VANCOUVER, British Columbia, March 24, 2020 (GLOBE NEWSWIRE) — Methanex Corporation (TSX:MX) (NASDAQ:MEOH) today filed its Annual Report, which includes its audited Consolidated Financial Statements and related Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2019, as well as its 2019 Annual Information Form, with Canadian securities regulatory authorities. The Company also filed its Form 40-F for the year ended December 31, 2019 with the U.S. Securities and Exchange Commission. Copies of these documents are available electronically on the Company’s website at www.methanex.com in the Investor Relations section, at www.sedar.com (Canadian filings) and at www.sec.gov/edgar.shtml (U.S. filings).
The Company sells all the methanol produced by the Atlas joint venture and earns a commission on the sale of the methanol. The Company had previously recognized the commission on a net basis in revenue. The Company has restated revenue and cost of sales within its annual Consolidated Statement of Income for the year ended December 31, 2018 to present revenue and cost of sales from methanol produced by the Atlas joint venture and sold by the Company on a gross basis. The restatement results in an increase to both revenue and cost of sales in the amount of $551 million each for the year ended December 31, 2018. As a result, there is no impact to operating income, net income, cash flows or financial position.
The restatement resulted from discussions with regulators and experts, and further consideration of interpretations of IFRS 15, Revenue from Contracts with Customers. For further information on the restatement, including the restated quarterly and year-to-date revenue and cost of sales for 2018 and 2019, refer to our MD&A and Consolidated Financial Statements.
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”. Methanex can be visited online at www.methanex.com.
For further information, contact:
Manager, Investor Relations
604 661 2600 or Toll Free: 1 800 661 8851