TORONTO, May 8, 2012 /CNW/ - George Weston Limited ("GWL") and its
subsidiaries (collectively the "Company") today is announcing its
unaudited results for the 12 weeks ended March 24, 2012. The
Company's Q1 2012 Quarterly Report to Shareholders, including the
Company's unaudited interim period condensed consolidated financial
statements and Management's Discussion and Analysis ("MD&A")
for the 12 weeks ended March 24, 2012, is available in the Investor
Centre section of the Company's website at www.weston.ca and has
been filed with the System for Electronic Document Analysis and
Retrieval ("SEDAR") and will be available at www.sedar.com.
CONSOLIDATED RESULTS OF OPERATIONS George Weston Limited's first
quarter 2012 adjusted basic net earnings per common share(()(2))
were $0.89 compared to $1.07 in the same period in 2011, a decrease
of $0.18. The decrease was primarily attributable to a decline in
the operating performance of Loblaw Companies Limited ("Loblaw"),
partially offset by a decline in the effective income tax rate. The
decline in the operating performance of Loblaw was primarily due to
increased transportation costs and higher input costs that were not
entirely passed on to the consumer including the incremental
investment related to Loblaw's customer proposition, a charge
related to the transition of certain Ontario conventional stores to
the more cost effective and efficient operating terms of collective
agreements ratified in the third quarter of 2010 and incremental
costs related to investments in information technology ("IT") and
supply chain((3)). (unaudited) ($ millions 12 Weeks Ended except
where otherwise indicated) As at or for the Mar. 24,2012 Mar. 26,
2011 Change periods ended as indicated Sales $ 7,224 $ 7,148 1.1%
Operating income $ 274 $ 303 (9.6)% Adjusted $ 311 $ 380 (18.2)%
operating income (2) Adjusted 4.3% 5.3% operating margin (2) Net
interest $ 44 $ 66 (33.3)% expense and other financing charges
Income taxes $ 59 $ 72 (18.1)% Net earnings $ 124 $ 105 18.1%
attributable to shareholders of the Company Net earnings $ 171 $
165 3.6% Basic net $ 0.89 $ 0.74 20.3% earnings per common share
($) Adjusted basic $ 0.89 $ 1.07 (16.8)% net earnings per common
share(2) ($) Adjusted EBITDA $ 495 $ 546 (9.3)% (2) Adjusted EBITDA
6.9% 7.6% margin(2) The Company's basic net earnings per common
share were $0.89 compared to $0.74 in the same period in 2011, an
increase of $0.15, or 20.3%. Adjusted basic net earnings per common
share((2)) declined $0.18, or 16.8%, and excluded the
year-over-year favourable impact of certain items, primarily the
fair value adjustment of the forward sale agreement for 9.6 million
Loblaw common shares, restructuring and other charges and the fair
value adjustment of commodity derivatives at Weston Foods. The
Company uses non-GAAP financial measures. See the "Non-GAAP
Financial Measures" section of this News Release for more
information on these non-GAAP financial measures. OPERATING
SEGMENTS Weston Foods (unaudited) 12 Weeks Ended ($ millions)
Mar.24, 2012 Mar. 26, 2011 Sales $ 425 $ 410 Operating income $ 60
$ 19 Adjusted operating income(2) $ 59 $ 57 Adjusted operating
margin(2) 13.9% 13.9% Adjusted EBITDA(2) $ 73 $ 71 Adjusted EBITDA
margin(2) 17.2% 17.3% Weston Foods sales in the first quarter of
2012 increased by 3.7% to $425 million compared to same period in
2011. Foreign currency translation positively impacted sales by
approximately 0.8%. Excluding this impact, sales increased 2.9% due
to the positive impact of higher pricing across key product
categories of 4.2%, partially offset by a decrease in volumes of
1.3% when compared to the same period in 2011. Weston Foods
operating income in the first quarter of 2012 was $60 million
compared to $19 million in the same period in 2011. The change in
restructuring and other charges, the fair value adjustment of
commodity derivatives and share-based compensation net of equity
derivatives had a year-over-year favourable impact of $39 million
on Weston Foods operating income. Weston Foods adjusted operating
income((2)) was $59 million in the first quarter of 2012 compared
to $57 million in the same period in 2011, an increase of $2
million, or 3.5%. Weston Foods adjusted operating margin((2))
remained unchanged at 13.9% in the first quarters of both 2012 and
2011. Adjusted operating income((2)) in the first quarter of 2012
was positively impacted by higher pricing in key product categories
and the benefits realized from productivity improvements and other
cost reduction initiatives, which were partially offset by higher
commodity and fuel costs and lower sales volumes in the first
quarter of 2012 compared to the same period in 2011. Loblaw
(unaudited) 12 Weeks Ended ($ millions) Mar. 24, 2012 Mar. 26, 2011
Sales $ 6,937 $ 6,872 Operating income $ 237 $ 301 Adjusted
operating income(2) $ 252 $ 323 Adjusted operating margin(2) 3.6%
4.7% Adjusted EBITDA(2) $ 422 $ 475 Adjusted EBITDA margin(2) 6.1%
6.9% In the first quarter of 2012, Loblaw executed on its plan.
Despite a decline in year-over-year operating income, store
conditions improved, Loblaw made steady progress on its IT
implementation and took a disciplined approach to improving its
customer proposition. Loblaw sales in the first quarter of 2012
increased by 0.9% to $6,937 million compared to the same period in
2011. Retail segment sales increased by 0.8% and same-store sales
declined by 0.7% (2011 - 0.1%), both negatively impacted by the
effect of one less day of store operations estimated to be between
0.8% to 1.0%. Sales in food and drugstore were flat, gas bar sales
growth was strong, sales in general merchandise, excluding apparel,
were flat and sales growth in apparel was strong. Loblaw
experienced modest average quarterly internal food price inflation
during the first quarters of 2012 and 2011, which was lower than
the average quarterly national food price inflation of 3.7% (2011 -
2.5%) as measured by "The Consumer Price Index for Food Purchased
from Stores". Since the end of the first quarter of 2011, Loblaw
opened 25 corporate and franchise stores and closed five corporate
and franchise stores, resulting in a net increase of 0.6 million
square feet, or 1.2%. Loblaw sales in the first quarter of 2012
were also positively impacted by an increase in revenue from its
Financial Services segment, which includes President's Choice Bank
("PC Bank"), a subsidiary of Loblaw. The increase in Financial
Services segment revenue was primarily driven by higher interchange
fee income, interest income and PC Telecom revenues when compared
to the same period in 2011. Loblaw operating income in the first
quarter of 2012 decreased by 21.3% to $237 million from $301
million in the same period in 2011. Loblaw adjusted operating
income((2)) was $252 million in the first quarter of 2012 compared
to $323 million in the same period in 2011. Loblaw adjusted
operating margin((2)) was 3.6% compared to 4.7% in the same period
in 2011. The decreases in adjusted operating income((2)) and
adjusted operating margin((2)) were attributable to increased
transportation costs and higher input costs outpacing internal food
price inflation, changes in the value of Loblaw's investments in
its franchise business, a charge related to the transition of
certain Ontario conventional stores to the more cost effective and
efficient operating terms of collective agreements ratified in the
third quarter of 2010 and incremental costs related to investments
in IT and supply chain. These decreases were partially offset by
other operating cost efficiencies and improved shrink. Higher input
costs that were not entirely passed on to the consumer included an
estimated $10 million incremental investment in Loblaw's customer
proposition. Loblaw's adjusted operating income((2)) was also
negatively impacted by the continued investment in the growth of
its Financial Services segment, which includes PC Bank. NET
INTEREST EXPENSE AND OTHER FINANCING CHARGES In the first quarter
of 2012, net interest expense and other financing charges decreased
by $22 million to $44 million compared to the same period in 2011.
The decrease was due to an increase of $22 million in non-cash
income related to the fair value adjustment of the forward sale
agreement for 9.6 million Loblaw common shares. Excluding this
impact, net interest expense and other financing charges were flat
compared to the same period in 2011. INCOME TAXES In the first
quarter of 2012, income tax expense was $59 million compared to $72
million in the same period in 2011. The effective income tax rate
decreased to 25.7% in the first quarter of 2012 compared to 30.4%
in the same period in 2011. The decrease was primarily due to a
decrease in income tax expense related to certain prior year income
tax matters, reductions in the federal and Ontario statutory income
tax rates and a reduction in non-deductible amounts. OUTLOOK(()(1))
This outlook reflects the underlying operating performance of the
Company's operating segments as discussed below. For the full year
2012, Weston Foods expects to deliver sales in line with 2011 as
market conditions are expected to remain challenging. Higher
commodity and input costs experienced in the first quarter are
expected to continue in the second quarter of 2012, putting
increased pressure on operating margins when compared to the same
periods in 2011. Weston Foods will continue its efforts to reduce
costs through improved efficiencies and ongoing cost reduction
initiatives in an effort to achieve full year operating margins in
line with those in 2011. Loblaw is focused on consistent execution
to exceed customer expectations with the right assortment, improved
in-store experience and competitive prices across all banners. For
the full year 2012, Loblaw estimates operating income to be down
year-over-year, with more pressure in the first half of the year,
as it does not expect its operations to cover the incremental costs
related to investments in IT and supply chain and the ongoing
investments in its customer proposition. For the remainder of 2012,
George Weston Limited anticipates adjusted basic net earnings per
common share((2)) to be down year-over-year, primarily due to the
impact of the incremental costs at Loblaw. (1) This News Release
contains forward-looking information. See Forward-Looking
Statements for a discussion of material factors that could cause
actual results to differ materially from the conclusions, forecasts
and projections herein and of the material factors and assumptions
that were applied in presenting the conclusions, forecasts and
projections presented herein. This News Release must be read in
conjunction with George Weston Limited's filings with securities
regulators made from time to time, all of which can be found at
www.weston.ca and www.sedar.com. (2) See non-GAAP financial
measures. (3) Incremental costs related to investments in IT and
supply chain include IT costs, depreciation and amortization and
supply chain project costs. NON-GAAP FINANCIAL MEASURES In this
News Release the Company uses the following non-GAAP financial
measures: adjusted operating income and adjusted operating margin,
adjusted EBITDA and adjusted EBITDA margin and adjusted basic net
earnings per common share. The Company believes these non-GAAP
financial measures provide useful information to both management
and investors in measuring the financial performance of the Company
for the reasons outlined below. Certain expenses and income that
must be recognized under GAAP are not necessarily reflective of the
Company's underlying operating performance. For this reason,
management uses certain non-GAAP financial measures to exclude the
impact of these items when analyzing consolidated and segment
underlying operating performance. These non-GAAP financial measures
are also helpful in assessing underlying operating performance on a
consistent basis. From time to time, the Company may exclude
additional items if it believes doing so would result in a more
effective analysis of underlying operating performance. The
exclusion of certain items does not imply that they are
non-recurring. Loblaw does not report its results of operations on
an adjusted basis, however the Company excludes the impact of
certain Loblaw items, as applicable, when reporting its
consolidated and segment results. These non-GAAP financial measures
do not have a standardized meaning prescribed by GAAP and therefore
they may not be comparable to similarly titled measures presented
by other publicly traded companies, and they should not be
construed as an alternative to other financial measures determined
in accordance with GAAP. Adjusted Operating Income and Adjusted
EBITDA The Company believes adjusted operating income is useful in
assessing the Company's underlying operating performance and in
making decisions regarding the ongoing operations of its business.
The Company believes adjusted EBITDA is also useful in assessing
the underlying operating performance of the Company's ongoing
operations and in assessing the Company's ability to generate cash
flows to fund its cash requirements, including its capital
investment program. The following tables reconcile adjusted
operating income and adjusted EBITDA to GAAP net earnings
attributable to shareholders of the Company reported for the
periods ended as indicated. 12 Weeks Ended Mar.24,2012 Mar. 26,
2011 (unaudited) Weston Other Weston Other ($ millions) Foods
Loblaw (1) Consolidated Foods Loblaw (1) Consolidated Net earnings
$ 124 $ 105 attributable to shareholders of the Company Add impact
of the following: Non-controlling 47 60 interests Income taxes 59
72 Net interest 44 66 expense and other financing charges Operating
$ 60 $ 237 $ (23) $ 274 $ 19 $ 301 $ (17) $ 303 income (loss) Add
(deduct) impact of the following: Restructuring 1 3 4 6 29 35 and
other charges(2) Fair value (3) (3) 16 16 adjustment of commodity
derivatives at Weston Foods Share-based 1 12 13 16 (7) 9
compensation net of equity derivatives Foreign 23 23 17 17 currency
translation losses Adjusted $ 59 $ 252 $ $ 311 $ 57 $ 323 $ $ 380
operating income Depreciation 14 170 184 14 152 166 and
amortization Adjusted EBITDA $ 73 $ 422 $ $ 495 $ 71 $ 475 $ $ 546
(1) Operating income in the first quarter of 2012 included a loss
of $23 million (2011 - $17 million) related to the effect of
foreign currency translation on a portion of the U.S. dollar
denominated cash and short term investments held by foreign
operations. (2) Other charges at Loblaw in the first quarter of
2012 included $3 million (2011 - $21 million) related to changes in
Loblaw's distribution network. In the first quarter of 2011, a
charge of $8 million was also recorded related to an internal
realignment of Loblaw's business centered around its two primary
store formats, conventional and discount. First quarter
year-over-year changes in the following items influenced operating
income: Restructuring and other charges The Company
continuously evaluates strategic and cost reduction initiatives
related to its store infrastructure, manufacturing assets,
distribution networks and administrative infrastructure with the
objective of ensuring a low cost operating structure. Restructuring
activities related to these initiatives are ongoing. The details of
restructuring and other charges are included in the "Reportable
Operating Segments" section of the MD&A included in GWL's Q1
2012 Quarterly Report to Shareholders. Fair value adjustment of
commodity derivatives at Weston Foods Weston Foods is exposed
to commodity price fluctuations primarily as a result of purchases
of certain raw materials, fuels and utilities. In accordance with
the Company's risk management strategy, Weston Foods enters into
commodity derivatives to reduce the impact of price fluctuations in
forecasted raw material purchases over a specified period of time.
These commodity derivatives are not acquired for trading or
speculative purposes. Hedge accounting is not applied to these
commodity derivatives and as a result, changes in their fair value,
which include realized and unrealized gains and losses related to
future purchases of raw materials, are recorded in operating
income. In the first quarter of 2012, Weston Foods recorded income
of $3 million (2011 - a charge of $16 million) related to the fair
value adjustment of exchange traded commodity derivatives. Despite
the impact of accounting for these commodity derivatives on the
Company's reported results, the derivatives have the economic
impact of largely mitigating the associated risks arising from
price fluctuations in the underlying commodities during the period
that the commodity derivatives are held. Share-based compensation
net of equity derivatives Both GWL and Glenhuron Bank Limited
have entered into equity derivatives to partially hedge their
exposure to the impact of increases in the value of GWL and Loblaw
common shares on share-based compensation cost. The amount of net
share-based compensation cost recorded in operating income is
mainly dependent upon changes in the value of GWL and Loblaw common
shares and the number and vesting of outstanding restricted share
units ("RSU") and performance share units ("PSU") relative to the
number of common shares underlying the equity derivatives. The
Company assesses stock option plan, RSU plan, PSU plan and equity
derivative impacts on a net basis and therefore the impact of stock
options is also excluded from operating income when management
reviews consolidated and segment operating performance. In the
first quarter of 2012, a charge of $13 million (2011 - $9 million)
was recorded related to share-based compensation net of equity
derivatives. Foreign currency translation losses The
Company's consolidated financial statements are expressed in
Canadian dollars. A portion of the Company's (excluding Loblaw's)
net assets are denominated in U.S. dollars and as a result, the
Company is exposed to foreign currency translation gains and
losses. The impact of foreign currency translation on a portion of
the U.S. dollar denominated net assets, primarily cash and short
term investments, held by foreign operations is recorded in
operating income. In the first quarter of 2012, foreign currency
translation losses of $23 million (2011 - $17 million) were
recorded in operating income as a result of the appreciation of the
Canadian dollar. Adjusted Basic Net Earnings per Common Share The
Company believes adjusted basic net earnings per common share is
useful in assessing the Company's underlying operating performance
and in making decisions regarding the ongoing operations of its
business. The following table reconciles adjusted basic net
earnings per common share to GAAP basic net earnings per common
share reported for the periods ended as indicated. (unaudited) 12
Weeks Ended ($) Mar. 24,2012 Mar. 26, 2011 Basic net earnings per $
0.89 $ 0.74 common share (Deduct) add impact of the following(1):
Fair value adjustment of (0.25) (0.12) the forward sale agreement
for 9.6 million Loblaw common shares Restructuring and other 0.02
0.13 charges Fair value adjustment of (0.02) 0.09 commodity
derivatives at Weston Foods Share-based compensation 0.07 0.10 net
of equity derivatives Foreign currency 0.18 0.13 translation losses
Adjusted basic net $ 0.89 $ 1.07 earnings per common share (1) Net
of interest, income taxes and non-controlling interests, as
applicable. In addition to the items described in the "Adjusted
Operating Income and Adjusted EBITDA" section above, the first
quarter year-over-year change in the following item also influenced
basic net earnings per common share: Fair value adjustment of the
forward sale agreement for 9.6 million Loblaw common shares
The fair value adjustment of the forward sale agreement for 9.6
million Loblaw common shares is non-cash and is included in
consolidated net interest expense and other financing charges. The
adjustment is determined by changes in the value of the underlying
Loblaw shares. At maturity, any cash paid under the forward sale
agreement could be offset by the sale of the underlying Loblaw
common shares. The first quarter year-over-year increase in income
related to the fair value adjustment of the forward sale agreement
for 9.6 million Loblaw common shares was $0.13 per common share and
was attributable to a greater decrease in the market price of
Loblaw common shares in the first quarter of 2012 compared to the
same period in 2011. FORWARD-LOOKING STATEMENTS This News Release
contains forward-looking statements about the Company's objectives,
plans, goals, aspirations, strategies, financial condition, results
of operations, cash flows, performance, prospects and
opportunities. These forward-looking statements are typically
identified by words such as "anticipate", "expect", "believe",
"foresee", "could", "estimate", "goal", "intend", "plan", "seek",
"strive", "will", "may" and "should" and similar expressions, as
they relate to the Company and its management. In this News
Release, forward-looking statements include the Company's continued
expectations that for the full year 2012: For Weston Foods: --
sales will be in line with 2011; -- commodity and input costs in
the first half of 2012 will be higher than the comparable period in
2011, putting increased pressure on operating margins in the first
half of 2012 when compared to the same period in 2011; and --
efforts will be made to achieve full year operating margins in line
with those in 2011. For Loblaw Companies Limited ("Loblaw"): --
there will be incremental costs related to investments in
information technology ("IT") and supply chain, as well as
continued investment in Loblaw's customer proposition; and --
operating income will be down year-over-year, with more pressure in
the first half of the year, as a result of Loblaw's expectation
that its operations will not cover the incremental costs related to
the investments in IT and supply chain and its customer
proposition. For the Company: -- adjusted basic net earnings per
common share(1) will be down year-over-year. These forward-looking
statements are not historical facts but reflect the Company's
current expectations concerning future results and events. They
also reflect management's current assumptions regarding the risks
and uncertainties referred to below and their respective impact on
the Company. In addition, the Company's expectation with regard to
Weston Foods' operating margins in 2012 is based in part on the
assumptions that there will be no significant unanticipated
increase in the price of commodities and other input costs that
Weston Foods will not be able to offset through pricing, improved
efficiencies and ongoing cost reduction initiatives. The Company's
expectation with regard to Loblaw's operating income in 2012 is
based in part on the assumptions that Loblaw achieves its plan to
increase net retail square footage by 1% and there are no
unexpected adverse events or costs related to Loblaw's investments
in IT and supply chain. The Company's expectation with regard to
adjusted basic net earnings per common share((1))( )in 2012 is
based in part on the assumption that interest rates, income tax
rates and the Company's ownership interest in Loblaw will be
similar to those in 2011. These forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current
expectations, including, but not limited to: -- failure to realize
sales growth, anticipated cost savings or operating efficiencies
from the Company's major initiatives, including investments in the
Company's IT systems and the Company's IT systems implementation,
or unanticipated results from these initiatives; -- the inability
of the Company's IT infrastructure to support the requirements of
the Company's business; -- unanticipated results associated with
the Company's strategic initiatives and the impact of acquisitions
or dispositions of businesses on the Company's future revenues and
earnings; -- heightened competition, whether from current
competitors or new entrants to the marketplace; -- changes in
economic conditions including the rate of inflation or deflation,
changes in interest and foreign currency exchange rates and changes
in derivative and commodity prices; -- public health events; --
risks associated with product defects, food safety and product
handling; -- failure to achieve desired results in labour
negotiations, including the terms of future collective bargaining
agreements which could lead to work stoppages; -- the inability of
the Company to manage inventory to minimize the impact of obsolete
or excess inventory and to control shrink; -- failure by the
Company to maintain appropriate records to support its compliance
with accounting, tax or legal rules, regulations and policies; --
the availability and increased costs relating to raw materials,
ingredients and utilities, including electricity and fuel; --
failure of the Company's franchised stores to perform as expected;
-- reliance on the performance and retention of third-party service
providers including those associated with the Company's supply
chain and apparel business; -- supply and quality control issues
with vendors; -- changes to or failure to comply with laws and
regulations affecting the Company and its businesses, including
changes to the regulation of generic prescription drug prices and
the reduction of reimbursement under public drug benefit plans and
the elimination or reduction of professional allowances paid by
drug manufacturers; -- changes in the Company's income, commodity,
other tax and regulatory liabilities including changes in tax laws,
regulations or future assessments; -- any requirement of the
Company to make contributions to its registered funded defined
benefit pension plans or the multi-employer pension plans in which
it participates in excess of those currently contemplated; -- the
risk that the Company would experience a financial loss if its
counterparties fail to meet their obligations in accordance with
the terms and conditions of their contracts with the Company; and
-- the inability of the Company to collect on its credit card
receivables. This is not an exhaustive list of the factors that may
affect the Company's forward-looking statements. Other risks and
uncertainties not presently known to the Company or that the
Company presently believes are not material could also cause actual
results or events to differ materially from those expressed in its
forward-looking statements. Additional risks and uncertainties are
discussed in the Company's materials filed with the Canadian
securities regulatory authorities from time to time, including the
Enterprise Risks and Risk Management section of the MD&A
included in GWL's Q1 2012 Quarterly Report to Shareholders and
Section 12, "Enterprise Risks and Risk Management", of MD&A
included in GWL's 2011 Annual Report. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
reflect the Company's expectations only as of the date of this News
Release. The Company disclaims any intention or obligation to
update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. (1) See non-GAAP financial measures.
SELECTED FINANCIAL INFORMATION The following includes selected
quarterly financial information which is prepared by management in
accordance with International Financial Reporting Standards
("IFRS") and is based on the Company's 2012 First Quarter Report to
Shareholders. This financial information does not contain all
disclosures required by IFRS, and accordingly, this financial
information should be read in conjunction with the Company's 2011
Annual Report and 2012 First Quarter Report to Shareholders
available in the Investor Centre section of the Company's website
at www.weston.ca. Condensed Consolidated Statements of Earnings
(unaudited) 12 Weeks Ended ($ millions except where otherwise Mar.
24, 2012 Mar. 26, 2011 indicated) Revenue $ 7,224 $ 7,148 Operating
Expenses Cost of inventories sold 5,422 5,341 Selling, general and
1,528 1,504 administrative expenses 6,950 6,845 Operating Income
274 303 Net Interest Expense and Other 44 66 Financing Charges
Earnings Before Income Taxes 230 237 Income Taxes 59 72 Net
Earnings 171 165 Attributable to: Shareholders of the Company 124
105 Non-Controlling Interests 47 60 Net Earnings $ 171 $ 165 Net
Earnings per Common Share($) Basic $ 0.89 $ 0.74 Diluted $ 0.89 $
0.71 Condensed Consolidated Balance Sheets (unaudited) As at ($
millions) Mar. 24, Mar. Dec. 31, 2012 26, 2011 2011 ASSETS Current
Assets Cash and cash $ 1,134 $ 754 $ 1,372 equivalents Short term
2,221 2,323 2,362 investments Accounts 549 479 559 receivable
Credit card 1,987 1,887 2,101 receivables Inventories 2,027 2,020
2,147 Income taxes 52 17 37 recoverable Prepaid 129 102 122
expenses and other assets Assets held 18 68 32 for sale Total
Current 8,117 7,650 8,732 Assets Fixed Assets 9,135 8,835 9,172
Investment 95 74 82 Properties Goodwill and 1,545 1,548 1,555
Intangible Assets Deferred Income 299 288 295 Taxes Security 348
248 367 Deposits Franchise Loans 352 315 331 Receivable Other
Assets 831 859 789 Total Assets $ 20,722 $ 19,817 $ 21,323
LIABILITIES Current Liabilities Bank $ 1 $ 3 indebtedness Trade and
$ 3,263 3,280 3,940 other payables Provisions 65 99 67 Short term
1,290 1,251 1,280 debt Long term 82 352 87 debt due within one year
Total Current 4,700 4,983 5,377 Liabilities Provisions 91 94 94
Long Term Debt 6,753 6,164 6,757 Deferred Income 175 164 160 Taxes
Other 997 751 1,033 Liabilities Capital 222 221 222 Securities
Total 12,938 12,377 13,643 Liabilities EQUITY Share Capital 950 950
950 Contributed 19 25 24 Surplus Retained 4,584 4,362 4,496
Earnings Accumulated (25) (33) (11) Other Comprehensive Loss Total
Equity 5,528 5,304 5,459 Attributable to Shareholders of the
Company Non-Controlling 2,256 2,136 2,221 Interests Total Equity
7,784 7,440 7,680 Total $ 20,722 $ 19,817 $ 21,323 Liabilitiesand
Equity Condensed Consolidated Statements of Cash Flow (unaudited)
12 Weeks Ended ($ millions) Mar. Mar. 24, 26, 2012 2011 Operating
Activities Net earnings $ 171 $ 165 Income taxes 59 72 Net interest
expense and other financing 44 66 charges Depreciation and
amortization 184 166 Foreign currency translation losses 23 17
Income taxes paid (73) (78) Interest received 9 17 Net decrease in
credit card receivables 114 110 Change in non-cash working capital
(580) (541) Fixed assets and other related 3 4 impairments Other 8
(4) Cash Flows used in Operating Activities (38) (6) Investing
Activities Fixed asset purchases (144) (162) Change in short term
investments 103 901 Business acquisitions - net of cash (12)
acquired Proceeds from fixed asset sales 1 5 Change in franchise
investments and (17) (1) other receivables Change in security
deposits 14 183 Other (7) Cash Flows (used in)from Investing (43)
907 Activities Financing Activities Change in bank indebtedness (4)
(11) Change in short term debt 10 380 Long term debt - Issued 23 57
- Retired (29) (858) Subsidiary share capital - Issued 2 3 - (2)
Retired Interest paid (92) (111) Dividends - To common shareholders
(46) (1,046) - To preferred (11) (11) shareholders Cash Flows used
inFinancing Activities (149) (1,597) Effect of foreign currency
exchange rate (8) (3) changes on cash and cash equivalents Change
in Cash and Cash Equivalents (238) (699) Cash and Cash Equivalents,
Beginning of 1,372 1,453 Period Cash and Cash Equivalents, End of
Period $ 1,134 $ 754 2011 ANNUAL REPORT AND 2012 FIRST QUARTER
REPORT TO SHAREHOLDERS The Company's 2011 Annual Report and 2012
First Quarter Report to Shareholders are available in the Investor
Centre section of the Company's website at www.weston.ca and have
been filed with SEDAR and will be available at www.sedar.com.
INVESTOR RELATIONS Shareholders, security analysts and investment
professionals should direct their requests to Mr. Geoffrey H.
Wilson, Senior Vice President, Financial Control and Investor
Relations, at the Company's Executive Office or by e-mail at
investor@weston.ca. Additional financial information has been filed
electronically with the Canadian securities regulatory authorities
in Canada through SEDAR. This News Release includes selected
information on Loblaw Companies Limited, a 63.0%-owned public
reporting subsidiary company with shares trading on the Toronto
Stock Exchange. For information regarding Loblaw, readers should
also refer to the materials filed by Loblaw with the Canadian
securities regulatory authorities from time to time. These filings
are also maintained at Loblaw's corporate website at www.loblaw.ca.
CONFERENCE CALL AND WEBCAST PRESENTATION George Weston Limited will
host a conference call as well as an audio webcast on Tuesday, May
8, 2012 at 11:00 a.m. (EST). To access via tele-conference, please
dial (647) 427-7450. The playback will be available two hours after
the event at (416) 849-0833, passcode: 68967311#. To access via
audio webcast, please visit the Investor Centre section of
www.weston.ca. Pre-registration will be available. ANNUAL MEETING
The George Weston Limited Annual Meeting of Shareholders will be
held on Thursday, May 10, 2012 at 11:00 a.m. (EST) at The Royal
Conservatory, Koerner Hall, TELUS Centre for Performance and
Learning, 273 Bloor Street West, Toronto, Ontario, Canada. To
access via tele-conference, please dial (647) 427-7450. The
playback will be available two hours after the event at (416)
849-0833, passcode: 66303839#. To access via audio webcast, please
visit the Investor Centre section of www.weston.ca.
Pre-registration will be available. George Weston
Limited CONTACT: Mr. Geoffrey H. Wilson, Senior Vice President,
Financial ControlandInvestor Relations, at the Company's Executive
Office or by e-mailat investor@weston.ca
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