ROUGEMONT, QC, Aug. 10,
2023 /CNW/ - Lassonde Industries Inc.
(TSX: LAS.A) ("Lassonde" or the "Corporation") today announced
its financial results for its second quarter of 2023.
Financial Highlights:
|
|
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Second quarters ended
|
(in millions of dollars, unless otherwise
indicated)
|
|
|
|
|
July 1,
2023
|
July 2,
2022
|
∆
|
|
|
|
|
|
$
|
$
|
$
|
Sales
|
|
|
|
|
|
|
|
579.4
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|
529.5
|
|
49.9
|
|
Gross profit
|
|
|
|
|
|
|
|
152.3
|
|
138.7
|
|
13.6
|
|
Operating
profit
|
|
|
|
|
|
|
|
41.3
|
|
22.3
|
|
19.0
|
|
Profit
|
|
|
|
|
|
|
|
25.7
|
|
14.0
|
|
11.7
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation's
shareholders
|
|
|
|
|
|
|
|
25.1
|
|
14.2
|
|
10.9
|
|
|
Non-controlling
interest
|
|
|
|
|
|
|
|
0.7
|
|
(0.2)
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS (in $)
|
|
|
|
|
|
|
|
3.68
|
|
2.06
|
|
1.62
|
|
Weighted average
number of shares outstanding (in thousands)
|
|
|
|
|
|
|
|
6,822
|
|
6,897
|
|
(75)
|
|
Adjusted EBITDA1
|
|
|
|
|
|
|
|
58.6
|
|
40.2
|
|
18.4
|
|
Adjusted EPS1 (in
$)
|
|
|
|
|
|
|
|
3.89
|
|
2.36
|
|
1.53
|
|
Note:
These are financial highlights only. Management's Discussion and
Analysis, the unaudited interim condensed consolidated financial
statements and notes thereto for the quarter ended July 1, 2023 are
available on the SEDAR website at www.sedarplus.ca and on the
Corporation's website.
|
"Lassonde Industries achieved solid performance in the second
quarter. I am pleased with the results that reflect
improvement across each of our divisions, including our U.S.
operations where our efforts remain focused on growing capacity,
improving processes and strengthening our organization," said
Nathalie Lassonde, Chief Executive
Officer and Vice-Chair of the Board of Directors of Lassonde
Industries Inc. "During this quarter we saw accelerated revenue
growth, improved overall profitability and steady progress towards
building long-term, sustainable value."
"We are pleased with our second quarter results and the progress
of our multi-year strategy. Solid execution of our plans resulted
in net sales growth and profitability gains across each of our
divisions. Price adjustments and improved product mix
contributed to solid topline performance while beverage sales in
Canada outpaced category
performance. In the U.S., while volume is down, in part due
to actions taken to simplify our portfolio, we also realized
operational efficiencies and improved logistics costs that
contributed to margin and profit growth," said Vince Timpano,
President and COO, Lassonde Industries Inc. "We will remain focused
on driving solid execution against our priorities with a focus on
delivering growth at improved margins."
Second Quarter Highlights:
- Sales of $579.4 million.
Excluding a $15.1 million favourable
foreign exchange impact, sales were up $34.8
million (6.6%) from the same quarter last year, mainly due
to selling price adjustments, partly offset by a decrease in the
sales volume of private label products in the U.S.;
- Gross profit of $152.3 million
(26.3% of sales), up $13.6 million
from the same quarter in 2022. Excluding a $0.4 million unfavourable foreign exchange
impact, gross profit was up $14.0
million from the same quarter last year;
-
- Higher gross profit for all of the Corporation's
divisions;
- Higher cost for certain inputs, especially apple and orange
concentrates; and
- Increase in the Corporation's conversion costs.
- Operating profit of $41.3
million, up $19.0 million from
the same quarter last year;
-
- Higher gross profit;
- $13.2 million decrease in
transportation costs incurred to deliver products to clients,
resulting (i) from decreases in fuel surcharges and in base
transportation rates, (ii) from savings related to the use of new
processes and transportation management system in the U.S. and
(iii) from a decrease in U.S. sales volume;
- $4.8 million increase in
performance-related salary expenses;
- $2.2 million unfavourable foreign
exchange impact that affected the conversion of the selling and
administrative expenses of the U.S. entities into Canadian
dollars;
- Higher warehousing costs;
- Increase in certain administrative expenses; and
- $1.0 million decrease in expenses
related to the multi-year strategy (the "Strategy") and its
deployment.
- Excluding items impacting comparability, adjusted
EBITDA1 was $58.6 million,
up $18.4 million from the same
quarter last year.
- Profit attributable to the Corporation's shareholders of
$25.1 million, resulting in basic and
diluted earnings per share ("EPS") of $3.68, up $10.9
million and $1.62,
respectively, from the same quarter in 2022. Excluding items
impacting comparability, adjusted EPS1 was $3.89 compared to $2.36 in the same quarter last year.
- As at July 1, 2023, long-term
debt, including the current portion, stood at $236.5 million, representing a net debt to
adjusted EBITDA ratio1 of 1.28:1.
- Dividend of $0.50 per share, paid
on June 15, 2023.
Multi-Year Strategy
To provide clarity and orientation on the opportunities to
pursue and to optimize capital allocation decisions, in early 2022,
the Corporation developed a multi-year strategy. This Strategy aims
to accelerate revenue growth, improve overall profitability, and
drive long-term value by focusing on three strategic pillars.
- Building a growth-oriented portfolio;
- Driving sustainable performance; and
- Improving capacity to act.
Associated Incremental Operating Expenses
During fiscal 2022, the Corporation began its strategic review,
completed the diagnostic step of Project Eagle, invested in a
project to optimize the current capacity of its specialty food
division, and began implementing new cloud-based management
systems, including demand planning and transportation management
systems. During the first six months of 2023, the Corporation has
mainly continued its implementation of new cloud-based management
systems, made various investments in support of the three pillars
of its Strategy and began, during the second quarter, the
optimization of its production network. For this purpose, the
Corporation reported expenses of $11.0
million in fiscal 2022 and additional expenses of
$2.0 million and $3.1 million, respectively, in the second quarter
and first six months of 2023.
Associated Capital Expenditures
The Corporation is dedicating capital expenditures aligned with
its Strategy to support growth, enhance productivity, and invest in
innovation and sustainable development. These investments included
two projects in 2022 to improve production efficiency and capacity
in Canada with a third project
authorized in the first quarter of 2023, continuing to upgrade the
enterprise resource planning ("ERP") software in Canada along with investments in the U.S. to
improve production efficiency and to deploy a new single serve line
in the Corporation's plant based in North
Carolina.
Project Eagle
Launched in the second quarter of 2022, Project Eagle is a
component of the Corporation's Strategy specifically aimed at
revitalizing its underperforming U.S. operations, with the
objective to capture growth, improve margins, and drive long-term
sustainable performance. In addition to reviewing the U.S.
operations' products and customers portfolio, Project Eagle also
seeks to identify and address key issues hampering performance
within its supply chain and manufacturing facilities, notably
through product simplification, process realignment, employee
training, and capital deployment.
After completing the diagnostic step of Project Eagle, the
Corporation took important steps to reduce its stock keeping units
("SKU") complexity, harmonize packaging formats, consolidate
formulas, and rationalize low-margin products and/or customers. The
portfolio simplification should allow the Corporation to reduce
execution complexity, which would limit downtime related to
production changeovers and ultimately increase throughput. The
Corporation also completed the first phase of the implementation of
a cloud-based transportation management system. Early benefits
from both initiatives began materializing in the performance of the
first six months.
The capital designated in support of Project Eagle is deployed
in three areas: (1) updating existing equipment to limit
unscheduled downtime; (2) increasing throughput on existing
equipment; and (3) investing in new equipment in support of
increased capacity in on-trend formats. While the equipment
upgrades are expected to result in short-term disruptions, the
Corporation expects they will be significantly outweighed by the
medium- to long-term benefits.
Finally, some of the initiatives deployed under Project Eagle
will ultimately benefit the rest of the organization; for instance,
the deployment of new transportation management and demand planning
systems are first rolled out in the U.S. and then throughout the
Corporation.
Outlook
The Corporation is making the following forward-looking
statements for fiscal 2023:
Sales growth rate
- During the first quarter of 2023, the Corporation has taken
additional pricing action on its branded and private label product
offerings, including adjusting contracts with certain customers to
recover as much as possible the cost increases it incurred. It
expects the run rate effects of such pricing action to be felt
during the balance of the year. The Corporation also expects
further pricing action to be implemented over the course of 2023 as
inflation persists.
- For 2023, barring any significant external shocks and excluding
foreign exchange impacts, Lassonde expects that its sales growth
rate should be in the mid to high single-digit range, mainly driven
by selling price adjustments. The Corporation is, however, closely
monitoring the evolution of consumer food habits and demand
elasticity in a context of price increases.
Productivity and service level
- Labour and operational initiatives, together with fewer supply
chain constraints, are expected to improve the Corporation's
ability to meet demand and return to historical order fill rate
levels, particularly in the U.S.
Key commodity and input costs
- The Corporation has recently noticed some stabilization in the
inflation trend of most of its input costs and is expecting this
trend to continue until the end of fiscal 2023. However, the
Corporation is still closely monitoring the price of orange
concentrate since the price for this key commodity has been at an
elevated level over the last 12 months, even reaching a new
historical peak of US$3.18/lbs sol.
in July 2023. The Corporation is also
monitoring the price of cranberries and sweeteners.
- Given that a large portion of the raw material purchases made
by Lassonde's Canadian operations are in U.S. dollars, a
strengthening of this currency against the Canadian dollar could
result in a higher cost for products sold in the Canadian market.
Furthermore, the Corporation is expecting an unfavourable foreign
exchange impact for 2023 when considering its hedged
positions.
Expenses, including expenses related to the Strategy
- In 2022, the Corporation had experienced a $13.9 million decrease in performance-related
salary expenses, whereas in 2023, all other things being equal,
these expenses should return to levels seen in the past.
- During 2023, Lassonde plans to continue deploying its Strategy,
revitalizing its U.S. operations, and upgrading its technology
infrastructures. It also plans to continue implementing new
cloud-based demand planning and transportation management systems,
the aim being to improve customer service and lower overall
distribution costs. It also intends to upgrade its U.S. ERP.
Spending in support of its Strategy is expected to reach up to
$10.0 million in 2023.
- Higher interest expense is anticipated given higher rates on
floating rate debt as well as a higher average indebtedness level
compared to 2022.
Effective tax rate
- Effective tax rate should be about 26.5% for fiscal 2023.
Working capital
- As supply chain challenges appear to be dissipating, the
Corporation has revised its inventory accumulation strategy and it
expects to progressively reduce its inventory levels. As a result,
its Days Operating Working Capital1 should trend
towards the upper end of its historical levels (pre-COVID-19)
during 2023 and within its historical range by the end of fiscal
2024. However, this strategy might be impacted by
(i) opportunistic decisions to secure inventory cost ahead of
potential price increases from suppliers, (ii) the objective of
ensuring an adequate service level, or (iii) the
identification of new potential supply chain disruptions.
Capital expenditures
- The Corporation's overall capital expenditures program for 2023
is estimated to reach up to 4.5% of its sales as it continues to
deploy capital in support of its Strategy. This estimate depends on
the timing of disbursements for certain large capital projects and
on the evolution of the macroeconomic environment. The
Corporation expects this ratio to return to a range of 2.0% to 3.0%
of its sales (including a maintenance component and a certain
growth component) by 2025. The new capital assets will be financed,
to the extent possible, using the Corporation's operating cash
flows, although the Corporation may also turn to borrowing if
interest rates and conditions prove advantageous.
The above forward-looking statements were prepared using the
following key assumptions: the currently observed geopolitical
situation and macroeconomic trends, including employment,
inflation, and interest rates; the strength of the U.S. dollar
(compared to the Canadian dollar); the continuity of recently
observed consumer behaviours and market trends for the
Corporation's products; no material disruption to the Corporation's
operations (including workforce availability) or to its supply
chain; the effectiveness of the Corporation's selling price
adjustment initiatives; the limited impact of the Corporation's
selling price adjustment initiatives on product demand; the
continuity of observed trends in the competitive environment and
the effectiveness of the Corporation's strategy to position itself
competitively in the markets in which it competes; limited
additional cost increases from suppliers; adequate availability of
key inputs; the continuity of recently observed normalized trends
in the throughput capacity of key U.S. plants; expected lead time
for new manufacturing equipment; and adequate contractor or
consultant availability to progress the Corporation's capital
expenditures. The Corporation cautions readers that the foregoing
list of factors is not exhaustive. It should be noted that some of
these key assumptions, including those related to the geopolitical
situation and macroeconomic trends, are volatile and rapidly
evolving. In preparing its outlook, the Corporation made
assumptions that do not consider any other extraordinary events or
circumstances beyond its control. The Corporation believes the
expectations reflected in the forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. Refer to Section 2 – "
Forward-Looking Statements" of the Corporation's MD&A for
the second quarter of 2023 for additional information.
Dividend
In accordance with the Corporation's dividend policy, the Board
of Directors declared today a quarterly dividend of $0.50 per share, payable on September 15, 2023 to all registered holders of
Class A and Class B shares on August 22,
2023. This dividend is an eligible dividend.
Conference Call to Discuss Second Quarter 2023 Financial
Results
OPEN
TO:
|
Investors, analysts,
and all interested parties
|
DATE:
|
Thursday, August 10,
2023
|
TIME:
|
1:30 PM ET
|
CALL:
|
604-638-5340 (for
international participants)
|
|
1-800-319-4610 (for
North American participants)
|
A live audio broadcast of the conference call will be available on
the Corporation's website, on the Investors page or here:
https://www.gowebcasting.com/12644. A replay of the webcast will
remain available at the same link until midnight, August 17, 2023.
Investor Day Invitation
Lassonde will hold an Investor Day on Tuesday, September 19, 2023, in Rougemont. The event, open to institutional
investors and analysts only, will feature presentations by senior
management and division leaders as well as a plant tour.
The event is scheduled to begin at 9:30
AM and end at approximately 3:00 PM. Return
transportation from downtown Montreal to Rougemont will be provided. Details to
come at a later date.
Please register at the following address: IR@lassonde.com
Financial Measures Not in Accordance With IFRS
The financial measures or ratios, further described below, do
not constitute standardized financial measures or ratios in
accordance with the financial reporting framework used to prepare
the Corporation's financial statements. These non-IFRS measures
should not be considered in isolation or as a substitute for
financial measures prepared in accordance with IFRS. Comparing them
to similar financial measures or ratios presented by other issuers
may not be possible.
Items impacting the comparability between periods
The following table contains a list, description and
quantification of items impacting the comparability of the
financial performance between the periods:
|
Second quarters
ended
|
(in millions of
dollars)
|
July 1,
2023
|
July 2,
2022
|
|
$
|
$
|
Costs related to the
Strategy
|
0.2
|
2.3
|
Implementation costs of
new cloud-based systems
|
0.9
|
0.7
|
Production network
optimization
|
0.9
|
-
|
|
|
|
Sum of items impacting
comparability on operating profit and EBITDA:
|
2.0
|
3.0
|
|
|
|
Tax impact of previous
items
|
(0.5)
|
(0.8)
|
|
|
|
Impact on
profit
|
1.5
|
2.2
|
|
|
|
Attributable
to:
|
|
|
Corporation's
shareholders
|
1.4
|
2.1
|
Non-controlling
interest
|
0.1
|
0.1
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA
EBITDA is a financial measure used by the Corporation and
investors to assess the Corporation's capacity to generate future
cash flows from operating activities and pay financial expenses.
Adjusted EBITDA is a financial measure used by the Corporation to
compare EBITDA between periods by excluding items impacting
comparability. EBITDA consists of the sum of operating profit and
the "depreciation of property, plant and equipment and amortization
of intangible assets" item shown in the Consolidated Statement of
Cash Flows. Adjusted EBITDA is calculated by adjusting the EBITDA
with items considered by the management as impacting the
comparability between periods.
|
Second quarters
ended
|
(in millions of
dollars)
|
July 1,
2023
|
July 2,
2022
|
|
$
|
$
|
Operating
profit
|
41.3
|
22.3
|
Depreciation of
property, plant and equipment and amortization of intangible
assets
|
15.3
|
14.9
|
EBITDA
|
56.6
|
37.2
|
Sum of items impacting
comparability
|
2.0
|
3.0
|
Adjusted
EBITDA
|
58.6
|
40.2
|
|
|
|
Adjusted Profit Attributable to the Corporation's Shareholders and
Adjusted EPS
Adjusted profit attributable to the Corporation's shareholders
and adjusted EPS are financial measures used by the Corporation to
compare profit attributable to the Corporation's shareholders and
EPS between periods by excluding items impacting comparability.
They are calculated by adjusting them with items considered by
management as impacting the comparability between periods.
|
Second quarters ended
|
(in millions of dollars, unless otherwise
indicated)
|
July 1, 2023
|
July 2, 2022
|
|
$
|
$
|
Profit attributable to
the Corporation's shareholders
|
25.1
|
14.2
|
Sum of items impacting
comparability
|
1.4
|
2.1
|
Adjusted profit
attributable to the Corporation's shareholders
|
26.5
|
16.3
|
Weighted average number
of
shares
outstanding (in thousands)
|
6,822
|
6,897
|
Adjusted EPS (in
$)
|
3.89
|
2.36
|
|
|
|
|
Net Debt to Adjusted EBITDA
Net debt to adjusted EBITDA is a financial measure used by the
Corporation to assess its ability to pay off its existing debt and
to define its available borrowing capacity. To calculate the net
debt to adjusted EBITDA ratio, net debt is divided by the sum of
adjusted EBITDA from the last four quarters. Net debt represents
long-term debt, including the current portion, less the "Cash and
cash equivalents" item, as they are presented in the Corporation's
Consolidated Statement of Financial Position.
(in millions of dollars, except the net debt to
adjusted EBITDA ratio)
|
As at
July 1, 2023
|
As at
Dec. 31, 2022
|
|
$
|
$
|
Current portion of
long-term debt
|
7.6
|
100.8
|
Long-term
debt
|
228.9
|
148.6
|
Less: Cash and cash
equivalents
|
(8.1)
|
(2.7)
|
Net debt
|
228.4
|
246.7
|
Sum of adjusted EBITDA
from the last four quarters
|
178.8
|
157.1
|
|
|
|
Net debt to adjusted
EBITDA ratio
|
1.28:1
|
1.57:1
|
Days Operating Working Capital
Days operating working capital is a financial efficiency measure
used by the Corporation to represent the amount of sales tied up as
operating working capital. To calculate this financial measure,
operating working capital is divided by the last quarter's sales,
as they are presented in this press release, and multiplied by 91
days. Operating working capital is the sum of accounts receivable
and inventories, less accounts payable and accrued liabilities, as
they are presented in the Corporation's Consolidated Statement of
Financial Position.
About Lassonde
Lassonde Industries Inc. is a leader in the food and beverage
industry in North America. The
Corporation develops, manufactures, and markets a wide range of
private label and national brand products, including ready-to-drink
beverages, fruit-based snacks as well as frozen juice concentrates.
It is also a leading producer of cranberry sauces and specialty
food products such as pasta sauces, soups and fondue broths and
sauces. The Corporation also imports and markets selected wines
from several countries of origin and produces apple cider and
cider-based drinks.
The Corporation operates 16 plants located in Canada and the
United States and produces its superior quality products
through the expertise of over 2,700 employees. To learn more, visit
www.lassonde.com
The Corporation is active in two market segments:
- Retail sales consist of (i) sales to food retailers and
wholesalers such as supermarket chains, independent grocers,
superstores, warehouse clubs, major pharmacy chains and (ii) online
sales; and
- Food service sales consist of sales to restaurants, hotels,
hospitals, schools, and wholesalers serving these
institutions.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking information" and the
Corporation's oral and written public communications that do not
constitute historical fact may be deemed to be "forward-looking
information" within the meaning of applicable securities law. These
forward-looking statements, which include, but are not limited to,
statements on objectives and goals of the Corporation, are based on
current expectations, projections, beliefs, judgments, and
assumptions based on information available at the time the
applicable forward‑looking statement was made and considering the
Corporation's experience combined with its perception of historical
trends.
Forward-looking statements are typically identified by words
such as "anticipate", "continue", "estimate", "expect", "may",
"will", "project", "should", "could", "would", "believe", "plan",
"intend", "design", "target", "objective", "strategy", "likely",
"potential", "outlook", "aim", "goal", and similar expressions
suggesting future events or future performance in addition to the
negative forms of these terms or any variations thereof. All
statements other than statements of historical fact included in
this document may constitute a forward-looking statement.
In this document, forward-looking statements include, but are
not limited to, those set forth in above "Outlook" section,
which also presents some (but not all) of the key assumptions used
in determining the forward-looking statements. Some of the
forward-looking statements in this document, such as statements
concerning sales growth rate, productivity and service level, key
commodity and input costs, expenses (including Strategy-related
expenses), effective tax rate, working capital and capital
expenditures, may be considered to be financial outlooks for the
purposes of applicable securities legislation. These financial
outlooks are presented to evaluate potential future earnings and
anticipated future uses of cash flows and may not be appropriate
for other purposes.
Various factors or assumptions are typically applied by the
Corporation in elaborating the forward‑looking statements. These
factors and assumptions are based on information currently
available to the Corporation, including information obtained by the
Corporation from third-party sources. Readers are cautioned that
the assumptions considered by the Corporation to support these
forward-looking statements may prove to be incorrect in whole or in
part.
The significant factors that could cause actual results to
differ materially from the conclusions, forecasts or projections
contained in the forward-looking statements contained herein
include, among other things, risks associated with the following:
the availability of raw materials and related price variations;
fluctuations in the prices of inbound and outbound freight, the
impact of oil prices (and derivatives thereof) on the Corporation's
direct and indirect costs along with the Corporation's ability to
transfer those increases through higher prices or other means, if
any, to its clients in competitive market conditions; the ability
to maintain strong sourcing and manufacturing platforms and
efficient distribution channels; disruptions in or failures of the
Corporation's information technology systems as well as the
development and performance of technology; cyber threats and other
information-technology-related risks relating to business
disruptions, confidentiality, data integrity, and business email
compromise-related fraud; the scarcity of labour and
the related impact on the hiring, training, developing, retaining
and reliance of personnel together with their productivity,
employment matters, compliance with employment laws across multiple
jurisdictions, and the potential for work stoppages due to
non-renewal of collective bargaining agreements or other reasons;
the successful deployment of the Corporation's health and safety
programs in compliance with applicable laws and regulations;
serious injuries or fatalities, which could have a material impact
on the Corporation's business continuity and reputation and lead to
compliance-related costs; the successful deployment of the
Corporation's Strategy (defined in above "Multi-Year
Strategy" section), including components such as Project Eagle;
climate change and disasters causing higher operating costs and
capital expenditures and reduced production output, and impacting
the availability, quality or price volatility of key commodities
sourced by the Corporation; the increasing concentration of
customers in the food industry, providing them with significant
bargaining power; the implementation, cost and impact of
environmental sustainability initiatives, as well as the cost of
remediating environmental liabilities; changes made to laws that
affect the Corporation's activities as well as the interpretation
thereof, and new positions adopted by relevant authorities; the
ability to adapt to changes and developments affecting the
Corporation's industry, including customer preferences, tastes,
concerns or perceptions and buying patterns, market conditions and
the activities of competitors and clients; failure to maintain the
quality and safety of the Corporation's products, which could
result in product recalls and product liability claims for
misbranded, adulterated, contaminated, or spoiled food products,
along with reputational damage; risks related to fluctuations in
interest rates, currency exchange rates, liquidity and credit,
stock price and pension obligations; deterioration of general
macroeconomic conditions, including international conflicts, which
can lead to negative impacts on the Corporation's suppliers,
customers and operating costs; the incurrence of restructuring,
disposal, or other related charges together with the recognition of
impairment charges on goodwill or long-lived assets; the
sufficiency of insurance coverage; and the implications and outcome
of potential legal actions, litigation and regulatory proceedings
to which the Corporation may be a party. The Corporation cautions
readers that the foregoing list of factors is not exhaustive.
The Corporation's ability to achieve its environmental targets,
and goals is further subject to, among other factors, its ability
to access and implement all technology necessary to achieve them as
well as the development and performance of technology, innovation
and the future use and deployment of technology and associated
expected future results, and environmental regulation. The
Corporation's ability to achieve its ESG commitments is further
subject to, among other factors, its ability to leverage its
supplier relationships.
Assumptions, expectations, and estimates made in the preparation
of forward-looking statements and risks and uncertainties that
could cause actual results to differ materially from
forward-looking statements are discussed in the Corporation's
materials filed with the Canadian securities regulatory authorities
from time to time, including information about risk factors that
can be found in Section 19 - "Uncertainties and Principal Risk
Factors" of the Corporation's MD&A for the year ended
December 31, 2022. Readers should
review this section in detail.
All forward-looking statements included herein speak only as of
the date hereof. Unless required by law, the Corporation does not
undertake any obligation to publicly update or revise
forward-looking statements, whether as a result of new information,
future events or otherwise. All forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
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1 This
measure does not constitute a standardized financial measure in
accordance with the financial reporting framework used to prepare
the Corporation's financial statements. Comparing it to a similar
financial measure presented by other issuers may not be possible.
Refer to Section "Financial Measures Not in Accordance with
IFRS" of this press release for more information, including the
definition and composition of the measure or ratio as well as the
reconciliation to the most comparable measure in the financial
statements, as applicable.
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SOURCE Lassonde Industries Inc.