Maple Leaf Foods Reports Results for Second Quarter 2010
TORONTO, July 29 /CNW/ - Maple Leaf Foods Inc. (TSX: MFI) today reported its financial results for the second quarter ended June 30, 2010.
- Adjusted Operating Earnings increased 20% to $52.2 million from
$43.6 million last year.
- Adjusted EPS increased 42% to $0.17 compared to $0.12 last year.
- Net earnings, which include a non-cash pre-tax charge of $20.7 million
due to the change in fair value of long-term interest rate swaps,
were $3.0 million compared to $4.9 million last year.
Note: Adjusted Operating Earnings measures are defined as earnings from operations before restructuring and other related costs, other income and the impact of the change in fair value of interest rate swaps. Adjusted Earnings per Share ("Adjusted EPS") measures are defined as basic earnings per share adjusted for the impact of restructuring and other related costs and the impact of the change in fair value of interest rate swaps, net of tax and non-controlling interest. Refer to the section entitled Reconciliation of Non-GAAP Financial Measures at the end of this news release.
"We are very pleased with the continued steady improvements across our business in spite of challenging market conditions." said Michael H. McCain, President and CEO. "The protein business saw healthy improvements in financial performance while facing significant raw material cost increases. We expect this trend of improvement to continue. While our bakery business earnings were off slightly from year ago, there was a solid recovery in margin towards more normal levels that we expect to continue in the second half of the year."
Financial Overview
------------------
Sales for the second quarter decreased 4% to $1,271.4 million compared to $1,320.8 million last year. Sales declined due to currency impacts on U.S. and U.K. bakery operations and fresh pork sales, and lower sales volumes in prepared meats. These impacts were partly offset by higher sales values of fresh pork. Adjusted Operating Earnings increased 20% to $52.2 million compared to $43.6 million last year, mostly due to better performance in the Meat Products Group.
Net earnings, which include a non-cash pre-tax charge of $20.7 million due to the change in fair value of long-term interest rate swaps not designated in a formal hedging relationship, were $3.0 million in the second quarter of 2010 compared to $4.9 million last year. The impact of the interest rate swaps was partly offset by the benefits of increased Adjusted Operating Earnings and lower restructuring costs and interest expense.
Business Segment Review
-----------------------
Following is a summary of sales by business segment:
-------------------------------------------------------------------------
Second Quarter Year-to-Date
-------------------------------------------
($ millions) 2010 2009 2010 2009
-------------------------------------------------------------------------
Meat Products Group $815.7 $830.4 $1,583.9 $1,652.6
Agribusiness Group 54.1 55.0 95.9 99.6
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Protein Group $869.8 $885.4 $1,679.8 $1,752.2
Bakery Products Group 401.6 435.4 783.1 847.9
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Sales $1,271.4 $1,320.8 $2,462.9 $2,600.1
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Following is a summary of Adjusted Operating Earnings by business segment:
Second Quarter Year-to-date
-------------------------------------------------------------------------
($ thousands) 2010 2009 2010 2009
-------------------------------------------------------------------------
Meat Products Group $14,443 $1,683 $28,656 $13,034
Agribusiness Group 13,838 16,311 20,298 18,456
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Protein Group $28,281 $17,994 $48,954 $31,490
Bakery Products Group 26,239 27,984 42,983 47,509
Non-allocated Costs(i) (2,288) (2,337) (5,808) (3,759)
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Adjusted Operating Earnings $52,232 $43,641 $86,129 $75,240
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(i) Non-allocated costs comprise costs related to systems conversion and
consulting fees. Management believes that not allocating these costs
provides a more comparable assessment of segmented operating results.
Meat Products Group
-------------------
Includes value-added prepared meats, chilled meal entrees and lunch kits; and fresh pork, poultry and turkey products sold to retail, foodservice, industrial and convenience channels. Includes leading Canadian brands such as Maple Leaf(R), Schneiders(R) and many leading sub-brands.
Sales for the second quarter declined 2% to $815.7 million from $830.4 million in the second quarter last year. Price increases in the prepared meats business had the expected effect of reducing volumes in the short-term as consumers adjust to new price levels. Additionally, the impact of a stronger Canadian dollar on fresh pork sales and the exit of a non-core business category reduced sales. These impacts were partly offset by improved pork markets and increased net pricing in prepared meats.
Adjusted Operating Earnings in the Meat Products Group increased to $14.4 million compared to $1.7 million last year reflecting better results in the Company's fresh poultry operations due to improved markets and operating efficiencies. Earnings in the prepared meats business were impacted by higher meat prices and lower volumes. Meat prices continued to be significantly higher than the prior year, following very material increases in December 2009. The Company began implementing price adjustments in the second quarter and will complete this process in the third quarter. As a result, increased raw material costs were only partly recovered during the second quarter. Earnings from pork primary processing declined as export margins were reduced by the stronger Canadian dollar. This decline was partly offset by improved North American industry market conditions. During the second quarter the Company initiated the process to sell its primary pork processing plant in Burlington, Ontario which processes approximately two million hogs annually.
Agribusiness Group
------------------
Consists of Canadian hog production and animal by-product recycling operations.
Agribusiness Group sales declined 2% to $54.1 million from $55.0 million in the second quarter last year due to lower sales prices in the rendering operations.
Adjusted Operating Earnings for the Agribusiness Group decreased to $13.8 million from $16.3 million as lower by-product recycling results were only partly offset by improvements in hog production. North American hog production operations returned to profitability in the second quarter of 2010 driven by higher hog prices and the Company's earnings improved as a result, although this benefit was partly offset by the stronger Canadian dollar and government support to compensate hog producers for losses received last year in the second quarter.
Bakery Products Group
---------------------
Includes fresh and frozen bakery products, including breads, rolls, bagels, specialty and artisan breads, sweet goods, prepared sandwiches, and fresh pasta and sauces sold to retail, foodservice and convenience channels. It includes national brands such as Dempster's(R), Tenderflake(R), Olivieri(R) and New York Bakery Co(R), and many leading regional brands.
Sales in the Bakery Products Group in the second quarter 2010 declined 8% from $435.4 million to $401.6 million due to currency translation impacts of a stronger Canadian dollar on bakery sales in the U.S. and U.K. and lower sales volumes in the U.K. and North American frozen bakery businesses.
Adjusted Operating Earnings in the Bakery Products Group declined to $26.2 million from $28.0 million last year, mostly due to lower sales volumes in the U.S. and U.K. frozen operations. Management continues to expect the impact of lower volumes in North America to be transitory and is taking steps to reduce the cost base in the Company's U.K. operations.
Second quarter earnings in the fresh bakery operations increased slightly compared to the prior year. While the business benefited mostly from a stronger Canadian dollar, which reduced the cost of U.S. dollar priced ingredients, this was largely offset by inflationary costs and increased brand support. Brand investment included advertising and promotional expenses to support Dempster's(R) Oven Fresh(TM), Dempster's(R) Pita, and the new Dempster's(R) Smart(TM) 16, a line extension of Dempster's(R) Smart(TM), which includes 16 whole grains and reduced sodium.
Other Matters
-------------
On July 28, 2010, Maple Leaf Foods Inc. declared a dividend of $0.04 per share payable on September 30, 2010 to shareholders of record at the close of business on September 6, 2010. Unless indicated otherwise by the Company in writing at or before the time the dividend is paid, these dividends will not be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System".
It is currently anticipated that none of the dividends the Company will pay in 2010 will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System".
An investor presentation related to the Company's second quarter financial results is available at www.mapleleaf.com and can be found under Investor Relations on the Quarterly Results page. A conference call will be held at 2:30 p.m. EDT on July 29, 2010 to review Maple Leaf Foods' second quarter financial results. To participate in the call, please dial 416-340-2216 or 866-226-1792. For those unable to participate, playback will be made available an hour after the event at 416-695-5800/800-408-3053 (Passcode 6113830 followed by the number sign).
A webcast presentation of the second quarter financial results will also be available at http://investor.mapleleaf.ca via a link: http://bellwebcasting.ca/audience/index.asp?eventid=99381219
The Company's full financial statements and related Management's Discussion and Analysis are available for download on the Company's website.
Forward-Looking Statements
--------------------------
This document contains, and the Company's oral and written public communications often contain, forward-looking statements that are based on current expectations, estimates, forecasts and projections about the industries in which the Company operates and beliefs and assumptions made by the Management of the Company. Such statements include, but are not limited to, statements with respect to objectives and goals, as well as statements with respect to beliefs, plans, expectations, anticipations, estimates and intentions. Specific statements include, but are not limited to, statements with respect to expectations concerning improving trends in operational results and expectations regarding actions to reduce costs, restore volumes and/or increase prices. Words such as "expect," "anticipate," "intend," "attempt," "may," "will," "plan," "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict.
In addition, expectations concerning performance of the Company's business in general are based on a number of factors and assumptions including, but not limited to: the condition of the Canadian, United States, United Kingdom and Japanese economies; the rate of exchange of the Canadian dollar to the U.S. dollar, British pound and Japanese yen; expectations regarding actions to reduce costs, restore volumes and/or increase prices; the availability and prices of raw materials, energy and supplies; product pricing; the availability of insurance; the competitive environment and related market conditions; improvement of operating efficiencies whether as a result of the protein business transformation or otherwise; continued access to capital; the cost of compliance with environmental and health standards; no adverse results from ongoing litigation that would not be covered by insurance; no unexpected actions of domestic and foreign governments and the general assumption that none of the risks identified under "Risk Factors" in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2009 will materialize. All of these assumptions have been derived from information currently available to the Company including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied or forecasted in such forward looking statements, which reflect the Company's expectations only as of the date hereof.
Factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by forward-looking statements are discussed more fully in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2009 including the section entitled "Risk Factors" that is available on SEDAR at www.sedar.com. The Company does not intend to, and the Company disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise except as required by law.
Maple Leaf Foods Inc. is a leading food processing company, headquartered in Toronto, Canada. The Company employs approximately 23,500 people at its operations across Canada and in the United States, the United Kingdom, and Asia. The Company had sales of $5.2 billion in 2009.
Reconciliation of Non-GAAP Financial Measures
The following non-GAAP measures are referred to in this news release: Adjusted Operating Earnings and Adjusted EPS. Management believes that these non-GAAP measures provide useful information to both Management and investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by Canadian GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with Canadian GAAP.
Adjusted Operating Earnings
The following table reconciles earnings from operations before restructuring and other related costs, other income (expense) and the impact of the change in fair value of non-designated interest rate swaps to net earnings as reported under Canadian GAAP in the unaudited interim period consolidated statements of earnings for the three month and six month periods ended as indicated below. Management believes that this is the most appropriate basis on which to evaluate operating results, as restructuring and other related costs, other income (expense) and the change in fair value of non-designated interest rate swaps are not representative of operational results.
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($ thousands) Three months ended Six months ended
June 30, June 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings $ 2,967 $ 4,899 $ 11,721 $ 7,770
Non-controlling interest 2,104 2,293 3,406 3,866
Income Taxes 2,549 3,622 6,629 5,779
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Earnings from operations
before income taxes $ 7,620 $ 10,814 $ 21,756 $ 17,415
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Interest expense 16,613 20,764 32,740 42,107
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Restructuring and other
related costs 7,453 13,852 11,416 19,186
-------------------------------------------------------------------------
Change in the fair value of
non-designated interest rate
swaps 20,748 - 20,748 -
-------------------------------------------------------------------------
Other income (202) (1,789) (531) (3,468)
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Adjusted Operating Earnings $ 52,232 $ 43,641 $ 86,129 $ 75,240
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Adjusted Earnings per Share
The following table reconciles Adjusted Earnings per share to basic earnings per share as reported under Canadian GAAP in the unaudited interim period consolidated statements of earnings for the three and six month periods ended as indicated below. Management believes this is the most appropriate basis on which to evaluate financial results as restructuring and other related costs and the change in the fair value of non-designated interest rate swaps are not representative of operational results.
-------------------------------------------------------------------------
($ per share) Three months ended Six months ended
June 30, June 30,
-------------------------------------------------------------------------
2010 2009 2010 2009
-------------------------------------------------------------------------
Basic Earnings per Share $ 0.02 $ 0.04 $ 0.09 $ 0.06
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Restructuring and other related
costs(i) 0.04 0.08 0.06 0.11
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Change in the fair value of
non-designated interest rate
swaps 0.11 - 0.11 -
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Adjusted Earnings per
Share(ii) $ 0.17 $ 0.12 $ 0.26 $ 0.17
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(i) Includes per share impact of restructuring and other related costs,
net of tax and non-controlling interest.
(ii) Includes per share impact of the change in fair value of non-
designated interest rate swaps, net of tax.
Consolidated Interim Financial Statements
(Expressed in Canadian dollars)
MAPLE LEAF FOODS INC.
Six months ended June 30, 2010 and 2009
MAPLE LEAF FOODS INC.
Consolidated Balance Sheets
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
As at As at As at
June 30, June 30, December 31,
2010 2009 2009
-------------------------------------------------------------------------
(Unaudited) (Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 24,772 $ 207,795 $ 29,316
Accounts receivable 170,857 183,238 200,317
Inventory 374,695 388,006 349,909
Income and other taxes recoverable 21,478 25,922 18,067
Future tax asset 8,706 24,763 4,301
Prepaid expenses and other assets 24,092 42,356 15,328
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$ 624,600 $ 872,080 $ 617,238
Property and equipment 1,129,883 1,159,897 1,135,056
Other long-term assets 336,791 331,966 328,063
Future tax asset 46,614 23,953 22,116
Goodwill 855,634 877,678 857,278
Other intangible assets 96,517 101,281 97,713
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$ 3,090,039 $ 3,366,855 $ 3,057,464
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness $ 8,071 $ 9,511 $ 4,247
Accounts payable and accrued
charges 486,242 528,190 489,182
Current portion of long-term debt 466,950 375,508 206,147
Other current liabilities 16,006 51,355 37,837
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$ 977,269 $ 964,564 $ 737,413
Long-term debt 582,670 939,808 834,557
Future tax liability 48,155 45,787 27,851
Other long-term liabilities 204,280 168,905 187,523
Non-controlling interest 82,353 77,372 81,070
Shareholders' equity 1,195,312 1,170,419 1,189,050
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$ 3,090,039 $ 3,366,855 $ 3,057,464
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MAPLE LEAF FOODS INC.
Consolidated Statements of Earnings
(In thousands of Canadian dollars, except share amounts)
-------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
(Unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Sales $ 1,271,366 $ 1,320,803 $ 2,462,873 $ 2,600,102
Cost of goods sold 1,090,362 1,152,600 2,121,233 2,264,687
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Gross margin $ 181,004 $ 168,203 $ 341,640 $ 335,415
Selling, general and
administrative
expenses 128,772 124,562 255,511 260,175
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Earnings from
operations before
the following: $ 52,232 $ 43,641 $ 86,129 $ 75,240
Restructuring and
other related costs (7,453) (13,852) (11,416) (19,186)
Change in fair value
of non-designated
interest rate swaps (20,748) - (20,748) -
Other income 202 1,789 531 3,468
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Earnings from
operations before
interest and income
taxes $ 24,233 $ 31,578 $ 54,496 $ 59,522
Interest expense 16,613 20,764 32,740 42,107
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Earnings from
operations before
income taxes $ 7,620 $ 10,814 $ 21,756 $ 17,415
Income taxes 2,549 3,622 6,629 5,779
-------------------------------------------------------------------------
Earnings from operations
before non-controlling
interest $ 5,071 $ 7,192 $ 15,127 $ 11,636
Non-controlling interest 2,104 2,293 3,406 3,866
-------------------------------------------------------------------------
Net earnings $ 2,967 $ 4,899 $ 11,721 $ 7,770
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Basic earnings per
share $ 0.02 $ 0.04 $ 0.09 $ 0.06
Diluted earnings per
share $ 0.02 $ 0.04 $ 0.08 $ 0.06
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Weighted average number
of shares (millions) 135.2 126.7 135.0 126.7
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MAPLE LEAF FOODS INC.
Consolidated Statements of Comprehensive Income
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
(Unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Net earnings $ 2,967 $ 4,899 $ 11,721 $ 7,770
Other comprehensive
income (loss)
Change in accumulated
foreign currency
translation
adjustment 12,877 8,527 (5,239) 7,180
Change in unrealized
derivative loss on
cash flow hedges 823 8,300 2,165 12,821
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$ 13,700 $ 16,827 $ (3,074) $ 20,001
-------------------------------------------------------------------------
Comprehensive income $ 16,667 $ 21,726 $ 8,647 $ 27,771
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Consolidated Statements of Retained Earnings
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Six months ended June 30,
(Unaudited) 2010 2009
-------------------------------------------------------------------------
Retained earnings, beginning of period $ 344,839 $ 314,649
Net earnings 11,721 7,770
Adoption of new accounting standard - (207)
Dividends declared ($0.08 per share;
2009: $0.08 per share) (10,811) (10,130)
Premium on shares issued from Restricted Share
Unit Trust (2,665) -
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Retained earnings, end of period $ 343,084 $ 312,082
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MAPLE LEAF FOODS INC.
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
(Unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
CASH PROVIDED BY (USED IN):
Operating activities
Net earnings $ 2,967 $ 4,899 $ 11,721 $ 7,770
Add (deduct) items
not affecting cash:
Depreciation and
amortization 36,253 38,910 73,798 77,278
Stock-based
compensation 4,441 4,547 8,881 9,113
Non-controlling
interest 2,104 2,293 3,406 3,866
Future income taxes 547 (906) (9,698) (2,844)
Loss (gain) on sale
of property and
equipment 145 55 (1,098) 164
Gain on sale of
investments - (501) - (501)
Amortization of
terminated
interest rate swap 502 503 1,005 1,101
Change in fair value
of non-designated
interest rate swaps 20,748 - 20,748 -
Change in fair value
of derivative
financial instruments 34 2,565 (2,202) (10,242)
Decrease (increase) in
net pension asset (635) 704 206 1,099
Change in provision for
restructuring and
other related costs 4,043 10,250 4,225 12,904
Other 3,321 (9,728) 1,275 (5,327)
Change in non-cash
operating working
capital (34,848) (63,077) (8,223) (142,698)
-------------------------------------------------------------------------
Cash provided by
(used in) operating
activities $ 39,622 $ (9,486) $ 104,044 $ (48,317)
-------------------------------------------------------------------------
Financing activities
Dividends paid $ (5,417) $ (5,064) $ (10,811) $ (10,130)
Dividends paid to
non-controlling
interest (156) (156) (442) (361)
Net decrease in
long-term debt (36,084) (32,450) (26,609) (33,195)
Increase in share
capital - - 40 -
Purchase of treasury
stock (496) - (496) -
Increase in deferred
financing costs (1,694) - (1,694) -
Other (575) 2,511 (1,252) 2,728
-------------------------------------------------------------------------
Cash used in financing
activities $ (44,422) $ (35,159) $ (41,264) $ (40,958)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Investing activities
Additions to property
and equipment $ (42,161) $ (36,015) $ (70,864) $ (93,687)
Proceeds from sale
of property and
equipment 317 22,780 2,489 23,393
Proceeds from sale
of investments - 1,540 - 1,540
Purchase of Canada
Bread Shares (2,690) - (2,690) -
Other (132) 239 (83) (311)
-------------------------------------------------------------------------
Cash used in investing
activities $ (44,666) $ (11,456) $ (71,148) $ (69,065)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Decrease in cash and
cash equivalents $ (49,466) $ (56,101) $ (8,368) $ (158,340)
Net cash and cash
equivalents,
beginning of period 66,167 254,385 25,069 356,624
-------------------------------------------------------------------------
Net cash and cash
equivalents, end
of period $ 16,701 $ 198,284 $ 16,701 $ 198,284
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MAPLE LEAF FOODS INC.
Segmented Financial Information
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
(Unaudited) 2010 2009 2010 2009
-------------------------------------------------------------------------
Sales
Meat Products Group $ 815,735 $ 830,413 $ 1,583,915 $ 1,652,607
Agribusiness Group 54,057 54,977 95,865 99,565
Bakery Products Group 401,574 435,413 783,093 847,930
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$ 1,271,366 $ 1,320,803 $ 2,462,873 $ 2,600,102
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings from operations before restructuring
and other related costs, change in fair
value of non-designated interest rate swaps
and other income
Meat Products Group $ 14,443 $ 1,683 $ 28,656 $ 13,034
Agribusiness Group 13,838 16,311 20,298 18,456
Bakery Products Group 26,239 27,984 42,983 47,509
Non-allocated costs (2,288) (2,337) (5,808) (3,759)
-------------------------------------------------------------------------
$ 52,232 $ 43,641 $ 86,129 $ 75,240
-------------------------------------------------------------------------
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Capital expenditures
Meat Products Group $ 19,064 $ 20,711 $ 32,690 $ 51,960
Agribusiness Group 5,522 2,141 9,713 5,189
Bakery Products Group 17,575 13,163 28,461 36,538
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$ 42,161 $ 36,015 $ 70,864 $ 93,687
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Depreciation and
amortization
Meat Products Group $ 18,856 $ 20,033 $ 38,787 $ 39,611
Agribusiness Group 4,179 4,037 8,324 8,071
Bakery Products Group 13,218 14,840 26,687 29,596
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$ 36,253 $ 38,910 $ 73,798 $ 77,278
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As at As at As at
June 30, June 30, December 31,
2010 2009 2009
-------------------------------------------------------------------------
(Unaudited) (Unaudited)
Total assets
Meat Products Group $ 1,654,609 $ 1,705,527 $ 1,653,389
Agribusiness Group 275,964 291,564 287,057
Bakery Products Group 956,765 1,002,024 955,469
Non-allocated assets 202,701 367,740 161,549
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$ 3,090,039 $ 3,366,855 $ 3,057,464
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-------------------------------------------------------------------------
Goodwill
Meat Products Group $ 442,231 $ 450,432 $ 442,943
Agribusiness Group 14,136 14,136 14,136
Bakery Products Group 399,267 413,110 400,199
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$ 855,634 $ 877,678 $ 857,278
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For further information: Lynda Kuhn, SVP Communications, 416-926-2026, www.mapleleaf.com
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