Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

 

 

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, 2021

Commission File Number 001-39237

 

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

This report on Form 6-K of Atlas Corp., or 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), as supplemented on December 7, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 30, 2020 on Form S-8 (Registration No. 333-239578), the Registration Statement of Atlas Corp filed with the SEC on March 19, 2021 on Form F-3 (Registration No. 333-254536), and the Registration Statement of Atlas Corp filed with the SEC on July 16, 2021 on Form F-3 (Registration No. 333-257967).

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, 2021

By:

 

/s/ Graham Talbot

 

 

 

Graham Talbot

 

 

 

Chief Financial Officer

 

 

 

(Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 


 

 

EXHIBIT I

ATLAS CORP.
REPORT ON FORM 6-K FOR THE QUARTER ENDED SEPTEMBER 30, 2021

INDEX

 

PART I — FINANCIAL INFORMATION

 

1

 

 

 

Item 1 — Interim Consolidated Financial Statements (Unaudited)

 

1

 

 

 

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

 

 

Item 3 — Quantitative and Qualitative Disclosures About Market Risk

 

46

 

 

 

PART II — OTHER INFORMATION

 

47

 

 

 

Item 1 — Legal Proceedings

 

47

 

 

 

Item 1A — Risk Factors

 

47

 

 

 

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

 

47

 

 

 

Item 3 — Defaults Upon Senior Securities

 

47

 

 

 

Item 4 — Mine Safety Disclosures

 

47

 

 

 

Item 5 — Other Information

 

47

 

 

 

Item 6 — Exhibits

 

47

 

 

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,

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

257.6

 

 

$

304.3

 

Accounts receivable

 

91.2

 

 

 

75.9

 

Inventories

 

58.3

 

 

 

60.2

 

Prepaid expenses and other

 

34.1

 

 

 

33.9

 

Net investment in lease (note 6)

 

13.7

 

 

 

10.7

 

Acquisition related assets

 

101.5

 

 

 

99.3

 

 

 

556.4

 

 

 

584.3

 

 

 

 

 

 

 

 

 

Property, plant and equipment (note 7)

 

7,047.4

 

 

 

6,974.7

 

Vessels under construction (note 8)

 

1,019.9

 

 

 

42.0

 

Right-of-use assets (note 9)

 

756.4

 

 

 

841.2

 

Net investment in lease (note 6)

 

578.0

 

 

 

418.6

 

Goodwill

 

75.3

 

 

 

75.3

 

Deferred tax assets

 

26.1

 

 

 

19.3

 

Derivative instruments (note 20(c))

 

2.4

 

 

 

 

Other assets (note 10)

 

344.7

 

 

 

333.7

 

 

$

10,406.6

 

 

$

9,289.1

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

166.3

 

 

$

134.1

 

Deferred revenue

 

21.1

 

 

 

28.2

 

Income tax payable

 

109.7

 

 

 

110.4

 

Long-term debt - current (note 11)

 

377.4

 

 

 

332.1

 

Operating lease liabilities - current (note 12)

 

154.7

 

 

 

160.9

 

Other financing arrangements - current (note 13)

 

92.7

 

 

 

64.1

 

Other liabilities - current (note 14)

 

65.7

 

 

 

24.8

 

 

 

987.6

 

 

 

854.6

 

 

 

 

 

 

 

 

 

Long-term debt (note 11)

 

3,955.9

 

 

 

3,234.0

 

Operating lease liabilities (note 12)

 

592.2

 

 

 

669.3

 

Other financing arrangements (note 13)

 

1,096.9

 

 

 

801.7

 

Derivative instruments (note 20(c))

 

38.5

 

 

 

63.0

 

Other liabilities (note 14)

 

19.4

 

 

 

40.9

 

Total liabilities

 

6,690.5

 

 

 

5,663.5

 

 

 

 

 

 

 

 

 

Cumulative redeemable preferred shares, $0.01 par value; 12,000,000 issued and outstanding (2020 – nil) (note 16 (e))

 

296.9

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Share capital (note 16):

 

 

 

 

 

 

 

Preferred shares; $0.01 par value; 150,000,000 shares authorized (2020 – 150,000,000);

   20,118,833 shares issued and outstanding (2020 – 33,335,570)

Common shares; $0.01 par value; 400,000,000 shares authorized (2020 – 400,000,000);

  247,007,590 shares issued and outstanding (2020 – 246,277,351);

  727,351 shares held in treasury (2020 – 727,351)

 

2.4

 

 

 

2.4

 

Additional paid in capital

 

3,524.0

 

 

 

3,842.7

 

Deficit

 

(87.8

)

 

 

(199.2

)

Accumulated other comprehensive loss

 

(19.4

)

 

 

(20.3

)

 

 

3,419.2

 

 

 

3,625.6

 

 

$

10,406.6

 

 

$

9,289.1

 

Commitments and contingencies (note 19)

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenue (note 4)

$

451.9

 

 

$

386.2

 

 

$

1,218.4

 

 

$

1,058.4

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

86.1

 

 

 

78.2

 

 

 

245.2

 

 

 

205.0

 

 

Depreciation and amortization

 

106.6

 

 

 

103.9

 

 

 

284.7

 

 

 

264.6

 

 

General and administrative

 

16.6

 

 

 

21.1

 

 

 

55.6

 

 

 

51.3

 

 

Indemnity claim under acquisition agreement (note 10)

 

(13.6

)

 

 

 

 

 

(29.1

)

 

 

 

 

Operating leases (note 12)

 

36.5

 

 

 

37.0

 

 

 

109.4

 

 

 

113.7

 

 

 

 

232.2

 

 

 

240.2

 

 

 

665.8

 

 

 

634.6

 

 

Operating earnings

 

219.7

 

 

 

146.0

 

 

 

552.6

 

 

 

423.8

 

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

50.0

 

 

 

45.3

 

 

 

151.4

 

 

 

145.7

 

 

Interest income

 

(0.6

)

 

 

(0.9

)

 

 

(2.8

)

 

 

(3.4

)

 

Loss on debt extinguishment (note 11(e))

 

70.9

 

 

 

 

 

 

127.0

 

 

 

 

 

Loss (gain) on derivative instruments (note 20(c))

 

0.2

 

 

 

2.2

 

 

 

(6.8

)

 

 

34.0

 

 

Other expenses

 

4.5

 

 

 

10.8

 

 

 

17.2

 

 

 

16.3

 

 

 

 

125.0

 

 

 

57.4

 

 

 

286.0

 

 

 

192.6

 

 

Net earnings before income tax

 

94.7

 

 

 

88.6

 

 

 

266.6

 

 

 

231.2

 

 

Income tax expense (note 15)

 

0.1

 

 

 

4.5

 

 

 

8.4

 

 

 

12.5

 

 

Net earnings

$

94.6

 

 

$

84.1

 

 

$

258.2

 

 

$

218.7

 

 

Earnings per share (note 17):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common share, basic

$

0.32

 

 

$

0.27

 

 

$

0.85

 

 

$

0.70

 

 

Common share, diluted

$

0.30

 

 

$

0.27

 

 

$

0.78

 

 

$

0.68

 

 

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,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

$

94.6

 

 

$

84.1

 

 

$

258.2

 

 

$

218.7

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified to net earnings during the period

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

 

0.3

 

 

 

0.3

 

 

 

0.9

 

 

 

1.0

 

Comprehensive income

$

94.9

 

 

$

84.4

 

 

$

259.1

 

 

$

219.7

 

 

See accompanying notes to interim consolidated financial statements.

 

 

 

3

 


 

 

ATLAS CORP.

Interim Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares

(Unaudited)

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

Three months ended September 30, 2021

 

 

Series J cumulative redeemable

 

 

 

Number of

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated 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, 2021

   carried forward

 

12,000,000

 

 

$

296.9

 

 

 

 

246,952,839

 

 

 

33,335,570

 

 

$

2.1

 

 

$

0.3

 

 

$

3,851.7

 

 

$

(133.1

)

 

$

(19.7

)

 

$

3,701.3

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94.6

 

 

 

 

 

 

94.6

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Issuance of common shares from unissued acquisition related equity consideration

(note 2)

 

 

 

 

 

 

 

 

48,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of preferred shares (note 16(b))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,216,737

)

 

 

 

 

 

 

 

 

(330.4

)

 

 

 

 

 

 

 

 

(330.4

)

Dividends on common shares

($0.125 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31.6

)

 

 

 

 

 

(31.6

)

Dividends on preferred shares

(Series D - $0.50 per share;

Series E - $0.35 per share;

Series G - $0.35 per share;

Series H - $0.49 per share;

Series I - $0.50 per share;

Series J - $0.24 per share;)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

 

 

 

 

 

(17.4

)

Shares issued through dividend reinvestment program

 

 

 

 

 

 

 

 

6,178

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

(0.1

)

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.6

 

 

 

(0.2

)

 

 

 

 

 

2.4

 

Balance, September 30, 2021

 

12,000,000

 

 

$

296.9

 

 

 

 

247,007,590

 

 

 

20,118,833

 

 

$

2.1

 

 

$

0.3

 

 

$

3,524.0

 

 

$

(87.8

)

 

$

(19.4

)

 

$

3,419.2

 

 

See accompanying notes to interim consolidated financial statements.

 

4

 


 

 

ATLAS CORP.

Interim Consolidated Statements of Shareholders’ Equity

(Unaudited)

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

 

Three months ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

Issuance of common shares from unissued acquisition related equity consideration (note 2)

 

 

 

81,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of common shares to unissued acquisition related equity consideration

 

 

 

(727,351

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of unissued acquisition related equity

 

 

 

(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.

5

 


 

ATLAS CORP.

Interim Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares

(Unaudited)

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

 

Nine months ended September 30, 2021

 

 

Series J cumulative redeemable

 

 

 

Number of

 

 

Number of

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated other

 

 

Total

 

 

preferred shares

 

 

 

common

 

 

preferred

 

 

Common

 

 

Preferred

 

 

paid-in

 

 

 

 

 

 

comprehensive

 

 

shareholders’

 

 

Shares

 

 

Amount

 

 

 

shares

 

 

shares

 

 

shares

 

 

shares

 

 

capital

 

 

Deficit

 

 

loss

 

 

equity

 

Balance, December 31, 2020

   carried forward

 

 

 

$

 

 

 

 

246,277,338

 

 

 

33,335,570

 

 

$

2.1

 

 

$

0.3

 

 

$

3,842.7

 

 

$

(199.2

)

 

$

(20.3

)

 

$

3,625.6

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

258.2

 

 

 

 

 

 

258.2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

0.9

 

Issuance of common shares from unissued acquisition related equity consideration

(note 2)

 

 

 

 

 

 

 

 

342,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series J preferred shares issued (note 11(e) and 16(e))

 

12,000,000

 

 

 

296.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of preferred shares (note 16(b))

 

 

 

 

 

 

 

 

 

 

 

(13,216,737

)

 

 

 

 

 

 

 

 

 

 

(330.4

)

 

 

 

 

 

 

 

 

 

 

(330.4

)

Warrants for Fairfax Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.0

 

 

 

 

 

 

 

 

 

3.0

 

Dividends on common shares

($0.375 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94.7

)

 

 

 

 

 

(94.7

)

Dividends on preferred shares

(Series D - $1.49 per share;

Series E - $1.38 per share;

Series G - $1.37 per share;

Series H - $1.48 per share;

Series I - $1.50 per share;

Series J - $0.24 per share;)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51.0

)

 

 

 

 

 

(51.0

)

Shares issued through dividend reinvestment program

 

 

 

 

 

 

 

 

19,001

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

(0.2

)

 

 

 

 

 

 

Share-based compensation expense