Andrew Peller Limited Reports Strong Results for Fiscal 2014 and 5%
Increase in Common Share Dividends
GRIMSBY, ONTARIO--(Marketwired - Jun 4, 2014) -
This news release contains forward-looking information that
is based upon assumptions and is subject to risks and uncertainties
as indicated in the cautionary note contained elsewhere in this
news release.
Andrew Peller Limited (TSX:ADW.A)(TSX:ADW.B) ("APL" or the
"Company") announced continued growth and strong operating and
financial performance for the three months and year ended March 31,
2014.
FISCAL 2014 HIGHLIGHTS:
- Sales up 3.8% in fourth quarter, 3.0% for full fiscal year on
new product launches and solid performance across majority of trade
channels
- Selling and administrative expenses decrease due to
restructuring initiatives
- Cash flow from operating activities rises to $25.0 million from
$13.3 million in fiscal 2013
- 5% increase in common share dividends announced
"Fiscal 2014 was another strong year for the Company as we
successfully launched a number of new products and continued to
build our presence across all of our trade channels, specifically
with our high-margin premium and ultra-premium brands," commented
John Peller, President and CEO. "We are also pleased to see recent
improvement in our gross margin as we benefit from programs
implemented over the last two years to reduce costs and enhance
production efficiencies. We look for this progress to continue in
fiscal 2015."
Sales for the three months ended March 31, 2014 rose 3.8% to
$66.0 million from $63.6 million in the same quarter last year. For
the year ended March 31, 2014 sales increased 3.0% to $297.8
million. The Company experienced solid performance across the
majority of its sales channels, including provincial liquor stores,
the network of company-owned retail stores in Ontario, our export
business, and from our award-winning estate wineries. Performance
also improved at the Company's consumer-made wine business.
Gross margin was 34.2% of sales in the fourth quarter of fiscal
2014 compared to 35.6% in the same period last year. For the year
ended March 31, 2014 gross margin was 36.3% of sales compared to
38.0% in fiscal 2013. Gross margins in fiscal 2014 have been
affected by higher costs for wine, juice, and concentrate purchased
on international markets and intense price competition in Western
and Atlantic Canada. The decrease in gross margin was partially
offset by successful cost control initiatives to reduce
distribution, operating, and packaging expenses. A special levy
implemented by the Ontario government on July 1, 2010 served to
reduce sales and gross margin by approximately $2.0 million in
fiscal 2014 and fiscal 2013.
Selling and administrative expenses declined in fiscal 2014 due
to the ongoing restructuring that began in the fourth quarter of
fiscal 2013 in the Company's personal winemaking division. As a
percentage of sales, selling and administrative expenses for the
year ended March 31, 2014 improved to 24.9% from 26.4% last
year.
Earnings before interest, amortization, unrealized derivative
gains (losses), other expenses, and income taxes ("EBITA") were
$3.7 million and $33.7 million for the three months and year ended
March 31, 2014 compared to $3.1 million and $33.5 million for the
same periods in fiscal 2013.
In fiscal 2014 the Company incurred restructuring charges of
$1.4 million in the personal winemaking division related to ongoing
cost savings initiatives to outsource distribution and reduce
marketing and administrative expenses.
The Company recorded a non-cash gain in fiscal 2014 related to
mark-to-market adjustments on an interest rate swap and foreign
exchange contracts aggregating approximately $0.8 million compared
to a non-cash gain of $1.3 million in the prior year. The Company
has elected not to apply hedge accounting and accordingly these
financial instruments are reflected in the Company's financial
statements at fair value each reporting period. These instruments
are considered to be effective economic hedges and have enabled
management to mitigate the volatility of changing costs and
interest rates during the year.
Other expenses in fiscal 2014 relate primarily to pension
liabilities incurred for prior service that were negotiated as part
of the new collective agreement with the BC labour union signed in
June 2013 which were partially offset by income from the
expropriation of the Company's Port Moody facility which was closed
effective December 31, 2005. The property is temporarily being used
as a staging area for the construction of a rapid transit project.
Payments amounting to $2.0 million for the use of the property were
received in advance and were recorded as deferred income and are
being recognized as other income over the five-year term of the
expropriation which began on July 1, 2012.
Adjusted net earnings, defined as net earnings not including
restructuring charges, unrealized losses and gains on derivative
financial instruments, and other expenses or income were $14.6
million for the year ended March 31, 2014 compared to $14.0 million
in the prior year.
Net earnings (loss) for the three months and year ended March
31, 2014 were $(0.6) million or $(0.04) per Class A Share and $14.0
million or $1.01 per Class A Share compared to $(0.9) million or
$(0.07) per Class A Share and $14.5 million or $1.04 per Class A
Share for the comparable prior year periods. The reduction in net
earnings in fiscal 2014 is primarily due to the decrease in gross
margins, the one-time restructuring charges, the change in non-cash
gains on derivative financial instruments, and other income and
expenses between the two fiscal years.
Strong Financial Position
Working capital at March 31, 2014 increased to $44.6 million
compared to $41.7 million at March 31, 2013. An increase in
inventory and a decrease in bank indebtedness more than offset an
increase in accounts payable and accrued charges and a decrease in
accounts receivable. The Company's debt to equity ratio was 0.73:1
at March 31, 2014 compared to 0.83:1 at March 31, 2013.
Shareholders' equity as at March 31, 2014 was $138.0 million or
$9.65 per common share compared to $129.7 million or $9.07 per
common share as at March 31, 2013. The increase in shareholders'
equity is due to solid net earnings for the year partially offset
by the payment of dividends.
In fiscal 2014 the Company generated cash from operating
activities, after changes in non-cash working capital items, of
$25.0 million compared to $13.3 million in the prior year. Cash
flow from operating activities increased due to strong earnings
performance and improved use of working capital compared to the
prior year.
On April 28, 2014 the Company renegotiated its credit facilities
to support its strategic direction and to capitalize on lower debt
service costs. These facilities now mature on April 28, 2019. The
operating loan facility was increased to $90.0 million and the term
loan was increased to $60.0 million. The interest rate on the term
loan was effectively fixed at 4.93% through August 31, 2015 and at
3.91% for the period from September 1, 2015 to April 28, 2019. The
Company also added a $15.0 million facility to fund future capital
expenditures that will also mature on April 28, 2019. Monthly
amortization payments on the term loan were reduced to $0.333
million.
Increase in Common Share Dividends
On June 4, 2014 the Company's Board of Directors announced a 5%
increase in common share dividends for shareholders of record on
June 30, 2014 payable on July 4, 2014. The annual dividends on
Class A Shares were increased to $0.420 from $0.400 per share and
the dividends on Class B Shares were increased to $0.365 per share
from $0.348 per share.
"We are very pleased to be increasing our common share
dividends, the 6th increase in 9 years, and a testament to our
commitment to enhance shareholder value over the long term," Mr.
Peller stated.
Investor Conference Call
An investor conference call hosted by John Peller, President and
CEO and Peter Patchet, CFO, will be held Thursday, June 5, 2014 at
10:00 a.m. EST. The telephone numbers for the conference call are:
Local/International: (416) 340-2216, North American Toll Free:
(866) 226-1792. The telephone numbers to listen to the call after
it is completed (Instant Replay) are local/international (905)
694-9451 or North American toll free (800) 408-3053. The Passcode
for the Instant Replay is 6016172#. The Instant Replay will be
available until midnight, June 12, 2014. The call will also be
archived on the Company's website at www.andrewpeller.com
|
Financial Highlights (Unaudited) |
(Condensed consolidated financial statements to
follow) |
|
For
the three months and year ended March 31, |
Three Months |
Year |
(in $000 ) |
2014 |
2013(1) |
2014 |
2013(1) |
Sales |
66,026 |
63,586 |
297,824 |
289,143 |
Gross
margin |
22,606 |
22,635 |
107,982 |
109,743 |
Gross
margin (% of sales) |
34.2% |
35.6% |
36.3% |
38.0% |
Selling and administrative expenses |
18,951 |
19,557 |
74,253 |
76,254 |
EBITA |
3,655 |
3,078 |
33,729 |
33,489 |
Restructuring charge |
1,056 |
1,118 |
1,409 |
1,118 |
Net
unrealized gains on derivatives |
(231) |
(216) |
(750) |
(1,295) |
Other
(income) expenses |
(97) |
(331) |
145 |
(544) |
Net
earnings |
(578) |
(935) |
14,021 |
14,519 |
Earnings per share - Class A |
$(0.04) |
$(0.07) |
$1.01 |
$1.04 |
Earnings per share - Class B |
$(0.03) |
$(0.06) |
$0.88 |
$0.91 |
Dividend per share - Class A (annual) |
|
|
$0.400 |
$0.360 |
Dividend per share - Class B (annual) |
|
|
$0.348 |
$0.314 |
Cash
provided by operations (after changes in non-cash working capital
items) |
|
|
25,018 |
13,325 |
Working capital |
|
|
44,564 |
41,670 |
Shareholders' equity per share |
|
|
$9.65 |
$9.07 |
(1) Amounts for the periods ended March 31, 2013 were restated
to reflect the adoption of the amendments to IAS 19. Please refer
to the Notes to the Consolidated Financial Statements for the
year.
The Company calculates adjusted earnings as follows:
For the three months and year ended March 31, 2014 and 2013 |
Three Months |
Year |
(in $000) |
|
|
|
|
Unaudited |
2014 |
2013(1) |
2014 |
2013(1) |
Net earnings |
(578) |
(935) |
14,021 |
14,519 |
Restructuring costs |
1,056 |
1,118 |
1,409 |
1,118 |
Net unrealized gains on derivatives |
(231) |
(216) |
(750) |
(1,295) |
Other expenses (income) |
(97) |
(331) |
145 |
(544) |
Income tax effect of the above |
(189) |
(148) |
(209) |
187 |
Adjusted earnings |
(39) |
(512) |
14,616 |
13,985 |
(1) Amounts for the periods ended March 31, 2013 were restated
to reflect the adoption of the amendments to IAS 19. Please refer
to the Notes to the Consolidated Financial Statements for the
year.
About Andrew Peller Limited
Andrew Peller Limited is a leading producer and marketer of
quality wines in Canada. With wineries in British Columbia,
Ontario, and Nova Scotia, the Company markets wines produced from
grapes grown in Ontario's Niagara Peninsula, British Columbia's
Okanagan and Similkameen Valleys, and from vineyards around the
world. The Company's award-winning premium and ultra-premium VQA
brands include Peller Estates, Trius, Hillebrand, Thirty
Bench, Crush, Wayne Gretzky, Sandhill,
Calona Vineyards Artist Series, and Red Rooster.
Complementing these premium brands are a number of popularly priced
varietal brands including Peller Estates French Cross in
the East, Peller Estates Proprietors Reserve in the West,
Copper Moon, XOXO, skinnygrape, Black Cellar and
Verano. Hochtaler, Domaine D'Or, Schloss Laderheim,
Royal, and Sommet are our key value priced brands.
The Company imports wines from major wine regions around the world
to blend with domestic wine to craft these popularly priced and
value priced brands. With a focus on serving the needs of all wine
consumers, the Company produces and markets premium personal
winemaking products through its wholly-owned subsidiary, Global
Vintners Inc., the recognized leader in personal winemaking
products. Global Vintners distributes products through over 250
Winexpert and Wine Kitz authorized retailers and franchisees and
more than 600 independent retailers across Canada, the United
States, the United Kingdom, New Zealand, Australia, and China.
Global Vintners award-winning premium and ultra-premium winemaking
brands include Selection, Vintners Reserve, Island Mist,
KenRidge, Cheeky Monkey, Ultimate Estate Reserve, Traditional
Vintage, and Cellar Craft. The Company owns and
operates more 102 well-positioned independent retail locations in
Ontario under The Wine Shop, Wine Country Vintners, and Wine
Country Merchants store names. The Company also owns Grady Wine
Marketing Inc. based in Vancouver and The Small Winemaker's
Collection Inc. based in Ontario; both of these wine agencies are
importers of premium wines from around the world and are marketing
agents for these fine wines. The Company has entered into an
agreement to produce and market the Wayne Gretzky brands
across Canada. The Company's products are sold predominantly in
Canada with a focus on export sales for its icewine and personal
winemaking products. More information about the Company can be
found at www.andrewpeller.com.
The Company utilizes EBITA (defined as earnings before interest,
amortization, unrealized derivative (gain) loss, other expenses,
and income taxes). EBITA is not a recognized measure under IFRS.
Management believes that EBITA is a useful supplemental measure to
net earnings, as it provides readers with an indication of cash
available for investment prior to debt service, capital
expenditures, and income taxes. Readers are cautioned that EBITA
should not be construed as an alternative to net earnings
determined in accordance with IFRS as an indicator of the Company's
performance or to cash flows from operating, investing, and
financing activities as a measure of liquidity and cash flows. The
Company also utilizes gross margin (defined as sales less cost of
goods sold, excluding amortization) and adjusted earnings as
defined above. The Company's method of calculating EBITA, gross
margin, and adjusted earnings may differ from the methods used by
other companies and, accordingly, may not be comparable to measures
used by other companies.
Andrew Peller Limited common shares trade on the Toronto Stock
Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING
INFORMATION
Certain statements in this news release may contain
"forward-looking statements" within the meaning of applicable
securities laws, including the "safe harbour provision" of the
Securities Act (Ontario) with respect to Andrew Peller Limited and
its subsidiaries. Such statements include, but are not limited to,
statements about the growth of the business in light of the
Company's recent acquisitions; its launch of new premium wines;
sales trends in foreign markets; its supply of domestically grown
grapes; and current economic conditions. These statements are
subject to certain risks, assumptions, and uncertainties that could
cause actual results to differ materially from those included in
the forward-looking statements. The words "believe", "plan",
"intend", "estimate", "expect", or "anticipate" and similar
expressions, as well as future or conditional verbs such as "will",
"should", "would", and "could" often identify forward-looking
statements. We have based these forward-looking statements on our
current views with respect to future events and financial
performance. With respect to forward-looking statements contained
in this news release, the Company has made assumptions and applied
certain factors regarding, among other things: future grape, glass
bottle, and wine prices; its ability to obtain grapes, imported
wine, glass, and its ability to obtain other raw materials;
fluctuations in the U.S./Canadian dollar exchange rates; its
ability to market products successfully to its anticipated
customers; the trade balance within the domestic Canadian wine
market; market trends; reliance on key personnel; protection of its
intellectual property rights; the economic environment; the
regulatory requirements regarding producing, marketing,
advertising, and labeling its products; the regulation of liquor
distribution and retailing in Ontario; and the impact of increasing
competition.
These forward-looking statements are also subject to the
risks and uncertainties discussed in this news release, in the
"Risk Factors" section and elsewhere in the Company's MD&A and
other risks detailed from time to time in the publicly filed
disclosure documents of Andrew Peller Limited which are available
at www.sedar.com. Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties, and
assumptions which could cause actual results to differ materially
from those conclusions, forecasts, or projections anticipated in
these forward-looking statements. Because of these risks,
uncertainties and assumptions, you should not place undue reliance
on these forward-looking statements. The Company's forward-looking
statements are made only as of the date of this news release, and
except as required by applicable law, the Company undertakes no
obligation to update or revise these forward-looking statements to
reflect new information, future events or circumstances or
otherwise.
Andrew Peller Limited |
Consolidated Balance Sheets |
|
Unaudited |
(in thousands of Canadian dollars) |
|
|
March 31, 2014 |
|
March 31, 2013(1) |
|
April 1, 2012(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Accounts receivable |
$ |
22,693 |
$ |
25,484 |
$ |
24,937 |
|
Inventories |
|
120,751 |
|
115,931 |
|
110,256 |
|
Current portion of biological assets |
|
1,062 |
|
938 |
|
881 |
|
Prepaid expenses and other assets |
|
1,381 |
|
1,573 |
|
1,338 |
|
Income taxes recoverable |
|
240 |
|
268 |
|
- |
|
|
|
|
|
|
|
|
|
146,127 |
|
144,194 |
|
137,412 |
|
|
|
|
|
|
|
Property, plant and equipment |
|
90,152 |
|
88,841 |
|
84,490 |
|
|
|
|
|
|
|
Biological assets |
|
14,054 |
|
13,405 |
|
12,556 |
|
|
|
|
|
|
|
Intangible assets |
|
13,209 |
|
12,606 |
|
13,621 |
|
|
|
|
|
|
|
Goodwill |
|
37,473 |
|
37,473 |
|
37,473 |
|
|
|
|
|
|
|
|
$ |
301,015 |
$ |
296,519 |
$ |
285,552 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Bank indebtedness |
$ |
54,407 |
$ |
60,099 |
$ |
57,495 |
|
Accounts payable and accrued liabilities |
|
37,371 |
|
33,616 |
|
37,118 |
|
Dividends payable |
|
1,391 |
|
1,252 |
|
1,252 |
|
Income taxes payable |
|
- |
|
- |
|
40 |
|
Current portion of derivative financial instruments |
|
1,002 |
|
1,107 |
|
1,272 |
|
Current portion of long-term debt |
|
7,392 |
|
6,450 |
|
5,366 |
|
|
|
|
|
|
|
|
|
101,563 |
|
102,524 |
|
102,543 |
|
|
|
|
|
|
|
Long-term debt |
|
38,328 |
|
41,473 |
|
41,456 |
|
|
|
|
|
|
|
Long-term derivative financial instruments |
|
268 |
|
1,215 |
|
1,943 |
|
|
|
|
|
|
|
Post-employment benefit obligations |
|
6,132 |
|
6,411 |
|
6,665 |
|
|
|
|
|
|
|
Deferred income |
|
910 |
|
1,314 |
|
- |
|
|
|
|
|
|
|
Deferred income taxes |
|
15,811 |
|
13,881 |
|
12,038 |
|
|
|
|
|
|
|
|
|
163,012 |
|
166,818 |
|
164,645 |
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock |
|
7,026 |
|
7,026 |
|
7,026 |
|
|
|
|
|
|
|
Retained earnings |
|
130,977 |
|
122,675 |
|
113,881 |
|
|
|
|
|
|
|
|
|
138,003 |
|
129,701 |
|
120,907 |
|
|
|
|
|
|
|
|
$ |
301,015 |
$ |
296,519 |
$ |
285,552 |
Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of IAS 19. |
The
above statements should be read in conjunction with the entire
annual consolidated financial statements and notes. They will be
available on the Investor Relations section of
http://www.andrewpeller.com/ or at http://www.sedar.com/ on June
26, 2014. |
|
|
Andrew Peller Limited |
Consolidated Statements of Earnings |
For the years ended March 31, 2014 and 2013 |
|
Unaudited |
(in thousands of Canadian dollars, except
per share amounts) |
|
|
2014 |
|
|
2013 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
297,824 |
|
$ |
289,143 |
|
Cost of goods sold |
|
189,842 |
|
|
179,400 |
|
Amortization of plant and equipment used in
production |
|
4,979 |
|
|
5,098 |
|
|
|
|
|
|
|
|
Gross profit |
|
103,003 |
|
|
104,645 |
|
Selling and administration |
|
74,253 |
|
|
76,254 |
|
Amortization of equipment and intangible assets used in
selling and administration |
|
3,316 |
|
|
3,030 |
|
Interest |
|
5,386 |
|
|
5,427 |
|
Restructuring costs |
|
1,409 |
|
|
1,118 |
|
|
|
|
|
|
|
|
Operating earnings |
|
18,639 |
|
|
18,816 |
|
Net unrealized gains on derivative financial
instruments |
|
(750 |
) |
|
(1,295 |
) |
Other expenses (income) |
|
145 |
|
|
(544 |
) |
|
|
|
|
|
|
|
Earnings before income taxes |
|
19,244 |
|
|
20,655 |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
|
|
|
|
Current |
|
3,239 |
|
|
4,045 |
|
Deferred |
|
1,984 |
|
|
2,091 |
|
|
|
|
|
|
|
|
|
|
5,223 |
|
|
6,136 |
|
|
|
|
|
|
|
|
Net earnings for the year |
$ |
14,021 |
|
$ |
14,519 |
|
|
|
|
|
|
|
|
Net earnings per share |
|
|
|
|
|
|
Basic and diluted |
|
|
|
|
|
|
|
Class A shares |
$ |
1.01 |
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
Class B shares |
$ |
0.88 |
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of IAS 19. |
The above statements should be read in conjunction with the entire
annual consolidated financial statements and notes. They will be
available on the Investor Relations section of
http://www.andrewpeller.com/ or at http://www.sedar.com/ on June
26, 2014. |
|
|
Andrew Peller Limited |
Consolidated Statements of Comprehensive Income |
For the years ended March 31, 2014 and 2013 |
|
Unaudited |
(in thousands of Canadian dollars) |
|
|
2014 |
|
|
2013(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings for the year |
$ |
14,021 |
|
$ |
14,519 |
|
|
|
|
|
|
|
|
Items that are never reclassified to net earnings |
|
|
|
|
|
|
Net actuarial losses on post-employment benefit plans |
|
(210 |
) |
|
(964 |
) |
Deferred income taxes |
|
54 |
|
|
248 |
|
|
|
|
|
|
|
|
Other comprehensive loss for the year |
|
(156 |
) |
|
(716 |
) |
|
|
|
|
|
|
|
Net comprehensive income for the year |
$ |
13,865 |
|
$ |
13,803 |
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of IAS 19. |
The above statements should be read in conjunction with the entire
annual consolidated financial statements and notes. They will be
available on the Investor Relations section of
http://www.andrewpeller.com/ or at http://www.sedar.com/ on June
26, 2014. |
|
|
Andrew Peller Limited |
Consolidated Statements of Cash Flows |
For the years ended March 31, 2014 and 2013 |
|
Unaudited |
(in thousands of Canadian dollars) |
|
|
2014 |
|
|
2013 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
Net earnings for the year |
$ |
14,021 |
|
$ |
14,519 |
|
|
|
Adjustments for |
|
|
|
|
|
|
|
|
|
Loss (gain) on disposal of property and equipment |
|
154 |
|
|
(536 |
) |
|
|
|
Amortization of plant, equipment and intangible assets |
|
8,295 |
|
|
8,128 |
|
|
|
|
Interest expense |
|
5,386 |
|
|
5,427 |
|
|
|
|
Provision for income taxes |
|
5,223 |
|
|
6,136 |
|
|
|
|
Revaluation of biological assets - net of insurance recovery |
|
67 |
|
|
(33 |
) |
|
|
|
Net unrealized loss on derivative financial instruments |
|
(750 |
) |
|
(1,295 |
) |
|
Post-employment benefits |
|
(489 |
) |
|
(1,218 |
) |
|
Deferred income |
|
(404 |
) |
|
1,718 |
|
|
Interest paid |
|
(4,904 |
) |
|
(5,108 |
) |
|
Income taxes paid |
|
(3,211 |
) |
|
(4,353 |
) |
|
|
|
|
|
|
|
|
|
23,388 |
|
|
23,385 |
|
Change in non-cash working capital items related to
operations |
|
1,630 |
|
|
(10,060 |
) |
|
|
|
|
|
|
|
|
|
25,018 |
|
|
13,325 |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Proceeds from disposal of property, plant and
equipment |
|
18 |
|
|
533 |
|
|
Purchase of property, equipment and vine biological
assets |
|
(9,388 |
) |
|
(12,949 |
) |
|
Purchase of intangible assets |
|
(1,797 |
) |
|
- |
|
|
Proceeds from disposal of a business |
|
- |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
|
(11,167 |
) |
|
(11,416 |
) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
(Decrease) increase in bank indebtedness |
|
(5,692 |
) |
|
2,604 |
|
|
Issuance of long-term debt |
|
4,086 |
|
|
6,500 |
|
|
Repayment of long-term debt |
|
(6,821 |
) |
|
(5,849 |
) |
|
Deferred financing costs |
|
- |
|
|
(155 |
) |
|
Dividends paid |
|
(5,424 |
) |
|
(5,009 |
) |
|
|
|
|
|
|
|
|
|
(13,851 |
) |
|
(1,909 |
) |
|
|
|
|
|
|
|
Cash - Beginning and end of year |
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
(1) Restated to reflect the adoption of IAS 19 |
The above statements should be read in conjunction with the entire
annual consolidated financial statements and notes. They will be
available on the Investor Relations section of
http://www.andrewpeller.com/ or at http://www.sedar.com/ on June
26, 2014. |
|
Andrew Peller LimitedMr. Peter PatchetCFO and EVP Human
Resources(905) 643-4131 Ext. 2210peter.patchet@andrewpeller.com
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