- Consolidated comparable sales up 3.9% in the fourth quarter,
and 3.6% for the full year, led by exceptional results at Canadian
Tire
- Fourth quarter consolidated revenue of $4.3 billion, up 4.5%, up 5.1% excluding
Petroleum; 2019 annual revenue of $14.5
billion, up 3.4%, up 5.0% excluding Petroleum
- Financial Services GAAR growth up 7.4% and revenue up 5.9% for
2019
- Fourth quarter diluted earnings per share (EPS) was
$5.42; normalized diluted EPS was
$5.53, an increase of 15.7%
- Full year diluted EPS was $12.58;
normalized diluted EPS was $13.04, an
increase of 9.1%
TORONTO, Feb. 13, 2020 /CNW/ - Canadian Tire
Corporation, Limited (TSX:CTC, TSX:CTC.A) today released fourth
quarter and full year results for the period ended December 28, 2019.
"We had an exceptionally strong Q4 that capped off a solid last
half of 2019. Through our Triangle Rewards program, customers are
engaging with us more frequently, both in our stores and digitally,
driving our topline growth as well as making us one of Canada's largest eCommerce players," said
Stephen Wetmore, President and CEO,
Canadian Tire Corporation. "I have to commend the Canadian Tire
Retail team who posted exceptional comparable store growth of 4.8%
in the quarter. Our ability to deliver remarkably consistent growth
at CTR is due to our strong partnership with our Associate Dealers
and their knowledge of our customers' expectations in virtually
every community in Canada."
"I am very confident our One Company, One Customer strategy,
underpinned by our current suite of assets and growing momentum
towards our $200 million Operational
Efficiency target, is creating the change at CTC that positions us
to compete and create long-term sustainable growth," continued
Wetmore.
CONSOLIDATED OVERVIEW
FOURTH QUARTER
- Consolidated retail sales increased $200.5 million in the fourth quarter, or
4.3% over the same period in 2018. Excluding Petroleum,
consolidated retail sales were up 5.1% over the same period last
year.
- Consolidated revenue increased $185.0
million, or 4.5% in the fourth quarter. Excluding Petroleum,
consolidated revenue increased 5.1%.
- Diluted EPS was $5.42 in the
quarter, up $1.43 per share, or
35.7%, compared to the prior year. Normalized diluted EPS in
the quarter was $5.53, an increase of
$0.75 per share or 15.7%.
- Refer to the MD&A section 5.1.1 for information on the
normalizing items.
FULL YEAR
- Consolidated retail sales increased $384.3 million, or 2.5%, over the prior year.
Excluding Petroleum, consolidated retail sales increased 3.9%.
- Consolidated revenue increased $475.7
million for the full year, or 3.4%, over the prior year.
Excluding Petroleum, consolidated revenue increased 5.0%.
- Diluted EPS was $12.58, an
increase of $1.94 per share, or
18.3%, over the prior year. Normalized diluted EPS of
$13.04 increased $1.09 per share or 9.1%.
- Refer to the MD&A section 5.1.1 for information on the
normalizing items.
RETAIL SEGMENT OVERVIEW
FOURTH QUARTER
- Financial results reflect Q4 2019 performance compared to Q4
2018.
- Retail segment revenue increased $172.3
million, or 4.5%. Excluding Petroleum, Retail segment
revenue increased 5.1%.
- Canadian Tire Retail saw retail sales increase 6.6% and
comparable sales were up 4.8%.
- SportChek retail sales were up 1.3% and comparable sales were
up 2.0%.
- Mark's retail sales increased 1.5% and comparable sales were up
1.8%.
- Helly Hansen revenue in the quarter was $199.7 million, up 20.4%.
- Income before income taxes increased $22.8 million, or 6.9%. Normalized income before
income taxes increased $31.7 million
or 9.6%.
- Refer to the MD&A section 5.1.1 for information on the
normalizing items.
FULL YEAR
- Financial results reflect 2019 performance compared to
2018.
- Retail segment revenue increased $396.3
million, or 3.1%. Excluding Petroleum, Retail segment
revenue was up 4.8%.
- Canadian Tire Retail sales increased 4.5% and comparable sales
increased 3.8%.
- SportChek's retail sales increased 2.6% and comparable sales
increased 3.3%.
- Mark's retail sales increased 2.4% and comparable sales were up
2.5%.
- Helly Hansen revenue for 2019 was $650.8
million.
- Income before income taxes decreased $20.6 million or 3.1%. Normalized income before
income taxes decreased by $13.0
million or 1.9%.
- Refer to the MD&A section 5.1.1 for information on the
normalizing items.
FINANCIAL SERVICES OVERVIEW
- Income before income taxes increased $17.4 million, or 18.9% in the fourth quarter,
and increased $33.8 million, and
8.6%, for the full year over 2018. Normalized income before income
taxes increased 5.0% for the full year.
- Revenue grew 3.2% in the quarter, and 5.9% full year over the
prior year.
- Gross average credit card receivables (GAAR) was up 5.0% in Q4
and for the full year GAAR was up 7.4% over 2018.
- Refer to the MD&A section 5.1.1 for information on the
normalizing items.
CT REIT OVERVIEW
- As disclosed in the Q4 and year-end 2019
CT REIT earnings release on February
10, 2020, CT REIT invested over $209
million, adding over 800,000 square feet of gross leasable
area to the portfolio in 2019, and raised its distribution for the
sixth consecutive year with an annual increase of 4.0%.
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
- Total operating capital expenditures were $444.2 million for the year, slightly below
the previously disclosed range of $475
million to $550 million.
- For fiscal 2020, the Company expects annual operating capital
expenditures to be within the range of $450
million to $500 million. This
forecast also includes spending for Operational Efficiency program
initiatives that may be identified.
QUARTERLY DIVIDEND
The Company has declared dividends payable to holders of Class A
Non-Voting Shares and Common Shares at a rate of $1.1375 per share payable on June 1, 2020 to shareholders of record as of
April 30, 2020. The dividend is
considered an "eligible dividend" for tax purposes.
SHARE REPURCHASE
On November 7, 2019, the Company
announced its intention to repurchase a further $350 million of its Class A Non-Voting Shares
(the "2020 Share Purchase Intention"), in excess of the amount
required for anti-dilutive purposes, by the end of fiscal 2020. To
date, the Company has purchased $56.9 million of its Class A
Non-Voting Shares in partial fulfilment of its 2020 Share Purchase
Intention, leaving $293.1 million that is expected to be
purchased during the remainder of fiscal 2020.
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal course
issuer bid (the "2020 NCIB") to purchase from March 2, 2020 to March 1,
2021 up to 5.5 million Class A Non-Voting Shares, which
represents 10.0% of the 55.0 million approximate public float of
Class A Non-Voting Shares issued and outstanding as at February 12, 2020. There were 57,779,759 Class A
Non-Voting Shares issued and outstanding as at February 12, 2020.
The Company intends to purchase Class A Non-Voting Shares under
the 2020 NCIB for two purposes: (i) to fulfill the 2020 Share
Purchase Intention as part of its capital management plan; and (ii)
to offset the dilutive effect of the issuance of Class A Non-Voting
Shares pursuant to its dividend reinvestment and stock option
plans, consistent with the Company's policy.
Purchases of Class A Non-Voting Shares pursuant to the 2020 NCIB
will be made by means of open market transactions through the
facilities of the TSX and/or alternative Canadian trading systems,
if eligible, at the market price of the Class A Non-Voting Shares
at the time of purchase or as otherwise permitted under the rules
of the TSX and applicable securities laws. Purchases may also be
made by way of private agreements or share repurchase programs
under issuer bid exemption orders issued by securities regulatory
authorities. Any private purchase made under an exemption order
issued by a securities regulatory authority will generally be at a
discount to the prevailing market price.
For open market transactions, the Company will be subject to a
daily purchase limit of 64,711 Class A Non-Voting Shares, which
represents 25% of 258,846, the average daily trading volume of the
Class A Non-Voting Shares on the TSX, net of purchases made by the
Company through the TSX, for the six months ended January 31, 2020. The Class A Non-Voting Shares
purchased by the Company pursuant to the 2020 NCIB will be restored
to the status of authorized but unissued shares.
The Company also announced that it will enter into an automatic
share purchase plan (the "ASPP") with its designated broker to
facilitate purchases of Class A Non-Voting Shares under the 2020
NCIB at times when the Company would not ordinarily be permitted to
make such purchases due to its internal trading black-out periods
or applicable regulatory restrictions. Purchases made pursuant to
the ASPP will be made by the Company's designated broker based upon
the parameters prescribed by the TSX, applicable Canadian
securities laws and the terms of the written agreement between the
Company and its designated broker. The ASPP will commence on
March 2, 2020 and terminate on the
earliest of the date on which: (i) the purchase limit under the
2020 NCIB has been reached; (ii) the 2020 NCIB expires; and (iii)
the Company terminates the ASPP in accordance with its terms. The
ASPP constitutes an "automatic securities purchase plan" under
applicable Canadian securities laws.
The Company's proposed 2020 NCIB and ASPP are subject to
regulatory approval.
Under the Company's normal course issuer bid which began on
March 2, 2019 and expires on
March 1, 2020 (the "2019 NCIB"), the
Company received approval to purchase up to 5.5 million Class A
Non-Voting Shares. To date, the Company has purchased a total of
841,765 Class A Non-Voting Shares by means of open market
transactions through the facilities of the TSX and/or alternative
Canadian trading systems under the Company's 2019 NCIB, at the
volume weighted average price of $142.80.
To view a PDF version of Canadian Tire Corporation's full
quarterly earnings report please see:
https://mma.prnewswire.com/media/1089976/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Del.pdf
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information that
reflects management's current expectations related to matters such
as future financial performance and operating results of the
Company. Forward-looking statements are provided for the purposes
of providing information about management's current expectations
and plans and allowing investors and others to get a better
understanding of our anticipated financial position, results of
operations and operating environment. Readers are cautioned that
such information may not be appropriate for other purposes.
Certain statements other than statements of historical facts
included in this press release may constitute forward-looking
information, including but not limited to, statements concerning
the Company's expectations with respect to its capital expenditures
for fiscal 2020 under the heading "Capital Expenditures", the
Company's intention to repurchase certain of its Class A Non-Voting
Shares, in excess of the amount required for anti-dilutive
purposes, by the end of 2020 under the heading "Share Repurchase"
and statements concerning the Company's intention to make a normal
course issuer bid with respect to the purchase of its Class A
Non-Voting Shares and to enter into an automatic securities
purchase plan pursuant to which the Company's designated broker may
purchase Class A Non-Voting Shares under the Company's normal
course issuer bid, under the heading "Normal Course Issuer
Bid".
By its very nature, forward-looking information requires us to
make assumptions and is subject to inherent risks and
uncertainties, which give rise to the possibility that the
Company's assumptions, estimates, analyses, beliefs and opinions
may not be correct and that the Company's expectations and plans
will not be achieved. Although the Company believes that the
forward-looking information in this press release is based on
information, assumptions and beliefs which are current, reasonable
and complete, this information is necessarily subject to a number
of factors, risks and uncertainties that could cause actual results
to differ materially from management's expectations and plans as
set forth in such forward-looking information.
For more information on the risks, uncertainties and assumptions
that could cause the Company's actual results to differ from
current expectations, refer to section 2.8 (Risk Factors) of our
Annual Information Form for fiscal 2019 and to section 10 (Key
Risks and Risk Management) and all subsections thereunder of our
Management's Discussion and Analysis for the year ended
December 28, 2019, as well as the
Company's other public filings, available at www.sedar.com and at
www.corp.canadiantire.ca.
The forward-looking statements and information contained herein
are based on certain factors and assumptions as of the date hereof
and do not take into account the effect that transactions or
non-recurring or other special items announced or occurring after
the statements are made have on the Company's business. The Company
does not undertake to update any forward-looking information,
whether written or oral, that may be made from time to time by it
or on its behalf, to reflect new information, future events or
otherwise, except as is required by applicable securities
laws.
CONFERENCE CALL
Canadian Tire will conduct a conference call to discuss
information included in this news release and related matters at
8:00 a.m. ET on February 13, 2020. The conference call will be
available simultaneously and in its entirety to all interested
investors and the news media through a webcast at
https://investors.canadiantire.ca/English/investors/default.aspx.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or
"CTC", is a family of businesses that includes a Retail segment, a
Financial Services division and CT REIT. Our retail business is led
by Canadian Tire, which was founded in 1922 and provides Canadians
with products for life in Canada
across its Living, Playing, Fixing, Automotive and Seasonal &
Gardening divisions. PartSource and Gas+ are key parts of the
Canadian Tire network. The Retail segment also includes Mark's, a
leading source for casual and industrial wear; Pro Hockey Life, a
hockey specialty store catering to elite players; SportChek, Hockey
Experts, Sports Experts, National Sports, Intersport and
Atmosphere, which offer the best active wear brands; and Party City
Canada, a leading, one-stop shopping destination for party supplies
and seasonal celebrations. The more than 1,740 retail and gasoline
outlets are supported and strengthened by CTC's Financial Services
division and the tens of thousands of people employed across
Canada and around the world by the
Company and its local dealers, franchisees and petroleum retailers.
In addition, CTC owns and operates Helly Hansen, a leading global
brand in sportswear and workwear based in Oslo, Norway. For more information, visit
Corp.CanadianTire.ca.
FOR MORE INFORMATION
Media: Jane
Shaw, 416-480-8581, jane.shaw@cantire.com
Investors: Lisa Greatrix,
416-480-8725, lisa.greatrix@cantire.com
CANADIAN TIRE CORPORATION,
LIMITED
CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
Q4 2019
Consolidated Balance Sheets
As at
|
|
|
(C$ in
millions)
|
December 28,
2019
|
December 29,
20181
|
ASSETS
|
|
|
Cash and cash
equivalents
|
$
|
205.5
|
$
|
470.4
|
Short-term
investments
|
201.7
|
183.7
|
Trade and other
receivables
|
938.3
|
933.3
|
Loans
receivable
|
5,813.8
|
5,511.3
|
Merchandise
inventories
|
2,212.9
|
1,997.5
|
Income taxes
recoverable
|
33.2
|
15.3
|
Prepaid expenses and
deposits
|
139.3
|
138.8
|
Assets classified as
held for sale
|
10.6
|
5.5
|
Total current
assets
|
9,555.3
|
9,255.8
|
Long-term receivables
and other assets
|
807.8
|
742.6
|
Long-term
investments
|
138.9
|
152.7
|
Goodwill and
intangible assets
|
2,414.3
|
2,272.0
|
Investment
property
|
389.1
|
364.7
|
Property and
equipment
|
4,283.3
|
4,283.2
|
Right-of-use
assets
|
1,610.4
|
—
|
Deferred income
taxes
|
319.2
|
215.8
|
Total
assets
|
$
|
19,518.3
|
$
|
17,286.8
|
LIABILITIES
|
|
|
Bank
indebtedness
|
10.4
|
—
|
Deposits
|
790.8
|
964.5
|
Trade and other
payables
|
2,492.4
|
2,425.0
|
Provisions
|
190.2
|
171.8
|
Short-term
borrowings
|
450.0
|
378.1
|
Loans
|
621.5
|
654.6
|
Current portion of
lease liabilities
|
335.3
|
—
|
Income taxes
payable
|
72.6
|
110.6
|
Current portion of
long-term debt
|
788.2
|
553.6
|
Total current
liabilities
|
5,751.4
|
5,258.2
|
Long-term
provisions
|
61.1
|
49.8
|
Long-term
debt
|
3,730.2
|
4,000.3
|
Long-term
deposits
|
1,653.4
|
1,506.7
|
Long-term lease
liabilities
|
1,871.0
|
—
|
Deferred income
taxes
|
136.4
|
184.5
|
Other long-term
liabilities
|
810.1
|
872.3
|
Total
liabilities
|
14,013.6
|
11,871.8
|
EQUITY
|
|
|
Share
capital
|
588.0
|
591.5
|
Contributed
surplus
|
2.9
|
2.9
|
Accumulated other
comprehensive (loss) income
|
(129.9)
|
51.1
|
Retained
earnings
|
3,729.6
|
3,720.7
|
Equity
attributable to shareholders of Canadian Tire
Corporation
|
4,190.6
|
4,366.2
|
Non-controlling
interests
|
1,314.1
|
1,048.8
|
Total
equity
|
5,504.7
|
5,415.0
|
Total liabilities
and equity
|
$
|
19,518.3
|
$
|
17,286.8
|
1Certain prior period figures
are not comparable due to the adoption of IFRS 16.
|
Condensed Consolidated Statements of Income
(Unaudited)
For the
|
13 weeks
ended
|
52 weeks
ended
|
(C$ in millions,
except per share amounts)
|
December 28,
2019
|
December 29,
2018
|
December 28,
2019
|
December 29,
2018
|
|
|
|
|
|
Revenue
|
$
|
4,316.7
|
$
|
4,131.7
|
$
|
14,534.4
|
$
|
14,058.7
|
Cost of producing
revenue
|
2,813.7
|
2,713.7
|
9,660.6
|
9,347.4
|
|
|
|
|
|
Gross
margin
|
1,503.0
|
1,418.0
|
4,873.8
|
4,711.3
|
|
|
|
|
|
Other (income)
expense
|
2.0
|
(2.5)
|
(13.4)
|
(26.0)
|
Selling, general and
administrative expenses
|
943.7
|
938.9
|
3,437.5
|
3,467.6
|
Net finance
costs
|
66.0
|
44.7
|
266.8
|
151.5
|
|
|
|
|
|
Change in fair value
of redeemable financial instrument
|
—
|
50.0
|
—
|
50.0
|
|
|
|
|
|
Income before
income taxes
|
491.3
|
386.9
|
1,182.9
|
1,068.2
|
|
|
|
|
|
Income
taxes
|
125.4
|
108.7
|
288.1
|
285.2
|
Net
income
|
$
|
365.9
|
$
|
278.2
|
$
|
894.8
|
$
|
783.0
|
Net income
attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
334.1
|
$
|
254.3
|
$
|
778.4
|
$
|
692.1
|
Non-controlling
interests
|
31.8
|
23.9
|
116.4
|
90.9
|
|
$
|
365.9
|
$
|
278.2
|
$
|
894.8
|
$
|
783.0
|
Basic earnings per
share
|
$
|
5.42
|
$
|
4.00
|
$
|
12.60
|
$
|
10.67
|
Diluted earnings
per share
|
$
|
5.42
|
$
|
3.99
|
$
|
12.58
|
$
|
10.64
|
Weighted average
number of Common and Class A Non-
|
|
|
|
|
Voting Shares
outstanding:
|
|
|
|
|
Basic
|
61,592,583
|
63,611,964
|
61,794,565
|
64,887,724
|
Diluted
|
61,669,335
|
63,707,558
|
61,861,486
|
65,062,581
|
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
For the
|
13 weeks
ended
|
52 weeks
ended
|
(C$ in
millions)
|
December 28,
2019
|
December 29,
2018
|
December 28,
2019
|
December 29,
2018
|
|
|
|
|
|
Net
income
|
$
|
365.9
|
$
|
278.2
|
$
|
894.8
|
$
|
783.0
|
|
|
|
|
|
Other
comprehensive income (loss), net of
|
|
|
|
|
taxes
|
|
|
|
|
Items that may be
reclassified subsequently to
|
|
|
|
|
net
income:
|
|
|
|
|
Net fair value gains
(losses) on hedging
|
|
|
|
|
instruments entered
into for cash flow hedges
|
|
|
|
|
not subject to basis
adjustment
|
17.8
|
(14.7)
|
(4.5)
|
(6.4)
|
|
|
|
|
|
Deferred cost of
hedging not subject to basis
|
|
|
|
|
adjustment - Changes
in fair value of the time
|
|
|
|
|
value of an option in
relation to time-period
|
|
|
|
|
related hedged
items
|
(8.4)
|
(5.6)
|
(18.7)
|
(7.5)
|
|
|
|
|
|
Reclassification of
(gains) losses to income
|
0.3
|
(0.1)
|
0.6
|
3.7
|
|
|
|
|
|
Currency translation
adjustment
|
19.9
|
(13.8)
|
(60.7)
|
(40.9)
|
|
|
|
|
|
Items that will
not be reclassified subsequently
|
|
|
|
|
to net
income:
|
|
|
|
|
Actuarial (losses)
gains
|
(15.1)
|
10.8
|
(15.1)
|
10.8
|
|
|
|
|
|
Net fair value (losses)
gains on hedging
|
|
|
|
|
instruments entered
into for cash flow hedges
|
|
|
|
|
subject to basis
adjustment
|
(16.0)
|
91.3
|
(52.7)
|
141.8
|
Other comprehensive
(loss) income
|
$
(1.5)
|
$
67.9
|
$
(151.1)
|
$101.5
|
Other comprehensive
(loss) income attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
(2.8)
|
$
|
71.3
|
$
|
(146.1)
|
$
|
103.0
|
Non-controlling
interests
|
1.3
|
(3.4)
|
(5.0)
|
(1.5)
|
|
$
|
(1.5)
|
$
|
67.9
|
$
|
(151.1)
|
$
|
101.5
|
Comprehensive
income
|
$
|
364.4
|
$
|
346.1
|
$
|
743.7
|
$
|
884.5
|
|
|
|
|
|
Comprehensive income
attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
331.3
|
$
|
325.6
|
$
|
632.3
|
$
|
795.1
|
Non-controlling
interests
|
33.1
|
20.5
|
111.4
|
89.4
|
|
$
|
364.4
|
$
|
346.1
|
$
|
743.7
|
$
|
884.5
|
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the
|
13 weeks
ended
|
52 weeks
ended
|
(C$ in
millions)
|
December 28,
2019
|
December 29,
2018
|
December 28,
2019
|
December 29,
2018
|
|
|
|
|
|
Cash (used for)
generated from:
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
Net income
|
$
|
365.9
|
$
|
278.2
|
$
|
894.8
|
$
|
783.0
|
Adjustments
for:
|
|
|
|
|
Depreciation of
property and equipment, investment
|
|
|
|
|
property, assets held
for sale and right-of-use assets
|
143.8
|
75.5
|
546.7
|
301.4
|
Income tax
expense
|
125.4
|
108.7
|
288.1
|
285.2
|
Net finance
costs
|
66.0
|
44.7
|
266.8
|
151.5
|
Amortization of
intangible assets
|
29.9
|
31.0
|
110.8
|
126.6
|
|
|
|
|
|
Loss (gain) on
disposal of property and equipment,
|
|
|
|
|
investment property,
assets held for sale and right-of-use
|
|
|
|
|
assets
|
1.3
|
(7.3)
|
(25.8)
|
(23.4)
|
|
|
|
|
|
Change in fair value
of redeemable financial instrument
|
—
|
50.0
|
—
|
50.0
|
Total except as noted
below
|
732.3
|
580.8
|
2,081.4
|
1,674.3
|
Interest
paid
|
(46.6)
|
(39.4)
|
(297.3)
|
(148.5)
|
Interest
received
|
5.2
|
3.3
|
27.3
|
10.1
|
Income taxes
paid
|
(71.7)
|
(10.4)
|
(347.9)
|
(204.4)
|
Change in loans
receivable
|
(181.3)
|
(246.7)
|
(270.4)
|
(491.5)
|
Change in operating
working capital and other
|
668.9
|
519.4
|
(105.5)
|
(32.6)
|
Cash generated
from operating activities
|
1,106.8
|
807.0
|
1,087.6
|
807.4
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Additions to property
and equipment and investment
|
|
|
|
|
property
|
(173.4)
|
(117.8)
|
(435.2)
|
(416.8)
|
Additions to
intangible assets
|
(18.4)
|
(56.9)
|
(178.6)
|
(129.5)
|
Total
additions
|
(191.8)
|
(174.7)
|
(613.8)
|
(546.3)
|
Acquisition of
short-term investments
|
(41.2)
|
(76.1)
|
(297.3)
|
(203.8)
|
Proceeds from the
maturity and disposition of short-term
|
|
|
|
|
investments
|
73.1
|
66.3
|
326.0
|
208.3
|
Proceeds on
disposition of property and equipment,
|
|
|
|
|
investment property
and assets held for sale
|
2.5
|
11.0
|
20.2
|
28.9
|
|
|
|
|
|
Business combinations,
net of cash acquired
|
(177.3)
|
—
|
(177.3)
|
(762.9)
|
|
|
|
|
|
Lease payments for
finance subleases (principal portion)1
|
3.6
|
—
|
16.4
|
—
|
Acquisition of
long-term investments and other
|
(22.9)
|
6.8
|
(32.9)
|
(32.8)
|
Cash (used for)
investing activities
|
(354.0)
|
(166.7)
|
(758.7)
|
(1,308.6)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Dividends
paid
|
(60.7)
|
(54.5)
|
(242.5)
|
(222.3)
|
Distributions paid to
non-controlling interests
|
(25.2)
|
(19.0)
|
(84.1)
|
(36.1)
|
Total dividends and
distributions paid
|
(85.9)
|
(73.5)
|
(326.6)
|
(258.4)
|
Net (repayment)
issuance of short-term borrowings
|
(459.6)
|
(448.1)
|
71.9
|
(71.3)
|
Issuance of
loans
|
32.4
|
52.1
|
259.2
|
225.9
|
Repayment of
loans
|
(70.2)
|
(45.4)
|
(292.3)
|
(238.5)
|
Issuance of long-term
debt
|
0.4
|
(0.2)
|
571.3
|
1,434.0
|
Repayment of long-term
debt and finance lease liabilities
|
0.4
|
(274.6)
|
(500.3)
|
(287.5)
|
Payment of lease
liabilities (principal portion)
|
(81.8)
|
—
|
(313.3)
|
—
|
Payment of transaction
costs related to long-term debt
|
—
|
0.9
|
(2.6)
|
(5.5)
|
Repurchase of share
capital
|
(10.8)
|
(184.0)
|
(218.0)
|
(582.4)
|
Proceeds on disposal
of partial interest in CT REIT
|
—
|
191.8
|
142.6
|
191.8
|
Net proceeds from
issue of trust units to non-controlling
|
|
|
|
62.3
|
interests
|
—
|
62.3
|
86.3
|
|
Payments on financial
instruments
|
(16.3)
|
(5.6)
|
(51.6)
|
(16.4)
|
Change in
deposits
|
(52.9)
|
131.0
|
(30.8)
|
80.6
|
Cash (used for)
generated from financing activities
|
(744.3)
|
(593.3)
|
(604.2)
|
534.6
|
Cash generated
(used) in the period
|
8.5
|
47.0
|
(275.3)
|
33.4
|
Cash and cash
equivalents, net of bank indebtedness,
|
|
|
|
|
beginning of
period
|
186.6
|
423.4
|
470.4
|
437.0
|
Cash and cash
equivalents, net of bank indebtedness,
|
|
|
|
|
|
|
|
|
end of
period
|
$
|
195.1
|
$
|
470.4
|
$
|
195.1
|
$
|
470.4
|
1 Previously reported
within Operating activities under IAS 17.
|
2 Comparative number
includes repayment of finance lease liabilities under IAS
17.
|
SOURCE CANADIAN TIRE CORPORATION, LIMITED