Cash flow Empire Company Limited

Equities

EMP.A

CA2918434077

Food Retail & Distribution

Market Closed - Toronto S.E. Other stock markets 16:15:26 2024-09-09 EDT			5-day change	1st Jan Change
38.43 ^CAD	-0.16%		+2.26%	+9.64%

09-09	Empire Price Target Raised to $42 at Desjardins	MT
09-03	Empire Company Target Lifted to $40, Market Perform Reiterated, at BMO	MT

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Published financial data: EMPIRE COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: May	2020	2021	2022	2023	2024
Revenues	26.59B	28.27B	30.16B	30.48B	30.73B
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	-	-	-	-	-
Other Revenues, Total	89.3M	67.3M	110M	104M	66.8M
Total Revenues	26.68B	28.34B	30.27B	30.58B	30.8B
Cost of Goods Sold, Total	19.95B	21.07B	22.5B	22.69B	22.66B
Gross Profit	6.72B	7.27B	7.77B	7.9B	8.14B
Selling General & Admin Expenses, Total	5.63B	5.96B	6.46B	6.7B	6.93B
Other Operating Expenses	-	-	-47M	-	-39.6M
Other Operating Expenses, Total	5.63B	5.96B	6.41B	6.7B	6.89B
Operating Income	1.09B	1.31B	1.35B	1.19B	1.25B
Interest Expense, Total	-304M	-293M	-302M	-284M	-304M
Interest And Investment Income	32.5M	29.5M	26.1M	23.8M	26M
Net Interest Expenses	-271M	-263M	-276M	-260M	-278M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	1.1M	2M	1.5M	1M	19.2M
EBT, Excl. Unusual Items	820M	1.05B	1.08B	935M	988M
Restructuring Charges	-36.9M	-54.8M	-29.5M	-1.6M	-67M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	51.7M	37.1M	23.1M	44.7M	108M
Asset Writedown	-1.9M	-1.6M	7.4M	-12.9M	-300K
EBT, Incl. Unusual Items	833M	1.03B	1.08B	965M	1.03B
Income Tax Expense	220M	266M	270M	238M	266M
Earnings From Continuing Operations	613M	764M	811M	728M	763M
Net Income to Company	613M	764M	811M	728M	763M
Minority Interest	-29.3M	-62.7M	-65.5M	-41.7M	-37.4M
Net Income - (IS)	584M	702M	746M	686M	725M
Net Income to Common Incl Extra Items	584M	702M	746M	686M	725M
Net Income to Common Excl. Extra Items	584M	702M	746M	686M	725M
Per Share Items
Net EPS - Basic	2.16	2.61	2.81	2.65	2.92
Basic EPS - Continuing Operations	2.16	2.61	2.81	2.65	2.92
Basic Weighted Average Shares Outstanding	270M	268M	265M	259M	248M
Net EPS - Diluted	2.15	2.6	2.8	2.64	2.92
Diluted EPS - Continuing Operations	2.15	2.6	2.8	2.64	2.92
Diluted Weighted Average Shares Outstanding	271M	269M	266M	259M	248M
Normalized Basic EPS	1.79	2.21	2.3	2.1	2.34
Normalized Diluted EPS	1.78	2.2	2.29	2.09	2.33
Dividend Per Share	0.48	0.52	0.6	0.66	0.73
Payout Ratio	22.23	19.87	21.02	24.81	25.06
Supplemental Items
EBITDA	1.46B	1.71B	1.8B	1.66B	1.72B
EBITA	1.12B	1.34B	1.39B	1.23B	1.28B
EBIT	1.09B	1.31B	1.35B	1.19B	1.25B
EBITDAR	1.42B	1.66B	1.74B	1.6B	1.68B
Effective Tax Rate - (Ratio)	26.41	25.81	24.99	24.62	25.85
Total Current Taxes	31.1M	171M	231M	212M	170M
Total Deferred Taxes	189M	95.3M	39.5M	25.6M	96.3M
Normalized Net Income	483M	593M	610M	543M	580M
Interest Capitalized	1.8M	500K	600K	1.6M	1.8M
Interest on Long-Term Debt	306M	293M	302M	286M	305M
Non-Cash Pension Expense	6.7M	6.7M	6.1M	5.1M	4.9M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	-40.5M	-46.4M	-61.2M	-59.3M	-46.3M
Imputed Operating Lease Interest Expense	-22.1M	-15.47M	-20.29M	-18.48M	-15.54M
Imputed Operating Lease Depreciation	-18.4M	-30.93M	-40.91M	-40.82M	-30.76M
Stock-Based Comp., SG&A Exp. (Total)	14.1M	34.7M	18.9M	-5.9M	-3.8M
Stock-Based Comp., Other (Total)	6.2M	11.8M	14.6M	17.3M	9.1M
Total Stock-Based Compensation	20.3M	46.5M	33.5M	11.4M	5.3M

Fiscal Period: May	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.01B	890M	812M	221M	260M
Total Cash And Short Term Investments	1.01B	890M	812M	221M	260M
Accounts Receivable, Total	535M	638M	633M	769M	793M
Other Receivables	34.8M	60.5M	48.7M	90.8M	69.7M
Notes Receivable	68.4M	-	-	-	-
Total Receivables	638M	698M	681M	859M	863M
Inventory	1.49B	1.5B	1.59B	1.74B	1.77B
Prepaid Expenses	113M	101M	128M	131M	162M
Other Current Assets, Total	6.1M	3.4M	-	-	47.3M
Total Current Assets	3.26B	3.19B	3.21B	2.96B	3.1B
Gross Property Plant And Equipment	9.8B	10.2B	10.81B	10.97B	11.39B
Accumulated Depreciation	-2.88B	-2.54B	-2.65B	-2.78B	-2.91B
Net Property Plant And Equipment	6.92B	7.66B	8.16B	8.2B	8.48B
Long-term Investments	619M	578M	685M	702M	688M
Goodwill	1.57B	1.58B	2.06B	2.07B	2.06B
Other Intangibles, Total	969M	976M	1.34B	1.38B	1.35B
Accounts Receivable Long-Term	-	497M	504M	541M	548M
Loans Receivable Long-Term	581M	47.1M	45.5M	45.6M	52.8M
Deferred Tax Assets Long-Term	587M	475M	425M	404M	305M
Deferred Charges Long-Term	700K	-	-	-	-
Other Long-Term Assets, Total	130M	173M	165M	193M	197M
Total Assets	14.63B	15.17B	16.59B	16.48B	16.79B
Liabilities
Accounts Payable, Total	2.95B	2.87B	2.99B	3.03B	3.03B
Accrued Expenses, Total	1.5M	1.4M	1.4M	-	-
Current Portion of Long-Term Debt	570M	46.5M	581M	101M	114M
Current Portion of Leases	466M	490M	510M	564M	585M
Current Income Taxes Payable	23.2M	22.1M	128M	61.3M	104M
Other Current Liabilities	47.2M	53.6M	31.3M	103M	54M
Total Current Liabilities	4.06B	3.49B	4.24B	3.86B	3.89B
Long-Term Debt	1.11B	1.18B	596M	911M	982M
Long-Term Leases	4.8B	5.42B	5.78B	5.62B	5.68B
Unearned Revenue Non Current	6.1M	7.1M	9.2M	-	5.1M
Pension & Other Post Retirement Benefits	304M	254M	178M	167M	160M
Deferred Tax Liability Non Current	198M	191M	260M	269M	266M
Other Non Current Liabilities	146M	140M	401M	322M	338M
Total Liabilities	10.62B	10.68B	11.46B	11.15B	11.32B
Common Stock, Total	2.02B	1.97B	2.03B	1.92B	1.78B
Additional Paid In Capital	23.2M	25.2M	37.2M	50.1M	56.2M
Retained Earnings	1.87B	2.36B	2.91B	3.22B	3.48B
Comprehensive Income and Other	12.9M	13.7M	13.2M	18.8M	19.7M
Total Common Equity	3.92B	4.37B	4.99B	5.2B	5.34B
Minority Interest	89.3M	125M	142M	136M	128M
Total Equity	4.01B	4.5B	5.13B	5.34B	5.47B
Total Liabilities And Equity	14.63B	15.17B	16.59B	16.48B	16.79B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	269M	267M	262M	252M	242M
ECS Total Common Shares Outstanding	269M	265M	263M	253M	242M
Book Value / Share	14.59	16.47	19	20.53	22.07
Tangible Book Value	1.38B	1.82B	1.59B	1.76B	1.93B
Tangible Book Value Per Share	5.14	6.85	6.07	6.94	7.97
Total Debt	6.94B	7.13B	7.46B	7.2B	7.36B
Net Debt	5.93B	6.24B	6.65B	6.98B	7.1B
Debt Equivalent of Unfunded Proj. Benefit Obligation	191M	146M	89.4M	79.6M	71.3M
Debt Equivalent Oper. Leases	-324M	-371M	-490M	-474M	-370M
Minority Interest, Total (Incl. Fin. Div)	89.3M	125M	142M	136M	128M
Equity Method Investments, Total	608M	570M	682M	702M	688M
Account Code - Inventory Valuation	6	-	6	6	6
Land - (BS)	452M	387M	373M	372M	428M
Buildings, Total	1.18B	1.2B	1.18B	1.21B	1.28B
Machinery, Total	2.61B	2.6B	2.79B	2.81B	2.95B
Full Time Employees	127K	134K	130K	131K	128K
Accumulated Allowance for Doubtful Accounts (Supple)	38.8M	36.3M	24.2M	21.4M	28.4M

Fiscal Period: May	2020	2021	2022	2023	2024
Net Income	584M	702M	746M	686M	725M
Depreciation & Amortization - CF	709M	769M	872M	916M	950M
Amortization of Goodwill and Intangible Assets - (CF)	25.1M	27.5M	39.6M	38.8M	33.4M
Depreciation & Amortization, Total	734M	796M	912M	955M	983M
Amortization of Deferred Charges, Total - (CF)	49.6M	50.3M	57M	77.4M	88.6M
(Gain) Loss From Sale Of Asset	-51.7M	-37.1M	-23.1M	-44.7M	-108M
Asset Writedown & Restructuring Costs	1.9M	1.6M	-7.4M	12.9M	300K
(Income) Loss On Equity Investments - (CF)	28M	35.7M	9.5M	-10.2M	19.3M
Stock-Based Compensation (CF)	6.2M	11.8M	14.6M	17.3M	9.1M
Other Operating Activities, Total	458M	380M	446M	219M	435M
Change In Accounts Receivable	-	-	-	-	5.6M
Change In Inventories	-	-	-	-	-21.2M
Change In Accounts Payable	-	-	-	-	-38.7M
Change in Other Net Operating Assets	279M	-80.9M	-46.8M	-307M	-24M
Cash from Operations	2.09B	1.86B	2.11B	1.61B	2.07B
Capital Expenditure	-549M	-566M	-633M	-574M	-705M
Sale of Property, Plant, and Equipment	193M	114M	166M	48.9M	146M
Cash Acquisitions	-19.2M	-15.9M	-242M	-18.7M	-19.2M
Sale (Purchase) of Intangible assets	-69M	-92.8M	-147M	-184M	-93.5M
Investment in Marketable and Equity Securities, Total	-41.5M	-	-124M	-3.4M	-6.1M
Net (Increase) Decrease in Loans Originated / Sold - Investing	97M	48.9M	105M	50M	80M
Other Investing Activities, Total	12.1M	10.1M	-15M	-3.8M	-10.2M
Cash from Investing	-376M	-502M	-891M	-685M	-608M
Long-Term Debt Issued, Total	80.8M	86.4M	94.6M	425M	182M
Total Debt Issued	80.8M	86.4M	94.6M	425M	182M
Long-Term Debt Repaid, Total	-790M	-957M	-663M	-1.1B	-627M
Total Debt Repaid	-790M	-957M	-663M	-1.1B	-627M
Repurchase of Common Stock	-100M	-154M	-249M	-350M	-400M
Common Dividends Paid	-130M	-139M	-157M	-170M	-182M
Common & Preferred Stock Dividends Paid	-130M	-139M	-157M	-170M	-182M
Other Financing Activities, Total	-319M	-311M	-320M	-319M	-401M
Cash from Financing	-1.26B	-1.48B	-1.29B	-1.51B	-1.43B
Net Change in Cash	455M	-118M	-78.2M	-591M	38.3M
Supplemental Items
Cash Interest Paid	302M	289M	288M	282M	291M
Cash Income Tax Paid (Refund)	42.9M	199M	113M	320M	106M
Levered Free Cash Flow	896M	742M	981M	565M	757M
Unlevered Free Cash Flow	1.09B	925M	1.17B	743M	947M
Change In Net Working Capital	-218M	128M	-101M	290M	111M
Net Debt Issued / Repaid	-710M	-871M	-568M	-673M	-444M

Fiscal Period: May	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.62	5.5	5.33	4.51	4.68
Return on Total Capital	7.99	7.25	6.99	5.94	6.14
Return On Equity %	15.14	17.96	16.85	13.9	14.12
Return on Common Equity	14.72	16.91	15.93	13.46	13.76
Margin Analysis
Gross Profit Margin %	25.2	25.64	25.67	25.82	26.42
SG&A Margin	21.11	21.02	21.34	21.92	22.5
EBITDA Margin %	5.49	6.02	5.94	5.44	5.6
EBITA Margin %	4.18	4.72	4.61	4.03	4.15
EBIT Margin %	4.09	4.63	4.48	3.91	4.05
Income From Continuing Operations Margin %	2.3	2.7	2.68	2.38	2.48
Net Income Margin %	2.19	2.48	2.46	2.24	2.35
Net Avail. For Common Margin %	2.19	2.48	2.46	2.24	2.35
Normalized Net Income Margin	1.81	2.09	2.01	1.77	1.88
Levered Free Cash Flow Margin	3.36	2.62	3.24	1.85	2.46
Unlevered Free Cash Flow Margin	4.07	3.26	3.86	2.43	3.07
Asset Turnover
Asset Turnover	2.2	1.9	1.91	1.85	1.85
Fixed Assets Turnover	5.43	3.89	3.83	3.74	3.69
Receivables Turnover (Average Receivables)	54.29	45.53	47.48	43.5	39.36
Inventory Turnover (Average Inventory)	13.62	14.1	14.56	13.61	12.89
Short Term Liquidity
Current Ratio	0.8	0.92	0.76	0.77	0.8
Quick Ratio	0.39	0.46	0.35	0.28	0.29