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14.03.2017 13:45
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Alimentation Couche-Tard announces its results for its third quarter of fiscal year 2017
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PR Newswire
LAVAL, QC, March 14, 2017
- Net earnings of $287.0 million ($0.50 per share on a diluted basis) for the third quarter of fiscal 2017 compared with $274.0 million ($0.48 per share on a diluted basis) for the third quarter of fiscal 2016. Excluding certain items for both comparable periods, net earnings for the quarter would have been approximately $303.0 million1 ($0.53 per share on a diluted basis) compared with $301.0 million1 ($0.53 per share on a diluted basis) for the third quarter of fiscal 2016, an increase of 0.7%.
- Same‑store merchandise revenues increased by 1.9% in the U.S. and by 2.5% in Europe2 and decreased by 0.9% in Canada.
- Merchandise and service gross margin decreased by 0,4% in the U.S., to 32.9% and by 1,4% in Europe, to 42.5%. In Canada, gross margin increased by 1,4% to 33.8%.
- Solid same‑store road transportation fuel volumes growth of 2.8% in the U.S. and of 1.8% in Europe2. Same-store volumes decreased by 0.8% in Canada.
- Road transportation fuel gross margin decreased by US 1.57¢ per gallon in the U.S. to US 18.33¢ per gallon, by US 1.18¢ per litre in Europe to US 7.51¢ per litre and increased by CA 1.91¢ per litre in Canada to CA 8.20¢ per litre.
- Strong quarterly performance in cost control with an increase of 1.9% on a comparable basis.
- Couche-Tard reached its 24-month synergies objectives for The Pantry and is confident to surpass them.
- 278 sites acquired from Imperial Oil successfully integrated into Couche-Tard's network in Ontario and Quebec.
- More than 1,000 stores in North America and 910 stores in Europe now with the Corporation's new Circle K global brand.
- Return on equity and return on capital employed at 22.6% and 15.6%, respectively, on a pro forma basis.
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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, March 14, 2017 /PRNewswire/ - For its third quarter ended January 29, 2017, Alimentation Couche-Tard Inc. (TSX: ATD.A ATD.B) announces net earnings of $287.0 million, representing $0.50 per share on a diluted basis. The results for the third quarter of fiscal 2017 were affected by a $8.4 million pre-tax accelerated depreciation and amortization expense in connection with the Corporation's global brand initiative, by pre-tax acquisition costs of $6.0 million, by a pre-tax restructuring expense of $6.0 million, by a pre-tax net foreign exchange loss of $3.0 million, as well as by a $2.7 million pre-tax curtailment gain on defined benefits pension plan obligation. The results for the comparable quarter of fiscal 2016 included a $27.2 million pre-tax curtailment gain on defined benefits pension plan obligation, a $22.9 million income tax expense stemming from an internal reorganization, a $10.4 million pre-tax write-off charge in connection with a fuel rebranding project, a $10.1 million pre-tax accelerated depreciation and amortization expense in connection with the Corporation's global brand initiative, a $9.2 million pre-tax charge on the early termination of certain fuel supply contracts, a pre-tax net foreign exchange loss of $4.1 million, as well as pre-tax acquisition costs of $2.1 million. Excluding these items, the adjusted diluted net earnings per share would have been $0.53 for the third quarter of fiscal 2017, driven by the contribution from acquisitions, by Couche-Tard's continued organic growth, as well as by the impact of a lower income tax rate, offset by lower fuel margins in the U.S. and in Europe. All financial information is in US dollars unless stated otherwise.
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"Notwithstanding the headwinds seen in the overall retail industry during the quarter, we continue seeing positive results. In Europe and Canada, merchandise and service gross profits were up by 39.0% and 10.9% respectively. This quarter, we also increased our road transportation fuel volumes by 15.7% through the contribution from our acquisitions and strong organic growth in the U.S. and Europe, while our teams once again delivered a strong performance on the cost control front" stated Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard Inc.
"On a global front, our company-wide Circle K rebranding is a continued success in Europe while we are accelerating the pace in the United States. I am proud of the work being done in order to quickly consolidate our position as leaders in the convenience store industry and therefore bringing us closer to becoming the world's preferred destination for convenience and fuel," added Brian Hannasch. "We are seeing positive results from the integration of Esso. The transition went smoothly, we experience very positive response from consumers to our rebranding and merchandising initiatives and we anticipate delivering solid synergies."
"As the closing of the CST acquisition deal is now anticipated to be in early fiscal year 2018, teams continue to be hard at work, actively planning the transition and identifying potential synergies and best practices. We have confirmed there is a lot of talent at CST and we are getting great collaboration from their teams, which is a key success factor in this process," concluded Brian Hannasch.
Claude Tessier, Chief Financial Officer, added, "In the third quarter we finalized the acquisition of the Esso sites while keeping our leverage ratios at a comfortable level, thanks to our strong cash flows and usual financial discipline. Additionally, we are proud to announce that we have reached and will surpass our synergies objectives for The Pantry acquisition. The integration of The Pantry stores was a real success story of which our teams can be proud of. We will be able to apply this knowledge to future acquisitions."
Significant Items of the Third Quarter of Fiscal 2017
- More than 1,000 stores in North America and 910 stores in Europe are now proudly displaying our new Circle K global convenience brand. In connection with this rebranding, a depreciation and amortization expense of $8.4 million was recorded to earnings of the third quarter of fiscal 2017.
- In connection with The Pantry integration, we reached our 24-month cost reduction annual run rate objective of $85.0 million, and quickly surpassed our merchandises and services supply cost reduction objective of $27.0 million, as well as our target for fuel synergies associated with the fuel rebranding of approximately 1,000 stores in the Southeastern region of the U.S. With that said, we will continue our efforts towards improving our efficiency and we are confident that additional synergies will be realized.
- Our activities in the U.S. were negatively impacted by floods and power outages resulting from hurricane Matthew in October, which affected, at various levels, more than 500 of our stores, mainly through the loss of sales and incremental expenses, including inventory losses and clean-up costs. We estimate that these events had a combined negative impact of approximately $3.0 million before income taxes on our results of the third quarter of fiscal 2017, without even considering the impact on stores which remained opened but also suffered from lower customer traffic during and after the storm.
- As part of our cost reduction initiatives and the search for synergies aimed at improving our efficiency, we made the decision to proceed with the restructuring of certain activities of our European operations. As such, an additional restructuring provision of $6.0 million was recorded during the third quarter of fiscal 2017.
- During the third quarter of fiscal 2017, we announced to our employees our decision to terminate some of our defined benefits disability plans in Norway, which resulted in a pre-tax curtailment gain of $2.7 million.
- During the third quarter of fiscal 2017, we adjusted and finalized the purchase price allocation for the Topaz acquisition to reflect our fair value assessment of the assets acquired, the liabilities assumed and the goodwill for the transaction. The detailed adjustments on previously reported results are described in our MD&A.
- 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 Third Quarter of Fiscal 2017
- On September 7, 2016, we received the approval from the Canadian Competition Bureau to acquire 278 sites from Imperial Oil ("IOL") for a total cash consideration of $1,285.7 million. 228 sites are located in Ontario, mostly in the Greater Toronto Area, and 50 sites are located in the Greater Montreal area. The integration of the sites began on September 12, 2016, and was completed on October 27, 2016.
- On October 31, 2016, we sold all of our shares in A/S Dansk Fuel ("Dansk Fuel") to DCC Holding A/S, a subsidiary of DCC plc, for a total cash consideration of $71.5 million. Prior to this sale transaction, a capital reduction of $65.6 million was made. Those transactions did not result in any gain or loss.
- On November 15, 2016, we completed the acquisition of 23 company-operated sites located in Estonia from Sevenoil Est OÜ and its affiliates. 11 sites are full-service fuel stations and 12 are unmanned automated fuel stations.
- We are actively at work to obtain all the required approvals to finalize the CST acquisition and are confident that the transaction will close early fiscal year 2018.
Summary of changes in our store network during the third quarter and first three quarters of fiscal 2017
The following table presents certain information regarding changes in our store network over the 16-week period ended January 29, 2017:
| | 16-week period ended January 29, 2017 | |||||
| Type of site | Company- | CODO | DODO | Franchised and | Total | |
| Number of sites, beginning of period | 8,007 | 684 | 1,006 | 1,063 | 10,760 | |
| Acquisitions | 32 | 104 | 1 | - | 137 | |
| | Openings / constructions / additions | 23 | 4 | 10 | 16 | 53 |
| | Closures / disposals / withdrawals | (42) | (13) | (29) | (19) | (103) |
| | Store conversion | 11 | (14) | 3 | - | - |
| Number of sites, end of period | 8,031 | 765 | 991 | 1,060 | 10,847 | |
| Number of automated fuel stations included in the period-end figures | 964 | - | 17 | - | 981 | |
The following table presents certain information regarding changes in our store network over the 40-week period ended January 29, 2017:
| | 40-week period ended January 29, 2017 | |||||
| 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 | 35 | 403 | 1 | - | 439 |
| | Openings / constructions / additions | 48 | 4 | 30 | 59 | 141 |
| | Closures / disposals / withdrawals | (122) | (19) | (68) | (71) Werbung Mehr Nachrichten zur Alimentation Couche-Tard B Aktie kostenlos abonnieren
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