- Fourth quarter diluted Earnings Per Share (EPS) was
$7.97; normalized diluted EPS grew
51.9%
- CTR comparable sales grew 12.8% and consolidated comparable
sales grew 9.5% in the fourth quarter
- Fourth quarter Retail segment normalized income before income
taxes increased by 70.1%
- Full year 2020 eCommerce sales across all retail banners soared
to $1.6 billion, up 183%
TORONTO, Feb. 18, 2021 /CNW/ - Canadian Tire Corporation,
Limited (TSX: CTC) (TSX: CTC.A) today released its fourth quarter
and full year results for the period ended January 2, 2021.
"We achieved outstanding operational and financial results in
2020, driven by sustained strong growth in eCommerce and Owned
Brands, and the addition of 1.8 million new customers to the
Triangle Rewards program. Despite countless unprecedented
challenges, our commitment to being there for Canadians was
unwavering throughout the year. I am incredibly proud of all
of our people across CTC, our Associate Dealers, and especially our
frontline employees for their achievements, their support of one
another and their continued commitment to serving our customers
amidst the ongoing pandemic," said Greg Hicks, President and CEO, Canadian Tire
Corporation.
"Looking forward, the proven resilience of our business model,
the strength of our Triangle Rewards program, and the relevance of
our assortment position us well to continue engaging with our
customers and supporting them in 2021 and beyond," added Hicks.
FOURTH QUARTER HIGHLIGHTS
- Strong omni-channel performance in the quarter drove CTC's
comparable sales growth of 9.5%
-
- CTR's strong growth of 12.8% was driven by double digit growth
in almost 70% of product categories and Owned Brands growth of
18%
- Mark's delivered strong comparable sales of 7.6%, driven
primarily by eCommerce sales and strong performance of national
brands
- SportChek's comparable sales growth declined 3%, due to reduced
promotional activity, temporary store closures and
restrictions
- Over 600,000 new members joined the Triangle program and
contributed $168 million in
sales
- eCommerce sales in the quarter grew 142%, with penetration
rate more than doubling 2019 levels
-
- eCommerce sales surged across all retail banners, with CTR up
179%
- Digital visits across retail banners grew almost 50% to over
230 million visits
- Significant increase in EPS performance in the quarter was
driven by topline sales and Dealer demand at CTR
-
- Diluted EPS was $7.97; normalized
diluted EPS was $8.40, an increase of
51.9%
- Normalized income before income taxes in the Retail segment
significantly increased, by 70.1%
-
- Retail revenue (excluding Petroleum) grew 20.1%, with CTR
revenue growing by 28%
- Normalized retail gross margin rate (excluding Petroleum) grew
by 168 bps, driven primarily by CTR
- Financial Services income before income taxes grew 5.6% in the
quarter
-
- Aging metrics continue to be favourable
- Consistent with industry trends, growth in cardholder sales and
receivables volume were lower
- Due largely to the year over year decline in receivables, the
allowance for loans receivable was reduced by $27 million in the quarter
SELECT ANNUAL HIGHLIGHTS
- CTC's retail sales grew 11% (excluding Petroleum), primarily
driven by 17.6% growth at CTR
- eCommerce sales reached $1.6
billion, up $1 billion or
183%, with CTR delivering over 250% growth
- Strong performance in the last half of 2020 resulted in full
year normalized diluted EPS of $13.00, only slightly lower than 2019, despite
the impact that the COVID-19 pandemic had on the operations and
results in the first half of 2020
-
- Retail segment normalized earnings grew 15.7% for the year
- Cash and investments in the Retail segment grew by $196 million in the year, driven by higher retail
earnings and lower capital expenditures
- The Company ended the year with $2.0
billion in cash and short-term investments and $3.0 billion, $3.9
billion, and $298.9 million in
available liquidity in its Retail, Financial Services and REIT
segments, respectively
CONSOLIDATED OVERVIEW
The fourth quarter and full year 2020 results include one
additional week of retail operations compared to the fourth quarter
and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
- Consolidated retail sales increased $479
million in the fourth quarter, or 9.9% over the same period
in 2019. Excluding Petroleum, consolidated retail sales were up
13.6% over the same period last year
- Consolidated revenue increased $557.8
million, or 12.9% in the fourth quarter. Excluding
Petroleum, consolidated revenue increased 17.4%
- Diluted EPS was $7.97 in the
quarter, up $2.55 per share, or 47%,
compared to the prior year. Normalized diluted EPS in the quarter
was $8.40, an increase of
$2.87 per share or 51.9%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for
information on normalizing items, and to the Q4 and Full Year
MD&A section 4.0 for additional details on events that have
impacted the Company in the year
FULL YEAR
- Consolidated retail sales increased $985.4 million, or 6.2%, over the prior year.
Excluding Petroleum, consolidated retail sales increased 11%
- Consolidated revenue increased $336.6
million for the full year, or 2.3%, over the prior year.
Excluding Petroleum, consolidated revenue increased 6.9%
- Diluted EPS was $12.31, a
decrease of $0.27 per share, or 2.2%,
over the prior year. Normalized diluted EPS of $13.00 decreased $0.04 per share or 0.3%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for
information on normalizing items, and to the Q4 and Full Year
MD&A section 4.0 for additional details on events that have
impacted the Company in the year
RETAIL SEGMENT OVERVIEW
The fourth quarter and full year 2020 results include one
additional week of retail operations compared to the fourth quarter
and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
- Retail segment revenue increased $593
million, or 14.9%. Excluding Petroleum, Retail segment
revenue increased 20.1%
- CTR sales increased 17.1% and comparable sales were up
12.8%
- SportChek retail sales were relatively flat, up by 0.5% and
comparable sales were down 3%
- Mark's retail sales increased 11.9% and comparable sales were
up 7.6%
- Helly Hansen revenue was $196.1
million, up 11.4%, or 12.1% on a constant currency
basis
- Income before income taxes increased $226.3 million, or 64.4%. Normalized income
before income taxes increased $252.7
million or 70.1%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for
information on normalizing items, and to the Q4 and Full Year
MD&A section 4.0 for additional details on events that have
impacted the Company in 2020
FULL YEAR
- Retail segment revenue increased $410.2
million, or 3.1%. Excluding Petroleum, Retail segment
revenue was up 8.4%
- CTR sales increased 17.6%
- SportChek's retail sales decreased 8.5%
- Mark's retail sales decreased 5.5%
- Helly Hansen revenue was $541.9
million, down 2.2%. On a constant currency basis, Helly
Hansen revenue grew 2.0%
- Income before income taxes increased $90.5 million or 14%. Normalized income before
income taxes increased by $108.1
million or 15.7%
- Refer to the Q4 and Full Year 2020 MD&A section 5.1.1 for
information on normalizing items, and to the Q4 and Full Year
MD&A section 4.0 for additional details on events that have
impacted the Company in 2020
FINANCIAL SERVICES OVERVIEW
- Financial Services is in a strong financial position with
access to multiple sources of liquidity, an experienced management
team and proven credit risk capabilities. The credit card portfolio
continues to demonstrate strong operational metrics, including
ending the quarter with improved aging, mainly due to strong
customer payments.
FOURTH QUARTER
- Revenue was down 11.3%, primarily due to lower receivables
volume
- Gross margin improved 10.8% despite revenue declines; primarily
due to a $27.3 million reduction to
the allowance for loans receivable, reflecting the impact of lower
receivables balances
- Income before income taxes increased $6.1 million, or 5.6%
- Refer to the Q4 and Full Year 2020 MD&A section 4.0 for
additional details on events that have impacted the Company in
2020
FULL YEAR
- Revenue was down 6.4% for the full year over 2019, primarily
due to lower receivable volume
- Gross margin declined by 12.4% primarily due to lower
revenue
- Income before income taxes decreased $99
million or 23.2%
- Refer to the Q4 and Full Year 2020 MD&A section 4.0 for
additional details on events that have impacted the Company in
2020
CT REIT OVERVIEW
- As disclosed in the Q4 and year-end 2020
CT REIT earnings release on February
8, 2021, CT REIT invested approximately $209 million, adding over 800,000 square feet of
gross leasable area to the portfolio in 2020.
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
- Operating capital expenditures were $267.7 million for the year, a decrease of
$176.5 million
- Total capital expenditures were $452.4
million for the year, a decrease of $84.9 million
QUARTERLY DIVIDEND
- The Company declared dividends payable to holders of Class A
Non-Voting Shares and Common Shares at a rate of $1.175 per share payable on June 1, 2021 to shareholders of record as of
April 30, 2021. The dividend is
considered an "eligible dividend" for tax purposes.
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal course
issuer bid (the "2021-22 NCIB" to purchase from March 2, 2021 to March 1,
2022 up to 5.4 million Class A Non-Voting Shares (the
"Shares"), which represents 9.9% of the 54.7 million approximate
public float of Shares issued and outstanding as at February 17, 2021. There were 57,383,758
Shares issued and outstanding as at February
17, 2021.
The Company intends to purchase Shares under the 2021-22 NCIB to
offset the dilutive effect of the issuance of Shares pursuant to
its dividend reinvestment and stock option plans, consistent with
the Company's policy. The Company retains the flexibility to
purchase additional Shares beyond its anti-dilutive requirements
but does not intend to do so at this time.
Purchases of Shares pursuant to the 2021-22 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 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 69,845 Shares, which represents 25% of
279,380, the average daily trading volume of the Shares on the TSX,
net of purchases made by the Company through the TSX, for the six
months ended January 31, 2021. The
Shares purchased by the Company pursuant to the 2021-22 NCIB will
be restored to the status of authorized but unissued shares.
The Company's proposed 2021-22 NCIB is subject to regulatory
approval.
Under the Company's normal course issuer bid which began on
March 2, 2020 and expires on
March 1, 2021 (the "2020-21 NCIB"),
the Company received approval to purchase up to 5.5 million Shares.
To date, the Company has purchased a total of 355,102 Shares by
means of open market transactions through the facilities of the TSX
and alternative Canadian trading systems under the Company's
2020-21 NCIB, at the volume weighted average price of $125.24.
To view a PDF version of Canadian Tire Corporation's full
quarterly earnings report please see:
https://mma.prnewswire.com/media/1440440/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Ann.pdf
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws. These
statements are being 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. Although CTC 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, including as a result of
COVID-19, 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 CTC's
actual results to differ from current expectations, refer to
section 10.0 (Key Risks and Risk Management) of our Management's
Discussion and Analysis for the year ended January 2, 2021 as well as CTC's other public
filings, available at www.sedar.com and at
https://investors.canadiantire.ca. CTC 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 18, 2021. The conference call will be
available simultaneously and in its entirety to all interested
investors and the news media through a webcast at
https://investors.canadiantire.ca 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. Party City, 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 more than 1,740 retail and gasoline outlets are supported and
strengthened by CTC's Financial Services division and the tens
of thousands of people employed across Canada and around the world by CTC and its
local dealers, franchisees and petroleum retailers. In addition,
CTC 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
Consolidated Balance Sheets (Unaudited)
As at
|
|
|
(C$ in
millions)
|
January 2,
2021
|
December 28,
2019
|
|
|
|
ASSETS
|
|
|
Cash and cash
equivalents
|
$
|
1,327.2
|
$
|
205.5
|
Short-term
investments
|
643.0
|
201.7
|
Trade and other
receivables
|
973.6
|
938.3
|
Loans
receivable
|
5,031.8
|
5,813.8
|
Merchandise
inventories
|
2,312.9
|
2,212.9
|
Income taxes
recoverable
|
21.9
|
33.2
|
Prepaid expenses and
deposits
|
193.8
|
139.3
|
Assets classified as
held for sale
|
42.6
|
10.6
|
Total current
assets
|
10,546.8
|
9,555.3
|
Long-term receivables
and other assets
|
631.9
|
807.8
|
Long-term
investments
|
146.2
|
138.9
|
Goodwill and
intangible assets
|
2,372.8
|
2,414.3
|
Investment
property
|
385.8
|
389.1
|
Property and
equipment
|
4,298.2
|
4,283.3
|
Right-of-use
assets
|
1,696.7
|
1,610.4
|
Deferred income
taxes
|
298.7
|
319.2
|
Total
assets
|
$
|
20,377.1
|
$
|
19,518.3
|
|
|
|
LIABILITIES
|
|
|
Bank
indebtedness
|
$
|
—
|
$
|
10.4
|
Deposits
|
1,228.0
|
790.8
|
Trade and other
payables
|
2,508.3
|
2,492.4
|
Provisions
|
196.7
|
190.2
|
Short-term
borrowings
|
165.4
|
450.0
|
Loans
|
506.6
|
621.5
|
Current portion of
lease liabilities
|
329.9
|
335.3
|
Income taxes
payable
|
120.4
|
72.6
|
Current portion of
long-term debt
|
150.5
|
788.2
|
Total current
liabilities
|
5,205.8
|
5,751.4
|
Long-term
provisions
|
70.3
|
61.1
|
Long-term
debt
|
4,115.7
|
3,730.2
|
Long-term
deposits
|
2,281.7
|
1,653.4
|
Long-term lease
liabilities
|
1,896.6
|
1,871.0
|
Deferred income
taxes
|
122.0
|
136.4
|
Other long-term
liabilities
|
850.3
|
810.1
|
Total
liabilities
|
14,542.4
|
14,013.6
|
|
|
|
EQUITY
|
|
|
Share
capital
|
597.0
|
588.0
|
Contributed
surplus
|
2.9
|
2.9
|
Accumulated other
comprehensive (loss)
|
(237.7)
|
(129.9)
|
Retained
earnings
|
4,136.9
|
3,729.6
|
Equity
attributable to shareholders of Canadian Tire
Corporation
|
4,499.1
|
4,190.6
|
Non-controlling
interests
|
1,335.6
|
1,314.1
|
Total
equity
|
5,834.7
|
5,504.7
|
Total liabilities
and equity
|
$
|
20,377.1
|
$
|
19,518.3
|
Consolidated Statements of Income (Unaudited)
For the
|
|
|
|
|
|
|
(C$ in millions,
except share and per share amounts)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
Revenue
|
$
|
4,874.5
|
$
|
4,316.7
|
$
|
14,871.0
|
$
|
14,534.4
|
Cost of producing
revenue
|
3,024.6
|
2,813.7
|
9,794.4
|
9,660.6
|
|
|
|
|
|
Gross
margin
|
1,849.9
|
1,503.0
|
5,076.6
|
4,873.8
|
|
|
|
|
|
Other expense
(income)
|
18.9
|
2.0
|
48.7
|
(13.4)
|
Selling, general and
administrative expenses
|
1,053.6
|
943.7
|
3,599.3
|
3,437.5
|
Net finance
costs
|
58.8
|
66.0
|
256.5
|
266.8
|
|
|
|
|
|
Income before
income taxes
|
718.6
|
491.3
|
1,172.1
|
1,182.9
|
|
|
|
|
|
Income
taxes
|
196.8
|
125.4
|
309.5
|
288.1
|
Net
income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
488.8
|
$
|
334.1
|
$
|
751.8
|
$
|
778.4
|
Non-controlling
interests
|
33.0
|
31.8
|
110.8
|
116.4
|
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
Basic earnings per
share
|
$
|
8.04
|
$
|
5.42
|
$
|
12.35
|
$
|
12.60
|
Diluted earnings
per share
|
$
|
7.97
|
$
|
5.42
|
$
|
12.31
|
$
|
12.58
|
Weighted average
number of Common and Class A Non-
|
|
|
|
|
Voting Shares
outstanding:
|
|
|
|
|
Basic
|
60,807,577
|
61,592,583
|
60,896,809
|
61,794,565
|
Diluted
|
61,358,623
|
61,669,335
|
61,090,111
|
61,861,486
|
Consolidated Statements of Comprehensive Income
(Unaudited)
For the
|
|
|
|
|
|
|
(C$ in
millions)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
Net
income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
|
|
|
|
|
Other
comprehensive (loss) income, net of
|
|
|
|
|
taxes
|
|
|
|
|
Items that may be
reclassified subsequently to
|
|
|
|
|
net
income:
|
|
|
|
|
Net fair value
(losses) gains on hedging
|
|
|
|
|
instruments entered
into for cash flow hedges
not subject to basis adjustment
|
(1.5)
|
17.8
|
(34.7)
|
(4.5)
|
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
|
(8.4)
|
(8.4)
|
(12.0)
|
(18.7)
|
Reclassification of
losses to income
|
1.8
|
0.3
|
2.8
|
0.6
|
Currency translation
adjustment
|
48.8
|
19.9
|
(13.0)
|
(60.7)
|
|
|
|
|
|
Items that will
not be reclassified subsequently
|
|
|
|
|
to net
income:
|
|
|
|
|
Actuarial
losses
|
(10.7)
|
(15.1)
|
(10.7)
|
(15.1)
|
Net fair value
(losses) on hedging instruments
|
|
|
|
|
entered into for cash
flow hedges subject to
basis adjustment
|
(84.3)
|
(16.0)
|
(29.9)
|
(52.7)
|
Other comprehensive
(loss)
|
$
|
(54.3)
|
$
|
(1.5)
|
$
|
(97.5)
|
$
|
(151.1)
|
|
|
|
|
|
Other comprehensive
(loss) income attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
(52.4)
|
$
|
(2.8)
|
$
|
(88.4)
|
$
|
(146.1)
|
Non-controlling
interests
|
(1.9)
|
1.3
|
(9.1)
|
(5.0)
|
|
$
|
(54.3)
|
$
|
(1.5)
|
$
|
(97.5)
|
$
|
(151.1)
|
|
|
|
|
|
Comprehensive
income
|
$
|
467.5
|
$
|
364.4
|
$
|
765.1
|
$
|
743.7
|
|
|
|
|
|
Comprehensive income
attributable to:
|
|
|
|
|
Shareholders of
Canadian Tire Corporation
|
$
|
436.4
|
$
|
331.3
|
$
|
663.4
|
$
|
632.3
|
Non-controlling
interests
|
31.1
|
33.1
|
101.7
|
111.4
|
|
$
|
467.5
|
$
|
364.4
|
$
|
765.1
|
$
|
743.7
|
Consolidated Statements of Cash Flows (Unaudited)
For the
|
|
|
|
|
|
|
(C$ in
millions)
|
14 weeks ended
January 2, 2021
|
13 weeks ended
December 28, 2019
|
53 weeks ended
January 2, 2021
|
52 weeks ended
December 28, 2019
|
|
|
|
|
|
Cash (used for)
generated from:
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
Net income
|
$
|
521.8
|
$
|
365.9
|
$
|
862.6
|
$
|
894.8
|
Adjustments
for:
|
|
|
|
|
Depreciation of
property and equipment, investment
|
|
|
|
|
property and
right-of-use assets
|
147.5
|
143.8
|
582.6
|
546.7
|
Impairment of property
and equipment, intangible assets,
|
|
|
|
|
investment property
and right-of-use assets
|
19.0
|
1.3
|
46.9
|
1.9
|
Income tax
expense
|
196.8
|
125.4
|
309.5
|
288.1
|
Net finance
costs
|
58.8
|
66.0
|
256.5
|
266.8
|
Amortization of
intangible assets
|
27.9
|
29.9
|
112.7
|
110.8
|
(Gain) Loss on
disposal of property and equipment,
|
|
|
|
|
investment property,
assets held for sale and right-of-
use assets
|
(6.2)
|
1.3
|
(12.1)
|
(25.8)
|
Total except as noted
below
|
965.6
|
733.6
|
2,158.7
|
2,083.3
|
Interest
paid
|
(55.3)
|
(46.6)
|
(272.6)
|
(297.3)
|
Interest
received
|
3.4
|
5.2
|
15.8
|
27.3
|
Income taxes
paid
|
(130.7)
|
(71.7)
|
(200.5)
|
(347.9)
|
Change in loans
receivable
|
(9.7)
|
(181.3)
|
925.1
|
(270.4)
|
Change in operating
working capital and other
|
(10.7)
|
667.6
|
(183.7)
|
(107.4)
|
Cash generated
from operating activities
|
762.6
|
1,106.8
|
2,442.8
|
1,087.6
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Additions to property
and equipment and investment
|
|
|
|
|
property
|
(118.2)
|
(173.4)
|
(307.2)
|
(435.2)
|
Additions to
intangible assets
|
(26.1)
|
(18.4)
|
(129.3)
|
(178.6)
|
Total
additions
|
(144.3)
|
(191.8)
|
(436.5)
|
(613.8)
|
Acquisition of
short-term investments
|
(242.6)
|
(41.2)
|
(710.0)
|
(297.3)
|
Proceeds from the
maturity and disposition of short-term
|
|
|
|
|
investments
|
32.0
|
73.1
|
328.8
|
326.0
|
Proceeds on
disposition of property and equipment,
|
|
|
|
|
investment property
and assets held for sale
|
9.8
|
2.5
|
13.3
|
20.2
|
Business combinations,
net of cash acquired
|
—
|
(177.3)
|
—
|
(177.3)
|
Lease payments for
finance subleases (principal portion)
|
4.2
|
3.6
|
16.8
|
16.4
|
Acquisition of
long-term investments and other
|
8.4
|
(22.9)
|
(60.4)
|
(32.9)
|
Cash (used for)
investing activities
|
(332.5)
|
(354.0)
|
(848.0)
|
(758.7)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Dividends
paid
|
(65.5)
|
(60.7)
|
(262.9)
|
(242.5)
|
Distributions paid to
non-controlling interests
|
(30.7)
|
(25.2)
|
(96.2)
|
(84.1)
|
Total dividends and
distributions paid
|
(96.2)
|
(85.9)
|
(359.1)
|
(326.6)
|
Net (repayment)
issuance of short-term borrowings
|
(398.5)
|
(459.6)
|
(284.6)
|
71.9
|
Issuance of
loans
|
84.2
|
32.4
|
248.9
|
259.2
|
Repayment of
loans
|
(129.9)
|
(70.2)
|
(363.6)
|
(292.3)
|
Issuance of long-term
debt
|
—
|
0.4
|
1,198.6
|
571.3
|
Repayment of long-term
debt
|
(0.1)
|
0.4
|
(1,450.8)
|
(500.3)
|
Payment of lease
liabilities (principal portion)
|
(113.3)
|
(81.8)
|
(367.9)
|
(313.3)
|
Payment of transaction
costs related to long-term debt
|
(0.6)
|
—
|
(2.8)
|
(2.6)
|
Purchase of Class A
Non-Voting Shares
|
(3.6)
|
(10.8)
|
(111.5)
|
(218.0)
|
Proceeds on disposal
of partial interest in CT REIT
|
—
|
—
|
—
|
142.6
|
Net proceeds from
issue of trust units to non-controlling interests
|
—
|
—
|
—
|
86.3
|
Payments on financial
instruments
|
(0.5)
|
(16.3)
|
(30.9)
|
(51.6)
|
Change in
deposits
|
259.6
|
(52.9)
|
1061.0
|
(30.8)
|
Cash (used for)
financing activities
|
(398.9)
|
(744.3)
|
(462.7)
|
(604.2)
|
Cash generated
(used) in the period
|
31.2
|
8.5
|
1,132.1
|
(275.3)
|
Cash and cash
equivalents, net of bank indebtedness,
|
|
|
|
|
beginning of
period
|
1,296.0
|
186.6
|
195.1
|
470.4
|
Cash and cash
equivalents, net of bank indebtedness,
|
|
|
|
|
|
|
|
|
end of
period
|
$
|
1,327.2
|
$
|
195.1
|
$
|
1,327.2
|
$
|
195.1
|
|
|
|
|
|
|
|
|
|
![Management's Discussion and Analysis - Canadian Tire Fourth Quarter and Full-Year 2020 (CNW Group/CANADIAN TIRE CORPORATION, LIMITED) Management's Discussion and Analysis - Canadian Tire Fourth Quarter and Full-Year 2020 (CNW Group/CANADIAN TIRE CORPORATION, LIMITED)](https://mma.prnewswire.com/media/1440440/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Ann.pdf?p=pdfthumbnail)
SOURCE CANADIAN TIRE CORPORATION, LIMITED