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16.03.2021 22:52:00
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LOGISTEC Announces 2020 Year-End Results
MONTRÉAL, March 16, 2021 /CNW Telbec/ - LOGISTEC Corporation ("LOGISTEC") (TSX: LGT.A) (TSX: LGT.B) (the "Company"), a marine and environmental services provider, today announced its financial results for the year ended December 31, 2020.
2020 Highlights
- Consolidated revenue reached $604.7 million, down $35.2 million or 5.5%;
- Adjusted EBITDA (1) closed at $100.7million, up $11.0 million;
- Total diluted earnings per share of $2.49, up 24.5%;
- Launch of ALTRA Proven Solutions, LOGISTEC's field-proven innovation in water technology solutions.
"I am proud of our people's resiliency in safely navigating COVID-19 while continuing to provide the essential services that our customers and communities rely upon on a day-to-day basis," said Madeleine Paquin, President and CEO, LOGISTEC. " We remain focused on our strategic and sustainable long-term priorities, which gives us confidence in our growth in the years ahead. While short-term uncertainty remains, we are well-positioned to emerge stronger, more resilient and more innovative than ever."
2020 Results
Consolidated revenue totalled $604.7 million in 2020, a decrease of $35.2 million or 5.5% over 2019. Revenue from the marine services segment was lower at $344.6 million, compared to $385.3 million in 2019. As anticipated, cargo volumes were depressed, as global trade decelerated in response to government measures put in place to slow the spread of the COVID-19 virus. In addition, volumes in the United States further suffered from a heavy hurricane season on the U.S. Gulf Coast. Revenue from the environmental services segment amounted to $260.1 million, an increase of $5.5 million over 2019. This is mostly attributable to the performance of our services related to the renewal of underground water mains, despite delays encountered at the beginning of the season due to pandemic constraints.
In 2020, the Company benefitted from the Canada Emergency Wage Subsidy program. The subsidies received were instrumental in assisting us to maintain employment and respond to our stakeholders' needs, which included implementing new working protocols and incurring additional costs to protect our people in the field and customers alike.
The Company reported a profit for the year of $32.8 million, of which $32.6 million was attributable to owners of the Company. This translated into total diluted earnings per share of $2.49, of which $2.39 per share was attributable to Class A Common Shares and $2.63 per share was attributable to Class B Subordinate Voting Shares.
Outlook
We expect renewed growth in both marine and environmental services, as industries resume more normal production levels. In addition, we will realize the benefits from the acquisitions completed in 2020.
In marine services, we expect volumes to return to historical levels, as the economy adjusts to the new normal and vaccines are rolled out. Our marine services remain essential and will continually operate with the health and safety of our people and our customers as a top priority. We remain focused on maximizing the use of our facilities for the benefit of our customers while continuing to grow and strengthen our network. In addition, we continue to embed operational excellence into our day-to-day activities by applying our innovative approach, thereby resulting in increased productivity and expanding margins.
In our environmental services segment, we begin 2021 with a solid project order book of approximately $120 million, representing 46% of the segment's revenue in 2020, thus positioning the segment to surpass this year's results. We also expect environmental services to deliver solid growth by continuing to provide our customers with innovative solutions. This will be supported by a product rollout to promote our suite of ALTRA Proven Solutions in Canada and the United States, and expand the service offering to include additional large remediation sites across Canada.
Our Response to COVID-19
LOGISTEC continues to monitor developments related to the COVID-19 pandemic and takes all appropriate measures to protect the health and safety of its people, its customers, and its communities.
Terminal operations, which were deemed essential services by the government authorities in Canada and the United States, remained open and functional. On the environmental services side, our manufacturing of woven hoses, which is essential in providing communities with drinking water and fighting forest fires, remained operational. In all our business segments, we kept operating under strict distancing and sanitation protocols.
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 53 ports and 79 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 foreign 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, soils and materials management, site remediation, risk assessment, and manufacturing of woven hoses.
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.
(1) 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 Company's impairment charge and includes the customer repayment of an investment in a service contract. The definition of adjusted EBITDA used by the Company may differ from those used by other companies. 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. |
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 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.
CONSOLIDATED STATEMENTS OF EARNINGS
Years ended December 31 | 2020 $ | 2019 $ |
| 604,701 | 639,942 |
| (287,665) | (313,091) |
Equipment and supplies expense | (155,611) | (169,640) |
Operating expense | (41,864) | (43,173) |
Other expenses | (27,509) | (31,936) |
Depreciation and amortization expense | (45,390) | (42,122) |
Share of profit of equity accounted investments | 9,529 | 8,729 |
Other losses | (923) | (1,220) |
Operating profit | 55,268 | 47,489 |
| (12,453) | (12,854) |
Finance income | 635 | 501 |
Profit before income taxes | 43,450 | 35,136 |
Income taxes | (10,662) | (8,699) |
Profit for the period | 32,788 | 26,437 |
| ||
Owners of the Company | 32,614 | 26,194 |
| 174 | 243 |
Profit for the period | 32,788 | 26,437 |
| 2.43 | 1.97 |
Basic earnings per Class B Subordinate Voting Share | 2.67 | 2.16 |
Diluted earnings per Class A share | 2.39 | 1.92 |
Diluted earnings per Class B share | 2.63 | 2.11 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years ended December 31 | 2020 $ | 2019 $ |
Profit for the year | 32,788 | 26,437 |
Other comprehensive (loss) income | ||
Items that are or may be reclassified to the consolidated statements | ||
Net change in value of currency translation differences arising on | ||
translation of foreign operations, net of $302 tax recovery in | ||
2020 (nil in 2019) | (2,921) | (5,916) |
Net change in value of unrealized gain on translating debt | 1,253 | 3,653 |
designated as hedging item of the net investment in foreign | (92) | (174) |
operations, net of | (11) | 47 |
$1,053 tax expense in 2020 (nil in 2019) | ||
Loss on derivatives designated as cash flow hedges | ||
Income taxes relating to derivatives designated as cash flow hedges | ||
Total items that are or may be reclassified to the consolidated | ||
statements of earnings | (1,771) | (2,390) |
Items that will not be reclassified to the consolidated statements of earnings | ||
Remeasurement losses on benefit | (2,732) | (4,384) |
obligation Return on retirement plan | 333 | 1,680 |
Income taxes on remeasurement gain on benefit obligation and | 636 | 719 |
on retirement plan assets | ||
Total items that will not be reclassified to the consolidated statements | (1,763) | (1,985) |
Share of other comprehensive (loss) income of equity accounted | ||
Items that are or may be reclassified to the consolidated statements of earnings | (199) | — |
Items that will not be reclassified to the consolidated statements of | 53 | (26) |
earnings | ||
Total share of other comprehensive loss of equity accounted | (146) | (26) |
Other comprehensive loss for the year, net of income taxes | (3,680) | (4,401) |
Total comprehensive income for the year | 29,108 | 22,036 |
Total comprehensive income attributable to: | ||
Owners of the Company | 28,962 | 21,819 |
Non-controlling interest | 146 | 217 |
Total comprehensive income for the year | 29,108 | 22,036 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of Canadian dollars) | As at | As at |
Assets | ||
Current assets | ||
Cash and cash equivalents | 45,498 | 22,608 |
Trade and other receivables | 137,911 | 156,228 |
Contract assets | 7,617 | 10,593 |
Current income tax assets | 9,171 | 6,028 |
Inventories | 12,946 | 12,569 |
Prepaid expenses and other | 9,005 | 5,129 |
222,148 | 213,155 | |
Equity accounted investments | 45,061 | 42,349 |
Property, plant and equipment | 185,181 | 184,304 |
Right-of-use assets | 132,795 | 89,581 |
Goodwill | 149,848 | 140,617 |
Intangible assets | 38,422 | 40,735 |
Non-current assets | 2,381 | 2,417 |
Non-current financial assets | 9,160 | 8,829 |
Deferred income tax assets | 12,385 | 12,751 |
Total assets | 797,381 | 734,738 |
Liabilities | ||
Current liabilities | ||
Trade and other payables | 90,046 | 86,217 |
Contract liabilities | 8,700 | 5,356 |
Current income tax liabilities | 8,570 | 3,131 |
Dividends payable | 1,259 | 1,245 |
Current portion of lease liabilities | 18,251 | 9,820 |
Current portion of long-term debt | 3,718 | 9,390 |
130,544 | 115,159 | |
Lease liabilities | 116,917 | 81,495 |
Long-term debt | 163,962 | 168,510 |
Deferred income tax liabilities | 21,399 | 21,156 |
Post-employment benefit obligations | 22,055 | 18,383 |
Contract liabilities | 2,533 | 2,933 |
Non-current liabilities | 38,400 | 46,088 |
Total liabilities | 495,810 | 453,724 |
Equity | ||
Share capital | 45,575 | 40,222 |
Share capital to be issued | 4,906 | 9,811 |
Retained earnings | 242,358 | 220,641 |
Accumulated other comprehensive income | 7,943 | 9,697 |
Equity attributable to owners of the Company | 300,782 | 280,371 |
Non-controlling interest | 789 | 643 |
Total equity | 301,571 | 281,014 |
Total liabilities and equity | 797,381 | 734,738 |
On behalf of the Board | (signed) James C. Cherry | (signed) Madeleine |
James C. Cherry, FCPA, FCA | Paquin Madeleine | |
Director | Paquin, C.M. Director |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to owners of the Company | |||||||
(in thousands of Canadian | Share | Share | Accumulated income | Retained | Total | Non- | Total |
Balance as at January 1, 2020 | 40,222 | 9,811 | 9,697 | 220,641 | 280,371 | 643 | 281,014 |
Profit for the year | — | — | — | 32,614 | 32,614 |
74 | 32,788 |
Other comprehensive (loss) | |||||||
income | |||||||
Currency translation | |||||||
differences arising on | |||||||
translation of foreign | |||||||
operations | — | — | (2,893) | — | (2,893) | (28) | (2,921) |
Unrealized gain on | |||||||
translating debt | |||||||
designated as hedging | |||||||
item of the net investment | |||||||
in foreign operations | — | — | 1,253 | — | 1,253 | — | 1,253 |
Remeasurement losses on | |||||||
benefit obligation and | |||||||
return on retirement plan | |||||||
assets, net of income taxes | — | — | — | (1,763) | (1,763) | — | (1,763) |
Share of other | |||||||
comprehensive loss | |||||||
of equity accounted | |||||||
investments, net of | |||||||
income taxes | — | — | (11) | (135) | (146) | — | (146) |
Cash flow hedges, net of | |||||||
income taxes | — | — | (103) | — | (103) | — | (103) |
Total comprehensive | — | — | (1,754) | 30,716 | 28,962 | 146 | 29,108 |
Remeasurement of written put | |||||||
option liability | — | — | — | (2,732) | (2,732) | — | (2,732) |
Repurchase of Class A shares | (4) | — | — | (182) | (186) | — | (186) |
Issuance and repurchase of | |||||||
Class B shares | 452 | — | — | (888) | (436) | — | (436) |
Issuance of Class B shares | |||||||
capital to a subsidiary | |||||||
shareholder | 4,905 | (4,905) | — | — | — | — | — |
Class B shares to be issued | |||||||
under the Executive Stock | |||||||
Option Plan | — | — | — | 136 | 136 | — | 136 |
Other dividends | — | — | — | (299) | (299) | — | (299) |
Dividends on Class A shares | — | — | — | (2,758) | (2,758) | — | (2,758) |
Dividends on Class B shares | — | — | — | (2,276) | (2,276) | — | (2,276) |
Balance as at December 31, 2020 | 45,575 | 4,906 | 7,943 | 242,358 | 300,782 | 789 | 301,571 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
Attributable to owners of the Company | |||||||
(in thousands of Canadian dollars) | Share | Share | Accumulated | Retained | Total | Non- | Total |
Balance as at January 1, 2019 | 35,016 | 14,717 | 12,061 | 200,404 | 262,198 | 2,191 | 264,389 |
Profit for the year | — | — | — | 26,194 | 26,194 | 243 | 26,437 |
Other comprehensive (loss) | |||||||
income | |||||||
Currency translation | |||||||
differences arising on | |||||||
translation of foreign | |||||||
operations | — | — | (5,890) | — | (5,890) | (26) | (5,916) |
Unrealized gain on | |||||||
translating debt | |||||||
designated as hedging | |||||||
item of the net investment | |||||||
in foreign operations | — | — | 3,653 | — | 3,653 | — | 3,653 |
Remeasurement losses on | |||||||
benefit obligation and | |||||||
return on retirement plan | |||||||
assets, net of income taxes | — | — | — | (1,985) | (1,985) | — | (1,985) |
Share of other | |||||||
comprehensive loss | |||||||
of equity accounted | |||||||
investments, net of | |||||||
income taxes | — | — | — | (26) | (26) | — | (26) |
Cash flow hedges, net of | |||||||
income taxes | — | — | (127) | — | (127) | — | (127) |
Total comprehensive | — | — | (2,364) | 24,183 | 21,819 | 217 | 22,036 |
Remeasurement of written put | |||||||
option liability | — | — | — | 2,766 | 2,766 | — | 2,766 |
Repurchase of non-controlling | |||||||
interests | — | — | — | (35) | (35) | (1,765) | (1,800) |
Repurchase of Class A shares | (6) | — | — | (381) | (387) | — | (387) |
Issuance and repurchase of | |||||||
Class B shares | 306 | — | — | (1,384) | (1,078) | — | (1,078) |
Issuance of Class B shares | |||||||
capital to a subsidiary | |||||||
shareholder | 4,906 | (4,906) | — | — | — | — | — |
Dividends on Class A shares | — | — | — | (2,722) | (2,722) | — | (2,722) |
Dividends on Class B shares | — | — | — | (2,190) | (2,190) | — | (2,190) |
Balance as at December 31, 2019 | 40,222 | 9,811 | 9,697 | 220,641 | 280,371 | 643 | 281,014 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31 | 2020 $ | 2019 $ |
Operating activities | ||
Profit for the year | 32,788 | 26,437 |
Items not affecting cash and cash equivalents | 60,517 | 55,912 |
Cash generated from operations | 93,305 | 82,349 |
Dividends received from equity accounted investments | 6,600 | 4,113 |
Contributions to defined benefit retirement plans | (871) | (991) |
Settlement of provisions | (481) | (194) |
Changes in non-cash working capital items | 15,066 | (2,049) |
Income taxes paid | (5,164) | (11,947) |
108,455 | 71,281 | |
Financing activities | ||
Net change in short-term bank loans | — | (13,577) |
Issuance of long-term debt, net of transaction costs | 76,518 | 84,649 |
Repayment of long-term debt | (83,962) | (66,030) |
Repayment of other non- current liability | (2,557) | (571) |
Repayment of lease liabilities | (14,049) | (9,726) |
Interest paid | (10,755) | (12,269) |
Issuance of Class B shares | 190 | 258 |
Repurchase of Class A shares | (186) | (387) |
Repurchase of Class B shares | (1,131) | (1,635) |
Dividends paid on Class A shares | (2,760) | (2,703) |
Dividends paid on Class B shares | (2,262) | (2,161) |
(40,954) | (24,152) | |
Investing activities | ||
Acquisition of property, plant and equipment | (23,375) | (34,974) |
Acquisition of intangible assets | (248) | (122) |
Proceeds from disposal of property, plant and equipment | 634 | 1,832 |
Business combinations | (19,957) | — |
Interest received | 330 | 439 |
Acquisition of other non-current assets | (228) | (944) |
Proceeds from disposal of other non-current assets | 109 | 151 |
Cash paid to non-controlling interests | (2,056) | (7,972) |
Cash received on other non-current financial assets | 222 | 211 |
(44,569) | (41,379) | |
Net change in cash and cash equivalents | 22,932 | 5,750 |
Cash and cash equivalents, beginning of year | 22,608 | 15,393 |
Effect of exchange rate on balances held in foreign currencies | ||
of foreign operations | (42) | 1,465 |
Cash and cash equivalents, end of year | 45,498 | 22,608 |
SOURCE Logistec Corporation
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