MONTRÉAL, Nov. 10,
2023 /CNW/ - LOGISTEC Corporation ("LOGISTEC") (TSX:
LGT.A) (TSX: LGT.B) (the "Company"), a marine and environmental
services provider, announced today its financial results for the
three-month and nine-month periods ended September 30, 2023. LOGISTEC results reflects the
execution of its growth strategy and continued positive
momentum.
Highlights From the Third Quarter of 2023
- Consolidated revenue totalled $307.2
million, up $23.0 million or
8.1%;
- Adjusted EBITDA (1) closed at $58.9 million;
- Total diluted earnings per share of $1.36, down $1.07;
- Successful integration of Fednav's terminal division ("FMT")
into LOGISTEC;
- ALTRA | SANEXEN perfluoroalkyl and polyfluoroalkyl substances
("PFAS") water technologies recognized as CLEAN50;
- Acquisition of the remaining 32.7% interest in FER-PAL
Construction Ltd., a key strategic player in the deployment of our
ALTRA water main renewal technology.
Highlights From the Nine-Month Period Ended September 30, 2023
- Consolidated revenue totalled $711.0
million, up $66.4 million or
10.3%;
- Adjusted EBITDA (1) closed at $106.5 million, up $4.6
million;
- Total diluted earnings per share of $0.90, down $2.07;
- Environmental services' backlog stood at $84.3 million for the remaining of the year.
"This top line growth demonstrates the strength of our extensive
network of terminals, our innovative environmental solutions and
the ability of our exceptional team to deliver," said Madeleine Paquin, President and Chief Executive
Officer. "We are moving into the year's final stretch with
confidence and a renewed energy on executing our plan with
discipline and agility."
LOGISTEC's Chief Financial Officer, Carl
Delisle, added: "We have delivered a solid third quarter and
continue to successfully execute our strategic plan, while we chart
our path forward. Last month's announcement to sell LOGISTEC
represents the next step in our strategic transformation,
positioning us for greater success and creating meaningful benefits
for all stakeholders. We are very excited to partner with Blue Wolf
Capital and Stonepeak to accelerate sustainable, profitable
growth."
Results of the Period
LOGISTEC delivered good operational results during the third
quarter of 2023. Consolidated revenue was $307.2 million for the period, an increase of
$23.0 million or 8.1% over the same
period in 2022. However, the Company's profits were negatively
impacted by rising interest rates, the additional costs related to
the strategic review, higher depreciation and amortization
expense resulting from the business combination, and lower share of
profit of equity accounted investments.
|
(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 $182.7 million in the third quarter of 2023, up
$22 .1 million or 13.7% from the prior year, reflecting the full
benefits of the successful integration of LOGISTEC's latest
acquisition, FMT. This increase was partly offset by lower general
cargo volumes derived from the wind energy sector in the U.S. East
Coast region.
Bulk activities, both in Canada
and the USA once again delivered
strong volumes and revenue. Port logistics activities performed
well, gaining shares in new markets with their last mile
initiatives.
We are seeing different trends from our equity accounted
investments. On the one hand, although this was expected, our
container activities are handling lower volumes in 2023 and are not
seeing the substantial storage revenue as last year. On the other
hand, our other joint ventures are doing well, including our marine
transportation services to the northern communities, which are
having a very busy year in terms of cargo carried to the
Arctic.
This quarter, our marine services team further strengthened
their efforts to organically grow our business, provide innovative
services across our extensive network, and attract new customers –
resulting in an even more diversified revenue base.
Environmental Services
Revenue from the environmental services segment in the third
quarter of 2023 was $124.5 million, a
0.7% increase compared with the same period in 2022, which is
consistent with last year's results.
Progress on all major industry-leading projects during the
quarter was strong, and the remaining projects across
Canada are on track to be largely
completed by the end of the year. Revenue from site remediation and
contaminated soils and materials management services are strong,
driven by more regulated materials and waste to be managed on
behalf of our industrial clients, and to some extent steady
contaminated soils volumes handled. We completed the final soil
disposal for the Reseau Express Metropolitan ("REM") project in
Montréal, the largest public transit project undertaken in Québec
in the last 50 years, a project for which we have handled more than
500,000 metric tonnes since its inception.
Our sludge and biosolids dredging and dewatering operations
achieved its best performance since the acquisition of American
Process Group in 2021, boosted by good commercial momentum in all
geographies, particularly in the USA.
The environmental team continued to expand its PFAS market
penetration across North America.
The first full-scale continuous PFAS treatment system with Waste
Connections will start this November. The first-of-its kind "clean
water-as-a-service" agreement also includes additional sites which
are under active negotiation. Other PFAS treatment projects with
major waste management companies are in the request for proposal
stage.
The ALTRA | SANEXEN team received the 2024 Clean50 Award, in the
Clean Technology category on September
28. This prestigious award recognizes leaders from across
Canada who have done the most to
advance climate action and develop smart climate solutions.
Outlook
Our third quarter results highlight the long-term runway for
LOGISTEC, driven by our unique combination of an extensive network
of marine terminals, innovative environmental solutions, and our
people's ingenuity. As we look ahead, these competitive advantages
will be an essential element of our continued good performance -
against a backdrop of strong secular demand drivers.
Our marine services team will continue to add to its range of
solutions to address key challenges and respond to customers'
needs. In order to support fluid and resilient supply chains, they
will capitalize on a growing network of port terminals in
North America, a depth of
expertise in cargo handling, strong long-term partnerships, and
innovative solutions.
The environmental team is focused on delivering improved
operational performance, against a robust set of opportunities and
increased backlog. The PFAS market represents a significant
long-term opportunity for our environmental services segment, which
is driven by its leading position in the marketplace, its deep
expertise and unique "clean water-as-a-service" solution.
Our good operational performance for the first nine months of
the year, combined with our expectation for the remainder of the
year, the resilience of our business model, and the effectiveness
of our growth strategies, are leading us to be confident for the
future.
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 arrangement agreement section of the management's discussion
and analysis and Note 4 of the notes to the Q3 2023 condensed
consolidated interim financial statements for further information
on the nature of the transaction costs incurred in the first nine
months 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 nine months ended
|
|
September 30,
2023
$
|
September
24,
2022
$
|
September 30,
2023
$
|
September
24,
2022
$
|
|
Profit for the
period
|
17,575
|
31,766
|
11,909
|
39,018
|
|
PLUS:
|
|
|
|
|
|
Depreciation and
amortization expense
|
20,634
|
14,056
|
52,120
|
40,890
|
|
Net finance
expense
|
10,019
|
4,052
|
22,409
|
9,986
|
|
Income taxes
|
4,937
|
7,827
|
4,187
|
7,466
|
|
Configuration and
customization costs in a cloud computing arrangement
|
1,494
|
1,024
|
4,527
|
3,388
|
|
Transaction
costs
|
4,220
|
1,154
|
11,344
|
1,154
|
|
Adjusted
EBITDA
|
58,879
|
59,879
|
106,496
|
101,902
|
|
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 nine months ended
|
|
|
September 30,
2023
$
|
September
24,
2022
$
|
September 30,
2023
$
|
September
24,
2022
$
|
|
Revenue
|
307,150
|
284,209
|
710,997
|
644,623
|
|
Employee benefits expense
|
(141,623)
|
(129,554)
|
(333,958)
|
(310,504)
|
|
Equipment and supplies expense
|
(80,932)
|
(76,201)
|
(190,684)
|
(177,200)
|
|
Operating expense
|
(19,739)
|
(16,626)
|
(57,386)
|
(43,981)
|
|
Other expenses
|
(15,910)
|
(10,460)
|
(40,561)
|
(26,440)
|
|
Depreciation and amortization expense
|
(20,634)
|
(14,056)
|
(52,120)
|
(40,890)
|
|
Share of profit of equity accounted investments
|
4,960
|
6,342
|
6,488
|
12,411
|
|
Other losses
|
(741)
|
(9)
|
(4,271)
|
(1,549)
|
|
Operating profit
|
32,531
|
43,645
|
38,505
|
56,470
|
|
Finance expense
|
(10,311)
|
(4,178)
|
(23,237)
|
(10,380)
|
|
Finance income
|
292
|
126
|
828
|
394
|
|
Profit before
income taxes
|
22,512
|
39,593
|
16,096
|
46,484
|
|
Income taxes
|
(4,937)
|
(7,827)
|
(4,187)
|
(7,466)
|
|
Profit for the period
|
17,575
|
31,766
|
11,909
|
39,018
|
|
Profit attributable to:
|
|
|
|
|
|
Owners of the Company
|
17,508
|
31,636
|
11,680
|
38,642
|
|
Non-controlling interest
|
67
|
130
|
229
|
376
|
|
Profit
for the period
|
17,575
|
31,766
|
11,909
|
39,018
|
|
Basic
earnings per Class A Common
Share (1)
|
1.31
|
2.35
|
0.87
|
2.87
|
|
Basic
earnings per Class B Subordinate Voting
Share (2)
|
1.44
|
2.58
|
0.96
|
3.15
|
|
Diluted earnings per
Class A share
|
1.30
|
2.34
|
0.86
|
2.85
|
|
Diluted earnings per
Class B share
|
1.43
|
2.56
|
0.95
|
3.13
|
|
Weighted average number
of Class A Shares outstanding, basic and diluted
|
7,353,396
|
7,361,022
|
7,358,480
|
7,369,911
|
|
Weighted average number
of Class B Shares outstanding, basic
|
5,463,217
|
5,461,358
|
5,458,133
|
5,554,728
|
|
Weighted average number
of Class B Shares outstanding, diluted
|
5,644,123
|
5,580,269
|
5,639,039
|
5,647,748
|
|
|
|
|
|
|
|
|
|
|
|
(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 nine months ended
|
|
September 30,
2023
$
|
September
24,
2022
$
|
September 30,
2023
$
|
September
24,
2022
$
|
|
|
|
|
|
|
Profit for the
period
|
17,575
|
31,766
|
11,909
|
39,018
|
|
|
|
|
|
|
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
|
6,974
|
9,258
|
(442)
|
12,911
|
|
Unrealized gain (loss)
on translating debt designated as hedging item of the net
investment in foreign operations
|
(3,915)
|
(3,172)
|
217
|
(4,396)
|
|
Income taxes relating
to unrealized gain on translating debt designated as hedging item
of the net investment in foreign operations
|
518
|
420
|
(29)
|
582
|
|
(Losses) gains on
derivatives designated as cash flow hedges
|
(346)
|
201
|
(570)
|
1,814
|
|
Income taxes relating
to derivatives designated as cash flow hedges
|
(4)
|
(53)
|
61
|
(481)
|
|
Total items that are or
may be reclassified to the consolidated statements of
earnings
|
3,227
|
6,654
|
(763)
|
10,430
|
|
|
|
|
|
|
Items that will not be
reclassified to the consolidated statements of earnings
|
|
|
|
|
|
Remeasurement gains
(losses) on benefit obligation
|
2,189
|
(1,443)
|
1,475
|
7,796
|
|
Return on retirement
plan assets
|
(627)
|
(18)
|
(276)
|
(2,902)
|
|
Income taxes on
remeasurement of benefit obligation and return on retirement plan
assets
|
(414)
|
387
|
(318)
|
(1,297)
|
|
Total items that will
not be reclassified to the consolidated statements of
earnings
|
1,148
|
(1,074)
|
881
|
3,597
|
|
|
|
|
|
|
Share of other
comprehensive income (loss) of equity accounted investments, net of
income taxes
|
|
|
|
|
|
Items that are or may
be reclassified to the
consolidated
statements of earnings
|
(6)
|
—
|
14
|
—
|
|
Total share of other
comprehensive income (loss) of equity accounted investments, net of
income taxes
|
(6)
|
—
|
14
|
—
|
|
Other comprehensive
income for the period, net of income taxes
|
4,369
|
5,580
|
132
|
14,027
|
|
Total comprehensive
income for the period
|
21,944
|
37,346
|
12,041
|
53,045
|
|
Total comprehensive
income attributable to:
|
|
|
|
|
|
Owners of the
Company
|
21,835
|
37,142
|
11,815
|
52,569
|
|
Non-controlling
interest
|
109
|
204
|
226
|
476
|
|
Total comprehensive
income for the period
|
21,944
|
37,346
|
12,041
|
53,045
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF FINANCIAL POSITION
|
(in thousands of Canadian dollars)
|
|
|
|
|
As at September 30,
2023
$
|
As
at December 31,
2022
$
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash and cash equivalents
|
23,735
|
36,043
|
|
Trade and other receivables
|
200,916
|
198,247
|
|
Contract assets
|
32,652
|
14,912
|
|
Current income
tax assets
|
19,389
|
11,245
|
|
Inventories
|
29,552
|
20,000
|
|
Prepaid expenses and other
|
18,429
|
8,756
|
|
324,673
|
289,203
|
|
Equity accounted investments
|
47,317
|
46,140
|
|
Property, plant and equipment
|
308,781
|
234,602
|
|
Right-of-use assets
|
175,426
|
167,274
|
|
Goodwill
|
260,593
|
187,430
|
|
Intangible assets
|
48,141
|
36,807
|
|
Non-current assets
|
1,760
|
2,030
|
|
Post-employment benefit
assets
|
1,738
|
1,264
|
|
Non-current financial assets
|
6,759
|
6,114
|
|
Deferred income
tax assets
|
13,843
|
12,808
|
|
Total assets
|
1,189,031
|
983,672
|
|
Liabilities
|
|
|
|
Current liabilities
|
|
|
|
Short-term bank
loans
|
467
|
—
|
|
Trade and other payables
|
154,037
|
128,019
|
|
Contract liabilities
|
13,093
|
11,107
|
|
Current income tax liabilities
|
13,550
|
5,095
|
|
Dividends payable
|
1,574
|
1,574
|
|
Current portion
of lease liabilities
|
23,124
|
18,662
|
|
Current portion
of long-term debt
|
12,001
|
10,925
|
|
217,846
|
175,382
|
|
Lease
liabilities
|
163,464
|
157,500
|
|
Long-term
debt
|
388,543
|
224,110
|
|
Deferred income tax
liabilities
|
35,030
|
24,604
|
|
Post-employment benefit
obligations
|
13,595
|
13,690
|
|
Contract
liabilities
|
1,500
|
1,733
|
|
Non-current
liabilities
|
6,226
|
25,562
|
|
Total liabilities
|
826,204
|
622,581
|
|
Equity
|
|
|
|
Share capital
|
49,443
|
49,443
|
|
Retained earnings
|
293,008
|
290,773
|
|
Accumulated other comprehensive income
|
18,546
|
19,271
|
|
Equity attributable to owners of the Company
|
360,997
|
359,487
|
|
Non-controlling interest
|
1,830
|
1,604
|
|
Total equity
|
362,827
|
361,091
|
|
Total liabilities and equity
|
1,189,031
|
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
|
|
Profit for the period
|
—
|
11,680
|
—
|
11,680
|
229
|
11,909
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
Currency translation
differences arising on translation of foreign
operations
|
—
|
(21)
|
(418)
|
(439)
|
(3)
|
(442)
|
|
Unrealized loss on
translating debt designated as hedging item of the net investment
in foreign operations, net of income taxes
|
—
|
—
|
188
|
188
|
—
|
188
|
|
Remeasurement losses
on benefit obligation and return on retirement plan assets, net of
income taxes
|
—
|
881
|
—
|
881
|
—
|
881
|
|
Share of other
comprehensive income of equity accounted investments, net of income
taxes
|
—
|
—
|
14
|
14
|
—
|
14
|
|
Cash flow hedges, net
of income taxes
|
—
|
—
|
(509)
|
(509)
|
—
|
(509)
|
|
Total comprehensive
income (loss) for the period
|
—
|
12,540
|
(725)
|
11,815
|
226
|
12,041
|
|
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
|
—
|
364
|
—
|
364
|
—
|
364
|
|
Other
dividend
|
—
|
(380)
|
—
|
(380)
|
—
|
(380)
|
|
Dividends on Class A
shares
|
—
|
(2,600)
|
—
|
(2,600)
|
—
|
(2,600)
|
|
Dividends on Class B
shares
|
—
|
(2,122)
|
—
|
(2,122)
|
—
|
(2,122)
|
|
Balance as at September 30,
2023
|
49,443
|
293,008
|
18,546
|
360,997
|
1,830
|
362,827
|
|
|
|
|
|
|
|
|
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
|
—
|
38,642
|
—
|
38,642
|
376
|
39,018
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
Currency translation
differences arising on translation of foreign
operations
|
—
|
—
|
12,811
|
12,811
|
100
|
12,911
|
|
Unrealized loss on
translating debt designated as hedging item of the net investment
in foreign operations, net of income taxes
|
—
|
—
|
(3,814)
|
(3,814)
|
—
|
(3,814)
|
|
Remeasurement gains on
benefit obligation and return on retirement plan assets, net of
income taxes
|
—
|
3,597
|
—
|
3,597
|
—
|
3,597
|
|
Cash flow hedges, net
of income taxes
|
—
|
—
|
1,333
|
1,333
|
—
|
1,333
|
|
Total comprehensive
income for the period
|
—
|
42,239
|
10,330
|
52,569
|
476
|
53,045
|
|
Net
remeasurement of written put
option liability
|
—
|
(5,025)
|
—
|
(5,025)
|
—
|
(5,025)
|
|
Issuance of
Class B shares
|
683
|
—
|
—
|
683
|
—
|
683
|
|
Repurchase of
Class B shares
|
(2,092)
|
(7,974)
|
—
|
(10,066)
|
—
|
(10,066)
|
|
Class B shares to be
issued under the Executive Stock Option Plan
|
—
|
486
|
—
|
486
|
—
|
486
|
|
Other
dividend
|
—
|
(127)
|
—
|
(127)
|
—
|
(127)
|
|
Dividends on Class A
shares
|
—
|
(2,316)
|
—
|
(2,316)
|
—
|
(2,316)
|
|
Dividends on Class B
shares
|
—
|
(1,907)
|
—
|
(1,907)
|
—
|
(1,907)
|
|
Balance as at September 24,
2022
|
49,480
|
279,997
|
19,381
|
348,858
|
1,524
|
350,382
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH
FLOWS
|
(in thousands
of Canadian dollars)
|
For the nine months ended
|
|
September 30,
2023
$
|
September
24,
2022
$
|
|
Operating activities
|
|
|
|
Income for the period
|
11,909
|
39,018
|
|
Items not affecting cash and cash equivalents
|
76,670
|
48,847
|
|
Cash generated from operations
|
88,579
|
87,865
|
|
Dividends received from equity accounted investments
|
5,325
|
11,175
|
|
Contributions to defined benefit
retirement plans
|
(710)
|
(542)
|
|
Settlement of provisions
|
(1,848)
|
(450)
|
|
Changes in non-cash working
capital items
|
10,734
|
(55,262)
|
|
Income taxes
paid
|
(7,501)
|
(15,654)
|
|
94,579
|
27,132
|
|
Financing activities
|
|
|
|
Net change
in short-term bank loans
|
467
|
(8,565)
|
|
Issuance of long-term debt,
net of transaction costs
|
255,992
|
126,121
|
|
Repayment of long-term debt
|
(91,890)
|
(63,112)
|
|
Repayment of lease liabilities
|
(14,188)
|
(11,939)
|
|
Repayment of due to a
non-controlling interest
|
(45,363)
|
(19,086)
|
|
Interest paid
|
(22,828)
|
(10,086)
|
|
Issuance of Class B
shares
|
—
|
221
|
|
Repurchase of Class B shares
|
—
|
(10,013)
|
|
Dividends paid on Class A shares
|
(2,600)
|
(2,173)
|
|
Dividends paid on Class B shares
|
(2,122)
|
(1,813)
|
|
77,468
|
(445)
|
|
Investing activities
|
|
|
|
Dividends paid to a
non-controlling interest
|
(4,067)
|
(8,826)
|
|
Acquisition of property, plant and equipment
|
(47,300)
|
(36,238)
|
|
Proceeds from disposal of property, plant and equipment
|
1,597
|
1,005
|
|
Business combinations,
net of cash acquired
|
(135,245)
|
(3,264)
|
|
Acquisition of intangible assets
|
(81)
|
(211)
|
|
Interest received
|
648
|
150
|
|
Cash receipts from
other non-current financial assets
|
127
|
1,058
|
|
Net
acquisition of other non-current assets
|
(179)
|
(224)
|
|
(184,500)
|
(46,550)
|
|
Net change
in cash and cash equivalents
|
(12,453)
|
(19,863)
|
|
Cash and cash equivalents, beginning of year
|
36,043
|
37,530
|
|
Effect of exchange rate on balances held in foreign
currencies of foreign operations
|
145
|
3,855
|
|
Cash and cash equivalents, end of
period
|
23,735
|
21,522
|
|
Additional information
|
|
|
|
Acquisition of
property, plant and equipment included in trade and other
payables
|
3,231
|
5,018
|
|
Issuance of Class B
shares under the Employee Stock Purchase Plan for
non-interest-bearing loans
|
—
|
462
|
|
Repurchase of Class B
shares included in trade and other payables
|
—
|
53
|
SOURCE Logistec Corporation
