PR Newswire
LAVAL, QC, Aug. 30, 2016
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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, Aug. 30, 2016 /PRNewswire/ - For its first quarter ended July 17, 2016, Alimentation Couche‑Tard Inc. (TSX: ATD.A ATD.B) announces net earnings of $324.4 million, representing $0.57 per share on a diluted basis. The results for the first quarter of fiscal 2017 were affected by a $6.9 million pre-tax accelerated depreciation and amortization expense in connection with the Corporation's global brand initiative as well as by a net pre-tax foreign exchange gain of $3.2 million. The results for the first quarter of fiscal 2016 included a net pre-tax foreign exchange gain of $6.8 million. Excluding these items as well as the acquisition costs from both comparable quarters' results, the diluted net earnings per share would have been $0.58 for the first quarter of fiscal 2017 compared with $0.51 for the first quarter of fiscal 2016, an increase of 13.7%. This increase is attributable to higher fuel margins, to continued organic growth, as well as to the contribution from acquisitions. These items, which contributed to the growth in net earnings, were partially offset by the impact of a higher consolidated income tax rate as well as by the negative net impact from the translation of revenues and expenses from its Canadian and European operations into US dollars. All financial information is in US dollars unless stated otherwise.
"Our performance in the quarter was both steady and gratifying," says Brian Hannasch, President and CEO, Alimentation Couche-Tard. "Same store merchandise revenues were solid in the U.S. and Canada – and strong in Europe, all fueled by the growing popularity of our expanded food service offering, our effective merchandising strategies as well as growing contributions from our acquisitions."
"This quarter was also really the first time we introduced our global Circle K brand to our customers in Europe. With already close to 250 stores rebranded from the well-established Statoil brand to our new global Circle K brand, we're starting to see very positive feedback from our customers. Customer traffic has remained steady in stores where we have rolled out the new brand in Norway, Sweden and Denmark – indicating that we are maintaining our momentum in our largest and most profitable European markets," said Hannasch. "Our integration teams are delivering the desired results. The Pantry continues to make significant contributions and the integration of Topaz is on track and moving steadily ahead. This quarter we were also excited to officially welcome the long awaited A/S Dansk Shell's sites in Denmark into our portfolio while we are confident we will soon be able to integrate the Imperial Oil sites in Canada."
Mr. Hannasch continues, "Finally, just after the close of the quarter, we announced a definitive merger agreement with CST Brands in North America, which is currently pending regulatory and CST Brands shareholder approval. We are excited about what this transaction can do to strategically strengthen our positioning in both the "U.S. sun belt" and the east coast of North America."
"It is the combination of our strong and committed approach to organic growth and our disciplined approach to mergers and acquisitions that bring us further on our journey to becoming the world's preferred destination for convenience and fuel," concluded Mr. Hannasch.
Claude Tessier, Chief Financial Officer says, "First quarter results drove adjusted earnings per share growth of 13.7 % and operating cash flow of $413.2 million. Our return on capital employed also increased to 18.7%."
Mr. Tessier continues, "As a growth oriented company, we know every acquisition is only as good as its successful integration, especially when it comes to anticipated synergies. We are on track when it comes to delivering on more than $125 million in cost synergies for The Pantry and will apply the same diligence to delivering on the synergies we have identified with Topaz and now, for the Shell sites in Denmark. We will apply this same approach and financial discipline to the recently announced acquisition of CST Brands, so that we are poised to take advantage of additional opportunities that might present themselves."
Significant items of the first quarter of fiscal 2017
Changes in our network for the first quarter of fiscal 2017
Summary of changes in our store network during the first quarter of fiscal 2017
The following table presents certain information regarding changes in our store network over the 12-week period ended July 17, 2016:
| 12-week period ended July 17, 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 | 1 | | 50 | | - | | - | | 51 | |
| Openings / constructions / additions | 14 | | - | | 14 | | 23 | | 51 | |
| Closures / disposals / withdrawals | (29) | | (3) | | (17) | | (29) | | (78) | |
| Store conversion | 50 | | (57) | | 7 | | - | | - | |
Number of sites, end of period | 7,965 | | 520 | | 1,020 | | 1,066 | | 10,571 | ||
Number of automated fuel stations included in the period end figures | 950 | | - | | 19 | | - | | 969 |
Exchange Rate Data
We use the US dollar as our reporting currency which provides more relevant information given the predominance of our operations in the United States.
The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:
| | ||
| 12-week periods ended | ||
| July 17, 2016 | July 19, 2015 | |
Average for period (1) | | | |
| Canadian Dollar | 0.7754 | 0.8092 |
| Norwegian krone | 0.1205 | 0.1284 |
| Swedish krone | 0.1203 | 0.1198 |
| Danish krone | 0.1510 | 0.1494 |
| Zloty | 0.2550 | 0.2696 |
| Euro | 1.1235 | 1.1150 |
| Ruble | 0.0153 | 0.0187 |
| | |
Summary analysis of consolidated results for the first quarter of fiscal 2017
The following table highlights certain information regarding our operations for the 12-week periods ended July 17, 2016 and July 19, 2015.
| | ||||||
| 12-week periods ended | ||||||
(in millions of US dollars, unless otherwise stated) | July 17, 2016 | | July 19, 2015 | | Variation % | ||
Statement of Operations Data: | | | | | | ||
Merchandise and service revenues (1): Werbung Mehr Nachrichten zur Alimentation Couche-Tard B Aktie kostenlos abonnieren
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