Alimentation Couche-Tard Inc. (ATD.B) 2012年年度報告「TSX」.pdf

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1、Annual ReportCouche-Tard20122012Table of contents Message to Shareholders Page 3 Alain Bouchard President&CEO Operations Review Page 9 Brian Hannasch Chief Operating Officer Financial Review Page 13 Raymond Par Chief Financial Officer Managements Discussion Page 16&Analysis Managements Report Page 4

2、1 Independent Auditors Report Page 42 Consolidated Financial Statements Page 44 Alain Bouchard President&Chief Executive Officer Growth,Innovation and New Horizons Its been another milestone year for the Couche-Tard family.Once again we achieved record profitability,we continued to innovate and resp

3、ond to challenges of the market,we grew the network strategically in North America and took the biggest step of our career as we ventured offshore into new international markets.First,the numbers We not only broke through a new barrier in 2012 with earnings of$457.6 million,but have now more than do

4、ubled our pre-2008 profits.Growth of 23.9%over fiscal 2011 marked the fourth straight year of double digit increase since we began a massive review and analysis of costs and processes back in 2008.Revenues increased$4.4 billion to reach$23.0 billion in 2012,aided by a 53rd week in fiscal 2012.Mercha

5、ndise and service revenues,which increased by$415.4 million,included$84.0 million from acquired stores.Organic growth,as measured by same-store merchandise revenues,grew 2.7%in the U.S.and 2.8%in Canada on a 52-week comparative basis.Motor fuel revenues increased dramatically by$4 billion,or 32.6%,d

6、ue primarily to$1.1 billion from newly acquired assets as well as$2.5 billion from higher average prices at the pump as crude oil prices took wild swings for the fourth straight year.On a 52-week comparative same-store basis,fuel volume growth was negative in Canada and flat in the U.S.,where our pe

7、rformance remains satisfactory when measured against the accompanying decline in miles driven.The financial position of the Corporation is excellent.Total assets at year-end reached$4.5 billion,an increase of$527.0 million due primarily to the North American acquisitions made Alimentation Couche-Tar

8、d Inc./3during the fiscal year.Return on capital employed stands at 19.0%and return on equity at 22.0%.New Horizons Network expansion and acquisition are fundamental strategies in the growth of our business.Id have to go a long way back to think of a year when we did not put one of our three brands

9、on new stores.But this year is different.It is truly a landmark in our 32-year history,as we step off the shores of North America for the first time with our own equity investment,as opposed to our usual license agreement.The acquisition of approximately 2,300 stores and gas stations in Northern Eur

10、ope,mainly Scandinavia,was concluded in our current fiscal year,marking the culmination of a process that began in November of 2011.In fact,the decision to seek new global markets goes back five years.After having successfully absorbed 2,279 Circle K stores in the U.S.and almost doubled our network,

11、it became clear that our model could be successful in other markets.We have built a world-class network incrementally through a disciplined and efficient management system,empowered employees and a dedication to best practices in all aspects of our business.Scandinavia feels familiar already.Major o

12、il companies in northern Europe are divesting themselves of their retail operations,just as they have been doing in North America over the past decade.We are a seasoned,successful acquirer and make an ideal partner,as our$2.6 billion agreement with Statoil attests.Statoil Fuel&Retail(“SFR”)is the#1

13、Convenience and Fuel Retailer in Scandinavia with approximately 2,300 stations,approximately 69%of which are company owned.The bulk of revenues are earned in the three Scandinavian countries of Norway,Sweden and Denmark but the company actually operates in eight countries.It is the market leader in

14、five,almost six,and enjoys a strong growth potential.The pro-forma scenario projects revenues of approximately$36.4 billion,EBITDA to$1.5 billion and total store count to 12,442,including our 3,990+licensed stores around the globe.Alimentation Couche-Tard Inc./4Its as close to a perfect fit as I can

15、 imagine.We bring leadership in marketing,cost management and benchmarking;the SFR organization is well managed,skilled and successful especially in fresh food services,our current strategic priority.We plan to keep the management structure pretty well intact and operate SFR as a stand-alone entity.

16、The transaction also includes 211 gas stations branded Jet.These are fully automatic and self-standing,a valuable asset strategically and a model we will study for possible expansion.The deal was also made under excellent financial terms.My colleague Raymond Par,our CFO,led the negotiations and talk

17、s more of this in his report.Marketing Takes a New Direction Meanwhile,back here in North America,we were tackling frontiers of a different kind.Although total sales on an industry level declined in the past year,tobacco products remain the biggest single component of in-store revenues.At the start

18、of the fiscal year,a major manufacturer modified its supply terms and pricing structure,placing significant pressure on the sales and retail margins of this category.Our same-store merchandise sales growth in the U.S.was 2.7%in 2012.Excluding sales of tobacco products,they increased by 5.3%.Our stra

19、tegy is thus to acquire our own leverage through product control.This has resulted in Crown,our own new private value brand which we launched in the U.S.in January 2012.Customers like it:at the end of the fiscal year,we were approaching our market share goal well ahead of schedule.Brand Building The

20、 Crown experience leads me to the broader issue of brand ownership and awareness.Historically,convenience stores were as the name implies-the corner store where you could get basics at short notice but to whom you owed little,if any,allegiance.Today,we carry thousands of items of inventory,including

21、 national and proprietary brands,and we compete head-to-head with major food retailers for service,quality and price.Its no longer a Alimentation Couche-Tard Inc./5drop-in business;our challenge is to continually exceed customer expectations and create repeat business.In other words:branding.On a ma

22、cro scale,we have been a leader in aligning our corporate brands to the point where a satisfied Couche-Tard,Macs or Circle K customer will enter another store of the same brand expecting a certain experience and obtaining it.On a merchandising level,our intense benchmarking identifies best-of-breed

23、products and services that we roll out across the network.This past year has seen all our business units aligned with two national beverage offerings same equipment,same brand,same offer.One is our coffee.We have extended the product line with such items as flavoured coffees,iced cappuccino and iced

24、 tea.We have done the same with our fountain drink offer,aligning all business units under one brand offering called Polar Pop.My colleague Brian Hannasch,our Chief Operating Officer,talks more about this in the following pages.The Power of Green Brian also talks about our participation in the green

25、 movement,of which we are proud.Most companies contribute by becoming profitable:we and thousands of other organizations contribute major amounts to help others in the community.“Going green”makes it possible for companies to become profitable by doing well.In our case,I remember very well how it st

26、arted:the internal notes from employees and the letters from shareholders and others,urging the Corporation to take steps to reduce our carbon footprint.I am proud of the amazing effort being made and extremely satisfied with the results we are beginning to see.Succession Planning Ensuring a known,q

27、ualified line of future managers is a corporate priority.Demographic change is making talented people hard to find and harder to recruit and I believe that continuity is an important element in creating and maintaining the entrepreneurial culture that sets us apart.In recent years,our growth has cre

28、ated new leadership positions in the business units and we have lost some veteran managers to scheduled retirement.Accordingly,we decided to“top up”the talent supply stream from both internal and external sources.Alimentation Couche-Tard Inc./6Im pleased to inform you that we have a number of very p

29、romising newcomers in the management training program.With this reinforcement of our internal bench strength,the management of the Corporation will remain in excellent hands.Board Changes I would like to welcome Mrs.Nathalie Bourque to our Board of Directors,following the death last year of our form

30、er Board colleague Roger Longpr who served the Corporation and our shareholders well.Mrs.Bourque is Vice-President,Public Affairs and Global Communications at CAE.After three years as Chairman of the Board,Richard Fortin has handed the reins to Ral Plourde.I am grateful to Richard for his steady han

31、d at the helm and his strong contribution to our very high standards of governance.Richard remains a member of the Board and of the Executive Committee.Ral,along with Richard and Jacques DAmours,is one of the group of four that founded Couche-Tard.He is also responsible for the decentralized busines

32、s model that has proved to be so successful for the Corporation.I welcome him as our new Chairman.The Outlook It may surprise some to know that convenience stores make up the largest single retail sector 35%of the retail universe in the U.S.according to the Association for Convenience&Fuel Retailing

33、.Despite a difficult economic environment in the U.S.,our industry has returned to a growth pattern,whereas in Canada,we continue to experience a good performance.The appeal of convenience stores is changing and increasing in popularity and Couche-Tard is among the leaders of that change.Competitive

34、 data is difficult to ascertain but in most of the key metrics which we can reliably measure,the Corporation is well out in front.The reasons are deep-rooted,an established part of our DNA.We place the customer first,we work hard with renewed initiatives to please the customer,and we manage cost and

35、 value to an extraordinary degree.The results are seen in the last several years of business performance and in the financial strength that has enabled an exciting and highly promising$2.6 billion acquisition.Alimentation Couche-Tard Inc./7Given our financial and market positioning,we enter our new

36、fiscal year with high expectations for continued achievement and success.Finally,thank you all There is no doubt that 2012 has been a momentous year.It would not have been so without the hard work,enthusiasm,and dedication of many,many people.I hope everyone who has contributed so much will also tak

37、e great satisfaction,as I do,in watching our Corporation grow,prosper and lead.As I have said many times before,it is our people who make Couche-Tard the company it is today.And what we are is a great organization to work for,one that empowers its people,welcomes initiative,is willing to learn from

38、its mistakes,and where every single person is working towards improving the experience of our customers.Around here we often say“we operate a one-store chain”.I want to express my thanks,and those of the Board of Directors,to all our employees as well as to our shareholders and many supporters for t

39、heir extraordinary contribution this year.I would like to add a special welcome to our new colleagues across the sea at SFR;we are looking forward to working closely together as we extend our frontiers.Alain Bouchard President&Chief Executive Officer Alimentation Couche-Tard Inc./8Brian Hannasch Chi

40、ef Operating Officer A Living Network is more than Numbers Our planned entry into the European market took over the spotlight during the last quarter of 2012 and set the seal on another strong year of growth and achievement across the Corporation.We welcome the employees of Statoil Fuel&Retail into

41、the Couche-Tard family and look forward to working with the team to combine these two great companies It was an important year for the continued expansion of the North American and Worldwide Franchise networks as well as for advances in core operating practices,food services and the pursuit of susta

42、inable energy.Busy year for deals Altogether,439 stores were acquired during the fiscal year,313 of which were integrated by year-end.Another 28 new stores were constructed.It was one of the busiest expansion years since the transformational acquisition of Circle K nine years ago.Network expansion,h

43、owever,is not just about numbers.Each year,net growth is inevitably less than the total acquisitions due to the constant pruning of underperforming stores.This steady scrutiny plays a major role in the above average profitability of the Corporation.Two important transactions during the year were wit

44、h ExxonMobil,which has become a leading partner both in the US and Canada.We have enjoyed a solid relationship with ExxonMobil in Canada but did not have a large relationship in the U.S.This past year,we purchased all of its assets in Louisiana(Bton Rouge and New Orleans)as well as Southern Californ

45、ia for a total of 341 sites.We are also branding additional Circle K sites to the Mobil fuel brand in California.In the process,we have become ExxonMobils largest customer in North America in total gallons sold and hope to find additional opportunities to grow together.Alimentation Couche-Tard Inc./

46、9Creating the perfect sandwich Food service is one of the fastest growing and most profitable sectors of the convenience store business.On an industry-wide basis,the food service category in the U.S.for the calendar year 2011 grew 10.5%over the previous year.We have been talking about food service f

47、or some time and in the last three years have begun to get some traction around it.We have aligned the business units behind our leading hot and cold beverage brands and we are making promising progress into the provision of fresh food items.Making fresh food available,attractive,and profitable is o

48、ne of the biggest challenges in our business,something of a holy grail.It makes the highest contribution to the gross margin and is very popular.It is also very hard to do and,as a result,is not done well very often.Our two poster children are Arizona and Great Lakes.These two business units have be

49、en experimenting extensively and successfully with managing hot and fresh foods and have established a set of best practices.The logistical challenge can be seen in the line-up:fresh sandwiches made daily,fresh pastries and rolls baked every day,fresh whole fruit,fresh cut fruit,and a variety of hot

50、 snacks.We still face the challenge of being able to expand the menu,which entails combinations of product deliveries from different sources,and then replicating a successful solution across the network.Beverages are a core part of our food service strategy and in 2012 we completed the alignment of

51、our two main products across all our stores.We had done this earlier with coffee and completed last year the process with Polar Pop,our leading cold fountain drink area.Ensuring the same product,same offer,and same equipment in each store has superior cost efficiency and also creates,as Alain pointe

52、d out,the drawing power of a recognized brand.We are achieving good traction with both lines.This is helping to establish food services as one of our fastest growing and most profitable components with double digit annual growth for the past three years.Alimentation Couche-Tard Inc./10Better ways to

53、 power the network Energy costs are our largest single expense outside of the payroll.Encouraged initially by the green movement,we have been looking with increasing intensity into better ways to power the network.We took tiny steps at first.But,as technology made more things possible,doing the“righ

54、t thing”for the planet quickly became also the right thing for reducing costs.In fiscal 2011,we formed an Energy Team under Geoff Haxel,Senior Vice-President Operations,with representation from each Business Unit.The team is tasked with monitoring and benchmarking energy use in approximately 6,000 s

55、tores in climates that range from southern deserts to the long,dark winters of northern Canada.Many improvements come from changing behaviour,raising awareness of energy waste and encouraging conservation in setting temperature levels and turning power on and off.The energy usage patterns for every

56、store are now detailed,costed,and tracked.Innovations include simple motion detectors to operate lights in bathrooms and back rooms,right-sizing heating and air conditioning units and replacing all the high wattage lights in the fuel canopies with LED lighting.The early returns are impressive.We red

57、uced our electricity consumption by 4%last year the second year of reductions-and have targeted another 5%this year.This would apparently equate to taking almost 10,000 cars off the road.More important,it is a first step on our journey to make energy conservation a part of our culture.How can we hel

58、p you?After three intense years of cost analysis and benchmarking,our focus today is very much on who walks in the door,what he or she wants and how satisfied they are when they leave.We compete against many other channels including dollar stores,drug stores,groceries and bulk goods warehouses and q

59、uick serve restaurants.And what we compete with is time.From store location to display and service at the cash,we undertake to provide the customer with a quality product and a pleasant experience in the shortest time.Alimentation Couche-Tard Inc./11With the slowdown of the economy in North America,

60、consumers have more time available to make choices on where to shop.We have to sharpen our focus on ensuring we provide the right level of value for our customers.This means measuring speed and quality of service in a more rigorous and uniform fashion than ever.Here,we have an important advantage.We

61、 are the largest company-operated network,so we are able to implement and measure processes in certain parts of the business that others may find difficult.As we move forward,this data becomes of increasing value in keeping our brands in leading positions in widely different markets across the conti

62、nent.Brian Hannasch Chief Operating Officer Alimentation Couche-Tard Inc./12Raymond Par Vice-President&Chief Financial Officer Business Building Starts with Financial Foundation There is an old saying that“one swallow doesnt make a summer”.Its also true that one good year doesnt make a profitable co

63、mpany.But four years in a row of double digit growth?Couche-Tard completed its fourth straight year of record earnings in 2012,still against a backdrop of economic uncertainty although the industry as a whole completed a second year of revenue growth.Our total revenues grew by 24.0%and net earnings

64、by 23.9%.Expenses increased 6.1%,but only 1.9%after excluding specific items(details are in the MD&A).Return on capital employed reached 19.0%and return on equity 22.0%.Not only is this the fourth straight year of double digit earnings growth,but the 10th straight year of sales increase,nine of whic

65、h also improved the bottom line.This is a good time,then,to take in a wider view of how the Corporation is improving on an ongoing basis.Strategies to build value The Corporations ongoing performance testifies to the success of many strategies to create value.Our principal strategies are to be a dis

66、ciplined acquirer of assets,to develop the network organically,to share best practices among business units and stores,to benefit from centralized purchasing,to continuously improve customer service,and to manage expenses,tax and capital with both discipline and imagination.Four years ago,we made a

67、case for Return on Capital Employed(ROCE)as the focal measure of performance.Average ROCE for the convenience store industry in the U.S.in 2011 was 10.88%.Our return on capital employed has climbed from 12.7%in 2008 to 19%at the end of fiscal 2012.Alimentation Couche-Tard Inc./13At this level we sur

68、pass all of our peers in the c-store industry and almost all other major retail channels.Advantageous financing Financial management plays an important role in the ongoing pursuit of profitability.The financing of our$2.6 billion acquisition of Statoil Fuel&Retail(SFR)is a good example.Before making

69、 an offer we had$4.2 billion in available cash and credit agreements.In the third quarter,we had renewed our revolving five-year facility,at conditions better than market.Three days before our voluntary offer,we secured a new,three-year credit agreement of$3.2 billion,specifically for the SFR acquis

70、ition.As a result,we were able to close the deal without the customary resort to bridge financing with its attendant cost and additional risk exposure.Couche-Tard undertakes its own financing arrangements.For the SFR financing,we researched and closed arrangements with a consortium of international

71、banks and obtained considerable advantages and flexibility.Not only do we save syndication fees normally charged by a lead institution but we also enable a more competitive environment,resulting in the best possible rates and terms.It starts with the balance sheet This kind of advantageous financing

72、 is made possible by a strong balance sheet.Couche-Tard has always focused on balance sheet strength.Our operating costs are among the lowest in our industry and we are a highly disciplined acquirer.In the case of SFR,for example,we resisted considerable pressure to raise our bid and thus maximize t

73、he value that we will create for our shareholders.In 2003 we made a similarly transformational acquisition when we acquired Circle K from ConocoPhillips for$804 million.This deal doubled our network overnight to 4,672 stores,almost tripled sales to$6.4 billion,and established the base for our networ

74、k in the United States.Nine years later,we have built our balance sheet to the point where we can undertake an acquisition of$2.6 billion and become a global convenience store operator with a lower adjusted leverage than for Circle K.Alimentation Couche-Tard Inc./14Now the work begins An important e

75、lement of our financial strategy is to reduce the leverage as rapidly as possible following a major acquisition.This is in order to protect our investment grade ratings(BBB-Investment Grade)and also to return to a position from which we can follow up on new opportunities as they arise.The work,in fa

76、ct,has begun and as soon as the deal looked like it was closing,our line managers were already focusing on cash flow and working capital.The added cash flow from SFR will be further maximized through benchmarking against our own network,improving the customer offer,the buying conditions,the working

77、capital required and administrative expenses on both sides.This will help us to regain our usual flexibility as rapidly as possible.We are excited by the potential of this acquisition taken on its own and also by the future opportunities available to us because of this new platform.A big thanks goes

78、 out to my team who took the internal leadership on many aspect of the SFR transaction,and to the financial partners and other collaborators who supported us in the last year.I also extend a warm welcome to our new colleagues from Statoil Fuel&Retail.Raymond Par Vice-President&Chief Financial Office

79、r Alimentation Couche-Tard Inc./15 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”)financial condition and results of operations as wel

80、l as its performance during the fiscal year ended April 29,2012.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 financial resources.This MD&A also provides informat

81、ion 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 subsidiaries.Except where otherwise indicated,all fin

82、ancial information reflected herein is expressed in United States dollars(“US dollars”)and determined on the basis of International Financial Reporting Standards(IFRS).We also use measures in this MD&A that do not comply with IFRS.When such measures are presented,they are defined and the reader is i

83、nformed.This MD&A should be read in conjunction with the annual consolidated financial statements and related notes included in our 2012 Annual Report,which,along with additional information relating to Couche-Tard,including the most recent Annual Information Form,is available on SEDAR at and on the

84、 our website at www.couche- Financial Reporting Standards Our consolidated financial statements of fiscal year 2012 are our first annual consolidated financial statements reported under IFRS.Consequently,we have applied the requirements of IFRS 1,First-Time Adoption of International Financial Report

85、ing Standards,to establish these consolidated financial statements.Unless otherwise indicated,all financial information presented in the consolidated financial statements and in this MD&A were established based on IFRS,including comparative figures which have been restated to be in accordance with I

86、FRS.Previously,we prepared our consolidated financial statements in accordance with Canadian Generally Accepted Accounting Principles(“GAAP”).The reader must take into account the explanations of how the transition to IFRS has affected our Consolidated Statements of Earnings,Consolidated Statements

87、of Changes in Shareholders Equity and Consolidated Balance Sheets as provided in Note 29 of the consolidated financial statements of fiscal year 2012.Forward-Looking Statements This MD&A includes certain statements that are“forward-looking statements”within the meaning of the securities laws of Cana

88、da.Any statement in 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”,“intend”,“expect”,“estimate”and other similar expressions are generally intended to identify forward-looking statements.It is important t

89、o know that the forward-looking statements in this MD&A describe our expectations as at July 10,2012,which are not guarantees of 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,actual results

90、 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 inaccurate.

91、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 undue reliance

92、 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,monetizations,mergers,acq

93、uisitions,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 statements

94、,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 2012 Annual Report as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada.A

95、limentation Couche-Tard Inc./16 Our Business We are the leader in the Canadian convenience store industry.In North America,we are the largest independent convenience store operator(whether integrated with a petroleum corporation or not)in terms of number of company-operated stores.As of April 29,201

96、2,our network comprises 5,803 convenience stores throughout North America,including 4,216 stores with motor fuel dispensing.At the same date,we had agreements for the supply of motor fuel to 350 sites operated by independent operators.Our network consists of 13 business units,including nine in the U

97、nited States covering 42 states and the District of Columbia and four in Canada covering all ten provinces.In addition,under licensing agreements,about 3,990 stores are operated under the Circle K banner in nine other countries worldwide(China,Guam,Hong Kong,Indonesia,Japan,Macau,Mexico,Vietnam and

98、United Arab Emirates).More than 60,000 people are employed throughout our network and at the service offices in North America.Our mission is to offer our clients a quick and outstanding service by developing a customized and friendly relationship while still finding ways to surprise them on a daily

99、basis.In this regard,we strive to meet the demands and needs of our clientele based on their regional requirements.To do so,we offer consumers food and beverage items,motor fuel and other high-quality products and services designed to meet clients demands in a clean and welcoming environment.Our pos

100、itioning in the industry stems primarily from the success of 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

101、result of our focus on in-store merchandise,as well as our continued investments in our stores.Value creation 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 sit

102、es and by improving our offering.However,despite this context,acquisitions have to be concluded at reasonable conditions in order to create value for the Corporation and its shareholders.Therefore,we do not favour store count growth to the detriment of profitability.In addition to our participation

103、in the consolidation phase of our sector,it has to be noted that in recent years,the organic contribution played an important role in the growth of our net earnings.The on-going improvement of our offer,including fresh products,supply terms and efficiency of our business has been a highlight,especia

104、lly with the absence of significant acquisitions and net growth in store count in the recent years.During this same period,it has also often been more advantageous for us to repurchase back our own shares at a lower multiple than some store networks that were offered to us.Thus,all these elements co

105、ntributed to the growth in net earnings and to value creation for our shareholders and other stakeholders.We intend to continue in this direction.Fiscal 2012 Overview Net earnings amounted to$457.6 million for fiscal 2012,up 23.9%over fiscal 2011 chiefly due to the increased contribution of merchand

106、ise and service sales,the contribution from acquisitions,higher motor fuel margins,lower financial expenses,our sound management of our expenses,a pre-tax gain of$17.0 million on derivative financial instruments related to the acquisition of Statoil Fuel&Retail as well as to the$6.9 million pre-tax

107、negative goodwill recorded to earnings of fiscal 2012.These items,which contributed to the growth in net earnings,were partially offset by the rise in expenses related to electronic payment modes stemming from the higher average retail price of motor fuel as well as by the non-recurring acquisition

108、costs recorded to earnings following the new IFRS guidelines.It should also be noted that in fiscal 2011,following our decision not to renew our public tender offer for the acquisition of Caseys shares,we had expensed the related fees,a negative impact of$7.0 million on net earnings for fiscal 2011.

109、Excluding from fiscal 2012 earnings the non-recurring gains on derivative financial instruments,acquisition costs as well as the negative goodwill and excluding acquisition costs from fiscal 2011 earnings,the fiscal 2012 net earnings would have been approximately$444.7 million($2.42 per share on a d

110、iluted basis)compared to$377.1 million($2.00 per share on a diluted basis)for fiscal 2011,an increase of$67.6 million,or 17.9%.Acquisition of Statoil Fuel&Retail ASA(Statoil Fuel&Retail)Subsequent to the end of fiscal 2012,between June 19,2012 and June 29,2012,we acquired 98.9%of the issued and outs

111、tanding shares of Statoil Fuel&Retail(SFR/Oslo Brs)for a cash consideration of 51.20 Norwegian Kroners(“NOK”)per share for a total amount of NOK15.2 billion or approximately$2.6 billion.Having reached a shareholding of more than 90%,on June 29,2012,in accordance with Norwegian laws,we initiated a co

112、mpulsory acquisition process to buyback the participation of the remaining minority shareholders and ensure that Statoil Fuel&Retail becomes our wholly-owned subsidiary.Alimentation Couche-Tard Inc./17 Statoil Fuel&Retail is a leading Scandinavian road transport fuel retailer with over 100 years of

113、operations in the region.Statoil Fuel&Retail operates a broad retail network across Scandinavia(Norway,Sweden,Denmark),Poland,the Baltics(Estonia,Latvia,Lithuania),and Russia with approximately 2,300 stores,the majority of which offer full and convenience products while the others are automated(fuel

114、 only)stations.Statoil Fuel&Retail has a leading position in several countries where it does business and owns the land for over 900 sites and buildings for over 1,700 sites.Statoil Fuel&Retails other products include stationary energy,marine fuel,aviation fuel,lubricants and chemicals.In Europe,Sta

115、toil Fuel&Retail owns and operates 12 key terminals as well as 38 depots in eight countries while it also operates approximately 400 road tankers.During its fiscal year ended December 31,2011,Statoil Fuel&Retail recorded sales of NOK73,691 million and gross profits of NOK10,035 million,of which NOK5

116、,103 million were from the sale of motor fuel and NOK2,815 million were from the sale of convenience products.EBITDA stood at NOK3,037 million,of which over 90%were generated by operations in Scandinavia,an economically very strong region.Net earnings of Statoil Fuel&Retail amounted to NOK1,080 mill

117、ion while its assets totaled NOK22,825 million as at December 31,2011.During this same period,Statoil Fuel&Retail sold 8,416 million litres of motor fuel,recording a gross margin of NOK0.606 per litre.Including employees at Statoil branded franchise stations,about 18,500 people work in Statoil Fuel&

118、Retails retail network across Europe,in its corporate headquarters,in its eight regional offices,in its terminals and in its depots.More information about Statoil Fuel&Retail is available on their website at .This transaction has been financed using our new acquisition facility described below.New c

119、redit facility for the funding of Statoil Fuel&Retail acquisition On April 16,2012,we entered into a new 3-year credit agreement of$3.2 billion consisting of an unsecured non-revolving acquisition credit facility(the“acquisition facility”).The acquisition facility is available exclusively to fund,di

120、rectly or indirectly,the acquisition of Statoil Fuel&Retail and related transactions costs and the repayment of any indebtedness of Statoil Fuel&Retail and its subsidiaries.The acquisition facility is available(i)in Canadian dollars,by way of prime rate loans or the issuance of bankers acceptance an

121、d(ii)in US dollars,by way of US base rate loans or Libor loans.Borrowings under the acquisition facility bear interest,depending on the form and the currency of the loan,at variable rates based on the Canadian prime rate,the bankers acceptance rate,the US base rate or LIBOR plus a variable margin de

122、termined based on the level of one of our leverage ratios.Under the new credit agreement,we must maintain certain financial ratios and respect certain restrictive provisions.Foreign exchange forward contracts As described above,the acquisition of Statoil Fuel&Retail is denominated in NOK whereas our

123、 acquisition facility is denominated in US dollars.We have therefore determined that there was a risk related to fluctuations in the exchange rate between the US dollar and the NOK as the hypothetical weakening of the US dollar against the NOK would have increased our US dollars cash requirements in

124、 order to close the acquisition of Statoil Fuel&Retail.To mitigate this risk and because of the lack of liquidity in the currency market for the NOK,we entered into foreign exchange forward contracts(hereinafter,forwards)with reputable financial institutions allowing us to predetermine a significant

125、 portion of the disbursement we planned to make in US dollars for the acquisition of Statoil Fuel&Retail:As at April 29,2012,we had forwards requiring us to deliver,at various dates,US$2.22 billion in exchange for NOK12.82 billion,representing a weighted average rate of NOK5.7879 per US dollar.On th

126、at same date,the unrealized gain on these forwards amounted to$17.0 million and was recorded to earnings of the fourth quarter of fiscal 2012.Subsequent to the end of fiscal 2012,we entered into additional forwards requiring us to deliver,at various dates,US$1.25 billion in exchange for NOK7.32 bill

127、ion,representing a weighted average rate of NOK5.8530 per US dollar.In total,we have entered into forwards requiring us to deliver US$3.47 billion in exchange for NOK20.14 billion,representing a weighted average rate of NOK5.8114 per US dollar which is a favorable rate compared to the rate of 5.75 i

128、n effect as at April 18,2012,the date our offer was announced.Subsequently,we modified the original maturity dates of certain forwards to make them coincide with the actual disbursement dates for the payment of Statoil Fuel&Retail shares.Thus,between June 15 and June 25,2012,we settled a significant

129、 portion of the forwards contract with a value of$2,570.1 million to pay for Statoil Fuel&Retail shares while the remaining NOK at our disposal as well as the NOK that we will receive upon settlement of forwards Alimentation Couche-Tard Inc./18 that have not yet been settled will be used for the pur

130、chase of the remaining shares and to refinance a significant portion of Statoil Fuel&Retail existing long-term debt,which is denominated in NOK.Based on accounting standards,since we could not apply hedge accounting,we will record our investment in Statoil Fuel&Retail in our consolidated balance she

131、et based on the exchange rates prevailing on the settlement dates of the acquisition transaction while the changes in fair value of forwards will be recorded to earnings.Cash flow wise,the sum of these two amounts is equivalent,in all material respect,to the U.S.dollars amount we would have paid,had

132、 the transaction taken place on April 18,2012,the date our offer was announced,or more specifically,at the average rate of NOK5.8114 that we secured with this strategy.The impact on cash is therefore the one we had predetermined by securing the exchange rate at a favorable level compared to our mode

133、ling of the acquisition and compared to the rate at the time our offer was announced.As at July 10,2012,according to forwards that were settled and exchange rates prevailing at the time of settlement of these,we estimate that an accounting loss of approximately$87.1 million will be recorded to our n

134、ext quarter earnings while the unrealized accounting loss on forwards that have not been settled totaled approximately$28.7 million as at July 10,2012 and may fluctuate until their settlement based on changes in the exchange rate.New credit agreement and reduction of previous credit agreements On De

135、cember 9,2011,we entered into a new credit agreement consisting of a non-revolving unsecured facility of an initial maximum amount of$1.0 billion with an initial term of five years.The credit facility is available in the following form:A term revolving unsecured operating credit,available i)in Canad

136、ian dollars,ii)in US dollars,iii)in the form of Canadian dollar bankers acceptances,with stamping fees and iv)in the form of standby letters of credit not exceeding$100.0 million or the equivalent in Canadian dollars,with applicable fees.Depending on the form and the currency of the loan,the amounts

137、 borrowed bear interest at variable rates based on the Canadian prime rate,the bankers acceptance rate,the US base rate or LIBOR plus a variable margin;and An unsecured line of credit in the maximum amount of$50.0 million,available in Canadian or US dollars,bearing interest at variable rates based,d

138、epending on the form and currency of the loan,on the Canadian prime rate,the US prime rate or the US base rate plus a variable margin.Standby fees,which vary based on a leverage ratio of the Corporation,apply to the unused portion of the credit facility.Stamping fees,standby letters of credit fees a

139、nd the variable margin used to determine the interest rate applicable to amount borrowed are determined according to a leverage ratio of the Corporation.Under the new credit agreement,we must maintain certain financial ratios and respect certain restrictive provisions.Considering this new agreement,

140、the amounts available under the previously existing credit agreements were adjusted as follows:Operating credit A initial amount of$650.0 million was reduced to$326.0 million;and Operating credit B initial amount of$310.0 million was reduced to$154.0 million.The used portion of these facilities in e

141、xcess of the reduced initial amounts was transferred to the new credit facility.The previous agreements remain in effect until September 22,2012.All other conditions pertaining to the previous agreements remain unchanged.Network growth June 2011 agreement with ExxonMobil In June 2011,we signed an ag

142、reement with ExxonMobil for 322 stores and the motor fuel supply agreements for another 65 stores.All stores are operated in Southern California,United States.At the date of the signature of the agreement,72 sites were operated by ExxonMobil(company-operated stores),85 sites for which ExxonMobil lea

143、sed the land and owned the building were operated by independent operators while 165 sites for which ExxonMobil owned both the land and the buildings were operated by independent operators.Under the laws of California,the transfer to Couche-Tard of these 165 sites was conditional to ExxonMobils obli

144、gation to submit a bona fide offer to the independent operators of these sites.As of July 10,2012,this offering process was not yet finalized.The following table summarizes progress made in relation to this agreement and the steps that still must be completed.Alimentation Couche-Tard Inc./19 During

145、the 12-week period ended October 9,2011 During the 16-week period ended January 29,2012 During the 13-week period ended April 29,2012 Stores not yet integrated Company-operated stores 1 73(1)-Sites operated by independant operators(land leased by the Corporation and building owned by Corporation)-83

146、(2)-Sites operated by independant operators(real estate owned by the Corporation)-8 126(3)Fuel supply agreements 63(4)-13(5)18(5)(1)Two of these sites were operated by independent operators at the time of the original agreement.(2)Two of the 85 sites provided under the original agreement have been c

147、onverted into company-operated stores by ExxonMobil prior to their transfer to Couche-Tard.(3)Subject to ExxonMobils obligation to submit a bona fide offer to the independent operators.Should the independent operator accept the offer,only fuel supply agreements would be transferred to us.(4)Two fuel

148、 supply agreements provided under the original agreement have not been renewed by the independent operators.(5)For these sites,the independent operators have accepted the bona fide offer ExxonMobil has submitted them.Therefore,only the fuel supply agreements for the sites have been(will be)transferr

149、ed to us.Other completed acquisition transactions In May 2011,we acquired 11 company-operated stores located in Ontario,Manitoba,Saskatchewan,Alberta and British-Columbia,Canada from Shell Canada Products.We own the land and buildings for seven sites and lease these same assets for four sites.In May

150、 2011,we acquired five company-operated stores operating under the Gas City banner of which one is located in Arizona and four in the Chicago area,United States.The four sites in the Chicago area were acquired through our RDK joint venture.We own the land and buildings for three of these sites and l

151、ease the others.In October 2011,we acquired from Chico Enterprises Inc.,26 company-operated stores operating in northern West Virginia,United States,an area contiguous to our operations in Ohio.We own the real estate for 25 sites and we own the building and lease the land for the other site.In Novem

152、ber 2011,through our RDK joint venture,we acquired from Supervalu Inc.,27 stores operating in the Chicago area,Illinois,United States.The agreement also includes the transfer to RDK of two vacant land parcels.Out of the 27 stores,14 are company-operated while the other 13 are operated by independent

153、 operators.RDK owns the real estate for 24 sites as well as the two vacant land parcels and it leases the real estate for the three other sites.In November 2011,we acquired from ExxonMobil,33 company-operated stores operating under the On the Run banner in Louisiana,United States.We own the building

154、s for 33 sites as well as land for 25 sites and we lease the land for the other eight sites.In December 2011,we acquired from Neighbors Stores Inc.,11 company-operated stores operating in North Carolina,United States.We own the buildings for eight sites as well as the land for nine sites and we leas

155、e theses same assets for the other sites.In April 2012,we acquired from Dead River Company,17 company-operated stores operating in Maine,United States.Two stand-alone quick-service restaurants were also transferred to us.We own the real estate for 16 sites while we lease the other three sites.In add

156、ition,fiscal year 2012,we acquired 18 additional company-operated stores through distinct transactions.In May 2012,subsequent to the end of the fiscal 2012,we acquired 20 company-operated stores operating in Texas,United States from Signature Austin Stores.We lease the real estate for all sites.Avai

157、lable cash and credit facilities were used for these acquisitions.Store construction During fiscal year 2012,we completed the construction of 28 new stores.Alimentation Couche-Tard Inc./20 Summary of changes in our stores during the fourth quarter and fiscal year ended April 29,2012 The following ta

158、ble presents certain information regarding changes in our store network over the 13 and 53-week periods ended April 29,2012(1):13-week period ended April 29,2012 53-week period ended April 29,2012 Company-operated stores(2)Affiliated stores(3)Total Company-operated stores(2)Affiliated stores(3)Total

159、 Number of stores,beginning of period 4,522 1,295 5,817 4,401 1,394 5,795 Acquisitions 21-21 200-200 Openings/constructions/additions 14 30 44 37 64 101 Closures/disposals/withdrawals(19)(60)(79)(100)(193)(293)Conversion into company operated stores 1(1)-1(1)-Number of stores,end of period 4,539 1,2

160、64 5,803 4,539 1,264 5,803 Stores for which we control real estate but that are operated by independent operators to which we supply motor fuel through supply contracts 161 Stores to which we supply motor fuel through supply contracts 189 International licensed stored 3,990 Total number of stores in

161、 the Couche-Tard network 10,143(1)These figures include 50%of the stores operated through RDK.(2)Stores we operate under one of our main banners(Couche-Tard,Macs,Circle K).(3)Stores operated by an independent operator through a franchise or similar agreement under one of our main or secondary banner

162、.Share repurchase programs Program which expired on October 24,2011 We had a share repurchase program which allowed us to repurchase up to 2,685,335 Class A multiple voting shares and up to 11,621,801 Class B subordinate voting shares.The program expired on October 24,2011.The following table summar

163、izes share repurchases made under this program.13-week period ended April 29,2012 53-week period ended April 29,2012 Since implementation of the program Number of shares repurchased Weighted average cost per share Number of shares repurchased Weighted average cost per share Number of shares repurcha

164、sed Weighted average cost per share Class A multiple voting shares-2,700 CA$29.44 14,700 CA$26.08 Class B subordinate voting shares-4,559,900 CA$28.81 7,328,200 CA$27.40 Having made these repurchases,the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation

165、 was reduced and the proportionate interest of all remaining shareholders in the Corporations share capital was increased on a pro rata basis.All shares repurchased under the share repurchase program were cancelled upon repurchase.Program effective October 25,2011 expiring no later than October 24,2

166、012 We implemented a new share repurchase program which allows us to repurchase up to 2,684,420 of the 53,688,412 Class A multiple voting shares and up to 11,126,400 of the 111,264,009 Class B subordinate voting shares issued and outstanding as at October 11,2011(representing 5.0%of the Class A mult

167、iple voting shares issued and outstanding and 10.0%of the Class B subordinate voting shares of the public float,as at that date,respectively,as defined by applicable rules).In accordance with Toronto Stock Exchange requirements,we can repurchase a daily maximum of 1,000 Class A multiple voting share

168、s and of 82,118 Class B subordinate voting shares.When making such repurchases,the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation is reduced and the proportionate interest of all remaining shareholders in the Corporations share capital is increased o

169、n a pro rata basis.The share repurchase period will end no later than October 24,2012.All shares repurchased under the share repurchase program are cancelled upon repurchase.The following table summarizes share repurchases made under this program since its implementation.Alimentation Couche-Tard Inc

170、./21 13-week period ended April 29,2012 53-week period ended April 29,2012 Since implementation of the program Number of shares repurchased Weighted average cost per share Number of shares repurchased Weighted average cost per share Number of shares repurchased Weighted average cost per share Class

171、A multiple voting shares-1,000 CA$30.50 1,000 CA$30.50 Class B subordinate voting shares-2,409,300 CA$30.19 2,409,300 CA$30.19 Dividends During its July 10,2012 meeting,the Corporations Board of Directors(the“Board”)declared a quarterly dividend of CA$0.075 per share for the fourth quarter of fiscal

172、 2012 to shareholders on record as at July 19,2012 and approved its payment for August 2,2012.This is an eligible dividend within the meaning of the Income Tax Act of Canada.During fiscal 2012,the Board declared total dividends averaging CA$0.275 per share.Board of Directors changes On September 6,2

173、011,after three years as Chairman of the Board,Mr.Richard Fortin handed over this responsibility to Mr.Ral Plourde.Mr.Fortin continues to play an active role within the Corporation since he remained a member of the Board and of the Executive Committee.In addition to his new role,Mr.Plourde remains a

174、n active member of the Executive Committee.On March 13,2012,following the death of former Board member Mr.Roger Longpr earlier in 2011,Mrs.Nathalie Bourque was nominated as a new member on the Board.She also replaces Mr.Richard Fortin as member on the Human resources and Corporate Governance committ

175、ee.Mrs.Bourque is Vice President,Public Affairs and Global Communications at CAE Inc.Outstanding shares and stock options As at July 6,2012,Couche-Tard had 53,651,712 Class A multiple voting shares and 125,404,932 Class B subordinate voting shares issued and outstanding.In addition,as at the same da

176、te,Couche-Tard had 3,481,564 outstanding stock options for the purchase of Class B subordinate voting shares.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 our debt largely d

177、ominated in US dollars.The following table sets forth information about exchange rates based upon the Bank of Canada closing rates expressed as US dollars per CA$1.00:13-week period ended 12-week period ended53-week period ended52-week periods ended April 29,2012 April 24,2011April 29,2012April 24,2

178、011 April 25,2010Average for period(a)1.0053 1.02401.00510.9861 0.9296Period end 1.0194 1.04851.01941.0485 1.0009 (a)Calculated by taking the average of the closing exchange rates of each day in the applicable period.Considering we use the US dollar as our reporting currency,in our consolidated fina

179、ncial statements and in the present document,unless indicated otherwise,results from our Canadian and corporate operations are translated into US dollars using the average rate for the period.Variances and explanations related to fluctuations in the foreign exchange rate and the volatility of the Ca

180、nadian dollar which we discuss in the present document are therefore related to the translation in US dollars of our Canadian and corporate operations results and do not have a true economic impact on our performance since most of the Corporations consolidated revenues and expenses are received or d

181、enominated in the functional currency of the markets in which it does business.Accordingly,our sensitivity to variations in foreign exchange rates is economically limited.Alimentation Couche-Tard Inc./22 Statement of Earnings Categories Merchandise and Service Revenues.In-store merchandise revenues

182、are comprised primarily of the sale of tobacco products,fresh food offerings,including quick service restaurants(QSRs),beer/wine,grocery items,candy,snacks and various beverages.Service revenues include fees from automatic teller machines,sales of calling cards and gift cards,revenues from car washe

183、s,the commission on sale of lottery tickets 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.Motor Fuel Revenues.We include in our revenues

184、 the total dollar amount of motor fuel sales,including any imbedded taxes,if we take ownership of the motor fuel inventory.In the United States,in some instances,we purchase motor fuel and sell it to certain independent store operators at cost plus a mark-up.We record the full value of these revenue

185、s(cost plus mark-up)as motor fuel revenues.Where we act as a selling agent for a petroleum distributor,only the commission we earn is recorded as revenue.Gross Profit.Gross profit consists mainly of revenues less the cost of merchandise and motor fuel sold.Cost of sales is mainly comprised of the sp

186、ecific cost of merchandise and motor fuel sold,including applicable freight less vendor rebates.For in-store merchandise,the cost of inventory is generally determined using the retail method(retail price less a normal margin),and for motor fuel,it is determined using the average cost method.The gros

187、s motor fuel margin for stores generating commissions corresponds to the sales commission.Operating,Selling,Administrative and General Expenses.The primary components of operating,selling,administrative and general expenses are labour,net occupancy costs,electronic payment modes fees,commissions to

188、dealers and overhead.Key performance indicators used by management,which can be found under“Selected Consolidated Financial Information-Other Operating Data”,are merchandise and service gross margin,growth of same-store merchandise revenues,motor fuel gross margin and growth of same-store motor fuel

189、 volume,return on equity and return on capital employed.Summary analysis of consolidated results for the fourth quarter of fiscal 2012 The following table highlights certain information regarding our operations for the 13 and 12-week periods ended April 29,2012 and April 24,2011,respectively:(In mil

190、lions of US dollars,unless otherwise stated)13-week period ended12-week period ended Change April 29,2012April 24,2011%Revenues 6,063.24,737.0 28.0 Operating income 137.482.8 65.9 Net earnings 117.864.5 82.6 Selected Operating Data:Merchandise and service gross margin(1):Consolidated 32.8%33.6%(0.8)

191、United States 32.8%33.5%(0.7)Canada 32.9%33.6%(0.7)Growth(decrease)of same-store merchandise revenues(2)(3)(4):United States 3.4%3.6%Canada 5.4%(2.1%)Growth of same-store motor fuel volume(3)(4):United States 0.2%0.3%Canada 0.1%1.8%Motor fuel gross margin(3):United States(cents per gallon)16.9814.06

192、 20.8 Canada(CA cents per litre)5.605.01 11.8(1)Includes other revenues derived from franchise fees,royalties and rebates on some purchases by franchisees and licensees.(2)Does not include services and other revenues(as described in footnote 1 above).Growth in Canada is calculated based on Canadian

193、dollars.(3)For company-operated stores only.(4)On 12-weeks period normalized basis.Revenues Our revenues were$6.1 billion in the fourth quarter of fiscal 2012,up$1.3 billion,an increase of 28.0%,mainly attributable to acquisitions,to the increase in motor fuel sales due to higher average retail pric

194、es at the pump,to the growth of same-store merchandise and service sales in the United States and Canada as well as to the impact of the thirteenth week in the fourth quarter of fiscal 2012.These items contributing to the growth in revenues were partially offset by a weaker Canadian dollar.Alimentat

195、ion Couche-Tard Inc./23 More specifically,the growth of merchandise and service revenues for the fourth quarter of fiscal 2012 was$212.5 million or 15.1%,of which approximately$42.0 million was generated by acquisitions.As for internal growth,on a 12-week comparable basis,same-store merchandise reve

196、nues increased by 3.4%in the United States and 5.4%in Canada.For the Canadian and U.S.markets,the variance in same-store merchandise sales is attributable to our merchandising strategies,to the economic conditions in each of our markets as well as to the investments we made to enhance service and th

197、e offering of products in our stores.In the United States,a cigarette manufacturer modified its supply terms and price structure,at the beginning of the first quarter of fiscal 2012,in order to encourage retailers to decrease or maintain low unit prices on certain of its products,which has put a def

198、lationary pressure on our cigarettes sales.Thus,we estimate that excluding tobacco products sales,our same-store merchandise sales in the United States increased by 6.1%on a 12-week comparable basis.As for the weaker Canadian dollar,it had an unfavourable impact of approximately$8.0 million on merch

199、andise and service revenues of the fourth quarter of fiscal 2012.Motor fuel revenues increased by$1.1 billion or 33.4%in the fourth quarter of fiscal 2012,of which approximately$527.0 million stems from acquisitions.The still fragile economy and higher retail prices at the pump have continued to put

200、 pressure on motor fuel consumption,which can explain the weak growth in same-store motor fuel volume in Canada and in the United States which amounted to 0.1%and 0.2%,respectively on a 12-weeks comparable basis.The higher average retail price of motor fuel generated an increase in revenues of appro

201、ximately$276.0 million as shown in the following table,starting with the first quarter of fiscal year ended April 24,2011:Quarter 1st 2nd 3rd 4th Weighted average53-week period ended April 29,2012 United States(US dollars per gallon)3.673.503.32 3.74 3.54 Canada(CA cents per litre)114.08112.90109.88

202、 117.05 113.2752-week period ended April 24,2011 United States(US dollars per gallon)2.722.672.89 3.44 2.92 Canada(CA cents per litre)91.4690.4797.76 108.53 96.91 As for the weaker Canadian dollar,it had an unfavourable impact of approximately$10.0 million on motor fuel sales of the fourth quarter o

203、f fiscal 2012.Gross profit The consolidated merchandise and service gross margin grew by$59.4 million or 12.6%in the fourth quarter of fiscal 2012.The consolidated margin was 32.8%,a reduction of 0.8%compared with the same quarter of fiscal 2011.In the United States,the gross margin is down 0.7%to 3

204、2.8%while in Canada,it fell by 0.7%to 32.9%.This 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.More precisely,these margin reductions

205、 reflect more aggressive promotions in certain categories to protect store traffic as well as increases in the cost of certain of our products which we absorbed without passing it on to consumers.However,in terms of absolute dollars,the increase in same-store merchandise sales more than offset the d

206、ecrease in margin percentage of these products,demonstrating that our strategies paid off.In the fourth quarter of fiscal 2012,the motor fuel gross margin for our company-operated stores in the United States increased by 2.92 per gallon,from 14.06 per gallon last year to 16.98 per gallon this year.I

207、n Canada,the gross margin increased to CA5.60 per litre compared with CA5.01 per litre for the fourth quarter of fiscal 2011.The motor 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 quarte

208、rs,starting with the first quarter of fiscal year ended April 24,2011,were as follows:(US cents per gallon)Quarter 1st 2nd 3rd 4th Weighted average53-week period ended April 29,2012 Before deduction of expenses related to electronic payment modes 19.9517.0414.84 16.98 16.99 Expenses related to elect

209、ronic payment modes 5.295.204.74 5.06 5.04 After deduction of expenses related to electronic payment modes 14.6611.8410.10 11.92 11.9552-week period ended April 24,2011 Before deduction of expenses related to electronic payment modes 18.8316.8413.12 14.06 15.54 Expenses related to electronic payment

210、 modes 4.154.164.36 4.93 4.40 After deduction of expenses related to electronic payment modes 14.6812.688.76 9.13 11.14 Alimentation Couche-Tard Inc./24 Operating,selling,administrative and general expenses For the fourth quarter of fiscal 2012,operating,selling,administrative and general expenses r

211、ose by 10.9%compared with the fourth quarter of fiscal 2011,but increased by only 5.9%,if we exclude certain items,as demonstrated by the following table:13-week period ended April 29,2012 Total variance as reported 10.9%Subtract:Increase from incremental expenses related to stores acquired 4.5%Incr

212、ease from higher electronic payment fees 1.8%Negative goodwill recognized to earnings of fiscal 2012(1.2%)Decrease from the weakening of the Canadian dollar(0.6%)Acquisition costs recognized to earnings of fiscal 2012 0.5%Remaining variance,including additional week in the fourth quarter of fiscal 2

213、012 5.9%The increase in electronic payment fees stems mainly from the rise in the average retail price of motor fuel.The remaining variance is mainly due to the impact of the thirteenth week in the fourth quarter of fiscal 2012 and,to a lesser extent,the additional expenses necessary to support grow

214、th in same-store merchandise sales as well as to the normal increase in costs due to inflation.Moreover,excluding expenses related to electronic payment modes and acquisitions costs for both comparable periods as well as the negative goodwill recorded to earnings of the fourth quarter of fiscal 2012

215、,expenses in proportion to merchandise and services sales represented 29.1%of sales during the fourth quarter of fiscal 2012,compared to 30.5%during the fourth quarter of fiscal 2011.This indicator has been constantly improving for the last 13 quarters.This performance reflects our constant efforts

216、to find ways to improve our efficiency while ensuring that we maintain the quality of the service we offer our clients.Earnings before interests,taxes,depreciation and amortization(EBITDA)During the fourth quarter of fiscal 2012,EBITDA increased by 48.9%compared to the corresponding period of the pr

217、evious fiscal year,reaching$203.0 million.Net of acquisition costs recorded to earnings,acquisitions contributed$13.6 million to EBITDA,while the exchange rate variation had a negative impact of approximately$1.0 million.It should be noted that EBITDA is not a performance measure defined by IFRS,but

218、 we,as well as investors and analysts,use this measure to evaluate the Corporations financial and operating performance.Note that our definition of this measure may differ from the one used by other public corporations:(in millions of US dollars)13-week period ended 12-week period ended April 29,201

219、2 April 24,2011 Net earnings,as reported 117.8 64.5 Add:Income taxes 36.5 18.3 Net financial(revenues)expenses(13.5)2.6 Depreciation and amortization of property and equipment and other assets 62.2 50.9 EBITDA 203.0 136.3 Depreciation and amortization of property and equipment and other assets For t

220、he fourth quarter of fiscal 2012,depreciation expense increased due to the investments made through acquisitions,replacement of equipment,addition of new stores and ongoing improvement of our network.Since the second quarter of fiscal 2012,depreciation and amortization expense includes amortization

221、of intangible assets related to the fuel supply contracts acquired from ExxonMobil.Financial expenses,net For the fourth quarter of fiscal 2012,we recorded net financial revenues of$13.5 million compared to net financial expenses of$2.6 million for the fourth quarter of fiscal 2011.Excluding the$17.

222、0 million gain recorded on forwards,the fourth quarter of fiscal 2012 posted net financial expenses of$3.5 million,up$0.9 million compared to the fourth quarter of fiscal 2011.Income taxes The income tax rate for the fourth quarter of fiscal 2012 is 23.7%compared to a rate of 22.1%for the correspond

223、ing quarter of the previous fiscal year.Alimentation Couche-Tard Inc./25 Net earnings We closed the fourth quarter of fiscal 2012 with net earnings of$117.8 million,compared to$64.5 million the previous fiscal year,an increase of$53.3 million or 82.6%.Diluted net earnings per share stood at$0.65 com

224、pared to$0.35 the previous year,an increase of 85.7%.The exchange rate variation did not have a significant impact on net earnings of the fourth quarter of fiscal 2012.Excluding from net earnings of the fourth quarter of fiscal 2012 the non-recurring gain on forwards,acquisition costs as well as neg

225、ative goodwill,net earnings would have stood at approximately$102.4 million($0.57 per share on a diluted basis),up$37.9 million,or 58.8%.Alimentation Couche-Tard Inc./26 Selected Consolidated Financial Information The following table highlights certain information regarding our operations for the 53

226、-week period ended April 29,2012 and for the 52-week periods ended April 24,2011 and April 25,2010:(In millions of US dollars,unless otherwise stated)2012 53 weeks2011 52 weeks2011 52 weeks 2010 52 weeks IFRSIFRSGAAP GAAPStatement of Operations Data:Merchandise and service revenues(1):United States

227、4,408.04,133.64,171.8 3,986.0Canada 2,190.92,049.92,050.0 1,895.5Total merchandise and service revenues 6,598.96,183.56,221.8 5,881.5Motor fuel revenues:United States 13,673.810,218.710,595.8 8,819.8Canada 2,724.82,148.22,148.3 1,738.3Total motor fuel revenues 16,398.612,366.912,744.1 10,558.1Total

228、revenues 22,997.518,550.418,965.9 16,439.6Merchandise and service gross profit(1):United States 1,452.61,369.81,381.7 1,308.1Canada 729.8702.9702.9 638.3Total merchandise and service gross profit 2,182.42,072.72,084.6 1,946.4Motor fuel gross profit:United States 637.9537.3564.9 488.7Canada 148.8135.

229、7135.7 118.2Total motor fuel gross profit 786.7673.0700.6 606.9Total gross profit 2,969.12,745.72,785.2 2,553.3Operating,selling,administrative and general expenses 2,151.72,028.92,050.4 1,906.7Depreciation and amortization of property and equipment and other assets 239.8213.7216.3 204.5Operating in

230、come 577.6503.1518.5 442.1Net earnings 457.6369.2370.1 302.9Other Operating Data:Merchandise and service gross margin(1):Consolidated 33.1%33.5%33.5%33.1%United States 33.0%33.1%33.1%32.8%Canada 33.3%34.3%34.3%33.7%Growth of same-store merchandise revenues(2)(3)(4):United States 2.7%4.2%4.2%2.9%Cana

231、da 2.8%1.8%1.8%4.8%Motor fuel gross margin(3):United States(cents per gallon):16.9915.5415.79 14.51Canada(CA cents per litre)5.455.385.38 5.31Volume of motor fuel sold(5):United States(millions of gallons)3,896.23,517.73,649.1 3,484.8Canada(millions of litres)2,713.52,565.42,565.1 2,395.5Growth of(d

232、ecrease in)same-store motor fuel volume(3)(4):United States 0.1%0.7%0.7%1.0%Canada(0.9%)3.9%3.9%3.0%Per Share Data:Basic net earnings per share(dollars per share)2.542.002.00 1.64Diluted net earnings per share(dollars per share)2.491.961.97 1.60 Balance Sheet Data:Total assets 4,453.23,926.23,999.6

233、3,696.7Interest-bearing debt 665.2501.5526.4 741.2Shareholders equity 2,174.61,979.41,936.1 1,614.3Indebtedness Ratios:Net interest-bearing debt/total capitalization(6)0.14:10.09:10.10:1 0.24:1Net interest-bearing debt/EBITDA(7)0.43:10.26:10.28:1 0.80:1Adjusted net interest bearing debt/EBITDAR(8)2.

234、10:12.09:12.10:1 2.69:1Returns:Return on equity(9)22.0,%20.3%20.8%Return on capital employed(10)19.0,%18.1%17.9%(1)Includes other revenues derived from franchise fees,royalties and rebates on some purchases by franchisees and licensees.(2)Does not include services and other revenues(as described in

235、footnote 1 above).Growth in Canada is calculated based on Canadian dollars.(3)For company-operated stores only.(4)On 52-week normalized basis.(5)Includes volume of franchisees and dealers as well as the volume of motor fuel sold to independent operators under fuel supply agreements.(6)This ratio is

236、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,net of cash and cash equivalents and temporary investments,divided by the addition of shareholders equi

237、ty and long-term debt,net of cash and cash equivalents 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 repr

238、esents 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 EBITDA(Earnings Before Interest,Tax,Depreciation and Amortization).It does not ha

239、ve 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 for information purposes only and represents a measure of financial condition used especially in financial circles.It represents the

240、following calculation:long-term interest-bearing debt plus the product of eight times rent expense,net of cash and cash equivalents and temporary investments,divided by EBITDAR(Earnings Before Interest,Tax,Depreciation,Amortization and Rent expense).It does not have a standardized meaning prescribed

241、 by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(9)This ratio is presented for information purposes only and represents a measure of performance used especially in financial circles.It represents the following calculation:net earnings divided b

242、y average equity.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(10)This ratio is presented for information purposes only and represents a measure of performance used especially in financial ci

243、rcles.It represents the following calculation:earnings before income taxes and interests divided 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

244、comparable to similar measures presented by other public corporations.Alimentation Couche-Tard Inc./27 Analysis of consolidated results for the fiscal year ended April 29,2012 Revenues Our revenues were$23.0 billion in fiscal 2012,up$4.4 billion,or 24.0%,mainly attributable to an increase in motor f

245、uel sales due to higher average retail prices at the pump,to acquisitions,to the growth of same-store merchandise and service sales in the United States and Canada,to the growth of same-store motor fuel volume in the United States as well as the fifty-third week in fiscal 2012.More specifically,the

246、growth of merchandise and service revenues for fiscal 2012 was$415.4 million or 6.7%,of which approximately$84.0 million was generated by acquisitions.As for internal growth,on a 52-week comparable basis,same-store merchandise revenues increased by 2.7%in the United States and 2.8%in Canada.For the

247、Canadian and U.S.markets,the variance in same-store merchandise sales is attributable to our merchandising strategies,to the economic conditions in each of our markets as well as to the investments we made to enhance service and the offering of products in our stores.In the United States,a cigarette

248、 manufacturer modified its supply terms and price structure,at the beginning of the first quarter of fiscal 2012,in order to encourage retailers to decrease or maintain low unit prices on certain of its products,which has put a deflationary pressure on our cigarettes sales.Thus,we estimate that excl

249、uding tobacco products sales,our same-store merchandise sales in the United States increased by 5.3%on a 52-week comparable basis.As for the stronger Canadian dollar,it had a favourable impact of approximately$40.0 million on merchandise and service revenues of fiscal 2012.Motor fuel revenues increa

250、sed by$4.0 billion or 32.6%in fiscal 2012,of which approximately$1.1 billion stems from acquisitions.The still fragile economy and higher retail prices at the pump have continued to put pressure on motor fuel consumption,which can explain the almost flat same-store motor fuel volume growth on a 52-w

251、eek comparable basis in the United States as well as the slight decrease of 0.9%in Canada.The higher average retail price of motor fuel generated an increase in revenues of approximately$2.5 billion as shown in the following table,starting with the first quarter of the fiscal year ended April 24,201

252、1:Quarter 1st 2nd 3rd 4th Weighted average53-week period ended April 29,2012 United States(US dollars per gallon)3.673.503.32 3.74 3.54 Canada(CA cents per litre)114.08112.90109.88 117.05 113.2752-week period ended April 24,2011 United States(US dollars per gallon)2.722.672.89 3.44 2.92 Canada(CA ce

253、nts per litre)91.4690.4797.76 108.53 96.91 As for the stronger Canadian dollar,it had a favourable impact of approximately$41.0 million on motor fuel sales of fiscal 2012.Gross profit The consolidated merchandise and service gross margin grew by$109.7 million or 5.3%in fiscal 2012.The consolidated m

254、argin was 33.1%,a reduction of 0.4%compared with fiscal 2011.In the United States,the gross margin is down by only 0.1%to 33.0%while in Canada,it fell by 1.0%to 33.3%.This performance reflects changes in the product-mix,the improvements we brought to our supply terms as well as our merchandising str

255、ategy in line with market competitiveness and economic conditions within each market.More precisely,these margin reductions reflect more aggressive promotions in certain categories to protect store traffic as well as increases in the cost of certain of our products which we absorbed without passing

256、it on to consumers.However,in terms of absolute dollars,the increase in same-store merchandise sales more than offset the decrease in margin percentage of these products,demonstrating that our strategies paid off.In fiscal 2012,the motor fuel gross margin for our company-operated stores in the Unite

257、d States increased by 1.45 per gallon,from 15.54 per gallon in fiscal 2011 to 16.99 per gallon in fiscal 2012.However,taking into consideration expenses related to electronic payment modes,the net margin per gallon increased by only 0.81 per gallon.In Canada,the gross margin rose slightly to CA5.45

258、per litre compared with CA5.38 per litre for fiscal 2011.The motor 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 April 24,201

259、1,were as follows:Alimentation Couche-Tard Inc./28 (US cents per gallon)Quarter 1st 2nd 3rd 4th Weighted average53-week period ended April 29,2012 Before deduction of expenses related to electronic payment modes 19.9517.0414.84 16.98 16.99 Expenses related to electronic payment modes 5.295.204.74 5.

260、06 5.04 After deduction of expenses related to electronic payment modes 14.6611.8410.10 11.92 11.9552-week period ended April 24,2011 Before deduction of expenses related to electronic payment modes 18.8316.8413.12 14.06 15.54 Expenses related to electronic payment modes 4.154.164.36 4.93 4.40 After

261、 deduction of expenses related to electronic payment modes 14.6812.688.76 9.13 11.14 Operating,selling,administrative and general expenses For fiscal 2012,operating,selling,administrative and general expenses rose by 6.1%compared with fiscal 2011,but increased by only 1.9%if we exclude certain items

262、,as demonstrated by the following table:Total variance as reported 6.1%Subtract:Increase from incremental expenses related to stores acquired 2.1%Increase from higher electronic payment fees 2.0%Increase from the strengthening of the Canadian dollar 0.6%Acquisition costs recognized to earnings of fi

263、scal 2011(0.5%)Acquisition costs recognized to earnings of fiscal 2012 0.3%Negative goodwill recognized to earnings of fiscal 2012(0.3%)Remaining variance,including additional in fiscal 2012 1.9%The increase in electronic payment fees stems mainly from the rise in the average retail price of motor f

264、uel.The remaining variance is mainly due to the impact of the fifty-third week in fiscal 2012 and,to a lesser extent,to additional expenses necessary to support growth in same-store merchandise sales as well as to the normal increase in costs due to inflation.Moreover,excluding expenses related to e

265、lectronic payment modes and acquisitions costs for both comparable periods as well as the negative goodwill recorded to earnings of fiscal 2012,expenses in proportion to merchandise and services sales represented 28.8%of sales during fiscal 2012,compared to 29.4%during fiscal 2011.This indicator has

266、 been constantly improving for the last 13 quarters.This performance reflects our constant efforts to find ways to improve our efficiency while ensuring that we maintain the quality of the service we offer our clients.Earnings before interests,taxes,depreciation and amortization(EBITDA)During fiscal

267、 2012,EBITDA increased by 14.4%compared to fiscal 2011,reaching$839.0 million.Net of acquisition costs recorded to earnings,acquisitions contributed approximately$26.0 million to EBITDA while the exchange rate variation had a positive impact of$4.5 million.It should be noted that EBITDA is not a per

268、formance measure defined by IFRS,but we,as well as investors and analysts,use this measure to evaluate the Corporations financial and operating performance.Note that our definition of this measure may differ from the one used by other public corporations:(in millions of US dollars)Fiscal 2012 Fiscal

269、 2011 53 weeks 52 weeks Net earnings,as reported 457.6 369.2 Add:Income taxes 146.3 121.2 Net financial(revenues)expenses(4.7)29.6 Depreciation and amortization of property and equipment and other assets 239.8 213.7 EBITDA 839.0 733.7 Depreciation and amortization of property and equipment and other

270、 assets For fiscal 2012,depreciation expense increased due to the investments made through acquisitions,replacement of equipment,addition of new stores and ongoing improvement of our network.Since the second quarter of fiscal 2012,depreciation and amortization expense includes amortization of intang

271、ible assets related to the fuel supply contracts acquired from ExxonMobil.Alimentation Couche-Tard Inc./29 Financial expenses,net For fiscal 2012,we recorded net financial revenues of$4.7 million compared to net financial expenses of$29.6 million in fiscal 2011.Excluding the$17.0 million gain record

272、ed on forwards,fiscal 2012 posted net financial expenses of$12.3 million,down$17.3 million compared to fiscal 2011,mainly because of the early redemption of our$350.0 million subordinated unsecured debt during the third quarter of fiscal 2011,which contributed to decrease the average interest rate o

273、n our borrowings.Moreover,following the early redemption of our subordinated unsecured debt,we recorded a non-recurring charge of$3.0 million to fiscal 2011 results.The reduction in financial expenses from the lower average interest rate was partially offset by the slight increase in our indebtednes

274、s attributable to amounts disbursed for share repurchases and acquisitions.Income taxes The income tax rate for fiscal 2012 is 24.2%compared to a rate of 24.7%for fiscal 2011.Net earnings We closed fiscal 2012 with net earnings of$457.6 million,compared to$369.2 million the previous fiscal year,an i

275、ncrease of$88.4 million or 23.9%.Diluted net earnings per share stood at$2.49 compared to$1.96 the previous year,an increase of 27.0%.The exchange rate variation did not have a significant impact on net earnings of fiscal 2012.Excluding from fiscal 2012 net earnings the non-recurring gain on forward

276、s,acquisition costs as well as negative goodwill and excluding acquisition costs from earnings of fiscal 2011,net earnings for fiscal 2012 would have stood at approximately$444.7 million($2.42 per share on a diluted basis)compared to$377.1 million($2.00 per share on a diluted basis)for fiscal 2011,u

277、p$67.6 million,or 17.9%.Financial Position as at April 29,2012 As shown by our indebtedness ratios included in the“Selected Consolidated Financial Information”section and our net cash provided by operating activities,our financial position is excellent.Our total consolidated assets amounted to$4.5 b

278、illion as at April 29,2012,an increase of$527.0 million over the balance as at April 24,2011.This increase stems primarily from the overall rise in assets resulting from the acquisitions we made during fiscal year 2012,partially offset by the weakening of the Canadian dollar compared to the US dolla

279、r at the balance sheet date.For fiscal 2012,we recorded a return on capital employed of 19.0%1.Shareholders equity amounted to$2.2 billion as at April 29,2012,up$195.2 million compared to April 24,2011,mainly reflecting net earnings of fiscal 2012,partially offset by shares repurchased,dividends dec

280、lared and the decrease in accumulated other comprehensive income following the weakening of the Canadian dollar as at the balance sheet date.For fiscal 2012,we recorded a return on equity of 22.0%2.Liquidity and Capital Resources Our principal sources of liquidity are net cash provided by operating

281、activities and our credit facilities.Our principal uses of cash are to finance our acquisitions and capital expenditures,pay dividends,meet debt service requirements,provide for working capital as well as for our share repurchase programs.We expect that cash generated from operations,borrowings avai

282、lable under our revolving unsecured credit facilities as well as under our acquisition facility will be adequate to meet our liquidity needs in the foreseeable future.We have three credit agreements consisting of revolving unsecured credit facilities,each having a maximum amount of$326.0 million,$15

283、4.0 million and$40.0 million.These credit facilities will mature September 22,2012 and are available in the form of a term revolving unsecured operating credit,available i)in Canadian dollars,ii)in US dollars,iii)in the form of Canadian dollars bankers acceptances,with stamping fees and iv)in the fo

284、rm of standby letters of credit not exceeding$50.0 million or the equivalent in Canadian dollars,with applicable fees.Depending on the form and the currency of the loan,the amounts borrowed bear interest at variable rates based on the Canadian prime rate,the bankers acceptance rate,the US base rate

285、or the LIBOR rate plus a variable margin.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 divided by average capital employed.Capital

286、 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.2 This ratio is presented for information purposes only and re

287、presents 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 public corporati

288、ons.Alimentation Couche-Tard Inc./30 We also have a$1.0 billion credit agreement consisting of a revolving unsecured facility with an initial term of five years.This credit facility will mature in December 2016 and is available in the following forms:A term revolving unsecured operating credit,avail

289、able i)in Canadian dollars,ii)in US dollars,iii)in the form of Canadian dollar bankers acceptances,with stamping fees and iv)in the form of standby letters of credit not exceeding$100.0 or the equivalent in Canadian dollars,with applicable fees.Depending on the form and the currency of the loan,the

290、amounts borrowed bear interest at variable rates based on the Canadian prime rate,the bankers acceptance rate,the US base rate or LIBOR plus a variable margin;and An unsecured line of credit in the maximum amount of$50.0,available in Canadian or US dollars,bearing interest at variable rates based,de

291、pending on the form and currency of the loan,on the Canadian prime rate,the US prime rate or the US base rate plus a variable margin.Under theses credit facilities,the Corporation must maintain certain financial ratios and respect certain restrictive provisions.As at April 29,2012,$649.3 million of

292、our credit facilities had been used($576.0 million for the US dollars portion and$73.3 million for the Canadian dollars portion).As at the same date,the weighted average effective interest rate was 0.82%for the US dollars portion and 1.95%for the Canadian dollars portion.In addition,standby letters

293、of credit in the amount of CA$1.4 million and$28.5 million were outstanding as at April 29,2012.As at April 29,2012,excluding the acquisition facility,$840.7 million were available under the credit agreements and we were in compliance with the restrictive covenants and ratios imposed by the credit a

294、greements at that date.Thus,at the same date,we had access to more than$1.1 billion through our available cash and credit agreements.Selected Consolidated Cash Flow Information Operating activities During fiscal 2012,net cash from the operation of our stores reached$763.8 million,up$155.5 million co

295、mpared to fiscal year 2011,mainly due to a more favourable change in working capital and to higher net earnings.Investing activities During fiscal 2012,investing activities were primarily for the acquisition of 1911 company-operated stores,911 stores operated by independent operators(including relat

296、ed motor fuel supply agreements)and motor fuel supply agreements for 76 stores for a total amount of$380.3 million,as well as for net capital expenditures and other assets for an amount of$288.8 million.Our capital investments were primarily for the replacement of equipment in some of our stores to

297、enhance our offering of products and services,the addition of new stores as well as the ongoing improvement of our network.We also made an escrow deposit of$22.7 million for pending acquisitions.1 The number of stores differs from that presented in the Changes in the Store Network table because it e

298、xcludes stores related to the RDK joint venture.The latter being accounted for using the equity method,the amount paid by RDK for its investing activities do not appear in our investing activities.(In millions of US dollars)Fiscal 201253 weeksFiscal 2011 52 weeks VariationOperating activities$Cash f

299、lows 691.3601.5 89.8Other 72.56.8 65.7Net cash provided by operating activities 763.8608.3 155.5Investing activities Business acquisitions(380.3)(37.8)(342.5)Purchase of property and equipment and other assets,net of proceeds from the disposal of property and equipment and other assets(288.8)(198.1)

300、(90.7)Restricted cash(22.7)-(22.7)Proceeds from sale and leaseback transactions-5.1(5.1)Net cash used in investing activities(691.8)(230.8)(461.0)Financing activities Net increase in borrowings 157.1132.7 24.4Share repurchase(201.1)(69.1)(132.0)Issuance of shares 19.211.4 7.8Dividends(49.8)(32.8)(17

301、.0)Early redemption of subordinated unsecured debt-(332.6)332.6Net cash used in financing activities (74.6)(290.4)215.8Company credit rating Standard and Poors BBB-BBB-Alimentation Couche-Tard Inc./31 Financing activities During fiscal 2012,the increase in debt amounted to$157.1 million while we pai

302、d$201.1 million under our share repurchase program and$49.8 million in dividends.We also collected$19.2 million following the issuance of shares upon exercise of stock options.Contractual Obligations and Commercial Commitments Set out below is a summary of our material contractual cash obligations a

303、s at April 29,2012(1):2013 2014201520162017 Thereafter Total(in millions of US dollars US)Long-term debt(2)480.6 0.40.40.4169.5 1.6 652.9Capital lease obligations 4.3 3.92.91.81.3 0.4 14.6Operating lease obligations 266.6 243.3224.8204.4185.9 1,252.0 2,377.0Total 751.5 247.6228.1206.6356.7 1,254.0 3

304、,044.5(1)The summary does not include the payments required under defined benefit pension plans.(2)Does not include future interest payments.Long-Term Debt.As at April 29,2012,our long-term debt reached$665.2 million,the details of which are as follows:i)Borrowings of$649.3 million under our term re

305、volving unsecured operating credits.The weighted average effective interest rate is 0.95%as at April 29,2012.Standby letters of credit in the amount of CA$1.4 million and$28.5 million were outstanding as at April 29,2012.ii)Other long-term debts of$15.9 million,including some obligations under capit

306、al leases.Capital Lease Obligations.Some capital leases were assumed in connection with certain acquisitions and we had to assume some more capital leases during the previous fiscal years.These obligations and related assets are included in our consolidated balance sheets.Operating Lease Obligations

307、.We lease an important portion of our real estate using conventional operating leases.Generally our real estate leases in Canada are for primary terms of five to ten years and in the United States,they are for ten to 20 years,in both cases,with options to renew.These obligations and related assets a

308、re not included in our consolidated balance sheets.Under certain of the store leases,we are subject to additional rentals based on store revenues as well as future escalations in the minimum lease amount.Contingencies.In the normal course of business,we are involved in many legal disputes and claims

309、 regarding the manner in which we conduct our business.We believe that such claims and disputes are unfounded.It is our opinion that any disbursement resulting from such proceedings will not significantly impact the Corporations results and financial position.We are covered by insurance policies tha

310、t have significant deductibles.At this time,we believe that we are adequately covered through the combination of insurance policies and self-insurance.Future losses which exceed insurance policy limits or,under adverse interpretations,are excluded from coverage would have to be paid out of general c

311、orporate funds.In association with our workers compensation policies,we issue letters of credit as collateral for certain policies.We also issue surety bonds for a variety of business purposes,including bonds for taxes,lottery sales,wholesale distribution and alcoholic beverage sales.In most cases,a

312、 municipality or state governmental agency,as a condition of operating a store in that area,requires the surety bonds.Off-Balance Sheet Arrangements In the normal course of business,we finance some of our off-balance sheet activities through operating leases for properties on which we conduct our re

313、tail business.Our future commitments are included under“Operating Lease Obligations”in the table above.Alimentation Couche-Tard Inc./32 Selected Quarterly Financial Information The Corporations 52-week reporting cycle is divided into quarters of 12 weeks each except for the third quarter,which compr

314、ises 16 weeks.When a fiscal year,such as fiscal 2012,contains 53 weeks,the fourth quarter comprises 13 weeks.The following is a summary of selected consolidated financial information derived from the Corporations interim consolidated financial statements for each of the eight most recently completed

315、 quarters.(In millions of US dollars except for per share data)53-week period ended April 29,2012 52-week period ended April 24,2011 Quarter 4th3rd2nd1st4th3rd 2nd1stWeeks 13 weeks 16 weeks 12 weeks 12 weeks 12 weeks 16 weeks 12 weeks 12 weeks Revenues 6,063.26,604.15,152.65,177.64,737.05,486.9 4,14

316、9.14,177.4Earnings before depreciation and amortization of property and equipment and other assets,financial expenses and income taxes 199.6185.9200.2231.7133.7163.5 199.0220.6Depreciation and amortization of property and equipment and other assets 62.275.752.449.550.966.1 49.347.4Operating income 1

317、37.4110.2147.8182.282.897.4 149.7173.2Share of earnings of a joint venture accounted for using the equity method 3.47.05.26.02.63.8 4.85.7Net financial(revenues)expenses (13.5)4.02.12.72.611.2 8.27.6Net earnings 117.886.8113.5139.564.569.6 108.2126.9Net earnings per share Basic$0.66$0.49$0.62$0.76$0

318、.35$0.38$0.58$0.68 Diluted$0.65$0.48$0.61$0.75$0.35$0.37$0.57$0.67 The influence of the volatility of motor fuel gross margin and seasonality has an impact on the variability of our quarterly net earnings.Given the acquisitions in recent years and higher retail prices at the pump,motor fuel revenues

319、 have become a more significant segment of our business and therefore our quarterly results are more sensitive to the volatility of motor fuel gross margins.However,motor fuel margins tend to be less volatile when considered on an annual basis or a longer term.With that said,the majority of our oper

320、ating income is still derived from merchandise and service sales.Analysis of consolidated results for the fiscal year ended April 24,2011(based on Canadian GAAP before transition to IFRS)Revenues Our revenues amounted to$19.0 billion in fiscal 2011,up$2.5 billion,an increase of 15.4%,mainly attribut

321、able to the increase in motor fuel sales arising from the higher average retail price of motor fuel and to the increase in same-store motor fuel volume,to acquisitions,to the stronger Canadian dollar as well as to the growth in same-store merchandise revenues.More specifically,the growth of merchand

322、ise and service revenues for fiscal 2011 was$340.3 million or 5.8%,of which approximately$115.1 million was generated by a stronger Canadian dollar and$32.6 million comes from acquisitions.Internal growth,as measured by the growth in same-store merchandise revenues,was 4.2%in the United States while

323、 it stood at 1.8%in Canada.For the Canadian and U.S.markets,growth of same-store merchandise sales is attributable to our merchandising strategies,to the economic conditions in each of our market as well as to the investments we made to enhance service and the offering of products in our stores.Moto

324、r fuel revenues increased by$2.2 billion or 20.7%in fiscal 2011,of which$463.0 million stem from acquisitions and from additional volume derived from a growing number of sites offering motor fuel while a$106.0 million increase in revenues was generated from the appreciation of the Canadian dollar ag

325、ainst its U.S.counterpart.Same-store motor fuel volume grew by 0.7%in the United States and 3.9%in Canada.The higher average retail price of motor fuel generated an increase in revenues of approximately$1.4 billion as shown in the following table,starting with the first quarter of the fiscal year en

326、ded April 25,2010:Quarter 1st2nd3rd 4th Weighted average52-week period ended April 24,2011 United States(US dollars per gallon)2.722.672.89 3.44 2.93 Canada(CA cents per litre)91.4690.4797.76 108.53 96.9152-week period ended April 25,2010 United States(US dollars per gallon)2.412.482.59 2.71 2.55 Ca

327、nada(CA cents per litre)88.8089.2490.00 92.36 90.07 Alimentation Couche-Tard Inc./33 Gross profit The consolidated merchandise and service gross margin was 33.5%in fiscal 2011,up 0.4%.In the United States,the gross margin was 33.1%while it was 34.3%in Canada,a 0.3%and 0.6%increase,respectively.These

328、 increases reflect a more favourable product-mix,the improvements we brought to our supply terms as well as our merchandising strategy in tune with market competitiveness and economic conditions within each market.As for the motor fuel margin net of expenses related to electronic payment modes for o

329、ur company-operated stores in the United States,it increased by 0.72 per gallon,from 10.68 per gallon in fiscal 2010 to 11.40 per gallon this year,a 6.8%increase.In Canada,the gross margin also increased,reaching CA5.38 per litre compared with CA5.31 per litre in fiscal 2010.The motor fuel gross mar

330、gin 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 ending April 25,2010,were as follows:(US cents per gallon)Quarter 1st2nd3rd 4th Weighted average52-

331、week period ended April 24,2011 Before deduction of expenses related to electronic payment modes 19.1217.1213.38 14.24 15.79 Expenses related to electronic payment modes 4.174.174.36 4.87 4.39 After deduction of expenses related to electronic payment modes 14.9512.959.02 9.37 11.4052-week period end

332、ed April 25,2010 Before deduction of expenses related to electronic payment modes 15.4315.7812.88 14.42 14.51 Expenses related to electronic payment modes 3.563.793.85 4.14 3.83 After deduction of expenses related to electronic payment modes 11.8711.999.03 10.28 10.68 Operating,selling,administrativ

333、e and general expenses For fiscal 2011,operating,selling,administrative and general expenses rose by 7.5%compared with fiscal 2010.These expenses increased by 1.8%because of the stronger Canadian dollar,by 1.7%because of the increase in electronic payment modes expenses and by 0.8%because of acquisitions.In addition,during fiscal 2011,following the non-renewal of our public tender offer for the ac