Saputo Inc SAP
Q4 2013 Earnings Call Transcript

Transcript Call Date 06/05/2013

Operator: Ladies and gentlemen, thank you for standing by and welcome to the Saputo's Fourth Quarter Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Wednesday, June 5, 2013.

I would like now to turn the conference over to Lino Saputo, Jr. Please go ahead, sir.

Lino A. Saputo, Jr. Thank you very much, Albert.

Kristel Alexandra Salesse - Corporate Communications: Good afternoon, everyone, and thank you for joining us today. A press release detailing our 2013 fourth quarter fiscal results was issued earlier today, and is also available as we speak on our website at This call is being recorded and will be posted on our website for future reference. I would like to specify that our listeners on the phone and on the Internet as well as journalists are on a listen-only mode. Members of the media are invited to ask their questions by phone after this call.

Before we proceed, I'll remind you that certain statements that will be made during this call may constitute forward-looking statements within the meaning of securities laws. Caution should be used in the interpretation of such statements, since management has made certain assumptions, including, among others, assumptions regarding projected revenues and expenses and references to beliefs, expectations, objectives and strategies that are subject to a number of risks and uncertainties which could cause actual results to differ materially from those presented in such forward-looking statements.

For more information on these risks and uncertainties, please refer to the materials filed with the Canadian securities regulatory authorities, including our more recent Annual Report available on SEDAR. Any forward-looking statement made during this call is based on management's current reasonable estimates, expectations, and assumptions and we do not undertake to update or revise such forward-looking statements, except as required under securities laws.

The speakers today are, Mr. Louis-Philippe Carriere, our Executive Vice President, Finance and Administration; and Mr. Lino A. Saputo, Jr., our Chief Executive Officer and Vice Chairman of the Board. After a brief presentation, we will conclude the call with your questions.

Louis-Philippe will now begin the conference followed by Lino, Jr.

Louis-Philippe Carriere - EVP, Finance and Administration: Thank you, Kristel, and good afternoon. Before our comments on our fiscal 2013 results, I'll cover our results for the fourth quarter of fiscal 2013 in comparison to those of the corresponding quarter last fiscal year.

On January 3, 2013, the Company completed the acquisition of Morningstar Foods for a total cash contribution of C$1.434 billion, financed through a combination of available cash and a new four-year term bank loan facility of C$1.2 billion. The Morningstar acquisition contributed to both revenues and EBITDA for the fourth quarter. The Company incurred acquisition costs in relation to the Morningstar acquisition as well as restructuring costs in relation to announced plant closures in Europe and Canada, totaling C$22.6 million after tax, of which about only C$1 million is cash cost.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.