Tip Top® is a business unit of George Weston Foods Limited group of companies. Food Allergy Canada. Choice Properties Real Estate Investment Trust ("Choice Properties") generated solid results in the fourth quarter, reflecting stable earnings as it collected 98% of contractual rents. 17. The increase was primarily driven by retail sales, partially offset by a decrease in financial services revenue. Net earnings available to common shareholders of the Company were $289 million ($1.88 per common share), a decrease of $144 million ($0.93 per common share) compared to the fourth quarter of 2019. Retail sales increased by $1,722 million, or 15.2%, compared to the fourth quarter of 2019, which included the impact of the 53rd week of $878 million. Shareholders, security analysts and investment professionals should direct their requests to Tara Speers, Senior Director, Investor Relations, at the Company's Executive Office or by e-mail at investor@weston.ca. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct. George Weston Foods Limited. Excluding the 53rd week, retail gross profit percentage decreased by 70 basis points. COVID-19 RELATED COSTS   In 2020, the Company incurred significant COVID-19 costs related to temporary pay premiums, pay protection safeguards, additional security, customer convenience and increased health and safety measures, totaling approximately $490 million. Loblaw continued to deliver value in categories that mean the most to its customers and focused on accelerating its three strategic growth areas of Everyday Digital Retail, Payments and Rewards, and Connected Healthcare Network. GWL's 2018 Annual Report includes the Company's audited annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the fiscal year ended December 31, 2018. The increase in depreciation and amortization in the fourth quarter of 2020 was primarily driven by the consolidation of franchises and an increase in Information Technology ("IT") assets. The increase in revenue was primarily driven by development transfers and acquisitions, partially offset by the foregone revenue from sold properties. For 2021, the Company expects adjusted net earnings(1) to increase due to the results from its operating segments as described below. FOURTH QUARTER CONFERENCE CALL AND WEBCAST. TORONTO, March 2, 2021 /CNW/ - George Weston Limited (TSX: WN) ("GWL" or the "Company") today announced its consolidated unaudited results for the 13 weeks ended December 31, 2020. TORONTO , May 5, 2020 /CNW/ - George Weston Limited ("GWL" or the "Company") today announced its consolidated unaudited results for the 12 weeks ended March 21, … George Weston Limited Company Profile and selected financial data. Net interest expense and other financing charges, Adjustment to fair value of investment properties and, Change in allowance for credit card receivables, Fixed asset and investment properties purchases, Business acquisition, net of cash acquired, Cash assumed on initial consolidation of franchises, Lease payments received from finance leases, Cash rent paid on lease liabilities - Interest, Cash rent paid on lease liabilities - Principal, Effect of foreign currency exchange rate changes on cash and, Cash and Cash Equivalents, Beginning of Period, Basic and Diluted Net Earnings per Common Share, Net earnings attributable to shareholders of the Company, Prescribed dividends on preferred shares in share capital, Net earnings available to common shareholders of the, Reduction in net earnings due to dilution at Loblaw, Net earnings available to common shareholders, Diluted weighted average common shares outstanding. More than 90% of the company's sales come from its majority-owned Loblaw Companies Limited, Canada's largest retailer with more than 2,400 grocery stores, markets, and drug stores across the country. George Weston Ltd. annual cash flow and in depth look at WN.CA operating, investing, and financing activities. The decrease was due to the unfavourable year-over-year net impact of adjusting items totaling $194 million ($1.27 per common share), which was primarily due to the unfavourable year-over-year impact of the fair value adjustment of the Trust Unit liability of $223 million ($1.44 per common share) as a result of the increase of Choice Properties' unit price in the fourth quarter of 2020, partially offset by an improvement of $50 million ($0.34 per common share) in the Company's consolidated underlying operating performance. Follow. the unfavourable year-over-year impact of restructuring and other related costs of, the unfavourable year-over-year impact of the fair value adjustment of derivatives of, the favourable year-over-year impact of inventory losses, net of recoveries, of. Pre-registration will be available. The 2016 Annual Report has been filed with SEDAR and is available at sedar.com and in the Investor Centre section of the Company's website at weston.ca. Restructuring and other related costs  Weston Foods continuously evaluates strategic and cost reduction initiatives related to its manufacturing assets, distribution networks and administrative infrastructure with the objective of ensuring a low cost operating structure. George Weston Limited (OTCPK:WNGRF) Q2 2020 Results Earnings Conference Call July 28, 2020 9:00 AM ET. an increase in depreciation and amortization. In the fourth quarter, Choice Properties completed approximately $550 million of transactions, including four acquisitions and five dispositions, and remained disciplined in its capital spending on development initiatives. Adjusted Operating Income and Adjusted EBITDA: of intangible assets acquired with Shoppers Drug Mart, intangible assets acquired with Shoppers Drug Mart. Choice Properties owns, manages and develops a high-quality portfolio of commercial retail, industrial, office and residential properties across Canada. "George Weston performed well during the fourth quarter," said Galen G. Weston, Chairman and Chief Executive Officer, George Weston Limited. The estimated COVID-19 related costs incurred by each of the Company's reportable operating segments were as follows: Choice Properties recorded a provision of $3 million and $21 million in the fourth quarter and year-to-date of 2020, respectively, for certain past due amounts, reflecting increased collectability risk and potential abatements. Plus500. 2020 ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS. The Company incurred COVID-19 related costs of approximately $50 million in the fourth quarter of 2020 primarily related to safety and security measures to protect colleagues, customers, tenants and other stakeholders. Net Income  Net income in the fourth quarter of 2020 was $117 million, compared to $294 million in the fourth quarter of 2019. IESO Power Perspectives. CONSOLIDATION IMPACTS OF CHOICE PROPERTIES' TRANSACTIONS  Choice Properties completed various property acquisitions and dispositions in 2019 and 2020, improving the strength of its portfolio. These filings are also maintained on Choice Properties' website at www.choicereit.ca. Galen Weston , Chairman and Chief Executive Officer, George Weston Limited, commented that "George Weston Limited's fourth quarter results reflect the successful execution of the strategic priorities by both of the Company's operating segments. Loblaw expects to incur additional restructuring costs through to 2022 related to these closures. (unaudited)($ millions of Canadian dollars). The changes in non-GAAP financial measures policy will be effective beginning January 1, 2021. Loblaw has two reportable operating segments, retail and financial services. According to the publisher's Q4 2020 Global Gift Card Survey, gift card industry in Canada is expected to grow by 9.5% on annual basis to reach US$ 6312.2 million in 2021. The Company has three reportable operating segments: Loblaw, Choice Properties and Weston Foods. The majority of Choice Properties' active development pipeline is focused on growing its rental residential portfolio. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may", "should" and similar expressions, as they relate to the Company and its management. For information regarding Loblaw, readers should refer to the materials filed by Loblaw on SEDAR from time to time. 0. ($ millions except where otherwise     indicated). Additional financial information has been filed electronically with various securities regulators in Canada through SEDAR. Certain items are excluded from operating income (loss) to derive adjusted EBITDA(1). Tara Speers - Senior Director, Investor Relations. WNGRF: George Weston Ltd. - Full Company Report. drug retail same-store sales growth was 3.7% for the quarter. Net Interest Expense and Other Financing Charges  Net interest expense and other financing charges in the fourth quarter of 2020 were $217 million compared to net interest income and other financing charges of $74 million in the fourth quarter of 2019. Loblaw is investing to build a modern and efficient expansion to its Cornwall distribution centre to serve its food and drug retail businesses in Ontario and Quebec. an increase in expected credit loss provisions related to tenant receivables; the favourable year-over-year impact of the fair value adjustment on investment properties. As you may know, the adj. 76.4% of retail CFD accounts lose money, Net earnings available to common shareholders of, $0.550 per share payable April 1, 2021, to shareholders of, $0.3625 per share payable March 15, 2021, to shareholders, $0.3250 per share payable April 1, 2021, to shareholders of, $0.296875 per share payable April 1, 2021, to shareholders of, Certain items are excluded from operating income (loss) to derive adjusted EBITDA, See the "Non-GAAP Financial Measures" section of the Company's 2020 Annual Report, which includes the reconciliation of such non-GAAP, This News Release contains forward-looking information. TORONTO — George Weston Ltd. reported its fourth-quarter profit fell compared with a year ago as it was hit by one-time charges. At the beginning of 2011, the share price of George Weston Ltd (WN) was 56.9806$. The 2020 Annual Report has been filed on SEDAR and is available at sedar.com and in the Investor Centre section of the Company's website at weston.ca. Sales  Weston Foods sales in the fourth quarter of 2020 were $523 million, an increase of $1 million, or 0.2%, compared to the fourth quarter of 2019. GWL's 2019 Annual Report includes the Company's audited annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for … 2020 SECOND QUARTER REPORT The Company's 2019 Annual Report and 2020 Second Quarter Report are available in the Investor Centre section of the Company's website at www.weston… On a comparable week basis food retail basket size increased and traffic decreased in the quarter; Loblaw's food retail average article price was higher by 3.9% (2019 – 0.8%), which reflects the year-over-year growth in food retail revenue over the average number of articles sold in Loblaw's stores in the quarter. Its retail portfolio is primarily leased to grocery stores, pharmacies and other necessity-based tenants, which continue to perform well in this environment, and the diversification of income provided by Choice Properties' industrial and office assets provides stability to Choice Properties' overall portfolio. Depreciation and amortization in the fourth quarter of 2020 includes $117 million (2019 – $116 million) and $509 million (2019 – $508 million) year-to-date of amortization of intangible assets acquired with Shoppers Drug Mart Corporation ("Shoppers Drug Mart"). Click the button below to request a report when hardcopies become available. George Weston Foods Limited (GWF) is one of Australia and New Zealand’s largest food manufacturers employing over 6,000 people across 40 sites. The decrease was due to the unfavourable year-over-year net impact of adjusting items totaling $194 million ($1.27 per common share), partially offset by an improvement of $50 million ($0.34 per common share) in the Company's consolidated underlying operating performance, as set out below: Adjusted net earnings available to common shareholders of the Company(1) in the fourth quarter of 2020 were $312 million ($2.03 per common share), an increase of $50 million ($0.34 per common share), or 19.1%, compared to the fourth quarter of 2019 due to the improvement in the Company's consolidated underlying operating performance described above. NON-GAAP FINANCIAL MEASURES POLICY CHANGE COMMENCING FISCAL 2021. In addition to ongoing residential development, Choice Properties continues to evaluate opportunities within its portfolio to redevelop and transform grocery anchored retail projects into large scale major mixed-use projects. Grayhawk Wealth Website. The first section will let you know the impact on $1000 in George Weston Ltd (WN) due to the share price changes. The result was down from a profit of $433 … The Company's financial results are negatively impacted when the Trust Unit price rises and positively impacted when the Trust Unit price declines. Financial services adjusted EBITDA(1) decreased by $8 million compared to the fourth quarter of 2019, primarily driven by lower revenue as described above, partially offset by lower credit losses from the decrease in expected credit losses from an improving economic outlook and lower contractual charge-off, and lower customer acquisitions costs. Corporate Profile George Weston Limited (“Weston”) is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America’s Depreciation and Amortization  Weston Foods depreciation and amortization in the fourth quarter of 2020 was $41 million, an increase of $5 million compared to the fourth quarter of 2019. George Weston Limited 2019 Annual Report. These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP. Consolidation of Franchises  Loblaw has more than 500 franchise food retail stores in its network. Choice Properties has a mix of development projects ranging in size, scale, and complexity, including retail intensification projects, which provide incremental growth to its existing sites, to larger, more complex mixed-use developments which are expected to drive net asset value growth in the future. GWL's 2020 Annual Report includes the Company's audited annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for … During 2020, Management undertook a review of adjusting items in non-GAAP financial measures, and revised the Company's non-GAAP financial measures policy. The exclusion of certain items does not imply that they are non-recurring. Funds from operations is calculated in accordance with the Real Property Association of Canada's White Paper on Funds from Operations & Adjusted Funds from Operations for IFRS issued in February 2019. Depreciation and amortization in the fourth quarter of 2020 included $8 million (2019 – $3 million) of accelerated depreciation related to Weston Foods' transformation program. Choice Properties' diversified portfolio of office, retail and industrial properties is 97.1% occupied and leased to high-quality tenants across Canada. Operating income  Loblaw operating income in the fourth quarter of 2020 was $700 million, an increase of $161 million when compared to the fourth quarter of 2019, which included the impact of the 53rd week of $67 million. IESO Innovation Roadmap. The change of $291 million was primarily driven by the unfavourable year-over-year impact of the fair value adjustment on Class B LP units ("Exchangeable Units") of $294 million. Although the duration and longer-term impact of the COVID-19 pandemic cannot be predicted, Choice Properties remains confident that its business model and disciplined approach to financial management will enable it to weather the impact of COVID-19. Weston Foods' expectations for full year 2021 assume that stricter government-mandated lockdowns implemented in many regions in the fourth quarter of 2020 will be relaxed by the end of the first quarter of 2021. See section "Non-GAAP Accounting Policy Change Commencing Fiscal 2021" of this News Release for further details. its core retail business to grow earnings faster than sales; growth in financial services profitability; to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases. To access via audio webcast, please visit the Investor Centre section of www.weston.ca. The decrease of $177 million was primarily driven by: Funds from Operations(1)   Funds from Operations(1) in the fourth quarter of 2020 was $172 million, an increase of $6 million compared to the fourth quarter of 2019, primarily driven by non-recurring activity in the prior year related to a reimbursement to Loblaw and lower borrowing and general and administrative costs, partially offset by an increase in expected credit loss provisions related to tenant receivables. Costs remained elevated to ensure the safety and security of customers and colleagues. TORONTO, Nov. 17, 2020 /CNW/ - George Weston Limited (TSX: WN) ("GWL" or the "Company") today announced its consolidated unaudited results for the 16 weeks ended October 3, 2020. As a result of certain of these transactions, the Company recorded the consolidation impact in Other and Intersegment. The increase was driven by the net benefits realized from Weston Foods' transformation program, productivity improvements, cost savings initiatives, and a decrease in performance related compensation accruals, partially offset by the decline in sales as described above and an increase in COVID-19 related expenses. In the four weeks following the end of the quarter, Loblaw's food same-store sales growth remained elevated and drug same-store sales growth slowed in front store while remaining consistent in pharmacy. This change will take effect in the first quarter of 2021 with restatement of comparative periods at that time. Annual Report : Management’s Discussion and Analysis : Consolidated Financial Statements : Management Proxy Circular : Annual Information Form : ... As a publicly traded company, George Weston Limited is required to file material disclosure documents on SEDAR. If a hardcopy is available, you can click the + icon and the hardcopy will be automatically added to your cart. The improvement in adjusted EBITDA margin(1) in the fourth quarter of 2020 was driven by the factors described above. George Weston Limited does not currently have any hardcopy reports on AnnualReports.com. GWL Corporate is a subset of Other and Intersegment. Additionally, the Company expects to return capital to shareholders through share repurchases by allocating a portion of the free cash flow received from its operating businesses and proceeds from participating in Loblaw's normal course issuer bid. The decrease was partially offset by higher sales attributable to The Mobile Shop, and higher interchange income due to prior year impact of a reclassification between revenue and expense of $19 million with no impact to earnings before income tax. On consolidation, these transactions were not recognized as a sale of assets as under the terms of the leases, the Company did not relinquish control of the properties for purposes of IFRS 16 "Leases" and IFRS 15 "Revenue from Contracts with Customers". Management concluded that, in order to present adjusting items in a manner more consistent with that of its Canadian and U.S. peers, the Company will no longer adjust for asset impairments (net of recoveries), certain restructuring and other related costs, pension settlement costs, statutory corporate income tax rate changes or other items. Excluding the favourable impact of the 53rd week and the negative impact of foreign currency translation, sales decreased by 4.6%. Depreciation and amortization in the fourth quarter of 2020 included $117 million (2019 – $116 million) of amortization of intangible assets related to the acquisition of Shoppers Drug Mart. The corresponding interest expense of $11 million in the fourth quarter of 2020 (2019 – $7 million) and $31 million year-to-date (2019 – $7 million) was recorded in the consolidated statements of earnings. The increase was primarily due to the improved underlying operating performance in retail, partially offset by the decline in financial services. Adjusted net earnings available to common shareholders of the Company(1) in the fourth quarter of 2020 were $312 million ($2.03 per common share), an increase of $50 million ($0.34 per common share), or 19.1%, compared to the fourth quarter of 2019. Please see Wikipedia's template documentation for further citation fields that may be required. Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. Our vision is that we provide the best home for a growing family of safe, well led businesses. Public domain Public domain false false: This logo image consists only of simple geometric shapes or text. close accountS for the dividends and splits (if applicable). 1 See Section 14, “Non-GAAP Financial Measures”, of the Company’s 2019 Management’s Discussion and Analysis.