Alimentation Couche-Tard Inc. (ATD.B) 2015年年度報告「TSX」.pdf

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1、201520152015Annual ReportAnnual ReportAnnual Report Table of Contents People and Places.Page 2 Performance Highlights.Page 3 A Hunger for Sustainable Growth.Page 4 Alain Bouchard,Founder&Executive Chairman of the Board Delivering Results That Matter.Page 7 Brian Hannasch,President&Chief Executive Of

2、ficer Managements Discussion&Analysis.Page 12 Managements Report.Page 44 Independent Auditors Report.Page 46 Consolidated Financial Statements.Page 48 Annual Report 2015 Alimentation Couche-Tard Inc.Page 2 of 82 People and Places As of April 26,2015,Couche-Tards network comprised 7,848 convenience s

3、tores throughout North America,including 6,404 stores offering road transportation fuel.About 80,000 people are employed throughout its network and service offices in North America.In Europe,Couche-Tard operates a broad retail network across Scandinavia,Poland,the Baltics and Russia,which comprised

4、2,230 stores as at April 26,2015,the majority of which offer road transportation fuel and convenience products,while the others are unmanned automated service stations which offer road transportation fuel only.Including employees at Statoil-branded franchise stations,about 19,000 people work in its

5、retail network,terminals and service offices across Europe.In addition,about 4,700 stores are operated by independent operators under the Circle K banner in 12 other countries or regions worldwide(China,Guam,Honduras,Hong Kong,Indonesia,Japan,Macau,Malaysia,Mexico,the Philippines,the United Arab Emi

6、rates and Vietnam)which brings to more than 14,700 the number of sites in Couche-Tards network.North AmericaEurope 2015 100,000 People North America6,241Europe2,258International4,600North America7,848Europe2,230International4,700 2015 14,700 Sites 2014 13,100 Sites Annual Report 2015 Alimentation Co

7、uche-Tard Inc.Page 3 of 82 Performance Highlights Growth of Same-Store Merchandise Revenues:US:3.9%*Europe:2.0%Canada:3.4%Growth of Same-Store Road Transportation Fuel Volumes:US:3.4%*Europe:2.4%Canada:-0.1%All dollar figures are in USD millions,except per-share amounts which are in USD.*Includes re

8、sults for The Pantry stores since the acquisition date.*Adjusted for the negative impact from the translation of our European and Canadian operations into US dollars.*These ratios are presented on a pro forma basis following the acquisition of The Pantry.$2,699.3$2,899.8FY2014FY2015Merchandise and S

9、ervice Gross Profit*FY2014FY2015Adjusted EBITDA$1,590.9$1,913.0$1.35$1.80FY2014FY2015Adjusted DilutedEarnings Per Share$1,888.4$2,236.6FY2014FY2015 Road TransportationFuel Gross Profit*+$200.5+7.4%+$348.2+18.4%+$322.1+20.2%+$0.45+33.3%*$857.8$1,037.6Adjusted Free Cash Flows FY2014FY201522.6%24.9%FY2

10、014FY2015Return on Equity13.3%16.2%FY2014FY2015 Return on Capital Employed(ROCE)*FY2014 FY2015 2.44 2.17 Adjusted NetInterest-BearingDebt/Adjusted EBITDAR*+$179.8+21.0%Annual Report 2015 Alimentation Couche-Tard Inc.Page 4 of 82 Alain Bouchard Founder&Executive Chairman of the Board Development is i

11、n the DNA of this corporation.Since starting out with a single store in 1980,the dream has always been of creating a genuinely big network of convenience and fuel retail locations.A Hunger for Sustainable Growth-the Strategic View From that first store,our network has grown to include more than 10,0

12、00 corporate stores and almost 100,000 people,spanning two continents and serving around six million customers every day.Even further afield,licensing takes our brands to over a dozen more countries and to customers around the world.Our business is no longer small-but there is still ample room for f

13、urther growth.We have built a reputation for smart,disciplined acquisitions,spotting the right opportunities and striking the right deals at the right price.As Executive Chairman of the Board,continued,sustainable network development is my primary focus.In the convenience and fuel retail industry,th

14、e landscape can vary significantly from country to country and from continent to continent.In the U.S.,the convenience store sector is fragmented and in a consolidation phase.We continue to actively participate in this process through our acquisitions,through gaining customers from competitors inclu

15、ding when they close their sites,through newly constructed sites and through growing our customer base by improving our own offering.In Europe and in Canada,the convenience store sector has been dominated by a few major players,including integrated oil companies and regional refiners.Some of those c

16、ompanies are selling,or are expected to sell,their retail assets.We continually look out for the right investment opportunities that might come up as a result.Robust Finances Fuel Growth In Fiscal 2015,our strong cash flows-from excellent results-enabled us to carry on the rapid reduction in our deb

17、t levels.We improved our return on capital employed,bringing it to 16.2%at the end of the fiscal year-up from 12.6%following the acquisition of Statoil Fuel&Retail in 2012.Couche-Tard is in robust financial health.That in turn enables us to continue the organic growth of our network and to be on the

18、 lookout for interesting investment opportunities.In March we acquired The Pantry,a leading convenience store operator in the southeastern United States and one of the countrys largest independently operated convenience store chains.The Pantry operates nearly 1,500 stores in 13 states,mostly under t

19、he“Kangaroo Express”brand.Days after closing on The Pantry deal,we entered into an agreement with A/S Dansk Shell to acquire their Danish retail business(comprising 315 service stations,their commercial fuel business and their aviation fuel business in A Kangaroo Express-branded store from The Pantr

20、y,part of the Couche-Tard family A newly-constructed site under the Circle K banner in Tampa,Florida.Annual Report 2015 Alimentation Couche-Tard Inc.Page 5 of 82 Denmark).This transaction is currently subject to the standard regulatory approvals and closing conditions,though we expect it to close be

21、fore the end of Fiscal 2016.In Vilnius,capital of Lithuania,we have for the first time opened a“standalone”(non-fuel)convenience store.This pilot store,opened in February 2015,will be operated for at least a year before any conclusions are drawn-but the initial performance is encouraging.This year w

22、e also entered into agreements to license our Circle K brand in two new countries:Costa Rica in Central America and Egypt in the Middle East,taking the total number of countries touched by the Circle K brand to 14.In last years report we declared that we would further increase our focus on the const

23、ruction of new sites and the relocation and reconstruction of existing sites as well as the acquisition of individual stores.In Fiscal 2015 we acquired 32 company-operated stores through distinct transactions and completed the construction,relocation or reconstruction of 72 stores-not just reaching

24、our target of 80-100 stores but slightly exceeding it,delivering a significant increase over the previous year.Altogether(including multiple-site acquisitions)a total of 1,655 corporate stores have been added to our network in Fiscal 2015.52 new stores were built and 1,603 corporate stores were acqu

25、ired in North America and in Europe.Focus on Customers On-The-Go In addition to acquiring new sites and enhancing existing ones,the sustainable growth of our business relies on our ability to react to pressures and opportunities from our customers,suppliers,partners and in the wider markets in which

26、 we operate.In sales we focus on key categories including food,coffee,cold beverages,fuel and car wash for customers on-the-go.The evidence shows that we have developed excellent teams with the right expertise and technology to recognize and respond to the trends in our markets.It also shows that we

27、 are out-performing much of the opposition-but our hunger for growth means we will never be complacent;we will never stop looking for improvement.Looking ahead Completing the integration of The Pantrys operations into the Couche-Tard family is a clear priority for Fiscal 2016.In Europe,working with

28、the competition authorities to achieve a successful conclusion to the A/S Dansk Shell acquisition will attract a similar focus.We continue to balance our debt structure while developing our revolving credit facilities.We do this to maintain the health of our balance sheet and optimize our options fo

29、r growth.The discipline this demands has resulted in a significant improvement in our return on capital employed(ROCE)by 290 basis points in just one year.Looking ahead,we see opportunities to further improve our investment grade rating.Modern machines that are cost-efficient to maintain and easy fo

30、r customers to use:Simply Great Coffee for customers on the go Customers enjoying a break outside our first standalone convenience store in Europe Annual Report 2015 Alimentation Couche-Tard Inc.Page 6 of 82 Across the entire business we will continue to be vigilant for further opportunities for gro

31、wth.We will ensure we retain our reputation for smart choices and financial discipline,while further accelerating our efforts in store construction,reconstruction and individual store acquisitions.Alain Bouchard Founder&Executive Chairman Annual Report 2015 Alimentation Couche-Tard Inc.Page 7 of 82

32、Brian Hannasch President&Chief Executive Officer We aspire to be the worlds preferred destination for convenience and fuel.In the past year we have moved closer to this goal,expanding our network through both acquisitions and newly-constructed sites,while continually improving our business.In Fiscal

33、 2015 our teams have successfully created more products and services that are relevant for our customers.At the same time they have sharpened our retail execution,improved our operational efficiency and reduced our costs.Delivering Results That Matter We have delivered our seventh straight year of r

34、ecord earnings.Our net earnings have increased to$933.5 million,up 14.9%over Fiscal 2014.Excluding non-recurring items,net earnings for Fiscal 2015 would have been approximately$1,022.0 million,or$1.80 per share on a diluted basis-an increase of 33.4%compared with Fiscal 2014.On an adjusted basis,EB

35、ITDA for Fiscal 2015 was$1,913.0 million,an increase of$322.1 million or 20.2%compared with Fiscal 2014,including a contribution from acquisitions(net of acquisition costs recorded to earnings)of$43.0 million.We continue to actively work in all our operations to identify and implement synergies and

36、realize cost reduction opportunities.In parallel we are working to improve our top line,simultaneously driving up same-store merchandising figures and increasing fuel volumes.Further opportunities are promising,as we have established effective processes for both controlling costs and sharing best pr

37、actices across our network.We maintain our goal of annual synergies with Europe of up to$200 million before the end of December 2015.Impressive Potential With the recent acquisition of The Pantry in the South-Eastern United States,we look at the year ahead with ongoing enthusiasm.This latest additio

38、n to our worldwide network has impressive potential for contributing to the growth of the Corporation.We are already working on the integration of The Pantrys stores into our existing network.We anticipate that this integration effort will result in the realization of cost reductions of at least$85.

39、0 million over the next 24 months.In addition,we expect to grow fuel and convenience sales in this region through the exchange and implementation of best practice from both companies as well as through improved supply conditions.Fueling Performance In Fiscal 2015,average retail prices for road trans

40、portation fuel decreased.In this environment,we successfully delivered an increase in fuel volumes and margins across both North America and Europe.We owe this to solid performance on fuel retailing in the U.S.and the further expansion of our proprietary miles fuel brand in Europe,where it continues

41、 to gain traction and perform well against the market.Today our miles brand fuel can be found in seven of our eight European markets:Norway,Sweden,Denmark and the Baltic countries plus the most recent national roll-out in Poland,just after the close of Fiscal 2015.Today we have a total of 1,688 stat

42、ions selling miles with international approval from our customers and increased market share right across our Scandinavia and Central&Eastern Europe business areas.Business unit leader Tom Graven-Lauritzen filling up with miles brand fuel after launching it in his Polish market Annual Report 2015 Al

43、imentation Couche-Tard Inc.Page 8 of 82 Overall,premium fuels were our fastest-growing product this year.Increased customer demand is driven by car manufacturers fuel recommendations on their newer models,as well as the general desire of car lovers for the benefits of premium fuels,including improve

44、d fuel consumption,extended engine life and enhanced performance.We are also proud to report that,at the same time,our Swedish and Danish fuel customers have responded enthusiastically to the conversion in Fiscal 2015 of nearly all our unmanned service stations in these Scandinavian markets to our o

45、wn INGO brand.Customer retention through the rebranding program was 100%and in fact INGO has already attracted additional customers.Performing in Convenience In addition to growing fuel volumes,our same-store merchandise sales delivered solid results on both continents,led by the U.S.which delivered

46、 its strongest results since 2007.More than ever,time-starved customers are seeking an enjoyable and efficient experience.We seek to give them exactly what they are looking for-and more.Making our customers lives easier means offering them the products and services they want in a friendly and effici

47、ent manner that fits into their busy day.We prioritize our strategy,tactics and investment to make this a reality.With around 10,000 stores and almost 100,000 employees,each improvement we make has the potential for making a profound impact on the nearly six million customers who visit us every day,

48、as well as on our suppliers,partners and other stakeholders.Fiscal 2015 has been characterized by strong contributions from organic growth in merchandise sales.One great example has been the roll out of our Simply Great Coffee program in Europe,delivering black coffee,espressos,latts and cappuccinos

49、 as well as rich hot chocolate.This range of high quality drinks is based on a unique blend of beans for each country and uses fresh milk.The program is generating positive results,with the product ranked#1 in brand awareness in six of the seven business units measured.In total we have rolled out Si

50、mply Great Coffee to 700 stations in Europe and we are piloting it at 71 locations in North America.In Europe,the revival of the hot dog is going strong.In Fiscal 2015 we sold 12 million more hot dogs at Statoil stations than we did in Fiscal 2013.That represents a 26%growth.The key driving factor i

51、s our permanent product promotion,known as our“Coin offer”,which was introduced in 2013.Through this promotion,customers can always come into one of our stores to purchase“a hot dog for a coin”at Statoil.Taking a cue from this successful product,we are currently testing a new Real Hot Dog concept in

52、 two European markets.This concept is built around the idea of a gourmet hot dog offer with specialized toppings and is already delivering encouraging results.In North America,we are also responding to our customers desire for a fresh and convenient food offer.In Texas we took our“foodvenience”(food

53、 prepared on-site+convenience)offer to the next level,opening our first purpose-built store in February,which will act as the prototype for our future foodvenience developments.This type of innovation,along with the hard work of our teams,gives us great organic growth in our merchandise and service

54、sales.Brian Hannasch(left)with foodvenience store manager James Clark in Texas,USA Annual Report 2015 Alimentation Couche-Tard Inc.Page 9 of 82 Merchandising has Stepped Up We have seen that focusing on a step-change in merchandising has improved our performance in Europe.We have refreshed floor pla

55、ns and improved product placement across the network.We have expanded product categories,increased focus on private label products and introduced new hardware and marketing materials,as well as implementing best practices in category management training and merchandising principles.Together these ef

56、forts have delivered a 3.2%growth in Gross Margin and a 2.0%growth in same-store merchandise sales for the European network.Private Label In the last year we have accelerated our efforts in private label.We have spent time,energy and effort to ensure that the products we develop-carrying the Circle

57、K brand in the U.S.,the Made To Go and Statoil brands in Europe and in Canada the Favorites brand(or Nos Favoris in French)-are at the right quality and a reasonable price.Our intent is to use private label products to build customer loyalty and increase brand equity while increasing profits.Since M

58、ay 2014 in North America we have introduced 111 private label items.Our efforts are paying off on both continents,where private label is one the fastest growing of our merchandise product categories.We will continue to focus on developing this segment.Corporate Responsibility Our most important corp

59、orate responsibility is to provide our products and services in a socially,environmentally and ethically responsible way.However,corporate responsibility does not end there.In the Couche-Tard family we look to create win-win situations in all the communities and markets in which we operate.To ensure

60、 we can focus our efforts and make a real impact,we are concentrating on three areas of Corporate Responsibility:people,community and the environment.Private label products offer customers good value while generating attractive margins Annual Report 2015 Alimentation Couche-Tard Inc.Page 10 of 82 Pe

61、ople We are committed to providing a safe and stimulating work environment for all our people.We strive to offer competitive compensation,training and opportunities for advancement to every employee.In both North America and Europe we have our own academies dedicated to improving our peoples busines

62、s skills.We invest almost 2.5%of our total annual salaries to the training and professional development of our employees.Community This year,our community efforts resulted in over US$20 million in donations for organizations ranging from national bodies like the American Red Cross to local centers f

63、or homeless children and programs for youth at risk.In addition to our larger programs and campaigns,great effort goes into supporting dozens of organizations at a smaller scale in both North America and Europe.These initiatives have spanned in-store campaigns,the sale of charity calendars and other

64、 articles,and a wide range of fundraising activities.We are proud of,and grateful for,the energy,enthusiasm and commitment our people show as they actively engage in these causes across the globe.You can find out much more about our community efforts,including details of a wide range of individual p

65、rograms in ten countries,at www.couche-.Environment In North America we are in the fifth year of a continuing journey to reduce energy consumption in our stores,offices and other facilities.Over the last three years we have driven down electrical consumption by 11.4%or almost one billion kilowatt ho

66、urs.In Fiscal 2016 one of our focus areas will be to ensure all our programs-including those in The Pantry and our European operations-are aligned and working towards the same goals.Our current efforts in this area across all our operations include increasing the use of LED lighting solutions,occupa

67、ncy sensors,lighting controllers and HVAC optimizers.These infrastructure improvements are accompanied by employee engagement programs aimed at raising awareness of energy consumption.Actions as simple as turning off unused lights can add up to significant savings.Together,these initiatives allow us

68、 to reduce both maintenance and energy costs without negatively impacting the experience we offer our customers.Couche-Tard is one of the largest retail blenders of renewable fuels in North America including Ethanol blending and biodiesel.Biofuels are part of our customer offer across all our Europe

69、an markets,while in our larger markets,including Sweden and Norway,we also provide charging stations for electric cars.You can find out much more about our environmental efforts,including details of a wide range of environmental partnerships and other programs,at www.couche-.Increasing use of long-l

70、ife and LED lighting creates a bright solution for welcoming customers and reducing emissions Circle K has supported Capstone Adaptive Learning&Therapy Centers for more than 25 years.This year sees the 5th annual Circle K 5k Run/Walk benefitting Capstone at Pensacola Beach,FL.Annual Report 2015 Alim

71、entation Couche-Tard Inc.Page 11 of 82 Outlook As the global economies slowly continue to improve in the U.S.and fuel prices decline globally,consumers will find more disposable income in their pockets.To be better positioned to compete for our share of our customers wallets in the coming year,we wi

72、ll further strengthen our efforts to meet their demand for a“more modern convenience store”.This means continually improving our range of products,the ease of shopping and the selection of fresh foods we offer.It means identifying and exploiting the right network growth opportunities,and it means mo

73、tivating and empowering our family of 100,000 people that engage with our customers every day so they can deliver the best possible customer experience.This is our recipe for increasing traffic,capturing new customers and bringing our existing customers back more often.Brian Hannasch President&Chief

74、 Executive Officer Annual Report 2015 Alimentation Couche-Tard Inc.Page 12 of 82 Managements Discussion and Analysis The purpose of this Managements Discussion and Analysis(“MD&A”)is,as required by regulators,to explain managements point of view on Alimentation Couche-Tard Inc.s(“Couche-Tard”)financ

75、ial condition and results of operations as well as its performance during the fiscal year ending April 26,2015.More specifically,it aims to let the reader better understand our development strategy,performance in relation to objectives,future expectations and how we address risk and manage our finan

76、cial resources.This MD&A also provides information to improve the readers understanding of the consolidated financial statements and related notes.It should therefore be read in conjunction with those documents.By“we”,“our”,“us”and“the Corporation”,we refer collectively to Couche-Tard and its subsid

77、iaries.Except where otherwise indicated,all financial information reflected herein is expressed in United States dollars(“US dollars”)and determined on the basis of International Financial Reporting Standards(“IFRS”)as issued by the International Accounting Standards Board(“IASB”).We also use measur

78、es in this MD&A that do not comply with IFRS.When such measures are presented,they are defined and the reader is informed.This MD&A should be read in conjunction with the annual consolidated financial statements and related notes included in our 2015 Annual Report,which,along with additional informa

79、tion relating to Couche-Tard,including the most recent Annual Information Form,is available on SEDAR at and on our website at http:/corpo.couche- Statements This MD&A includes certain statements that are“forward-looking statements”within the meaning of the securities laws of Canada.Any statement in

80、this MD&A that is not a statement of historical fact may be deemed to be a forward-looking statement.When used in this MD&A,the words”believe”,“could”,“should”,“intend”,“expect”,“estimate”,“assume”and other similar expressions are generally intended to identify forward-looking statements.It is impor

81、tant to know that the forward-looking statements in this MD&A describe our expectations as at July 14,2015,which are not guarantees of the future performance of Couche-Tard or its industry,and involve known and unknown risks and uncertainties that may cause Couche-Tards or the industrys outlook,actu

82、al results or performance to be materially different from any future results or performance expressed or implied by such statements.Our actual results could be materially different from our expectations if known or unknown risks affect our business,or if our estimates or assumptions turn out to be i

83、naccurate.A change affecting an assumption can also have an impact on other interrelated assumptions,which could increase or diminish the effect of the change.As a result,we cannot guarantee that any forward-looking statement will materialize and,accordingly,the reader is cautioned not to place undu

84、e reliance on these forward-looking statements.Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on our business.For example,they do not include the effect of sales of assets,monetization,me

85、rgers,acquisitions,other business combinations or transactions,asset write-downs or other charges announced or occurring after forward-looking statements are made.Unless otherwise required by applicable securities laws,we disclaim any intention or obligation to update or revise the forward-looking s

86、tatements,whether as a result of new information,future events or otherwise.The foregoing risks and uncertainties include the risks set forth under“Business Risks”in our 2015 Annual Report as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in

87、 Canada.Our Business We are the leader in the Canadian convenience store industry.In the United States,we are the largest independent convenience store operator in terms of number of company-operated stores.In Europe,we are a leader in convenience store and road transportation fuel in Scandinavian c

88、ountries and in the Baltic countries while we have a significant presence in Poland.As of April 26,2015,our network comprises 7,848 convenience stores throughout North America,including 6,404 stores offering road transportation fuel.Our North-American network consists of 14 business units,including

89、ten in the United States covering 41 states and four in Canada covering all ten provinces.About 80,000 people are employed throughout our network and at the service offices in North America.In Europe,we operate a broad retail network across Scandinavia(Norway,Sweden,Denmark),Poland,the Baltics(Eston

90、ia,Latvia,Lithuania)and Russia with 2,230 stores as at April 26,2015,the majority of which offer road transportation fuel and Annual Report 2015 Alimentation Couche-Tard Inc.Page 13 of 82 convenience products while the others are unmanned automated service stations which offer road transportation fu

91、el only.We also offer other products,including stationary energy,marine fuel,lubricants and chemicals and we operate key fuel terminals and fuel depots in six countries.Including employees at Statoil branded franchise stations,about 19,000 people work in our retail network,terminals and service offi

92、ces across Europe.In addition,about 4,700 stores are operated by independent operators under the Circle K banner in 12 other countries or regions worldwide(China,Guam,Honduras,Hong Kong,Indonesia,Japan,Macau,Malaysia,Mexico,the Philippines,the United Arab Emirates and Vietnam)which brings the total

93、network to over 14,700 stores.Our mission is to offer our customers a quick and outstanding service by developing a customized and friendly relationship with them while still finding ways to pleasantly surprise them on a daily basis.In this regard,we strive to meet the demands and needs of our custo

94、mers based on their regional requirements.To do this,we offer food and beverage items,road transportation fuel and other high-quality products and services designed to meet or exceed customers demands in a clean welcoming environment.Our positioning in the industry stems primarily from the success o

95、f our business model,which is based on a decentralized management structure,an ongoing comparison of best practices and operational expertise that is enhanced by our experience in the various regions of our network.Our positioning is also a result of our focus on in-store merchandise,as well as our

96、continued investment in our people and our stores.Value creation In the United States,the convenience store sector is fragmented and in a consolidation phase.We are participating in this process through our acquisitions and the market shares we gain when competitors close sites and by improving our

97、offering.In Europe and Canada,the convenience store sector is often dominated by a few major players,including integrated oil companies.Some of these integrated oil companies are in the process of selling or are expected to sell their retail assets.We intend to study investment opportunities that mi

98、ght come to us through this process.No matter the context,acquisitions have to be concluded at reasonable conditions in order to create value for our Corporation and its shareholders.Therefore,we do not favour store count growth to the detriment of profitability.In addition to our participation in t

99、he consolidation phase of our sector and potentially in the acquisition of integrated oil companies retail assets,it has to be noted that organic contribution has played an important role in the recent growth of our net earnings.The on-going improvement of our offer,including fresh products,supply t

100、erms and efficiency of our business has been a highlight,especially with the absence of significant acquisitions and net growth in store count in the recent years,prior to the acquisition of Statoil Fuel&Retail and The Pantry.Thus,all these elements contributed to the growth in net earnings and to v

101、alue creation for our shareholders and other stakeholders.We intend to continue in this direction.Exchange Rate Data We use the US dollar as our reporting currency which provides more relevant information given the predominance of our operations in the United States and the significant portion of ou

102、r debt denominated in US dollars.The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:12-week periods ended 52-week periods ended April 26,2015 April 27,2014 April 26,2015 April 27,2014 April 28,2013 Average fo

103、r period Canadian Dollar(1)0.7993 0.9045 0.8708 0.9439 0.9966 Norwegian Krone(2)0.1277 0.1659 0.1454 0.1665 0.1737 Swedish Krone(2)0.1174 0.1542 0.1333 0.1533 0.1513 Danish Krone(2)0.1471 0.1845 0.1656 0.1805 0.1730 Zloty(2)0.2673 0.3289 0.2959 0.3200 0.3117 Euro(2)1.0980 1.3770 1.2431 1.3466 1.2893

104、 Lats(3)-1.9002 1.8481 Litas(4)-0.3989 0.3790 0.3897 0.3735 Ruble(2)0.0170 0.0280 0.0213 0.0300 0.0320 Annual Report 2015 Alimentation Couche-Tard Inc.Page 14 of 82 As at April 26,2015 As at April 27,2014 Period end Canadian Dollar 0.8217 0.9061 Norwegian Krone 0.1286 0.1681 Swedish Krone 0.1159 0.1

105、537 Danish Krone 0.1457 0.1858 Zloty 0.2697 0.3301 Euro 1.0875 1.3870 Litas -0.4018 Ruble 0.0196 0.0281 (1)Calculated by taking the average of the closing exchange rates of each day in the applicable period.(2)Average rate for the period from February 1st,2015 to April 30,2015 for the 12-week period

106、 ended April 26,2015,from May 1st,2014 to April 30,2015 for the 52-week period ended April 26,2015,from February 1st,2014 to April 30,2014 for the 12-week period ended April 27,2014,from May 1st,2013 to April 30,2014 for the 52-week period ended April 27,2014 and from June 20,2012 to April 30,2013 f

107、or the 52-week period ended April 28,2013.Calculated using the average exchange rate at the close of each day for the stated period.(3)On January 1st,2014,Latvia changed its currency from the Lats to the Euro.The average rate is for the period from May 1st,2013 to December 31,2013 for the 52-week pe

108、riod ended April 27,2014 and from June 20,2012 to April 30,2013 for the 52 week period ended April 28,2013.Calculated using the average exchange rate at the close of each day for the stated period.(4)On January 1st,2015,Lithuania changed its currency from the Litas to the Euro.The average rate is fo

109、r the period from May 1st,2014 to December 31,2014 for the 52-week period ended April 26,2015,from February 1st,2014 to April 30,2014 for the 12-week period ended April 27,2014 and from May 1st,2013 to April 30,2014 for the 52-week period ended April 27,2014.Calculated using the average exchange rat

110、e at the close of each day for the stated period.On January 1st,2015,Lithuania changed its official currency from the Litas to the Euro.Results from the Lithuanian operations prior to the conversion date were converted using the Litas exchange rates as described in footnote 4 above while results fol

111、lowing this date were converted using Euro exchange rates.Balance sheet items from Lithuanian operations as at April 26,2015 were converted using the Euro exchange rate.This change in currency did not materially affect our consolidated financial statements.Considering we use the US dollar as our rep

112、orting currency,in our consolidated financial statements and in the present document,unless otherwise indicated,results from our Canadian,European and corporate operations are translated into US dollars using the average rate for the period.Unless otherwise indicated,variances and explanations regar

113、ding changes in the foreign exchange rate and the volatility of the Canadian dollar and European currencies which we discuss in the present document are therefore related to the translation into US dollars of our Canadian,European and corporate operations results.Fiscal 2015 Overview Net earnings am

114、ounted to$933.5 million for fiscal 2015.Fiscal 2015 results were affected by restructuring and integration costs of$30.3 million in connection with the acquisition of The Pantry and restructuring activities in Europe,a net foreign exchange loss of$22.7 million,a non-recurring$41.8 million tax expens

115、e related to an internal reorganization,an$11.0 million loss from the disposal of our aviation fuel business,a curtailment gain on defined benefits pension plans obligation of$2.6 million as well as a negative goodwill of$1.2 million.On the other hand,the results of fiscal 2014 included a negative g

116、oodwill of$48.4 million,a non-recurring income tax recovery of$28.2 million,a net foreign exchange loss of$10.1 million,a$6.8 million impairment charge over a non-operational lubricant plant in Poland,as well as a$0.9 million curtailment gain on pensions plan obligation.Excluding these items as well

117、 as acquisition costs from both periods,fiscal 2015 net earnings would have been approximately$1,022.0 million($1.80 per share on a diluted basis)compared with$766.0 million($1.35 per share on a diluted basis)for fiscal 2014,an increase of$256.0 million,or 33.4%.This significant growth in net earnin

118、gs is attributable to higher road transportation fuel margins,to the continuous strong organic growth from merchandise and services and road transportation fuel,to the contribution from acquisitions as well as to the decrease in financial expenses following the repayment of a significant portion of

119、our debt during the first three quarters.These items,which contributed to the growth in net earnings,were partially offset by the negative net impact from the translation of revenues and expenses from our Canadian and European operations into the US dollar and by a higher tax rate.Acquisition of The

120、 Pantry Inc.(“The Pantry”)On March 16,2015,we acquired 100%of the outstanding shares of The Pantry,a leading convenience store operator in the southeastern United States and one of the largest independently operated convenience store chains in the United States,through an all-cash transaction valued

121、 at$36.75 per share or$850.7 million.During the 52-week periods ended April 26,2015,we recorded to earnings transaction costs of$0.9 million,in connection with this acquisition.The Pantry operates approximately 1,500 convenience stores in 13 states under select banners,including Kangaroo Express,its

122、 primary operating banner.The Pantrys stores offer a broad selection of merchandise and other services Annual Report 2015 Alimentation Couche-Tard Inc.Page 15 of 82 designed to appeal to the convenience needs of its customers.In addition,the majority of its stores dispense road transportation fuel.W

123、e financed this transaction using our existing credit facilities,for which the limit has been increased for the purpose of this transaction.More details on our credit facilities are available under the section“Liquidity and Capital Resources”.Our results for the 12 and 52-week periods ended April 26

124、,2015 include those of The Pantry for the period beginning March 16,2015 and ending April 26,2015.Our consolidated balance sheet as of April 26,2015 includes The Pantrys balance sheet at that date.As the acquisition closed shortly before the end of fiscal 2015 and given the size of the transaction,w

125、e have not completed our fair value assessment of the assets acquired,the liabilities assumed and the goodwill for this transaction.Consequently,the balance sheet for The Pantry includes the net book values from The Pantrys accounting records at that date,adjusted to be in line with the Corporations

126、 accounting policies.The difference between the purchase price and the net book value related to this acquisition was included in goodwill in the preliminary purchase price allocation and the fair values of assets acquired and liabilities assumed will be adjusted during fiscal 2016.Synergies and cos

127、t reduction initiatives We are already working on realizing the identified synergies and cost reduction opportunities.We estimate achieving a minimum of$85.0 million1 in cost reductions over the 24 months following the acquisition in addition to growing in-store sales and fuel volumes in this geogra

128、phic area through the improvement of our operations and a better brand combination by sharing our business awareness,each companys best practices and better supply conditions.Since the acquisition,we have already taken actions that should allow us to record cost reductions we estimate to approximate

129、ly$45.0 million before income taxes on an annual basis.These cost reductions should mainly reduce operating,selling,administrative and general expenses as thus are mainly related to the reduction of overhead costs.The Pantrys debt On March 16,2015,we repaid The Pantrys senior secured term loan for a

130、n amount of$250.6 million,comprising the principal amount,accrued interests and related fees.Additionally,on April 15,2015,we redeemed 35%of The Pantrys senior unsecured notes at 108%of the nominal value and the remaining 65%of the senior unsecured notes were redeemed on April 16,2015 at 114%of thei

131、r nominal value for a total amount of$280.0 million plus accrued interests.These premiums include contractual prepayment penalties.The term loan repayment and redemption of the bonds have been made using our existing credit facilities.The decision to repay The Pantrys senior unsecured notes was made

132、 in light of Couche-Tards financing conditions being significantly more favorable.Outstanding transactions On March 17,2015,we entered into an agreement with A/S Dansk Shell,to acquire their retail business,comprising 315 service stations,their commercial fuel business and their aviation fuel busine

133、ss.The service stations are located in Denmark and comprise 225 full service-stations,75 unmanned automated fuel stations and 15 truck stops.Of the 315 sites 140 are owned by Shell,115 are leased from third parties and 60 are dealer-owned.We are already operating a strong network in Denmark and we b

134、elieve this new acquisition would complement it very well.This transaction is subject to standard regulatory approvals and closing conditions and we expect it will close before the end of fiscal year 2016.We expect to finance this transaction with our available cash and existing credit facilities.1

135、As our previously stated goal is considered a forward looking statement,we are required,pursuant to securities laws,to clarify that our synergies and cost reductions estimate is based on a number of important factors and assumptions.Among other things,our synergies and cost savings objective is base

136、d on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge the gap,where relevant.Our synergies and cost reduction objective is also based on our assessment of current contracts in North America and how we expect to

137、 be able to renegotiate these contracts to take advantage of our increased purchasing power.In addition,our synergies and cost reduction objective assumes that we will be able to establish and maintain an effective process for sharing best practices across our network.Finally,our objective is also b

138、ased on our ability to integrate Pantrys system with ours.An important change in these facts and assumptions could significantly impact our synergies and cost reductions estimate as well as the timing of the implementation of our different initiatives.Annual Report 2015 Alimentation Couche-Tard Inc.

139、Page 16 of 82 Statoil Fuel&Retail Period results Our results for the 12 and 52-week periods ended April 26,2015 include those of Statoil Fuel&Retail for the period beginning February 1st,2015 and ending April 30,2015 and for the period beginning May 1st,2014 and ending April 30,2015,respectively.Our

140、 results for the 12 and 52-week periods ended April 27,2014 include those of Statoil Fuel&Retail for the period beginning February 1st,2014 and ending April 30,2014 and for the period beginning May 1st,2013 and ending April 30,2014,respectively.Our results for the 12 and 52-week periods ended April

141、28,2013 include those of Statoil Fuel&Retail for the period beginning February 1st,2013 and ending April 30,2013 and for the period beginning June 20,2012 and ending April 30,2013,respectively.Thus,our results of the 52-week periods ended April 26,2015 and April 27,2014 include those of Statoil Fuel

142、&Retail for a period of 365 days while our results of the 52-week period ended April 28,2013 include those of Statoil Fuel&Retail for a period of 315 days.Our consolidated balance sheet and store count as of April 26,2015 include Statoil Fuel&Retails balance sheet and store count as of April 30,2015

143、,as adjusted for significant transactions,if any,which occurred between those two dates.The following table provides an overview of Statoil Fuel&Retails accounting periods that will be incorporated in our upcoming consolidated financial statements:Couche-Tard Quarters Statoil Fuel&Retail Equivalent

144、Accounting Periods Statoil Fuel&Retail Balance Sheet Date(1)12-week period ending July 19,2015 (1st quarter of fiscal 2016)From May 1st,2015 to July 19,2015 June 30,2015 12-week period ending October 11,2015 (2nd quarter of fiscal 2016)From July 20,2015 to October 11,2015 September 30,2015 16-week p

145、eriod ending January 31,2016 (3rd quarter of fiscal 2016)From October 12,2015 to January 31,2016 January 31,2016 12-week period ending April 24,2016 (4th quarter of fiscal 2016)From February 1,2016 to April,30 2016 April 30,2016(1)The consolidated balance sheet will be adjusted for significant trans

146、actions,if any,occurring between Statoil Fuel&Retail balance sheet date and Couche-Tard balance sheet date.Synergies and cost reduction initiatives Since the acquisition of Statoil Fuel&Retail,we have been actively working on identifying and implementing available synergies and cost reduction opport

147、unities.During fiscal 2015,we recorded synergies and cost savings we estimated at approximately$71.0 million,before income taxes.These synergies and cost reductions mainly impacted operating,selling,administrative and general expenses as well as the cost of sales.Since the acquisition,we estimate th

148、at total realized annual synergies and cost savings amount to approximately$160.0 million,before income taxes,which allows us to exceed the lower range of synergies and cost reduction objectives that we had set following the acquisition.We believe these amounts do not necessarily represent the full

149、annual impact of all of our initiatives.These synergies and cost reductions came from a variety of sources including cost reductions following the delisting of Statoil Fuel&Retail,the renegotiation of certain agreements with our suppliers,the reduction of in-store costs and the restructuring of cert

150、ain departments.Our work around the identification and implementation of available synergies and cost reduction opportunities is not over.Our analysis show that several promising opportunities still exist.Our teams continue to work actively on various projects which,along with the implementation and

151、 optimization of new information systems,should allow us to achieve our goal of annual synergies of up to$200.0 million before the end of December 20151.1 As our previously stated goal is considered a forward looking statement,we are required,pursuant to securities laws,to clarify that our synergies

152、 and cost reductions estimate is based on a number of important factors and assumptions.Among other things,our synergies and cost savings objective is based on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge t

153、he gap,where relevant.Our synergies and cost reduction objective is also based on our assessment of current contracts in Europe and North America and how we expect to be able to renegotiate these contracts to take advantage of our increased purchasing power.In addition,our synergies and cost reducti

154、on objective assumes that we will be able to establish and maintain an effective process for sharing best practices across our network.Finally,our objective is also based on our ability to optimize our newly implemented ERP system in Europe.An important change in these facts and assumptions could si

155、gnificantly impact our synergies and cost reductions estimate as well as the timing of the implementation of our different initiatives.Annual Report 2015 Alimentation Couche-Tard Inc.Page 17 of 82 Network growth Completed transactions On June 23,2014,we acquired 13 company operated-stores and two no

156、n-operating sites in South Carolina,United States from Garvin Oil Company.We own the land and buildings for all sites.On October 8,2014,we acquired 55 stores in Illinois and Indiana,United States from Tri Star Marketing Inc.Among these,54 are company-operated and one is operated by an independent op

157、erator.We own the land and buildings for 54 sites and lease the land and own the building for the remaining site.Through this transaction,we also acquired three biodiesel blending facilities.In addition,during fiscal 2015,we acquired 32 additional company-operated stores through distinct transaction

158、s.Available cash was used for these acquisitions.Store construction We completed the construction,relocation or reconstruction of 72 stores during fiscal 2015.As of April 26,2015,26 stores were under construction and should open in the upcoming quarters.Consequently,in fiscal year 2015,we were able

159、to add to or improve our existing network with a total of 104 stores through the construction of new stores,the relocation or reconstruction of existing stores and the acquisition of single stores.This represents a significant increase compared with the previous fiscal year and exceeded our objectiv

160、e of 80 to 100 stores established for fiscal 2015.Transaction subsequent to fiscal year-end On June 2,2015,subsequently to year-end,we acquired from Cinco J,Inc.,Tiger Tote Food Stores,Inc.,and their affiliates,21 company-operated stores in the US States of Texas,Mississippi and Louisiana.We own the

161、 land and buildings for 18 sites and lease the land and own the buildings for the remaining three sites.As part of this agreement we also acquired 141 dealer fuel supply agreements and five development properties in addition to acquiring customer relations for 124 dealer sites.Summary of changes in

162、our stores network during the fourth quarter and fiscal 2015 The following table presents certain information regarding changes in our stores network over the 12-week period ended April 26,2015(1):12-week period ended April 26,2015 Type of site Company-operated(2)CODO(3)DODO(4)Franchised and other a

163、ffiliated(5)Total Number of sites,beginning of period 6,288 573 542 1,144 8,547 Acquisitions 1,515-56-1,571 Openings/constructions/additions 16 1 3 24 44 Closures/disposals/withdrawals (36)(7)(6)(35)(84)Conversions into Company-operated stores 6(3)(2)(1)-Conversions into affiliated stores (2)(5)7-Nu

164、mber of sites,end of period 7,787 559 600 1,132 10,078 Number of automated service-stations included in the period end figures(6)904-26-930 Annual Report 2015 Alimentation Couche-Tard Inc.Page 18 of 82 The following table presents certain information regarding changes in our stores network over the

165、52-week period ended April 26,2015(1):52-week period ended April 26,2015 Type of site Company-operated(2)CODO(3)DODO(4)Franchised and other affiliated(5)Total Number of sites,beginning of period 6,236 609 529 1,125 8,499 Acquisitions 1,603-57-1,660 Openings/constructions/additions 52 1 23 107 183 Cl

166、osures/disposals/withdrawals (119)(21)(25)(99)(264)Conversions into Company-operated stores 21(13)(7)(1)-Conversions into affiliated stores (6)(17)23-Number of sites,end of period 7,787 559 600 1,132 10,078 (1)These figures include 50%of the stores operated through RDK,a joint venture.(2)Sites for w

167、hich the real estate is controlled by Couche-Tard(through ownership or lease agreements)and for which the stores(and/or the service-stations)are operated by Couche-Tard or one of its commission agent.(3)Sites for which the real estate is controlled by Couche-Tard(through ownership or lease agreement

168、s)and for which the stores(and/or the service-stations)are operated by an independent operator in exchange for rent and to which Couche-Tard supplies road transportation fuel through supply contracts.Some of these sites are subject to a franchise agreement,licensing or other similar agreement under

169、one of our main or secondary banners.(4)Sites controlled and operated by independent operators to which Couche-Tard supplies road transportation fuel through supply contracts.Some of these sites are subject to a franchise agreement,licensing or other similar agreement under one of our main or second

170、ary banners.(5)Stores operated by an independent operator through a franchising,licensing or another similar agreement under one of our main or secondary banners.(6)These sites sell road transportation fuel only.In addition,about 4,700 stores are operated by independent operators under the Circle K

171、banner in 12 other countries or regions worldwide(China,Guam,Honduras,Hong Kong,Indonesia,Japan,Macau,Malaysia,Mexico,the Philippines,Vietnam and the United Arab Emirates)which brings to more than 14,700 the number of sites in our network.Credit Rating on our Canadian dollar denominated unsecured no

172、tes In August 2014 and in September 2014,Moodys Corporation and Standard&Poor Rating Services,credit rating agencies,both improved the credit rating on our Canadian dollar denominated unsecured notes,raising it to Baa2 and BBB,respectively,in recognition of our ability to generate strong cash flows

173、and of the efforts we have made to exceed our debt reduction objective following our acquisition of Statoil Fuel&Retail in June 2012.Disposal of the aviation fuel business On December 31,2014,we closed the sale of our aviation fuel business through a share purchase agreement pursuant to which BP Glo

174、bal Investments Ltd.acquired 100%of all issued and outstanding shares of Statoil Fuel&Retail Aviation AS for total proceeds of$107.4 million including an amount of$91.4 million for intercompany debt assumed by the buyer and of which$12.3 million is receivable as at April 26,2015.We recognized a prel

175、iminary loss on disposal of$11.0 million as well as a preliminary curtailment gain on defined benefits pension plans obligation of$2.6 million in relation to this sale transaction.The disposal also resulted in a$1.9 million cumulated loss on translation adjustments being reclassified to earnings and

176、 included in the loss on disposal.These preliminary figures are subject to change until final closing adjustments.The total impact of this transaction on net earnings of fiscal 2015 was a net loss of approximately$6.8 million(net of income taxes of$1.6 million).Restructuring and integration costs As

177、 part of our cost reduction initiatives and the search for synergies aimed at improving our efficiency,we made the decision to proceed with the restructuring of certain activities of our European operations.As such,an additional restructuring provision of$8.3 million was recorded during fiscal 2015

178、in line with our plans and the budget process.Additionally,in connection with the acquisition of The Pantry,we incurred integration costs for an amount of$22.0 million.Those costs are mainly related to severance and termination payments and provisions and the remaining is related to bonus and retent

179、ion payments.Annual Report 2015 Alimentation Couche-Tard Inc.Page 19 of 82 Hedge of the net investment in foreign operations As of October 13,2014,we designated our entire US dollar denominated long-term debt as a foreign exchange hedge of our net investment in our US operations.Accordingly,since th

180、e designation,the gains or losses arising from the translation of the US dollar denominated debt are recognized in Other comprehensive income,counterbalancing gains and losses arising from translation of our net investment in our US operations.Should a portion of the hedging relationship become inef

181、fective,the ineffective portion would be recorded in the consolidated statement of earnings under Financial expenses.During fiscal 2015,an exchange loss of$15.4 million before income taxes was recorded to Other comprehensive income in line with this hedge.Dividends During its July 14,2015 meeting,th

182、e Corporations Board of Directors declared a quarterly dividend of CA5.5 per share for the fourth quarter of fiscal 2015 to shareholders on record as at July 23,2015 and approved its payment for August 6,2015.This is an eligible dividend within the meaning of the Income Tax Act of Canada.During fisc

183、al 2015,the Board declared total dividends of CA19.0 per share.Issuance of Canadian dollar denominated senior unsecured notes On June 2,2015,subsequent to the end of fiscal 2015,we proceeded with the issuance of Canadian dollar denominated senior unsecured notes totaling CA$700.0 million with a coup

184、on rate of 3.6%and maturing on June 2,2025.Interest is payable semi-annually on June 2nd and December 2nd of each year.The net proceeds from the issuance were mainly used to repay a portion of our term revolving unsecured operating credit facility.Cross-currency interest rate swaps Between June 12,2

185、015 and June 19,2015,following the issuance of notes detailed above,we entered into cross-currency interest rate swap agreements for a total notional amount of CA$700.0 million,allowing us to synthetically convert a portion of our Canadian dollar denominated debt into US dollars.Receive Notional Rec

186、eive Rate Pay Notional Pay Rate Maturity CA$175.0 3.6%US$142.2 3.8099%June 2,2025 CA$175.0 3.6%US$142.7 3.8650%June 2,2025 CA$100.0 3.6%US$81.2 3.8540%June 2,2025 CA$100.0 3.6%US$81.2 3.8700%June 2,2025 CA$100.0 3.6%US$81.2 3.8570%June 2,2025 CA$50.0 3.6%US$41.3 3.8230%June 2,2025 Outstanding shares

187、 and stock options As at July 10,2015,Couche-Tard had 148,101,840 Class A multiple voting shares and 419,265,459 Class B subordinate voting shares issued and outstanding.In addition,as at the same date,Couche-Tard had 2,514,271 outstanding stock options for the purchase of Class B subordinate voting

188、 shares.Statement of Earnings Categories Merchandise and Service Revenues.In-store merchandise revenues are comprised primarily of the sale of tobacco products,fresh food products,including quick service restaurants,beer/wine,grocery items,candy,snacks and various beverages.Merchandise sales in Euro

189、pe also include the wholesale of merchandise and goods to certain independent operators and franchisees made from our distribution center.Service revenues include fees from automatic teller machines,sales of calling cards and gift cards,revenues from car washes,the commission on sale of lottery tick

190、ets and issuance of money orders,fees for cashing cheques as well as sales of postage stamps and bus tickets.Service revenues also include franchise fees,license fees from affiliates and royalties from franchisees.Road Transportation Fuel Revenues.We include in our revenues the total dollar amount o

191、f road transportation fuel sales,including any embedded taxes when they are included in the purchase price,if we take ownership of the road transportation fuel inventory.In the United States and in Europe,in some instances,we purchase road transportation fuel and sell it to Annual Report 2015 Alimen

192、tation Couche-Tard Inc.Page 20 of 82 certain independent store operators at cost plus a mark-up.We record the full value of these revenues(cost plus mark-up)as road transportation fuel revenues.Where we act as a selling agent for a petroleum distributor,only the commission we earn is recorded as rev

193、enue.Other Income.Other income includes the sale of stationary energy,marine fuel,aviation fuel(until December 31,2014),lubricants and chemical products.Other income also includes rent revenue from operating leases for certain land and buildings we own as well as car rental revenues.Gross Profit.Gro

194、ss profit consists mainly of revenues less the cost of merchandise and road transportation fuel sold.Cost of sales is mainly comprised of the specific cost of merchandise and road transportation fuel sold,including applicable freight less vendor rebates.For in-store merchandise,the cost of inventory

195、 is generally determined using the retail method(retail price less a normal margin),and for road transportation fuel,it is generally determined using the average cost method.The road transportation fuel gross margin for stores generating commissions corresponds to the sales commission.Operating,Sell

196、ing,Administrative and General Expenses.The primary components of operating,selling,administrative and general expenses are labor,net occupancy costs,electronic payment modes fees,commissions to dealers and overhead.Key performance indicators used by management,which can be found under“Analysis of c

197、onsolidated results for the fiscal year ended April 26,2015-Other Operating Data”,are merchandise and service gross margin,growth of same-store merchandise revenues,road transportation fuel gross margin and growth of same-store road transportation fuel volume,return on equity and return on capital e

198、mployed.Summary analysis of consolidated results for the fourth quarter of fiscal 2015 The following table highlights certain information regarding our operations for the 12-week periods ended April 26,2015 and April 27,2014.This data includes results from The Pantry,starting from March 16,2015,the

199、acquisition date.(In millions of US dollars,unless otherwise stated)12-week period ended April 26,2015 12-week period ended April 27,2014 Change%Revenues 7,285.5 8,954.1(18.6)Operating income 186.2 154.3 20.6 Net earnings 129.5 145.1(10.8)Selected Operating Data:Merchandise and service gross margin(

200、1):Consolidated 34.1%34.3%(0.2)United States 33.4%33.1%0.3 Europe 42.1%42.3%(0.2)Canada 32.5%32.4%0.1 Growth of same-store merchandise revenues(2)(3):United States 5.2%4.4%Europe 3.0%2.5%Canada 3.8%1.6%Road transportation fuel gross margin:United States(cents per gallon)(3)15.46 14.85 4.1 Europe(cen

201、ts per litre)(4)8.55 10.54(18.9)Canada(CA cents per litre)(3)6.18 5.86 5.5 Growth of same-store road transportation fuel volume(3):United States 6.4%2.8%Europe 3.7%3.2%Canada 1.5%1.7%(1)Includes other revenues derived from franchise fees,royalties and rebates on some purchases made by franchisees an

202、d licensees as well as merchandise wholesale.(2)Does not include services and other revenues(as described in footnote 1 above).Growth in Canada and Europe is calculated based on local currencies.Includes results for The Pantry stores since the acquisition date.(3)For company-operated stores only.Inc

203、ludes results for The Pantry stores since the acquisition date.(4)Total road transportation fuel.Revenues Our revenues were$7.3 billion in the fourth quarter of fiscal 2015,down$1.7 billion,a decrease of 18.6%,mainly attributable to lower road transportation fuel average selling prices,to the negati

204、ve net impact from the translation of revenues of our Annual Report 2015 Alimentation Couche-Tard Inc.Page 21 of 82 Canadian and European operations into US dollars and to the sale of our aviation fuel business.Those items contributing to the reduction in total revenues were partly offset by the con

205、tribution from acquisitions as well as by the nice growth in same-store merchandise revenues and road transportation fuel volume in both North America and Europe.More specifically,the growth of merchandise and service revenues for the fourth quarter of fiscal 2015 was$222.3 million.Excluding the neg

206、ative net impact from the translation of our European and Canadian operations into US dollars,which was approximately$105.0 million,consolidated merchandise and service sales increased by$327.3 million or 18.2%.This increase is attributable to the contribution from acquisitions which amounted to app

207、roximately$245.0 million as well as to strong organic growth.Same-store merchandise revenues increased by 5.2%in the United States,by 3.8%in Canada and by 3.0%in Europe.Our performance is attributable to our dynamic merchandising strategies,our competitive offer as well as to our expanded fresh food

208、 offer which is attracting more customers in our stores.Road transportation fuel revenues decreased by$1.4 billion in the fourth quarter of fiscal 2015.Excluding the negative net impact from the translation of revenues from our Canadian and European operations into US dollars,which amounted to appro

209、ximately$476.0 million,road transportation fuel revenues decreased by$914.4 million or 14.2%.This decrease was mainly attributable to lower road transportation fuel average selling prices,which had a negative impact of approximately$1.7 billion as well as to the impact on our European wholesale busi

210、ness of the non-renewal of low return fuel supply contracts.These items contributing to the reduction in road transportation fuel revenues were partly offset by the contribution from acquisitions amounting to approximately$563.0 million,by the contribution from our recently opened stores as well as

211、by organic growth.Same-store road transportation fuel volume increased by 6.4%in the United States,by 3.7%in Europe and by 1.5%in Canada due to amongst other things,the perfecting of our pricing strategies as well as the contribution of“milesTM”in Europe.The following table shows the average selling

212、 price of road transportation fuel in our markets,starting with the first quarter of the fiscal year ended April 27,2014.Average prices for Europe are also impacted by the translation into US dollars.Quarter 1st 2nd 3rd 4th Weighted average 52-week period ended April 26,2015 United States(US dollars

213、 per gallon)3.59 3.36 2.54 2.34 2.89 Europe(US cents per litre)101.53 95.18 73.99 66.51 83.53 Canada(CA cents per litre)121.64 117.00 96.27 93.63 106.59 52-week period ended April 27,2014 United States(US dollars per gallon)3.51 3.45 3.24 3.47 3.41 Europe(US cents per litre)100.72 103.25 107.49 104.

214、11 104.38 Canada(CA cents per litre)114.53 117.05 113.11 118.74 115.63 Other revenues decreased by$500.5 million in the fourth quarter of fiscal 2015.This decrease is mainly attributable to the disposal of our aviation fuel business,to the negative net impact from the translation of revenues of our

215、European operations into US dollars,as well as to the decrease in marine fuel and heating oil revenues due to lower selling prices and volume.Gross profit In the fourth quarter of fiscal 2015,the consolidated merchandise and service gross margin was$688.6 million,an increase of$73.9 million compared

216、 with the corresponding quarter of fiscal 2014.Excluding the negative net impact from the translation of our European and Canadian operations into US dollars,which was approximately$40.0 million,consolidated merchandise and service gross margin increased by$113.9 million or 18.5%,attributable to the

217、 contribution from acquisitions which amounted to approximately$84.0 million as well as to organic growth.In the United States,the gross margin was up 0.3%from 33.1%to 33.4%and up 0.1%in Canada from 32.4%to 32.5%while it decreased by 0.2%in Europe to 42.1%.Overall,this performance reflects changes i

218、n the product-mix,the improvements we brought to our supply terms as well as our merchandising strategy in line with market competitiveness and economic conditions within each market.In the fourth quarter of fiscal 2015,the road transportation fuel gross margin for our company-operated stores in the

219、 United States increased by 0.61 per gallon,from 14.85 per gallon last year to 15.46 per gallon this year.In Canada,the gross margin increased to CA6.18 per litre compared with CA5.86 per litre for the fourth quarter of fiscal 2014.In Europe,the total road transportation fuel gross margin was 8.55 p

220、er litre for the fourth quarter of fiscal 2015,a decrease of 1.99 per litre compared with 10.54 per litre for the fourth quarter of fiscal 2014.This decrease is entirely attributable to the impact of the translation of our European results into US dollars.In local currencies,the margin in Europe was

221、 higher than that of the fourth quarter of fiscal 2014.The road transportation fuel gross margin of our company-operated stores in the United States as well as the impact of expenses related to electronic payment modes for the last eight quarters,starting with the first quarter of fiscal year ended

222、April 27,2014,were as follows:Annual Report 2015 Alimentation Couche-Tard Inc.Page 22 of 82 (US cents per gallon)Quarter 1st 2nd 3rd 4th Weighted average 52-week period ended April 26,2015 Before deduction of expenses related to electronic payment modes 23.08 24.17 24.93 15.46 21.74 Expenses related

223、 to electronic payment modes 5.27 5.03 4.33 4.12 4.63 After deduction of expenses related to electronic payment modes 17.81 19.14 20.60 11.34 17.11 52-week period ended April 27,2014 Before deduction of expenses related to electronic payment modes 19.42 21.56 17.02 14.85 18.11 Expenses related to el

224、ectronic payment modes 4.99 5.04 4.79 4.98 4.94 After deduction of expenses related to electronic payment modes 14.43 16.52 12.23 9.87 13.18 As demonstrated by the table above,road transportation fuel margin in the United States are volatile from a quarter to another.Expenses related to electronic p

225、ayment modes and associated volatility are not as significant in Europe and in Canada.Operating,selling,administrative and general expenses For the fourth quarter of fiscal 2015,operating,selling,administrative and general expenses increased by 1.6%compared with the fourth quarter of fiscal 2014 and

226、 increased by 2.2%if we exclude certain items,as demonstrated by the following table:12-week period ended April 26,2015 Total variance as reported 1.6%Subtract:Increase from incremental expenses related to acquisitions 11.0%Decrease from the net impact of foreign exchange translation (10.2%)Decrease

227、 from divestment of the aviation fuel business (2.4%)Increase from revision of estimates and other non-recurring expenses 1.9%Decrease from lower electronic payment fees,excluding acquisitions (1.0%)Acquisition costs recognized to earnings of fiscal 2015 0.1%Remaining variance 2.2%The remaining vari

228、ance for the fourth quarter of fiscal 2015 is mainly due to normal inflation,as well as to higher expenses needed to support our strong organic growth.We continue to favor tight control of costs throughout the organization while making sure to maintain the quality of service we offer to our customer

229、s.Earnings before interests,taxes,depreciation,amortization and impairment(EBITDA)and adjusted EBITDA During the fourth quarter of fiscal 2015,EBITDA increased by 6.3%compared with the corresponding period of the previous fiscal year,reaching$319.2 million.Excluding the restructuring and integration

230、 costs,the loss on disposal of the aviation fuel business as well as the negative goodwill from both comparable periods,the fourth quarter of fiscal 2015 adjusted EBITDA increased by$41.9 million or 14.0%compared with the corresponding period of the previous fiscal year,totalling$341.9 million.Net o

231、f acquisition,restructuring and integration costs recorded to earnings,acquisitions contributed approximately$27.0 million to adjusted EBITDA,while the variation in exchange rates had a negative net impact of approximately$28.0 million.It should be noted that EBITDA and adjusted EBITDA are not perfo

232、rmance measures defined by IFRS,but we,as well as investors and analysts,use these measures to evaluate the Corporations financial and operating performance.Note that our definition of these measures may differ from the one used by other public corporations:12-week period ended(in millions of US dol

233、lars)April 26,2015 April 27,2014 Net earnings,as reported 129.5 145.1 Add:Income taxes 45.5 (13.8 )Net financial expenses 15.6 26.9 Depreciation,amortization and impairment of property and equipment and other assets 128.6 142.0 EBITDA 319.2 300.2 Remove:Restructuring and integration costs 22.2 -Loss

234、 on disposal of the aviation fuel business 0.6 -Negative goodwill(0.1)(0.2 )Adjusted EBITDA 341.9 300.0 Annual Report 2015 Alimentation Couche-Tard Inc.Page 23 of 82 Depreciation,amortization and impairment of property and equipment and other assets For the fourth quarter of fiscal 2015,depreciation

235、,amortization and impairment expense decreased by$13.4 million mainly due to the net impact from the translation of our European and Canadian operations into US dollars,partially offset by the impact of investments made through acquisitions,replacement of equipment,addition of new stores and ongoing

236、 improvement of our network.Net financial expenses The fourth quarter of fiscal 2015 shows net financial expenses of$15.6 million,a decrease of$11.3 million compared with the fourth quarter of fiscal 2014.Excluding the net foreign exchange gain of$3.5 million and the net foreign exchange loss of$8.7

237、 million recorded respectively in the fourth quarter of fiscal 2015 and in the fourth quarter of fiscal 2014,the net financial expenses increased by$0.9 million.This increase is mainly attributable to the increase of our long term debt following the acquisition of The Pantry,including the interest e

238、xpense on The Pantrys debt we assumed until its repayment as well as fees related to the reimbursement of The Pantrys senior secured term loan.The net foreign exchange gain of$3.5 million is mainly due to the impact of the exchange rate fluctuations on certain bank balances denominated in US dollars

239、 in our European divisions.Income taxes The fourth quarter of fiscal 2015 shows an income tax expense of$45.5 million,corresponding to a tax rate of 26.0%,compared with an income tax recovery of$13.8 million for the corresponding quarter of the previous year and a tax rate of 29.3%for the third quar

240、ter of fiscal 2015.The income tax recovery in the fourth quarter of fiscal 2014 emanated mainly from a foreign loss only deductible and recognized for tax purposes as well as from the effect on deferred income taxes of a decrease in our statutory income tax rate in Norway and in Denmark.Excluding th

241、ose items,the income tax rate for the fourth quarter of fiscal 2014 would have been 11.0%.The remaining increase is attributable to the higher proportion of our taxable income recorded in the United States,where the tax rates are higher and to the reimbursement of a large portion of our external deb

242、t before the acquisition of The Pantry.Net earnings We closed the fourth quarter of fiscal 2015 with net earnings of$129.5 million,compared with$145.1 million for the fourth quarter of the previous fiscal year.Diluted net earnings per share stood at$0.23,compared with$0.25 for the previous year.The

243、translation of revenues from our Canadian and European operations into the US dollars had a negative net impact of approximately$8.6 million on net earnings of the fourth quarter of fiscal 2015.Excluding from the fourth quarter of fiscal 2015 earnings restructuring and integration costs of$22.2 mill

244、ion,the net foreign exchange gain of$3.5 million,acquisition costs of$1.2 million,the$0.6 million loss from the disposal of our aviation fuel business as well as the negative goodwill of$0.1 million and excluding from the fourth quarter of fiscal 2014 earnings the non-recurring income tax recovery,t

245、he net foreign exchange loss,the negative goodwill as well as acquisition costs,the fourth quarter of fiscal 2015 net earnings would have been approximately$142.0 million,compared with$123.0 million for the fourth quarter of fiscal 2014,an increase of$19.0 million or 15.4%.Adjusted diluted net earni

246、ngs per share were$0.25 for the fourth quarter of fiscal 2015 compared with$0.22 for the corresponding period of fiscal 2014,an increase of 13.6%.Annual Report 2015 Alimentation Couche-Tard Inc.Page 24 of 82 Summary analysis of consolidated results for fiscal 2015 The following table highlights cert

247、ain information regarding our operations for the 52-week periods ended April 26,2015,April 27,2014 and April 28,2013.The figures for the 52-week period ended April 28,2013 include those of Statoil Fuel&Retail for the period beginning June 20,2012 and ending April 28,2013.This data includes results f

248、rom The Pantry,starting from March 16,2015,the acquisition date.52-weeks (In millions of US dollars,unless otherwise stated)2015 2014 2013 Statement of Operations Data:Merchandise and service revenues(1):United States 5,311.0 4,821.7 4,551.8 Europe 990.4 1,048.4 867.5 Canada 1,974.4 2,082.7 2,182.9

249、Total merchandise and service revenues 8,275.8 7,952.8 7,602.2 Road transportation fuel revenues:United States 14,599.0 15,493.3 14,872.6 Europe 7,111.0 8,824.9 7,537.9 Canada 2,571.9 2,890.6 2,860.8 Total road transportation fuel revenues 24,281.9 27,208.8 25,271.3 Other revenues(2):United States 1

250、6.0 14.7 6.6 Europe 1,955.7 2,784.7 2,668.6 Canada 0.5 1.1 0.5 Total other revenues 1,972.2 2,800.5 2,675.7 Total revenues 34,529.9 37,962.1 35,549.2 Merchandise and service gross profit(1):United States 1,748.4 1,575.8 1,505.9 Europe 408.2 434.2 357.1 Canada 649.2 689.3 733.0 Total merchandise and

251、service gross profit 2,805.8 2,699.3 2,596.0 Road transportation fuel gross profit:United States 1,093.3 796.1 782.5 Europe 870.9 928.8 719.1 Canada 164.4 163.5 162.6 Total road transportation fuel gross profit 2,128.6 1,888.4 1,664.2 Other revenues gross profit(2):United States 16.0 14.7 6.6 Europe

252、 317.1 384.6 339.8 Canada 0.5 1.1 0.5 Total other revenues gross profit 333.6 400.4 346.9 Total gross profit 5,268.0 4,988.1 4,607.1 Operating,selling,administrative and general expenses 3,376.9 3,419.9 3,237.1 Restructuring and integration costs 30.3 -34.0 Loss on disposal of the aviation fuel busi

253、ness 11.0 -Curtailment gain on defined benefits pension plans obligation (2.6)(0.9)(19.4)Negative goodwill (1.2)(48.4)(4.4)Depreciation,amortization and impairment of property and equipment and other assets 530.4 583.2 521.1 Operating income 1,323.2 1,034.3 838.7 Net earnings 933.5 812.2 572.8 Other

254、 Operating Data:Merchandise and service gross margin(1):Consolidated 33.9%33.9%34.1%United States 32.9%32.7%33.1%Europe 41.2%41.4%41.2%Canada 32.9%33.1%33.6%Growth of same-store merchandise revenues(3)(4):United States 3.9%3.8%1.0%Europe 2.0%1.6%-Canada 3.4%1.9%2.0%Road transportation fuel gross mar

255、gin:United States(cents per gallon)(4)21.74 18.11 18.77 Europe(cents per litre)(5)10.33 10.94 9.88 Canada(CA cents per litre)(4)6.35 5.98 5.84 Volume of road transportation fuel sold(5):United States(millions of gallons)5,118.9 4,611.5 4,276.2 Europe(millions of litres)8,428.5 8,488.4 7,281.1 Canada

256、(millions of litres)2,987.6 2,920.9 2,819.9 Growth of(decrease in)same-store road transportation fuel volume(4):United States 3.4%1.7%0.6%Europe 2.4%2.5%-Canada (0.1%)1.3%0.0%Per Share Data:Basic net earnings per share(dollars per share)1.65 1.44 1.03 Diluted net earnings per share(dollars per share

257、)1.64 1.43 1.02 Annual Report 2015 Alimentation Couche-Tard Inc.Page 25 of 82 April 26,2015 April 27,2014 April 28,2013 Balance Sheet Data:Total assets 10,837.8 10,545.0 10,546.2 Interest-bearing debt 3,074.6 2,606.4 3,605.1 Shareholders equity 3,892.6 3,962.4 3,216.7 Indebtedness Ratios:Net interes

258、t-bearing debt/total capitalization(6)0.39:1 0.35:1 0.48:1 Net interest-bearing debt/Adjusted EBITDA(7)1.18:1(9)1.32:1 1.99:1(8)Adjusted net interest-bearing debt/Adjusted EBITDAR(10)2.17:1(9)2.44:1 3.06:1(8)Returns:Return on equity(11)24.9%(9)22.6%21.5%(8)Return on capital employed(12)16.2%(9)13.3%

259、11.0%(8)(1)Includes revenues derived from franchise fees,royalties,suppliers rebates on some purchases made by franchisees and licensees as well as merchandise wholesale.(2)Includes revenues from rental of assets,from sale of aviation and marine fuel,heating oil,kerosene,lubricants,chemicals and Liq

260、uefied Petroleum Gas(“LPG”)s operations.LPG operations were sold in December 2012.Aviation operations were sold in December 2014.(3)Does not include services and other revenues(as described in footnote 1 above).Growth in Canada is calculated based on Canadian dollars.Growth in Europe is calculated b

261、ased on Norwegian Kroner.Includes results from The Pantry stores since the acquisition date.(4)For company-operated stores only.Includes results from The Pantry stores since the acquisition date.(5)Total road transportation fuel.(6)This ratio is presented for information purposes only and represents

262、 a measure of financial condition used especially in financial circles.It represents the following calculation:long-term interest-bearing debt,net of cash and cash equivalents and temporary investments divided by the addition of shareholders equity and long-term debt,net of cash and cash equivalents

263、 and temporary investments.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(7)This ratio is presented for information purposes only and represents a measure of financial condition used especiall

264、y in financial circles.It represents the following calculation:long-term interest-bearing debt,net of cash and cash equivalents and temporary investments divided by EBITDA(Earnings Before Interest,Tax,Depreciation,Amortization and Impairment)adjusted for restructuring expenses,curtailment gain on ce

265、rtain defined benefits pension plans obligation and negative goodwill.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(8)This ratio is presented on a pro forma basis.It includes Couche-Tards res

266、ults for fiscal year ended April 28,2013 as well as Statoil Fuel&Retails results for the 12-month period ended April 30,2013.Statoil Fuel&Retail balance sheet and earnings have been adjusted to make their presentation in line with Couche-Tards policies and for fair value adjustments to assets acquir

267、ed,including goodwill,and to liabilities assumed.(9)This ratio is presented on a pro forma basis.It includes Couche-Tards results for fiscal year ended April 26,2015 as well as The Pantrys results for the 52-week period ended April 26,2015.The Pantrys earnings and balance sheet figures have been adj

268、usted to make their presentation in line with Couche-Tards policies.Given the size and the timing of the transaction,we have not completed the fair value assessment of the assets acquired,the liabilities assumed and the goodwill for this transaction.Consequently,the pro forma ratio has not been adju

269、sted for fair value adjustments.(10)This ratio is presented for information purposes only and represents a measure of financial condition used especially in financial circles.It represents the following calculation:long-term interest-bearing debt plus the product of eight times rent expense,net of c

270、ash and cash equivalents and temporary investments divided by EBITDAR(Earnings Before Interest,Tax,Depreciation,Amortization,Impairment and Rent expense)adjusted for restructuring costs,curtailment gain on certain defined benefits pension plans obligation as well as negative goodwill.It does not hav

271、e a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(11)This ratio is presented for information purposes only and represents a measure of performance used especially in financial circles.It represents the followin

272、g calculation:net earnings divided by average equity for the corresponding period.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(12)This ratio is presented for information purposes only and re

273、presents a measure of performance used especially in financial circles.It represents the following calculation:earnings before income taxes and interests divided by average capital employed for the corresponding period.Capital employed represents total assets less short-term liabilities not bearing

274、interests.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.Annual Report 2015 Alimentation Couche-Tard Inc.Page 26 of 82 Revenues Our revenues were$34.5 billion in fiscal 2015,down$3.4 billion,a

275、decrease of 9.0%,mainly attributable to lower road transportation fuel average retail prices,to the negative net impact from the translation of revenues of our Canadian and European operations into US dollars and to the sale of our aviation fuel business.Those items contributing to the reduction in

276、total revenues were partly offset by the continued growth in same-store merchandise revenues and road transportation fuel volume in both North America and Europe as well as by the contribution from acquisitions.More specifically,the growth of merchandise and service revenues for fiscal 2015 was$323.

277、0 million.Excluding the negative net impact from the translation of our European and Canadian operations into US dollars,which was approximately$253.0 million,consolidated merchandise and service sales increased by$576.0 million or 7.2%.This increase is attributable to the contribution from acquisit

278、ions which amounted to approximately$304.0 million as well as to organic growth.Same-store merchandise revenues increased by 3.9%in the United States,by 3.4%in Canada and by 2.0%in Europe.Those increases in same-store merchandise sales are attributable to our dynamic merchandising strategies,our com

279、petitive offer as well as to our expanded fresh food offer which is attracting more customers into our stores.Road transportation fuel revenues decreased by$2.9 billion in fiscal 2015.Excluding the negative net impact from the translation of revenues from our Canadian and European operations into US

280、 dollars which amounted to approximately$971.0 million,road transportation fuel revenues decreased by$2.0 billion or 7.2%.This decrease was mainly attributable to the lower average selling price of road transportation fuel which generated a decrease in revenues of approximately$3.4 billion,partially

281、 offset by acquisitions which contributed to an increase in revenues of approximately$854.0 million as well as by organic growth.Same-store road transportation fuel volume increased by 3.4%in the United States,by 2.4%in Europe,while it decreased by 0.1%in Canada due to amongst other things,the perfe

282、cting of our pricing strategies as well as the contribution of“milesTM”in Europe.The following table shows the average selling price of road transportation fuel in our markets,starting with the first quarter of the fiscal year ended April 27,2014.Average prices for Europe are also impacted by the tr

283、anslation into US dollars.Quarter 1st 2nd 3rd 4th Weighted average 52-week period ended April 26,2015 United States(US dollars per gallon)3.59 3.36 2.54 2.34 2.89 Europe(US cents per litre)101.53 95.18 73.99 66.51 83.53 Canada(CA cents per litre)121.64 117.00 96.27 93.63 106.59 52-week period ended

284、April 27,2014 United States(US dollars per gallon)3.51 3.45 3.24 3.47 3.41 Europe(US cents per litre)100.72 103.25 107.49 104.11 104.38 Canada(CA cents per litre)114.53 117.05 113.11 118.74 115.63 Other revenues decreased by$828.3 million in fiscal 2015,mostly attributable to the disposal of the avi

285、ation fuel business,the negative net impact from the translation of revenues of our European operations into US dollars and to the decrease in marine fuel and heating oil revenues due to lower selling prices and volumes.Gross profit In fiscal 2015,the consolidated merchandise and service gross margi

286、n was$2.8 billion,an increase of$106.5 million compared with fiscal 2014.Excluding the negative net impact from the translation of our European and Canadian operations into US dollars,which was approximately$94.0 million,consolidated merchandise and service gross margin increased by$201.0 million or

287、 7.4%.This increase is attributable to the contribution from acquisitions which amounted to approximately$103.0 million and to organic growth.In the United States,the gross margin was up 0.2%to 32.9%while it decreased by 0.2%in both Canada and Europe to reach 32.9%and 41.2%respectively.Overall,this

288、performance reflects changes in the product-mix,the improvements we brought to our supply terms as well as our merchandising strategy in line with market competitiveness and economic conditions within each market.The road transportation fuel gross margin for our company-operated stores in the United

289、 States increased by 3.63 per gallon,from 18.11 per gallon during fiscal 2014 to 21.74 per gallon in fiscal 2015.In Canada,the gross margin increased to CA6.35 per litre for fiscal 2015 compared with CA5.98 per litre for fiscal 2014.In Europe,the total road transportation fuel gross margin was 10.33

290、 per litre for fiscal 2015,a decrease of 0.61 per litre compared with 10.94 per litre for fiscal 2014.This decrease is entirely attributable to the impact of the translation of our European results into US dollars.In local currencies,the margin in Europe was higher than that of fiscal 2014.The road

291、transportation fuel gross margin of our Annual Report 2015 Alimentation Couche-Tard Inc.Page 27 of 82 company-operated stores in the United States as well as the impact of expenses related to electronic payment modes for the last eight quarters,starting with the first quarter of fiscal year ended Ap

292、ril 27,2014,were as follows:(US cents per gallon)Quarter 1st 2nd 3rd 4th Weighted average 52-week period ended April 26,2015 Before deduction of expenses related to electronic payment modes 23.08 24.17 24.93 15.46 21.74 Expenses related to electronic payment modes 5.27 5.03 4.33 4.12 4.63 After dedu

293、ction of expenses related to electronic payment modes 17.81 19.14 20.60 11.34 17.11 52-week period ended April 27,2014 Before deduction of expenses related to electronic payment modes 19.42 21.56 17.02 14.85 18.11 Expenses related to electronic payment modes 4.99 5.04 4.79 4.98 4.94 After deduction

294、of expenses related to electronic payment modes 14.43 16.52 12.23 9.87 13.18 As demonstrated by the table above,road transportation fuel margins in the United States are volatile from one quarter to another.Expenses related to electronic payment modes and associated volatility are not as significant

295、 in Europe and in Canada.Operating,selling,administrative and general expenses For fiscal 2015,operating,selling,administrative and general expenses decreased by 1.3%compared with fiscal 2014,but increased by 0.8%if we exclude certain items,as demonstrated by the following table:Total variance as re

296、ported (1.3%)Subtract:Decrease from the net impact of foreign exchange translation (5.2%)Increase from incremental expenses related to acquisitions 3.3%Decrease from divesture of the aviation fuel business (0.7%)Increase from revision of estimates for provisions and other non-recurring expenses 0.6%

297、Decrease from lower electronic payment fees,excluding acquisitions (0.2%)Acquisition costs recognized to earnings of fiscal 2015 0.1%Remaining variance 0.8%We continue to favor tight control of costs throughout the organization while being sure to maintain the quality of service we offer to our cust

298、omers.Earnings before interests,taxes,depreciation,amortization and impairment(EBITDA)and adjusted EBITDA During fiscal 2015,EBITDA increased by 14.3%compared with the previous fiscal year,reaching$1,875.5 million.Excluding restructuring and integration costs,the loss on disposal of the aviation fue

299、l business,the curtailment gain on pension plan obligations and the negative goodwill from both comparable periods,fiscal 2015 adjusted EBITDA increased by$322.1 million or 20.2%compared with the corresponding period of the previous fiscal year,reaching$1,913.0 million.Net of acquisition,restructuri

300、ng and integration costs recorded to earnings,acquisitions contributed approximately$43.0 million to adjusted EBITDA,while the variation in exchange rates had a negative net impact of approximately$68.0 million.It should be noted that EBITDA and adjusted EBITDA are not performance measures defined b

301、y IFRS,but we,as well as investors and analysts,use these measures to evaluate the Corporations financial and operating performance.Note that our definition of these measures may differ from the one used by other public corporations:52-weeks periods ended(in millions of US dollars)April 26,2015 Apri

302、l 27,2014 Net earnings,as reported 933.5 812.2 Add:Income taxes 306.2 134.2 Net financial expenses 105.4 110.6 Depreciation,amortization and impairment of property and equipment and other assets 530.4 583.2 EBITDA 1,875.5 1,640.2 Remove:Restructuring and integration costs 30.3 -Loss on disposal of t

303、he aviation fuel business 11.0 -Curtailment gain on pension plan obligation(2.6)(0.9 )Negative goodwill(1.2)(48.4 )Adjusted EBITDA 1,913.0 1,590.9 Annual Report 2015 Alimentation Couche-Tard Inc.Page 28 of 82 Depreciation,amortization and impairment of property and equipment and other assets For fis

304、cal 2015,depreciation,amortization and impairment expense decreased by$52.8 million.Excluding the impairment charge of$6.8 million on a non-operational lubricant production plant recorded in fiscal 2014,depreciation,amortization and impairment expense decreased by$46.0 million.This decrease is mainl

305、y attributable to the net impact from the translation of our European and Canadian operations into US dollars,partially offset by the impact of investments made through acquisitions,replacement of equipment,addition of new stores and ongoing improvement of our network.Net financial expenses For fisc

306、al 2015,we recorded net financial expenses of$105.4 million compared with$110.6 million for fiscal 2014.Excluding the net foreign exchange loss of$22.7 million and the net foreign loss of$10.1 million recorded respectively in fiscal 2015 and in fiscal 2014,fiscal 2015 posted net financial expenses o

307、f$82.7 million,down$17.8 million compared with fiscal 2014.This decrease is mainly attributable to the reduction of our long-term debt following repayments made on our revolving and acquisition facilities in the first half of fiscal 2015.The net foreign exchange loss of$22.7 million is mainly due to

308、 the impact of the exchange rate fluctuations on certain inter-company balances and loans.Income taxes For fiscal 2015,the income tax rate is 24.7%compared with a rate of 14.2%for the previous fiscal year.Fiscal 2015 was affected by an internal reorganization which increased the income tax expense b

309、y$41.8 million.Had this reorganization not been implemented,the income tax rate would have been approximately 21.3%.The income tax rate for fiscal 2014 was impacted by the effect on deferred taxes of a foreign loss only deductible and recognized for tax purposes as well as by a decrease in our statu

310、tory income tax rates in Norway and in Denmark.Excluding those non-recurring items,the income tax rate for fiscal 2014 would have been 15.5%.The remaining increase is attributable to the higher proportion of our results coming from the United States,where the tax rates are higher and to the reimburs

311、ement of a portion of our debt before the acquisition of The Pantry.Net earnings We closed fiscal 2015 with net earnings of$933.5 million,compared with$812.2 million for the previous fiscal year,an increase of$121.3 million.Diluted net earnings per share stood at$1.64 compared with$1.43 the previous

312、 year.The translation of earnings from our Canadian and European operations into the US dollars had a negative net impact of approximately$28.0 million on net earnings of fiscal 2015.Excluding from net earnings of fiscal 2015 the loss on disposal of our aviation fuel business,restructuring and integ

313、ration costs,the non-recurring tax expense of$41.8 million,the curtailment gain,the negative goodwill,the net foreign exchange loss as well as acquisition costs and excluding from net earnings of fiscal 2014 the negative goodwill,the net foreign exchange loss,the non-recurring income tax recovery,th

314、e impairment charge on a non-operational lubricant plant in Poland,the curtailment gain as well as acquisition costs,fiscal 2015 net earnings would have stood at approximately$1,022.0 million,up$256.0 million or 33.4%compared to fiscal 2014,while fiscal 2015 diluted earnings per share would have sto

315、od at approximately$1.80,an increase of 33.3%.Financial Position as at April 26,2015 As shown by our indebtedness ratios included in the“Summary analysis of consolidated results for fiscal 2015”section and our net cash provided by operating activities,our financial position is excellent.Our total co

316、nsolidated assets amounted to$10.8 billion as at April 26,2015,an increase of$292.8 million over the balance as at April 27,2014.This increase stems primarily from the overall rise in assets resulting from the acquisitions we made during fiscal 2015 partly offset by the negative net impact of the ap

317、preciation of the US dollar compared to the functional currencies of our operations in Canada and Europe at the balance sheet date as well as by the sale of our aviation fuel business.Annual Report 2015 Alimentation Couche-Tard Inc.Page 29 of 82 During the 52-week period ended on April 26,2015,we re

318、corded a return on capital employed of 16.2%1,taking into consideration the recent acquisition of The Pantry.Significant balance sheet variations are explained as follows:Accounts receivable Accounts receivable decreased by$531.6 million,from$1.7 billion as at April 27,2014 to$1.2 billion as at Apri

319、l 26,2015.The decrease mainly stems from the net negative impact of exchange rates variation at the balance sheet date,which was approximately$294.0 million,lower road transportation fuel selling prices,as well as from the disposal of the aviation fuel business.The decrease was partly offset by the

320、increase resulting from acquisitions.Goodwill Goodwill increased by$728.6 million,from$1.1 billion as at April 27,2014 to$1.8 billion as at April 26,2015,mainly as a result of the acquisition of The Pantry.As the acquisition was closed shortly before the end of fiscal 2015 and given the size of the

321、transaction,we have not completed our fair value assessment of the assets acquired,the liabilities assumed and the goodwill for this transaction.Consequently,the balance sheet for The Pantry includes the net book values from The Pantrys accounting records at that date as adjusted to be in line with

322、the Corporations accounting policies.The difference between the purchase price and the net book value related to this acquisition was included in goodwill in the preliminary purchase price allocation and the fair values of assets acquired and liabilities assumed will be adjusted during fiscal 2016.T

323、he increase in goodwill related to The Pantry acquisition was partly offset by the negative net impact of the exchange rates variation at the balance sheet date,which was approximately$145.0 million.Long-term debt,bank loans and current portion of long-term debt Long-term debt and bank loans increas

324、ed by$468.2 million,from$2.6 billion as at April 27,2014 to$3.1 billion as at April 26,2015.Long term debt increased by approximately$1.5 billion as a result of the acquisition of The Pantry on March 16,2015 which was financed entirely through debt,including assumed finance lease obligations.This in

325、crease was partly offset by the impact of the weakening of the Canadian dollar against the United States dollar,which was approximately$126.0 million and by the debt repayments of approximately$900.0 million we made using available cash during fiscal 2015.Shareholders Equity Shareholders equity amou

326、nted to$3.9 billion as at April 26,2015,down$70.1 million compared with April 27,2014,mainly due to other comprehensive loss associated with translation adjustments and to dividends declared,partly offset by net earnings of fiscal 2015.For the 52-week period ended April 26,2015,we recorded a return

327、on equity of 24.9%2 taking into consideration the recent acquisition of The Pantry.Liquidity and Capital Resources Our principal sources of liquidity are our net cash provided by operating activities and borrowings available under our term revolving unsecured credit facilities.Our principal uses of

328、cash are to repay our debt,finance our acquisitions and capital expenditures,pay dividends,as well as to provide for working capital.We expect that cash generated from operations and borrowings available under our revolving unsecured credit facilities will be adequate to meet our liquidity needs in

329、the foreseeable future.Our revolving credit facilities are detailed as follows:1 This ratio is presented for information purposes only and represents a measure of performance used especially in financial circles.It represents the following calculation:earnings before income taxes and interests divid

330、ed by average capital employed.Capital employed represents total assets less short-term liabilities not bearing interests.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.The ratio is presented o

331、n a pro forma basis and it includes Couche-Tards results for the four quarters of fiscal year ending April 26,2015 and The Pantrys results for the 52-week period ended April 26,2015,as adjusted to be in line with the Corporations accounting policies.2 This ratio is presented for information purposes

332、 only and represents a measure of performance used especially in financial circles.It represents the following calculation:net earnings divided by average equity.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other publ

333、ic corporations.The ratio is presented on a pro forma basis and it includes Couche-Tards results for the four quarters of fiscal year ending April 26,2015 and The Pantrys results for the 52-week period ended April 26,2015,as adjusted to be in line with the Corporations accounting policies.Annual Report 2015 Alimentation Couche-Tard Inc.Page 30 of 82 US dollar term revolving unsecured operating cre