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Alimentation Couche-Tard announces its results for its second quarter of fiscal year 2017
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PR Newswire
LAVAL, QC, Nov. 22, 2016
- Net earnings of $324.0 million ($0.57 per share on a diluted basis) for the second quarter of fiscal 2017 compared with $415.7 million ($0.73 per share on a diluted basis) for the second quarter of fiscal 2016. Excluding certain items for both comparable periods, net earnings for the quarter would have been approximately $331.0 million1 ($0.58 per share on a diluted basis) compared with $375.0 million ($0.66 per share on a diluted basis) for the second quarter of fiscal 2016, a decrease of 11.7%, mostly attributable to unusually high fuel margins in the U.S. during the second quarter of fiscal 2016.
- Same‑store merchandise revenues up 2.3% in the U.S., 3.4% in Europe2 and 1.2% in Canada.
- Merchandise and service gross margin of 33.3% in the U.S., up 20bps, 41.4% in Europe, up 70bps and 33.6% in Canada, up 70bps.
- Same‑store road transportation fuel volumes grew by 3.5% in the U.S., by 0.1% in Europe2 and decreased by 0.8% in Canada.
- Road transportation fuel gross margin of US 19.87¢ per gallon in the U.S., down US 5.79¢ per gallon, US 9.10¢ per litre in Europe, down US 0.52¢ per litre, and CA 6.75¢ per litre in Canada, down CA 0.15¢ per litre.
- 278 Imperial Oil retail sites successfully integrated to Couche-Tard's network in Ontario and Québec, of which 173 sites had been integrated by the end of the second quarter.
- On November 16, 2016, approval by CST's shareholders of the definitive merger agreement with Couche-Tard, for a total enterprise value of approximately $4.4 billion.
- 777 stores in North America and 653 stores in Europe now display the Corporation's new Circle K global brand.
- The Corporation's revolving unsecured operating credit D was amended to extend its maturity to December 2021.
- Quarterly dividend increased to CA 9.0¢ per share, an increase of more than 16%.
- Return on equity and return on capital employed were 24.8% and 17.8%, respectively, on a pro forma basis.
| ________________________________ | |
| 1 Please refer to section « Net earnings and adjusted net earnings » of this press release for additional information on this performance measure not defined by IFRS. | |
| 2 Includes results from Topaz stores since the acquisition, except for its recently acquired Esso network, for which the historical information is unavailable. |
LAVAL, QC, Nov. 22, 2016 /PRNewswire/ - For its second quarter ended October 9, 2016, Alimentation Couche‑Tard Inc. (TSX: ATD.A ATD.B) announces net earnings of $324.0 million, representing $0.57 per share on a diluted basis. The results for the second quarter of fiscal 2017 were affected by pre-tax acquisition costs of $7.6 million, by a $6.5 million pre-tax accelerated depreciation and amortization expense in connection with the Corporation's global brand initiative, as well as by a pre-tax net foreign exchange gain of $5.3 million. The results for the second quarter of fiscal 2016 included a pre-tax net gain of $47.4 million from the disposal of the lubricants business, $8.6 million in pre-tax integration costs and expenses in connection with the Corporation's global brand initiative, a pre-tax net foreign exchange loss of $1.9 million, as well as acquisition costs of $0.8 million before taxes. Excluding these items, the adjusted diluted net earnings per share would have been $0.58 for the second quarter of fiscal 2017 compared with $0.66 for the second quarter of fiscal 2016, a decrease of 12.1%. This decrease is attributable to lower fuel margins in the U.S, compared with unusually high fuel margins in the corresponding period of the previous fiscal year and to the impact of a higher consolidated income tax rate. These items, which contributed to the decrease in net earnings, were partially offset by the impact of Couche-Tard's continued organic growth and by the contribution from acquisitions. All financial information is in US dollars unless stated otherwise.
"This was a very active quarter on the acquisition front. In August, we signed an agreement to acquire CST Brands, strategically strengthening our positioning in both the "U.S. sun belt" and Eastern Canada. Just a few days after that announcement, we received approval from the competition authorities to add 278 high quality Imperial Oil sites in Ontario and Quebec to the Couche-Tard family, which have been integrated to our network in October. Via these transactions alone, close to 1,600 more stores will be flying the Circle K and Couche-Tard banners in North America" says Brian Hannasch, President and CEO, Alimentation Couche-Tard.
"Meanwhile our global Circle K brand continues to gain momentum on both continents. We are pleased to report that more than 1,400 stores have been rebranded globally, of which, over 650 are in Europe. Also, we have observed that changing the brand from Statoil to Circle K in Europe has, in fact, increased customer traffic at the rebranded sites. This performance exceeded our expectations as a decline in customer traffic can usually be expected when replacing established brands."
"And finally, as an attest to our ability to balance acquisitions with organic growth, same store metrics continued to expand on both continents. These were fueled by the growing popularity of our expanded food service offering, our effective merchandising strategies as well the rollout of our coffee concept, Simply Great Coffee, in a growing number of stores in North America. On that note, Simply Great Coffee has been selected the winner of CSNews' Hot Beverages Innovator of the Year Award 2016, which makes us quite confident about the future performance of this product category," concluded Mr. Hannasch.
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Claude Tessier, Chief Financial Officer, says, "Our disciplined approach and commitment to fully integrating our acquisitions continues to yield results. Second quarter adjusted earnings per share and operating cash flow stood strong at $0.58 and $509.1 million, respectively. Our adjusted net interest-bearing debt on adjusted EBITDAR was 1.98, which puts us in a good position for the CST acquisition." Mr. Tessier continues, "Our Board of Directors approved an increase in the quarterly dividend of CA 1.25¢ per share to CA 9.0¢ per share, an increase of more than 16.0%."
Significant items of the second quarter of fiscal 2017
- A total of 777 stores in North America and 653 stores in Europe are now proudly displaying our new global convenience brand, Circle K. In connection with this rebranding, an incremental depreciation and amortization expense of $6.5 million was recorded to earnings in the second quarter of fiscal 2017.
- In connection with The Pantry integration, our current cost reduction run rate reached $78.0 million compared to our 24‑month objective of $85.0 million. For merchandises and services supply cost reductions, we have quickly reached our projected run rate of approximately $27.0 million. As for fuel synergies associated with the fuel rebranding of approximately 1,000 stores in the U.S. southeast, we have also reached our target.
- During the quarter, our activities in the U.S. were negatively affected by events outside the normal course of business, including floods in Louisiana in August, the Colonial pipeline leak in September, as well as hurricane Matthew in October. These events affected at various levels more than 500 of our stores, mainly through loss of merchandise and road transportation fuel sales and incremental expenses, including inventory losses and clean-up costs. We were however able to limit the impact on our earnings through preventive actions. As such, we estimate that these events had a combined negative impact of approximately $4.0 million before income taxes on our results of the second quarter of fiscal 2017.
- On October 26, 2016, we amended the term of our revolving unsecured operating credit D to extend its maturity to December 2021.
Changes in our network for the second quarter of fiscal 2017
- On August 21, 2016, we signed a definitive merger agreement to acquire CST Brands Inc. ("CST") for a total enterprise value of approximately $4.4 billion, including assumed debt. The transaction has been approved by CST's stockholders on November 16, 2016, and is still subject to regulatory approvals in the United States and Canada. We expect this transaction to close before the end of fiscal year 2017.
We have also entered into an agreement with Parkland Fuel Corporation ("Parkland") pursuant to which we would sell certain Canadian assets of CST to Parkland after the merger with CST for approximately $750.0 million. This transaction is subject to customary regulatory approval and closing conditions. - On August 29, 2016, we signed an agreement to purchase 53 company-operated sites from American General Investments, LLC and North American Financial Group, LLC. The sites are located in Louisiana, United States, and currently operate under the store brand Cracker Barrel. The transaction is expected to close before the end of fiscal year 2017 and is subject to the standard regulatory approvals and closing conditions.
- On September 7, 2016, we received the approval from the Canadian Competition Bureau to acquire 278 sites from Imperial Oil ("IOL"), of which 228 are located in Ontario, mostly in the Greater Toronto Area, and 50 are located in the Greater Montreal area. The integration of the sites began on September 12, 2016, and was completed on October 27, 2016. As of October 9, 2016, 173 sites had been integrated to our network. The agreement also includes 13 land banks and one dealer site as well as a long-term supply contract for Esso-branded fuel. Of the 278 sites, we lease the land and building for one site, we lease the land and owns the building for 38 sites and we own both these assets for the remaining 239 sites. At closing, all sites were operating under a commission agency model under which a third party operates the site.
- During the second quarter of fiscal year 2017, in connection with the acquisition of all shares of Dansk Fuel A/S ("Dansk Fuel") from A/S Dansk Shell on May 1, 2016, we transferred 77 sites from Dansk Fuel to our Danish subsidiary and converted those 77 sites to the company-operated model. As of October 9, 2016, we had completed the transfer and conversion of all 127 retained sites. During the same period, we also divested 24 of our legacy sites to Dansk Fuel.
- Subsequent to the end of the second quarter, on October 31, 2016, we sold all of our shares in Dansk Fuel to DCC Holding A/S, a subsidiary of DCC plc.
- Subsequent to the end of the second quarter, on November 15, 2016, we completed the acquisition, from Sevenoil Est OÜ and its affiliates, of 23 company-operated sites located in Estonia of which 11 are full service fuel stations with convenience stores and 12 are unmanned automated fuel stations.
Summary of changes in our store network during the second quarter and first half-year of fiscal 2017
The following table presents certain information regarding changes in our store network over the 12-week period ended October 9, 2016:
| | 12-week period ended October 9, 2016 | ||||||||||
| Type of site | Company- | CODO | DODO | Franchised and | Total | ||||||
| Number of sites, beginning of period | 7,965 | 520 | 1,020 | 1,066 | 10,571 | ||||||
| | Acquisitions | 2 | 249 | - | - | 251 | |||||
| | Openings / constructions / additions | 11 | - | 6 | 20 | 37 | |||||
| | Closures / disposals / withdrawals | (51) | (3) | (22) | (23) | (99) | |||||
| | Store conversion | 80 | (82) | 2 | - | - | |||||
| Number of sites, end of period | 8,007 | 684 | 1,006 | 1,063 | 10,760 | ||||||
| Number of automated fuel stations included in the period end figures | 946 | - | 18 | - | 964 | ||||||
The following table presents certain information regarding changes in our store network over the 24-week period ended October 9, 2016:
| | 24-week period ended October 9, 2016 | ||||||||||
| Type of site | Company- | CODO | DODO | Franchised and | Total | ||||||
| Number of sites, beginning of period | 7,929 | 530 | 1,016 | 1,072 | 10,547 | ||||||
| | Acquisitions | 3 | 299 | - | - | 302 | |||||
| | Openings / constructions / additions | 25 | 0 | 20 | 43 | 88 | |||||
| | Closures / disposals / withdrawals | (80) | (6) | (39) | (52) | (177) | |||||
| | Store conversion | 130 | (139) | 9 | - Werbung Mehr Nachrichten zur Alimentation Couche-Tard B Aktie kostenlos abonnieren
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