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* |
Non-IFRS adjusted net earnings per share is calculated by dividing non-IFRS adjusted net earnings by the number of diluted weighted average shares outstanding. Because we reported a net loss on an IFRS basis in the fourth quarter of 2014, the calculation of IFRS diluted weighted average shares outstanding for such period excludes 2.0 million shares underlying in-the-money stock-based awards, as the effect of these shares would be anti-dilutive. We included the dilutive effects of these shares in the calculation of the weighted average number of shares outstanding used to calculate non-IFRS adjusted net earnings (per diluted share) for the fourth quarter of 2014, because their effects are dilutive in relation to this measure. |
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(1) |
Management uses non-IFRS adjusted EBIAT as a measure to assess our operational performance related to our core operations. Non-IFRS adjusted EBIAT is defined as earnings before finance costs (consisting of interest and fees related to our credit facilities and accounts receivable sales program), amortization of intangible assets (excluding computer software) and income taxes. Non-IFRS adjusted EBIAT also excludes, in periods where such charges have been recorded, employee stock-based compensation expense, restructuring and other charges (net of recoveries), gains or losses related to the repurchase of shares or debt, and impairment charges. |
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(2) |
The adjustments for taxes, as applicable, represent the tax effects on the non-IFRS adjustments and significant deferred tax write-offs or recoveries associated with restructuring actions or restructured sites that we believe do not impact our core operating performance. |
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(3) |
Management uses non-IFRS free cash flow as a measure, in addition to IFRS cash flow from operations, to assess our operational cash flow performance. We believe non-IFRS free cash flow provides another level of transparency to our liquidity. Non-IFRS free cash flow is defined as cash provided by or used in operating activities after the purchase of property, plant and equipment (net of proceeds from sale of certain surplus equipment and property) and finance costs paid. |
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(4) |
Management uses non-IFRS ROIC as a measure to assess the effectiveness of the invested capital we use to build products or provide services to our customers. Our non-IFRS ROIC measure includes non-IFRS operating earnings, working capital management and asset utilization. Non-IFRS ROIC is calculated by dividing non-IFRS adjusted EBIAT by average non-IFRS net invested capital. Net invested capital (calculated in the table below) is a non-IFRS measure and consists of the following IFRS measures: total assets less cash, accounts payable, accrued and other current liabilities and provisions, and income taxes payable. We use a two-point average to calculate average non-IFRS net invested capital for the quarter and a five-point average to calculate average non-IFRS net invested capital for the year. There is no comparable measure under IFRS. |
The following table sets forth, for the periods indicated, our calculation of non-IFRS ROIC % (in millions, except ROIC %):
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Three months ended December 31 |
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Year ended December 31 | |||||||||||||
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2013 |
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2014 |
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2013 |
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2014 | |||||||||
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Non-IFRS operating earnings (adjusted EBIAT)........................................... |
$ |
47.3 |
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$ |
51.5 |
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$ |
173.3 |
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$ |
199.5 |
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Multiplier....................................................................................................... |
4 |
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4 |
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1 |
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1 |
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Annualized non-IFRS adjusted EBIAT.......................................................... |
$ |
189.2 |
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$ |
206.0 |
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$ |
173.3 |
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$ |
199.5 |
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Average non-IFRS net invested capital for the period................................ |
$ |
987.8 |
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$ |
990.4 |
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$ |
968.7 |
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$ |
1,021.8 |
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Non-IFRS ROIC % (1).................................................................................. |
19.2 |
% |
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20.8 |
% |
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17.9 |
% |
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19.5 |
% | ||||||||
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December 31
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March 31
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June 30
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September 30
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December 31
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Non-IFRS net invested capital consists of: |
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Total assets...................................................................... |
$ |
2,638.9 |
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$ |
2,590.7 |
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$ |
2,673.3 |
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$ |
2,666.3 |
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$ |
2,583.6 |
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Less: cash....................................................................... |
544.3 |
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489.2 |
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519.1 |
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578.2 |
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565.0 |
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Less: accounts payable, accrued and other current liabilities, provisions and income taxes payable...... |
1,109.2 |
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1,035.7 |
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1,077.2 |
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1,071.7 |
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1,054.3 |
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Non-IFRS net invested capital at period end (1).............. |
$ |
985.4 |
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$ |
1,065.8 |
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$ |
1,077.0 |
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$ |
1,016.4 |
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$ |
964.3 |
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December 31
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March 31
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June 30
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September 30
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December 31
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Non-IFRS net invested capital consists of: |
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Total assets...................................................................... |
$ |
2,658.8 |
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$ |
2,643.4 |
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$ |
2,705.5 |
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$ |
2,714.4 |
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$ |
2,638.9 |
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Less: cash....................................................................... |
550.5 |
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531.3 |
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553.5 |
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546.8 |
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544.3 |
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Less: accounts payable, accrued and other current liabilities, provisions and income taxes payable...... |
1,143.9 |
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1,145.7 |
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1,214.8 |
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1,177.5 |
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1,109.2 |
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Non-IFRS net invested capital at period end (1).............. |
$ |
964.4 |
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$ |
966.4 |
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$ |
937.2 |
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$ |
990.1 |
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$ |
985.4 |
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