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A&W Revenue Royalties Income Fund
A&W Revenue Royalties Income Fund (AW-UN) investor relations material
A&W Revenue Royalties Income Fund has been delisted
A&W Revenue Royalties Income Fund Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary15 Oct, 2024
Executive summary
Unitholders approved the strategic combination of the Fund and Food Services, forming a new public company, with 99.2% voting in favor; final court approval was granted and the transaction will close after October 17, 2024.
Food Services shares will begin trading on the TSX under the symbol AW on October 18, 2024.
Royalty income rose 0.3% in Q3 2024 and 0.9% year to date compared to 2023, driven by 10 net new restaurants added to the Royalty Pool in January 2024.
19 new restaurants opened in the first three quarters of 2024, with 20 more under construction, signaling expansion momentum.
Financial highlights
Q3 2024 royalty income was CAD 13.74 million on gross sales of CAD 458.1 million, up from CAD 13.71 million and CAD 456.8 million in Q3 2023.
Year-to-date royalty income reached CAD 38.26 million on gross sales of CAD 1.28 billion, compared to CAD 37.92 million and CAD 1.26 billion in 2023.
Q3 2024 net income was CAD 9.53 million, down from CAD 10.64 million in Q3 2023; year-to-date net income was CAD 28.18 million versus CAD 29.50 million.
Distributable cash in Q3 2024 was CAD 9 million, down from CAD 11.1 million in Q3 2023, due to CAD 2.5 million in non-recurring transaction costs.
Distributable cash per equivalent unit was CAD 0.435 in Q3 2024 versus CAD 0.544 in Q3 2023; year-to-date CAD 1.317 in 2024 versus CAD 1.437 in 2023.
Outlook and guidance
Focus is shifting to value and affordability to address consumer demand and economic pressures, with renewed emphasis for Q4.
Continued product innovation is planned, with successful launches like the Masala Veggie Burger and Piri-Piri lineup.
Nationwide marketing campaigns are expected to support new initiatives.
Pret A Manger rollout strategy details will be shared soon, with franchisee interest and standalone concept testing underway.
Food Services expects to exceed the annual number of new restaurant openings compared to post-pandemic years.
How will A&W address the need for value?
What is the plan for Pret A Manger rollout?
What is the cash component of the deal?
Explain the decline in guest counts.
Assess the impact of the Transaction costs.
What are the conditions for the Transaction?
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A&W Revenue Royalties Income Fund
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Frequently asked questions
A&W Revenue Royalties Income Fund owns the A&W trademarks used by A&W Food Services of Canada Inc. in operating quick-service restaurants. The fund earns revenue based on a percentage of gross sales from franchised and corporate restaurants. The company is headquartered in North Vancouver, Canada, and its shares are listed on the TSX.
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