3,450.0

 

 

$

(224.9

)

$

(22.1

)

 

$

3,205.1

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43.0

 

 

 

 

 

43.0

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Dividends on Class A common shares ($0.13 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27.0

)

 

 

 

 

(27.0

)

Dividends on preferred shares

(Series D - $0.50 per share;

Series E - $0.52 per share;

Series G - $0.51 per share;

Series H - $0.49 per share;

Series I - $0.50 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.2

)

 

 

 

 

(18.2

)

Accretion of puttable preferred shares with holder put option

 

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.3

)

 

 

 

 

(0.3

)

Exercise of puttable preferred share

with holder put option

 

(1,923,585

)

 

(47.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of put option on

puttable preferred shares

 

(60,000

)

 

(1.5

)

 

 

 

 

60,000

 

 

 

 

 

 

 

1.5

 

 

 

 

 

 

 

 

1.5

 

Shares issued through dividend reinvestment program

 

 

 

 

 

30,494

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

 

 

 

 

 

0.3

 

Share-based compensation expense: restricted Class A common shares, phantom share units, restricted stock units and stock options

 

 

 

 

 

1,195

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

(0.2

)

 

 

 

 

0.5

 

Balance, September 30, 2019

 

 

 

 

 

215,649,215

 

 

 

33,335,570

 

$

1.8

 

$

0.3

 

 

$

3,452.5

 

 

$

(227.6

)

$

(21.8

)

 

$

3,205.2

 

 

See accompanying notes to interim consolidated financial statements.

5

 


 

ATLAS CORP.

Interim Consolidated Statements of Shareholders’ Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares and per share amounts)

 

Nine months ended September 30, 2020

 

 

 

 

 

Number of

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Number of

 

non-puttable

 

 

 

 

puttable

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

 

common

 

preferred

 

Common

 

preferred

 

paid-in

 

 

 

 

 

 

comprehensive

 

 

shareholders'

 

 

shares

 

shares

 

shares

 

shares

 

capital

 

 

Deficit

 

 

loss

 

 

equity

 

Balance, December 31, 2019, carried forward

 

215,675,599

 

 

33,335,570

 

$

1.8

 

$

0.3

 

$

3,452.9

 

 

$

(200.7

)

 

$

(21.6

)

 

$

3,232.7

 

Impact of accounting policy change

 

 

 

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

 

 

 

(2.3

)

Adjusted balance, December 31, 2019

 

215,675,599

 

 

33,335,570

 

$

1.8

 

$

0.3

 

$

3,452.9

 

 

$

(203.0

)

 

$

(21.6

)

 

$

3,230.4

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

218.7

 

 

 

 

 

 

218.7

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.0

 

 

 

1.0

 

Common shares issued on acquisition

 

29,891,266

 

 

 

 

0.2

 

 

 

 

316.6

 

 

 

 

 

 

 

 

 

316.8

 

Common shares issued on loan settlement

 

775,139

 

 

 

 

0.1

 

 

 

 

8.2

 

 

 

 

 

 

 

 

 

8.3

 

Dividends on common shares ($0.38 per share)

 

 

 

 

 

 

 

 

 

 

 

 

(88.5

)

 

 

 

 

 

(88.5

)

Dividends on preferred shares

(Series D -$1.49 per share;

Series E - $1.55 per share;

Series G - $1.54 per share;

Series H - $1.48 per share;

Series I - $1.50 per share)

 

 

 

 

 

 

 

 

 

 

 

 

(50.3

)

 

 

 

 

 

(50.3

)

Shares issued through dividend reinvestment program

 

22,258

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

0.2

 

Share-based compensation expense: restricted common shares, phantom share units, restricted stock units and stock options

 

1,398,553

 

 

 

 

 

 

 

 

5.0

 

 

 

 

 

 

 

 

 

5.0

 

Treasury shares

 

37,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unissued acquisition related equity consideration

 

 

 

 

 

 

 

 

 

65.8

 

 

 

 

 

 

 

 

 

65.8

 

Cancellation of unissued acquisition related equity

 

 

 

 

 

 

 

 

 

(1.3

)

 

 

 

 

 

 

 

 

(1.3

)

Issuance of common shares from unissued acquisition related equity consideration

 

81,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of common shares to unissued acquisition related equity consideration

 

(727,351

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of common shares issued on acquisition

 

(1,122,290

)

 

 

 

                      —

 

 

 

 

(12.5

)

 

 

 

 

 

 

 

 

(12.5

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

(1.4

)

Balance, September 30, 2020

 

246,031,989

 

 

33,335,570

 

$

2.1

 

$

0.3

 

$

3,834.9

 

 

$

(124.5

)

 

$

(20.6

)

 

$

3,692.2

 

 

See accompanying notes to interim consolidated financial statements.

 

6

 


 

ATLAS CORP.

Interim Consolidated Statements of Puttable Preferred Shares and Shareholders’ Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares and per share amounts)

 

Nine months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

Non-

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Series D puttable

 

Number of

 

non-puttable

 

 

 

 

puttable

 

Additional

 

 

 

 

other

 

 

 

 

Total

 

 

preferred shares

 

common

 

preferred

 

Common