KP Tissue Inc. (KPT) (TSX: KPT) reports the Q4 2021 and full year 2021 financial and operational results of KPT and Kruger Products L.P. (KPLP). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere, Purex, SpongeTowels, Scotties, White Swan and Bonterra) and the Away-From-Home (AFH) market, and continues to expand in the U.S. Consumer market with the White Cloud® brand and premium private label products. KPT currently holds a 14.4% interest in KPLP.

KPLP Q4 2021 Business and Financial Highlights

  • Revenue was $424.1 million in Q4 2021 compared to $385.0 million in Q4 2020, an increase of $39.1 million or 10.2%.
  • Adjusted EBITDA1 was $38.3 million in Q4 2021, compared to $36.2 million in Q4 2020, an increase of 5.8%.
  • Net income was $42.3 million in Q4 2021, compared to a loss of $28.5 million in Q4 2020, an increase of $70.8 million.
  • Announced additional investment of $111.5 million in the Sherbrooke Expansion Project, for a total investment of $351.5 million.
  • Declared a quarterly dividend of $0.18 per share to be paid on April 15, 2022.

KPLP Full Year 2021 Financial Highlights  

  • Revenue was $1,465.2 million in 2021 compared to $1,516.0 million in 2020, a decrease of $50.8 million or 3.4%.
  • Adjusted EBITDA1 was $153.4 million in 2021, down from $197.8 million in 2020, a decrease of 22.4%.
  • Net income was $42.0 million in 2021, up from $27.3 million in 2020, an increase of $14.7 million.

“We are pleased by our performance in the face of volatile market conditions and unprecedented headwinds in 2021 and contrasted against an extraordinary market environment in 2020. The first half of 2021 was marked by destocking challenges due to the COVID-19 pandemic, while mounting supply chain and inflationary pressures affected both our Consumer and Away-From-Home segments in the latter part of the year. We did regain sales momentum in the second half of 2021 and closed the fourth quarter on a high note with more than 10% revenue growth and improved adjusted EBITDA,” stated KP Tissue’s Chief Executive Officer, Dino Bianco.

“Against this backdrop, we continued to invest in the future through market-driven innovations. The successful launch of SpongeTowels Ultra ProTM in 2021 delivered significant share gains in the paper towel category. This year we have introduced a new sustainably focused brand, BonterraTM, to offer consumers a more environmentally conscious option with unique features addressing packaging, recycled fibre, a neutral carbon footprint and partnerships with 4Ocean and One Tree Planted. In addition, we have upgraded Cashmere and Purex UltraLuxe to offer our softest and most luxurious bathroom tissue ever.”

“In terms of network modernization, Year 1 of TAD Sherbrooke proved to be a major success with a ramp-up curve well above our expectations. We also announced the Sherbrooke expansion project early into 2021 and followed up with an incremental investment at the end of the year to double production capacity to over 60,000 metric tonnes by 2024. The project’s total value of approximately $350 million will effectively create a tissue hub in Canada using both TAD and conventional technologies.”

“Looking ahead to 2022, we intend to leverage our ongoing investments, innovations and share gains to drive revenue growth, while pricing the business and managing costs to offset inflation,” Mr. Bianco concluded.

1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this news release for more information on these measures

Outlook for Q1 2022We anticipate Q1 sales momentum to continue in both AFH and Consumer as customer and consumer behaviour returns to more pre-COVID levels. However, cost inflation across the supply chain is expected to continue impacting results in the near-term, therefore Q1 2022 Adjusted EBITDA is expected to be in the range of $30-$35 million.

KPLP Q4 2021 Financial Results

Revenue was $424.1 million in Q4 2021 compared to $385.0 million in Q4 2020, an increase of $39.1 million or 10.2%. The increase in revenue was due to a selling price increase in Consumer Canada and higher sales volume in the Consumer segment compared to the year ago quarter, partially offset by the unfavourable impact of foreign exchange fluctuations on U.S. dollar sales.

Cost of sales was $376.0 million in Q4 2021 compared to $332.2 million in Q4 2020, an increase of $43.8 million or 13.2%. Manufacturing costs increased primarily due to higher sales volumes, increased pulp costs, and the unfavourable impact of labour shortages in Memphis manufacturing, along with higher depreciation expense, overhead absorption resulting from reduced inventory levels during the quarter, and inflation. These increases were partially offset by the favourable impact of more in-house production in AFH and favourable foreign exchange fluctuations on U.S. dollar costs. Freight costs and warehousing expenses also increased compared to Q4 2020. As a percentage of revenue, cost of sales was 88.7% in Q4 2021 compared to 86.3% in Q4 2020.

Selling, general and administrative (SG&A) expenses were $31.7 million in Q4 2021 compared to $36.7 million in Q4 2020, a decrease of $5.0 million or 13.6%. The decrease was primarily due to lower advertising and promotion expenses, a lower foreign exchange loss in Q4 2021 compared to the year ago quarter and lower Information Technology spending in the fourth quarter. As a percentage of revenue, SG&A expenses were 7.5% in Q4 2021 compared to 9.5% in Q4 2020.

Adjusted EBITDA was $38.3 million in Q4 2021 compared to $36.2 million in Q4 2020, an increase of $2.1 million or 5.8%. The increase was primarily due to higher sales volume and the Consumer selling price increase in Canada, lower SG&A expenses, and the net favourable impact of foreign exchange fluctuations, partially offset by the unfavourable impact of sales mix, higher pulp prices and other inflation, labour shortages in Memphis manufacturing and higher freight rates and warehousing costs.

Net income was $42.3 million in Q4 2021 compared to a loss of $28.5 million in Q4 2020, an increase of $70.8 million. The increase was primarily due to higher income tax recovery, lower other expense, an impairment charge in Fiscal 2020 and higher Adjusted EBITDA as discussed above, partially offset by higher interest expense and other finance costs and higher depreciation and amortization.

KPLP Q4 2021 LiquidityTotal liquidity, representing cash and availability under the revolving credit agreements, was $263.8 million as of December 31, 2021. In addition, $86.5 million of cash was held by KPLP for the TAD Sherbrooke and Sherbrooke Expansion Projects.

KPLP 2021 Financial ResultsRevenue was $1,465.2 million in Fiscal 2021 compared to $1,516.0 million in Fiscal 2020, a decrease of $50.8 million or 3.4%. The decrease in revenue was primarily due to a significant sales volume decrease in Canada resulting from the following: the comparison to high COVID-19 buying activity during the first half of 2020; the de-stocking of tissue inventories by both retailers and consumers in the Consumer segment during the first half of 2021; the unfavourable impact of COVID-19 related restrictions in the AFH segment that continued through the first half of 2021; and the unfavourable impact of foreign exchange fluctuations on U.S. dollar sales. The decrease was partially offset by a Consumer selling price increase in Canada in the second half of 2021 and an AFH selling price increase.

Adjusted EBITDA was $153.4 million in Fiscal 2021 compared to $197.8 million in Fiscal 2020, a decrease of $44.4 million or 22.4%. The decrease was primarily due to the impact of lower sales volumes net of overhead absorption, along with the unfavourable impact of higher pulp prices and higher freight rates and warehousing costs, partially offset by a selling price increase in Consumer Canada, lower SG&A expenses, and the favourable impact of foreign exchange fluctuations.

Net income was $42.0 million in Fiscal 2021 compared to $27.3 million in Fiscal 2020, an increase of $14.7 million. The increase was primarily due to higher income tax recovery, lower other expense and an impairment charge in Fiscal 2020, partially offset by lower Adjusted EBITDA as discussed above, higher interest expense and other finance costs and higher depreciation and amortization

KPT Q4 2021 Financial ResultsKPT had a net income of $3.4 million in Q4 2021. Included in the net income was $6.1 million representing KPT’s share of KPLP’s net income and a dilution gain of $0.1 million, depreciation expense of $1.3 million related to adjustments to carrying amounts on acquisition and an income tax expense of $1.5 million.

KPT 2021 Financial ResultsKPT had a net income of $1.2 million in 2021. Included in net income was $6.1 million representing KPT’s share of KPLP’s net income, a dilution gain of $0.3 million, depreciation expense of $5.3 million related to adjustments to carrying amounts on acquisition and income tax recovery of $0.1 million.

Dividends on Common Shares        The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on April 15, 2022 to shareholders of record at the close of business on April 1, 2022.

Additional InformationFor additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and KPLP for the fourth quarter and fiscal year ended December 31, 2021 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Fourth Quarter Results Conference Call InformationKPT will hold its fourth quarter conference call on Thursday, March 10, 2022 at 8:30 a.m. Eastern Time.

Via telephone: 1-800-599-5188 or 647-365-5897

Via the internet at: www.kptissueinc.com

Presentation material referenced during the conference call will be available at www.kptissueinc.com.

A rebroadcast of the conference call will be available until midnight, March 17, 2022 by dialing 1-800-770-2030 or 647-362-9199 and entering passcode 9884406.

The replay of the webcast will remain available on the website until midnight, March 17, 2022.

About KP Tissue Inc. (KPT)KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP, which is accounted for as an investment on the equity basis. KPT currently holds a 14.4% interest in KPLP. For more information visit www.kptissueinc.com.

About Kruger Products L.P. (KPLP)KPLP is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra™. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,700 employees and operates nine FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.

Non-GAAP Financial MeasuresThis press release uses certain non-GAAP financial measures which KPLP believes provide useful information to management of KPLP and the readers of the financial information in measuring the financial performance and financial condition of KPLP. These measures do not have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. “Adjusted EBITDA” is calculated by KPLP as net income (loss) before (i) interest expense, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) impairment (gain on sale) of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities, (ix) changes in amortized cost of Partnership units liability, (x) change in fair value of derivatives, (xi) consulting costs related to operational transformation initiatives, (xii) corporate development related costs and (xiii) loss (gain) on sale of shares. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this news release.

COVID-19COVID-19 has resulted in local governments enacting emergency measures to combat the spread of the virus, with significant monetary and fiscal interventions designed to stabilize economic conditions. Our priorities during the COVID-19 pandemic continue to be to protect the health and safety of our employees, while increasing the availability of our products, which are essential to consumers each and every day. It is difficult to estimate the length and potential severity of the changed behaviours across our business segments or reliably quantify the impact this pandemic could have on KPLP in future periods.

Forward-Looking StatementsCertain statements in this press release about KPT’s and KPLP's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the projected capacity of the TAD Sherbrooke Project and the Sherbrooke Expansion Project, expected revenue growth and KPLP’s future business strategy. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or KPLP. Although KPT and KPLP believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.

The outlook provided in respect of Adjusted EBITDA for Q1 2022 is forward-looking information and is subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding KPLP’s future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.

Many factors could cause KPLP’s actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from KPT’s economic interest in KPLP), to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to KPLP’s Business” section of the KPT Annual Information Form dated March 9, 2022 available on SEDAR at www.sedar.com: Kruger Inc.’s influence over KPLP; KPLP’s reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the TAD Sherbrooke Project; risks associated with the Sherbrooke Expansion Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; KPLP’s inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of KPLP or KPLP’s brands; KPLP’s sales being less than anticipated; KPLP’s failure to implement its business and operating strategies; KPLP’s obligation to make regular capital expenditures; KPLP’s entering into unsuccessful acquisitions; KPLP’s dependence on key personnel; KPLP’s inability to retain its existing customers or obtain new customers; KPLP’s loss of key suppliers; KPLP’s failure to adequately protect its intellectual property rights; KPLP’s reliance on third party intellectual property licenses; adverse litigation and other claims affecting KPLP; material expenditures due to comprehensive environmental regulation affecting KPLP’s cash flow; KPLP’s pension obligations are significant and can be materially higher than predicted if KPLP Management’s underlying assumptions are incorrect; labour disputes adversely affecting KPLP’s cost structure and KPLP’s ability to run its plants; exchange rate and U.S. competitors; KPLP’s inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology; cyber-security; insurance; internal controls; trade; and risks related to COVID-19.

Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

INFORMATION:

Francois ParoyanGeneral Counsel and Corporate SecretaryKP Tissue Inc.Tel.: 905.812.6936francois.paroyan@krugerproducts.ca

INVESTORS:

Mike BaldesarraDirector of Investor RelationsKP Tissue Inc. Tel.: 905.812.6962IR@KPTissueinc.com

 
Kruger Products L.P.
Consolidated Statement of Financial Position
(thousands of Canadian dollars)
 
    
  December 31, 2021     December 31, 2020  
  $     $  
Assets          
Current assets          
Cash, cash equivalents and restricted cash 151,025     128,739  
Trade and other receivables 88,802     88,041  
Receivables from related parties 271     13  
Advances to partners 13,752     5,647  
Inventories 251,071     215,934  
Income tax recoverable 1,171     358  
Prepaid expenses 5,455     8,315  
  511,547     447,047  
Non-current assets          
Property, plant and equipment 1,224,698     1,194,191  
Right-of-use assets 91,626     107,633  
Other long-term assets 37,456     10  
Goodwill 152,021     152,021  
Intangible assets 29,222     26,205  
Deferred income taxes 75,742     24,217  
Total assets 2,122,312     1,951,324  
           
Liabilities          
Current liabilities          
Trade and other payables 258,626     332,072  
Payables to related parties 11,485     9,097  
Income tax payable 300     554  
Distributions payable 12,300     11,919  
Current portion of provisions 3,705     4,913  
Current portion of long-term debt 48,550     9,495  
Current portion of lease liabilities 30,170     25,341  
  365,136     393,391  
Non-current liabilities          
Long-term debt 920,331     743,978  
Long-term lease liabilities 82,354     105,634  
Long-term payable to related party 42,454     -  
Long-term provisions 6,929     9,549  
Other long-term liabilities -     575  
Pensions 58,481     161,333  
Post-retirement benefits 57,331     63,038  
Liabilities to non-unitholders 1,533,016     1,477,498  
Current portion of Partnership units liability 14,064     31,244  
Long-term portion of Partnership units liability 159,137     154,180  
Total Partnership units liability  173,201     185,424  
Total liabilities 1,706,217     1,662,922  
           
Equity          
Partnership units 461,536     439,571  
Deficit (117,123 )   (224,503 )
Accumulated other comprehensive income 71,682     73,334  
Total equity 416,095     288,402  
Total equity and liabilities 2,122,312     1,951,324  
           
Kruger Products L.P.
Consolidated Statement of Comprehensive Income (Loss)
        (thousands of Canadian dollars)
 
        
  3-month period ended December 31, 2021     3-month period ended December 31, 2020     12-month period ended December 31, 2021     12-month period ended December 31, 2020  
  $     $     $     $  
                       
Revenue  424,029     384,971     1,465,161     1,515,983  
                       
Expenses                      
Cost of sales 375,966     332,193     1,279,851     1,264,448  
Selling, general and administrative expenses 31,668     36,669     118,072     128,062  
Loss on sale of non-financial assets 4     -     9     1  
Impairment charge -     8,918     -     8,918  
Restructuring costs, net 377     2     584     1,275  
                       
Operating income 16,014     7,189     66,645     113,279  
                       
Interest expense and other finance costs 22,785     9,306     70,710     40,965  
Other expense (recovery) (5,838 )   25,724     4,943     36,353  
                       
Income (loss) before income taxes (933 )   (27,841 )   (9,008 )   35,961  
                       
Income tax expense (recovery) (43,184 )   600     (51,007 )   8,655  
                       
Net income (loss) for the period 42,251     (28,441 )   41,999     27,306  
                       
Other comprehensive income (loss)                      
Items that will not be reclassified to net income (loss):                      
Remeasurements of pensions (31,450 )   23,820     106,968     (16,977 )
Remeasurements of post-retirement benefits 891     (1,044 )   6,910     (4,871 )
Items that may be subsequently reclassified to net income (loss):                      
Cumulative translation adjustment (1,721 )   (13,585 )   (1,652 )   (5,678 )
                       
Total other comprehensive income (loss) for the period (32,280 )   9,191     112,226     (27,526 )
                       
Comprehensive income (loss) for the period 9,971     (19,250 )   154,225     (220 )
                       
Kruger Products L.P.
Consolidated Statement of Cash Flows
(thousands of Canadian dollars)
       
 
  3-month period ended December 31, 2021     3-month period ended December 31, 2020     12-month period ended December 31, 2021     12-month period ended December 31, 2020  
  $     $     $     $  
Cash flows from (used in) operating activities                      
Net income (loss) for the period 42,251     (28,441 )   41,999     27,306  
Items not affecting cash                      
Depreciation 20,789     18,632     82,081     67,129  
Amortization 1,099     473     3,638     1,657  
Loss on sale of property, plant and equipment 55     822     381     909  
Change in amortized cost of Partnership units liability (4,971 )   36,109     5,312     47,012  
Foreign exchange gain (1,258 )   (10,385 )   (760 )   (10,299 )
Change in fair value of derivatives -     -     -     (360 )
Interest expense and other finance costs 22,785     9,306     70,710     40,965  
Pension and post-retirement benefits 3,700     3,514     16,186     14,635  
Provisions 398     94     1,945     6,231  
Income tax expense (recovery) (43,184 )   600     (51,007 )   8,655  
Loss on sale of non-financial assets 4     -     9     1  
Impairment charge -     8,918     -     8,918  
Total items not affecting cash (583 )   68,083     128,495     185,453  
                       
Net change in non-cash working capital 53,974     33,242     (66,769 )   60,328  
Contributions to pension and post-retirement benefit plans (4,071 )   (3,829 )   (15,522 )   (15,622 )
Provisions paid (100 )   (140 )   (4,273 )   (2,194 )
Income tax payments (533 )   70     (2,552 )   (1,738 )
                       
Net cash from operating activities 90,938     68,985     81,378     253,533  
                       
Cash flows from (used in) investing activities                      
Purchases of property, plant and equipment (26,693 )   (18,823 )   (46,131 )   (31,581 )
Purchases of property, plant and equipment and software      related to the TAD Sherbrooke Project and the Sherbrooke Expansion Project (10,787 )   (69,230 )   (99,060 )   (263,348 )
Interest paid on credit facilities related to the TAD Sherbrooke Project -     (3,509 )   (608 )   (10,676 )
Government assistance received 931     398     931     398  
Purchases of software (50 )   (3,341 )   (824 )   (4,974 )
Purchases of trademarks -     (4,538 )   -     (4,538 )
Proceeds on sale of shares -     -     -     992  
Proceeds on sale of property, plant and equipment 5     -     13     -  
                       
Net cash used in investing activities (36,594 )   (99,043 )   (145,679 )   (313,727 )
                       
Cash flows from (used in) financing activities                      
Proceeds from long-term debt 14,085     69,135     239,282     262,673  
Repayment of long-term debt (2,030 )   (8,194 )   (23,943 )   (92,714 )
Payment of deferred financing fees (610 )   (9 )   (9,545 )   (509 )
Payment of lease liabilities (5,646 )   (4,777 )   (24,600 )   (19,283 )
Interest paid on long-term debt (17,228 )   (3,944 )   (41,981 )   (25,706 )
Distributions and advances paid, net (10,466 )   (8,032 )   (51,826 )   (26,404 )
                       
Net cash from (used in) financing activities (21,895 )   44,179     87,387     98,057  
                       
Effect of exchange rate changes on cash and cash                       
equivalents held in foreign currency (63 )   (2,851 )   (800 )   (2,265 )
                       
Increase in cash, cash equivalents and restricted cash during the period 32,386     11,270     22,286     35,598  
                       
Cash, cash equivalents and restricted cash - Beginning of period 118,639     117,469     128,739     93,141  
                       
Cash, cash equivalents and restricted cash - End of period 151,025     128,739     151,025     128,739  
                       
Kruger Products L.P.
Segment and Geographic Results
(thousands of Canadian dollars)
 
 
                       
  3-month period ended December 31, 2021     3-month period ended December 31, 2020     12-month period ended December 31, 2021     12-month period ended December 31, 2020  
  $     $     $     $  
                       
Segment Information                      
                       
Segment Revenue                      
Consumer 363,959     333,199     1,260,103     1,304,599  
AFH 60,070     51,772     205,058     211,384  
                       
Total segment revenue 424,029     384,971     1,465,161     1,515,983  
                       
Adjusted EBITDA                      
Consumer 43,726     44,198     167,289     223,391  
AFH (1,733 )   (2,358 )   (4,907 )   (8,990 )
Corporate and other costs (3,655 )   (5,627 )   (8,951 )   (16,566 )
                       
Total Adjusted EBITDA 38,338     36,213     153,431     197,835  
                       
Reconciliation to Net Income (loss)                      
                       
Depreciation and amortization 21,888     19,105     85,719     68,786  
Interest expense and other finance costs 22,785     9,306     70,710     40,965  
Change in amortized cost of Partnership units liability (4,971 )   36,109     5,312     47,012  
Other expense 391     -     391     -  
Change in fair value of derivatives -     -     -     (360 )
Loss on sale of property, plant and equipment 55     822     381     909  
Loss on sale of non-financial assets 4     -     9     1  
Impairment charge -     8,918     -     8,918  
Restructuring costs, net 377     2     584     1,275  
Foreign exchange gain (1,258 )   (10,385 )   (760 )   (10,299 )
Consulting costs                      
related to operational transformation initiatives -     -     -     4,331  
Corporate development related costs -     177     93     336  
                       
Income (loss) before income taxes (933 )   (27,841 )   (9,008 )   35,961  
                       
Income tax expense (recovery) (43,184 )   600     (51,007 )   8,655  
                       
Net income (loss) 42,251     (28,441 )   41,999     27,306  
                       
Geographic Revenue                      
                       
Canada 245,142     244,093     892,658     915,898  
U.S. 178,887     140,878     572,503     600,085  
                       
Total revenue 424,029     384,971     1,465,161     1,515,983  
                       
KP Tissue Inc.
Statement of Financial Position
(thousands of Canadian dollars)
 
 
  December 31, 2021     December 31, 2020  
  $     $  
Assets          
           
Current assets          
Distributions receivable 1,781     1,755  
Receivable from Partnership -     21  
Income tax recoverable 208     -  
  1,989     1,776  
           
Non-current assets          
Investment in associate 78,727     69,537  
           
Total assets 80,716     71,313  
           
Liabilities          
           
Current liabilities          
Dividend payable 1,781     1,755  
Payable to Partnership 246     -  
Current portion of advances from Partnership 2,014     874  
Income tax payable -     1,722  
  4,041     4,351  
Non-current liabilities          
Deferred income taxes 806     634  
           
Total liabilities 4,847     4,985  
           
Equity          
           
Common shares 21,844     20,355  
Contributed surplus 144,819     144,819  
Deficit (103,561 )   (111,907 )
Accumulated other comprehensive income 12,767     13,061  
           
Total equity 75,869     66,328  
           
Total liabilities and equity 80,716     71,313  
           
KP Tissue Inc.
Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars, except share and per share amounts)
 
                       
  3-month period ended December 31, 2021     3-month period ended December 31, 2020     12-month period ended December 31, 2021     12-month period ended December 31, 2020  
  $     $     $     $  
                       
Equity income (loss)                          4,833                            (5,583 )                               800                            (1,428 )
                       
Dilution gain                                78                                 106                                 321                                 634  
                       
Income (loss) before income taxes                          4,911                            (5,477 )                            1,121                               (794 )
                       
Income tax expense (recovery)                          1,424                            (1,181 )                             (118 )                            1,159  
                       
Net income (loss) for the period                          3,487                            (4,296 )                            1,239                            (1,953 )
                       
Other comprehensive income (loss)                      
net of tax expense (recovery)                      
Items that will not be reclassified to net income (loss):                      
Remeasurements of pensions                         (3,584 )                            2,169                            13,568                            (1,841 )
Remeasurements of post-retirement benefits                                78                                 (94 )                               614                               (442 )
Items that may be subsequently reclassified to net income (loss):                      
Cumulative translation adjustment                            (252 )                          (2,064 )                             (294 )                             (936 )
                       
Total other comprehensive income (loss) for the period                        (3,758 )                                 11                            13,888                            (3,219 )
                       
Comprehensive income (loss) for the period                           (271 )                          (4,285 )                          15,127                            (5,172 )
                       
Basic earnings (loss) per share                            0.35                              (0.44 )                              0.13                              (0.20 )
                       
Weighted average number of shares outstanding                   9,889,893                       9,747,812                       9,835,582                       9,703,625  
                       
KP Tissue Inc.
Statement of Cash Flows
(thousands of Canadian dollars)
 
 
  3-month period ended December 31, 2021     3-month period ended December 31, 2020     12-month period ended December 31, 2021     12-month period ended December 31, 2020  
  $     $     $     $  
Cash flows from (used in) operating activities                      
Net income (loss) for the period 3,487     (4,296 )   1,239     (1,953 )
Items not affecting cash                      
Equity (income) loss (4,833 )   5,583     (800 )   1,428  
Dilution gain (78 )   (106 )   (321 )   (634 )
Income taxes expense (recovery) 1,424     (1,181 )   (118 )   1,159  
Total items not affecting cash (3,487 )   4,296     (1,239 )   1,953  
                       
Net change in non-cash working capital 138     52     233     146  
Tax payments (709 )   (297 )   (4,020 )   (1,801 )
Tax Distribution received -     -     1,738     781  
Advances received 571     245     2,049     874  
                       
Net cash from (used in) operating activities -     -     -     -  
                       
Cash flows from investing activites                      
Partnership unit distributions received 1,402     1,402     5,560     5,595  
                       
Net cash from investing activities 1,402     1,402     5,560     5,595  
                       
Cash flows used in financing activities                      
Dividends paid, net (1,402 )   (1,402 )   (5,560 )   (5,595 )
                       
Net cash used in financing activities (1,402 )   (1,402 )   (5,560 )   (5,595 )
                       
Increase (decrease) in cash and cash equivalents during the period -     -     -     -  
                       
Cash and cash equivalents - Beginning of period -     -     -     -  
                       
Cash and cash equivalents - End of period -     -     -     -  
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