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Winpak Ltd.

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Winpak Reports 2018 Third Quarter Results

Canada NewsWire

WINNIPEG, Oct. 25, 2018 /CNW/ - Winpak Ltd. (WPK) today reports consolidated results in US dollars for the third quarter of 2018, which ended on September 30, 2018.

WINPAK (CNW Group/Winpak Ltd.)


Quarter Ended (1)


Year-To-Date Ended (1)


September 30


October 1


September 30


October 1


2018


2017 *


2018


2017 *









(thousands of US dollars, except per share amounts)
















Revenue

220,647


218,348


667,503


664,451

Net income

28,651


26,379


84,336


82,249









Income tax expense

9,967


11,277


29,893


36,498

Net finance (income) expense

(613)


281


(692)


884

Depreciation and amortization

10,099


9,469


29,874


27,716

EBITDA (2)

48,104


47,406


143,411


147,347









Net income attributable to equity holders of the Company

27,835


25,368


82,238


79,665

Net income attributable to non-controlling interests

816


1,011


2,098


2,584

Net income

28,651


26,379


84,336


82,249









Basic and diluted earnings per share (cents)

43


39


127


123

 

Winpak Ltd. manufactures and distributes high-quality packaging materials and related packaging machines.  The Company's products are used primarily for the packaging of perishable foods, beverages and in healthcare applications.

1

The 2018 fiscal year comprises 52 weeks and the 2017 fiscal year comprised 53 weeks.  Each quarter of 2018 and 2017 comprises 13 weeks with the exception of the first quarter of 2017, which comprised 14 weeks.



2

EBITDA is not a recognized measure under International Financial Reporting Standards (IFRS).  Management believes that in addition to net income, this measure provides useful supplemental information to investors including an indication of cash available for distribution prior to debt service, capital expenditures and income taxes.  Investors should be cautioned, however, that this measure should not be construed as an alternative to net income, determined in accordance with IFRS, as an indicator of the Company's performance.  The Company's method of calculating this measure may differ from other companies and, accordingly, the results may not be comparable.



*

The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018.  Under the transition methods chosen by the Company, comparative information has not been restated.


 

 (presented in US dollars)

Forward-looking statements: Certain statements made in the following report contain forward-looking statements including, but not limited to, statements concerning possible or assumed future results of operations of the Company.  Forward-looking statements represent the Company's intentions, plans, expectations and beliefs, and are not guarantees of future performance.  Such forward-looking statements represent Winpak's current views based on information as at the date of this report.  They involve risks, uncertainties and assumptions and the Company's actual results could differ, which in some cases may be material, from those anticipated in these forward-looking statements.  Factors that could cause results to differ from those expected include, but are not limited to: the terms, availability and costs of acquiring raw materials and the ability to pass on price increases to customers; ability to negotiate contracts with new customers or renew existing customer contracts with less favorable terms; timely response to changes in customer product needs and market acceptance of our products; the potential loss of business or increased costs due to customer or vendor consolidation; competitive pressures, including new product development; industry capacity, and changes in competitors' pricing; ability to maintain or increase productivity levels; contain or reduce costs; foreign currency exchange rate fluctuations; changes in governmental regulations, including environmental, health and safety; changes in Canadian and foreign income tax rates, income tax laws and regulations.  Unless otherwise required by applicable securities law, Winpak disclaims any intention or obligation to publicly update or revise this information, whether as a result of new information, future events or otherwise.  The Company cautions investors not to place undue reliance upon forward-looking statements.

Financial Performance
Net income attributable to equity holders of the Company for the third quarter of 2018 of $27.8 million or 43 cents in earnings per share (EPS) surpassed the comparable 2017 quarter by $2.5 million or 4 cents per share, an advancement of 9.7 percent.  The improvement in gross profit margins contributed 1.0 cent to EPS.  Additionally, following the enactment of US tax reform in December 2017, the Company's effective income tax rate decreased significantly, enhancing EPS by 2.5 cents.  Net finance income augmented EPS by 1.0 cent.  Foreign exchange had the opposite effect largely due to the impact of foreign exchange forward contracts, decreasing EPS by 0.5 cents.

For the nine months ended September 30, 2018, net income attributable to equity holders of the Company ascended to $82.2 million or $1.27 per share, exceeding the 2017 corresponding result of $79.7 million or $1.23 per share by 3.2 percent.  Lower US income taxes in 2018 was the main factor, advancing EPS by 8.0 cents while lower operating expenses and a smaller proportion of net income attributable to non-controlling interests each added a further 1.0 cent.  The increase in net finance income elevated EPS by 1.5 cents.  These positive factors were largely offset by the negative impact of foreign exchange, contraction in gross profit margins and lower sales volumes, which reduced EPS by 3.5 cents, 2.5 cents and 1.5 cents respectively.

The fiscal year of the Company ends on the last Sunday of the calendar year and is usually 52 weeks in duration.  However, the 2017 fiscal year consisted of 53 weeks, with the first quarter comprising 14 weeks, one more week than the current year.  The additional week included in the 2017 first quarter was essentially the last week of the 2016 calendar year which contained several statutory holidays.  Consequently, it is estimated that this additional week contributed 2.0 percent to both 2017 year-to-date sales volumes and net income results.

Operating Segments and Product Groups
The Company provides three distinct types of packaging technologies: a) rigid packaging and flexible lidding, b) flexible packaging and c) packaging machinery.  Each of the three are deemed to be a separate operating segment.

The rigid packaging and flexible lidding segment includes the rigid containers and lidding product groups.  Rigid containers includes portion control and single-serve containers, as well as plastic sheet and custom and retort trays, which are used for applications such as food, pet food, beverage, dairy, industrial, and healthcare.  Lidding products are available in die-cut, daisy chain and rollstock formats and are used for applications such as food, dairy, beverage, industrial and healthcare.

The flexible packaging segment includes the modified atmosphere packaging, specialty films and biaxially oriented nylon product groups.  Modified atmosphere packaging extends the shelf life of perishable foods, while at the same time maintains or improves the quality of the product.  The packaging is used for a wide range of markets and applications, including fresh and processed meats, poultry, cheese, medical device packaging, high performance pouch applications and high-barrier films for converting applications.  Specialty films includes a full line of barrier and non-barrier films which are ideal for converting applications such as printing, laminating, and bag making, including shrink bags.  Biaxially oriented nylon film is stretched by length and width to add stability for further conversion using printing, metalizing or laminating processes and are ideal for food packaging applications such as cheese, fluid and viscous liquids, and industrial applications such as book covers and balloons.

Packaging machinery includes a full line of horizontal fill/seal machines for preformed containers and vertical form/fill/seal pouch machines for pumpable liquid and semi-liquid products and certain dry products.

Revenue
Revenue in the third quarter of 2018 of $220.6 million exceeded the prior year level of $218.3 million by 1.1 percent.  Volumes, in total, were down marginally from the prior year comparable quarter by 0.7 percent.  Volumes within the rigid containers and flexible lidding operating segment receded by 3 percent in the quarter.  The lidding product group benefitted from gains in yogurt and dessert die-cut lidding as well as rollstock applications.  A slight reduction in volumes took place for the rigid containers product group as the loss of sheet business and the unfavorable timing of specialty beverage shipments was only somewhat offset by solid condiment container volumes.   The flexible packaging operating segment experienced volume growth of 1 percent in the quarter.  Within the modified atmosphere packaging product group, modest volume growth reflected new processed meat and healthcare packaging business.  The packaging machinery operating segment had a strong quarter, exceeding the 2017 third quarter by 10 percent.  Selling price and mix changes favorably influenced third quarter revenue by 2.1 percent as indexed selling prices followed the increase in raw material costs that have taken place over the past year.  The weaker average value of the Canadian dollar in comparison to its US counterpart had a minor 0.3 percent negative effect on revenue versus the comparable prior year quarter.

For the first nine months of 2018, revenue increased by 0.5 percent to $667.5 million from $664.5 in the corresponding prior year period.  After taking the additional week of revenues in the first quarter of 2017 into account, volumes were essentially unchanged.  The rigid containers and flexible lidding operating segment realized a slight drop in volumes.  For the lidding product group, specialty beverage lidding and rollstock were the catalysts behind the positive performance.  On the contrary, the reduction in sheet, specialty beverage and dessert container shipments led to a contraction in volumes for the rigid container product group.  The flexible packaging operating segment achieved a small advancement in volumes and was negatively impacted by customer order patterns and demand levels.  Volumes within the modified atmosphere packaging product group were virtually unchanged in comparison to the robust growth recorded in the first three quarters of 2017.  For the packaging machinery operating segment, growth surpassed 15 percent.  Compared to 2017, selling price and mix changes had a positive effect on revenue of 1.4 percent.  Foreign exchange had an insignificant impact on revenue in relation to the corresponding prior year period.

Gross Profit Margins
Gross profit margins in the current quarter of 30.3 percent of revenue were equivalent with the result recorded in the same quarter of 2017.  The result was impressive given the competitive selling price pressures prevailing in key product markets.  The indexing selling price mechanisms, in place at customer accounts representing approximately 70 percent of the Company's revenues, continued to have a favorable impact on margins as the related adjustments outpaced the corresponding rise in raw material costs compared to those incurred a year earlier.  In addition, the Company benefitted from continued improvements in reducing production waste. 

For the first three quarters of 2018, gross profit margins of 30.3 percent of revenue dropped by 0.9 percentage points from the 2017 year-to-date level of 31.2 percent.  This caused a decrease in EPS of 2.5 cents.  After implementing selling price adjustments for customers on price-indexing programs in both the second and third quarters of 2018, the impact of the higher raw material costs was limited.  This was complemented by the significant progress that has been made in curtailing the expenses relating to production waste and inventory obsolescence.  The muted growth in sale volumes has led to under-utilized capacity, causing a reduction in gross profit margins.

During the third quarter of 2018, the weighted indexed purchased cost of Winpak's eight primary raw materials experienced a slight increase compared to the second quarter of 2018, rising by 1.1 percent.  Similarly, over the past twelve months, the index has increased by 3.3 percent.

Expenses and Other
Operating expenses, exclusive of foreign exchange, in the third quarter of 2018 decreased at a similar overall rate relative to the decline in sales volumes, thereby having a negligible impact on EPS.  The maturation of foreign exchange forward contracts at less favorable rates compared to the third quarter of 2017 was only partially offset by the positive impact of the weaker Canadian dollar in the current quarter.  Consequently, foreign exchange lowered EPS by 0.5 cents.  Effective January 1, 2018, the US federal statutory income tax rate decreased from 35.0 percent to 21.0 percent, accounting for the lower overall effective income tax rate, which contributed 2.5 cents to EPS.  The cash invested in money market accounts and short-term deposits was at more advantageous interest rates in 2018.  As a result, net finance income supplemented EPS by 1.0 cent.

On a year-to-date basis, operating expenses, adjusted for foreign exchange, declined at a rate of 2.3 percent, exceeding the contraction in sales volumes, resulting in incremental EPS of 1.0 cent.  The substantial reduction in share-based compensation expenses was somewhat offset by higher freight and research and technical expenses.  The much lower US federal statutory income tax rate propelled EPS higher by 8.0 cents.  Adding to these positive effects, net finance income and a smaller proportion of net income attributable to non-controlling interests provided 1.5 cents and 1.0 cent to EPS respectively.  On the other hand, foreign exchange had an unfavorable impact of 3.5 cents on EPS due to a combination of losses on conversion of the Company's net Canadian dollar expenses into US funds at a higher average rate as well as the maturation of foreign exchange forward contracts at less beneficial rates than the prior period.

Summary of Quarterly Results



















Thousands of US dollars, except per share amounts (US cents)




















Q3


Q2


Q1


Q4


Q3


Q2


Q1


Q4


2018


2018


2018


2017*


2017


2017


2017


2016

















Revenue

220,647


225,191


221,665


222,323


218,348


217,752


228,351


215,550

Net income attributable to equity holders
















of the Company

27,835


28,042


26,361


39,633


25,368


25,745


28,552


28,578

EPS

43


43


41


61


39


40


44


44

 

The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018. Under the transition methods chosen by the Company, comparative information has not been restated.

*Includes the one-time income tax recovery of 17 cents per share due to the revaluation of deferred tax asset and liability balances within the US operations as a result of US tax reform enacted in December 2017.

Capital Resources, Cash Flow and Liquidity
The Company's cash and cash equivalents balance ended the third quarter of 2018 at $323.5 million, a modest increase of $3.7 million from the end of the previous quarter.  Winpak continued to generate robust cash flows from operating activities before changes in working capital of $47.5 million.  Working capital consumed $16.0 million.  Trade payables and other liabilities declined by $6.8 million due to payments made to customers with respect to variable consideration arrangements.  In addition, trade and other receivables grew by $6.7 million due to the timing of receipts and certain customer payment terms that were extended earlier in 2018.  Furthermore, inventories advanced by $4.8 million, reflecting the timing of raw material purchases.  Cash was utilized for property, plant and equipment additions of $22.2 million, income tax payments of $4.7 million, dividends of $1.5 million and other items totaling $0.1 million while net finance income generated $0.7 million.

For the first nine months of 2018, the cash and cash equivalents balance rose by $31.6 million from the start of the year.  Cash flows generated from operating activities before changes in working capital were exceptional at $143.9 million.  The net investment in working capital amounted to $25.0 million.  The timing of selling extended term accounts receivable without recourse to finance institutions in exchange for cash elevated trade and other receivables by $15.4 million.  The tariffs implemented by the US government on aluminum products earlier in 2018 caused demand for aluminum to outpace supply with the Company's aluminum foil suppliers.  To address the situation, alternate sources of supply were sourced and the level of inventory kept on hand was increased.  This item, along with the typical seasonal build-up of finished goods inventories and the overall increase in raw material costs since the start of the year, caused inventories to advance by $14.1 million.  Other uses of cash included property, plant and equipment additions of $55.2 million, income tax payments of $26.3 million, dividend payments of $4.5 million and other items amounting to $2.2 million.  Net finance income provided cash of $0.9 million.   

Looking Forward
Business Outlook
The third quarter of 2018 provided mixed results regarding sales volume growth amongst the Company's product groups with overall volumes remaining relatively flat.  Positive selling price and mix changes were realized in the current quarter with the continued recovery of resin price increases, incurred in the last 12 months, as approximately 70 percent of the Company's revenues are indexed to the price of raw materials, albeit with an approximate 90 to 120-day time lag.  Winpak is focused on expanding sales volumes in the final quarter of 2018 and heading into 2019, offering more sophisticated and/or new products.  The packaging industry remains competitive from a selling price perspective, applying downward pressure on gross profit margins.  The Company continued to generate positive results in reducing production waste and achieving productivity gains in both the quarter and first nine months of 2018.  In the third quarter, raw material costs for the Company's widely used resins remained relatively stable with minor offsetting amounts on certain resins.  Current market forecasts are predicting some variability, on select resins, in the upcoming six-month time period.

Capital expenditures of approximately $85 million are forecasted for 2018.  Extrusion capacity was added, late in the second quarter, at the modified atmosphere packaging operations in Winnipeg, Manitoba.  New extrusion capacity is planned to be operational in the first six months of 2019 at the rigid container facility in Sauk Village, Illinois.  The Mexican plant, acquired earlier in 2018, will accommodate increased production capacity and new capabilities in printing technology for flexible packaging products and is expected to be fully operational in the second quarter of 2019.  In addition, the building expansion and new biaxially oriented polyamide (BOPA) line capacity in Winnipeg, Manitoba is progressing with a planned commercial start-up in the second half of 2020.  The Company continues to generate consistent cash flows from operations to support its organic growth opportunities and production capabilities with new state-of-the-art technologies to expand its product offerings while continuing to assess and evaluate strategic acquisition opportunities that align with Winpak's core competencies both from a suitable fit and purchase price perspective.

The recently announced trilateral trade agreement (pending final government approvals) between the United States, Mexico and Canada (USMCA) provides for plastic packaging materials to continue to move across the respective borders of the three countries free of duties.

Winpak Ltd.
Interim Condensed Consolidated Financial Statements
Third Quarter Ended: September 30, 2018

These interim condensed consolidated financial statements have not been audited or reviewed by the Company's independent external auditors, KPMG LLP.  For a complete set of notes to the condensed consolidated financial statements, refer to www.sedar.com or the Company's website, www.winpak.com.

Winpak Ltd.






Condensed Consolidated Balance Sheets






(thousands of US dollars) (unaudited)















September 30


December 31




2018


2017*







Assets












Current assets:







Cash and cash equivalents                                                                     



323,529


291,959


Trade and other receivables



132,381


116,955


Income taxes receivable



2,587


1,994


Inventories



130,820


116,720


Prepaid expenses



3,074


2,320


Derivative financial instruments



281


863




592,672


530,811







Non-current assets:







Property, plant and equipment



448,195


422,989


Intangible assets



14,208


14,444


Employee benefit plan assets



7,345


6,935


Deferred tax assets



734


818




470,482


445,186

Total assets



1,063,154


975,997







Equity and Liabilities












Current liabilities:







Trade payables and other liabilities



65,973


63,670


Contract liabilities



2,902


-


Income taxes payable



2,155


1,555


Derivative financial instruments



293


98




71,323


65,323







Non-current liabilities:







Employee benefit plan liabilities



12,156


10,522


Deferred income



15,020


15,272


Provisions



760


760


Deferred tax liabilities



41,199


40,656




69,135


67,210

Total liabilities



140,458


132,533







Equity:







Share capital



29,195


29,195


Reserves



(3)


596


Retained earnings



866,369


788,636

Total equity attributable to equity holders of the Company



895,561


818,427

Non-controlling interests



27,135


25,037

Total equity  



922,696


843,464

Total equity and liabilities



1,063,154


975,997







*The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018. 

Under the transition methods chosen by the Company, comparative information has not been restated. 

 

 

Winpak Ltd.










Condensed Consolidated Statements of Income










(thousands of US dollars, except per share amounts) (unaudited)













Quarter Ended


Year-To-Date Ended




September 30


October 1


September 30


October 1




2018


2017*


2018


2017*











Revenue



220,647


218,348


667,503


664,451

Cost of sales



(153,828)


(152,168)


(465,401)


(457,119)

Gross profit



66,819


66,180


202,102


207,332











Sales, marketing and distribution expenses



(16,795)


(16,876)


(52,112)


(51,063)

General and administrative expenses



(7,793)


(8,183)


(23,468)


(26,241)

Research and technical expenses



(4,223)


(4,007)


(12,325)


(11,694)

Pre-production expenses



-


(244)


(115)


(369)

Other (expenses) income



(3)


1,067


(545)


1,666

Income from operations



38,005


37,937


113,537


119,631

Finance income



1,524


585


3,539


1,314

Finance expense



(911)


(866)


(2,847)


(2,198)

Income before income taxes



38,618


37,656


114,229


118,747

Income tax expense



(9,967)


(11,277)


(29,893)


(36,498)

Net income for the period



28,651


26,379


84,336


82,249











Attributable to:











Equity holders of the Company                                         



27,835


25,368


82,238


79,665


Non-controlling interests



816


1,011


2,098


2,584




28,651


26,379


84,336


82,249











Basic and diluted earnings per share - cents



43


39


127


123





















Condensed Consolidated Statements of Comprehensive Income










(thousands of US dollars) (unaudited)













Quarter Ended


Year-To-Date Ended




September 30


October 1


September 30


October 1




2018


2017*


2018


2017*











Net income for the period



28,651


26,379


84,336


82,249











Items that will not be reclassified to the statements of income:










Cash flow hedge (losses) gains recognized



(34)


-


67


-

Cash flow hedge losses (gains) transferred to property, plant and equipment



55


-


(180)


-

Income tax effect



-


-


-


-




21


-


(113)


-

Items that are or may be reclassified subsequently to the statements of income:










Cash flow hedge gains (losses) recognized



594


768


(726)


2,205

Cash flow hedge losses (gains) transferred to the statements of income



299


(657)


62


(1,066)

Income tax effect



(239)


(30)


178


(305)




654


81


(486)


834

Other comprehensive income (loss) for the period  - net of income tax



675


81


(599)


834

Comprehensive income for the period



29,326


26,460


83,737


83,083











Attributable to:











Equity holders of the Company



28,510


25,449


81,639


80,499


Non-controlling interests                                                                  



816


1,011


2,098


2,584




29,326


26,460


83,737


83,083











*The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018. 

Under the transition methods chosen by the Company, comparative information has not been restated. 

 

Winpak Ltd.








Condensed Consolidated Statements of Changes in Equity






(thousands of US dollars) (unaudited)


















Attributable to equity holders of the Company

















Non-




Share


Retained


controlling




capital

Reserves

earnings

Total

interests

Total equity









Balance at December 26, 2016*


29,195

(29)

676,478

705,644

21,625

727,269










Comprehensive income for the period










Cash flow hedge gains, net of tax


-

1,615

-

1,615

-

1,615



Cash flow hedge gains transferred to the statements











of income, net of tax                                               


-

(781)

-

(781)

-

(781)


Other comprehensive income


-

834

-

834

-

834


Net income for the period


-

-

79,665

79,665

2,584

82,249


Comprehensive income for the period


-

834

79,665

80,499

2,584

83,083










Dividends


-

-

(4,531)

(4,531)

-

(4,531)









Balance at October 1, 2017*


29,195

805

751,612

781,612

24,209

805,821

























Balance at January 1, 2018


29,195

596

788,636

818,427

25,037

843,464










Comprehensive (loss) income for the period










Cash flow hedge losses, net of tax


-

(464)

-

(464)

-

(464)



Cash flow hedge losses transferred to the statements











of income, net of tax


-

45

-

45

-

45



Cash flow hedge gains transferred to property, plant and











equipment


-

(180)

-

(180)

-

(180)


Other comprehensive loss


-

(599)

-

(599)

-

(599)


Net income for the period


-

-

82,238

82,238

2,098

84,336


Comprehensive (loss) income for the period


-

(599)

82,238

81,639

2,098

83,737










Dividends


-

-

(4,505)

(4,505)

-

(4,505)









Balance at September 30, 2018


29,195

(3)

866,369

895,561

27,135

922,696









*The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018. 

Under the transition methods chosen by the Company, comparative information has not been restated. 

 

Winpak Ltd.



Condensed Consolidated Statements of Cash Flows



(thousands of US dollars) (unaudited)





Quarter Ended


Year-To-Date Ended




September 30


October 1


September 30


October 1




2018


2017*


2018


2017*











Cash provided by (used in):




















Operating activities:











Net income for the period



28,651


26,379


84,336


82,249


Items not involving cash:












Depreciation



10,389


9,730


30,667


28,487



Amortization - deferred income



(403)


(419)


(1,185)


(1,249)



Amortization - intangible assets



113


158


392


478



Employee defined benefit plan expenses



974


830


2,844


2,673



Net finance (income) expense



(613)


281


(692)


884



Income tax expense



9,967


11,277


29,893


36,498



Other



(1,549)


(720)


(2,336)


(3,505)




Cash flow from operating activities before the following



47,529


47,516


143,919


146,515


Change in working capital:












Trade and other receivables



(6,654)


(2,945)


(15,426)


5,811



Inventories



(4,815)


3,387


(14,100)


(10,025)



Prepaid expenses



469


610


(754)


(989)



Trade payables and other liabilities



(6,784)


(12,693)


2,344


(3,819)



Contract liabilities



1,811


-


2,902


-












Employee defined benefit plan contributions



(114)


(100)


(1,945)


(1,204)


Income tax paid



(4,673)


(9,618)


(26,307)


(38,077)


Interest received



1,491


586


3,452


1,259


Interest paid



(811)


(794)


(2,593)


(1,943)




Net cash from operating activities



27,449


25,949


91,492


97,528











Investing activities:











Acquisition of property, plant and equipment - net



(22,208)


(11,584)


(55,222)


(40,612)


Acquisition of intangible assets



(38)


(31)


(153)


(418)




(22,246)


(11,615)


(55,375)


(41,030)











Financing activities:











Dividends paid



(1,484)


(1,503)


(4,547)


(4,410)











Change in cash and cash equivalents



3,719


12,831


31,570


52,088











Cash and cash equivalents, beginning of period



319,810


250,482


291,959


211,225











Cash and cash equivalents, end of period



323,529


263,313


323,529


263,313











*The Company has initially applied IFRS 15 "Revenue From Contracts With Customers" and IFRS 9 "Financial Instruments" at January 1, 2018.

Under the transition methods chosen by the Company, comparative information has not been restated.

 

SOURCE Winpak Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2018/25/c5364.html

L.A. Warelis, Vice President and CFO, (204) 831-2254; O.Y. Muggli, President and CEO, (204) 831-2214Copyright CNW Group 2018

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