- Consolidated comparable sales up 3.9% in the fourth quarter, and 3.6% for the full year, led by exceptional results at Canadian Tire
- Fourth quarter consolidated revenue of $4.3 billion, up 4.5%, up 5.1% excluding Petroleum; 2019 annual revenue of $14.5 billion, up 3.4%, up 5.0% excluding Petroleum
- Financial Services GAAR growth up 7.4% and revenue up 5.9% for 2019
- Fourth quarter diluted earnings per share (EPS) was $5.42; normalized diluted EPS was $5.53, an increase of 15.7%
- Full year diluted EPS was $12.58; normalized diluted EPS was $13.04, an increase of 9.1%
TORONTO, Feb. 13, 2020 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released fourth quarter and full year results for the period ended December 28, 2019.
"We had an exceptionally strong Q4 that capped off a solid last half of 2019. Through our Triangle Rewards program, customers are engaging with us more frequently, both in our stores and digitally, driving our topline growth as well as making us one of Canada's largest eCommerce players," said Stephen Wetmore, President and CEO, Canadian Tire Corporation. "I have to commend the Canadian Tire Retail team who posted exceptional comparable store growth of 4.8% in the quarter. Our ability to deliver remarkably consistent growth at CTR is due to our strong partnership with our Associate Dealers and their knowledge of our customers' expectations in virtually every community in Canada."
"I am very confident our One Company, One Customer strategy, underpinned by our current suite of assets and growing momentum towards our $200 million Operational Efficiency target, is creating the change at CTC that positions us to compete and create long-term sustainable growth," continued Wetmore.
CONSOLIDATED OVERVIEW
FOURTH QUARTER
- Consolidated retail sales increased $200.5 million in the fourth quarter, or 4.3% over the same period in 2018. Excluding Petroleum, consolidated retail sales were up 5.1% over the same period last year.
- Consolidated revenue increased $185.0 million, or 4.5% in the fourth quarter. Excluding Petroleum, consolidated revenue increased 5.1%.
- Diluted EPS was $5.42 in the quarter, up $1.43 per share, or 35.7%, compared to the prior year. Normalized diluted EPS in the quarter was $5.53, an increase of $0.75 per share or 15.7%.
- Refer to the MD&A section 5.1.1 for information on the normalizing items.
FULL YEAR
- Consolidated retail sales increased $384.3 million, or 2.5%, over the prior year. Excluding Petroleum, consolidated retail sales increased 3.9%.
- Consolidated revenue increased $475.7 million for the full year, or 3.4%, over the prior year. Excluding Petroleum, consolidated revenue increased 5.0%.
- Diluted EPS was $12.58, an increase of $1.94 per share, or 18.3%, over the prior year. Normalized diluted EPS of $13.04 increased $1.09 per share or 9.1%.
- Refer to the MD&A section 5.1.1 for information on the normalizing items.
RETAIL SEGMENT OVERVIEW
FOURTH QUARTER
- Financial results reflect Q4 2019 performance compared to Q4 2018.
- Retail segment revenue increased $172.3 million, or 4.5%. Excluding Petroleum, Retail segment revenue increased 5.1%.
- Canadian Tire Retail saw retail sales increase 6.6% and comparable sales were up 4.8%.
- SportChek retail sales were up 1.3% and comparable sales were up 2.0%.
- Mark's retail sales increased 1.5% and comparable sales were up 1.8%.
- Helly Hansen revenue in the quarter was $199.7 million, up 20.4%.
- Income before income taxes increased $22.8 million, or 6.9%. Normalized income before income taxes increased $31.7 million or 9.6%.
- Refer to the MD&A section 5.1.1 for information on the normalizing items.
FULL YEAR
- Financial results reflect 2019 performance compared to 2018.
- Retail segment revenue increased $396.3 million, or 3.1%. Excluding Petroleum, Retail segment revenue was up 4.8%.
- Canadian Tire Retail sales increased 4.5% and comparable sales increased 3.8%.
- SportChek's retail sales increased 2.6% and comparable sales increased 3.3%.
- Mark's retail sales increased 2.4% and comparable sales were up 2.5%.
- Helly Hansen revenue for 2019 was $650.8 million.
- Income before income taxes decreased $20.6 million or 3.1%. Normalized income before income taxes decreased by $13.0 million or 1.9%.
- Refer to the MD&A section 5.1.1 for information on the normalizing items.
FINANCIAL SERVICES OVERVIEW
- Income before income taxes increased $17.4 million, or 18.9% in the fourth quarter, and increased $33.8 million, and 8.6%, for the full year over 2018. Normalized income before income taxes increased 5.0% for the full year.
- Revenue grew 3.2% in the quarter, and 5.9% full year over the prior year.
- Gross average credit card receivables (GAAR) was up 5.0% in Q4 and for the full year GAAR was up 7.4% over 2018.
- Refer to the MD&A section 5.1.1 for information on the normalizing items.
CT REIT OVERVIEW
- As disclosed in the Q4 and year-end 2019 CT REIT earnings release on February 10, 2020, CT REIT invested over $209 million, adding over 800,000 square feet of gross leasable area to the portfolio in 2019, and raised its distribution for the sixth consecutive year with an annual increase of 4.0%.
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
- Total operating capital expenditures were $444.2 million for the year, slightly below the previously disclosed range of $475 million to $550 million.
- For fiscal 2020, the Company expects annual operating capital expenditures to be within the range of $450 million to $500 million. This forecast also includes spending for Operational Efficiency program initiatives that may be identified.
QUARTERLY DIVIDEND
The Company has declared dividends payable to holders of Class A Non-Voting Shares and Common Shares at a rate of $1.1375 per share payable on June 1, 2020 to shareholders of record as of April 30, 2020. The dividend is considered an "eligible dividend" for tax purposes.
SHARE REPURCHASE
On November 7, 2019, the Company announced its intention to repurchase a further $350 million of its Class A Non-Voting Shares (the "2020 Share Purchase Intention"), in excess of the amount required for anti-dilutive purposes, by the end of fiscal 2020. To date, the Company has purchased $56.9 million of its Class A Non-Voting Shares in partial fulfilment of its 2020 Share Purchase Intention, leaving $293.1 million that is expected to be purchased during the remainder of fiscal 2020.
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal course issuer bid (the "2020 NCIB") to purchase from March 2, 2020 to March 1, 2021 up to 5.5 million Class A Non-Voting Shares, which represents 10.0% of the 55.0 million approximate public float of Class A Non-Voting Shares issued and outstanding as at February 12, 2020. There were 57,779,759 Class A Non-Voting Shares issued and outstanding as at February 12, 2020.
The Company intends to purchase Class A Non-Voting Shares under the 2020 NCIB for two purposes: (i) to fulfill the 2020 Share Purchase Intention as part of its capital management plan; and (ii) to offset the dilutive effect of the issuance of Class A Non-Voting Shares pursuant to its dividend reinvestment and stock option plans, consistent with the Company's policy.
Purchases of Class A Non-Voting Shares pursuant to the 2020 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 Class A Non-Voting 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 64,711 Class A Non-Voting Shares, which represents 25% of 258,846, the average daily trading volume of the Class A Non-Voting Shares on the TSX, net of purchases made by the Company through the TSX, for the six months ended January 31, 2020. The Class A Non-Voting Shares purchased by the Company pursuant to the 2020 NCIB will be restored to the status of authorized but unissued shares.
The Company also announced that it will enter into an automatic share purchase plan (the "ASPP") with its designated broker to facilitate purchases of Class A Non-Voting Shares under the 2020 NCIB at times when the Company would not ordinarily be permitted to make such purchases due to its internal trading black-out periods or applicable regulatory restrictions. Purchases made pursuant to the ASPP will be made by the Company's designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement between the Company and its designated broker. The ASPP will commence on March 2, 2020 and terminate on the earliest of the date on which: (i) the purchase limit under the 2020 NCIB has been reached; (ii) the 2020 NCIB expires; and (iii) the Company terminates the ASPP in accordance with its terms. The ASPP constitutes an "automatic securities purchase plan" under applicable Canadian securities laws.
The Company's proposed 2020 NCIB and ASPP are subject to regulatory approval.
Under the Company's normal course issuer bid which began on March 2, 2019 and expires on March 1, 2020 (the "2019 NCIB"), the Company received approval to purchase up to 5.5 million Class A Non-Voting Shares. To date, the Company has purchased a total of 841,765 Class A Non-Voting Shares by means of open market transactions through the facilities of the TSX and/or alternative Canadian trading systems under the Company's 2019 NCIB, at the volume weighted average price of $142.80.
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1089976/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Del.pdf
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information that reflects management's current expectations related to matters such as future financial performance and operating results of the Company. Forward-looking statements are 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.
Certain statements other than statements of historical facts included in this press release may constitute forward-looking information, including but not limited to, statements concerning the Company's expectations with respect to its capital expenditures for fiscal 2020 under the heading "Capital Expenditures", the Company's intention to repurchase certain of its Class A Non-Voting Shares, in excess of the amount required for anti-dilutive purposes, by the end of 2020 under the heading "Share Repurchase" and statements concerning the Company's intention to make a normal course issuer bid with respect to the purchase of its Class A Non-Voting Shares and to enter into an automatic securities purchase plan pursuant to which the Company's designated broker may purchase Class A Non-Voting Shares under the Company's normal course issuer bid, under the heading "Normal Course Issuer Bid".
By its very nature, forward-looking information requires us to make assumptions and is subject to inherent risks and uncertainties, which give rise to the possibility that the Company's assumptions, estimates, analyses, beliefs and opinions may not be correct and that the Company's expectations and plans will not be achieved. Although the Company 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 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 Company's actual results to differ from current expectations, refer to section 2.8 (Risk Factors) of our Annual Information Form for fiscal 2019 and to section 10 (Key Risks and Risk Management) and all subsections thereunder of our Management's Discussion and Analysis for the year ended December 28, 2019, as well as the Company's other public filings, available at www.sedar.com and at www.corp.canadiantire.ca.
The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof and do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. The Company 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 13, 2020. 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/English/investors/default.aspx.
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. 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; SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere, which offer the best active wear brands; and Party City Canada, a leading, one-stop shopping destination for party supplies and seasonal celebrations. 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 the Company 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
CANADIAN TIRE CORPORATION, LIMITED
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Q4 2019
Consolidated Balance Sheets
As at | ||||
(C$ in millions) | December 28, 2019 | December 29, 20181 | ||
ASSETS | ||||
Cash and cash equivalents | $ | 205.5 | $ | 470.4 |
Short-term investments | 201.7 | 183.7 | ||
Trade and other receivables | 938.3 | 933.3 | ||
Loans receivable | 5,813.8 | 5,511.3 | ||
Merchandise inventories | 2,212.9 | 1,997.5 | ||
Income taxes recoverable | 33.2 | 15.3 | ||
Prepaid expenses and deposits | 139.3 | 138.8 | ||
Assets classified as held for sale | 10.6 | 5.5 | ||
Total current assets | 9,555.3 | 9,255.8 | ||
Long-term receivables and other assets | 807.8 | 742.6 | ||
Long-term investments | 138.9 | 152.7 | ||
Goodwill and intangible assets | 2,414.3 | 2,272.0 | ||
Investment property | 389.1 | 364.7 | ||
Property and equipment | 4,283.3 | 4,283.2 | ||
Right-of-use assets | 1,610.4 | — | ||
Deferred income taxes | 319.2 | 215.8 | ||
Total assets | $ | 19,518.3 | $ | 17,286.8 |
LIABILITIES | ||||
Bank indebtedness | 10.4 | — | ||
Deposits | 790.8 | 964.5 | ||
Trade and other payables | 2,492.4 | 2,425.0 | ||
Provisions | 190.2 | 171.8 | ||
Short-term borrowings | 450.0 | 378.1 | ||
Loans | 621.5 | 654.6 | ||
Current portion of lease liabilities | 335.3 | — | ||
Income taxes payable | 72.6 | 110.6 | ||
Current portion of long-term debt | 788.2 | 553.6 | ||
Total current liabilities | 5,751.4 | 5,258.2 | ||
Long-term provisions | 61.1 | 49.8 | ||
Long-term debt | 3,730.2 | 4,000.3 | ||
Long-term deposits | 1,653.4 | 1,506.7 | ||
Long-term lease liabilities | 1,871.0 | — | ||
Deferred income taxes | 136.4 | 184.5 | ||
Other long-term liabilities | 810.1 | 872.3 | ||
Total liabilities | 14,013.6 | 11,871.8 | ||
EQUITY | ||||
Share capital | 588.0 | 591.5 | ||
Contributed surplus | 2.9 | 2.9 | ||
Accumulated other comprehensive (loss) income | (129.9) | 51.1 | ||
Retained earnings | 3,729.6 | 3,720.7 | ||
Equity attributable to shareholders of Canadian Tire Corporation | 4,190.6 | 4,366.2 | ||
Non-controlling interests | 1,314.1 | 1,048.8 | ||
Total equity | 5,504.7 | 5,415.0 | ||
Total liabilities and equity | $ | 19,518.3 | $ | 17,286.8 |
1Certain prior period figures are not comparable due to the adoption of IFRS 16. |
Condensed Consolidated Statements of Income (Unaudited)
For the | 13 weeks ended | 52 weeks ended | ||||||
(C$ in millions, except per share amounts) | December 28, | December 29, | December 28, | December 29, | ||||
Revenue | $ | 4,316.7 | $ | 4,131.7 | $ | 14,534.4 | $ | 14,058.7 |
Cost of producing revenue | 2,813.7 | 2,713.7 | 9,660.6 | 9,347.4 | ||||
Gross margin | 1,503.0 | 1,418.0 | 4,873.8 | 4,711.3 | ||||
Other (income) expense | 2.0 | (2.5) | (13.4) | (26.0) | ||||
Selling, general and administrative expenses | 943.7 | 938.9 | 3,437.5 | 3,467.6 | ||||
Net finance costs | 66.0 | 44.7 | 266.8 | 151.5 | ||||
Change in fair value of redeemable financial instrument | — | 50.0 | — | 50.0 | ||||
Income before income taxes | 491.3 | 386.9 | 1,182.9 | 1,068.2 | ||||
Income taxes | 125.4 | 108.7 | 288.1 | 285.2 | ||||
Net income | $ | 365.9 | $ | 278.2 | $ | 894.8 | $ | 783.0 |
Net income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | 334.1 | $ | 254.3 | $ | 778.4 | $ | 692.1 |
Non-controlling interests | 31.8 | 23.9 | 116.4 | 90.9 | ||||
$ | 365.9 | $ | 278.2 | $ | 894.8 | $ | 783.0 | |
Basic earnings per share | $ | 5.42 | $ | 4.00 | $ | 12.60 | $ | 10.67 |
Diluted earnings per share | $ | 5.42 | $ | 3.99 | $ | 12.58 | $ | 10.64 |
Weighted average number of Common and Class A Non- | ||||||||
Voting Shares outstanding: | ||||||||
Basic | 61,592,583 | 63,611,964 | 61,794,565 | 64,887,724 | ||||
Diluted | 61,669,335 | 63,707,558 | 61,861,486 | 65,062,581 | ||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
For the | 13 weeks ended | 52 weeks ended | ||||||
(C$ in millions) | December 28, | December 29, | December 28, | December 29, | ||||
Net income | $ | 365.9 | $ | 278.2 | $ | 894.8 | $ | 783.0 |
Other comprehensive income (loss), net of | ||||||||
taxes | ||||||||
Items that may be reclassified subsequently to | ||||||||
net income: | ||||||||
Net fair value gains (losses) on hedging | ||||||||
instruments entered into for cash flow hedges | ||||||||
not subject to basis adjustment | 17.8 | (14.7) | (4.5) | (6.4) | ||||
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) | (5.6) | (18.7) | (7.5) | ||||
Reclassification of (gains) losses to income | 0.3 | (0.1) | 0.6 | 3.7 | ||||
Currency translation adjustment | 19.9 | (13.8) | (60.7) | (40.9) | ||||
Items that will not be reclassified subsequently | ||||||||
to net income: | ||||||||
Actuarial (losses) gains | (15.1) | 10.8 | (15.1) | 10.8 | ||||
Net fair value (losses) gains on hedging | ||||||||
instruments entered into for cash flow hedges | ||||||||
subject to basis adjustment | (16.0) | 91.3 | (52.7) | 141.8 | ||||
Other comprehensive (loss) income | $ (1.5) | $ 67.9 | $ (151.1) | $101.5 | ||||
Other comprehensive (loss) income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | (2.8) | $ | 71.3 | $ | (146.1) | $ | 103.0 |
Non-controlling interests | 1.3 | (3.4) | (5.0) | (1.5) | ||||
$ | (1.5) | $ | 67.9 | $ | (151.1) | $ | 101.5 | |
Comprehensive income | $ | 364.4 | $ | 346.1 | $ | 743.7 | $ | 884.5 |
Comprehensive income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | 331.3 | $ | 325.6 | $ | 632.3 | $ | 795.1 |
Non-controlling interests | 33.1 | 20.5 | 111.4 | 89.4 | ||||
$ | 364.4 | $ | 346.1 | $ | 743.7 | $ | 884.5 | |
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the | 13 weeks ended | 52 weeks ended | ||||||
(C$ in millions) | December 28, | December 29, | December 28, | December 29, | ||||
Cash (used for) generated from: | ||||||||
Operating activities | ||||||||
Net income | $ | 365.9 | $ | 278.2 | $ | 894.8 | $ | 783.0 |
Adjustments for: | ||||||||
Depreciation of property and equipment, investment | ||||||||
property, assets held for sale and right-of-use assets | 143.8 | 75.5 | 546.7 | 301.4 | ||||
Income tax expense | 125.4 | 108.7 | 288.1 | 285.2 | ||||
Net finance costs | 66.0 | 44.7 | 266.8 | 151.5 | ||||
Amortization of intangible assets | 29.9 | 31.0 | 110.8 | 126.6 | ||||
Loss (gain) on disposal of property and equipment, | ||||||||
investment property, assets held for sale and right-of-use | ||||||||
assets | 1.3 | (7.3) | (25.8) | (23.4) | ||||
Change in fair value of redeemable financial instrument | — | 50.0 | — | 50.0 | ||||
Total except as noted below | 732.3 | 580.8 | 2,081.4 | 1,674.3 | ||||
Interest paid | (46.6) | (39.4) | (297.3) | (148.5) | ||||
Interest received | 5.2 | 3.3 | 27.3 | 10.1 | ||||
Income taxes paid | (71.7) | (10.4) | (347.9) | (204.4) | ||||
Change in loans receivable | (181.3) | (246.7) | (270.4) | (491.5) | ||||
Change in operating working capital and other | 668.9 | 519.4 | (105.5) | (32.6) | ||||
Cash generated from operating activities | 1,106.8 | 807.0 | 1,087.6 | 807.4 | ||||
Investing activities | ||||||||
Additions to property and equipment and investment | ||||||||
property | (173.4) | (117.8) | (435.2) | (416.8) | ||||
Additions to intangible assets | (18.4) | (56.9) | (178.6) | (129.5) | ||||
Total additions | (191.8) | (174.7) | (613.8) | (546.3) | ||||
Acquisition of short-term investments | (41.2) | (76.1) | (297.3) | (203.8) | ||||
Proceeds from the maturity and disposition of short-term | ||||||||
investments | 73.1 | 66.3 | 326.0 | 208.3 | ||||
Proceeds on disposition of property and equipment, | ||||||||
investment property and assets held for sale | 2.5 | 11.0 | 20.2 | 28.9 | ||||
Business combinations, net of cash acquired | (177.3) | — | (177.3) | (762.9) | ||||
Lease payments for finance subleases (principal portion)1 | 3.6 | — | 16.4 | — | ||||
Acquisition of long-term investments and other | (22.9) | 6.8 | (32.9) | (32.8) | ||||
Cash (used for) investing activities | (354.0) | (166.7) | (758.7) | (1,308.6) | ||||
Financing activities | ||||||||
Dividends paid | (60.7) | (54.5) | (242.5) | (222.3) | ||||
Distributions paid to non-controlling interests | (25.2) | (19.0) | (84.1) | (36.1) | ||||
Total dividends and distributions paid | (85.9) | (73.5) | (326.6) | (258.4) | ||||
Net (repayment) issuance of short-term borrowings | (459.6) | (448.1) | 71.9 | (71.3) | ||||
Issuance of loans | 32.4 | 52.1 | 259.2 | 225.9 | ||||
Repayment of loans | (70.2) | (45.4) | (292.3) | (238.5) | ||||
Issuance of long-term debt | 0.4 | (0.2) | 571.3 | 1,434.0 | ||||
Repayment of long-term debt and finance lease liabilities | 0.4 | (274.6) | (500.3) | (287.5) | ||||
Payment of lease liabilities (principal portion) | (81.8) | — | (313.3) | — | ||||
Payment of transaction costs related to long-term debt | — | 0.9 | (2.6) | (5.5) | ||||
Repurchase of share capital | (10.8) | (184.0) | (218.0) | (582.4) | ||||
Proceeds on disposal of partial interest in CT REIT | — | 191.8 | 142.6 | 191.8 | ||||
Net proceeds from issue of trust units to non-controlling | 62.3 | |||||||
interests | — | 62.3 | 86.3 | |||||
Payments on financial instruments | (16.3) | (5.6) | (51.6) | (16.4) | ||||
Change in deposits | (52.9) | 131.0 | (30.8) | 80.6 | ||||
Cash (used for) generated from financing activities | (744.3) | (593.3) | (604.2) | 534.6 | ||||
Cash generated (used) in the period | 8.5 | 47.0 | (275.3) | 33.4 | ||||
Cash and cash equivalents, net of bank indebtedness, | ||||||||
beginning of period | 186.6 | 423.4 | 470.4 | 437.0 | ||||
Cash and cash equivalents, net of bank indebtedness, | ||||||||
end of period | $ | 195.1 | $ | 470.4 | $ | 195.1 | $ | 470.4 |
1 Previously reported within Operating activities under IAS 17. |
2 Comparative number includes repayment of finance lease liabilities under IAS 17. |
SOURCE CANADIAN TIRE CORPORATION, LIMITED
