Ccl Industries Inc. Class A · TSX:CCL.A
Ccl Industries Inc. Class A — Q2 2004 Earnings Presentation
16 slides from Ccl Industries Inc. Class A's earnings presentation, Jul 30, 2004
Slide 1: Investor Update: Second Quarter 2004 Review
Investor Update Second Quarter 2004 Review Friday, July 30, 2004 Disclaimer Any forward-looking statements contained in this presentation involve risks, uncertainties and assumptions and should not be taken as guarantees of future performance. Actual results could vary materially from those anticipa
Slide 2: Statement of Earnings: Second Quarter
Statement of Earnings Second Quarters Ended June 30th (Millions of Cdn $, except per share data) Net of currency translation & 2004 2003 Change divestitures 1) Sales $ 377.4 $ 390.4 (3.3%) +6% EBITDA 39.1 44.6 (12.3%) Depreciation, and amortization of other assets 17.3 17.1 Operating Income 21.8 27.
Slide 3: Statement of Earnings: Six Months
Statement of Earnings Six Months Ended June 30th (Millions of Cdn $, except per share data) Net of currency translation & 2004 2003 Change divestitures 1) Sales $ 767.5 $ 817.2 (6.1%) +6% EBITDA 82.4 90.5 (9.0%) Depreciation, and amortization of other assets 34.2 35.4 Operating Income 48.2 55.1 (12.
Slide 4: E.P.S. Bridge before Unusual Items
E.P.S. Bridge before Unusual Items Second Quarters Ended June 30th (Millions of Cdn $, except per share data) 2nd Quarter First Half Full Year 2004 2004 2003 vs. vs. vs. 2003 2003 2002 2Q03 $0.49 1H03 $0.96 2002 $1.70 Operations (0.09) (0.02) +0.09 Tax rate +0.01 (0.01) (0.01) Interest rate swaps +0
Slide 5: Impact of Changes in Exchange Rates
Impact of Changes in Exchange Rates 2003 - 2004 Currency Translation: 2003 – Negative effect of U.S. dollar (down 11% on average); partly offset by European currency strength 2004 – U.S. dollar averaged $1.34 vs. $1.45 in 2003, for first half of the year Currency Transactions (U.S. $ Forwards Hedges
Slide 6: Balance Sheet
Balance Sheet As At June 30th (Millions of Cdn $, except Book Value per Share) 2004 2003 Change Net working capital (receivables, inventory, prepaids, payables and accruals) $ 73.5 $ 106.6 (31.1%) Capital assets (net) $ 468.5 $ 464.4 +0.9% Goodwill $ 301.2 $ 255.1 +18.1% Total assets $ 1,247.9 $ 1,1
Slide 7: Debt Summary
Debt Summary As At June 30th (Millions of Cdn $) Increase 2004 2003 (Decrease) Bank advances $ 10.3 $ - $ 10.3 Long-term debt - senior notes (2004 - $314.3 MM U.S., 2003 - $323.6 MM U.S.) 419.2 436.1 (16.9) Long-term debt - all other 10.1 10.7 (0.6) Total debt 439.6 446.8 (7.2) Cash and cash equival
Slide 8: Cash Flow Highlights
Cash Flow Highlights Six Months Ended June 30th (Millions of Cdn $) Inflows: 2004 2003 Net earnings $ 26.7 $ 28.8 Depreciation, & amortization of other assets 34.2 35.4 Stock-based compensation 0.1 - Future income taxes 2.9 7.2 1) Unusual items - 2.8 Gross Cash Inflow 63.9 74.2 Outflows: 2) Net decr
Slide 9: Capital Spending Highlights
Capital Spending Highlights Six Months Ended June 30th, 2004 (Millions of Cdn $) Capital Divisions Spending Depreciation Difference Major Investment Projects Custom Manufacturing $ 7.9 $ 9.8 $ (1.9) German expansion $ 1.7 Container 17.1 8.7 8.4 Penetang (3 new Aerosol lines) $ 12.0 Label 23.8 13.5 1
Slide 10: Income From Operations
Income From Operations Six Months Ended June 30th (Millions of Cdn $) Excl. currency translation & 2004 2003 Change divestitures Custom Manufacturing $ 15.4 $ 22.8 (32.5%) (21.5%) Container 9.0 19.8 (54.5%) (20.6%) Label 28.6 17.4 +64.4% +75.1% 53.0 60.0 (11.7%) +10.2% Corporate expense 4.8 4.9 (2.0
Slide 11: Custom Manufacturing
Custom Manufacturing Second Quarters Ended June 30th Excl. currency (in millions of Cdn dollars) 2004 2003 % translation 1) Sales $ 192.3 $ 202.8 (5.2%) (5.2%) Operating Income $ 6.9 $ 11.3 (38.9%) (30.1%) Return on Sales 3.6% 5.6% Return on Service Revenue 12.6% 17.8% EBITDA $ 11.8 $ 16.4 (28.0%) 1
Slide 12: Custom Manufacturing Unit Volume
Custom Manufacturing Unit Volume - Millions Second Quarters Ended June 30th SECOND QUARTER FIRST HALF 2004 2003 2004 2003 ACT ACT Change ACT ACT Change Aerosol / sticks - North America 94.4 101.4 (6.9% ) 190.6 214.0 (10.9% ) Liquid - North America 82.0 76.9 6.6% 166.1 167.2 (0.7% ) Total North Ameri
Slide 13: Container
Container Second Quarters Ended June 30th Excl. currency translation & (in millions of Cdn dollars) 2004 2003 % divestitures 1) Sales $ 55.2 $ 88.1 (37.3%) (1.9%) Operating Income $ 5.0 $ 10.4 (51.9%) (15.2%) Return on Sales 9.1% 11.8% EBITDA $ 9.6 $ 16.8 (42.9%) % of Sales 17.4% 19.1% 1) Excluding
Slide 14: Container Actual Unit Volume Comparison
Container Actual Unit Volume Comparison Q2 2004 1H 2004 Year 2003 vs. vs. vs. Q2 2003 1H 2003 Year 2002 Aerosol Cans & Beverage Bottles +16.7% +16.9% +14.8% Plastic Tubes (20.6%) (11.1%) (2.7%) 14
Slide 15: Label
Label Second Quarters Ended June 30th Excl. currency (in millions of Cdn dollars) 2004 2003 % translation 1) Sales $ 129.9 $ 99.5 +30.6% +32.5% Operating Income $ 12.4 $ 8.2 +51.2% +54.9% Return on Sales 9.5% 8.2% EBITDA $ 20.0 $ 13.5 +48.1% % of Sales 15.4% 13.6% 1) Excluding foreign exchange, sale
Slide 16: Label: Impact of Acquisitions
Label Impact of Acquisitions Second Quarters Ended June 30th 2004 2003 % Change Sales Continuing operations $ 98.6 $ 98.2 +0.4% 2003 Acquisitions 31.3 1.3 Total $ 129.9 $ 99.5 +30.6% Operating Income Continuing operations $ 8.7 $ 8.2 +6.1% 2003 Acquisitions 3.7 - Total $ 12.4 $ 8.2 +51.2% Return on