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Saputo consolidated revenues $2.514 billion

Staff writer ▼ | June 6, 2015
Saputo reported its financial results for fiscal 2015, which ended on March 31, 2015. Consolidated revenues for the quarter amounted to $2.514 billion, an increase of $28 million or 1.1% compared to $2.486 billion for the same quarter last fiscal year.
Saputo
Saputo   An increase of $28 million or 1.1%
All amounts are in Canadian dollars, unless otherwise indicated, and are presented according to International Financial Reporting Standards (IFRS).

The USA Sector revenues increased by approximately $28 million as compared to the corresponding quarter last fiscal year. Contributing to the increase were higher sales volumes and selling prices as compared to the same quarter last fiscal year.

A less favourable average block market per pound of cheese in the fourth quarter of US$1.54 compared to US$2.18 during the same quarter of fiscal 2014, and an average butter market price of US$1.66, as compared to US$1.83, decreased revenues by approximately $181 million.

The weakening of the Canadian dollar versus the US dollar added approximately $148 million in revenues as compared to the same quarter last fiscal year.

In the Canada Sector, revenues increased by approximately $28 million in the fourth quarter as compared to last fiscal year. In the Dairy Division (Canada), increases in sales volumes in both the retail and foodservice segments were mainly due to additional volumes stemming from the Scotsburn Acquisition.

Sales volumes of traditional milk, cheese and butter categories were higher, while the value-added milk category experienced a decrease in sales volumes. The disposal of the Bakery Division in the fourth quarter reduced revenues resulting from a slightly less than five-week contribution in the fourth quarter of fiscal 2015 as compared to a full fourth quarter last fiscal year.

Revenues from the International Sector decreased by approximately $28 million as compared to the corresponding quarter last fiscal year. In the Dairy Division (Argentina), a decrease in selling prices in the international market as well as lower sales volumes reduced revenues as compared to the same quarter last fiscal year.

Both the Dairy Division (Australia) and Dairy Ingredients Division revenues were lower in the fourth quarter of fiscal 2015, as compared to the same quarter last fiscal year due to depressed export market sales prices, as compared to the same quarter last fiscal year.

Consolidated earnings before interest, income taxes, depreciation, amortization, gain on disposal of a business, acquisition, restructuring and other costs (adjusted EBITDA1) totalled $232 million for the quarter ended March 31, 2015, a decrease of $45.8 million or 16.5% compared to the $277.8 million for the same quarter last fiscal year.


 

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