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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CCL Industries Inc | TSX:CCL.A | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 0.71% | 70.49 | 69.99 | 73.98 | 70.49 | 70.49 | 70.49 | 100 | 18:20:28 |
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CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) -
Results Summary
For periods
ended
September 30 Three months unaudited Nine months unaudited
----------------------------------------------------------------------------
(in millions
of Cdn % %
dollars, Change Change
except per % Excl. % Excl.
share data) 2013 2012 Change FX(i) 2013 2012 Change FX(i)
----------------------------------------------------------------------------
Sales $ 606.6 $ 316.6 91.6% 87.1% $1,331.7 $ 995.1 33.8% 31.7%
----------------------------------------------------------------------------
EBITDA(1) $ 107.8 $ 58.8 83.3% 77.7% $ 259.5 $ 196.9 31.8% 29.2%
----------------------------------------------------------------------------
Operating
income(2) $ 67.8 $ 39.3 72.5% 66.8% $ 179.9 $ 139.8 28.7% 26.2%
----------------------------------------------------------------------------
Earnings in
equity
accounted
investments $ 0.5 $ 0.2 $ 1.1 $ 1.1
----------------------------------------------------------------------------
Restructuring
and other
items - loss $ 18.3 $ - $ 21.0 $ -
----------------------------------------------------------------------------
Net earnings $ 23.6 $ 21.3 10.8% 5.0% $ 84.1 $ 77.6 8.4% 5.7%
----------------------------------------------------------------------------
Per Class B
share
Basic
earnings
per share $ 0.68 $ 0.64 6.3% $ 2.46 $ 2.32 6.0%
Diluted
earnings
per share $ 0.67 $ 0.63 6.3% $ 2.42 $ 2.28 6.1%
----------------------------------------------------------------------------
Adjusted
basic
earnings per
Class B
share (3) $ 1.38 $ 0.64 115.6% $ 3.24 $ 2.32 39.7%
----------------------------------------------------------------------------
Number of outstanding
shares (in 000's)
Weighted average for
the period - basic 34,141 33,464
Actual at period end 34,375 33,772
(i) Change over prior year's comparative period excludes estimated impact
of foreign currency translation.
CCL Industries Inc. ("CCL" or "the Company") is a world leader in specialty
label and packaging solutions for global corporations, small businesses and
consumers.
Third Quarter 2013 Results
Sales for the third quarter of 2013 increased 91.6% to a record $606.6 million,
compared to $316.6 million for the third quarter of 2012, with 3.3% organic
growth, 4.5% positive currency translation and the balance from the Avery
Dennison and INT Autotechnik ("INT") acquisitions. For the nine months ended
September 30, 2013, sales increased 31.7%, excluding currency translation,
driven primarily by the aforementioned acquisitions and organic growth of 4.0%.
Operating income (a non-IFRS measure; see note 2 below) for the third quarter of
2013 was $67.8 million, an improvement of 72.5% compared to $39.3 million for
the third quarter of 2012. For the nine months ended September 30, 2013,
operating income increased 28.7%, compared to the same nine-month period in
2012. Included in the 2013 third quarter and nine-month results was a $16.7
million non-cash acquisition accounting adjustment to the acquired finished
goods inventory from the Avery Dennison businesses that was expensed in the
Company's cost of goods sold for the periods ended September 30, 2013. Excluding
this non-cash adjustment, operating income was $84.5 million and $196.6 million
for the three and nine-month periods ended September 30, 2013, respectively.
Earnings before net finance cost, taxes, earnings in equity accounted
investments, depreciation and amortization, non-cash acquisition accounting
adjustments to inventory and restructuring and other items ("EBITDA", a non-IFRS
measure; see note 1 below) was $107.8 million for the third quarter of 2013, an
increase of 83.3% compared to $58.8 million for the third quarter of 2012. For
the nine-month period ended September 30, 2013, EBITDA was $259.5 million, an
increase of 31.8% compared to $196.9 million in the comparable 2012 nine-month
period.
The overall effective income tax rate was 28.9% for the third quarter of 2013
compared to 24.6% for the third quarter of 2012. The increase is due to a higher
portion of the Company's income being earned in higher tax jurisdictions,
primarily the U.S. operations of the acquired businesses. Furthermore, the lower
effective tax rate for the 2012 third quarter reflected an accounting increase
related to a tax benefit recognized for certain Canadian tax losses. The overall
effective income tax rate was 28.7% for the nine-month period of 2013 compared
to 27.1% for the nine-month period of 2012 reflecting a higher portion of the
Company's income being earned in higher tax jurisdictions.
Net earnings for the 2013 third quarter were $23.6 million, a 10.8% increase
compared to $21.3 million recorded for the third quarter of 2012. This resulted
in basic and diluted earnings per Class B share of $0.68 and $0.67,
respectively, for the third quarter of 2013 compared to basic and diluted
earnings per Class B share of $0.64 and $0.63, respectively, for the third
quarter of 2012.
Net earnings for the nine-month period of 2013 were $84.1 million, an increase
of 8.4% compared to $77.6 million for the same period a year ago. This resulted
in basic and diluted earnings of $2.46 and $2.42 per Class B share,
respectively, for the 2013 nine-month period compared to basic and diluted
earnings of $2.32 and $2.28 per Class B share, respectively, for the prior year
nine-month period.
Adjusted basic earnings per Class B share (a non-IFRS measure; see note 3 below)
were $1.38 for the third quarter of 2013, an increase of 115.6% compared to
$0.64 in the corresponding quarter of 2012. For the comparable nine-month
periods, adjusted basic earnings per Class B share were $3.24 and $2.32 for 2013
and 2012, respectively. The adjustment to basic earnings per Class B share for
the third quarter of 2013 includes the after tax costs of approximately $11.7
million for the non-cash acquisition accounting adjustment to acquired finished
goods inventory and $12.3 million after tax costs for the restructuring and
other charges connected to the Avery Dennison acquired businesses. For the
nine-month period of 2013, adjusted basic earnings per Class B share includes
the after tax costs of $11.7 million for the non-cash acquisition accounting
adjustment to acquired finished goods inventory, $14.4 million of after tax
costs for restructuring and other charges and $0.6 million of after tax costs
related to pre-close finance expenses related to the Avery Dennison acquisition.
Geoffrey T. Martin, President and Chief Executive Officer stated, "We are very
pleased with the performance of our newly acquired businesses, which contributed
significantly to our twelfth consecutive period of year-over-year improvement in
quarterly adjusted earnings per share; a record for the Company. CCL Label
legacy operations also delivered 5% organic sales growth. Foreign currency
translation contributed 3 cents earnings per share in the quarter but weaker
currencies in certain international markets created transactional issues that
offset a significant portion of this benefit."
Mr. Martin continued, "CCL Label sales increased 33% driven by acquisitions,
solid growth outside North America and positive currency translation. Excluding
the impact of the $2.1 million accounting adjustment to finished goods inventory
applicable to the Designed & Engineered Solutions ("DES") portion of the Avery
Dennison acquisition, operating income increased 43% and return on sales
improved to 14.1%. Legacy North American sales declined low single digits on
slow consumer staple markets reported by many customers, peers and suppliers but
the DES business performed significantly above expectations. North American
orders firmed meaningfully in the early part of the fourth quarter. Third
quarter European sales were up low single digits and profitability gains were
supported by particularly good results from the Food & Beverage business. Latin
America and Asia Pacific posted strong double digit sales and profit
improvement. CCL Design, which includes INT and the automotive portion of the
DES business, posted good results overall driven by robust demand, particularly
in North America. Joint ventures added solid earnings improvement as revenue
more than doubled in Chile and the Santiago plant moved into profitability."
Mr. Martin then added, "Our new Avery segment, representing the balance from the
Avery Dennison acquisition, recorded revenues of $202 million and operating
income of $30.9 million excluding the non-cash acquisition accounting adjustment
to inventory of $14.6 million that reduced reportable profits for the third
quarter. The summer period is heavily influenced by the 'back-to-school' sales
season in the United States and delivers a significant portion of annual
profits. North American sales were in line but profits were above expectations
on cost savings. International operations represented approximately 20% of sales
with limited exposure to the 'back-to-school' phenomenon and posted solid
results in slow markets. All-in-all, Avery exceeded management's expectations.
We expect to complete the implementation of our $25 million to $30 million
restructuring plan in the coming quarter."
Mr. Martin continued, "CCL Container posted a modest drop in sales and a decline
in profitability but compared to an unusually strong third quarter in 2012.
Robust results from the Mexican operations were offset by a slow sun care season
in the United States and a loss from the Canadian operations. Year-to-date cash
flow remains excellent and we believe our prospects for future improvement
remain good."
Mr. Martin continued, "Avery revenues normally moderate significantly post
'back-to-school.' However, the 2012 pre-acquisition fourth quarter benefited
from an unusually large trade forward buy before the announced sale of the
business and a corresponding slow first quarter of 2013, which will affect
comparative results for the next two quarters. We remain committed to our
previously announced target of $40 million to $50 million in annualized
synergies for 2014, subsequent to the completion of our restructuring actions,
but emphasize the degree of profit conversion is contingent on our success in
stabilizing revenue at Avery. Order intake across the rest of CCL improved
globally after a soft summer including appreciable October gains in North
America. Surpassing the strong fourth quarter 2012 results on an organic basis
could prove challenging but acquisitions will augment performance after
adjusting for one-time events. We expect low single digit organic growth rates
in developed economies with stronger demand in emerging markets and automotive.
Currency translation would positively impact results at today's Canadian dollar
exchange rates."
Mr. Martin concluded, "The Company ended the quarter with $260 million of cash
on hand, $133 million undrawn on its revolving credit facility and net debt of
$545 million. Our net debt to annualized EBITDA ratio remains well below two
times levered, giving adequate capacity to maintain our growth initiatives. We
expect strong cash flow for the remainder of the year and with confidence in our
2014 outlook your Board of Directors has declared a dividend of $0.2150 per
Class B non-voting share and $0.2025 per Class A voting share, payable to
shareholders of record at the close of business on December 12, 2013, to be paid
on December 20, 2013."
With headquarters in Toronto, Canada, CCL Industries now employs approximately
9,600 people and operates 87 production facilities in 25 countries on 5
continents with corporate offices in Toronto, Canada, and Framingham,
Massachusetts. CCL Label is the world's largest converter of pressure sensitive
and extruded film materials for a wide range of decorative, instructional and
functional applications for large global customers in the consumer packaging,
healthcare, automotive and consumer durables markets. Extruded plastic tubes,
folded instructional leaflets, precision printed and die cut metal components
with LED displays and other complementary products and services are sold in
parallel to specific end-use markets. Avery is the world's largest supplier of
labels, specialty converted media and software solutions to enable short run
digital printing in businesses and homes alongside complementary office products
sold through distributors and mass market retailers. CCL Container is a leading
producer of impact extruded aluminum aerosol cans and bottles for consumer
packaged goods customers in the United States, Canada and Mexico.
(1) EBITDA is a critical non-IFRS financial measure used extensively in the
packaging industry and other industries to assist in understanding and measuring
operating results. It is also considered as a proxy for cash flow and a
facilitator for business valuations. This non-IFRS financial measure is defined
as earnings before net finance cost, taxes, depreciation and amortization,
goodwill impairment loss, non-cash accounting adjustments to finished goods
inventory, earnings in equity accounted investments and restructuring and other
items. See section entitled "Supplementary Information" below for a
reconciliation of operating income to EBITDA. The Company believes that it is an
important measure as it allows management to assess CCL's ongoing business
without the impact of net finance cost, depreciation and amortization and income
tax expenses, as well as non-operating factors and one-time items. As a proxy
for cash flow, it is intended to indicate CCL's ability to incur or service debt
and to invest in property, plant and equipment, and it allows management to
compare CCL's business to those of CCL's peers and competitors who may have
different capital or organizational structures. EBITDA is a measure tracked by
financial analysts and investors to evaluate financial performance and is a key
metric in business valuations. EBITDA is considered an important measure by
lenders to the Company and is included in the financial covenants of CCL's
senior notes and bank lines of credit.
(2) Operating Income is a key non-IFRS financial measure used to assist in
understanding the profitability of the Company's business units. This non-IFRS
financial measure is defined as income before corporate expenses, net finance
cost, goodwill impairment loss, earnings in equity accounted investments,
restructuring and other items and taxes.
(3) Adjusted Basic Earnings per Class B Share is an important non-IFRS financial
measure used to assist in understanding the ongoing earnings performance of the
Company excluding items of a one-time or non-recurring nature. It is not
considered a substitute for basic net earnings per Class B share but it does
provide additional insight into the ongoing financial results of the Company.
This non-IFRS financial measure is defined as basic net earnings per Class B
share excluding gains on business dispositions, goodwill impairment loss, OCP
and DES finance costs, restructuring and other items, non-cash acquisition
accounting adjustment to finished goods inventory for OCP and DES and tax
adjustments. See section entitled "Supplementary Information" below for a
reconciliation of Basic Earnings per Class B Share to Adjusted Basic Earnings
per Class B Share.
Further details on key performance indicators and non-IFRS measures can be found
in the Management's Discussion and Analysis section of the Company Quarterly and
Annual Reports.
Supplementary Information
For periods ended September 30th
Reconciliation of Operating Income to EBITDA
Unaudited
--------------------------------------------------------------------------
(In millions of Canadian dollars)
Three months ended Nine months ended
September 30th September 30th
------------------------------------------------
Operating Income
2013 2012 2013 2012
------------------------------------------------
Label $ 48.7 $ 35.6 $ 150.3 $ 129.4
Avery 16.2 - 16.2 -
Container 2.9 3.7 13.4 10.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total operating income 67.8 39.3 179.9 139.8
Less: Corporate expenses (9.3) (6.1) (23.7) (19.1)
Add: Depreciation &
amortization 32.6 25.6 86.6 76.2
Add: Non-cash acquisition
accounting adjustment to
finished goods inventory 16.7 - 16.7 -
--------------------------------------------------------------------------
--------------------------------------------------------------------------
EBITDA $ 107.8 $ 58.8 $ 259.5 $ 196.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
Unaudited
--------------------------------------------------------------------------
Three months ended Nine months ended
September 30th September 30th
------------------------------------------------
2013 2012 2013 2012
------------------------------------------------
Basic earnings per Class B
Share $ 0.68 $ 0.64 $ 2.46 $ 2.32
Net loss from
restructuring and other
items 0.36 - 0.42 -
OCP & DES finance costs - - 0.02 -
Non-cash finished goods
inventory adjustment for
OCP and DES 0.34 - 0.34 -
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Adjusted Basic Earnings
per Class B Share $ 1.38 $ 0.64 $ 3.24 $ 2.32
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The financial information presented herein has been prepared on the basis of
IFRS for financial statements and is expressed in Canadian dollars unless
otherwise stated.
This press release contains forward-looking information and forward-looking
statements (hereinafter collectively referred to as "forward-looking
statements"), as defined under applicable securities laws, that involve a number
of risks and uncertainties. Forward-looking statements include all statements
that are predictive in nature or depend on future events or conditions.
Forward-looking statements are typically identified by the words "believes,"
"expects," "anticipates," "estimates," "intends," "plans" or similar
expressions. Statements regarding the operations, business, financial condition,
priorities, ongoing objectives, strategies and outlook of the Company, other
than statements of historical fact, are forward-looking statements.
Specifically, this press release contains forward-looking statements regarding
the anticipated growth in sales, income and profitability of the Company's
segments; and the Company's expectations regarding general business and economic
conditions.
Forward-looking statements are not guarantees of future performance. They
involve known and unknown risks and uncertainties relating to future events and
conditions including, but not limited to, the after-effects of the global
financial crisis and its impact on the world economy and capital markets; the
impact of competition; consumer confidence and spending preferences; general
economic and geopolitical conditions; currency exchange rates; interest rates
and credit availability; technological change; changes in government
regulations; risks associated with operating and product hazards; and CCL's
ability to attract and retain qualified employees. Do not unduly rely on
forward-looking statements as the Company's actual results could differ
materially from those anticipated in these forward-looking statements.
Forward-looking statements are also based on a number of assumptions, which may
prove to be incorrect, including, but not limited to, assumptions about the
following: global economic recovery and higher consumer spending; improved
customer demand for the Company's products; continued historical growth trends,
market growth in specific sectors and entering into new sectors; the Company's
ability to provide a wide range of products to multinational customers on a
global basis; the benefits of the Company's focused strategies and operational
approach; the achievement of the Company's plans for improved efficiency and
lower costs, including stable aluminum costs; the availability of cash and
credit; fluctuations of currency exchange rates; the Company's continued
relations with its customers; the Company's expectation to effectively integrate
and operate the acquired Office & Consumer Products and Designed & Engineered
Solutions businesses of Avery Dennison Corporation; the Company's estimated
restructuring charges and expected range of synergies; the Company's ability to
stabilize OCP revenue; the Company's expectation for back-to-school sales and
resulting cash flow from the OCP business; and general business and economic
conditions. Should one or more risks materialize or should any assumptions prove
incorrect, then actual results could vary materially from those expressed or
implied in the forward-looking statements. Further details on key risks can be
found in the Management's Discussion and Analysis section of CCL's 2012 Annual
Report, particularly under Section 4: "Risks and Uncertainties." CCL's annual
and quarterly reports can be found online at www.cclind.com and www.sedar.com or
are available upon request.
Except as otherwise indicated, forward-looking statements do not take into
account the effect that transactions or non-recurring or other special items
announced or occurring after the statements are made may have on CCL's business.
Such statements do not, unless otherwise specified by the Company, reflect the
impact of dispositions, sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or other charges
announced or occurring after forward-looking statements are made. The financial
impact of these transactions and non-recurring and other special items can be
complex and depends on the facts particular to each of them and therefore cannot
be described in a meaningful way in advance of knowing specific facts.
The forward-looking statements are provided as of the date of this press release
and the Company does not assume any obligation to update or revise the
forward-looking statements to reflect new events or circumstances, except as
required by law.
Note: CCL will hold a conference call at 1:00 p.m. EST on Monday, November
11, 2013, to discuss these results. The analyst presentation will be
posted on the Company's website.
To access this call, please dial:
416-340-8527 - Local
1-800-952-4972 - Toll Free
Audio replay service will be available from November 11, 2013, at
6:00 p.m. EST until November 25, 2013, at 11:59 p.m. EST.
To access Conference Replay, please dial:
905-694-9451 - Local
1-800-408-3053 - Toll Free
Access Code: 6689523
For more details on CCL, visit our website - www.cclind.com
CCL Industries Inc.
Consolidated condensed interim statements of financial position
Unaudited
In thousands of Canadian dollars
As at September 30 As at December 31
2013 2012
------------------- ------------------
Assets
Current assets
Cash and cash equivalents $ 260,051 $ 188,972
Trade and other receivables 384,820 191,538
Inventories 181,531 90,194
Prepaid expenses 14,752 6,205
Income tax recoverable 815 -
---------------------------------------------------------------------------
Total current assets 841,969 476,909
---------------------------------------------------------------------------
Property, plant and equipment 830,507 679,857
Goodwill 460,814 353,350
Intangible assets 206,297 29,620
Deferred tax assets 67,625 54,686
Equity accounted investments 45,552 42,878
Other assets 22,259 16,783
---------------------------------------------------------------------------
Total non-current assets 1,633,054 1,177,174
---------------------------------------------------------------------------
Total assets $ 2,475,023 $ 1,654,083
---------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables $ 431,711 $ 226,248
Current portion of long-term debt 46,811 84,701
Income taxes payable 31,126 10,771
Derivative instruments 645 435
---------------------------------------------------------------------------
Total current liabilities 510,293 322,155
---------------------------------------------------------------------------
Long-term debt 758,664 244,332
Deferred tax liabilities 114,563 110,607
Employee benefits 97,178 81,082
Provisions and other long-term
liabilities 23,236 8,720
Derivative instruments 769 -
---------------------------------------------------------------------------
Total non-current liabilities 994,410 444,741
---------------------------------------------------------------------------
Total liabilities 1,504,703 766,896
---------------------------------------------------------------------------
Equity
Share capital 236,739 226,702
Contributed surplus 6,254 9,584
Retained earnings 757,307 697,937
Accumulated other comprehensive
loss (29,980) (47,036)
---------------------------------------------------------------------------
Total equity attributable to
shareholders of the Company 970,320 887,187
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total liabilities and equity $ 2,475,023 $ 1,654,083
---------------------------------------------------------------------------
CCL Industries Inc.
Consolidated condensed interim income statements
Unaudited
In thousands of Canadian
dollars, except per share data
Three Months Ended Nine Months Ended
September 30 September 30
------------------------------------------------------
% %
2013 2012 Change 2013 2012 Change
------------------------------------------------------
Sales $ 606,646 $ 316,643 91.6 $ 1,331,703 $ 995,101 33.8
Cost of sales 461,371 242,674 1,001,462 753,661
---------------------------------------------------------------------------
Gross profit 145,275 73,969 330,241 241,440
Selling, general
and administrative 86,781 40,703 174,018 120,688
Restructuring and
other items 18,290 - 21,044 -
Earnings in equity
accounted
investments (470) (219) (1,092) (1,073)
---------------------------------------------------------------------------
40,674 33,485 136,271 121,825
---------------------------------------------------------------------------
Finance cost 7,866 5,510 19,299 16,534
Finance income (121) (198) (447) (769)
---------------------------------------------------------------------------
Net finance cost 7,745 5,312 18,852 15,765
---------------------------------------------------------------------------
Earnings before
income taxes 32,929 28,173 16.9 117,419 106,060 10.7
Income tax expense 9,384 6,869 33,354 28,468
---------------------------------------------------------------------------
Net earnings $ 23,545 $ 21,304 10.5 $ 84,065 $ 77,592 8.3
---------------------------------------------------------------------------
Attributable to:
Shareholders of
the Company $ 23,545 $ 21,304 $ 84,065 $ 77,592
---------------------------------------------------------------------------
Net earnings for
the period $ 23,545 $ 21,304 $ 84,065 $ 77,592
---------------------------------------------------------------------------
Basic earnings per
Class B share $ 0.68 $ 0.64 6.3 $ 2.46 $ 2.32 6.0
---------------------------------------------------------------------------
Diluted earnings
per Class B share $ 0.67 $ 0.63 6.3 $ 2.42 $ 2.28 6.1
---------------------------------------------------------------------------
CCL Industries Inc.
Consolidated condensed interim statements of cash flows
Unaudited
In thousands of Canadian dollars
Three Months Ended Nine Months Ended
September 30 September 30
2013 2012 2013 2012
--------------------------------------------------------------------------
Cash provided by (used
for)
Operating activities
Net earnings $ 23,545 $ 21,304 $ 84,065 $ 77,592
Adjustments for:
Depreciation and
amortization 32,563 25,600 86,568 76,176
Earnings in equity
accounted investments,
net of dividends
received (470) 164 1,460 119
Net finance cost 7,745 5,312 18,852 15,765
Current income tax
expense 23,215 9,841 48,699 35,702
Deferred taxes (13,831) (2,972) (15,345) (7,234)
Equity-settled share-
based payment
transactions 3,177 1,005 4,221 3,076
Gain on sale of
property, plant and
equipment (25) (1) (343) (103)
--------------------------------------------------------------------------
75,919 60,253 228,177 201,093
Change in inventories 51,109 8 33,781 144
Change in trade and
other receivables 8,590 5,394 (32,030) (19,832)
Change in prepaid
expenses 2,717 713 (1,512) (3,057)
Change in trade and
other payables 25,697 3,025 52,302 (4,099)
Change in income taxes
receivable and payable 4,590 727 5,107 3,581
Change in employee
benefits 9,569 (369) 16,096 3,867
Change in other assets
and liabilities 2,370 203 (15,939) (4,060)
--------------------------------------------------------------------------
180,561 69,954 285,982 177,637
Net interest paid (12,778) (10,384) (22,856) (21,102)
Income taxes paid (12,853) (8,930) (34,318) (25,336)
--------------------------------------------------------------------------
Cash provided by operating
activities 154,930 50,640 228,808 131,199
--------------------------------------------------------------------------
Financing activities
Proceeds on issuance of
debt 88,506 79 565,426 101
Repayment of debt (93,972) (10,940) (98,573) (14,228)
Proceeds from issuance of
shares - 185 16,537 2,053
Repayment of executive
share purchase plan
loans - - - 233
Purchase of shares held
in trust (13,680) - (13,680) -
Repurchase of shares - - (3,018) -
Dividends paid (7,363) (6,554) (22,046) (19,658)
--------------------------------------------------------------------------
Cash provided by (used
for) financing activities (26,509) (17,230) 444,646 (31,499)
--------------------------------------------------------------------------
Investing activities
Additions to property,
plant and equipment (22,667) (25,031) (85,849) (67,998)
Proceeds on disposal of
property, plant and
equipment 49 491 1,907 1,102
Business acquisitions and
other long-term
investments (514,308) (7,615) (525,970) (9,633)
--------------------------------------------------------------------------
Cash used for investing
activities (536,926) (32,155) (609,912) (76,529)
--------------------------------------------------------------------------
Net increase (decrease)
in cash and cash
equivalents (408,505) 1,255 63,542 23,171
Cash and cash equivalents
at beginning of period 683,905 162,332 188,972 140,698
Translation adjustment on
cash and cash
equivalents (15,349) (4,041) 7,537 (4,323)
--------------------------------------------------------------------------
Cash and cash equivalents
at end of period $ 260,051 $ 159,546 $ 260,051 $ 159,546
--------------------------------------------------------------------------
CCL Industries Inc.
Segment information
Unaudited
In thousands of Canadian dollars
Three Months Ended September 30
------------------------------------------------------
Sales Operating income
------------------------------------------------------
2013 2012 2013 2012
------------------------------------------------------
Label $ 360,369 $ 270,831 $ 48,708 $ 35,598
Avery 201,790 - 16,222 -
Container 44,487 45,812 2,898 3,747
------------------------------------------------------
Total operations $ 606,646 $ 316,643 67,828 39,345
---------------------------
Corporate expense (9,334) (6,079)
Restructuring and
other items (18,290) -
Earnings in equity
accounted investments 470 219
Finance cost (7,866) (5,510)
Finance income 121 198
Income tax expense (9,384) (6,869)
---------------------------
Net earnings $ 23,545 $ 21,304
---------------------------
Total Assets Total Liabilities
------------------------------------------------------
September 30 December 31 September 30 December 31
------------------------------------------------------
2013 2012 2013 2012
------------------------------------------------------
Label $ 1,552,023 $ 1,249,677 $ 363,652 $ 290,100
Avery 371,179 - 179,131 -
Container 141,540 104,502 45,591 39,437
Equity accounted
investments 45,552 42,878 - -
Corporate 364,729 257,026 916,329 437,359
------------------------------------------------------
Total $ 2,475,023 $ 1,654,083 $ 1,504,703 $ 766,896
------------------------------------------------------
CCL Industries Inc.
Segment information
Unaudited
In thousands of Canadian
dollars
Nine Months Ended September 30
------------------------------------------------------
Sales Operating income
------------------------------------------------------
2013 2012 2013 2012
------------------------------------------------------
Label $ 982,524 $ 855,028 $ 150,285 $ 129,406
Avery 201,790 - 16,222 -
Container 147,389 140,073 13,448 10,430
------------------------------------------------------
Total operations $ 1,331,703 $ 995,101 179,955 139,836
---------------------------
Corporate expense (23,732) (19,084)
Restructuring and
other items (21,044) -
Earnings in equity
accounted investments 1,092 1,073
Finance cost (19,299) (16,534)
Finance income 447 769
Income tax expense (33,354) (28,468)
---------------------------
Net earnings $ 84,065 $ 77,592
---------------------------
Depreciation
and Capital
Amortization Expenditures
------------------------------------------------------
Nine Months Nine Months
Ended September Ended September
------------------------------------------------------
2013 2012 2013 2012
------------------------------------------------------
Label $ 72,202 $ 65,310 $ 77,034 $ 64,818
Avery 3,161 - 3,770 -
Container 10,602 10,233 4,998 3,178
Equity accounted
investments - - - -
Corporate 603 633 47 2
------------------------------------------------------
Total $ 86,568 $ 76,176 $ 85,849 $ 67,998
------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
CCL Industries Inc.
Sean Washchuk
Senior Vice President
and Chief Financial Officer
416-756-8526
www.cclind.com
1 Year CCL Industries Chart |
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