Efficiency	Canadian Tire (Days)	Dollarama (Days)
Days sales in inventory	?	?
Days sales in receivables	?	?

Question 1) Days sales in inventory (calculate the following ratios for each company and briefly describe the results for each section)

DaysSalesinInventory=365 / InventoryTurover

InventoryTurover=CostsofGoodsSold / Inventory

Question 2) Days sales in receivables (calculate the following ratios for each company and briefly describe the results for each section)

DaysSalesinReceivables=365 /ReceivablesTurover

ReceivablesTurnover=Sales / AccountReceivables

Consolidated Balance Sheets As at (C$ in millions) December 28, 2019 December 29, 2018' ASSETS Cash and cash equivalents (Note 7) 205.5 $ 470.4 Short-term investments 201.7 183.7 Trade and other receivables (Note 8) 938.3 933.3 Loans receivable (Note 9) 5,813.8 5,511.3 Merchandise inventories 2,212.9 1,997.5 Income taxes recoverable 33.2 15.3 Prepaid expenses and deposits 139.3 138.8 Assets classified as held for sale 10.6 5.5 Total current assets 9,555.3 9.255.8 Long-term receivables and other assets (Note 10) 807.8 742.6 Long-term investments 138.9 152.7 Goodwill and intangible assets (Note 11) 2,414.3 2,272.0 Investment property (Note 12) 389.1 364.7 Property and equipment (Note 13) 4,283.3 4,283.2 Right-of-use assets (Note 14) 1,610.4 Deferred income taxes (Note 16) 319.2 215.8 Total assets 19,518.3 $ 17.286.8 LIABILITIES Bank indebtedness (Note 7) 10.4 $ Deposits (Note 17) 790.8 964.5 Trade and other payables (Note 18) 2,492.4 2,425.0 Provisions (Note 19) 190.2 171.8 Short-term borrowings (Note 21) 450.0 378.1 Loans (Note 22) 621.5 654.6 Current portion of lease liabilities 335.3 Income taxes payable 72.6 110.6 Current portion of long-term debt (Note 23) 788.2 553.6 Total current liabilities 5,751.4 5,258.2 Long-term provisions (Note 19) 61.1 49.8 Long-term debt (Note 23 3,730.2 4,000.3 Long-term deposits (Note 17) 1,653.4 1,506.7 Long-term lease liabilities 1,871.0 Deferred income taxes (Note 16) 136.4 184.5 Other long-term liabilities (Note 24) 810.1 872.3 Total liabilities 14,013.6 11.871.8 EQUITY Share capital (Note 26) 588.0 591.5 Contributed surplus 2.9 2.9 Accumulated other comprehensive (loss) income (129.9) 51.1 Retained earnings 3,729.6 3.720.7 Equity attributable to shareholders of Canadian Tire Corporation 4,190.6 4,366.2 Non-controlling interests (Note 15) 1,314.1 1.048.8 Total equity 5,504.7 5,415.0 Total liabilities and equity 19,518.3 $ 17,286.8 Certain prior period figures are not comparable due to the adoption of IFRS 16 (refer to Note 2). The related notes form an integral part of these consolidated financial statements. Drawa h Chant Maureen J. Sabia Diana L. Chant Director Director 66 CANADIAN TIRE CORPORATION 2019 REPORT TO SHAREHOLDERSConsolidated Statements of Income For the years ended (C$ in millions, except share and per share amounts) December 28, 2019 December 29, 2018' Revenue (Note 28) $ 14,534.4 $ 14,058.7 Cost of producing revenue (Note 29) 9,660.6 9,347.4 Gross margin 4,873.8 4,711.3 Other (income) (13.4) 26.0) Selling, general and administrative expenses (Note 30) 3,437.5 3,467.6 Net finance costs (Note 31) 266.8 151.5 Change in fair value of redeemable financial instrument (Note 33) 50.0 Income before income taxes 1, 182.9 1,068.2 Income taxes (Note 16) 288.1 285.2 Net income $ 894.8 $ 783.0 Net income attributable to: Shareholders of Canadian Tire Corporation 778.4 $ 692.1 Non-controlling interests (Note 15) 116.4 90.9 894.8 $ 783.0 Basic earnings per share 12.60 $ 0.67 Diluted earnings per share 12.58 $ 10.64 Weighted average number of Common and Class A Non-Voting Shares outstanding: Basic 61,794,565 64,887,724 Diluted 61,861,486 65,062,581 Certain prior period figures are not comparable due to the adoption of IFRS 16 (refer to Note 2). The related notes form an integral part of these consolidated financial statements. CANADIAN TIRE CORPORATION 2019 REPORT TO SHAREHOLDERS 67Dollarama Inc. Consolidated Statement of Financial Position as at (Expressed in thousands of Canadian dollars) Note February 2, February 3, January 29, 2020 2019 2018 $ Restated (1) Restated (1)(2) Assets Current assets Cash 90,464 50,371 54,844 Accounts receivable 34,965 35,843 11,502 Prepaid expenses 9.935 15,560 7,166 Prepaid income taxes 1,767 Inventories 623,490 581,241 490,927 Derivative financial instruments 15 3,876 5,505 286 764,497 688,520 564,725 Non-current assets Right-of-use assets 1,283,778 1.208,461 1, 142,495 Property, plant and equipment 644,011 586,027 490,988 Intangible assets 152,967 148,879 143,046 Goodwill 727,782 727,782 727,782 Equity-accounted investment 143,421 Total assets 3,716,456 3,359,669 3,069,036 Liabilities and shareholders' deficit Current liabilities Accounts payable and accrued liabilities 10 289,254 230,981 227,244 Dividend payable 13,737 12,650 12, 180 Derivative financial instruments 15 267 872 35,720 Income taxes payable 34,602 39,491 Current portion of long-term debt 11 606,494 7,383 405, 192 Current portion of lease liabilities 182,732 156,746 140,691 1,092,484 443,234 860,518 Non-current liabilities Non-current portion of long-term debt 11 1,270,289 1,890,845 1,260,459 Non-current portion of lease liabilities 1,332,016 1,246,074 1, 196,375 Deferred income taxes 14 113,863 96,900 83,442 Total liabilities 3,808,652 3,677,053 3,400,794 Commitments 12 Shareholders' deficit Share capital 13 448,704 408, 179 415,787 Contributed surplus 29,108 32,450 27,699 Deficit (574,110) 765,202) (742,821) Accumulated other comprehensive income (loss) 4,102 7,189 (32,423) Total shareholders' deficit (92,196) (317,384) (331,758) Total liabilities and shareholders' deficit 3,716,456 3,359,669 3,069,036 () The consolidated financial statements reflect the adoption of IFRS 16 on February 4, 2019. For additional information on IFRS 16 adoption, refer to Note 3 and Note 6 to these consolidated financial statements. Comparative figures have been restated (2) January 29, 2018 represents the restated opening balance sheet of the fiscal year ended February 3, 2019 Approved by the Board of Directors (signed) "Stephen Gunn" (signed) "Richard Roy" Stephen Gunn, Director Richard Roy, Director The accompanying notes are an integral part of these consolidated financial statements.Dollarama Inc. Consolidated Statement of Net Earnings and Comprehensive Income for the years ended (Expressed in thousands of Canadian dollars, except share and per share amounts) February 2, February 3, Note 2020 2019 Restated (1) Sales 3,787,291 8,548,503 Cost of sales 18 2,134,933 1.964.516 Gross profit 1,652,358 1,583,987 General, administrative and store operating expenses 551,699 505,420 Depreciation and amortization 242.785 233,378 Share of net eamings of equity-accounted investment (10,263 Operating income 868,137 845,189 Financing costs 18 100,605 94,597 Other income 2,835) Earnings before income taxes 770,367 750,592 Income taxes 14 206,328 205,606 Net earnings 564,039 544,986 Other comprehensive income Items that may be reclassified subsequently to net earnings Reclassification of gains (losses) on derivative financial instruments not subject to basis adjustments (378) 1,935 Foreign currency translation adjustments (647) Share of other comprehensive income of equity-accounted investment 5 907 Income tax recovery (expense) relating to these items 49 (521) Items that will not be reclassified subsequently to net earnings Unrealized gains on derivative financial instruments subject to basis adjustments 12,637 42,506 Income tax expense relating to these items (3,331) (11,383) Total other comprehensive income, net of income taxes 9,237 32,537 Total comprehensive income 573,276 577,523 Earnings per common share Basic net earnings per common share 16 $1.80 $1.68 Diluted net earnings per common share 16 $1.78 $1.66 Weighted average number of common shares outstanding (thousands) 16 313,910 324,460 Weighted average number of diluted common shares outstanding (thousands 16 317,185 328,404 (1) The consolidated financial statements reflect the adoption of IFRS 16 on February 4, 2019. For additional information on IFRS 16 adoption, refer to Note 3 and Note 6 to these consolidated financial statements. Comparative figures have been restated. The accompanying notes are an integral part of these consolidated financial statements. 3Dollarama Inc. Consolidated Statement of Net Earnings and Comprehensive Income (Loss) for the years ended (Expressed in thousands of Canadian dollars, except share and per share amounts) February 3, January 28, Note 2019 2018 $ $ Sales 3,548,503 3,266,090 Cost of sales 17 2,155,339 1,965,171 Gross profit 1,393,164 1,300,919 General, administrative and store operating expenses 509,337 474,807 Depreciation and amortization 17 79,374 70,550 Operating income 804,453 755,562 Net financing costs 17 48.506 39,877 Earnings before income taxes 755,947 715,685 Income taxes 13 207,073 196,275 Net earnings 548,874 519,410 Other comprehensive income Items to be reclassified subsequently to net earnings Unrealized loss on derivative financial instruments, net of reclassification adjustment (42,641) Unrealized gain on derivative financial instruments not subject to basis adjustments 1,935 Items that will not be reclassified subsequently to net earnings Unrealized gain on derivative financial instruments subject to basis adjustments 42,506 Income taxes recovery (expenses) relating to components of other comprehensive income (11,904) 11,564 Total other comprehensive income (loss), net of income taxes 32,537 (31,077) Total comprehensive income 581,411 488,333 Earnings per common share Basic net earnings per common share (restated) () 16 $1.69 $1.54 Diluted net earnings per common share (restated) (") 16 $1.67 $1.52 Weighted average number of common shares outstanding (thousands) (restated)() 324,460 338,253 Weighted average number of diluted common shares outstanding (thousands) (restated)" 16 328,404 342,519 ( Numbers of common shares and amounts per common share as at January 28, 2018 reflect the retrospective application of the Share Split (see Note 12). The accompanying notes are an integral part of these consolidated financial statements. 3