GEORGE WESTON LIMITED 
GWL's 2020 Second Quarter Report has been filed on SEDAR and is available at sedar.com and in the Investor Centre section of the Company's website at weston.ca.
"In a challenging environment, the fundamental strength of our market-leading businesses was evident in the quarter," said
The COVID-19 pandemic has affirmed certain longer-term trends at Loblaw Companies Limited ("Loblaw"), accelerating its strategic growth areas of Everyday Digital,
Choice Properties Real Estate Investment Trust ("
In the second quarter, each of our businesses responded well to the dynamic and unpredictable operating environment created by the pandemic. The Company incurred substantial COVID-19 related costs of approximately
2020 SECOND QUARTER HIGHLIGHTS
Adjusted net earnings available to common shareholders of the Company(1) in the second quarter of 2020 were
CONSOLIDATED RESULTS OF OPERATIONS
The Company's results include:
- the impact of COVID-19; and
- the year-over-year impact of the fair value adjustment of the Trust Unit liability as a result of the significant changes in
Choice Properties' unit price, recorded in net interest expense and other financing charges. The Company's results are impacted by market price fluctuations ofChoice Properties' Trust Units on the basis that the Trust Units held by unitholders, other than the Company, are redeemable for cash at the option of the holder. The Company's financial results are negatively impacted when the Trust Unit price rises and positively impacted when the Trust Unit price declines.
(unaudited) ($ millions except where otherwise indicated) For the periods ended as indicated |
12 Weeks Ended |
24 Weeks Ended | ||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||
Revenue | $ | 12,357 | $ | 11,603 | $ | 754 | 6.5 | % | $ | 24,690 | $ | 22,776 | $ | 1,914 | 8.4 | % |
Operating income | $ | 401 | $ | 770 | $ | (369) | (47.9) | % | $ | 999 | $ | 1,356 | $ | (357) | (26.3) | % |
Adjusted EBITDA(1) | $ | 1,087 | $ | 1,313 | $ | (226) | (17.2) | % | $ | 2,391 | $ | 2,471 | $ | (80) | (3.2) | % |
Adjusted EBITDA margin(1) | 8.8% | 11.3% | 9.7% | 10.8% | ||||||||||||
Net (loss) earnings attributable to | ||||||||||||||||
shareholders | $ | (245) | $ | 194 | $ | (439) | (226.3) | % | $ | 347 | $ | (284) | $ | 631 | 222.2 | % |
Net (loss) earnings available to | ||||||||||||||||
common shareholders | ||||||||||||||||
of the Company | $ | (255) | $ | 184 | $ | (439) | (238.6) | % | $ | 327 | $ | (304) | $ | 631 | 207.6 | % |
Adjusted net earnings | ||||||||||||||||
available to common | ||||||||||||||||
of the Company(1) | $ | 142 | $ | 263 | $ | (121) | (46.0) | % | $ | 381 | $ | 464 | $ | (83) | (17.9) | % |
Diluted net (loss) earnings | ||||||||||||||||
per common share ($) | $ | (1.66) | $ | 1.19 | $ | (2.85) | (239.5) | % | $ | 2.12 | $ | (1.99) | $ | 4.11 | 206.5 | % |
Adjusted diluted net | ||||||||||||||||
earnings per common share(1) ($) | $ | 0.93 | $ | 1.70 | $ | (0.77) | (45.3) | % | $ | 2.47 | $ | 3.01 | $ | (0.54) | (17.9) | % |
In the second quarter of 2020, the Company recorded a net loss available to common shareholders of the Company of $255 million (
- The unfavourable year-over-year net impact of adjusting items totaling
$318 million ($2.08 per common share) was primarily due to: - the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit Liability of
$255 million ($1.67 per common share); - the unfavourable year-over-year impact of the fair value adjustment on investment properties of
$77 million ($0.49 per common share); - the unfavourable impact of a prior year remeasurement of deferred tax balances of
$15 million ($0.09 per common share); and - the unfavourable year-over-year impact of restructuring and other related costs of
$12 million ($0.08 per common share);
partially offset by,
- the favourable year-over-year impact of the fair value adjustment of the forward sale agreement for 9.6 million Loblaw common shares of
$38 million ($0.24 per common share). - The decline in underlying operating performance of
$121 million ($0.77 per common share) was due to: - the unfavourable underlying operating performance of Loblaw,
Weston Foods andChoice Properties driven by the impact of COVID-19 and related costs, as described below; - an increase in adjusted net interest expense and other financing charges(1); and
- an increase in depreciation and amortization.
Adjusted net earnings available to common shareholders of the Company(1) in the second quarter of 2020 were $142 million (
CONSOLIDATED OTHER BUSINESS MATTERS
COVID-19 RELATED COSTS The Company increased its spending on temporary pay premiums, pay protection safeguards, security, customer convenience and increased health and safety measures to protect colleagues, customers, tenants and other stakeholders incurring incremental COVID-19 related costs of approximately
12 Weeks Ended | ||||||||
(unaudited) ($ millions except where otherwise indicated) | Loblaw | Choice | Weston Foods | Total | ||||
COVID-19 related costs | $ | 282 | $ | 14 | $ | 16 | $ | 312 |
(i) | In the second quarter of 2020, |
Refer to the "COVID-19 Update" section of this News Release for more information.
REPORTABLE OPERATING SEGMENTS
The Company operates through its three reportable operating segments, Loblaw,
Loblaw has two reportable operating segments, retail and financial services. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise and financial services.
Weston Foods is a North American bakery making bread, rolls, cupcakes, donuts, biscuits, cakes, pies, cones and wafers, artisan baked goods and more.
Loblaw Operating Results
(unaudited) ($ millions except where otherwise indicated) For the periods ended as indicated |
12 Weeks Ended |
24 Weeks Ended | ||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||
Revenue | $ | 11,957 | $ | 11,133 | $ | 824 | 7.4 | % | $ | 23,757 | $ | 21,792 | $ | 1,965 | 9.0 | % |
Operating income | $ | 402 | $ | 586 | $ | (184) | (31.4) | % | $ | 941 | $ | 1,035 | $ | (94) | (9.1) | % |
Adjusted EBITDA(1) | $ | 1,014 | $ | 1,173 | $ | (159) | (13.6) | % | $ | 2,181 | $ | 2,211 | $ | (30) | (1.4) | % |
Adjusted EBITDA margin(1) | 8.5% | 10.5% | 9.2% | 10.1% | ||||||||||||
Depreciation and amortization(i) | $ | 598 | $ | 580 | $ | 18 | 3.1 | % | $ | 1,192 | $ | 1,160 | $ | 32 | 2.8 | % |
(i) | Depreciation and amortization in the second quarter of 2020 includes $118 million (2019 – $116 million) and $237 million (2019 – $235 million) year-to-date of amortization of intangible assets acquired with |
Loblaw's operating results include the impacts of COVID-19 and the consolidation of franchises.
Revenue Loblaw revenue in the second quarter of 2020 was
Retail sales in the second quarter of 2020 increased by $862 million, or 7.9%, compared to the same period in 2019 and included food retail sales of
- food retail same-store sales growth was 10.0% for the quarter. Food retail same-store sales growth was positively impacted by COVID-19. The timing of Easter had a nominal impact on food retail same-store sales growth in the second quarters of 2020 and 2019. Food retail basket size increased and traffic decreased in the quarter;
- Loblaw's food retail average article price was 4.6% (2019 – 3.3%), which reflects the year-over-year growth in food retail revenue over the average number of articles sold in Loblaw's stores in the quarter; and
- drug retail same-store sales decreased by 1.1% for the quarter. Pharmacy same-store sales decreased by 6.2% and front store same-store sales growth was 3.3%. Drug retail same-store sales was negatively impacted by COVID-19. The timing of Easter had a nominal impact on drug retail same-store sales decline and growth in the second quarters of 2020 and 2019, respectively.
In the last 12 months, 13 food and drug stores were opened and 7 food and drug stores were closed, resulting in a net increase in retail square footage of 0.1 million square feet, or 0.1%.
Financial services revenue in the second quarter of 2020 decreased by
Operating income Loblaw operating income in the second quarter of 2020 was $402 million, a decrease of $184 million, or 31.4%, compared to the same period in 2019. The decrease included the decline in underlying operating performance of $175 million and the unfavourable year-over-year net impact of adjusting items totaling $9 million, as described below:
- the decline in underlying operating performance of
$175 million was primarily due to retail, including the unfavourable contribution from the consolidation of franchises of$25 million , driven by an increase in COVID-19 related expenses and a decline in financial services. In the second quarter of 2020, Loblaw incurred incremental costs of approximately$282 million related to COVID-19 investments in four areas: enhancing customer convenience by expanding online capabilities and increasing staffing in its stores; supporting colleagues in its stores and distribution centres with temporary pay premiums and pay protection safeguards; securing operations, with more in-store cleaning and in-store security, introducing new ways to shop stores to promote social distancing, and installing plexiglass barriers at check outs; and providing financial support to its communities and customers by pledging financial support to food banks and community charities and offering personalized solutions for President's Choice Financial Mastercard® customers who are experiencing financial hardship. These investments continued in the second quarter. - the unfavourable year-over-year net impact of adjusting items totaling
$9 million was primarily due to the following: - the unfavourable impact of the reversal of certain prior period items recognized in 2019 of
$15 million ;
partially offset by,
- the favourable year-over-year impact of the fair value adjustment of derivatives of
$7 million .
Adjusted EBITDA(1) Loblaw adjusted EBITDA(1) in the second quarter of 2020 was
Retail adjusted EBITDA(1) decreased by
- Retail gross profit percentage of 29.6% decreased by 30 basis points compared to the same period in 2019. Excluding the consolidation of franchises, retail gross profit percentage was 26.9%, a decrease of 90 basis points compared to the second quarter of 2019. Food and drug retail margins were negatively impacted as a result of the change in product sales mix, largely due to COVID-19.
- Excluding the consolidation of franchises, retail SG&A increased by
$235 million and SG&A as a percentage of sales was 18.5%, an increase of 90 basis points compared to the second quarter of 2019. The unfavourable increase of 90 basis points was primarily driven by costs associated with COVID-19 related investments and additional costs from the acceleration of Loblaw's e-commerce initiative, partially offset by process and efficiency and cost savings from mitigating other expenses.
Financial services adjusted EBITDA(1) decreased by $8 million compared to the same period in 2019, primarily driven by lower revenue as described above, higher credit losses and an increase in expected credit losses attributable to an immediate increase in unemployment forecasts and recessionary environment when COVID-19 was declared a pandemic, partially offset by lower loyalty program transaction volume and lower customer acquisition costs.
Depreciation and Amortization Loblaw's depreciation and amortization in the second quarter of 2020 was $598 million, an increase of $18 million compared to the same period in 2019, primarily driven by the consolidation of franchises and an increase in information technology ("IT") assets. Included in depreciation and amortization is the amortization of intangible assets acquired with
Loblaw Other Business Matters
Process and Efficiency In the second quarter of 2020, Loblaw recorded approximately $17 million ($36 million year-to-date) of restructuring and other related costs, primarily related to Process and Efficiency initiatives. Included in the restructuring charges is
Consolidation of Franchises Loblaw has more than 500 franchise food retail stores in its network. As at the end of the first quarter of 2020, Loblaw consolidated all of its remaining franchisees for accounting purposes under a simplified franchise agreement implemented in 2015.
Consolidation of franchises in the second quarter of 2020 resulted in a year-over-year increase in revenue of $100 million, a decrease in adjusted EBITDA(1) of $20 million, an increase in depreciation and amortization of $5 million and a decrease in net earnings attributable to non-controlling interests of $27 million.
Choice Properties Operating Results
(unaudited) ($ millions except where otherwise indicated) For the periods ended as indicated | 12 Weeks Ended | 24 Weeks Ended | ||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||
Revenue | $ | 315 | $ | 324 | $ | (9) | (2.8) | % | $ | 640 | $ | 647 | $ | (7) | (1.1) | % |
Net interest expense | ||||||||||||||||
(income) and other | $ | 67 | $ | (13) | $ | 80 | 615.4 | % | $ | (189) | $ | 1,112 | $ | (1,301) | (117.0) | % |
Net (loss) income | $ | (96) | $ | 238 | $ | (334) | (140.3) | % | $ | 237 | $ | (664) | $ | 901 | 135.7 | % |
Funds from Operations(1)(ii) | $ | 141 | $ | 170 | $ | (29) | (17.1) | % | $ | 311 | $ | 340 | $ | (29) | (8.5) | % |
(i) | Net interest expense (income) and other financing charges includes a fair value adjustment on Exchangeable Units. |
(ii) | Funds from operations is calculated in accordance with the |
Revenue Revenue in the second quarter of 2020 was
- foregone revenue from sold properties including those sold as part of the
Choice Properties' portfolio transaction in the third quarter of 2019;
partially offset by,
- additional revenue generated from properties acquired in 2019 and 2020 and from tenant openings in newly developed leasable space.
Net Interest Expense (Income) and Other Financing Charges Net interest expense and other financing charges in the second quarter of 2020 were
- the unfavourable year-over-year impact of the fair value adjustment on
Class B LP units ("Exchangeable Units") of$79 million ; and - an early redemption premium paid of
$7 million for two senior unsecured debentures maturing in 2021 that were repaid in full during the quarter;
partially offset by,
- lower overall debt levels compared to the prior year and the completion of refinancing activity over the last year at lower interest rates.
Net (loss) income Net loss in the second quarter of 2020 was
- the unfavourable year-over-year impact of the fair value adjustment on investment properties;
- the unfavourable impact of higher interest expense and other financing charges described above;
- an increase in bad debt provisions across the portfolio;
- reduced contribution from equity accounted joint ventures; and
- an allowance for expected credit losses for a specific mortgage receivable.
Funds from Operations(1) Funds from Operations(1) in the second quarter of 2020 was $141 million, a decrease of
Choice Properties Other Business Matters
Investment Property Transactions During the second quarter of 2020,
Weston Foods Operating Results
(unaudited) | 12 Weeks Ended | 24 Weeks Ended | ||||||||||||||
For the periods ended as indicated | $ Change | % Change | $ Change | % Change | ||||||||||||
Sales | $ | 412 | $ | 479 | $ | (67) | (14.0) | % | $ | 947 | $ | 995 | $ | (48) | (4.8) | % |
Operating (loss) income | $ | (49) | $ | 12 | $ | (61) | (508.3) | % | $ | (48) | $ | 22 | $ | (70) | (318.2) | % |
Adjusted EBITDA(1) | $ | 7 | $ | 49 | $ | (42) | (85.7) | % | $ | 59 | $ | 95 | $ | (36) | (37.9) | % |
Adjusted EBITDA margin(1) | 1.7% | 10.2% | 6.2% | 9.5% | ||||||||||||
Depreciation and amortization(i) | $ | 44 | $ | 35 | $ | 9 | 25.7 | % | $ | 87 | $ | 67 | $ | 20 | 29.9 | % |
(i) | Depreciation and amortization in the second quarter of 2020 includes $10 million (2019 – $2 million) and $19 million (2019 – $2 million) year-to-date of accelerated depreciation related to restructuring and other related costs. |
Sales Weston Foods sales in the second quarter of 2020 were $412 million, a decrease of $67 million, or 14.0%, compared to the same period in 2019. Sales included the positive impact of foreign currency translation of approximately 1.7%. Excluding the favourable impact of foreign currency translation, sales decreased by 15.7%. Sales were impacted by a decrease in volumes in certain retail categories and foodservice channels as a result of the COVID-19 pandemic and the unfavourable impact of product rationalization, partially offset by the combined positive impact of pricing and changes in sales mix.
Operating (loss) income
- the unfavourable year-over-year impact of restructuring and other related costs of
$15 million ; and - the unfavourable year-over-year impact of the fair value adjustment of derivatives of
$3 million .
Adjusted EBITDA(1) Weston Foods adjusted EBITDA(1) in the second quarter of 2020 was $7 million compared to $49 million in the same period in 2019, a decrease of $42 million, or 85.7%. The decrease was driven by the decline in sales, an increase in COVID-19 related expenses and higher input costs, partially offset by the net benefits realized from
Depreciation and Amortization Weston Foods depreciation and amortization in the second quarter of 2020 was $44 million, an increase of $9 million compared to the same period in 2019. Depreciation and amortization in the second quarter of 2020 included $10 million (2019 – $2 million) of accelerated depreciation related to
Weston Foods Other Business Matters
Restructuring and other related costs
COVID-19 UPDATE(2)
General The COVID-19 pandemic continued to have a significant impact on the Company's operating segments, colleagues, customers, tenants and other stakeholders in the second quarter of 2020.
As disclosed previously, starting in
In the first quarter of 2020, Loblaw announced that the cost of the incremental investments were expected to be approximately
As one of
There have been delays in
In light of the uncertainty surrounding the duration and severity of the pandemic, it is not possible to reliably estimate the length and severity of COVID-19 related impacts on the financial results and operations of the Company. As announced on
Liquidity The Company and its operating segments maintain strong balance sheets and liquidity. As at the end of the second quarter of 2020, the liquidity position of the operating segments was as follows: Loblaw's consolidated cash and short-term investments balance was
Risk Factor For more information on the risks presented to the Company by the COVID-19 pandemic, see Section 6, "Enterprise Risks and Risk Management", of the MD&A in the Company's 2020 Second Quarter Report.
DECLARATION OF QUARTERLY DIVIDENDS
Subsequent to the end of the second quarter of 2020, the Company's Board of Directors declared a quarterly dividend on GWL Common Shares, Preferred Shares, Series I, Preferred Shares, Series III, Preferred Shares, Series IV and Preferred Shares, Series V payable as follows:
Common Shares |
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Preferred Shares, Series I |
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Preferred Shares, Series III |
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Preferred Shares, Series IV |
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Preferred Shares, Series V |
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NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP financial measures as it believes these measures provide useful information to both management and investors with regard to accurately assessing the Company's financial performance and financial condition.
Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. The Company excludes additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.
These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.
For reconciliation to, and description of the Company's non-GAAP financial measures and financial metrics, see Section 8, "Non-GAAP Financial Measures", of the MD&A in the Company's 2020 Second Quarter Report.
FORWARD-LOOKING STATEMENTS
This News Release contains forward-looking statements about the Company's objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this News Release include, but are not limited to, statements with respect to the Company's anticipated future results, events and plans, strategic initiatives and restructuring, regulatory changes including further healthcare reform, future liquidity, planned capital investments, and the status and impact of IT systems implementations. These specific forward-looking statements are contained throughout this News Release including, without limitation, in the "COVID-19 Update" section of this News Release. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may", "maintain", "achieve", "grow", "should" and similar expressions, as they relate to the Company and its management.
Forward-looking statements reflect the Company's estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's expectation of operating and financial performance in 2020 is based on certain assumptions, including assumptions about the COVID-19 pandemic, healthcare reform impacts, anticipated cost savings and operating efficiencies and anticipated benefits from strategic initiatives. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events, including the COVID-19 pandemic and as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct.
Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 8, "Enterprise Risks and Risk Management", of the MD&A in the Company's 2019 Annual Report and the Company's Annual Information Form for the year ended
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this News Release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SEGMENT INFORMATION
The Company has three reportable operating segments: Loblaw,
The accounting policies of the reportable operating segments are the same as those described in the Company's 2019 audited annual consolidated financial statements. The Company measures each reportable operating segment's performance based on adjusted EBITDA(1) and adjusted operating income(1). No reportable operating segment is reliant on any single external customer.
12 Weeks Ended | ||||||||||||||||||||
(unaudited) ($ millions) |
Loblaw | Choice | Weston | Other and | Total |
Loblaw | Choice | Weston | Other and | Total | ||||||||||
Revenue | $ | 11,957 | $ | 315 | $ | 412 | $ | (327) | $ | 12,357 | $ | 11,133 | $ | 324 | $ | 479 | $ | (333) | $ | 11,603 |
Operating income (loss) | $ | 402 | $ | (29) | $ | (49) | $ | 77 | $ | 401 | $ | 586 | $ | 226 | $ | 12 | $ | (54) | $ | 770 |
Net interest expense | ||||||||||||||||||||
(income) and other | 176 | 67 | (1) | 279 | 521 | 175 | (13) | — | 146 | 308 | ||||||||||
Earnings (loss) before | ||||||||||||||||||||
income taxes | $ | 226 | $ | (96) | $ | (48) | $ | (202) | $ | (120) | $ | 411 | $ | 239 | $ | 12 | $ | (200) | $ | 462 |
Operating income (loss) | $ | 402 | $ | (29) | $ | (49) | $ | 77 | $ | 401 | $ | 586 | $ | 226 | $ | 12 | $ | (54) | $ | 770 |
Depreciation and | ||||||||||||||||||||
amortization | 598 | — | 44 | (76) | 566 | 580 | 1 | 35 | (82) | 534 | ||||||||||
Adjusting items(i) | 14 | 230 | 12 | (136) | 120 | 7 | 6 | 2 | (6) | 9 | ||||||||||
Adjusted EBITDA(i) | $ | 1,014 | $ | 201 | $ | 7 | $ | (135) | $ | 1,087 | $ | 1,173 | $ | 233 | $ | 49 | $ | (142) | $ | 1,313 |
Depreciation and | ||||||||||||||||||||
amortization(ii) | 480 | — | 34 | (76) | 438 | 464 | 1 | 33 | (82) | 416 | ||||||||||
Adjusted operating | ||||||||||||||||||||
income (loss)(i) | $ | 534 | $ | 201 | $ | (27) | $ | (59) | $ | 649 | $ | 709 | $ | 232 | $ | 16 | $ | (60) | $ | 897 |
(i) | Certain items are excluded from operating income (loss) to derive adjusted EBITDA(1). Adjusted EBITDA(1) is used internally by management when analyzing segment underlying operating performance. |
(ii) | Excludes $118 million (2019 – $116 million) of amortization of intangible assets acquired with |
24 Weeks Ended | ||||||||||||||||||||
(unaudited) ($ millions) | Loblaw | Choice | Weston | Other and | Total | Loblaw | Choice | Weston | Other and |
Total | ||||||||||
Revenue | $ | 23,757 | $ | 640 | $ | 947 | $ | (654) | $ | 24,690 | $ | 21,792 | $ | 647 | $ | 995 | $ | (658) | $ | 22,776 |
Operating income (loss) | $ | 941 | $ | 48 | $ | (48) | $ | 58 | $ | 999 | $ | 1,035 | $ | 449 | $ | 22 | $ | (150) | $ | 1,356 |
Net interest expense | ||||||||||||||||||||
(income) and other | 348 | (189) | (2) | 106 | 263 | 348 | 1,112 | — | (280) | 1,180 | ||||||||||
Earnings (loss) before | ||||||||||||||||||||
income taxes | $ | 593 | $ | 237 | $ | (46) | $ | (48) | $ | 736 | $ | 687 | $ | (663) | $ | 22 | $ | 130 | $ | 176 |
Operating income (loss) | $ | 941 | $ | 48 | $ | (48) | $ | 58 | $ | 999 | $ | 1,035 | $ | 449 | $ | 22 | $ | (150) | $ | 1,356 |
Depreciation and | ||||||||||||||||||||
amortization | 1,192 | 1 | 87 | (154) | 1,126 | 1,160 | 1 | 67 | (159) | 1,069 | ||||||||||
Adjusting items(i) | 48 | 379 | 20 | (181) | 266 | 16 | 13 | 6 | 11 | 46 | ||||||||||
Adjusted EBITDA(i) | $ | 2,181 | $ | 428 | $ | 59 | $ | (277) | $ | 2,391 | $ | 2,211 | $ | 463 | $ | 95 | $ | (298) | $ | 2,471 |
Depreciation and | ||||||||||||||||||||
amortization(ii) | 955 | 1 | 68 | (154) | 870 | 925 | 1 | 65 | (159) | 832 | ||||||||||
Adjusted operating | ||||||||||||||||||||
income (loss)(i) | $ | 1,226 | $ | 427 | $ | (9) | $ | (123) | $ | 1,521 | $ | 1,286 | $ | 462 | $ | 30 | $ | (139) | $ | 1,639 |
(i) | Certain items are excluded from operating income (loss) to derive adjusted EBITDA(1). Adjusted EBITDA(1) is used internally by management when analyzing segment underlying operating performance. |
(ii) | Excludes |
2020 SECOND QUARTER REPORT
The Company's 2019 Annual Report and 2020 Second Quarter Report are available in the Investor Centre section of the Company's website at www.weston.ca and have been filed on SEDAR and are available at www.sedar.com.
INVESTOR RELATIONS
Shareholders, security analysts and investment professionals should direct their requests to
Additional financial information has been filed electronically with various securities regulators in
This News Release also includes selected information on
SECOND QUARTER CONFERENCE CALL AND WEBCAST
Ce rapport est disponible en français.
Endnotes | |
(1) | See the "Non-GAAP Financial Measures" section of the Company's 2020 Second Quarter Report, which includes the reconciliation of such non-GAAP measures to the most directly comparable GAAP measures. |
(2) | This News Release contains forward-looking information. See "Forward-Looking Statements" section of this News Release and the Company's 2020 Second Quarter Report for a discussion of material factors that could cause actual results to differ materially from the forecasts and projections herein and of the material factors and assumptions that were used when making these statements. This News Release should be read in conjunction with GWL's filings with securities regulators made from time to time, all of which can be found at www.weston.ca and www.sedar.com. |
SOURCE
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