Canada NewsWire
TORONTO, Feb. 17, 2022
TORONTO, Feb. 17, 2022 /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) today released its fourth quarter and full-year results for the period ended January 1, 2022.
"Our exceptional results in the fourth quarter capped off an outstanding year for CTC in which we delivered record EPS and remarkable sales growth for the second consecutive year. Our fourth quarter comparable sales increase of 11% in 2021 reflects the continued strength and relevance of our unique multi-category assortment and the success of our strengthened omni-channel capabilities. We welcomed 2.4 million new Triangle Rewards members in 2021, many of whom joined through SportChek and Mark's and subsequently shopped at Canadian Tire for the first time. Our growth in membership, including more than 380,000 new Triangle credit card holders acquired by Canadian Tire Bank, demonstrates the value of our assets and our ability to meet our customers' needs, however they choose to shop us," said Greg Hicks, President and CEO, Canadian Tire Corporation.
"In another challenging year, our teams across CTC, Associate Dealers, and frontline employees continued to step up for our customers and build on the trust they have in our brand. I am proud of their commitment to make life in Canada better for our customers," added Hicks.
FOURTH QUARTER HIGHLIGHTS
FULL-YEAR HIGHLIGHTS
CONSOLIDATED OVERVIEW
FOURTH QUARTER
FULL YEAR
RETAIL SEGMENT OVERVIEW
FOURTH QUARTER
FINANCIAL SERVICES OVERVIEW
FOURTH QUARTER
CT REIT OVERVIEW
FOURTH QUARTER
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
QUARTERLY DIVIDEND
SHARE PURCHASES
NORMAL COURSE ISSUER BID
AUTOMATIC SECURITIES PURCHASE PLAN
NON-GAAP FINANCIAL MEASURES AND RATIOS AND SUPPLEMENTARY FINANCIAL MEASURES
For information concerning the Company's non-GAAP financial measures and ratios and supplementary financial measures, refer to the information below as well as Sections 9.2 (Non-GAAP Financial Measures and Ratios) and 9.3 (Supplementary Financial Measures) of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022, which is available on SEDAR at www.sedar.com and is incorporated by reference herein.
Supplementary Financial Measures
1. This press release contains supplementary financial measures. See Section 9.3 Supplementary Financial Measures of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022 for further information regarding the composition of these measures.
Non-GAAP Financial Measures and Non-GAAP Ratios
The Company prepares and presents its financial information on a GAAP basis. Management uses many measures to assess performance, including non-GAAP measures and non-GAAP ratios. Non-GAAP measures and non-GAAP ratios have no standardized meanings under GAAP and may not be comparable to similar measures of other companies.
This press release contains specified Non-GAAP Financial Measures and Non-GAAP Ratios, as follows:
2. Normalized Diluted Earnings per Share (EPS)
Normalized Diluted EPS, a non-GAAP ratio, is calculated by dividing Normalized Net Income Attributable to Shareholders, a non-GAAP financial measure, by total diluted shares of the Company. For information about these measures see section 9.2 of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022.
The following table is a reconciliation of normalized net income attributable to shareholders of the Company to the respective GAAP measures:
(C$ in millions) | Q4 2021 | Q4 2020 | 2021 | 2020 | 2019 | |||||
Net income | $ | 535.7 | $ | 521.8 | $ | 1,260.7 | $ | 862.6 | $ | 894.8 |
Net income attributable to shareholders | 508.5 | 488.8 | 1,127.6 | 751.8 | 778.4 | |||||
Add normalizing items: | ||||||||||
Operational Efficiency program | 4.8 | 26.6 | 30.1 | 42.3 | 25.1 | |||||
Party City: | ||||||||||
Acquisition-related costs | — | — | — | — | 1.6 | |||||
Fair value adjustment for inventories acquired | — | — | — | — | 1.8 | |||||
Normalized net income | $ | 540.5 | $ | 548.4 | $ | 1,290.8 | $ | 904.9 | $ | 923.3 |
Normalized net income attributable to | $ | 513.3 | $ | 515.4 | $ | 1,157.7 | $ | 794.1 | $ | 806.9 |
Normalized diluted EPS | $ | 8.42 | $ | 8.40 | $ | 18.91 | $ | 13.00 | $ | 13.04 |
3. Retail Return on Invested Capital (ROIC)
Retail ROIC is calculated as Retail return divided by the Retail average invested capital. Retail ROIC is a non-GAAP ratio, while Retail return and Retail average invested capital are non-GAAP financial measures. For information about these measures see section 9.2 of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022.
(C$ in millions) | 2021 | 2020 | ||
Income before income taxes | $ | 1,701.9 | $ | 1,172.1 |
Less: | ||||
Financial Services income before income taxes | 432.4 | 327.3 | ||
CT REIT income before income taxes | 456.9 | 183.3 | ||
Eliminations and adjustments | (363.1) | (76.8) | ||
Retail income before income taxes | $ | 1,175.7 | $ | 738.3 |
Add normalizing items: | ||||
Operational Efficiency program | 40.9 | 56.7 | ||
Retail normalized income before income taxes | $ | 1,216.6 | $ | 795.0 |
Less: | ||||
Retail intercompany adjustments1 | 196.5 | 192.8 | ||
Add: | ||||
Retail interest expense2 | 251.8 | 283.4 | ||
Retail depreciation of right-of-use assets | 541.5 | 520.0 | ||
Retail effective tax rate | 27.1 % | 28.3 % | ||
Add: Retail taxes | (491.4) | (397.7) | ||
Retail return | $ | 1,322.0 | $ | 1,007.9 |
Average total assets | $ | 21,364.1 | $ | 19,983.4 |
Less: | ||||
Average Financial Services assets | 7,653.0 | 7,000.0 | ||
Average CT REIT assets | 6,343.1 | 6,124.4 | ||
Average Eliminations and adjustments | (8,970.1) | (8,814.0) | ||
Average Retail assets | $ | 16,338.1 | $ | 15,673.0 |
Less: | ||||
Average Retail intercompany adjustments1 | 3,421.2 | 3,389.0 | ||
Average Retail trade payables and accrued liabilities3 | 2,519.8 | 2,347.1 | ||
Average Franchise Trust assets | 507.6 | 576.6 | ||
Average Retail excess cash | 167.4 | 14.0 | ||
Average Retail invested capital | $ | 9,722.1 | $ | 9,346.3 |
Retail ROIC | 13.6 % | 10.8 % |
1 | Intercompany adjustments include intercompany income received from CT REIT which is included in the Retail segment, and intercompany investments made by the Retail segment in CT REIT and CTFS. |
2 | Excludes Franchise Trust. |
3 | Trade payables and accrued liabilities include trade and other payables, short-term derivative liabilities, short-term provisions and income tax payables. |
4. Consolidated Normalized Income Before Income Taxes and Retail Normalized Income Before Income Taxes
Consolidated Normalized Income Before Income Taxes and Retail Normalized Income Before Income Taxes are non-GAAP financial measures. For more information about these measures, see section 9.2 of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022.
The following table is a reconciliation of Consolidated Income Before Income Taxes to Consolidated Normalized Income Before Income Taxes:
(C$ in millions) | Q4 2021 | Q4 2020 | 2021 | 2020 | ||||
Income before income taxes | $ | 720.0 | $ | 718.6 | $ | 1,701.9 | $ | 1,172.1 |
Add normalizing items: | ||||||||
Operational Efficiency program | 6.5 | 35.3 | 40.9 | 56.7 | ||||
Normalized income before income taxes | $ | 726.5 | $ | 753.9 | $ | 1,742.8 | $ | 1,228.8 |
The following table is a reconciliation of Retail Income Before Income Taxes to Retail Normalized Income Before Income Taxes:
(C$ in millions) | Q4 2021 | Q4 2020 | 2021 | 2020 | ||||
Income before income taxes | $ | 720.0 | $ | 718.6 | $ | 1,701.9 | $ | 1,172.1 |
Less: | ||||||||
Financial Services income before income taxes | 63.0 | 115.6 | 432.4 | 327.3 | ||||
CT REIT income before income taxes | 125.4 | 14.0 | 456.9 | 183.3 | ||||
Eliminations and adjustments | (106.5) | 11.1 | (363.1) | (76.8) | ||||
Retail income before income taxes | $ | 638.1 | $ | 577.9 | $ | 1,175.7 | $ | 738.3 |
Add normalizing items: | ||||||||
Operational Efficiency program | 6.5 | 35.3 | 40.9 | 56.7 | ||||
Retail normalized income before income taxes | $ | 644.6 | $ | 613.2 | $ | 1,216.6 | $ | 795.0 |
5. Adjusted Funds From Operations (AFFO) per unit
AFFO per unit is a non-GAAP ratio that is comprised of AFFO divided by the weighted average units outstanding diluted of CT REIT. Units comprise both trust units and class B units. AFFO is a non-GAAP financial measure. For more information about these measures, see section 9.2 of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022.
The following table reconciles Income before income taxes to AFFO:
(C$ in millions) | Q4 2021 | Q4 2020 | 2021 | 2020 | ||||
Income before income taxes | $ | 720.0 | $ | 718.6 | $ | 1,701.9 | $ | 1,172.1 |
Less: | ||||||||
Retail income before income taxes | 638.1 | 577.9 | 1,175.7 | 738.3 | ||||
Financial Services income before income taxes | 63.0 | 115.6 | 432.4 | 327.3 | ||||
Eliminations and adjustments | (106.5) | 11.1 | (363.1) | (76.8) | ||||
CT REIT income before income taxes | $ | 125.4 | $ | 14.0 | $ | 456.9 | $ | 183.3 |
Add: | ||||||||
CT REIT fair value (gain) loss adjustment | (53.2) | 53.9 | (169.9) | 87.4 | ||||
CT REIT deferred taxes | (0.5) | (0.6) | (0.1) | — | ||||
CT REIT lease principal payments on right-of-use assets | (0.2) | (0.3) | (1.1) | (0.8) | ||||
CT REIT fair value of equity awards | 0.2 | 0.8 | 1.0 | 0.1 | ||||
CT REIT internal leasing expense | 0.2 | 0.3 | 0.8 | 0.8 | ||||
CT REIT funds from operations | $ | 71.9 | $ | 68.1 | $ | 287.6 | $ | 270.8 |
Add: | ||||||||
CT REIT properties straight-line rent adjustment | (1.5) | (2.2) | (6.1) | (10.0) | ||||
CT REIT capital expenditure reserve | (6.3) | (6.1) | (24.9) | (24.3) | ||||
CT REIT adjusted funds from operations | $ | 64.1 | $ | 59.8 | $ | 256.6 | $ | 236.5 |
6. Operating Capital Expenditures
Operating capital expenditures is a non-GAAP financial measure. For more information about this measure, see section 9.2 of the Company's MD&A for the Fourth Quarter and Full-Year ended January 1, 2022.
The following table reconciles Total additions from the Investing activities reported in the Consolidated Statement of Cash Flows to Operating capital expenditures:
(C$ in millions) | 2021 | 2020 | ||
Total additions1 | $ | 778.8 | $ | 436.5 |
Add: Accrued additions | 25.1 | 17.3 | ||
Less: | ||||
Business combinations, intellectual properties and tenant allowances | — | 1.4 | ||
CT REIT acquisitions and developments excluding vend-ins from CTC | 134.1 | 141.4 | ||
Operating capital expenditures | $ | 669.8 | $ | 311.0 |
1 | This line appears on the Consolidated Statement of Cash Flows under Investing activities |
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see:
https://mma.prnewswire.com/media/1748712/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Rep.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 Fourth Quarter and Full Year ended January 1, 2022 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 17, 2022. 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 group of companies 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 and Atmosphere, which offer the best active wear brands. The more than 1,700 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 technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
FOR MORE INFORMATION
Media: Jane Shaw, (416) 480-8581, [email protected]
Investors: Karen Keyes, (647) 518-4461, [email protected]
Consolidated Balance Sheets (unaudited)
As at | ||||
(C$ in millions) | January 1, 2022 | January 2, 2021 | ||
ASSETS | ||||
Cash and cash equivalents | $ | 1,751.7 | $ | 1,327.2 |
Short-term investments | 606.2 | 643.0 | ||
Trade and other receivables | 970.4 | 973.6 | ||
Loans receivable | 5,613.2 | 5,031.8 | ||
Merchandise inventories | 2,480.6 | 2,312.9 | ||
Income taxes recoverable | 1.7 | 21.9 | ||
Prepaid expenses and deposits | 216.1 | 193.8 | ||
Assets classified as held for sale | 6.7 | 42.6 | ||
Total current assets | 11,646.6 | 10,546.8 | ||
Long-term receivables and other assets | 593.5 | 631.9 | ||
Long-term investments | 175.1 | 146.2 | ||
Goodwill and intangible assets | 2,372.2 | 2,372.8 | ||
Investment property | 460.7 | 385.8 | ||
Property and equipment | 4,549.3 | 4,298.2 | ||
Right-of-use assets | 1,786.1 | 1,696.7 | ||
Deferred income taxes | 218.7 | 298.7 | ||
Total assets | $ | 21,802.2 | $ | 20,377.1 |
LIABILITIES | ||||
Deposits | 1,908.4 | 1,228.0 | ||
Trade and other payables | 2,914.3 | 2,508.3 | ||
Provisions | 195.2 | 196.7 | ||
Short-term borrowings | 108.2 | 165.4 | ||
Loans | 427.5 | 506.6 | ||
Current portion of lease liabilities | 359.0 | 329.9 | ||
Income taxes payable | 157.6 | 120.4 | ||
Current portion of long-term debt | 719.8 | 150.5 | ||
Total current liabilities | 6,790.0 | 5,205.8 | ||
Long-term provisions | 64.1 | 70.3 | ||
Long-term debt | 3,558.7 | 4,115.7 | ||
Long-term deposits | 1,985.3 | 2,281.7 | ||
Long-term lease liabilities | 1,916.8 | 1,896.6 | ||
Deferred income taxes | 125.9 | 122.0 | ||
Other long-term liabilities | 850.6 | 850.3 | ||
Total liabilities | 15,291.4 | 14,542.4 | ||
EQUITY | ||||
Share capital | 593.6 | 597.0 | ||
Contributed surplus | 2.9 | 2.9 | ||
Accumulated other comprehensive (loss) | (169.2) | (237.7) | ||
Retained earnings | 4,696.5 | 4,136.9 | ||
Equity attributable to shareholders of Canadian Tire Corporation | 5,123.8 | 4,499.1 | ||
Non-controlling interests | 1,387.0 | 1,335.6 | ||
Total equity | 6,510.8 | 5,834.7 | ||
Total liabilities and equity | $ | 21,802.2 | $ | 20,377.1 |
Consolidated Statements of Income (unaudited)
(C$ in millions, except per share amounts) | 13 weeks ended | 14 weeks ended | 52 weeks ended | 53 weeks ended | ||||
Revenue | $ | 5,137.6 | $ | 4,874.5 | $ | 16,292.1 | $ | 14,871.0 |
Cost of producing revenue | 3,190.9 | 3,024.6 | 10,456.9 | 9,794.4 | ||||
Gross margin | 1,946.7 | 1,849.9 | 5,835.2 | 5,076.6 | ||||
Other expense (income) | 5.2 | 18.9 | (23.5) | 48.7 | ||||
Selling, general and administrative expenses | 1,167.4 | 1,053.6 | 3,934.3 | 3,599.3 | ||||
Net finance costs | 54.1 | 58.8 | 222.5 | 256.5 | ||||
Income before income taxes | 720.0 | 718.6 | 1,701.9 | 1,172.1 | ||||
Income taxes | 184.3 | 196.8 | 441.2 | 309.5 | ||||
Net income | $ | 535.7 | $ | 521.8 | $ | 1,260.7 | $ | 862.6 |
Net income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | 508.5 | $ | 488.8 | $ | 1,127.6 | $ | 751.8 |
Non-controlling interests | 27.2 | 33.0 | 133.1 | 110.8 | ||||
$ | 535.7 | $ | 521.8 | $ | 1,260.7 | $ | 862.6 | |
Basic earnings per share | $ | 8.40 | $ | 8.04 | $ | 18.56 | $ | 12.35 |
Diluted earnings per share | $ | 8.34 | $ | 7.97 | $ | 18.38 | $ | 12.31 |
Weighted average number of Common and Class A Non-Voting Shares outstanding: | ||||||||
Basic | 60,553,762 | 60,807,577 | 60,744,440 | 60,896,809 | ||||
Diluted | 61,008,556 | 61,358,623 | 61,345,072 | 61,090,111 |
Consolidated Statements of Comprehensive Income (unaudited)
For the | ||||||||
(C$ in millions) | 13 weeks ended | 14 weeks ended | 52 weeks ended | 53 weeks ended | ||||
Net income | $ | 535.7 | $ | 521.8 | $ | 1,260.7 | $ | 862.6 |
Other comprehensive income (loss), 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 | (4.1) | (1.5) | 5.4 | (34.7) | ||||
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 | 1.4 | (8.4) | 1.4 | (12.0) | ||||
Reclassification of losses to income | 2.4 | 1.8 | 14.1 | 2.8 | ||||
Currency translation adjustment | (22.0) | 48.8 | (34.7) | (13.0) | ||||
Item that will not be reclassified subsequently to net income: | ||||||||
Actuarial losses | (0.7) | (10.7) | (0.7) | (10.7) | ||||
Net fair vale gains (losses) on hedging instruments entered into for cash flow hedges subject to basis adjustment | 4.4 | (84.3) | 5.7 | (29.9) | ||||
Other comprehensive income (loss) | (18.6) | (54.3) | (8.8) | (97.5) | ||||
Other comprehensive (loss) income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | (18.4) | $ | (52.4) | $ | (12.9) | $ | (88.4) |
Non-controlling interests | (0.2) | (1.9) | 4.1 | (9.1) | ||||
$ | (18.6) | $ | (54.3) | $ | (8.8) | $ | (97.5) | |
Comprehensive income | $ | 517.1 | $ | 467.5 | $ | 1,251.9 | $ | 765.1 |
Comprehensive income attributable to: | ||||||||
Shareholders of Canadian Tire Corporation | $ | 490.1 | $ | 436.4 | $ | 1,114.7 | $ | 663.4 |
Non-controlling interests | 27.0 | 31.1 | 137.2 | 101.7 | ||||
$ | 517.1 | $ | 467.5 | $ | 1,251.9 | $ | 765.1 |
Consolidated Statements of Cash Flows (unaudited)
For the | ||||||||
(C$ in millions) | 13 weeks ended | 14 weeks ended | 52 weeks ended | 53 weeks ended | ||||
Cash (used for) generated from: | ||||||||
Operating activities | ||||||||
Net income | $ | 535.7 | $ | 521.8 | $ | 1,260.7 | $ | 862.6 |
Adjustments for: | ||||||||
Depreciation of property and equipment, investment property and right-of-use assets | 148.3 | 147.5 | 581.9 | 582.6 | ||||
Impairment on property and equipment, right-of-use and intangible assets | 6.2 | 19.0 | 5.3 | 46.9 | ||||
Income taxes | 184.3 | 196.8 | 441.2 | 309.5 | ||||
Net finance costs | 54.1 | 58.8 | 222.5 | 256.5 | ||||
Amortization of intangible assets | 30.0 | 27.9 | 119.6 | 112.7 | ||||
Loss (gain) on disposal of property and equipment, investment property, assets held for sale and right-of-use assets | 0.1 | (6.2) | (18.6) | (12.1) | ||||
Total except as noted below | 958.7 | 965.6 | 2,612.6 | 2,158.7 | ||||
Interest paid | (43.6) | (55.3) | (233.0) | (272.6) | ||||
Interest received | 4.3 | 3.4 | 13.9 | 15.8 | ||||
Income taxes paid | (53.0) | (130.7) | (333.9) | (200.5) | ||||
Change in loans receivable | (226.9) | (9.7) | (486.8) | 925.1 | ||||
Change in operating working capital and other | 501.6 | 12.0 | 241.6 | (183.7) | ||||
Cash generated from operating activities | 1,141.1 | 785.3 | 1,814.4 | 2,442.8 | ||||
Investing activities | ||||||||
Additions to property and equipment and investment property | (298.7) | (140.9) | (630.6) | (307.2) | ||||
Additions to intangible assets | (44.8) | (26.1) | (148.2) | (129.3) | ||||
Total additions | (343.5) | (167.0) | (778.8) | (436.5) | ||||
Acquisition of short-term investments | (427.7) | (242.6) | (1,185.4) | (710.0) | ||||
Proceeds from the maturity and disposition of short-term investments | 434.3 | 32.0 | 1,290.2 | 328.8 | ||||
Proceeds on disposition of property and equipment, investment property and assets held for sale | (0.4) | 9.8 | 61.7 | 13.3 | ||||
Lease payments received for finance subleases (principal portion) | 13.2 | 4.2 | 23.8 | 16.8 | ||||
Acquisition of long-term investments and other | (33.5) | 8.4 | (148.0) | (60.4) | ||||
Cash used for investing activities | (357.6) | (355.2) | (736.5) | (848.0) | ||||
Financing activities | ||||||||
Dividends paid | (67.7) | (65.5) | (271.1) | (262.9) | ||||
Distributions paid to non-controlling interests | (16.4) | (30.7) | (103.5) | (96.2) | ||||
Total dividends and distributions paid | (84.1) | (96.2) | (374.6) | (359.1) | ||||
Net repayment of short-term borrowings | (6.6) | (398.5) | (57.2) | (284.6) | ||||
Issuance of loans | 24.5 | 84.2 | 292.3 | 248.9 | ||||
Repayment of loans | (89.6) | (129.9) | (371.4) | (363.6) | ||||
Issuance of long-term debt | 9.6 | — | 159.6 | 1,198.6 | ||||
Repayment of long-term debt | (0.1) | (0.1) | (150.4) | (1,450.8) | ||||
Payment of lease liabilities (principal portion) | (97.4) | (113.3) | (365.3) | (367.9) | ||||
Payment of transaction costs related to long-term debt | — | (0.6) | (1.0) | (2.8) | ||||
Purchase of Class A Non-Voting Shares | (120.1) | (3.6) | (131.1) | (111.5) | ||||
Payments on financial instruments | (4.5) | (0.5) | (33.7) | (30.9) | ||||
Change in deposits | (198.9) | 259.6 | 379.4 | 1,061.0 | ||||
Cash used for financing activities | (567.2) | (398.9) | (653.4) | (462.7) | ||||
Cash generated in the period | 216.3 | 31.2 | 424.5 | 1,132.1 | ||||
Cash and cash equivalents, net of bank indebtedness, beginning of period | 1,535.4 | 1,296.0 | 1,327.2 | 195.1 | ||||
Cash and cash equivalents, net of bank indebtedness, end of period | $ | 1,751.7 | $ | 1,327.2 | $ | 1,751.7 | $ | 1,327.2 |
SOURCE CANADIAN TIRE CORPORATION, LIMITED
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