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)