| For the years ended December 31 ($ millions except where otherwise indicated) |
2007 | 2006 | 2005 | 2004 | 2003 | |
|---|---|---|---|---|---|---|
OPERATING RESULTS |
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Sales(5) |
Weston Foods | 4,296 | 4,350 | 4,376 | 4,335 | 4,523 |
| Loblaw | 29,384 | 28,640 | 27,627 | 26,030 | 25,066 | |
| Intersegment | (865) | (823) | (814) | (746) | (722) | |
| Consolidated | 32,815 | 32,167 | 31,189 | 29,619 | 28,867 | |
Sales Excluding the (2,5) |
Weston Foods | 4,296 | 4,350 | 4,376 | 4,335 | 4,523 |
| Loblaw | 27,915 | 26,834 | 25,558 | 24,276 | 23,232 | |
| Intersegment | (865) | (823) | (814) | (746) | (722) | |
| Consolidated | 31,346 | 30,361 | 29,120 | 27,865 | 27,033 | |
Adjusted EBITDA(2,3) |
Weston Foods | 498 | 440 | 425 | 401 | 546 |
| Loblaw | 1,581 | 1,884 | 2,124 | 2,118 | 1,872 | |
| Consolidated | 2,079 | 2,324 | 2,549 | 2,519 | 2,418 | |
Operating Income(3) |
Weston Foods | 366 | 256 | 241 | 138 | 374 |
| Loblaw | 728 | 281 | 1,393 | 1,644 | 1,458 | |
| Consolidated | 1,094 | 537 | 1,634 | 1,782 | 1,832 | |
Adjusted Operating (2,3) |
Weston Foods | 382 | 325 | 299 | 256 | 402 |
| Loblaw | 1,026 | 1,318 | 1,592 | 1,645 | 1,479 | |
| Consolidated | 1,408 | 1,643 | 1,891 | 1,901 | 1,881 | |
FINANCIAL POSITION |
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Fixed Assets |
Weston Foods | 1,007 | 1,164 | 1,131 | 1,143 | 1,275 |
| Loblaw | 7,953 | 8,055 | 7,785 | 7,113 | 6,390 | |
| Consolidated | 8,960 | 9,219 | 8,916 | 8,256 | 7,665 | |
Total Assets |
Weston Foods(4) | 4,574 | 4,969 | 4,680 | 4,614 | 4,780 |
| Loblaw | 13,814 | 13,626 | 13,901 | 13,082 | 12,230 | |
| Discontinued Operations | 12 | 73 | 268 | |||
| Consolidated | 18,388 | 18,595 | 18,593 | 17,769 | 17,278 | |
CASH FLOWS |
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Capital Investment |
Weston Foods | 109 | 184 | 202 | 167 | 231 |
| Loblaw | 613 | 937 | 1,156 | 1,258 | 1,271 | |
| Consolidated | 722 | 1,121 | 1,358 | 1,425 | 1,502 | |
FINANCIAL RATIOS |
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Adjusted EBITDA (%)(2) |
Weston Foods | 11.6 | 10.1 | 9.7 | 9.3 | 12.1 |
| Loblaw | 5.7 | 7.0 | 8.3 | 8.7 | 8.1 | |
| Consolidated | 6.6 | 7.7 | 8.8 | 9.0 | 8.9 | |
Operating Margin(%) |
Weston Foods | 8.5 | 5.9 | 5.5 | 3.2 | 8.3 |
| Loblaw | 2.5 | 1.0 | 5.0 | 6.3 | 5.8 | |
| Consolidated | 3.3 | 1.7 | 5.2 | 6.0 | 6.3 | |
Adjusted Operating (%)(2) |
Weston Foods | 8.9 | 7.5 | 6.8 | 5.9 | 8.9 |
| Loblaw | 3.7 | 4.9 | 6.2 | 6.8 | 6.4 | |
| Consolidated | 4.5 | 5.4 | 6.5 | 6.8 | 7.0 | |
Return on Average (%)(2) |
Weston Foods | 9.9 | 6.6 | 6.5 | 3.6 | 9.0 |
| Loblaw | 5.7 | 2.2 | 11.0 | 14.0 | 13.7 | |
| Consolidated | 6.7 | 3.2 | 10.0 | 11.5 | 12.4 | |
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(1) For financial definitions and ratios refer to the Glossary.
(2) See Non-GAAP Financial Measures (PDF, 70 KB).
(3) 2007 includes restructuring and other charges of $227 (2006 - $90) comprised of a $5 (2006 - $46) charge recognized by Weston Foods and a $222 (2006 - $44) charge recognized by Loblaw (see note 4 to the consolidated financial statements). In addition, 2006 includes the Loblaw goodwill impairment charge of $800 (see note 3 to the consolidated financial statements).
(4) Total assets include the following: 2007 - $157 (2006 - $215, 2005 - $220, 2004 - $365, 2003 - $367) investment in Domtar common shares/Domtar (Canada) Paper Inc. exchangeable shares.
(5) During 2006, the Company implemented Emerging Issues Committee Abstract 156, “Accounting by a Vendor for Consideration Given to a Customer (Including a Reseller of the Vendor’s Products)” on a retroactive basis. Accordingly certain Loblaw sales incentives paid to independent franchisees, associates and independent accounts for prior years have been reclassified between sales and cost of sales, selling and administrative expenses.
(6) Certain prior years’ information was reclassified to conform with the current year’s presentation.
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