Alimentation Couche-Tard Investor Presentation
SOLID BALANCE SHEET AND CAPACITY TO INVEST
LEVERAGE RATIO 3
2004
Circle K
Rapid deleveraging after
transformational acquisition
2,247 stores acquired
K
$840M
་
4.18
2.97
2.48
No transformational acquisition
Strong credit metrics for several years
596 stores acquired
Target threshold of 2.25
3.15
3.19
2.88
2.67
2.10
2.07
Statoil Fuel & Retail,
The Pantry
Leverage after SFR
lower than after Circle K
4,332 stores acquired
Topaz, IOL, CST, Cracker Barrel,
Holiday, Jet Pep
CRACKE
3,387 stores acquired
Investment Grade
Credit Rating
BBB / Baa1
S&P/Moody's
Leverage Ratio²,3
Q4/23
1.49
below 2.25 target
Jet-Pep=
Esso
K
$1.3B
Holiday
$6.5B
KANGAROO
$1.7B
TOPAZ
$570M
3.13
$3.6B
3.60
3.05
2.44
2.17
1.98
2.02
2.09
1.54
1.32
1.39
1.49
2005
2006
2007
2008
2009
2010
2011
2012
Pro forma 2013
2014 20150 20160 20170 20180 2019
2020
2021
2022
2023
Incremental Balance
Sheet Capacity4
~ $10 billion
incremental debt
Repurchased 52.0 million shares for ~$2.3 billion during fiscal year
2023.
1 Pro forma ratios based on inclusion of acquisitions in full year results; transaction values include assumed debt
2 Post-IFRS 16 lease accounting standard; all figures in graphic prior to 2020 are reported under IAS 17
3 Please refer to the "Non-IFRS Measures" section of this presentation for additional information on performance measures not defined by IFRS.
4 Company estimate based on LTM EBITDA; does not include potential to leverage a hypothetical target.
Alimentation Couche-Tard | Investor Presentation
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CIRCLE K
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