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1、201420142014Annual ReportAnnual ReportAnnual Report Table of Contents Message to Shareholders.Page 2 Alain Bouchard,President&CEO Operations Review.Page 6 Brian Hannasch,Chief Operating Officer Financial Review.Page 10 Raymond Par,Vice President&Chief Financial Officer Managements Discussion and Ana
2、lysis.Page 12 Managements Report.Page 43 Independent Auditors Report.Page 45 Consolidated Financial Statements.Page 47 Annual Report 2014 Alimentation Couche-Tard Inc.Page 2 of 81 Alain Bouchard President&Chief Executive Officer Building momentum I am proud of our annual results that provide us with
3、 our sixth straight year of record earnings.Our convenience stores and service stations in North America and Europe continue to build momentum in the face of challenging market conditions.Our same-store merchandise sales on both continents improved in fiscal year 2014,gaining market share in the maj
4、ority of our markets.And while fuel volumes across the industry are generally flat or slightly declining our best-performing stores grew their volumes while we continued to gain fuel market share.The numbers speak for themselves For the sixth year in a row our net earnings have increased,amounting t
5、o$812.2 million for fiscal 2014,up 41.8%over fiscal 20131.Excluding non-recurring gains and costs,net earnings for fiscal 2014 would have been approximately$766.0 million or$1.35 per share on a diluted basis,an increase of 23.3%compared with fiscal 2013.EBITDA for fiscal 2014 was$1,640.2 million,an
6、increase of$264.6 million or 19.2%compared with fiscal 2013,including a contribution from acquisitions(net of acquisition costs recorded to earnings)of$153.0 million.Since the acquisition of Statoil Fuel&Retail,we estimate that total realized annual synergies and cost savings amount to approximately
7、$85.0 million,before income taxes.These savings were in part offset by investments related to the continued rollout of our new Enterprise Resource Planning(ERP)systems and other key strategic convenience and fuel initiatives.Our ERP replacement roll-out in Europe is now complete.Our work in the area
8、 of costs savings and synergy identification continues.We maintain our goal for annual synergies as previously announced.Winning on all fronts The strong results for fiscal year 2014 can be attributed to the performance of both the convenience and fuel aspects of our business.We saw strong growth in
9、 same-store sales from merchandise this year.Our North American operations delivered an increase in same-store merchandise revenues of 3.8%in the U.S.and 1.9%in Canada.This is attributable to effective merchandising strategies,investments in the enhancement of our service and 1 Note that the scale o
10、f the increases stated in this report are,in part,due to 2014 being the first full year of incorporating our European operations into the Corporations financial results.Annual Report 2014 Alimentation Couche-Tard Inc.Page 3 of 81 product offerings,and pricing strategies aimed at boosting in-store tr
11、affic,as well as food service in several of our markets.According to current NACS State of the Industry data,Couche-Tard outperformed the US market with an increase of 3.8%in same-store sales year-on-year,as opposed to the 2.4%reported in total industry merchandise sales2.Our European operations con
12、tinued to perform well,helped by new and sustainable merchandising strategies.Strong food service and coffee sales have driven growth in these markets.Our European business units delivered a 1.6%increase in same-store merchandise revenues compared with the same period last year,despite a still-chall
13、enging European convenience market.Initiatives such as a“coin offer”-a permanent campaign which promises customers they can always purchase a hot dog for a coin-and the continent-spanning“XL summer”campaign promoting a longer summer,XL offers and XL service,aimed at improving price perception,a sign
14、ificant step-up in merchandising,and new products in fresh food all proved effective.Food in focus Our people can be proud of our fresh food initiatives in North America and Europe.Customers are buying food at our stores in increasing numbers,not only because of the convenience factor but also becau
15、se we offer a broader menu selection and the improved quality and taste they demand.For example,in North America,our five fresh food pilot markets are delivering very encouraging early results,which show our customers really care about food quality.In Europe,thanks to an increased focus on the categ
16、ory,our hot dog sales have seen double-digit growth-in a category that has been essentially flat over the last few years.Social investment Millions of customers visit our stores and stations across North America and Europe every day.This puts Couche-Tard in a powerful position to mobilize its surrou
17、nding communities.We are proud to say there are dozens of organizations across North America and Europe that have benefitted from our corporate and customer contributions,totaling over$11.7 million,from our awareness-building activities and our employee volunteers.Our North American business units b
18、uild awareness and raise funds for an array of local community causes through powerful fund drives.This Spring,our Midwest and Great Lakes business units asked our customers to“Put Their Money Where The Miracles Are”,raising over$1.3 million in just three weeks for Childrens Miracle Network Hospital
19、s(CMN).CMN is a care facility that provides approximately$6,500 worth of charity care every minute.2 Convenience Stores Hit Record In-Store Sales in 2013-NACS Online,April 3 2014 Fresh food pilots in North America are delivering veryencouragingearlyresults Annual Report 2014 Alimentation Couche-Tard
20、 Inc.Page 4 of 81 Our European group has aligned its social investments in eight countries around the theme of“youth at risk”.Less than one year into its collaboration with BRIS(“Barnens Rtt i Samhllet”or“Childrens Rights in Society”),an organization that assists vulnerable children and young people
21、 with advice and support,our Swedish business unit was named their“most creative partner”.Senior management changes In March,we announced my decision to take on a new role as Founder and Executive Chairman of the Board of Directors with effect from the date of Couche-Tards 2014 shareholders annual m
22、eeting.At the same time,it was announced that our Chief Operating Officer,Brian Hannasch,would be promoted to the position of President and Chief Executive Officer.After more than three decades with the same President and CEO,this change is an evolutionary one for our corporation.In my new role,I wi
23、ll be focusing on acquisitions and new industry opportunities while continuing to take part in results reviews and the budgeting process.I will also continue to engage in our strategic discussions and serve as a mentor and coach to our next generation of leaders.We have an exceptional senior leaders
24、hip team,and Brian Hannasch is the right person to lead it.He has been intimately involved in developing our strategy and improving our business.He has played a pivotal role in the material acquisitions we made over the last thirteen years,including our largest and most recent,Statoil Fuel&Retail in
25、 Europe.His decisive leadership,management skills and deep experience across the entire value chain of our business uniquely qualify him to step into this role.Outlook In Fiscal 2014 we have made great progress in growing our business and we are particularly pleased with the performance of our new-t
26、o-industry sites.As has been the case in the past,we have made great progress in deleveraging our balance sheet and in this respect we are currently ahead of our plans.We will further increase our focus on new builds in the coming year,aided by our great land bank on both continents.In my new role,I
27、 will focus on our ongoing expansion into new markets and new opportunities-at the right time and on the right terms.I look forward to continuing the Couche-Tard journey,full steam ahead with Brian at the helm and our 80,000 talented,committed,skilled and experienced people,propelling Couche-Tard to
28、 even greater heights.Alain Bouchard accepting NACS Insight InternationalConvenienceLeaderoftheYear2014fromawardsponsorCary Crook,Vice President/General Manager InternationalSalesatPepsiCo Annual Report 2014 Alimentation Couche-Tard Inc.Page 5 of 81 Thank you Renewal is a prerequisite for success in
29、 todays fast-moving,ever-more-competitive retail landscape.I am impressed by the ability of our people around the world to strive for continuous improvement each and every day.I thank them all for their endless energy and commitment.Alain Bouchard President&Chief Executive Officer Annual Report 2014
30、 Alimentation Couche-Tard Inc.Page 6 of 81 Brian Hannasch sharing ideas with a colleague in PolandduringthelaunchoftheirSummercampaignBrian Hannasch Chief Operating Officer 0B0BWe care for your time No matter which of our brands is on the store or service station you walk into,as a Couche-Tard custo
31、mer you can rest assured that“we care for your time”.Whether we are helping our customers on their way as quickly as possible,or giving them an efficient time-out in an active day,we seek to make the lives of time-starved consumers a little easier.This approach seems to be making our stores more app
32、ealing.Customers continue to show a preference for our brands,accessible locations,convenient hours of operation,extended food offering,variety of merchandise,quality fuels and friendly service.Convenience trends indicate that consumers are on a quest to create more leisure time as well as to secure
33、 convenient,healthful and satisfying food for themselves and their families.As experienced merchants,we pride ourselves on rising to meet these demands through product innovation,technology and service.1B1BOne strong family of merchants Over the last year,the integration of Statoil Fuel&Retail into
34、the Couche-Tard family has been completed.It is no longer“us”and“them”-now it is just“us”.Extensive cross-border work has been going on in all areas of our business throughout the year,leveraging the growing breadth and depth of knowledge in our global family of merchants.Leadership exchanges initia
35、ted last year between our North American and European divisions have delivered significant results.One of the best examples is the“merchandizing step-up”carried out in our European business units.During the year we have refreshed three quarters of our stores in Europe,based on merchandising best pra
36、ctices derived from our North American operations.That refresh has delivered noticeable top line growth in same-store merchandise sales in the otherwise declining European convenience market.Through quarterly updates,market tours and annual vice president meetings,we have seen our business unit lead
37、ers regularly sharing the results of pilot projects,identifying best practices and aligning on proven concepts.Internationally,a centralized procurement function has ensured that we work as closely and effectively as possible with our many global partners.Equally important,we have seen real evidence
38、 of a single,shared culture throughout our global organization.Vice presidents across the business have worked together to capture the essence of our company,coalescing it into what we call our family DNA.This provides a common language and a set of guidelines and expectations that can be applied ac
39、ross continents and the business,from the boardroom to the shop floor.Annual Report 2014 Alimentation Couche-Tard Inc.Page 7 of 81 2B2BEye-opening Offerings In North America we have rolled out fresh food pilots in five markets.Customers are reacting well to these trials,delivering encouraging result
40、s in all locations and categories.Proprietary foods designed to cover eating occasions from early morning to late evening are planned for further trials across the U.S.and Canada.Simply Great Coffee,our new European coffee concept,has been rolled out in most of our markets in Europe.It is creating a
41、 growing movement among coffee lovers on the road in these markets.Sites with the new offer have typically shown double-digit coffee sales growth.Also in Europe,we have turned our attention to reviving the humble hot dog.Building on a trend for gourmet hot dogs,customers now find our Statoil hot dog
42、 on menu boards with local varieties,smothered with regional flavors and personalized with premium condiments.Lifting sales significantly,this reinvigorated offer has successfully increased both sales and margins in an otherwise stagnant category.3B3BFueling growth In general terms,road transportati
43、on fuel markets have been flat,slightly decreasing in Europe and showing only small increases in the U.S.and in Canada,largely as a result of increasing fuel efficiency and challenging macroeconomic conditions.Despite that,in most of our markets we have seen our same-store transportation fuel volume
44、s improving and our market share growing.Our proprietary fuel brand,milesTM,which was launched last year,has now been rolled out in five of our eight markets in Europe.The promise that“milesTM takes you further at no extra cost”has quickly gained traction in the markets where it has been introduced.
45、In April 2014,we introduced a replacement for the JET brand,previously licensed from a third party for our automat stations in Sweden and Denmark.Building on the customer promise that has been so successful for the JET brand-“Quick and easy”-INGO is attracting crowds with its unveiling in each regio
46、n.The message for customers is“New name,same low price”,and it is generating promising customer feedback.Rebranding our existing JET stations to INGO in these markets is expected to be complete by the third quarter of fiscal 2015.4B4BNetwork expansion We have realized another strong year of organic
47、growth.Altogether,a net total of 113 stores have been added to our network in 2014.25 new stores were built and 166 acquired in North America and Europe.Under an existing agreement with ExxonMobil dating from June 2011,we acquired 60 stores operated by independent operators.In addition,we acquired 9
48、 stores in Illinois from Baron-Huot Oil Company;23 stores in New Mexico from Albuquerque Convenience and Retail LLC;11 stores in Florida and Georgia from Publix Super Markets Inc.and 10 additional company-operated stores through distinct transactions.EVP Scandinavia HansOlav Hidahl with Danish busin
49、essunitleaderPiaBachHenriksenatourmostrecentmilesfuelbrandlaunch Annual Report 2014 Alimentation Couche-Tard Inc.Page 8 of 81 Our International Franchise Group has enabled our Circle K brand to be seen in three new markets during the year including Honduras,Malaysia and the Philippines.In addition o
50、ur Mexican operator,Circulo K,under its licensing agreement,has reached an agreement to acquire 878 stores in Mexico.5B5BMarketing a cause A recent international survey found that 62%of consumers appreciate and want to support companies that donate to important social causes.Our stores and stations
51、are delivering on that today.For the last ten years,in Canada,Couche-Tard has been a proud supporter of“Le Club des Petits Djeuners”or“Breakfast Club of Canada.”“Le Club des Petits Djeuners”is a non-profit organisation that aims to help vulnerable children by making sure they receive a nutritious br
52、eakfast at school and by creating an atmosphere and projects that feed the childrens self-esteem.Around 130,000 students in 1,300 schools across Canada have access to a nutritious breakfast each morning,thanks to this organisation.Each year we organize campaigns selling coffee mugs from September to
53、 November across all our 545 Couche-Tard stores in the Province of Qubec.We work closely with the Breakfast Club to design a different mug each year.All proceeds from the sale go to the Club;in 2014 we sold 115,000 mugs,raising$212,465.In Europe,we joined forces with the Norwegian Cancer Society to
54、raise funds for the Pink Ribbon campaign for breast cancer research.We supported the campaign with NOK 50 per premium car wash.37,500 washes were sold in the campaign,triggering a donation of over NOK 2 million,or around$335,000.As a side-effect of the one month campaign,our Norwegian business unit
55、experienced a significant increase in its car wash conversion rate(from normal to premium washes)and is now leading our European organisation in terms of premium car wash sales.Extensive national media exposure enhanced our brand profile and employee pride increased notably.Plans are already in plac
56、e for continuing this win/win exercise in the current fiscal year,including extending it to other European markets.6B6BReducing our carbon footprint Through programs focused on both behavioral change and the upgrade or installation of new technical solutions at our facilities in North America,we hav
57、e attained our overall goal of decreasing our energy consumption by 3%in Fiscal Year 2014 compared to Fiscal Year 2013.Our actions to reduce energy consumption also result in a positive benefit to reducing our carbon emissions.We are rolling out similar energy initiatives in Europe and we expect to
58、continue significant investment in reducing energy consumption and our carbon foot-print in coming years.Our commitment to driving down energy consumption and emissions is good for the environment and at the same time reduces costs.To further this initiative we have signed new global lighting contra
59、cts which are expected to further reduce our overall consumption and emissions by the end of Fiscal Year 2015.CoucheTardproudlysupportstheBreakfastClubofCanada Annual Report 2014 Alimentation Couche-Tard Inc.Page 9 of 81 7B7BFull steam ahead With the rest of our executive leadership team,I share a s
60、trong belief in the DNA of Couche-Tard.Our stores are our livelihood.The customer experience we deliver is what generates value for our stakeholders.Every day,each one of us-whether we are on the shop floor or in a boardroom-must challenge ourselves to think like customers and act like owners to be
61、competitive.We are succeeding in every aspect of our business,in sales,margins and costs.Our strategies are proven and effective and we have an experienced management team that has shown it can deliver,time after time.We plan to continue our disciplined approach to cost,further strengthening our pla
62、tform for growth both organically and through carefully-selected acquisitions in the coming years.Together with the incredible teams around the world that make up the Couche-Tard family,I am proud to continue contributing to the companys success.Brian Hannasch Chief Operating Officer Annual Report 2
63、014 Alimentation Couche-Tard Inc.Page 10 of 81 Raymond Par Vice President&Chief Financial Officer Building and improving resilience Business continuity is often described as“just common sense”.It is about taking responsibility for your business and enabling it to stay on course for the long run.At C
64、ouche-Tard,building and improving business resilience is our focus in everything we do.This past year we have been in a process of attaining close and seamless coordination between several departments,groups,organizations,and systems in the integration of our European organisation.We have made great
65、 headway in streamlining our operations globally and reduced overhead as well as personnel costs,while keeping our eye on the ball of daily business and meeting our customers needs in all our markets.As a result,Couche-Tard completed its sixth straight year of record earnings in 2014 and double-digi
66、t growth.Adjusted net earnings and cash flows from operations both grew by more than 23%.On a normalized basis,expenses increased by only 0.2%,return on capital employed reached 13.3%and return on equity 22.6%.And in a bit more than two years,our share has tripled in price.Out-performing the Competi
67、tion It has been a year of growth for all aspects of our business.We have out-performed our fuel competitors,increasing volumes and gaining market share in generally flat fuel markets.We have out-performed our convenience competitors on same-store merchandise sales,also while gaining market share an
68、d we have achieved all this while working to drive down costs and realising further synergies.Overall,excluding effect from currency translation,merchandise and service sales increased by about 5.8%.Road transportation fuel volume growth was strong,with an increase of 7.8%in the U.S.,3.6%in Canada a
69、nd 16.6%in Europe.The growth in revenues was not at the expense of margin:excluding the effect from currency translation,total merchandise and service gross profit increased by 4.4%,thanks to a growing contribution from our fresh food offering.Fuel margins increased in Europe and Canada and,once aga
70、in,our teams were successful at keeping costs under control.All of this,taken together,allowed us to record an adjusted EBITDA of$1,590.9 million,an increase of$205.1 million or 14.8%over fiscal 2013,despite the slight decrease in U.S.fuel margins net of the electronic mode of payment and unfavorabl
71、e currency translation effect.Last but not least,net cash from operating activities for fiscal 2014 was$1,429.3 million,an increase of 23.1%over fiscal 2013,reflecting our strong earnings as well as efficient management of working capital.Note that the scale of the increases for our European operati
72、ons stated here are in part due to 2014 being the first full year of incorporating those operations into the Corporations financial results.Annual Report 2014 Alimentation Couche-Tard Inc.Page 11 of 81 Discipline is the Key Our disciplined approach to profitable growth and optimization continues to
73、play a central role in our success.We can look back on a year of significant and steady development in our net earnings,against a backdrop of competitive market conditions in both North America and Europe.These factors enabled us to significantly improve our balance sheet.In fiscal 2014,we reduced o
74、ur adjusted net debt on EBITDAR(Earnings Before Interest,Taxation,Depreciation and Rentals)from 3.06 to 2.44.With our strong cash flows and our strong balance sheet,we were able to increase our quarterly dividend for the third time this year,an increase of 60%.Leveraging our Global Family In the pas
75、t year,our operational momentum has continued to build.This is no small achievement in an organization where integration activities have been in full swing.Our experienced management team successfully walked the line between planning and analysis,and delivering on the daily demands of satisfying cus
76、tomers.The implementation of our ERP system in Europe is complete and we are well into working as one team with one culture.Our work in the area of costs savings and synergy identification continues.We maintain our goal for annual synergies as previously announced.Our benchmarking activities across
77、the group paved the way for successful collaboration in fiscal 2014.We are leveraging our intellectual capital in concept development and operational excellence globally,as well as coordinating procurement and training.Our focus on lean operations-eliminating waste,optimizing labor utilization and f
78、ocusing marketing spend-in all our stores contributed to these efforts.The result:increased product innovation,more satisfied customers and cost savings for the company as a whole.Discipline Today,Discipline Tomorrow We continue to balance our debt structure while developing our revolving credit fac
79、ilities.We do this to maintain the health of our balance sheet and optimize our options for growth.The discipline this demands has resulted in an improvement of our return on capital employed(ROCE)by 230 basis points in just one year.Looking ahead,we see opportunities to improve our financial perfor
80、mance still further and retain our investment-grade rating in the markets.Raymond Par Vice President&Chief Financial Officer Annual Report 2014 Alimentation Couche-Tard Inc.Page 12 of 81 Managements Discussion and Analysis The purpose of this Managements Discussion and Analysis(“MD&A”)is,as required
81、 by regulators,to explain managements point of view on Alimentation Couche-Tard Inc.s(“Couche-Tard”)financial condition and results of operations as well as its performance during the fiscal year ending April 27,2014.More specifically,it aims to let the reader better understand our development strat
82、egy,performance in relation to objectives,future expectations and how we address risk and manage our financial resources.This MD&A also provides information to improve the readers understanding of the consolidated financial statements and related notes.It should therefore be read in conjunction with
83、 those documents.By“we”,“our”,“us”and“the Corporation”,we refer collectively to Couche-Tard and its subsidiaries.Except where otherwise indicated,all financial information reflected herein is expressed in United States dollars(“US dollars”)and determined on the basis of International Financial Repor
84、ting Standards(“IFRS”)as issued by the International Accounting Standards Board(“IASB”).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 informed.This MD&A should be read in conjunction with the annual consolidated fin
85、ancial statements and related notes included in our 2014 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 our website at www.couche- Statements This MD&A includes certain statements that ar
86、e“forward-looking statements”within the meaning of the securities laws of Canada.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”,“could”,“should”,“intend”,“expect”,“estimate”,“assume”and o
87、ther similar expressions are generally intended to identify forward-looking statements.It is important to know that the forward-looking statements in this MD&A describe our expectations as at July 7,2014,which are not guarantees of the future performance of Couche-Tard or its industry,and involve kn
88、own and unknown risks and uncertainties that may cause Couche-Tards or the industrys outlook,actual results or performance to be materially different from any future results or performance expressed or implied by such statements.Our actual results could be materially different from our expectations
89、if known or unknown risks affect our business,or if our estimates or assumptions turn out to be inaccurate.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 for
90、ward-looking statement will materialize and,accordingly,the reader is cautioned not to place undue reliance on these forward-looking statements.Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may h
91、ave on our business.For example,they do not include the effect of sales of assets,monetization,mergers,acquisitions,other business combinations or transactions,asset write-downs or other charges announced or occurring after forward-looking statements are made.Unless otherwise required by applicable
92、securities laws,we disclaim any intention or obligation to update or revise the forward-looking statements,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 2014 Annual Report as well as oth
93、er risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada.Our Business We are the leader in the Canadian convenience store industry.In the United States,we are the largest independent convenience store operator in terms of number of company-operated sto
94、res.In Europe,we are a leader in convenience store and road transportation fuel in Scandinavian countries and in the Baltic States while we have a growing presence in Poland.As of April 27,2014,our network comprises 6,241 convenience stores throughout North America,including 4,756 stores with road t
95、ransportation fuel dispensing.Our North-American network consists of 13 business units,including nine in the United States covering 39 states and the District of Columbia and four in Canada covering all ten provinces.More than 60,000 people are employed throughout our network and at the service offi
96、ces in North America.In Europe,we operate a broad retail network across Scandinavia(Norway,Sweden,Denmark),Poland,the Baltics(Estonia,Latvia,Lithuania)and Russia with 2,258 stores as at April 27,2014,the majority of which offer road transportation fuel and convenience products while the others are u
97、nmanned automated service-stations which offer road transportation fuel only.We also offer other products,including stationary energy,marine fuel,aviation fuel,lubricants and chemicals.We operate key fuel Annual Report 2014 Alimentation Couche-Tard Inc.Page 13 of 81 terminals and fuel depots in eigh
98、t countries.Including employees at Statoil branded franchise stations,about 17,500 people work in our retail network,terminals and service offices across Europe.In addition,under licensing agreements,about 4,600 stores are operated under the Circle K banner in 12 other countries worldwide(China,Guam
99、,Honduras,Hong Kong,Indonesia,Japan,Macau,Malaysia,Mexico,Philippines,Vietnam and United Arab Emirates)which brings to slightly more than 13,100 the number of sites in our network.Our mission is to offer our clients a quick and outstanding service by developing a customized and friendly relationship
100、 while still finding ways to surprise them on a daily 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,road transportation fuel and other high-quality products and services designed
101、to meet clients demands in a clean and welcoming environment.Our positioning 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 experie
102、nce in the various regions of our network.Our positioning is also a result of our focus on in-store merchandise,as well as our continued investments in our stores.Value creation In the United States,the convenience store sector is fragmented and in a consolidation phase.We are participating in this
103、process through our acquisitions and the market shares we gain when competitors close sites as well as by improving our offering.In Europe and Canada,the convenience store sector is often dominated by a few major players,including integrated oil companies.Some of these integrated oil companies are i
104、n the process of selling or are expected to sell their retail assets.We intend to study investment opportunities that might come to us through this process.However,despite this context,acquisitions have to be concluded at reasonable conditions in order to create value for our Corporation and its sha
105、reholders.Therefore,we do not favour store count growth to the detriment of profitability.In addition to our participation in the consolidation phase of our sector and in the selling by integrated oil companies of their retail assets,it has to be noted that in recent years,organic contribution has p
106、layed 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,especially with the absence of significant acquisitions and net growth in store count in the recent years,prior to
107、 the acquisition of Statoil Fuel&Retail.Thus,all these elements contributed to the growth in net earnings and to value creation for our shareholders and other stakeholders.We intend to continue in this direction.Exchange Rate Data We use the US dollar as our reporting currency which provides more re
108、levant information given the predominance of our operations in the United States and the significant portion of our debt denominated in US dollars.The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:12-week pe
109、riods ended 52-week periods ended 53-week periods ended April 27,2014 April 28,2013April 27,2014April 28,2013 April 29,2012Average for period Canadian Dollar(1)0.9045 0.9821 0.9439 0.9966 1.0051Norwegian Krone(2)0.1659 0.1749 0.1665 0.1737-Swedish Krone(2)0.1542 0.1554 0.1533 0.1513-Danish Krone(2)0
110、.1845 0.1757 0.1805 0.1730-Zloty(2)0.3289 0.3156 0.3200 0.3117-Euro(2)1.3770 1.3104 1.3466 1.2893-Lats(3)-1.8703 1.9002 1.8481-Litas(2)0.3989 0.3796 0.3897 0.3735-Ruble(2)0.0280 0.0325 0.0300 0.0320-Annual Report 2014 Alimentation Couche-Tard Inc.Page 14 of 81 As at April 27,2014As at April 28,2013P
111、eriod end Canadian Dollar 0.9061 0.9834Norwegian Krone(4)0.1681 0.1734Swedish Krone(4)0.1537 0.1543Danish Krone(4)0.1858 0.1766Zloty(4)0.3301 0.3163Euro(4)1.3870 1.3170Lats(3)-1.8822Litas(4)0.4018 0.3814Ruble(4)0.0281 0.0322(1)Calculated by taking the average of the closing exchange rates of each da
112、y in the applicable period.(2)Average rate for the period from February 1st,2014 to April 30,2014 for the 12-week period ended April 27,2014,from May 1st,2013 to April 30,2014 for the 52-week period ended April 27,2014,from February 1st,2013 to April 30,2013 for the 12-week period ended April 28,201
113、3 and from June 20,2012 to April 30,2013 for the 52-week period ended April 28,2013.Calculated using the average exchange rate at the close of each day for the stated period.(3)On January 1,2014,Latvia changed its currency from Lats to Euro.The average rate is for the period from May 1st,2013 to Dec
114、ember 31,2013 for the 52-week period ended April 27,2014,from February 1st,2013 to April 30,2013 for the 12-week period ended April 28,2013 and from June 20,2012 to April 30,2013 for the 52-week period ended April 28,2013.Calculated using the average exchange rate at the close of each day for the st
115、ated period.(4)As at April 30,2014.On January 1,2014,Latvia changed its official currency from the Lats to Euro.Results from the Latvian operations prior to the conversion date were converted using the Lats exchange rates as described in footnote 3 above while results from the Latvian operations fol
116、lowing this date were converted using Euro exchange rates.Balance sheet items from Latvian operations as at April 27,2014 were converted using the Euro exchange rate.This change in currency did not materially affect our consolidated financial statements.Considering we use the US dollar as our report
117、ing currency,in our consolidated financial statements and in the present document,unless indicated otherwise,results from our Canadian,European and corporate operations are translated into US dollars using the average rate for the period.Unless otherwise indicated,variances and explanations related
118、to variations in the foreign exchange rate and the volatility of the Canadian dollar and European currencies which we discuss in the present document are therefore related to the translation in US dollars of our Canadian,European and corporate operations results.Fiscal 2014 Overview On March 11,2014
119、,the Corporations Board of Directors approved a three-for-one split of all of the Corporations issued and outstanding Class“A”and“B”shares.This share split has been approved by regulatory authorities and was effective on April 14,2014.Accordingly,all per share amounts in this document are presented
120、on a comparable basis.Net earnings amounted to$812.2 million for fiscal 2014,up 41.8%over fiscal 2013.Some items affected the results of fiscal 2014,mainly negative goodwill of$48.4 million,a non-recurring income tax recovery of$21.6 million over a foreign exchange loss only deductible and recognize
121、d for tax purposes,a net foreign exchange loss of$10.1 million,a$6.8 million impairment charge over a non-operational lubricant plant in Poland,an income tax recovery of$6.6 million over the decrease in the income tax rate in Norway and Denmark,as well as a curtailment gain on pension plans obligati
122、on.On the other hand,the results of fiscal 2013 included a non-recurring loss of$102.9 million on foreign exchange forward contracts,a non-recurring income tax recovery of$34.7 million,restructuring expenses of$34.0 million,a curtailment gain on pension plans obligation of$19.4 million,negative good
123、will of$4.4 million as well as a net foreign exchange gain of$3.2 million.Excluding these items as well acquisition costs from both periods,fiscal 2014 net earnings would have been approximately$766.0 million($1.35 per share on a diluted basis)compared to$621.0 million($1.11 per share on a diluted b
124、asis)for fiscal 2013,an increase of$145.0 million,or 23.3%.This strong increase is mainly attributable to the contribution from acquisitions,to the growth in both same-store merchandise revenues and road transportation fuel volumes,to higher road transportation fuel margins in Europe and in Canada a
125、s well as to our continuous focus on our costs.These items,which contributed to the growth in net earnings,were partially offset by a lower road transportation fuel margin in the United States,the negative net impact from the translation of revenues and expenses from our Canadian and European operat
126、ions into the United States dollar following the appreciation of the United States dollar,namely against the Canadian dollar and the Norwegian Krone as well as by lower revenues following the divesture of our Liquid Petrolum Gas(“LPG”)business in December 2012.Annual Report 2014 Alimentation Couche-
127、Tard Inc.Page 15 of 81 Statoil Fuel&Retail Period results Our results for the 12 and 52-week periods ended April 27,2014 include those of Statoil Fuel&Retail for the period beginning February 1st,2014 and ending April 30,2014 and for the period beginning May 1st,2013 and ending April 30,2014,respect
128、ively.Our results for the 12 and 52-week periods ended April 28,2013 include those of Statoil Fuel&Retail for the period beginning February 1st,2013 and ending April 30,2013 and for the period beginning June 20,2012 and ending April 30,2013,respectively.Thus,our results of the 52-week periods ended
129、April 27,2014 and April 28,2013 include those of Statoil Fuel&Retail for a period of 365 and 315 days,respectively.Our consolidated balance sheet and store count as of April 27,2014 include Statoil Fuel&Retails balance sheet and store count as of April 30,2014,as adjusted for significant transaction
130、s,if any,which occurred between those two dates.The following table provides an overview of Statoil Fuel&Retails accounting periods that will be incorporated in our upcoming consolidated financial statements:Couche-Tard Quarters Statoil Fuel&Retail Equivalent Accounting Periods Statoil Fuel&Retail B
131、alance Sheet Date(1)12-week period ending July 20,2014 (1st quarter of fiscal 2015)From May 1st,2014 to July 20,2014 June 30,2014 12-week period ending October 12,2014 (2nd quarter of fiscal 2015)From July 21,2014 to October 12,2014 September 30,2014 16-week period ending February 1st,2015 (3rd quar
132、ter of fiscal 2015)From October 13,2014 to October 31,2014,November and December 2014 and January 2015 January 31,2015 12-week period ending April 26,2015 (4th quarter of fiscal 2015)February,March and April 2015 April 30,2015(5)The consolidated balance sheet will be adjusted for significant transac
133、tions,if any,occurring between Statoil Fuel&Retail balance sheet date and Couche-Tard balance sheet date.We expect that the work toward the alignment of Statoil Fuel&Retails accounting periods with those of Couche-Tard should start once we have finalized replacing Statoil Fuel&Retail financial syste
134、ms,which is now scheduled to be completed at the beginning of fiscal 2015.Synergies and cost reduction initiatives Since the acquisition of Statoil Fuel&Retail,we have been actively working on identifying and implementing available synergies and cost reduction opportunities.Our analysis shows that o
135、pportunities are numerous and promising.Some can be implemented immediately while others may take more time to implement since they require rigorous analysis and planning.The optimization of our new ERP system in Europe will also be required before we can put in place some of the identified opportun
136、ities.The goal is to find the right balance in order not to jeopardize ongoing activities and projects already underway.During the 12-week period ended April 27,2014,we recorded synergies and cost savings we estimated at approximately$21.0 million,before income taxes.These synergies and cost reducti
137、ons mainly impacted operating,selling,administrative and general expenses as well as the cost of sales.Since the acquisition,we estimate that total realized annual synergies and cost savings amount to approximately$85.0 million,before income taxes.We believe these amounts do not necessarily represen
138、t the full annual impact of all of our initiatives.These synergies and cost reductions came from a variety of sources including cost reductions following the delisting of Statoil Fuel&Retail,the renegotiation of certain agreements with our suppliers,the reduction of in-store costs and the restructur
139、ing of certain departments.Our work for the identification and implementation of available synergies and cost reduction opportunities is far from over.Our teams continue to work actively on various projects that seem promising and which,along with the implementation of new systems,should allow us to
140、 achieve our objectives.We therefore maintain our goal of annual synergies ranging from$150.0 million to$200.0 million before the end of December 2015.As our goal previously stated is considered a forward looking statement,we are required pursuant to securities laws,to clarify that our synergies and
141、 cost reductions estimate is based on a number of important factors and assumptions.Among other things,our synergies and cost savings objective is based on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge the g
142、ap,where relevant.Our synergies and cost reduction objective is also based on our assessment of current contracts in Europe and North America and how we expect to be able to renegotiate these contracts to take advantage of our increased purchasing power.In addition,our synergies and Annual Report 20
143、14 Alimentation Couche-Tard Inc.Page 16 of 81 cost reduction objective assumes that we will be able to establish and maintain an effective process for sharing best practices across our network.Finally,our objective is also based on our ability to implement effectively and timely a new ERP system.A s
144、ignificant change in these facts and assumptions could significantly impact our synergies and cost reductions estimate.Issuance of Canadian dollar denominated senior unsecured notes On August 21,2013,we issued Canadian dollar denominated senior unsecured notes totalling CA$300.0 million,maturing Aug
145、ust 21st,2020 and bearing interest at a rate of 4.214%.Interest is payable semi-annually on August 21st and February 21st of each year and notional amount will be repaid at maturity.In addition to allowing us to spread the maturities of a portion of our long-term debt,this issuance allows us to secu
146、re the interest rate of a portion of our long-term debt at favourable rates.The net proceeds from the issuance,which were approximately CA$298.3 million($285.6 million),were used to repay a portion of our acquisition facility.Impairment During fiscal 2014,we recorded an impairment charge of$6.8 mill
147、ion for a non-operational lubricant production plant located in Ostroweic,Poland,due to challenging market conditions for this type of asset.Network growth Completed transactions In June 2013,under the June 2011 agreement with ExxonMobil,we acquired 60 stores operated by independent operators along
148、with the related road transportation fuel supply agreements and for which we own the land and building for all sites.Additionally,we were transferred 53 road transportation fuel supply agreements in connection with this same agreement.This transaction consisted of the last stage to close the June 20
149、11 agreement with ExxonMobil.A negative goodwill of$41.6 million was recorded in relation with this transaction during fiscal 2014.Historically,those sites sold annually approximately 162.0 million gallons of road transportation fuel.In September 2013,we acquired nine stores operating in Illinois,Un
150、ited States from Baron-Huot Oil Company.Eight of these stores are company-operated and one is operated by an independent operator.We own the land and building for eight sites while we lease these assets for the other site.In December 2013,we completed the acquisition,from Publix Super Markets Inc.,o
151、f 11 company-operated stores,nine of which are located in Florida and the other two in Georgia,United States.We own the land and buildings for eight sites and lease these assets for the other three sites.In December 2013,we also completed the acquisition of 23 company-operated stores operating in Ne
152、w Mexico,United States from Albuquerque Convenience and Retail LLC.We own the land and buildings for all sites.In June 2014,subsequent to fiscal year 2014,we acquired 15 company operated-stores operating in South Carolina,United States from Garvin Oil Company.We own the land and buildings for all si
153、tes.In addition,during fiscal 2014,we acquired ten additional company-operated stores through distinct transactions.Available cash was used for these acquisitions.Store construction We completed the construction of 25 new stores and razed and rebuilt 14 stores during fiscal 2014.As of April 27,2014,
154、14 stores were under constructions and should open in the upcoming quarters.Additional changes to our network During the first quarter of fiscal 2014,we,along with a third-party,formed a new corporation,Circle K Asia LLC(“Circle K Asia”),in which both parties hold a 50%interest.During the 12-week pe
155、riod ended July 21,2013,each party made a capital contribution of$13.2 million.The total contribution was used to purchase a portion of Circle Ks international franchise agreements as well as a master franchise in Asia.Under the contract signed between the parties,we,under certain circumstances,may
156、repurchase all of the other partys shares in Circle K Asia.Consequently,the new corporation was fully consolidated in our consolidated financial statements and the third partys interest was recorded under“Non-controlling interest”in the consolidated statements of earnings,changes in equity and conso
157、lidated balance sheet.Furthermore,we must,under certain circumstances,repurchase all of the third-partys shares in Circle K Asia.Consequently,a redemption liability Annual Report 2014 Alimentation Couche-Tard Inc.Page 17 of 81 was recorded in our consolidated balance sheet.Circle K Asia should contr
158、ibute to the expansion of our licensees network in Asia.We do not expect this transaction to have a significant impact on our financial performance.In February,2014,our Mexican operator,Circulo K,under its licensing agreement,has reached an agreement to acquire 878 stores in Mexico.We do not expect
159、that this transaction will have a significant impact on our consolidated financial statements.As of April 27,2014,this transaction has not been completed.In May 2014,subsequent to fiscal 2014,we have completed,through Circle K Asia,a Circle K Master license agreement in India with RJ Corp for 25 yea
160、rs.The Circle K Master license addresses the four major Regions of India,including the major cities of Deli,Mumbai,Goa,Gujarat,Bangalore and Madras.Summary of changes in our stores network during the fourth quarter and fiscal 2014 The following table presents certain information regarding changes in
161、 our stores network over the 12-week period ended April 27,2014(1):12-week period ended April 27,2014 Type of site Company-operated(2)CODO(3)DODO(4)Franchised and other affiliated(5)TotalNumber of sites,beginning of period 6,234614534 1,1028,484Acquisitions 3-3Openings/constructions/additions 1713 4
162、465Closures/disposals/withdrawals(23)(2)(7)(21)(53)Store conversion 5(4)(1)-Number of sites,end of period 6,236609529 1,1258,499Number of automated service stations included in the period end figures(6)912-27-939The following table presents certain information regarding changes in our stores network
163、 over the 52-week period ended April 27,2014(1):52-week period ended April 27,2014 Type of site Company-operated(2)CODO(3)DODO(4)Franchised and other affiliated(5)TotalNumber of sites,beginning of period 6,235579478 1,0948,386Acquisitions 516154-166Openings/constructions/additions 41628 135210Closur
164、es/disposals/withdrawals(117)(11)(29)(106)(263)Store conversion 26(26)(2)2-Number of sites,end of period 6,236609529 1,1258,499(1)These figures include 50%of the stores operated through RDK,a joint venture.(2)Sites for which the real estate is controlled by Couche-Tard(through ownership or lease agr
165、eements)and for which the stores(and/or the service-stations)are operated by Couche-Tard or one of its commission agent.(3)Sites for which the real estate is controlled by Couche-Tard(through ownership or lease agreements)and for which the stores(and/or the service-stations)are operated by an indepe
166、ndent operator in exchange for rent and to which Couche-Tard supplies road transportation fuel through supply contracts.Some of these sites are subject to a franchise agreement,licensing or other similar agreement under one of our main or secondary banners.(4)Sites controlled and operated by indepen
167、dent operators to which Couche-Tard supplies road transportation fuel through supply contracts.Some of these sites are subject to a franchise agreement,licensing or other similar agreement under one of our main or secondary banners.(5)Stores operated by an independent operator through a franchising,
168、licensing or another similar agreement under one of our main or secondary banners.(6)These sites sell road transportation fuel only.In addition,under licensing agreements,about 4,600 stores are operated under the Circle K banner in 12 other countries worldwide(China,Guam,Honduras,Hong Kong,Indonesia
169、,Japan,Macau,Malaysia,Mexico,Philippines,Vietnam and United Arab Emirates)which brings to more than 13,100 the number of sites in our network.Dividends The Board of Directors(“the Board”)decided to increase the quarterly dividend by CA0.67 per share to CA4.0 per share,an increase of 20.0%.During its
170、 July 7,2014 meeting,the Board of Directors declared a quarterly dividend of CA4.0 per share for the fourth quarter of fiscal 2014 to shareholders on record as at July 16,2014 and approved its payment for July 30,2014.This is an eligible dividend within the meaning of the Income Tax Act of Canada.Du
171、ring fiscal 2014,the Board declared total dividends CA13.6 per share.Annual Report 2014 Alimentation Couche-Tard Inc.Page 18 of 81 Outstanding shares and stock options As at July 4,2014,Couche-Tard had 148,101,840 Class A multiple voting shares and 417,655,558 Class B subordinate voting shares issue
172、d and outstanding.In addition,as at the same date,Couche-Tard had 3,505,905 outstanding stock options for the purchase of Class B subordinate voting shares.Statement of Earnings Categories Merchandise and Service Revenues.In-store merchandise revenues are comprised primarily of the sale of tobacco p
173、roducts,fresh food products,including quick service restaurants,beer/wine,grocery items,candy,snacks and various beverages.Merchandise sales in Europe also include wholesale of merchandise and goods to certain independent operators and franchisees made from our distribution center.Service revenues i
174、nclude fees from automatic teller machines,sales of calling cards and gift cards,revenues from car washes,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,li
175、cense fees from affiliates and royalties from franchisees.Road Transportation Fuel Revenues.We include in our revenues the total dollar amount of road transportation fuel sales,including any embedded taxes when they are included in the purchase price,if we take ownership of the road transportation f
176、uel inventory.In the United States and in Europe,in some instances,we purchase road transportation fuel and sell it to certain independent store operators at cost plus a mark-up.We record the full value of these revenues(cost plus mark-up)as road transportation fuel revenues.Where we act as a sellin
177、g agent for a petroleum distributor,only the commission we earn is recorded as revenue.Other Income.Other income includes the sale of stationary energy,marine and aviation fuel,lubricants and chemical products.Other income also includes rent revenue from operating leases for certain land and buildin
178、gs we own as well as car rental revenues.Gross Profit.Gross profit consists mainly of revenues less the cost of merchandise and road transportation fuel sold.Cost of sales is mainly comprised of the specific cost of merchandise and road transportation fuel sold,including applicable freight less vend
179、or rebates.For in-store merchandise,the cost of inventory is generally determined using the retail method(retail price less a normal margin),and for road transportation fuel,it is generally determined using the average cost method.The road transportation fuel gross margin for stores generating commi
180、ssions 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 dealers and overhead.Key performance indicators
181、 used by management,which can be found under“Analysis of consolidated results for the fiscal year ended April 27,2014-Other Operating Data”,are merchandise and service gross margin,growth of same-store merchandise revenues,road transportation fuel gross margin and growth of same-store road transport
182、ation fuel volume,return on equity and return on capital employed.Annual Report 2014 Alimentation Couche-Tard Inc.Page 19 of 81 Summary analysis of consolidated results for the fourth quarter of fiscal 2014 The following table highlights certain information regarding our operations for the 12-week p
183、eriods ended April 27,2014 and April 28,2013.(In millions of US dollars,unless otherwise stated)12-week period endedApril 27,201412-week period ended April 28,2013 Change%Revenues 8,952.38,776.0 2.0Operating income 154.3154.6 14.0Net earnings 145.1146.4(0.9)Selected Operating Data:Merchandise and se
184、rvice gross margin(1):Consolidated 34.4%34.3%0.1 United States 33.1%32.7%0.4 Europe 42.9%43.7%(0.8)Canada 32.5%33.1%(0.6)Growth of same-store merchandise revenues(2)(3):United States 4.4%0.1%Europe 2.5%-Canada 1.6%0.9%Road transportation fuel gross margin:United States(cents per gallon)(3)14.8519.30
185、(23.1)Europe(cents per litre)(4)10.549.83 7.2 Canada(CA cents per litre)(3)5.866.01(2.5)Growth(decrease)of same-store road transportation fuel volume(3):United States 2.8%1.1%Europe 3.2%-Canada 1.7%(1.4%)(1)Includes other revenues derived from franchise fees,royalties and rebates on some purchases m
186、ade by franchisees and licensees.(2)Does not include services and other revenues(as described in footnote 1 above).Growth in Canada and Europe is calculated based on local currencies.(3)For company-operated stores only.(4)Total road transportation fuel.Revenues Our revenues were$9.0 billion in the f
187、ourth quarter of fiscal 2014,up$176.3 million,an increase of 2.0%,mainly attributable to the contribution from acquisitions as well as by the nice growth in same-store merchandise revenues and road transportation fuel volume in both North America and Europe.These items contributing to the growth in
188、revenues were partly offset by lower road transportation fuel average retail prices in the United States,by the negative net impact from the translation of revenues from our Canadian and European operations into US dollars as well as by the divesture and closure of stores as part of our continuous w
189、ork to improve the quality of our network.More specifically,the growth of merchandise and service revenues for the fourth quarter of fiscal 2014 was$26.3 million or 1.5%.Excluding the negative impact from the translation of our European and Canadian operations into US dollars,which was approximately
190、$32.0 million,consolidated merchandise and service sales increased by$58.3 million.This increase is attributable to the contribution from acquisitions which amounted to approximately$10.0 million as well as to strong organic growth.Same-store merchandise revenues increased by 4.4%in the United State
191、s and by 1.6%in Canada.Our performance in the United States is noteworthy when compared to the performance of the convenience store industry and is attributable to our dynamic merchandising strategies as well as to the investments we made to enhance service and the offering of products in our stores
192、.Our performance in the United States is even more impressive considering we were able to increase store traffic without investing as much in our margins as in previous quarters.In Europe,the exchange of best practices,the implementation of new and sustainable merchandising strategies as well as the
193、 investments made through extensive marketing campaigns to promote in-store offering allowed us to turn around the negative sales trend that existed when we acquired Statoil Fuel&Retail.Consequently,for a sixth consecutive quarter,same-store merchandise revenues in Europe posted a growth which was o
194、f 2.5%for the fourth quarter,driven by strong fresh food services and coffee sales.Road transportation fuel revenues increased by$145.9 million or 2.3%in the fourth quarter of fiscal 2014.Excluding the negative net impact from the translation of revenues from our Canadian and European operations int
195、o US dollars,which amounted to approximately$59.0 million,road transportation fuel revenues increased by$204.9 million or 3.2%.This increase was mainly attributable to the contribution from acquisitions of approximately$156.0 million and to organic growth.In the Annual Report 2014 Alimentation Couch
196、e-Tard Inc.Page 20 of 81 United States and in Canada,same-store road transportation fuel volume increased by 2.8%and 1.7%,respectively.This was also the sixth consecutive quarter during which same-store road transportation fuel volume showed positive development in Europe where same-store road trans
197、portation fuel volume increased by 3.2%which represents a strong improvement over the trend our that European network was posting before we acquired Statoil Fuel&Retail.Our new fuel brand“milesTM”which we launched in some of our European markets is delivering encouraging results and was again a nice
198、 contributor to this quarter performance.Organic growth and the contribution from acquisitions were partly offset by lower average road transportation fuel retail price in the United States.On a consolidated basis,the variations in average road transportation fuel prices had a negative impact on rev
199、enues of approximately$100.0 million.The impact of the lower average retail price of road transportation fuel in the United States was partly offset by the impact of the higher average price in Europe and in Canada as shown in the following table,starting with the first quarter of the fiscal year en
200、ded April 28,2013:Quarter 1st2nd3rd 4thWeighted average52-week period ended April 27,2014 United States(US dollars per gallon)3.513.453.24 3.473.41 Europe(US cents per litre)100.72103.25107.49 104.11104.38 Canada(CA cents per litre)114.53117.05113.11 118.74115.6352-week period ended April 28,2013 Un
201、ited States(US dollars per gallon)3.493.653.35 3.613.51 Europe(US cents per litre)-103.96104.71 103.80104.21 Canada(CA cents per litre)112.62117.41110.43 115.65113.77Other revenues were quite stable with a slight increase of$4.1 million in the fourth quarter of fiscal 2014.Gross profit In the fourth
202、 quarter of fiscal 2014,the consolidated merchandise and service gross margin was$616.0 million,an increase of$10.1 million or 1.7%compared with the corresponding quarter of fiscal 2013.Excluding the negative impact from the translation of our European and Canadian operations into US dollars,which w
203、as approximately$11.0 million,consolidated merchandise and service gross margin increased by$21.1 million or 3.5%.This increase is attributable,in part,to the contribution from acquisitions which amounted to approximately$3.0 million.In the United States,the gross margin was up 0.4%from 32.7%to 33.1
204、%while it decreased by 0.6%in Canada,to 32.5%and by 0.8%in Europe to 42.9%.Overall,this performance reflects changes in the product-mix,the modifications we brought to our supply terms as well as our merchandising strategy in line with market competitiveness and economic conditions within each marke
205、t.More specifically,in the United States,the increase in gross margin as a percentage of sales mainly reflects the impact of the shift of revenues toward higher margin categories,including a strong growth in fresh food.In Canada,in addition to the impact of our pricing strategies aimed at increasing
206、 store traffic,the decrease in margin as a percentage of sales was caused by changes in our product mix.In Europe,the margin as a percentage of sales was negatively impacted by lower carwash sales due to challenging weather in Scandinavia compared to the previous year,to changes in our product mix a
207、s well as to the impact of our pricing strategies to improve the value perception by our customers.In the fourth quarter of fiscal 2014,the road transportation fuel gross margin for our company-operated stores in the United States decreased by 4.45 per gallon,from 19.30 per gallon last year to 14.85
208、 per gallon this year.In Canada,the gross margin slightly decreased to CA5.86 per litre compared with CA6.01 per litre for the fourth quarter of fiscal 2013.In Europe,the total road transportation fuel gross margin was 10.54 per litre for the fourth quarter of fiscal 2014,an increase of 0.71 per lit
209、re compared with 9.83 per litre for the fourth quarter of fiscal 2013.The road transportation fuel gross margin of our company-operated stores in the United States as well as the impact of expenses related to electronic payment modes for the last eight quarters,starting with the first quarter of fis
210、cal year ended April 28,2013,were as follows:(US cents per gallon)Quarter 1st2nd3rd 4thWeighted average52-week period ended April 27,2014 Before deduction of expenses related to electronic payment modes 19.4221.5617.02 14.85 18.11 Expenses related to electronic payment modes 4.995.044.79 4.98 4.94 A
211、fter deduction of expenses related to electronic payment modes 14.4316.5212.23 9.87 13.18 52-week period ended April 28,2013 Before deduction of expenses related to electronic payment modes 23.20 15.20 17.80 19.30 18.77 Expenses related to electronic payment modes 4.975.154.79 5.03 4.97 After deduct
212、ion of expenses related to electronic payment modes 18.2310.0513.01 14.27 13.80 Annual Report 2014 Alimentation Couche-Tard Inc.Page 21 of 81 As demonstrated by the table above,although road transportation fuel margin can be volatile from a quarter to another,they tend to normalize on an annual basi
213、s.Operating,selling,administrative and general expenses For the fourth quarter of fiscal 2014,operating,selling,administrative and general expenses increased by 0.8%compared with the fourth quarter of fiscal 2013 and increased by 1.5%if we exclude certain items,as demonstrated by the following table
214、:12-week period ended April 27,2014 Total variance as reported 0.8%Subtract:Increase from incremental expenses related to acquisitions 0.7%Increase from higher electronic payment fees,excluding acquisitions 0.3%Decrease from the net impact of foreign exchange translation (1.7%)Remaining variance 1.5
215、%The variance for the fourth quarter of fiscal 2014 is mainly due higher expenses to support our organic growth and normal inflation.We continue to favour a tight control of our costs throughout the organization while making sure to maintain the quality of the service we offer our clients.In Europe,
216、expense level is still affected by the implementation of a new IT infrastructure and the rollout of an ERP system.Our IT costs should continue to go down progressively over the course of the next quarters.Earnings before interests,taxes,depreciation,amortization and impairment(EBITDA)and adjusted EB
217、ITDA During the fourth quarter of fiscal 2014,EBITDA increased by 1.5%compared to the corresponding period of the previous fiscal year,reaching$300.2 million.Net of acquisition costs recorded to earnings,acquisitions contributed approximately$7.0 million to EBITDA,while the variation in exchange rat
218、es had a negative impact of approximately$5.0 million.Excluding the restructuring expenses,the curtailment gain on certain defined benefits pension plans obligation as well as the negative goodwill from both comparable periods,the fourth quarter of fiscal 2014 adjusted EBITDA decreased by$7.5 millio
219、n or 2.4%compared to the corresponding period of the previous fiscal year,totalling$300.0 million.It should be noted that EBITDA and adjusted EBITDA are not performance measures defined by IFRS,but we,as well as investors and analysts,use these measures to evaluate the Corporations financial and ope
220、rating performance.Note that our definition of these measures may differ from the one used by other public corporations:12-week period ended(in millions of US dollars)April 27,2014 April 28,2013 Net earnings,as reported 145.1 146.4Add:Income taxes (13.8)(9.5)Net financial expenses 26.9 20.7 Deprecia
221、tion and amortization and impairment of property and equipment and other assets 142.0 138.1EBITDA 300.2 295.7Remove:Restructuring costs -34.0Curtailment gain on pension plan obligation -(19.4)Negative goodwill (0.2)(2.8)Adjusted EBITDA 300.0 307.5Depreciation,amortization and impairment of property
222、and equipment and other assets For the fourth quarter of fiscal 2014,depreciation,amortization and impairment expense increased due to investments made through acquisitions,replacement of equipment,addition of new stores and ongoing improvement of our network.Net financial expenses The fourth quarte
223、r of fiscal 2014 shows net financial expenses of$26.9 million,an increase of$6.2 million compared to the fourth quarter of fiscal 2013.Excluding the net foreign exchange loss of$8.7 million and the net foreign exchange gain of$6.8 million recorded respectively in the fourth quarter of fiscal 2014 an
224、d in the fourth quarter of fiscal 2013,the decrease in net financial expenses is$9.3 million.The decrease is mainly attributable to the reduction of our long-term debt following Annual Report 2014 Alimentation Couche-Tard Inc.Page 22 of 81 repayments we made on our revolving and acquisition faciliti
225、es partly offset by the higher average effective interest rate of our senior unsecured notes compared with the average effective rate of our acquisition facility.With respect to the net foreign exchange loss of$8.7 million,it is mainly due to the impact of the exchange rate fluctuations on certain i
226、nter-company balances and external long term debt as well as to the impact of exchange rates fluctuations on US dollars denominated sales made by our European operations.Income taxes The fourth quarter of fiscal 2014 shows an income tax recovery of$13.8 million,compared to an income tax recovery of$
227、9.5 million for the corresponding quarter of the previous year.The income tax recovery in the fourth quarter of fiscal 2014 emanated mainly from a foreign loss only deductible and recognized for tax purposes as well as from the effect on deferred income taxes of a decrease in our statutory income ta
228、x rate in Norway and in Denmark.The income tax recovery in the fourth quarter of fiscal 2013 emanated mainly from the effect on deferred income taxes of a decrease in our statutory income tax rate in Sweden.Excluding those items,the income tax rate for the fourth quarter of fiscal 2014 would have be
229、en 11.0%compared to a rate of 18.4%for the fourth quarter of the previous fiscal year.Net earnings We closed the fourth quarter of fiscal 2014 with net earnings of$145.1 million,compared to$146.4 million for the fourth quarter of the previous fiscal year.Diluted net earnings per share stood at$0.25,
230、compared to$0.26 for the previous year.The translation of revenues from our Canadian and European operations into the US dollars had a negative impact of approximately$3.0 million on net earnings of the fourth quarter of fiscal 2014.Excluding from the fourth quarter of fiscal 2014 earnings the non-r
231、ecurring income tax recovery on a foreign loss only deductible and recognized for tax purposes and from the decrease in our statutory tax rate in Norway and in Denmark,the net foreign exchange loss,the negative goodwill as well as acquisition costs and excluding from the fourth quarter of fiscal 201
232、3 earnings the restructuring costs,the curtailment gain on defined benefits pension plans obligation,acquisition costs,the non-recurring income tax recovery from the decrease in our statutory income tax rate in Sweden,the negative goodwill as well as the net foreign exchange gain,the fourth quarter
233、of fiscal 2014 net earnings would have been approximately$123.0 million,compared to$116.0 million,an increase of$7.0 million.Adjusted diluted net earnings per share were$0.22 for the fourth quarter of fiscal 2014 compared to$0.20 for the corresponding period of fiscal 2013,an increase of 10%.Annual
234、Report 2014 Alimentation Couche-Tard Inc.Page 23 of 81 Summary analysis of consolidated results for fiscal 2014 The following table highlights certain information regarding our operations for the 52-week periods ended April 27,2014 and April 28,2013 and for the 53-week period ended April 29,2012.The
235、 figures for the 52-week periods ended April 28,2013 include those of Statoil Fuel&Retail for the period beginning June 20,2012 and ending April 28,2013.(In millions of US dollars,unless otherwise stated)201452-weeks 2013 52-weeks 201253-weeksStatement of Operations Data:Merchandise and service reve
236、nues(1):United States 4,818.9 4,548.6 4,408.0Europe 1,046.8 866.1-Canada 2,081.5 2,181.7 2,190.9Total merchandise and service revenues 7,947.2 7,596.4 6,598.9Road transportation fuel revenues:United States 15,493.3 14,872.6 13,650.5Europe 8,824.9 7,537.9-Canada 2,890.6 2,860.8 2,724.9Total road tran
237、sportation fuel revenues 27,208.8 25,271.3 16,375.4Other revenues(2):United States 14.7 6.6 5.5Europe 2,784.8 2,668.6-Canada 1.1 0.5 0.5Total other revenues 2,800.6 2,675.7 6.0Total revenues 37,956.6 35,543.4 22,980.3Merchandise and service gross profit(1):United States 1,575.8 1,505.9 1,452.6Europe
238、 437.4 359.6-Canada 689.3 733.0 729.8Total merchandise and service gross profit 2,702.5 2,598.5 2,182.4Road transportation fuel gross profit:United States 796.1 782.5 637.9Europe 928.8 719.1-Canada 163.5 162.6 148.8Total road transportation fuel gross profit 1,888.4 1,664.2 786.7Other revenues gross
239、 profit(2):United States 14.7 6.6 5.5Europe 384.6 339.8-Canada 1.1 0.5 0.5Total other revenues gross profit 400.4 346.9 6.0Total gross profit 4,991.3 4,609.6 2,975.1Operating,selling,administrative and general expenses 3,423.13,239.6 2,162.5Restructuring costs -34.0-Curtailment gain on defined benef
240、its pension plans obligation(0.9)(19.4)-Negative goodwill (48.4)(4.4)(6.9)Depreciation,amortization and impairment of property and equipment and other assets 583.2 521.1 239.8Operating income 1,034.3838.7 579.7Net earnings 812.2572.8 457.6Other Operating Data:Merchandise and service gross margin(1):
241、Consolidated 34.0%34.2%33.1%United States 32.7%33.1%33.0%Europe 41.8%41.5%-Canada 33.1%33.6%33.3%Growth of same-store merchandise revenues(3)(4):United States 3.8%1.0%2.7%Europe 1.6%-Canada 1.9%2.0%2.8%Road transportation fuel gross margin:United States(cents per gallon)(4)18.1118.77 16.99Europe(cen
242、ts per litre)(5)10.949.88-Canada(CA cents per litre)(4)5.985.84 5.45Volume of road transportation fuel sold(5):United States(millions of gallons)4,611.5 4,276.2 3,896.2Europe(millions of litres)8,488.4 7,281.1-Canada(millions of litres)2,920.9 2,819.9 2,713.5Growth of(decrease in)same-store road tra
243、nsportation fuel volume(4):United States 1.7%0.6%0.1%Europe 2.5%-Canada 1.3%0.0%(0.9%)Per Share Data:Basic net earnings per share(dollars per share)1.44 1.03 0.85Diluted net earnings per share(dollars per share)1.43 1.02 0.83 Annual Report 2014 Alimentation Couche-Tard Inc.Page 24 of 81 April 27,201
244、4 April 28,2013April 29,2012Balance Sheet Data:Total assets 10,545.0 10,546.24,376.8Interest-bearing debt 2,606.4 3,605.1665.2Shareholders equity 3,962.4 3,216.72,174.6Indebtedness Ratios:Net interest-bearing debt/total capitalization(6)0.35:1 0.48:1 0.14:1Net interest-bearing debt/Adjusted EBITDA(7
245、)1.32:1 1.99:1(8)0.43:1Adjusted net interest bearing debt/Adjusted EBITDAR(9)2.44:1 3.06:1(8)2.11:1Returns:Return on equity(10)22.6%21.5%(8)22.0%Return on capital employed(11)13.3%11.0%(8)19.0%(1)Includes revenues derived from franchise fees,royalties,suppliers rebates on some purchases made by fran
246、chisees and licensees as well as merchandise wholesale.(2)Includes revenues from rental of assets,from sale of aviation and marine fuel,heating oil,kerosene,lubricants,chemicals and Liquefied Petroleum Gas(“LPG”)s operations.LPG operations were sold in December 2012.(3)Does not include services and
247、other revenues(as described in footnote 1 above).Growth in Canada is calculated based on Canadian dollars.Growth in Europe is calculated based on Norwegian Krones.(4)For company-operated stores only.(5)Total road transportation fuel.(6)This ratio is presented for information purposes only and repres
248、ents a measure of financial condition used especially in financial circles.It represents the following calculation:long-term interest-bearing debt,net of cash and cash equivalents and temporary investments divided by the addition of shareholders equity and long-term debt,net of cash and cash equival
249、ents and temporary investments.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(7)This ratio is presented for information purposes only and represents a measure of financial condition used espec
250、ially in financial circles.It represents the following calculation:long-term interest-bearing debt,net of cash and cash equivalents and temporary investments divided by EBITDA(Earnings Before Interest,Tax,Depreciation,Amortization and Impairment)adjusted for restructuring expenses,curtailment gain o
251、n certain defined benefits pension plans obligation and negative goodwill.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(8)This ratio is presented on a pro forma basis.It includes Couche-Tards
252、 results for fiscal year ended April 28,2013 as well as Statoil Fuel&Retails results for the 12-month period ended April 30,2013.Statoil Fuel&Retail balance sheet and earnings have been adjusted to make their presentation in line with Couche-Tards policies and for fair value adjustments to assets ac
253、quired,including goodwill,and to liabilities assumed.(9)This ratio is presented for information purposes only and represents a measure of financial condition used especially in financial circles.It represents the following calculation:long-term interest-bearing debt plus the product of eight times r
254、ent expense,net of cash and cash equivalents and temporary investments divided by EBITDAR(Earnings Before Interest,Tax,Depreciation,Amortization,Impairment and Rent expense)adjusted for restructuring costs,curtailment gain on certain defined benefits pension plans obligation as well as negative good
255、will.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 circles.It rep
256、resents the following calculation:net earnings divided by average equity for the corresponding period.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.(11)This ratio is presented for information
257、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 for the corresponding period.Capital employed represents total assets less short-term liab
258、ilities 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.Annual Report 2014 Alimentation Couche-Tard Inc.Page 25 of 81 Revenues Our revenues were$38.0 billion in fiscal 2014
259、,up$2.4 billion,an increase of 6.8%,mainly attributable to the contribution from acquisitions as well as by the growth in same-store merchandise revenues and road transportation fuel volume in both North America and Europe.These items contributing to the growth in revenues were partly offset by the
260、divestiture of our European Liquefied Petroleum Gas(“LPG”)business in December 2012,to lower average road transportation fuel retail prices in the United States as well as to the negative net impact from the translation of revenues from our Canadian and European operations into US dollars.More speci
261、fically,the growth of merchandise and service revenues for fiscal 2014 was$350.8 million or 4.6%.Excluding the negative impact from the translation of our European and Canadian operations into US dollars,which was approximately$91.0 million,consolidated merchandise and service sales increased by$441
262、.8 million.This increase is attributable to the contribution from acquisitions which amounted to approximately$309.0 million as well as to organic growth.Same-store merchandise revenues increased by 3.8%in the United States and 1.9%in Canada.Those increases in same-store merchandise sales are attrib
263、utable to our merchandising strategies,to the economic conditions in each of these two markets as well as to the investments we made to enhance service and the offering of products in our stores.For a large part of the fiscal year,we favoured pricing strategies aimed at boosting in-store traffic whi
264、ch helped us gain momentum in terms of transactions count while the fresh food category continued to post a nice growth in several of our markets.In Europe,the exchange of best practices,the implementation of new and sustainable merchandising strategies as well as the investments made through extens
265、ive marketing campaigns to promote in-store offering allowed us to turn around the negative sales trend that existed when we acquired Statoil Fuel&Retail.As a consequence,same-store merchandise revenues in Europe posted a growth of 1.6%for fiscal 2014,driven by strong fresh food and coffee sales.Roa
266、d transportation fuel revenues increased by$1.9 billion or 7.7%in fiscal 2014.Excluding the negative net impact from the translation of revenues from our Canadian and European operations into US dollars which amounted to approximately$110.0 million,road transportation fuel revenues increased by$2.0
267、billion or 8.1%.Acquisitions contributed to an increase in revenues of approximately$2,563.0 million while same-store road transportation fuel volume increased by 1.7%in the United States,by 2.5%in Europe and by 1.3%in Canada.In Europe,this same-store road transportation fuel volume increase is a st
268、rong improvement over the trend our European network was posting before we acquired Statoil Fuel&Retail.Our new fuel brand“milesTM”which we launched in some of our European markets is delivering encouraging results and was a nice contributor to this fiscal year performance.Items that contributed to
269、the increase were partly offset by the lower average retail price of road transportation fuel in the United States as well as by the divesture and closure of stores as part of our continuous work to improve the quality of our network.Overall,the variations in road transportation fuel average prices
270、had a negative impact on revenues of approximately$372.0 million.The impact of the lower average retail price of road transportation fuel in the United States was partly offset by the impact of the higher average price in Europe and in Canada as shown in the following table,starting with the first q
271、uarter of the fiscal year ended April 28,2013:Quarter 1st2nd3rd 4thWeighted average52-week period ended April 27,2014 United States(US dollars per gallon)3.513.453.24 3.473.41 Europe(US cents per litre)100.72103.25107.49 104.11104.38 Canada(CA cents per litre)114.53117.05113.11 118.74115.6352-week p
272、eriod ended April 28,2013 United States(US dollars per gallon)3.493.653.35 3.613.51 Europe(US cents per litre)-103.96104.71 103.80104.21 Canada(CA cents per litre)112.62117.41110.43 115.65113.77Other revenues increased by$124.9 million in fiscal 2014,mostly attributable to the contribution from acqu
273、isitions,partially offset by the divesture of our European LPG business in December 2012.Gross profit In fiscal 2014,the consolidated merchandise and service gross margin was$2,702.5 million,an increase of$104.0 million or 4.0%compared with fiscal 2013.Excluding the negative impact from the translat
274、ion of our European and Canadian operations into US dollars,which was approximately$11.0 million,consolidated merchandise and service gross margin increased by$115.0 million.This increase is attributable to the contribution from acquisitions which amounted to approximately$118.0 million,partly offse
275、t by the impact of our pricing strategies.In the United States,the gross margin was down 0.4%to 32.7%while it decreased by 0.5%in Canada,to 33.1%.Gross margin increased by 0.3%in Europe to 41.8%.Overall,this performance reflects changes in the product-mix,the modifications we brought to our supply t
276、erms as well as our merchandising strategy in line with market competitiveness and economic conditions within each market.In North America,the decrease in the margin as a percentage of sales mainly reflects the impact of our pricing strategies aimed at increasing store Annual Report 2014 Alimentatio
277、n Couche-Tard Inc.Page 26 of 81 traffic which had a favourable impact on revenues but brought the margin percentage down.However,on a net basis,this strategy had an overall positive impact since the merchandise and service gross profit shows a healthy increase.In Europe,the increase in margin as a p
278、ercentage of sales is the result of changes in our product mix as well as to the impact of our pricing strategies to improve the value perception by our customers.The road transportation fuel gross margin for our company-operated stores in the United States decreased by 0.66 per gallon,from 18.77 pe
279、r gallon during fiscal 2013 to 18.11 per gallon in fiscal 2014.In Canada,the gross margin was CA5.98 per litre for fiscal 2014 compared with CA5.84 per litre for fiscal 2013.In Europe,the total road transportation fuel gross margin was 10.94 per litre for fiscal 2014,a strong increase of 1.07 per li
280、tre compared with 9.88 per litre for fiscal 2013.The road transportation fuel gross margin of our company-operated stores in the United States as well as the impact of expenses related to electronic payment modes for the last eight quarters,starting with the first quarter of fiscal year ended April
281、28,2013,were as follows:(US cents per gallon)Quarter 1st2nd3rd 4thWeighted average52-week period ended April 27,2014 Before deduction of expenses related to electronic payment modes 19.4221.5617.02 14.85 18.11 Expenses related to electronic payment modes 4.995.044.79 4.98 4.94 After deduction of exp
282、enses related to electronic payment modes 14.4316.5212.23 9.87 13.18 52-week period ended April 28,2013 Before deduction of expenses related to electronic payment modes 23.20 15.20 17.80 19.30 18.77 Expenses related to electronic payment modes 4.975.154.79 5.03 4.97 After deduction of expenses relat
283、ed to electronic payment modes 18.2310.0513.01 14.27 13.80 As demonstrated by the table above,although road transportation fuel margin can be volatile from a quarter to another,they tend to normalize on an annual basis.Operating,selling,administrative and general expenses For fiscal 2014,operating,s
284、elling,administrative and general expenses increased by 5.7%compared with fiscal 2013,but increased by only 0.2%if we exclude certain items,as demonstrated by the following table:Total variance as reported 5.7%Subtract:Increase from incremental expenses related to acquisitions 6.6%Decrease from dive
285、sture of LPG business (0.1%)Increase from higher electronic payment fees,excluding acquisitions 0.3%Decrease from the net impact of foreign exchange translation (1.2%)Acquisition costs recognized to earnings of fiscal 2013 (0.1%)Remaining variance 0.2%The remaining variance for fiscal 2014 comes fro
286、m higher expenses to support our organic growth and normal inflation,partly offset by sound management of our expenses across our operations as well as from the impact of synergies.We continue to favour a tight control of our costs throughout the organization while making sure to maintain the qualit
287、y of the service we offer our clients.In Europe,expense level is still affected by the implementation of a new IT infrastructure and the rollout of an ERP system.Our IT costs should continue to go down progressively over the course of the next quarters.Earnings before interests,taxes,depreciation,am
288、ortization and impairment(EBITDA)and adjusted EBITDA During fiscal 2014,EBITDA increased by 19.2%compared to the previous fiscal year,reaching$1,640.2 million.Net of acquisition costs recorded to earnings,acquisitions contributed approximately$153.0 million to EBITDA,while the variation in exchange
289、rates had a negative impact of approximately$11.0 million.Excluding the restructuring expenses,the curtailment gain on certain defined benefits pension plans obligations as well as the negative goodwill from both comparable periods,fiscal 2014 adjusted EBITDA increased by$205.1 million or 14.8%compa
290、red to the corresponding period of the previous fiscal year,reaching$1,590.9 million.It should be noted that EBITDA and adjusted EBITDA are not performance measures defined by IFRS,but we,as well as investors and analysts,use these measures to evaluate the Corporations financial and operating perfor
291、mance.Note that our definition of these measures may differ from the one used by other public corporations:Annual Report 2014 Alimentation Couche-Tard Inc.Page 27 of 81 52-weeks periods ended(in millions of US dollars)April 27,2014 April 28,2013 Net earnings,as reported 812.2 572.8Add:Income taxes 1
292、34.2 73.9Net financial expenses 110.6 207.8 Depreciation and amortization and impairment of property and equipment and other assets 583.2 521.1EBITDA 1,640.2 1,375.6Remove:Restructuring costs -34.0Curtailment gain on pension plan obligation (0.9)(19.4)Negative goodwill (48.4)(4.4)Adjusted EBITDA 1,5
293、90.9 1,385.8Depreciation,amortization and impairment of property and equipment and other assets For fiscal 2014,depreciation,amortization and impairment expense increased due to an impairment charge of$6.8 million on a non-operational lubricant production plant as well as to investments made through
294、 acquisitions,replacement of equipment,addition of new stores and ongoing improvement of our network.During fiscal 2014,we have completed the analysis of the remaining useful lives of Statoil Fuel&Retail property and equipment in order to modify the depreciation periods accordingly.Based on our anal
295、ysis,we concluded that the modification of depreciation periods would reduce the depreciation expense but the final results are not significantly different from the preliminary estimates reflected in the depreciation expense of the previous year.Net financial expenses For fiscal 2014,we recorded net
296、 financial expenses of$110.6 million compared to$207.8 million for the comparable period of fiscal 2013.Excluding the net foreign exchange loss of$10.1 million and the net foreign gain of$3.2 million recorded respectively in fiscal 2014 and in fiscal 2013 as well as the$102.9 million non-recurring l
297、oss on foreign exchange forward contracts recorded in fiscal 2013,fiscal 2014 posted net financial expenses of$100.5 million,down$7.6 million compared to fiscal 2013.The decrease is mainly due to the reduction in our long-term debt following repayments we made on our acquisition facility partly offs
298、et by the higher average effective interest rate of our senior unsecured notes compared with the average effective rate of our acquisition facility as well as by the fact that fiscal 2013 did not include a complete year of the financing costs related to the acquisition of Statoil Fuel&Retail.Income
299、taxes The income tax rate for fiscal 2014 was 14.2%,compared to 11.4%for the previous fiscal year.The income tax rate for fiscal 2014 was impacted by the effect on deferred taxes of a foreign loss only deductible and recognized for tax purposes as well as by a decrease in our statutory income tax ra
300、tes in Norway and in Denmark.The income tax rate for fiscal 2013 was impacted by the effect on deferred income taxes of a decrease in our statutory income tax rate in Sweden.Excluding those non-recurring items,as well as the negative goodwill recorded in the first quarter of fiscal 2014,the income t
301、ax rate for fiscal 2014 would have been 15.5%compared to an income tax rate of 16.8%for fiscal 2013.Net earnings We closed fiscal 2014 with net earnings of$812.2 million,compared to$572.8 million for the previous fiscal year,an increase of$239.4 million or 41.8%.Diluted net earnings per share stood
302、at$1.43 compared to$1.02 the previous year,an increase of 40.2%.The translation of revenues from our Canadian and European operations into the US dollars had a negative impact of approximately$8.0 million on net earnings of fiscal 2014.Excluding from net earnings of fiscal 2014 the negative goodwill
303、,the net foreign exchange loss,the non-recurring income tax recovery on a foreign exchange loss only deductible and recognized for tax purposes and from the decrease in income tax rate in Norway and Denmark,the impairment charge on a non-operational lubricant plant in Poland,the curtailment gain on
304、pension plans obligation as well as acquisition costs and excluding from net earnings of fiscal 2013 the non-recurring loss on forwards,the non-recurring income tax recovery over the decrease in income tax rate in Sweden,the restructuring expense,the curtailment gain on pension plans obligation,the
305、net foreign exchange gain,the negative goodwill as well as acquisition costs,net earnings would have stood at approximately$766.0 million,up$145.0 million or 23.3%,while diluted earnings per share would have stood at approximately$1.35,an increase of 21.6%.Annual Report 2014 Alimentation Couche-Tard
306、 Inc.Page 28 of 81 Financial Position as at April 27,2014 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$10.5 billi
307、on as at April 27,2014,a decrease of$1.2 million over the balance as at April 28,2013.This decrease stems primarily from the negative impact of the net appreciation of the US dollar compared to the functional currencies of our operations in Canada and Europe at the balance sheet date,partly offset b
308、y the overall rise in assets resulting from the acquisitions we made during fiscal 2014 as well as from the increase in accounts receivable.During the 52-week period ended on April 27,2014,we recorded a return on capital employed of 13.3%1.Significant balance sheet variations are explained as follow
309、s:Accounts receivable Accounts receivable increased by$110.4 million,from$1,616.0 million as at April 28,2013 to$1,726.4 million as at April 27,2014.The increase mainly stems from timing effects and increased road transportation fuel sales to third parties.Long-term debt and current portion of long-
310、term debt Long-term debt decreased by$998.7 million,from$3,605.1 million as at April 28,2013 to$2,606.4 million as at April 27,2014,partly as a result of the impact of the weakening of the Canadian dollar against the United States dollar,which was approximately$92.0 million.Excluding the foreign exc
311、hange impact,our long-term debt decreased by approximately$906.7 million.In August 2013,we issued CA$300.0 million Canadian dollar denominated senior unsecured notes for net proceeds of US$285.6 million.Subsequently,we repaid approximately$1,200.0 million of our acquisition and revolving facilities
312、from the net proceeds of this issuance as well as from available cash.As a result,our debt,net of cash and cash equivalents,amounted to$2,095.3 million as at April 27,2014,a reduction of$851.5 million compared to the balance as at April 28,2013.Other financial liabilities Other financial liabilities
313、 increased by$53.5 million,from$20.4 million as at April 28,2013 to$73.9 million as at April 27,2014.The increase stems from the change in fair value of our cross-currency interest rate swaps,which is determined based on market rates obtained from our financial institutions for similar financial ins
314、truments.Change in fair value of this financial instrument is recorded in other comprehensive income and partly offset the impact of the conversion of our Canadian denominated long-term debt.Shareholders Equity Shareholders equity amounted to$4.0 billion as at April 27,2014,up$745.7 million compared
315、 to April 28,2013,mainly reflecting net earnings of fiscal 2014,partly offset by dividends declared and other comprehensive loss.For the 52-week period ended April 27,2014,we recorded a return on equity of 22.6%2.Liquidity and Capital Resources Our principal sources of liquidity are our net cash pro
316、vided by operating activities and our credit facilities.Our principal uses of cash are to reimburse our debt,finance our acquisitions and capital expenditures,pay dividends,as well as provide for working capital.We expect that cash generated from operations and borrowings available under our revolvi
317、ng unsecured credit facilities will be adequate to meet our liquidity needs in the foreseeable future.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 ta
318、xes 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 comparable to similar measures presented by other public corporations.I
319、t includes Couche-Tards results for the four quarters of fiscal year ending April 27,2014.2 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 by average equit
320、y.It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.It includes Couche-Tards results for the four quarters of fiscal year ending April 27,2014.Annual Report 2014 Alimentation Couche-Tard Inc.Page
321、29 of 81 Our revolving credit facilities are detailed as follow:US dollar term revolving unsecured operating credit D,maturing in December 2017 Credit agreement consisting of a revolving unsecured facility of a maximum amount of$1,275.0,with an initial term of five years.On November 4,2013,we extend
322、ed the term of this agreement by one year.As at April 27,2014,$793.5 million of our revolving unsecured operating credit D had been used.As at the same date,the effective interest rate was 1.19%and standby letters of credit in the amount of CA$2.3 million and$29.4 million were outstanding.On May 16,
323、2014,subsequent to the end of the year,we amended our term revolving unsecured operating credits D to increase the maximum amount available from$1,275.0 million to$1,525.0 million,an increase of$250.0 million,without incurring additional fee.All other terms remain unchanged.Term revolving unsecured
324、operating credit E,maturing in December 2016 Credit agreement consisting of a revolving unsecured facility of an initial maximum amount of$50.0 with an initial term of 50 months.The credit facility is available in the form of a revolving unsecured operating credit,available in US dollars.The amounts
325、 borrowed bear interest at variable rates based on the US base rate or the LIBOR rate plus a variable margin.As at April 27,2014,the term revolving unsecured operating credit E was unused.Available liquidities As at July 4,2014,following the amended to our term revolving unsecured operating credits
326、D,a total of approximately$750.0 million were available under our revolving unsecured credit facilities and we were in compliance with the restrictive covenants and ratios imposed by the credit agreements at that date.Thus,at the same date,we had access to approximately$1.3 billion through our avail
327、able cash and revolving unsecured operating credit agreements.Selected Consolidated Cash Flow Information 52-week periods ended(In millions of US dollars)April 27,2014 April 28,2013VariationOperating activities Net cash provided by operating activities 1,429.3 1,161.4267.9Investing activities Purcha
328、se of property and equipment and other assets,net of proceeds from the disposal of property and equipment and other assets(459.0)(486.9)28.0Business acquisitions(159.6)(2,644.6)2,485.0Proceeds from sale and lease back transaction-30.3(30.3)Net settlement of foreign exchange forward contracts-(86.4)8
329、6.4Other 20.6 1.119.4 Net cash used in investing activities(598.0)(3,186.5)2,588.5 Financing activities Repayment of the acquisition facility(1,648.0)(995.5)(652.5)Net increase(decrease)in other debt 431.3(314.5)745.8 Issuance of Canadian dollar denominated senior unsecured notes,net of financing co
330、sts 285.6 997.5(711.9)Dividends(64.6)(55.6)(9.0)Issuance of shares upon exercise of stock-options 9.4 8.11.3 Borrowings under the acquisition facility,net of financing costs-3,190.2(3,190.2)Repayment of non-current debt assumed on business acquisition-(800.5)800.5 Issuance of shares on public offeri
331、ng,net of issuance costs-333.4(333.4)Net cash(used in)provided by financing activities (986.3)2,363.1(3,349.4)Credit rating Standard and Poors BBB-BBB-Moodys(1)Baa3 Baa3(1)Moodys credit rating for Couche-Tards senior unsecured notes Operating activities During fiscal 2014,net cash from our operation
332、s reached$1,429.3 million,up$267.9 million compared to fiscal year 2013,mainly due to higher net earnings not taking into account non-cash items,including depreciation,amortization and impairment of property and equipment and other assets,as well as negative goodwill.Annual Report 2014 Alimentation
333、Couche-Tard Inc.Page 30 of 81 Investing activities During fiscal 2014,investing activities were primarily for net investment in property and equipment and other assets which amounted to$459.0 million and for acquisitions for an amount of$159.6 million.Following the closing of the business acquisition transaction with ExxonMobil,an amount of$20.6 million placed in escrow was repaid to us during fis
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