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1、Alimentation Couche-Tard Inc.Annual Report 20241Annual Report2024for the10WINAlimentation Couche-Tard Inc.Annual Report 20241Table Company and Financial HighlightsOur Mission,Vision,and ValuesMessage from the Founder and Executive Chairman of the BoardMessage from the President and CEO10 for the Win
2、 StrategyHighlights of the YearNon-IFRS Accounting Standards Measures and Forward-Looking StatementsFinancial ResultsCorporate Governance&Executive Leadership Team246814161826132of contentsCompany HighlightsOUR PEOPLENORTH AMERICA99,000EUROPE AND OTHER REGIONS50,000TOTAL149,000Alimentation Couche-Ta
3、rd Inc.Annual Report 20242UNITED STATES7,131CANADA2,142 EUROPE AND OTHER REGIONS5,272 INTERNATIONAL LICENSEES2,195 OUR SITESFinancial Highlights2024USEUROPE AND OTHER REGIONSCANADAGrowth of(decrease in)Same-Store Merchandise Revenues 1(0.1%)20.1%3,40.9%2Growth of(decrease in)Same-Store Road Transpor
4、tation Fuel Volumes 1,2(0.8%)(1.5%)41.6%All dollar figures are in USD millions,except per share amounts.1 Presented on a comparable basis of 52 weeks.2 For company-operated stores only.3 Please refer to the“Non-IFRS Accounting Standards Measures and Forward-Looking Statements”section of this Annual
5、Report for additional information on performance measures not defined by IFRS Accounting Standards.4 Growth of(decrease in)same-store merchandise revenues and growth of(decrease in)same-store road transportation fuel volumes for Europe and other regions do not include results from the acquisition of
6、 certain European retail assets from TotalEnergies SE.5 The information as at April 30,2023,has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.6 EBITDA refers to Earnings before intere
7、st,taxes,depreciation,amortization and impairment.Return on Capital Employed 3Return on Equity 3Leverage Ratio 3202413.3%2023 517.5%202421.2%2023 524.7%20242.212023 51.50Alimentation Couche-Tard Inc.Annual Report 2024320242023$5,939.4$6,105.4+$166.0+2.8%Merchandise and Service Gross Profit 320242023
8、$3.06$2.82($0.24)(7.8%)20242023$3,090.9$2,729.7($361.2)(11.7%)20242023$1,707.6$2,377.8($670.2)(28.2%)20242023$53,412.420242023$17,283.4$17,535.9+$252.5 +1.5%$51,023.2($2,389.2)(4.5%)Diluted net earnings per share20242023$5,956.6$5,816.9($139.7)(2.3%)20242023$5,761.7$5,596.1($165.6)(2.9%)20242023$3.0
9、6$2.82($0.24)(7.8%)20242023$3,090.9$2,729.7($361.2)(11.7%)20242023$1,707.6$2,377.8($670.2)(28.2%)20242023$53,412.420242023$17,283.4$17,535.9+$252.5 +1.5%$51,023.2($2,389.2)(4.5%)Road Transportation Fuel Gross Profit 320242023$3,090.9$2,729.7($361.2)(11.7%)20242023$1,707.6$2,377.8($670.2)(28.2%)20242
10、023$53,412.420242023$17,283.4$17,535.9+$252.5 +1.5%$51,023.2($2,389.2)(4.5%)Net earnings attributable to shareholders of the Corporation20242023$5,761.7$5,596.1($165.6)(2.9%)20242023$3.06$2.82($0.24)(7.8%)20242023$3,090.9$2,729.7($361.2)(11.7%)20242023$1,707.6$2,377.8($670.2)(28.2%)20242023$53,412.4
11、20242023$17,283.4$17,535.9+$252.5 +1.5%$51,023.2($2,389.2)(4.5%)EBITDA 3,620242023$1,707.6$2,377.8($670.2)(28.2%)20242023$53,412.420242023$17,283.4$17,535.9+$252.5 +1.5%$51,023.2($2,389.2)(4.5%)Free Cash Flow 320242023$17,283.4$17,535.9+$252.5 +1.5%Merchandise and Service Revenues20242023$53,412.4$5
12、1,023.2($2,389.2)(4.5%)Road Transportation Fuel RevenuesAlimentation Couche-Tard Inc.Annual Report 20244Our VisionTo become the worlds preferred destination for convenience and mobility.Our MissionTo make our customers lives a little easier every day.Our Mission,Vision,and ValuesAlimentation Couche-
13、Tard Inc.Annual Report 20245We work together to make it easier for our customers and colleagues.We stay humble and celebrate shared successes.We have fun and care for each other.We act with honesty&integrity.We are inclusive:we treat each other,our customers,and our suppliers with respect.We strive
14、towards a cleaner,safer,equitable workplace and planet.We treat the business as our own.We seek out problems,act quickly to solve them,and deliver better results.We take responsibility,and when we make mistakes,we learn from them.We challenge ourselves to play offense,not defense,which means we need
15、 to be quick and innovative.We show up every day ready and committed to make an impact using our talents and hard work.Alimentation Couche-Tard Inc.Annual Report 20246Alain BouchardMessage from the Founder and Executive Chairman of the BoardAlimentation Couche-Tard Inc.Annual Report 20247As I write
16、this annual letter,I am reflecting on the incredible milestones that we achieved this year.From a company that started with modest beginnings of a single store,this year we reached more than 16,700 locations and 149,000 team members in 31 countries.We celebrated 20 years since we acquired Circle K a
17、nd began the journey of establishing a truly global brand.And we also launched a new five-year strategy after successfully completing our Double Again ambition.All of this has been beyond my wildest dreams when I opened that first location in Laval,Canada.Believe me,I am beaming with pride!Perhaps w
18、hat I am most proud of is how we continue to balance our growth ambitions with staying true to our humble mission of making our customers lives a little easier every day.From day one,we have always put our customers and people first.It is fundamental to our winning culture and how we will play to wi
19、n in the future.Our growth in Europe is a clear standout achievement of the year as we almost doubled our size in the region and welcomed thousands of new team members.After visiting those new countries,I have no doubt that this acquisition will be another great success story.How can I be so sure?I
20、saw first hand how the team members fit into our family:they know their customers,care about their people,and live by our values.That has been the secret to our success in the past,and I am confident it will be so in the decades ahead.Our new 10 for the Win strategy is another milestone of the year.
21、The strategy has strong financial goals that will bring real value to our business and shareholders.I am especially proud of how it is centered on winning the customer,innovating for the future,engaging our people and being a responsible retailer in our communities.It is one of the things I love mos
22、t about this company we are a big business that lives by its value of doing the right thing.We had an encore highlight this year that will never get old.For the third straight year,we have been recognized as an exceptional workplace by Gallup-one of the very few companies of our size and scale to wi
23、n this award.Sustainability also continues to be a lens to the business and is engrained in the new strategy.We fully understand that as a responsible retailer,we are in a position to contribute to a cleaner,safer,and more inclusive future,and we are committed to doing so.As we start a new fiscal ye
24、ar,we are ready to make another milestone with the appointment of our Chief Operating Officer Alex Miller as our next President and CEO.Couche-Tard has only had two CEOs during its almost 45-year history,and we take this appointment very seriously.Brian Hannasch leaves a big legacy after his highly
25、successful 10-year tenure,and it was important to us that our next CEO comes from within the business and fully embraces our values,culture,and growth-oriented mind set.For those reasons,we have the utmost confidence that Alex is the best person to be our next leader,and we are truly excited to grow
26、 together in the years ahead.Alimentation Couche-Tard Inc.Annual Report 20248Brian HannaschMessage from the President and CEOAlimentation Couche-Tard Inc.Annual Report 20249In a year of widespread economic challenges,I am truly pleased with our progress as we put our customers and people at the fore
27、front of our operations,drove strategic growth across the network,and lived by our values.I am especially proud of our team members for their relentless focus on providing compelling value and ease to our customers,both inside our stores and on our forecourts.We worked hard to prepare our business f
28、or the future as we launched our 10 for the Win strategy and laid the groundwork for simpler,faster,and more efficient ways of working together to better serve our customers.We set ambitious goals from financial performance to winning in food,thirst,fuel,and network expansion and pushed ourselves to
29、 be a better employer and a more responsible retailer.No doubt,in the back half of this year,we faced near term economic headwinds,especially in the U.S.with our more cash-strapped consumers.However,we believe this trend is transitory,and we feel very good about our extremely diversified business an
30、d its proven resilience.Value and ease As many consumers continue to feel a strain on their wallets,we have looked for the best ways to provide them with value and ease.Our most significant initiative has been the roll-out of our Inner Circle loyalty program this year in the U.S.and the advancement
31、of our Extra loyalty program in Europe.Inner Circle is a free membership program with fuel and food rewards and much more,while also providing new personalized experiences to our most valuable customers.The program is now in over 4,000 stores,30 states,and has over six million fully enrolled custome
32、rs.Inner Circle is an important tool in helping us provide consistent and high visibility value both inside our stores and at our forecourt,and we are excited that our loyalty members are visiting our locations more frequently.Over the year,we held fuel promotional events at thousands of stations ac
33、ross the network,which offered immediate discounts at the pump as well as fuel cards to use on future visits.These events are bringing increased awareness to the fuel brand,impactful savings to our customers,and driving traffic to our locations.In August,we held our first ever global Couche-Tard/Cir
34、cle K Day,which started in Hong Kong,moved across Europe and North America,and finished in California bringing millions of new and returning visitors to our stores.Many of our customers are also turning to our private label products to stretch their available cash.We have substantially expanded our
35、portfolio in recent years with products ranging from private label wine to chocolate,chips,proprietary beverages,and much more,all at attractive price points and high quality.The value for our customers is compounded by limited time offers and bundle deals.Alimentation Couche-Tard Inc.Annual Report
36、202410Strategic RoadmapWhile our day-to-day focus is always on making our customers lives a litter easier,we are also planning for the future as we look to generate more value for our shareholders,simplify work for our team members,and most of all,create a better experience in convenience and mobili
37、ty for our customers.This year,we started our five-year strategy,10 For the Win,which has the financial ambition to grow the business to$10 billion EBITDA1.Importantly,10 for the Win is not a radical new approach,but rather a framework for continuous improvement of our business and operations with i
38、ts main pillars building upon our key differentiating strengths.Fundamental to this new strategy is developing better ways of working together and taking advantage of our global scale and evolving technology.We are enhancing our operating model to reduce duplication,unlock value,and increase speed.W
39、e are also looking to improve our tools and processes,including implementing solutions that decrease administrative hours,provide 24-hour customer support,and add automation to make it simpler for our teams and allow them to focus more on our customers.We are also increasing efficiency as part of ou
40、r Fit to Serve initiative.Here,our commitment to disciplined operational cost control has already led to a strong reduction in normalized expenses2 and we are performing notably better than the weighted average of inflation impacting our business operations.This underscores our commitment to financi
41、al prudence and operational excellence,even amidst ongoing economic pressures.Most Trusted BrandOur aspiration to be the most trusted brand in convenience and mobility guides the 10 for the Win strategy,and our goalposts are clear:winning the customer,winning offer,and winning fuel.As we work to bec
42、ome better food operators,we are committed to creating a best-in-class food offer at our locations.We now have Fresh Food,Fast at more than 5,800 locations globally,and our teams are focused on improving profitability and sales by optimizing our supply chain and ensuring availability and in-stock.Th
43、is includes rolling out new forecast production tools in the U.S.that are leveraging AI to determine demand more accurately.Sampling also increased globally,driving immediate sales benefit,and we continue to introduce new,popular products that target local tastes.Alimentation Couche-Tard Inc.Annual
44、Report 202411Quenching thirst is the main reason customers visit inside our stores,and we strive to be the number one thirst stop across our markets.We are focused on the growth of our beverage category by offering great assortment,innovation,and value in both packaged and dispensed beverages at aff
45、ordable price points.We are also increasing our exclusive beverage deals and promotions with our vendors and sponsors,driving excitement and traffic to our locations.We are pleased with the performance of our fuel business,in terms of both volumes and margins,as we continue to build value for our cu
46、stomers and business through the optimization of our fuel supply chains globally.The partnership with Musket and our trading capability in Geneva empower us to explore new and lower cost sourcing options while ensuring we maintain supply across our network.Our B2B work continues with solid growth in
47、 Europe,and it is beginning to take a foothold in the U.S as new initiatives and strategic relationships start to bring in business and fleet customers.Our network of truck accessible sites is growing as we expand our offer of high-speed diesel and relevant services for the long-and short-haul truck
48、 drivers.Our EV fast-charging network in Europe now consists of more than 2,600 charge points including nearly 55 charging points for heavy trucks in Scandinavia.We are seeing marked increases in charging transactions on our Circle K branded chargers driven by network expansion,improved payment opti
49、ons,and station upgrades.We are also moving forward with our deployment of EV chargers in North America.Winning GrowthWe have had significant network growth this year as we welcomed four new countries in Europe from TotalEnergies,about 22,000 team members,and nearly 2,200 sites into the Couche-Tard
50、family.We have a strong track record of successful integrations and realization of synergies,and we are pleased with how the transition is progressing.We have identified local leadership,rebranded several stores to Circle K,and are working closely with our new,engaged teams.With this acquisition,we
51、have an ambition to unlock synergies of approximately$187 million3 over five years and have a clear and well-structured realization plan in place.We are also advancing nicely on the integration of the 112 MAPCO sites,and with our customary financial discipline and decentralized structure,we are read
52、y to take on future acquisitions at the right price and fit.On the organic front,we are advancing on our stated goal of building 500 stores,including opening nearly 85 in North America this year with many more in the pipeline.Alimentation Couche-Tard Inc.Annual Report 202412Customer-centric teamsWe
53、are determined to have store operations that are fast,friendly,and in-stock,and we know that customer-centric teams are critical to our success.Improving retention and lowering turnover is essential here,and we are making notable progress by investing in our store team members in areas they care abo
54、ut,including compensation,benefits,and engagement.We have improved and expanded our onboarding and training programs,both in person and gamified.We are also helping store team members with new scheduling tools and programs to simplify their workload and make it easier to operate our stores and focus
55、 on our customers.For the third year in a row,we have been recognized as a Gallup Exceptional Workplace,which is a testament to our highly engaged customer-centric teams.There is nothing more important to us than protecting and promoting our special culture,and we are humbled that in a demanding yea
56、r,our team members continue to feel heard,valued,and respected at work.Responsible RetailerAs a responsible retailer,sustainability continues to be a lens through which we conduct our business.Here,we remain disciplined and transparent in our approach as we navigate turbulent global conditions.We ar
57、e steadfast in our commitment and are proud of our progress within our Planet,People,and Prosperity framework.You can read all about our sustainability work in our 2024 report.Road AheadIn closing,this certainly has been a challenging year,especially in its closing months,with persistent inflation a
58、nd continuing economic pressures on consumers.Yet,our focus consistently remained on providing everyday value and ease for our customers and leveraging the competitive advantages of our global scale and diversified business to grow market share and drive long-term growth.As I come to the end of my t
59、enth year as Couche-Tards President and CEO,I have made the decision to retire from the position,effective this September.It has been the honor of a lifetime to lead this amazing company,and I am so proud of the value that we have created together as well as the commitment and passion of our team me
60、mbers to serving our customers and communities.I know Couche-Tard will be in strong hands with Alex Miller as its next President and CEO as he has been one of my closest business partners for well over a decade,he deeply shares our One Team culture,and he will be supported by our exceptional executi
61、ve leadership team.I also want to thank Alain Bouchard and our Board of Directors,customers,team members,and shareholders for your enduring support and for giving me the opportunity to lead this great business.For that and much more,you have my lasting and sincere gratitude.Alimentation Couche-Tard
62、Inc.Annual Report 2024133 Expected synergies represent forward-looking information and are destined to illustrate additional benefits expected to stem from these transactions.They might not be suitable for other needs.For additional information,please refer to the“Non-IFRS Accounting Standards Measu
63、re and Forward-Looking Statements section of this Annual Report.1 Please refer to the“Non-IFRS Accounting Standards Measures and Forward-Looking Statements”section of this Annual Report for additional information on performance measures not defined by IFRS Accounting Standards.More specifically,this
64、 measure should be read in conjunction with the“EBITDA ambition for fiscal 2028”section,which represents a Non-IFRS Accounting Standards measure that is forward-looking information.2 Please refer to the“Non-IFRS Accounting Standards Measures”section of the 2024 Management Discussion and Analysis for
65、 additional information on performance measures not defined by IFRS Accounting Standards.Alimentation Couche-Tard Inc.Annual Report 202414HighlightsGallup Recognition Times Three Proudly recognized for third straight year as an Exceptional Workplace for our highly engaged teams,and one of only 60 co
66、mpanies to win global award.Inner Circle Launch Free membership program rolled out in over 30 U.S.states with compelling convenience and fuel rewards and differentiated personalized experiences for loyalty customers.Game-changing European Growth Welcomed nearly 22,000 team members,2,200 stores,and 4
67、 new countries,almost doubling size in Europe with early progress on integration and rebranding.Global Couche-Tard/Circle K Day 24-hour event rallying teams from Hong Kong to Europe and across North America offering significant fuel and food discounts to millions of customers.10 for the Win Strategy
68、 Five-year strategy launched with ambitious financial goals,growth,and optimization plans and aspiration to be the most trusted brand in convenience and mobility.of the yearAlimentation Couche-Tard Inc.Annual Report 2024151 Million Meals Milestone Too Good To Go global partnership provided over 1 mi
69、llion meals of surplus food at affordable prices,minimizing spoilage and reducing 2,000 tons of CO2 emissions.Award-winning Analyst and Investor Conference Highly successful one-day event in Arizona with unveiling of 10 for the Win strategy and visits to stores and new tunnel car wash business.20th
70、Anniversary with Circle K Celebrated two decades since acquisition of Circle K,a regional U.S.chain,accelerating journey to become a global brand leader in convenience and mobility.Silver Award for Swedish Station Flagship location in Gothenburg,Sweden,recognized as one of ten Best EV Hubs in World
71、due to fantastic high-speed charging experience and convenience offers.Inaugural Class Hispanic Development Program New partnership with Hispanic Association of Corporate Responsibility(HACR)amplifies D&I efforts in developing our Hispanic talent in U.S.Alimentation Couche-Tard Inc.Annual Report 202
72、41610 for the Win StrategyOur North StarTo be the most trusted brand in convenience and mobilityOur LighthousesOur priority projects guide our way.The FoundationFoundation that sets us up for success.Winning the CustomerWinning OfferWinning FuelWinning GrowthCustomer-centric teamResponsible Retailer
73、Fit to serveFortified FundamentalsAlimentation Couche-Tard Inc.Annual Report 202417Winning OfferWin in FoodOwn ThirstPrivate BrandsWinning the CustomerBuild fans through loyaltyDigital experienceOperation FirstWinning FuelB2C value propositionB2B value propositionFuel supply chainThe Lighthouses Gui
74、ding Our GrowthThe FoundationCustomer-centric team Responsible RetailerFit to Serve Fortified FundamentalsWinning GrowthNTIs,R&R,RELOM&ATotalEnergiesE-mobilityNon-IFRS Accounting Standards Measures and Forward-LookingStatementsAlimentation Couche-Tard Inc.Annual Report 202419Non-IFRS Accounting Stan
75、dards MeasuresTo provide more information for evaluating the Corporations performance,the financial information included in our presentation contains certain data that are not performance measures under IFRS Accounting Standards as issued by the International Accounting Standards Board(“IFRS Account
76、ing Standards”),which are also calculated on an adjusted basis to exclude specific items.Those performance measures are called“Non-IFRS Accounting Standards measures”.We believe that providing those Non-IFRS Accounting Standards measures is useful to management,investors,and analysts,as they provide
77、 additional information to measure the performance and financial position of the Corporation.The following Non-IFRS Accounting Standards financial measures are used in our financial disclosures:Gross profit;Earnings before interest,taxes,depreciation,amortization and impairment(“EBITDA”)and adjusted
78、 EBITDA;Free cash flow,including Net capex and Other items;Interest-bearing debt and net interest-bearing debt.The following Non-IFRS Accounting Standards ratios are used in our financial disclosures:Growth of(decrease in)same-store merchandise revenues for Europe and other regions;Leverage ratio;Re
79、turn on capital employed and return on equity.Non-IFRS Accounting Standards financial measures and ratios are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS Accounting Standards.These Non-IFRS Accounting Standards measures should no
80、t be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards.In addition,our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations.Any such modification or reformulation may be signific
81、ant.These measures are also adjusted for the pro forma impact of our acquisitions and impacts of new accounting standards if they are considered to be material.Alimentation Couche-Tard Inc.Annual Report 202420Growth of(decrease in)same-store merchandise revenues for Europe and other regions.Same-sto
82、re merchandise revenues represent cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods.Merchandise revenues are defined as Merchandise and service revenues ex
83、cluding service revenues.For Europe and other regions,the growth of(decrease in)same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period.In Europe and other regions,same-store me
84、rchandise revenues include same-store revenues from company-operated stores,as well as CODO and DODO stores which are not included in our consolidated results.This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our overall European and oth
85、er regions store network.The table below reconcile Merchandise and service revenues,as per IFRS Accounting Standards,to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth(decrease):52-week period ended53-week period ended(in millions of US dollars,unl
86、ess otherwise noted)April 28,2024April 30,2023Merchandise and service revenues for Europe and other regions2,750.32,386.7Adjusted for:Service revenues(277.3)(200.5)Net foreign exchange impact 39.8 Merchandise revenues not meeting the definition of same-store(313.9)(51.6)Same-store merchandise revenu
87、es from stores not included in our consolidated results,including the impact of store conversions324.6 308.0 Total Same-store merchandise revenues for Europe and other regions2,483.72,482.4Growth of same-store merchandise revenues for Europe and other regions 0.1%Same-store merchandise revenues for
88、Europe and other regions are presented on a comparable basis of 52 weeks for April 28,2024 and for April 30,2023.Gross profit.Gross profit consists of revenues less the cost of sales,excluding depreciation,amortization and impairment.This measure is considered useful for evaluating the underlying pe
89、rformance of our operations.The table below reconciles revenues and cost of sales,excluding depreciation,amortization and impairment,as per IFRS Accounting Standards,to gross profit:52-week period ended53-week period ended(in millions of US dollars)April 28,2024April 30,2023Revenues 69,263.5 71,856.
90、7 Cost of sales,excluding depreciation,amortization and impairment 57,165.6 59,804.6 Gross profit 12,097.9 12,052.1 Please note that the same reconciliation applies in the determination of gross profit by category and by geography presented in the section“Summary Analysis of Consolidated Results for
91、 Fiscal 2024”of our Management Discussion&Analysis for the 52-week period ended April 28,2024 available on SEDAR+at www.sedarplus.ca.Alimentation Couche-Tard Inc.Annual Report 202421Earnings before interest,taxes,depreciation,amortization and impairment(“EBITDA”)and adjusted EBITDA.EBITDA represents
92、 net earnings plus income taxes,net financial expenses,and depreciation,amortization and impairment.Adjusted EBITDA represents the EBITDA adjusted for acquisition costs,the impact from changes in accounting policies and adoption of accounting standards,as well as other specific items for which the i
93、mpact on consolidated results is not deemed indicative of future trends.These performance measures are considered useful to facilitate the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements,including our capital expenditures program,share repurc
94、hases,and payment of dividends.The table below reconciles net earnings,as per IFRS Accounting Standards,to EBITDA and adjusted EBITDA:(in millions of US dollars)April 28,2024April 30,2023Net earnings 2,732.2 3,090.9 Add:Income taxes 715.9 838.2 Net financial expenses 387.9 306.7 Depreciation,amortiz
95、ation and impairment 1,760.1 1,525.9 EBITDA 5,596.1 5,761.7 Adjusted for:Acquisition costs 18.1 13.7 Adjusted EBITDA 5,614.2 5,775.4 52-week period ended53-week period endedEarnings before interest,taxes,depreciation,amortization and impairment(“EBITDA”)ambition for fiscal 2028.The table below recon
96、ciles EBITDA for the 53-week period ended April 30,2023,for which the calculation methodology is described in another table of the section,to the EBITDA ambition for fiscal 2028.Every mention of the EBITDA ambition for fiscal 2028 in this Annual Report should be read in conjunction with this table.E
97、BITDA ambition for fiscal 2028 represents a Non-IFRS Accounting Standards measure that is forward-looking information,please refer to the“Forward-Looking Statements”section of this Annual Report for additional information.(in millions of US dollars)EBITDA for the 53-week period ended April 30,2023 5
98、,761.7 Add:Impact of initiativesWinning offerWin in food 150.0 Own thirst 250.0 Private brands 120.0 Winning Fuel 450.0 Winning the customerBuild fans through loyalty 200.0 Other initiatives 70.0 Winning growthNew to industry,Raze and rebuild and relocations 400.0 New mergers and acquisitions opport
99、unities 1,100.0 Acquisition of certain retail assets from TotalEnergies SE 700.0 Fit to serve 800.0 EBITDA ambition for fiscal 2028 10,001.7 The multi-year strategic plans initiatives are described as follows:Winning Offer:Focuses on optimizing and enhancing food service,beverage selection,and priva
100、te label offerings to drive customer attraction and retention through improved product quality and variety.This strategic focus is designed to increase store traffic and uplift in-store spending.Winning Fuel:Aims to refine the fuel supply chain and optimize both Business-to-Consumer and Business-to-
101、Business fuel offerings.By improving efficiency and leveraging scale in fuel procurement and sales,Couche-Tard anticipates increased stability in fuel margins and growth in fuel volume market share.Winning the Customer:Centers on building customer loyalty through enhanced digital experiences and tai
102、lored customer service.This focus aims to enhance customer engagement and satisfaction,driving repeat business and higher spending per visit.Winning Growth:Involves strategic initiatives such as network expansion through new site developments and M&A activities.This lighthouse is aimed at expanding
103、market reach and operational scale.The Foundation,which includes Fit to Serve:Supports all other initiatives by focusing on operational agility and efficiency across the organization.Key components include automation,data analytics,supply chain optimization,and fostering a strong corporate culture.A
104、limentation Couche-Tard Inc.Annual Report 202422Free cash flow,including Net capex and Other items.Free cash flow consists of EBITDA minus i)Purchase of property and equipment,intangible assets and other assets(“Capex”)net of Proceeds from disposal of property and equipment and other assets(together
105、“Net Capex”)and ii)Interest paid,Principal elements of lease payments,Income taxes paid net and Cash dividends paid,net of Interest and dividends received(together“Other items”).This measure is considered useful to management,investors and analysts as it demonstrates our efficiency at generating cas
106、h.The table below reconciles EBITDA,for which the calculation methodology is described in“Earnings before interest,taxes,depreciation,amortization and impairment(“EBITDA”)and adjusted EBITDA”of this section,to free cash flow:52-week period ended53-week period ended(in millions of US dollars)April 28
107、,2024April 30,2023EBITDA 5,596.1 5,761.7 Less:Purchase of property and equipment,intangible assets and other assets(“Capex”)1,943.1 1,803.8 Less:Proceeds from disposal of property and equipment and other assets 87.1 262.1 Net Capex 1,856.0 1,541.7 Less:Interest paid 491.3 353.6 Principal elements of
108、 lease payments 478.9 438.9 Income taxes paid,net 770.7 794.5 Cash dividends paid 453.0 377.7 Less:Interest and dividends received 161.4 122.5 Other items 2,032.5 1,842.2 Free cash flow 1,707.6 2,377.8 Interest-bearing debt and net interest-bearing debt.Interest bearing-debt is the sum of the follow
109、ing balance sheet accounts:Short-term debt and current portion of long-term debt,Long-term debt,Current portion of lease liabilities and Lease liabilities.Net interest-bearing debt corresponds to the previous measure minus Cash and cash equivalents.Both measures are considered useful to facilitate t
110、he understanding of our financial position in relation with financing obligations.The table below presents the calculation of these measures:(in millions of US dollars)As at April 28,2024As at April 30,20231Short-term debt and current portion of long-term debt 1,066.8 0.7Current portion of lease lia
111、bilities 503.6 438.1Long-term debt 9,226.5 5,888.3Lease liabilities 3,674.8 3,146.5Interest-bearing debt 14,471.7 9,473.6Less:Cash and cash equivalents(1,309.0)(834.2)Net interest-bearing debt 13,162.7 8,639.4Leverage ratio.This measure represents a measure of financial condition considered useful t
112、o assess our financial leverage and our ability to cover our net financing obligations in relation to our adjusted EBITDA and pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE for the 52-week period ended April 28,2024.The table below reconciles net interest
113、-bearing debt and adjusted EBITDA,for which the calculation methodologies are described in other tables of this section,as well as the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE,with the leverage ratio:52-week period ended53-week period ended(in milli
114、ons of US dollars,except ratio data)April 28,2024April 30,20231Net interest-bearing debt 13,162.7 8,639.4 Adjusted EBITDA 5,614.2 5,775.4 Pro forma adjustments(1)328.7 Adjusted EBITDA and pro forma adjustments 5,942.9 5,775.4 Leverage ratio2.21:11.50:1(1)Represents the pre-acquisition EBITDA estimat
115、e of the European retail assets acquired from TotalEnergies SE from May 1,2023 to the acquisition date,as well as the estimated impact of synergies stemming from the transaction for the same period.EBITDA used in determining this adjustment is derived from unaudited financial information.Please refe
116、r to the“Forward-Looking Statements section for additional information on expected synergies.1 The information as at April 30,2023,has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.Al
117、imentation Couche-Tard Inc.Annual Report 202423Return on capital employed.This measure is considered useful as it provides insights into our ability to generate returns from the total amount of capital invested in our operations and it also helps in assessing our operational efficiency and capital a
118、llocation decisions.Earnings before interest and taxes(“EBIT”)represents net earnings plus income taxes and net financial expenses.Capital employed represents total assets less short-term liabilities not bearing interest,which excludes the short-term debt and current portion of long-term debt and cu
119、rrent portion of lease liabilities.Average capital employed is calculated by taking the average of i)the opening balance of capital employed for the 52 and 53-week periods and pro forma adjustments and ii)the ending balance of capital employed for the 52 and 53-week periods.The table below reconcile
120、s net earnings,as per IFRS Accounting Standards,to EBIT with the ratio of return on capital employed,including the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE:52-week period ended53-week period ended(in millions of US dollars,unless otherwise noted)Apr
121、il 28,2024April 30,20231Net earnings2,732.23,090.9Add:Income taxes715.9838.2Net financial expenses387.9306.7EBIT 3,836.04,235.8Pro forma adjustments(1)142.6EBIT and pro forma adjustments3,978.64,235.8Capital employed-Opening balance(2)24,330.724,001.0Pro forma adjustments(3)4,766.0Capital employed-O
122、pening balance and pro forma adjustments29,096.724,001.0Capital employed-Ending balance(2)30,684.324,330.7Average capital employed29,890.524,165.9Return on capital employed 13.3%17.5%(1)Represents the pre-acquisition EBIT estimate of the European retail assets acquired from TotalEnergies SE from May
123、 1,2023 to the acquisition date as well as the estimated impact of synergies and required capital expenditures for the same period.EBIT used in determining this adjustment is derived from unaudited financial information.Please refer to the“Forward-Looking Statements section for additional informatio
124、n on expected synergies.(2)The table below reconciles balance sheet line items,as per IFRS Accounting Standards,to capital employed:(in millions of US dollars)As at April 28,2024As at April 30,20231As at April 24,2022Total Assets 36,942.1 29,058.4 29,591.6 Less:Current liabilities(7,828.2)(5,166.5)(
125、6,017.4)Add:Short-term debt and current portion of long-term debt1,066.80.71.4Add:Current portion of lease liabilities503.6438.1425.4Capital employed 30,684.324,330.724,001.0(3)Represents the estimated impact of the European retail assets acquired from TotalEnergies SE on the opening balance of capi
126、tal employed,using the same calculation methodology and based on the preliminary estimates of the fair value of assets acquired and liabilities assumed for this acquisition at the acquisition date.Return on equity.This measure is considered useful to assess the relationship between our profitability
127、 and our net assets and it also provides insights into how efficiently we are using our equity to generate returns for our shareholders.Average equity attributable to shareholders of the Corporation is calculated by taking the average of the opening and closing balance for the 52 and 53-week periods
128、.The table below reconciles net earnings attributable to shareholders of the Corporation,as per IFRS Accounting Standards,with the ratio of return on equity:52-week period ended53-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,2023Net earnings attributable t
129、o shareholders of the Corporation2,729.73,090.9Equity attributable to shareholders of the Corporation-Opening balance12,564.512,437.6Equity attributable to shareholders of the Corporation-Ending balance13,189.212,564.5Average equity attributable to shareholders of the Corporation12,876.912,501.1Retu
130、rn on equity 21.2%24.7%1 The information as at April 30,2023,has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.Alimentation Couche-Tard Inc.Annual Report 202424Forward-Looking Stateme
131、ntsThis Annual Report includes certain statements that are“forward-looking statements”within the meaning of the securities laws of Canada.Any statement in this Annual Report that is not a statement of historical fact may be deemed to be a forward-looking statement.When used in this Annual Report,the
132、 words“believe”,“could”,“should”,“intend”,“expect”,“estimate”,“assume”,“aim”,“align”,“maintain”,“continue”,“effect”,“growth”,“position”,“seek”,“strategy”,“strive”,“will”,“may”,“might”and other similar expressions or the negative of these terms are generally intended to identify forward-looking state
133、ments.Forward-looking statements include,but are not limited to,those set forth in the table below,which also presents key assumptions used in determining the forward-looking statements.See also the section“Outlook”in our 2024 Annual Report.Forward-looking statementsAssumptionsStatements relating to
134、 our strategic initiatives,including“Winning Offer”,“Winning Fuel”,“Winning the Customer”,“Winning Growth”,and“The Foundation”,which includes“Fit to Serve”and our ability to execute these initiativesAbility to anticipate and respond to sudden challenges that we may face in the marketplace,trends in
135、the market for our products and changing consumer demandsAbility to remain relevant with respect to consumers needs and preferences for ways of doing business with usNo serious disruption of our information technology systemsAbility to recruit and retain qualified employees in our storesAbility to r
136、eceive refined oil products and merchandise for resaleNo major decrease in the demand for our major product,petroleum-based fuel,due to attitudes toward its relationship to the environment and the green movementMarkets ability to absorb road transportation fuel prices fluctuationsAbility to meet cus
137、tomer requirements relative to price,quality,customer service and services offeringsAdditional statements relating to our“10 for the Win”strategyAbility to identify and complete strategic acquisitions in the futureContinued deployment of our strategic growth initiatives,such as network expansion thr
138、ough new site developments and merger and acquisition activitiesAbility to obtain regulatory approval and financing on satisfactory terms for larger acquisitionsAbility to integrate the acquired business in an efficient and effective mannerAccuracy of our assessment of bases or sources of synergies
139、and the occurrence of the benefits anticipatedAbility to take advantage of expected synergistic savings and increased operating efficienciesIt is important to know that the forward-looking statements in this Annual Report describe our expectations in light of the information available to us as at th
140、e date of this Annual Report,which are inherently not guarantees of the future performance of Couche-Tard or its industry,and involve known and unknown risks and uncertainties that may cause Couche-Tards or the industrys outlook,actual results,performance or achievements to be materially different f
141、rom any future results,performance or achievements expressed or implied by such statements.Our statements should not be read to indicate that we have conducted an exhaustive inquiry into,or review of all relevant information.Although we believe there is a reasonable basis for the forward-looking sta
142、tements,our actual results could be materially different from our expectations if known or unknown risks affect our business,or if our estimates or assumptions turn out to be inaccurate.A change affecting an assumption can also have an impact on other interrelated assumptions,which could increase or
143、 diminish the effect of the change.As a result,we cannot guarantee that any forward-looking statement will materialize and,accordingly,the reader is urged to consider the risks,uncertainties,and assumptions carefully in evaluating the forward-looking statement and is cautioned not to place undue rel
144、iance on these forward-looking statements.Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on our business.For example,they do not include sales of assets,monetization,mergers,acquisitions,
145、other business combinations or transactions,asset write-down,the impact of pandemics and geopolitical conflicts and tensions,or other charges announced or occurring after forward-looking statements are made.Our forward-looking statements in this Annual Report speak only as of the date of this Annual
146、 Report,and unless otherwise required by applicable securities laws,we expressly disclaim any intention or obligation to update or revise forward-looking statements,whether as a result of new information,future events or otherwise.Our business is subject to substantial risks and uncertainties,includ
147、ing those referenced above.Investors,potential investors,and others should give careful consideration to these risks and uncertainties.The forward-looking statements contained in this Annual Report are expressly qualified by this cautionary statement.The foregoing risks and uncertainties include the
148、 risks set forth under“Business Risks”in our 2024 Annual Report as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada.Alimentation Couche-Tard Inc.Annual Report 202425Alimentation Couche-Tard Inc.Annual Report 202426FinancialResultsAli
149、mentation Couche-Tard Inc.Annual Report 202427Management Discussion and AnalysisThe purpose of this Management Discussion and Analysis(“MD&A”)is,as required by regulators,to explain managements point of view on the financial position and results of the operations of Alimentation Couche-Tard Inc.(“Co
150、uche-Tard”)as well as its performance during the fiscal year ended April 28,2024.More specifically,it aims to let the reader better understand our development strategy,performance in relation to objectives,future expectations,and how we address risk and manage our financial resources.This MD&A also
151、provides information to improve the readers understanding of Couche-Tards audited annual consolidated financial statements and related notes.It should therefore be read in conjunction with those documents.By“we”,“our”,“us”and“the Corporation”,we refer collectively to Couche-Tard and its subsidiaries
152、.Except where otherwise indicated,all financial information reflected herein is expressed in United States dollars(“US dollars”)and determined on the basis of IFRS Accounting Standards as issued by the International Accounting Standards Board(“IFRS Accounting Standards”).We also use measures in this
153、 MD&A that do not comply with IFRS Accounting Standards as well as supplementary financial measures.The measures that do not comply with IFRS Accounting Standards are described in the“Non-IFRS Accounting Standards Measures”section of this MD&A and where such measures are presented,the reader is info
154、rmed.Supplementary financial measures are described where such measures are presented.This MD&A should be read in conjunction with the audited annual consolidated financial statements and related notes included in our 2024 Annual Report,which,along with additional information relating to Couche-Tard
155、,including the most recent Annual Information Form,are available on SEDAR+at https:/ on our website at https:/corpo.couche- Statements This MD&A includes certain statements that are“forward-looking statements”within the meaning of the securities laws of Canada.Any statement in this MD&A that is not
156、a statement of historical fact may be deemed to be a forward-looking statement.When used in this MD&A,the words“believe”,“could”,“should”,“intend”,“expect”,“estimate”,“assume”,and other similar expressions are generally intended to identify forward-looking statements.It is important to know that the
157、 forward-looking statements in this MD&A describe our expectations as at June 25,2024,which are not guarantees of the future performance of Couche-Tard or its industry,and involve known and unknown risks and uncertainties that may cause Couche-Tards or the industrys outlook,actual results or perform
158、ance to be materially different from any future results or performance expressed or implied by such statements.Our actual results could be materially different from our expectations if known or unknown risks affect our business,or if our estimates or assumptions turn out to be inaccurate.A change af
159、fecting an assumption can also have an impact on other interrelated assumptions,which could increase or diminish the effect of the change.Assumptions such as synergies objective are based on our comparative analysis of organizational structures and current level of spending across Couche-Tards netwo
160、rk as well as on Couche-Tards ability to bridge the gap,where relevant,and Couche-Tards assessment of current contracts in the geographical areas of operations and how Couche-Tard expects to be able to renegotiate these contracts to take advantage of our increased purchasing power.In addition,our sy
161、nergies 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 integrate acquired business.An important change in these facts and assumptions could significantly impact
162、our synergies estimate as well as the timing of the implementation of our different initiatives.As a result,we cannot guarantee that any forward-looking statement will materialize and,accordingly,the reader is cautioned not to place undue reliance on these forward-looking statements.Forward-looking
163、statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on our business.For example,they do not include sales of assets,monetization,mergers,acquisitions,other business combinations or transactions,asset write-do
164、wn,ongoing military conflicts,or other charges announced or occurring after forward-looking statements are made.Unless otherwise required by applicable securities laws,we disclaim any intention or obligation to update or revise forward-looking statements,whether as a result of new information,future
165、 events or otherwise.The foregoing risks and uncertainties include the risks set forth under“Business Risks”in our 2024 Annual Report as well as other risks detailed from time to time in reports filed by Couche-Tard with securities regulators in Canada.Alimentation Couche-Tard Inc.Annual Report 2024
166、28Our Business We are the leader in the Canadian convenience store industry.In the United States,we are one of the largest independent convenience store operators.In Europe,we are a leader in the convenience store and mobility retail business in the Scandinavian countries(Norway,Sweden,and Denmark),
167、in the Baltic countries(Estonia,Latvia,and Lithuania),in Belgium,as well as in Ireland,and we have a strong presence in Luxembourg,Germany,the Netherlands and Poland.In Asia,we operate a network of company-operated convenience stores in Hong Kong Special Administrative Region of the Peoples Republic
168、 of China(“Hong Kong SAR”)with an enviable local position.As of April 28,2024,our network comprised 9,273 convenience stores throughout North America,including 8,211 stores with road transportation fuel dispensing.Our North American network consists of 17 business units,including 14 in the United St
169、ates covering 46 states and 3 in Canada covering all 10 provinces.Approximately 99,000 people are employed throughout our network and at our service offices in North America.In Europe,we operate a broad retail network across Scandinavia,Germany,Belgium,Ireland,Poland,the Netherlands,the Baltics and
170、Luxembourg through 11 business units.As of April 28,2024,our network comprised 4,883 stores,the majority of which offer road transportation fuel and convenience products while the others are unmanned automated fuel stations which only offer road transportation fuel.We also offer other products,inclu
171、ding energy for stationary engines.With employees at branded franchise stores,approximately 46,000 people are employed in our retail network,terminals,and service offices across Europe.In Asia,our network includes 389 company-operated convenience stores in Hong Kong SAR through 1 business unit,offer
172、ing a strong on-the-go food offer as well as a variety of other merchandise items and services.Approximately 4,000 people are employed in our retail network and service offices in Asia.Furthermore,under licensing agreements,close to 2,200 stores are operated under the Circle K banner in 16 other cou
173、ntries and territories(Cambodia,Egypt,Guam,Guatemala,Honduras,Indonesia,Jamaica,Macau,Mexico,Morocco,New Zealand,Saudi Arabia,South Africa,Tanzania,United Arab Emirates,and Vietnam),which brings the worldwide total network to more than 16,700 stores.Our mission is to make our customers lives a littl
174、e easier every day.To this end,we strive to meet the demands and needs of people on-the-go.We offer fast and friendly service,providing fresh food,hot and cold beverages,car wash services,and other high-quality products and services including road transportation fuel and electric vehicle charging so
175、lutions,designed to meet or exceed our customers demands in a clean,welcoming,and efficient environment.Our business model is our key to success.We are a customer-centric,financially disciplined organization that routinely compares best practices,and we use our global experience to enhance our opera
176、tional expertise and continually invest in our people and our stores.Value CreationIn the United States,the convenience store sector is fragmented and currently undergoing consolidation.We are actively participating in this process through strategic acquisitions,gaining market share as competitors c
177、lose their sites,and enhancing our product offerings.Latin America and Southeast Asia remain highly attractive markets for expansion.Given the varying stages of vehicle electrification in these areas,we have identified a unique opportunity to adapt our strategy to local market dynamics.Our goal is t
178、o collaborate with strong management teams in these regions to establish a robust growth platform.In Europe and Canada,the sector is often dominated by a few major players,including integrated oil companies.We intend to study investment opportunities that might present themselves,as significant syne
179、rgies remain to be unlocked by bridging the regional gaps in our current network.No matter the context,to create value,acquisitions must be concluded under optimal conditions.Therefore,we do not prioritize store count growth at the expense of profitability.In addition to acquisitions,organic develop
180、ment plays a crucial role in the growth of our net earnings.We are committed to continuing to build and expand our network in key geographies where we can leverage our strengths to create value for our Corporation and its shareholders.Highlights include the ongoing improvements we have made to our o
181、fferings,such as our Fresh Food,Fast program,the continued rollout of our Inner Circle loyalty program,as well as our innovative and sustainable mobility solutions.Our efforts to enhance the flexibility and control of our supply chain and our ability to adapt quickly to changes have also been key.Wh
182、ile maintaining our customary financial discipline,all these elements,alongside our strong balance sheet,have contributed to the growth in our net earnings and to value creation for our shareholders and other stakeholders.We intend to continue in this direction.Alimentation Couche-Tard Inc.Annual Re
183、port 202429Exchange Rate DataWe use the US dollar as our reporting currency,which provides more relevant information given the predominance of our operations in the United States.The following tables set forth information about exchange rates based upon closing rates expressed as US dollars per comp
184、arative currency unit:12-week period ended13-week period ended52-week period ended53-week period ended52-week period endedApril 28,2024April 30,2023April 28,2024April 30,2023April 24,2022Average for the period(1)Canadian dollar0.73690.73860.74060.75310.7978Norwegian krone0.09370.09610.09380.09950.11
185、50Swedish krone0.09490.09600.09400.09590.1130Danish krone0.14480.14490.14520.14010.1555Zloty0.25050.23010.24470.22160.2522Euro1.07981.07891.08281.04231.1565Ruble(2)Not applicableNot applicableNot applicableNot applicable 0.0131 Hong Kong dollar0.12780.12740.12780.12760.1284(1)Calculated by taking th
186、e average of the closing exchange rates of each day in the applicable period.(2)For the 52-week period ended April 24,2022,calculated by taking the average of the closing exchange rates of each day,until April 8,2022.As at April 28,2024As at April 30,2023Period endCanadian dollar0.73220.7330Norwegia
187、n krone0.09080.0931Swedish krone0.09150.0967Danish krone0.14370.1473Zloty0.24800.2397Euro1.07141.0981Hong Kong dollar0.12770.1274As we use the US dollar as our reporting currency in our consolidated financial statements and in this document,unless indicated otherwise,results from our operations in o
188、ther currencies are translated into US dollars using the average rate for the period.Unless otherwise indicated,variations and explanations regarding changes in the foreign exchange rate and the volatility of the Canadian dollar,European currencies,and Hong Kong dollar,which we discuss in the presen
189、t document,are related to the translation into US dollars of our Canadian,European,Asian,and corporate operations results(“foreign currency operations”).For the analysis of consolidated results,those variations are determined as being the difference between the corresponding period results in local
190、currencies translated at the current period average exchange rate and the corresponding period results in local currencies translated at the corresponding period average exchange rate.For the analysis of the consolidated balance sheet,those variations are determined as being the difference between t
191、he balances in local currencies as at April 28,2024 translated at the April 28,2024 closing exchange rate,the balances in local currencies as at April 30,2023 translated at the April 30,2023 closing exchange rate,and the variations in local currencies between those two dates translated at the curren
192、t period average exchange rate.Alimentation Couche-Tard Inc.Annual Report 202430Fiscal 2024 OverviewFinancial ResultsNet earnings attributable to shareholders of the Corporation amounted to$2.7 billion for fiscal 2024,a decrease of$361.2 million compared with fiscal 2023.Diluted net earnings per sha
193、re stood at$2.82,compared with$3.06 for the previous fiscal year.The results for fiscal 2024 and fiscal 2023 were affected by specific items disclosed in the“Non-IFRS Accounting Standards Measures”section of this MD&A.Excluding these items,adjusted net earnings attributable to shareholders of the Co
194、rporation1 were approximately$2.7 billion($2.81 per share on a diluted basis1)for fiscal 2024,compared with$3.2 billion($3.12 per share on a diluted basis1)for fiscal 2023,a decrease of$436.0 million,or 13.8%,driven by lower road transportation fuel gross margin1,the impact of our investments and bu
195、siness acquisitions on depreciation and financial expenses,and the impact of one less week in fiscal 2024 compared with fiscal 2023,partly offset by the contribution from acquisitions.Changes in our Network during Fiscal 2024Acquisition of certain European retail assets from TotalEnergies SEOn Decem
196、ber 28,2023 and January 3,2024,we closed the acquisition of 2,175 sites from TotalEnergies SE for a total cash consideration of approximately 3.4 billion($3.8 billion),including preliminary adjustments,and subject to post closing adjustments.The retail assets included in the transaction cover 1,191
197、sites located in Germany,562 sites in Belgium,378 sites in the Netherlands,and 44 sites in Luxembourg,of which 1,492 sites are company-owned and 683 sites are dealer-owned.For the same sites included in the transaction,19%are company-operated and 81%are dealer-operated.The transaction comprises 100%
198、of TotalEnergies SEs retail assets in Germany and the Netherlands,as well as a 60%controlling interest in the Belgium and Luxembourg entities(together“Circle K Belgium SA”).From December 28,2023 and January 3,2024,the acquired sites results,balance sheet and cash flows are included in our consolidat
199、ed financial statements.The earnings attributable to Circle K Belgium SAs other shareholders are presented as Net earnings attributable to non-controlling interest.Synergies and integrationWe expect that our synergies2 associated with the acquisition of certain European retail assets from TotalEnerg
200、ies SE will reach 170.0 million($187.0 million)over the 5 years following the transaction.These synergies2 should mainly result from improvements in the convenience activities as well as from reductions in operating,selling,general and administrative expenses.Redemption liabilityIn relation with the
201、 acquisition of 60%of Circle K Belgium SA,we entered into a shareholders agreement with TotalEnergies Marketing Belgium SA,which holds the remaining 40%ownership interest in this entity.This shareholders agreement entitled each of the parties,at their sole discretion after a period of two years foll
202、owing the closing of the transaction,to sell their ownership interests to the other party.As a result,a redemption liability of$251.0 million,representing the present value of the estimated redemption amount as at January 3,2024,was recorded to Other long-term financial liabilities on the consolidat
203、ed balance sheet,with an equivalent amount reclassified from Retained earnings.Subsequent to the initial recognition of the redemption liability,the effects of its discounting and any changes to the gross redemption amount are recorded to Retained earnings.As at April 28,2024,the redemption liabilit
204、y amounted to$247.2 million.FinancingIn order to finance the acquisition of certain European retail assets from TotalEnergies SE and the related acquisition costs,we entered into a new credit agreement consisting of a non-revolving credit facility of an aggregate maximum amount of$1.75 billion and 1
205、.5 billion(the“acquisition facility”).As at April 28,2024,this acquisition facility was fully repaid.1 Please refer to the“Non-IFRS Accounting Standards Measures”section for additional information on performance measures not defined by IFRS Accounting Standards.2 Expected synergies represent forward
206、-looking information and are destined to illustrate additional benefits expected to stem from these transactions.They might not be suitable for other needs.For additional information,please refer to the“Forward-Looking Statements section.Alimentation Couche-Tard Inc.Annual Report 202431Settlement of
207、 currency forward contractsPrior to the acquisition,to mitigate the currency fluctuation risk associated with the Euro,we entered into Euro/US dollar currency forward contracts with financial institutions for a portion of the consideration,representing 1.9 billion.In relation with the closing of the
208、 transaction,the currency forwards were settled for net proceeds of$16.6 million.Acquisition of convenience retail and fuel sites operating under the MAPCO brandOn November 1,2023,we closed the acquisition of 112 company-owned and operated convenience retail and fuel sites operating under the MAPCO
209、brand and located in the states of Alabama,Georgia,Kentucky,Mississippi and Tennessee,in the United States.The acquisition also includes surplus properties and a logistics fleet.The transaction was settled for a consideration of$468.7 million,financed using our available cash and our United States c
210、ommercial paper program.Other acquisitionsDuring fiscal 2024,we also acquired 27 company-operated stores.We settled these transactions using our available cash.Store constructionDuring fiscal 2024,we completed the construction of 76 stores and the relocation or reconstruction of 14 stores.As of Apri
211、l 28,2024,another 24 stores were under construction and should open in the upcoming quarters.Summary of changes in our store networkThe following tables present certain information regarding changes in our store network over the 12 and 52-week periods ended April 28,2024(1):12-week period ended Apri
212、l 28,2024Type of siteCompany-operated(2)CODO(3)DODO(4)Franchised and other affiliated(5)TotalNumber of sites,beginning of period 10,463 1,415 1,476 1,241 14,595 Openings/constructions/additions 25 7 9 41 Closures/disposals/withdrawals(48)(20)(23)(91)Store conversions 5 (6)1 Number of sites,end of pe
213、riod 10,445 1,409 1,464 1,227 14,545 Circle K branded sites under licensing agreements 2,195 Total network 16,740 Number of automated fuel stations included in the period-end figures(6)1,171 92 1,263 52-week period ended April 28,2024Type of siteCompany-operated(2)CODO(3)DODO(4)Franchised and other
214、affiliated(5)TotalNumber of sites,beginning of period 9,983 344 820 1,285 12,432 Acquisitions 548 1,083 683 2,314 Openings/constructions/additions 76 36 57 169 Closures/disposals/withdrawals(174)(6)(71)(119)(370)Store conversions 12 (12)(4)4 Number of sites,end of period 10,445 1,409 1,464 1,227 14,
215、545 Circle K branded sites under licensing agreements 2,195 Total network 16,740(1)Stores which are part of Circle K Belgium SAs network are included at 100%,while stores operated through our RDK joint venture are included at 50%.(2)Sites for which the real estate is controlled by Couche-Tard(throug
216、h ownership or lease agreements)and for which the stores(and/or the service stations)are operated by Couche-Tard or one of its commission agents.This includes stand alone car wash sites.(3)Sites for which the real estate is controlled by Couche-Tard(through ownership or lease agreements)and for whic
217、h the stores(and/or the service stations)are operated by an independent operator in exchange for rent and to which Couche-Tard sometimes provides road transportation fuel through supply contracts.Some of these sites are subject to a franchise agreement,licensing or other similar agreement under one
218、of our main or secondary banners.(4)Sites controlled and operated by independent operators.Couche-Tard either supplies road transportation fuel through supply contracts or operates the road transportation fuel activities.Some of these sites are subject to a franchise agreement,licensing or other sim
219、ilar agreement under one of our main or secondary banners.(5)Stores operated by an independent operator through a franchising,licensing or another similar agreement under one of our main or secondary banners.(6)These sites sell road transportation fuel only.Alimentation Couche-Tard Inc.Annual Report
220、 202432Issuance of Senior Unsecured NotesOn September 25,2023,we issued the following Canadian-dollar-denominated senior unsecured notes:Principal amountMaturityCoupon rateEffective rateInterest payment datesCA$800.0September 25,20305.59%5.70%March 25th and September 25thThe$591.9 million net procee
221、ds from this issuance were used for corporate purposes as well as to invest an amount of CA$700.0 million($512.5 million as at April 28,2024)in term deposits with major financial institutions which meet our minimum credit ratings requirements.The term deposits will mature on July 23,2024,and are cla
222、ssified in Other short-term financial assets on the consolidated balance sheet.As a result of the issuance of those Canadian-dollar-denominated senior unsecured notes,we determined that an anticipated issuance of US-dollar-denominated senior unsecured notes,for which the proceeds were intended to be
223、 used for the repayment of the Canadian-dollar-denominated senior unsecured notes maturing in July 2024,was no longer expected to occur.We had designated specific forward starting interest rate swaps as a cash flow hedge of our interest rate risk related to the variability of the interest payments o
224、n the anticipated issuance,which led to a pre-tax reclassification adjustment of$32.9 million from Other comprehensive loss to Other financial items in the consolidated statement of earnings.On January 25,2024,we issued the following Canadian-dollar-denominated senior unsecured notes:Principal amoun
225、tMaturityCoupon rateEffective rateInterest payment datesCA$500.0January 25,20294.60%4.70%July 25th and January 25thThe$369.4 million net proceeds from this issuance were used to partially repay outstanding indebtedness under our acquisition facility.On February 12,2024,we issued the following senior
226、 unsecured notes:Principal amountMaturityCoupon rateEffective rateInterest payment dates700.0May 12,20313.65%3.68%May 12th$900.0February 12,20345.27%5.31%August 12th and February 12th650.0February 12,20364.01%4.03%February 12th$600.0February 12,20545.62%5.69%August 12th and February 12thThe$2.9 bill
227、ion net proceeds from these issuances were used to repay outstanding indebtedness under our acquisition facility.Share Repurchase ProgramOn April 26,2023,the Toronto Stock Exchange approved the renewal of our share repurchase program,which took effect on May 1,2023.The renewed share repurchase progr
228、am allowed us to repurchase up to 49.1 million shares,representing 5.0%of the shares outstanding as at April 20,2023,and the share repurchase period ended April 30,2024.During fiscal 2024,we repurchased 26.6 million shares,for an amount of$1.4 billion.On April 26,2024,the Toronto Stock Exchange appr
229、oved another renewal of our share repurchase program,which took effect on May 1,2024.The renewed share repurchase program allows us to repurchase up to 78.1 million shares,representing 10.0%of the shares outstanding as at April 18,2024,and the share repurchase period will end no later than April 30,
230、2025.All shares repurchased under the share repurchase program were cancelled upon their repurchase.An automatic securities purchase plan,which was pre-cleared by the Toronto Stock Exchange,is also in place and could allow a designated broker to repurchase our shares on our behalf within parameters
231、established by us.True Blue Car Wash LLC and Big Red StoresDuring fiscal 2024,we finalized our estimates of the fair value of assets acquired and liabilities assumed for the True Blue Car Wash LLC and Big Red Stores acquisitions.There were no changes to adjusted net earnings attributable to sharehol
232、ders of the Corporation1 previously reported.1 Please refer to the“Non-IFRS Accounting Standards Measures”section for additional information on performance measures not defined by IFRS Accounting Standards.Alimentation Couche-Tard Inc.Annual Report 202433Fire&Flower Holdings Corp.(“Fire&Flower”)In J
233、une 2023,Fire&Flower received an order for creditor protection under the Companies Creditors Arrangement Act and the Ontario Superior Court of Justice approved a Sales and Investment Solicitation Process(“SISP”)pursuant to which one of our wholly-owned subsidiaries was acting as stalking horse bidde
234、r.On August 15,2023,an auction was held in accordance with the SISP and our wholly-owned subsidiary was not the successful bidder.The transaction contemplated by the successful bid was completed on September 15,2023,and as a result,the principal and accrued interests related to a CA$9.8 million($7.2
235、 million)debtor-in-possession loan and a CA$11.0 million($8.0 million)secured loan,which were granted to Fire&Flower,were repaid,and our ownership interest in Fire&Flower was cancelled.During fiscal 2024,losses of$3.5 million were recorded,bringing the carrying amount of our ownership interest in Fi
236、re&Flower to nil.DividendsDuring its June 25,2024 meeting,the Board of Directors declared a quarterly dividend of CA 17.5 per share for the fourth quarter of fiscal 2024 to shareholders on record as at July 5,2024,and approved its payment effective July 19,2024.This is an eligible dividend within th
237、e meaning of the Income Tax Act(Canada).For fiscal 2024,the Board of Directors declared total dividends of CA 66.50 per share,an increase of 25.5%compared to CA 53.00 for fiscal 2023.Outstanding Shares and Stock OptionsAs at June 21,2024,Couche-Tard had 956,681,427 Common shares issued and outstandi
238、ng.In addition,as at the same date,Couche-Tard had 2,146,941 outstanding stock options for the purchase of Common shares.Changes in Accounting PoliciesAmendments to IAS 1 Presentation of financial statements During fiscal 2024,the Corporation adopted Disclosure of Accounting Policies(Amendments to I
239、AS 1),which had no significant impact on the Corporations consolidated financial statements.Amendments to IAS 12 Income taxesDuring fiscal 2024,the Corporation adopted International Tax Reform Pillar Two Model Rules(Amendments to IAS 12).As a result,the Corporation has applied the exception to not r
240、ecognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.As a result of its evaluation,the Corporation does not expect that enacted or substantively enacted but not yet in effect Pillar Two legislation will have a significant impact on its consol
241、idated financial statements.Alimentation Couche-Tard Inc.Annual Report 202434Statements of Earnings CategoriesMerchandise and service revenues.In-store merchandise sales primarily comprise the sale of cigarette products and other nicotine products,beverages,beer,wine,fresh food offerings including q
242、uick service restaurants,candy and snacks and grocery items.These revenues are recognized at the time of the transaction since control of goods and services is considered transferred when the customer makes payment and takes possession of the sold item.Merchandise sales also include the wholesale of
243、 merchandise and goods to certain independent operators and franchisees made from our distribution centers and commissaries,which are generally recognized upon delivery to our customers.Service revenues primarily include car wash revenues,commissions on the sale of lottery tickets,fees from automati
244、c teller machines,sales of calling cards,sales of gift cards and revenues from electric vehicles charging stations.Service revenues also include franchise and license fees,commissions from agents and royalties from franchisees and licensees which are recognized over the estimated term of the related
245、 agreement or periodically based on sales reported.When our loyalty programs provide our customers with an option to acquire additional goods for free or at a discount and that the option represents a material right through the customers membership,we recognize revenues related to this separate perf
246、ormance obligation when those future goods are transferred or when the option expires.The stand-alone selling price of the customers option is generally estimated based on historical data and is adjusted to consider the likelihood that the option will be exercised.One of our wholly owned subsidiarie
247、s generated revenues from the direct sale of cannabis and cannabis-related products in certain company-operated licensed stores in Canada.Moreover,we indirectly participate in the sale of cannabis and cannabis-related products through various license agreements in Canada and in subleasing a portion
248、or all of the premises of certain of our convenience stores and other sites.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 roa
249、d transportation fuel inventory.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 selling agent for a pet
250、roleum distributor,only the commission we earn is recorded as revenue.Other revenues.Other revenues include sales of energy for stationary engines and aviation fuel,which are generally recognized upon delivery to the customer.Other revenues also include rental income from operating leases,which is r
251、ecognized on a straight-line basis over the term of the lease.Cost of sales,excluding depreciation,amortization and impairment.Cost of sales,excluding depreciation,amortization and impairment mainly comprises the cost of finished goods and input materials,transportation costs incurred to bring produ
252、cts to the point of sale,as well as internal logistics costs.Inventories are valued at the lesser of cost and net realizable value.The cost of merchandise is generally valued based on the retail price less a normal margin.The cost of road transportation fuel inventory is generally determined accordi
253、ng to the average cost method.Operating,selling,general and administrative expenses.The main items comprising Operating,selling,general and administrative expenses are labor,electronic payment modes fees,occupancy costs,repairs,maintenance,information technologies and overhead,excluding depreciation
254、,amortization and impairment.Key performance indicators used by management,which can be found under“Summary Analysis of Consolidated Results for Fiscal 2024-Other Operating Data”,are merchandise and service gross margin1,growth of same-store merchandise revenues1,road transportation fuel gross margi
255、n1,growth of same-store road transportation fuel volumes,return on equity1 and return on capital employed1.1 Please refer to the“Non-IFRS Accounting Standards Measures”section for additional information on performance measures not defined by IFRS Accounting Standards.Alimentation Couche-Tard Inc.Ann
256、ual Report 202435Non-IFRS Accounting Standards MeasuresTo provide more information for evaluating the Corporations performance,the financial information included in our financial documents contains certain data that are not performance measures under IFRS Accounting Standards as issued by the Intern
257、ational Accounting Standards Board(“IFRS Accounting Standards”),which are also calculated on an adjusted basis to exclude specific items.Those performance measures are called“Non-IFRS Accounting Standards measures”.We believe that providing those Non-IFRS Accounting Standards measures is useful to m
258、anagement,investors,and analysts,as they provide additional information to measure the performance and financial position of the Corporation.The following Non-IFRS Accounting Standards financial measures are used in our financial disclosures:Gross profit;Earnings before interest,taxes,depreciation,a
259、mortization and impairment(“EBITDA”)and adjusted EBITDA;Adjusted net earnings attributable to shareholders of the Corporation;Interest-bearing debt;Available liquidities.The following Non-IFRS Accounting Standards ratios are used in our financial disclosures:Merchandise and service gross margin and
260、Road transportation fuel gross margin;Normalized growth of(decrease in)operating,selling,general and administrative expenses;Growth of(decrease in)same-store merchandise revenues for Europe and other regions;Adjusted diluted net earnings per share;Leverage ratio;Return on equity and return on capita
261、l employed.The following capital management measure is used in our financial disclosures:Net interest-bearing debt/total capitalization.Supplementary financial measures are also used in our financial disclosures and those measures are described where they are presented.Non-IFRS Accounting Standards
262、financial measures and ratios,as well as the capital management measure,are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS Accounting Standards.These Non-IFRS Accounting Standards measures should not be considered in isolation or as
263、 a substitute for financial measures prepared in accordance with IFRS Accounting Standards.In addition,our definitions of Non-IFRS Accounting Standards measures may differ from those of other public corporations.Any such modification or reformulation may be significant.These measures are also adjust
264、ed for the pro forma impact of our acquisitions and impacts of new accounting standards if they are considered to be material.Gross profit.Gross profit consists of revenues less the cost of sales,excluding depreciation,amortization and impairment.This measure is considered useful for evaluating the
265、underlying performance of our operations.The table below reconciles revenues and cost of sales,excluding depreciation,amortization and impairment,as per IFRS Accounting Standards,to gross profit:12-week period ended13-week period ended52-week period ended53-week period ended52-week period ended(in m
266、illions of US dollars)April 28,2024April 30,2023April 28,2024April 30,2023April 24,2022Revenues 17,592.7 16,264.4 69,263.5 71,856.7 62,809.9 Cost of sales,excluding depreciation,amortization and impairment 14,811.2 13,355.8 57,165.6 59,804.6 51,805.1 Gross profit 2,781.5 2,908.6 12,097.9 12,052.1 11
267、,004.8 Please note that the same reconciliation applies in the determination of gross profit by category and by geography presented in the section“Summary Analysis of Consolidated Results”.Merchandise and service gross margin.Merchandise and service gross margin consists of Merchandise and service g
268、ross profit divided by Merchandise and service revenues,both measures are presented in the section“Summary Analysis of Consolidated Results”.Merchandise and service gross margin is considered useful for evaluating how efficiently we generate gross profit by dollar of revenue.Alimentation Couche-Tard
269、 Inc.Annual Report 202436Road transportation fuel gross margin.Road transportation fuel gross margin consists of Road transportation fuel gross profit divided by total volume of road transportation fuel sold.For the United States and Europe and other regions,both measures are presented in the sectio
270、n“Summary Analysis of Consolidated Results”.For Canada,this measure is presented in functional currency and the table below reconciles,for road transportation fuel,Revenues and Cost of sales,excluding depreciation,amortization and impairment,as per IFRS Accounting Standards,to gross profit and the r
271、esulting road transportation fuel gross margin.This measure is considered useful for evaluating how efficiently we generate gross profit by gallon or liter of road transportation fuel sold.12-week period ended13-week period ended52-week period ended53-week period ended52-week period ended(in million
272、s of Canadian dollars,unless otherwise noted)April 28,2024April 30,2023April 28,2024April 30,2023April 24,2022Road transportation fuel revenues 1,736.0 1,894.7 7,978.0 8,412.4 6,703.8 Road transportation fuel cost of sales,excluding depreciation,amortization and impairment 1,568.2 1,724.5 7,221.4 7,
273、686.7 6,085.5 Road transportation fuel gross profit 167.8 170.2 756.6 725.7 618.3 Total road transportation fuel volume sold(in millions of liters)1,226.5 1,403.6 5,665.9 5,690.1 5,264.8 Road transportation fuel gross margin(CA cents per liter)13.68 12.13 13.35 12.75 11.74 Normalized growth of(decre
274、ase in)operating,selling,general and administrative expenses(“normalized growth of(decrease in)expenses”).Normalized growth of(decrease in)expenses consists of the growth of(decrease in)Operating,selling,general and administrative expenses adjusted for the impact of the changes in our network,the im
275、pact from changes in accounting policies and adoption of accounting standards,the impact of more volatile items over which we have limited control including,but not limited to,the net impact of foreign exchange translation,electronic payment fees excluding acquisitions,and acquisition costs,as well
276、as other specific items for which the impact on consolidated results is not deemed indicative of future trends.This measure is considered useful for evaluating our ability to control our expenses on a comparable basis.The tables below reconcile growth of Operating,selling,general and administrative
277、expenses to normalized growth of(decrease in)expenses:12-week period ended13-week period ended13-week period ended12-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,2023VariationApril 30,2023April 24,2022VariationOperating,selling,general and administrative e
278、xpenses,as published 1,642.5 1,614.6 1.7%1,614.6 1,483.8 8.8%Adjusted for:Increase from incremental expenses related to acquisitions(160.1)(9.9%)(18.6)(1.3%)Decrease(increase)from changes in electronic payment fees,excluding acquisitions 17.5 1.1%(6.0)(0.4%)Increase from changes in acquisition costs
279、 recognized to earnings(0.3)(3.6)(0.2%)Decrease from the net impact of foreign exchange translation 29.4 2.0%Cloud computing transition adjustment 15.1 1.0%Normalized(decrease in)growth of expenses 1,499.6 1,614.6(7.1%)1,630.9 1,483.8 9.9%52-week period ended53-week period ended53-week period ended5
280、2-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,2023VariationApril 30,2023April 24,2022VariationOperating,selling,general and administrative expenses,as published 6,525.2 6,361.8 2.6%6,361.8 5,884.5 8.1%Adjusted for:Increase from incremental expenses relate
281、d to acquisitions(298.7)(4.7%)(59.3)(1.0%)Decrease(increase)from changes in electronic payment fees,excluding acquisitions 68.0 1.1%(98.6)(1.7%)Increase from changes in acquisition costs recognized to earnings(4.4)(0.1%)(7.0)(0.1%)(Increase)decrease from the net impact of foreign exchange translatio
282、n(1.4)159.6 2.7%Cloud computing transition adjustment 15.1 0.3%Normalized(decrease in)growth of expenses 6,288.7 6,361.8 (1.1%)6,371.6 5,884.5 8.3%Alimentation Couche-Tard Inc.Annual Report 202437Growth of(decrease in)same-store merchandise revenues for Europe and other regions.Same-store merchandis
283、e revenues represent cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods.Merchandise revenues are defined as Merchandise and service revenues excluding servi
284、ce revenues.For Europe and other regions,the growth of(decrease in)same-store merchandise revenues is calculated based on constant currencies using the respective current period average exchange rate for both the current and corresponding period.In Europe and other regions,same-store merchandise rev
285、enues include same-store revenues from company-operated stores,as well as CODO and DODO stores which are not included in our consolidated results.This measure is considered useful for evaluating our ability to generate organic growth on a comparable basis in our overall European and other regions st
286、ore network.The tables below reconcile Merchandise and service revenues,as per IFRS Accounting Standards,to same-store merchandise revenues for Europe and other regions and the resulting percentage of growth(decrease):12-week period ended13-week period ended13-week period ended12-week period ended(i
287、n millions of US dollars,unless otherwise noted)April 28,2024April 30,2023April 30,2023April 24,2022Merchandise and service revenues for Europe and other regions769.9585.7585.7571.4Adjusted for:Service revenues(101.3)(60.5)(60.5)(57.8)Net foreign exchange impact 1.8 (17.9)Merchandise revenues not me
288、eting the definition of same-store(193.6)(12.5)(25.1)(12.5)Same-store merchandise revenues from stores not included in our consolidated results,including the impact of store conversions88.4 60.6 75.3 75.4 Total Same-store merchandise revenues for Europe and other regions563.4575.1575.4558.6Growth of
289、(decrease in)same-store merchandise revenues for Europe and other regions(2.0%)3.0%52-week period ended53-week period ended53-week period ended52-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,2023April 30,2023April 24,2022Merchandise and service revenues fo
290、r Europe and other regions2,750.32,386.72,386.72,429.1Adjusted for:Service revenues(277.3)(200.5)(200.5)(205.0)Net foreign exchange impact 39.8 (178.4)Merchandise revenues not meeting the definition of same-store(313.9)(51.6)(93.9)(50.5)Same-store merchandise revenues from stores not included in our
291、 consolidated results,including the impact of store conversions324.6 308.0 332.7 357.1 Total Same-store merchandise revenues for Europe and other regions2,483.72,482.42,425.02,352.3Growth of same-store merchandise revenues for Europe and other regions 0.1%3.1%Earnings before interest,taxes,depreciat
292、ion,amortization and impairment(“EBITDA”)and adjusted EBITDA.EBITDA represents net earnings plus income taxes,net financial expenses,and depreciation,amortization and impairment.Adjusted EBITDA represents the EBITDA adjusted for acquisition costs,the impact from changes in accounting policies and ad
293、option of accounting standards,as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends.These performance measures are considered useful to facilitate the evaluation of our ongoing operations and our ability to generate cash flows to fund
294、 our cash requirements,including our capital expenditures program,share repurchases,and payment of dividends.The table below reconciles net earnings,as per IFRS Accounting Standards,to EBITDA and adjusted EBITDA:12-week period ended13-week period ended52-week period ended53-week period ended52-week
295、period ended(in millions of US dollars)April 28,2024April 30,2023April 28,2024April 30,2023April 24,2022Net earnings 454.5 670.7 2,732.2 3,090.9 2,683.3 Add:Income taxes 51.4 159.6 715.9 838.2 734.3 Net financial expenses 139.9 99.0 387.9 306.7 281.0 Depreciation,amortization and impairment 492.5 38
296、9.6 1,760.1 1,525.9 1,545.7 EBITDA 1,138.3 1,318.9 5,596.1 5,761.7 5,244.3 Adjusted for:Acquisition costs 4.8 4.5 18.1 13.7 6.7 Cloud computing transition adjustment 15.1 Adjusted EBITDA 1,143.1 1,323.4 5,614.2 5,775.4 5,266.1 Alimentation Couche-Tard Inc.Annual Report 202438Adjusted net earnings at
297、tributable to shareholders of the Corporation and adjusted diluted net earnings per share.Adjusted net earnings attributable to shareholders of the Corporation represents net earnings attributable to shareholders of the Corporation adjusted for net foreign exchange gains or losses,acquisition costs,
298、the impact from changes in accounting policies and adoption of accounting standards,impairment on goodwill,investments in subsidiaries,joint ventures and associated companies,as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends,and th
299、e impact of the non-controlling interests on the items mentioned previously.These measures are considered useful for evaluating the underlying performance of our operations on a comparable basis.The table below reconciles net earnings attributable to shareholders of the Corporation,as per IFRS Accou
300、nting Standards,with adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share:Acquisition costs 4.8 4.5 18.1 13.7 6.7 Reclassification adjustment of gain on forward starting interest rate swaps (32.9)Impairment of our investment in Fire&Flower
301、 2.0 23.9 33.7 Loss on convertible promissory notes recorded at fair value through earnings or loss prior to their maturity 26.4 26.4 Impairment and impact of deconsolidation of Russian subsidiaries 56.2 Cloud computing transition adjustment 15.1 Tax impact of the items above and rounding(2.0)(3.2)5
302、.3 (3.6)(4.3)Adjusted net earnings attributable to shareholders of the Corporation 461.0 698.0 2,716.0 3,152.0 2,770.0 Weighted average number of shares-diluted(in millions)961.5 985.4 968.2 1,009.5 1,063.5 Adjusted diluted net earnings per share 0.48 0.71 2.81 3.12 2.60(in millions of US dollars,ex
303、cept per share amounts,or unless otherwise noted)12-week period ended13-week period ended52-week period ended53-week period ended52-week period endedApril 28,2024April 30,2023April 28,2024April 30,2023April 24,2022Net earnings attributable to shareholders of the Corporation 453.0 670.7 2,729.7 3,090
304、.9 2,683.3 Adjusted for:Net foreign exchange loss(gain)5.2 (0.4)(6.2)0.7 (20.7)Interest-bearing debt.This measure represents the sum of the following balance sheet accounts:Short-term debt and current portion of long-term debt,Long-term debt,Current portion of lease liabilities and Lease liabilities
305、.This measure is considered useful to facilitate the understanding of our financial position in relation with financing obligations.The calculation of this measure of financial position is detailed in the“Net interest-bearing debt/total capitalization”section below.Net interest-bearing debt/total ca
306、pitalization.This measure represents the basis for monitoring our capital and is considered useful to assess our financial health,risk profile,and ability to meet our financing obligations.It also provides insights into how our financing obligations are structured in relation with our total capitali
307、zation.The table below presents the calculation of this performance measure:(in millions of US dollars,except ratio data)As at April 28,2024As at April 30,20231As at April 24,2022Short-term debt and current portion of long-term debt 1,066.8 0.71.4Current portion of lease liabilities 503.6 438.1425.4
308、Long-term debt 9,226.5 5,888.35,963.6Lease liabilities 3,674.8 3,146.53,049.5Interest-bearing debt 14,471.7 9,473.69,439.9Less:Cash and cash equivalents(1,309.0)(834.2)2,143.9Net interest-bearing debt 13,162.7 8,639.47,296.0Equity attributable to shareholders of the Corporation 13,189.2 12,564.512,4
309、37.6Net interest-bearing debt 13,162.7 8,639.47,296.0Total capitalization 26,351.9 21,203.919,733.6Net interest-bearing debt to total capitalization ratio0.50:10.41:10.37:1Leverage ratio.This measure represents a measure of financial condition considered useful to assess our financial leverage and o
310、ur ability to cover our net financing obligations in relation to our adjusted EBITDA and pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE for the 52-week period ended April 28,2024.1 The information as at April 30,2023,has been adjusted based on our final e
311、stimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.Alimentation Couche-Tard Inc.Annual Report 202439The table below reconciles net interest-bearing debt and adjusted EBITDA,for which the calculation methodologies are descr
312、ibed in other tables of this section,as well as the pro forma impact of the acquisition of certain European retail assets from TotalEnergies SE,with the leverage ratio:52-week period ended53-week period ended52-week period ended(in millions of US dollars,except ratio data)April 28,2024April 30,20231
313、April 24,2022Net interest-bearing debt 13,162.7 8,639.4 7,296.0 Adjusted EBITDA 5,614.2 5,775.4 5,266.1 Pro forma adjustments(1)328.7 Adjusted EBITDA and pro forma adjustments 5,942.9 5,775.4 5,266.1 Leverage ratio2.21:11.50:11.39:1(1)Represents the pre-acquisition EBITDA estimate of the European re
314、tail assets acquired from TotalEnergies SE from May 1,2023 to the acquisition date,as well as the estimated impact of synergies stemming from the transaction for the same period.EBITDA used in determining this adjustment is derived from unaudited financial information.Please refer to the“Forward-Loo
315、king Statements section for additional information on expected synergies.Return on equity.This measure is considered useful to assess the relationship between our profitability and our net assets and it also provides insights into how efficiently we are using our equity to generate returns for our s
316、hareholders.Average equity attributable to shareholders of the Corporation is calculated by taking the average of the opening and closing balance for the 52 and 53-week periods.The table below reconciles net earnings attributable to shareholders of the Corporation,as per IFRS Accounting Standards,wi
317、th the ratio of return on equity:52-week period ended53-week period ended52-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,2023April 24,2022Net earnings attributable to shareholders of the Corporation2,729.73,090.9 2,683.3 Equity attributable to shareholders
318、 of the Corporation-Opening balance12,564.512,437.612,180.9Equity attributable to shareholders of the Corporation-Ending balance13,189.212,564.512,437.6Average equity attributable to shareholders of the Corporation12,876.912,501.112,309.3Return on equity 21.2%24.7%21.8%1 The information as at April
319、30,2023,has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.Alimentation Couche-Tard Inc.Annual Report 202440Return on capital employed.This measure is considered useful as it provides
320、insights into our ability to generate returns from the total amount of capital invested in our operations and it also helps in assessing our operational efficiency and capital allocation decisions.Earnings before interest and taxes(“EBIT”)represents net earnings plus income taxes and net financial e
321、xpenses.Capital employed represents total assets less short-term liabilities not bearing interest,which excludes the short-term debt and current portion of long-term debt and current portion of lease liabilities.Average capital employed is calculated by taking the average of i)the opening balance of
322、 capital employed for the 52 and 53-week periods and pro forma adjustments and ii)the ending balance of capital employed for the 52 and 53-week periods.The table below reconciles net earnings,as per IFRS Accounting Standards,to EBIT with the ratio of return on capital employed,including the pro form
323、a impact of the acquisition of certain European retail assets from TotalEnergies SE:52-week period ended53-week period ended52-week period ended(in millions of US dollars,unless otherwise noted)April 28,2024April 30,20231April 24,2022Net earnings 2,732.23,090.92,683.3Add:Income taxes715.9838.2734.3N
324、et financial expenses387.9306.7281.0EBIT3,836.04,235.83,698.6Pro forma adjustments(1)142.6EBIT and pro forma adjustments3,978.64,235.83,698.6Capital employed-Opening balance(2)24,330.724,001.023,971.5Pro forma adjustments(3)4,766.0Capital employed-Opening balance and pro forma adjustments29,096.724,
325、001.023,971.5Capital employed-Ending balance(2)30,684.324,330.724,001.0Average capital employed29,890.524,165.923,986.3Return on capital employed 13.3%17.5%15.4%(1)Represents the pre-acquisition EBIT estimate of the European retail assets acquired from TotalEnergies SE from May 1,2023 to the acquisi
326、tion date as well as the estimated impact of synergies and required capital expenditures for the same period.EBIT used in determining this adjustment is derived from unaudited financial information.Please refer to the“Forward-Looking Statements section for additional information on expected synergie
327、s.(2)The table below reconciles balance sheet line items,as per IFRS Accounting Standards,to capital employed:(in millions of US dollars)As at April 28,2024As at April 30,20231As at April 24,2022Total Assets 36,942.1 29,058.4 29,591.6 Less:Current liabilities(7,828.2)(5,166.5)(6,017.4)Add:Short-term
328、 debt and current portion of long-term debt 1,066.80.71.4Add:Current portion of lease liabilities503.6438.1425.4Capital employed 30,684.324,330.724,001.0(3)Represents the estimated impact of the European retail assets acquired from TotalEnergies SE on the opening balance of capital employed,using th
329、e same calculation methodology and based on the preliminary estimates of the fair value of assets acquired and liabilities assumed for this acquisition at the acquisition date.Available liquidities.This measure represents Cash and cash equivalents plus amounts available under our term revolving unse
330、cured operating credit facility less the outstanding principal of issued unsecured commercial paper notes.This measure is considered useful to evaluate our ability to meet our liquidity needs for the foreseeable future.The table below reconciles Cash and cash equivalents,as per IFRS Accounting Stand
331、ards,with available liquidities:(in millions of US dollars)As at April 28,2024As at April 30,2023As at April 24,2022Cash and cash equivalents1,309.0834.22,143.9Add:Unused portion of the term revolving unsecured operating credit facility3,500.03,500.02,525.0Less:Letters of credit reducing the amount
332、that may be borrowed on the term revolving unsecured operating credit facility(2.8)(2.9)(6.7)Less:Outstanding principal of issued unsecured commercial paper notes(551.3)Available liquidities4,254.94,331.34,662.21 The information as at April 30,2023,has been adjusted based on our final estimates of t
333、he fair value of assets acquired and liabilities assumed for True Blue Car Wash LLC and Big Red Stores acquisitions.Alimentation Couche-Tard Inc.Annual Report 202441Summary Analysis of Consolidated Results for the Fourth Quarter of Fiscal 2024The following table highlights certain information regarding our operations for the 12-week period ended April 28,2024,and 13-week period ended April 30,2023
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