MISSISSAUGA, Ontario, Nov.  08, 2023  (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q3 2023 financial and operational results of KPT and Kruger Products Inc. (Kruger Products). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and BonterraTM) and the Away-From-Home (AFH) market and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 13.1% interest in Kruger Products.

Kruger Products Q3 2023 Business and Financial Highlights

Revenue was $473.4 million in Q3 2023 compared to $427.0 million in Q3 2022, an increase of $46.4 million or 10.9%.Adjusted EBITDA1 was $72.4 million in Q3 2023, compared to $30.7 million in Q3 2022, an increase of 135.7%.Net income was $12.9 million in Q3 2023 compared to a net loss of $38.8 million in Q3 2022, an increase of $51.7 million.Declared a quarterly dividend of $0.18 per share to be paid on January 15, 2024

“We are very pleased with our Adjusted EBITDA of $72.4 million in the third quarter of 2023, highlighted by robust sales volume in our Consumer segment and improved productivity from our network assets,” stated KP Tissue’s Chief Executive Officer, Dino Bianco. “We also benefited from a seasonally strong quarter, lower pulp and other input costs, as well as 2022 pricing carry over. As a result, we outperformed expectations despite an uncertain economic environment.”

“Looking ahead to the fourth quarter, we are seeing some moderation in input costs but continued inflationary pressure on our SG&A as labour, marketing, and IT costs, amongst others, continue to rise. We believe volume will continue to be strong and with our previously announced pricing, our margins will be stable.”

Outlook for Q4 2023 For the fourth quarter of 2023, we expect margins to stabilize, and we will continue to reinvest in the business to drive long-term value. Accordingly, Adjusted EBITDA1 in Q4 2023 is expected to be in the $60-$65 million range.

Kruger Products Q3 2023 Financial Results
Revenue was $473.4 million in Q3 2023 compared to $427.0 million in Q3 2022, an increase of $46.4 million or 10.9%. The increase in revenue was primarily due to higher sales volume and favourable sales mix in the Consumer segment, along with the favourable impact of selling price increases implemented across all segments and regions during 2022. Revenue was also favourably impacted by foreign exchange fluctuations on U.S. dollar sales.

Cost of sales was $386.3 million in Q3 2023 compared to $394.6 million in Q3 2022, a decrease of $8.3 million or 2.1%. Manufacturing costs decreased as lower pulp and other input costs, along with productivity improvements in plant operations, were only partially offset by higher sales volumes and the unfavourable impact of foreign exchange fluctuations on U.S. dollar costs. Freight costs were lower compared to Q3 2022 as supply constraints and inflation moderated, while warehousing costs increased as a result of additional logistics network costs. As a percentage of revenue, cost of sales was 81.6% in Q3 2023 compared to 92.4% in Q3 2022.

Selling, general and administrative (SG&A) expenses were $40.0 million in Q3 2023 compared to $30.1 million in Q3 2022, an increase of $9.9 million or 33.0%. The increase was primarily due to higher advertising spend in the quarter, higher personnel costs, higher consulting costs, lower foreign exchange gains compared to the year ago quarter and higher related party management fees. As a percentage of revenue, SG&A expenses were 8.4% in Q3 2023 compared to 7.0% in Q3 2022.

Adjusted EBITDA1 was $72.4 million in Q3 2023 compared to $30.7 million in Q3 2022, an increase of $41.7 million or 135.7%. The significant increase was primarily due to a combination of factors: higher sales volumes and favourable sales mix, selling price increases in 2022, lower pulp and other input costs, productivity improvements in plant operations and lower freight costs. These factors were partially offset by higher warehousing and SG&A expenses and the unfavourable impact of foreign exchange fluctuations.

Net income was $12.9 million in Q3 2023 compared to a loss of $38.8 million in Q3 2022, an increase of $51.7 million. The increase was primarily due to higher Adjusted EBITDA and lower unrealized foreign exchange losses, partially offset by higher income tax expense.

Kruger Products Q3 2023 Liquidity Total liquidity, representing cash and availability under the revolving credit agreements, was $277.6 million as of September 30, 2023. In addition, $22.5 million of cash was held by Kruger Products for the Sherbrooke Expansion Project.

Sherbrooke Expansion Project
As a result of significant inflation across the supply chain and interest rate increases during construction, the capital cost of the Sherbrooke Expansion Project is now forecast to increase to $377.5 million from $351.5 million. The additional costs are being financed by investments from Kruger Products and an $8.2 million increase in the Construction Facility. Management continues to monitor the project closely to minimize the impact of any further inflation.

KPT Q3 2023 Financial Results KPT had net income of $1.8 million in Q3 2023. Included in net income was $1.8 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.3 million and depreciation expense of $0.3 million related to adjustments to carrying amounts on acquisition.

Dividends on Common Shares
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on January 15, 2024 to shareholders of record at the close of business on January 2, 2024.

Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and Kruger Products for the third quarter ended September 30, 2023 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Third Quarter Results Conference Call Information
KPT will hold its third quarter conference call on Wednesday, November 8, 2023 at 8:30 a.m. Eastern Time.

Via telephone: 1-888-664-6383 or 416-764-8650

Via the internet at: www.kptissueinc.com

Presentation material referenced during the conference call will be available at www.kptissueinc.com.

A rebroadcast of the conference call will be available until midnight, November 15, 2023 by dialing 1-888-390-0541 or 416-764-8677 and entering passcode 991958.

The replay of the webcast will remain available on the website until midnight, November 15, 2023.

About KP Tissue Inc. (KPT) KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 13.1% interest in Kruger Products. For more information visit www.kptissueinc.com.

About Kruger Products
Kruger Products is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and BonterraTM. In the U.S., Kruger Products manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. Kruger Products has approximately 2,800 employees and operates nine FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.

Non-GAAP Financial Measures This press release uses certain non-GAAP financial measures which Kruger Products believes provide useful information to management of Kruger Products and the readers of the financial information in measuring the financial performance and financial condition of Kruger Products. These measures do not have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. “Adjusted EBITDA” is calculated by Kruger Products as net income (loss) before (i) interest expense and other finance costs, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) impairment (gain on sale) of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities, (ix) changes in amortized cost of Partnership units liability, (x) change in fair value of derivatives, (xi) consulting costs related to operational transformation initiatives, (xii) corporate development related costs and (xiii) loss (gain) on sale of shares. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this news release.

Forward-Looking Statements
Certain statements in this press release about KPT’s and Kruger Products' current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding continued growth in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products, the expected capital cost of the Sherbrooke Expansion Project, expectations regarding Q4 volume and margins and our expectation that Adjusted EBITDA1 in Q4 2023 will be in the $60-$65 million range. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or Kruger Products, including the moderation of inflationary pressure on input costs and continued inflationary pressure on SG&A as labour, marketing and IT costs continue to rise. Although KPT and Kruger Products believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.

The outlook provided in respect of Adjusted EBITDA1 for Q4 2023 is forward-looking information and is based on the assumptions and subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding Kruger Products’ future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.

Many factors could cause Kruger Products’ actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from KPT’s economic interest in Kruger Products), to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to Kruger Products’ Business” section of the KPT Annual Information Form dated March 9, 2023 available on SEDAR at www.sedar.com: Kruger Inc.’s influence over Kruger Products; Kruger Products’ reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the TAD Sherbrooke Project; risks associated with the Sherbrooke Expansion Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; Kruger Products’ inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of Kruger Products or Kruger Products’ brands; Kruger Products’ sales being less than anticipated; Kruger Products’ failure to implement its business and operating strategies; Kruger Products’ obligation to make regular capital expenditures; Kruger Products’ entering into unsuccessful acquisitions; Kruger Products’ dependence on key personnel; Kruger Products’ inability to retain its existing customers or obtain new customers; Kruger Products’ loss of key suppliers; Kruger Products’ failure to adequately protect its intellectual property rights; Kruger Products’ reliance on third party intellectual property licenses; adverse litigation and other claims affecting Kruger Products; material expenditures due to comprehensive environmental regulation affecting Kruger Products’ cash flow; Kruger Products’ pension obligations are significant and can be materially higher than predicted if Kruger Products Management’s underlying assumptions are incorrect; labour disputes adversely affecting Kruger Products’ cost structure and Kruger Products’ ability to run its plants; exchange rate and U.S. competitors; Kruger Products’ inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology; cyber-security; insurance; internal controls; trade; and risks related to COVID-19.

Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

INFORMATION:

Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: 905.812.6936
[email protected]

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
[email protected]

1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this news release for more information on these measures

Kruger Products Inc. Unaudited Condensed Consolidated Statements of Financial Position (thousands of Canadian dollars)    September 30, 2023 December 31, 2022 $ $Assets Current assets Cash and cash equivalents 151,145  71,261 Restricted cash 11,082  7,145 Trade and other receivables 123,545  119,681 Receivables from related parties 118  223 Inventories 255,835  286,566 Income tax recoverable 5,159  1,306 Prepaid expenses 8,564  5,640  555,448  491,822 Non-current assets Property, plant and equipment 1,363,521  1,294,838 Right-of-use assets 72,996  81,715 Other long-term assets 6,213  27,554 Pensions 104,124  83,080 Goodwill 152,021  152,021 Intangible assets 27,312  30,027 Deferred income taxes 16,256  95,711 Total assets 2,297,891  2,256,768  Liabilities Current liabilities Trade and other payables 350,401  279,425 Payables to related parties 11,888  11,363 Dividends payable 13,463  - Distributions payable -  12,866 Current portion of long-term debt 34,389  34,411 Current portion of lease liabilities 25,807  28,349 Current portion of long-term payable to related party 5,800  5,800 Current portion of provisions 3,199  3,252  444,947  375,466 Non-current liabilities Long-term debt 1,065,594  1,077,297 Long-term lease liabilities 61,306  70,579 Long-term payable to related party 35,016  39,042 Long-term provisions 3,053  3,076 Pensions 19,395  20,847 Post-retirement benefits 42,542  43,739 Liabilities to non-equityholders 1,671,853  1,630,046 Long-term portion of Partnership units liability  -  133,551 Total liabilities 1,671,853  1,763,597  Equity Share capital 661,856  - Partnership units -  494,459 Deficit (137,903) (87,835)Accumulated other comprehensive income 85,906  86,547 Equity attributable to Kruger Products 609,859  493,171 Non-controlling interest 16,179  - Total equity 626,038  493,171 Total equity and liabilities 2,297,891  2,256,768

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Income (Loss)(thousands of Canadian dollars)   3-month
period ended
September 30, 2023 3-month
period ended
September 30, 2022  9-month
period ended
September 30, 2023  9-month
period ended
September 30, 2022  $ $  $  $  Revenue  473,399  427,026  1,390,693  1,223,264  Expenses Cost of sales 386,375  394,596  1,171,111  1,130,940 Selling, general and administrative expenses 39,973  30,060  116,890  94,036 Restructuring costs, net 77  139  1,300  1,007  Operating income (loss) 46,974  2,231  101,392  (2,719) Interest expense and other finance costs 16,677  18,907  51,740  53,810 Foreign exchange loss (gain) 8,395  26,045  (870) 34,329  Income (loss) before income taxes 21,902  (42,721) 50,522  (90,858) Current tax expense 515  547  1,943  1,385 Deferred tax expense (recovery) 6,553  (4,466) 68,860  (19,365) Income tax expence (recovery) 7,068  (3,919) 70,803  (17,980) Net income (loss) including non-controlling interest 14,834  (38,802) (20,281) (72,878) Net income attributable to non-controlling interest 1,906  -  1,568  -  Net income (loss) attributable to Kruger Products 12,928  (38,802) (21,849) (72,878)

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)(thousands of Canadian dollars)   3-month period ended September 30, 2023  3-month period ended September 30, 2022 9-month period ended September 30, 2023 9-month period ended September 30, 2022 $  $ $ $ Net income (loss) including non-controlling interest14,834  (38,802) (20,281) (72,878)  Other comprehensive income (loss) Items that will not be reclassified to net income (loss): Remeasurements of pensions18,227  (3,184) (1,654) 191,741 Remeasurements of post-retirement benefits2,932  (293) 13,122  13,758 Items that may be subsequently reclassified to net income (loss): Cumulative translation adjustment4,611  17,110  (641) 21,495  Other comprehensive income25,770  13,633  10,827  226,994  Total comprehensive income (loss) including non-controlling interest40,604  (25,169) (9,454) 154,116 Total comprehensive income attributable to non-controlling interest1,906  -  1,568  -  Total comprehensive income (loss) attriutable to Kruger Products38,698  (25,169) (11,022) 154,116

Kruger Products Inc.Unaudited Condensed Consolidated Statements of Cash Flows(thousands of Canadian dollars)    3-month period ended September 30, 2023 3-month period ended September 30, 2022 9-month period ended September 30, 2023 9-month period ended September 30, 2022 $ $ $ $Cash flows from (used in) operating activities Net income (loss) including non-controlling interest14,834  (38,802) (20,281) (72,878)Items not affecting cash Depreciation24,227  23,684  70,305  66,444 Amortization1,110  1,108  3,271  3,277 Loss (gain) on sale of property, plant and equipment(11) -  1,098  18 Gain on disposal of leased assets-  -  (488) - Foreign exchange loss (gain)8,395  26,045  (870) 34,329 Interest expense and other finance costs16,677  18,907  51,740  53,810 Pension and post-retirement benefits2,344  3,706  6,456  10,976 Provisions765  773  2,704  1,267 Income tax expense (recovery)7,068  (3,919) 70,803  (17,980)Loss on sale of non-financial assets5  1  21  11 Total items not affecting cash60,580  70,305  205,040  152,152  Net change in non-cash working capital47,409  (18,724) 64,267  (85,245)Contributions to pension and post-retirement benefit plans(2,241) (4,214) (7,439) (12,554)Provisions paid(169) (88) (3,443) (4,003)Income tax payments, net(550) (269) (2,008) (1,757)Net cash from (used in) operating activities119,863  8,208  236,136  (24,285) Cash flows from (used in) investing activities Purchases of property, plant and equipment(5,993) (8,381) (14,673) (27,311)Purchases of property, plant and equipment and software related to the TAD Sherbrooke Project(837) (4,256) (1,580) (15,185)Purchases of property, plant and equipment and software related to the Sherbrooke Expansion Project(21,535) (9,196) (89,995) (29,944)Interest paid on credit facilities related to the Sherbrooke Expansion Project, net(105) 17  (321) (289)Government assistance received-  1,023  1,250  1,023 Purchases of software(48) (180) (556) (4,939)Proceeds on sale of property, plant and equipment17  -  2,465  1 Net cash used in investing activities(28,501) (20,973) (103,410) (76,644) Cash flows from (used in) financing activities Proceeds from long-term debt30,761  30,820  87,543  248,326 Repayment of long-term debt(46,337) (10,272) (69,906) (135,718)Payment of deferred financing fees(25) (1,506) (405) (2,818)Payment of lease liabilities(7,039) (6,852) (20,835) (21,263)Change in Restricted cash(1,380) (1,160) (3,937) (3,472)Interest paid on long-term debt(2,921) (11,211) (34,281) (36,198)Payment to related party-  -  (5,700) - Dividends paid, net(1,741) -  (5,245) - Distributions and advances paid, net-  (1,743) -  (15,764)Net cash from (used in) financing activities(28,682) (1,924) (52,766) 33,093  Effect of exchange rate changes on cash and cash equivalents held in foreign currency220  1,280  (76) 1,440  Increase (decrease) in cash and cash equivalents during the period62,900  (13,409) 79,884  (66,396) Cash and cash equivalents - Beginning of period88,245  95,532  71,261  148,519  Cash and cash equivalents - End of period151,145  82,123  151,145  82,123

Kruger Products Inc.Segment and Geographic Results(thousands of Canadian dollars)   3-month period ended September 30, 2023 3-month period ended September 30, 2022 9-month period ended September 30, 2023 9-month period ended September 30, 2022 $ $ $ $ Segment Information  Segment Revenue Consumer390,293  346,063  1,150,290  1,015,238 AFH83,106  80,963  240,403  208,026  Revenue from external customers473,399  427,026  1,390,693  1,223,264  Adjusted EBITDA Consumer65,925  25,038  170,468  74,719 AFH8,381  5,357  15,078  1,685 Corporate and other costs(1,924) 315  (8,159) (4,819) Total Adjusted EBITDA72,382  30,710  177,387  71,585  Reconciliation to net income (loss):  Depreciation and amortization25,337  24,792  73,576  69,721 Interest expense and other finance costs16,677  18,907  51,740  53,810 Loss (gain) on sale of property, plant and equipment(11) -  1,098  18 Loss on sale of non-financial assets5  1  21  11 Restructuring costs, net77  139  1,300  1,007 Foreign exchange loss (gain)8,395  26,045  (870) 34,329 Consulting costs related to operational transformation initiatives-  3,547  -  3,547  Income (loss) before income taxes21,902  (42,721) 50,522  (90,858) Income tax expense (recovery)7,068  (3,919) 70,803  (17,980) Net income (loss) including non-controlling interest14,834  (38,802) (20,281) (72,878) Geographic Revenue  Canada267,588  249,827  793,533  732,033 US205,811  177,199  597,160  491,231  Total revenue473,399  427,026  1,390,693  1,223,264

KP Tissue Inc.Unaudited Condensed Statements of Financial Position(thousands of Canadian dollars)   September 30, 2023 December 31, 2022 $ $Assets  Current assets Dividends receivable1,793  - Distributions receivable-  1,790 Income tax recoverable443  580  2,236  2,370  Non-current assets Investment in associate72,318  79,338  Total assets74,554  81,708  Liabilities  Current liabilities Dividend payable1,793  1,790 Payable to investee33  - Payable to Partnership-  170  1,826  1,960 Non-current liabilities Deferred income taxes-  5,718  Total liabilities1,826  7,678  Equity  Common shares22,509  22,379 Contributed surplus144,819  144,819 Deficit(111,378) (108,008)Accumulated other comprehensive income16,778  14,840  Total equity72,728  74,030  Total liabilities and equity74,554  81,708

KP Tissue Inc.Unaudited Condensed Statements of Income (Loss) and Comprehensive Income (Loss)(thousands of Canadian dollars, except share and per share amounts)  3-month period ended September 30, 2023 3-month period ended September 30, 2022 9-month period ended September 30, 2023 9-month period ended September 30, 2022 $ $ $ $  Share of income (loss)1,789  (5,523) (2,909) (10,425) Depreciation of fair value increments(286) (1,313) (886) (3,942) Equity income (loss)1,503  (6,836) (3,795) (14,367) Dilution gain262  283  787  483  Income (loss) before income taxes1,765  (6,553) (3,008) (13,884)  Current tax expense (recovery)-  4  -  (448) Deferred tax expense (recovery)-  (268) 3892  (4,177) Income tax expense (recovery)-  (264) 3,892  (4,625) Net income (loss) 1,765  (6,289) (6,900) (9,259) Other comprehensive income net of tax expense (recovery) Items that will not be reclassified to net income (loss): Remeasurements of pensions2,466  (383) 6,675  17,749 Remeasurements of post-retirement benefits370  (45) 2,229  1,354 Items that may be subsequently reclassified to net income (loss): Cumulative translation adjustment672  2,390  1,938  2,981  Other comprehensive income3,508  1,962  10,842  22,084  Total comprehensive income (loss) 5,273  (4,327) 3,942  12,825  Basic earnings (loss) per share0.18  (0.63) (0.69) (0.93) Weighted average number of shares outstanding9,957,841  9,939,529  9,953,646  9,933,537

KP Tissue Inc.Unaudited Condensed Statements of Cash Flows(thousands of Canadian dollars)  3-month period ended September 30, 2023 3-month period ended September 30, 2022 9-month period ended September 30, 2023 9-month period ended September 30, 2022 $ $ $ $Cash flows from (used in) operating activities Net income (loss)1,765  (6,289) (6,900) (9,259)Items not affecting cash Equity loss (income)(1,503) 6,836  3,795  14,367 Dilution gain(262) (283) (787) (483)Income tax expense (recovery)-  (264) 3,892  (4,625)Total items not affecting cash(1,765) 6,289  6,900  9,259  Net change in non-cash working capital(137) 93  (137) (76)Tax refunds (payments), net137  (93) 137  38 Tax Distribution received, net-  -  -  38  Net cash from (used in) operating activities-  -  -  -  Cash flows from investing activities Dividends received, net1,739  -  5,242  - Partnership unit distributions received, net-  1,742  -  4,886  Net cash from investing activities1,739  1,742  5,242  4,886  Cash flows used in financing activities Dividends paid, net(1,739) (1,742) (5,242) (4,886) Net cash used in financing activities(1,739) (1,742) (5,242) (4,886) Increase (decrease) in cash and cash equivalents during the period-  -  -  -  Cash and cash equivalents - Beginning of period-  -  -  -  Cash and cash equivalents - End of period-  -  -  -