CCL Industries Doubles 2013 Fourth Quarter Adjusted Net Earnings
Per Share; Board Approves a 16% Dividend Increase
TORONTO, ONTARIO--(Marketwired - Feb 20, 2014) -
Results
Summary
| For periods ended December 31 |
Three months unaudited |
Twelve months unaudited |
|
|
|
| (in millions of Cdn dollars, except per share
data) |
2013 |
2012 |
% Change |
% Change Excl. FX* |
2013 |
2012 |
% Change |
% Change Excl. FX* |
| Sales |
$ |
557.7 |
$ |
313.5 |
77.9% |
72.4% |
$ |
1,889.4 |
$ |
1,308.6 |
44.4% |
41.4% |
| EBITDA(1) |
$ |
96.1 |
$ |
57.7 |
66.6% |
60.2% |
$ |
355.6 |
$ |
254.6 |
39.7% |
36.2% |
| Operating income(2) |
$ |
72.2 |
$ |
38.6 |
87.0% |
80.8% |
$ |
252.2 |
$ |
178.4 |
41.4% |
38.1% |
| Earnings in equity accounted investments |
$ |
0.8 |
$ |
1.1 |
(27.3%) |
|
$ |
1.9 |
$ |
2.2 |
(13.6%) |
|
| Restructuring and other items - net loss |
$ |
24.2 |
$ |
- |
n.m. |
|
$ |
45.2 |
$ |
- |
n.m. |
|
| Net earnings |
$ |
19.5 |
$ |
19.9 |
(2.0%) |
(10.9%) |
$ |
103.6 |
$ |
97.5 |
6.3% |
2.0% |
| Per Class B share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.58 |
$ |
0.59 |
(1.7%) |
(10.8%) |
$ |
3.04 |
$ |
2.91 |
4.5% |
0.3% |
|
Diluted earnings per share |
$ |
0.57 |
$ |
0.58 |
(1.7%) |
|
$ |
2.99 |
$ |
2.86 |
4.5% |
|
| Restructuring and other items - net loss |
$ |
0.61 |
$ |
- |
n.m. |
|
$ |
1.39 |
$ |
- |
n.m. |
|
| Adjusted basic earnings per Class B share(3) |
$ |
1.19 |
$ |
0.59 |
101.7% |
|
$ |
4.43 |
$ |
2.91 |
52.2% |
|
| Number of outstanding shares (in 000s) |
|
|
|
|
|
|
|
|
| Weighted average for the period - basic |
|
|
|
34,150 |
|
33,484 |
|
|
| Actual at period end |
|
|
|
34,389 |
|
33,820 |
|
|
|
| * - Change over prior year's comparative
period excludes estimated impact of foreign currency
translation. |
CCL Industries Inc. ("CCL" or "the Company")
(TSX:CCL.A)(TSX:CCL.B) is a world leader in specialty label and
packaging solutions for global corporations, small businesses and
consumers.
Full Year 2013
Results
Sales for 2013 increased 44.4% to a record $1.9 billion compared
to $1.3 billion in 2012. Currency translation positively impacted
revenue by 3.0%, organic growth added 4.0% with the balance coming
from the Office & Consumer Products and Designed &
Engineered Solutions businesses of Avery Dennison ("Avery
Dennison") and INT Autotechnik ("INT") acquisitions.
Operating income (a non-IFRS measure; see note 2 below) for 2013
was $252.2 million, an improvement of 41.4% compared to $178.4
million for 2012. Included in the 2013 results was a $16.7 million
non-cash acquisition accounting adjustment to fair value the
acquired Avery Dennison finished goods inventory expensed in the
Company's cost of goods sold. Excluding this adjustment, operating
income was $268.9 million for the year ended December 31, 2013, an
improvement of 50.7% compared to the prior year.
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 $355.6 million for 2013, an increase of 39.7% compared to
$254.6 million for 2012. Excluding the impact of foreign currency
translation, EBITDA increased by 36.2% over the prior year.
Net finance cost for the year increased $4.7 million to $25.6
million for 2013 compared to $20.9 million for 2012 due to the new
debt required to finance the Avery Dennison acquisition.
The Company's joint ventures contributed $1.9 million in equity
earnings including start-up costs for new plants in Saudi Arabia,
Russia, and Thailand compared to $2.2 million in 2012. Results in
Russia were negatively impacted by the devaluation of the ruble to
the euro including a non-cash equity accounting adjustment.
In 2013, the consolidated effective tax rate was 31.2%, compared
to 27.3% in 2012, excluding earnings in equity accounted
investments. The increase in the effective tax rate for 2013 is
attributable to $11.0 million of restructuring charges recorded in
Canada without any corresponding tax benefit. Also increasing the
effective tax rate was a negative impact of $3.4 million (2012 -
positive impact of $0.3 million) for the decrease in recorded
accounting benefits of certain Canadian tax losses. The accounting
treatment of the benefit for the Canadian tax losses is mainly
dependent on the movement of the unrealized foreign exchange gains
on the Company's U.S. dollar-denominated debt. Excluding these two
tax items that impacted tax expense in 2013, the overall effective
tax rates in 2013 and 2012 were 27.0% and 27.5%, respectively.
Net earnings for 2013 increased 6.3% to $103.6 million, compared
to $97.5 million for 2012. This resulted in basic and diluted
earnings per Class B share of $3.04 and $2.99, respectively, for
2013 compared to basic and diluted earnings per Class B share of
$2.91 and $2.86, respectively, for 2012.
Adjusted basic earnings per Class B share (a non-IFRS measure;
see note 3 below) were $4.43 for 2013, an increase of 52.2%
compared to $2.91 in 2012. The adjustment to basic earnings per
Class B share for 2013 includes the after tax costs of
approximately $11.7 million for the non-cash acquisition accounting
adjustment to acquired finished goods inventory, $22.8 million
after tax costs for restructuring and other charges, $0.6 million
of after tax costs related to pre-close finance expenses all
connected to the Avery Dennison acquisition. In addition the
Company recorded $1.3 million after tax costs for restructuring
charges related to small label plant in France and $11.0 million
for the shutdown of the Canadian Container operation.
Fourth Quarter 2013
Results
Sales for the fourth quarter of 2013 increased 77.9% to $557.7
million, compared to $313.5 million for the fourth quarter of 2012,
with 4.1% organic growth, 5.6% positive currency translation and
the balance from the Avery Dennison and INT acquisitions.
Operating income (a non-IFRS measure; see note 2 below) for the
fourth quarter of 2013 was $72.2 million, an increase of 87.0%
compared to $38.6 million for the comparable quarter of 2012. The
Label Segment posted a 22.0% increase in operating income while the
Container Segment posted a 76.5% increase in operating income for
the comparable quarters. The Avery Segment posted a solid fourth
quarter exceeding management's expectations.
EBITDA (a non-IFRS measure; see note 1 below) was $96.1 million
for the fourth quarter of 2013, an increase of 66.6% compared to
$57.7 million for the fourth quarter of 2012, driven principally by
aforementioned acquisitions. EBITDA improved 60.2% excluding the
impact of currency translation.
The Company's joint ventures contributed equity earnings of $0.8
million compared to $1.1 million for the 2012 fourth quarter, with
the current period including start-up costs in Thailand and Saudi
Arabia. Russia was negatively impacted by the declining ruble to
the euro including a non-cash equity accounting adjustment.
Tax expense in the fourth quarter of 2013 was $12.8 million
compared to $7.3 million in the prior year period. The effective
tax rates for these two periods are 40.4% and 28.1%, respectively.
The increase in the effective tax rate, excluding earnings in
equity accounted investments, resulted from the aforementioned tax
treatment of Canadian restructuring charges and a higher portion of
the Company's income being earned in higher tax jurisdictions,
primarily the U.S. operations of the acquired businesses.
Net earnings for the 2013 fourth quarter were $19.5 million,
compared to $19.9 million for the fourth quarter of 2012. Basic
earnings per Class B share were $0.58 in the fourth quarter of 2013
compared to $0.59 per Class B share in the prior year quarter.
During the fourth quarter of 2013 the Company recorded the final
components for 2013 restructuring plans for a small Label plant in
France and for the businesses acquired from Avery Dennison of $0.6
million and $9.1 million after tax, respectively. In addition the
Company recorded an $11.0 million restructuring provision for the
previously announced closure of the Container Segment's Canadian
operation. Therefore the Company posted adjusted basic earnings (a
non-IFRS measure; see note 3 below) of $1.19 per Class B share for
the fourth quarter of 2013 compared to adjusted basic earnings of
$0.59 per Class B share for the same quarter of 2012.
Geoffrey T. Martin, President and Chief Executive Officer
stated, "The 2013 fourth quarter was yet another strong operating
period for CCL; our thirteenth consecutive quarter of
year-over-year improvement in adjusted earnings per share. Our
recently acquired businesses performed well, including the new
Avery Segment that notably exceeded expectations for the quarter.
The comparative devaluation of the Canadian dollar against many
currencies added six cents earnings per share from translation for
the fourth quarter of this year; partially offset by transaction
issues as certain countries were affected by local currency
devaluations to the U.S. dollar and the euro."
Mr. Martin continued, "CCL Label sales increased 33% driven by
acquisitions, good organic growth outside North America and
positive currency translation. Legacy North American sales declined
low single digits due to slow sales at many consumer customers but
offset by another strong quarter at the acquired Avery Dennison
Designed & Engineered Solutions business in a robust automotive
market. Europe continued to improve, with solid sales and
significant profitability gains across all lines of business
including INT. Latin America and Asia Pacific both posted strong
double digit sales growth and above average returns, although
Brazil was significantly impacted by the decline of the real. Our
joint ventures delivered solid underlying results held in check by
start-up costs at new operations in Saudi Arabia and Thailand.
Overall profitability improved appreciably for both the quarter and
the year."
Mr. Martin then added, "Our new Avery Segment posted a better
than expected fourth quarter with revenue of $153.8 million and
operating income of $24.2 million. We eliminated customer trade
incentives to forward buy inventory that occurred in the prior year
period and still generated strong fourth quarter profitability.
Cost saving initiatives and operational execution in North America
carried the results along with a much better quarter in Latin
America plus solid results in Europe and Australia. The
restructuring we announced earlier in the year was partially
completed and fully accounted for at a cost of $27 million for the
Avery Segment in 2013. We remain on track to deliver our $40-50
million of annualized savings in 2014. The degree to which these
savings can be converted to earnings depends on the extent to which
we can arrest revenue declines in profitable product lines."
Mr. Martin then added, "CCL Container revenue growth was held
back by comparatively lower aluminum prices passed through to
customers. Profits substantially improved over the prior year
period on good mix in the United States and volume gains in Mexico.
Our Canadian operation was cash positive for the quarter and year
but did not deliver earnings in either period. We recorded an $11
million restructuring provision to handle the previously announced
closure of the plant and budgeted a further $4 million of move
costs to redistribute capacity to our U.S. and Mexican operations
in 2014. We plan to deliver $10 million in annualized cost savings
once the transition is complete in early to mid-2015."
Mr. Martin continued, "2013 was a transformational year for the
Company. Our management and operations delivered terrific results
while successfully integrating the largest acquisition in our
history. The restructurings we announced and partially completed
leave us poised to deliver a strong 2014. So far this year, order
intake has been very solid across all business lines and
geographies. As 95% of our revenues are derived from outside
Canada, foreign currency translation should provide a meaningful
tailwind at current Canadian dollar exchange rates."
Mr. Martin also stated, "The Company reduced debt by $123
million in the fourth quarter, finishing the year with cash on hand
of $209 million, and a consolidated net debt to annualized EBITDA
leverage ratio of 1.4 times. Given our strong cash flow, prospects
for the coming year and the Company's commitment to increasing
total shareholder return, your Board of Directors declared an
increase in the quarterly dividend on the Class B shares of $0.035
per share. This equates to an increase of 16.3% in the quarterly
dividend. The new quarterly dividend of $0.25 per Class B
non-voting share and $0.2375 per Class A voting share will be
payable to shareholders of record at the close of business on March
17, 2014, to be paid on March 31, 2014. CCL has delivered dividends
to shareholders without omission or reduction for over 30
years."
Mr. Martin concluded, "We are excited about the possibilities of
the Sancoa and TubeDec acquisitions we announced in January; they
are a great strategic fit with our existing Home & Personal
Care operations. We now expect a close date before the end of the
current quarter and will announce synergy targets at that time. The
Company continues to seek value enhancing acquisitions as a
priority for free cash flow and leverage."
With headquarters in Toronto, Canada, CCL Industries now employs
approximately 9,600 people and operates 87 production facilities in
25 countries on five 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, earnings in equity accounted investments,
non-cash acquisition accounting adjustment to finished goods
inventory 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 dispositions,
goodwill impairment loss, restructuring and other items Avery and
DES finance costs, non-cash acquisition accounting adjustment to
finished goods inventory and tax adjustments.
|
| Supplementary Information |
|
| For periods ended December 31st |
| Reconciliation of Operating Income to EBITDA |
|
| Unaudited |
| (In millions of Canadian dollars) |
|
|
Three months ended December 31st |
Twelve months ended December 31st |
|
Operating Income |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|
|
Label |
$ |
45.0 |
$ |
36.9 |
$ |
195.3 |
$ |
166.3 |
|
Avery |
|
24.2 |
|
- |
|
40.4 |
|
- |
|
Container |
|
3.0 |
|
1.7 |
|
16.5 |
|
12.1 |
|
Total operating income |
|
72.2 |
|
38.6 |
|
252.2 |
|
178.4 |
|
Less: Corporate expenses |
|
(9.7) |
|
(7.3) |
|
(33.5) |
|
(26.4) |
|
Add: Depreciation & amortization |
|
33.6 |
|
26.4 |
|
120.2 |
|
102.6 |
|
Add: Non-cash acquisition accounting adjustment to finished goods
inventory |
|
- |
|
- |
|
16.7 |
|
- |
|
EBITDA |
$ |
96.1 |
$ |
57.7 |
$ |
355.6 |
$ |
254.6 |
|
|
| Reconciliation of Basic Earnings per Class B Share
to |
| Adjusted Basic Earnings per Class B Share |
| Unaudited |
|
|
|
Three months ended December 31st |
Twelve months ended December 31st |
|
|
2013 |
2012 |
2013 |
2012 |
|
Basic earnings per Class B Share |
$ |
0.58 |
$ |
0.59 |
$ |
3.04 |
$ |
2.91 |
|
|
|
|
|
|
|
|
|
|
|
Net loss from restructuring and other items |
|
0.61 |
|
- |
|
1.03 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Avery & DES finance costs |
|
- |
|
- |
|
0.02 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Non-cash finished goods inventory adjustment for Avery and DES |
|
- |
|
- |
|
0.34 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Basic Earnings per Class B Share |
$ |
1.19 |
$ |
0.59 |
$ |
4.43 |
$ |
2.91 |
|
|
|
|
|
|
|
|
|
|
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, the
anticipated finalization of the Sancoa and TubeDec acquisitions,
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; 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 2012 Management's Discussion and Analysis,
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 February 20, 2014,
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 February 20, 2014, at 6:00
p.m. EST until March 6, 2014, 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 -
http://www.cclind.com/ |
|
|
|
| CCL Industries Inc. |
|
|
| Consolidated statements of
financial position |
|
|
| Unaudited |
|
|
|
|
|
| In thousands of Canadian dollars |
|
|
|
|
As at December 31 |
|
As at December 31 |
|
|
2013 |
|
2012 |
|
|
|
|
|
| Assets |
|
|
|
|
| Current assets |
|
|
|
|
|
Cash
and cash equivalents |
$ |
209,095 |
$ |
188,972 |
|
Trade
and other receivables |
|
363,493 |
|
191,538 |
|
Inventories |
|
181,644 |
|
90,194 |
|
Prepaid expenses |
|
13,458 |
|
6,205 |
|
Income taxes recoverable |
|
2,503 |
|
- |
| Total current assets |
|
770,193 |
|
476,909 |
|
Property, plant and equipment |
|
856,001 |
|
679,857 |
|
Goodwill |
|
494,231 |
|
353,350 |
|
Intangible assets |
|
207,569 |
|
29,620 |
|
Deferred tax assets |
|
4,115 |
|
2,962 |
|
Equity accounted investments |
|
47,363 |
|
42,878 |
|
Other assets |
|
22,176 |
|
16,783 |
| Total non-current assets |
|
1,631,455 |
|
1,125,450 |
| Total assets |
$ |
2,401,648 |
$ |
1,602,359 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
| Trade
and other payables |
$ |
475,777 |
$ |
226,248 |
|
Current portion of long-term debt |
|
47,070 |
|
84,701 |
|
Income taxes payable |
|
21,060 |
|
10,771 |
|
Derivative instruments |
|
642 |
|
435 |
|
Total current liabilities |
|
544,549 |
|
322,155 |
|
Long-term debt |
|
664,976 |
|
244,332 |
|
Deferred tax liabilities |
|
42,661 |
|
58,883 |
|
Employee benefits |
|
109,068 |
|
81,082 |
|
Provisions and other long-term liabilities |
|
21,511 |
|
8,720 |
|
Derivative instruments |
|
748 |
|
- |
|
Total non-current liabilities |
|
838,964 |
|
393,017 |
|
Total liabilities |
|
1,383,513 |
|
715,172 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
|
237,189 |
|
226,702 |
|
Contributed surplus |
|
11,919 |
|
9,584 |
|
Retained earnings |
|
768,738 |
|
697,937 |
|
Accumulated other comprehensive income (loss) |
|
289 |
|
(47,036) |
|
|
|
|
|
|
|
Total equity attributable to shareholders of the Company |
|
1,018,135 |
|
887,187 |
|
|
|
|
|
|
Total liabilities and equity |
$ |
2,401,648 |
$ |
1,602,359 |
|
| CCL Industries Inc. |
| Consolidated income
statements |
| Unaudited |
|
| Years ended December 31 |
|
| In thousands of Canadian dollars, except per share
information |
|
2013 |
|
2012 |
|
|
|
|
|
| Sales |
$ |
1,889,426 |
$ |
1,308,551 |
| Cost of sales |
|
1,413,991 |
|
996,111 |
| Gross profit |
|
475,435 |
|
312,440 |
| Selling, general and administrative expenses |
|
256,740 |
|
160,385 |
| Restructuring and other items |
|
45,248 |
|
- |
| Earnings in equity accounted investments |
|
(1,870) |
|
(2,165) |
|
|
|
|
|
|
|
175,317 |
|
154,220 |
| Finance cost |
|
26,290 |
|
21,958 |
| Finance income |
|
(642) |
|
(1,039) |
| Net finance cost |
|
25,648 |
|
20,919 |
| Earnings before income tax |
|
149,669 |
|
133,301 |
| Income tax expense |
|
46,081 |
|
35,811 |
| Net earnings |
$ |
103,588 |
$ |
97,490 |
| Attributable to: |
|
|
|
|
|
Shareholders of the Company |
$ |
103,588 |
$ |
97,490 |
| Net earnings |
$ |
103,588 |
$ |
97,490 |
| Earnings per share |
|
|
|
|
|
|
|
|
|
| Basic earnings per Class B share |
$ |
3.04 |
$ |
2.91 |
| Diluted earnings per Class B share |
$ |
2.99 |
$ |
2.86 |
|
| CCL
Industries Inc. |
|
Segment information |
|
Unaudited |
|
| In thousands of Canadian
dollars |
|
Sales |
Operating income |
|
2013 |
2012 |
2013 |
2012 |
|
Label |
$ |
1,344,206 |
$ |
1,126,871 |
$ |
195,332 |
$ |
166,300 |
|
|
|
|
|
|
|
|
|
|
Avery |
|
355,548 |
|
- |
|
40,386 |
|
- |
|
|
|
|
|
|
|
|
|
|
Container |
|
189,672 |
|
181,680 |
|
16,483 |
|
12,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,889,426 |
$ |
1,308,551 |
$ |
252,201 |
$ |
178,418 |
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
|
|
|
|
(33,506) |
|
(26,363) |
|
|
|
|
|
|
|
|
|
|
Restructuring and other items |
|
|
|
|
|
(45,248) |
|
- |
|
|
|
|
|
|
|
|
|
|
Earnings in equity accounted investments |
|
|
|
|
|
1,870 |
|
2,165 |
|
|
|
|
|
|
|
|
|
|
Finance cost |
|
|
|
|
|
(26,290) |
|
(21,958) |
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
|
|
|
642 |
|
1,039 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
(46,081) |
|
(35,811) |
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
|
|
|
$ |
103,588 |
$ |
97,490 |
|
|
|
|
|
|
Total assets |
Total liabilities |
Depreciation and amortization |
Capital expenditures |
|
2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|
|
Label |
$
1,559,499 |
$
1,249,677 |
$
357,386 |
$
290,100 |
$
98,718 |
$
88,033 |
$
97,711 |
$
89,387 |
|
Avery |
201,444 |
- |
205,154 |
- |
6,560 |
- |
12,293 |
- |
|
Container |
141,056 |
104,502 |
49,607 |
39,437 |
14,074 |
13,686 |
6,047 |
4,168 |
|
Equity accounted investments |
47,363 |
42,878 |
- |
- |
- |
- |
- |
- |
|
Corporate |
452,286 |
205,302 |
771,366 |
385,635 |
803 |
845 |
46 |
- |
|
Total |
$ 2,401,648 |
$ 1,602,359 |
$ 1,383,513 |
$ 715,172 |
$ 120,155 |
$ 102,564 |
$ 116,097 |
$ 93,555 |
|
|
|
|
|
|
|
|
|
|
CCL Industries Inc.Sean WashchukSenior Vice President and Chief
Financial Officer416-756-8526www.cclind.com
CCL Industries (TSX:CCL.B)
過去 株価チャート
から 5 2024 まで 6 2024
CCL Industries (TSX:CCL.B)
過去 株価チャート
から 6 2023 まで 6 2024
