Operating Results Clause Samples

Operating Results. The Company's operating results shall be consistent with the Operating Plan in the following respects: (i) the projected Cumulative Funding Requirement from April 1, 1998 through December 31, 1998 shall not exceed $94 million; (ii) the actual Cumulative Funding Requirement for any three-month period commencing with the three-month period beginning April 1, 1998 shall not have exceeded the projections in the Operating Plan by more than 20%; (iii) the projected cumulative EBITDA (loss) from April 1, 1998 through December 31, 1998 shall not exceed $(33) million; and (iv) the actual EBITDA (loss) for any three-month period commencing with the three-month period beginning April 1, 1998 shall not have exceeded the loss projected by the Operating Plan by more than 20%.

Operating Results. The Company operates in the food service industry and primarily operates quick-service restaurant businesses under the McDonald's brand. To capture additional meal occasions, the Company also operates other restaurant concepts under its Partner Brands: Boston Market, Chipotle and Donatos Pizzeria. In addition, McDonald's has a minority ownership in Pret A Manger. In March 2002, the Company sold its Aroma Cafe business in the U.K. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. Foreign currency translation had a minimal impact on the consolidated Systemwide sales growth rate for the quarter as the stronger Euro was offset by weaker Latin American currencies (primarily Argentine Peso, Venezuelan Bolivar, and Brazilian Real) and a weaker Japanese Yen. For the six months, foreign currency translation had a negative impact on the Systemwide sales growth rate due to the weaker Latin American currencies and Japanese Yen, partly offset by the stronger Euro. Foreign currency translation had a positive impact on the consolidated operating income growth rate for the quarter primarily due to the stronger Euro, while foreign currency translation had a minimal impact on the operating income growth rate for the six months. Cumulative Effect of Accounting Change and Asset Impairment Charges Effective January 1, 2002, the Company adopted SFAS No. 142 "Goodwill and Other Intangible Assets," which eliminates the amortization of goodwill and instead subjects it to annual impairment tests. As a result of the initial required goodwill impairment tests, the Company recorded a non-cash charge of $98.6 million after tax in first quarter 2002 to reflect the cumulative effect of this accounting change. The impaired goodwill was primarily in Argentina, Uruguay and other markets in Latin America and the Middle East, where economies have weakened significantly over the last several years. The Company also recorded $43.0 million of non-cash asset impairment charges in first quarter 2002, primarily related to the impairment of assets in existing restaurants in Chile and other Latin American markets and the closing of 32 underperforming restaurants in Turkey, as a result of continued economic weakness. In addition, in second quarter 2001, the Comp...

Operating Results. In response to the increase in the Coronavirus Disease 2019 (“COVID-19) case numbers in Mongolia, the Chinese authorities has been restricting the number of trucks permitted to cross the Ceke Port of Entry, and such restriction has severely impacted the sales volume of the Company in the third and fourth quarters of 2021. As a result, the Company’s sales volume decreased from 2.6 million tonnes in 2020 to 0.9 million tonnes in 2021. In response to the restrictions on the number of trucks crossing the Mongolian border into China which began as of the second quarter of 2021, the Company temporarily suspended its major mining operations (including coal mining) in the second quarter of 2021 in order to control the inventory level and preserve the Company’s working capital. Mining operations (including coal mining) resumed in the third quarter of 2021. However, mining operations were temporarily suspended again by the Company beginning in November 2021 in response to the temporary closure of the Ceke Port of Entry in the fourth quarter of 2021. See “Impact of the COVID-19 Pandemic” below. The Company experienced an increase in the average selling price of coal from $35.5 per tonne in the fourth quarter of 2020 to $55.4 per tonne in the fourth quarter of 2021, as a result of improved market conditions in China and an improvement of the overall product mix. • Financial Results – The Company recorded a $4.4 million profit from operations in 2021 compared to a $15.3 million profit in 2020. The financial results were impacted by the decreased sales resulting from the export volume limitations as well as the closure of the Ceke Port of Entry experienced by the Company during the year. • Impact of the COVID-19 Pandemic – Since the second quarter of 2021, additional precautionary measures were imposed by the Chinese authorities at the Ceke Port of Entry in response to the increase of COVID-19 cases in Mongolia, which included restricting the number of trucks crossing the Mongolian border into China. The restrictions on trucking volume have had an adverse impact on the Company’s ability to import its coal products into China in 2021. In response to the increase in the number of COVID-19 cases in Ejinaqi, a region in China’s Inner Mongolia Autonomous Region where the custom and border crossing are located, reported in late October 2021, the local government authorities have imposed stringent preventive measures throughout the region, including the temporary closure of th...

Operating Results. The Company operates in the food service industry and primarily operates quick- service restaurant businesses under the McDonald's brand. To capture additional meal occasions, the Company also operates other restaurant concepts: Aroma Cafe, Boston Market, Chipotle Mexican Grill and Donatos Pizza. Collectively these four businesses are referred to as "Other Brands." Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. Reported results for the quarter were negatively affected by foreign currency translation primarily due to the weaker Euro, British Pound, Australian Dollar and Japanese Yen. Systemwide Sales and Revenues Systemwide sales represent sales by Company-operated, franchised and affiliated restaurants. Total revenues include sales by Company-operated restaurants and fees from restaurants operated by franchisees and affiliates. These fees include rent, service fees and royalties that are based on a percent of sales, with specified minimum payments along with initial fees.

Operating Results. McDonald's operates primarily in the quick-service restaurant business. In addition, the Company operates other restaurant concepts: Aroma Cafe, Boston Market, Chipotle Mexican Grill and Donatos Pizza. Collectively these four businesses are referred to as "Other Brands." Throughout this release, Other Brands' financial information is included in the Other segment, except where specifically noted. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. The primary currencies negatively affecting reported results for the quarter and the year were the Euro, the British Pound and the Australian Dollar. In addition, the Japanese Yen had a negative effect for the quarter, but a positive impact for the year. Systemwide Sales and Revenues Systemwide sales represent sales by Company-operated, franchised and affiliated restaurants. Total revenues include sales by Company-operated restaurants and fees from restaurants operated by franchisees and affiliates. These fees include rent, service fees and royalties that are based on a percent of sales, with specified minimum payments along with initial fees. Systemwide sales Dollars in millions 2000 1999 Increase/(Decrease) As In Constant Reported Currencies* Quarters ended December 31 U.S. $4,823.9 $4,681.6 3% n/a Europe 2,210.4 2,449.8 (10) 5% Asia/Pacific 1,749.3 1,697.0 3 11 Latin America 470.2 438.0 7 8 Other** 670.7 483.3 39 43 Total Systemwide sales $9,924.5 $9,749.7 2% 7% Years ended December 31 U.S. $19,572.8 $19,005.6 3% n/a Europe 9,292.8 9,557.0 (3) 9% Asia/Pacific 7,051.4 6,435.7 10 9 Latin America 1,790.0 1,665.6 7 9 Other** 2,474.2 1,826.8 35 36 Total Systemwide sales $40,181.2 $38,490.7 4% 7% * Excluding the effect of foreign currency translation on reported results. ** Includes Systemwide sales for Other Brands of $227.0 million and $605.2 million for the quarter and year 2000, respectively. In 1999, Systemwide sales for Other Brands were $44.5 million and $90.6 million for the quarter and year, respectively. n/a Not applicable On a global basis, the increases in sales and revenues for the quarter and the year were primarily due to expansion. The year also benefited from positive comparable sales, while comparable sales for the quarter were flat. Foreign currency translatio...

Operating Results. The Company operates in the food service industry and primarily operates quick- service restaurant businesses under the McDonald's brand. To capture additional meal occasions, the Company also operates other restaurant concepts: Aroma Cafe, Boston Market, Chipotle Mexican Grill and Donatos Pizza. Collectively these four businesses are referred to as "Partner Brands." In addition, McDonald's has a minority ownership in Pret A Manger. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. Reported results for the six months and quarter were negatively affected by foreign currency translation primarily due to the weaker Euro, British Pound, Japanese Yen, Australian Dollar and the Brazilian Real. Systemwide Sales and Revenues Systemwide sales represent sales by Company-operated, franchised and affiliated restaurants. Total revenues include sales by Company-operated restaurants and fees from restaurants operated by franchisees and affiliates. These fees include rent, service fees and royalties that are based on a percent of sales, with specified minimum payments along with initial fees.

Operating Results. Below we present a comparative table on the results of the Company: Contract Energy Sales GWh 2,915.68 2,864.68 51.01 1.8 % Spot Market, Net GWh 106.19 (12.49) 118.68 (950.0 )% Spot Energy Sales GWh 494.83 355.34 139.49 39.0 % Spot Energy Purchases GWh 388.65 367.83 20.81 6.0 % IC Contract Energy Purchases (at contract prices) GWh 1,082.63 856.34 226.28 26.4 % Total Company Generation GWh 2,064.12 2,113.53 (49.40) (2.3)% Spot Market Price (System) US$/MWh 76.70 58.51 18.20 31.1 % Spot Market Sales Price US$/MWh 68.36 53.96 14.40 26.7 % Spot Market Purchases Price US$/MWh 79.21 71.65 7.56 10.5 % Bayano Level Masl 56.85 60.24 (3.39) (5.6)% Bayano Inflows m3/s 211.18 183.75 27.43 14.9 % Bayano Generation GWh 782.01 610.16 171.85 28.2 % Esti Generation GWh 531.11 583.32 (52.20) (8.9)% La ▇▇▇▇▇▇▇▇ Generation GWh 201.75 182.22 19.54 10.7 % Los ▇▇▇▇▇▇ Generation GWh 233.90 246.35 (12.45) (5.1)% ▇▇▇▇▇▇▇▇ de Mar I Generation GWh 315.35 491.48 (176.13) (35.8)% Losses (line and consumption) GWh 124.88 117.68 7.20 6.1 % Spot Market Sales Revenues K$ 33,826.28 19,173.77 14,652.51 76.4 % Spot Market Purchases Expense K$ 30,783.68 26,355.89 4,427.79 16.8 % Electricity sales reflect an increase of $20,810 as of December 31, 2018 with respect to the same period in 2017, this is due to: (i) higher energy sales on the spot market compared to the same period of the previous year for $11,481 (495Gwh in 2018 vs. 355Gwh in 2017), due to a greater generation of hydroelectric plants of 7.81% (1,749Gwh in 2018 vs 1,622Gwh in 2017), higher energy purchases from its affiliate AES Changuinola, S.R.L. and an increase on spot market prices ($68/Gwh in 2018 vs $54/Gwh in 2017). The level of the Bayano reservoir closed at December 31, 2018 with 56.85 meters above sea level and its rainfall totaled 211.18 masl, 14.9% more than the previous period; (ii) higher contract sales of $11,479, attributed mainly to the incorporation of new contracts with large customers (Productos ▇▇▇▇▇▇▇▇, ▇.▇., Corporación La Prensa, S.A., Desarrollo Inmobiliario del Este, S.A., ▇▇▇▇▇▇ ▇▇▇▇▇, S.A.) compared to the previous year and an increase in the prices of the Barcaza ▇▇▇▇▇▇▇▇ del Mar I contracts; (iii) higher inter-company sales to its affiliates AES Changuinola, S.R.L. for $$1,267 and Gas Natural Atlántico, S.R.L. for $5,324. This positive change was affected by: (iv) a decrease in revenues from ancillary services ($8,630), compared to the same period of 2017, due to a decrease in the payments received, as ...

Operating Results. Stratosphere's monthly Consolidated Cash Flow for the periods between October 1, 1996 and June 30, 1997 shall average not less than $2,267,000 per month.

Operating Results. For the purposes of this Agreement, the Company's Net Revenues and Net Earnings shall be determined by reference to the Company's financial statements, which shall be prepared in accordance with generally accepted accounting principles consistently applied and audited by the Company's independent accountants.