- Fourth quarter consolidated revenue of $4.1 billion, up 5.5%, up 6.5% excluding
Petroleum; 2018 annual revenue of $14.1
billion, up 5.9%, up 5.1% excluding Petroleum
- Consolidated comparable sales up 0.8% in the fourth
quarter, and 2.2% for the full year:
-
- Canadian Tire up 0.2% in Q4 and 2.1% for the full
year
- SportChek up 2.5% in Q4 and 2.0% for the full
year
- Mark's up 1.8% in Q4 and 2.8% for the full
year
- Financial Services GAAR growth up 11.6% in Q4 and 10.7%
for 2018
- Fourth quarter diluted earnings per share (EPS) was
$4.78, an increase of 16.6%,
normalized; full year diluted EPS was $11.95, an increase of 12.0%,
normalized
TORONTO,
Feb. 14, 2019
/CNW/ - Canadian Tire Corporation, Limited
(TSX:CTC, TSX:CTC.a) today released fourth quarter and full year
results for the period ended December 29,
2018.
"2018 was an exceptional year for Canadian Tire. We
maintained our leading brand position in Canadian retail, while
investing for our future," said Stephen
Wetmore, President and CEO, Canadian Tire
Corporation.
"We succeeded in advancing our One Company strategy by
creating Canada's fastest growing
credit card and loyalty offering with Triangle Rewards. Adding
Helly Hansen to our family has strengthened our owned brands
offering while providing a platform for international expansion. At
CTR, our largest retail banner, eCommerce offerings, including
click and collect and home delivery, are receiving exceptional
customer satisfaction scores and the strength of our operations
allowed us to increase our dividend for the ninth consecutive
year," continued Wetmore.
"Today we are also announcing that Dean McCann, Executive Vice President and Chief
Financial Officer, has informed us of his intention to retire from
his role as of December 31,
2019. Dean has been with Canadian Tire since
1996, was appointed CFO in 2012 and in 2015, was named CFO of the
Year. Over the years, Dean's assistance to me and his many
contributions to the Company have been invaluable. He has been
instrumental to the growth of Canadian Tire," said
Wetmore.
"I am extremely pleased to announce that post-retirement,
Dean has agreed to remain on the Boards of Canadian Tire Bank and
CT REIT," added Wetmore.
CONSOLIDATED OVERVIEW
FOURTH QUARTER
- Consolidated retail sales increased $38.4 million in the fourth quarter,
or 0.8% over the same period in 2017. Excluding Petroleum,
consolidated retail sales were up 1% over the same period last
year.
- Consolidated revenue increased $216.2 million, or 5.5% in the fourth quarter.
Excluding Petroleum, consolidated revenue increased
6.5%.
- Normalizing item in the quarter reflects a $50.0 million increase in the fair value of the
redeemable financial instrument arising from the Financial Services
transaction with Scotiabank.
- Consolidated normalized EBITDA increased by 5.4% in the
quarter.
- Diluted EPS was $3.99 in
the quarter, down $0.11 per share, or
2.7%, compared to the prior year. Normalized diluted
EPS in the quarter was $4.78, an
increase of $0.68 per share or
16.6%.
FULL YEAR
- Consolidated retail sales increased $514.0 million, or 3.4%, over the prior year.
Excluding Petroleum, consolidated retail sales increased
2.2%.
- Consolidated revenue increased $782.0 million for the full year, or 5.9%, over
the prior year. Excluding Petroleum, consolidated revenue increased
5.1%.
- Diluted EPS was $10.64, a decrease of $0.03 per share, or 0.3%, over the prior year.
Normalized diluted EPS of $11.95
increased 12.0%.
- Refer to the MD&A section 7.1.1 for information on
the normalizing items.
RETAIL SEGMENT OVERVIEW
FOURTH QUARTER
- Financial results reflect Q4 2018 performance compared to
Q4 2017.
- Retail segment revenue increased $192.4 million, or 5.3%. Excluding Petroleum,
retail segment revenue increased 6.4%.
- Canadian Tire Retail saw retail sales increase 0.6% and
comparable sales were up 0.2%.
- Retail and comparable sales at SportChek were up 1.9% and
2.5% respectively.
- Mark's retail sales increased 1.8% and comparable sales
were up 1.8%.
- Helly Hansen revenue in the quarter was $165.9 million.
- Income before income taxes increased $26.4 million, or 8.7%.
FULL YEAR
- Financial results reflect 2018 performance compared to
2017.
- Retail segment revenue increased $692.1 million, or 5.7%. Excluding Petroleum,
retail segment revenue was up 4.8%.
- Canadian Tire Retail sales increased 2.4% and comparable
sales increased 2.1%.
- SportChek's retail sales increased 1.1% and comparable
sales increased 2.0%.
- Mark's retail sales increased 3.0% and comparable sales
were up 2.8%.
- Helly Hansen revenue for 2018 was $347.6 million.
- Income before income taxes decreased $22.3 million or 3.2%. Normalized income before
income taxes increased by $9.2
million or 1.3%.
CT REIT OVERVIEW
- As disclosed in the Q4 and year-end 2018 CT REIT earnings release on February 11, 2019, CT REIT invested $142 million and added over 680,000 square feet
of gross leasable area (GLA) in 2018, including approximately
110,000 square feet of GLA in the fourth quarter.
FINANCIAL SERVICES OVERVIEW
- Income before income taxes increased $2.6 million, or 2.8% in the fourth quarter,
and increased $4.0
million, and 1.0%, for the full year over 2017. Normalized
income before income taxes increased 4.5% for the full
year.
- Revenue grew 10.2% in the quarter, and 8.9% full year
over the prior year.
- Gross average credit card receivables (GAAR) was up 11.6%
in Q4 and for the full year GAAR was up 10.7% over
2017.
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
- Total operating capital expenditures were $448.4 million for the year, up from $384.2 million in 2017, and slightly below
the previously disclosed range of $450
million to $500
million.
- For fiscal 2019, the Company expects annual operating
capital expenditures to be within the range of $475 million to $550
million.
QUARTERLY DIVIDEND
On February 13, 2019, the
Company declared dividends payable to holders of Class A Non-Voting
Shares and Common Shares at a rate of $1.0375 per share payable on June 1, 2019 to shareholders of record as of
April 30, 2019. The dividend is
considered an "eligible dividend" for tax purposes.
SHARE REPURCHASE
On November 8, 2018, the
Company announced its intention to purchase $300-400 million of its Class A Non-Voting Shares
(the "2019 Share Purchase Intention"), in excess of the amount
required for anti-dilutive purposes, by the end of 2019. To date,
the Company has purchased $231.2 million of Class A Non-Voting
Shares in partial fulfilment of its 2019 Share Purchase Intention,
leaving $68.8-$168.8 million that is expected to
be purchased during the remainder of fiscal 2019.
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal
course issuer bid (the "2019 NCIB") to purchase from March 2, 2019 to March 1,
2020 up to 5.5 million Class A Non-Voting Shares, which
represents 9.8% of the 55.9 million approximate public float of
Class A Non-Voting Shares issued and outstanding as at February 13, 2019. There were
58,771,660 Class A Non-Voting Shares issued and
outstanding as at February 13,
2019.
The Company intends to purchase Class A Non-Voting Shares
under the 2019 NCIB for two purposes: (i) to fulfill the 2019 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
2019 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 59,470 Class A Non-Voting Shares,
which represents 25% of 237,880, 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, 2019. The Class A
Non-Voting Shares purchased by the Company pursuant to the 2019
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 2019 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, 2019 and
terminate on the earliest of the date on which: (i) the purchase
limit under the 2019 NCIB has been reached; (ii) the 2019 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 2019 NCIB and ASPP are subject to
regulatory approval.
Under the Company's normal course issuer bid which began
on March 2, 2018 and expires on
March 2, 2019 (the "2018 NCIB"), the
Company received approval to purchase up to 5.9 million Class A
Non-Voting Shares. To date, the Company has purchased a total
of 3,878,411 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
2018 NCIB, at the volume weighted average price of
$157.40.
To watch CTC's 2018 Year in Review video, please click
here.
To view a PDF version of Canadian Tire Corporation's full
quarterly earnings report please see:
http://files.newswire.ca/116/CTCCombinedQ42018.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 2019 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 2019 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 2018 and to sections 7.2.4
(Retail Segment Business Risks), 7.3.2 (CT REIT Segment Business
Risks), 7.4.3 (Financial Services Segment Business Risks) and 12
(Risks and Risk Management) and all subsections thereunder of
our Management's Discussion and Analysis for the year ended
December 29, 2018, 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 14, 2019. The conference call will be
available simultaneously and in its entirety to all interested
investors and the news media through a webcast at
http://corp.canadiantire.ca/EN/investors 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. 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 1,700 retail and gasoline outlets are supported and
strengthened by our 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, Canadian Tire Corporation 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 2018
Consolidated
Balance Sheets
|
|
As at
|
|
|
(C$ in
millions)
|
December 29, 2018
|
December 30,
20171
|
|
|
|
ASSETS
|
|
|
Cash and cash
equivalents
|
$
|
470.4
|
$
|
437.0
|
Short-term
investments
|
183.7
|
132.5
|
Trade and other
receivables
|
933.3
|
681.1
|
Loans
receivable
|
5,511.3
|
5,613.2
|
Merchandise
inventories
|
1,997.5
|
1,769.8
|
Income taxes
recoverable
|
15.3
|
48.3
|
Prepaid expenses and
deposits
|
138.8
|
113.1
|
Assets classified as
held for sale
|
5.5
|
1.1
|
Total current assets
|
9,255.8
|
8,796.1
|
Long-term receivables
and other assets
|
742.6
|
717.8
|
Long-term
investments
|
152.7
|
165.0
|
Goodwill and
intangible assets
|
2,272.0
|
1,292.9
|
Investment
property
|
364.7
|
344.7
|
Property and
equipment
|
4,283.2
|
4,193.3
|
Deferred income
taxes
|
215.8
|
117.2
|
Total assets
|
$
|
17,286.8
|
$
|
15,627.0
|
|
|
|
LIABILITIES
|
|
|
Deposits
|
964.5
|
973.9
|
Trade and other
payables
|
2,425.0
|
2,230.8
|
Provisions
|
171.8
|
158.9
|
Short-term
borrowings
|
378.1
|
144.6
|
Loans
payable
|
654.6
|
667.1
|
Income taxes
payable
|
110.6
|
72.1
|
Current portion of
long-term debt
|
553.6
|
282.3
|
Total current liabilities
|
5,258.2
|
4,529.7
|
Long-term
provisions
|
49.8
|
45.7
|
Long-term
debt
|
4,000.3
|
3,122.1
|
Long-term
deposits
|
1,506.7
|
1,412.9
|
Deferred income
taxes
|
184.5
|
102.3
|
Other long-term
liabilities
|
872.3
|
848.2
|
Total liabilities
|
11,871.8
|
10,060.9
|
|
|
|
EQUITY
|
|
|
Share
capital
|
591.5
|
615.7
|
Contributed
surplus
|
2.9
|
2.9
|
Accumulated other
comprehensive income (loss)
|
51.1
|
(37.5)
|
Retained
earnings
|
3,720.7
|
4,161.7
|
Equity attributable to shareholders of Canadian Tire
Corporation
|
4,366.2
|
4,742.8
|
Non-controlling
interests
|
1,048.8
|
823.3
|
Total equity
|
5,415.0
|
5,566.1
|
Total liabilities and equity
|
$
|
17,286.8
|
$
|
15,627.0
|
|
|
1
|
Certain prior period figures have been restated due
to the adoption of new accounting standards (refer to Note 2 of the
consolidated financial statements for
details)
|
Condensed
Consolidated Statements of Income (Unaudited)
|
|
For the
|
13 weeks ended
|
52 weeks ended
|
(C$ in millions,
except per share amounts)
|
December 29,
2018
|
December 30
20171
|
December 29,
2018
|
December 30
20171
|
|
|
|
|
|
Revenue
|
$
|
4,131.7
|
$
|
3,915.5
|
$
|
14,058.7
|
$
|
13,276.7
|
Cost of producing
revenue
|
2,713.7
|
2,570.1
|
9,347.4
|
8,796.5
|
|
|
|
Gross margin
|
1,418.0
|
1,345.4
|
4,711.3
|
4,480.2
|
|
|
|
Other (income)
expense
|
(2.5)
|
(0.3)
|
(26.0)
|
0.2
|
Selling, general and
administrative expenses
|
938.9
|
911.3
|
3,467.6
|
3,254.9
|
Net finance
costs
|
44.7
|
30.1
|
151.5
|
112.6
|
Change in fair value
of redeemable financial instrument
|
50.0
|
—
|
50.0
|
—
|
|
|
|
Income before income taxes
|
386.9
|
404.3
|
1,068.2
|
1,112.5
|
|
|
|
|
Income taxes
|
108.7
|
108.9
|
285.2
|
293.7
|
Net income
|
$
|
278.2
|
$
|
295.4
|
$
|
783.0
|
$
|
818.8
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
254.3
|
$
|
275.7
|
$
|
692.1
|
$
|
735.0
|
Non-controlling
interests
|
23.9
|
19.7
|
90.9
|
83.8
|
|
$
|
278.2
|
$
|
295.4
|
$
|
783.0
|
$
|
818.8
|
Basic earnings per share
|
$
|
4.00
|
$
|
4.12
|
$
|
10.67
|
$
|
10.70
|
Diluted earnings per share
|
$
|
3.99
|
$
|
4.10
|
$
|
10.64
|
$
|
10.67
|
Weighted average
number of Common and Class A Non-Voting Shares
outstanding:
|
|
|
Basic
|
63,611,964
|
66,985,467
|
64,887,724
|
68,678,840
|
Diluted
|
63,707,558
|
67,188,141
|
65,062,581
|
68,871,847
|
|
|
1
|
Certain prior period figures have been restated due
to the adoption of new accounting standards (refer to Note 2 of the
consolidated financial statements for
details)
|
Condensed
Consolidated Statements of Comprehensive Income
(Unaudited)
|
|
For the
|
13 weeks ended
|
52 weeks ended
|
(C$ in
millions)
|
December 29,
2018
|
|
December 30,
2017
|
|
December 29,
2018
|
|
December 30,
2017
|
|
|
|
|
|
|
|
|
Net income
|
$
|
278.2
|
|
$
|
295.4
|
|
$
|
783.0
|
|
$
|
818.8
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to net
income:
|
|
|
|
|
|
|
|
Gains (losses) on cash
flow hedges an available-for-sale financial assets
|
—
|
|
6.9
|
|
—
|
|
(85.7)
|
Net fair value
(losses) on hedging instruments entered into for cash flow hedges
not subject to basis adjustment
|
(14.7)
|
|
—
|
|
(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
|
(5.6)
|
|
—
|
|
(7.5)
|
|
—
|
Reclassification of
losses to non-financial assets
|
—
|
|
11.6
|
|
—
|
|
19.1
|
Reclassification of
(gains) losses to income
|
(0.1)
|
|
0.5
|
|
3.7
|
|
(5.7)
|
Currency translation
adjustment
|
(13.8)
|
|
—
|
|
(40.9)
|
|
—
|
Item that will not be reclassified subsequently to
net income:
|
|
|
|
|
|
|
Actuarial gains
(losses)
|
10.8
|
|
(6.2)
|
|
10.8
|
|
(6.2)
|
Net fair vale gains on
hedging instruments entered into for cash flow hedges subject to
basis adjustment
|
91.3
|
|
—
|
|
141.8
|
|
—
|
Other comprehensive
income (loss)
|
67.9
|
|
12.8
|
|
101.5
|
|
(78.5)
|
Other comprehensive
income (loss) attributable to:
|
|
|
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
71.3
|
|
$
|
12.4
|
|
$
|
103.0
|
|
$
|
(80.3)
|
Non-controlling
interests
|
(3.4)
|
|
0.4
|
|
(1.5)
|
|
1.8
|
|
$
|
67.9
|
|
$
|
12.8
|
|
$
|
101.5
|
|
$
|
(78.5)
|
|
|
|
|
|
|
Comprehensive income
|
$
|
346.1
|
|
$
|
308.2
|
|
$
|
884.5
|
|
$
|
740.3
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to:
|
|
|
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
325.6
|
|
$
|
288.1
|
|
$
|
795.1
|
|
$
|
654.7
|
Non-controlling
interests
|
20.5
|
|
20.1
|
|
89.4
|
|
85.6
|
|
$
|
346.1
|
|
$
|
308.2
|
|
$
|
884.5
|
|
$
|
740.3
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
For the
|
13 weeks ended
|
52 weeks ended
|
(C$ in
millions)
|
December 29,
2018
|
December 30,
2017
|
December 29,
2018
|
December 30,
2017
|
|
|
|
|
Cash generated from (used for):
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
Net income
|
$
|
278.2
|
$
|
295.4
|
$
|
783.0
|
$
|
818.8
|
Adjustments
for:
|
|
|
|
|
Depreciation of
property and equipment and investment property
|
75.5
|
91.2
|
301.4
|
335.0
|
Income tax
expense
|
108.7
|
108.9
|
285.2
|
293.7
|
Net finance
costs
|
44.7
|
30.1
|
151.5
|
112.6
|
Amortization of
intangible assets
|
31.0
|
32.9
|
126.6
|
133.7
|
(Gain) loss on
disposal of property and equipment, investment property, assets
held for sale, intangible assets and lease terminations
|
(7.3)
|
0.4
|
(23.4)
|
0.4
|
Change in fair value
of redeemable financial instrument
|
50.0
|
—
|
50.0
|
—
|
Interest
paid
|
(39.4)
|
(33.0)
|
(148.5)
|
(125.9)
|
Interest
received
|
3.3
|
2.2
|
10.1
|
8.7
|
Income taxes
paid
|
(10.4)
|
(48.6)
|
(204.4)
|
(294.3)
|
Other
|
3.2
|
5.9
|
12.0
|
13.5
|
Total except as noted
below
|
537.5
|
485.4
|
1,343.5
|
1,296.2
|
Change in operating
working capital and other
|
516.2
|
622.2
|
(44.6)
|
107.0
|
Change in loans
receivable
|
(246.7)
|
(270.5)
|
(491.5)
|
(430.4)
|
Cash generated from operating
activities
|
807.0
|
837.1
|
807.4
|
972.8
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Additions to property
and equipment and investment property
|
(117.8)
|
(246.9)
|
(416.8)
|
(471.0)
|
Additions to
intangible assets
|
(56.9)
|
(46.8)
|
(129.5)
|
(161.6)
|
Total
additions
|
(174.7)
|
(293.7)
|
(546.3)
|
(632.6)
|
Acquisition of
short-term investments
|
(76.1)
|
(45.6)
|
(203.8)
|
(421.9)
|
Proceeds from the
maturity and disposition of short-term investments
|
66.3
|
70.4
|
208.3
|
452.6
|
Acquisition of
long-term investments
|
—
|
—
|
(44.0)
|
(35.0)
|
Proceeds on
disposition of property and equipment, investment property and
assets held for sale
|
11.0
|
11.5
|
28.9
|
13.6
|
Business combinations,
net of cash acquired
|
—
|
—
|
(762.9)
|
(19.3)
|
Other
|
6.8
|
0.2
|
11.2
|
2.7
|
Cash (used for) investing
activities
|
(166.7)
|
(257.2)
|
(1,308.6)
|
(639.9)
|
|
|
|
|
Financing activities
|
|
|
|
Dividends
paid
|
(54.5)
|
(41.3)
|
(222.3)
|
(169.7)
|
Distributions paid to
non-controlling interests
|
(19.0)
|
(5.9)
|
(36.1)
|
(61.1)
|
Total dividends and
distributions paid
|
(73.5)
|
(47.2)
|
(258.4)
|
(230.8)
|
Net repayment of
short-term borrowings
|
(448.1)
|
(83.5)
|
(71.3)
|
(54.8)
|
Issuance of loans
payable
|
52.1
|
19.9
|
225.9
|
140.9
|
Repayment of loans
payable
|
(45.4)
|
(66.1)
|
(238.5)
|
(173.9)
|
Issuance of long-term
debt
|
(0.2)
|
(0.4)
|
1,434.0
|
741.0
|
Repayment of long-term
debt and finance lease liabilities
|
(274.6)
|
(445.6)
|
(287.5)
|
(671.2)
|
Payment of transaction
costs related to long-term debt
|
0.9
|
—
|
(5.5)
|
(4.2)
|
Repurchase of share
capital
|
(184.0)
|
(181.3)
|
(582.4)
|
(659.3)
|
Proceeds on disposal
of partial interest in CT REIT
|
191.8
|
—
|
191.8
|
—
|
Net proceeds from
issue of trust units to non-controlling interests
|
62.3
|
—
|
62.3
|
—
|
Payments on financial
instruments
|
(5.6)
|
(8.9)
|
(16.4)
|
(8.9)
|
Change in
deposits
|
131.0
|
16.8
|
80.6
|
201.5
|
Cash (used for) financing
activities
|
(593.3)
|
(796.3)
|
534.6
|
(719.7)
|
Cash generated (used) in the
period
|
47.0
|
(216.4)
|
33.4
|
(386.8)
|
Cash and cash equivalents, net of bank indebtedness,
beginning of period
|
423.4
|
653.4
|
437.0
|
823.8
|
Cash and cash equivalents, net of bank indebtedness,
end of period
|
$
|
470.4
|
$
|
437.0
|
$
|
470.4
|
$
|
437.0
|
SOURCE CANADIAN TIRE CORPORATION, LIMITED