MONTRÉAL, Aug. 1, 2023
/CNW/ - LOGISTEC Corporation ("LOGISTEC") (TSX: LGT.A) (TSX: LGT.B)
(the "Company"), a marine and environmental services provider,
today announced its financial results for the three-month and
six-month periods ended June 24,
2023. Currently in the process of a strategic review,
LOGISTEC has reported strong revenue for the second quarter of the
year.
Highlights From the Second Quarter of 2023
- Consolidated revenue totalled $244.9
million, up $25.9 million or
11.9%;
- Adjusted EBITDA (1) closed at $37.6 million, up $3.4
million;
- ALTRA | SANEXEN awarded first-of-its-kind contract by Waste
Connections to combat PFAS;
- Successful implementation of Phase 2 of three of our enterprise
resource planning ("ERP") project;
- LOGISTEC completed the acquisition of Fednav's terminal
division ("FMT").
Highlights From the First Half of 2023
- Consolidated revenue totalled $403.8
million, up $43.4 million or
12.1%;
- Adjusted EBITDA (1) closed at $47.6 million, up $5.6
million;
- As of June 24, 2023,
environmental services' backlog stood at $252.2 million.
"After years of record performances and successes, thanks to our
people and our strong values, I'm happy to see that the LOGISTEC
team was again able to deliver good operational results including a
record adjusted EBITDA (1) this quarter," said
Madeleine Paquin, President and CEO,
LOGISTEC. "In May, we had the great honour of receiving the 2023
Canada's Best Managed Companies Award. I'm very proud of our people
who were recognized for their resilience, agility, and
ingenuity."
"We have once again set a record for revenue, this time for the
second quarter of the year," added Carl
Delisle, Chief Financial Officer and Treasurer, LOGISTEC.
"Our marine services segment continued to perform, with special
mentions to FMT, our latest business combination, and continued
improvements in our bulk and Gulf Stream Marine, Inc. (''GSM'')
businesses. Our environmental business was affected by delayed
starts in our ALTRA water renewal technology in Canada, but we should easily make up for these
delays in the coming quarters. Unfortunately, our profitability was
severely impacted by substantial costs associated to our projects
and strategic review."
Results of the Period
During the second quarter of 2023, consolidated revenue totalled
$244.9 million, an increase of
$25.9 million or 11.9% over the
same period in 2022. The overall increase was mainly attributable
to the acquisition of FMT, while our core markets remained robust,
both in Canada and the
USA. The scale and reach of
LOGISTEC's activities combined with the deep expertise of our teams
led to strong operational results, particularly in our marine
business. Excluding the additional costs this quarter related to
the ongoing strategic review and our latest acquisition, the
Company achieved a good quarter.
(1)
Adjusted EBITDA is a non-IFRS measure, please refer to the
non-IFRS measure section.
|
Marine Services
Revenue from the marine services segment reached $175.5 million in the second quarter of 2023, up
$36.7 million or 26.4% compared with
the same period in 2022. The growth was mainly attributable to the
Company's latest acquisition, FMT, which contributed $35.1 million in the second quarter of 2023. FMT
performed well, especially its Hamilton (ON) terminal and there are
significant prospective growth opportunities for the 11
strategically located terminals added in LOGISTEC's network. Our
traditional marine services segment continued to deliver a good
performance. Our bulk activities were strong, despite the impact of
forest fires in Québec, which caused rail challenges in Sept-Îles.
We were also pleased with the results of our investments in
Gulf Stream Marine, Inc.'s Brownsville (TX) terminal, where we saw
increased volumes from one of our key customers in the southern
USA. These largely made up for
lower container volumes and some slowdown in general cargoes.
Environmental Services
Revenue from the environmental services segment reached
$69.5 million, down $10.7 million or 13.3% from the same period
in 2022. Although our teams delivered on multiple projects in the
field, these benefits were impacted by contract project delays,
namely in our renewal of underground water mains division in
Canada, somewhat offset by
stronger activity in the USA. The
Rayrock mine remediation project in Northern Canada has been delayed due to
permitting issues, but, after six months, our revenues are close to
expectations. We are now entering into our busy season and the
overall book of business, at $252.2 million, remains strong until the end
of the year.
FER-PAL Construction Ltd. ("FER-PAL")'s revenue and profit
were below last year for the same quarter because of delayed
startups. The backlog is strong, and we expect to be very busy
until the end of the season, allowing us to end the year better
than last year. In July 2023, the
Company finalized the acquisition of the remaining interest in
FER-PAL, a key strategic player in the deployment of our ALTRA
water main renewal technology. This acquisition will strengthen the
optimization of our environmental services segment and will lead to
greater opportunities in the water industry for the future.
American Process Group also performed well in the last quarter,
with solid results for projects in both Canada and the
United States.
In April 2023, Waste Connections
awarded ALTRA | SANEXEN the first-of-its-kind continuous full-scale
perfluoroalkyl and polyfluoroalkyl substances ("PFAS") remediation
solution for landfill and industrial waste management. The Company
will provide and operate its modular units at Waste Connections'
landfills in Rosemount and Rich Valley (MN), for the next ten
years. This agreement provides opportunities for our ALTRA PFAS
Solution, and has already resulted in additional pilot projects and
agreement discussions in the USA.
During this quarter, our environmental team received another
prestigious award, the 2023 New Technology Award from Water Canada
for our ALTRA PFAS Solution, highlighting once again our excellence
in the development of innovative technologies. The proprietary foam
fractionation technology allows for the most effective removal of
highly concentrated PFAS streams from water.
Outlook
Our team of experts, financial strength, wide-reaching and
diverse North American network of terminals, and innovative
environmental technologies are the pillars on which we will
continue to build our business.
Our marine services segment is doing well, and we are foreseeing
a positive second half of the year. Our latest acquisition, FMT, is
performing as expected and has great prospects for the future. Our
cargo handling activities are driven by solid demand, which is
particularly strong in the U.S. Gulf Coast.
For the environmental side of the business, the execution of the
remaining backlog should allow us to make up for the slow start and
finish the year with a much better performance than in 2022. We
have a solid backlog and are confident in our team's ability to
deliver on large projects this year. Our first continuous
full-scale PFAS remediation contract should start in the
USA in the late fall, and this
holds great promise for future additional contracts.
We were happy to successfully complete a key milestone in our
ERP project. Phase 2 out of three has been completed, allowing the
successful go-live of SANEXEN Environmental Services Inc.'s
financial and project management modules. This fall, we will launch
our final phase, leading to our marine business' go-live in 2024.
We take this opportunity to thank our ERP extended team for their
tireless work to bring this project to conclusion.
We incurred additional costs this quarter related to the ongoing
strategic review, our latest acquisition, and the ERP project.
These additional non-operational costs of $6.9 million, combined with the higher finance
expense materially impacted the profitability, but excluding these
elements, our results are better than last year, and we can expect
satisfactory results for the remainder of 2023.
Dividends
On August 1, 2023, the Board of
Directors declared a dividend of $0.11782 per Class A Common Share and
$0.12959 per Class B Subordinate
Voting Share, for a total consideration of $1.6 million. These dividends will be paid on
October 6, 2023, to shareholders of record as of
September 22, 2023.
About LOGISTEC
LOGISTEC Corporation is based in Montréal (QC) and provides
specialized services to the marine community and industrial
companies in the areas of bulk, break-bulk and container cargo
handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine
transportation services geared primarily to the Arctic coastal
trade as well as marine agency services to shipowners and operators
serving the Canadian market. Furthermore, the Company operates in
the environmental industry where it provides services to
industrial, municipal and other governmental customers for the
renewal of underground water mains, dredging, dewatering,
contaminated soils and materials management, site remediation, risk
assessment, and manufacturing of fluid transportation products.
The Company has been profitable and has paid regular dividends
since becoming public and payments have grown steadily over the
years. A public company since 1969, LOGISTEC's shares are listed on
the Toronto Stock Exchange under the ticker symbols LGT.A and
LGT.B. More information can be obtained on the Company's website at
www.logistec.com.
Non-IFRS measure
Adjusted earnings before interest expense, income taxes,
depreciation and amortization expense ("adjusted EBITDA") is not
defined by IFRS and cannot be formally presented in financial
statements. The definition of adjusted EBITDA excludes the
configuration and customization costs related to the implementation
of an Enterprise Resource Planning ("ERP") system, and since the
second quarter of 2023, the Company excluded professional fees
incurred in a business combination and analyzing other business
development opportunities ("transaction costs"). Please refer to
the strategic review process section of the management's discussion
and analysis and Note 4 of the notes to the Q2 2023 condensed
consolidated interim financial statements for further information
on the nature of the transaction costs incurred in the first half
of 2023. The definition of adjusted EBITDA used by the Company may
differ from those used by other companies. The Company excludes the
configuration and customization costs related to the implementation
of an ERP system and transaction costs because they affect the
comparability of our financial results and could potentially
distort the analysis of trends in business performance. Excluding
these items does not imply they are non-recurring. Even though
adjusted EBITDA is a non-IFRS measure, it is used by managers,
analysts, investors, and other financial stakeholders to analyze
and assess the Company's performance and management from a
financial and operational standpoint. The definition of
adjusted EBITDA has been applied retroactively and comparative
figures have been amended accordingly to comply to the current year
definition.
The following table provides a reconciliation of profit for the
period to adjusted EBITDA:
|
For the three months
ended
|
For the six months ended
|
|
June 24,
2023
$
|
June 25,
2022
$
|
June 24,
2023
$
|
June 25,
2022
$
|
Profit (loss) for the
period
|
3,271
|
13,150
|
(5,666)
|
7,252
|
PLUS:
|
|
|
|
|
Depreciation and
amortization expense
|
17,032
|
14,037
|
31,486
|
26,834
|
Net finance
expense
|
7,963
|
3,105
|
12,390
|
6,934
|
Income taxes
|
2,457
|
2,049
|
(750)
|
(361)
|
Configuration and
customization costs in a cloud computing arrangement
|
1,897
|
1,881
|
3,033
|
2,364
|
Transaction
costs
|
5,029
|
—
|
7,124
|
—
|
Adjusted
EBITDA
|
37,649
|
34,222
|
47,617
|
42,023
|
|
FORWARD-LOOKING STATEMENTS
For the purpose of informing shareholders and potential
investors about the Company's prospects, sections of this document
may contain forward-looking statements, within the meaning of
securities legislation, about the Company's activities, performance
and financial position and, in particular, hopes for the success of
the Company's efforts in the development and growth of its
business. These forward-looking statements express, as of the date
of this document, the estimates, predictions, projections,
expectations, or opinions of the Company about future events or
results. Although the Company believes that the expectations
produced by these forward-looking statements are founded on valid
and reasonable bases and assumptions, these forward-looking
statements are inherently subject to important uncertainties and
contingencies, many of which are beyond the Company's control, such
that the Company's performance may differ significantly from the
predicted performance expressed or presented in such
forward-looking statements. The important risks and uncertainties
that may cause the actual results and future events to differ
significantly from the expectations currently expressed are
examined under business risks in the Company's 2022 annual report
and include (but are not limited to) the performances of domestic
and international economies and their effect on shipping volumes,
weather conditions, labour relations, pricing, and competitors'
marketing activities. The reader of this document is thus cautioned
not to place undue reliance on these forward-looking statements.
The Company undertakes no obligation to update or revise these
forward-looking statements, except as required by law.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
EARNINGS
|
|
|
|
|
|
|
(in thousands of Canadian
dollars, except per share amounts and number of
shares)
|
|
|
For the three months ended
|
For the six months ended
|
|
June 24,
2023
$
|
June 25,
2022
$
|
June 24,
2023
$
|
June 25,
2022
$
|
Revenue
|
244,966
|
218,972
|
403,847
|
360,414
|
Employee benefits expense
|
(113,612)
|
(106,678)
|
(192,335)
|
(180,950)
|
Equipment and supplies expense
|
(65,639)
|
(60,477)
|
(109,752)
|
(100,999)
|
Operating expense
|
(20,492)
|
(15,263)
|
(37,647)
|
(27,355)
|
Other expenses
|
(12,661)
|
(8,725)
|
(24,651)
|
(15,980)
|
Depreciation and amortization expense
|
(17,032)
|
(14,037)
|
(31,486)
|
(26,834)
|
Share of profit of equity accounted investments
|
943
|
5,122
|
1,528
|
6,069
|
Other losses
|
(2,782)
|
(610)
|
(3,530)
|
(1,540)
|
Operating profit
|
13,691
|
18,304
|
5,974
|
12,825
|
Finance expense
|
(8,247)
|
(3,261)
|
(12,926)
|
(6,202)
|
Finance income
|
284
|
156
|
536
|
268
|
Profit (loss)
before income taxes
|
5,728
|
15,199
|
(6,416)
|
6,891
|
Income taxes
|
(2,457)
|
(2,049)
|
750
|
361
|
Profit (loss)
for the period
|
3,271
|
13,150
|
(5,666)
|
7,252
|
Profit (loss)
attributable to:
|
|
|
|
|
Owners of the Company
|
3,224
|
13,024
|
(5,828)
|
7,006
|
Non-controlling interest
|
47
|
126
|
162
|
246
|
Profit (loss)
for the period
|
3,271
|
13,150
|
(5,666)
|
7,252
|
Basic
earnings (loss) per Class A Common
Share (1)
|
0.24
|
0.96
|
(0.44)
|
0.52
|
Basic
earnings (loss) per Class B Subordinate Voting
Share (2)
|
0.27
|
1.06
|
(0.48)
|
0.57
|
Diluted earnings
(loss) per Class A share
|
0.25
|
0.95
|
(0.43)
|
0.51
|
Diluted earnings
(loss) per Class B share
|
0.28
|
1.06
|
(0.47)
|
0.57
|
Weighted average number
of Class A Shares outstanding, basic and diluted
|
7,361,022
|
7,371,689
|
7,361,022
|
7,374,355
|
Weighted average number
of Class B Shares outstanding, basic
|
5,455,591
|
5,522,156
|
5,455,591
|
5,601,413
|
Weighted average number
of Class B Shares outstanding, diluted
|
5,636,497
|
5,614,501
|
5,636,497
|
5,677,914
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Class A Common Share ("Class
A share")
|
(2)
Class B Subordinate Voting Share ("Class B share")
|
CONDENSED CONSOLIDATED INTERIM
STATEMENTS OF COMPREHENSIVE INCOME
(in thousands of Canadian
dollars)
|
|
|
|
|
|
For the three months ended
|
For the six months ended
|
|
June 24,
2023
$
|
June 25,
2022
$
|
June 24,
2023
$
|
June 25,
2022
$
|
|
|
|
|
|
Profit (loss) for the period
|
3,271
|
13,150
|
(5,666)
|
7,252
|
|
|
|
|
|
Other comprehensive
(loss) income
|
|
|
|
|
Items that are or may
be reclassified to the consolidated statements of
earnings
|
|
|
|
|
Currency translation
differences arising on translation of foreign operations
|
(10,553)
|
6,142
|
(7,416)
|
3,653
|
Unrealized gain (loss)
on translating debt designated as hedging item of the net
investment in foreign operations
|
5,271
|
(2,069)
|
4,132
|
(1,224)
|
Income taxes relating
to unrealized gain on translating debt designated as hedging item
of the net investment in foreign operations
|
(547)
|
274
|
(547)
|
162
|
(Losses) gains on
derivatives designated as cash flow hedges
|
(162)
|
1,137
|
(224)
|
1,613
|
Income taxes relating
to derivatives designated as cash flow hedges
|
(35)
|
(122)
|
65
|
(428)
|
Total items that are or
may be reclassified to the consolidated statements of
earnings
|
(6,026)
|
5,362
|
(3,990)
|
3,776
|
|
|
|
|
|
Items that will not be
reclassified to the consolidated statements of earnings
|
|
|
|
|
Remeasurement gains
(losses) on benefit obligation
|
—
|
4,642
|
(714)
|
9,239
|
Return on retirement
plan assets
|
(200)
|
(1,431)
|
351
|
(2,884)
|
Income taxes on
remeasurement of benefit obligation and return on retirement plan
assets
|
53
|
(850)
|
96
|
(1,684)
|
Total items that will
not be reclassified to the consolidated statements of
earnings
|
(147)
|
2,361
|
(267)
|
4,671
|
|
|
|
|
|
Share of other
comprehensive income of equity accounted investments, net of income
taxes
|
|
|
|
|
Items that are or may
be reclassified to the
consolidated
statements of earnings
|
(12)
|
—
|
20
|
—
|
Total share of other
comprehensive income of equity accounted investments, net of income
taxes
|
(12)
|
—
|
20
|
—
|
|
|
|
|
|
Other comprehensive
(loss) income for the period, net of income
taxes
|
(6,185)
|
7,723
|
(4,237)
|
8,447
|
Total comprehensive (loss) income for the
period
|
(2,914)
|
20,873
|
(9,903)
|
15,699
|
Total comprehensive
(loss) income attributable to:
|
|
|
|
|
Owners of the
Company
|
(2,891)
|
20,704
|
(10,020)
|
15,427
|
Non-controlling
interest
|
(23)
|
169
|
117
|
272
|
Total comprehensive (loss) income for the
period
|
(2,914)
|
20,873
|
(9,903)
|
15,699
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
POSITION
(in thousands of Canadian dollars)
|
|
|
|
|
As at June 24,
2023
$
|
As
at December 31,
2022
$
|
Assets
|
|
|
Current assets
|
|
|
Cash and cash equivalents
|
23,136
|
36,043
|
Trade and other receivables
|
189,468
|
198,247
|
Contract assets
|
26,959
|
14,912
|
Current income
tax assets
|
22,249
|
11,245
|
Inventories
|
29,958
|
20,000
|
Prepaid expenses and other
|
14,399
|
8,756
|
|
306,169
|
289,203
|
Equity accounted investments
|
44,863
|
46,140
|
Property, plant and equipment
|
275,787
|
234,602
|
Right-of-use assets
|
163,874
|
167,274
|
Goodwill
|
285,952
|
187,430
|
Intangible assets
|
33,051
|
36,807
|
Non-current assets
|
1,589
|
2,030
|
Post-employment benefit
assets
|
1,252
|
1,264
|
Non-current financial assets
|
5,588
|
6,114
|
Deferred income
tax assets
|
13,424
|
12,808
|
Total assets
|
1,131,549
|
983,672
|
Liabilities
|
|
|
Current liabilities
|
|
|
Short-term bank
loans
|
799
|
—
|
Trade and other payables
|
178,206
|
128,019
|
Contract liabilities
|
11,816
|
11,107
|
Current income tax liabilities
|
8,414
|
5,095
|
Dividends payable
|
5,261
|
1,574
|
Current portion
of lease liabilities
|
21,840
|
18,662
|
Current portion
of long-term debt
|
11,420
|
10,925
|
|
237,756
|
175,382
|
Lease
liabilities
|
152,241
|
157,500
|
Long-term
debt
|
347,650
|
224,110
|
Deferred income tax
liabilities
|
30,071
|
24,604
|
Post-employment benefit
obligations
|
14,184
|
13,690
|
Contract
liabilities
|
1,533
|
1,733
|
Non-current
liabilities
|
5,536
|
25,562
|
Total liabilities
|
788,971
|
622,581
|
Equity
|
|
|
Share capital
|
49,443
|
49,443
|
Retained earnings
|
276,068
|
290,773
|
Accumulated other comprehensive income
|
15,346
|
19,271
|
Equity attributable to owners of the Company
|
340,857
|
359,487
|
Non-controlling interest
|
1,721
|
1,604
|
Total equity
|
342,578
|
361,091
|
Total liabilities and equity
|
1,131,549
|
983,672
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN
EQUITY
(in thousands of Canadian dollars)
|
|
Attributable to owners
of the Company
|
|
Share capital
issued
$
|
Retained
earnings
$
|
Accumulated
other
comprehensive
income
$
|
Total
$
|
Non-controlling
interest
$
|
Total equity
$
|
Balance
as at January
1, 2023
|
49,443
|
290,773
|
19,271
|
359,487
|
1,604
|
361,091
|
(Loss)
profit for the period
|
—
|
(5,828)
|
—
|
(5,828)
|
162
|
(5,666)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
Currency translation
differences arising on translation of foreign
operations
|
—
|
—
|
(7,371)
|
(7,371)
|
(45)
|
(7,416)
|
Unrealized loss on
translating debt designated as hedging item of the net investment
in foreign operations, net of income taxes
|
—
|
—
|
3,585
|
3,585
|
—
|
3,585
|
Remeasurement losses
on benefit obligation and return on retirement plan assets, net of
income taxes
|
—
|
(267)
|
—
|
(267)
|
—
|
(267)
|
Share of other
comprehensive income of equity accounted investments, net of income
taxes
|
—
|
—
|
20
|
20
|
—
|
20
|
Cash flow hedges, net
of income taxes
|
—
|
—
|
(159)
|
(159)
|
—
|
(159)
|
Total comprehensive
income (loss) for the period
|
—
|
(6,095)
|
(3,925)
|
(10,020)
|
117
|
(9,903)
|
Net
remeasurement of written put
option liability
|
—
|
(5,567)
|
—
|
(5,567)
|
—
|
(5,567)
|
Class B shares to be
issued under the Executive Stock Option Plan
|
—
|
270
|
—
|
270
|
—
|
270
|
Other
dividend
|
—
|
(163)
|
—
|
(163)
|
—
|
(163)
|
Dividends on Class A
shares
|
—
|
(1,734)
|
—
|
(1,734)
|
—
|
(1,734)
|
Dividends on Class B
shares
|
—
|
(1,414)
|
—
|
(1,414)
|
—
|
(1,414)
|
Balance as at June 24,
2023
|
49,443
|
276,068
|
15,346
|
340,857
|
1,721
|
342,578
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CHANGES IN EQUITY (CONTINUED)
(in thousands of
Canadian dollars)
|
|
|
|
|
|
Attributable to owners
of the Company
|
|
|
|
Share capital
issued
$
|
Retained
earnings
$
|
Accumulated
other comprehensive
income
$
|
Total
$
|
Non-controlling
interest
$
|
Total equity
$
|
Balance as
at January 1, 2022
|
50,889
|
254,621
|
9,051
|
314,561
|
1,048
|
315,609
|
Profit for the period
|
—
|
7,006
|
—
|
7,006
|
246
|
7,252
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
Currency translation
differences arising on translation of foreign
operations
|
—
|
—
|
3,627
|
3,627
|
26
|
3,653
|
Unrealized loss on
translating debt designated as hedging item of the net investment
in foreign operations, net of income taxes
|
—
|
—
|
(1,062)
|
(1,062)
|
—
|
(1,062)
|
Remeasurement gains on
benefit obligation and return on retirement plan assets, net of
income taxes
|
—
|
4,671
|
—
|
4,671
|
—
|
4,671
|
Cash flow hedges, net
of income taxes
|
—
|
—
|
1,185
|
1,185
|
—
|
1,185
|
Total comprehensive
income for the period
|
—
|
11,677
|
3,750
|
15,427
|
272
|
15,699
|
Net
remeasurement of written put
option liability
|
—
|
(124)
|
—
|
(124)
|
—
|
(124)
|
Issuance and repurchase
of Class B shares
|
(1,384)
|
(7,872)
|
—
|
(9,256)
|
—
|
(9,256)
|
Class B shares to be
issued under the Executive Stock Option Plan
|
—
|
241
|
—
|
241
|
—
|
241
|
Other
dividend
|
—
|
(127)
|
—
|
(127)
|
—
|
(127)
|
Dividends on Class A
shares
|
—
|
(1,447)
|
—
|
(1,447)
|
—
|
(1,447)
|
Dividends on Class B
shares
|
—
|
(1,203)
|
—
|
(1,203)
|
—
|
(1,203)
|
Balance as at June 25, 2022
|
49,505
|
255,766
|
12,801
|
318,072
|
1,320
|
319,392
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
|
|
|
|
(in thousands of
Canadian dollars)
|
|
|
|
|
For the six months ended
|
|
June 24,
2023
$
|
June 25,
2022
$
|
|
Operating activities
|
|
|
|
Income (loss)
for the period
|
(5,666)
|
7,252
|
|
Items not affecting cash and cash equivalents
|
44,997
|
27,952
|
|
Cash generated from operations
|
39,331
|
35,204
|
|
Dividends received from equity accounted investments
|
2,825
|
5,675
|
|
Contributions to defined benefit
retirement plans
|
(446)
|
(393)
|
|
Settlement of provisions
|
(1,585)
|
(351)
|
|
Changes in non-cash working
capital items
|
13,198
|
(20,774)
|
|
Income taxes
paid
|
(7,971)
|
(10,715)
|
|
|
45,352
|
8,646
|
|
Financing activities
|
|
|
|
Net change
in short-term bank loans
|
799
|
(4,361)
|
|
Issuance of long-term debt,
net of transaction costs
|
174,093
|
76,343
|
|
Repayment of long-term debt
|
(46,140)
|
(37,367)
|
|
Repayment of lease liabilities
|
(9,229)
|
(7,678)
|
|
Interest paid
|
(12,896)
|
(6,056)
|
|
Issuance of Class B
shares
|
—
|
221
|
|
Repurchase of Class B shares
|
—
|
(9,937)
|
|
Dividends paid on Class A shares
|
(1,734)
|
(1,449)
|
|
Dividends paid on Class B shares
|
(1,414)
|
(1,227)
|
|
|
103,479
|
8,489
|
|
Investing activities
|
|
|
|
Dividends paid to a
non-controlling interest
|
(163)
|
(8,826)
|
|
Acquisition of property, plant and equipment
|
(26,075)
|
(27,607)
|
|
Proceeds from disposal of property, plant and equipment
|
1,139
|
798
|
|
Business combinations,
net of cash acquired
|
(136,011)
|
(3,264)
|
|
Acquisition of intangible assets
|
(153)
|
(211)
|
|
Interest received
|
437
|
78
|
|
Cash receipts from
other non-current financial assets
|
127
|
705
|
|
Acquisition of other non-current assets
|
(30)
|
(362)
|
|
Proceeds from disposal of other non-current assets
|
49
|
282
|
|
|
(160,680)
|
(38,407)
|
|
Net change
in cash and cash equivalents
|
(11,849)
|
(21,272)
|
|
Cash and cash equivalents, beginning of year
|
36,043
|
37,530
|
|
Effect of exchange rate on balances held in foreign
currencies of foreign operations
|
(1,058)
|
811
|
|
Cash and cash equivalents, end of
period
|
23,136
|
17,069
|
|
Additional information
|
|
|
|
Acquisition of
property, plant and equipment included in trade and other
payables
|
987
|
2,906
|
|
Issuance of Class B
shares under the Employee Stock Purchase Plan for
non-interest-bearing loans
|
—
|
460
|
|
SOURCE Logistec Corporation