ANNUAL REVIEW
FOR THE YEAR
ENDED JANUARY 31,
2016
OUT-INNOVATE.OUT-EXECUTE.OUT-PERFORM. 02 /// BRP / 2016 ANNUAL REVIEW
FISCAL YEAR
2016
MOVING PEOPLE
WITH PASSION
AND INNOVATION
BRP is a global leader in the design,
development, manufacturing, distribution and
marketing of powersports vehicles and propulsion
systems. Its portfolio includes Ski-Doo® and Lynx®
snowmobiles, Sea-Doo® watercraft, Can-Am®
off-road vehicles, Can-Am Spyder® on-road vehicles,
Evinrude® and Rotax® marine propulsion systems as
well as Rotax engines for karts, motorcycles and
recreational aircraft. BRP supports its line of
products with a dedicated parts, accessories and
clothing business.
SEASONAL PRODUCTS
COMPANY OVERVIEW
$3.8B
ANNUAL SALES
7,900
DEDICATED
EMPLOYEES
WORLDWIDE
0.62
WORLD-CLASS
WORKPLACE
ACCIDENT RATE*
* Lost time or restricted
case frequency rate
100+
COUNTRIES WHERE
OUR PRODUCTS
ARE FOUND
4,200
DEALERS WHO
REPRESENT OUR
BRANDS
2016
HIGHLIGHTS
EARNINGS PER SHARE - DILUTED 11
CA$, at January 31
1.5
1.0
0.5
0
n 2016
n 2015
n 2014
n 2013
1.1 6
0.53
0.59
0.44
TOTAL REVENUES
NORMALIZED EARNINGS PER SHARE - DILUTED 11
CA$ millions, at January 31
CA$, at January 31
4,000
3,500
3,000
2,500
2,000
CAGR: 10%
n 2016
n 2015
n 2014
n 2013
3,829
3,525
3,194
2,896
2.0
1.5
1.0
0.5
0
CAGR: 6%
n 2016
n 2015
n 2014
n 2013
1.7 1
1.65
1.49
1.43
BRP / 2016 ANNUAL REVIEW /// 03
A GLOBAL LEADER IN MOTORIZED
VEHICLES AND ENGINES
(Numbers indicate global market position)
SEASONAL PRODUCTS
YEAR-ROUND PRODUCTS
PROPULSION SYSTEMS
no1
SNOWMOBILES
no4
OFF-ROAD VEHICLES
no1
PWCs
ON-ROAD VEHICLES
(No direct competitor)
no4
OUTBOARD
ENGINES
(30 hp+)
World’s largest
piston aircraft engine
manufacturer
PARTS, ACCESSORIES
AND CLOTHING (PAC)
REVENUE BASE BY REGION
REVENUE BASE BY CATEGORY
At January 31, 2016
At January 31, 2016
n 50.6% United States
n 3 1 .1 % International
n 1 8.3% Canada
n 37.6% Year-round products
n 35.7% Seasonal products
n 16.4% Parts, accessories and clothing
n 10.3% Propulsion systems
NORMALIZED EBITDA 11
RESEARCH AND DEVELOPMENT SPENDING
CA$ millions, at January 31
As a % of revenues and in CA$ millions
500
400
300
200
100
CAGR: 11%
n 2016
n 2015
n 2014
n 2013
460
4 2 1
380
335
1 See IFRS and non-IFRS measures section on p. 15.
200
175
150
125
100
4.4% 4.5% 4.5% 4.3%
n 2016
n 2015
n 2014
n 2013
164
158
145
128
04 /// BRP / 2016 ANNUAL REVIEW
LETTER TO
SHAREHOLDERS
WE ARE FOCUSSED
ON ACHIEVING OUR
GROWTH PLAN
LETTER TO SHAREHOLDERS
STRATEGIC
PRIORITIES
GROWTH
AGILITY
ACCELERATE
CAN-AM GROWTH
DEFINE THE NEXT
WAVE OF GROWTH
IMPLEMENT ONE-PIECE
FLOW, A MODULAR
APPROACH AND
A MORE FLEXIBLE
SUPPLY CHAIN TO
BETTER SERVE OUR
CONSUMERS AND
DEALERS
LEAN
ENTERPRISE
IMPLEMENT NEW
CORE TECHNOLOGIES
AND DRIVE MARGIN
IMPROVEMENT ON
NEW PRODUCTS
LAUNCHED
BRP / 2016 ANNUAL REVIEW /// 05
Dear shareholders,
Fiscal 2016 has been a year marked by solid
product introductions, flawless execution of our projects,
and gains across all of our product lines. We faced a
challenging environment, inciting us to demonstrate our
agility and capacity to innovate. We resolutely pursued
the rigorous execution of our plan and I am proud to
report that we have delivered the best financial results
in BRP’s history.
Revenues for the year increased to $3.8B, mainly
driven by strong U.S. sales in our Year-Round Products
and PAC categories. Our normalized EBITDA1 was up to
$460M, resulting in normalized earnings per share1 of
$1.71, a 4% increase over last year or a 10% growth at
the same income tax rate.
We disclosed our strategic priorities for the
next four years, based on three specific long-term
approaches: growth, agility and Lean enterprise. This
roadmap will allow us to deliver strong shareholder
value. The team is clearly aligned on these three
priorities and is focused on driving results.
Growth
We have implemented a structured framework to
set in play our course of action over the next few years
by identifying opportunities to stimulate growth across
three axes:
• growing market share in our existing
six product lines,
• opening new segments in our current markets, and
• adding to our existing product offering by
implementing an aggressive new product, new
market strategy.
We are currently centering our resources on
capturing the full potential of the Can-Am brand
in the U.S. We are targeting to double our off-road
business over the next five years, and last September,
I promised to release a new Can-Am side-by-side
vehicle every six months for the next four years. The
introduction in FY2016 of the Can-Am Defender vehicle,
our entry into the largest segment of the side-by-side
market, was just the beginning.
1 See IFRS and non-IFRS measures section on p. 15.
Continued_
06 /// BRP / 2016 ANNUAL REVIEW
LETTER TO
SHAREHOLDERS
THE BRP TEAM HAS ALWAYS
RISEN TO THE CHALLENGE.
I AM VERY PROUD OF BEING
PART OF IT.
_Continued
It isn’t enough to grow our product lines; we also
need to enhance our dealer network and increase our
brand awareness. Accordingly, we added 105 new
Can-Am dealers in North America this past year,
improving our Can-Am side-by-side and Spyder
network coverage by 28% in the past three years.
We are also increasing Can-Am brand awareness
with our involvement in NASCAR, announced in
September 2015. This sponsorship is already
demonstrating its potential in the first few months
of 2016.
Agility
The consumer is at the heart of our success;
this includes both our dealers and the end-consumers
who actually use the products we manufacture. By
becoming more agile in our manufacturing processes,
BRP will respond to the needs of both consumers.
1
Our Juárez 2 manufacturing site in Mexico is the
best example of our agility where BRP’s new modular
approach and the implementation of one-piece flow
has allowed for a more predictable order-to-delivery
process, letting dealers provide the right product at the
right time.
All new products are now developed with this
approach, which enables us to fulfill our commitment to
launch a new side-by-side model every six months for
the next four years.
Agility also goes beyond manufacturing systems
and processes; it also applies to our everyday decisions.
For instance, we were able to demonstrate this during
the 2015-16 winter when the El Niño weather pattern
impacted the snowmobile industry in some regions of
North America. We significantly reduced that impact
through aggressive promotions. This decisional agility
helped us boost sales and we ended the season with
our highest North American market share since the
industry began recording them.
1 José Boisjoli on stage during Club BRP 2015
NEW POWERSPORTS DEALERS
ADDED IN NORTH AMERICA
FY 2016
105
SINCE FY 2014 219
+ 28%
SIDE-BY-SIDE AND SPYDER
COVERAGE IN NORTH AMERICA
OVER THE PAST 3 YEARS
NEW EVINRUDE DEALERS
ADDED IN NORTH AMERICA
FY 2016
72
NEW EVINRUDE BOAT BUILDERS
ADDED IN NORTH AMERICA
FY 2016
16
BRP / 2016 ANNUAL REVIEW /// 07
Lean enterprise
We are implementing more and more new
technologies, helping us render our processes and
procedures more efficient and driving costs down. From
our information technology to manufacturing systems
and design process right down to quality assurance,
dealer network coverage and big data, we are using
cutting-edge systems to improve margins, develop new
procedures and become more effective across our
business units.
In Austria and in Canada, we are remodelling our
facilities to increase our operational efficiency with new
technology. In fact, our team in Austria adapted plasma
coating process used by some automotive OEMs to our
products, allowing us to design more energy-efficient
engines. In our Juárez 2 facility and in Valcourt, we
have implemented new, more efficient frame
welding systems.
We aim to do more with less, become more
effective in our decisions from a manufacturing
standpoint, as well as across our administrative
functions and with our suppliers.
About the BRP team
BRP’s culture is all about performance; our
talented employees are passionate about their work.
This helps us navigate our demanding industry where
innovation, in terms of products or processes, is the first,
and last, key to success. Despite the demands of this
high performance environment, the BRP team has
always risen to the challenge. I am very proud of being
part of it.
I’m also very happy with the strong results on the
health and safety front. Once again, we surpassed last
year’s record performance in workplace accident rate,
outstripping our own ambitious target to reach another
world-class result. Congratulations and thank you to the
health and safety teams in all our sites!
The BRP story is one of strong success, but our
ambition pushes us on. Our execution in the first year of
our 2020 plan was flawless. Our plan for the future is to
stay the course on this path to growing our company
and become more agile and Lean, across our
manufacturing sites as well as our business units
and functions.
Together, we are determined to meet or surpass
the goal we have set.
José Boisjoli
President and Chief Executive Officer
08 /// BRP / 2016 ANNUAL REVIEW
THE YEAR
IN REVIEW
MARKET INDICATORS
GLOBAL SALES UP
10.2%
GLOBAL SALES IN CA$ MILLIONS, AT JANUARY 31, 2016
1,439.2
AWARDS
CAN-AM SPYDER F3
RED DOT
GOOD
DESIGN
GOOD
DESIGN
AUSTRALIA
GOOD
DESIGN
JAPAN
CAN-AM OUTLANDER L
RED DOT
HIGHLIGHTS
Can-Am side-by-side and
Spyder dealer coverage
up 28% in North America
in the past three years
Can-Am off-road
#4 worldwide
Juárez 2 facility
now producing new Can-Am
Defender models
100,000th Can-Am
Spyder vehicle
produced on April 20, 2015
Can-Am Spyder RT
#1 in the Touring segment in
North America
Can-Am Commander model
#1 in the Rec-Utility segment
in North America
THERE HAS NEVER BEEN
A BETTER TIME FOR CAN-AM
The biggest growth potential for BRP is with the
Can-Am brand. We’ve built a new facility in Juárez to
support the off-road expansion, and in 2015, we’ve
launched products that will put this new space to
good use. From now on, all side-by-side vehicles
will be produced there.
The North American market, the U.S. in particular,
is where BRP’s main focus will lie. We also see good
potential in Mexico, New Zealand, Australia and
Western Europe.
1
/// ON-ROAD VEHICLES
Expanding our presence
Our strategy with the Can-Am Spyder vehicle since its
creation was to provide easy-to-use vehicles that help
democratize open-air riding.
The model year 2015 season was the first following the
introduction of the Spyder F3 model with its authentic cruising
riding position. Can-Am Spyder sales in our international
markets increased by 26% vs last year. This strong increase
was mainly driven by the European region, where the
Spyder F3 vehicle’s bold look and muscular design
particularly resonated.
Of note this year, the production of our 100,000th Spyder,
personally signed by BRP’s President and CEO José Boisjoli
and delivered during Spyderfest, the world’s largest Spyder
gathering. Firefighter Brahm Wilson was able to try out his
new Spyder F3-S alongside 1,200 other Spyder owners on the
first weekend in May 2015.
For model year 2016, BRP launched the F3-T and F3
Limited models at its semi-annual dealer meeting in
September. These vehicles are loaded with comfort and
convenience features to offer greater freedom, flexibility,
wind protection, and extra cargo space.
YEAR-ROUND
PRODUCTS
KEY INFO BRP / 2016 ANNUAL REVIEW /// 09
YEAR-ROUND
PRODUCTS
2
3
/// OFF-ROAD VEHICLES
Entering new markets
Our off-road strategy is all about growth; that’s why
we are focused on reaching new segments of the off-road
vehicle industry. For 2015, we entered the utility-recreation
segment, which has grown nearly 45% over the past
3 years. Globally, the recreational SSV industry recorded
a 13% increase in the past year.
The off-road sales award for season 2015 went to
the Can-Am Outlander L ATV. This model has succeeded in
gaining market share in the mid-cc segment, the largest in the
industry. This success has translated into the highest market
share gains of the ATV industry for the Can-Am brand in
North America, despite the industry’s overall decrease. On
the international side, BRP’s ATV sales in Scandinavian have
gone up over 34% compared to the last twelve months.
Without contest, the biggest product innovation of the
2016 model year was the Can-Am Defender side-by-side
vehicle. Tough, capable and clever, the Can-Am Defender
vehicle was designed and engineered for the utility-recreation
market, specifically farmers and estate owners who represent
over 70% of this segment. We also capitalized on the success
of the Outlander L ATV by integrating upgraded Rotax engines
and introduced specialised models such as the mud-ready
X mr model and the Mossy Oak Edition for hunting enthusiasts.
1 Can-Am Spyder F3-S 2 Can-Am Defender DPS side-by-side vehicle 3 Can-Am Outlander ATVs
KEY INFO 10 /// BRP / 2016 ANNUAL REVIEW
THE YEAR
IN REVIEW
MARKET INDICATORS
GLOBAL SALES UP
6.1%
AWARDS
GLOBAL SALES IN CA$ MILLIONS, AT JANUARY 31, 2016
1,367.3
SEA-DOO SEARCH AND RESCUE (SAR) PWC
GOOD
DESIGN
HIGHLIGHTS
Ski-Doo
#1 brand
worldwide
GOOD
DESIGN
AUSTRALIA
RED DOT
Ski-Doo
market share
record for the
2016 season
Sea-Doo
#1 brand
worldwide
Sea-Doo
Entire line-up
now produced
in Querétaro,
Mexico
Sea-Doo
Ended the 2015
season setting
a new market
share record
THE FIRST AND THE BEST
Long live the snowmobile
/// SKI-DOO AND LYNX SNOWMOBILES
BRP was the creator of snowmobiles and personal
watercraft. Years later after many million units of each,
we are still leading the pack with no intention of
slowing down. We are the world leader in market share
for both these products.
Innovation is in our DNA, and it all began with our
Ski-Doo and Lynx brands. We are just as innovative in our
go-to-market strategies as we are with our products, as
spring orders represent a good portion of our annual volume.
The 2014-2015 snow season ended late, which
contributed to excellent spring order sales in North America.
At season’s end, Ski-Doo sales in North America registered
7% growth. For the 2016 season at January 31, the Ski-Doo
brand continued to gain market shares in a weak market.
The Scandinavian industry was up and the combined Ski-Doo
and Lynx market share there was up 2% thanks to good
snow coverage.
The 2016 Ski-Doo Renegade Enduro snowmobile was one
of the year’s stars, creating its own niche within the crossover
segment. This sled registered an excellent in-season
wholesale performance. Another popular model was the
Ski-Doo MXZ Blizzard snowmobile sporting a vintage look.
In Scandinavia, the Lynx 49 Ranger model, a unique light
utility sled that was renewed in model year 2016, stole the
show. Another 2016 model year introduction was the Lynx
Commander Touratech sled, for long adventures in just about
any condition.
1
SEASONAL
PRODUCTS
KEY INFO BRP / 2016 ANNUAL REVIEW /// 11
SEASONAL
PRODUCTS
2
3
/// SEA-DOO WATERCRAFT
Just can’t get enough
BRP is the leading PWC manufacturer in the world with
its Sea-Doo brand. And we’ve shown just how innovation
leaders should behave – by setting the bar high.
In North America, retail sales of Spark units increased
by 40% in FY16 while the industry itself increased by 10%.
In Scandinavia and Eastern Europe, the wholesale volume
of Spark watercraft increased by about 50% vs industry
growth of 9% (including Russia).
Our strategy here is simple enough; more innovation,
Model year 2016 brought its share of innovation with
more customers, more volume. The Sea-Doo Spark PWC is a
prime example as we can directly tie the industry’s 26%
growth worldwide to its introduction in 2013. What’s more, this
increase did not come at the expense of our other “traditional”
PWC models. First-time customers were seduced to join the
industry by its affordability and its accessibility. Globally, the
industry is seeing a growth increase of 5% in the 2015 season.
the introduction of Sea-Doo units with a more powerful
300-hp engine. These premium products were well-received in
Australia, where the PWC season was just starting when they
were launched.
1 Lynx Xtrim RE snowmobile 2 Ski-Doo Renegade Enduro snowmobile 3 Sea-Doo GTX Limited 300 watercraft
12 /// BRP / 2016 ANNUAL REVIEW
THE YEAR
IN REVIEW
MARKET INDICATORS
GLOBAL SALES UP
5.8%
AWARDS
EVINRUDE E-TEC G2
GLOBAL SALES IN CA$ MILLIONS,
AT JANUARY 31, 2016
395.4
GOOD
DESIGN
HIGHLIGHTS
GOOD
DESIGN
AUSTRALIA
RED DOT
NMMA
INNOVATION
AWARD
1
Evinrude
72 new dealers added to its
North American network,
16 OEMs added
Rotax jet propulsion
New agreement
with Williams Jet Tenders
A TALE OF TWO BRANDS
The Evinrude and Rotax brands are the
oldest in BRP’s portfolio. Their reputation for
quality and reliability continues to propel
them toward new markets and new clients.
1 Evinrude E-TEC G2 250 H.O. engine
MARKET INDICATORS
GLOBAL SALES UP
12.9%
HIGHLIGHTS
GLOBAL SALES IN CA$ MILLIONS,
AT JANUARY 31, 2016
627.3
Nearly 290 new accessories
introduced for MY2016 vehicles
1,300+ accessories compatible
with MY2016 vehicles
KEY INFOPROPULSION SYSTEMSKEY INFO BRP / 2016 ANNUAL REVIEW /// 13
2
3
/// MARINE PROPULSION SYSTEMS
/// ENGINES
A host of marine possibilities
Powering growth
A new generation of engines was launched in June 2014,
There is a Rotax engine inside all BRP vehicles. Rotax
setting off a year of awareness-raising for the new Evinrude
E-TEC G2 outboard. In 2015, our strategy involved supporting
dealers increase retail by offering test rides, marketing and
continuing to raise awareness.
As a result, the Evinrude brand’s market share increased
in the over 200 hp segment during the past year and we will
launch other HP ranges over the next few years. The industry
is showing promise in all markets, increasing by 2% worldwide.
engines are best known for their reliability, performance
and efficiency.
The Rotax MAX evo kart engine was introduced at the
latter end of 2014 and we saw an 11% increase in sales overall
from both upgrade kits and new engines.
In 2015, BRP introduced the Rotax 915 iS engine, a more
powerful aircraft engine, opening the market to larger aircraft,
gyrocopters and small helicopters.
2 The 2015 Rotax MAX Challenge Grand Finals was held in Portimão, Portugal 3 BRP is the largest piston aircraft engine manufacturer
PARTS, ACCESSORIES
AND CLOTHING
THE BRP LIFESTYLE
The vehicle or engine is only one part of the BRP
experience. Consumers need the part that fits just
right, the gear that’s best suited for their use and the
clothing that will keep them safe and comfortable.
According to the PAC strategy of maximizing the number
of accessories available when the vehicle first rolls off the
production line, all accessories dedicated to the new Can-Am
Defender model, for example, were available at launch.
In 2015, BRP’s dedicated North American PAC sales team
took to the roads to increase awareness of our product and
provide training to dealers. Over the past two years, PAC tour
trucks visited over 600 dealerships in North America, training
nearly 1,500 of their staff.
Finally, BRP signed an agreement in 2015 to distribute
through its North American dealer network four clothing
collections, from Kappa Clothing, and the CGX2 camera
from Cyclops Gear.
14 /// BRP / 2016 ANNUAL REVIEW
CSR
CORPORATE
SOCIAL
RESPONSIBILITY
1
2
By 2020, BRP aims to be recognized as a worldwide
sustainable powersport innovation leader.
In August 2011, we created a global structure for all
of our sustainability initiatives and launched our
CSR program. It is based on six pillars: Governance,
Environment, Employees, Product Safety, Supply
Chain Management and Role in the Community.
Our 2020 goals include the following:
• Conduct stakeholder consultations for all
manufacturing sites
• Reduce our energy consumption intensity
and the GHG emissions intensity of our
manufacturing sites by 25% based on FY11 levels
• Achieve zero lost time accidents in our facilities
• Ensure BRP’s donations represents 1%
of the company’s earnings before tax.
2016 CSR Highlights
• We achieved a health and safety frequency
rate of 0.62; an improvement of more than
28% over our FY15 results.
• Our Gunskirchen facility is recognized with
the BGF Gütesiegel award for exemplary
workplace health promotion.
• Our Querétaro site ranked in the top
10% of the Best Places to work in Mexico.
• Our Rovaniemi site received the Golden
Brush Environmental Award from the Keep
Lapland Tidy association.
• Our Sturtevant plant is awarded a
Sustainable Business Award from the
Sustainable Business Council and
Cool Choices.
• Our Valcourt site is awarded the Health and
Safety Award in the Workplace Grand Prize
for the Eastern Townships region.
2016 CSR Report
Our FY2016 CSR report is prepared
according to the Global Reporting Initiative
(GRI) G4 Core Level and the GRI Principles for
Defining Quality. You can access it through
2016.brp.com/CSR.
1 Employees collected supplies for a retirement home in Juárez 2 Personnel attending a workshop on BRP’s Code of Ethics
INFORMATION FOR INVESTORS
Stock Exchange information
BRP Inc. subordinate voting shares are traded
on the Toronto Stock Exchange under the
symbol “DOO.”
Dividend Policy
The Company does not currently intend to
declare any dividend on its shares. Any future
determination to pay dividends on the shares
of the Company would be at the discretion
of the board of directors of the Company
(the “Board of Directors”) and would depend
on, among other things, the Company’s results
of operations, current and anticipated cash
requirements and surplus, financial condition,
contractual restrictions and financing agreement
covenants (including restrictions in the Term
Credit Agreement and the Revolving Credit
Agreement or other material agreements),
solvency tests imposed by corporate law and
other factors that the Board of Directors may
deem relevant.
Fiscal Year 2017 Tentative
Earnings Calendar
First Quarter:
Second Quarter: Friday, September 9, 2016
Friday, December 9, 2016
Third Quarter:
Thursday, March 24, 2017
Fourth Quarter:
Thursday, June 9, 2016
Issued and Outstanding Shares
As of April 1, 2016, the issued and
outstanding shares of BRP Inc. consist of
35,901,422 subordinate voting shares and
79,023,344 multiple voting shares.
Annual Shareholders’ Meeting
The meeting will be held at 10:30 a.m. Eastern
Time, June 9, 2016 at BRP’s Product Development
Centre, 841, rue Cartier, Valcourt, Québec. The
record date for shareholders is April 22, 2016.
Request for information
Analysts, shareholders and interested investment
professionals may direct their business-related
inquiries to:
Research Coverage 1
BMO Capital Markets • Canaccord Genuity • CIBC
World Markets • Citigroup • Desjardins Securities
• GMP Securities • Morningstar • National Bank
Financial • RBC Capital Markets • Robert W. Baird
& Co. • ScotiaBank • UBS • Wells Fargo
Investor Relations Department
BRP Inc.
726 St-Joseph
Valcourt, Québec J0E 2L0 Canada
Tel.: +1 (450) 532-2211
Email: ir@brp.com
Shareholder Services
For shareholder-related services, including estate
change of name or address, stock transfers,
settlement, lost stock certificates and duplicate
mailings, please contact the transfer agent at:
Computershare Investor Services Inc.
100 University Ave., 8th Floor
Toronto, Ontario M5J 2Y1 Canada
Tel: +1 (866) 245-4053
www.investorcentre.com/service
For more information
To view the Company’s Annual Review and
related financial information, to learn more about
the products, to download product brochures or
to find dealer locations, please visit the
Company’s website at brp.com.
1 Analyst coverage known to the Company
as at March 31, 2016.
n AN ONLINE VERSION OF THIS
ANNUAL REPORT IS AVAILABLE
AT 2016.BRP.COM
FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Review about the
Company’s current and future plans, expectations
and intentions, results, levels of activity,
performance, goals or achievements or any
other future events or developments constitute
forward-looking statements. The words “may”,
“will”, “would”, “should”, “could”, “expects”, “plans”,
“intends”, “trends”, “indications”, “anticipates”,
“believes”, “estimates”, “predicts”, “likely” or
“potential” or the negative or other variations
of these words or other comparable words or
phrases, are intended to identify forward-looking
statements. Forward-looking statements are
based on estimates and assumptions made by the
Company in light of its experience and perception
of historical trends, current conditions and
expected future developments, as well as other
factors that the Company believes are appropriate
and reasonable in the circumstances, but there
can be no assurance that such estimates and
assumptions will prove to be correct or that the
Company’s business guidance, objectives, plans
and strategic priorities will be achieved. Many
factors could cause the Company’s actual results,
level of activity, performance or achievements or
future events or developments to differ materially
from those expressed or implied by the forward-
looking statements, including those identified in
BRP’s annual information form and management’s
discussion and analysis of financial condition and
results of operations.
The purpose of the forward-looking statements
is to provide the reader with a description of
management’s expectations regarding the
Company’s financial performance and may not
be appropriate for other purposes; readers should
not place undue reliance on forward-looking
statements made herein. Furthermore, unless
otherwise stated, the forward-looking statements
contained in this Annual Review are made
as of the date of this Annual Review, and the
Company has no intention and undertakes
no obligation to update or revise any forward-
looking statements, whether as a result of new
information, future events or otherwise, except
as required by applicable securities regulations.
The forward-looking statements contained in
this Annual Review are expressly qualified by this
cautionary statement.
IFRS AND NON-IFRS MEASURES
This Annual Review makes reference to certain
non-IFRS measures. These measures are not
recognized measures under IFRS, do not have
a standardized meaning prescribed by IFRS
and are therefore unlikely to be comparable to
similar measures presented by other companies.
Rather, these measures are provided as
additional information to complement those IFRS
measures by providing further understanding
of the Company’s results of operations from
management’s perspective. Accordingly, they
should not be considered in isolation nor as a
substitute for analysis of the Company’s financial
information reported under IFRS. The Company
uses non-IFRS measures including Normalized
EBITDA, Normalized Net Income, Normalized
basic earnings per share and Normalized diluted
earnings per share to provide investors with
supplemental measures of the Company’s
operating performance. The Company believes
non-IFRS measures are important supplemental
measures of operating performance because
they eliminate items that have less bearing on
the Company’s operating performance and thus
highlight trends in its core business that may not
otherwise be apparent when relying solely on
IFRS measures. The Company also believes that
securities analysts, investors and other interested
parties frequently use non-IFRS measures in the
evaluation of companies, many of which present
similar metrics when reporting their results.
Management also uses non-IFRS measures in
order to facilitate operating performance
comparisons from period to period, prepare
annual operating budgets and assess the
Company’s ability to meet its future debt
service, capital expenditure and working capital
requirements. Because other companies may
calculate these non-IFRS measures differently
than the Company does, these metrics are not
comparable to similarly titled measures reported
by other companies. Refer to the Company’s
management’s discussion and analysis for the
Fiscal 2016, available on SEDAR at www.sedar.com,
for definitions and reconciliations of Normalized
EBITDA and Normalized Net Income to the most
directly comparable IFRS measure.
© BRP 2016. All rights reserved. ®, ™ and the BRP logo
are trademarks of BRP or its affiliates.
The information contained in this Annual Review was established as of May 15, 2016.
Legal deposit Bibliothèque nationale du Québec 2016
† All other trademarks are the property of their respective owners.
Printed in Canada May 2016
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