Delivering Value through Organic and Tuck-in Growth
Non-IFRS Financial Measures
The following section outlines the components of our non-IFRS ratios:
Retail Adjusted Average Working Capital to Sales
(millions of US dollars, except as otherwise noted)
2021
2020
2019
Average current assets
Average current liabilities
Average working capital
Average working capital from certain recent acquisitions
Adjusted average working capital
Sales
9,332
7,998
7,630
2018
6,994
(7,093)
(5,825)
(4,533)
(4,270)
2,239
2,173
3,097
2,724
(11)
(53)
2,239
2,162
3,044
2,724
17,734
14,785
13,282
12,670
Sales from certain recent acquisitions
Adjusted sales
(686)
(249)
17,734
14,099
13,033
12,670
Adjusted average working capital to sales (%)
13
15
223
21
Retail Cash Operating Coverage Ratio
(millions of US dollars, except as otherwise noted)
Selling expenses
General and administrative expenses
2021
2020
2019
2018
3,124
2,795
2,484
2,303
168
135
112
100
Other expenses (income)
86
44
69
(75)
Operating expenses
3,378
2,974
2,665
2,328
Merger-related adjustments
(40)
Depreciation and amortization in operating expenses
(694)
(658)
(585)
(492)
Operating expenses excluding depreciation and amortization
2,684
2,316
2,080
1,796
Gross margin
4,600
3,736
3,301
3,035
Depreciation and amortization in cost of goods sold
Gross margin excluding depreciation and amortization
Cash operating coverage ratio (%)
12
10
7
7
4,612
3,746
3,308
58
62
63
3,042
59
N
42
March 2022
Source: NutrienView entire presentation