Glossary

Adjusted EBITDA
EBITDA excluding certain items to better analyze trends in performance

Adjusted net earnings
Net earnings, attributable to owners of the Company, excluding certain items to better analyze trends in performance and financial results

Book value per common share
Shareholders’ equity, net of non-controlling interest, divided by total common shares outstanding

CAGR
Compound Annual Growth Rate

Capital expenditures
Payments made for the acquisition of property, equipment and investment property purchases

EBITDA
Net earnings before finance costs (net of finance income), income tax expense, and depreciation and amortization of intangibles

EBITDA margin
EBITDA divided by sales

Free cash flow
Cash flows from operating activities, plus proceeds on disposal of property, equipment and investment property, less acquisitions of property, equipment, investment property and intangibles

Funded debt
All interest-bearing debt, which includes bank loans, bankers’ acceptances, long-term debt and long-term lease liabilities

Gross Margin
Gross profit divided by sales

Gross Profit
Sales less costs of sales

Hedge
A financial instrument used to manage foreign exchange, interest rate, energy or other commodity risk by making a transaction which offsets the existing position

Interest expense
Interest expense on financial liabilities measured at amortized cost and interest expense on lease liabilities

Net funded debt to net total capital
Net funded debt divided by net total capital

Net funded debt
Funded debt less cash and cash equivalents

Net total capital
Funded debt plus shareholders’ equity, net of non-controlling interest, less cash and cash equivalents

Operating income
Also called earnings before interest and taxes (“EBIT”).  Calculated as net earnings from continuing operations before finance costs (net of finance income) and income taxes

Operating income margin
Operating income divided by sales

Private label
A brand of products that is marketed, distributed and owned by the Company

Return on equity (“ROE”)
Net earnings for the year attributable to owners of the parent divided by average shareholders’ equity

Same-store sales
Sales from stores in the same location in both reporting periods

Total capital
Funded debt plus shareholders’ equity, net of non-controlling interest

Weighted average number of shares
The number of Non-Voting Class A shares plus Class B common shares outstanding adjusted to take into account the time the shares are outstanding in the reporting period