WF Holding Ltd announces entry into the digital cryptocurrency field
KUALA LUMPUR, Malaysia, June 24, 2025 /CNW/ -- Today, WF Holding Ltd (stock code: WFF) officially announced its entry into the cryptocurrency sector and appointed Bull Coin Asset Management Limited as its industry consultant. The collaboration aims to assist with market research, technology assessment, and compliance strategy development. This move marks a significant step for WF Holding Ltd in blockchain technology innovation and the construction of a digital financial ecosystem. Moving forward, the company plans to leverage technological innovation, compliance operations, and ecosystem collaboration to drive the integration of digital assets with the real economy, creating long-term value for both shareholders and customers.
In light of the rapid growth of the cryptocurrency market and the widespread application of blockchain technology, WF Holding Ltd has decided to actively explore this emerging field to enhance the company's technological competitiveness and future growth potential. Bull Coin Asset Management Limited will provide the company with comprehensive support for subsequent business expansion efforts by utilizing its expertise in digital asset research and global resources
The company stated that "Cryptocurrencies and blockchain technology are reshaping global financial and business infrastructure. It is a necessary step for technological innovation and a strategic measure to respond to customer and market demand."
According to the research report, "2024-2029 China Cryptocurrency Industry Panorama Research and Development Forecast Report", provided by Zero Power, the cryptocurrency market is projected to exceed USD 10 trillion by 2029, with a compound annual growth rate (CAGR) of 18.2%. WF Holding Ltd's strategic layout is not only expected to seize industry opportunities, but also to promote the deep integration of blockchain technology with the real economy.
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Summary Analysis of Consolidated Results for the Fourth Quarter and Fiscal 2025 The following table highlights certain information regarding our operations for the 12 and 52-week periods ended April 27, 2025 and April 28, 2024, and the results analysis in this section should be read in conjunction with this table. The results from our operations in Europe and Asia are presented together as Europe and other regions. 12-week periods ended 52-week periods ended (in millions of US dollars, unless otherwise stated) April 27, 2025 April 28, 2024 Variation % April 27, 2025 April 28, 2024 Variation % Statement of Operations Data: Merchandise and service revenues (1): United States 2,842.9 2,823.2 0.7 12,407.3 12,334.5 0.6 Europe and other regions 844.2 769.9 9.7 3,602.7 2,750.3 31.0 Canada 499.7 513.6 (2.7) 2,349.4 2,451.1 (4.1) Total merchandise and service revenues 4,186.8 4,106.7 2.0 18,359.4 17,535.9 4.7 Road transportation fuel revenues: United States 6,502.4 7,208.5 (9.8) 29,141.9 31,531.1 (7.6) Europe and other regions 4,278.8 4,811.7 (11.1) 19,139.5 13,581.1 40.9 Canada 1,164.5 1,278.9 (8.9) 5,623.3 5,911.0 (4.9) Total road transportation fuel revenues 11,945.7 13,299.1 (10.2) 53,904.7 51,023.2 5.6 Other revenues (2): United States 11.4 16.9 (32.5) 48.0 45.6 5.3 Europe and other regions 118.6 161.9 (26.7) 510.6 622.9 (18.0) Canada 8.0 8.1 (1.2) 34.1 35.9 (5.0) Total other revenues 138.0 186.9 (26.2) 592.7 704.4 (15.9) Total revenues 16,270.5 17,592.7 (7.5) 72,856.8 69,263.5 5.2 Merchandise and service gross profit (1)(3): United States 962.8 961.8 0.1 4,200.1 4,192.6 0.2 Europe and other regions 326.1 301.5 8.2 1,401.9 1,079.3 29.9 Canada 170.6 179.2 (4.8) 791.3 833.5 (5.1) Total merchandise and service gross profit 1,459.5 1,442.5 1.2 6,393.3 6,105.4 4.7 Road transportation fuel gross profit (3): United States 911.5 821.7 10.9 4,165.2 4,152.5 0.3 Europe and other regions 393.6 342.1 15.1 1,701.1 1,103.7 54.1 Canada 124.2 123.6 0.5 551.2 560.7 (1.7) Total road transportation fuel gross profit 1,429.3 1,287.4 11.0 6,417.5 5,816.9 10.3 Other revenues gross profit (2)(3): United States 11.4 10.3 10.7 41.8 39.0 7.2 Europe and other regions 25.8 34.3 (24.8) 137.7 106.5 29.3 Canada 7.0 7.0 — 31.0 30.1 3.0 Total other revenues gross profit 44.2 51.6 (14.3) 210.5 175.6 19.9 Total 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52-week periods ended (in millions of US dollars, unless otherwise stated) April 27, 2025 April 28, 2024 Variation % April 27, 2025 April 28, 2024 Variation % Other Operating Data: Merchandise and service gross margin (1)(3): Consolidated 34.9 % 35.1 % (0.2) 34.8 % 34.8 % — United States 33.9 % 34.1 % (0.2) 33.9 % 34.0 % (0.1) Europe and other regions 38.6 % 39.2 % (0.6) 38.9 % 39.2 % (0.3) Canada 34.1 % 34.9 % (0.8) 33.7 % 34.0 % (0.3) Growth of (decrease in) same-store merchandise revenues (4): United States (5)(6) (0.4 %) (0.5 %) (0.8 %) (0.1 %) Europe and other regions (3)(7) 3.4 % (2.0 %) 0.4 % 0.1 % Canada (5)(6) 3.5 % (3.4 %) (0.1 %) 0.9 % Road transportation fuel gross margin (3): United States (cents per gallon) 43.27 38.79 11.5 45.39 45.28 0.2 Europe and other regions (cents per liter) 9.57 8.30 15.3 9.50 8.73 8.8 Canada (CA cents per liter) 14.05 13.68 2.7 13.51 13.35 1.2 Total volume of road transportation fuel sold: United States (millions of gallons) 2,106.7 2,118.1 (0.5) 9,176.1 9,171.7 — Europe and other regions (millions of liters) 4,114.4 4,120.2 (0.1) 17,906.6 12,640.5 41.7 Canada (millions of liters) 1,257.2 1,226.5 2.5 5,683.1 5,665.9 0.3 Growth of (decrease in) same-store road transportation fuel volumes (5): United States (1.9 %) (1.6 %) (2.0 %) (0.8 %) Europe and other regions (7) (0.6 %) (1.7 %) (0.7 %) (1.5 %) Canada 3.7 % (3.5 %) 1.5 % 1.6 % (in millions of US dollars, unless otherwise stated) As at April 27, 2025 As at April 28, 2024 (8) Variation $ Balance Sheet Data: Total assets 38,301.9 37,218.0 1,083.9 Interest-bearing debt (3) 13,956.3 14,690.9 (734.6) Equity attributable to shareholders of the Corporation 14,946.8 13,189.2 1,757.6 Indebtedness Ratios (3): Net interest-bearing debt/total capitalization 0.44 : 1 0.50 : 1 Leverage ratio 1.96 : 1 2.25 : 1 Returns (3): Return on equity 18.3 % 21.2 % Return on capital employed 12.2 % 13.2 % (1) Includes revenues derived from franchise fees, royalties, suppliers' rebates on some purchases 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In Canada, same-store merchandise revenues increased by 3.5%, driven by a strong growth of the alcohol category, partly offset by a decrease in other nicotine products revenues, both also impacted by new legislation. For fiscal 2025, the growth in merchandise and service revenues was $823.5 million, or 4.7%, compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $76.0 million. The remaining increase of approximately $899.0 million, or 5.1%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $910.0 million, partly offset by softness in traffic. Same-store merchandise revenues decreased by 0.8% in the United States, increased by 0.4% in Europe and other regions 1, and decreased by 0.1% in Canada. 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For fiscal 2025, the road transportation fuel revenues increased by $2.9 billion, or 5.6% compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $158.0 million. The remaining increase of approximately $3.0 billion, or 6.0%, is mainly attributable to the contribution from acquisitions, which amounted to approximately $6.8 billion, and higher revenues in our European wholesale activities following a change in our business model, partly offset by the lower average road transportation fuel selling price, which had a negative impact of approximately $4.2 billion, and softness in fuel demand in the United States. Same-store road transportation fuel volumes decreased by 2.0% in the United States, decreased by 0.7% in Europe and other regions, and increased by 1.5% in Canada, driven by a higher demand in the second half of the fiscal year. The following table shows the average selling price of road transportation fuel of our company-operated stores in our various markets for the last eight quarters. The average selling price of road transportation fuel consists of the road transportation fuel revenues divided by the volume of road transportation fuel sold: _________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards. Other revenues Total other revenues for the fourth quarter of fiscal 2025 were $138.0 million, a decrease of $48.9 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $1.0 million. The remaining decrease of approximately $48.0 million, or 25.7%, is primarily driven by lower revenues from our heating oil and marine fuel products following a decrease in both demand and retail prices. For fiscal 2025, total other revenues were $592.7 million, a decrease of $111.7 million compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $4.0 million. The remaining decrease of $108.0 million, or 15.3%, is mainly attributable to similar factors as those of the fourth quarter, partly offset by the contribution from acquisitions, which amounted to approximately $45.0 million. Gross profit 1 Our gross profit was $2.9 billion for the fourth quarter of fiscal 2025, up by $151.5 million, or 5.4%, compared with the corresponding quarter of fiscal 2024, mainly attributable to higher road transportation fuel gross margin 1. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $10.0 million. For fiscal 2025, our gross profit increased by $923.4 million, or 7.6%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, and higher road transportation fuel gross margin 1, partly offset by softness in fuel demand and traffic in the United States, as low income consumers were impacted by challenging economic conditions. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $47.0 million. Merchandise and service gross profit In the fourth quarter of fiscal 2025, our merchandise and service gross profit was $1.5 billion, an increase of $17.0 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $7.0 million. 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The remaining increase of $315.0 million, or 5.2%, is primarily attributable to the contribution from acquisitions, which amounted to approximately $316.0 million, and organic growth in Europe and other regions, partly offset by softness in traffic in the United States, and Asia. Our merchandise and service gross margin 1 decreased by 0.1% to 33.9% in the United States, by 0.3% in Europe and other regions to 38.9%, and by 0.3% in Canada to 33.7%. Road transportation fuel gross profit In the fourth quarter of fiscal 2025, our road transportation fuel gross profit was $1.4 billion, an increase of $141.9 million compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $3.0 million. The remaining increase of approximately $145.0 million, or 11.3%, is mainly driven by improved road transportation fuel gross margin 1 in all regions, partly offset by softness in fuel demand in the United States. In the United States, our road transportation fuel gross margin 1 was 43.27¢ per gallon, an increase of 4.48¢ per gallon, in Europe and other regions, it was US 9.57¢ per liter, an increase of US 1.27¢ per liter, and in Canada, it was CA 14.05¢ per liter, an increase of CA 0.37¢ per liter. Fuel margins remained healthy throughout our network, due the continued work on the optimization of our supply chain and strong execution in our stores. During fiscal 2025, our road transportation fuel gross profit was $6.4 billion, an increase of $600.6 million compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $19.0 million. The remaining increase of approximately $620.0 million, or 10.7%, is mainly driven by the contribution from acquisitions, which amounted to approximately $452.0 million, and improved road transportation fuel gross margin 1 in all regions, partly offset by softness in fuel demand in the United States. The road transportation fuel gross margin 1 was 45.39¢ per gallon in the United States, US 9.50¢ per liter in Europe and other regions, and CA 13.51¢ per liter in Canada. The road transportation fuel gross margin 1 of our company-operated stores in the United States and the impact of expenses related to electronic payment modes for the last eight quarters, were as follows: (1) Expenses related to electronic payment modes are determined by allocating the portion of total electronic payment modes, which are included in Operating, selling, general and administrative expenses, deemed related to our United States company-operated stores road transportation fuel transactions. The road transportation fuel gross margin 1 of our network in Europe and other regions and in Canada for the last eight quarters, were as follows: Generally, road transportation fuel gross margins 1 can be volatile from one quarter to another but tend to be more stable over longer periods. In Europe and other regions, fuel margin volatility is impacted by a longer supply chain due to a more integrated model. In Europe and other regions and in Canada, expenses related to electronic payment modes are not as volatile as in the United States. _________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS Accounting Standards. Other revenues gross profit In the fourth quarter of fiscal 2025, other revenues gross profit was $44.2 million, a decrease of $7.4 million, or 14.3%, compared with the corresponding quarter of fiscal 2024. The translation of our foreign currency operations into US dollars had a net positive impact of approximately $1.0 million. The remaining decrease of approximately $8.0 million, or 15.5%, is primarily driven by lower revenues from our heating oil products following a decrease in demand. During fiscal 2025, other revenues gross profit was $210.5 million, an increase of $34.9 million, or 19.9%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, which amounted to approximately $43.0 million. The translation of our foreign currency operations into US dollars had no impact on other revenues gross profit. Operating, selling, general and administrative expenses ("expenses") For the fourth quarter and fiscal 2025, expenses increased by 5.0% and 9.5%, respectively, compared with the corresponding periods of fiscal 2024. Normalized growth of expenses 1 was 4.6% and 3.3%, respectively, as shown in the table below: Normalized growth of expenses 1 for the fourth quarter and fiscal 2025 was mainly driven by inflationary pressures and incremental investments to support our strategic initiatives, as well as by changes in general liabilities, legal and environmental reserves for specific events totaling approximately $20.0 million during the quarter, and $44.0 million during fiscal 2025, while being partly offset by the continued strategic efforts to control our expenses, including labor efficiency in our stores. Earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA 1") and adjusted EBITDA 1 During the fourth quarter of fiscal 2025, EBITDA stood at $1.2 billion, an increase of $66.9 million, or 5.9%, compared with the corresponding quarter of fiscal 2024. Adjusted EBITDA for the fourth quarter of fiscal 2025 increased by $68.8 million, or 6.0%, compared with the corresponding quarter of fiscal 2024, mainly due to improved road transportation fuel gross margin 1, partly offset by the impact of strategic investments on operating expenses. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $4.0 million. During fiscal 2025, EBITDA stood at $5.9 billion, an increase of $343.9 million, or 6.1%, compared with fiscal 2024. Adjusted EBITDA for fiscal 2025 increased by $345.2 million, or 6.1%, compared with fiscal 2024, mainly attributable to the contribution from acquisitions, which amounted to approximately $395.0 million, and improved road transportation fuel gross margin 1, partly offset by the impact of strategic investments on operating expenses, softness in traffic and fuel demand in the Unites States as low income consumers were impacted by challenging economic conditions. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $19.0 million. Depreciation, amortization and impairment ("depreciation") For the fourth quarter of fiscal 2025, our depreciation expense increased by $48.3 million, or 9.8%, compared with the fourth quarter of fiscal 2024, mainly driven by the replacement of equipment, the ongoing improvements made to our network, as well as the deployment of strategic initiatives in the last year. The translation of our foreign currency operations into US dollars had a net favorable impact of approximately $1.0 million on depreciation. For fiscal 2025, our depreciation expense increased by $345.3 million, compared with fiscal 2024. The translation of our foreign currency operations into US dollars had a net favorable impact of approximately $7.0 million. The remaining increase of $352.0 million, or 20.0%, is mainly driven by the impact from investments made through business acquisitions, which amounted to approximately $205.0 million, as well as to similar factors as those of the fourth quarter. Net financial expenses Net financial expenses for the fourth quarter and fiscal 2025 were $120.0 million and $512.5 million, respectively, a decrease of $19.9 million and an increase of $124.6 million, respectively, compared with the corresponding periods of fiscal 2024. A portion of the variation is explained by certain items that are not considered indicative of future trends, as shown in the table below: The remaining variation of the fourth quarter of fiscal 2025 is mainly driven by lower level of net debt compared with the corresponding quarter of fiscal 2024. The remaining variation for fiscal 2025 is mainly driven by higher average debt in connection with our recent acquisitions. Income taxes The income tax rate for the fourth quarter was 18.8% compared with 10.2% for the corresponding quarter of fiscal 2024. In the corresponding quarter of fiscal 2024, the income tax rate included a net tax benefit derived from an internal reorganization, which had a favorable impact of 6.5% on the tax rate. The remaining increase of 2.1% is mainly stemming from the impact of a different mix in our earnings across the various jurisdictions in which we operate. The income tax rate for fiscal 2025 was 22.0% compared with 20.8% for fiscal 2024. The difference is mainly attributable to similar factors as those of the fourth quarter. Net earnings attributable to shareholders of the Corporation and adjusted net earnings attributable to shareholders of the Corporation 1 Net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025 were $439.4 million, compared with $453.0 million for the fourth quarter of fiscal 2024, a decrease of $13.6 million, or 3.0%. Diluted net earnings per share stood at $0.46, compared with $0.47 for the corresponding quarter of the previous fiscal year. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $2.0 million on net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation for the fourth quarter of fiscal 2025 were approximately $441.0 million, compared with $461.0 million for the fourth quarter of fiscal 2024, a decrease of $20.0 million, or 4.3%. Adjusted diluted net earnings per share 1 were $0.46 for the fourth quarter of fiscal 2025, compared with $0.48 for the corresponding quarter of fiscal 2024, a decrease of 4.2%. For fiscal 2025, net earnings attributable to shareholders of the Corporation stood at $2.6 billion, a decrease of $149.3 million, or 5.5%, compared with fiscal 2024. Diluted net earnings per share stood at $2.71, compared with $2.82 for fiscal 2024. The translation of our foreign currency operations into US dollars had a net negative impact of approximately $9.0 million on net earnings attributable to shareholders of the Corporation for fiscal 2025. Adjusted net earnings attributable to shareholders of the Corporation for fiscal 2025 stood at $2.6 billion, a decrease of $139.0 million, or 5.1%, compared with fiscal 2024. Adjusted diluted net earnings per share 1 were $2.71 for fiscal 2025, compared with $2.81 for fiscal 2024, a decrease of 3.6%. Dividends During its June 25, 2025 meeting, the Board of Directors declared a quarterly dividend of CA 19.5¢ per share for the fourth quarter of fiscal 2025 to shareholders on record as at July 7, 2025, and approved its payment effective July 21, 2025. This is an eligible dividend within the meaning of the Income Tax Act (Canada). Non-IFRS Accounting Standards Measures To provide more information for evaluating the Corporation's 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 International 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 management, 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, amortization and impairment ("EBITDA") and adjusted EBITDA; Adjusted net earnings attributable to shareholders of the Corporation; Interest-bearing debt. The following Non-IFRS Accounting Standards ratios are used in our financial disclosures: Merchandise and service gross margin and 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 capital 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 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 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 adjusted 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 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: 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 gross 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. Road 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 section "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 resulting 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. Normalized growth of (decrease 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 impact 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, acquisition costs, and incremental system integration costs related to acquisitions, as well as other specific items for which the impact on consolidated results is not deemed indicative of future trends. Please note that the composition of this measure was adjusted to include the incremental system integration costs related to acquisitions, given the level of associated efforts is related to the magnitude and complexity of the acquired businesses. This measure is considered useful for evaluating our ability to control our expenses on a comparable basis. The tables below reconcile growth of (decrease in) Operating, selling, general and administrative expenses to normalized growth of (decrease in) expenses: 52-week period ended 52-week period ended 52-week period ended 53-week period ended (in millions of US dollars, unless otherwise noted) April 27, 2025 April 28, 2024 Variation April 28, 2024 April 30, 2023 Variation Operating, selling, general and administrative expenses, as published 7,143.2 6,525.2 9.5 % 6,525.2 6,361.8 2.6 % Adjusted for: Increase from incremental expenses related to acquisitions (416.3) — (6.4 %) (298.7) — (4.7 %) Decrease (increase) from the net impact of foreign exchange translation 27.6 — 0.4 % (1.4) — — Increase from incremental system integration costs related to acquisitions (16.1) — (0.2 %) — — — Decrease from changes in electronic payment fees, excluding acquisitions 1.6 — — 68.0 — 1.1 % Increase from changes in acquisition costs recognized to earnings (1.3) — — (4.4) — (0.1 %) Normalized growth of (decrease in) expenses 6,738.7 6,525.2 3.3 % 6,288.7 6,361.8 (1.1 %) Growth of (decrease in) same-store merchandise revenues for Europe and other regions. Same-store 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 excluding 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 merchandise 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 other regions store network. Growth of (decrease in) same-store merchandise revenues for Europe and other regions include results from the acquisition of certain European retail assets from TotalEnergies SE starting December 28, 2023. 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): 52-week period ended 52-week period ended 52-week period ended 53-week period ended (in millions of US dollars, unless otherwise noted) April 27, 2025 April 28, 2024 April 28, 2024 April 30, 2023 Merchandise and service revenues for Europe and other regions 3,602.7 2,750.3 2,750.3 2,386.7 Adjusted for: Service revenues (456.9) (277.3) (277.3) (200.5) Net foreign exchange impact — (0.7) — 39.8 Merchandise revenues not meeting the definition of same-store (713.2) (62.3) (313.9) (51.6) Same-store merchandise revenues from stores not included in our consolidated results, including the impact of store conversions 663.5 672.9 324.6 308.0 Total same-store merchandise revenues for Europe and other regions 3,096.1 3,082.9 2,483.7 2,482.4 Growth of same-store merchandise revenues for Europe and other regions 0.4 % 0.1 % Earnings before interest, taxes, depreciation, 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 adoption 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 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 periods ended 52-week periods ended (in millions of US dollars) April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024 Net earnings 442.3 454.5 2,592.4 2,732.2 Add: Income taxes 102.1 51.4 729.7 715.9 Net financial expenses 120.0 139.9 512.5 387.9 Depreciation, amortization and impairment 540.8 492.5 2,105.4 1,760.1 EBITDA 1,205.2 1,138.3 5,940.0 5,596.1 Adjusted for: Acquisition costs 6.7 4.8 19.4 18.1 Adjusted EBITDA 1,211.9 1,143.1 5,959.4 5,614.2 Adjusted net earnings attributable 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, 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 the 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 Accounting Standards, with adjusted net earnings attributable to shareholders of the Corporation and adjusted diluted net earnings per share: (in millions of US dollars, except per share amounts, or unless otherwise noted) 12-week periods ended 52-week periods ended April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024 Net earnings attributable to shareholders of the Corporation 439.4 453.0 2,580.4 2,729.7 Adjusted for: Net foreign exchange gain (loss) (7.1) 5.2 (30.6) (6.2) Acquisition costs 6.7 4.8 19.4 18.1 Reclassification adjustment of gain on forward starting interest rate swaps — — — (32.9) Impairment of our investment in Fire & Flower — — — 2.0 Tax impact of the items above and rounding 2.0 (2.0) 7.8 5.3 Adjusted net earnings attributable to shareholders of the Corporation 441.0 461.0 2,577.0 2,716.0 Weighted average number of shares - diluted (in millions) 948.6 961.5 950.6 968.2 Adjusted diluted net earnings per share 0.46 0.48 2.71 2.81 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. 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 capitalization. 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 capitalization. The table below presents the calculation of this performance measure: (in millions of US dollars, except ratio data) As at April 27, 2025 As at April 28, 2024 1 Short-term debt and current portion of long-term debt 690.2 1,066.8 Current portion of lease liabilities 523.9 510.1 Long-term debt 8,776.8 9,226.5 Lease liabilities 3,965.4 3,887.5 Interest-bearing debt 13,956.3 14,690.9 Less: Cash and cash equivalents (2,263.0) (1,309.0) Net interest-bearing debt 11,693.3 13,381.9 Equity attributable to shareholders of the Corporation 14,946.8 13,189.2 Net interest-bearing debt 11,693.3 13,381.9 Total capitalization 26,640.1 26,571.1 Net interest-bearing debt to total capitalization ratio 0.44 : 1 0.50 : 1 Leverage ratio. This measure represents a measure of financial condition considered useful to assess our financial leverage and our ability to cover our net financing obligations in relation to our adjusted EBITDA. __________ 1 The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE. The table below reconciles net interest-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 periods ended (in millions of US dollars, except ratio data) April 27, 2025 April 28, 2024 1 Net interest-bearing debt 11,693.3 13,381.9 Adjusted EBITDA 5,959.4 5,614.2 Pro forma adjustments (1) — 328.7 Adjusted EBITDA and pro forma adjustments 5,959.4 5,942.9 Leverage ratio 1.96 : 1 2.25 : 1 (1) Represents the pre-acquisition EBITDA estimate of the European retail assets acquired from TotalEnergies SE, as well as the estimated impact of synergies and required capital expenditures for the same period. EBITDA used in determining this adjustment is derived from unaudited financial information. Please refer to the "Forward-Looking 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 shareholders. Average equity attributable to shareholders of the Corporation is calculated by taking the average of the opening and closing balance for the 52-week periods. 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 periods ended (in millions of US dollars, unless otherwise noted) April 27, 2025 April 28, 2024 Net earnings attributable to shareholders of the Corporation 2,580.4 2,729.7 Equity attributable to shareholders of the Corporation - Opening balance 13,189.2 12,564.5 Equity attributable to shareholders of the Corporation - Ending balance 14,946.8 13,189.2 Average equity attributable to shareholders of the Corporation 14,068.0 12,876.9 Return on equity 18.3 % 21.2 % Return 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 allocation 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 Current portion of lease liabilities. Average capital employed is calculated by taking the average of i) the opening balance of capital employed for the 52-week periods and pro forma adjustments and ii) the ending balance of capital employed for the 52-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 forma impact of the acquisition of certain European retail assets from TotalEnergies SE: 52-week periods ended (in millions of US dollars, unless otherwise noted) April 27, 2025 April 28, 2024 1 Net earnings 2,592.4 2,732.2 Add: Income taxes 729.7 715.9 Net financial expenses 512.5 387.9 EBIT 3,834.6 3,836.0 Pro forma adjustments (1) — 142.6 EBIT and pro forma adjustments 3,834.6 3,978.6 Capital employed - Opening balance (2) 30,962.0 24,330.7 Pro forma adjustments (3) — 5,116.3 Capital employed - Opening balance and pro forma adjustments 30,962.0 29,447.0 Capital employed - Ending balance (2) 31,898.7 30,962.0 Average capital employed 31,430.4 30,204.5 Return on capital employed 12.2 % 13.2 % (1) Represents the pre-acquisition EBIT estimate of the European retail assets acquired from TotalEnergies SE 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 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 27, 2025 As at April 28, 2024 1 As at April 30, 2023 Total Assets 38,301.9 37,218.0 29,058.4 Less: Current liabilities (7,617.3) (7,832.9) (5,166.5) Add: Short-term debt and current portion of long-term debt 690.2 1,066.8 0.7 Add: Current portion of lease liabilities 523.9 510.1 438.1 Capital employed 31,898.7 30,962.0 24,330.7 (3) Represents the estimated impact of the European retail assets acquired from TotalEnergies SE on the opening balance of capital employed, using the same calculation methodology and based on the final estimates of the fair value of assets acquired and liabilities assumed for this acquisition at the acquisition date. ___________ 1 The information as at April 28, 2024 has been adjusted based on our final estimates of the fair value of assets acquired and liabilities assumed for the acquisition of convenience retail and fuel sites operating under the MAPCO brand, and for the acquisition of certain European retail assets from TotalEnergies SE. Profile Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with close to 17,000 stores, of which approximately 13,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 146,000 people are employed throughout its network. For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, and Management Discussion and Analysis, please visit: Forward-looking statements The statements set forth in this press release, which describes Couche-Tard's objectives, projections, estimates, expectations, or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume", and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, ongoing military conflicts, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada and the United States. Among other things, our synergies objective is based on our comparative analysis of organizational structures and current level of spending across our network as well as on our ability to bridge the gap, where relevant. Our synergies objective is also based on our assessment of current contracts in the geographical areas of operations and how we expect to be able to renegotiate these contracts to take advantage of our increased purchasing power. In addition, our synergies 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 our synergies estimate as well as the timing of the implementation of our different initiatives. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release. Webcast on June 26, 2025 at 8:00 A.M. (EDT) Couche-Tard invites analysts known to the Corporation to ask their questions to its management on June 26, 2025, during the question and answer period of the webcast. Financial analysts, investors, media, and other interested parties are invited to join the webcast on June 26, 2025, at 8:00 A.M. (EDT). A presentation will include slides detailing the quarterly and fiscal year results. The webcast can be accessed via the " Investors/Events & Presentations" section on the Corporation's website or directly via this link to join the call without operator assistance. Another option could be to access the conference call through an operator by dialing 1-289-819-1299 or the international number 1-800-990-4777. Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation's website for a period of 90 days. SOURCE Alimentation Couche-Tard Inc.
Cision Canada
18 minutes ago
- Cision Canada
First Capital REIT Announces Date For Second Quarter 2025 Results Conference Call
TORONTO, June 25, 2025 /CNW/ - First Capital REIT ("First Capital") (TSX: invites you to attend the live conference call at 2:00 p.m. (ET) on Wednesday, July 30, 2025, with senior management to discuss financial results for the second quarter ended June 30, 2025. First Capital's financial statements and MD&A for the second quarter will be released prior to the call and will be available on its website at in the 'Investors' section, and on the Canadian Securities Administrators' website at Teleconference: You can attend the live conference call by dialing 416-340-2217 or toll-free 1-800-806-5484 with access code 5713675#. The call will be accessible for replay until August 6, 2025, by dialing 905-694-9451 or toll-free 1-800-408-3053 with access code 6977878#. Webcast: To access the live audio webcast and conference call presentation, please go to First Capital's website or click on the following link Q2 2025 Conference Call. The webcast will be accessible for replay in the 'Investors' section of the website. First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.
