Q2. SEPTEMBER 30, 2021

CONSOLIDATED FINANCIAL STATEMENTS / MANAGEMENT'S DISCUSSION AND ANALYSIS

Second quarter ended September 30, 2021

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Second quarter ended September 30, 2021

TABLE OF CONTENTS
Interim condensed consolidated financial statements..................................................................................................................	5
Notes to the interim condensed consolidated financial statements..............................................................................................	10
Note 1	Nature of activities and corporate information ...............................................................................................................	10
Note 2	Basis of preparation ..................................................................................................................................................	10
Note 3	Revenue from contracts with customers......................................................................................................................	10
Note 4	Government assistance..............................................................................................................................................	11
Note 5	Cost of sales, selling and administrative expenses........................................................................................................	11
Note 6	Non-recurringitems ...................................................................................................................................................	11
Note 7	Net financial expenses ...............................................................................................................................................	12
Note 8	Earnings per share.....................................................................................................................................................	12
Note 9	Derivative financial instruments...................................................................................................................................	12
Note 10	Long-termdebt ..........................................................................................................................................................	13
Note 11	Issued capital ............................................................................................................................................................	13
Note 12	Accumulated other comprehensive income ..................................................................................................................	15
Note 13	Net change in non-cashitems.....................................................................................................................................	16
Note 14	Business divestiture ...................................................................................................................................................	16

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DISCLOSURE OF NON-REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTERS ENDED SEPTEMBER 30, 2021 AND 2020

Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if the external auditors have not performed a review of the financial statements, the financial statements must be accompanied by a notice indicating that they have not been reviewed by the external auditors.

The accompanying unaudited interim condensed consolidated financial statements of the Corporation for the quarters ended September 30, 2021 and 2020 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, and are the responsibility of the Corporation's management.

The Corporation's external auditors, Ernst & Young LLP, have not performed a review of these interim condensed consolidated financial statements in accordance with the standards established by Chartered Professional Accountants Canada for a review of financial statements by the external auditors of an entity.

November 11, 2021

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CONSOLIDATED BALANCE SHEETS

(In thousands of Canadian dollars) (Unaudited)

As at	Notes		September 30,			March 31,
		2021			2021
ASSETS	10
Current assets
Cash and cash equivalents			$	103,217	$	95,470
Accounts receivable				85,409			99,724
Income tax receivable				2,306			1,708
Inventories				215,148			216,441
Derivative financial instruments	9			4,643			4,903
Other current assets				21,307			16,523
				432,030			434,769
Property, plant and equipment, net							227,621
			218,040
Finite-life intangible assets, net	4			51,485			51,996
Derivative financial instruments	9			5,497			9,374
Deferred income tax assets				9,516			8,485
Goodwill				112,730			115,970
Other long-term assets				4,609			5,069
Total assets			$	833,907		$	853,284
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities			$	99,278	$	109,809
Provisions				23,625			25,271
Customer advances and progress billings				37,882			40,867
Income tax payable				2,539			2,107
Derivative financial instruments	9			1,064			-
Current portion of long-term debt	10			14,554			15,315
				178,942			193,369
Long-term debt	10						235,384
		231,515
Provisions				16,514			17,548
Derivative financial instruments	9			2,313			544
Deferred income tax liabilities				10,107			9,383
Other liabilities				4,547			5,324
				443,938			461,552
Shareholders' equity
Issued capital	11						86,222
		85,807
Contributed surplus				5,345			5,126
Accumulated other comprehensive income	12			10,786			16,279
Retained earnings				287,142			282,831
Total equity attributable to the equity holders of the parent				389,080			390,458
Non-controlling interest				889			1,274
				389,969			391,732
Total liabilities and shareholders' equity			$	833,907		$	853,284

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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