Third Quarter Ended September 30, 2018

Transcription

1 Third Quarter Ended September 30, 208

2 Forward-Looking Statements In the interest of providing shareholders and potential investors with information regarding TFI International, including management s assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other important factors that could cause the Company s actual performance to differ materially from those expressed in or implied by such statements. Such factors are further discussed under Risks and Uncertainties in the Company s Annual Information Form and MD&A, but readers are cautioned that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forwardlooking statements. The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

3 TFI International: Who We Are Full service: Transport and logistics Diversified: Truckload, Logistics & Last Mile, Less-Than-Truckload, Package & Courier North American Leader: Operations across U.S., Canada and Mexico Extensive Network: 369 facilities, 5,669 tractors, 25,055 trailers 7,047 employees, of which 8,259 are drivers Decentralized, entrepreneurial management approach 7,35 owned or leased; 8,354 are independent contractors 3

4 Our Customer Value Proposition We create transportation and supply chain advantages to mitigate risk for customers improve their efficiency and delivery timing reduce their delivery costs drive satisfaction for the end consumer 4

5 Why Invest in TFI International? Superior record of growth and shareholder value creation Market leader in key transportation and logistics segments Track record of M&A execution with well-defined acquisition pipeline Diversification by industry sectors and geography Robust return metrics (e.g. Return on Equity) 5

6 Investment Highlights Best-in-class operating margins, FCF yield and FCF conversion Proven track record of growth through disciplined acquisition strategy 8.6% Operating Margin 8.2% FCF Yield 2 7.5% FCF Conversion 3 Avg. Adjusted ROE of 5.9% since Completed 66 acquisitions since 2008 Industry remains fragmented Balanced capital allocation approach to drive shareholder value 5,960% 20-year total shareholder return 5 $2.8 bn FCF over same period, $804 million returned to shareholders since 204 Robust balance sheet position TTM as of Q3 208, calculated using revenue before fuel surcharge. 2 TTM FCF divided by the September 30, 208 market cap. 3 Calculated as TTM (Adjusted EBITDA Net Capex ex-property) / Adjusted EBITDA. 4 Before impairment. 5 Total return performance includes dividends, assuming dividends not reinvested and calculated from -Oct-998 to 28-Sep-208. Access to $.2 bn revolving facility ($55 million undrawn) Debt-to-Capitalization Ratio of 49% Annual dividend yield of 2.0% 6

7 Low Capex Facilitates Asset-Light Model TTM Q3-208 Net Capex (% of Total Revenue) 8.6% 8.4% 7.5% 3.6%.4% TFII Truckload Peer Average Package & Courier Peer Average Less-Than-Truckload Peer Average 2 3 Logistics & Last Mile Peer Average4 Note: TFI Net Capex excludes purchases and sales of property. Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 2 Package & Courier: FedEx and UPS. 3 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 7

8 Our Strategy of Growth Through Acquisitions Proven track record of executing on M&A strategy across highly fragmented markets Completed 66 acquisitions since 2008 Strong focus on integration, operations and realization of synergies Our disciplined acquisition criteria: Immediately accretive to EPS and free cash flow Fit with one of our four segments (TL, Logistics & Last Mile, LTL, Package & Courier) High free cash flow generation U.S. or Canada footprint Strong management team Synergy and growth potential 8

9 Overview of the TFI International Platform Truckload (46% of YTD Revenue) Logistics & Last Mile (20% of YTD Revenue) Less-Than-Truckload (20% of YTD Revenue) Package & Courier (4% of YTD Revenue) Conventional (27% of YTD Revenue) Specialized (9% of YTD Revenue) Logistics (7% of YTD Revenue) Last Mile (3% of YTD Revenue) Over-the-road (3% of YTD Revenue) Intermodal (7% of YTD Revenue) 9

10 Services by Geography TFI has built a robust and well-diversified revenue base No client accounts for > 5% of consolidated revenue Truckload Logistics & Last Mile Less-Than- Truckload Package & Courier By Geography (YTD Q3-208) 0.4% Canada United States Mexico 43.5% 56.% Canada United States By Top Customers' Industry (YTD Q3-208) 3% 3% 2% 3% 4% 5% 29% 6% 7% 7% 8% 9% 4% Mexico Truckload and LTL in Mexico provided by CFI Logistica. Retail Building Materials Automotive Energy Services Waste Management Others Manufactured Goods Metals & Mining Food & Beverage Forest Products Chemicals & Explosives Maritime Containers 0

11 Truckload Segment Geographic Footprint Segment Overview Dry van full truckload Flatbed, tanks, dumps, oversized and other specialized services Modern fleet We own our assets and have long established partner carrier relationships 46% of YTD revenue Truckload Operating Companies CONVENTIONAL (27% of Total Revs.) A&M Intl. Highland Besner Laidlaw Carriers Van CFI Papineau Intl. Clarke Road Transport Roadfast Couture TF Dedicated Ganeca Transport America Grégoire Transport J.C. Germain Truckload in Mexico provided by CFI Logistica. SPECIALIZED (9% of Total Revs.) Bergeron Brasseur Charbonneau Contrans Flatbed Group Contrans Tank Group E.L. Farmer GHL Transport Golden Intl. Highland Intermodal JAF Mirabel Logistic Nordique P&W Intermodal & MTMX Rebel Transport TF Truckload & Logistics Les entreprises Dupont 972 Kingsway Bulk Tibbs Transport Durocher Intl. ECL Carriers Laidlaw Carriers Bulk McArthur Express Timeline Logisitc Tri-Line Carriers TST Expedited Villeneuve Tank Lines Westfreight Systems Winalta

12 Logistics & Last Mile Segment Geographic Footprint Segment Overview Full service logistics and transportation management Last mile in the U.S. and Canada Provides a complete one-stop experience for TFI customers, completing TFI s portfolio of services 20% of YTD revenue Logistics & Last Mile Operating Companies Logistics (7% of Total Revs.) Last Mile (3% of Total Revs.) Cavalier Logistics CFI Logistica CFI Logistics CK Logistics Clarke North America Cornerstone Logistics E&L Logistics Hyphen Transportation Management Kobelt Transportation Landry Logikit Patriot Freight Services Premier Product Management Quik X Logistics St-Lambert Stream Logistics AC Final Mile TForce Critical TForce Final Mile Canada TForce Final Mile U.S. TForce Logistics 2

13 Less-Than-Truckload Segment Geographic Footprint Segment Overview Over-the-road and intermodal LTL services Solid track record for safety and on-time delivery Focus on customer facing technology Asset light intermodal 20% of YTD revenue Less-Than-Truckload Operating Companies OVER-THE-ROAD (3% of Total Revs.) INTERMODAL (7% of Total Revs.) Canadian Freightways Normandin Cavalier Quik X Transportation Concord Total Transfer La Crete Transport Tripar Transportation McMurray Serv-U Expediting TST Overland Express Clarke Transport National Fast Freight Quiktrax Intermodal Vitran LTL in U.S. provided by partners and in Mexico provided by CFI Logistica. 3

14 Package & Courier Segment Geographic Footprint Segment Overview Next-day in Canada and globally through partnership with DHL Cutting edge technology Specialized supply chain services 4% of YTD revenue Package & Courier Operating Companies Canpar Express ICS Courier Loomis Express TForce Integrated Solutions 4

15 Our Decentralized Structure: Uniquely Delivering Value for Shareholders Our four segments are constituted of wholly-owned subsidiaries operating under their own brands Our differentiated approach to operating our businesses enables us to create shareholder value by reaping the benefits of both economies of scale and specialization more efficiently allocating resources capitalizing on market opportunities and exploiting market dislocations in real time 5

16 Superior Track Record of Growth Revenue Before Fuel Surcharge (C$ in millions) Adjusted EBITDA,2 (C$ in millions) $5,000 $4,379 $4,000 $3,000 $2,000 $,000 $ Diluted Adjusted EPS,2,5 $600 $54 $500 $400 $300 $200 $00 $ Free Cash Flow,2 (C$ in millions) $3 $2 $ $2.08 $400 $300 $200 $00 $376 $0 $0 -$ $ These are non-ifrs measures. Please refer to the tables at the end of the presentation for a reconciliation of non-ifrs measures. 2 Please refer to pages 36, 37 and 38 for the most directly comparable measure determined under IFRS, being net income, diluted EPS and net cash from operating activities. 3 CAGR calculated from 998, the first year of positive EPS. 4 CAGR calculated from 2000, the first year of positive free cash flow. 5 Tax adjusted for when TFI was an income trust. 6

17 Indexed Total Return and Shareholder Return Over Time 6900% 20-year Total Return, TFI International vs. TSX and S&P % 5,960% 4900% 3900% 2900% 900% 900% -00% -Oct Jun Mar-08 8-Dec-2 2-Sep-7 TFI TSX S&P 500 Note: Total return calculated from -Oct-998 to 28-Sep-208. Total return performance includes dividends, assuming dividends not reinvested. S&P % TSX 97% 7

18 Our Approach To Creating Shareholder Value Growth & ROIC Market Leadership We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy Our People We continually solidify our position as a leader in the North American transportation and logistics industry Prudent Balance Sheet We maintain a strong balance sheet and access to capital We leverage our team of dedicated professionals to provide value-added services and solutions across each of our business segments 8

19 Market Leadership in Key Transportation and Logistics Segments: TTM Q3-208 FCF Conversion Truckload Less-Than-Truckload 9.0% 55.3% 49.% 49.4% TFI Peer Average TFI Peer Average 3 Logistics & Last Mile Package & Courier 98.9% 88.2% 89.0% 35.4% TFI Peer Average 2 TFI Peer Average 4 Note: FCF Conversion (%) calculated as (Adjusted EBITDA Net Capex ex-property) / Adjusted EBITDA. Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 2 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air. 3 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 4 Package & Courier: FedEx and UPS. 9

20 E-Commerce Provides Additional Growth E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics E-Commerce Revenue (C$ in millions) Evolution of B2B/B2C Split $ % CAGR 26% 3% 32% 34% 4% 42% 40% $ 65 74% 69% 68% 66% 59% 58% 60% 202 TTM Q TTM Q3-208 B2B B2C 20

21 Evolution of E-Commerce Fulfillment The evolution of E-Commerce fulfillment has created numerous opportunities for TFI companies both next-day (Canada) and same-day (Canada & U.S.) Shipper - Warehouse Next-Day Services Same-Day Services Shipper - Warehouse Pickup Region A Sorting Facility Linehaul Delivery Region B Sorting Facility Delivery Business Customer Business Customer 2

22 TFI International Serves a Vast E-Commerce Network TTM E-Commerce Revenue by Segment (C$ in millions) $42.7 United States Canada $90.5 $.8 TFI services E-Commerce from approximately 80 North American cities Further opportunities for the Logistics & Last Mile segment, both through acquisitions and organic growth Increasing facility utilization with addition of same-day service Logistics & Last Mile $86.8 $47.6 $0.8 TL P&C LTL Total Canadian E-Commerce revenue: $02.9 million Total U.S. E-Commerce revenue: $277.3 million Note: TTM as of Q

23 Financial Discipline and Return of Capital Free Cash Flow (FCF),2,3 (C$ in millions) Cumulative Cash Returned to Shareholders through dividends and share buybacks (C$ in millions) $400 $350 $300 $250 $200 $50 $ TTM 89% 76% 86% 68% 72% FCF Conversion 4 $338 $900 $800 $700 $600 $500 $400 $300 $200 $00 From continuing operations. 2 This is a non-ifrs measure. Please refer to the tables at the end of the presentation for a reconciliation of non-ifrs measures. 3 Please refer to page 38 for the most directly comparable measure determined under IFRS, being net cash from operating activities. 4 Calculated as TTM (Adjusted EBITDA Net Capex ex-property) / Adjusted EBITDA. $ YTD Q3-208 $56.6 $68.6 $64. $69.0 $55.6 Annual Dividends Paid $57.4 $2.8 $5.2 $8.6 $77.7 Annual Share Repurchases $804 23

24 Robust Balance Sheet With Strategic Flexibility Disciplined acquisition strategy with focus on preserving balance sheet strength and attractive cost of capital Current leverage of 2.3x (as of September 30, 208) Target leverage in the 2-3x range, with flexibility to go above for strategic purposes Debt as of September 30, 208: $,473 million, with $55 million undrawn under the revolving facility Based on Debt as of September 30, 208 and TTM Q3-208 Adjusted EBITDA (not including full-year business acquisition results). 24

25 Track Record of M&A Execution and Integration Acquired 66 companies across our highly fragmented markets since 2008 Number of Acquisitions per Year Winalta La Crete 4 TForce Integrated Solutions 5 Lafleche 3 TForce Final Mile Total Transfer Loomis Express 6 Quik X Transportation E.L. Farmer 4 4 Contrans Clarke Vitran Transport America 6 AC Final Mile 4 CFI Cavalier National Fast Freight TForce Critical 0 Premier Product Management 7 Brasseur Normandin YTD Q

26 Outlook & Strategy (Slide of 3) The North American economy continues to grow and economic conditions are favourable for the transportation and logistics industry Unemployment is at multi-decade lows, consumer confidence is high, and 207 s U.S. tax law changes are helping create a constructive macroeconomic backdrop As a result, upward pressure on freight volumes and shipping rates should continue, and truckload fundamentals are strong in Canada and the U.S. In this environment, in addition to monitoring the economic outlook, driver supply and international trade developments, TFI International is committed to further improving efficiency, rationalizing its assets and tightly controlling costs The Company also continues to execute a disciplined acquisition strategy in the fragmented North American transportation and logistics market 26

27 Outlook & Strategy (Slide 2 of 3) Truckload segment: Remain cost-conscious and focused on improving the efficiency and profitability of existing fleet and network of independent contractors Focus on the quality of U.S. freight revenue and network efficiency, remain disciplined in regard to supply management in the U.S. and optimize the utilization of existing assets Deploy leading-edge analytical tools to aid business decisions and maximize returns Logistics & Last Mile segment: A strategic division that leverages our extensive logistics experience and last mile infrastructure Both online and conventional retailers increasingly view last mile delivery solutions as strategic to their business, and E-Commerce continues to increase as a share of overall retail sales Further grow our presence, as non-asset-based activities are a strategic complement to conventional transportation services Logistics requires less capital, thereby generating even better free cash flow 27

28 Outlook & Strategy (Slide 3 of 3) Less-Than-Truckload segment: Remain disciplined in adapting supply to demand, as industry overcapacity continues Continue to emphasize major cities, cross-border, and high-density regions to enhance value Focus on further cost rationalization, especially for domestic Canadian business Leverage capabilities in asset-light intermodal activities that generate higher returns Package & Courier segment: Overall focus on higher-quality revenues, business mix and cost reduction to generate higher margins and strong operating income Optimize the business mix and asset utilization to improve efficiency Generate additional savings through the consolidation of routes and terminals, administration and IT platforms 28

29 Appendix 29

30 Balance Sheet Details Debt structure $.2 billion unsecured revolving facility Matures in June 2022 and can be extended annually Provides favorable terms and conditions and capital management flexibility $25 million unsecured debentures Interest rate between 3% and 3.45% and matures in December 2020 Can be repaid, without penalty, after December 8, 209 $75 million unsecured term loan 3.95% interest rate and matures in August 209 Can now be repaid without penalty $500 million unsecured term loan Two tranches, $200 million maturing in June 2020 and $300 million maturing in June 202 Same pricing, covenants and conditions as the banking revolving facility 30

31 207 and Q3 208 Selected Segment Financials 207 has been recast for changes in composition of reportable segments and changes in presentation Package & Courier (in thousands of dollars) 207-Q 207-Q2 207-Q3 207-Q Q 208-Q2 208-Q3 Total revenue 62,646 70,006 66,744 82,00 68,406 63,067 82,249 78,82 Fuel surcharge (7,032) (7,062) (5,984) (9,969) (70,047) (20,680) (23,484) (24,24) Revenue 45,64 52,944 50,760 62,04 6,359 42,387 58,765 54,57 Materials and services expenses (net of fuel surcharge) 63,026 63,635 65,450 70, ,720 59,306 65,849 64,637 Personnel expenses 48,534 46,52 44,96 46,747 86,349 44,770 46,6 45,32 Other operating expenses 4,649 3,64 2,75 3,54 54,59 4,376 3,263 3,485 Depreciation of property and equipment 3,525 3,53 3,48 3,337 3,8 2,983 2,982 2,850 Amortization of intangible assets , Gain on sale of rolling stock and equipment (06) (32) (23) (50) (2) (33) (6) (8) Operating income 5,674 25,730 23,577 27,462 92,443 20,623 30,27 27,965 Adjusted EBITDA 9,5 29,575 27,702 3,94 07,982 23,968 33,553 3,55 Gain on sale of land and buildings and assets held for sale - - 9, , Logistics and Last Mile (in thousands of dollars) 207-Q 207-Q2 207-Q3 207-Q Q 208-Q2 208-Q3 Total revenue 252, , , , , , , ,255 Fuel surcharge (6,928) (8,85) (7,275) (8,79) (3,07) (9,927) (2,577) (2,555) Revenue 245, ,03 229,82 234, , , , ,700 Materials and services expenses (net of fuel surcharge) 75,236 79,929 6,703 6, ,85 63,02 69,436 63,855 Personnel expenses 34,94 37,347 34,526 34,734 4,548 35,662 34,680 32,09 Other operating expenses 7,366 6,392 4,784 7,856 66,398 6,783 7,037 5,882 Depreciation of property and equipment,037, , Amortization of intangible assets 4,842 5,7 4,655 5,555 20,223 5,326 5,30 5,34 Gain on sale of rolling stock and equipment (63) (4) (88) (7) (236) - (0) () Operating income 2,277 5,258 3,269 4,0 54,905 5,020 9,806 6,822 Adjusted EBITDA 8,56 2,449 8,887 20,509 79,00 2,099 25,829 22,865 Loss on sale of land and buildings and assets held for sale (49) (37) (26) (3) (5) - - (7) Impairment of intangible assets (3,2) (3,2) Note: Please see note 3 of the unaudited 208 quarterly financial statements. This is a non-ifrs measure. 3

32 Additional Operating Data (Slide of 3) Operating Data TL 207-Q 207-Q2 207-Q3 207-Q4 208-Q 208-Q2 208-Q3 U.S. based Conventional TL Revenue before fuel surcharge (in thousands of U.S. dollars) 73,729 77,770 65,833 64,500 66,757 72,009 7,766 Operating ratio 02.6% 03.0% 06.0% 00.0% 98.3% 94.5% 92.4% Total mileage (in thousands) 09,250,847 02,795 99,340 97,465 98,337 94,735 Tractor count, average 3,73 3,690 3,329 3,5 3,00 3,088 3,09 Trailer count, average,328,275,362,360,20,43,20 Tractor age Trailer age Number of owner operators, average Canadian based Conventional TL Revenue before fuel surcharge (in thousands of dollars) 75,270 78,52 74,073 74,25 73,604 82,53 78,54 Operating ratio 94.6% 90.7% 92.2% 9.8% 90.6% 86.6% 85.2% Total mileage (in thousands) 30,809 32,556 28,060 27,427 26,42 27,867 26,39 Tractor count, average Trailer count, average 3,50 3,30 3,46 3,072 3,02 3,086 3,82 Tractor age Trailer age Number of owner operators, average Revised as of July 26,

33 Additional Operating Data (Slide 2 of 3) Operating Data TL 207-Q 207-Q2 207-Q3 207-Q4 208-Q 208-Q2 208-Q3 Specialized TL Revenue before fuel surcharge (in thousands of dollars) 83,663 20, , , , , ,333 Operating ratio 90.9% 88.3% 88.6% 2 9.5% 9.% 86.0% 85.6% Tractor count, average,25,344,343,346,365,407,439 Trailer count, average 4,309 4,726 4,696 4,663 4,625 4,525 4,54 Tractor age Trailer age Number of owner operators, average,26,224,76,242,08,075,054 Revised as of July 26, Revised as of October 22,

34 Additional Operating Data (Slide 3 of 3) Operating Data - LTL 207-Q 207-Q2 207-Q3 207-Q4 208-Q 208-Q2 208-Q3 Revenue before fuel surcharge (in thousands of dollars) 224,59 23,775 26, ,36 203, , ,54 Operating ratio 96.0% 92.9% 93.5% 92.9% 95.3% 89.8% 88.8% Revenue per hundredweight (including fuel) $3.77 $3.39 $2.83 $3. $4.05 $3.99 $5.54 Revenue per hundredweight (excluding fuel) $2.7 $.86 $.40 $.40 $2.3 $.89 $3.8 Revenue per shipment (including fuel) $ $ $ $ $ $ $36.68 Tonnage (in thousands of tons) , Shipments (in thousands) 976, Average weight per shipment (in lbs),89,899,95,94,983 2,68 2,038 Average length of haul (in miles) Vehicle count, average ,080,08 Revenue per week per vehicle (incl. fuel, in thousands of dollars) $20.38 $22.0 $2.30 $2.54 $23.68 $20.03 $9.09 Revised as of July 26,

35 Reconciliations 35

36 Five-Year Reconciliation of Adjusted EBITDA (C$ in millions) (from Continuing Operations) TTM Q Net Income $335.5 $58.0 $57. $45.7 $6.2 Net Finance Costs $6.7 $6.0 $54.9 $75.7 $64.2 Income Tax Expense (Recovery) $(4.0) $(40.6) $46.3 $55. $47.2 Depreciation of Property and Equipment $94.4 $209.6 $39.4 $29. $86.0 Amortization of Intangible Assets $62.5 $6.2 $53.7 $47. $35.7 Gain on Sale of Land and Buildings $(0.6) $(0.2) $(8.9) $(2.0) $(4.7) Gain on Sale of Assets Held for Sale $(3.) $(77.5) $(3.9) Impairment of Intangible Assets $43.0 Adjusted EBITDA $636.6 $54.5 $442.4 $436.8 $334.6 This is a non-ifrs measure. 36

37 Five-Year Reconciliation of Adjusted Net Income and Adjusted EPS Diluted (C$ in millions, except per share data) TTM Q Net Income $335.5 $58.0 $639.6 $63.4 $27.9 Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $43. $38.3 $32.7 $28.8 $2.7 Net Change In Fair Value of Derivatives, Net of Tax $(0.2) $(.) $3.5 $9.5 $3.7 Net Foreign Exchange (Gain) Loss, Net of Tax $(0.7) $.8 $.6 $(.0) $2.9 Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(.9) $(66.7) $(7.5) $(3.5) $(2.5) Impairment of Intangible Assets, Net of Tax $38.4 U.S. Tax Reform $(76.) $(76.) Net Income from Discontinued Operations $(482.5) $(7.7) $(.7) Adjusted Net Income from Continuing Operations $289.7 $92.6 $87.4 $69.5 $32.0 Adjusted EPS from Continuing Operations Basic $3.28 $2.3 $2.00 $.69 $.33 Adjusted EPS from Continuing Operations Diluted $3.8 $2.08 $.96 $.66 $.30 EPS from Continuing Operations Diluted $3.66 $.70 $.64 $.43 $.5 This is a non-ifrs measure. 37

38 Five-Year Reconciliation of Free Cash Flow (C$ in millions) (from Continuing Operations) TTM Q Net Cash from Operating Activities $485.8 $372.6 $337.9 $358.8 $228.5 Additions to Property and Equipment ($269.6) ($259.7) ($0.6) ($57.8) ($69.3) Proceeds from Sale of Property and Equipment and AHFS $22.0 $263.6 $6.0 $90.5 $84.2 Free Cash Flow $338.2 $376.5 $288.3 $29.5 $243.4 This is a non-ifrs measure. 38

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