{"id":397544,"date":"2020-12-10T10:47:09","date_gmt":"2020-12-10T15:47:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397544"},"modified":"2020-12-10T10:47:09","modified_gmt":"2020-12-10T15:47:09","slug":"transcontinental-inc-announces-its-results-for-the-fourth-quarter-and-fiscal-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/transcontinental-inc-announces-its-results-for-the-fourth-quarter-and-fiscal-2020\/","title":{"rendered":"Transcontinental Inc. announces its results for the fourth quarter and fiscal 2020"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">\n        <strong>Highlights<\/strong><br \/>\n        \n      <\/p>\n<ul type=\"disc\">\n<li>Continued improvement in profitability in the Packaging Sector and maintained rigorous cost control in the Printing Sector.<\/li>\n<li>Revenues of $655.7 million for the quarter ended October 25, 2020; operating earnings of $81.2 million; and net earnings attributable to shareholders of the Corporation of $51.3 million ($0.59 per share).<\/li>\n<li>Adjusted operating earnings before depreciation and amortization<sup>(1) <\/sup>of $146.8 million for the quarter ended October 25, 2020; adjusted operating earnings<sup>(1)<\/sup> of $110.1 million; and adjusted net earnings attributable to shareholders of the Corporation<sup>(1) <\/sup>of $72.4 million ($0.83 per share).<\/li>\n<li>Solid financial position with liquidities of $241.0 million and access to unused lines of credit of $432.8 million, for total available liquidities of $673.8\u00a0million.<\/li>\n<li>Improved net indebtedness ratio<sup>(1)<\/sup> to 1.9x as a result of the decrease in long-term debt of $363.0\u00a0million and the increase in adjusted operating earnings before depreciation and amortization<sup>(1)<\/sup> during the fiscal year.<\/li>\n<li>Launched new packaging made of 30% post-consumer recycled plastic for the case wrap of AHA<sup>\u00ae<\/sup> Sparkling Water, a brand of The Coca-Cola Company.<\/li>\n<li>Appointed Eric Morisset as Chief Development Officer to lead the Corporation&#8217;s growth by acquisitions strategy.<\/li>\n<\/ul>\n<p align=\"justify\">(1)\u00a0 Please refer to the section entitled &#8220;Non-IFRS Financial Measures&#8221; in this press release for a definition of these measures.<\/p>\n<p align=\"justify\">MONTREAL, Dec.  10, 2020  (GLOBE NEWSWIRE) &#8212; Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the fourth quarter and fiscal 2020, which ended October 25, 2020.<\/p>\n<p align=\"justify\">&#8220;We had another excellent quarter to end fiscal 2020 on a strong note, said Fran\u00e7ois Olivier, President and Chief Executive Officer of TC\u00a0Transcontinental. These results, an indication of our growth potential, reflect the resilience of our business model as well as the responsible management of our operations as a whole. Faced with the challenges of a year marked by COVID-19, we were able to provide our employees with a safe work environment and focus on our objectives to deliver a solid performance. I thank our employees for their dedication and exceptional work in these circumstances.<\/p>\n<p align=\"justify\">&#8220;Our Packaging Sector, our main engine of growth, posted a significant improvement in profitability compared to last year thanks to operational efficiency gains and better than expected synergies. In addition, the sustained demand from our customers for food and consumer product packaging helped to offset the impact of the pandemic in certain markets. We continued to invest significantly in research and development and are well positioned to take advantage of future opportunities, as our customers are increasingly turning to packaging that is aligned with our vision for the circular economy for plastic.<\/p>\n<p align=\"justify\">&#8220;In our Printing Sector, a resilient sector that had a good year despite the pandemic, business recovery continues and we were able to further optimize our platform by implementing cost reduction measures. Demonstrating our ability to adjust to a decrease in volume, we once again recorded an excellent operating earnings margin before depreciation and amortization in the fourth quarter, as well as strong cash flows.<\/p>\n<p align=\"justify\">&#8220;Our Media Sector also had an excellent quarter, well above our expectations, adapting its offering with innovation in the context of the pandemic. Its profitability increased considerably compared to last year, despite the sale of the specialty media assets and event planning activities towards the end of fiscal 2019, which represented a significant portion of its portfolio.<\/p>\n<p align=\"justify\">&#8220;To conclude, our solid financial position gives us the confidence needed to navigate with stability through this period and well beyond it. We continued to generate significant cash flows, which enabled us to significantly reduce the indebtedness level as per our plan. With the success of our recent quarters, we begin the new year with optimism by pursuing our strategy focused on organic growth and acquisitions.&#8221;<\/p>\n<p align=\"justify\">\n        <strong>Financial Highlights<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:50%;min-width:50%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">(in millions of dollars, except per share amounts)<\/td>\n<td colspan=\"1\" style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q4 &#8211; 2020<\/strong>\n          <\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Q4 &#8211; 2019<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Variation<\/strong><br \/>\n            <br \/>\n            <strong> in %<\/strong>\n          <\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fiscal<\/strong><br \/>\n            <br \/>\n            <strong> 2020<\/strong>\n          <\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fiscal<\/strong><br \/>\n            <br \/>\n            <strong> 2019<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Variation <\/strong><br \/>\n            <br \/>\n            <strong> in %<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:52%;width:52%;min-width:52%;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Revenues<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$655.7<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$790.9<\/strong>\n          <\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(17.1)\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$2,574.0<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$3,038.8<\/strong>\n          <\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(15.3)\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted revenues<sup> (1)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>655.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>779.2<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(15.8)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,574.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,027.1<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(15.0)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Operating earnings before depreciation and\u00a0\u00a0 amortization<sup> (2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>134.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>206.9<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(34.8)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>458.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>511.5<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(10.5)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted operating earnings before depreciation and amortization <sup>(1) (2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>146.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>139.1<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.5<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>499.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>475.8<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.0<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Operating earnings <sup>(2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>81.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>156.2<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(48.0)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>241.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>309.5<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(22.0)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted operating earnings <sup>(1) (2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>110.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>106.8<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.1<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>352.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>348.0<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.4<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Net earnings attributable to shareholders of the Corporation <sup>(2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>51.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>112.3<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(54.3)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>166.1<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(20.7)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Net earnings attributable to shareholders of the Corporation per share <sup>(2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.59<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.28<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(53.9)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.51<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.90<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(20.5)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted net earnings attributable to shareholders of the Corporation <sup>(1) (2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>72.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>69.9<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.6<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>227.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>220.2<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.1<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted net earnings attributable to shareholders of the Corporation per share <sup>(1) (2)<\/sup><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.83<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.80<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2.61<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2.52<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-left: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.6<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;border-bottom: solid black 1pt;border-right: solid black 1pt;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: justify;vertical-align: middle\">(1) Please refer to the section entitled &#8220;Reconciliation of Non-IFRS Financial Measures&#8221; in this press release for adjusted data presented above.<br \/>(2) The results for the current period reflect the impact of the adoption of the new IFRS 16 accounting standard, which applies to the Corporation for its fiscal year beginning October 28, 2019. The Corporation adopted the new standard using the modified retrospective transition method, whereby the cumulative impact of initial application has been reflected in opening retained earnings as at October 28, 2019, without restatement of comparative figures. Consequently, data might not be comparable. Please refer to Note 2 to the annual consolidated financial statements for more information on the adoption of the new standard and Table #2 in the Management&#8217;s Discussion and Analysis.\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>2020 Fourth Quarter Results <\/strong>\n      <\/p>\n<p align=\"justify\">Revenues decreased by $135.2 million, or 17.1%, from $790.9 million in the fourth quarter of 2019 to\u00a0$655.7\u00a0million in the corresponding period of 2020. This decrease is largely attributable to lower volume in the Printing Sector, mostly due to the impact of the COVID-19 pandemic, and to the disposal of the paper packaging operations, which occurred at the end of the first quarter of 2020. These items were partially offset by acquisitions in the Printing Sector and organic growth in the Media Sector.<\/p>\n<p align=\"justify\">Operating earnings decreased by $75.0 million, or 48.0%, from $156.2\u00a0million in the fourth quarter of 2019 to $81.2 million in the fourth quarter of 2020. The decrease in operating earnings is mostly explained by the gain on the disposal of assets resulting from the sale to Hearst of the Fremont, California building in the fourth quarter of 2019.<\/p>\n<p align=\"justify\">Adjusted operating earnings increased by $3.3 million, or 3.1%, from $106.8\u00a0million in the fourth quarter of 2019 to $110.1\u00a0million in the fourth quarter of 2020. The increase in adjusted operating earnings is largely attributable to organic growth in operating earnings in the Packaging and Media sectors, partially offset by the disposal of the paper packaging operations and lower volume in the Printing Sector.<\/p>\n<p align=\"justify\">In the Packaging Sector, adjusted operating earnings increased by $0.6 million, from $38.1 million in the fourth quarter of 2019 to $38.7\u00a0million in the fourth quarter of 2020. Excluding the impact of the disposal of the paper packaging operations, this increase would have been $3.4\u00a0million. This increase is attributable to the realization of synergies and operational efficiency initiatives in the sector and an additional contribution from higher-margin segments, partially offset by the negative impact of the significant and rapid increase in the price of resin. This solid performance is reflected in the significant increase in the sector&#8217;s adjusted operating earnings margin, which went from 9.3% in the fourth quarter of 2019 to 11.2% in the fourth quarter of 2020.<\/p>\n<p align=\"justify\">In the Printing Sector, adjusted operating earnings decreased by $2.4 million, or 3.6%, from $67.2 million in the fourth quarter of 2019 to $64.8 million in the fourth quarter of 2020. This decrease is explained by lower volume due to the impact of the COVID-19 pandemic, partially offset by measures taken by the Corporation to reduce its costs and by the Canada Emergency Wage Subsidy. Excluding the subsidy, the sector&#8217;s adjusted operating earnings margin remained relatively stable, going from 19.5% in the fourth quarter of 2019 to 18.4% in the fourth quarter of 2020, despite a significant decrease in revenues, mostly as a result of cost reduction initiatives.<\/p>\n<p align=\"justify\">The Media Sector posted an excellent quarter to end the year on a strong note. In the Other category, which includes the Media Sector, certain head office costs as well as the elimination of inter-segment sales, adjusted operating earnings increased by $5.1 million, from $1.5\u00a0million in the fourth quarter of 2019 to $6.6\u00a0million in the fourth quarter of 2020. This increase is mainly explained by the excellent performance of the Media Sector combined with cost reduction initiatives at head office and the favourable variation in the stock-based compensation expense.<\/p>\n<p align=\"justify\">Net earnings attributable to shareholders of the Corporation decreased by $61.0 million, from $112.3 million in the fourth quarter of 2019 to $51.3\u00a0million in the fourth quarter of 2020. This change is due to lower operating earnings, mainly as a result of the gain on the disposal of assets resulting from the sale to Hearst of the Fremont, California building in the fourth quarter of 2019, mitigated by a decrease in financial expenses and income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $1.28 to $0.59.<\/p>\n<p align=\"justify\">Adjusted net earnings attributable to shareholders of the Corporation increased by $2.5\u00a0million, or 3.6%, from $69.9 million in the fourth quarter of 2019 to $72.4 million in the fourth quarter of 2020. This increase is mostly explained by a decrease in net financial expenses resulting from a reduction in net indebtedness and a lower weighted average interest rate, combined with higher adjusted operating earnings, largely attributable to organic growth in operating earnings in the Packaging and Media sectors. The increase in adjusted net earnings attributable to shareholders of the Corporation is partially offset by the increase in adjusted income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.80 to $0.83.<\/p>\n<p align=\"justify\">\n        <strong>Fiscal 2020 Results <\/strong>\n      <\/p>\n<p align=\"justify\">Revenues decreased by $464.8 million, or 15.3%, from $3,038.8 million in fiscal 2019 to\u00a0$2,574.0\u00a0million in fiscal 2020. This decrease is largely due to lower volume in the Printing Sector, which has been severely affected by the COVID-19 pandemic since April 2020 and\u00a0the disposal of the paper packaging operations, which occurred at the end of the first quarter of 2020. In addition, the sale of the specialty media assets and event planning activities in 2019 also contributed to the decrease. The disposal of the paper packaging operations, which occurred at the end of the first quarter of 2020, as well as the sale of the specialty media assets and event planning activities in 2019 also contributed to the decrease. The organic decline in the Packaging Sector is due to the decrease in the price of resin and the organic decline in the paper packaging operations before their disposal in January\u00a02020. Excluding these items, the Packaging Sector would have generated positive organic growth in fiscal 2020.<\/p>\n<p align=\"justify\">Operating earnings decreased by $68.1\u00a0million, or 22.0%, from $309.5\u00a0million in fiscal 2019 to $241.4\u00a0million in fiscal 2020. The decrease in operating earnings is mostly explained by the gain on the disposal of assets resulting from the sale to Hearst of the Fremont, California building in 2019.<\/p>\n<p align=\"justify\">Adjusted operating earnings increased by $4.8\u00a0million, or 1.4%, from $348.0\u00a0million in fiscal 2019 to $352.8 million in fiscal 2020. The increase in adjusted operating earnings is largely attributable to organic growth in operating earnings in the Packaging and Media sectors, partially offset by lower volume in the Printing Sector and the disposal of the paper packaging operations.<\/p>\n<p align=\"justify\">In the Packaging Sector, adjusted operating earnings increased by $14.6 million, from $135.5 million in fiscal 2019 to $150.1\u00a0million in fiscal 2020. This increase is attributable to the realization of synergies and operational efficiency initiatives in the sector and an additional contribution from higher-margin segments, partially offset by the disposal of the paper packaging operations at the end of the first quarter of 2020 and the significant and rapid increase in the price of resin in the fourth quarter of the year. This solid performance is reflected in the significant increase in the sector&#8217;s adjusted operating earnings margin, which went from 8.4% in fiscal 2019 to 10.6% in fiscal 2020.<\/p>\n<p align=\"justify\">In the Printing Sector, adjusted operating earnings decreased by $9.6 million, from $220.1 million in fiscal 2019 to $210.5 million in fiscal 2020. This decrease is largely explained by lower volume mostly due to the impact of the COVID-19 pandemic. The operational efficiency initiatives undertaken at the beginning of the fiscal year allowed adjusted operating earnings to remain stable for the first five months of fiscal 2020. However, the decline in adjusted operating earnings has been more significant since the onset of the COVID-19 pandemic, which has greatly affected the sector since April 2020. Cost reduction initiatives combined with the eligibility for the Canada Emergency Wage Subsidy partially mitigated the decrease in revenues.<\/p>\n<p align=\"justify\">Net earnings attributable to shareholders of the Corporation decreased by $34.4 million, or 20.7%, from $166.1 million in fiscal 2019 to $131.7\u00a0million in fiscal 2020. This decrease is mainly attributable to the previously explained lower operating earnings, partially offset by a decrease in net financial expenses resulting from a reduction in net indebtedness and a lower weighted average interest rate, as well as a decrease in income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $1.90 to $1.51 due to the previously mentioned items.<\/p>\n<p align=\"justify\">Adjusted net earnings attributable to shareholders of the Corporation increased by $6.8 million, or 3.1%, from $220.2 million in fiscal 2019 to $227.0 million in fiscal 2020. This increase is mostly attributable to a decrease in net financial expenses resulting from a reduction in net indebtedness and a lower weighted average interest rate, combined with higher adjusted operating earnings. These items were partially offset by the increase in adjusted income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.52 to $2.61.<\/p>\n<p align=\"justify\">For more detailed financial information, please see the <em>Management\u2019s Discussion and Analysis <\/em>for the fourth quarter ended October\u00a025, 2020 as well as the financial statements in the \u201cInvestors\u201d section of our website at www.tc.tc.<\/p>\n<p align=\"justify\">\n        <strong>Outlook<\/strong>\n      <\/p>\n<p>In the Packaging Sector, the vast majority of our operations support the retail supply chain for food and everyday consumer product retailers, which are experiencing an increase in volume due to the COVID-19 pandemic. Despite the uncertainties related to the pandemic, we should see organic growth in revenues in fiscal 2021. The significant and rapid increase in the price of resin seen recently should have a negative impact on the sector&#8217;s profitability in the first quarter. In addition, the disposal of the paper packaging operations, which occurred in January 2020, will continue to have a negative impact on revenues and profitability in the first quarter. Excluding the impact of resin and the disposal of the paper packaging operations, we should post a slight increase in operating earnings compared to the prior fiscal year, as a result of our synergies, our operational efficiency initiatives and the anticipated organic growth.<\/p>\n<p>In the Printing Sector, the COVID-19 pandemic should continue to negatively affect several of our customers, and this should have an adverse impact on our revenues for the first half of fiscal 2021. Operational efficiency initiatives and the continuation, to a lesser extent, of the Canada Emergency Wage Subsidy should mitigate the impact of lower volume on operating earnings. With the gradual recovery in printing volume, we should see organic growth in revenues in the second half of fiscal 2021. Excluding amounts related to the Canada Emergency Wage Subsidy, we should see growth in operating earnings in fiscal 2021 compared to fiscal 2020.<\/p>\n<p>To conclude, despite the fact that the impact of the COVID-19 pandemic persists, we should continue to generate significant cash flows from all our activities. This should enable us to reduce our net indebtedness, while providing us with the desired flexibility to continue growing through strategic and targeted acquisitions.<\/p>\n<p>\n        <strong>Non-IFRS Financial Measures<\/strong><br \/>\n        \n      <\/p>\n<p align=\"justify\">In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards\u00a0(IFRS) and the term &#8220;dollar&#8221;, as well as the symbol &#8220;$&#8221; designate Canadian dollars.<\/p>\n<p align=\"justify\">In addition, in this press release, we also use non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled &#8220;Reconciliation of Non-IFRS Financial Measures&#8221; and in Note 3, &#8220;Segmented Information&#8221;, to the annual consolidated financial statements for the year ended October 25, 2020.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Terms Used<\/strong>\n          <\/td>\n<td style=\"max-width:80%;width:80%;min-width:80%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Definitions<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted revenues<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">Revenues before the accelerated recognition of deferred revenues <sup>(1)<\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings before depreciation and amortization<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Operating earnings before depreciation and amortization as well as the accelerated recognition of deferred revenues <sup>(1)<\/sup>, restructuring and other costs (gains) and impairment of assets<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings margin before depreciation and amortization<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings before depreciation and amortization divided by adjusted revenues<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Operating earnings before the accelerated recognition of deferred revenues <sup>(1)<\/sup>, restructuring and other costs (gains), impairment of assets, as well as amortization of intangible assets arising from business combinations<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings margin<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted operating earnings divided by adjusted revenues<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted income taxes<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Income taxes before income taxes on the accelerated recognition of deferred revenues <sup>(1)<\/sup>, restructuring and other costs (gains), impairment of assets, amortization of intangible assets arising from business combinations as well as the effect of the U.S. tax reform on deferred taxes<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted net earnings attributable to shareholders of the Corporation<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Net earnings attributable to shareholders of the Corporation before the accelerated recognition of deferred revenues <sup>(1)<\/sup>, restructuring and other costs (gains), impairment of assets, amortization of intangible assets arising from business combinations, net of related income taxes as well as the effect of the U.S. tax reform on deferred taxes<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Net indebtedness<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Total of long-term debt, of current portion of long-term debt, of lease liabilities and of current portion of lease liabilities, less cash<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Net indebtedness ratio<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Net indebtedness divided by the last 12 months\u2019 adjusted operating earnings before depreciation and amortization<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">(1) Related to the agreements signed with The Hearst Corporation. Please refer to Note 32 to the annual consolidated financial statements for the year ended October 25, 2020.<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>\n        <strong>Reconciliation of Non-IFRS Financial Measures<\/strong>\n      <\/p>\n<p align=\"justify\">The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted revenues, adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted operating earnings margin, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation\u2019s activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them.<\/p>\n<p align=\"justify\">The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\n            <strong>Reconciliation of revenues &#8211; Fourth quarter and fiscal year<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">Three months ended<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Year ended<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;border-bottom: solid black 1pt;vertical-align: bottom\">(in millions of dollars)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Revenues<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$655.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$790.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$2,574.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$3,038.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Accelerated recognition of deferred revenues<sup>(1)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Adjusted revenues<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$655.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$779.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$2,574.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$3,027.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(1) Related to the agreements signed with The Hearst Corporation. Please refer to Note 32 to the annual consolidated financial statements for the year ended October 25, 2020.<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reconciliation of operating earnings &#8211; Fourth quarter and fiscal year<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Three months ended<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Year ended<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;border-bottom: solid black 1pt;vertical-align: bottom\">(in millions of dollars)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating earnings<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$81.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$156.2<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$241.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$309.5<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restructuring and other costs (gains)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(56.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>41.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(24.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangible assets arising from business combinations <sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>70.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accelerated recognition of deferred revenues <sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Impairment of assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Adjusted operating earnings<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$110.1<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$106.8<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$352.8<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$348.0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization <sup>(3)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>36.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>146.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">127.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Adjusted operating earnings before depreciation and amortization<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$146.8<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$139.1<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$499.4<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$475.8<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(1) Intangible assets arising from business combinations include our customer relationships, trademarks and non-compete agreements.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(2) Related to the agreements signed with The Hearst Corporation. Please refer to Note 32 to the annual consolidated financial statements for the year ended October 25, 2020.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(3) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations.<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reconciliation of net earnings attributable to shareholders of the Corporation &#8211; Fourth quarter<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Three months ended<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:65%;width:65%;min-width:65%;border-bottom: solid black 1pt;vertical-align: bottom\">(in millions of dollars, except per share amounts)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Per share<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">Total<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">Per share<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings attributable to shareholders of the Corporation<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>51.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>0.59<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$112.3<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$1.28<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restructuring and other costs (gains), net of related income taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.09<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.54<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangible assets arising from business combinations, net of related income taxes<sup> (1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.15<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.16<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accelerated recognition of deferred revenues, net of related income taxes<sup> (2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Adjusted net earnings attributable to shareholders of the Corporation<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>72.4<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>0.83<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$69.9<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$0.80<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\">(1) Intangible assets arising from business combinations include our customer relationships, trademarks and non-compete agreements.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\">(2) Related to the agreements signed with The Hearst Corporation. Please refer to Note 32 to the annual consolidated financial statements for the year ended October 25, 2020.<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reconciliation of net earnings attributable to shareholders of the Corporation &#8211; Cumulative<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Year ended<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25, 2020<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">October 27, 2019<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:65%;width:65%;min-width:65%;border-bottom: solid black 1pt;vertical-align: bottom\">(in millions of dollars, except per share amounts)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Per share<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">Total<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">Per share<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings attributable to shareholders of the Corporation<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>131.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>1.51<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$166.1<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$1.90<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restructuring and other costs (gains), net of related income taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>42.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.49<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(23.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.27<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Amortization of intangible assets arising from business combinations, net of related income taxes<sup> (1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>52.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.61<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.64<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Impact of the U.S. tax reform on deferred taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.35<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accelerated recognition of deferred revenues, net of related income taxes<sup> (2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Impairment of assets, net of related income taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Adjusted net earnings attributable to shareholders of the Corporation<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>227.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>2.61<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$220.2<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$2.52<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">Weighted average number of shares outstanding &#8211; diluted<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>87.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">87.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(1) Intangible assets arising from business combinations include our customer relationships, trademarks and non-compete agreements.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">(2) Related to the agreements signed with The Hearst Corporation. Please refer to Note 32 to the annual consolidated financial statements for the year ended October 25, 2020.<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Reconciliation of net indebtedness<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:60%;width:60%;min-width:60%;border-bottom: solid black 1pt;vertical-align: bottom\">(in millions of dollars, except ratios)<\/td>\n<td colspan=\"1\" style=\"max-width:18%;width:18%;min-width:18%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>As at October 25, 2020<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"max-width:18%;width:18%;min-width:18%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">As at October 27, 2019<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Long-term debt<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>790.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$1,381.9<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current portion of long-term debt<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>229.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Lease liabilities <sup>(1)<\/sup><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>132.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Current portion of lease liabilities <sup>(1)<\/sup><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>22.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Cash<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(241.0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(213.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Net indebtedness <\/strong><br \/>\n            <sup>(1)<\/sup>\n          <\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>933.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$1,169.4<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Adjusted operating earnings before depreciation and amortization (last 12 months) <sup>(1)<\/sup><\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>499.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$475.8<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Net indebtedness ratio <\/strong><br \/>\n            <sup>(1)<\/sup>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>1.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>x<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">2.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">x<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">(1) The results for the current period reflect the impact of the adoption of the new IFRS 16 accounting standard, which applies to the Corporation for its fiscal year beginning October 28, 2019. The Corporation adopted the new standard using the modified retrospective transition method, whereby the cumulative impact of initial application has been reflected in opening retained earnings as at October 28, 2019, without restatement of comparative figures. Consequently, data might not be comparable. Please refer to Note 2 to the annual consolidated financial statements and Table #2 of the <em>Management\u2019s Discussion and Analysis<\/em>.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Dividend <\/strong>\n      <\/p>\n<p align=\"justify\">The Corporation&#8217;s Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class\u00a0B Shares. This dividend is payable on January 19, 2021 to shareholders of record at the close of business on January 5, 2021.<\/p>\n<p align=\"justify\">\n        <strong>Normal Course Issuer Bid<\/strong>\n      <\/p>\n<p align=\"justify\">The Corporation had been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between October 1, 2019 and September 30, 2020, or at an earlier date if the Corporation concludes or cancels the offer, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 190,560 of its Class B Shares.<\/p>\n<p align=\"justify\">On February 27, 2020, the Corporation was authorized to modify its share repurchase program in order to increase the maximum number of Class A Subordinate Voting Shares it is allowed to repurchase from 1,000,000 Class A Subordinate Shares to 2,000,000\u00a0Class A Subordinate Voting Shares. All other terms and conditions of the repurchase program remained unchanged.<\/p>\n<p align=\"justify\">During the year ended October 25, 2020, the Corporation redeemed and cancelled 450,450 of its Class A Subordinate Voting Shares at a weighted average price of $15.70, for a total cash consideration of $7.1 million (no shares repurchased since February 2020). The repurchases were made in the normal course of business at market prices through the Toronto Stock Exchange. The excess of the total consideration over the carrying amount of the shares, in the amount of $3.3 million, was applied against retained earnings.<\/p>\n<p align=\"justify\">On September 18, 2020, the Corporation was authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between October 1, 2020 and September 30, 2021, or at an earlier date if the Corporation concludes or cancels the offer, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 191,320 of its Class B Shares. Under the current repurchase program, the Corporation has not redeemed any shares to date.<\/p>\n<p align=\"justify\">\n        <strong>Additional information<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Conference Call<\/strong>\n      <\/p>\n<p align=\"justify\">Upon releasing its 2020 fourth quarter results, the Corporation will hold a conference call for the financial community on December\u00a010, 2020 at 4:15\u00a0p.m. The dial-in numbers are 1 647 788-4922 or 1 877 223-4471. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on the Corporation\u2019s website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC\u00a0Transcontinental, at 514\u00a0954-3581.<\/p>\n<p align=\"justify\">\n        <strong>Profile<\/strong>\n      <\/p>\n<p align=\"justify\">TC Transcontinental is a leader in flexible packaging in North America, and Canada\u2019s largest printer. The Corporation is also positioned as the leading Canadian French-language educational publishing group. For over 40 years, TC Transcontinental&#8217;s mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers.<\/p>\n<p align=\"justify\">Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC\u00a0Transcontinental&#8217;s commitment to its stakeholders is to pursue its business activities in a responsible manner.<\/p>\n<p align=\"justify\">Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has over 8,000 employees, the majority of which are based in Canada, the United States and Latin America. TC\u00a0Transcontinental had revenues of approximately C$2.6 billion for the fiscal year ended October 25, 2020. For more information, visit TC Transcontinental&#8217;s website at www.tc.tc.<\/p>\n<p align=\"justify\">\n        <strong>Forward-looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation&#8217;s objectives, strategy, anticipated financial results and business outlook. The Corporation&#8217;s future performance may also be affected by a number of factors, many of which are beyond the Corporation&#8217;s will or control. These factors include, but are not limited to, the economic situation in the world, structural changes in the industries in which the Corporation operates, the impact of digital product development and adoption on the demand for retailer-related services and other printed products, the Corporation&#8217;s ability to generate organic growth in highly competitive industries, the Corporation&#8217;s ability to complete acquisitions in the packaging industry and properly integrate them, the inability to maintain or improve operational efficiency and avoid disruptions that could affect its ability to meet deadlines, cybersecurity and data protection, the political and social environment as well as regulatory and legislative changes, in particular with regard to the environment and door-to-door distribution, changes in consumption habits related, in particular, to issues involving sustainable development and the use of certain products or services such as door-to-door distribution, change in consumption habits or loss of a major customer, customer consolidation, the safety and quality of its packaging products used in the food industry, the protection of its intellectual property rights, the exchange rate, availability of capital at a reasonable rate, bad debts from certain customers, import and export controls, raw materials and transportation costs, recruiting and retaining qualified personnel in certain geographic areas and industry sectors, taxation, interest rates and the impact of the COVID-19 pandemic on its operations, facilities and financial results, changes in consumption habits from consumers and changes in the operations and financial position of the Corporation&#8217;s customers due to the pandemic and the effectiveness of plans and measures implemented in response thereto. The main risks, uncertainties and factors that could influence actual results are described in the <em>Management&#8217;s Discussion and Analysis<\/em> for the year ended October 25, 2020 and in the latest <em>Annual Information Form<\/em>.\u00a0<\/p>\n<p align=\"justify\">Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 10, 2020. The forward-looking statements in this press release are made pursuant to the \u201csafe harbour\u201d provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 10, 2020. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation&#8217;s management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities.<\/p>\n<p align=\"justify\">For information:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:35%;width:35%;min-width:35%;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <u>Media<\/u><br \/>\n            <br \/>\u00a0\u00a0 <br \/>Nathalie St-Jean<br \/>Senior Advisor, Corporate Communications <br \/>TC Transcontinental<br \/>Telephone: 514-954-3581<br \/><u><a href=\"mailto:nathalie.st-jean@tc.tc\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">nathalie.st-jean@tc.tc<\/a>\u00a0<\/u><br \/><u><a href=\"http:\/\/www.tc.tc\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.tc.tc<\/a>\u00a0<\/u><\/td>\n<td style=\"max-width:65%;width:65%;min-width:65%;vertical-align: top\">\n            <u>Financial Community<\/u><\/p>\n<p> Yan Lapointe<br \/>Director, Investor Relations<br \/>TC Transcontinental<br \/>Telephone: 514-954-3574<br \/><u><a href=\"mailto:yan.lapointe@tc.tc\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">yan.lapointe@tc.tc<\/a>\u00a0<\/u><br \/><u><a href=\"http:\/\/www.tc.tc\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.tc.tc<\/a>\u00a0<\/u><\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>\n        <strong>CONSOLIDATED STATEMENTS OF EARNINGS<\/strong><br \/>\n        <br \/>Years ended October 25, 2020 and October 27, 2019<br \/>(in millions of Canadian dollars, except per share data)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>October 25,<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong><br \/>\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">October 27,<br \/>2019<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: bottom\">Revenues<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,574.0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,038.8<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,074.6<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,551.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restructuring and other costs (gains)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>41.4<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(24.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Impairment of assets<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating earnings before depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>458.0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">511.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>216.6<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">202.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating earnings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>241.4<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">309.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Net financial expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>46.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66.9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Earnings before income taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>195.0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">242.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Income taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>63.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">76.5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.8<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Non-controlling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>Net earnings attributable to shareholders of the Corporation<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>131.7<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">166.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Net earnings per share &#8211; basic<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.51<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.90<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Net earnings per share &#8211; diluted<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.51<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.90<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Weighted average number of shares outstanding &#8211; basic (in millions)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>87.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87.3<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Weighted average number of shares &#8211; diluted (in millions)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>87.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87.4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<\/strong><br \/>\n        <br \/>Years ended October 25, 2020 and October 27, 2019<br \/>(in millions of Canadian dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25,<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27,<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: bottom\">\n            <strong>Net earnings<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.8<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Other comprehensive income (loss)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Items that will be reclassified to net earnings<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Net change related to cash flow hedges<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net change in the fair value of derivatives &#8211; Foreign exchange risk<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net change in the fair value of derivatives &#8211; Interest rate risk<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(18.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Reclassification of the net change in the fair value of derivatives recognized in net earnings during the period<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Related income tax recovery<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(2.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(6.6<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Cumulative translation differences<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net unrealized exchange gains (losses) on the translation of the financial statements of foreign operations<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(22.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net unrealized exchange gains on the translation of the financial statements of foreign operations reversed to net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">earnings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net gains (losses) on hedge of the net investment in foreign operations<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Related income tax recovery<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.8<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Items that will not be reclassified to net earnings<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>Changes related to defined benefit plans<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Actuarial gains (losses) on defined benefit plans<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Related income taxes (recovery)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>9.5<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Other comprehensive income (loss)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36.7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">Comprehensive income<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>142.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">129.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<\/strong><br \/>\n        <br \/>Years ended October 25, 2020 and October 27, 2019<br \/>(in millions of Canadian dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">Accumulated<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">other<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">Non-<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">Share<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">Contributed<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">Retained<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">comprehensive<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">controlling<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">Total<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">capital<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">surplus<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">earnings<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">income (loss)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">Total<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">interests<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">equity<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: bottom\">Balance as at October 27, 2019<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:4%;width:4%;min-width:4%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>641.9\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.1\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,069.9\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:4%;width:4%;min-width:4%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(25.9<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,687.0\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>4.2\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,691.2\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Impact of the transition to IFRS 16<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(13.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(13.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(13.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Balance as at October 27, 2019 &#8211; adjusted<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>641.9\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.1\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,056.7\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(25.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,673.8\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>4.2\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,678.0\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.7\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.7\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.1\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.8\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Other comprehensive income <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11.1\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11.1\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11.1\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Shareholders&#8217; contributions and<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>distributions to shareholders<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Share redemptions<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Exercise of stock options<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.9\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.7\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.7\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Dividends<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(77.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(77.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(77.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Business combinations<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.0\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.0\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">Balance as at October 25, 2020<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>640.0\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>0.9\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>1,107.2\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>(14.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>1,733.3\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>5.3\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>1,738.6\u00a0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Balance as at October 28, 2018<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">642.4\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">979.8\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10.8\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,634.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,634.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Other comprehensive loss<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Shareholders&#8217; contributions and<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">\n            <strong>distributions to shareholders<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Dividends<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income taxes on share issuance costs<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Business combinations<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.2\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4.2\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">Balance as at October 27, 2019<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">641.9\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">1.1\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">1,069.9\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">(25.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">1,687.0\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">4.2\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">1,691.2\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/strong><br \/>\n        <br \/>Years ended October 25, 2020 and October 27, 2019<br \/>(in millions of Canadian dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>As at<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">As at<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">October 27,<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019 <sup>(1)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cash<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>241.0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">213.7<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accounts receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>461.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">520.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income taxes receivable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>13.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Inventories<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>288.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">304.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Prepaid expenses and other current assets<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>20.3<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,024.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,068.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Property, plant and equipment<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>712.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">820.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Right-of-use assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>134.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Intangible assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>568.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">686.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Goodwill<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,098.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,145.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Deferred taxes<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>24.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Other assets<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>35.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34.2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>3,598.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">3,781.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accounts payable and accrued liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>399.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">420.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Provisions<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income taxes payable<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred revenues and deposits<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>9.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Current portion of long-term debt<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>229.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Current portion of lease liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>22.8<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>677.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">457.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Long-term debt<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>790.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,381.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Lease liabilities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>132.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Deferred taxes<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>133.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">120.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Provisions<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Other liabilities<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>125.7<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">129.2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,859.8<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,090.6<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Share capital<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>640.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">641.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Contributed surplus<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Retained earnings<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,107.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,069.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Accumulated other comprehensive loss<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(14.8<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25.9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Attributable to shareholders of the Corporation<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,733.3<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,687.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Non-controlling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.3<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4.2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,738.6<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,691.2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>3,598.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">3,781.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\n            <sup>(1)<\/sup> Certain comparative figures have been reclassified to conform to the presentation adopted in the current year.<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong><br \/>\n        <br \/>Years ended October 25, 2020 and October 27, 2019<br \/>(in millions of Canadian dollars)<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>October 25,<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">October 27,<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net earnings<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>131.8<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166.1<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjustments to reconcile net earnings and cash flows from operating activities:<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Impairment of assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>237.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">223.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Financial expenses on long-term debt and lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>47.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net losses (gains) on disposal of assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(42.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net losses (gains) on business acquisitions and disposals<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Income taxes<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>63.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">76.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Net foreign exchange differences and other<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(4.2<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cash flows generated by operating activities before changes in non-cash operating items and income taxes paid<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>481.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">470.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Changes in non-cash operating items <sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(4.8<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Income taxes paid<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(49.8<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(59.5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Cash flows from operating activities<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>427.0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">431.6<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Investing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Business combinations, net of acquired cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(9.4<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Business disposals<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>232.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Acquisitions of property, plant and equipment<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(79.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(104.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Disposals of property, plant and equipment<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Increase in intangible assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(18.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21.5<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Cash flows from investing activities<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>126.4<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(34.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Financing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Increase in long-term debt, net of issuance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">302.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Reimbursement of long-term debt<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(375.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(250.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net decrease in credit facility, net of issuance costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u2014<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Financial expenses on long-term debt<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(42.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(64.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Repayment of principal on lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(21.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Interest on lease liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Exercise of stock options<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.7<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Dividends<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(77.9<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76.0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Share redemptions<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7.1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Cash flows from financing activities<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(526.4<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(221.4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Effect of exchange rate changes on cash denominated in foreign currencies<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.3<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2.9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net change in cash<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>27.3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">173.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Cash at beginning of year<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>213.7<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">40.5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">Cash at end of year<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>241.0<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">213.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Non-cash investing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: double 15px 3pt;vertical-align: bottom\">Net change in capital asset acquisitions financed by accounts payable<\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>2.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">3.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;border-bottom: double 15px 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\n            <sup>(1)<\/sup> Includes the accelerated recognition of deferred revenues opening balance as at October 29, 2017 as part of the transaction with Hearst for the year ended October\u00a027,\u00a02019.<\/td>\n<\/tr>\n<\/table>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEwMDMzMyMzODY1MDQxIzIwODY5MTU=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/611a58f1-a10a-483d-b0fe-ac4c8087607a\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Continued improvement in profitability in the Packaging Sector and maintained rigorous cost control in the Printing Sector. Revenues of $655.7 million for the quarter ended October 25, 2020; operating earnings of $81.2 million; and net earnings attributable to shareholders of the Corporation of $51.3 million ($0.59 per share). Adjusted operating earnings before depreciation and amortization(1) of $146.8 million for the quarter ended October 25, 2020; adjusted operating earnings(1) of $110.1 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $72.4 million ($0.83 per share). Solid financial position with liquidities of $241.0 million and access to unused lines of credit of $432.8 million, for total available liquidities of $673.8\u00a0million. Improved net indebtedness ratio(1) to 1.9x as a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transcontinental-inc-announces-its-results-for-the-fourth-quarter-and-fiscal-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Transcontinental Inc. announces its results for the fourth quarter and fiscal 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-397544","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transcontinental Inc. announces its results for the fourth quarter and fiscal 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transcontinental-inc-announces-its-results-for-the-fourth-quarter-and-fiscal-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transcontinental Inc. announces its results for the fourth quarter and fiscal 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Highlights Continued improvement in profitability in the Packaging Sector and maintained rigorous cost control in the Printing Sector. Revenues of $655.7 million for the quarter ended October 25, 2020; operating earnings of $81.2 million; and net earnings attributable to shareholders of the Corporation of $51.3 million ($0.59 per share). Adjusted operating earnings before depreciation and amortization(1) of $146.8 million for the quarter ended October 25, 2020; adjusted operating earnings(1) of $110.1 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $72.4 million ($0.83 per share). Solid financial position with liquidities of $241.0 million and access to unused lines of credit of $432.8 million, for total available liquidities of $673.8\u00a0million. 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Revenues of $655.7 million for the quarter ended October 25, 2020; operating earnings of $81.2 million; and net earnings attributable to shareholders of the Corporation of $51.3 million ($0.59 per share). Adjusted operating earnings before depreciation and amortization(1) of $146.8 million for the quarter ended October 25, 2020; adjusted operating earnings(1) of $110.1 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $72.4 million ($0.83 per share). Solid financial position with liquidities of $241.0 million and access to unused lines of credit of $432.8 million, for total available liquidities of $673.8\u00a0million. 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