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NWC-3361 Cover Layout2.Qx 2 0 0 1 A N N U A L R E P O R T vision growth value N O R T H W E S T C O M P A N Y F U N D 2 0 0 1 A N N U A L R E P O R T 2001 financial highlights in thousands of Canadian dollars 2001 2000 1999 Fiscal Year 52 weeks 52 weeks 52 weeks Results for the Year Sales and other revenue $ 704,043 $ 659,032 $ 626,469 Trading profit (earnings before interest, income taxes and amortization) 70,535 63,886 59,956 Earnings 29,015 28,134 27,957 Pre-tax cash flow 56,957 48,844 46,747 Financial Position Total assets $ 432,033 $ 415,965 $ 387,537 Total debt 151,581 175,792 171,475 Total equity 219,524 190,973 169,905 Per Unit ($) Earnings for the year $ 1.95 $ 1.89 $ 1.86 Pre-tax cash flow 3.82 3.28 3.12 Cash distributions paid during the year 1.455 1.44 1.44 Equity 13.61 13.00 11.33 Market price – January 31 17.20 13.00 12.00 – high 17.50 13.00 15.95 – low 12.75 9.80 11.25 Financial Ratios Debt to equity 0.69:1 0.92:1 1.01:1 Return on net assets* 12.7% 11.5% 11.6% Return on average equity 14.9% 15.2% 16.8% *Earnings before interest and income taxes as a percent of average net assets employed All currency figures in this report are in Canadian dollars, unless otherwise noted. Sales & Other Revenue Trading Profit Pre-Tax Cash Flow Earnings Per Unit $ in millions $ in millions $ in millions 800 80 80 $2.00 5 9 9 6 . 8 . 8 1 . 1 4 1 1 0 7 7 9 $1.60 4 5 6 6 600 6 60 60 2 0 6 6 7 5 $1.20 9 7 4 400 40 40 4 $0.80 200 20 20 $0.40 0 0 0 0 1999 2000 2001 1999 2000 2001 1999 2000 2001 1999 2000 2001 we blanket the north… Store Banners 136 Stores Northern is a combination food and general merchandise store format located in remote, northern Canadian communities. 5 Stores The NorthMart format is targeted at larger, regional northern markets and offers an expanded selection of merchandise. Each year more than 250,000 copies of the “Selections” catalogue are distributed across northern Canada featuring everything from guitars and snowmobiles to computers and wedding dresses. 7 Stores Quickstop convenience stores offer prepared foods, petroleum products and a full convenience assortment with a selection carefully tailored to local needs. 23 Stores The Company's subsidiary, Alaska Commercial Company, operates AC Value Centers in communities throughout "bush" Alaska. 2 Stores In 2001, The North West Company entered into a preliminary agreement with Giant Tiger Stores Limited, a leading family discount store retailer in eastern Canada. 3 Branches These stores leverage the rich history of The North West Company by offering native handicrafts and authentic Canadian heritage products, as well as the procurement of wild furs. This is the largest wholesale distributor of Inuit art in the world, offering an outstanding selection of carvings to galleries and boutiques. with the world’s broadest range of products and services: Snowmobiles Furniture Northern Financial Apparel With sales of nearly $10 million, Our $16.5 million furniture Over 450,000 cash withdrawal NWC is a leader in junior branded we are the largest seller of business is expected to grow transactions were processed fashions. For example, we sell Bombardier snowmobile by 10% through an alliance with in our stores last year, making more FUBU branded apparel and products in Canada. Dufresne Furniture & Appliances. this one of our most important Sketchers branded shoes outside financial services. of urban centres than any other retailer. C O R P O R A T E P R our mission: pursuing profitable growth O F I L We are the leading retailer serving remote, E northern communities. Our vision is to grow with our customers as their first shopping choice and be the most successful small market retailer in North America. growing with the north Population Under 25 Years of Age comparison of Canadian average vs. NWC markets average 33% of Canada 52% of NWC Markets Northern Subs Milk and Bread Meat Bananas We sold 700,000 Northern A commitment to being in-stock Meat product sales exceeded At sales of over $3.0 million, branded subs, sandwiches and on basics produced sales of over $50 million in 2001. In 75 smaller bananas are our best selling hamburgers in 2001. Our best 500,000 jugs of milk and stores, the best value is fresh beef produce item representing seller – two cheeseburgers 2,000,000 loaves of Northern and pork cut to NWC's exact over 25% of fresh fruit sales. for $3.49. white bread in 2001. weight standards, then flash frozen for optimum food safety. R E P O R T T O U N I T H O L D E R S creating value Our performance in 2001 showed the strength of our people working to a common purpose, the importance of sound execution and the value of financial discipline. The result was a year of milestones as we grew our market share, revenue base and earnings to record levels. Above all, we moved closer to our goal of consistently delivering more value to our customers, employees and investors. The year had many highlights to be proud of: • Sales grew by 6.8% to over $700 million, driven by industry-leading same store gains in our food business and superior performance from our larger ticket general merchandise categories. • Trading profit increased 10.4% to $70.5 million and trading profit margins increased from 9.7% to 10.0% as we continued to leverage our market knowledge and store asset base. • Pre-tax earnings were up 28.3% as we reduced debt levels and benefited from lower interest rates. • Total returns to investors were 46.2% in 2001, the fourth year in the last five that we have delivered annual returns of more than 15% and out performed both the TSE 300 composite index and the TSE 300 merchandising sub-index. • A $56.7 million new issue and secondary offering of North West Company Fund units was successfully completed, creating more liquidity for investors and providing sufficient capital to meet our growth needs while maintaining a solid balance sheet. • Our Alaskan retail store division kept pace with Canada, delivering a 33.4% increase in trading profit which was achieved almost entirely from same store market share gains. • We opened two Giant Tiger discount stores in Manitoba allowing us to assess our potential to grow this format in western Canada. T R O • An even bigger and better “Wintering Partners” conference was held P E in September, bringing over 440 vendors, store and head office people R together as a team to focus on getting sales. L A • We received the inaugural “Lieutenant-Governor of Manitoba Award for U N the Outstanding Contribution to the Community by a Manitoba Business,” N A a recognition of the active commitment and caring demonstrated by 1 0 our people. 0 2 F W N 1 R E P O R T T O U N I T H O L D E R S Core Store Growth Our greatest opportunity for growth is within the expanding communities we already serve in northern Canada and Alaska. In 2001, we completed the transition of 26 stores to our new format of increased selling space and equipment dedicated to food and other everyday products that our customers expect first from their local retailer. We believe that being able to locally offer a broad range of everyday products is a key competitive advantage. We also recognize that the cost and expertise required to execute this are very high. This is where our alliance strategy comes in. Last year we continued to develop partnerships with leading, non-competing retailers, most notably Dufresne Furniture & Appliances of Winnipeg and Giant Tiger Stores Limited of Ottawa. We expect the result to be more profit and growth within a year of creating each new alliance, net of the transition costs. Product mix is a key element to the success of our core store growth. Our principle is simple – “value to our customer and value to us”. Making this happen means creating an ever-expanding line-up of “winning” everyday items in our stores while cutting back on products and services that can’t meet this value equation. The biggest growth area in 2001 and beyond is in lower price point merchandise that better matches the low income and necessity shopping needs of our primary customer. A great example of this is the phenomenal success of our “Northern Best Value” and “Exclusive Selections” families of 43 deli and frozen food items. Over the last two years, we have become increasingly focused on enhancing our store level selling ability. We started in 2001 with changes to local management compensation. This year we will start to centralize or automate our store-based accounting, point-of-sale, consumer credit and staff scheduling systems. We are confident that this will result in a major increase in time and resources dedicated to selling. To maximize this potential, our priority will be on teaching more consistent and effective work methods. This project will touch every store and management employee in the Company as we begin to set up best practice store training sites “To help maximize our by the end of the third quarter.
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