BRP

2018 ANNUAL REVIEW
FOR THE YEAR ENDED JANUARY 31, 2018

T H E   D R I V E 
T O   O U T P E R F O R M

F I N A N C I A L 
H I G H L I G H T S

FISCAL YEAR 2018

REVENUE BASE 
BY CATEGORY
AT 31/01/18

REVENUE BASE 
BY REGION
AT 31/01/18

40.8%

YEAR-ROUND 
PRODUCTS

34.8%

15.7%

SEASONAL 
PRODUCTS

PARTS, ACCESSORIES 
AND CLOTHING

8.7%

PROPULSION 
SYSTEMS

50.5%

UNITED STATES

32.2%

INTERNATIONAL

17.3%

CANADA

SHARE PRICE
MONTHLY CLOSING PRICE IN CA$

$50.86

JANUARY 
2018

$26.03

FEBRUARY 
2017

H
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A

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C
O

R
E
B
M
E
V
O
N

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E
B
M
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C
E
D

TOTAL  
REVENUES
CA$ MILLIONS,  
AT 31/01/18

NORMALIZED 
EBITDA1
CA$ MILLIONS,  
AT 31/01/18

NORMALIZED 
EARNINGS PER  
SHARE – DILUTED1
CA$, AT 31/01/18

CAGR* 9%

CAGR* 10%

CAGR* 12%

RESEARCH AND  
DEVELOPMENT 
SPENDING
IN CA$ MILLIONS + 
AS A % OF REVENUES 

4
9
1
,
3

5
2
5
,
3

9
2
8
,
3

2
7
1
,
4

7
8
4
,
4

2
.
0
8
3

3
.
1
2
4

0
.
0
6
4

7
.
2
0
5

6
.
8
5
5

9
4
.
1

5
6
.
1

1
7
.
1

6
9
.
1

8
3
.
2

%
4
+
5
4
1

%
4
+
8
5
1

%
4
+
4
6
1

%
4
+
4
8
1

%
4
+
9
9
1

14

15

16

17

18

14

15

16

17

18

14

15

16

17

18

14

15

16

17

18

1 See Non-IFRS measures section on p.15. 
* Compound Annual Growth Rate since 31 January 2014

 
 
 
 
 
 
 
 
 
 
LETTER TO SHAREHOLDERS FOR FISCAL YEAR 2018 – JOSÉ BOISJOLI

T H E   D R I V E 
T O   O U T P E R F O R M

I am very pleased with the strong financial results we delivered once again, featuring another 
year of record revenues, continuing our steady positive performance since we became a public 
company five years ago. We are now three years into our ambitious 2020 plan and remain 
focused on our strategic priorities of Growth, Agility and Lean enterprise to reach our target: 
the $6 billion mark and $3.50 diluted earnings per share by fiscal year 2021.

GROWTH
Our growth has come from a number of factors. We have 
sustained our intensity of new product introductions, with 
a solid mix of excellent additions that have led to a strong 
presence in all markets worldwide. We have also continued 
to expand existing product lines. Ski-Doo and Lynx line-ups 
have been augmented by our new G4 platform and two new 
Rotax engines: the 600R E-TEC and the 900 ACE Turbo. To 
the Can-Am Maverick line-up, we’ve introduced a four-person 
flagship X3 MAX side-by-side and added the Trail platform. 
Sea-Doo models have seen a new 3-seater platform, and 
we expanded the Evinrude E-TEC G2 engines with the iDock 
joystick piloting system. The marked innovations in these 

new products, particularly in side-by-side vehicles and 
Sea-Doo watercraft, have attracted and retained the attention 
of customers, as our retail momentum can attest.

With regard to sales, we opened in 2017 a business hub in 
Plano, Texas, to better serve the important U.S. market and 
put us even closer to the needs of our many dealers in this 
country. This move was the result of a reorganization of our 
North American sales force and is designed to allow us to 
be even more reactive and responsive to regional markets.

Worldwide, several international markets such as Russia, 
China and Brazil, are showing signs of recovery that, while 
limited in FY2018, will contribute positively to our growth. 

4

BRP – 2018 ANNUAL REVIEWS T R A T E G I C 
P R I O R I T I E S

GROWTH

AGILITY

LEAN ENTERPRISE

ACCELERATE GROWTH

CREATE A STRONG 
PIPELINE OF NEW 
GROWTH OPPORTUNITIES 

IMPLEMENT A MORE 
FLEXIBLE SUPPLY CHAIN 
TO IMPROVE CUSTOMER 
EXPERIENCE AND REDUCE 
WORKING CAPITAL 

RELENTLESS PURSUIT 
OF EPS IMPROVEMENT 
THROUGH ORGANIZATIONAL 
EXCELLENCE AND A LEAN 
MINDSET ACROSS BRP 

AGILITY
The BM2 modularity principle that we introduced to our 
side-by-side vehicles manufactured in Mexico is making us 
very agile. We are better positioned than ever to respond 
quickly to the needs of the market. Moreover, given the 
strong demand for our side-by-side line-up, we decided to 
double our production capacity at our Juarez 2 manufacturing 
site in Mexico in two phases. Phase 1, which will provide us 
with a 30% increase, was completed in the first quarter of 
fiscal year 2019. Phase 2 is planned for February 2019, at 
which point we will benefit from an additional 50% increase 
in capacity.

Demand for our Sea-Doo watercraft worldwide is also up, 
and as a result we are increasing capacity at our Queretaro, 
Mexico facility where this product is assembled. We anticipate 
obtaining a 20% increase in capacity as a result of this 
project this Fall. All the new products introduced since 
September 2015 are developped following our BM2 
modularity principles. 

And of course, increased sales of these products have a 
positive effect on our Rotax engines–at the heart of all our 
vehicles. Rotax is therefore expanding our engine capacity 
in Queretaro, Mexico and Gunskirchen, Austria, to support 
additional product demand.

LEAN 
In Valcourt, Canada, our renovated Ski-Doo and Can-Am 
Spyder assembly line is in production and has been running 
smoothly since late Fall 2017. Combining both products in 
one line has helped optimize this facility and enabled us to 
bring some manufacturing activities in-house. 

Our continued deployment of the 2020 Plan allows us to 
find new ways to streamline our manufacturing base, optimize 
our structures and propel our cost reduction efforts across 
our manufacturing sites. 

Challenging traditional thinking and how we push new 
technologies is what distinguishes us from our competition. 
With our ingenious approach to product development, 
production and marketing, we constantly redefine the 
industries in which we operate.

5

LETTER TO SHAREHOLDERS FOR FISCAL YEAR 2018 – JOSÉ BOISJOLI 
(CONTINUED)

DIVERSIFICATION
Our company continues to outperform the competition, 
across all our product line-ups and around the world. I 
remain convinced that our diversification strategy is truly 
what differentiates us. Our diversified product offering, with 
our six product lines, gives us a well-balanced portfolio. 
Our global sales network includes more than 4,200 dealers 
and distributors in over 100 countries. And of course, 
our global footprint with eight world-class manufacturing 
sites in five countries means we are able to serve all our 
markets seamlessly.

But ultimately, what gives us the greatest competitive 
strength is our people. Our global team of talented, 
thoughtful, resourceful and passionate individuals is the 
greatest asset of our company. 

We have the infrastructure, the ingenuity, the team and the 
drive to continue to provide customers with unforgettable 
experiences across many different terrains. I have no 
doubt that we are in an excellent position to continue to 
outperform the industry, and I look forward, year after year, 
to demonstrating this to you.

José Boisjoli 
President and Chief Executive Officer

One of our dealer’s showroom on the Mediterranean 
coast of eastern Spain.

C O M P A N Y 
O V E R V I E W

$4.5B

ANNUAL SALES

100+

COUNTRIES WHERE 
OUR PRODUCTS 
ARE AVAILABLE

10,000+

OUR RESOURCEFUL 
EMPLOYEES 
WORLDWIDE

2

NUMBER OF YEARS 
WITHOUT A WORKPLACE 
ACCIDENT IN OUR 
ROVANIEMI, FINLAND 
FACILITY

HALL OF 
FAME NMMA

INDUCTION OF 
DENYS LAPOINTE, 
SENIOR VICE-PRESIDENT, 
DESIGN, INNOVATION 
AND CORPORATE IMAGE, 
BY THE NATIONAL MARINE 
MANUFACTURERS 
ASSOCIATION

4,200

DEALERS WHO 
REPRESENT 
OUR BRANDS

15

NUMBER OF SOCIAL 
RESPONSIBILITY OR 
HEALTH AND SAFETY 
AWARDS RECEIVED 
BY BRP WORLDWIDE

2017 CEO 
OF THE YEAR

PRIZE AWARDED TO 
JOSÉ BOISJOLI, PRESIDENT 
AND CEO, BY LES 
AFFAIRES MAGAZINE

CMO 
MARKETING 
INNOVATION 
AWARD

PRIZE GIVEN TO 
ANNE-MARIE LABERGE, 
SENIOR VICE-PRESIDENT, 
GLOBAL BRANDS AND 
COMMUNICATION, BY 
THE CMO CLUB

A GLOBAL LEADER IN MOTORISED 
VEHICLES AND ENGINES*

O U R   P R O D U C T 
C A T E G O R I E S

YEAR-ROUND 
PRODUCTS

SEASONAL 
PRODUCTS

PROPULSION 
SYSTEMS

PARTS, 
ACCESSORIES AND 
CLOTHING (PAC)

No 3 
SIDE-BY-SIDE 
VEHICLES

No 1 
SNOWMOBILES

No 4 
OUTBOARD 
ENGINES (30 hp+)

No 3 
ALL-TERRAIN VEHICLES

No 1 
PWCs

WORLD’S LARGEST 
PISTON AIRCRAFT ENGINE 
MANUFACTURER

No 2 
THREE-WHEEL VEHICLES**

A D V E N T U R E 
B Y   D E S I G N

We are a global leader in the world of powersports vehicles and propulsion systems 

built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of 
industry-leading and distinctive products includes Ski-Doo® and Lynx® snowmobiles, 
Sea-Doo® watercraft, Can-Am® on- and off-road vehicles, Evinrude® and Rotax® 

marine propulsion systems as well as Rotax engines for karts, motorcycles and 

recreational aircraft. We support our product lines with a dedicated parts, accessories 

and clothing business to fully enhance your riding experience. With annual sales 

of CA$4.5 billion from over 100 countries, our global workforce is made up of over 

10,000 driven, ingenious and resourceful people.

* Numbers indicate global market position.
** Powersport segment.

7

Y E A R - R O U N D 
P R O D U C T S

AWARDS

CAN-AM MAVERICK X3
2017 GOOD DESIGN AWARD
2017 GOOD DESIGN AUSTRALIA AWARD
WINS THREE MAJOR TITLES IN FIRST FULL 
YEAR OF COMPETITION

CAN-AM DEFENDER MAX
2017 GOOD DESIGN AWARD
2017 GOOD DESIGN AUSTRALIA AWARD

CAN-AM SPYDER VEHICLES

>

CAN-AM SPYDER

#2

WORLDWIDE*

* POWERSPORT SEGMENT

OFF-ROAD VEHICLES

ATV

MARKET INDICATORS

GLOBAL SALES 
AT JANUARY 31, 2018

1,829.5 CA$ 

MILLIONS

GLOBAL SALES VS FY2017

11.7%

>

SPYDER LINE-UP

13 MODELS

>

CAN-AM ALL-TERRAIN VEHICLES

>

51 ATV MODELS INCLUDING

WORLDWIDE

YOUTH AND SIX-WHEEL 
MODELS

#3

SSV

>

CAN-AM SIDE-BY-SIDE VEHICLES

>

59 SSV MODELS

#3 WORLDWIDE

ONE OF THE BROADEST 
AND DEEPEST LINE-UPS

OF THE INDUSTRY

8

BRP – 2018 ANNUAL REVIEWCAN-AM-STYLE GROWTH
We pursued our engagement of 
launching new SSVs every six months 
through 2020 with the introduction 
of the Can-Am Maverick X3 MAX in 
February and the Maverick Trail 
in September.

The Maverick X3 MAX vehicle features 
the same sophisticated blend of 
defiant design, precision handling 
and exceptional power found in the 
two-seat Maverick X3 vehicle, but also 
presents new levels of comfort and 
control for multi-passenger use.

With the narrower Can-Am Maverick 
Trail side-by-side vehicles, off-road 
enthusiasts will be able to enjoy 

the Maverick experience on many 
public trails and reach tucked-away 
destinations with ease.

largest single gathering of owners in the 
history of the brand, which launched 
in 2007.

Can-Am ATVs have long been 
recognized for their performance, 
precision handling and customer-
focused design, and those key pillars 
were reinforced for 2018. Of special 
note, we introduced the Outlander 
North Edition ATVs, specifically 
equipped for cold weather.

CONNECTING SPYDER
On June 2-4, 2017, we welcomed 
nearly 3,000 Can-Am Spyder owners 
and guests from around the globe to 
our home base in Valcourt, Quebec, 
for a Can-Am Spyder 10th Anniversary 
Homecoming Event. It marked the 

On the road, we are also pushing the 
boundaries with a fully digital instrument 
panel designed with the rider in mind, 
most of the 2018 Can-Am Spyder 
vehicles. The ingenious display is the 
first in the motorcycle industry to 
provide access to third-party smartphone 
apps thanks to seamless connectivity 
via BRP Connect™.

The system also has Bluetooth 
technology, allowing riders to play 
content from their Bluetooth-enabled 
devices directly on their Can-Am 
Spyder vehicle. Users can access their 
navigation app and listen to music to 
maximize their open-road experience.

1

2

1   The Can-Am Maverick 

Trail side-by-side was the 
5th introduction since we 
committed to release a new 
Can-Am SSV every 6 months.

2   The 10th anniversary 

celebrations of the Can-Am 
Spyder vehicle began with 
a parade led by José Boisjoli 
and Josée Perreault, in which 
hundreds of proud owners 
joined to enter Valcourt.

9

S E A S O N A L 
P R O D U C T S

AWARDS

SKI-DOO AND LYNX SNOWMOBILERS
WIN MAJOR COMPETITIONS IN THE U.S., 
SWEDEN AND FINLAND
SKI-DOO REV GEN4 SNOWMOBILE PLATFORM
2017 GOOD DESIGN AWARD

SEA-DOO SPARK TRIXX
2017 GOOD DESIGN AWARD
2017 GOOD DESIGN AUSTRALIA AWARD
2017 GOOD DESIGN JAPAN AWARD
NATIONAL MARINE MANUFACTURERS 
ASSOCIATION INNOVATION AWARD

SKI-DOO AND LYNX SNOWMOBILES

MARKET INDICATORS

GLOBAL SALES 
AT JANUARY 31, 2018

1,560.1 CA$ 

MILLIONS

GLOBAL SALES VS FY2017

5.8%

>

SKI-DOO AND LYNX

> 101 DIFFERENT KEY MODELS OF SNOWMOBILES

#1WORLDWIDE

UNDER TWO BRAND NAMES,
SKI-DOO AND LYNX

> 24 MODELS

UNDER THE 

SEA-DOO BRAND

MODEL HAS SIGNIFICANTLY CONTRIBUTED 
TO THE INDUSTRY GROWTH SINCE ITS 
INTRODUCTION IN 2014

SEA-DOO WATERCRAFT

>

SEA-DOO

WORLDWIDE

#1
SPARK

10

BRP – 2018 ANNUAL REVIEW1

2

LIVING WITH 
YOUR SEA-DOO
Fifty years after launching our first 
Sea-Doo personal watercraft, we 
unveiled this year a pioneering new 
platform for several models that 
completely transforms the onboard 
experience and extends the range of 
activities riders can enjoy with a PWC.

The new Sea-Doo platform features 
a smart reconfigurable rear seat that 
transforms the personal watercraft 
into an onboard living room. It also 
features additional storage, a waterproof 
and shockproof phone compartment 
with USB charger, and the industry’s 
first manufacturer-installed, truly 
waterproof Bluetooth audio system. 

TAKE YOUR BEST SHOT
For the 2018 Ski-Doo lineup, the 
award-winning REV Gen4 platform 
with Rotax 850 E-TEC engine was 
extended to more than half of the 
line-up. But the highlight was the 
industry-first SHOT engine starting 
technology. Why is it a big deal? 
Because it means that snowmobilers 
no longer need to pull-start their 
sled but still benefit from a 
lightweight snowmobile.

Celebrating its 50th model year, Lynx 
introduced the new Radien platform, 
the next generation of Rotax 850 
E-TEC engine and the SHOT engine 
starting system.

3

1   The 2018 Ski-Doo Expedition Extreme model, 
one of the meanest and fastest sport-utility 
snowmobiles ever offered, is equipped with 
a Rotax 800R E-TEC engine and premium 
KYB shocks.

2   The Sea-Doo GTX Limited PWC, the first 

watercraft made to hang out on the water, 
has a large swim platform and a removable 
seat so you can lounge or enjoy a picnic.

3   A close-up shot of the front storage of our 

2018 Sea-Doo GTX watercraft, the industry’s 
first direct-access front storage that can 
be opened by simply raising the handlebar 
assembly. It’s the smartest water-resistant 
storage we’re ever built into a watercraft, 
offering room for your next adventure.

Q U E R E T A R O

The worldwide watercraft industry 
is growing at a fast pace worldwide, 
in part due to the 2014 introduction 
of the Sea-Doo SPARK model. 
As a result of the growing demand 
for its Sea-Doo models, BRP 
has increased the production 
capacity of its Queretaro, Mexico 
manufacturing plant.

11

P R O P U L S I O N 
S Y S T E M S

AWARDS

EVINRUDE E-TEC G2 150-200 HP
2017 GOOD DESIGN AWARD
GOOD DESIGN AUSTRALIA AWARD

ROTAX 915 iS AIRCRAFT ENGINE
2017 AEROKURIER INNOVATION AWARD

MARKET INDICATORS

GLOBAL SALES 
AT JANUARY 31, 2018

394.7 CA$ 

MILLION

GLOBAL SALES VS FY2017

5.3%

DOCK LIKE AN EXPERT
We continually strive to offer the best 
experience to our customers. That’s why 
this year we introduced a state-of-the-
art docking system for our Evinrude 
outboard engines. The iDock joystick 
piloting system leverages the existing 
features of the Evinrude E-TEC G2 
engines to automatically compensate 
for wind and current, helping customers 
dock expertly.

GOING ELECTRIC
We expanded our range of Rotax 
internal combustion engines to electric 
powerpacks. The new Rotax THUNDeR 
powerpacks will offer customers all the 
advantages of electrification, including 
lower greenhouse gas and noise 
emissions, with the same performance 
and ease-of-use that have become 

hallmarks of the Rotax brand. The 
Rotax electric powerpack will be 
distributed through RIC TECH, a joint 
venture between subsidiary BRP-Rotax 
and Italian partner SMRE SPA.

1   The iDock joystick piloting system helps 
customers dock their boats expertly.

2   BRP’s new Rotax THUNDeR powerpacks 
will offer customers all the advantages of 
electrification with the same performance 
and ease-of-use that have become hallmarks 
of the Rotax brand.

1

2

P A R T S ,   A C C E S S O R I E S 
A N D   C L O T H I N G

MARKET INDICATORS

GLOBAL SALES AT JANUARY 31, 2018

GLOBAL SALES VS FY2017

702.6 CA$ 

MILLION

9.2%

PARTS, ACCESSORIES AND CLOTHING (PAC)

> A SECOND RECORD YEAR IN A ROW

350+

NEW ACCESSORIES 
FOR 2018 MODEL YEAR

ALL THE POSSIBILITIES…
We sell a broad range of parts, 
accessories and clothing to complement 
each of our product lines, providing a 
stable revenue stream with high profit 
margins and increased brand exposure. 
Each is meant to enhance the overall 
customer experience. We design the 

vast majority of these ourselves, right 
alongside the vehicles, ensuring superior 
assembly, installation and fit. What’s 
more, our PAC offering is generally 
recognized as being of higher quality 
than that of our competitors. We 
believe that our PAC offering is a key 
influencer in the customer’s purchase 
decision for new vehicles.

Again this year, the number of 
accessories introduced for 2018 
Ski-Doo, Sea-Doo and Can-Am vehicles 
reached a record high – over 750!

1   Our exclusive Sea-Doo wetsuit and neoprene 
shorts will keep you warm and comfortable 
no matter where the ride takes you.

2   Lynx customers have lots of choices 

to accessorize their sled.

1

2

13

C O R P O R A T E 
S O C I A L 
R E S P O N S I B I L I T Y

By 2020, BRP wants to be recognized 
as a worldwide sustainable powersport 
innovation leader.

Our CSR program is based on six pillars: Governance, 
Environment, Employees, Product Safety, Supply Chain 
Management and Role in the Community.

Action plans were developed and concrete and 
measurable means were adopted to increase CSR 
awareness and visibility. Tangible steps were taken 
to further improve BRP’s good corporate citizenship.

1

2

1   Our colleagues in Mexico receive an award from 
CEMEFI, the Mexican Center for Philanthropy.

2   As part of its CSR efforts, our Gunskirchen facility 
launched its “work travel” program to encourage 
employees to carpool and to bike to work.

H E R E   A R E   S O M E 
O F   O U R   2 0 2 0   G O A L S :

F Y 2 0 1 8 
H I G H L I G H T S

—  Our Rovaniemi facility celebrated more than 

two years without a lost-time accident

—  Our Mexican facilities were recognized as Socially 
Responsible Companies by CEMEFI, the Mexican 
Center for Philanthropy

—  Our Sturtevant facility received the Green Master 
title from the Wisconsin Sustainable Business 
Council, in recognition of its sustainable initiatives

—  Our Valcourt site received the Distinction 
Award from the Healthy Companies Group 
(Groupe entreprises en santé), in the work 
environment category

—  Our Spruce Pine facility became the largest 

donor to its local Toys for Tots program

For the second year in a row, BRP’s CSR Report was 
recognized during the FSI Competition for Best 
Sustainability Reports as a runner-up in the Consumer 
Products category.

>

REDUCE OUR ENERGY CONSUMPTION 
INTENSITY AND OUR GHG EMISSIONS 
INTENSITY BY

25%

BASED ON 
FY2011 
LEVELS

>

ACHIEVE

0

LOST-TIME 
ACCIDENTS IN 
OUR FACILITIES

>

 ENSURE BRP’S DONATIONS 
REPRESENT

1%

OF THE 
COMPANY’S EARNINGS 
BEFORE TAX

>

CONDUCT STAKEHOLDER 
CONSULTATIONS FOR

ALL

MANUFACTURING 
SITES

14

BRP – 2018 ANNUAL REVIEWI N F O R M A T I O N 
F O R   I N V E S T O R S

An online version of this Annual Review 
is available at brp.com

Stock Exchange information
BRP Inc. subordinate voting shares are traded on the 
Toronto Stock Exchange under the symbol “DOO.”

Dividend Payments for FY2018

DIVIDEND

PAYMENT DATE

RECORD DATE

$0.08

$0.08

$0.08

July 13, 2017

June 30, 2017

October 30, 2017

September 29, 2017

January 12, 2018

December 29, 2017

Dividend Policy
The Board of Directors has determined that a 
quarterly dividend is appropriate based on 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 on other relevant factors. 

The payment of each quarterly dividend remains 
subject to the declaration of that dividend by the Board 
of Directors. The actual amount, the declaration date, 
the record date and the payment date of each quarterly 
dividend are subject to the discretion of the Board 
of Directors. 

Research Coverage1 
BMO Capital Markets • Canaccord Genuity • CIBC 
World Markets • Citigroup • Desjardins Securities 
• GMP Securities • Morningstar • National Bank 
Financial • Northcoast Research • RBC Capital Markets 
• Robert W. Baird & Co. • UBS • Wells Fargo

Fiscal Year 2019 Tentative Earnings Calendar
First Quarter: 
Second Quarter:  Thursday, August 30, 2018 
Third Quarter: 
Friday, November 30, 2018 
Fourth Quarter:  Friday, March 22, 2019

Thursday, May 31, 2018 

Issued and Outstanding Shares
As of April 20, 2018, the issued and outstanding 
shares of BRP Inc. consist of 37,077,959 subordinate 
voting shares and 62,952,472 multiple voting shares.

Annual Shareholders’ Meeting
The meeting will be held at 11 a.m. Eastern Time 
on May 31, 2018 at the renovated assembly plant, 
565 rue de la Montagne, Valcourt, Québec, J0E 2L0. 
The record date for shareholders is April 13, 2018.

Request for information
Analysts, shareholders and interested investment 
professionals may direct their business-related 
inquiries to: 

Investor Relations Department
BRP Inc. 
726 St-Joseph  
Valcourt, Québec 
Canada J0E 2L0 
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 
Canada M5J 2Y1 
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, 2018.

F O R W A R D - L O O K I N G   S T A T E M E N T S

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, without limitation, 
those identified in BRP’s annual information form 
and management’s discussion and analysis of 
financial condition and results of operations, dated 
March 20, 2018.

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.

N O N - I F R S   M E A S U R E S

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 income tax 
expense, Normalized effective tax rate, Normalized 
basic earnings per share and Normalized diluted 
earnings per share. 

Normalized EBITDA is provided to assist investors 
in determining the financial performance of the 
Company’s operating activities on a consistent basis 
by excluding certain non-cash elements such as 
depreciation expense, impairment charge and foreign 
exchange gain or loss on the Company’s long-term 
debt denominated in U.S. dollars. Other elements, 
such as restructuring costs, may also be excluded 
from net income in the determination of Normalized 
EBITDA as they are considered not being reflective 
of the operational performance of the Company. 

Normalized Net Income, Normalized income tax 
expense, Normalized effective tax rate, Normalized 
basic earnings per share and Normalized diluted 
earnings per share, in addition to the financial 
performance of operating activities, take into account 
the impact of investing activities, financing activities 
and income taxes on the Company’s financial results. 

The Company believes non-IFRS measures are 
important supplemental measures of financial 
performance because they eliminate items that have 
less bearing on the Company’s financial 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 
financial performance comparisons from period to 
period, prepare annual operating budgets, assess the 
Company’s ability to meet its future debt service, 
capital expenditure and working capital requirements 
and, also, as a component in the determination of the 
short-term incentive compensation for the Company’s 
employees. 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. 

Normalized EBITDA is defined as net income before 
financing costs, financing income, income tax 
expense (recovery), depreciation expense and 
normalized elements. Normalized Net Income is 
defined as net income before normalized elements 
adjusted to reflect the tax effect on these elements. 
Normalized income tax expense is defined as income 
tax expense adjusted to reflect the tax effect on 
normalized elements and to normalize specific tax 
elements. Normalized effective tax rate is based on 
normalized net income before normalized income tax 
expense. Normalized earnings per share – basic and 
normalized earnings per share – diluted are calculated 
respectively by dividing the normalized net income by 
the weighted average number of shares – basic and 
the weighted average number of shares – diluted. 
The Company refers the reader to the “Selected 
Consolidated Financial Information” section of the 
Company’s management’s discussion and analysis of 
financial condition and results of operations for Fiscal 
Year 2018, available on SEDAR at www.sedar.com, 
for the reconciliations of Normalized EBITDA, 
Normalized Net Income, Normalized income tax 
expense, Normalized effective tax rate, Normalized 
basic earnings per share and Normalized diluted 
earnings per share presented by the Company to 
the most directly comparable IFRS measure.

©   BRP 2018. 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 1, 2018.

†    All other trademarks are the property of their respective owners.

Legal deposit Bibliothèque nationale du Québec 2018

Please ride responsibly.

Printed in Canada May 2018

CORPORATE 
HEADQUARTERS
726 Saint-Joseph Street, Valcourt 
Québec  J0E 2L0  Canada

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