- Fourth quarter diluted Earnings Per Share (EPS) was $7.97; normalized diluted EPS grew 51.9%
- CTR comparable sales grew 12.8% and consolidated comparable sales grew 9.5% in the fourth quarter
- Fourth quarter Retail segment normalized income before income taxes increased by 70.1%
- Full year 2020 eCommerce sales across all retail banners soared to $1.6 billion, up 183%
TORONTO, Feb. 18, 2021 /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) today released its fourth quarter and full year results for the period ended January 2, 2021.
"We achieved outstanding operational and financial results in 2020, driven by sustained strong growth in eCommerce and Owned Brands, and the addition of 1.8 million new customers to the Triangle Rewards program. Despite countless unprecedented challenges, our commitment to being there for Canadians was unwavering throughout the year. I am incredibly proud of all of our people across CTC, our Associate Dealers, and especially our frontline employees for their achievements, their support of one another and their continued commitment to serving our customers amidst the ongoing pandemic," said Greg Hicks, President and CEO, Canadian Tire Corporation.
"Looking forward, the proven resilience of our business model, the strength of our Triangle Rewards program, and the relevance of our assortment position us well to continue engaging with our customers and supporting them in 2021 and beyond," added Hicks.
FOURTH QUARTER HIGHLIGHTS
-
Strong omni-channel performance in the quarter drove CTC's comparable sales growth of 9.5%
- CTR's strong growth of 12.8% was driven by double digit growth in almost 70% of product categories and Owned Brands growth of 18%
- Mark's delivered strong comparable sales of 7.6%, driven primarily by eCommerce sales and strong performance of national brands
- SportChek's comparable sales growth declined 3%, due to reduced promotional activity, temporary store closures and restrictions
- Over 600,000 new members joined the Triangle program and contributed $168 million in sales
-
eCommerce sales in the quarter grew 142%, with penetration rate more than doubling 2019 levels
- eCommerce sales surged across all retail banners, with CTR up 179%
- Digital visits across retail banners grew almost 50% to over 230 million visits
-
Significant increase in EPS performance in the quarter was driven by topline sales and Dealer demand at CTR
- Diluted EPS was $7.97; normalized diluted EPS was $8.40, an increase of 51.9%
- Normalized income before income taxes in the Retail segment significantly increased, by 70.1%
- Retail revenue (excluding Petroleum) grew 20.1%, with CTR revenue growing by 28%
- Normalized retail gross margin rate (excluding Petroleum) grew by 168 bps, driven primarily by CTR
- Financial Services income before income taxes grew 5.6% in the quarter
- Aging metrics continue to be favourable
- Consistent with industry trends, growth in cardholder sales and receivables volume were lower
- Due largely to the year over year decline in receivables, the allowance for loans receivable was reduced by $27 million in the quarter
SELECT ANNUAL HIGHLIGHTS
- CTC's retail sales grew 11% (excluding Petroleum), primarily driven by 17.6% growth at CTR
- eCommerce sales reached $1.6 billion, up $1 billion or 183%, with CTR delivering over 250% growth
- Strong performance in the last half of 2020 resulted in full year normalized diluted EPS of $13.00, only slightly lower than 2019, despite the impact that the COVID-19 pandemic had on the operations and results in the first half of 2020
- Retail segment normalized earnings grew 15.7% for the year
- Cash and investments in the Retail segment grew by $196 million in the year, driven by higher retail earnings and lower capital expenditures
- The Company ended the year with $2.0 billion in cash and short-term investments and $3.0 billion, $3.9 billion, and $298.9 million in available liquidity in its Retail, Financial Services and REIT segments, respectively
CONSOLIDATED OVERVIEW
The fourth quarter and full year 2020 results include one additional week of retail operations compared to the fourth quarter and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
- Consolidated retail sales increased $479 million in the fourth quarter, or 9.9% over the same period in 2019. Excluding Petroleum, consolidated retail sales were up 13.6% over the same period last year
- Consolidated revenue increased $557.8 million, or 12.9% in the fourth quarter. Excluding Petroleum, consolidated revenue increased 17.4%
- Diluted EPS was $7.97 in the quarter, up $2.55 per share, or 47%, compared to the prior year. Normalized diluted EPS in the quarter was $8.40, an increase of $2.87 per share or 51.9%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for information on normalizing items, and to the Q4 and Full Year MD&A section 4.0 for additional details on events that have impacted the Company in the year
FULL YEAR
- Consolidated retail sales increased $985.4 million, or 6.2%, over the prior year. Excluding Petroleum, consolidated retail sales increased 11%
- Consolidated revenue increased $336.6 million for the full year, or 2.3%, over the prior year. Excluding Petroleum, consolidated revenue increased 6.9%
- Diluted EPS was $12.31, a decrease of $0.27 per share, or 2.2%, over the prior year. Normalized diluted EPS of $13.00 decreased $0.04 per share or 0.3%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for information on normalizing items, and to the Q4 and Full Year MD&A section 4.0 for additional details on events that have impacted the Company in the year
RETAIL SEGMENT OVERVIEW
The fourth quarter and full year 2020 results include one additional week of retail operations compared to the fourth quarter and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
- Retail segment revenue increased $593 million, or 14.9%. Excluding Petroleum, Retail segment revenue increased 20.1%
- CTR sales increased 17.1% and comparable sales were up 12.8%
- SportChek retail sales were relatively flat, up by 0.5% and comparable sales were down 3%
- Mark's retail sales increased 11.9% and comparable sales were up 7.6%
- Helly Hansen revenue was $196.1 million, up 11.4%, or 12.1% on a constant currency basis
- Income before income taxes increased $226.3 million, or 64.4%. Normalized income before income taxes increased $252.7 million or 70.1%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for information on normalizing items, and to the Q4 and Full Year MD&A section 4.0 for additional details on events that have impacted the Company in 2020
FULL YEAR
- Retail segment revenue increased $410.2 million, or 3.1%. Excluding Petroleum, Retail segment revenue was up 8.4%
- CTR sales increased 17.6%
- SportChek's retail sales decreased 8.5%
- Mark's retail sales decreased 5.5%
- Helly Hansen revenue was $541.9 million, down 2.2%. On a constant currency basis, Helly Hansen revenue grew 2.0%
- Income before income taxes increased $90.5 million or 14%. Normalized income before income taxes increased by $108.1 million or 15.7%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for information on normalizing items, and to the Q4 and Full Year MD&A section 4.0 for additional details on events that have impacted the Company in 2020
FINANCIAL SERVICES OVERVIEW
- Financial Services is in a strong financial position with access to multiple sources of liquidity, an experienced management team and proven credit risk capabilities. The credit card portfolio continues to demonstrate strong operational metrics, including ending the quarter with improved aging, mainly due to strong customer payments.
FOURTH QUARTER
- Revenue was down 11.3%, primarily due to lower receivables volume
- Gross margin improved 10.8% despite revenue declines; primarily due to a $27.3 million reduction to the allowance for loans receivable, reflecting the impact of lower receivables balances
- Income before income taxes increased $6.1 million, or 5.6%
- Refer to the Q4 and Full Year 2020 MD&A section 4.0 for additional details on events that have impacted the Company in 2020
FULL YEAR
- Revenue was down 6.4% for the full year over 2019, primarily due to lower receivable volume
- Gross margin declined by 12.4% primarily due to lower revenue
- Income before income taxes decreased $99 million or 23.2%
- Refer to the Q4 and Full Year 2020 MD&A section 4.0 for additional details on events that have impacted the Company in 2020
CT REIT OVERVIEW
- As disclosed in the Q4 and year-end 2020 CT REIT earnings release on February 8, 2021, CT REIT invested approximately $209 million, adding over 800,000 square feet of gross leasable area to the portfolio in 2020.
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
- Operating capital expenditures were $267.7 million for the year, a decrease of $176.5 million
- Total capital expenditures were $452.4 million for the year, a decrease of $84.9 million
QUARTERLY DIVIDEND
- The Company declared dividends payable to holders of Class A Non-Voting Shares and Common Shares at a rate of $1.175 per share payable on June 1, 2021 to shareholders of record as of April 30, 2021. The dividend is considered an "eligible dividend" for tax purposes.
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal course issuer bid (the "2021-22 NCIB" to purchase from March 2, 2021 to March 1, 2022 up to 5.4 million Class A Non-Voting Shares (the "Shares"), which represents 9.9% of the 54.7 million approximate public float of Shares issued and outstanding as at February 17, 2021. There were 57,383,758 Shares issued and outstanding as at February 17, 2021.
The Company intends to purchase Shares under the 2021-22 NCIB to offset the dilutive effect of the issuance of Shares pursuant to its dividend reinvestment and stock option plans, consistent with the Company's policy. The Company retains the flexibility to purchase additional Shares beyond its anti-dilutive requirements but does not intend to do so at this time.
Purchases of Shares pursuant to the 2021-22 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 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 69,845 Shares, which represents 25% of 279,380, the average daily trading volume of the Shares on the TSX, net of purchases made by the Company through the TSX, for the six months ended January 31, 2021. The Shares purchased by the Company pursuant to the 2021-22 NCIB will be restored to the status of authorized but unissued shares.
The Company's proposed 2021-22 NCIB is subject to regulatory approval.
Under the Company's normal course issuer bid which began on March 2, 2020 and expires on March 1, 2021 (the "2020-21 NCIB"), the Company received approval to purchase up to 5.5 million Shares. To date, the Company has purchased a total of 355,102 Shares by means of open market transactions through the facilities of the TSX and alternative Canadian trading systems under the Company's 2020-21 NCIB, at the volume weighted average price of $125.24.
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1440440/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Ann.pdf
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements are being 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. Although CTC 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, including as a result of COVID-19, 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 CTC's actual results to differ from current expectations, refer to section 10.0 (Key Risks and Risk Management) of our Management's Discussion and Analysis for the year ended January 2, 2021 as well as CTC's other public filings, available at www.sedar.com and at https://investors.canadiantire.ca. CTC 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 18, 2021. 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 and will be available through replay at this website for 12 months.
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. Party City, 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; and SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere, which offer the best active wear brands. 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 CTC 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, [email protected]
Investors: Lisa Greatrix, (416) 480-8725, [email protected]
Consolidated Balance Sheets (Unaudited)
|
As at
|
|
|
|
(C$ in millions)
|
January 2, 2021
|
December 28, 2019
|
|
|
|
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
$
|
1,327.2
|
$
|
205.5
|
|
Short-term investments
|
643.0
|
201.7
|
|
Trade and other receivables
|
973.6
|
938.3
|
|
Loans receivable
|
5,031.8
|
5,813.8
|
|
Merchandise inventories
|
2,312.9
|
2,212.9
|
|
Income taxes recoverable
|
21.9
|
33.2
|
|
Prepaid expenses and deposits
|
193.8
|
139.3
|
|
Assets classified as held for sale
|
42.6
|
10.6
|
|
Total current assets
|
10,546.8
|
9,555.3
|
|
Long-term receivables and other assets
|
631.9
|
807.8
|
|
Long-term investments
|
146.2
|
138.9
|
|
Goodwill and intangible assets
|
2,372.8
|
2,414.3
|
|
Investment property
|
385.8
|
389.1
|
|
Property and equipment
|
4,298.2
|
4,283.3
|
|
Right-of-use assets
|
1,696.7
|
1,610.4
|
|
Deferred income taxes
|
298.7
|
319.2
|
|
Total assets
|
$
|
20,377.1
|
$
|
19,518.3
|
|
|
|
|
LIABILITIES
|
|
|
|
Bank indebtedness
|
$
|
—
|
$
|
10.4
|
|
Deposits
|
1,228.0
|
790.8
|
|
Trade and other payables
|
2,508.3
|
2,492.4
|
|
Provisions
|
196.7
|
190.2
|
|
Short-term borrowings
|
165.4
|
450.0
|
|
Loans
|
506.6
|
621.5
|
|
Current portion of lease liabilities
|
329.9
|
335.3
|
|
Income taxes payable
|
120.4
|
72.6
|
|
Current portion of long-term debt
|
150.5
|
788.2
|
|
Total current liabilities
|
5,205.8
|
5,751.4
|
|
Long-term provisions
|
70.3
|
61.1
|
|
Long-term debt
|
4,115.7
|
3,730.2
|
|
Long-term deposits
|
2,281.7
|
1,653.4
|
|
Long-term lease liabilities
|
1,896.6
|
1,871.0
|
|
Deferred income taxes
|
122.0
|
136.4
|
|
Other long-term liabilities
|
850.3
|
810.1
|
|
Total liabilities
|
14,542.4
|
14,013.6
|
|
|
|
|
EQUITY
|
|
|
|
Share capital
|
597.0
|
588.0
|
|
Contributed surplus
|
2.9
|
2.9
|
|
Accumulated other comprehensive (loss)
|
(237.7)
|
(129.9)
|
|
Retained earnings
|
4,136.9
|
3,729.6
|
|
Equity attributable to shareholders of Canadian Tire Corporation
|
4,499.1
|
4,190.6
|
|
Non-controlling interests
|
1,335.6
|
1,314.1
|
|
Total equity
|
5,834.7
|
5,504.7
|
|
Total liabilities and equity
|
$
|
20,377.1
|
$
|
19,518.3
|
Consolidated Statements of Income (Unaudited)
|
For the
|
|
|
|
|
|
|
|
(C$ in millions, except share and per share amounts)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
|
Revenue
|
$
|
4,874.5
|
$
|
4,316.7
|
$
|
14,871.0
|
$
|
14,534.4
|
|
Cost of producing revenue
|
3,024.6
|
2,813.7
|
9,794.4
|
9,660.6
|
|
|
|
|
|
|
Gross margin
|
1,849.9
|
1,503.0
|
5,076.6
|
4,873.8
|
|
|
|
|
|
|
Other expense (income)
|
18.9
|
2.0
|
48.7
|
(13.4)
|
|
Selling, general and administrative expenses
|
1,053.6
|
943.7
|
3,599.3
|
3,437.5
|
|
Net finance costs
|
58.8
|
66.0
|
256.5
|
266.8
|
|
|
|
|
|
|
Income before income taxes
|
718.6
|
491.3
|
1,172.1
|
1,182.9
|
|
|
|
|
|
|
Income taxes
|
196.8
|
125.4
|
309.5
|
288.1
|
|
Net income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
Shareholders of Canadian Tire Corporation
|
$
|
488.8
|
$
|
334.1
|
$
|
751.8
|
$
|
778.4
|
|
Non-controlling interests
|
33.0
|
31.8
|
110.8
|
116.4
|
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
Basic earnings per share
|
$
|
8.04
|
$
|
5.42
|
$
|
12.35
|
$
|
12.60
|
|
Diluted earnings per share
|
$
|
7.97
|
$
|
5.42
|
$
|
12.31
|
$
|
12.58
|
|
Weighted average number of Common and Class A Non-
|
|
|
|
|
|
Voting Shares outstanding:
|
|
|
|
|
|
Basic
|
60,807,577
|
61,592,583
|
60,896,809
|
61,794,565
|
|
Diluted
|
61,358,623
|
61,669,335
|
61,090,111
|
61,861,486
|
Consolidated Statements of Comprehensive Income (Unaudited)
|
For the
|
|
|
|
|
|
|
|
(C$ in millions)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
|
Net income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
|
|
|
|
|
Other comprehensive (loss) income, net of
|
|
|
|
|
|
taxes
|
|
|
|
|
|
Items that may be reclassified subsequently to
|
|
|
|
|
|
net income:
|
|
|
|
|
|
Net fair value (losses) gains on hedging
|
|
|
|
|
|
instruments entered into for cash flow hedges
not subject to basis adjustment
|
(1.5)
|
17.8
|
(34.7)
|
(4.5)
|
|
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)
|
(8.4)
|
(12.0)
|
(18.7)
|
|
Reclassification of losses to income
|
1.8
|
0.3
|
2.8
|
0.6
|
|
Currency translation adjustment
|
48.8
|
19.9
|
(13.0)
|
(60.7)
|
|
|
|
|
|
|
Items that will not be reclassified subsequently
|
|
|
|
|
|
to net income:
|
|
|
|
|
|
Actuarial losses
|
(10.7)
|
(15.1)
|
(10.7)
|
(15.1)
|
|
Net fair value (losses) on hedging instruments
|
|
|
|
|
|
entered into for cash flow hedges subject to
basis adjustment
|
(84.3)
|
(16.0)
|
(29.9)
|
(52.7)
|
|
Other comprehensive (loss)
|
$
|
(54.3)
|
$
|
(1.5)
|
$
|
(97.5)
|
$
|
(151.1)
|
|
|
|
|
|
|
Other comprehensive (loss) income attributable to:
|
|
|
|
|
|
Shareholders of Canadian Tire Corporation
|
$
|
(52.4)
|
$
|
(2.8)
|
$
|
(88.4)
|
$
|
(146.1)
|
|
Non-controlling interests
|
(1.9)
|
1.3
|
(9.1)
|
(5.0)
|
|
$
|
(54.3)
|
$
|
(1.5)
|
$
|
(97.5)
|
$
|
(151.1)
|
|
|
|
|
|
|
Comprehensive income
|
$
|
467.5
|
$
|
364.4
|
$
|
765.1
|
$
|
743.7
|
|
|
|
|
|
|
Comprehensive income attributable to:
|
|
|
|
|
|
Shareholders of Canadian Tire Corporation
|
$
|
436.4
|
$
|
331.3
|
$
|
663.4
|
$
|
632.3
|
|
Non-controlling interests
|
31.1
|
33.1
|
101.7
|
111.4
|
|
$
|
467.5
|
$
|
364.4
|
$
|
765.1
|
$
|
743.7
|
Consolidated Statements of Cash Flows (Unaudited)
|
For the
|
|
|
|
|
|
|
|
(C$ in millions)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
|
Cash (used for) generated from:
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Net income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
Adjustments for:
|
|
|
|
|
|
Depreciation of property and equipment, investment
|
|
|
|
|
|
property and right-of-use assets
|
147.5
|
143.8
|
582.6
|
546.7
|
|
Impairment of property and equipment, intangible assets,
|
|
|
|
|
|
investment property and right-of-use assets
|
19.0
|
1.3
|
46.9
|
1.9
|
|
Income tax expense
|
196.8
|
125.4
|
309.5
|
288.1
|
|
Net finance costs
|
58.8
|
66.0
|
256.5
|
266.8
|
|
Amortization of intangible assets
|
27.9
|
29.9
|
112.7
|
110.8
|
|
(Gain) Loss on disposal of property and equipment,
|
|
|
|
|
|
investment property, assets held for sale and right-of-
use assets
|
(6.2)
|
1.3
|
(12.1)
|
(25.8)
|
|
Total except as noted below
|
965.6
|
733.6
|
2,158.7
|
2,083.3
|
|
Interest paid
|
(55.3)
|
(46.6)
|
(272.6)
|
(297.3)
|
|
Interest received
|
3.4
|
5.2
|
15.8
|
27.3
|
|
Income taxes paid
|
(130.7)
|
(71.7)
|
(200.5)
|
(347.9)
|
|
Change in loans receivable
|
(9.7)
|
(181.3)
|
925.1
|
(270.4)
|
|
Change in operating working capital and other
|
(10.7)
|
667.6
|
(183.7)
|
(107.4)
|
|
Cash generated from operating activities
|
762.6
|
1,106.8
|
2,442.8
|
1,087.6
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
Additions to property and equipment and investment
|
|
|
|
|
|
property
|
(118.2)
|
(173.4)
|
(307.2)
|
(435.2)
|
|
Additions to intangible assets
|
(26.1)
|
(18.4)
|
(129.3)
|
(178.6)
|
|
Total additions
|
(144.3)
|
(191.8)
|
(436.5)
|
(613.8)
|
|
Acquisition of short-term investments
|
(242.6)
|
(41.2)
|
(710.0)
|
(297.3)
|
|
Proceeds from the maturity and disposition of short-term
|
|
|
|
|
|
investments
|
32.0
|
73.1
|
328.8
|
326.0
|
|
Proceeds on disposition of property and equipment,
|
|
|
|
|
|
investment property and assets held for sale
|
9.8
|
2.5
|
13.3
|
20.2
|
|
Business combinations, net of cash acquired
|
—
|
(177.3)
|
—
|
(177.3)
|
|
Lease payments for finance subleases (principal portion)
|
4.2
|
3.6
|
16.8
|
16.4
|
|
Acquisition of long-term investments and other
|
8.4
|
(22.9)
|
(60.4)
|
(32.9)
|
|
Cash (used for) investing activities
|
(332.5)
|
(354.0)
|
(848.0)
|
(758.7)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Dividends paid
|
(65.5)
|
(60.7)
|
(262.9)
|
(242.5)
|
|
Distributions paid to non-controlling interests
|
(30.7)
|
(25.2)
|
(96.2)
|
(84.1)
|
|
Total dividends and distributions paid
|
(96.2)
|
(85.9)
|
(359.1)
|
(326.6)
|
|
Net (repayment) issuance of short-term borrowings
|
(398.5)
|
(459.6)
|
(284.6)
|
71.9
|
|
Issuance of loans
|
84.2
|
32.4
|
248.9
|
259.2
|
|
Repayment of loans
|
(129.9)
|
(70.2)
|
(363.6)
|
(292.3)
|
|
Issuance of long-term debt
|
—
|
0.4
|
1,198.6
|
571.3
|
|
Repayment of long-term debt
|
(0.1)
|
0.4
|
(1,450.8)
|
(500.3)
|
|
Payment of lease liabilities (principal portion)
|
(113.3)
|
(81.8)
|
(367.9)
|
(313.3)
|
|
Payment of transaction costs related to long-term debt
|
(0.6)
|
—
|
(2.8)
|
(2.6)
|
|
Purchase of Class A Non-Voting Shares
|
(3.6)
|
(10.8)
|
(111.5)
|
(218.0)
|
|
Proceeds on disposal of partial interest in CT REIT
|
—
|
—
|
—
|
142.6
|
|
Net proceeds from issue of trust units to non-controlling interests
|
—
|
—
|
—
|
86.3
|
|
Payments on financial instruments
|
(0.5)
|
(16.3)
|
(30.9)
|
(51.6)
|
|
Change in deposits
|
259.6
|
(52.9)
|
1061.0
|
(30.8)
|
|
Cash (used for) financing activities
|
(398.9)
|
(744.3)
|
(462.7)
|
(604.2)
|
|
Cash generated (used) in the period
|
31.2
|
8.5
|
1,132.1
|
(275.3)
|
|
Cash and cash equivalents, net of bank indebtedness,
|
|
|
|
|
|
beginning of period
|
1,296.0
|
186.6
|
195.1
|
470.4
|
|
Cash and cash equivalents, net of bank indebtedness,
|
|
|
|
|
|
|
|
|
|
end of period
|
$
|
1,327.2
|
$
|
195.1
|
$
|
1,327.2
|
$
|
195.1
|
|
|
|
|
|
|
|
|
|
SOURCE CANADIAN TIRE CORPORATION, LIMITED