WINNIPEG, MB, April 25,
2023 /CNW/ - Winpak Ltd. (WPK) today reports
consolidated results in US dollars for the first quarter of 2023,
which ended on April 2, 2023.
|
Quarter Ended
(1)
|
|
|
April 2
|
|
|
March 27
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
(thousands of US
dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
304,516
|
|
|
275,982
|
|
Net income
|
38,736
|
|
|
33,929
|
|
|
|
|
|
|
|
Income tax
expense
|
13,448
|
|
|
11,701
|
|
Net finance (income)
expense
|
(3,634)
|
|
|
283
|
|
Depreciation and
amortization
|
12,096
|
|
|
11,909
|
|
EBITDA (2)
|
60,646
|
|
|
57,822
|
|
|
|
|
|
|
|
Net income attributable
to equity holders of the Company
|
39,287
|
|
|
33,870
|
|
Net (loss) income
attributable to non-controlling interests
|
(551)
|
|
|
59
|
|
Net income
|
38,736
|
|
|
33,929
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share (cents)
|
60
|
|
|
52
|
|
|
|
|
|
|
|
Winpak Ltd. manufactures and distributes high-quality packaging
materials and related packaging machines. The Company's
products are used primarily for the packaging of perishable foods,
beverages and in healthcare applications.
1 The 2023 fiscal year comprises 53 weeks and
the 2022 fiscal year comprised 52 weeks. Each quarter of 2023
and 2022 comprises 13 weeks with the exception of the first quarter
of 2023, which comprised 14 weeks.
2 EBITDA is not a recognized measure under
International Financial Reporting Standards (IFRS).
Management believes that in addition to net income, this measure
provides useful supplemental information to investors including an
indication of cash available for distribution prior to debt
service, capital expenditures, payment of lease liabilities and
income taxes. Investors should be cautioned, however, that
this measure should not be construed as an alternative to net
income, determined in accordance with IFRS, as an indicator of the
Company's performance. The Company's method of calculating
this measure may differ from other companies and, accordingly, the
results may not be comparable.
(presented in US dollars)
Forward-looking statements: Certain statements made in the
following report contain forward-looking statements including, but
not limited to, statements concerning possible or assumed future
results of operations of the Company. Forward-looking
statements represent the Company's intentions, plans, expectations
and beliefs, and are not guarantees of future performance.
Such forward-looking statements represent Winpak's current views
based on information as at the date of this report. They
involve risks, uncertainties and assumptions and the Company's
actual results could differ, which in some cases may be material,
from those anticipated in these forward-looking statements.
Factors that could cause results to differ from those expected
include, but are not limited to: the terms, availability and costs
of acquiring raw materials and the ability to pass on price
increases to customers; ability to negotiate contracts with new
customers or renew existing customer contracts with less favorable
terms; timely response to changes in customer product needs and
market acceptance of our products; the potential loss of business
or increased costs due to customer or vendor consolidation;
competitive pressures, including new product development; industry
capacity, and changes in competitors' pricing; ability to maintain
or increase productivity levels; ability to contain or reduce
costs; foreign currency exchange rate fluctuations; changes in
governmental regulations, including environmental, health and
safety; changes in Canadian and foreign income tax rates, income
tax laws and regulations. Unless otherwise required by
applicable securities law, Winpak disclaims any intention or
obligation to publicly update or revise this information, whether
as a result of new information, future events or otherwise.
The Company cautions investors not to place undue reliance upon
forward-looking statements.
Financial Performance
Net income attributable to
equity holders of the Company for the first quarter of 2023 of
$39.3 million or 60 cents in earnings per share (EPS) exceeded the
$33.9 million or 52 cents per share recorded in the corresponding
quarter of 2022, an increase of 16.0 percent. This
represented the highest first quarter earnings achievement for the
Company. Organic volume growth elevated EPS by 4.5 cents. Net finance income and foreign
exchange augmented EPS by 4.0 cents
and 1.5 cents, respectively.
The level of income attributable to non-controlling interests added
a further 1.0 cent. Conversely,
higher operating expenses lowered EPS by 2.0
cents. In addition, gross profit led to a contraction
in EPS of 1.0 cent.
The fiscal year of the Company ends on the last Sunday of the
calendar year and is usually 52 weeks in duration. However,
the 2023 fiscal year consists of 53 weeks, with the first quarter
comprising 14 weeks, one more week than the prior year. The
additional week included in the 2023 first quarter was essentially
the last week of the 2022 calendar year which contained several
statutory holidays. Consequently, it is estimated that this
additional week contributed 6.0 percent to first quarter 2023 sales
volumes and net income results.
Operating Segments and Product Groups
The Company
provides three distinct types of packaging technologies: a)
flexible packaging, b) rigid packaging and flexible lidding and c)
packaging machinery. Each is deemed to be a separate
operating segment.
The flexible packaging segment includes the modified atmosphere
packaging, specialty films and biaxially oriented nylon product
groups. Modified atmosphere packaging extends the shelf life
of perishable foods, while at the same time maintains or improves
the quality of the product. The packaging is used for a wide
range of markets and applications, including fresh and processed
meats, poultry, cheese, medical device packaging, high performance
pouch applications and high-barrier films for converting
applications. Specialty films include a full line of barrier
and non-barrier films which are ideal for converting applications
such as printing, laminating and bag making, including shrink
bags. Biaxially oriented nylon film is stretched by length
and width to add stability for further conversion using printing,
metalizing or laminating processes and is ideal for food packaging
applications such as cheese, fluid and viscous liquids, and
industrial applications such as book covers and balloons.
The rigid packaging and flexible lidding segment includes the
rigid containers, lidding and specialized printed packaging product
groups. Rigid containers include portion control and
single-serve containers, as well as plastic sheet, custom and
retort trays, which are used for applications such as food, pet
food, beverage, dairy, industrial and healthcare. Lidding
products are available in die-cut, daisy chain and rollstock
formats and are used for applications such as food, dairy,
beverage, pet food, industrial and healthcare. Specialized
printed packaging provides packaging solutions to the
pharmaceutical, healthcare, nutraceutical, cosmetic and personal
care markets.
Packaging machinery includes a full line of horizontal fill/seal
machines for preformed containers and vertical form/fill/seal pouch
machines for pumpable liquid and semi-liquid products and certain
dry products.
Revenue
Revenue in the first quarter of 2023 was
$304.5 million, $28.5 million or 10.3 percent greater than the
first quarter of 2022. Volume growth of 8.7 percent was
achieved compared to the initial quarter of 2022. After
taking into account the additional week in the current quarter,
volume growth was approximately 3 percent. Within the
flexible packaging operating segment, volume growth of 1 percent
was realized. For the modified atmosphere packaging group,
healthy volume growth reflected enhanced demand and business gains
relating primarily to protein packaging. Biaxially oriented
nylon product group volumes declined significantly as several core
customers continue to unwind the excessive inventory levels that
accumulated during the recent period of heightened supply chain
challenges. In addition, specialty film volumes decreased
mainly on account of customer loss. The rigid packaging and
flexible lidding operating segment posted volume growth of 8
percent. For the lidding product group, volumes rebounded by
20 percent. In the first quarter of 2022, volumes were
constrained by the inability to procure sufficient levels of
aluminum foil. Furthermore, improvements in productive
capacity have been realized over the past 12 months. Rigid
container volumes fell slightly as gains in retort pet food
packaging were eclipsed by lower condiment container
activity. Packaging machinery volumes advanced by 6
percent. Selling price and mix changes had a modest positive
effect on revenue of 2.4 percent. Foreign exchange had a
minor negative influence on revenue.
Gross Profit Margins
Gross profit margins narrowed to
28.8 percent of revenue in the first quarter of 2023 from the 29.5
percent recorded in the same quarter of 2022. Consequently,
EPS was adversely impacted by 1.0
cent. The level of selling price increases moderately
outpaced the corresponding rise in raw material costs, generating
an increase in EPS of 6.5
cents. The Company benefitted from the notable drop in
raw material costs that took place in the fourth quarter of 2022
and the temporary delay in passing these along to customers with
formal price indexing arrangements. The impact of inflation
on both consumables and personnel expenses, coupled with the
incurrence of outside warehousing expenses to support the higher
balance of inventories, dampened EPS by 7.5
cents.
In the first quarter of the year, the raw material purchase
price index receded by 3 percent compared to the fourth quarter of
2022. In the past 12 months, the index declined by 8
percent. During the first quarter, nylon resin had the most
sizeable decrease of 17 percent while polypropylene resin
experienced an increase of 13 percent.
Expenses and Other
Operating expenses in the current
quarter, adjusted for foreign exchange, progressed at a rate of
13.3 percent which exceeded the growth in sales volumes, resulting
in a reduction in EPS of 2.0
cents. Higher personnel costs were the main
contributing factor. Foreign exchange raised EPS by
1.5 cents in the quarter largely a
result of the weakened value of the Canadian dollar that was in
effect to translate transactions in that currency into US
dollars. Net finance income added 4.0
cents to EPS as the cash invested in short-term deposits and
money market accounts was at much higher rates of interest than a
year earlier. A lower proportion of earnings attributable to
non-controlling interests augmented EPS by 1.0 cent.
Capital Resources, Cash Flow and Liquidity
The
Company's cash and cash equivalents balance ended the first quarter
of 2023 at $420.5 million, an
increase of $21.8 million from the
end of the prior year. Winpak continued to generate strong
cash flow from operating activities before changes in working
capital of $60.0 million. Cash
was consumed by net working capital additions of $4.2 million. Inventories decreased by
$6.6 million mainly a result of the
drop in raw material costs. Due to the timing of supplier
payments, trade payables and other liabilities declined by
$10.6 million. Cash was
utilized for income tax payments of $25.5
million, property, plant and equipment expenditures of
$9.4 million, dividend payments of
$1.4 million and other items totaling
$1.3 million. Net finance
income provided incremental cash of $3.6
million.
Summary of Quarterly Results
|
|
|
Thousands of US
dollars, except per share amounts (US cents)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
304,516
|
|
292,365
|
|
302,532
|
|
310,254
|
|
275,982
|
|
279,053
|
|
254,166
|
|
243,969
|
|
Net income attributable
to equity holders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of the
Company
|
39,287
|
|
31,235
|
|
29,567
|
|
33,671
|
|
33,870
|
|
30,031
|
|
20,762
|
|
28,520
|
|
EPS
|
60
|
|
48
|
|
45
|
|
52
|
|
52
|
|
46
|
|
32
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Looking Forward
The first quarter provided solid
revenue and earnings performance and for the full year, Winpak is
on pace to realize all-time highs for each of these financial
metrics.
Monetary policies implemented in the US and Canada have been successful in lowering the
rate of inflation and improving the availability of labor.
Throughout the remainder of 2023, it is projected that the trend of
disinflation will continue and may eventually lead to deflation
next year. Economic growth in North
America has slowed with a mild recession forecasted for the
second half of 2023. The recent stresses in the US financial
system appear to have stabilized, however, further turmoil could
have a material impact on both economic growth and inflation.
On a normalized basis, the year started with sales volumes
advancing modestly with varying results across the Company's
product groups. The overall trend of customers lowering the
abnormally high level of inventories will continue but is expected
to subside by the middle of 2023. Additionally, with
production capacity coming on stream later in 2023, new business
opportunities will be cultivated by the modified atmosphere
packaging and rigid container product groups. Furthermore,
the timing of order fulfillment within the rigid container and
lidding product groups should have a positive impact on sales
volumes. Conversely, the weakening economy may somewhat limit
the Company's growth aspirations. Winpak remains optimistic
that sales volume growth for the remainder of 2023 will be in the
range of 3 to 5 percent.
In aggregate, raw material costs decreased by 12 percent over
the past six months. The pass-through of these reductions to
customers with formal price indexing arrangements will be
implemented, on average, after a time lag of four months. For
the balance of 2023, market expectations are that overall resin
prices will be relatively stable with some materials projected to
increase while others may decrease. Although the long-term
outlook for inflation is positive, the current rate remains well
above historical norms and key components of the Company's cost
structure are directly impacted. The challenges experienced
in attracting and retaining personnel and the resulting impact on
compensation are also hampering profitability. With several
competitors experiencing a much higher than normal magnitude of
unsold capacity, the ability to implement selling price increases
in 2023 has been extremely limited. Based on the preceding
factors, gross profit margins for the rest of 2023 should be
comparable to the level achieved in the first quarter of the
year.
Capital expenditures for 2023 are forecast to be between
$90 million and $100 million. During the first quarter of
2023, the Board of Directors approved a significant expansion of
the Winnipeg, Manitoba modified
atmosphere packaging facility, which includes the acquisition of
additional cast co-extrusion capacity and related ancillary
equipment. The building expansion of approximately 200,000
square feet should be completed towards the end of 2024 and the new
extrusion line will be available in early 2025, providing the
foundation for sizeable volume growth. Longer term, the
building expansion has the capability of housing two additional
cast co-extrusion lines. Contributing to the Company's more
immediate growth targets, new co-extrusion modified atmosphere
packaging and injection molded rigid container capacity will be
commercialized in the second half of 2023. Concurrently,
acquisition candidates will be considered and evaluated when they
align strategically with the Company's strengths in sophisticated
packaging for food, beverage and healthcare applications and
provide a satisfactory economic return for shareholders. It
is expected that the recent rise in the cost of capital will limit
the number of potential bidders for acquisition opportunities that
are of interest to Winpak.
Winpak Ltd.
Interim Condensed Consolidated
Financial Statements
First Quarter Ended: April 2, 2023
These interim condensed consolidated financial statements have
not been audited or reviewed by the Company's independent external
auditors, KPMG LLP. For a complete set of notes to the
condensed consolidated financial statements, refer to
www.sedar.com or the Company's website, www.winpak.com.
|
|
|
|
|
|
|
Winpak
Ltd.
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
(thousands of US
dollars) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 2
|
|
December 25
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
420,470
|
|
398,673
|
|
Trade and
other receivables
|
|
|
200,438
|
|
204,040
|
|
Income
taxes receivable
|
|
|
3,677
|
|
3,573
|
|
Inventories
|
|
|
281,547
|
|
288,118
|
|
Prepaid
expenses
|
|
|
8,049
|
|
5,602
|
|
Derivative
financial instruments
|
|
|
396
|
|
-
|
|
|
|
|
914,577
|
|
900,006
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
516,341
|
|
518,590
|
|
Intangible
assets and goodwill
|
|
|
32,889
|
|
33,110
|
|
Employee
benefit plan assets
|
|
|
11,322
|
|
10,783
|
|
|
|
|
560,552
|
|
562,483
|
|
Total
assets
|
|
|
1,475,129
|
|
1,462,489
|
|
|
|
|
|
|
|
|
Equity and
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade
payables and other liabilities
|
|
|
91,955
|
|
102,382
|
|
Contract
liabilities
|
|
|
1,289
|
|
2,621
|
|
Income
taxes payable
|
|
|
6,602
|
|
18,393
|
|
Derivative
financial instruments
|
|
|
740
|
|
1,328
|
|
|
|
|
100,586
|
|
124,724
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Employee
benefit plan liabilities
|
|
|
8,624
|
|
8,334
|
|
Deferred
income
|
|
|
17,915
|
|
17,946
|
|
Provisions
and other long-term liabilities
|
|
|
11,839
|
|
12,062
|
|
Deferred
tax liabilities
|
|
|
59,300
|
|
60,648
|
|
|
|
|
97,678
|
|
98,990
|
|
Total
liabilities
|
|
|
198,264
|
|
223,714
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Share
capital
|
|
|
29,195
|
|
29,195
|
|
Reserves
|
|
|
(175)
|
|
(972)
|
|
Retained
earnings
|
|
|
1,212,395
|
|
1,174,551
|
|
Total equity
attributable to equity holders of the Company
|
|
|
1,241,415
|
|
1,202,774
|
|
Non-controlling
interests
|
|
|
35,450
|
|
36,001
|
|
Total
equity
|
|
|
1,276,865
|
|
1,238,775
|
|
Total equity and
liabilities
|
|
|
1,475,129
|
|
1,462,489
|
|
|
|
|
|
|
|
|
Winpak
Ltd.
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Income
|
|
|
|
|
|
|
(thousands of US
dollars, except per share amounts) (unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
April 2
|
|
March 27
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
304,516
|
|
275,982
|
|
Cost of
sales
|
|
|
(216,666)
|
|
(194,452)
|
|
Gross profit
|
|
|
87,850
|
|
81,530
|
|
|
|
|
|
|
|
|
Sales, marketing and
distribution expenses
|
|
|
(25,394)
|
|
(22,790)
|
|
General and
administrative expenses
|
|
|
(10,516)
|
|
(8,751)
|
|
Research and technical
expenses
|
|
|
(4,278)
|
|
(4,265)
|
|
Pre-production
expenses
|
|
|
-
|
|
(402)
|
|
Other income
|
|
|
888
|
|
591
|
|
Income from
operations
|
|
|
48,550
|
|
45,913
|
|
Finance
income
|
|
|
4,992
|
|
273
|
|
Finance
expense
|
|
|
(1,358)
|
|
(556)
|
|
Income before income
taxes
|
|
|
52,184
|
|
45,630
|
|
Income tax
expense
|
|
|
(13,448)
|
|
(11,701)
|
|
Net income for the
period
|
|
|
38,736
|
|
33,929
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
|
39,287
|
|
33,870
|
|
Non-controlling
interests
|
|
|
(551)
|
|
59
|
|
|
|
|
38,736
|
|
33,929
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share - cents
|
|
|
60
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
(thousands of US
dollars) (unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
April 2
|
|
March 27
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
|
38,736
|
|
33,929
|
|
|
|
|
|
|
|
|
Items that will not be
reclassified to the statements of income:
|
|
|
|
|
|
|
Cash flow hedge gains
recognized
|
|
|
288
|
|
-
|
|
|
|
|
288
|
|
-
|
|
Items that are or may
be reclassified subsequently to the statements of
income:
|
|
|
|
|
|
|
Cash flow hedge gains
recognized
|
|
|
410
|
|
844
|
|
Cash flow hedge losses
transferred to the statements of income
|
|
|
286
|
|
100
|
|
Income tax
effect
|
|
|
(187)
|
|
(252)
|
|
|
|
|
509
|
|
692
|
|
Other comprehensive
income for the period - net of income tax
|
|
|
797
|
|
692
|
|
Comprehensive income
for the period
|
|
|
39,533
|
|
34,621
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
|
40,084
|
|
34,562
|
|
Non-controlling
interests
|
|
|
(551)
|
|
59
|
|
|
|
|
39,533
|
|
34,621
|
|
|
|
|
|
|
|
|
Winpak
Ltd.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Changes in Equity
|
|
|
|
|
|
|
(thousands of US
dollars) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity
holders of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-
|
|
|
|
Share
|
|
Retained
|
|
controlling
|
|
|
|
capital
|
Reserves
|
earnings
|
Total
|
interests
|
Total equity
|
|
|
|
|
|
|
|
|
Balance at December
27, 2021
|
|
29,195
|
(524)
|
1,050,949
|
1,079,620
|
36,119
|
1,115,739
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
Cash flow hedge gains,
net of tax
|
|
-
|
619
|
-
|
619
|
-
|
619
|
Cash flow hedge losses
transferred to the statements
|
|
|
|
|
|
|
|
of
income, net of tax
|
|
-
|
73
|
-
|
73
|
-
|
73
|
Other
comprehensive income
|
|
-
|
692
|
-
|
692
|
-
|
692
|
Net
income for the period
|
|
-
|
-
|
33,870
|
33,870
|
59
|
33,929
|
Comprehensive income for the period
|
|
-
|
692
|
33,870
|
34,562
|
59
|
34,621
|
|
|
|
|
|
|
|
|
Dividends
|
|
-
|
-
|
(1,563)
|
(1,563)
|
-
|
(1,563)
|
|
|
|
|
|
|
|
|
Balance at March 27,
2022
|
|
29,195
|
168
|
1,083,256
|
1,112,619
|
36,178
|
1,148,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
26, 2022
|
|
29,195
|
(972)
|
1,174,551
|
1,202,774
|
36,001
|
1,238,775
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
Cash flow hedge gains,
net of tax
|
|
-
|
588
|
-
|
588
|
-
|
588
|
Cash flow hedge losses
transferred to the statements
|
|
|
|
|
|
|
|
of
income, net of tax
|
|
-
|
209
|
-
|
209
|
-
|
209
|
Other
comprehensive income
|
|
-
|
797
|
-
|
797
|
-
|
797
|
Net
income (loss) for the period
|
|
-
|
-
|
39,287
|
39,287
|
(551)
|
38,736
|
Comprehensive income (loss) for the period
|
|
-
|
797
|
39,287
|
40,084
|
(551)
|
39,533
|
|
|
|
|
|
|
|
|
Dividends
|
|
-
|
-
|
(1,443)
|
(1,443)
|
-
|
(1,443)
|
|
|
|
|
|
|
|
|
Balance at April 2,
2023
|
|
29,195
|
(175)
|
1,212,395
|
1,241,415
|
35,450
|
1,276,865
|
|
|
|
|
|
|
|
|
Winpak
Ltd.
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
(thousands of US
dollars) (unaudited)
|
|
|
|
|
|
Quarter
Ended
|
|
|
April 2
|
|
March 27
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
Cash provided by
(used in):
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net income
for the period
|
38,736
|
|
33,929
|
|
Items not
involving cash:
|
|
|
|
|
Depreciation
|
12,087
|
|
11,917
|
|
Amortization -
deferred income
|
(418)
|
|
(426)
|
|
Amortization -
intangible assets
|
427
|
|
418
|
|
Employee defined
benefit plan expenses
|
751
|
|
1,084
|
|
Net finance (income)
expense
|
(3,634)
|
|
283
|
|
Income tax
expense
|
13,448
|
|
11,701
|
|
Other
|
(1,400)
|
|
(2,851)
|
|
Cash flow from operating activities before the following
|
59,997
|
|
56,055
|
|
Change in
working capital:
|
|
|
|
|
Trade and other
receivables
|
3,602
|
|
(12,818)
|
|
Inventories
|
6,571
|
|
(24,006)
|
|
Prepaid
expenses
|
(2,447)
|
|
(3,058)
|
|
Trade payables and
other liabilities
|
(10,589)
|
|
16,556
|
|
Contract
liabilities
|
(1,332)
|
|
(880)
|
|
|
|
|
|
|
Employee defined benefit plan contributions
|
(757)
|
|
(1,494)
|
|
Income tax paid
|
(25,517)
|
|
(6,529)
|
|
Interest received
|
4,941
|
|
167
|
|
Interest paid
|
(1,369)
|
|
(496)
|
|
Net cash from operating activities
|
33,100
|
|
23,497
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Acquisition of property, plant and equipment - net
|
(9,443)
|
|
(11,936)
|
|
Acquisition of intangible assets
|
(207)
|
|
(175)
|
|
|
(9,650)
|
|
(12,111)
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Payment of
lease liabilities
|
(219)
|
|
(208)
|
|
Dividends
paid
|
(1,434)
|
|
(1,522)
|
|
|
(1,653)
|
|
(1,730)
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
21,797
|
|
9,656
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
398,673
|
|
377,461
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
420,470
|
|
387,117
|
|
|
|
|
|
|
SOURCE Winpak Ltd.