Lassonde Industries : Interim Report, First Quarter 2021

LASSONDE INDUSTRIES INC.

INTERIM REPORT

FIRST QUARTER ENDED

APRIL 3, 2021

Lassonde Industries Inc.

Table of Contents

Condensed Consolidated Statements of Income.............................................................................................................................................	3
Condensed Consolidated Statements of Comprehensive Income.................................................................................................................	4
Condensed Consolidated Statements of Financial Position............................................................................................................................	5
Condensed Consolidated Statements of Shareholders' Equity.......................................................................................................................	6
Condensed Consolidated Statements of Cash Flows .....................................................................................................................................	7
Notes to the Interim Condensed Consolidated Financial Statements.............................................................................................................	8

2

Lassonde Industries Inc.

Condensed Consolidated Statements of Income

(in thousands of Canadian dollars unless otherwise indicated) (unaudited)

		First quarters ended
	Notes	April 3, 2021	March 28, 2020
		$	$
Sales		466,794	472,446
Cost of sales		335,197	348,334
Selling and administrative expenses		100,224	93,788
(Gains) losses on capital assets		(9)	(24)
		435,412	442,098
Operating profit		31,382	30,348
Share in the profit or (loss) of an associate		(126)	(252)
Financial expenses	5	3,025	5,049
Other (gains) losses	6	509	(3,429)
Profit before income taxes		27,722	28,476
Income tax expense	7	7,268	4,742
Profit		20,454	23,734
Attributable to:		20,090
Company's shareholders		22,947
Non-controlling interest		364	787
		20,454	23,734
Basic and diluted earnings per share (in $)		2.90	3.31
Weighted average number of shares outstanding (in thousands)		6,934	6,934

3

Lassonde Industries Inc.

Condensed Consolidated Statements of Comprehensive Income

(in thousands of Canadian dollars) (unaudited)

	First quarters ended
	April 3, 2021	March 28, 2020
	$	$
Profit	20,454	23,734
Other comprehensive income:
To be reclassified subsequently to profit or loss:
Net change in cash flow hedge of financial assets and liabilities:	141
Gains (losses) on financial instruments designated as hedges	(1,872)
Reclassification of (gains) losses on financial instruments	621	-
designated as hedges
Income tax expense	(193)	476
	569	(1,396)
Translation difference:	(7,379)
Exchange difference on translating foreign operations	44,599
	(6,810)	43,203
Not to be reclassified subsequently to profit or loss:
Net change in the cash flow hedge of non-financial assets:	(2,434)
Gains (losses) on financial instruments designated as hedges	11,514
Income tax expense	642	(3,000)
	(1,792)	8,514
Benefit cost of the defined benefit plans:	10,420
Remeasurements of the net defined benefit asset or liability	(5,575)
Income tax expense	(2,719)	1,466
	7,701	(4,109)
	5,909	4,405
Total other comprehensive income (loss)	(901)	47,608
Comprehensive income (loss)	19,553	71,342
Attributable to:	19,901
Company's shareholders	66,153
Non-controlling interest	(348)	5,189
	19,553	71,342

4

Lassonde Industries Inc.

Condensed Consolidated Statements of Financial Position

(in thousands of Canadian dollars) (unaudited)

		As at	As at
	Notes	April 3, 2021	Dec. 31, 2020
		$	$
Assets
Current		2,837
Cash and cash equivalents		6,803
Accounts receivable		160,021	147,886
Income tax recoverable		7,622	7,730
Inventories		264,912	260,611
Derivative instruments		622	1,122
Other current assets		16,568	16,497
		452,582	440,649
Derivative instruments		70	-
Investment in an associate		7,110	7,260
Property, plant and equipment		386,660	390,451
Intangible assets		216,347	223,030
Net defined benefit asset		24,968	9,402
Other long-term assets		1,155	1,237
Goodwill		305,789	309,605
		1,394,681	1,381,634
Liabilities
Current		1,194	-
Bank overdraft
Accounts payable and accrued liabilities		252,838	260,219
Income tax payable		2,553	8,376
Derivative instruments		8,293	7,176
Other current liabilities		3,293	3,782
Current portion of long-term debt		9,714	10,676
		277,885	290,229
Derivative instruments		248	3,014
Pension plan liabilities and other long-term incentives		2,397	2,322
Long-term debt		211,300	204,810
Deferred tax liabilities		88,813	84,292
Other long-term liabilities		1,218	1,234
		581,861	585,901
Shareholders' equity		48,143
Share capital		48,143
Contributed surplus		1,375	1,375
Accumulated other reserves	10	45,511	51,322
Retained earnings		662,061	638,797
Non-controlling interest		55,730	56,096
		812,820	795,733
		1,394,681	1,381,634

Approved by the Board of Directors
Pierre-Paul Lassonde	Chantal Bélanger
Director	Director
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