BEAVER COUNTY, Alberta, March 18, 2021 (GLOBE NEWSWIRE) -- Claystone Waste Ltd. (Claystone Waste) has released financial results detailing the 2020 fiscal performance of Claystone Waste and its predecessor organization, Beaver Municipal Solutions. On September 1st, 2020, Beaver Municipal Solutions was transitioned from a regional services commission and Claystone Waste was incorporated as a municipally controlled corporation.
“We entered 2020 with a plan to establish a new municipally controlled corporation that would enable our waste management operations to grow,” said Pierre Breau, Claystone Waste CEO. “The transition to Claystone Waste included substantial time and effort, and our operations were additionally challenged by the pandemic in 2020. Despite these challenges, both Beaver Municipal Solutions and Claystone Waste had a strong 2020.”
"Claystone Waste is in a strong financial position and poised for growth. Looking forward in 2021, we will continue to meet industry needs through a focus on being a western Canadian leader in waste management with world-class environmental, operational and safety standards.”
Highlights of the financial results are as follows:
- 2020 was a profitable year for Claystone Waste with $8.9 million in net income. Revenues declined slightly due primarily to downward pressures on pricing and lower contaminated soil volumes. These declines were partially offset by increases in construction and demolition waste and hydrovac waste which showed significant growth in 2020.
- Despite the COVID-19 pandemic, revenues reached $27.8 million in 2020.
- As a municipally controlled corporation, Claystone Waste provides residents and businesses of its shareholder municipalities with subsidized waste pick-up and disposal services. The subsidy for collection of waste for shareholder communities continued in 2020 with $0.5 million in revenue and $1.2 million in expenses.
- Claystone Waste continues to hold no bank debt.
- Net equity increased 14% from $49 million in 2019 to $56 million in 2020.
- Claystone Waste released a dividend of $2 million to its shareholding municipalities in 2020. On March 1st, 2021, Claystone increased the 2021 divided by 50% to $3 million based on the overall financial strength and growth in the organization.
Audited 2020 financial statements for Beaver Municipal Solutions and Claystone Waste, along with Combined Statements of Financial Position, Comprehensive Income and Equity are available at www.claystonewaste.com.
Claystone Waste operates a Sanitary Class II Landfill located in Beaver County, Alberta and accepts municipal solid waste from Edmonton and surrounding municipalities in the capital region, as well as significant volumes of class II, non-hazardous industrial wastes. The facility is one of the largest in Western Canada, and can provide advanced waste treatment, recycling and remediation technologies to municipal and industrial customers.
Claystone Waste is a municipally controlled corporation owned by the municipalities of Beaver County, Town of Tofield, Town of Viking, Village of Holden and Village of Ryley.
DISCLAIMER
The Combined Statements of Financial Position, Comprehensive Income and Equity, are unaudited but based on amounts appearing in Claystone Waste’s and Beaver Municipal Solution’s individual audited financial statements. The Claystone Waste audited financial statements are based on International Financial Reporting Standards while the Beaver Municipal Solutions audited financial statements are based on Accounting Standards for Not-For-Profit Organizations. These two different standards impact some of the account balances. Readers are encouraged to refer to the audited financial statements of each entity to note the differences. Further, readers are cautioned that the Combined Statements may not be appropriate for their purposes.