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Highlights
- Return to development and important enhance in profitability within the Printing Sector, in addition to stable efficiency within the Packaging and Media Sectors.
- Revenues of $623.3 million for the quarter ended April 25, 2021; working earnings of $55.9 million; and internet earnings attributable to shareholders of the Company of $35.6 million ($0.41 per share).
- Adjusted working earnings earlier than depreciation and amortization(1) of $107.0 million for the quarter ended April 25, 2021; adjusted working earnings(1) of $72.6 million; and adjusted internet earnings attributable to shareholders of the Company(1) of $47.8 million ($0.55 per share).
- Maintained a stable monetary place with a internet indebtedness ratio(1) of 1.7x.
- Beneficial credit standing revision by DBRS Morningstar ranking company, from BBB (low) / unfavourable outlook to BBB (low) / steady outlook.
- Acquired BGI Retail Inc. on June 1, 2021 and expanded the in-store advertising and marketing options providing to retailers.
- Winner of the Flexographic Technical Affiliation (FTA) Improvements in Sustainability Award for the IntegrititeTM post-consumer recycled movie.
(1) Please confer with the part entitled “Non-IFRS Monetary Measures” on this press launch for a definition of those measures.
MONTREAL, June 09, 2021 (GLOBE NEWSWIRE) — Transcontinental Inc. (TSX: TCL.A TCL.B) broadcasts its outcomes for the second quarter of fiscal 2021, which ended April 25, 2021.
“We continued to generate superb outcomes, with stable efficiency in our three sectors and a return to development in our Printing Sector, stated François Olivier, President and Chief Government Officer of TC Transcontinental. I’m very grateful to all our staff for his or her continued efforts and resilience within the face of the challenges introduced by the pandemic.
“In our Packaging Sector, our primary engine of long-term development, buyer demand stays strong. With the introduction of latest merchandise available on the market, the lately signed contracts and the momentum of our sustainable packaging merchandise that contribute to the round economic system for plastic, we’re assured in our skill to gas natural development in revenues within the coming quarters. Excluding the unfavourable results of the numerous and speedy rise within the worth of resin and the change charge variation, the sector posted a superb quarter with a major enhance in working earnings.
“Our Printing Sector had a superb quarter with constructive natural development, a primary because the starting of the pandemic. Along with this development, the sector posted a 25% enhance in adjusted working earnings earlier than depreciation and amortization. The BGI Retail acquisition, which is extremely complementary, allows us to additional broaden our in-store advertising and marketing options providing to retailers and, mixed with the lately introduced new revenues, will increase the proportion of our development actions within the sector. Whereas we stay cautious concerning the evolution of the COVID-19 pandemic, we’re inspired by its slowdown and proceed to anticipate a rise in printing volumes within the coming quarters. Lastly, our Media Sector continued to ship glorious outcomes and considerably elevated its revenues and profitability.
“To conclude, our efficiency and our stable monetary place give us the momentum and the capability to confidently pursue our development targets.”
Monetary Highlights
| (in hundreds of thousands of {dollars}, besides per share quantities) | Q2 – 2021 | Q2 – 2020 | Variation in % |
6 MONTHS 2021 | 6 MONTHS 2020 | Variation in % |
| Revenues | $623.3 | $625.1 | (0.3) % | $1,246.0 | $1,330.9 | (6.4) % |
| Working earnings earlier than depreciation and amortization | 106.5 | 97.3 | 9.5 | 207.4 | 193.0 | 7.5 |
| Adjusted working earnings earlier than depreciation and amortization (1) | 107.0 | 104.3 | 2.6 | 212.7 | 213.3 | (0.3) |
| Working earnings | 55.9 | 44.1 | 26.8 | 103.1 | 84.9 | 21.4 |
| Adjusted working earnings (1) | 72.6 | 68.5 | 6.0 | 141.2 | 140.6 | 0.4 |
| Web earnings attributable to shareholders of the Company | 35.6 | 25.7 | 38.5 | 63.3 | 32.1 | 97.2 |
| Web earnings attributable to shareholders of the Company per share | 0.41 | 0.30 | 36.7 | 0.73 | 0.37 | 97.3 |
| Adjusted internet earnings attributable to shareholders of the Company (1) | 47.8 | 43.6 | 9.6 | 91.6 | 86.4 | 6.0 |
| Adjusted internet earnings attributable to shareholders of the Company per share (1) | 0.55 | 0.50 | 10.0 | 1.05 | 0.99 | 6.1 |
| (1) Please confer with the part entitled “Reconciliation of Non-IFRS Monetary Measures” on this press launch for adjusted information offered above. Word: The above outcomes embody $7.5 million in Canada Emergency Wage Subsidy for the second quarter of 2021 in comparison with $8.2 million for the second quarter of 2020 ($16.5 million for the primary six months of 2021 in comparison with $8.2 million for the primary six months of 2020). |
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2021 Second Quarter Outcomes
Revenues decreased by $1.8 million, or 0.3%, from $625.1 million within the second quarter of 2020 to $623.3 million within the corresponding interval of 2021. This decline is especially as a result of unfavourable influence of the change charge variation on the Packaging Sector, largely offset by natural development within the three sectors.
Working earnings elevated by $11.8 million, or 26.8%, from $44.1 million within the second quarter of 2020 to $55.9 million within the second quarter of 2021. The rise in working earnings is defined by the discount in restructuring and different prices in addition to operational effectivity initiatives.
Adjusted working earnings elevated by $4.1 million, or 6.0%, from $68.5 million within the second quarter of 2020 to $72.6 million within the second quarter of 2021. The rise is especially defined by greater adjusted working earnings within the Printing Sector.
Within the Packaging Sector, adjusted working earnings decreased by $7.0 million, from $38.2 million within the second quarter of 2020 to $31.2 million within the second quarter of 2021. This lower is especially as a result of unfavourable influence of the numerous and speedy rise within the worth of resin in addition to the unfavourable change charge impact. Excluding these two unfavourable gadgets, the sector posted sturdy development in working earnings as a result of stable efficiency of segments associated to meals and on a regular basis shopper items packaging.
Within the Printing Sector, adjusted working earnings elevated by $14.1 million, or 35.8%, from $39.4 million in second quarter of 2020 to $53.5 million within the second quarter of 2021. This enhance is especially attributable to the stable efficiency by a lot of the teams and price discount initiatives undertaken by the sector. The Canada Emergency Wage Subsidy was much like final yr and didn’t have a major impact on the change within the sector’s natural development.
Web earnings attributable to shareholders of the Company elevated by $9.9 million, from $25.7 million within the second quarter of 2020 to $35.6 million within the second quarter of 2021.This enhance is generally defined by greater working earnings and decrease internet monetary bills in comparison with the corresponding interval of the prior yr ensuing from a discount in internet indebtedness and a decrease weighted common rate of interest. On a per share foundation, internet earnings attributable to shareholders of the Company went from $0.30 to $0.41, respectively.
Adjusted internet earnings attributable to shareholders of the Company elevated by $4.2 million, or 9.6%, from $43.6 million within the second quarter of 2020 to $47.8 million within the second quarter of 2021. This enhance is generally defined by greater adjusted working earnings and decrease internet monetary bills ensuing from a discount in internet indebtedness and a decrease weighted common rate of interest. On a per share foundation, adjusted internet earnings attributable to shareholders of the Company went from $0.50 to $0.55, respectively.
2021 First Six Months Outcomes
Revenues decreased by $84.9 million, or 6.4%, from $1,330.9 million within the first six months of fiscal 2020 to $1,246.0 million within the corresponding interval of fiscal 2021. This decline is generally defined by the sale of the paper packaging operations, which occurred on the finish of the primary quarter of 2020, and the lower in revenues within the Printing Sector, which has been considerably impacted by the COVID-19 pandemic since April 2020. The influence of the unfavourable variation of the change charge on the Packaging Sector additionally contributed to the lower in revenues. This lower was partially offset by natural development of $38.3 million within the Packaging Sector ensuing from the rise within the worth of resin in addition to the rise in quantity in a number of segments that help the retail provide chain for meals and on a regular basis shopper merchandise and within the Latin America group.
Working earnings elevated by $18.2 million, or 21.4%, from $84.9 million within the first six months of fiscal 2020 to $103.1 million within the corresponding interval of fiscal 2021. The rise in working earnings is generally defined by the lower in restructuring prices and working bills in comparison with the corresponding interval of the prior yr.
Adjusted working earnings elevated by $0.6 million, or 0.4%, from $140.6 million within the first six months of fiscal 2020 to $141.2 million within the corresponding interval of fiscal 2021. This enhance is especially defined by the stable efficiency of the Printing Sector, partially offset by the unfavourable influence of the speedy rise within the worth of resin and the unfavourable change charge impact within the Packaging Sector. Excluding the impacts of the resin worth and the change charge, the Packaging Sector posted sturdy development on account of operational effectivity initiatives and the above-mentioned enhance in quantity.
Web earnings attributable to shareholders of the Company elevated by $31.2 million, or 97.2%, from $32.1 million within the first six months of fiscal 2020 to $63.3 million within the corresponding interval of fiscal 2021. This enhance is especially defined by greater working earnings, decrease revenue taxes and decrease internet monetary bills ensuing from a discount in internet indebtedness and a decrease weighted common rate of interest. On a per share foundation, internet earnings attributable to shareholders of the Company went from $0.37 to $0.73, respectively.
Adjusted internet earnings attributable to shareholders of the Company elevated by $5.2 million, or 6.0%, from $86.4 million within the first six months of fiscal 2020 to $91.6 million within the corresponding interval in fiscal 2021. This enhance is generally as a result of decrease internet monetary bills ensuing from a discount in internet indebtedness and a decrease weighted common rate of interest. On a per share foundation, adjusted internet earnings attributable to shareholders of the Company went from $0.99 to $1.05, respectively.
For extra detailed monetary data, please see the Administration’s Dialogue and Evaluation for the second quarter ended April 25, 2021 in addition to the monetary statements within the “Traders” part of our web site at www.tc.tc.
Outlook
Within the Packaging Sector, on account of signing new contracts and introducing new merchandise available on the market, we anticipate natural quantity development in in fiscal 2021. The numerous and speedy rise within the worth of resin and the appreciation of the Canadian greenback towards the US greenback ought to nonetheless proceed to have a unfavourable influence of the sector’s profitability. Excluding the impacts of the resin worth and the appreciation of the Canadian greenback, we anticipate to submit a rise in working earnings in comparison with the prior fiscal yr, on account of our operational effectivity initiatives and the anticipated natural development in revenues.
Within the Printing Sector, we anticipate a gradual restoration in printing quantity. This anticipated restoration, mixed with development in our in-store advertising and marketing actions, offers us confidence concerning the outlook for income development for the second half of fiscal 2021 and for fiscal 2022. As well as, excluding quantities associated to the Canada Emergency Wage Subsidy, we anticipate working earnings to develop in fiscal 2021 in comparison with fiscal 2020.
Lastly, we anticipate to proceed producing important money flows. This could allow us to scale back our internet indebtedness, whereas offering us with the flexibleness wanted to pursue our funding technique targeted on natural development in addition to strategic and focused acquisitions.
Non-IFRS Monetary Measures
On this doc, except in any other case indicated, all monetary information are ready in accordance with Worldwide Monetary Reporting Requirements (IFRS) and the time period “greenback”, in addition to the image “$” designate Canadian {dollars}.
As well as, on this press launch, we additionally use non-IFRS monetary measures for which a whole definition is offered beneath and for which a reconciliation to monetary data in accordance with IFRS is offered within the part entitled “Reconciliation of Non-IFRS Monetary Measures” and in Word 3, “Segmented Info”, to the unaudited condensed interim consolidated monetary statements for the second quarter ended April 25, 2021.
| Phrases Used | Definitions |
| Adjusted working earnings earlier than depreciation and amortization | Working earnings earlier than depreciation and amortization in addition to restructuring and different prices (good points) and impairment of property. |
| Adjusted working earnings margin earlier than depreciation and amortization | Adjusted working earnings earlier than depreciation and amortization divided by revenues. |
| Adjusted working earnings | Working earnings earlier than restructuring and different prices (good points), impairment of property, in addition to amortization of intangible property arising from enterprise mixtures. |
| Adjusted working earnings margin | Adjusted working earnings divided by revenues. |
| Adjusted revenue taxes | Earnings taxes earlier than revenue taxes on restructuring and different prices (good points), impairment of property, amortization of intangible property arising from enterprise mixtures. |
| Adjusted internet earnings attributable to shareholders of the Company | Web earnings attributable to shareholders of the Company earlier than restructuring and different prices (good points), impairment of property, amortization of intangible property arising from enterprise mixtures, internet of associated revenue taxes. |
| Web indebtedness | Whole of long-term debt, of present portion of long-term debt, of lease liabilities and of present portion of lease liabilities, much less money. |
| Web indebtedness ratio | Web indebtedness divided by the final 12 months’ adjusted working earnings earlier than depreciation and amortization. |
Reconciliation of Non-IFRS Monetary Measures
The monetary data has been ready in accordance with IFRS. Nonetheless, monetary measures used, particularly adjusted working earnings earlier than depreciation and amortization, adjusted working earnings, adjusted working earnings margin, adjusted revenue taxes, adjusted internet earnings attributable to shareholders of the Company, adjusted internet earnings attributable to shareholders of the Company per share, internet indebtedness and internet indebtedness ratio, for which a reconciliation is offered within the following desk, don’t have any standardized which means underneath IFRS and could possibly be calculated in a different way by different firms. We consider that lots of our readers analyze the monetary efficiency of the Company’s actions primarily based on these non-IFRS monetary measures as such measures might permit for simpler comparisons between durations. These measures needs to be thought of as a complement to monetary efficiency measures in accordance with IFRS. They don’t substitute and will not be superior to them.
The Company additionally believes that these measures are helpful indicators of the efficiency of its operations and its skill to satisfy its monetary obligations. Moreover, administration additionally makes use of a few of these non-IFRS monetary measures to evaluate the efficiency of its actions and managers.
| Reconciliation of working earnings – Second quarter and cumulative | |||||||||
| Three months ended | Six months ended | ||||||||
| (in hundreds of thousands of {dollars}) | April 25, 2021 | April 26, 2020 | April 25, 2021 | April 26, 2020 | |||||
| Working earnings | $ | 55.9 | $ | 44.1 | $ | 103.1 | $ | 84.9 | |
| Restructuring and different prices | 0.5 | 7.0 | 5.3 | 20.3 | |||||
| Amortization of intangible property arising from enterprise mixtures (1) | 16.2 | 17.4 | 32.8 | 35.4 | |||||
| Adjusted working earnings | $ | 72.6 | $ | 68.5 | $ | 141.2 | $ | 128.9 | |
| Depreciation and amortization (2) | 34.4 | 35.8 | 71.5 | 72.7 | |||||
| Adjusted working earnings earlier than depreciation and amortization | $ | 107.0 | $ | 104.3 | $ | 212.7 | $ | 201.6 | |
| (1) Intangible property arising from enterprise mixtures embody our buyer relationships, logos and non-compete agreements. (2) Depreciation and amortization excludes the amortization of intangible property arising from enterprise mixtures. |
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| Reconciliation of internet earnings attributable to shareholders of the Company – Second quarter | ||||||||||
| Three months ended | ||||||||||
| April 25, 2021 | April 26, 2020 | |||||||||
| (in hundreds of thousands of {dollars}, besides per share quantities) | Whole | Per share | Whole | Per share | ||||||
| Web earnings attributable to shareholders of the Company | $ | 35.6 | $ | 0.41 | $ | 25.7 | $ | 0.30 | ||
| Restructuring and different prices, internet of associated revenue taxes | (0.1 | ) | — | 4.8 | 0.06 | |||||
| Amortization of intangible property arising from enterprise mixtures, internet of associated revenue taxes (1) | 12.3 | 0.14 | 13.1 | 0.14 | ||||||
| Adjusted internet earnings attributable to shareholders of the Company | $ | 47.8 | $ | 0.55 | $ | 43.6 | $ | 0.50 | ||
| (1) Intangible property arising from enterprise mixtures embody our buyer relationships, logos and non-compete agreements. | ||||||||||
| Reconciliation of internet earnings attributable to shareholders of the Company – Cumulative | ||||||||||
| Six months ended | ||||||||||
| April 25, 2021 | April 26, 2020 | |||||||||
| (in hundreds of thousands of {dollars}, besides per share quantities) | Whole | Per share | Whole | Per share | ||||||
| Web earnings attributable to shareholders of the Company | $ | 63.3 | $ | 0.41 | $ | 32.1 | $ | 0.37 | ||
| Restructuring and different prices, internet of associated revenue taxes | 3.4 | — | 27.6 | 0.32 | ||||||
| Amortization of intangible property arising from enterprise mixtures, internet of associated revenue taxes (1) | 24.9 | 0.14 | 26.7 | 0.30 | ||||||
| Adjusted internet earnings attributable to shareholders of the Company | $ | 91.6 | $ | 0.55 | $ | 86.4 | $ | 0.99 | ||
| (1) Intangible property arising from enterprise mixtures embody our buyer relationships, logos and non-compete agreements. | ||||||||||
| Reconciliation of internet indebtedness | ||||||||
| (in hundreds of thousands of {dollars}, besides ratios) | As at April 25, 2021 | As at October 25, 2020 | ||||||
| Lengthy-term debt | $ | 569.5 | $ | 790.4 | ||||
| Present portion of long-term debt | 327.6 | 229.7 | ||||||
| Lease liabilities | 122.7 | 132.0 | ||||||
| Present portion of lease liabilities | 22.1 | 22.8 | ||||||
| Money | (199.6 | ) | (241.0 | ) | ||||
| Web indebtedness | $ | 842.3 | $ | 933.9 | ||||
| Adjusted working earnings earlier than depreciation and amortization (final 12 months) | $ | 498.8 | $ | 499.4 | ||||
| Web indebtedness ratio | 1.7 | x | 1.9 | x | ||||
Dividend
The Company’s Board of Administrators declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on July 20, 2021 to shareholders of file on the shut of enterprise on July 6, 2021.
Regular Course Issuer Bid
The Company was licensed to repurchase, for cancellation on the open market, or topic to the approval of any securities authority by personal agreements, between October 1, 2020 and September 30, 2021, or at an earlier date if the Company concludes or cancels the provide, as much as 1,000,000 of its Class A Subordinate Voting Shares and as much as 191,320 of its Class B Shares. Beneath the present repurchase program, the Company has not repurchased any shares so far.
Extra data
Convention Name
Upon releasing its 2021 second quarter outcomes, the Company will maintain a convention name for the monetary group on June 9, 2021 at 4:15 p.m. The dial-in numbers are 1 647 788-4922 or 1 877 223-4471. Media might hear the decision in listen-only mode or tune in to the simultaneous audio broadcast on the Company’s web site, which is able to then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Company Communications of TC Transcontinental, at 514 954-3581.
Profile
TC Transcontinental is a pacesetter in versatile packaging in North America, and Canada’s largest printer. The Company can also be the main Canadian French-language academic publishing group. For over 45 years, TC Transcontinental’s mission has been to create high quality services that permit companies to draw, attain and retain their goal prospects.
Respect, teamwork, efficiency and innovation are the sturdy values held by the Company and its staff. TC Transcontinental’s dedication to its stakeholders is to pursue its enterprise actions in a accountable method.
Transcontinental Inc. (TSX: TCL.A TCL.B), often called TC Transcontinental, has shut to eight,000 staff, the vast majority of that are primarily based in Canada, the US and Latin America. TC Transcontinental had revenues of roughly C$2.6 billion for the fiscal yr ended October 25, 2020. For extra data, go to TC Transcontinental’s web site at www.tc.tc.
Ahead-looking Statements
Our public communications typically include oral or written forward-looking statements that are primarily based on the expectations of administration and inherently topic to a sure variety of dangers and uncertainties, identified and unknown. By their very nature, forward-looking statements are derived from each basic and particular assumptions. The Company cautions towards undue reliance on such statements since precise outcomes or occasions might differ materially from the expectations expressed or implied in them. Ahead-looking statements might embody observations in regards to the Company’s targets, technique, anticipated monetary outcomes and enterprise outlook. The Company’s future efficiency can also be affected by plenty of components, lots of that are past the Company’s will or management. These components embody, however will not be restricted to, the financial scenario on the earth, structural modifications within the industries through which the Company operates, the influence of digital product improvement and adoption on the demand for retailer-related providers and different printed merchandise, the Company’s skill to generate natural development in extremely aggressive industries, the Company’s skill to finish acquisitions within the packaging business and correctly combine them, the lack to keep up or enhance operational effectivity and keep away from disruptions that would have an effect on its skill to satisfy deadlines, cybersecurity and information safety, the political and social atmosphere in addition to regulatory and legislative modifications, particularly with regard to the atmosphere and door-to-door distribution, modifications in consumption habits associated, particularly, to points involving sustainable improvement and using sure services or products corresponding to door-to-door distribution, change in consumption habits or lack of a serious buyer, buyer consolidation, the security and high quality of its packaging merchandise used within the meals business, the safety of its mental property rights, the change charge, availability of capital at an inexpensive charge, dangerous money owed from sure prospects, import and export controls, uncooked supplies and transportation prices, recruiting and retaining certified personnel in sure geographic areas and business sectors, taxation, rates of interest and the influence of the COVID-19 pandemic on its operations, amenities and monetary outcomes, modifications in consumption habits from customers and modifications within the operations and monetary place of the Company’s prospects as a result of COVID-19 pandemic and the effectiveness of plans and measures applied in response thereto. The primary dangers, uncertainties and components that would affect precise outcomes are described within the Administration’s Dialogue and Evaluation for the yr ended October 25, 2020 and within the newest Annual Info Type.
Except in any other case indicated by the Company, forward-looking statements don’t take note of the potential influence of non-recurring or different uncommon gadgets, nor of disposals, enterprise mixtures, mergers or acquisitions which can be introduced or entered into after the date of June 9, 2021. The forward-looking statements on this press launch are made pursuant to the “secure harbour” provisions of relevant Canadian securities laws. The forward-looking statements on this launch are primarily based on present expectations and knowledge out there as at June 9, 2021. Such forward-looking data can also be present in different paperwork filed with Canadian securities regulators or in different communications. The Company’s administration disclaims any intention or obligation to replace or revise these statements except in any other case required by the securities authorities.
For data:
| Media | Monetary Neighborhood |
| Nathalie St-Jean | Yan Lapointe |
| Senior Advisor, Company Communications | Director, Investor Relations |
| TC Transcontinental | TC Transcontinental |
| Phone: 514-954-3581 | Phone: 514-954-3574 |
| nathalie.st-jean@tc.tc | yan.lapointe@tc.tc |
| www.tc.tc | www.tc.tc |
CONSOLIDATED STATEMENTS OF EARNINGS
Unaudited
| Three months ended | Six months ended | |||||||||||
| April 25, | April 26, | April 25, | April 26, | |||||||||
| (in hundreds of thousands of Canadian {dollars}, except in any other case indicated and per share information) | 2021 | 2020 | 2021 | 2020 | ||||||||
| Revenues | $ | 623.3 | $ | 625.1 | $ | 1,246.0 | $ | 1,330.9 | ||||
| Working bills | 516.3 | 520.8 | 1,033.3 | 1,117.6 | ||||||||
| Restructuring and different prices | 0.5 | 7.0 | 5.3 | 20.3 | ||||||||
| Working earnings earlier than depreciation and amortization | 106.5 | 97.3 | 207.4 | 193.0 | ||||||||
| Depreciation and amortization | 50.6 | 53.2 | 104.3 | 108.1 | ||||||||
| Working earnings | 55.9 | 44.1 | 103.1 | 84.9 | ||||||||
| Web monetary bills | 9.5 | 11.7 | 20.3 | 25.7 | ||||||||
| Earnings earlier than revenue taxes | 46.4 | 32.4 | 82.8 | 59.2 | ||||||||
| Earnings taxes | 10.8 | 6.6 | 19.4 | 26.9 | ||||||||
| Web earnings | 35.6 | 25.8 | 63.4 | 32.3 | ||||||||
| Non-controlling curiosity | — | 0.1 | 0.1 | 0.2 | ||||||||
| Web earnings attributable to the shareholders of the Company | $ | 35.6 | $ | 25.7 | $ | 63.3 | $ | 32.1 | ||||
| Web earnings per share – fundamental and diluted | $ | 0.41 | $ | 0.30 | $ | 0.73 | $ | 0.37 | ||||
| Weighted common variety of shares excellent – fundamental and diluted (in hundreds of thousands) | 87.0 | 87.0 | 87.0 | 87.2 | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
| Three months ended | Six months ended | |||||||||||
| April 25, | April 26, | April 25, | April 26, | |||||||||
| (in hundreds of thousands of Canadian {dollars}) | 2021 | 2020 | 2021 | 2020 | ||||||||
| Web earnings | $ | 35.6 | $ | 25.8 | $ | 63.4 | $ | 32.3 | ||||
| Different complete revenue (loss) | ||||||||||||
| Objects that might be reclassified to internet earnings | ||||||||||||
| Web change associated to money movement hedges | ||||||||||||
| Web change within the truthful worth of designated derivatives – overseas change threat | 1.1 | (10.6 | ) | 5.4 | (11.1 | ) | ||||||
| Web change within the truthful worth of designated derivatives – rate of interest threat | 2.7 | (15.8 | ) | 2.3 | (15.6 | ) | ||||||
| Reclassification of the web change within the truthful worth of designated derivatives | ||||||||||||
| acknowledged in internet earnings throughout the interval | 3.0 | 1.0 | 6.2 | 1.8 | ||||||||
| Associated revenue taxes | 1.8 | (6.8 | ) | 3.7 | (6.6 | ) | ||||||
| 5.0 | (18.6 | ) | 10.2 | (18.3 | ) | |||||||
| Cumulative translation variations | ||||||||||||
| Web unrealized change good points (losses) on the interpretation of the monetary statements of | ||||||||||||
| overseas operations | (33.3 | ) | 127.5 | (82.1 | ) | 135.1 | ||||||
| Web good points (losses) on hedge of the web funding in overseas operations | 15.3 | (67.0 | ) | 38.8 | (66.3 | ) | ||||||
| Associated revenue taxes | 1.9 | (1.9 | ) | 4.9 | (1.7 | ) | ||||||
| (19.9 | ) | 62.4 | (48.2 | ) | 70.5 | |||||||
| Objects that won’t be reclassified to internet earnings | ||||||||||||
| Modifications associated to outlined profit plans | ||||||||||||
| Actuarial good points on outlined profit plans | 21.9 | 11.5 | 12.2 | 15.5 | ||||||||
| Associated revenue taxes | 5.6 | 3.1 | 2.8 | 4.1 | ||||||||
| 16.3 | 8.4 | 9.4 | 11.4 | |||||||||
| Different complete revenue (loss) | 1.4 | 52.2 | (28.6 | ) | 63.6 | |||||||
| Complete revenue | $ | 37.0 | $ | 78.0 | $ | 34.8 | $ | 95.9 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited
| Gathered | ||||||||||||||||||||
| different | Non- | |||||||||||||||||||
| Share | Contributed | Retained | complete | controlling | Whole | |||||||||||||||
| (in hundreds of thousands of Canadian {dollars}) | capital | surplus | earnings | revenue (loss) | Whole | curiosity | fairness | |||||||||||||
| Steadiness as at October 25, 2020 | $ | 640.0 | $ | 0.9 | $ | 1,107.2 | $ | (14.8 | ) | $ | 1,733.3 | $ | 5.3 | $ | 1,738.6 | |||||
| Web earnings | — | — | 63.3 | — | 63.3 | 0.1 | 63.4 | |||||||||||||
| Different complete loss | — | — | (28.6 | ) | (28.6 | ) | — | (28.6 | ) | |||||||||||
| Shareholders’ contributions and | ||||||||||||||||||||
| distributions to shareholders | ||||||||||||||||||||
| Dividends | — | — | (39.2 | ) | — | (39.2 | ) | — | (39.2 | ) | ||||||||||
| Steadiness as at April 25, 2021 | $ | 640.0 | $ | 0.9 | $ | 1,131.3 | $ | (43.4 | ) | $ | 1,728.8 | $ | 5.4 | $ | 1,734.2 | |||||
| Steadiness as at October 27, 2019 | $ | 641.9 | $ | 1.1 | $ | 1,069.9 | $ | (25.9 | ) | $ | 1,687.0 | $ | 4.2 | $ | 1,691.2 | |||||
| Influence of the transition to IFRS 16 | — | — | (13.2 | ) | — | (13.2 | ) | — | (13.2 | ) | ||||||||||
| Steadiness as at October 27, 2019 – adjusted | 641.9 | 1.1 | 1,056.7 | (25.9 | ) | 1,673.8 | 4.2 | 1,678.0 | ||||||||||||
| Web earnings | — | — | 32.1 | — | 32.1 | 0.2 | 32.3 | |||||||||||||
| Different complete revenue | — | — | — | 63.6 | 63.6 | — | 63.6 | |||||||||||||
| Shareholders’ contributions and | ||||||||||||||||||||
| distributions to shareholders | ||||||||||||||||||||
| Share redemptions | (3.8 | ) | — | (3.3 | ) | — | (7.1 | ) | — | (7.1 | ) | |||||||||
| Train of inventory choices | 1.9 | (0.2 | ) | — | — | 1.7 | — | 1.7 | ||||||||||||
| Dividends | — | — | (38.7 | ) | — | (38.7 | ) | — | (38.7 | ) | ||||||||||
| Steadiness as at April 26, 2020 | $ | 640.0 | $ | 0.9 | $ | 1,046.8 | $ | 37.7 | $ | 1,725.4 | $ | 4.4 | $ | 1,729.8 | ||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
| As at | As at | |||||
| April 25, | October 25, | |||||
| (in hundreds of thousands of Canadian {dollars}) | 2021 | 2020 | ||||
| Present property | ||||||
| Money | $ | 199.6 | $ | 241.0 | ||
| Accounts receivable | 420.5 | 461.2 | ||||
| Earnings taxes receivable | 17.3 | 13.4 | ||||
| Inventories | 288.3 | 288.8 | ||||
| Pay as you go bills and different present property | 25.2 | 20.3 | ||||
| 950.9 | 1,024.7 | |||||
| Property, plant and gear | 686.6 | 712.4 | ||||
| Proper-of-use property | 125.1 | 134.6 | ||||
| Intangible property | 513.6 | 568.5 | ||||
| Goodwill | 1,062.4 | 1,098.8 | ||||
| Deferred taxes | 16.4 | 24.2 | ||||
| Different property | 31.9 | 35.2 | ||||
| $ | 3,386.9 | $ | 3,598.4 | |||
| Present liabilities | ||||||
| Accounts payable and accrued liabilities | $ | 352.9 | $ | 399.7 | ||
| Provisions | 2.9 | 7.9 | ||||
| Earnings taxes payable | 18.5 | 8.4 | ||||
| Deferred revenues and deposits | 9.3 | 9.0 | ||||
| Present portion of long-term debt | 327.6 | 229.7 | ||||
| Present portion of lease liabilities | 22.1 | 22.8 | ||||
| 733.3 | 677.5 | |||||
| Lengthy-term debt | 569.5 | 790.4 | ||||
| Lease liabilities | 122.7 | 132.0 | ||||
| Deferred taxes | 124.8 | 133.9 | ||||
| Provisions | 0.6 | 0.3 | ||||
| Different liabilities | 101.8 | 125.7 | ||||
| 1,652.7 | 1,859.8 | |||||
| Fairness | ||||||
| Share capital | 640.0 | 640.0 | ||||
| Contributed surplus | 0.9 | 0.9 | ||||
| Retained earnings | 1,131.3 | 1,107.2 | ||||
| Gathered different complete loss | (43.4 | ) | (14.8 | ) | ||
| Attributable to the shareholders of the Company | 1,728.8 | 1,733.3 | ||||
| Non-controlling curiosity | 5.4 | 5.3 | ||||
| 1,734.2 | 1,738.6 | |||||
| $ | 3,386.9 | $ | 3,598.4 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
| Three months ended | Six months ended | |||||||||||
| April 25, | April 26, | April 25, | April 26, | |||||||||
| (in hundreds of thousands of Canadian {dollars}) | 2021 | 2020 | 2021 | 2020 | ||||||||
| Working actions | ||||||||||||
| Web earnings | $ | 35.6 | $ | 25.8 | $ | 63.4 | $ | 32.3 | ||||
| Changes to reconcile internet earnings and money flows from working actions: | ||||||||||||
| Depreciation and amortization | 55.5 | 58.5 | 114.2 | 118.8 | ||||||||
| Monetary bills on long-term debt and lease liabilities | 9.3 | 12.3 | 18.8 | 26.7 | ||||||||
| Web losses on disposal of property | 0.3 | 0.4 | 0.6 | 1.9 | ||||||||
| Web losses on enterprise disposals | — | 0.1 | — | 4.4 | ||||||||
| Earnings taxes | 10.8 | 6.6 | 19.4 | 26.9 | ||||||||
| Web overseas change variations and different | (5.4 | ) | 2.2 | (4.0 | ) | 3.5 | ||||||
| Money flows generated by working actions earlier than modifications in non-cash working | ||||||||||||
| gadgets and revenue taxes paid | 106.1 | 105.9 | 212.4 | 214.5 | ||||||||
| Modifications in non-cash working gadgets | (9.2 | ) | 20.3 | (21.7 | ) | (8.3 | ) | |||||
| Earnings taxes paid | (13.6 | ) | (11.5 | ) | (22.7 | ) | (27.8 | ) | ||||
| Money flows from working actions | 83.3 | 114.7 | 168.0 | 178.4 | ||||||||
| Investing actions | ||||||||||||
| Enterprise mixtures, internet of acquired money | — | — | — | (7.7 | ) | |||||||
| Enterprise disposals | — | — | — | 232.1 | ||||||||
| Acquisitions of property, plant and gear | (22.4 | ) | (27.1 | ) | (49.7 | ) | (50.2 | ) | ||||
| Disposals of property, plant and gear | 0.2 | 0.1 | 0.3 | 0.2 | ||||||||
| Enhance in intangible property | (5.2 | ) | (4.9 | ) | (9.7 | ) | (9.3 | ) | ||||
| Money flows from investing actions | (27.4 | ) | (31.9 | ) | (59.1 | ) | 165.1 | |||||
| Financing actions | ||||||||||||
| Reimbursement of long-term debt | (0.1 | ) | (366.9 | ) | (83.5 | ) | (375.2 | ) | ||||
| Web lower in credit score amenities | (3.4 | ) | — | — | — | |||||||
| Monetary bills paid on long-term debt | (9.1 | ) | (11.0 | ) | (16.7 | ) | (24.2 | ) | ||||
| Reimbursement of principal on lease liabilities | (6.0 | ) | (5.4 | ) | (11.4 | ) | (10.6 | ) | ||||
| Curiosity paid on lease liabilities | (0.8 | ) | (0.8 | ) | (1.7 | ) | (1.4 | ) | ||||
| Train of inventory choices | — | — | — | 1.7 | ||||||||
| Dividends | (19.6 | ) | (19.5 | ) | (39.2 | ) | (38.7 | ) | ||||
| Share redemptions | — | — | — | (7.1 | ) | |||||||
| Money flows from financing actions | (39.0 | ) | (403.6 | ) | (152.5 | ) | (455.5 | ) | ||||
| Impact of change charge modifications on money denominated in foreign currency echange | 0.7 | 0.8 | 2.2 | 2.9 | ||||||||
| Web change in money | 17.6 | (320.0 | ) | (41.4 | ) | (109.1 | ) | |||||
| Money at starting of interval | 182.0 | 424.6 | 241.0 | 213.7 | ||||||||
| Money at finish of interval | $ | 199.6 | $ | 104.6 | $ | 199.6 | $ | 104.6 | ||||
| Non-cash investing actions | ||||||||||||
| Web change in capital asset acquisitions financed by accounts payable | $ | (0.1 | ) | $ | 0.2 | $ | 0.4 | $ | (0.8 | ) | ||
