TORONTO, Feb. 28, 2013 /CNW/ - George Weston Limited (TSX:
WN) ("GWL") today announced its consolidated unaudited results for
the 12 weeks ended December 31,
2012 and the release of its 2012 Annual Report.
George Weston Limited and its subsidiaries are together referred
to as the "Company". The Company's 2012 Annual Report to
Shareholders, including the Company's audited annual consolidated
financial statements and Management's Discussion and Analysis
("MD&A") for the fiscal year ended December 31, 2012, is available in the
Investor Centre section of the Company's website at www.weston.ca
and has been filed with the System for Electronic Document Analysis
and Retrieval ("SEDAR") and will be available at www.sedar.com.
"2012 was a year of significant accomplishments for George Weston Limited. Loblaw focused on
initiatives to build on its competitive position and Weston Foods
delivered satisfactory results, as both segments operated in highly
competitive sales environments", said W.
Galen Weston, Executive Chairman, George Weston Limited.
CONSOLIDATED RESULTS OF OPERATIONS |
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| (unaudited) |
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| ($ millions except where otherwise indicated) |
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12 Weeks Ended |
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52 Weeks Ended |
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| For the periods ended as indicated |
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Dec. 31,
2012 |
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Dec. 31, 2011 |
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Change |
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Dec. 31,
2012 |
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Dec. 31, 2011 |
|
Change |
| Sales |
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$ |
7,727 |
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$ |
7,636 |
|
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1.2 |
% |
|
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$ |
32,742 |
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$ |
32,376 |
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|
1.1 |
% |
| Operating income |
|
$ |
320 |
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|
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$ |
352 |
|
|
(9.1) |
% |
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|
$ |
1,392 |
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$ |
1,609 |
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(13.5) |
% |
| Adjusted operating income(2) |
|
$ |
382 |
|
|
|
$ |
373 |
|
|
2.4 |
% |
|
|
$ |
1,563 |
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|
$ |
1,700 |
|
|
(8.1) |
% |
| Adjusted operating margin(2) |
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4.9 % |
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4.9 % |
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4.8 % |
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5.3 % |
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| Adjusted EBITDA(2) |
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$ |
583 |
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$ |
558 |
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4.5 |
% |
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$ |
2,399 |
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|
$ |
2,459 |
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|
(2.4) |
% |
| Adjusted EBITDA margin(2) |
|
|
7.5 % |
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|
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7.3 % |
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7.3 % |
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7.6 % |
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| Net interest expense and other financing
charges |
|
$ |
170 |
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$ |
108 |
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57.4 |
% |
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|
$ |
417 |
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$ |
366 |
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13.9 |
% |
| Income taxes |
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$ |
34 |
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$ |
71 |
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(52.1) |
% |
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$ |
249 |
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$ |
324 |
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(23.1) |
% |
| Net earnings attributable to shareholders of the
Company |
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$ |
65 |
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$ |
109 |
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(40.4) |
% |
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$ |
486 |
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$ |
635 |
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(23.5) |
% |
| Net earnings |
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$ |
116 |
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$ |
173 |
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(32.9) |
% |
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$ |
726 |
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$ |
919 |
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(21.0) |
% |
| Basic net earnings per common share ($) |
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$ |
0.43 |
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$ |
0.77 |
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(44.2) |
% |
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$ |
3.45 |
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$ |
4.58 |
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(24.7) |
% |
| Adjusted basic net earnings per common
share(2) ($) |
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$ |
1.02 |
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$ |
1.01 |
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1.0 |
% |
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$ |
4.46 |
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$ |
4.86 |
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(8.2) |
% |
| Free cash flow(2) |
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$ |
514 |
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$ |
497 |
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3.4 |
% |
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$ |
946 |
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$ |
1,051 |
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(10.0) |
% |
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Pavi Binning, President, George
Weston Limited, commented that "George Weston Limited's 2012 fourth
quarter results came in as expected with both Loblaw and Weston
Foods achieving underlying performance slightly better than last
year's fourth quarter. Both Loblaw and Weston Foods are well
positioned to meet anticipated challenges in 2013".
George Weston Limited's fourth quarter 2012 adjusted basic net
earnings per common share(2) were $1.02 compared to $1.01 in the same period in 2011, an increase of
$0.01. The increase was due to an
improvement in the operating performance of the Company's two
operating segments, Weston Foods and Loblaw Companies Limited
("Loblaw"), partially offset by a higher effective income tax
rate(3) compared to the same period in 2011.
The Company's basic net earnings per common share were
$0.43 compared to $0.77 in the same period in 2011, a decrease of
$0.34. This decrease includes the
year-over-year unfavourable net impact of certain items, primarily
the impact of the forward sale agreement for 9.6 million
Loblaw common shares and restructuring and other charges, partially
offset by the impact of certain foreign currency translation which
are excluded from adjusted basic net earnings per common
share(2).
During the fourth quarter of 2012, Loblaw announced a plan that
reduced the number of head office and administrative positions.
Focused primarily on management and office positions, the plan
affected approximately 700 positions, and Loblaw incurred a
restructuring charge of $61 million
associated with these reductions.
In December 2012, Loblaw announced
its intention to create a Real Estate Investment Trust ("REIT"),
which will acquire a significant portion of Loblaw's real estate
assets and sell units by way of an Initial Public Offering ("IPO").
The IPO of the REIT is expected to be completed by mid 2013,
subject to prevailing market conditions and receipt of required
regulatory approvals, including approval to list the units on the
Toronto Stock Exchange.
The Company uses non-GAAP financial measures. See the "Non-GAAP
Financial Measures" section of this News Release for more
information on these non-GAAP financial measures.
OPERATING SEGMENTS
| Weston Foods |
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| (unaudited) |
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12 Weeks Ended |
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52 Weeks Ended |
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| ($ millions except where otherwise indicated) |
|
Dec. 31,
2012 |
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Dec. 31, 2011 |
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Dec. 31,
2012 |
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Dec. 31, 2011
|
| Sales |
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$ |
399 |
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|
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$ |
410 |
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$ |
1,765 |
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$ |
1,772 |
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| Operating income |
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$ |
42 |
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$ |
57 |
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$ |
228 |
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$ |
208 |
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| Adjusted operating income(2) |
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$ |
57 |
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$ |
56 |
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$ |
275 |
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$ |
265 |
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| Adjusted operating margin(2) |
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14.3 % |
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13.7 % |
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15.6 % |
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15.0 % |
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| Adjusted EBITDA(2) |
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$ |
71 |
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$ |
71 |
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$ |
334 |
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$ |
325 |
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| Adjusted EBITDA margin(2) |
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17.8 % |
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17.3 % |
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18.9 % |
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18.3 % |
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For the fourth quarter of 2012, Weston Foods sales of
$399 million decreased 2.7% and
volumes decreased 2.0% when compared to the same period in
2011. The loss of certain frozen distributed products that
Weston Foods distributed on behalf of certain customers in 2012
negatively impacted sales growth and volume by approximately 2.3%
and 1.0%, respectively, and foreign currency translation negatively
impacted sales growth by approximately 1.3%. Excluding the impact
of the loss of certain distributed product and foreign currency
translation, sales increased 0.9% due to the positive impact of
pricing and changes in sales mix across certain product categories
of 1.9%, partially offset by a decrease in volume of 1.0%.
Weston Foods operating income was $42 million in the fourth quarter of 2012
compared to $57 million in the same
period in 2011. The decrease was mainly due to the accrual of an
incremental multi-employer pension plan ("MEPP") withdrawal
liability, the change in the fair value adjustment of commodity
derivatives, and the impact of a post-retirement plan change which
had a combined year-over-year unfavourable net impact of
$22 million, partially offset by an
improvement in adjusted operating income(2) of
$1 million as described below.
Weston Foods adjusted operating income(2) increased
to $57 million in the fourth
quarter of 2012 compared to $56 million in the same period in 2011.
Adjusted operating margin(2) was 14.3% for the fourth
quarter of 2012 compared to 13.7% in the same period in 2011.
Adjusted operating income(2) in the fourth quarter of
2012 was positively impacted by higher pricing in certain product
categories, the benefits realized from productivity improvements
and other cost reduction initiatives, and lower commodity and other
input costs, which were partially offset by lower sales volumes in
the fourth quarter of 2012, when compared to the same period in
2011.
Loblaw |
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| (unaudited) |
|
12 Weeks Ended |
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52 Weeks Ended |
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| ($ millions except where otherwise indicated) |
|
Dec. 31,
2012 |
|
Dec. 31, 2011 |
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|
Dec. 31,
2012 |
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|
Dec. 31, 2011
|
| Sales |
|
$ |
7,465 |
|
|
$ |
7,373 |
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|
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$ |
31,604 |
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$ |
31,250 |
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| Operating income |
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$ |
260 |
|
|
$ |
313 |
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$ |
1,188 |
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$ |
1,376 |
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| Adjusted operating income(2) |
|
$ |
325 |
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|
$ |
317 |
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$ |
1,288 |
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$ |
1,435 |
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| Adjusted operating margin(2) |
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4.4 % |
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|
4.3 % |
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4.1 % |
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4.6 % |
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| Adjusted EBITDA(2) |
|
$ |
512 |
|
|
$ |
487 |
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|
|
$ |
2,065 |
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|
$ |
2,134 |
|
| Adjusted EBITDA margin(2) |
|
|
6.9 % |
|
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|
6.6 % |
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|
6.5 % |
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6.8 % |
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2012 was a pivotal year for Loblaw; improving the customer
proposition, driving the infrastructure program, and reducing
costs. Despite challenges during the year, the team delivered on
plan. Good performance metrics in the last quarter of 2012 and
through the beginning of 2013 indicated that Loblaw's strategy is
taking hold.
Loblaw sales in the fourth quarter of 2012 increased by 1.2% to
$7.5 billion from $7.4 billion in the same period in 2011.
Same-store sales were flat (2011 - growth of 2.5%), with an extra
day of store operations having a positive impact on 2011 same-store
sales estimated to be between 0.8% and 1.0%. Sales growth in both
food and drugstore were modest, sales growth in gas bar was
moderate, sales in general merchandise, excluding apparel, declined
moderately and sales in apparel were flat. Loblaw's average
quarterly internal food price index was flat during the fourth
quarter of 2012 (2011 - moderate inflation), which was lower than
the average quarterly national food price inflation of 1.5% (2011 -
5.2%) as measured by "The Consumer Price Index for Food Purchased
from Stores". In the last 12 months, Loblaw opened 18 corporate and
franchise stores and closed 11 corporate and franchise stores,
resulting in a net increase of 0.3 million square feet, or 0.6%.
Loblaw sales in the fourth quarter of 2012 were also positively
impacted by an increase in Financial Services segment revenue.
Loblaw operating income decreased by $53 million to $260 million in the fourth quarter of 2012
compared to $313 million in the
same period in 2011. The decrease was mainly due to restructuring
and other charges including $61 million associated with the reduction in
head office and administrative positions, partially offset by an
improvement in adjusted operating income(2) of
$8 million as described below.
Loblaw adjusted operating income(2) was $325 million in the fourth quarter of 2012
compared to $317 million in the
same period in 2011. Adjusted operating margin(2) was
4.4% compared to 4.3% in the same period in 2011. The increases
were mainly attributable to the improvement in operating
performance of Loblaw's Financial Services segment, partially
offset by the decline in operating performance of Loblaw's Retail
segment. This decrease was driven by incremental costs related to
investments in information technology ("IT") and supply
chain(4), foreign exchange losses, higher fixed asset
impairment charges net of recoveries and higher labour costs,
partially offset by other operating cost efficiencies, lower costs
related to the transition of certain Ontario conventional stores to the more cost
effective and efficient operating terms of collective agreements
ratified in the fourth quarter of 2010 and an increase in gross
profit. Increased labour costs included an estimated $5 million of incremental investments in
Loblaw's customer proposition that were not covered by operations.
Incremental investments in shrink related to improved assortment in
stores also partially offset the increase in gross profit by an
estimated $10 million. Included in
fourth quarter 2011 operating income were start up costs associated
with the launch of Loblaw's Joe
Fresh brand in the United
States.
NET INTEREST EXPENSE AND OTHER FINANCING CHARGES
Net interest expense and other financing charges in the fourth
quarter of 2012 increased by $62 million to $170 million compared to the same period in
2011, due to the fair value adjustment of the forward sale
agreement for 9.6 million Loblaw common shares.
Excluding the impact of this fair value adjustment, net interest
expense and other financing charges in the fourth quarter of 2012
was flat when compared to the same period in 2011.
INCOME TAXES
The fourth quarter 2012 effective income tax rate decreased to
22.7% from 29.1% in the same period in 2011. The decrease in the
effective income tax rate when compared to 2011 was primarily due
to further reductions in the federal and Ontario statutory income tax rates, a change
in the proportion of taxable income earned across different tax
jurisdictions and non-taxable foreign currency translation gains
recorded in 2012 (2011 - non-deductible foreign currency
translation losses), partially offset by the reversal of previously
recognized current tax assets. The Company (excluding Loblaw)
expensed current tax assets of $8
million in the fourth quarter of 2012 due to amendments to
the Income Tax Act relating to the taxation of Canadian
corporations with foreign affiliates.
OUTLOOK(1)
This outlook reflects the underlying operating performance of the
Company's operating segments as discussed below.
For full year 2013, Weston Foods sales growth is expected to be
moderate due to a combination of pricing and modest volume growth.
Adjusted operating margins(2) are expected to remain in
line with 2012 as Weston Foods invests in growth, marketing and
innovation. The benefits from these investments are expected
to be realized increasingly over the course of the year, commencing
in the second quarter of 2013.
In 2012, Loblaw strengthened its customer proposition and made
significant progress with its IT infrastructure implementation.
These initiatives will continue in 2013, with investments in price,
assortment and labour expected to be offset by operating
efficiencies. Investment in infrastructure programs will continue
as the IT system is rolled out to distribution centres and stores,
with associated expenses flat to 2012. Sales growth in 2013 will be
moderated by a competitive environment characterized by ongoing
square footage expansions, a new competitor's entry into the market
and generic drug deflation. As a result, Loblaw expects modest
growth in adjusted operating income(2) in 2013,
excluding the impact of the $61
million restructuring charge recorded in the fourth quarter
of 2012 and the impact of the previously announced plan to launch
an IPO of a new REIT.
Over the long term, Loblaw still expects positive same store
sales, a decline in IT and supply chain costs, and a moderation of
capital expenditures. This should result in growth in adjusted
operating income(2), adjusted EBITDA(2) and
an increase in free cash flow(2).
FORWARD-LOOKING STATEMENTS
This News Release contains forward-looking statements about the
Company's objectives, plans, goals, aspirations, strategies,
financial condition, results of operations, cash flows,
performance, prospects and opportunities. Specific statements with
respect to anticipated future results are included in the Outlook
section of this News Release. Forward-looking statements are
typically identified by words such as "expect", "anticipate",
"believe", "foresee", "could", "estimate", "goal", "intend",
"plan", "seek", "strive", "will", "may" and "should" and similar
expressions, as they relate to the Company and its management.
Forward-looking statements reflect the Company's current
estimates, beliefs and assumptions, which are based on management's
perception of historical trends, current conditions and expected
future developments, as well as other factors it believes are
appropriate in the circumstances. The Company's expectation of
operating and financial performance in 2013 is based on certain
assumptions including assumptions about revenue growth, anticipated
cost savings and operating efficiencies, no unanticipated changes
in the effective income tax rates, no unexpected adverse events or
costs related to Loblaw's investments in IT and supply chain, and
no significant unanticipated increase in the price of commodities
and other input costs at Weston Foods that it will not be able to
offset. The Company's estimates, beliefs and assumptions are
inherently subject to significant business, economic, competitive
and other uncertainties and contingencies regarding future events
and as such, are subject to change. The Company can give no
assurance that such estimates, beliefs and assumptions will prove
to be correct.
Numerous risks and uncertainties could cause the Company's
actual results to differ materially from the estimates, beliefs and
assumptions expressed or implied in the forward-looking statements,
including, but not limited to:
- failure to realize anticipated results, including revenue
growth, anticipated cost savings or operating efficiencies from the
Company's major initiatives, including those from
restructuring;
- failure to realize benefits from investments in the Company's
IT systems, including the Company's systems implementation, or
unanticipated results from these initiatives;
- the inability of the Company's IT infrastructure to support the
requirements of the Company's business;
- unanticipated results associated with the Company's strategic
initiatives and the impact of acquisitions or dispositions of
businesses on the Company's future revenues and earnings;
- heightened competition, whether from current competitors or new
entrants to the marketplace;
- changes in economic conditions including the rate of inflation
or deflation, changes in interest and foreign currency exchange
rates and changes in derivative and commodity prices;
- public health events;
- risks associated with product defects, food safety and product
handling;
- failure to achieve desired results in labour negotiations,
including the terms of future collective bargaining agreements
which could lead to work stoppages;
- the inability of the Company to manage inventory to minimize
the impact of obsolete or excess inventory and to control
shrink;
- the impact of potential environmental liabilities;
- failure to respond to changes in consumer tastes and buying
patterns;
- reliance on the performance and retention of third-party
service providers including those associated with the Company's
supply chain and apparel business;
- supply and quality control issues with vendors;
- changes to the regulation of generic prescription drug prices
and the reduction of reimbursement under public drug benefit plans
and the elimination or reduction of professional allowances paid by
drug manufacturers;
- changes in the Company's income, commodity, other tax and
regulatory liabilities including changes in tax laws, regulations
or future assessments;
- any requirement of the Company to make contributions to its
registered funded defined benefit pension plans or the MEPPs in
which it participates in excess of those currently
contemplated;
- the risk that the Company would experience a financial loss if
its counterparties fail to meet their obligations in accordance
with the terms and conditions of their contracts with the
Company;
- the inability of Loblaw to collect on its credit card
receivables; and
- failure to execute the IPO of Loblaw's proposed REIT.
This is not an exhaustive list of the factors that may affect
the Company's forward-looking statements. Other risks and
uncertainties not presently known to the Company or that the
Company presently believes are not material could also cause actual
results or events to differ materially from those expressed in its
forward-looking statements. Additional risks and uncertainties are
discussed in the Company's materials filed with the Canadian
securities regulatory authorities from time to time, including
Section 13, "Enterprise Risks and Risk Management" of the MD&A
included in the Company's 2012 Annual Report. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which reflect the Company's expectations only as of the date of
this News Release. Except as required by law, the Company does not
undertake to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
| (1) |
This News Release contains forward-looking information. See
Forward-Looking Statements for a discussion of material factors
that could cause actual results to differ materially from the
conclusions, forecasts and projections herein and of the material
factors, estimates, beliefs and assumptions that were applied in
presenting the conclusions, forecasts and projections presented
herein. This News Release must be read in conjunction with George
Weston Limited's filings with securities regulators made from time
to time, all of which can be found at www.weston.ca and
www.sedar.com. |
| (2) |
See non-GAAP financial measures. |
| (3) |
Effective income tax rate excludes the tax impact of items
excluded from adjusted basic net earnings per common
share(2).
|
| (4) |
Incremental costs related to investments in IT and supply chain
include IT costs, depreciation and amortization and supply chain
project costs. |
NON-GAAP FINANCIAL MEASURES
The Company uses the following non-GAAP financial measures:
adjusted operating income and adjusted operating margin, adjusted
EBITDA and adjusted EBITDA margin, adjusted basic net earnings per
common share and free cash flow. The Company believes these
non-GAAP financial measures provide useful information to both
management and investors in measuring the financial performance of
the Company for the reasons outlined below.
Certain expenses and income that must be recognized under GAAP
are not necessarily reflective of the Company's underlying
operating performance. For this reason, management uses certain
non-GAAP financial measures to exclude the impact of these items
when analyzing consolidated and segment underlying operating
performance. These non-GAAP financial measures are also helpful in
assessing underlying operating performance on a consistent
basis.
From time to time, the Company may exclude additional items if
it believes doing so would result in a more effective analysis of
underlying operating performance. The exclusion of certain items
does not imply that they are non-recurring. Loblaw does not report
its results of operations on an adjusted basis, however the Company
excludes the impact of certain Loblaw items, as applicable, when
reporting its consolidated and segment results.
These non-GAAP financial measures do not have a standardized
meaning prescribed by GAAP and therefore they may not be comparable
to similarly titled measures presented by other publicly traded
companies, and they should not be construed as an alternative to
other financial measures determined in accordance with GAAP.
Adjusted Operating Income and Adjusted EBITDA
The Company believes adjusted operating income is useful in
assessing the Company's underlying operating performance and in
making decisions regarding the ongoing operations of its business.
The Company believes adjusted EBITDA is also useful in assessing
the underlying operating performance of the Company's ongoing
operations and in assessing the Company's ability to generate cash
flows to fund its cash requirements, including its capital
investment program.
The following tables reconcile adjusted operating income and
adjusted EBITDA to GAAP net earnings attributable to shareholders
of the Company reported for the periods ended as indicated.
| |
12 Weeks Ended |
| |
|
|
|
| |
Dec. 31, 2012 |
|
Dec. 31, 2011 |
(unaudited)
($ millions) |
Weston
Foods |
Loblaw |
Other(1) |
Consolidated |
|
Weston
Foods |
Loblaw |
Other(1) |
Consolidated |
| Net earnings attributable to shareholders of
the Company |
|
|
|
|
|
|
$ |
65 |
|
|
|
|
|
|
|
$ |
109 |
| Add impact of the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
64 |
| Income taxes |
|
|
|
|
|
|
|
34 |
|
|
|
|
|
|
|
|
71 |
| Net interest expense and other financing
charges |
|
|
|
|
|
|
|
170 |
|
|
|
|
|
|
|
|
108 |
| Operating income (loss) |
$ |
42 |
$ |
260 |
$ |
18 |
$ |
320 |
|
$ |
57 |
$ |
313 |
$ |
(18) |
$ |
352 |
| Add (deduct) impact of the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring and other charges(2) |
|
3 |
|
63 |
|
|
|
66 |
|
|
5 |
|
|
|
|
|
5 |
| Fair value adjustment of commodity
derivatives at Weston Foods |
|
10 |
|
|
|
|
|
10 |
|
|
(1) |
|
|
|
|
|
(1) |
| Share-based compensation net of equity
derivatives |
|
(4) |
|
2 |
|
|
|
(2) |
|
|
(3) |
|
4 |
|
|
|
1 |
| MEPP withdrawal liability incurred by Weston
Foods |
|
17 |
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
| Post-retirement plan change at Weston Foods |
|
(6) |
|
|
|
|
|
(6) |
|
|
|
|
|
|
|
|
|
| Weston Foods insurance proceeds |
|
(5) |
|
|
|
|
|
(5) |
|
|
(2) |
|
|
|
|
|
(2) |
| Foreign currency translation (gain) loss |
|
|
|
|
|
(18) |
|
(18) |
|
|
|
|
|
|
18 |
|
18 |
| Adjusted operating income |
$ |
57 |
$ |
325 |
$ |
|
$ |
382 |
|
$ |
56 |
$ |
317 |
$ |
|
$ |
373 |
| Depreciation and amortization |
|
14 |
|
187 |
|
|
|
201 |
|
|
15 |
|
170 |
|
|
|
185 |
| Adjusted EBITDA |
$ |
71 |
$ |
512 |
$ |
|
$ |
583 |
|
$ |
71 |
$ |
487 |
$ |
|
$ |
558 |
| |
|
|
|
|
|
|
|
|
|
|
| (1) |
Operating income in the fourth quarter of 2012 included a gain
of $18 million (2011 - loss of $18 million) related to the effect
of foreign currency translation on a portion of the U.S. dollar
denominated cash and short term investments held by foreign
operations. |
| (2) |
Restructuring and other charges at Loblaw included a $61
million charge (2011 - nil) associated with the reduction in head
office and administrative positions and $2 million (2011 -
nil) related to changes in Loblaw's distribution network.
Restructuring and other charges included $1 million (2011 - $3
million) of accelerated depreciation incurred by Weston Foods. |
| |
52 Weeks Ended |
| |
|
|
|
| |
Dec. 31,
2012 |
|
Dec. 31, 2011 |
(unaudited)
($ millions) |
Weston
Foods |
Loblaw |
Other(1) |
Consolidated |
|
Weston
Foods |
Loblaw |
Other(1) |
Consolidated |
Net earnings attributable to shareholders
of the Company |
|
|
|
|
|
|
$ |
486 |
|
|
|
|
|
|
|
$ |
635 |
| Add impact of the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
|
|
|
|
|
240 |
|
|
|
|
|
|
|
|
284 |
| Income taxes |
|
|
|
|
|
|
|
249 |
|
|
|
|
|
|
|
|
324 |
| Net interest expense and other financing
charges |
|
|
|
|
|
|
|
417 |
|
|
|
|
|
|
|
|
366 |
| Operating income (loss) |
$ |
228 |
$ |
1,188 |
$ |
(24) |
$ |
1,392 |
|
$ |
208 |
$ |
1,376 |
$ |
25 |
$ |
1,609 |
| Add (deduct) impact of the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring and other charges(2) |
|
12 |
|
72 |
|
|
|
84 |
|
|
13 |
|
31 |
|
|
|
44 |
| Fair value adjustment of commodity derivatives at
Weston Foods |
|
(6) |
|
|
|
|
|
(6) |
|
|
31 |
|
|
|
|
|
31 |
| Share-based compensation net of equity
derivatives |
|
1 |
|
28 |
|
|
|
29 |
|
|
20 |
|
27 |
|
|
|
47 |
| MEPP withdrawal liability incurred by Weston
Foods |
|
51 |
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
|
| Post-retirement plan change at Weston Foods |
|
(6) |
|
|
|
|
|
(6) |
|
|
|
|
|
|
|
|
|
| Weston Foods insurance proceeds |
|
(5) |
|
|
|
|
|
(5) |
|
|
(7) |
|
|
|
|
|
(7) |
| Certain prior years' commodity tax matters at
Loblaw |
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
|
|
15 |
| Gain on sale of a portion of a Loblaw
property |
|
|
|
|
|
|
|
|
|
|
|
|
(14) |
|
|
|
(14) |
| Foreign currency translation loss (gain) |
|
|
|
|
|
24 |
|
24 |
|
|
|
|
|
|
(25) |
|
(25) |
| Adjusted operating income |
$ |
275 |
$ |
1,288 |
$ |
|
$ |
1,563 |
|
$ |
265 |
$ |
1,435 |
$ |
|
$ |
1,700 |
| Depreciation and amortization |
|
59 |
|
777 |
|
|
|
836 |
|
|
60 |
|
699 |
|
|
|
759 |
| Adjusted EBITDA |
$ |
334 |
$ |
2,065 |
$ |
|
$ |
2,399 |
|
$ |
325 |
$ |
2,134 |
$ |
|
$ |
2,459 |
| |
|
|
|
|
|
|
|
|
|
|
| (1) |
Year-to-date operating income included a loss of $24 million
(2011 - gain of $25 million) related to the effect of foreign
currency translation on a portion of the U.S. dollar denominated
cash and short term investments held by foreign operations. |
| (2) |
Year-to-date restructuring and other charges at Loblaw included
a $61 million charge (2011 - nil) associated with the reduction in
head office and administrative positions and $11 million (2011 -
$23 million) related to changes in Loblaw's distribution network.
In 2011, other charges also included a charge of $8 million related
to an internal realignment of Loblaw's business centered around its
two primary store formats, conventional and discount. Restructuring
and other charges included $4 million (2011 - $3 million) of
accelerated depreciation incurred by Weston Foods. |
The year-over-year changes in the following items influenced
operating income in the fourth quarter of 2012:
Restructuring and other charges The
Company continuously evaluates strategic and cost reduction
initiatives related to its store infrastructure, manufacturing
assets, distribution networks and administrative infrastructure
with the objective of ensuring a low cost operating structure.
Restructuring activities related to these initiatives are ongoing.
The details of restructuring and other charges are included in the
"Results of Reportable Operating Segments" and "Fourth Quarter
Results" sections of the MD&A included in the Company's 2012
Annual Report.
Fair value adjustment of commodity derivatives at Weston
Foods Weston Foods is exposed to commodity price
fluctuations primarily as a result of purchases of certain raw
materials, fuels and utilities. In accordance with the Company's
commodity risk management policy, Weston Foods enters into
commodity derivatives to reduce the impact of price fluctuations in
forecasted raw material purchases over a specified period of time.
These commodity derivatives are not acquired for trading or
speculative purposes. Hedge accounting is not applied to these
commodity derivatives and as a result, changes in the fair value,
which include realized and unrealized gains and losses related to
future purchases of raw materials, are recorded in operating
income. In the fourth quarter of 2012, Weston Foods recorded a
charge of $10 million (2011 - income
of $1 million) related to the fair
value adjustment of exchange traded commodity derivatives. Despite
the impact of accounting for these commodity derivatives on the
Company's reported results, the derivatives have the economic
impact of largely mitigating the associated risks arising from
price fluctuations in the underlying commodities during the period
that the commodity derivatives are held.
Share-based compensation net of equity derivatives
GWL and Glenhuron Bank Limited have entered into equity
derivatives. These derivatives partially hedge the impact of
increases in the value of GWL and Loblaw common shares on
share-based compensation cost. The amount of net share-based
compensation cost recorded in operating income is mainly dependent
upon changes in the value of GWL and Loblaw common shares and the
number and vesting of Restricted Share Units ("RSUs") and
Performance Share Units ("PSUs") relative to the number of common
shares underlying the equity derivatives. The Company assesses
its stock option plan, RSU plan, PSU plan and equity derivative
impacts on a net basis and therefore the impact of stock options is
also excluded from operating income when management reviews
consolidated and segment operating performance. In the fourth
quarter of 2012, income of $2 million
(2011 - a charge of $1 million) was
recorded related to share-based compensation net of equity
derivatives.
Multi-employer pension plan withdrawal liability incurred
by Weston Foods During 2012, Weston Foods withdrew
from one of the United States MEPPs in which it participated and as
a result, paid a withdrawal liability of $34
million. During the fourth quarter of 2012, another
participating employer withdrew from the plan and a mass withdrawal
was triggered. As a result of the mass withdrawal, the Company is
subject to an incremental withdrawal liability. Management's
estimate of the incremental withdrawal liability is approximately
$17 million which was recorded in the
fourth quarter of 2012.
Post-retirement plan change at Weston Foods
During the fourth quarter of 2012, Weston Foods negotiated the
elimination of certain post-retirement benefits. As a result, a net
gain of $6 million was recorded in
operating income.
Weston Foods insurance proceeds In the
fourth quarter of 2012, Weston Foods recorded insurance proceeds of
$5 million (2011 - net proceeds
of $2 million), related to the
loss of a Quebec facility in
2010.
Foreign currency translation gains and
losses The Company's consolidated financial
statements are expressed in Canadian dollars. A portion of the
Company's (excluding Loblaw's) net assets are denominated in U.S.
dollars and as a result, the Company is exposed to foreign currency
translation gains and losses. The impact of foreign currency
translation on a portion of the U.S. dollar denominated net assets,
primarily cash and short term investments held by foreign
operations is recorded in operating income. In the fourth quarter
of 2012, a foreign currency translation gain of $18 million (2011 - loss of $18 million) was recorded in operating
income as a result of the depreciation (2011 - appreciation) of the
Canadian dollar.
Adjusted Basic Net Earnings per Common Share
The Company believes adjusted basic net earnings per common share
is useful in assessing the Company's underlying operating
performance and in making decisions regarding the ongoing
operations of its business.
The following table reconciles adjusted basic net earnings per
common share to GAAP basic net earnings per common share reported
for the periods ended as indicated.
| (unaudited) |
|
12 Weeks Ended |
52 Weeks Ended |
| |
|
|
|
|
|
|
|
|
| ($) |
|
Dec. 31,
2012 |
|
Dec. 31, 2011 |
|
Dec. 31,
2012 |
|
Dec. 31, 2011
|
| Basic net earnings per common share |
|
$ |
0.43 |
|
$ |
0.77 |
|
$ |
3.45 |
|
$ |
4.58 |
| Add (deduct) impact of the
following(1): |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value adjustment of the forward sale
agreement for 9.6 million Loblaw common shares |
|
|
0.44 |
|
|
0.09 |
|
|
0.20 |
|
|
(0.10) |
| Restructuring and other charges |
|
|
0.24 |
|
|
0.02 |
|
|
0.33 |
|
|
0.18 |
| Fair value adjustment of commodity derivatives at
Weston Foods |
|
|
0.06 |
|
|
(0.01) |
|
|
(0.03) |
|
|
0.17 |
| Share-based compensation net of equity
derivatives |
|
|
(0.03) |
|
|
0.01 |
|
|
0.14 |
|
|
0.27 |
| MEPP withdrawal liability incurred by Weston
Foods |
|
|
0.08 |
|
|
|
|
|
0.24 |
|
|
|
| Post-retirement plan change at Weston Foods |
|
|
(0.03) |
|
|
|
|
|
(0.03) |
|
|
|
| Weston Foods insurance proceeds |
|
|
(0.03) |
|
|
(0.01) |
|
|
(0.03) |
|
|
(0.04) |
| Certain prior years' commodity tax matters at
Loblaw |
|
|
|
|
|
|
|
|
|
|
|
0.05 |
| Gain on sale of a portion of a Loblaw
property |
|
|
|
|
|
|
|
|
|
|
|
(0.06) |
| Foreign currency translation (gain) loss |
|
|
(0.14) |
|
|
0.14 |
|
|
0.19 |
|
|
(0.19) |
| Adjusted basic net earnings per common share |
|
$ |
1.02 |
|
$ |
1.01 |
|
$ |
4.46 |
|
$ |
4.86 |
| |
|
|
|
|
|
|
|
|
| (1) |
Net of interest, income taxes and non-controlling interests, as
applicable. |
In addition to the items described in the "Adjusted Operating
Income and Adjusted EBITDA" section above, the year-over-year
change in the following items also influenced basic net earnings
per common share in the fourth quarter of 2012:
Fair value adjustment of the forward sale agreement for
9.6 million Loblaw common shares The fair
value adjustment of the forward sale agreement for 9.6 million
Loblaw common shares is non-cash and is included in consolidated
net interest expense and other financing charges. The adjustment is
determined by changes in the value of the underlying Loblaw common
shares. At maturity, any cash paid under the forward sale agreement
could be offset by the sale of the underlying Loblaw common shares.
In the fourth quarter of 2012, a charge of $0.44 (2011 - $0.09) per common share was recorded in net
interest expense and other financing charges as a result of the
increase in the market price of Loblaw common shares.
Free Cash Flow
The Company believes that free cash flow is useful in assessing the
Company's cash available for additional funding and investing
activities.
The following table reconciles free cash flow to GAAP measures
reported for the periods ended as indicated.
| (unaudited) |
|
12 Weeks Ended |
|
52 Weeks Ended |
| |
|
|
|
|
|
|
|
|
| ($ millions) |
|
Dec. 31,
2012 |
|
Dec. 31, 2011 |
|
Dec. 31,
2012 |
|
Dec. 31, 2011
|
| Cash flows from operating activities |
|
$ |
680 |
|
$ |
669 |
|
$ |
1,852 |
|
$ |
1,974 |
| Change in credit card receivables |
|
|
232 |
|
|
190 |
|
|
204 |
|
|
104 |
| Less: Fixed asset purchases |
|
|
398 |
|
|
362 |
|
|
1,110 |
|
|
1,027 |
| Free cash flow |
|
$ |
514 |
|
$ |
497 |
|
$ |
946 |
|
$ |
1,051 |
| |
|
|
|
|
|
|
|
|
SELECTED FINANCIAL INFORMATION
The following includes selected quarterly financial information
which is prepared by management in accordance with International
Financial Reporting Standards ("IFRS") and is based on the
Company's audited annual consolidated financial statements for the
year ended December 31, 2012. This
financial information does not contain all disclosures required by
IFRS, and accordingly, this financial information should be read in
conjunction with the Company's audited annual consolidated
financial statements and MD&A for the year ended December 31, 2012 which is contained in
the Company's 2012 Annual Report available in the Investor Centre
section of the Company's website at www.weston.ca.
Consolidated Statements of Earnings
| |
12 Weeks Ended |
52 Weeks Ended |
| |
|
|
|
|
|
|
|
|
|
|
|
(millions of Canadian dollars except where otherwise
indicated) |
|
Dec. 31, 2012 |
|
Dec.
31, 2011 |
|
|
Dec. 31, 2012 |
|
|
Dec.
31, 2011 |
| Revenue |
|
$ |
7,727 |
|
|
|
$ |
7,636 |
|
|
|
$ |
32,742 |
|
|
|
$ |
32,376 |
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of inventories sold |
|
5,870 |
|
|
|
5,794 |
|
|
|
24,700 |
|
|
|
24,421 |
|
|
| Selling, general and administrative
expenses |
|
1,537 |
|
|
|
1,490 |
|
|
|
6,650 |
|
|
|
6,346 |
|
|
| |
|
7,407 |
|
|
|
7,284 |
|
|
|
31,350 |
|
|
|
30,767 |
|
|
| Operating Income |
|
320 |
|
|
|
352 |
|
|
|
1,392 |
|
|
|
1,609 |
|
|
| Net Interest Expense and
Other Financing Charges |
|
170 |
|
|
|
108 |
|
|
|
417 |
|
|
|
366 |
|
|
| Earnings Before Income
Taxes |
|
150 |
|
|
|
244 |
|
|
|
975 |
|
|
|
1,243 |
|
|
| Income Taxes |
|
34 |
|
|
|
71 |
|
|
|
249 |
|
|
|
324 |
|
|
| Net Earnings |
|
116 |
|
|
|
173 |
|
|
|
726 |
|
|
|
919 |
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shareholders of the Company |
|
65 |
|
|
|
109 |
|
|
|
486 |
|
|
|
635 |
|
|
| |
Non-Controlling Interests |
|
51 |
|
|
|
64 |
|
|
|
240 |
|
|
|
284 |
|
|
| Net Earnings |
|
$ |
116 |
|
|
|
$ |
173 |
|
|
|
$ |
726 |
|
|
|
$ |
919 |
|
|
| Net Earnings per Common Share
($) |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.43 |
|
|
|
$ |
0.77 |
|
|
|
$ |
3.45 |
|
|
|
$ |
4.58 |
|
|
| Diluted |
|
$ |
0.34 |
|
|
|
$ |
0.72 |
|
|
|
$ |
3.38 |
|
|
|
$ |
4.55 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
| |
|
As at |
|
| |
|
|
|
|
| (millions of Canadian dollars) |
Dec. 31,
2012 |
|
Dec. 31, 2011 |
|
| ASSETS |
|
|
|
|
|
|
| Current Assets |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
1,589 |
|
|
|
$ |
1,372 |
|
|
| |
Short term investments |
|
2,138 |
|
|
|
2,362 |
|
|
| |
Accounts receivable |
|
559 |
|
|
|
559 |
|
|
| |
Credit card receivables |
|
2,305 |
|
|
|
2,101 |
|
|
| |
Inventories |
|
2,132 |
|
|
|
2,147 |
|
|
| |
Income taxes recoverable |
|
37 |
|
|
|
37 |
|
|
| |
Prepaid expenses and other assets |
|
83 |
|
|
|
122 |
|
|
| |
Assets held for sale |
|
30 |
|
|
|
32 |
|
|
| Total Current Assets |
|
8,873 |
|
|
|
8,732 |
|
|
| Fixed Assets |
|
9,452 |
|
|
|
9,172 |
|
|
| Investment Properties |
|
100 |
|
|
|
82 |
|
|
| Goodwill and Intangible Assets |
|
1,571 |
|
|
|
1,555 |
|
|
| Deferred Income Taxes |
|
316 |
|
|
|
295 |
|
|
| Security Deposits |
|
348 |
|
|
|
367 |
|
|
| Franchise Loans Receivable |
|
363 |
|
|
|
331 |
|
|
| Other Assets |
|
781 |
|
|
|
789 |
|
|
| Total Assets |
|
$ |
21,804 |
|
|
|
$ |
21,323 |
|
|
| LIABILITIES |
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
|
| |
Bank indebtedness |
|
|
|
|
$ |
3 |
|
|
| |
Trade and other payables |
|
$ |
3,937 |
|
|
|
3,940 |
|
|
| |
Provisions |
|
123 |
|
|
|
67 |
|
|
| |
Short term debt |
|
1,319 |
|
|
|
1,280 |
|
|
| |
Long term debt due within one year |
|
672 |
|
|
|
87 |
|
|
| Total Current Liabilities |
|
6,051 |
|
|
|
5,377 |
|
|
| Provisions |
|
94 |
|
|
|
94 |
|
|
| Long Term Debt |
|
6,261 |
|
|
|
6,757 |
|
|
| Deferred Income Taxes |
|
160 |
|
|
|
160 |
|
|
| Other Liabilities |
|
945 |
|
|
|
1,033 |
|
|
| Capital Securities |
|
223 |
|
|
|
222 |
|
|
| Total
Liabilities |
|
13,734 |
|
|
|
13,643 |
|
|
| EQUITY |
|
|
|
|
|
|
| Share Capital |
|
953 |
|
|
|
950 |
|
|
| Contributed Surplus |
|
28 |
|
|
|
24 |
|
|
| Retained Earnings |
|
4,735 |
|
|
|
4,496 |
|
|
| Accumulated Other Comprehensive
Loss |
|
(24) |
|
|
|
(11) |
|
|
| Total Equity Attributable to
Shareholders of the Company |
|
5,692 |
|
|
|
5,459 |
|
|
| Non-Controlling Interests |
|
2,378 |
|
|
|
2,221 |
|
|
| Total Equity |
|
8,070 |
|
|
|
7,680 |
|
|
| Total Liabilities and
Equity |
|
$ |
21,804 |
|
|
|
$ |
21,323 |
|
|
| |
|
|
|
|
|
|
Consolidated Statements of Cash Flow
| |
12 Weeks Ended |
|
52 Weeks Ended
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (millions of Canadian dollars) |
Dec. 31,
2012 |
|
Dec. 31, 2011 |
|
Dec. 31,
2012 |
|
Dec. 31, 2011 |
|
| Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net earnings |
|
$ |
116 |
|
|
|
$ |
173 |
|
|
|
$ |
726 |
|
|
|
$ |
919 |
|
|
| |
Income taxes |
|
34 |
|
|
|
71 |
|
|
|
249 |
|
|
|
324 |
|
|
| |
Net interest expense and other
financing charges |
|
170 |
|
|
|
108 |
|
|
|
417 |
|
|
|
366 |
|
|
| |
Depreciation and amortization |
|
202 |
|
|
|
188 |
|
|
|
840 |
|
|
|
762 |
|
|
| |
Foreign currency translation (gain)
loss |
|
(18) |
|
|
|
18 |
|
|
|
24 |
|
|
|
(25) |
|
|
| |
Income taxes paid |
|
(52) |
|
|
|
(61) |
|
|
|
(261) |
|
|
|
(277) |
|
|
| |
Interest received |
|
22 |
|
|
|
20 |
|
|
|
65 |
|
|
|
76 |
|
|
| |
Settlement of equity derivative
contracts |
|
|
|
|
(22) |
|
|
|
|
|
|
(22) |
|
|
| |
Change in credit card receivables |
|
(232) |
|
|
|
(190) |
|
|
|
(204) |
|
|
|
(104) |
|
|
| |
Change in non-cash working
capital |
|
469 |
|
|
|
351 |
|
|
|
43 |
|
|
|
(36) |
|
|
| |
Fixed assets and other related
impairments |
|
12 |
|
|
|
(2) |
|
|
|
19 |
|
|
|
7 |
|
|
| |
Gain on disposal of assets |
|
(11) |
|
|
|
(7) |
|
|
|
(14) |
|
|
|
(18) |
|
|
| |
Other |
|
(32) |
|
|
|
22 |
|
|
|
(52) |
|
|
|
2 |
|
|
| Cash Flows from Operating
Activities |
|
680 |
|
|
|
669 |
|
|
|
1,852 |
|
|
|
1,974 |
|
|
| Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed asset purchases |
|
(398) |
|
|
|
(362) |
|
|
|
(1,110) |
|
|
|
(1,027) |
|
|
| |
Change in short term investments |
|
300 |
|
|
|
49 |
|
|
|
181 |
|
|
|
929 |
|
|
| |
Business acquisition - net
of cash acquired |
|
|
|
|
|
|
|
|
|
|
(12) |
|
|
| |
Proceeds from fixed asset sales |
|
29 |
|
|
|
6 |
|
|
|
64 |
|
|
|
57 |
|
|
| |
Change in franchise investments and
other receivables |
|
(21) |
|
|
|
(27) |
|
|
|
(22) |
|
|
|
(18) |
|
|
| |
Change in security deposits |
|
(5) |
|
|
|
(123) |
|
|
|
14 |
|
|
|
74 |
|
|
| |
Goodwill and intangible asset
additions |
|
1 |
|
|
|
(7) |
|
|
|
(43) |
|
|
|
(13) |
|
|
| |
Other |
|
|
|
|
(5) |
|
|
|
|
|
|
(5) |
|
|
| Cash Flows used in Investing
Activities |
|
(94) |
|
|
|
(469) |
|
|
|
(916) |
|
|
|
(15) |
|
|
| Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Change in bank indebtedness |
|
|
|
|
(5) |
|
|
|
(3) |
|
|
|
(8) |
|
|
| |
Change in short term debt |
|
10 |
|
|
|
10 |
|
|
|
39 |
|
|
|
409 |
|
|
| |
Long term debt |
- Issued |
|
62 |
|
|
|
352 |
|
|
|
111 |
|
|
|
635 |
|
|
| |
|
- Retired |
|
(18) |
|
|
|
(353) |
|
|
|
(115) |
|
|
|
(1,209) |
|
|
| |
Share
capital |
- Issued |
|
2 |
|
|
|
|
|
|
2 |
|
|
|
1 |
|
|
| |
|
- Retired |
|
(1) |
|
|
|
(60) |
|
|
|
(1) |
|
|
|
(61) |
|
|
| |
Subsidiary share capital |
- Issued |
|
15 |
|
|
|
2 |
|
|
|
22 |
|
|
|
21 |
|
|
| |
|
- Retired |
|
(10) |
|
|
|
(17) |
|
|
|
(16) |
|
|
|
(39) |
|
|
| |
Interest paid |
|
(125) |
|
|
|
(129) |
|
|
|
(456) |
|
|
|
(489) |
|
|
| |
Dividends |
- To common shareholders |
|
|
|
|
|
|
|
(185) |
|
|
|
(1,186) |
|
|
| |
|
- To preferred shareholders |
|
(3) |
|
|
|
(3) |
|
|
|
(44) |
|
|
|
(44) |
|
|
| |
|
- To minority shareholders |
|
|
|
|
(22) |
|
|
|
(65) |
|
|
|
(79) |
|
|
| Cash Flows used in Financing
Activities |
|
(68) |
|
|
|
(225) |
|
|
|
(711) |
|
|
|
(2,049) |
|
|
| Effect of foreign
currency exchange rate changes on cash and cash equivalents |
|
4 |
|
|
|
(2) |
|
|
|
(8) |
|
|
|
9 |
|
|
| Change in Cash and Cash
Equivalents |
|
522 |
|
|
|
(27) |
|
|
|
217 |
|
|
|
(81) |
|
|
| Cash and Cash Equivalents, Beginning
of Period |
|
1,067 |
|
|
|
1,399 |
|
|
|
1,372 |
|
|
|
1,453 |
|
|
| Cash and Cash Equivalents, End of
Period |
|
$ |
1,589 |
|
|
|
$ |
1,372 |
|
|
|
$ |
1,589 |
|
|
|
$ |
1,372 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
2012 ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND
MANAGEMENT'S DISCUSSION AND ANALYSIS
The Company's annual audited consolidated financial statements and
MD&A for the year ended December 31,
2012 are available in the Investor Centre section of the
Company's website at www.weston.ca and have been filed with SEDAR
and will be available at www.sedar.com.
INVESTOR RELATIONS
Shareholders, security analysts and investment professionals should
direct their requests to Mr. Geoffrey H.
Wilson, Senior Vice President, Financial Control and
Investor Relations, at the Company's Executive Office or by e-mail
at investor@weston.ca.
Additional financial information has been filed electronically
with the Canadian securities regulatory authorities in
Canada through SEDAR. This News
Release includes selected information on Loblaw Companies Limited,
a 62.9%-owned public reporting subsidiary company with shares
trading on the Toronto Stock Exchange. For information regarding
Loblaw, readers should also refer to the materials filed by Loblaw
with the Canadian securities regulatory authorities from time to
time. These filings are also maintained at Loblaw's corporate
website at www.loblaw.ca.
CONFERENCE CALL AND WEBCAST PRESENTATION
George Weston Limited will host a conference call as well as an
audio webcast on Thursday, February 28,
2013 at 11:00 a.m. (EST). To
access via tele-conference, please dial (647) 427-7450. The
playback will be available two hours after the event at (416)
849-0833, passcode: 91622805#. To access via audio webcast, please
visit the Investor Centre section of www.weston.ca.
Pre-registration will be available.
SOURCE George Weston Limited