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Regular participant in competition, Colombia continues its race for the title of Pastry World Champion with its 11th participation, led by Deiby Sanchez (sugar candidate), Juan Buitrago González (ice candidate) and Carlos De Ávila (chocolate candidate), who is no stranger to the competition with a second appearance in a row, a valuable help to his team-mates. Colombian ambitions don't stop at pastry, as the country will also be competing for a 3rd time in the race for the Bocuse d'Or. Candidate Diego Felipe Torres Giraldo will be able to count on the advice of his President, French chef Dominique Oudin, who trained at renowned establishments around the world and was recently voted second best gastronomic restaurant in the world by TripAdvisor.

The sweet scene will be marked this year by the participation of several South American countries in the Grand Final. Argentina, boosted by its 9th place at the 2023 Grand Final, will be represented by Matias Dragun (chocolate candidate), Lucas Carballo (sugar candidate) and Mariano Zichert (ice candidate). Paraguay, for its very first participation in a Grand Final, is pinning its hopes on Chiara Pederzani (chocolate candidate), Johanna Borgognon (sugar candidate) and Thomas Arrua (ice candidate).

Further north, Mexico returns to the race for the golden statuette with the second participation in a row for Marcelo Hisaki, winner of the Social Commitment Award at the Bocuse d’Or 2023 for his actions to fight food insecurity among migrants in Baja California. Regular finalists with 18 participations to its credit, the United States will be represented by the winner of the Americas selection, Stefani De Palma. First American woman to take part in the Grand Final, the Californian aims to follow in the footsteps of her compatriots Philip Tessier, Bocuse d'Argent in 2015, and Mathew Peters, Bocuse d'Or in 2017, and hopes to become the second woman to win the Bocuse d'Or after the Luxembourgish chef Léa Linster in 1989.

> To view all biographies and photos of the American candidates for Bocuse d’Or: click here
> To view all biographies and photos of the American candidates for the Pastry World Cup: click here

 
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TORONTO, ON | NOVEMBER 11, 2024 – Data compiled by MOBI from over 1,715 hospitality businesses and 12.5 million transactions reveals a staggering one-third increase in the cost of dining out, as the hospitality sector grapples with rising costs of goods. The MOBI Index is released monthly to raise awareness about trends in the hospitality industry. MOBI’s CEO, Shannon Hautot emphasizes, “Reports like this serve as vital resources for companies to benchmark their experiences and inform critical decision-making.”

Key Findings:

  • Consumers are spending 35% more to dine out compared to 2019.
  • Demand for dining out has decreased by 6% year-over-year.
  • The average cost of a burger has reached $20, while a cup of coffee now averages $5.93. 

Prices for dining in, takeout, and delivery have risen by 4.1% over the past year, mirroring the ongoing increase in the cost of living for Canadians. This trend is consistent with the MOBI Index data and aligns with Statistics Canada’s Consumer Price Index (CPI) reports. Notably, hospitality inflation has reached 4.8%, surpassing the national CPI of 1.6%. Since October 2019, the cost of dining out has surged by 35%, prompting many consumers to seek more budget-friendly options.

Raymond Ho, Vice President, Marketing & Communications, Fatburger Canada, states, “The rising cost of living continues to affect many people, and we've observed a significant impact on our day-to-day at Fatburgers Canada. The higher costs of key ingredients have compelled us to make significant decisions; such as optimising our menu prices, offering a broader range of value options, and perfecting operational efficiencies. Despite these challenges, our commitment to delivering fresh high quality food and a great dining experience remains unwavering.”

“We recognise that consumers expect exceptional value for their money. Given that people are more cautious with their spending in these trying times, we find they are choosing establishments they know and trust, so it's essential that we deliver that credibility and provide exceptional worth. The economic slowdown has also shifted consumer behaviour, with more customers choosing take-away and delivery options as their go-to dining options. Data from the MOBI Index underscores these broader trends, and it’s evident that businesses like ours must stay agile and responsive to navigate these uncertain times effectively.” Fatburger operates 70 vibrant locations across Western Canada, delivering The Biggest, Juiciest Burgers You'll Ever Taste.

  • Burgers: The average price of a burger in Canada has climbed to approximately $20 CAD, reflecting a 64% increase since 2019.
  • Coffee: Canadians are now paying nearly $6 for their daily coffee, with prices increasing by 5% since 2023. Over the past five years, the price of a flat white has risen from $4.78 to $5.93—a 24% increase. 

Hautot expresses concern over the rising costs facing the hospitality industry and the long-term impacts of the current economic climate. We’ve observed an average 10% drop in the frequency of orders over the past year, indicating that consumers are dining out less often. In October, this decline was smaller at 6%, likely due to extra public holidays. Overall, while spending per visit has only decreased slightly by 2%, the significant trend is that people are eating out less frequently.”

“The demand for online ordering continues to grow as consumers seek the convenience of placing orders directly through their phones. Online ordering has become essential for the hospitality industry. MOBI helps bridge that gap, enabling businesses to maintain their brand and customer experience while providing a seamless digital platform for ordering and payment,” adds Hautot.

See The Full Report Here.

 
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Oakville, Ontario, Canada, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The Chopped Leaf is excited to introduce a fresh, new menu addition, the Spicy Teriyaki Bowl. Available at all locations across Canada starting November 11th, this innovative new bowl delivers just the right kick—boldly flavorful with a satisfying crunch from new wonton strips and black sesame seeds.

Building on Chopped Leaf’s tradition of offering flavourful, feel-good meals, the Spicy Teriyaki Bowl is crafted to deliver a vibrant mix of textures and flavours with a nutritious and satisfying twist. It’s made with crisp romaine lettuce, nutty brown basmati rice, crunchy red cabbage, green onion, chow mein, edamame, and carrots. Adding a delightful crunch and extra flavour are the new wonton strips and black sesame seeds, all topped off with a sweet chili teriyaki sauce that delivers just the right hint of spice.

“As we continue to innovate and expand our menu, we’re thrilled to bring a unique Japanese-inspired taste with the Spicy Teriyaki Bowl,” says Karen Paradine, Head of Marketing at Chopped Leaf. “This bold new flavour brings a fresh twist to our menu, offering our guests even more vibrant tastes to explore each time they visit Chopped Leaf.”

The Spicy Teriyaki Bowl is available for dine-in, takeout, and delivery across all Chopped Leaf locations in Canada. The Spicy Teriyaki can also be enjoyed as a Salad or Wrap.

 
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A new study reveals how much Canadians are spending on their favourite coffees across each province.   

The research conducted by CasinosHunter analyses 74 popular coffee orders across nine Canadian provinces.  

The study's popular coffee types include espresso, americano, vanilla latte, caramel latte, mocha latte, iced latte, cappuccino, dry cappuccino, and caramel macchiato.  

To calculate the amount spent across each province, the experts sourced the average monthly wage for each province from Statistics Canada.

The wages were compared against the average monthly coffee spend from a recent survey, to determine the percentage of money each province spends on coffee shop coffee.  

The study also reveals each province’s top five coffees and the percentage that is spent on each one. 

The provinces spending the most on coffee 

Rank Province  Minimum wage Average weekly wage (July 2024) Average annual wage (July 2024) Average coffee cost Average coffee spend monthly Average coffee spend annual Average coffee spend as % of annual wage
British Columbia  $17.40  $1,276.85  $66,578.79  $5.72  $38.28  $459.36  0.69% 
Ontario  $17.20  $1,293.64  $67,454.27  $5.63  $36.60  $439.20  0.65% 
Alberta  $15.00  $1,332.95  $69,504.01  $5.29  $36.42  $437.04  0.63% 
Nova Scotia  $15.20  $1,128.89  $58,863.71  $4.96  $32.18  $386.16  0.66% 
Newfoundland and Labrador  $15.60  $1,248.78  $65,115.14  $4.65  $32.18  $386.16  0.59% 
New Brunswick  $15.30  $1,139.19  $59,400.78  $5.08  $30.88  $370.56  0.62% 
Quebec  $15.75  $1,214.19  $63,311.51  $5.07  $28.23  $338.76  0.54% 
Manitoba  $15.80  $1,150.60  $59,995.74  $5.16  $28.02  $336.24  0.56% 
Saskatchewan  $15.00  $1,210.98  $63,144.13  $4.94  $22.06  $264.72  0.42% 

British Columbia spends the most on coffee a month, a total of $38.28. This is $495.36 per year and 0.69% of a typical person’s annual wage.   

British Columbia’s favourite coffee is a flat white, and study reveals $9.11 of the $38.38 is spent on a flat white.  

Ontario is the second biggest coffee-spending province, with a total of $36.30 spent on coffee shop coffee per month and $439.20 per year. This is 0.65% of the average person's annual wage.  

Ontario’s favourite coffee is also flat white, and $9.11 is spent on this type of coffee in coffee shops.   

Alberta is the third biggest spending province, spending 0.63% of annual wages on coffee shop coffees. A total of $36.42 is spent on coffee shop coffee per month and $437.04 per year.  

Alberta’s second favourite coffee is espresso, with $3.94 spent per month.  

Nova Scotia ranks fourth, spending $386.16 per year on coffee shop coffee and  

$32.18 per month. This is 0.66% of Nova Scotia’s annual minimum wage.  

Nova Scotia spends $1.52 per month on cortados.  

In fifth is Newfoundland and Labrador spending $386.16 on coffee shop coffee per year, and $32.18 per month. This is 0.59% of the annual minimum wage. 

Mike Hunter, Founder of CasinosHunter, commented on the study findings,  

“Canada's cold weather, especially in the winter, makes hot beverages like coffee particularly appealing. The warmth and comfort of a hot cup of coffee are very inviting in such a climate.

“However, now coffee has become a worldwide phenomenon, with so many diverse options available. From different types of beans to brewing methods, flavours and temperatures, coffee continues to be fresh and exciting.  

“Coffee also comes with a social aspect, as more people are meeting friends or conducting business meetings in coffee shops.   

“Increased demand for quality beans can be a reason why coffee is expensive. Specialty coffee shops that focus on high-quality beans and ethical sourcing typically charge more, reflecting the costs of production, fair trade practices, and the skilled labor involved in making high-end coffee drinks.  

“The flat white has gained popularity globally, striking a balance between the strong flavor of espresso and the creamy texture of milk, appealing to those who enjoy a robust coffee flavor without the bitterness of a straight espresso.”

 
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Rougemont, QC, November 7, 2024 – Lassonde Industries Inc. (TSX: LAS.A) (“Lassonde” or the “Corporation”) today announced its financial results for the third quarter of 2024.

Financial Highlights:

  Third quarters ended
Sept. 28, 2024 Sept. 30, 2023
(in millions of dollars, unless otherwise indicated) $ $ $
Sales 668.3 583.4 84.9
Gross profit 179.8 146.3 33.5
Operating profit 47.2 35.7 11.5
Profit 29.1 24.3 4.8
Attributable to: Corporation’s shareholders 29.7 24.3 5.4
Non-controlling interests (0.6) 0.0 (0.6)
EPS (in $) 4.35 3.56 0.79
Weighted average number of shares outstanding (in thousands) 6,822 6,822
Adjusted EBITDA1 69.3 52.9 16.4
Adjusted EPS1 (in $) 4.53 3.67 0.86

Note: These are financial highlights only. Management’s Discussion and Analysis, the unaudited interim condensed consolidated financial statements and notes thereto for the quarter ended September 28, 2024 are available on the SEDAR+ website at www.sedarplus.ca and on the website of Lassonde Industries Inc.

“Lassonde delivered healthy sales and earnings growth for yet another quarter, driven by solid performance across all divisions,” said Vince Timpano, Chief Executive Officer of Lassonde Industries Inc. “Volume gains in our U.S. beverage business mainly reflect our demand build-back plan supplemented by initial production from the newly commissioned single-serve line in North Carolina. In Canada, the introduction of several new products enabled us to sustain our momentum in key categories.”

“In terms of short-term priorities, we will continue onboarding personnel from Summer Garden, whose activities contributed approximately seven weeks to our operating results in the third quarter. This pivotal acquisition will fortify our core specialty food offering and provide access to attractive adjacent markets. We are also eagerly preparing for the construction of our new plant in New Jersey during the next few months. These important initiatives will accelerate the execution of our strategic plan and further position Lassonde as a leader in the North American food and beverage industry,” added Mr. Timpano.

Third Quarter Highlights:

  • Sales of $668.3 million. Excluding a $5.6 million favourable foreign exchange impact and $31.4 million in sales from the Acquired Entities2, the Corporation’s sales were up $47.9 million (8.2%) year over year, mainly due to the favourable impact of selling price adjustments in Canada and an increase in the U.S. sales volume for both private label and branded products, partly offset by an unfavourable change in the sales mix of U.S. private label products.
  • Gross profit of $179.8 million (26.9% of sales). Excluding a $0.5 million unfavourable foreign exchange impact and $8.9 million in gross profit from the Acquired Entities2, gross profit was up $25.1 million from the same quarter last year. This net increase results mainly from the following items:
    • A decrease in the Corporation’s conversion costs, a portion of which results from operational improvements, including the impact of the ongoing insourcing of manufacturing for certain products sold by the Corporation’s U.S. beverage divisions;
    • A favourable impact of selling price adjustments to offset the higher costs of certain inputs, essentially orange juice and orange concentrates;
    • A favourable impact of an increase in sales volume; and
    • An unfavourable impact of a change in the sales mix.
  • Operating profit of $47.2 million. Excluding the $4.0 million unfavourable contribution from the Acquired Entities2, operating profit was up $15.5 million from the same quarter last year. This net increase results mainly from the impact of the following items:
    • Higher gross profit;
    • $6.2 million increase in transportation costs incurred to deliver products to clients and in finished goods warehousing costs, essentially in the U.S.;
    • $2.0 million net increase in other selling and administrative expenses; and
    • $0.4 million in costs related to the Summer Garden acquisition.
  • Excluding items impacting comparability but including the Acquired Entities2, adjusted EBITDA1 was $69.3 million (10.4% of sales), up $16.4 million from the same quarter last year.
  • Profit attributable to the Corporation’s shareholders totalled $29.7 million, resulting in EPS of $4.35, up $5.4 million and $0.79, respectively, from the same quarter in 2023. Excluding the $2.5 million unfavourable contribution from the Acquired Entities2 and the $2.3 million impact of additional financial expenses, net of taxes, related to the Summer Garden acquisition, profit attributable to the Corporation’s shareholders was up $10.2 million year over year.  Excluding items impacting comparability, adjusted EPS1 was $4.53 compared to $3.67 in the same quarter last year.
  • As at September 28, 2024, the Corporation had total assets of $2,095.3 million versus $1,665.7 million as at December 31, 2023, a 25.8% increase arising mainly from the Summer Garden assets of $378.2 million and from an increase in property, plant and equipment.
  • As at September 28, 2024, long-term debt, including the current portion, stood at $465.2 million, representing a net debt to adjusted EBITDA1 ratio of 1.83:1. Excluding $309.4 million in borrowings to finance the Summer Garden acquisition, this is down $54.7 million from December 31, 2023.
  • Operating activities generated $87.5 million in cash compared to $76.0 million generated in the same quarter last year. The Acquired Entitiesoperating activities generated $0.7 million in cash, leaving a difference of $10.8 million on a comparable basis. This increase in cash inflows was mainly due to a higher operating profit and a $2.3 million favourable change in the change in the fair value of financial instruments, partly offset by a $7.6 million increase in net income tax paid.
  • Dividend of $1.00 per share, paid on September 13, 2024.

Outlook

Lassonde continues to expect that the largest factors impacting its performance in fiscal 2024 will be the financial health of consumers and the inflationary environment. As a result, the Corporation is currently using the following assumptions for its fiscal year 2024:

Sales growth rate

  • For 2024, barring any significant external shocks and excluding foreign exchange impacts and the sales generated by Summer Garden, Lassonde expects a sales growth rate in the mid-to-high-single-digit range, mainly driven by:
    • the run-rate effect of its existing selling price adjustments; and
    • a sequential improvement in sales volume in the last quarter of the year resulting from the combined impact of the following items: (i) the pace of the U.S. demand build back strategy for the Corporation’s products; (ii) additional volume available following the deployment of its single-serve line in North Carolina; and (iii) the overall stabilization of demand.
  • The Corporation is closely monitoring the evolution of consumer food habits and demand elasticity for its products in a context of ongoing inflation in the cost of its key commodities.

Key commodity and input costs

  • Lassonde has experienced substantial increases in input costs since 2021, and some commodity costs, mainly orange juice, orange concentrates and apple concentrates, are expected to remain elevated through the end of 2025.
  • Given that a large portion of the raw material purchases made by Lassonde’s Canadian operations are in U.S. dollars, a strengthening of this currency against the Canadian dollar results in a higher cost for products sold in the Canadian market. Furthermore, the Corporation is expecting an unfavourable foreign exchange impact for 2024 when considering its hedged positions.

Expenses, including items impacting the comparability between the periods

  • As overall demand stabilizes, the Corporation’s operating expenses in the last quarter of 2024 will continue to reflect targeted investments to reinforce the innovation pipeline, distribution expansion, and strategic trade spending to support growth.
  • The Corporation’s performance-related compensation expenses are expected to return in 2024 to levels below those observed in 2023.
  • During 2024, Lassonde plans to continue deploying its multi-year strategy (the “Strategy”), optimizing its business, and upgrading its key systems and technology infrastructures to improve its efficiency. Planned spending in support of these elements is expected to reach up to $5.5 million in 2024.
  • The effect of Summer Garden’s purchase price allocation and the deployment of the single-serve line earlier in the third quarter will have an incremental impact, estimated at US$5.4 million, on the fourth-quarter amortization and depreciation expense.
  • Following the Corporation’s decision to invest in the construction on a new plant in New Jersey, certain existing assets related to the current plant will have to be depreciated at an accelerated rate over a period of ten quarters beginning in the fourth quarter of 2024. The additional depreciation charge is estimated at US$1.5 million per quarter.

Effective tax rate

  • Effective tax rate of about 26.5% for 2024, excluding the impact on the tax rate of Diamond’s results.

Working capital

  • The Corporation’s Days Operating Working Capital1 remains close to its historical levels and only incremental improvements to this ratio are expected over the course of 2024. However, this outlook might be impacted by: (i) opportunistic decisions to secure inventory cost ahead of potential additional price increases from suppliers, (ii) the objective of ensuring an adequate service level, (iii) decisions to counter new potential supply chain disruptions, or (iv) support provided to the Corporation’s manufacturing network optimization projects.

Capital expenditures

  • The Corporation’s overall capital expenditures program for 2024 is estimated to reach up to 5.0% of its sales as it continues to deploy capital in support of its Strategy. This estimate depends on the rate of progress of certain large capital projects and on the evolution of the macroeconomic environment.
  • The new capital assets will be financed, to the extent possible, using the Corporation’s operating cash flows, although the Corporation may also turn to borrowing if interest rates and conditions prove advantageous.

The above forward-looking statements have been prepared using the following key assumptions: currently observed geopolitical situation and macroeconomic trends, particularly in the context of the U.S. (and potentially Canadian) elections and the ensuing implications, including employment, inflation and interest rates; a stable exchange rate between the U.S. dollar and the Canadian dollar; the continuity of recently observed consumer behaviours and market trends for the Corporation’s products; the effectiveness of the Corporation’s selling price adjustment initiatives; the limited impact of the Corporation’s selling price adjustment initiatives on product demand; no material disruption to the Corporation’s operations (including workforce availability) or to its supply chain; the continuity of observed trends in the competitive environment and the effectiveness of the Corporation’s strategy to position itself competitively in the markets in which it operates; limited additional cost increases from suppliers; adequate availability of key inputs; the continuity of recently observed normalized trends in the throughput capacity of key U.S. plants; expected lead time for new manufacturing equipment; and adequate contractor or consultant availability to progress the Corporation’s capital expenditures. The Corporation cautions readers that the foregoing list of factors is not exhaustive. It should also be noted that some of these key assumptions, notably those related to the geopolitical situation and macroeconomic trends, are volatile and rapidly evolving. In preparing its outlook, the Corporation made assumptions that do not consider extraordinary events or circumstances beyond its control. The Corporation believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. For additional information, refer to Section 2 – “Forward-Looking Statements” of the Corporation’s MD&A for the third quarter of 2024.

Dividend

In accordance with the Corporation’s dividend policy, the Board of Directors declared today a quarterly dividend of $1.00 per share, payable on December 13, 2024 to all registered holders of Class A and Class B shares on November 20, 2024. This dividend is an eligible dividend for Canadian tax purposes.

Conference Call to Discuss Third Quarter 2024 Financial Results

OPEN TO:             Investors, analysts, and all interested parties

DATE:                    Friday, November 8, 2024

TIME:                     8:30 AM ET

CALL:                    647-484-8814 (for overseas participants)

1-844-763-8274 (for other North American participants)

A live audio broadcast of the conference call will be available on the Corporation’s website, on the Investors page or here: https://www.gowebcasting.com/13666. The replay of the webcast will remain available at the same link until midnight, November 15, 2024.

Financial Measures Not in Accordance With IFRS

The financial measures or ratios, further described below, do not constitute standardized financial measures or ratios in accordance with the financial reporting framework used to prepare the Corporation’s financial statements. These non-IFRS measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. Comparing them to similar financial measures or ratios presented by other issuers may not be possible.

Items impacting the comparability between periods

The following table contains a list, description, and quantification of items impacting the comparability of the financial performance between periods:

  Third quarters ended
Sept. 28, 2024 Sept. 30, 2023
(in millions of dollars) $ $
Costs related to the Strategy 0.7 0.7
Implementation costs of new key systems 0.4 0.5
Business optimization 0.1
Costs related to the Summer Garden acquisition 0.4
Adjustment related to non-recoverable sales taxes 0.3
Sum of items impacting comparability on operating profit and EBITDA: 1.6 1.5
Item impacting comparability on “Other (gains) losses”:    
Gain related to the preliminary settlement of an insurance claim (0.5)
Tax impact of previous items (0.4) (0.3)
Impact on profit 1.2 0.7
Attributable to: Corporation’s shareholders 1.2 0.7
Non-controlling interests

EBITDA and Adjusted EBITDA

EBITDA is a financial measure used by the Corporation and investors to assess the Corporation’s capacity to generate future cash flows from operating activities and pay financial expenses. Adjusted EBITDA is a financial measure used by the Corporation to compare EBITDA between periods by excluding items impacting comparability. EBITDA consists of the sum of operating profit and of the “depreciation of property, plant and equipment and amortization of intangible assets” item and “(Gains) losses on capital assets” item, as shown in the Consolidated Statement of Cash Flows. Adjusted EBITDA is calculated by adjusting the EBITDA with items considered by management as impacting the comparability between periods.

  Third quarters ended
Sept. 28, 2024 Sept. 30, 2023
(in millions of dollars) $ $
Operating profit 47.2 35.7
Depreciation of property, plant and equipment and amortization of intangible assets 20.3 15.7
(Gains) losses on capital assets 0.2 0.0
EBITDA 67.7 51.4
Sum of items impacting comparability 1.6 1.5
Adjusted EBITDA 69.3 52.9

Adjusted Profit Attributable to the Corporation’s Shareholders and Adjusted EPS

Adjusted profit attributable to the Corporation’s shareholders and adjusted EPS are financial measures used by the Corporation to compare profit attributable to the Corporation’s shareholders and EPS between periods by excluding items impacting comparability. They are calculated by adjusting them with items considered by management as impacting the comparability between periods.

  Third quarters ended
Sept. 28, 2024 Sept. 30, 2023
(in millions of dollars, unless otherwise indicated) $ $
Profit attributable to the Corporation’s shareholders 29.7 24.3
Sum of items impacting comparability 1.2 0.7
Adjusted profit attributable to the Corporation’s shareholders 30.9 25.0
Weighted average number of shares outstanding (in thousands) 6,822 6,822
Adjusted EPS (in $) 4.53 3.67

Net Debt to Adjusted EBITDA

Net debt to adjusted EBITDA is a financial measure used by the Corporation to assess its ability to pay off existing debt and define available borrowing capacity. To calculate the net debt to adjusted EBITDA ratio, net debt is divided by the sum of adjusted EBITDA from the last four quarters. Net debt represents long-term debt, including the current portion, less the “Cash and cash equivalents” item, as they are presented in the Corporation’s Consolidated Statement of Financial Position.

                                                                 As at
Sept. 28, 2024
As at Dec. 31, 2023
(in millions of dollars, except the net debt to adjusted EBITDA ratio) $ $
Current portion of long-term debt 25.6 18.5
Long-term debt 439.6 192.0
Less: Cash and cash equivalents (9.2) (19.8)
Net debt 456.0 190.7
Sum of adjusted EBITDA from the last four quarters 248.9 207.1
Net debt to adjusted EBITDA ratio 1.83:1 0.92:1

Days Operating Working Capital

Days operating working capital is a financial measure used by the Corporation to represent the number of days of sales tied up as operating working capital. To calculate this financial measure, operating working capital is divided by the last quarter’s sales, as they are presented in this press release, and multiplied by 91 days. Operating working capital consists of the sum of trade accounts receivable, discounts receivable and inventories, less trade payables and accrued expenses and trade spending, as they are presented in the accompanying notes to the Corporation’s interim consolidated financial statements.

Caution Concerning Forward-Looking Statements

This document contains “forward-looking information”, and the Corporation’s oral and written public communications that do not constitute historical fact may be deemed to be “forward-looking information” within the meaning of applicable Canadian securities law. These forward-looking statements include, but are not limited to, statements on the Corporation’s objectives and goals and are based on current expectations, projections, beliefs, judgments, and assumptions based on information available at the time the applicable forward-looking statement was made and considering the Corporation’s experience combined with its perception of historical trends.

Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “could”, “would”, “believe”, “plan”, “intend”, “design”, “target”, “objective”, “strategy”, “likely”, “potential”, “outlook”, “aim”, “goal”, and similar expressions suggesting future events or future performance in addition to the negative forms of these terms or any variations thereof. All statements other than statements of historical fact included in this document may constitute a forward-looking statement.

In this document, forward-looking statements include, but are not limited to, those set forth in the above “Outlook” section, which also presents some (but not all) of the key assumptions used in determining the forward-looking statements. Some of the forward-looking statements in this document, such as statements concerning sales volume and sales growth rate, key commodity and input costs, expenses, including items impacting the comparability between the periods, effective tax rate, working capital, and capital expenditures may be considered financial outlooks for the purposes of applicable Canadian securities regulations. These financial outlooks are presented to evaluate potential future earnings and anticipated future uses of cash flows and may not be appropriate for other purposes.

Various factors or assumptions are applied by the Corporation in elaborating the forward‑looking statements. These factors and assumptions are based on information currently available to the Corporation, including information obtained by the Corporation from third parties. Readers are cautioned that the assumptions considered by the Corporation to support these forward-looking statements may prove to be incorrect in whole or in part.

The significant factors that could cause actual results to differ materially from the conclusions, forecasts or projections reflected in the forward-looking statements contained herein include, among other things, risks associated with the following: deterioration of general macroeconomic conditions, including international conflicts, which can lead to negative impacts on the Corporation’s suppliers, customers, and operating costs; the availability of raw materials and packaging and related price variations (including the prices of orange juice and orange concentrates, key commodities for the Corporation, which have continued to trade above historical highs for the past several months and show no sign of favourable change); loss of key suppliers or supplier concentration; disruptions in or failures of the Corporation’s information technology systems, as well as the development and performance of technology; cyber threats and other information-technology-related risks leading to business disruptions, confidentiality, data integrity, and business email compromise-related fraud; the successful deployment of the Corporation’s multi-year strategy  (defined in Section 4 – “Multi-Year Strategy” of the Corporation’s MD&A for the third quarter ended September 28, 2024), including the successful execution of its key capital projects along with the materialization of the underlying expected benefits, and the Corporation’s ability to effectively integrate any acquisitions; the Corporation’s ability to maintain strong sourcing and manufacturing platforms and efficient distribution channels; fluctuations in the prices of inbound and outbound freight, the impact of oil prices (and derivatives thereof) on the Corporation’s direct and indirect costs along with the Corporation’s ability to transfer those increases through higher prices or other means, if any, to its customers in competitive market conditions and considering demand elasticity; climate change and disasters causing higher operating costs and capital expenditures and reduced production output, or impacting the availability, quality or price volatility of key commodities sourced by the Corporation; the scarcity of labour and the related impact on the hiring, training, developing, retaining and reliance of personnel together with their productivity, employment matters, compliance with employment laws across multiple jurisdictions, and the potential for work stoppages due to the non-renewal of collective bargaining agreements or other reasons; the successful deployment of the Corporation’s health and safety programs in compliance with applicable laws and regulations; serious injuries or fatalities, which could have a material impact on the Corporation’s business continuity and reputation and lead to compliance-related costs; disputes with significant suppliers; the increasing concentration of customers in the food industry, providing them with significant bargaining power particularly on the Corporation’s selling prices; the implementation, cost and impact of environmental sustainability initiatives as well as the cost of remediating environmental liabilities; changes made to laws and rules that affect the Corporation’s activities, particularly in matters of tax and customs duties, as well as the interpretation thereof, and new positions adopted by relevant authorities; the ability to adapt to changes and developments affecting the Corporation’s industry, including customer preferences, tastes, and buying patterns, market conditions and the activities of competitors and customers; failure to maintain the quality and safety of the Corporation’s products, which could result in product recalls and product liability claims for misbranded, adulterated, contaminated, or spoiled food products, along with reputational damage; risks related to fluctuations in interest rates, currency exchange rates, liquidity and credit, stock price and pension obligations; the incurrence of restructuring, disposal, or other related charges together with the recognition of impairment charges on goodwill or long-lived assets; the sufficiency of insurance coverage; and the implications and outcome of potential legal actions, litigation or regulatory proceedings to which the Corporation may be a party. The Corporation cautions readers that the foregoing list of factors is not exhaustive.

The Corporation’s ability to achieve its sustainability targets and goals is further subject to, among other factors, its ability to access and implement all technology necessary to achieve them as well as the development, deployment, and performance of technology and environmental regulation. The Corporation’s ability to achieve its environmental, social and governance risk commitments is further subject to, among other factors, its ability to leverage its supplier relationships.

The assumptions, expectations, and estimates involved in preparing forward-looking statements and risks and uncertainties that could cause actual results to differ materially from forward-looking statements are discussed in the Corporation’s materials filed with the Canadian securities regulatory authorities, including information about risk factors that can be found in Section 19 – “Uncertainties and Principal Risk Factors” of the Corporation’s MD&A for the year ended December 31, 2023. Readers should review this section in detail.

All forward-looking statements included herein speak only as of the date hereof. Unless required by law, the Corporation does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements contained herein are wholly and expressly qualified by this cautionary statement.

1 This measure does not constitute a standardized financial measure in accordance with the financial reporting framework used to prepare the Corporation’s financial statements. Comparing it to a similar financial measure presented by other issuers may not be possible. Refer to Section “Financial Measures Not in Accordance with IFRS” of this press release for more information, including the definition and composition of the measure or ratio as well as the reconciliation to the most comparable measure in the financial statements, as applicable.

2 Lassonde acquired control of Diamond Estates Wines & Spirits Inc. (“Diamond”) on November 14, 2023, and completed the acquisition of The Zidian Group, which operates Summer Garden Food Manufacturing and certain of its affiliates (collectively “Summer Garden”) on August 8, 2024 (collectively referred to as the “Acquired Entities”). Consequently, these entities have been consolidated in Lassonde since these dates.

 

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