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 21, 2013, to discuss these results. The analyst presentation will be posted on the Company's website.
To access this call, please dial:
416-340-2216 - Local1-866-226-1792 - Toll Free
Audio replay service will be available from February 21, 2013, at 6:00 p.m. EST until March 7, 2013, at 11:59 p.m. EST.
To access Conference Replay, please dial:
905-694-9451 - Local1-800-408-3053 - Toll FreeAccess Code: 8122374
For more details on CCL, visit our website - www.cclind.com.
CCL Industries Inc.Consolidated statements of financial positionUnauditedIn thousands of Canadian dollars As at As at December 31 December 31 2012 2011AssetsCurrent assets Cash and cash equivalents $ 188,972 $ 140,698 Trade and other receivables 191,538 192,003 Inventories 90,194 86,932 Prepaid expenses 6,205 5,304 Income taxes recoverable - 802 Derivative instruments - 820----------------------------------------------------------------------------Total current assets 476,909 426,559---------------------------------------------------------------------------- Property, plant and equipment 679,857 688,099 Goodwill 353,350 355,788 Deferred tax assets 54,686 54,152 Equity accounted investments 42,878 38,464 Intangible assets 29,620 34,853 Other assets 16,783 15,566----------------------------------------------------------------------------Total non-current assets 1,177,174 1,186,922----------------------------------------------------------------------------Total assets $ 1,654,083 $ 1,613,481--------------------------------------------------------------------------------------------------------------------------------------------------------LiabilitiesCurrent liabilities Trade and other payables $ 226,248 $ 233,963 Current portion of long-term debt 84,701 19,750 Income taxes payable 10,771 - Derivative instruments 435 2,530----------------------------------------------------------------------------Total current liabilities 322,155 256,243---------------------------------------------------------------------------- Long-term debt 244,332 334,218 Deferred tax liabilities 110,607 118,827 Employee benefits 81,082 77,806 Provisions and other long-term liabilities 8,720 9,507----------------------------------------------------------------------------Total non-current liabilities 444,741 540,358----------------------------------------------------------------------------Total liabilities 766,896 796,601----------------------------------------------------------------------------Equity Share capital 226,702 218,663 Contributed surplus 9,584 9,421 Retained earnings 697,937 629,469 Accumulated other comprehensive loss (47,036) (40,673)----------------------------------------------------------------------------Total equity attributable to shareholders of the Company 887,187 816,880----------------------------------------------------------------------------Total liabilities and equity $ 1,654,083 $ 1,613,481--------------------------------------------------------------------------------------------------------------------------------------------------------CCL Industries Inc.Segment informationUnauditedYears ended December 31In thousands of Canadian dollars, except per share information 2012 2011Sales $ 1,308,551 $ 1,268,477Cost of sales 996,111 974,943----------------------------------------------------------------------------Gross profit 312,440 293,534 160,385 154,605Restructuring and other items - 797Earnings in equity accounted investments (2,165) (1,224)----------------------------------------------------------------------------Results from operating activities 154,220 139,356----------------------------------------------------------------------------Finance cost 21,958 22,827Finance income (1,039) (1,443)----------------------------------------------------------------------------Net finance cost 20,919 21,384----------------------------------------------------------------------------Earnings before income tax 133,301 117,972Income tax expense 35,811 33,846----------------------------------------------------------------------------Net earnings for the year $ 97,490 $ 84,126--------------------------------------------------------------------------------------------------------------------------------------------------------Attributable to: Shareholders of the Company $ 97,490 $ 84,126----------------------------------------------------------------------------Net earnings for the year $ 97,490 $ 84,126--------------------------------------------------------------------------------------------------------------------------------------------------------Earnings per shareBasic earnings per Class B share $ 2.91 $ 2.54--------------------------------------------------------------------------------------------------------------------------------------------------------Diluted earnings per Class B share $ 2.86 $ 2.50--------------------------------------------------------------------------------------------------------------------------------------------------------CCL Industries Inc.Segment informationUnaudited Three months ended December 31 Sales Operating income -------------------------------------------------- 2012 2011 2012 2011 --------------------------------------------------Label $ 252,422 $ 254,261 $ 35,010 $ 30,909Container 41,607 42,399 1,688 1,726Tube 19,421 20,667 1,884 2,749 --------------------------------------------------Total operations $ 313,450 $ 317,327 38,582 35,384 ------------------------ ------------------------Corporate expense (7,279) (6,895)Restructuring and other items - (255)Earnings in equity accounted investments 1,092 1,392Finance cost (5,424) (5,704)Finance income 270 479Income tax expense (7,343) (5,951) --------------------------Net earnings $ 19,898 $ 18,450 -------------------------- -------------------------- 12 months ended December 31 Sales Operating income -------------------------------------------------- 2012 2011 2012 2011 --------------------------------------------------Label $ 1,044,316 $ 1,012,305 $ 152,828 $ 142,523Container 181,680 175,659 12,118 9,159Tube 82,555 80,513 13,472 12,012 --------------------------------------------------Total operations $ 1,308,551 $ 1,268,477 178,418 163,694 ------------------------ ------------------------Corporate expense (26,363) (24,765)Restructuring and other items - (797)Earnings in equity accounted investments 2,165 1,224Finance cost (21,958) (22,827)Finance income 1,039 1,443Income tax expense (35,811) (33,846) --------------------------Net earnings $ 97,490 $ 84,126 -------------------------- --------------------------
Contacts:
CCL Industries Inc.
Sean Washchuk
Senior Vice President and Chief Financial Officer
416-756-8526
www.cclind.com
