OKOTOKS,
AB, Feb. 9, 2023 /CNW/ - (TSX: MTL)
Mullen Group Ltd. ("Mullen Group", "We",
"Our" and/or the "Corporation"), one of
Canada's largest logistics
providers today reported its financial and operating results for
the quarter and year ended December 31,
2022, with comparisons to the same period last year. Full
details of our results may be found within our 2022 Annual
Financial Review, which is available on the Corporation's issuer
profile on SEDAR at www.sedar.com or on our website at
www.mullen-group.com.
"It took a total team effort, some very
favourable market conditions, and a strong economy to produce
the 2022 results. Our people,
especially the front line workers, worked tirelessly to meet the
surge in freight demand and still maintain
superior customer service. I know it was no easy task
last year. Thank you everyone," commented Mr. Murray K. Mullen, Chair and Senior Executive
Officer.
"Last year's market was impacted by
supply chain disruptions, shortages of key equipment and a
very tight labour market. This combination was the
primary reason I believe productivity was impacted and costs
increased beyond expectations. These conditions, strong
demand and limited supply, led to higher pricing levels, a major
reason for our exceptional performance last year.
And with today's
announcement, 2022 officially becomes history.
We have already shifted to managing the new market conditions,
highlighted by rising interest rates and stubbornly high inflation.
Under these macro conditions it is rational to conclude that
consumer spending will moderate and the general economy will slow.
However, Mullen Group has a diversified business model and we are
poised to capitalize on increased activity in our Specialized &
Industrial Services segment. In addition, I anticipate a more
active year in terms of M&A activity," added Mr.
Mullen.
Financial Highlights
(unaudited)
($ millions,
except per share amounts)
|
Three month periods
ended
December
31
|
|
Twelve month periods
ended
December
31
|
2022
|
2021
|
Change
|
|
2022
|
2021
|
Change
|
|
$
|
$
|
%
|
|
$
|
$
|
%
|
Revenue
|
502.7
|
441.9
|
13.8
|
|
1,999.5
|
1,477.4
|
35.3
|
|
|
|
|
|
|
|
|
Operating income before
depreciation and
amortization
|
77.6
|
65.8
|
17.9
|
|
329.9
|
236.4
|
39.6
|
Adjusted operating
income before depreciation
and amortization(1)
|
77.6
|
60.6
|
28.1
|
|
329.9
|
218.7
|
50.8
|
Net foreign exchange
(gain) loss
|
(2.1)
|
0.8
|
(362.5)
|
|
10.8
|
(0.7)
|
(1,642.9)
|
Decrease (increase) in
fair value of investments
|
(0.4)
|
(0.4)
|
-
|
|
(0.1)
|
(1.2)
|
(91.7)
|
Net income
|
61.5
|
20.2
|
204.5
|
|
158.6
|
72.4
|
119.1
|
Net Income -
adjusted(1)
|
53.6
|
20.9
|
156.5
|
|
164.2
|
70.4
|
133.2
|
Earnings per share -
basic
|
0.66
|
0.21
|
214.3
|
|
1.70
|
0.75
|
126.7
|
Earnings per share -
diluted
|
0.62
|
0.21
|
195.2
|
|
1.62
|
0.75
|
116.0
|
Earnings per share -
adjusted(1)
|
0.58
|
0.22
|
163.6
|
|
1.76
|
0.73
|
141.1
|
Net cash from operating
activities
|
100.5
|
65.8
|
52.7
|
|
263.0
|
198.0
|
32.8
|
Net cash from operating
activities per share(1)
|
1.08
|
0.69
|
56.5
|
|
2.82
|
2.06
|
36.9
|
Cash dividends declared
per Common Share(1)
|
0.18
|
0.12
|
50.0
|
|
0.68
|
0.48
|
41.7
|
(1)
Refer to the sections entitled "Non-IFRS Financial Measures" and
"Other Financial Measures".
|
Key highlights for 2022
- Record revenue of $2.0 billion,
up 35.3 percent due to incremental acquisition revenue, increases
in fuel surcharge revenue and general rate increases negotiated
early in the year.
- Record Adjusted operating income before depreciation and
amortization ("OIBDA") of $329.9
million, up 39.6 percent due to growth from existing
Business Units and from incremental Adjusted OIBDA from
acquisitions.
- Record net income of $158.6
million, up 119.1 percent and earnings per share of
$1.70, up 126.7 percent.
- Return on equity improved to 17.0 percent.
- Divested of a non-core asset and business for total proceeds of
$49.1 million.
- Reduced borrowings on our $250.0
million of Credit Facilities by $66.2
million to $22.8 million.
Fourth Quarter Commentary
(unaudited)
($
millions)
|
Three month periods
ended
December
31
|
2022
|
2021
|
Change
|
|
$
|
$
|
%
|
Revenue
|
|
|
|
Less-Than-Truckload
|
190.8
|
168.8
|
13.0
|
Logistics
& Warehousing
|
153.8
|
131.8
|
16.7
|
Specialized & Industrial Services
|
108.0
|
82.0
|
31.7
|
U.S. &
International Logistics
|
52.6
|
61.2
|
(14.1)
|
Corporate
and intersegment eliminations
|
(2.5)
|
(1.9)
|
31.6
|
Total
Revenue
|
502.7
|
441.9
|
13.8
|
Adjusted operating
income before depreciation and amortization
(1)
|
|
|
|
Less-Than-Truckload
|
31.8
|
25.7
|
23.7
|
Logistics
& Warehousing
|
30.4
|
23.3
|
30.5
|
Specialized & Industrial Services
|
19.1
|
12.3
|
55.3
|
U.S. &
International Logistics
|
0.9
|
2.0
|
(55.0)
|
Corporate
|
(4.6)
|
(2.7)
|
70.4
|
Total Adjusted
operating income before depreciation and
amortization (1)
|
77.6
|
60.6
|
28.1
|
(1) Refer to the section entitled
"Non-IFRS Financial Measures".
|
|
|
|
Revenue: Another record quarter with consolidated revenues
increasing by $60.8 million, or 13.8 percent,
to $502.7 million.
- LTL segment up $22.0 million, or
13.0 percent, to $190.8 million - the
rise in revenue is attributable to a $17.2
million increase in fuel surcharge revenue and $5.5 million of incremental revenue from
acquisitions. Segment revenue was negatively impacted in the fourth
quarter of 2022 as inclement weather and the timing of holidays,
reduced the number of working days available particularly in the
month of December.
- L&W segment up $22.0 million,
or 16.7 percent, to $153.8 million -
general rate increases and strong demand for freight services at
virtually all of our Business Units led to a $14.0 million increase in segment revenue. Fuel
surcharge revenue increased by $8.0
million due to the rise in diesel fuel prices.
- S&I segment up $26.0 million,
or 31.7 percent, to $108.0 million -
general price increases across all Business Units to offset higher
costs associated with inflationary pressures led to a $19.6 million increase in segment revenue. The
demand for specialized services, including pipeline hauling,
oilfield activity, and construction projects in northern
Manitoba was the primary reason
for this segment's revenue growth. Fuel surcharge revenue increased
by $2.9 million and acquisitions
added $3.5 million of incremental
segment revenue.
- US 3PL segment down $8.6 million
- HAUListic LLC generated $52.6
million of gross freight revenue as freight demand for full
truckload shipments softened in the fourth quarter.
Adjusted OIBDA: Strongest fourth quarter in a decade.
Adjusted OIBDA increased by $17.0 million, or
28.1 percent, to $77.6 million.
- LTL segment up $6.1 million, or
23.7 percent, to $31.8 million -
general rate increases and steady demand contributed $5.2 million of the increase while acquisitions
added $0.9 million of incremental
Adjusted OIBDA. Adjusted operating margin increased to 16.7 percent
as compared to 15.2 percent in 2021 due to rate increases
implemented in 2022.
- L&W segment up $7.1 million,
or 30.5 percent, to $30.4 million -
general rate increases led to improved results at virtually all of
our Business Units. Adjusted operating margin increased to 19.8
percent as compared to 17.7 percent in 2021 as freight rates
remained elevated and more than offset inflationary costs.
- S&I segment up $6.8 million,
or 55.3 percent, to $19.1 million -
results improved due to price increases implemented at several
Business Units, the improved results at Premay Pipeline Hauling
L.P. ("Premay Pipeline") and Smook Contractors Ltd.
("Smook"), greater demand from the Business Units involved
in the transportation of fluids and servicing of wells, and
drilling related services as higher commodity prices resulted in
increased activity levels in the Western Canadian Sedimentary Basin
("WCSB"). Adjusted operating margin increased by 2.7 percent
to 17.7 percent as compared to 15.0 percent in 2021 due to price
increases, the strong performance at Premay Pipeline and Smook and
greater activity levels in the WCSB.
- US 3PL segment generated $0.9
million of Adjusted OIBDA in the quarter, representing a
margin of 1.7 percent of gross revenue. Operating margin as a
percentage of net revenue was 19.6 percent. Margins were negatively
impacted by higher selling and administrative ("S&A")
expenses as we continue to build out our SilverExpressTM
technology platform.
Net income: Record fourth quarter. Net income increased by
$41.3 million, or 204.5 percent to
$61.5 million, or $0.66 per Common Share due to:
- A $29.9 million increase in gain
on sale of property, plant and equipment, an $11.8 million increase in OIBDA, a $2.9 million positive variance in net foreign
exchange, a $2.8 million gain on fair
value of equity investments and a $2.4
million decrease in depreciation on property, plant and
equipment.
- These increases were somewhat offset by a $7.8 million increase in income tax expense and a
$0.9 million increase in finance
costs.
Financial Position
The following summarizes our financial position as at
December 31, 2022, along with some
key changes that occurred during the fourth quarter:
- Reduced borrowings on our Credit Facilities by $75.9 million to $22.8
million.
- Working capital increased by $45.7
million, or 48.3 percent to $140.3
million, from the third quarter of 2022.
- Total net debt ($554.0 million)
to operating cash flow ($331.0
million) of 1.67:1 as defined per our Private Placement Debt
agreement (threshold of 3.50:1).
- Private Placement Debt of $480.7
million (average fixed rate of 3.93 percent per annum) with
principal repayments (net of Cross-Currency Swaps) of $217.2 million and $207.9
million due in October 2024
and October 2026, respectively.
Private Placement Debt decreased by $3.8
million due to the foreign exchange gain on our U.S.
$229.0 million debt recognized in the
fourth quarter of 2022.
- Book value of Derivative Financial Instruments down
$1.7 million to $46.4 million, which swaps our $229.0 million of U.S. dollar debt at an average
foreign exchange rate of $1.1096.
- Net book value of property, plant and equipment of $981.6 million, which includes $637.4 million of historical cost of owned real
property.
- Repurchased and cancelled 150,905 Common Shares at an average
price of $13.67 per share under our
normal course issuer bid during the fourth quarter of 2022.
Non-IFRS Financial Measures
Mullen Group reports its financial results in accordance with
International Financial Reporting Standards ("IFRS"). Mullen
Group reports on certain non-IFRS financial measures and ratios,
which do not have a standard meaning under IFRS and, therefore, may
not be comparable to similar measures presented by other issuers.
Management uses these non-IFRS financial measures and ratios in its
evaluation of performance and believes these are useful
supplementary measures. We provide shareholders and potential
investors with certain non-IFRS financial measures and ratios to
evaluate our ability to fund our operations and provide information
regarding liquidity. Specifically, Adjusted OIBDA, adjusted
operating margin, net income - adjusted, earnings per share -
adjusted, and net revenue are not measures recognized by IFRS and
do not have standardized meanings prescribed by IFRS. For the
reader's reference, the definition, calculation and reconciliation
of non-IFRS financial measures are provided in this section of the
news release. These non-IFRS financial measures should not be
considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Investors are cautioned that these indicators
should not replace the forgoing IFRS terms: net income, earnings
per share, and revenue.
Adjusted OIBDA
Adjusted OIBDA is a Non-IFRS term and is calculated by
subtracting Canada Emergency Wage
Subsidy ("CEWS") from OIBDA. Management calculates Adjusted
OIBDA by excluding CEWS to more clearly reflect earnings from an
operating perspective.
(unaudited)
($
millions)
|
Three month periods
ended
December 31
|
|
Years ended December
31
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
OIBDA
|
$
|
77.6
|
$
|
65.8
|
|
$
|
329.9
|
$
|
236.4
|
CEWS
|
|
—
|
|
(5.2)
|
|
|
—
|
|
(17.7)
|
Adjusted
OIBDA
|
$
|
77.6
|
$
|
60.6
|
|
$
|
329.9
|
$
|
218.7
|
Adjusted OIBDA by Segment
(unaudited)
($
millions)
|
Three month period
ended
December
31
|
Year ended December
31
|
2022
|
2022
|
|
Revenue
|
DOE
|
S&A
|
OIBDA
|
CEWS
|
Adjusted
OIBDA
|
Revenue
|
DOE
|
S&A
|
OIBDA
|
CEWS
|
Adjusted
OIBDA
|
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
LTL
|
190.8
|
133.1
|
25.9
|
31.8
|
—
|
31.8
|
778.7
|
536.8
|
103.5
|
138.4
|
—
|
138.4
|
L&W
|
153.8
|
106.1
|
17.3
|
30.4
|
—
|
30.4
|
609.3
|
422.8
|
67.4
|
119.1
|
—
|
119.1
|
S&I
|
108.0
|
78.5
|
10.4
|
19.1
|
—
|
19.1
|
400.6
|
283.9
|
39.2
|
77.5
|
—
|
77.5
|
US 3PL
|
52.6
|
48.0
|
3.7
|
0.9
|
—
|
0.9
|
221.8
|
202.2
|
13.9
|
5.7
|
—
|
5.7
|
Other1
|
(2.5)
|
(4.0)
|
6.1
|
(4.6)
|
—
|
(4.6)
|
(10.9)
|
(17.8)
|
17.7
|
(10.8)
|
—
|
(10.8)
|
Total
|
502.7
|
361.7
|
63.4
|
77.6
|
—
|
77.6
|
1,999.5
|
1,427.9
|
241.7
|
329.9
|
—
|
329.9
|
1 consists of Corporate and
intersegment eliminations.
|
(unaudited)
($
millions)
|
Three month period
ended
December
31
|
Year ended December
31
|
2021
|
2021
|
|
Revenue
|
DOE
|
S&A
|
OIBDA
|
CEWS
|
Adjusted
OIBDA
|
Revenue
|
DOE
|
S&A
|
OIBDA
|
CEWS
|
Adjusted
OIBDA
|
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
LTL
|
168.8
|
119.1
|
23.5
|
26.2
|
(0.5)
|
25.7
|
585.3
|
411.1
|
78.3
|
95.9
|
(2.0)
|
93.9
|
L&W
|
131.8
|
93.5
|
14.2
|
24.1
|
(0.8)
|
23.3
|
465.6
|
327.3
|
51.8
|
86.5
|
(3.1)
|
83.4
|
S&I
|
82.0
|
57.6
|
8.2
|
16.2
|
(3.9)
|
12.3
|
313.4
|
218.6
|
32.8
|
62.0
|
(12.6)
|
49.4
|
US 3PL
|
61.2
|
55.8
|
3.4
|
2.0
|
—
|
2.0
|
118.2
|
107.5
|
5.8
|
4.9
|
—
|
4.9
|
Other1
|
(1.9)
|
(3.0)
|
3.8
|
(2.7)
|
—
|
(2.7)
|
(5.1)
|
(9.1)
|
16.9
|
(12.9)
|
—
|
(12.9)
|
Total
|
441.9
|
323.0
|
53.1
|
65.8
|
(5.2)
|
60.6
|
1,477.4
|
1,055.4
|
185.6
|
236.4
|
(17.7)
|
218.7
|
1 consists of Corporate and
intersegment eliminations.
|
Adjusted Operating Margin
Adjusted operating margin is a non-IFRS ratio and is
defined as Adjusted OIBDA divided by revenue. Management relies on
adjusted operating margin as a measurement since it provides an
indication of our ability to generate an appropriate return without
CEWS.
(unaudited)
($
millions)
|
Three month periods
ended
December 31
|
|
Years ended December
31
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Adjusted
OIBDA
|
$
|
77.6
|
$
|
60.6
|
|
$
|
329.9
|
$
|
218.7
|
Revenue
|
$
|
502.7
|
$
|
441.9
|
|
$
|
1,999.5
|
$
|
1,477.4
|
Adjusted operating
margin
|
|
15.4 %
|
|
13.7 %
|
|
|
16.5 %
|
|
14.8 %
|
Net Income – Adjusted and Earnings per Share –
Adjusted
The following table illustrates net income and basic earnings
per share before considering the impact of the net foreign exchange
gains or losses, the change in fair value of investments, the gain
on fair value of equity investment, the loss on sale of non-core
business and the gain on contingent consideration. Management
adjusts net income and earnings per share by excluding these
specific factors to more clearly reflect earnings from an operating
perspective.
(unaudited)
($ millions,
except share and per share amounts)
|
Three month periods
ended
December 31
|
|
Years ended December
31
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Income before income
taxes
|
$
|
76.6
|
|
27.5
|
|
$
|
210.9
|
|
96.0
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
Net foreign exchange
(gain) loss
|
|
(2.1)
|
|
0.8
|
|
|
10.8
|
|
(0.7)
|
|
Change in fair value of
investments
|
|
(0.4)
|
|
(0.4)
|
|
|
(0.1)
|
|
(1.2)
|
|
Gain on fair value of
equity investment
|
|
(2.8)
|
|
—
|
|
|
(2.8)
|
|
—
|
|
Loss on sale of
non-core business
|
|
0.1
|
|
—
|
|
|
0.1
|
|
—
|
|
Gain on contingent
consideration
|
|
—
|
|
—
|
|
|
—
|
|
(0.2)
|
Income before income
taxes – adjusted
|
|
71.4
|
|
27.9
|
|
|
218.9
|
|
93.9
|
Income tax
rate
|
|
25 %
|
|
25 %
|
|
|
25 %
|
|
25 %
|
Computed expected
income tax expense
|
|
(17.8)
|
|
(7.0)
|
|
|
(54.7)
|
|
(23.5)
|
Net income –
adjusted
|
|
53.6
|
|
20.9
|
|
|
164.2
|
|
70.4
|
Weighted average number
of Common Shares
outstanding – basic
|
|
92,930,386
|
|
95,364,667
|
|
|
93,351,897
|
|
96,068,715
|
Earnings per share –
adjusted
|
$
|
0.58
|
|
0.22
|
|
$
|
1.76
|
|
0.73
|
Net Revenue
Net revenue is calculated by subtracting direct operating
expenses ("DOE") (primarily comprised of expenses associated
with the use of Contractors) from revenue. Management calculates
and measures net revenue within the US 3PL segment as it provides
an important measurement in evaluating our financial performance
and it provides an indication of our ability to generate an
appropriate return in the third-party logistics market.
(unaudited)
($
millions)
|
Three month periods
ended
December
31
|
|
Years ended December
31
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Revenue
|
$
|
52.6
|
$
|
61.2
|
|
$
|
221.8
|
$
|
118.2
|
Direct operating
expenses
|
|
(48.0)
|
|
(55.8)
|
|
|
(202.2)
|
|
(107.5)
|
Net Revenue
|
$
|
4.6
|
$
|
5.4
|
|
$
|
19.6
|
$
|
10.7
|
Other Financial Measures
Other financial measures consist of supplementary financial
measures and capital management measures.
Supplementary Financial Measures
Supplementary financial measures are financial measures
disclosed by a company that (a) are, or are intended to be,
disclosed on a periodic basis to depict the historical or expected
future financial performance, financial position or cash flow of a
company, (b) are not disclosed in the financial statements of a
company, (c) are not non-IFRS financial measures, and (d) are not
non-IFRS ratios. The Corporation has disclosed the following
supplementary financial measure.
Cash Flow per Share
Cash flow per share is calculated by dividing net cash from
operating activities by the weighted average number of Common
Shares outstanding. Management measures cash flow per share to
provide investors with an indication of the amount of cash being
generated on a per share basis, after consideration of working
capital and income taxes paid.
(unaudited)
($ millions,
except share and per share amounts)
|
Three month periods
ended
December
31
|
|
Years ended December
31
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Net cash from operating
activities
|
$
|
100.5
|
$
|
65.8
|
|
$
|
263.0
|
$
|
198.0
|
Weighted average number
of Common Shares
outstanding
|
|
92,930,386
|
|
95,364,667
|
|
|
93,351,897
|
|
96,068,715
|
Cash flow per
share
|
$
|
1.08
|
$
|
0.69
|
|
$
|
2.82
|
$
|
2.06
|
Capital Management Measures
Capital management measures are financial measures disclosed by
a company that (a) are intended to enable users to evaluate a
company's objectives, policies and processes for managing the
entity's capital, (b) are not a component of a line item disclosed
in the primary financial statements of the company, (c) are
disclosed in the notes of the financial statements of the company,
and (d) are not disclosed in the primary financial statements of
the company. The Corporation has disclosed the following capital
management measure.
Total Net Debt
The term "total net debt" means all debt excluding the
Debentures but includes the Private Placement Debt, lease
liabilities, the Credit Facilities and letters of credit less any
unrealized gain on Cross-Currency Swaps plus any unrealized loss on
Cross-Currency Swaps, as disclosed within Derivatives on the
consolidated statement of financial position. Total net debt is
defined within our Private Placement Debt Agreement and is used to
calculate our total net debt to operating cash flow covenant.
Management calculates and discloses total net debt to provide users
of this Management's Discussion and Analysis with an understanding
of how our debt covenant is calculated.
(unaudited)
($
millions)
|
|
December 31,
2022
|
Private Placement
Debt
|
|
|
$
|
480.7
|
Lease liabilities
(including the current portion)
|
|
|
|
91.9
|
Bank
indebtedness
|
|
|
|
22.8
|
Letters of
credit
|
|
|
|
3.9
|
Long-term debt
(including the current portion)
|
|
|
|
1.1
|
Total debt
|
|
|
|
600.4
|
Less: unrealized gain
on Cross-Currency Swaps
|
|
|
|
(46.4)
|
Add: unrealized loss on
Cross-Currency Swaps
|
|
|
|
—
|
Total net
debt
|
|
|
$
|
554.0
|
About Mullen Group Ltd.
Mullen Group is one of Canada's largest logistics providers. Our
network of independently operated businesses provide a wide range
of service offerings including less-than-truckload, truckload,
warehousing, logistics, transload, oversized, third-party logistics
and specialized hauling transportation. In addition, we provide a
diverse set of specialized services related to the energy, mining,
forestry and construction industries in western Canada, including water management, fluid
hauling and environmental reclamation. The corporate office
provides the capital and financial expertise, legal support,
technology and systems support, shared services and strategic
planning to its independent businesses.
Mullen Group is a publicly traded corporation listed on the
Toronto Stock Exchange under the symbol "MTL". Additional
information is available on our website at www.mullen-group.com or
on the Corporation's issuer profile on SEDAR at
www.sedar.com.
Contact Information
Mr. Murray K. Mullen
- Chair, Senior Executive
Officer and President
Mr. Richard J.
Maloney - Senior Operating
Officer
Mr. Carson P.
Urlacher - Senior Accounting Officer
Ms.
Joanna K. Scott - Senior Corporate
Officer
121A - 31 Southridge
Drive
Okotoks, Alberta,
Canada T1S 2N3
Telephone:
403-995-5200
Fax: 403-995-5296
Disclaimer
Mullen Group may make statements in this news release that
reflect its current beliefs and assumptions and are based on
information currently available to it and contains forward-looking
statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. This news release may contain forward-looking
statements that are subject to risk factors associated with the
overall economy and the oil and natural gas business. These
forward-looking statements relate to future events and Mullen
Group's future performance. All forward looking statements and
information contained herein that are not clearly historical in
nature constitute forward-looking statements, and the words "may",
"will", "should", "could", "expect", "plan", "intend",
"anticipate", "believe", "estimate", "propose", "predict",
"potential", "continue", "aim", or the negative of these terms or
other comparable terminology are generally intended to identify
forward-looking statements. Such forward-looking statements
represent Mullen Group's internal projections, estimates,
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. These
forward-looking statements involve known or unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Mullen Group believes that the
expectations reflected in these forward-looking statements are
reasonable; however, undue reliance should not be placed on these
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will
occur. In particular, forward-looking statements include but are
not limited to the following: (i) our expectation that consumer
spending will moderate and the general economy will slow; and (ii)
our expectation that we are poised to capitalize on increased
activity in our Specialized and Industrial Segment. These
forward-looking statements are based on certain assumptions and
analyses made by Mullen Group in light of our experience and our
perception of historical trends, current conditions, expected
future developments and other factors we believe are appropriate
under the circumstances. These assumptions include but are not
limited to the following: (i) Mullen Group's view that we continue
to manage the new market conditions highlighted by rising interest
rates and stubbornly high inflation; (ii) Mullen Group's view that
we have a diversified business model; and (iii) Mullen Group's
anticipation this will be a more active year in terms of M&A
activity. For further information on any strategic, financial,
operational and other outlook on Mullen Group's business please
refer to Mullen Group's Management's Discussion and Analysis
available for viewing on Mullen Group's issuer profile on SEDAR at
www.sedar.com. Additional information on risks that could affect
the operations or financial results of Mullen Group may be found
under the heading "Principal Risks and Uncertainties" starting on
page 48 of the 2022 Annual Financial Review as well as in reports
on file with applicable securities regulatory authorities and may
be accessed through Mullen Group's issuer profile on the SEDAR
website at www.sedar.com. The forward-looking statements contained
in this news release is expressly qualified by this cautionary
statement. The forward-looking statements contained herein is made
as of the date of this news release and Mullen Group disclaims any
intent or obligation to update publicly any such forward-looking
statements, whether as a result of new information, future events
or results or otherwise, other than as required by applicable
Canadian securities laws. Mullen Group relies on litigation
protection for forward-looking statements.
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SOURCE Mullen Group Ltd.