Premium Brands : Interim Condensed Consolidated Financial Statements, First Quarter 2023

Apr 1,

Dec 31,

Mar 26,

2023

2022

2022

Current assets:

Cash and cash equivalents

30.6

11.4

28.5

Accounts receivable

538.7

590.8

508.9

Inventories

829.7

786.1

740.5

Prepaid expenses and other assets

33.3

38.0

28.1

1,432.3

1,426.3

1,306.0

Capital assets

914.1

862.2

653.6

Right of use assets

578.0

576.0

463.4

Intangible assets

554.3

558.5

547.6

Goodwill

1,092.9

1,093.0

1,009.9

Investments in and advances to associates (note 8)

538.2

538.9

568.7

Other assets

23.7

23.7

22.0

5,133.5

5,078.6

4,571.2

Current liabilities:

Cheques outstanding

18.8

19.3

25.9

Bank indebtedness

2.3

18.0

12.3

Dividends payable (note 6)

34.4

31.3

31.4

Accounts payable and accrued liabilities

440.8

419.4

420.2

Current portion of puttable interest in subsidiaries

23.1

23.1

27.1

Current portion of long-term debt (note 3)

4.4

6.5

4.3

Current portion of lease obligations

48.4

45.4

34.7

Current portion of provisions

1.9

1.8

12.6

574.1

564.8

568.5

Long-term debt (note 3)

1,496.5

1,421.4

1,252.5

Lease obligations

592.3

589.3

477.1

Puttable interest in subsidiaries

45.4

43.9

11.0

Deferred revenue

2.8

2.8

2.8

Provisions

43.2

44.2

60.3

Deferred income taxes

115.0

120.6

105.6

2,869.3

2,787.0

2,477.8

Convertible unsecured subordinated debentures (note 4)

480.0

478.6

331.8

Equity attributable to shareholders:

Retained earnings

34.6

63.8

26.6

Share capital (note 5)

1,714.0

1,702.6

1,713.3

Reserves

35.6

46.6

21.7

1,784.2

1,813.0

1,761.6

5,133.5

5,078.6

4,571.2

(signed) George Paleologou

Director

(signed) Johnny Ciampi

Director

13 weeks

13 weeks

ended

ended

Apr 1,

Mar 26,

2023

2022

Revenue

1,430.5

1,251.2

Cost of goods sold

1,160.7

1,024.4

Gross profit before depreciation, amortization and plant start-up and restructuring costs

269.8

226.8

Interest income from investment in associates

15.1

14.8

Selling, general and administrative expenses before depreciation and amortization

174.2

145.8

110.7

95.8

Plant start-up and restructuring costs

5.8

3.5

Depreciation of capital assets

22.2

17.5

Amortization of intangible assets

4.0

7.5

Amortization of right of use assets

14.8

10.8

Accretion of lease obligations

6.6

5.3

Interest and other financing costs (note 7)

33.4

11.4

Acquisition transaction costs

1.0

1.2

Change in value of puttable interest in subsidiaries

1.6

-

Accretion of provisions

0.5

2.8

Equity loss in investments in associates

12.3

4.9

Earnings before income taxes

8.5

30.9

Provision for income taxes (recovery)

Current

8.2

8.6

Deferred

(5.6)

(0.1)

2.6

8.5

Earnings

5.9

22.4

Earnings per share:

Basic

0.13

0.50

Diluted

0.13

0.50

Weighted average shares outstanding (in millions):

Basic

44.4

44.6

Diluted

44.5

44.8

13 weeks

13 weeks

ended

ended

Apr 1,

Mar 26,

2023

2022

Earnings

5.9

22.4

Items that may be realized to earnings (loss) in future periods:

Unrealized gain on foreign exchange currency contracts (note 10)

1.0

0.3

Unrealized gain on interest rate swaps

-

1.2

Unrealized foreign exchange gain (loss) on investment in foreign operations

0.7

(7.5)

1.7

(6.0)

Comprehensive earnings

7.6

16.4