Le Lézard
Classified in: Business
Subject: ERN

Winpak Reports 2023 Fourth Quarter Results


WINNIPEG, MB, Feb. 28, 2024 /CNW/ - Winpak Ltd. (WPK) today reports consolidated results in US dollars for the fourth quarter of 2023, which ended on December 31, 2023.


Quarter Ended (1)


Year Ended (1)


December 31


December 25


December 31


December 25


2023


2022


2023


2022

(thousands of US dollars, except per share amounts)








Revenue

275,637


292,365


1,141,407


1,181,133

Net income

35,016


30,838


147,593


128,225









Income tax expense

13,244


11,240


52,200


45,861

Net finance income

(6,543)


(1,790)


(19,094)


(1,802)

Depreciation and amortization

11,922


11,918


47,834


47,699

EBITDA (2)

53,639


52,206


228,533


219,983









Net income attributable to equity holders of the Company

34,846


31,235


148,130


128,343

Net income (loss) attributable to non-controlling interests

170


(397)


(537)


(118)

Net income

35,016


30,838


147,593


128,225









Basic and diluted earnings per share (cents)

54


48


228


197









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 comprised 53 weeks and the 2022 fiscal year comprised 52 weeks.  Each quarter of 2023 and 2022 comprised 13 weeks with the exception of the first quarter of 2023, which comprised 14 weeks.


2 EBITDA is not a recognized measure under IFRS Accounting 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 fourth quarter of 2023 amounted to $34.8 million or 54 cents in earnings per share (EPS), surpassing the 2022 corresponding result of $31.2 million or 48 cents per share by 11.6 percent.  Net finance income and foreign exchange elevated EPS by 5.5 cents and 1.5 cents, respectively.  Gross profit augmented EPS by 1.0 cent.  Conversely, weaker sales volumes and higher operating expenses each led to a contraction in EPS of 0.5 cents.  Furthermore, the level of net income attributable to non-controlling interests subtracted 1.0 cent from EPS.

For the year ended December 31, 2023, net income attributable to equity holders of the Company of $148.1 million or $2.28 per share, representing the highest level in Winpak's history, advanced from the prior year's income of $128.3 million or $1.97 per share by 15.4 percent.  Net finance income raised EPS by 19.5 cents.  Gross profit and foreign exchange were also influential, enhancing EPS by 10.0 cents and 8.0 cents, respectively.  Income taxes benefitted EPS by 1.5 cents.  The level of net income attributable to non-controlling interests added 0.5 cents to EPS.  Operating expenses reduced EPS by 4.5 cents. The drop in sales volumes lowered EPS by an additional 4.0 cents.    

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 consisted 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 1.5 percent to 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 fourth quarter of 2023 was $275.6 million, $16.7 million or 5.7 percent less than the fourth quarter of 2022.  Volumes receded by 1.5 percent when compared to the final quarter of 2022.  No volume growth was realized for the flexible packaging operating segment.  For the modified atmosphere packaging product group, modest volume growth of 2 percent was attained.  The product group had realized sizeable volume contractions in each of the previous two quarters.  A recovery in protein application activity was experienced.  Specialty films volumes retreated largely because of customer loss.  For the biaxially oriented nylon product group, volumes rebounded, approaching historically normal levels.  Comparatively, in the fourth quarter of 2022, a sharp drop in volumes was realized as most customers unwound the exceptional inventory levels that were previously established to combat the unstable supply chain environment.  Within the rigid packaging and flexible lidding operating segment, volumes dropped by 8 percent.  For the lidding product group, extended unplanned downtime on a major piece of equipment due to a fire caused volumes to contract by 25 percent.  The machinery has since been fully restored.  Stemming from higher specialty beverage container shipments, the rigid container product group experienced an 8 percent improvement in volumes.  Packaging machinery volumes more than doubled as an unusually low number of machines were delivered to customers in the fourth quarter of 2022.  Selling price and mix changes had a negative effect on revenue of $12.0 million and foreign exchange lowered revenue by $0.3 million.

For 2023, revenue of $1,141.4 million decreased by 3.4 percent from the 2022 level of $1,181.1 million.  Volumes contracted by 1.9 percent.  After accounting for the additional week in the first quarter of 2023, volumes were 3.4 percent lower.  For most of 2023, inflation had a large impact on consumer demand, stifling the Company's growth aspirations, the extent of which varied amongst the Company's product groups.  Customer destocking also played a key role, especially during the first half of the year.  Within the flexible packaging operating segment, volumes declined at the rate of 4 percent.  For the modified atmosphere packaging product group, the muted consumer demand was especially influential.  Much lower order levels for meat protein applications were only partially offset by the inroads made at cheese accounts.  As a result, volumes fell by 1 percent.  Specialty film volumes decreased by 17 percent due to the targeted exit from low-margin business as well as customer loss.  As a result of tempered demand from core accounts, in addition to customers securing secondary sources of supply, biaxially oriented nylon product group volumes contracted by 13 percent.  Volumes for the rigid packaging and flexible lidding operating segment were 2 percent lower.  Lidding product group volumes decreased by 5 percent due to the drop in specialty beverage, retort pet food and rollstock order activity.  Rigid container volumes were virtually unchanged as the drop in condiment and creamer container shipments was offset by enhanced retort pet food container activity.  Healthy volume growth of 15 percent for the specialized printed packaging product group was fuelled by pharmaceutical business gains.  Due to much higher replacement part sales, the packaging machinery operating segment's volumes strengthened by 11 percent.  Selling price and mix changes had an unfavorable impact on revenue of 1.0 percent.  Foreign exchange had a minor negative effect on revenue.

Gross Profit Margins
Gross profit margins in the current quarter of 28.8 percent of revenue ascended by 1.6 percentage points from the 2022 fourth quarter result of 27.2 percent of revenue.  The magnitude of raw material cost savings significantly outpaced the corresponding reduction in selling prices.  The favorable differential enhanced EPS by 9.0 cents.  With respect to operating leverage, manufacturing costs expanded while sales volumes retreated, tempering EPS by 8.0 cents.  The Company's cost structure was adversely affected by the inflationary environment, especially personnel and consumable expenses.

For the current year, gross profit margins of 29.3 percent of revenue exceeded the 2022 level of 28.1 percent.  Accordingly, EPS climbed by 10.0 cents.  Raw material costs decreased by 9.6 percent while selling prices only declined by 1.0 percent, leading to an advancement in EPS of 47.0 cents.  A portion of these savings are automatically passed along to customers covered by formal price indexing arrangements.  However, this follows a contractual delay, generating a temporary uplift in gross profit margins.  Additionally, exceptional expenses incurred to expedite aluminum foil were embedded within the 2022 raw material costs.  The impact of inflation on manufacturing costs, most notably personnel and consumable expenses, was sizeable.  Concurrently, diminished output levels raised the effective cost of production, and in total, these variables lowered EPS by 37.0 cents.    

The raw material purchase price index dropped by 2 percent compared to the third quarter of 2023.  Over the past year, the index has  declined by 14 percent.  During the fourth quarter, nylon resin and aluminum foil each realized decreases ranging between 8 and 11 percent.  Conversely, polypropylene resin experienced an increase of 6 percent.

Expenses and Other
Operating expenses in the fourth quarter of 2023, exclusive of foreign exchange, were virtually unchanged relative to the reduction in sales volumes of 1.5 percent, thereby subtracting 0.5 cents from EPS.  Inflationary pressures raised employee compensation expenses.  In contrast, freight and distribution costs, which were heightened in the prior year, normalized in the current year.  Foreign exchange had a positive effect on EPS of 1.5 cents largely due to the favorable translation differences recorded on the revaluation of monetary assets and liabilities.  Net finance income added 5.5 cents to EPS as the cash invested in short-term deposits and money market accounts was at a much higher level and earning markedly higher rates of interest than a year earlier.  A greater proportion of earnings attributable to non-controlling interests lowered EPS by 1.0 cent.

For the 2023 fiscal year, operating expenses, adjusted for foreign exchange, increased at a rate of 0.9 percent compared to the drop in sales volumes of 1.9 percent, having a negative impact on EPS of 4.5 cents.  As a consequence of the inflationary environment, personnel costs advanced to an extent well above historical norms.  This was partially offset by the notable drop in freight and distribution costs.  In addition, significant pre-production costs were incurred during 2022 to commercialize the new biaxially oriented polyamide (BOPA) line. Foreign exchange contributed 8.0 cents to EPS.  The favorable translation differences recorded on the revaluation of monetary assets and liabilities denominated in Canadian dollars was in contrast to the unfavorable translation differences recorded in 2022.  Furthermore, the 4.2 percent depreciation in the average exchange rate of the Canadian dollar in relation to the US dollar was a positive influence.  Due to the substantial increase in the Company's cash and cash equivalents throughout 2023 and the interest rates applied thereon, net finance income boosted EPS by 19.5 cents.  The effective income tax rate was marginally lower in 2023, providing 1.5 cents to EPS.  Lastly, the level of net income attributable to non-controlling interests enhanced EPS by 0.5 cents

Capital Resources, Cash Flow and Liquidity
The Company's cash and cash equivalents balance ended the current year at $541.9 million, an increase of $28.8 million from the end of the third quarter.  Winpak continued to generate strong cash flows from operating activities before changes in working capital of $52.8 million.  Working capital provided another $10.8 million in cash.  The Company continued to successfully draw down raw materials and finished goods inventories that had accumulated during 2022 at a magnitude of $22.0 million.  Trade and other receivables advanced by $18.0 million as the balance pertaining to extended term trade receivables that will be sold without recourse to financial institutions in exchange for cash increased.  Cash was utilized for property, plant and equipment additions of $24.2 million, income tax payments of $13.7 million, dividend payment to non-controlling interests in a subsidiary of $1.9 million, dividend payments to equity holders of the Company of $1.4 million and other items totaling $0.4 million while net finance income generated cash of $6.8 million.

For the year, the cash and cash equivalents balance climbed by $143.2 million, led by the exceptional cash flow generated from operating activities before changes in working capital of $228.0 million.  The net investment in working capital decreased by $46.6 million.  Inventory balances fell by $68.4 million mainly as a result of the substantial decrease in aluminum foil inventories and to a lesser extent, a partial reversal of the finished goods inventories that had accumulated during 2022.  Largely due to diminished inventory balances, trade payables and other liabilities receded by $13.9 million.  Property, plant and equipment additions were $68.7 million.  Initial spending on the multi-year expansion project at the Winnipeg, Manitoba modified atmosphere packaging facility took place.  Furthermore, significant progress with the injection molded container initiative at the Sauk Village, Illinois rigid container site was made.  By the end of 2023, certain components with respect to the new cast co-extrusion line at the modified atmosphere packaging plant had been delivered.  Other uses of cash included: income tax payments of $70.5 million, dividend payments to equity holders of the Company of $5.8 million and other items amounting to $5.4 million.  Net finance income produced incremental cash of $19.0 million.

Summary of Quarterly Results



















Thousands of US dollars, except per share amounts (US cents)




















Q4


Q3


Q2


Q1


Q4


Q3


Q2


Q1


2023


2023


2023


2023


2022


2022


2022


2022

















Revenue

275,637


273,790


287,464


304,516


292,365


302,532


310,254


275,982

Net income attributable to equity holders
















of the Company

34,846


33,991


40,006


39,287


31,235


29,567


33,671


33,870

EPS

54


52


62


60


48


45


52


52

















Looking Forward
Entering 2024, the Company anticipates a positive shift to sales volume growth in contrast to the temporary downturn experienced in 2023.  Enhanced sales volumes would, in turn, improve profitability.

Now that inflation is approaching targets established by central banks, it is forecast they will transition to a monetary easing phase in 2024.  The magnitude and pace of interest rate adjustments is unclear at the present time.  Accordingly, the impact on economic growth is also uncertain.  Changes to interest rates will directly influence the scale of net finance income earned by the Company.

To achieve volume growth in the upcoming year, Winpak is focused on successfully launching new products and onboarding new customers.  Equally important is negotiating contract renewals on favorable terms with existing accounts.  These growth plans will be facilitated, in part, by the new productive capacity coming on stream within the modified atmosphere packaging and rigid container facilities.  For at least the first half of 2024, it is projected that consumer demand will limit the Company's overall growth aspirations.  Based on the preceding factors, the Company is projecting sales volume growth in the range of 2 to 4 percent for 2024.

From a raw material perspective, after realizing sizeable cost reductions in 2023, current market expectations are for raw material costs to escalate moderately throughout 2024.  Competitive pressures for lower selling prices in the Company's product markets are expected to persist in 2024 and apply additional pressure on gross profit margins.  Consistent with 2023, with the limited availability of labor resources, employee compensation rates will be adjusted tactically in order to recruit and retain employees, further compressing gross profit margins.  Overall, gross profit margins in 2024 should be slightly lower than the level recorded in 2023.

Capital expenditures of approximately $110 to $120 million are forecast for 2024, the majority of which relates to the extensive expansion of the Winnipeg, Manitoba modified atmosphere packaging facility.  The Company has entered into an agreement to acquire land and building within close proximity to the existing specialized printed packaging operation to accommodate future expansion capabilities.  The acquisition is anticipated to close in the first quarter of 2024.  Winpak is also poised to undertake a sizeable building expansion and acquire additional extrusion capacity at one of its main manufacturing sites.

Winpak Ltd.
Interim Condensed Consolidated Financial Statements
Fourth Quarter Ended: December 31, 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)















December 31


December 25




2023


2022







Assets












Current assets:






   Cash and cash equivalents



541,870


398,673

   Trade and other receivables



207,355


204,040

   Income taxes receivable



4,565


3,573

   Inventories



219,763


288,118

   Prepaid expenses



8,942


5,602

   Derivative financial instruments



1,542


-




984,037


900,006







Non-current assets:






   Property, plant and equipment



543,387


518,590

   Intangible assets and goodwill



31,833


33,110

   Employee benefit plan assets



12,209


10,783




587,429


562,483

Total assets



1,571,466


1,462,489







Equity and Liabilities












Current liabilities:






   Trade payables and other liabilities



89,359


102,382

   Contract liabilities



1,478


2,621

   Income taxes payable



3,109


18,393

   Derivative financial instruments



-


1,328




93,946


124,724







Non-current liabilities:






   Employee benefit plan liabilities



6,362


8,334

   Deferred income



18,062


17,946

   Provisions and other long-term liabilities



12,685


12,062

   Deferred tax liabilities



56,762


60,648




93,871


98,990

Total liabilities



187,817


223,714







Equity:






   Share capital



29,195


29,195

   Reserves



1,361


(972)

   Retained earnings



1,319,491


1,174,551

Total equity attributable to equity holders of the Company



1,350,047


1,202,774

Non-controlling interests



33,602


36,001

Total equity  



1,383,649


1,238,775

Total equity and liabilities



1,571,466


1,462,489







 

Winpak Ltd.










Condensed Consolidated Statements of Income










(thousands of US dollars, except per share amounts) (unaudited)













Quarter Ended


Year Ended




December 31


December 25


December 31


December 25




2023


2022


2023


2022











Revenue



275,637


292,365


1,141,407


1,181,133

Cost of sales



(196,245)


(212,866)


(807,255)


(849,369)

Gross profit



79,392


79,499


334,152


331,764











Sales, marketing and distribution expenses



(22,639)


(23,210)


(93,156)


(95,378)

General and administrative expenses



(10,428)


(10,010)


(41,186)


(38,783)

Research and technical expenses



(5,611)


(5,119)


(20,349)


(18,249)

Pre-production expenses



-


(486)


-


(3,401)

Other income (expenses)



1,003


(386)


1,238


(3,669)

Income from operations



41,717


40,288


180,699


172,284

Finance income



7,268


3,612


24,418


6,414

Finance expense



(725)


(1,822)


(5,324)


(4,612)

Income before income taxes



48,260


42,078


199,793


174,086

Income tax expense



(13,244)


(11,240)


(52,200)


(45,861)

Net income for the period



35,016


30,838


147,593


128,225











Attributable to:










     Equity holders of the Company



34,846


31,235


148,130


128,343

     Non-controlling interests



170


(397)


(537)


(118)




35,016


30,838


147,593


128,225











Basic and diluted earnings per share - cents



54


48


228


197





















Condensed Consolidated Statements of Comprehensive Income










(thousands of US dollars) (unaudited)













Quarter Ended


Year Ended




December 31


December 25


December 31


December 25




2023


2022


2023


2022











Net income for the period



35,016


30,838


147,593


128,225











Items that will not be reclassified to the statements of income:










Cash flow hedge gains recognized



779


-


912


-

Cash flow hedge losses (gains) transferred to property, plant and equipment



10


-


(49)


-

Employee benefit plan remeasurements



3,530


1,578


3,530


1,578

Income tax effect



(898)


(372)


(898)


(372)




3,421


1,206


3,495


1,206

Items that are or may be reclassified subsequently to the statements of income:










Cash flow hedge gains (losses) recognized



724


(24)


815


(1,703)

Cash flow hedge losses transferred to the statements of income



237


549


1,192


1,090

Income tax effect



(257)


(140)


(537)


165




704


385


1,470


-448

Other comprehensive income for the period  - net of income tax



4,125


1,591


4,965


758

Comprehensive income for the period



39,141


32,429


152,558


128,983











Attributable to:










     Equity holders of the Company



38,971


32,826


153,095


129,101

     Non-controlling interests



170


(397)


(537)


(118)




39,141


32,429


152,558


128,983











 

Winpak Ltd.








Condensed Consolidated Statements of Changes in Equity








(thousands of US dollars) (unaudited)


















Attributable to equity holders of the Company

















Non-

controlling

interests




Share

capital


Retained

earnings





Reserves

Total

Total equity









Balance at December 27, 2021


29,195

(524)

1,050,949

1,079,620

36,119

1,115,739









   Comprehensive (loss) income for the year








      Cash flow hedge losses, net of tax


-

(1,247)

-

(1,247)

-

(1,247)

      Cash flow hedge losses transferred to the statements








         of income, net of tax


-

799

-

799

-

799

      Employee benefit plan remeasurements, net of tax


-

-

1,206

1,206

-

1,206

   Other comprehensive (loss) income


-

(448)

1,206

758

-

758

   Net income (loss) for the year


-

-

128,343

128,343

(118)

128,225

   Comprehensive (loss) income for the year


-

(448)

129,549

129,101

(118)

128,983









   Dividends


-

-

(5,947)

(5,947)

-

(5,947)









Balance at December 25, 2022


29,195

(972)

1,174,551

1,202,774

36,001

1,238,775

























Balance at December 26, 2022


29,195

(972)

1,174,551

1,202,774

36,001

1,238,775









   Comprehensive income (loss) for the year








      Cash flow hedge gains, net of tax


-

1,509

-

1,509

-

1,509

      Cash flow hedge losses transferred to the statements








         of income, net of tax


-

873

-

873

-

873

      Cash flow hedge gains transferred to property, plant and








         equipment


-

(49)

-

(49)

-

(49)

      Employee benefit plan remeasurements, net of tax


-

-

2,632

2,632

-

2,632

   Other comprehensive income


-

2,333

2,632

4,965

-

4,965

   Net income (loss) for the year


-

-

148,130

148,130

(537)

147,593

   Comprehensive income (loss) for the year


-

2,333

150,762

153,095

(537)

152,558









   Dividends


-

-

(5,822)

(5,822)

(1,862)

(7,684)









Balance at December 31, 2023


29,195

1,361

1,319,491

1,350,047

33,602

1,383,649









 

Winpak Ltd.








Condensed Consolidated Statements of Cash Flows








(thousands of US dollars) (unaudited)









Quarter Ended


Year Ended


December 31


December 25


December 31


December 25


2023


2022


2023


2022









Cash provided by (used in):
















Operating activities:








   Net income for the period

35,016


30,838


147,593


128,225

   Items not involving cash:








      Depreciation

11,937


11,897


47,906


47,688

      Amortization - deferred income

(408)


(404)


(1,708)


(1,687)

      Amortization - intangible assets

393


425


1,636


1,698

      Employee defined benefit plan expenses

512


908


2,958


4,233

      Net finance income

(6,543)


(1,790)


(19,094)


(1,802)

      Income tax expense

13,244


11,240


52,200


45,861

      Other

(1,359)


(686)


(3,537)


(3,046)

            Cash flow from operating activities before the following

52,792


52,428


227,954


221,170

   Change in working capital:








      Trade and other receivables

(17,979)


2,674


(3,315)


(26,180)

      Inventories

21,987


(7,361)


68,355


(101,060)

      Prepaid expenses

1,933


1,830


(3,340)


1,100

      Trade payables and other liabilities

4,094


(7,854)


(13,909)


10,589

      Contract liabilities

721


2,461


(1,143)


(882)









    Employee defined benefit plan contributions

(7)


(237)


(2,315)


(1,912)

    Income tax paid

(13,696)


(8,589)


(70,476)


(26,794)

    Interest received

7,149


3,410


23,931


5,848

    Interest paid

(394)


(1,736)


(4,903)


(4,310)

            Net cash from operating activities

56,600


37,026


220,839


77,569









Investing activities:








   Acquisition of property, plant and equipment - net 

(24,164)


(13,833)


(68,670)


(49,125)

   Acquisition of intangible assets

(4)


(83)


(360)


(336)


(24,168)


(13,916)


(69,030)


(49,461)









Financing activities:








   Payment of lease liabilities

(285)


(215)


(965)


(862)

   Dividends paid

(1,436)


(1,437)


(5,785)


(6,034)

   Dividend paid to non-controlling interests in subsidiary

(1,862)


-


(1,862)


-


(3,583)


(1,652)


(8,612)


(6,896)









Change in cash and cash equivalents

28,849


21,458


143,197


21,212









Cash and cash equivalents, beginning of period

513,021


377,215


398,673


377,461









Cash and cash equivalents, end of period

541,870


398,673


541,870


398,673









SOURCE Winpak Ltd.


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