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our pharmaceutical division continued its growth thanks to its strategy of putting health and the pharmacists’ expertise at the heart of the customer’s experience. we opened 13 new Brunet Target affiliated pharmacies in Québec, which has increased our presence in the greater Montréal area. 

on August 8, 2014, we acquired a 75% interest in Boulangerie Première Moisson, the famous Québec bakery that operates in the Montréal region. late in the year, we also acquired two supermarkets in ontario, which were immediately converted to our Food Basics banner. 

Given our excellent financial situation, the Company’s Board of directors has approved a change to our dividend policy. we will now aim for an annual dividend payout of 20% to 30% of the net earnings of the previous fiscal year, the target being set at 25%, compared to a target of 20% previously. 

## OUTLOOk (3) 

Competition will remain intense in 2015 and consumers will be more demanding than ever. digital media and technology alter shopping habits. However, we expect slower growth of industry square footage as well as a return to more normal levels of food price inflation. 

we will continue in 2015 to execute our strategy based on a differentiated customer experience in each of our store formats. It will be supported by investments in our network of stores of close to $300 million, increasing our operational efficiency and developing our talent. 

In our Metro supermarkets, we will spare no effort over the coming years to improve product quality, assortment and presentation, as well as customer service. we created a new Vice President position, Customer experience, Metro banner, in order to accelerate our efforts aimed at simplifying our customers’ lives and exceeding their expectations, notably regarding healthy eating. 

Boulangerie Première Moisson represents an interesting growth opportunity and strengthens the Metro banner Fresh positioning. 

we will continue to leverage our loyalty programs and develop our digital ecosystem in 2015. The fall 2013 launch of our new website and mobile app enabled us to increase the frequency of communications with our customers and to offer new personalized tools to our loyal customers. 

we intend to continue our investments in the super C and Food Basics discount stores and plan to open a few new stores. new Adonis stores will also be added in the coming year to the current eight stores, two of which are located in ontario. 

our pharmacy sector will continue its growth by expanding, renovating or opening new locations. The Brunet banner will continue to focus on its community pharmacy positioning and add new services. 

our success rests on the strength of our team. developing talent is at the heart of our action. we will therefore continue to develop strong talent pools that reflect our customers’ diversity and that will be ready to meet tomorrow’s competitive challenges. 

we remain on the lookout for any opportunity to grow our market share in the food and pharmacy sector. our financial situation is very healthy and we will continue to rigorously manage our costs. our acquisition decisions will continue to reflect disciplined financial management in the best long-term interest of the Company and its shareholders. 

Finally, I would like to thank sincerely our 65,000 employees who strive to exceed our customers’ expectations every single day. I also thank our directors for their unwavering support and of course our shareholders, for their trust and confidence. 

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