2 0 2 2

O N E

Q U A R T E R

Unaudited Condensed Consolidated

Interim Financial Statements

F O R T H E T H R E E M O N T H P E R I O D E N D E D

M A R C H 3 1 , 2 0 2 2

Titanium Transportation Group Inc.

Condensed Consolidated Interim Statements of Financial Position

(in '000 Canadian dollars)

(unaudited)

March 31

December 31

2022

2021

Assets

Current

Cash

14,200

18,046

Restricted Cash

-

9,200

Trade and other receivables (note 5, 14)

88,055

68,132

Current taxes recoverable (note 5)

90

12

Finance lease receivables (note 6, 13)

1,203

1,417

Prepaid expenses and deposits (note 5)

4,103

3,701

107,651

100,508

Finance lease receivables (note 6, 13)

1,818

2,303

Property and equipment (note 5, 7)

92,263

76,224

Right of use assets (note 5, 8)

40,286

44,006

Deferred tax assets

518

392

Customer lists (note 9)

6,363

6,690

Goodwill (note 5, 9)

4,521

3,543

253,420

233,666

Liabilities

Current

Bank indebtedness (note 5, 10, 13) Acquisition loan (note 10)

Trade and other payables (note 5) Current taxes payable

Loans payable (note 5, 10, 13)

Finance lease liabilities (note 5, 10, 13, 14)

Loans payable (note 10, 13)

Finance lease liabilities (note 5, 10, 13, 14) Deferred tax liabilities (note 5)

Commitments and contingencies (note 16)

20,074

21,805

15,000

15,000

46,004

37,165

5,127

4,064

11,504

9,724

7,668

8,624

105,377

96,382

30,208

23,751

22,765

25,929

14,404

13,890

172,754

159,952

Shareholders' Equity

Share capital (note 11) Contributed surplus (note 12) Retained earnings

49,945

48,204

8,943

8,812

21,778

16,698

80,666

73,714

253,420

233,666

On behalf of the Board

''Ted Daniel''

''Bill Chyfetz''

Director

Director

See accompanying notes

1.

Titanium Transportation Group Inc.

Condensed Consolidated Interim Statements of Comprehensive Income

Three months ended March 31, 2022 and 2021

(in '000 Canadian dollars, except per share amounts)

(unaudited)

3 months

3 months

ended

ended

March 31

March 31

2022

2021

Revenue (note 14)

121,041

79,521

Fuel surcharge

14,946

6,154

135,987

85,675

Operating expenses

Carriers and independent contractors

85,677

52,397

Vehicle operating

15,373

10,176

Wages and casual labour (note 15)

18,025

13,218

Other operating

2,995

2,369

122,070

78,160

Income (loss) before the following

13,917

7,515

Depreciation (note 7, 8)

5,444

4,793

Gain on sale of property and equipment

(845)

(72)

Finance costs (note 14)

918

816

Finance income

(51)

(50)

Foreign exchange loss (gain)

(25)

143

Amortization of customer lists (note 9)

327

114

Transaction costs

-

800

Gain on sale of marketable securities

-

(598)

5,768

5,946

Income before income taxes

8,149

1,569

Income tax expense

2,180

400

Net income and comprehensive income

attributable to owners of the Company

5,969

1,169

Earnings per share:

Basic

0.14

0.03

Diluted

0.13

0.03

Weighted average number of shares outstanding:

Basic (note 11)

43,833,699

36,477,706

Diluted (note 11)

45,055,317

38,164,083

See accompanying notes

2.

Titanium Transportation Group Inc.

Condensed Consolidated Interim Statements of Changes in Equity

Three months ended March 31, 2022 and 2021

(in '000 Canadian dollars)

(unaudited)

Share

Contributed

Retained

Capital

Surplus

Earnings

Total

Balances at December 31, 2021

48,204

8,812

16,698

73,714

Share issuance (note 11)

1,644

-

-

1,644

Share vested (note 11)

73

(73)

-

-

Options exercised (note 12)

24

(9)

-

15

Share-based compensation expense (note 12, 15)

-

213

-

213

Dividends paid (note 11)

-

-

(889)

(889)

Net income and comprehensive income

-

-

5,969

5,969

Balances at March 31, 2022

49,945

8,943

21,778

80,666

Balances at December 31, 2020

23,252

8,782

15,037

47,071

Share issuance

23,746

23,746

Shares vested

93

(93)

-

-

Options exercised

767

(283)

-

484

Share-based compensation expense (note 12)

-

178

-

178

Dividends paid

-

-

(740)

(740)

Net income and comprehensive income

-

-

1,169

1,169

Balances at March 31, 2021

47,858

8,584

15,466

71,908

See accompanying notes

3.

Titanium Transportation Group Inc.

Condensed Consolidated Interim Statements of Cash Flows

Three months ended March 31, 2022 and 2021

(in '000 Canadian dollars)

(unaudited)

3 months

3 months

ended

ended

March 31

March 31

2022

2021

Cash flows from operating activities Net income

Adjustments: Depreciation (note 7, 8)

Gain on sale of property and equipment Finance costs

Finance income

Amortization of customer lists (note 9) Share-based compensation expense (note 12) Gain on sale of marketable securities Income tax expense

Net change in non-cash operating working capital

Interest paid

Interest received

Income taxes paid

Cash flows from investing activities

Proceeds from finance lease receivables (note 13) Proceeds from marketable securities Acquisition of property and equipment (note 7) Disposition of property and equipment (note 7) Acquisition of subsidiaries

Cash flows from financing activities Repayment of bank indebtedness (note 13) Proceeds from acquisition loans Repayment of loans payable (note 13) Repayment of finance lease liabilities (note 13) Dividends paid (note 11)

Issuance of shares (note 11)

Increase (decrease) in cash

Cash, beginning

Cash, ending

5,969

1,169

5,444

4,793

(845)

(72)

918

816

(51)

(50)

327

114

213

178

-

(598)

2,180

1,107

14,155

7,457

(9,106)

4,126

5,049

11,583

(933)

(776)

51

50

(1,223)

(990)

2,944

9,867

670

586

-

4,437

(122)

(150)

4,151

178

-

(27,000)

4,699

(21,949)

(1,874)

(4,929)

-

5,000

(4,219)

(1,538)

(4,666)

(2,997)

(889)

(740)

159

24,230

(11,489)

19,026

(3,846)

6,944

18,046

3,089

14,200

10,033

Refer to note 13 for supplemental cash flow information.

See accompanying notes

4.

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Titanium Transportation Group Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:39:57 UTC.