liability           --                     (7,872)                    --   (7,872)               --        (7,872) 
Issuance of 
 Class B 
 shares             683                          --                    --       683               --            683 
Repurchase of 
 Class B 
 shares         (2,129)                     (8,101)                    --  (10,230)               --       (10,230) 
Class B shares 
 to be issued 
 under the 
 Executive 
 Stock 
 Option Plan         --                         683                    --       683               --            683 
Other dividend       --                       (394)                    --     (394)               --          (394) 
Dividends on 
 Class A 
 shares              --                     (3,183)                    --   (3,183)               --        (3,183) 
Dividends on 
 Class B 
 shares              --                     (2,614)                    --   (2,614)               --        (2,614) 
Balance as at 
 December 31, 
 2022            49,443                     290,773                19,271   359,487            1,604        361,091 
 
 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

 
 
                 Attributable to owners of the Company 
                 Share    Share                     Retained   Accumulatedother      Total$    Non-         Total 
                 capital  capital                   earnings$  comprehensiveincome$            controlling  equity$ 
                 issued$  to be                                                                interest$ 
                          issued$ 
Balance as at 
 January 1, 
 2021             45,575    4,906                     242,358                 7,943   300,782          789   301,571 
Profit for the 
 year                 --       --                      45,364                    --    45,364          260    45,624 
Other 
comprehensive 
income (loss) 
Currency 
 translation 
 differences 
 arising on 
 translation 
 of foreign 
 operations           --       --                          --                   849       849          (1)       848 
Unrealized gain 
 on translating 
 debt 
 designated as 
 hedging item 
 of the net 
 investment in 
 foreign 
 operations, 
 net of income 
 taxes                --       --                          --                   400       400           --       400 
Remeasurement 
 gains on 
 benefit 
 obligation and 
 return 
 on retirement 
 plan assets, 
 net of income 
 taxes                --       --                       4,566                    --     4,566           --     4,566 
Share of other 
 comprehensive 
 income of 
 equity 
 accounted 
 investments, 
 net of income 
 taxes                --       --                         202                    32       234           --       234 
Cash flow 
 hedges, net of 
 income taxes         --       --                          --                 (173)     (173)           --     (173) 
Total 
 comprehensive 
 income for the 
 year                 --       --                      50,132                 1,108    51,240          259    51,499 
Remeasurement 
 of written put 
 option 
 liability            --       --                    (32,403)                    --  (32,403)           --  (32,403) 
Issuance of 
 Class B shares      515       --                          --                    --       515           --       515 
Repurchase of 
 Class B shares    (107)       --                       (444)                    --     (551)           --     (551) 
Issuance of 
 Class B share 
 capital to a 
 subsidiary 
 shareholder       4,906  (4,906)                          --                    --        --           --        -- 
Class B shares 
 to be issued 
 under the 
 Executive 
 Stock 
 Option Plan          --       --                         364                    --       364           --       364 
Other dividend        --       --                       (170)                    --     (170)           --     (170) 
Dividends on 
 Class A shares       --       --                     (2,828)                    --   (2,828)           --   (2,828) 
Dividends on 
 Class B shares       --       --                     (2,388)                    --   (2,388)           --   (2,388) 
Balance as at 
 December 31, 
 2021             50,889       --                     254,621                 9,051   314,561        1,048   315,609 
 
 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 
years ended December 31(in thousands of Canadian 
dollars) 
                                                         2022$      2021$ 
Operating activities 
Profit for the year                                         54,002    45,624 
Items not affecting cash and cash equivalents               68,040    64,265 
Cash generated from operations                             122,042   109,889 
Dividends received from equity accounted investments        19,160     8,859 
Contributions to defined benefit retirement plans            (675)   (1,022) 
Settlement of provisions                                     (396)     (865) 
Changes in non-cash working capital items                 (20,900)  (27,556) 
Income taxes paid                                         (20,553)   (9,719) 
                                                            98,678    79,586 
Financing activities 
Net change in short-term bank loans                        (8,565)     8,600 
Issuance of long-term debt, net of transaction costs       139,661    91,681 
Repayment of long-term debt                              (108,130)  (63,601) 
Repayment of other non-current liabilities                      --   (2,635) 
Repayment of lease liabilities                            (15,685)  (13,384) 
Repayment of due to a non-controlling interest            (19,086)        -- 
Interest paid                                             (15,043)  (11,508) 
Issuance of Class B shares                                     221       130 
Repurchase of Class B shares                              (10,230)     (551) 
Dividends paid on Class A shares                           (3,040)   (2,794) 
Dividends paid on Class B shares                           (2,521)   (2,343) 
                                                          (42,418)     3,595 
Investing activities 
Dividends paid to a non-controlling interest              (10,060)     (170) 
Acquisition of property, plant and equipment              (52,146)  (44,306) 
Acquisition of intangible assets                             (347)     (117) 
Proceeds from disposal of property, plant and equipment      2,434       699 
Business combinations, net of cash acquired                (3,338)  (50,390) 
Interest received                                              375       576 
Acquisition of other non-current assets                    (1,274)     (632) 
Proceeds from disposal of other non-current assets             410        84 
Cash received on other non-current financial assets          2,579     1,398 
                                                          (61,367)  (92,858) 
Net change in cash and cash equivalents                    (5,107)   (9,677) 
Cash and cash equivalents, beginning of year                37,530    46,778 
Effect of exchange rate on balances held in foreign 
 currencies 
of foreign operations                                        3,620       429 
Cash and cash equivalents, end of year                      36,043    37,530 
 

SOURCE Logistec Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/22/c4568.html

/CONTACT:

Carl Delisle, cpa auditor, Chief Financial Officer and Treasurer, Logistec Corporation, cdelisle@logistec.com, (514) 985-2390

Copyright CNW Group 2023 
 

(END) Dow Jones Newswires

March 22, 2023 14:07 ET (18:07 GMT)