Sales and Marketing Overview & Strategic Business Overview
BACK TO BASICS ENABLING STRONG ASSET UTILIZATION
SIMPLIFICATION AND STREAMLINED FOCUS DRIVING IMPROVED ASSET RETURNS
36.2%
34.0%
36.4%
34.3%
Working capital(¹) as a
percentage of net sales
27.5%
~30% target level
2017
2018
2019
2020
2021
CAPEX as a percentage
of net sales
5.0%
4.3%
4.5%
3.4%
2.9%
Capital intensity of 6 - 8%
for 2022-2024
2017
2018
2019
2020
2021
RONA (2,3)
Maintaining ≥ 20%
14.9%
15.6%
13.3%
2017
2018
2019
1.0%
2020
23.1%
2021
(1) Working capital as a percentage of net sales is calculated as working capital divided by net sales for the trailing twelve months. Working capital is defined as current assets less cash and cash
equivalents and current liabilities.
(2) This is a non-GAAP ratio. This measure does not have any standardized meanings prescribed by IFRS and is therefore unlikely to be comparable to a similar measure presented by other companies. The
disclosures for this measure are incorporated by reference to section 17.0 "Definition and reconciliation of non-GAAP financial measures" of the Company's January 2, 2022 MD&A which was filed on
February 24, 2022 and is available at www.sedar.com.
(3) Results reflect a 70 bps one-time benefit stemming from the USDA's Pandemic Assistance for Cotton Users program
4
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