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2018 Annuel 10Q EN

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2018 Annuel 10Q EN ANNUAL REPORT 2018 COMPANY PROFILE METRO INC. is a food and pharmacy leader in Québec and Ontario. As a retailer, franchisor, distributor, and manufacturer, the company operates or services a network of 947 food stores under several banners including Metro, Metro Plus, Super C, Food Basics, Adonis and Première Moisson, as well as 669 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Drug Basics banners, providing employment directly or indirectly to almost 90,000 people. 2018 HIGHLIGHTS • 52-week fiscal year versus 53 weeks in 2017 • Sales of $14,383.4 million, up 9.2% and up 2.4% when excluding the Jean Coutu Group and the 53rd week of 2017 • Net earnings of $1,718.5 million • Adjusted net earnings(1) of $605.9 million, up 13.0% based on 52 weeks in 2017 • Fully diluted net earnings per share of $7.16 • Adjusted fully diluted net earnings per share(1) of $2.52, up 11.5% based on 52 weeks in 2017 • Return on equity of 40.1%, exceeding 14% for the 25th consecutive year • Dividends per share increase of 12.0%, the 24th consecutive year of dividend growth RETAIL NETWORK Québec Ontario New Brunswick Total Supermarkets Metro Metro Plus 199 Metro 134 333 Adonis 10 Adonis 2 12 Discount stores Super C 97 Food Basics 131 228 Neighbourhood stores Marché Richelieu 57 Marché Ami 250 Marché Extra 40 347 Partner Première Moisson 26 Première Moisson 1 27 Total food 679 268 947 Drugstores Brunet Brunet Plus Brunet Clinique Metro Pharmacy Clini Plus 180 Drug Basics 72 252 PJC Jean Coutu PJC Jean Coutu PJC Health PJC Jean Coutu PJC Health PJC Health & Beauty 380 PJC Health 9 PJC Health & Beauty 28 417 Total drugstores 560 81 28 669 Forward-looking information: For any information on statements in this Annual Report that are of a forward-looking nature, see section on "Forward- looking information" in the Management's Discussion and Analysis (MD&A). - 2 - FINANCIAL HIGHLIGHTS 2018 2017 2016 2015 2014 (53 weeks) OPERATING RESULTS (Millions of dollars) Sales 14,383.4 13,175.3 12,787.9 12,223.8 11,590.4 Operating income* 1,011.1 966.4 931.3 857.8 781.5 Net earnings 1,718.5 608.4 586.2 519.3 456.2 Adjusted net earnings(1) 605.9 548.2 586.2 523.6 460.9 Cash flows from operating activities 750.4 696.2 707.4 678.3 433.1 FINANCIAL STRUCTURE (Millions of dollars) Total assets 10,922.2 6,050.7 5,606.1 5,387.1 5,279.5 Non-current debt 2,630.4 1,441.6 1,231.0 1,145.1 1,044.7 Equity 5,656.0 2,923.9 2,693.2 2,657.2 2,684.1 PER SHARE (Dollars) Basic net earnings 7.20 2.59 2.41 2.03 1.70 Fully diluted net earnings 7.16 2.57 2.39 2.01 1.69 Adjusted fully diluted net earnings(1) 2.52 2.31 2.39 2.03 1.71 Book value 22.12 12.87 11.52 11.00 10.59 Dividends 0.7025 0.6275 0.5367 0.4500 0.3833 FINANCIAL RATIOS (%) Operating income*/ Sales 7.0 7.3 7.3 7.0 6.7 Return on equity 40.1 21.7 21.9 19.4 16.6 Non-current debt/total capital 31.7 33.0 31.4 30.1 28.0 SHARE PRICE (Dollars) High 45.44 47.41 48.19 38.10 24.93 Low 38.32 38.00 35.61 24.27 20.00 Closing price (At year-end) 40.18 42.91 44.09 35.73 24.62 * Operating income before depreciation and amortization and associate's earnings (OI) (1) See table on "Net earnings adjustments" and section on "Non-IFRS measurements" (2) See table on "Operating income before depreciation and amortization and associate's earnings adjustments" and section on "Non-IFRS measurements" (3) See section on "Forward-looking information" - 3 - MESSAGE FROM THE CHAIR OF THE BOARD Dear Shareholders, This past year METRO completed the acquisition of the Jean Coutu Group, the largest transaction in its history, achieving one of the key elements of its strategic plan, which was to become the leader in pharmacy in Québec. One quarter of the acquisition price was paid in shares, representing at the time of the transaction an aggregate interest of approximately 11% of the company's equity, about 8% of which is now held by the Coutu family. I would like to welcome all of our new shareholders and, on behalf of the Board, thank them for the choice that they made. The Board welcomed two new members in 2018 following the acquisition of the Jean Coutu Group, Messrs. François J. Coutu and Michel Coutu. I am convinced that their extensive knowledge of the pharmacy sector will be beneficial to the Board. METRO had another good year in 2018 as it achieved results that met expectations, despite intense competition and a difficult economic context. These results serve to reaffirm our belief that the business plan implemented by management and supported by the Board is proving to be effective for the company’s growth. Our strong results reflect the commitment and competence of our employees, led by a strong and experienced management team. I would like to congratulate our President and Chief Executive Officer, Eric La Flèche, as well as all of the members of the METRO team for those results and, particularly, for all the work done to complete the acquisition of the Jean Coutu Group. Board of Directors Once again this year, the Board of Directors reviewed and approved the company's strategic plan and supported management in the various initiatives and projects underway, including an investment of $400 million(3) over six years announced in October of 2017 to modernize our distribution network in Toronto. Following the acquisition of the Jean Coutu Group, the Board also supported management in its efforts to consolidate the activities of the Jean Coutu Group with those of METRO. In 2016, the Board raised its gender representation minimum target from 25% to 30%. We are proud to have exceeded that target for the fifth straight year, with five women directors, representing 36% of the Board. In 2019, the Board will continue to support management in achieving the company's strategic priorities, particularly in creating the value of the acquisition of the Jean Coutu Group. The Board is functioning well and I would like to thank all of my colleagues for their commitment and their contribution throughout the year. Thank you for your trust and I hope that we will be able to count on your support in 2019. Réal Raymond Chair of the Board (1) See table on "Net earnings adjustments" and section on "Non-IFRS measurements" (2) See table on "Operating income before depreciation and amortization and associate's earnings adjustments" and section on "Non-IFRS measurements" (3) See section on "Forward-looking information" - 4 - MESSAGE FROM THE PRESIDENT AND CEO Dear Shareholders, Fiscal 2018 started off with a bang: in October of 2017, we announced the completion of two strategic projects, namely the acquisition of the Jean Coutu Group, the largest in METRO’s history, and the modernization of our distribution network in Toronto. And it ended on a strong note with solid growth of same-store sales and net earnings in the fourth quarter. 2018 results Our 2018 fiscal year included 52 weeks compared to 53 weeks for 2017. Sales rose to $14.4 billion, up 9.2% and 2.4% when excluding the Jean Coutu Group and the 53rd week of 2017. Food same-store sales were up 1.6%. Since the acquisition, pharmacy same-store sales were up 1.8%, 0.6% for prescription drugs (2.5% for number of prescriptions) and 3.9% for front store sales. Net earnings for fiscal 2018 were $1,718.5 million compared to $608.4 million in 2017 and fully diluted net earnings per share were $7.16 compared to $2.57. Taking into account the adjustments for fiscal 2018 and 2017, adjusted net earnings(1) for 2018 were $605.9 million compared to $536.3 million in 2017 based on 52 weeks, and adjusted fully diluted net earnings per share(1) were $2.52 compared to $2.26, up 13.0% and 11.5% respectively. We are pleased with our 2018 results, which were achieved in a difficult environment, marked by intense competition, very low food inflation and increased pressure on our operating costs, namely the minimum wage increase in Ontario. Jean Coutu Group It was with great pride that we welcomed our 20,000 new colleagues from the Jean Coutu Group into the METRO family last May. Combining our two organizations, complementary from both a strategic and commercial standpoint, strengthens our competitive position and provides us with a new growth opportunity. Our new pharmacy division now comprises a network of 597 drugstores, operating in Québec, Ontario and New Brunswick. The combined entity is working to develop the full potential of both of its main banners, Jean Coutu and Brunet, in order to strengthen our market presence. The combination of activities that will support our pharmacy banners will be carried out over several months. In time, we intend to support the specific strategy of Jean Coutu and Brunet with a unified operational chain, meaning systems and processes that will allow us to be agile and efficient. We anticipate that within three years, we will be able to deliver synergies of $75 million(3), mainly with respect to procurement, warehousing, distribution and operating costs.
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