| For the years ended December 31(3) ($ millions except where otherwise indicated) |
2008 | 2007 | 2006 |
|---|---|---|---|
Operating Results |
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| Sales | 32,088 | 30,607 | 29,915 |
| EBITDA(4,5) | 1,837 | 1,525 | 1,047 |
| Operating income(5) | 1,192 | 875 | 376 |
| Interest expense and other financing charges(6) | 360 | 175 | 263 |
| Net earnings (loss) from continuing operations | 645 | 374 | (47) |
Financial Position |
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| Working capital | 1,165 | 380 | 671 |
| Fixed assets | 8,542 | 8,453 | 8,615 |
| Goodwill | 1,116 | 1,103 | 1,120 |
| Total assets | 19,664 | 18,434 | 18,647 |
| Net debt(4) | 3,569 | 4,889 | 5,201 |
| Shareholders’ equity | 5,927 | 4,677 | 4,953 |
Cash Flows |
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| Cash flows from operating activities of continuing operations | 985 | 1,368 | 1,280 |
| Free cash flow(4) | (219) | 379 | (30) |
| Fixed asset purchases | 807 | 658 | 1,006 |
Per Common Share($) |
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| Basic net earnings (loss) from continuing operations | 4.63 | 2.46 | (0.78) |
| Basic net earnings | 6.08 | 3.92 | 0.52 |
| Common dividend rate at year end | 1.44 | 1.44 | 1.44 |
| Cash flows from operating activities of continuing operations | 7.27 | 10.15 | 9.50 |
| Fixed asset purchases | 6.25 | 5.10 | 7.80 |
| Book value | 39.58 | 29.90 | 32.06 |
| Market value at year end | 59.90 | 54.08 | 75.60 |
Financial Ratios |
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| EBITDA margin (%)(4) | 5.7 | 5.0 | 3.5 |
| Operating margin (%) | 3.7 | 2.9 | 1.3 |
| Return on average total assets (%)(4) | 8.3 | 6.2 | 2.7 |
| Return on average common shareholders’ equity (%) | 13.3 | 7.9 | (2.4) |
| Interest coverage | 3.1 | 4.4 | 1.3 |
| Net debt (excluding Exchangeable Debentures)(4) to equity | 0.58 | 0.96 | 0.96 |
| Cash flows from operating activities of continuing operations to net debt (4) | 0.28 | 0.28 | 0.25 |
| Price/net earnings (loss) from continuing operations ratio at year end | 12.9 | 22.0 | (96.9) |
| Market/book ratio at year end | 1.5 | 1.8 | 2.4 |
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(1) For financial definitions and ratios refer to the Glossary.
(2) Certain prior years’ information was reclassified to conform with the current year’s presentation (see note 1 to the consolidated financial statements – PDF, 72 KB).
Results of Weston Foods’ U.S. fresh bakery business have been reclassified as discontinued operations. (3) 2008 was a 53-week year.
(4) See non-GAAP financial measures (PDF, 53 KB).
(5) 2008 includes restructuring and other charges of $5 (2007 – $215) comprised of a charge of $6 (2007 – income of $7) recognized by Weston Foods and income of $1 (2007 – charge of $222) recognized by Loblaw (see note 4 to the consolidated financial statements – PDF, 48 KB). In addition, 2006 includes a Loblaw goodwill impairment charge of $800.
(6) 2008 includes non-cash charge of $11 (2007 – non-cash income of $141) related to the fair value adjustment of GWL’s forward sale agreement for 9.6 million Loblaw common shares (see note 5 to the consolidated financial statements – PDF, 46 KB).
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