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RNS Number:1540I
Canadian Overseas Packaging Ind Ld
28 February 2003
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
Interim Report to Shareholders for the
Six-Month Period ended December 31, 2002
(Unless otherwise stated all figures are in Canadian currency and, except for
per share amounts, in millions of dollars
as indicated by the abbreviation "M")
Summary of the Financial Results
Net earnings for the half year ended December 31, 2002 were $4.1M compared
with $20.3M in 2001. Earnings per share were $0.23 versus $1.16 for the prior
comparable period. The combined revenues from the Corporation's manufacturing
and investment activities were $97.1M (2001: $103.2M).
Manufacturing Operations
Sales of the Corporation's products, which are corrugated fibreboard containers,
multiwall paper sacks and other paper products were $88.8M (2001: $86.1M). The
manufacturing operations' performance was satisfactory given the fragile state
of the economies in which they operate. Cost reduction and productivity
programmes have been successfully implemented.
Investment Activities
Interest, which comprises income from term deposits and bonds, decreased
slightly in the period to $2.8M (2001: $2.9M).
The gain on sale of marketable securities was $5.5M compared with $4.1M for the
same period last year.
The investment company subject to significant influence reported a loss of $6.5M
compared with a profit of $9.5M for the corresponding period last year. At
December 31, 2002 the Corporation's equity interest in the investment company
was $224.1M compared with $216.8M at December 31, 2001 representing a 3.4%
increase for the calendar year.
Foreign currency losses were $0.3M compared with a gain of $0.4M last year.
At December 31, 2002 equities were 66%; bonds and cash represented 34%. These
figures compare with 65% and 35% as at December 31, 2001.
Outlook
It is expected that margins in all the manufacturing operations will continue to
come under pressure for the remainder of this fiscal year.
The world's financial markets remain volatile and unpredictable. No significant
changes to our current investment strategy are expected.
On Behalf of the Board of Directors
D. M. Eramian
Company Secretary
February 28, 2003
CANADIAN OVERSEAS PACKAGING INDUSTRIES LIMITED
(incorporated under the laws of Canada)
UNAUDITED INTERIM RESULTS TO SHAREHOLDERS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2002
(all figures expressed in thousands of Canadian dollars
except for the common share data)
Dec 31 '02 Dec 31 '01
CONSOLIDATED STATEMENTS OF EARNINGS (C$000) (C$000)
Revenues
Sales 88,827 86,138
Interest 2,757 2,874
Dividends 106
Gain on sale of marketable securities 5,482 4,125
Share in net earnings of company subject to significant influence 9,532
Foreign currency gains 399
97,066 103,174
Expenses
Cost of Sales 64,809 62,078
Selling and administrative 19,937 18,658
Interest
Current 822 959
Long-term 20 48
Share in net loss of company subject to significant influence 6,503
Foreign currency losses 303
92,394 81,743
Earnings from operations before income taxes and minority interest 4,672 21,431
Current income taxes 534 1,086
Earnings from operations before minority interest 4,138 20,345
Minority interest (68) (21)
Net Earnings 4,070 20,324
Earnings per common share (17,578,125 shares)* C$0.23 C$ 1.16
*there is no difference between headline earnings per common share and earnings
per common share
The accompanying notes are an integral part of the interim consolidated
financial statements.
Dec 31 '02 Dec 31 '01
CONSOLIDATED STATEMENTS OF CASH FLOWS (C$000) (C$000)
(unaudited)
OPERATING ACTIVIITIES
Net earnings 4,070 20,324
Non-cash items
Depreciation 2,499 2,575
Minority interest 68 21
Gain on sale of marketable securities (5,482) (4,125)
Share in net loss (earnings) of company subject to significant 6,503 (9,532)
influence
Gain on sale of property, plant and equipment (3) (669)
7,655 8,594
Changes in non-cash working capital items (8,610) (3,895)
Cash flows from operating activities (955) 4,699
INVESTING ACTIVITIES
Purchase of marketable securities (64,740) (122,676)
Proceeds on sale of marketable securities 70,844 137,561
Purchase of property, plant and equipment (2,337) (1,327)
Proceeds on sale of property, plant and equipment 3 756
Cash flows from investing activities 3,770 14,314
FINANCING ACTIVITIES
Bank indebtedness (2,112) (8,109)
Repayment of long-term debt (346) (327)
Dividend (17,578) (16,699)
Cash flows from financing activities (20,036) (25,135)
Foreign exchange loss on cash and cash equivalents held in foreign
currency 415 301
Net decrease in cash and cash equivalents (16,806) (5,821)
Cash and cash equivalents, beginning of period 75,495 70,000
Cash and cash equivalents, end of period 58,689 64,179
CASH AND CASH EQUIVALENTS
Cash 13,197 10,065
Term deposits 45,492 54,114
58,689 64,179
The accompanying notes are an integral part of the interim consolidated
financial statements.
(unaudited) (unaudited)
Dec 31 '02 June 30 '02 Dec 31 '01
CONSOLIDATED BALANCE SHEETS (C$000) (C$000) (C$000)
ASSETS
Current assets
Cash 13,197 32,460 10,065
Term deposits 45,492 43,035 54,114
Accounts receivable 42,298 35,992 39,119
Inventories 15,531 14,850 14,470
116,518 126,337 117,768
Investments
Marketable securities, at cost (quoted value: $91,111; 85,629 86,251 87,185
$89,834 at 30 June, 2002; $91,662 at 31 Dec, 2001)
Company subject to significant influence, at equity 224,109 230,612 216,752
Investment company(estimated fair value: $248,000;
$247,000 at 30 June, 2002: $248,000 at 31 Dec, 2001)
Other investments, at cost 25 25 25
309,763 316,888 303,962
Property, plant and equipment 35,787 34,186 32,113
462,068 477,411 453,843
LIABILITIES
Current liabilities
Bank indebtedness-secured by certain assets 18,647 20,759 12,515
Accounts payable and accrued liabilities 23,364 24,755 25,847
Income taxes payable 465 697 1,489
Current portion of long-term debt 352 651 666
42,828 46,862 40,517
Long-term debt 307
Future income taxes 4,493 4,289 3,620
Minority interest 772 687 767
48,093 51,838 45,211
SHAREHOLDERS' EQUITY
Capital stock 47,984 47,984 47,984
Retained earnings 368,304 381,812 364,283
Appraisal increment 1,959 1,817 2,001
Cumulative translation adjustments (4,272) (6,040) (5,636)
413,975 425,573 408,632
462,068 477,411 453,843
The accompanying notes are an integral part of the interim consolidated
financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
(in thousands of Canadian dollars) Capital Retained Appraisal Cumulative Total
Stock Earnings Increment Translation
Adjustments
Balance June 30, 2001 47,984 360,658 1,833 (7,318) 403,157
Effect of exchange rate changes 168 1,682 1,850
Net earnings 20,324 20,324
Dividend ($0.95 per share) (16,699) (16,699)
Balance December 31, 2001 47,984 364,283 2,001 (5,636) 408,632
Realisation of appraisal increment 27 (27)
Effect of exchange rate changes (157) (404) (561)
Net earnings 17,502 17,502
Balance June 30, 2002 47,984 381,812 1,817 (6,040) 425,573
Effect of exchange rate changes 142 1,768 1,910
Net earnings 4,070 4,070
Dividend ($1.00 per share) (17,578) (17,578)
Balance December 31, 2002 47,984 368,304 1,959 (4,272) 413,975
The accompanying notes are an integral part of the interim consolidated
financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2002
(Tabulated amounts are in thousands of Canadian dollars, except per common share
data)
1. FINANCIAL STATEMENTS PRESENTATION
The unaudited interim consolidated financial statements have been prepared by
the Corporation in accordance with Canadian generally accepted accounting
principles (Canadian GAAP). The major difference between Canadian GAAP and
International Accounting Standards (IAS), in so far as they apply to the
Corporation is described in Note 2. The financial information was prepared in
accordance with the same accounting policies and methods as the audited annual
consolidated financial statements for the year ended June 30, 2002. The
unaudited interim consolidated financial statements should be read in
conjunction with the audited annual consolidated financial statements and notes
thereto in the Corporation's 2002 annual report. The results of operations for
the interim periods presented do not necessarily reflect results for the full
year.
2. DIFFERENCE BETWEEN CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND
INTERNATIONAL ACCOUNTING STANDARDS
Under Canadian GAAP, investments, excluding the investment in the company
subject to significant influence, should be recorded at cost, less any decrease
in value other than a temporary decline. Pursuant to IAS 39, for financial years
beginning on or after January 1, 2001, the marketable securities are classified
as trading and are recorded at market value. All unrealised holding gains or
losses are included in net earnings in the period in which they arise. Had the
Corporation followed IAS 39, certain items would have increased as follows:
Consolidated balance sheets and statement of changes in shareholders' equity (unaudited)
Dec 31, '02 June 30, '02
Marketable securities 5,482 3,583
Shareholders' equity
Retained earnings
Balance at beginning of period 3,583 2,677
Net earnings 1,899 906
5,482 3,583
(unaudited)
Consolidated statement of earnings Dec 31, '02
(six months)
Net earnings according to Canadian GAAP 4,070
Unrealised gains on marketable securities 1,899
Net earnings under IAS 5,969
Earnings per common share per IAS C$0.34
28th February 2003 By Order of the Board
Suite 1500, One Brunswick Square, Germain Street D. M. Eramian
St. John, New Brunswick, Canada E2L 4H8 Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEEFIITFIV
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