Loblaw Companies Limited

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Dec '16	Jan '16
Net Income	2,567	2,275	2,187	1,994	1,976	1,192	1,131	800	1,541	990	589
Net Earnings
Net Earnings Before Minority Interest
Depreciation & Amortization	2,902	2,966	2,906	2,795	2,664	2,596	2,524	1,592	1,568	1,543	1,592
Depreciation and Amortization
Other Adjustments	1,576	1,842	1,612	1,371	993	1,260	1,204	1,514	968	1,202	1,084
Income Taxes
Net Interest Expense and Other Financing Charges
Adjustment to Fair Value of Investment Properties
Restructuring and Other Charges
Future Income Taxes
Asset Impairments, Net of Recoveries
Gain on Disposal of Assets
Recognition of Fair Value Increment on Inventory Sold
Charge Related to Inventory Measurement and Other Conversion Differences
Gain on Defined Benefit Plan Amendments
Change in Allowance for Credit Card Receivables
Change in Provisions
PC Optimum Program
Initial Impact of Variable Interest Entities
Changes in Trade Receivables	-28	-105	-228	-512	-302	474	-344	-307	-174	-136	-160
Change in Credit Card Receivables
Changes in Income Taxes Payable	-1,016	-1,143	-917	-439	-643	-452	-630	-511	-866	-329	-296
Income Taxes (Paid) Received
Changes in Other Operating Activities	-200	-33	94	-454	139	121	75	-587	172	249	270
Change in Non-Cash Working Capital
Interest Received
Settlement of Equity Forward Contracts
Settlement of Cross Currency Swaps
Interest Received from Finance Leases
Other
Goods and Services Tax and Provincial Sales Taxes
Cash from Operating Activities	5,861	5,802	5,654	4,755	4,827	5,191	3,960	2,501	3,209	3,519	3,079
Cash Flows from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Dec '16	Jan '16
Capital Expenditure	-1,610	-1,823	-1,665	-1,152	-803	-820	-817	-1,010	-979	-896	-1,008
Fixed Asset Purchases
Proceeds from Sale of Property, Plant & Equipment	529	363	321	164	80	76	113	122	17	62	36
Proceeds from Disposal of Assets
Purchases of Intangible Assets	-363	-377	-407	-419	-379	-338	-376	-324	-280	-328	-233
Intangible Asset Additions
Purchases of Investments	—	-184	-138	—	—	—	—	—	—	—	—
Purchase of Short Term Investments
Proceeds from Sale of Investments	98	81	45	-42	-164	—	—	—	—	—	—
Proceeds from Sale of Short Term Investments
Disposal of Long Term Securities
Payments for Business Acquisitions	—	—	—	-813	—	—	—	-1,619	—	-153	—
Business Acquisitions - Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	540	—	—
Proceeds from Disposition of Gas Bar Operations
Other Investing Activities	-107	-81	-1	-106	-5	-294	791	-465	-332	-122	-33
Short Term Investments
Cash Assumed on Initial Consolidation of Franchises
Cash Disposed of Related to Discontinued Operations
Change in Short Term Investments
Franchise Investments and Other Receivables
Change in Security Deposits
Credit Card Receivables, After Securitization
Change in Franchise Investments and Other Receivables
Lease Payments Received from Finance Leases
Other
Cash from Investing Activities	-2,041	-2,021	-1,845	-2,368	-1,271	-1,376	-289	-3,296	-1,034	-1,437	-1,238
Cash Flows from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Dec '16	Jan '16
Repayments of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Short Term Debt
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Issuance of Long-Term Debt	922	1,557	833	1,818	772	1,417	672	4,880	686	815	1,186
Issued
Capital Securities Issued
Repayments of Long-Term Debt	-1,848	-2,288	-1,833	-2,237	-1,623	-2,510	-1,905	-2,715	-450	-1,049	-2,008
Repayments
Cash Rent Paid on Lease Liabilities - Principal
Redemption of Capital Securities
Net Issuance / (Repayments) of Long-Term Debt	-926	-731	-1,000	-419	-851	-1,093	-1,233	2,165	236	-234	-822
Issuance of Common Shares	67	147	61	88	102	30	82	78	41	42	63
Issued
Issuance of Trust Units
Repurchases of Common Shares	-1,687	-1,826	-1,801	-1,396	-1,250	-898	-999	-1,118	-1,139	-798	-343
Purchased and Held in Trust
Purchased for Cancellation
Net Issuance / (Repurchases) of Common Shares	-1,620	-1,679	-1,740	-1,308	-1,148	-868	-917	-1,040	-1,098	-756	-280
Issuance of Preferred Shares	—	—	—	—	—	—	—	—	—	—	221
Issuance of Preferred Share Capital
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—	—	—	—	—	221
Common Share Dividends Paid	-630	-459	-562	-529	-484	-580	-460	-440	-327	-425	-416
Dividends Paid
Other Financing Activities	-663	-947	-630	-495	-766	-741	-996	-617	-496	-367	-542
Bank Indebtedness
Commercial Paper
Change in Bank Indebtedness
Change in Short Term Debt
Change in Demand Deposits from Customers
Deferred Debt Financing Costs
Trust Units Issue Costs
Interest Paid
Cash Rent Paid on Lease Liabilities - Interest
Proceeds from Other Financing
Proceeds from Financial Liabilities
Other
Cash from Financing Activities	-4,152	-3,816	-3,932	-2,751	-3,249	-3,282	-3,606	68	-1,685	-1,782	-1,839
Cash Flows from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Jan '22	Jan '21	Dec '19	Dec '18	Dec '17	Dec '16	Jan '16
Free Cash Flow	4,251	3,979	3,989	3,603	4,024	4,371	3,143	1,491	2,230	2,623	2,071
NOPAT	3,193.4	2,881.2	2,792.4	2,506.2	2,376.5	1,737	1,685.7	1,065.5	1,602.5	1,439.2	985.4
Levered Free Cash Flow	1,616	1,407	1,518	2,252	2,381	1,460	1,000	2,415	1,648	1,316	334
Unlevered Free Cash Flow	3,269.4	2,848.2	3,210.4	3,256.2	3,733.5	3,182	2,837.7	549.5	1,497.5	2,006.2	1,543.4
Net Change in Cash	-332	-35	-123	-364	307	533	65	-727	490	300	2