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SELECTED ANNUAL INFORMATION<br />

[thousands of dollars, other than per share data]<br />

Twelve Months Ended December 31<br />

<strong>2016</strong><br />

$<br />

2015<br />

$<br />

2014 (2)<br />

$<br />

Sales 531,616 414,115 400,145<br />

EBITDA (1) 83,663 28,396 60,470<br />

Adjusted EBITDA (1) 100,429 73,337 78,228<br />

Profit (loss) from continuing operations 18,953 (9,720) 35,278<br />

Basic profit (loss) per share from<br />

continuing operations<br />

1.29 (0.70) 2.69<br />

Fully diluted profit (loss) per share<br />

from continuing operations<br />

1.27 (0.70) 2.64<br />

Profit (loss) 19,306 (25,229) 4,100<br />

Basic profit (loss) per share 1.31 (1.81) 0.31<br />

Fully diluted profit (loss) per share 1.29 (1.81) 0.31<br />

Funds from operations (1) 52,888 37,791 55,549<br />

Payout ratio (1) 67% 89% 57%<br />

Dividends declared per common share 2.40 2.40 2.40<br />

Total assets 850,151 745,920 447,116<br />

Total long-term liabilities 480,821 358,742 123,415<br />

(1) See “Non-IFRS Measures”.<br />

(2) As reported other than items specifically noted with results from continuing operations.<br />

The following factors impact comparability between years in the table<br />

above:<br />

• The acquisitions of Vis, Westeel, Entringer, NuVision, Mitchell and<br />

Yargus significantly impact information in the table above. See<br />

“Acquisitions”.<br />

• Profit and profit per share were significantly impacted in 2015 by a<br />

$13.4 million impairment charge related to assets at the Company’s<br />

Applegate and Mepu divisions.<br />

• Profit and profit per share in 2014 were significantly impacted by an<br />

expense of $16.9 million related to the Company’s agreement with<br />

the CRA regarding its conversion to a corporation.<br />

• Sales, gain (loss) on foreign exchange, profit and profit per share are<br />

significantly impacted by the rate of exchange between the Canadian<br />

and U.S. dollars. The impact was most significant in 2015 and the<br />

second half of 2014 due to a rapid weakening of the Canadian dollar<br />

relative to its U.S. counterpart.<br />

QUARTERLY FINANCIAL INFORMATION<br />

[thousands of dollars other than per share data and exchange rate]:<br />

AVG USD / CAD<br />

FX RATE<br />

SALES<br />

PROFIT<br />

<strong>2016</strong><br />

FROM CONTINUING OPERATIONS<br />

BASIC PROFIT<br />

PER SHARE<br />

DILUTED PROFIT<br />

PER SHARE<br />

PROFIT<br />

TOTAL<br />

BASIC PROFIT<br />

PER SHARE<br />

DILUTED PROFIT<br />

PER SHARE<br />

Q1 1.38 111,723 6,257 $0.43 $0.42 5,697 $0.39 $0.38<br />

Q2 1.29 140,837 4,245 $0.29 $0.28 5,285 $0.36 $0.35<br />

Q3 1.34 158,680 12,952 $0.87 $0.84 13,034 $0.88 $0.85<br />

Q4 1.32 120,376 (4,501) ($0.30) ($0.30) (4,710) ($0.32) ($0.32)<br />

YTD 1.32 531,616 18,953 $1.29 $1.27 19,306 $1.31 $1.29<br />

AVG USD / CAD<br />

EXCHANGE RATE<br />

2015 (1)<br />

SALES PROFIT /<br />

(LOSS)<br />

BASIC<br />

PROFIT (LOSS)<br />

PER SHARE<br />

DILUTED<br />

PROFIT (LOSS)<br />

PER SHARE<br />

Q1 1.23 87,259 (3,409) ($0.26) ($0.26)<br />

Q2 1.24 122,396 8,173 $0.60 $0.58<br />

Q3 1.30 125,590 (8,638) ($0.60) ($0.60)<br />

Q4 1.33 114,239 (21,355) ($1.48) ($1.48)<br />

YTD 1.27 449,484 (25,229) ($1.81) ($1.81)<br />

(1) As reported.<br />

29 MANAGEMENT’S DISCUSSION & ANALYSIS<br />

FIELD TO CONSUMER<br />

<strong>2016</strong> ANNUAL REPORT<br />

MANAGEMENT’S DISCUSSION & ANALYSIS 30

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