STRONG FOURTH-QUARTER RESULTS AND SUSTAINED ACQUISITION ACTIVITY
10 acquisitions generating additional annual sales of $100 million Richelieu's 100th acquisition in its history
Highlights of the fourth quarter ended November 30, 2025
- Sales of $510.9 million, an increase of 7.3%, including 4.1% internal growth and 3.2% from acquisitions.
- EBITDA of $59.2 million, an increase of 9.1% - EBITDA margin of 11.6%.
- Net earnings attributable to shareholders of $25.6 million, or $0.46 per diluted share, an increase of 4.5%.
- Cash flows from operating activities of $68.7 million.
2025 fiscal year
- Sales of $1.96 billion, an increase of 7.2%.
- EBITDA of $213.9 million, an increase of 6.2% - EBITDA margin of 10.9%.
- Net earnings attributable to shareholders of $85.8 million, or $1.55 per diluted share, an increase of 1.3%.
- Cash flows from operating activities of $202.4 million.
- Strong and sound financial position as at November 30, 2025, with a working capital of $624.0 million (ratio 3.3:1).
Acquisitions
- Fiscal year 2025: 9 acquisitions (U.S. and Canada), including 3 in the fourth quarter (Canada).
- After November 30, 2025: acquisition of 3 distribution centres (Portland, Seattle, and Spokane) from McKillican American -- the 10th acquisition since December 2024 and Richelieu's 100th acquisition in its history.
A 2.2% increase in the quarterly dividend, which rises to $0.1566 per share for the first quarter of 2026.
MONTREAL, Jan. 15, 2026 /CNW/ - "For Richelieu, 2025 was a year of sustained growth, with sales reaching $1.96 billion. Over the past thirteen months, we completed ten acquisitions in North America, representing additional annual sales of $100 million. The most recent acquisition, completed after year-end, is also Richelieu's 100th acquisition in its history. Moreover, our 4th quarter and full-year results reflect good progress across our market segments in North America. Our operations generated cash flows of $68.7 million in the last quarter, including a $30 million reduction in inventories, and positive cash flows of $202.4 million for the full year. Benefiting from our strong balance sheet, our leadership position, and the expertise of our team, we will continue to focus on our innovation and acquisition strategies to seize opportunities, help evolve our markets, and drive growth," said Richard Lord, President and Chief Executive Officer.
"We are maintaining our proactive market development strategy and will continue to invest in value creation in the short and long term. I am particularly proud of the acquisitions of Ideal Security and Klassen Bronze, which expand our private brand portfolio, bringing the total to ten brands in the retailers and renovation superstores market Segment. These additions strengthen our position in this strategic segment and fully align with our "one-stop shop" strategy, to the benefit of our partners and customers. They also support the growth of our private brands and exclusive products. It is worth noting that our private brands and exclusive products intended for manufacturers and retailers represent a significant proportion of our sales" added Richard Lord.
Three acquisitions were completed in Canada in the fourth quarter and one in the United States after November 30, 2025, representing the 10th acquisition since December 1, 2024.
- On September 2, 2025, the acquisition of Ideal Security, a Canadian distributor located in the Greater Montreal area, QC, whose specialized hardware products for doors and windows are sold to the hardware retailers and renovation superstores market.
- On October 1, 2025, the acquisition of Finmac Lumber, a distributor of specialized wood products, located in Winnipeg, MB, in Western Canada.
- On October 29, 2025, the acquisition of Klassen Bronze, offering a broad range of letters, numbers, mailboxes, signage, and keys of all kinds, primarily serving the hardware retailers and renovation superstores market.
- On December 12, 2025, acquisition of McKillican American's three distribution centres specializing in hardware and building materials, located in Portland, OR, Seattle, and Spokane, WA.
New Private Brands Targeting the Retailers and Renovation Superstores Market Segment: with the acquisitions of Ideal Security and Klassen Bronze, Richelieu is expanding its portfolio of private brands aimed at the retailers and renovation superstores market, bringing the total number of private brands to 10 and further strengthening its position in this market. These new developments are part of the Corporation's "one-stop shop" strategy, supported by its service centres in Calgary for Western Canada, Kitchener for Eastern Canada, and Chicago for the United States.
It should be noted that six acquisitions were completed during the first nine months of the fiscal year, two of which were in Canada-- Mill Supply (NS and PEI) and Les Industries Camcoat (QC). The other four were completed in the United States: Darant Distributing (CO), Midwest Specialty Products (MN), Modulex Partition (NJ), and Rhoads & O'Hara Architectural Products (NJ).
ANALYSIS OF OPERATING RESULTS FOR THE YEAR ENDED NOVEMBER 30, 2025, COMPARED WITH THE YEAR ENDED NOVEMBER 30, 2024
Consolidated sales
The following table provides an overview of Richelieu's sales in its two main markets for the years ended November 30, 2025 and 2024 :
(in millions of dollars except exchange rates) | Years ended November 30, | ∆ % | |||
2025 | 2024 | Total | Internal | Acquisitions | |
Consolidated | 1,964.0 | 1,832.2 | 7.2 | 4.0 | 3.2 |
Manufacturers | 1,743.3 | 1,614.9 | 8.0 | 4.4 | 3.6 |
Retailers | 220.7 | 217.3 | 1.6 | 0.8 | 0.8 |
Canada | 1,071.4 | 1,048.2 | 2.2 | 0.4 | 1.8 |
Manufacturers | 897.3 | 873.0 | 2.8 | 0.8 | 2.0 |
Retailers | 174.1 | 175.2 | (0.6) | (1.3) | 0.7 |
United States $US | 637.5 | 574.9 | 10.9 | 5.0 | 5.9 |
Manufacturers | 604.2 | 544.0 | 11.1 | 5.9 | 5.2 |
Retailers | 33.3 | 30.9 | 7.8 | 6.7 | 1.1 |
United States $CA | 892.6 | 784.0 | 13.9 | ||
Average exchange rates | 1.400 | 1.364 | |||
Consolidated sales reached $1.96 billion, an increase of $131.8 million or 7.2% over last year, of which 3.2% from acquisitions and 4.0% from internal growth. Internal growth in the U.S. manufacturers' market was supported by higher selling prices. Part of this internal growth came from price adjustments applied to reflect the customs tariffs, representing a cost pass-through with no impact on gross margin. In currency comparable to that of the 2024 financial year, the growth in consolidated sales for the year ended November 30, 2025, would have been 5.9%.
(in millions of dollars, except per share data) | Years ended November 30, | ||
2025 | 2024 | ∆% | |
Sales | 1,964.0 | 1,832.2 | 7.2 |
Operating expenses excluding amortization | 1,750.1 | 1,630.8 | 7.3 |
EBITDA | 213.9 | 201.4 | 6.2 |
EBITDA margin (%) | 10.9 % | 11.0 % | |
Amortization of property, plant and equipment and right-of-use assets | 65.0 | 58.1 | 11.7 |
Amortization of intangible assets | 10.9 | 10.8 | 0.7 |
Net financial costs | 14.3 | 11.7 | 23.1 |
90.2 | 80.6 | 11.9 | |
Earnings before income taxes | 123.7 | 120.8 | 2.4 |
Income taxes | 33.1 | 31.3 | 5.7 |
Net earnings | 90.6 | 89.5 | 1.2 |
Net earnings attributable to: | |||
Shareholders of the Corporation | 85.8 | 85.8 | 0.1 |
Non-controlling interests | 4.7 | 3.7 | 27.4 |
Net earnings per share attributable to shareholders of the Corporation | |||
Basic | 1.55 | 1.54 | 0.6 |
Diluted | 1.55 | 1.53 | 1.3 |
Earnings before interest, income taxes, and amortization (EBITDA) totalled $213.9 million, up by $12.5 million or 6.2% over 2024. This growth was mainly driven by higher sales. Therefore, EBITDA margin stood at 10.9%, compared with 11.0% for 2024.
Amortization expenses amounted to $75.9 million, compared with $68.9 million for 2024, an increase of $7.0 million. This increase is primarily attributable to the growth in right-of-use assets related to lease renewals and recent business acquisitions. Net financial costs were $14.3 million, compared to $11.7 million, an increase of $2.6 million due to higher interest expenses resulting from the increase in lease obligations. Income taxes amounted to $33.1 million, an increase of $1.8 million over 2024.
Net earnings were up by 1.2%. Considering non-controlling interests, net earnings attributable to shareholders of the Corporation totalled $85.8 million, a growth of 0.1% compared to 2024. Net earnings per share amounted to $1.55 basic and diluted, compared with $1.54 basic and $1.53 diluted for 2024, an increase of 0.6% and 1.3% respectively.
FOURTH QUARTER ENDED NOVEMBER 30, 2025
Consolidated sales
The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended November 30, 2025 and 2024 :
(in millions of dollars except exchange rates) | Quarters ended November 30 | ∆ % | |||
2025 | 2024 | Total | Internal | Acquisitions | |
Consolidated | 510.9 | 476.2 | 7.3 | 4.1 | 3.2 |
Manufacturers | 459.9 | 421.7 | 9.1 | 5.9 | 3.2 |
Retailers | 51.0 | 54.5 | (6.4) | (9.5) | |
Canada | 282.0 | 275.2 | 2.5 | 0.1 | 2.4 |
Manufacturers | 240.8 | 230.3 | 4.6 | 2.2 | 2.4 |
Retailers | 41.2 | 44.9 | (8.2) | (10.7) | |
United States $US | 164.1 | 146.1 | 12.3 | 8.1 | 4.2 |
Manufacturers | 157.0 | 139.1 | 12.9 | 8.8 | 4.1 |
Retailers | 7.1 | 7.0 | 1.4 | (4.3) | |
United States $CA | 228.9 | 201.0 | 13.9 | ||
Average exchange rates | 1.395 | 1.376 | |||
Fourth-quarter consolidated sales amounted to $510.9 million, compared with $476.2 million for the corresponding quarter of 2024, an increase of $34.7 million or 7.3%, of which 4.1% resulted from internal growth and 3.2% from acquisitions. Internal growth in the U.S. manufacturers' market partly reflects price adjustments related to the customs tariffs. At comparable exchange rates to the fourth quarter of 2024, the consolidated sales growth would have been 6.6% for the quarter ended November 30, 2025.
Earnings before interest, income taxes, and amortization (EBITDA) amounted to $59.2 million compared with $54.3 million in the fourth quarter of 2024, up by 9.1%. The gross margin remained stable compared to the same period in 2024, and the EBITDA margin stood at 11.6%, compared to 11.4% in the fourth quarter of 2024.
Amortization expenses amounted to $19.5 million compared with $17.7 million for the corresponding quarter of 2024, an increase of $1.8 million. Net financial costs are up $0.2 million. Income taxes amounted to $9.7 million compared with $8.2 million for the fourth quarter of 2024.
Net earnings were $26.8 million, up by 5.7% over the corresponding quarter of 2024. Considering non-controlling interests, net earnings attributable to shareholders of the Corporation amounted to $25.6 million, up by 4.8% over the fourth quarter of 2024. Net earnings per share were $0.46 basic and diluted, compared with $0.44 basic and diluted for the fourth quarter of 2024, an increase of 4.5%.
Comprehensive income amounted to $32.7 million, reflecting a positive adjustment of $5.9 million on translation of the financial statements of the subsidiary in the United States, compared with $37.2 million for the fourth quarter of 2024, which reflected a positive adjustment of $11.8 million on translation of the financial statements of the subsidiary in the United States.
Cash flows from operating activities (before net change in non-cash working capital balances) amounted to $48.3 million or $0.87 per share, compared with $43.0 million or $0.77 per share for the fourth quarter of 2024, an increase of 12.4% resulting primarily from the increase in earnings before amortization, financial costs and income taxes and in deferred taxes. The net change in non-cash working capital balances represented a cash inflow of $20.4 million, driven by a $30.1 million reduction in inventories, while changes in accounts receivable, payable, and other items required cash flows of $9.7 million. Consequently, operating activities provided cash flows of $68.7 million, compared with $27.2 million for the fourth quarter of 2024.
Financing activities used $34.2 million of cash, compared with $41.8 million for the fourth quarter of 2024 mainly due to lower common share repurchases ($12.6 million for the fourth quarter of 2025 compared to a $20.1 million in the fourth quarter of 2024).
Investing activities totaled $23.3 million in the fourth quarter including $19.6 million for business acquisitions completed during the quarter and $3.7 million primarily for the purchase of various equipment aimed at maintaining and improving operational efficiency.
FINANCIAL POSITION
as at November 30, 2025
Analysis of significant cash flows
(in millions of dollars) | Years ended November 30, | |
2025 | 2024 | |
Cash flows provided by (used in) : | ||
Operating activities | 202.4 | 133.6 |
Financing activities | (104.4) | (117.9) |
Investing activities | (62.3) | (50.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.8) | (0.8) |
Net change in cash and cash equivalents (bank overdraft) | 34.9 | (36.0) |
Net cash and cash equivalents (net of bank overdraft), beginning of period | (12.3) | 23.7 |
Net cash and cash equivalents (net of bank overdraft), end of period | 22.6 | (12.3) |
Reconciliation of cash flow from operating activities to adjusted cash flow from operating activities :
(in millions of dollars) | Years ended November 30, | |
2025 | 2024 | |
Cash flow from operating activities | 202.4 | 133.6 |
Net change in non-cash working capital balances (inflow) | (21.9) | 32.1 |
Adjusted cash flows from operating activities | 180.5 | 165.7 |
Operating activities
Cash flows from operating activities (before net change in non-cash working capital balances) reached $180.5 million or $3.26 diluted per share, compared with $165.7 million or $2.95 diluted per share for 2024, an increase of 8.9% mainly reflecting the increase in earnings before amortization, financial costs and income taxes and in deferred taxes. The net change in non-cash working capital balances represented a cash inflow of $21.9 million, mainly representing a decrease in inventory of $33.6 million whereas accounts receivable, payable, and other items used cash flows of $11.7 million. Consequently, operating activities generated a cash inflow of $202.4 million compared to a cash inflow of $133.6 million for 2024.
Financing activities
Financing activities used cash flows of $104.4 million, compared with $117.9 million for 2024. During the year, Richelieu repaid long-term debt of $4.0 million, paid lease obligations of $48.7 million, and issued shares for $3.6 million, compared to a long-term debt repayment of $3.2 million, lease obligations payments of $41.1 million, and a $3.4 million share issue in 2024. Dividends paid to shareholders of the Corporation amounted to $33.9 million compared to $33.5 million in 2024. The Corporation also repurchased common shares for an amount of $16.2 million compared with $38.7 million in 2024.
Investing activities
Investing activities used cash flows of $62.3 million, including $47.1 million for nine business acquisitions completed in fiscal 2025 and $15.2 million primarily for the purchase of equipment aimed at maintaining and improving operational efficiency.
Analysis of financial position
(in millions of dollars, except exchange rates) | As at November 30 | ||
2025 | 2024 | ∆% | |
Current assets | 896.1 | 901.8 | (0.6) |
Non-current assets | 547.9 | 492.3 | 11.3 |
Total | 1,444.0 | 1,394.1 | 3.6 |
Current liabilities | 272.1 | 288.9 | (5.8) |
Non-current liabilities | 207.2 | 176.2 | 17.6 |
Equity attributable to shareholders of the Corporation | 961.9 | 926.5 | 3.8 |
Non-controlling interests | 2.8 | 2.5 | 11.8 |
Total | 1,444.0 | 1,394.1 | 3.6 |
Exchange rates on translation of subsidiaries in the United States | 1.398 | 1.401 | |
Assets
Total assets amounted to $1.4 billion as at November 30, 2025, an increase of 3.6%. Current assets were down by 0.6% or $5.7 million from November 30, 2024. Non-current assets increased by 11.3%, mainly due to the addition of right-of-use assets and an increase in goodwill related to lease renewals and business acquisitions.
Cash position and long-term debt
(in millions of dollars) | As at November 30 | |
2025 | 2024 | |
Current portion of long-term debt | 7.6 | 3.5 |
Long-term debt | 2.3 | 2.4 |
Total debt | 9.9 | 5.9 |
Net cash and cash equivalents (net of bank overdraft) | 22.6 | (12.3) |
Shareholders' equity and share capital
Equity attributable to shareholders of the Corporation totalled $961.9 million as at November 30, 2025, compared with $926.5 million as at November 30, 2024, an increase of $35.4 million. This increase is mainly due to a rise of $31.1 million in retained earnings and of $5.4 million in share capital and contributed surplus, while accumulated other comprehensive income was down by $1.0 million. As at November 30, 2025, the book value per share was $17.52, up by 4.4% over November 30, 2024, and the return on average shareholders' equity was 9.1%.
As at November 30, 2025, the Corporation's share capital consisted of 54,911,836 common shares (55,218,678 shares as at November 30, 2024) and the weighted average number of diluted shares outstanding for the year was 55,383,300 (56,125,380 for 2024). In 2025, upon the exercise of stock options under the stock option plan, Richelieu issued 131,325 common shares at an average price of $27.25 (138,025 in 2024 at an average price of $24.96). The Corporation granted 299,000 stock options in fiscal 2025 (289,000 in 2024) and cancelled 99,375 (37,375 in 2024). Consequently, as at November 30, 2025, 1,802,825 stock options were outstanding (1,734,525 as at November 30, 2024).
DIVIDENDS
On January 15, 2026, the Board of Directors approved the payment of a quarterly dividend of $0.1566 per share to shareholders of record as at January 29, 2026, payable on February 12, 2026. The declared dividend is designated as an eligible dividend within the meaning of the Income Tax Act (Canada).
MAIN TRADEMARKS
PROFILE AS AT NOVEMBER 30, 2025
Richelieu is a leading North American importer, manufacturer and distributor of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, door and window, and hardware retailers including renovation superstores. Richelieu offers its customers a broad mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 119 centres in North America – 51 distribution centres in Canada, 65 in the United States and 3 manufacturing plants in Canada, specifically, Les Industries Cedan Inc., Menuiserie des Pins Ltée and USIMM UNIGRAV Inc, which manufacture a variety of veneer sheets and edge banding products, a broad selection of decorative moldings and components for the window and door industry as well as custom products, including a 3D scanning centre.
Notes to readers -- Richelieu uses earnings before interest, income taxes, and amortization ("EBITDA") because this measure enables management to assess the Corporation's operational performance. This measure is a financial indicator of a corporation's ability to service its debt. However, EBITDA should not be considered by an investor as an alternative to operating income, net earnings, cash flows, or as a measure of liquidity. Because EBITDA is not a standardized measurement as prescribed by IFRS, it may not be comparable to the EBITDA of other companies. Richelieu also uses adjusted cash flows from operating activities, which are based on net earnings plus the amortization of property, plant and equipment, intangible assets and right-of-use assets, deferred tax expense (or recovery), share-based compensation expense, and net financial costs. These additional measures do not account for net change in non-cash working capital items to exclude seasonality effects and are used by management in its assessments of cash flows from long-term operations. Therefore, adjusted cash flows from operating activities may not be comparable to those of other companies. Certain statements outlined in this report (generally identified by terms such as "may", "could", "might", "intend", "expect", "believe", "estimate" or comparable variants) constitute forward-looking statements which, by their very nature, remain subject to other risks and uncertainties as outlined in the Corporation's annual and quarterly reports. Although management considers these assumptions and expectations reasonable based on the information available at the time they are provided, such assumptions and expectations could prove inaccurate, and actual results could differ materially. Richelieu is under no obligation to update or revise any forward-looking statements made herein to account for future events or circumstances, except as required by applicable legislation.
For information:
Richard Lord
President and Chief Executive Officer
Antoine Auclair
Chief Financial Officer and Chief Operating Officer
Tel: (514) 336-4144
CONFERENCE CALL ON JANUARY 15, 2026 AT 2:30 P.M. (EASTERN TIME) |
Financial analysts and investors interested in participating in the conference call on Richelieu's results to be held at 2:30 p.m. on January 15, 2026, may dial 1-800-990-4777 a few minutes before the start of the call. For those unable to participate, a taped rebroadcast will be available as of 5:45 p.m. on January 15, 2026, until midnight on January 22, 2026, by dialing 1-888-660-6345, access code: 48094 #. Members of the media are invited to listen in.
Pictures are available on www.richelieu.com |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at November 30 | |||
[In thousands of dollars] | 2025 | 2024 | |
$ | $ | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 45,523 | 41,389 | |
Accounts receivable | 257,437 | 240,138 | |
Income taxes receivable | 5,502 | 10,132 | |
Inventories | 576,360 | 598,674 | |
Prepaid expenses | 11,324 | 11,467 | |
896,146 | 901,800 | ||
Non-current assets | |||
Property, plant and equipment | 90,473 | 89,253 | |
Intangible assets | 68,378 | 64,615 | |
Right-of-use assets | 218,641 | 185,024 | |
Goodwill | 155,688 | 140,396 | |
Deferred taxes | 14,628 | 13,041 | |
1,443,954 | 1,394,129 | ||
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Bank overdraft | 22,887 | 53,673 | |
Accounts payable and accrued liabilities | 162,326 | 167,827 | |
Income taxes payable | 2,227 | 2,772 | |
Current portion of long-term debt | 7,595 | 3,533 | |
Current portion of lease obligations | 49,568 | 41,227 | |
Other liabilities | 27,517 | 19,844 | |
272,120 | 288,876 | ||
Non-current liabilities | |||
Long-term debt | 2,269 | 2,369 | |
Lease obligations | 194,594 | 163,800 | |
Deferred taxes | 10,252 | 10,085 | |
Other liabilities | |||
479,235 | 465,130 | ||
Equity | |||
Share capital | 78,902 | 75,145 | |
Contributed surplus | 12,804 | 11,182 | |
Retained earnings | 832,966 | 801,879 | |
Accumulated other comprehensive income | 37,264 | 38,303 | |
Equity attributable to shareholders of the Corporation | 961,936 | 926,509 | |
Non-controlling interests | 2,783 | 2,490 | |
964,719 | 928,999 | ||
1,443,954 | 1,394,129 |
CONSOLIDATED STATEMENTS OF EARNINGS
Years ended November 30
[In thousands of dollars, except earnings per share]
2025 | 2024 | ||
$ | $ | ||
Sales | 1,964,027 | 1,832,218 | |
Operating expenses excluding amortization | 1,750,148 | 1,630,799 | |
Earnings before amortization, financial costs and income taxes | 213,879 | 201,419 | |
Amortization of property, plant and equipment and right-of-use assets | 64,952 | 58,139 | |
Amortization of intangible assets | 10,894 | 10,819 | |
Net financial costs | 14,345 | 11,656 | |
90,191 | 80,614 | ||
Earnings before income taxes | 123,688 | 120,805 | |
Income taxes | 33,118 | 31,325 | |
Net earnings | 90,570 | 89,480 | |
Net earnings attributable to: | |||
Shareholders of the Corporation | 85,824 | 85,754 | |
Non-controlling interests | 4,746 | 3,726 | |
90,570 | 89,480 | ||
Net earnings per share attributable to shareholders of the Corporation | |||
Basic | 1.55 | 1.54 | |
Diluted | 1.55 | 1.53 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended November 30
[In thousands of dollars]
2025 | 2024 | ||
$ | $ | ||
OPERATING ACTIVITIES | |||
Net earnings | 90,570 | 89,480 | |
Items not affecting cash and cash equivalents | |||
Amortization of property, plant and equipment and right-of-use assets | 64,952 | 58,139 | |
Amortization of intangible assets | 10,894 | 10,819 | |
Deferred taxes | (3,036) | (7,294) | |
Share-based compensation expense | 2,748 | 2,895 | |
Net financial costs | 14,345 | 11,656 | |
180,473 | 165,695 | ||
Net change in non-cash working capital balances | 21,906 | (32,140) | |
202,379 | 133,555 | ||
FINANCING ACTIVITIES | |||
Repayment of long-term debt | (4,047) | (3,205) | |
Payment of lease obligations | (48,664) | (41,100) | |
Interest paid on bank overdraft | (3,240) | (2,332) | |
Dividends paid to shareholders of the Corporation | (33,883) | (33,503) | |
Other dividends paid | (1,877) | (2,465) | |
Common shares issued | 3,579 | 3,445 | |
Common shares repurchased for cancellation | (16,235) | (38,707) | |
(104,367) | (117,867) | ||
INVESTING ACTIVITIES | |||
Business acquisitions | (47,064) | (20,290) | |
Additions to property, plant and equipment and intangible assets | (15,207) | (30,552) | |
(62,271) | (50,842) | ||
Effect of exchange rate changes on cash and cash equivalents | (821) | (840) | |
Net change in cash and cash equivalents (bank overdraft) | 34,920 | (35,994) | |
Net cash and cash equivalents (net of bank overdraft), beginning of year | (12,284) | 23,710 | |
Net cash and cash equivalents (net of bank overdraft), end of year | 22,636 | (12,284) | |
SOURCE Richelieu Hardware Ltd.
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