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Annual Report 2005

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Annual Report 2005 George Weston Limited | 2005 Annual Summary Our Profile GeorgeWestonLimited(“Weston”orthe“Company”)isaCanadianpubliccompanyfoundedin1882andthroughits operating subsidiaries constitutes one of North America’s largest food processing and distribution groups. Weston has two reportable operating segments: Weston Foods and Loblaw Companies Limited (“Loblaw”). The Weston Foods operating segment is primarily engaged in the baking and dairy industries within North America. Loblaw is Canada’s largest food distributor and a leading provider of general merchandise, drugstore and financial products and services. Weston seeks long term, stable growth in its operating segments through continuous capital investment supported by a strong balance sheet, thereby providing sustainable returns to its shareholders through a combination of common share price appreciation and dividends. In order to be successful in delivering long term value to shareholders and to fulfill its long term objectives of security and growth, Weston employs various operating strategies. The Weston Foods operating segment concentrates on brand development, low operating costs and maintaining a broad customer base, with the objective of being the best provider of bakery solutions and fresh dairy products to its customers. Loblaw concentrates on food retailing, with the objective of providing Canadian consumers with the best in one-stop shopping for everyday household needs. Weston is committed to creating value for its shareholders and participating along with its more than 150,000 employees in supporting the communities in which it operates. Forward-Looking Statements This Annual Report, which consists of the Annual Summary and the Financial Report, contains forward-looking statements which reflect management’s expectations regarding the Company’s objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “anticipates”, “expects”, “believes”, “estimates”, “intends” and other similar expressions. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions whicharecurrent,reasonableandcomplete,thesestatementsarenecessarilysubjecttoanumberoffactorsthatcouldcauseactualresultstovarysignificantly from the estimates, projections and intentions. Such differences may be caused by factors which include, but are not limited to, changes in consumer spending, preferences and consumers’ nutritional and health related concerns, changes in the competitive environment, including changes in pricing and market strategiesoftheCompany’s competitors and the entry of new competitors and expansion of current competitors, the availability and cost of raw materials and ingredients, fuels and utilities, the ability to realize anticipated cost savings, including those resulting from restructuring and other cost reduction initiatives, the ability to execute restructuring plans effectively, the Company’s relationship with its employees, results of labour negotiations including the terms of future collective bargaining agreements, changes to the regulatory environment in which the Company operates now or in the future, changes in the Company’s tax liabilities, either through changes in tax laws or future assessments, performance of third-party service providers, public health events, the ability of the Company to attract and retain key executives, the success rateoftheCompanyin developing and introducing new products and entering new markets and supply and quality control issues with vendors. The Company cautions that this list of factors is not exhaustive. These factors and other risks and uncertainties are discussed in the Company’s materials filed with the Canadian securities regulatory authorities from time to time, including the Operating and Financial Risks and Risk Management sections of the Company’s Management’s Discussion and Analysis in its 2005 Financial Report. The assumptions applied in making the forward-looking statements contained in this Annual Report include the following: economic conditions in 2006 do not materially change from those expected, patterns of consumer spending and preference are reasonably consistent with historical trends, no new significant competitors enter the Company’s markets nor does any existing competitor significantly increase its presence or change pricing or market strategies, anticipated cost savings from restructuring activities are realized as planned, continuing future restructuring activities are effectively executed, there are no material work stoppages in 2006 and the performance of third-party service providers is in accordance with expectations in the upcoming year. Potential investors and other readers are urged to consider these factors carefully in evaluating these forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this Annual Report are made only as of the date of this Annual Report and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-lookingeventscontainedintheseforward-lookingstatementsmayormaynotoccur.TheCompanycannotassurethatprojectedresultsorevents will be achieved. EACH AND EVERY DAY at Weston Foods, we are committed to approximately 65,000 customer deliveries on 6,000 delivery routes. At Loblaw, more than 50,000 items are distributed daily to more than 1,000 corporate and franchised stores. Making the complicated seem simple: it’s the key to our success. While our business environment is complex and varied, our strategicfocusisanything but. Simply put, Weston is in two core businesses – food processing and retail distribution. In a complex and challenging industry, we are securing Weston’s future by making our business simple. Weston at a Glance 2 | Financial Highlights 4 | Report to Shareholders 5 | Operating Directory 8 | Operating Review 10 Corporate Social Responsibility 20 | Contributing to the Community 21 | Corporate Governance 22 | Corporate Directory 24 The 2005 Annual Report consists of this 2005 Annual Summary and the 2005 Financial Report. George Weston Limited 2005 Annual Summary 1 WESTON FOODS WESTON FOODS Our brands continue to be among the most trusted and innovative brands in the North American baking and dairy industries. Our leading brands include Arnold, Country Harvest, D’Italiano, Entenmann’s, Freihofer’s, Neilson, Stroehmann, Thomas’, Weston and Wonder. $4 billion sales exceeded Weston Foods’ network of production facilities spans North America with agrowingpresenceinthe Midwest and Southeast United States. Baking Dairy Facilities Facilities Canada Western 10 Ontario 11 2 Quebec 9 Eastern 3 United States Northeast 18 Southeast 6 Midwest 6 Western 3 Total 66 2 $27 billion sales exceeded Through its various operating banners, Loblaw is committed to providing Canadians with a one-stop destination in meeting their food and everyday household needs. This goal is pursued through a portfolio of store formats across the country. Over 48 million square feet of retail space from coast to coast Corporate Franchised Associated Independent Warehouses Stores Stores Stores Accounts British Columbia 41 43 18 2 Yukon 12 Northwest Territories 311 Alberta 67 4 14 2,096 5 Saskatchewan 34 15 26 1,657 2 Manitoba 24 4 39 15 1 Ontario 169 257 16 86 6 Quebec 252 22 341 2,533 4 New Brunswick 22 23 6 296 2 Nova Scotia 36 22 1 523 2 Prince Edward Island 5 3 1 151 Newfoundland and Labrador 16 7 9 500 2 Total 670 402 472 7,858 26 LOBLAW Operating a portfolio of banners and store formats across Canada, Loblaw seeks to grow its market share on a market-by-market basis and to satisfy its customers’ everyday household needs. 51 Stores 53 Stores 14 Store s 103 Stores 67 Stores 88 Stores21 Stores 97 Stores 107 Stores 95 Stores 51 Stores 130 Stores 68 Stores 37 Stores 52 Stores 52 Stores LOBLAW FINANCIAL HIGHLIGHTS(1) For the years ended December 31 ($ millions except where otherwise indicated) 2005 2004 Operating Results Sales 31,363 29,798 Sales excluding impact of VIEs(2) 30,985 29,798 Adjusted EBITDA(2) 2,552 2,519 Operating income 1,634 1,782 Adjusted operating income(2) 1,894 1,901 Interest expense and other financing charges 187 438 Net earnings from continuing operations 716 606 Cash Flow Cash flows from operating activities of continuing operations 1,812 1,576 Capital investment 1,358 1,425 Per Common Share ($) Basic net earnings from continuing operations 5.25 4.49 Adjusted basic net earnings from continuing operations(2) 5.64 5.50 Financial Ratios Adjusted EBITDA margin(2) 8.2% 8.5% Operating margin 5.2% 6.0% Adjusted operating margin(2) 6.1% 6.4% Return on average total assets(2) 10.0% 11.5% Return on average common shareholders’ equity 16.7% 14.8% Reporting Operating Segments Weston Foods Sales 4,376 4,335 Operating income 241 138 Adjusted operating income(2) 302 256 Operating margin 5.5% 3.2% Adjusted operating margin(2) 6.9% 5.9% Return on average total assets(2) 6.5% 3.6% Loblaw Sales 27,801 26,209 Sales excluding impact of VIEs(2) 27,423 26,209 Operating income 1,393 1,644 Adjusted operating income(2) 1,592 1,645 Operating margin 5.0% 6.3% Adjusted operating margin(2) 5.8% 6.3% Return on average total assets(2) 11.0% 14.0% (1) For financial definitions
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