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CCL Industries Reports Record Net Earnings for 2012; Board of Directors Approves a 10% Increase in the Dividend


CCL Industries Reports Record Net Earnings for 2012; Board of Directors Approves a 10% Increase in the Dividend

TORONTO, ONTARIO -- (Marketwire) -- 02/21/13 -- CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) -

Results Summary


 
For periods                                                                 
 ended                Three months                                          
 December 31             unaudited           Twelve months unaudited        
----------------------------------------------------------------------------
(in millions                                                                
 of Cdn                                  %                                % 
 dollars,                           Change                           Change 
 except per                      %   Excl.                         %  Excl. 
 share data)    2012   2011 Change   FX(i)      2012     2011 Change  FX(i) 
----------------------------------------------------------------------------
Sales         $313.5 $317.3   (1.2%)   2.8% $1,308.6 $1,268.5    3.2%   5.8%
----------------------------------------------------------------------------
EBITDA(1)     $ 57.7 $ 54.7    5.5%   10.8% $  254.6 $  239.1    6.5%   9.5%
----------------------------------------------------------------------------
Operating                                                                   
 income(2)    $ 38.6 $ 35.4    9.0%   15.2% $  178.4 $  163.7    9.0%  12.2%
----------------------------------------------------------------------------
Earnings in                                                                 
 equity                                                                     
 accounted                                                                  
 investments  $  1.1 $  1.4  (21.4%)        $    2.2 $    1.2   83.3%       
----------------------------------------------------------------------------
Restructuring                                                               
 and other                                                                  
 items - net                                                                
 loss         $    - $ (0.3)  n.m.          $      - $   (0.8)  n.m.        
----------------------------------------------------------------------------
Net earnings  $ 19.9 $ 18.4    8.2%   18.9% $   97.5 $   84.1   15.9%  21.8%
----------------------------------------------------------------------------
Per Class B                                                                 
 share                                                                      
  Basic                                                                     
   earnings                                                                 
   per share  $ 0.59 $ 0.55    7.3%         $   2.91 $   2.54   14.6%       
  Diluted                                                                   
   earnings                                                                 
   per share  $ 0.58 $ 0.54    7.4%         $   2.86 $   2.50   14.4%       
----------------------------------------------------------------------------
Restructuring                                                               
 and other                                                                  
 items - net                                                                
 loss              - $ 0.02   n.m.          $      - $   0.03   n.m.        
Adjusted                                                                    
 basic                                                                      
 earnings per                                                               
 Class B                                                                    
 share(3)     $ 0.59 $ 0.57    3.5%         $   2.91 $   2.57   13.2%       
----------------------------------------------------------------------------
                                                                            
Number of                                                                   
 outstanding                                                                
 shares (in                                                                 
 000s)                                                                      
  Weighted                                                                  
   average                                                                  
   for the                                                                  
   period -                                                                 
   basic                                      33,484   33,111               
  Actual at                                                                 
   period end                                 33,820   33,689               
                                                                            
(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 the development of label solutions for global producers of consumer brands in the home & personal care, healthcare, durable goods, and premium food & beverage sectors; and a specialty supplier of aluminum containers and plastic tubes for the same customers in North America.

Full Year 2012 Results

Sales were $1,308.6 million in 2012, an increase of 3.2% compared to the $1,268.5 million in 2011. Excluding the impact of foreign currency translation, sales increased 5.3% organically and 0.5% from the acquisitions of Sertech in April 2011 and Graphitype in July 2012.

Operating income (a non-IFRS measure; see note 2 below) for 2012 was $178.4 million, an increase of 9.0% compared to $163.7 million for 2011; and an increase of 12.2% excluding the impact of foreign currency translation. This reflects solid improvements in all three of the Company's Segments: Label, Container and Tube.

Earnings before net finance cost, taxes, earnings in equity accounted investments, depreciation, amortization and restructuring and other items ("EBITDA" a non-IFRS measure; see note 1 below) was $254.6 million for 2012, an increase of 6.5%, compared to $239.1 million posted in 2011. Excluding the unfavourable impact of foreign currency translation, EBITDA increased by 9.5% over the prior year.

In addition to the improvements recorded at the business segments, net finance cost for the year decreased $0.5 million compared to 2011. The Company's joint ventures in Russia, the Middle East and Chile contributed $2.2 million equity earnings compared to $1.2 million in 2011 due to particularly strong results at Pacman-CCL, despite the start-up costs at the new plant in Santiago.

In 2012, the consolidated effective tax rate was 27.3% compared to 29.0% in 2011, excluding earnings in equity accounted investments. The decrease in the effective tax rate for 2012 is attributable to the positive impact of $0.3 million, versus a negative impact of $1.0 million in 2011, for the recognition of accounting benefits of certain Canadian tax losses. The accounting treatment of the benefit associated with 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 the benefit from the Canadian tax losses, the overall effective tax rates in 2012 and 2011 were 27.5% and 28.1%, respectively, reflecting a higher portion of the Company's income earned in lower tax jurisdictions in 2012.

Net earnings for 2012 increased 15.9% to $97.5 million, compared to $84.1 million for 2011, due to the improvement in operating income across all business segments, a reduction in net finance cost and a lower effective tax rate partially offset by an increase in corporate expenses and other selling, general and administrative expenses.

Basic earnings per Class B share for 2012 were $2.91 compared to $2.54 per class B share in 2011. No expenses for restructuring and other items were incurred for 2012; however 2011 results included a $0.03 per Class B share charge for restructuring and other items.

Fourth Quarter 2012 Results

Sales for the fourth quarter of 2012 were $313.5 million, compared to $317.3 million in the prior year period. Excluding currency translation, sales for the fourth quarter in 2012 increased by 2.8% compared to the prior year period. This increase was due to 2.3% of organic growth and 0.5% impact from acquisitions. The Label Segment increased revenue 3.9%, while the Container and Tube Segments experienced a decline in revenue of 0.9% and 3.1%, respectively.

Operating income (a non-IFRS measure; see note 2 below) for the fourth quarter of 2012 was $38.6 million, an increase of 9.0% compared to $35.4 million for the comparable quarter of 2011. The Label segment posted a solid 12.9% increase in operating income while the Container segment was flat to 2011 and Tube segment declined.

EBITDA (a non-IFRS measure; see note 1 below) was $57.7 million for the fourth quarter of 2012, an increase of 5.5% compared to $54.7 million for the fourth quarter of 2011, and a 10.8% increase excluding the negative impact of currency.

The Company's joint ventures in Russia, the Middle East and Chile contributed equity earnings of $1.1 million compared to $1.4 million for the 2011 fourth quarter, with the current period including start-up costs in Santiago.

Tax expense in the fourth quarter of 2012 was $7.3 million compared to $6.0 million in the prior year period. The effective tax rates for these two periods are 28.1% and 25.8%, respectively. The increase in the effective tax rate, excluding earnings in equity accounted investments, for the 2012 fourth quarter reflects a change in the Canadian tax code with respect to upstream loans from foreign affiliates. As a result, the Company could no longer benefit a foreign exchange gain on an intercompany loan causing an increase in the fourth quarter tax expense by $0.9 million.

Net earnings for the 2012 fourth quarter were $19.9 million, an increase of 8.2% compared to $18.4 million for the fourth quarter of 2011. Excluding foreign currency translation impact net earnings improved 18.9%.

Basic earnings per Class B share were $0.59 in the fourth quarter of 2012 compared to $0.55 per Class B share in the prior year quarter. Restructuring and other items had no impact on earnings in the fourth quarter of 2012; however in the 2011 fourth quarter, there was an expense $0.02 per Class B share cost.

Geoffrey T. Martin, President and Chief Executive Officer stated, "CCL's 2012 fourth quarter results represented the ninth consecutive quarter of year-over-year improvement in earnings, resulting in a record performance from operations in 2012 despite significant currency headwinds and a low growth global economic environment."

Mr. Martin continued, "Sales for CCL Label for the 2012 fourth quarter increased 3.9% in local currencies compared to a particularly strong prior year period where we had posted a 12.7% gain. For the year as a whole, organic growth was 5.9% with high single digit rates in North America, low single digits in Europe, flat in Latin America and strong double digit gains in Asia Pacific. Operating income improved 20% for the quarter, excluding the impact of currency translation, and our return on sales margin for 2012 widened 50 basis points to an all-time high 14.6%. Europe was a major success story in the quarter as Home & Personal Care continued to progress in a tough market and Beverage outperformed on large export orders to new customers. Asia was also a highlight on a very strong performance in China and easier comparisons in Thailand due to the floods in the prior year. North America matched the unusually strong fourth quarter in 2011. Our joint ventures continued to progress with solid results in Russia, outstanding performance in the Middle East and lower start-up costs than expected in Chile. Growth in Santiago has exceeded expectations and a further $4 million has been invested in the venture between CCL and its partners."

Mr. Martin then added, "CCL Container delivered another significant step up in profitability in 2012 with record cash flow on the back of solid demand for aerosols and continuing operational improvement. In the fourth quarter some customers rescheduled deliveries into early 2013 and we temporarily shut down one of our lines in Mexico in December for a complete overhaul. Both factors contributed to a temporary modest revenue drop in the quarter. CCL Tube also reported a decline in sales and profitability against a particularly strong fourth quarter in 2011, but still recorded another stand-out year generating a 16.3% return on sales."

Mr. Martin continued, "We are very pleased with the Company's performance in 2012. Despite three strong years since the economic crisis of 2008 and 2009, we still expect top line progress and bottom-line improvement to continue in 2013. Our order intake levels have been very solid so far in the current quarter. Foreign currency markets remain high on our watch list with 95% of our revenues derived from outside Canada and there are some early signs of returning commodity inflation."

Mr. Martin also stated, "The Company finished the year with a robust balance sheet, $189 million of cash on hand and a net debt to total book capitalization of 13.6%. We have renegotiated our credit facilities in light of the planned Avery Dennison transaction with a $700 million package to finance the acquisition and provide for future flexibility. On a pro-forma basis, we still expect our net debt to EBITDA ratio to remain well below 2 times following the integration of the Avery Dennison business. Given our prospects for the coming year and the Company's commitment to increasing total shareholder return, your Board of Directors has declared an increase in the quarterly dividend of $0.02 per share, equating to 10.3% on the Class B shares. The new quarterly dividend of $0.215 per Class B non-voting share and $0.2025 per Class A voting share will be payable to shareholders of record at the close of business on March 15, 2013, to be paid on March 28, 2013. CCL has delivered dividends to shareholders without omission or reduction for over 30 years."

Mr. Martin concluded, "We remain very excited about the possibilities of our previously announced acquisition of Avery Dennison's Office & Consumer Products and Designed & Engineered Solutions businesses. Our integration planning activities are progressing and subject to regulatory approval, we still expect the transaction to close by mid-2013."

With headquarters in Toronto, Canada, CCL Industries now employs approximately 6,600 people and operates 74 production facilities globally located to meet the sourcing needs of large international customers. CCL Label i s the world's largest converter of pressure sensitive and film materials for label applications and sells to leading global customers in the consumer packaging, healthcare, automotive and consumer durable markets. CCL Container and CCL Tube are leading producers of aluminum aerosol cans, bottles and extruded plastic tubes 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 dispositions, goodwill impairment loss, restructuring and     
     other items 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  Twelve months ended 
                                         December 31st        December 31st 
                                   -----------------------------------------
                                                                            
Operating Income                                                            
                                        2012      2011       2012      2011 
                                   -----------------------------------------
                                                                            
Label                               $   35.0  $   31.0   $  152.8  $  142.5 
                                                                            
Container                                1.7       1.7       12.1       9.2 
                                                                            
Tube                                     1.9       2.7       13.5      12.0 
                                   -----------------------------------------
                                   -----------------------------------------
                                                                            
Total operating income                  38.6      35.4      178.4     163.7 
                                                                            
Less: Corporate expenses                (7.3)     (6.9)     (26.4)    (24.8)
                                                                            
Add: Depreciation & amortization        26.4      26.2      102.6     100.2 
                                   -----------------------------------------
                                   -----------------------------------------
                                                                            
EBITDA                              $   57.7  $   54.7   $  254.6  $  239.1 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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; 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 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 - Local                                                        
1-866-226-1792 - 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 - Local                                                        
1-800-408-3053 - Toll Free                                                  
Access Code: 8122374                                                        

For more details on CCL, visit our website - 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 
                                                        2012           2011 
Assets                                                                      
Current 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 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current 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 information                                                         
Unaudited                                                                   
                                                                            
Years ended December 31                                                     
                                                                            
In thousands of Canadian dollars, except per                                
 share information                                      2012           2011 
                                                                            
Sales                                          $   1,308,551  $   1,268,477 
Cost of sales                                        996,111        974,943 
----------------------------------------------------------------------------
Gross profit                                         312,440        293,534 
                                                     160,385        154,605 
Restructuring and other items                              -            797 
Earnings in equity accounted investments              (2,165)        (1,224)
----------------------------------------------------------------------------
Results from operating activities                    154,220        139,356 
----------------------------------------------------------------------------
Finance cost                                          21,958         22,827 
Finance income                                        (1,039)        (1,443)
----------------------------------------------------------------------------
Net finance cost                                      20,919         21,384 
----------------------------------------------------------------------------
Earnings before income tax                           133,301        117,972 
Income 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 share                                                          
Basic earnings per Class B share               $        2.91  $        2.54 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Diluted earnings per Class B share             $        2.86  $        2.50 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
CCL Industries Inc.                                                         
Segment information                                                         
Unaudited                                                                   
                                                                            
                                    Three months ended December 31          
                                    Sales              Operating income     
                          --------------------------------------------------
                                  2012        2011        2012         2011 
                          --------------------------------------------------
Label                      $   252,422 $   254,261 $    35,010  $    30,909 
Container                       41,607      42,399       1,688        1,726 
Tube                            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        1,392 
Finance cost                                            (5,424)      (5,704)
Finance income                                             270          479 
Income 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  $   142,523 
Container                      181,680     175,659      12,118        9,159 
Tube                            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        1,224 
Finance cost                                           (21,958)     (22,827)
Finance income                                           1,039        1,443 
Income 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

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