| Years ended December 31 ($ millions except where otherwise indicated) |
2007 | 2006 |
|---|---|---|
Operating Results |
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| Sales | 32,815 | 32,167 |
| Sales excluding the impact of tobacco sales and VIEs (2) | 31,346 | 30,361 |
| Adjusted EBITDA(2) | 2,079 | 2,324 |
| Operating income | 1,094 | 537 |
| Adjusted operating income(2) | 1,408 | 1,643 |
| Interest expense and other financing charges | 165 | 253 |
| Net earnings from continuing operations | 563 | 110 |
Cash Flow |
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| Cash flows from operating activities of continuing operations | 1,673 | 1,452 |
| Free cash flow(2) | 620 | 27 |
| Capital investment | 722 | 1,121 |
Per Common Share($) |
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| Basic net earnings from continuing operations | 3.92 | 0.43 |
| Adjusted basic net earnings from continuing operations(2) | 4.26 | 4.98 |
Financial Ratios |
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| Adjusted EBITDA margin(2) | 6.6% | 7.7% |
| Operating margin | 3.3% | 1.7% |
| Adjusted operating margin(2) | 4.5% | 5.4% |
| Return on average total assets(2) | 6.7% | 3.2% |
| Return on average common shareholders’ equity | 12.7% | 1.3% |
| Net debt (excluding Exchangeable Debentures)(2) to equity | 0.96:1 | 0.96:1 |
Reportable Operating Segments |
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| Weston Foods | ||
| Sales | 4,296 | 4,350 |
| Operating income | 366 | 256 |
| Adjusted operating income(2) | 382 | 325 |
| Operating margin | 8.5% | 5.9% |
| Adjusted operating margin(2) | 8.9% | 7.5% |
| Return on average total assets(2) | 9.9% | 6.6% |
| Loblaw | ||
| Sales | 29,384 | 28,640 |
| Sales excluding the impact of tobacco sales and VIEs(2) | 27,915 | 26,834 |
| Operating income | 728 | 281 |
| Adjusted operating income(2) | 1,026 | 1,318 |
| Operating margin | 2.5% | 1.0% |
| Adjusted operating margin(2) | 3.7% | 4.9% |
| Return on average total assets(2) | 5.7% | 2.2% |
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(1) For financial definitions and ratios refer to the Glossary.
(2) See Non-GAAP Financial Measures (PDF, 70 KB).
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