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| Three months ended |
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| Nine months ended | |||||
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| September 30, |
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| September 30, | |||||
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|
| 2018 |
| 2017 |
|
| 2018 |
| 2017 | |
($ millions, except per share amounts) |
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| |
Net (loss) earnings | $ | (432.5) | $ | 12.3 |
| $ | (420.1) | $ | 35.9 | |
Items affecting comparability: |
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| |
|
| Impairment losses and inventory obsolescence |
| 383.6 |
| — |
|
| 383.6 |
| — |
|
| Amortization of acquisition related intangible assets |
| 70.3 |
| 8.0 |
|
| 206.7 |
| 24.0 |
|
| Acquisition and integration related expense |
| 14.1 |
| 9.6 |
|
| 24.8 |
| 29.9 |
|
| Share-based compensation expense |
| 4.2 |
| 5.3 |
|
| 13.5 |
| 12.1 |
|
| Interest expense on dissenting shareholder liability |
| — |
| — |
|
| 3.0 |
| — |
|
| Restructuring and enterprise improvement costs |
| 7.4 |
| 0.7 |
|
| 20.0 |
| 16.2 |
|
| Foreign exchange differences |
| 0.5 |
| (0.1) |
|
| 2.0 |
| (10.2) |
|
| Loss on sale of subsidiary |
| — |
| — |
|
| 2.8 |
| — |
|
| Legal settlement and provision |
| 4.7 |
| — |
|
| 7.9 |
| — |
|
| Equity in loss (earnings) from joint ventures, net of tax |
| 0.7 |
| — |
|
| (1.9) |
| — |
|
| Income tax (recovery) expense adjustment |
| (8.4) |
| 0.7 |
|
| (44.6) |
| (2.4) |
| Adjusted earnings 1 | $ | 44.6 | $ | 36.5 |
| $ | 197.7 | $ | 105.5 | |
|
| Net finance expense 2 |
| 48.7 |
| 11.1 |
|
| 139.9 |
| 32.5 |
|
| Depreciation and amortization 3 |
| 49.2 |
| 11.2 |
|
| 140.3 |
| 33.5 |
|
| Income tax expense on adjusted earnings 4 |
| 3.8 |
| 9.9 |
|
| 27.0 |
| 26.3 |
| Adjusted EBITDA | $ | 146.3 | $ | 68.7 |
| $ | 504.9 | $ | 197.8 | |
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| |
| Consolidated revenues | $ | 508.2 | $ | 337.4 |
| $ | 1,644.8 | $ | 1,086.1 | |
| Adjusted EBITDA as a percentage of revenues |
| 28.8 % |
| 20.4 % |
|
| 30.7 % |
| 18.2 % | |
| Adjusted earnings per share 1 | $ | 0.75 | $ | 1.00 |
| $ | 3.41 | $ | 2.89 | |
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| |
| Net (loss) earnings per share, basic | $ | (7.31) | $ | 0.34 |
| $ | (7.29) | $ | 0.98 | |
| Net (loss) earnings per share, diluted | $ | (7.31) | $ | 0.34 |
| $ | (7.29) | $ | 0.98 | |
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| |
| Weighted average number of common shares outstanding (millions) : |
|
|
|
|
|
|
|
|
| |
| Basic |
| 59.2 |
| 36.5 |
|
| 57.6 |
| 36.5 | |
| Diluted |
| 59.2 |
| 36.5 |
|
| 57.6 |
| 36.5 | |
| Diluted (for purposes of calculated adjusted earnings per share) 1 |
| 59.5 |
| 36.5 |
|
| 57.9 |
| 36.5 | |
| 1 | This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release. |
| 2 | Excludes interest expense from dissenting shareholder liability. |
| 3 | Excludes amortization of acquisition related intangible assets. |
| 4 | Excludes income tax (recovery) expense adjustment related to adjusted earnings. |
