Results Summary
For periods ended December 31 Three months unaudited
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% Change
(in millions of Cdn dollars, % Excl.
except per share data) 2013 2012 Change FX(i)
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Sales $ 557.7 $ 313.5 77.9% 72.4%
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EBITDA(1) $ 96.1 $ 57.7 66.6% 60.2%
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Operating income(2) $ 72.2 $ 38.6 87.0% 80.8%
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Earnings in equity accounted
investments $ 0.8 $ 1.1 (27.3%)
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Restructuring and other items -
net loss $ 24.2 $ - n.m.
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Net earnings $ 19.5 $ 19.9 (2.0%) (10.9%)
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Per Class B share
Basic earnings per share $ 0.58 $ 0.59 (1.7%) (10.8%)
Diluted earnings per share $ 0.57 $ 0.58 (1.7%)
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Restructuring and other items -
net loss $ 0.61 $ - n.m.
Adjusted basic earnings per
Class B share(3) $ 1.19 $ 0.59 101.7%
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Number of outstanding shares (in 000s)
Weighted average for the period - basic
Actual at period end
For periods ended December 31 Twelve months unaudited
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% Change
(in millions of Cdn dollars, % Excl.
except per share data) 2013 2012 Change FX(i)
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Sales $1,889.4 $1,308.6 44.4% 41.4%
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EBITDA(1) $ 355.6 $ 254.6 39.7% 36.2%
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Operating income(2) $ 252.2 $ 178.4 41.4% 38.1%
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Earnings in equity accounted
investments $ 1.9 $ 2.2 (13.6%)
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Restructuring and other items -
net loss $ 45.2 $ - n.m.
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Net earnings $ 103.6 $ 97.5 6.3% 2.0%
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Per Class B share
Basic earnings per share $ 3.04 $ 2.91 4.5% 0.3%
Diluted earnings per share $ 2.99 $ 2.86 4.5%
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Restructuring and other items -
net loss $ 1.39 $ - n.m.
Adjusted basic earnings per
Class B share(3) $ 4.43 $ 2.91 52.2%
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Number of outstanding shares (in
000s)
Weighted average for the period
- basic 34,150 33,484
Actual at period end 34,389 33,820
(i) - 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
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(In millions of Canadian dollars)
Three months ended Twelve months ended
December 31st 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
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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 -
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EBITDA $ 96.1 $ 57.7 $ 355.6 $ 254.6
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Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
Unaudited
----------------------------------------------------------------------------
Three months ended Twelve months ended
December 31st 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 -
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Adjusted Basic Earnings per
Class B Share $ 1.19 $ 0.59 $ 4.43 $ 2.91
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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, 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 As at
December 31 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 -
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Total current assets 770,193 476,909
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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
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Total non-current assets 1,631,455 1,125,450
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Total assets $ 2,401,648 $ 1,602,359
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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
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Total current liabilities 544,549 322,155
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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 -
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Total non-current liabilities 838,964 393,017
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Total liabilities 1,383,513 715,172
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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)
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Total equity attributable to shareholders of 1,018,135 887,187
the Company
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Total liabilities and equity $ 2,401,648 $ 1,602,359
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CCL Industries Inc.
Consolidated income statements
Unaudited
Years ended December 31
In thousands of Canadian dollars, 2013 2012
except per share information
Sales $ 1,889,426 $ 1,308,551
Cost of sales 1,413,991 996,111
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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)
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175,317 154,220
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Finance cost 26,290 21,958
Finance income (642) (1,039)
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Net finance cost 25,648 20,919
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Earnings before income tax 149,669 133,301
Income tax expense 46,081 35,811
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Net earnings $ 103,588 $ 97,490
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Attributable to:
Shareholders of the Company $ 103,588 $ 97,490
Net earnings $ 103,588 $ 97,490
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Earnings per share
Basic earnings per Class B share $ 3.04 $ 2.91
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Diluted earnings per Class B share $ 2.99 $ 2.86
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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
----------------------------------------------
2013 2012 2013 2012
----------------------------------------------
Label $ 1,559,499 $ 1,249,677 $ 357,386 $ 290,100
Avery 201,444 - 205,154 -
Container 141,056 104,502 49,607 39,437
Equity accounted investments 47,363 42,878 - -
Corporate 452,286 205,302 771,366 385,635
----------------------------------------------
Total $ 2,401,648 $ 1,602,359 $ 1,383,513 $ 715,172
----------------------------------------------
Depreciation and
amortization Capital expenditures
----------------------------------------------
2013 2012 2013 2012
----------------------------------------------
Label $ 98,718 $ 88,033 $ 97,711 $ 89,387
Avery 6,560 - 12,293 -
Container 14,074 13,686 6,047 4,168
Equity accounted investments - - - -
Corporate 803 845 46 -
----------------------------------------------
Total $ 120,155 $ 102,564 $ 116,097 $ 93,555
----------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
CCL Industries Inc.
Sean Washchuk
Senior Vice President and Chief Financial Officer
416-756-8526
www.cclind.com