MONTRÉAL, June 04, 2020 (GLOBE NEWSWIRE) — Saputo Inc. (TSX: SAP) (Saputo or the Company) reported today its financial results for the fourth quarter and fiscal year ended on March 31, 2020. All amounts in this news release are in Canadian dollars (CDN), unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).
FINANCIAL RESULTS FOR FISCAL 2020 FOURTH QUARTER ENDED MARCH 31, 2020
Revenues at $3.719 billion, up 14.9%
Adjusted EBITDA at 298.4 million, up 8.5%
Net earnings at $88.7 million, down 28.6%
Adjusted net earnings at $98.8 million, down 21.5%FINANCIAL INFORMATION
(in millions of CDN dollars, except per share amounts)* Non-IFRS measures are described in the ‘‘Glossary’’ section of the Management’s Discussion and Analysis on page 42 of the 2020 Annual Report.Revenues amounted to $3.719 billion, an increase of $482.2 million or 14.9%.
Adjusted EBITDA* amounted to $298.4 million, up $23.3 million or 8.5%.Net earnings totalled $88.7 million and EPS** (basic and diluted) were $0.22, as compared to $124.2 million and EPS (basic and diluted) of $0.32.Adjusted net earnings* totalled $98.8 million and adjusted EPS* (basic and diluted) were $0.24, as compared to $125.8 million and adjusted EPS (basic and diluted) of $0.32. Adjusted EPS excluding amortization of intangible assets related to business acquisitions* (basic and diluted) were $0.29 and $0.28, as compared to $0.34 (basic and diluted).Net cash generated from operations amounted to $295.2 million, up $67.0 million or 29.4%.The shift in consumer demand relative to the COVID-19 pandemic did not significantly affect revenues, while there was a negative impact on adjusted EBITDA, which includes an amount of $44.8 million comprised of a loss from unsellable inventory and an inventory write-down resulting from the decrease in certain market selling prices in North America.USA Market Factors** negatively impacted adjusted EBITDA by approximately $8 million.The Europe Sector, consisting of the activities of Dairy Crest Group plc acquired on April 15, 2019 (Dairy Crest Acquisition), increased revenues and adjusted EBITDA by $231.4 million and $46.6 million, respectively.Higher international selling prices of cheese and dairy ingredients positively impacted adjusted EBITDA.The specialty cheese business of Lion Dairy & Drinks Pty Ltd (Specialty Cheese Business Acquisition) in Australia, acquired on October 28, 2019, contributed positively to revenues and adjusted EBITDA.The adoption of IFRS 16, Leases positively impacted adjusted EBITDA by approximately $15 million. The impact on net earnings was minimal.The fluctuation of foreign currencies versus the Canadian dollar had a negative impact on adjusted EBITDA of approximately $3 million.________________________
* Non-IFRS measures are described in the ‘‘Glossary’’ section of the Management’s Discussion and Analysis on page 42 of the 2020 Annual Report.
** Refer to the ‘‘Glossary’’ section of the Management’s Discussion and Analysis on page 42 of the 2020 Annual Report.
FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2020
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