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A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES THIRD QUARTER 2024 RESULTS

A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES THIRD QUARTER 2024 RESULTS

A&W營收版稅收入基金宣佈2024年第三季度業績
PR Newswire ·  10/15 16:00

TRADING SYMBOL: TSX: AW.UN

交易標的: TSX: AW.UN

VANCOUVER, BC, Oct. 15, 2024 /CNW/ -

BC省溫哥華,2024年10月15日 /CNW/ -

  • Royalty income increased by 0.3% in Q3 2024 and 0.9% year to date, as compared to the comparable periods in 2023.
  • Royalty Pool Same Store Sales Growth(i) was -1.0% for Q3 2024 and nil year to date.
  • The Fund and Food Services entered into a combination agreement on July 21, 2024 pursuant to which Food Services will be amalgamated with certain holding companies to form a new publicly-traded company ("A&W Food Services NewCo") and will acquire all of the Fund's Trust Units (the "Transaction") for consideration of cash, common shares of A&W Food Services NewCo, or a combination of both. The Transaction is structured as a statutory plan of arrangement under the Canada Business Corporations Act.
  • On October 8, 2024, the Fund's unitholders ("Unitholders") approved the Transaction.
  • On October 11, 2024, the Ontario Superior Court of Justice (Commercial List) issued a final order approving the Transaction.
  • The Transaction will be effective on October 17, 2024, subject to the satisfaction or waiver of certain customary closing conditions.
  • 版權收入在2024年第三季度增長了0.3%,截至年底已增長0.9%,與2023年同期相比。
  • Q3 2024版權池內相同店鋪銷售增長率爲-1.0%,年至今尚未計算。
  • 基金和餐飲服務於2024年7月21日簽訂了一項合併協議,根據該協議,餐飲服務將與某些控股公司合併,形成一家新的上市公司("A&W餐飲服務新公司"),並將收購基金的所有信託單位("交易"),作爲交易代價支付現金、A&W餐飲服務新公司的普通股,或兩者組合。該交易構成加拿大《公司法》下的一項法定安排計劃。
  • 2024年10月8日,基金的單位持有人("單位持有人")批准了該交易。
  • 2024年10月11日,安大略省高級法院(商事法庭)發佈了一項最終法令,批准了該交易。
  • 該交易將於2024年10月17日生效,取決於符合或豁免某些慣例的閉幕條件。

THIRD QUARTER 2024 RESULTS

2024年第三季度業績

A&W Revenue Royalties Income Fund (the "Fund") and A&W Food Services of Canada Inc. ("A&W Food Services or "A&W") today reported the Fund's results for the third quarter ended September 8, 2024.

A&W營收特許權益基金("基金")和A&W美食服務加拿大公司("A&W美食服務或"A&W")今天報告了2024年9月8日結束的第三季度基金的業績。

"With 19 new A&W restaurants opened in the first three quarters of 2024 and 20 additional restaurants under construction at the end of the quarter, we are pleased with the pace at which Food Services has been able to expand the A&W brand across Canada so far this year," said Susan Senecal, President and CEO of A&W Food Services. "The number of A&W restaurants opened in the first three quarters of 2024 puts Food Services on track to exceed the annual number of new restaurants opened in the years since the onset of the COVID-19 pandemic, which disrupted businesses across Canada and slowed down the pace of A&W's expansion".

"截至2024年第三季度末,在2024年前三季度開設了19家新的A&W餐廳,並在季度結束時還有20家餐廳正在施工中,我們對美食服務公司今年能夠在加拿大迅速擴張A&W品牌的速度感到滿意,"A&W美食服務的總裁兼首席執行官Susan Senecal表示。"在2024年前三季度開業的A&W餐廳數量使得美食服務公司有望超過自新冠大流行爆發以來開業新餐廳數量的年度,在這段時間內,新冠疫情擾亂了加拿大各地的企業,並減緩了A&W擴張的步伐"。

Royalty income for the third quarter of 2024 was $13,742,000 based on Gross sales reported by restaurants in the Royalty Pool(i) of $458,078,000, compared to royalty income of $13,705,000 and Gross sales reported by A&W restaurants in the Royalty Pool(i) of $456,842,000 for the third quarter of 2023. Year to date royalty income was $38,260,000 based on gross sales reported by restaurants in the Royalty Pool(i) of $1,275,348,000, compared to royalty income of $37,917,000 and gross sales reported by restaurants in the Royalty Pool(i) of $1,263,908,000 for the comparable period in 2023.

2024年第三季度的特許權益收入爲1374.2萬美元,基於餐廳特許權益池(i)報告的營業總額爲4.58078億美元,相比於2023年第三季度特許權益收入1370.5萬美元,特許權益池(i)報告的A&W餐廳營業總額爲4.56842億美元。截至目前的特許權益收入爲3826萬美元,基於特許權益池(i)報告的餐廳營業總額爲12.75348億美元,相比於2023年同期特許權益收入3791.7萬美元,特許權益池(i)報告的餐廳營業總額爲12.63908億美元。

The increase in royalty income is driven by the 10 net new restaurants added to the Royalty Pool on January 5, 2024. The increase in the year to date period was partially offset by there being one less day in Q1 2024 than in Q1 2023.

特許權益收入增長得益於2024年1月5日向特許權益池中新增的10家新餐廳。截至目前的增長部分抵消於2024年第一季度比2023年第一季度少一天的情況。

Royalty Pool Same Store Sales Growth is a function of changes in guest counts and check size, which are impacted by party size, menu prices and menu mix and changes in consumers discretionary spending. The Royalty Pool Same Store Sales Growth(i) of -1.0% for the third quarter and nil year to date primarily results from a decrease in guest counts partially offset by an increase in average check size due in part to industry-wide inflation on goods, services, and labour. The decrease in guest counts reflects A&W's proportionate share of an overall decline in traffic at burger quick service restaurants ("QSR") across Canada. Food Services believes the decline in traffic at A&W restaurants and burger QSR more generally is attributable to increased interest rates and inflation, along with market uncertainty, which have impacted consumer discretionary spending. In response to these economic conditions, Food Services continues to seek new and innovative ways to offer A&W's guests a delicious and affordable experience and in turn increase guest traffic.

特許權益池同店銷售增長是受到就餐人數和結賬金額的變化影響的,這受到聚會規模、菜單價格、菜單組合以及消費者可支配支出變化的影響。2024年第三季度和截至目前同店銷售增長率爲-1.0%,主要是由於就餐人數減少而部分抵消了平均結賬金額的增加,部分原因是由於商品、服務和勞動力的全行業通脹。就餐人數的減少反映了A&W對加拿大漢堡快餐餐廳("QSR")整體流量下降所佔比例,美食服務公司認爲A&W餐廳和漢堡快餐餐廳流量下降主要是由於利率上升和通貨膨脹以及市場不確定性導致消費者可支配支出受到影響。爲應對這些經濟形勢,美食服務公司繼續尋求提供A&W的客人美味且實惠的體驗的新穎方式,並進而增加客流量。

Full quarterly results are expected to be filed today on SEDAR+ at .

預計完整的季度業績將於今天在SEDAR+進行備案。

Strategic Combination of the Fund and A&W Food Services

基金和A&W食品服務的戰略組合

The Fund and Food Services entered into the Combination Agreement on July 21, 2024 whereby Food Services will be amalgamated with certain holding companies to form A&W Food Services Newco, a new publicly-traded company, and will acquire all of the Fund's Trust Units. The Transaction is structured as a statutory plan of arrangement under the Canada Business Corporations Act.

基金和食品服務於2024年7月21日簽署了組合協議,根據該協議,食品服務將與特定控股公司合併,形成A&W食品服務新公司,這是一家新的公開交易公司,並將收購基金的所有信託單位。該交易構建爲根據加拿大《公司法》的法定安排計劃。

On October 8, 2024, a special meeting of the Unitholders was held, and the Transaction was approved by Unitholders.

於2024年10月8日召開了受託人特別大會,交易獲得了受託人的批准。

On October 11, 2024, the Ontario Superior Court of Justice (Commercial List) issued a final order (the "Final Order") approving the plan of arrangement under the Canada Business Corporations Act in respect of the Transaction.

於2024年10月11日,安大略省高級法院(商事法庭)發佈了一份最終法令(「最終法令」),批准了根據《加拿大《公司法》關於該交易的安排計劃。

Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions. In accordance with the Final Order, the Transaction will become effective after the close of business on October 17, 2024 (the "Effective Date"), subject to the terms and conditions of the combination agreement in respect of the Transaction, all of which have been or are expected to be satisfied by or on such date, and the filing of articles of arrangement in respect of the Transaction. The common shares of A&W Food Services NewCo have been conditionally approved for listing on the Toronto Stock Exchange ("TSX"), subject to fulfilling all of the requirements of the TSX. Subject to the approval of the TSX, it is expected that (a) the Fund's Trust Units will be delisted from the TSX after the close of business on the Effective Date, (b) the common shares of A&W Food Services Newco will be listed (but not yet posted for trading) on the TSX after the close of business on the Effective Date, and (c) the common shares of A&W Food Services Newco will be posted and begin trading on the TSX at the open of business on the business day immediately following the Effective Date, being October 18, 2024, under the symbol "AW".

交易的完成仍受制於滿足或放棄某些慣例性的閉合條件。根據最終法令,交易將在2024年10月17日(「生效日」)營業結束後生效,前提是已經或預計在該日期之前滿足或將滿足關於交易的組合協議的各項條款和條件,並提交關於該交易的安排章程。A&W食品服務新公司的普通股已獲得批准在多倫多證券交易所(「TSX」)上市,前提是滿足TSX的所有要求。在獲得TSX批准的情況下,預計(a)基金的信託單位將在生效日營業結束後被TSX除牌,(b)A&W食品服務新公司的普通股將在生效日營業結束後上市(但尚未交易),並且(c)A&W食品服務新公司的普通股將在緊隨生效日隔日開始在TSX上交易,即2024年10月18日以「AW」標的開多。

For further information regarding the Transaction, please refer to the Fund's management information circular dated August 29, 2024 available on the Fund's SEDAR+ profile at .

For further information regarding the Transaction, please refer to the Fund's management information circular dated August 29, 2024 available on the Fund's SEDAR+ profile at .

Conference Call

電話會議

The Fund will hold a conference call to discuss the results and the combination with A&W Food Services on Tuesday, October 15, 2024 at 12:00 p.m. Pacific Time (3:00 p.m. Eastern Time).

The Fund will hold a conference call to discuss the results and the combination with A&W Food Services on Tuesday, October 15, 2024 at 12:00 p.m. Pacific Time (3:00 p.m. Eastern Time).

The call will be webcast live and may be accessed at . Participants who wish to ask questions or are unable to join via webcast may dial-in by calling toll-free 1-800-579-2543 or 1-785-424-1789 and by quoting the conference ID "AWRRIF" when prompted by the operator. For those unable to participate in the live call, a replay will be made available for one year at .

The call will be webcast live and may be accessed at . Participants who wish to ask questions or are unable to join via webcast may dial-in by calling toll-free 1-800-579-2543 or 1-785-424-1789 and by quoting the conference ID "AWRRIF" when prompted by the operator. For those unable to participate in the live call, a replay will be made available for one year at .

FINANCIAL RESULTS

財務業績

(dollars in thousands except per unit
amounts)

Period from

Jun 17, 2024 to
Sep 8, 2024

Period from

Jun 19, 2023 to
Sep 10, 2023

Period from

Jan 1, 2024 to
Sep 8, 2024

Period from

Jan 1, 2023 to
Sep 10, 2023

Royalty Pool Same Store Sales Growth(i)

-1.0 %

1.1 %

0.0 %

3.0 %

Number of restaurants in the Royalty
Pool

1,047

1,037

1,047

1,037

Gross sales reported by A&W restaurants
in the Royalty Pool(i)

$458,078

$456,842

$1,275,348

$1,263,908

Royalty income

$13,742

$13,705

$38,260

$37,917

General and administrative expenses

$189

$134

$578

$509

Term loan and other interest (net)

$222

$272

$777

$872

Current income tax provision

$1,881

$2,223

$7,250

$7,256

Distributable cash generated(ii)

$8,990

$11,076

$27,195

$29,280

Number of equivalent units(iii)

20,655,650

20,368,874

20,655,650

20,368,874

Distributable cash per equivalent unit(iv)

$0.435

$0.544

$1.317

$1.437

Distributions and dividends declared per
equivalent unit(iv)

$0.480

$0.480

$1.280

$1.280

Distributions and dividends declared and
accrued per equivalent unit(iv)

$0.441

$0.442

$1.322

$1.331

Payout ratio(iv)

101.4 %

81.3 %

100.4 %

92.6 %

Net cash generated from operating
activities

$11,215

$10,077

$30,789

$21,628

Net income(v)

$9,526

$10,636

$28,176

$29,502

(dollars in thousands except per unit
數量)

從2021年9月2日的成立

2024年6月17日至
2024年9月8日

從2021年9月2日的成立

2023年6月19日至
2023年9月10日

從2021年9月2日的成立

2024年1月1日至
2024年9月8日

從2021年9月2日的成立

2023年1月1日 至
2023年9月10日

特許池同店銷售增長(i)

-1.0%

1.1 %

0.0%

3.0 %

餐廳數量在Royalty中
Pool

1,047

1,037

1,047

1,037

A&W餐廳報告的總銷售額
在Royalty Pool中的(i)

$458,078

$456,842

$1,275,348

$1,263,908

版稅收入

$13,742

$13,705

$38,260

$37,917

一般及管理費用

$189

$134

$578

$509

貸款和其他利息(淨額)

$222

$272

$777

$872

當前所得稅費用

$1,881

$2,223

$7,250

$7,256

產生的可分配現金(ii)

$8,990

$11,076

$27,195

$29,280

等效單位數量(iii)

20,655,650

20,368,874

20,655,650

20,368,874

每個等價單位(iv)可分配的現金

$0.435

$0.544

$1.317

$1.437

每個分配和宣佈的股息
當量單位(iv)

$0.480

$0.480

$1.280

$1.280

已宣佈的分配和股息
每當量單位(iv)應計的分配和股息

$0.441

$0.442

$1.322

$1.331

分紅派息比率(iv)

101.4 %

81.3 %

100.4 %

92.6 %

自由現金流(1)(美元百萬) 2843 3769 (25)%
活動

$11,215

$10,077

$30,789

$21,628

淨利潤(v)

$9,526

$10,636

$28,176

$29,502

(i) "Royalty Pool Same Store Sales Growth" and "Gross sales reported by A&W restaurants in the Royalty Pool" are non-IFRS supplementary financial measures. See the "Non-IFRS Measures" section of this news release.

(ii) "Distributable cash generated" is a non-IFRS financial measure. Refer to the table below for a reconciliation of this measure to the most comparable IFRS measure and the "Non-IFRS Measures" section of this news release.

(iii) Equivalent units include units ("Units") and limited voting units of the Fund (together with the Units, the "Trust Units") and common shares of A&W Trade Marks Inc. ("Trade Marks") that are exchangeable for Trust Units. The number of equivalent units in 2024 is calculated on a fully-diluted basis and includes the 54,507 limited partnership units (the "LP units") that are exchangeable for 109,014 common shares of Trade Marks representing the remaining 20% of the initial consideration for the January 5, 2024 adjustment to the Royalty Pool, which LP units are held back until the number of LP units is determined in December 2024 based on the actual annual sales reported by the new restaurants. The number of equivalent units in 2023 is calculated on a fully-diluted basis and includes 95,092 LP units, exchangeable for 190,184 common shares of Trade Marks representing the remaining 20% of the initial consideration for the January 5, 2023 adjustment to the Royalty Pool but does not include the adjustment to increase the final consideration by 14,240 LP units, equivalent to 28,480 common shares of Trade Marks, made in December 2023 based on the actual system sales for the A&W Restaurants added to the Royalty Pool as part of the January 5, 2023 adjustment to the Royalty Pool.

(iv) "Distributable cash per equivalent unit", "Distributions and dividends declared per equivalent unit" and "Payout ratio" are non-IFRS ratios. See the "Non-IFRS Measures" section of this news release.

(v) Net income includes unrealized gains and losses on interest rate swaps, amortization of financing fees and deferred income taxes. These non-cash items have no impact on the Fund's ability to pay distributions to Unitholders.

(i) "皇室池同店銷售增長"和"皇室池A&W餐廳報告的總銷售額"是非IFRS的補充財務指標。請參閱本新聞發佈的"非IFRS措施"部分。

(ii) "可分配現金生成"是一項非IFRS財務指標。請參考下表,了解這項指標與最相近IFRS指標的調整情況,以及本新聞發佈的"非IFRS措施"部分。

(iii) 等效單位包括基金的單位("單位")和有限投票單位(與單位一起構成"信託單位")以及可交換爲信託單位的A&W商標公司("商標")的普通股。2024年的等效單位數是根據全面攤薄基礎計算的,包括54,507個有限合夥單位("LP單位"),這些單位可交換爲Trade Marks的109,014個普通股,代表了2024年1月5日對皇室池進行調整的初始成本的剩餘20%,這些LP單位將保留,直到根據新餐廳實際年度銷售報告確定LP單位數量,12月份基於2024年的實際銷售報告確定LP單位數量。2023年的等效單位數是根據全面攤薄基礎計算的,包括95,092個LP單位,換算成Trade Marks的190,184個普通股,代表了用於2023年1月5日對皇室池進行調整的初始成本的剩餘20%,但不包括通過テーマランド餐廳的實際系統銷售增加皇室池,並於2023年12月進行的計算結果增加最終成本的14,240個LP單位,相當於28,480個Trade Marks的普通股。

(iv) "等效單位的可分配現金","每等效單位宣佈的分配和股息"以及"支付比率"都是非IFRS比率。請參閱本新聞發佈的"非IFRS措施"部分。

(v) 淨利潤包括利率掉期的未實現收益和損失、融資費用攤銷和遞延所得稅。這些非現金項目不會影響基金向持有單位支付分配的能力。

The following table provides a reconciliation of "Distributable cash generated" to "Net cash generated from operating activities", the most comparable IFRS measure, for the periods indicated.

以下表格提供了"可分配現金生成"與最可比的IFRS指標"經營活動產生的淨現金流"的調解,針對所示期間。

(dollars in thousands)

Period from

Jun 17, 2024 to
Sep 8, 2024

Period from

Jun 19, 2023 to
Sep 10, 2023

Period from

Jan 1, 2024 to
Sep 8, 2024

Period from

Jan 1, 2023 to
Sep 10, 2023

Net cash generated from operating
activities

$11,215

$10,077

$30,789

$21,628

Term loan and other interest (net)

(222)

(272)

(777)

(872)

Current income tax provision

(1,881)

(2,223)

(7,250)

(7,256)

Net changes in items of non-cash
working capital

29

136

631

964

Interest paid

1

488

3

962

Interest received

(691)

(130)

(493)

(334)

Income tax paid

2,999

3,000

6,752

14,188

Capitalized Transaction costs

(2,460)

-

(2,460)

-

Distributable cash generated

$8,990

$11,076

$27,195

$29,280

(以千美元爲單位)

從2021年9月2日的成立

2024年6月17日至
2024年9月8日

從2021年9月2日的成立

2023年6月19日至
2023年9月10日

從2021年9月2日的成立

2024年1月1日至
2024年9月8日

從2021年9月2日的成立

2023年1月1日至
2023年9月10日

自由現金流(1)(美元百萬) 2843 3769 (25)%
活動

$11,215

$10,077

$30,789

$21,628

企業貸款和其他利息(淨額)

(222)

(272)

(777)

(872)

當前所得稅費用

(1,881)

(2,223)

(7,250)

(7,256)

非現金項目的淨變動
營運資本

29

136

631

964

利息支出

1

488

3

962

利息收入

(691)

(130)

(493)

(334)

所繳納的所得稅

2,999

3,000

6,752

14,188

資本交易成本

(2,460)

-

(2,460)

-

產生的可分配現金

$8,990

$11,076

$27,195

$29,280

Three monthly distributions totalling 48.0¢ per Unit were declared in the third quarter of both 2024 and 2023. Eight monthly distributions totalling $1.280 per Unit were declared in both the 2024 and 2023 year to date periods. Total distributions declared and accrued per equivalent unit year to date were $1.322 for 2024 compared to $1.331 for the comparable period in 2023.

在2024年和2023年的第三季度中,每股48.0¢的基金已經宣佈了三次每月分配。在2024年和2023年截至目前的時間段中,每股1.280美元的基金已經宣佈了八次每月分配。2024年截至目前等效單位的總分配爲1.322美元,而2023年同期爲1.331美元。

The Payout ratio(iv) for the third quarter of 2024 was 101.4% compared to 81.3% for the third quarter of 2023. The year to date Payout ratio(iv) for 2024 was 100.4% compared to 92.6% for the comparable period in 2023. The Fund's long-term objective is to maintain an annual Payout ratio at or below 100%; however, as the Fund strives to provide Unitholders with regular monthly distributions, and as a result of fluctuations in sales, the timing of current income taxes and non-recurring costs that impact the amount of Distributable cash generated, the Fund can experience fluctuations in its Payout ratio. The Payout ratio(iv) for the year to date period in 2024 of 100.4% is higher than the trailing four quarter Payout ratio(iv) of 97.0% due mainly to the timing impact of current income taxes and the $2,460,000 in non-recurring costs related to the Transaction that reduced the amount of Distributable cash generated in 2024.

2024年第三季度的支付比率爲101.4%,而2023年第三季度爲81.3%。2024年截至目前的支付比率爲100.4%,而2023年同期爲92.6%。基金的長期目標是將年度支付比率保持在或低於100%;然而,由於基金努力爲持有人提供正規的每月分配,並且由於銷售波動、當期所得稅的時間安排以及影響可分配現金產生金額的一次性費用的波動,基金的支付比率可能會出現波動。2024年截至目前期間的支付比率爲100.4%,比基本四個季度支付比率(iv)的97.0%高,主要是由於當期所得稅的時間影響以及與交易相關的246萬美元的一次性費用,導致2024年可分配現金減少。

NON-IFRS MEASURES
This news release references the following non-IFRS measures: "Gross sales reported by A&W restaurants in the Royalty Pool", "Royalty Pool Same Store Sales Growth", "Distributable cash generated", "Distributable cash per equivalent unit", "Distributions and dividends declared per equivalent unit" and "Payout ratio". The Fund believes that disclosing these non-IFRS measures provides readers of this news release with important information regarding the Fund's financial performance and its ability to pay distributions to Unitholders. By considering these measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund than readers would have if they simply considered IFRS measures alone. The non-IFRS measures reported by the Fund do not have a standardized meaning prescribed by IFRS and the Fund's method of calculating these measures may differ from those of other issuers or companies and may not be comparable to similar measures used by other issuers or companies.

非IFRS措施
本新聞稿提及以下非IFRS衡量標準:"A&W餐廳在特許權池中報告的總銷售額"、"特許權池同店銷售增長"、"分配現金產生"、"每個等價單位的可分配現金"、"每個等價單位聲明的分配與股息"和"支付比率"。基金認爲,披露這些非IFRS衡量標準將爲本新聞稿的讀者提供有關基金財務表現及其向持有單位分配收入的能力的重要信息。通過將這些衡量標準結合IFRS衡量標準考慮,基金認爲讀者將獲得更多有關基金的額外和更有用信息,而不僅僅考慮IFRS衡量標準。基金報告的非IFRS衡量標準沒有IFRS規定的標準化含義,基金計算這些衡量標準的方法可能與其他發行人或公司有所不同,可能無法與其他發行人或公司使用的類似衡量標準進行比較。

Refer to the "Financial Results" section of this news release for a reconciliation of Distributable cash generated to Net cash generated from operating activities, the most comparable IFRS measure and the "Non-IFRS Measures" section of the Fund's management discussion and analysis ("MD&A") for the third quarter ended September 8, 2024, for further details on how these measures are calculated and used to assess the Fund's performance which are expected to be filed on SEDAR+ at today.

請參考本新聞稿的"財務業績"部分,了解從經營活動中產生的可分配現金與最具可比性的IFRS衡量標準淨現金產生之間的調和,以及基金管理討論與分析("MD&A")的"非IFRS衡量標準"部分,針對截至2024年9月8日第三季度的細節,說明這些衡量標準是如何計算和用於評估基金業績的,預計將在今天提交到 SEDAR+。

ABOUT THE FUND
The Fund is a limited purpose trust established to invest in Trade Marks, which through its interest in the A&W Trade Marks Limited Partnership (the "Partnership"), owns the A&W trade-marks used in the A&W quick service restaurant business in Canada. The A&W trade-marks comprise some of the best-known brand names in the Canadian foodservice industry. In return for licensing A&W Food Services to use its trade-marks, Trade Marks (through the Partnership) is entitled to royalties equal to 3% of the gross sales reported by A&W restaurants in the Royalty Pool.

關於基金
基金是一家有限目的信託,旨在投資於商標,該商標通過持有A&W商標有限合夥企業("合夥企業")的權益,擁有A&W快餐餐廳業務中所使用的A&W商標。A&W商標包含了加拿大餐飲行業中一些最知名的品牌名稱。作爲許可A&W食品服務使用其商標的回報,商標(通過合夥企業)有權獲得相當於A&W餐廳在特許權池中報告的總銷售額的3%的特許使用費。

The Royalty Pool is adjusted annually to reflect gross sales from new A&W restaurants, net of the gross sales of any A&W restaurants that have permanently closed. Additional LP units are issued to A&W Food Services to reflect the annual adjustment. A&W Food Services' additional LP units are exchanged for additional common shares of Trade Marks which are exchangeable for Trust Units. The 22nd annual adjustment to the Royalty Pool took place on January 5, 2024 at which time the number of restaurants in the Royalty Pool increased from 1,037 to 1,047.

每年調整版權池,以反映新A&W餐廳的總銷售淨額,減去永久關閉的任何A&W餐廳的總銷售額。額外的LP單位發行給A&W食品服務,以反映年度調整。A&W食品服務額外的LP單位可交換爲可兌換爲信託單位的Trade Marks的額外普通股。版權池的第22次年度調整於2024年1月5日舉行,當時版權池中的餐廳數量從1,037增加到1,047。

Trade Marks' dividends to A&W Food Services and the Fund, and the Fund's distributions to Unitholders are based on top-line revenues of the A&W restaurants in the Royalty Pool, less interest, general and administrative expenses and current income taxes of Trade Marks.

Trade Marks向A&W食品服務和基金支付的股息,以及基金向投資者的分配,均基於版權池中A&W餐廳的總收入減去Trade Marks的利息、一般和管理費用以及所得稅。

ABOUT A&W FOOD SERVICES
A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family, Chubby Chicken and A&W Root Beer.

關於A&W食品服務
A&W是加拿大第二大快餐漢堡餐廳連鎖店。A&W餐廳遍佈全國,以著名的商標菜單項目如The Burger Family、Chubby Chicken和A&W Root Beer聞名。

trademark of A&W Trade Marks Limited Partnership, used under license.

A&W Trade Marks Limited Partnership的商標,已獲許可使用。

Follow A&W on Facebook () and Twitter @AWCanada or visit .

在Facebook()和Twitter @AWCanada上關注A&W或訪問。

FORWARD-LOOKING INFORMATION
Certain statements in this press release may contain forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking statements include statements with respect to: expectations regarding the annual number of new restaurants Food Services will open during this fiscal year; expectations relating to the timing and completion of the Transaction; the de-listing of the Units from the TSX and the listing of the common shares of A&W Food Services NewCo on the TSX, including the timing thereof. The forward-looking information is based on assumptions that management considered reasonable at the time it was prepared, which assumptions include: the Fund's ability to consummate the Transaction on the terms and conditions and timing currently contemplated; restaurant performance will continue to improve; the Fund will receive sufficient revenue in the future (in the form of royalty payments from A&W Food Services) to maintain monthly distributions; the projections for the A&W business and the Fund provided by A&W Food Services are accurate; no material changes will occur in the quick service restaurant burger market including as a result of changes in consumer taste, changes in economic conditions or unemployment, or a disease outbreak. The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by the forward-looking information. Those risks and uncertainties include, among other things, risks related to: the completion of the Transaction which may not occur on the anticipated terms and timing or at all; failure to complete the Transaction could negatively impact the market price of the units of the Fund; A&W Food Services may become liable for the lease obligations of certain of its franchisees, if such franchisees default on their leases, and such obligations may be significant and A&W Food Services may be unsuccessful in seeking recovery from such franchisees, all of which may adversely affect A&W Food Services' investments, results of operations and financial condition; A&W Food Services' projections may be inaccurate, and do not represent a financial forecast and actual results may differ materially from those anticipated by the projections; monthly distributions are not guaranteed and may be reduced, suspended or terminated at any time; the current sales improvement trends of the A&W restaurants in the Royalty Pool may not continue and may slow or regress; supply interruptions or staff shortages; and changes in economic conditions, including economic recession or changes in the rate of inflation or deflation, employment rates and household debt, seasonality of sales, political uncertainty, interest rates, currency exchange rates or derivative and commodity prices.

前瞻性信息
本新聞稿中的某些聲明可能包含屬於加拿大適用證券法的前瞻性信息("前瞻性信息")。"預期"、"相信"、"預算"、"可能"、"估計"、"預計"、"預測"、"打算"、"可能"、"計劃"、"項目"、"日程"、"應該"、"將"、"願"等表達通常旨在識別前瞻性信息,儘管並非所有前瞻性信息都包含這些識別詞。具體的前瞻性陳述包括對以下事項的期望:關於食品服務在本財政年度內將開設的新餐廳數量的期望;關於交易的時間和完成的期望;基金的單位從TSX退市以及A&W食品服務NewCo的普通股在TSX上市,包括時間。前瞻性信息基於管理層在準備時認爲合理的假設,這些假設包括:基金能夠按照目前考慮的條款和時間完成交易;餐廳業績將繼續改善;基金將來會獲得足夠的收入(以來自A&W食品服務的版稅支付形式)以維持每月分配;由A&W食品服務提供的A&W業務和基金的預測準確;快餐業漢堡市場不會發生重大變化,包括因消費者口味變化、經濟情況或失業率變化,或疾病爆發造成的變化。前瞻性信息受到風險、不確定性和可能導致實際結果與前瞻性信息預期不符的其他因素的影響。這些風險和不確定性包括但不限於:交易的完成可能不按照預期的條款和時間或根本不發生;未能完成交易可能對基金的單位市場價格產生負面影響;如果特定特許經營者違約租賃條款,A&W食品服務可能對特定特許經營者的租賃義務負責,而這些義務可能很重要,A&W食品服務可能無法從這些特許經營者那裏尋求賠償,這些都可能對A&W食品服務的投資、運營結果和財務狀況造成不利影響;A&W食品服務的預測可能不準確,並且不代表一份財務預測,實際結果可能與預測所預期的大不相同;每月分配不能保證,並且可能隨時減少、暫停或終止;版權池中A&W餐廳的當前銷售改善趨勢可能不會持續,而是可能減緩或倒退;供應中斷或人員短缺;經濟狀況的變化,包括經濟衰退、通脹率或通縮率變化、就業率和家庭債務、銷售的季節性、政治不確定性、利率、貨幣匯率或衍生品和商品價格的變化。

The forward-looking information in this news release is subject to risks, uncertainties and other factors including, among others, the risks identified in the Fund's management information circular dated August 29, 2024 (the "Circular") under the headings "Information Concerning A&W Food Services NewCo After Giving Effect to the Transaction – Risk Factors" and "Risk Factors". Certain of the material risks related to Food Services' business (including those generally impacting the QSR industry) identified in the Circular are expressed from the perspective of Food Services and, consequently, their impact on the financial, condition, performance or prospects of Food Services' business and the market price or value of the shares of A&W Food Services NewCo following completion of the Transaction or the amount of any dividend paid on those shares. Prior to completion of the Transaction, Unitholders will be exposed to each of the risks related to Food Services' business, which risks could materially and adversely impact the royalty and Food Services' ability to pay such royalty to the Fund.

本新聞發佈中的前瞻信息受風險、不確定性和其他因素的影響,包括但不限於2024年8月29日《基金管理信息循環文件》(「循環文件」)中確定的風險,其中包括「交易完成後 A&W Food Services NewCo的信息 - 風險因素」和「風險因素」 下的 風險因素”等標題下的風險。循環文件中確定的與食品服務業務相關的重大風險(包括一般影響速食餐飲行業的風險)是從食品服務業務的角度表達的,因此,對食品服務業務以及之後交易完成後A&W Food Services NewCo股票的市場價格或價值或任何分紅的影響。在交易完成之前,投資者將面臨與食品服務業務相關的各種風險,這些風險可能對版稅以及食品服務業務支付該版稅給基金的能力造成重大不利影響。

In addition, prior to completion of the Transaction, Unitholders will continue to be exposed to the risks and uncertainties relating to the structure of the Fund identified in the Fund's annual information form dated February 27, 2024 (the "AIF") under the heading "Risk Factors - Risks and Uncertainties Related to the Structure of the Fund". The Circular and the AIF are available on the Fund's SEDAR+ profile at . Additional risks and uncertainties not currently known to the Fund or that are currently not considered to be material also may impair the Fund's business. The Fund assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

另外,在交易完成之前,投資者將繼續面臨基金結構的風險和不確定性,這些風險和不確定性在基金於2024年2月27日的《基金年度信息表》(「AIF」)中列明,標題爲「風險因素 - 與基金結構相關的風險和不確定性」。循環文件和AIF可在基金的SEDAR+資料庫上查看。當前基金未知或目前不認爲重大的額外風險和不確定性也可能損害基金的業務。基金不承擔更新或修訂任何前瞻信息的義務,除非有適用法律要求。

SOURCE A&W Revenue Royalties Income Fund

來源 A&W 營業版稅收入基金

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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