| For the years ended December 31(3) ($ millions except where otherwise indicated) |
2008 | 2007 | 2006 | ||
|---|---|---|---|---|---|
OPERATING RESULTS |
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Sales |
Weston Foods | 2,197 | 2,088 | 2,098 | |
| Loblaw | 30,802 | 29,384 | 28,640 | ||
| Intersegment | (911) | (865) | (823) | ||
| Consolidated | 32,088 | 30,607 | 29,915 | ||
EBITDA(4,5) |
Weston Foods | 214 | 209 | 174 | |
| Loblaw | 1,623 | 1,316 | 873 | ||
| Consolidated | 1,837 | 1,525 | 1,047 | ||
Operating Income(5) |
Weston Foods | 154 | 147 | 95 | |
| Loblaw | 1,038 | 728 | 281 | ||
| Consolidated | 1,192 | 875 | 376 | ||
FINANCIAL POSITION |
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Fixed Assets |
Weston Foods | 497 | 500 | 560 | |
| Loblaw | 8,045 | 7,953 | 8,055 | ||
| Consolidated | 8,542 | 8,453 | 8,615 | ||
Total Assets |
Weston Foods(6) | 2,951 | 2,502 | 2,469 | |
| Loblaw | 14,125 | 13,814 | 13,626 | ||
| Discontinued Operations | 2,588 | 2,118 | 2,552 | ||
| Consolidated | 19,664 | 18,434 | 18,647 | ||
CASH FLOWS |
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Fixed Asset Purchases |
Weston Foods | 57 | 45 | 69 | |
| Loblaw | 750 | 613 | 937 | ||
| Consolidated | 807 | 658 | 1,006 | ||
FINANCIAL RATIOS |
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EBITDA Margin(%)(4) |
Weston Foods | 9.7 | 10.0 | 8.3 | |
| Loblaw | 5.3 | 4.5 | 3.0 | ||
| Consolidated | 5.7 | 5.0 | 3.5 | ||
Operating Margin(%) |
Weston Foods | 7.0 | 7.0 | 4.5 | |
| Loblaw | 3.4 | 2.5 | 1.0 | ||
| Consolidated | 3.7 | 2.9 | 1.3 | ||
Return on Average (%)(4) |
Weston Foods | 11.0 | 10.5 | 6.9 | |
| Loblaw | 8.1 | 5.7 | 2.2 | ||
| Consolidated | 8.3 | 6.2 | 2.7 | ||
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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) Total assets include the following: 2008 – nil (2007 – $157, 2006 – $215) investment in Domtar common shares/Domtar (Canada) Paper Inc. exchangeable shares.
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