CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B)
Results Summary
For periods ended June
30 Three months unaudited
----------------------------------------------------------------------------
(in millions of Cdn
dollars,except per % Change
share data) 2013 2012 % Change Excl. FX(i)
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Sales $ 361.4 $ 337.1 7.2% 5.4%
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EBITDA(1) $ 70.7 $ 66.9 5.7% 3.4%
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Operating income(2) $ 50.2 $ 47.9 4.8% 2.8%
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Earnings in equity
accounted investments $ 0.2 $ - n.m.
----------------------------------------------------------------------------
Restructuring and other
items - loss $ 1.4 $ - n.m.
----------------------------------------------------------------------------
Net earnings $ 26.4 $ 25.9 1.9% (0.4%)
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Per Class B share
Basic earnings per
share $ 0.77 $ 0.77 0.0%
Diluted earnings per
share $ 0.76 $ 0.76 0.0%
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Restructuring and other
items - net loss $ 0.05 $ - -
Adjusted basic earnings
per Class B share(3) $ 0.82 $ 0.77 6.5%
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Number of outstanding
shares (in 000's)
Weighted average for
the period - basic
Actual at period end
For periods ended June
30 Six months unaudited
----------------------------------------------------------------------------
(in millions of Cdn
dollars,except per % Change Excl.
share data) 2013 2012 % Change FX(i)
----------------------------------------------------------------------------
Sales $ 725.1 $ 678.5 6.9% 5.8%
----------------------------------------------------------------------------
EBITDA(1) $ 151.7 $ 138.1 9.8% 8.5%
----------------------------------------------------------------------------
Operating income(2) $ 112.1 $ 100.5 11.5% 10.2%
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Earnings in equity
accounted investments $ 0.6 $ 0.9 (33.3%)
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Restructuring and other
items - loss $ 2.8 $ - n.m.
----------------------------------------------------------------------------
Net earnings $ 60.5 $ 56.3 7.5% 5.9%
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Per Class B share
Basic earnings per
share $ 1.78 $ 1.68 6.0%
Diluted earnings per
share $ 1.75 $ 1.65 6.1%
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Restructuring and other
items - net loss $ 0.08 $ - -
Adjusted basic earnings
per Class B share(3) $ 1.86 $ 1.68 10.7%
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Number of outstanding
shares (in 000's)
Weighted average for
the period - basic 34,045 33,452
Actual at period end 34,375 33,762
(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.
Second Quarter 2013 Results
Sales for the second quarter of 2013 were $361.4 million, an
increase of 7.2%, compared to the $337.1 million for the second
quarter of 2012. Excluding the impact of foreign currency
translation, sales increased 2.7% organically with an additional
2.7% increase from the acquisitions of Graphitype in July 2012 and
INT Autotechnik in April 2013. For the six months ended June 30,
2013, sales increased 5.8%, excluding foreign currency translation,
compared to the 2012 six-month period.
Operating income (a non-IFRS measure; see note 2 below) for the
second quarter of 2013 was $50.2 million, an improvement of 4.8%
compared to $47.9 million for the second quarter of 2012. Both the
Label and Container Segments contributed to the quarterly
improvement and to the 11.5% increase in operating income for the
six months ended June 30, 2013, compared to the same six-month
period of 2012.
Earnings before net finance cost, taxes, earnings in equity
accounted investments, depreciation and amortization and
restructuring and other items ("EBITDA", a non-IFRS measure; see
note 1 below) was $70.7 million for the second quarter of 2013,
compared to $66.9 million for the second quarter of 2012. For the
six-month period ended June 30, 2013, EBITDA was $151.7 million, an
increase of 9.8% compared to $138.1 million in the comparable 2012
six-month period.
The overall effective income tax rate was 27.2% for the second
quarter of 2013 compared to 28.6% for the second quarter of 2012.
The decrease in the effective tax rate is primarily due to a higher
portion of the Company's income being earned in lower tax
jurisdictions.
Net earnings for the 2013 second quarter were $26.4 million, a
1.9% increase compared to $25.9 million recorded for the second
quarter of 2012. This resulted in basic and diluted earnings per
Class B share of $0.77 and $0.76, respectively, for the second
quarter of 2013 compared to basic and diluted earnings per Class B
share of $0.77 and $0.76, respectively, for the second quarter of
2012.
Net earnings for the six-month period of 2013 were $60.5
million, an increase of 7.5% compared to $56.3 million for the same
period a year ago. This resulted in basic and diluted earnings of
$1.78 and $1.75 per Class B share, respectively, for the 2013
six-month period compared to basic and diluted earnings of $1.68
and $1.65 per Class B share, respectively, for the prior year
six-month period. The increase in net earnings is attributable to
the improvement in operating income and decline in the effective
tax rate, partially offset by the increases in net finance cost and
restructuring expenses.
Adjusted basic earnings per Class B share (a non-GAAP measure;
see note 3 below) were $0.82 for the second quarter of 2013, an
increase of 6.5% compared to $0.77 in the corresponding quarter of
2012. For the comparable six-month periods, adjusted basic earnings
per Class B share were $1.86 and $1.68 for 2013 and 2012,
respectively. The adjustment to basic earnings per Class B share
for the second quarter of 2013 includes the after tax costs of $1.0
million for transaction costs and $0.4 million for pre-close
finance costs related to the acquisition of the Office &
Consumer Products ('OCP') and Designed & Engineered ('DES')
businesses from Avery Dennison Corporation. For the six-month
period of 2013, adjusted basic earnings per Class B share includes
the after tax costs of $0.8 million for restructuring a small label
plant in France and $1.4 million for the acquisition transaction
and finance costs.
Geoffrey T. Martin, President and Chief Executive Officer
stated, "We are pleased to announce our eleventh consecutive period
of year-over-year improvement in quarterly adjusted earnings per
share. Operating income increased modestly over a strong prior
year, with robust results at CCL Container and the Label Segment
delivering steady improvement. Foreign currency translation
positively impacted earnings by $0.02 per share in the current
quarter."
Mr. Martin continued, "CCL Label posted a 7.2% increase in sales
with strong growth in emerging markets, solid improvement in Europe
and a decline in North America; plus contributions from bolt-on
acquisitions and currency. Operating income increased modestly with
a 14.5% return on sales. North American revenues and profitability
were impacted by a soft quarter in our higher margin Healthcare
& Specialty business due to FDA quarantines at certain
pharmaceutical customers and a weather related slower season for
lawn and garden chemical markets. The second quarter of 2012 in
this sector was unusually strong resulting in a $0.08 earnings per
share negative comparative in the current period. European sales
gains were up mid-single digits and profitability improved on
strong results in most markets; a very good result given the macro
environment. Latin America and Asia Pacific both delivered double
digit revenue growth driving strong profit improvement with
particularly robust results in Mexico and China. Globally our Food
and Beverage sector had another good quarter with double digit
sales and profit gains. Our joint ventures contributed good results
in the Middle East, significant improvement in Chile and solid
operating results in Russia offset by the devaluation of the
rouble."
Mr. Martin then added, "CCL Container delivered surprisingly
solid sales gains for the quarter given challenging comparatives to
a prior year period including the peak sun care season, which
returned to the first quarter in 2013. Profitability increased more
than 20% compared to the 2012 second quarter, with strong results
in our U.S. & Mexican operations and breakeven performance in
Canada. Cash flow remains excellent."
Mr. Martin continued, "Order intake levels were strong for the
first quarter, moderated significantly this past period, improved
in July and year-to-date are up mid-single digits. We continue to
expect low single digit growth rates in developed economies and
strong demand in emerging markets. Currency markets remained
favourable as the Canadian dollar weakened through the second
quarter. The input cost situation remains stable."
Commenting on the OCP and DES acquisition, Mr. Martin said,
"Profitability at the OCP business, now trading simply as "Avery",
recovered from a very soft 2013 first quarter. An estimated $15
million EBITDA had been pulled forward into the fourth quarter of
2012 as certain customers purchased additional volume to reach year
end rebate targets. With inventories worked through, results in the
2013 second quarter normalized and met expectations. New leadership
has been announced for both our North American and international
units. Results at the DES operations were also solid and the unit
will now be managed as part of the Label Segment. We expect to post
restructuring and integration related charges in the $25 to 30
million range over the second half of 2013 and first quarter of
2014 targeting $40 to 50 million in annualized synergies with the
vast majority of any incremental benefit coming next year. The
degree to which we can deliver these savings to the income
statement will depend on our success in stabilizing revenue for the
Avery Segment in 2014. The second half of 2013 will include sales
derived from the approximately $80 million of finished goods
inventory acquired at close, which will be recorded at fair value
on acquisition, impacting profit in subsequent periods in
accordance with acquisition accounting. A significant portion will
ship in the "back-to-school" sales season in the third quarter. The
Company will now benefit from the cash flow associated with selling
this inventory due to an amended Purchase & Sale Agreement
increasing the transaction working capital base by US$35
million."
Mr. Martin concluded, "The Company ended the quarter with $684
million of cash on hand and US$453 million additional debt in order
to complete the Avery Dennison transaction on July 1, 2013, a
national holiday in Canada. Setting aside the acquisition
financing, the balance sheet remains strong with our net debt to
total capital ratio down to 12.7% compared to 18.1% at June 30,
2012. Based on our strong cash flow and prospects for the remainder
of the year, 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
September 16, 2013, to be paid on September 30, 2013."
With headquarters in Toronto, Canada, CCL Industries now employs
approximately 9,800 people and operates 87 production facilities in
25 countries on 5 continents to meet the sourcing needs of large
international customers. CCL Label is the world's largest converter
of pressure sensitive and 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
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 & DES finance
costs, restructuring and other items and tax adjustments.
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 Report.
Supplementary Information
For periods ended June 30th
Reconciliation of Operating Income to EBITDA
Unaudited
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(In millions of Canadian dollars)
Three months ended June 30th Six months ended June 30th
--------------------------------------------------------
Operating Income
2013 2012 2013 2012
Label $ 45.0 $ 43.6 $ 101.5 $ 93.8
Container 5.2 4.3 10.6 6.7
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Total operating
income 50.2 47.9 112.1 100.5
Less: Corporate
expenses (6.9) (6.5) (14.4) (13.0)
Add: Depreciation &
amortization 27.4 25.5 54.0 50.6
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EBITDA $ 70.7 $ 66.9 $ 151.7 $ 138.1
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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. EDT on August 1, 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 - Local
1-866-226-1792 - Toll Free
Audio replay service will be available from August 1, 2013, at 6:00 p.m. EDT
until August 15, 2013, at 11:59 p.m. EDT.
To access Conference Replay, please dial:
905-694-9451 - Local
1-800-408-3053 - Toll Free
Access Code: 8428715
For more details on CCL, visit our website - http://www.cclind.com/.
CCL Industries Inc.
Consolidated condensed interim statements of financial position
Unaudited
In thousands of Canadian dollars
As at June 30 As at December 31
2013 2012
--------------------------------------
Assets
Current assets
Cash and cash equivalents $ 683,905 $ 188,972
Trade and other receivables 235,610 191,538
Inventories 111,540 90,194
Prepaid expenses 10,469 6,205
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Total current assets 1,041,524 476,909
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Property, plant and equipment 712,879 679,857
Goodwill 368,209 353,350
Deferred tax assets 55,681 54,686
Equity accounted investments 42,230 42,878
Intangible assets 29,042 29,620
Other assets 20,978 16,783
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Total non-current assets 1,229,019 1,177,174
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Total assets $ 2,270,543 $ 1,654,083
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----------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables $ 257,666 $ 226,248
Current portion of long-term debt 567,095 84,701
Income taxes payable 15,359 10,771
Derivative instruments 1,281 435
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Total current liabilities 841,401 322,155
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Long-term debt 256,758 244,332
Deferred tax liabilities 111,056 110,607
Employee benefits 87,609 81,082
Provisions and other long-term
liabilities 8,433 8,720
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Total non-current liabilities 463,856 444,741
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Total liabilities 1,305,257 766,896
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Equity
Share capital 250,421 226,702
Contributed surplus 3,076 9,584
Retained earnings 741,123 697,937
Accumulated other comprehensive loss (29,334) (47,036)
----------------------------------------------------------------------------
Total equity attributable to
shareholders of the Company 965,286 887,187
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Total liabilities and equity $ 2,270,543 $ 1,654,083
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CCL Industries Inc.
Consolidated condensed interim income statements
Unaudited
In thousands of Canadian dollars, except per share data
Three Months Ended June 30 Six Months Ended June 30
------------------------------------------------------------
2013 2012 % Change 2013 2012 % Change
------------------------------------------------------------
Sales $361,414 $337,062 7.2 $ 725,057 $678,458 6.9
Cost of sales 272,178 253,367 540,091 510,987
----------------------------------------------------------------------------
Gross profit 89,236 83,695 184,966 167,471
Selling, general
and
administrative 45,930 42,265 87,237 79,985
Restructuring
and other items 1,432 - 2,754 -
Earnings in
equity
accounted
investments (245) (24) (622) (854)
----------------------------------------------------------------------------
42,119 41,454 95,597 88,340
----------------------------------------------------------------------------
Finance cost 6,066 5,513 11,433 11,024
Finance income (166) (263) (326) (571)
----------------------------------------------------------------------------
Net finance cost 5,900 5,250 11,107 10,453
----------------------------------------------------------------------------
Earnings before
income taxes 36,219 36,204 0.0 84,490 77,887 8.5
Income tax
expense 9,781 10,338 23,970 21,599
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Net earnings $ 26,438 $ 25,866 2.2 $ 60,520 $ 56,288 7.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Attributable to:
Shareholders
of the
Company $ 26,438 $ 25,866 $ 60,520 $ 56,288
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings for
the period $ 26,438 $ 25,866 $ 60,520 $ 56,288
----------------------------------------------------------------------------
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Basic earnings
per Class B
share $ 0.77 $ 0.77 0.0 $ 1.78 $ 1.68 6.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings
per Class B
share $ 0.76 $ 0.76 0.0 $ 1.75 $ 1.65 6.1
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CCL Industries Inc.
Consolidated condensed interim statements of cash flows
Unaudited
In thousands of Canadian dollars
Three Months Ended June 30 Six Months Ended June 30
2013 2012 2013 2012
----------------------------------------------------------------------------
Cash provided by (used
for)
Operating activities
Net earnings $ 26,438 $ 25,866 $ 60,520 $ 56,288
Adjustments for:
Depreciation and
amortization 27,372 25,467 54,005 50,576
Earnings in equity
accounted
investments,
net of dividends
received 2,307 393 1,930 (45)
Net finance cost 5,900 5,250 11,107 10,453
Current income tax
expense 8,713 11,475 25,484 25,861
Deferred taxes 1,068 (1,137) (1,514) (4,262)
Equity-settled share-
based payment
transactions 523 990 1,044 2,071
(Gain) loss on sale
of property, plant
and equipment (183) 12 (318) (102)
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72,138 68,316 152,258 140,840
Change in inventories (10,898) 3,912 (17,328) 136
Change in trade and
other receivables (4,266) 1,482 (40,620) (25,226)
Change in prepaid
expenses (4,032) (4,731) (4,229) (3,770)
Change in trade and
other payables 15,627 (4,792) 26,605 (7,124)
Change in income
taxes payable (184) 1,289 517 2,854
Change in employee
benefits 2,296 1,650 6,527 4,236
Change in other
assets and
liabilities (20,233) (4,870) (18,309) (4,263)
----------------------------------------------------------------------------
50,448 62,256 105,421 107,683
Net interest paid (13) (386) (10,078) (10,718)
Income taxes paid (13,106) (11,426) (21,465) (16,406)
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Cash provided by
operating activities 37,329 50,444 73,878 80,559
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Financing activities
Proceeds on issuance
of debt 476,920 22 476,920 22
Repayment of debt (1,962) (2,042) (4,601) (3,288)
Proceeds from issuance
of shares 5,450 316 16,537 1,868
Repayment of executive
share purchase plan
loans - - - 233
Repurchase of shares (3,018) - (3,018) -
Dividends paid (7,361) (6,554) (14,683) (13,104)
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Cash provided by (used
for) financing
activities 470,029 (8,258) 471,155 (14,269)
----------------------------------------------------------------------------
Investing activities
Additions to property,
plant and equipment (23,932) (19,667) (63,182) (42,967)
Proceeds on disposal
of property, plant
and equipment 1,617 39 1,858 611
Business acquisitions
and other long-term
investments (11,662) (2,018) (11,662) (2,018)
----------------------------------------------------------------------------
Cash used for investing
activities (33,977) (21,646) (72,986) (44,374)
----------------------------------------------------------------------------
Net increase in cash
and cash equivalents 473,381 20,540 472,047 21,916
Cash and cash
equivalents at
beginning of period 189,647 141,924 188,972 140,698
Translation adjustment
on cash and cash
equivalents 20,877 (132) 22,886 (282)
----------------------------------------------------------------------------
Cash and cash
equivalents at end of
period $ 683,905 $ 162,332 $ 683,905 $ 162,332
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CCL Industries Inc.
Segment information
Unaudited
In thousands of Canadian dollars
Three Months Ended June 30
-------------------------------------------------
Sales Operating income
-------------------------------------------------
2013 2012 2013 2012
-------------------------------------------------
Label $ 309,891 $ 288,947 $ 44,998 $ 43,620
Container 51,523 48,115 5,233 4,267
-------------------------------------------------
Total operations $ 361,414 $ 337,062 50,231 47,887
-----------------------
-----------------------
Corporate expense (6,925) (6,457)
Restructuring and other
items (1,432) -
Earnings in equity
accounted investments 245 24
Finance cost (6,066) (5,513)
Finance income 166 263
Income tax expense (9,781) (10,338)
-------------------------
Net earnings $ 26,438 $ 25,866
-------------------------
-------------------------
CCL Industries Inc.
Segment information
Unaudited
In thousands of Canadian dollars
Six Months Ended June 30
-------------------------------------------------
Sales Operating income
-------------------------------------------------
2013 2012 2013 2012
-------------------------------------------------
Label $ 622,155 $ 584,197 $ 101,577 $ 93,808
Container 102,902 94,261 10,550 6,683
-------------------------------------------------
Total operations $ 725,057 $ 678,458 112,127 100,491
-----------------------
-----------------------
Corporate expense (14,398) (13,005)
Restructuring and other
items (2,754) -
Earnings in equity
accounted investments 622 854
Finance cost (11,433) (11,024)
Finance income 326 571
Income tax expense (23,970) (21,599)
-------------------------
Net earnings $ 60,520 $ 56,288
-------------------------
-------------------------
Total Assets Total Liabilities
---------------------------------------------------
June 30 December 31 June 30 December 31
---------------------------------------------------
2013 2012 2013 2012
---------------------------------------------------
Label $ 1,248,696 $ 1,249,677 $ 321,216 $ 290,100
Container 155,998 104,502 56,056 39,437
Equity accounted
investments 42,230 42,878 - -
Corporate 823,619 257,026 927,985 437,359
---------------------------------------------------
Total $ 2,270,543 $ 1,654,083 $ 1,305,257 $ 766,896
---------------------------------------------------
---------------------------------------------------
Depreciation and
Amortization Capital Expenditures
----------------------------------------------------
Six Months Ended June 30 Six Months Ended June 30
----------------------------------------------------
2013 2012 2013 2012
----------------------------------------------------
Label $ 46,497 $ 43,247 $ 60,867 $ 40,836
Container 7,110 6,905 2,301 2,129
Equity accounted
investments - - - -
Corporate 398 424 14 2
----------------------------------------------------
Total $ 54,005 $ 50,576 $ 63,182 $ 42,967
----------------------------------------------------
----------------------------------------------------
Effective January 1, 2013, the Company changed its operating
segments to incorporate all the entities previously reported within
the Tube Segment in the Label Segment, to more closely represent
the current management structure and reporting. Comparative segment
information has been restated to conform with current year
presentation.
Contacts: CCL Industries Inc. Sean Washchuk Senior Vice
President and Chief Financial Officer 416-756-8526
www.cclind.com
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