Ccl Industries Inc. Class A · TSX:CCL.A
Ccl Industries Inc. Class A — Q1 2004 Earnings Presentation
16 slides from Ccl Industries Inc. Class A's earnings presentation, May 7, 2004
Slide 1: Investor Update First Quarter 2004 Review
Investor Update First Quarter 2004 Review Friday, May 7, 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 anticipated
Slide 2: Statement of Earnings
Statement of Earnings First Quarters Ended March 31st (Millions of Cdn $, except per share data) Net of currency translation & 2004 2003 Change divestitures 1) Sales $ 390.1 $ 426.8 (8.6%) +6% EBITDA 43.3 45.9 (5.7%) Depreciation, and amortization of other assets 16.9 18.3 Operating Income 26.4 27.6
Slide 3: E.P.S. Bridge before Unusual Items
E.P.S. Bridge before Unusual Items First Quarters Ended March 31st (Millions of Cdn $, except per share data) 1st Quarter Full Year 2004 2003 vs. vs. 2003 2002 1Q03 $0.47 Full Year 2002 $1.70 Operations +0.07 +0.09 Tax rate (0.02) (0.01) Interest rate swaps +0.01 +0.06 Share buy-back +0.01 +0.08 For
Slide 4: 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 – Assume U.S. dollar averages $1.37 vs. $1.40 in 2003, with no change in other currencies (Europe, Mexico, etc.) Currenc
Slide 5: Balance Sheet
Balance Sheet As At March 31st (Millions of Cdn $, except Book Value per Share) 2004 2003 Change Net working capital (receivables, inventory, prepaids, payables and accruals) $ 82.3 $ 117.0 (29.7%) Capital assets (net) $ 454.1 $ 480.2 (5.4%) Goodwill $ 299.8 $ 259.5 +15.5% Total assets $ 1,211.8 $ 1
Slide 6: Debt Summary
Debt Summary As At March 31st (Millions of Cdn $) Increase 2004 2003 (Decrease) Bank advances $ 5.0 $ - $ 5.0 Long-term debt - senior notes (2004 - $314.3 MM U.S., 2003 - $323.6 MM U.S.) 412.1 475.0 (62.9) Long-term debt - all other 10.5 9.6 0.9 Total debt 427.6 484.6 (57.0) Cash and cash equivalent
Slide 7: Cash Flow Highlights
Cash Flow Highlights First Quarters Ended March 31st (Millions of Cdn $) Inflows: 2004 2003 Net earnings $ 14.8 $ 14.1 Depreciation, & amortization of other assets 16.9 18.3 Stock-based compensation 0.1 - Future income taxes 1.8 2.5 1) Unusual items - 1.9 Gross Cash Inflow 33.6 36.8 Outflows: 2) Net
Slide 8: Capital Spending Highlights
Capital Spending Highlights First Quarters Ended March 31st, 2004 (Millions of Cdn $) Capital Divisions Spending Depreciation Difference Major Investment Projects Custom Manufacturing $ 4.2 $ 4.9 $ (0.7) German expansion $ 1.2 Container 12.1 4.3 7.8 Penetang (2 new Aerosol lines) $ 9.9 Label 6.8 7.4
Slide 9: CCL Dividend History
CCL Dividend History Per Class B Share before Goodwill Amortization (in Cdn $) E.P.S. before E.P.S. Unusual Items Annual Dividend % 1998 $ 1.53 $ 1.53 $ 0.28 18.3% 1999 $ 1.68 $ 1.68 $ 0.31 18.5% 2000 $ 1.04 $ 1.43 $ 0.32 22.4% 2001 $ 1.08 $ 1.21 $ 0.32 26.4% 2002 $ 0.65 $ 1.70 $ 0.34 20.0% 2003 $ 1
Slide 10: Income From Operations
Income From Operations First Quarters Ended March 31st (Millions of Cdn $) Excl. currency translation & 2004 2003 Change divestitures Custom Manufacturing $ 8.5 $ 11.5 (26.1%) (24.3%) Container 4.0 9.4 (57.4%) (33.8%) Label 16.2 9.2 +76.1% +91.3% 28.7 30.1 (4.7%) +12.5% Corporate expense 2.3 2.5 (8.
Slide 11: Custom Manufacturing
Custom Manufacturing First Quarters Ended March 31st Excl. currency (in millions of Cdn dollars) 2004 2003 % translation 1) Sales $ 203.3 $ 229.3 (11.3%) (5.9%) Operating Income $ 8.5 $ 11.5 (26.1%) (24.3%) Return on Sales 4.2% 5.0% Return on Service Revenue 14.0% 16.2% EBITDA $ 13.4 $ 16.6 (19.3%)
Slide 12: Custom Manufacturing Unit Volume
Custom Manufacturing Unit Volume - Millions First Quarters Ended March 31st FIRST QUARTER FULL YEAR 2004 2003 2003 2002 ACT ACT Change ACT ACT Change Aerosol / sticks - North America 96.2 112.6 (14.6% ) 421.8 447.6 (5.8% ) Liquid - North America 84.1 90.3 (6.9% ) 312.1 331.2 (5.8% ) U.K. 34.3 42.6 (
Slide 13: Container
Container First Quarters Ended March 31st Excl. currency translation & (in millions of Cdn dollars) 2004 2003 % divestitures 1) Sales $ 50.2 $ 88.7 (43.4%) (4.4%) Operating Income $ 4.0 $ 9.4 (57.4%) (33.8%) Return on Sales 8.0% 10.6% EBITDA $ 8.3 $ 16.5 (49.7%) % of Sales 16.5% 18.6% 1) Excluding f
Slide 14: Container Actual Unit Volume Comparison
Container Actual Unit Volume Comparison Q1 2004 Year 2003 vs. vs. Q1 2003 Year 2002 Aerosol Cans & Beverage Bottles +17.1% +14.8% Plastic Tubes (1.4%) (2.7%) 14
Slide 15: Label
Label First Quarters Ended March 31st (in millions of Cdn dollars) 2004 2003 % Excl. FX 1) Sales $ 136.6 $ 108.8 +25.6% +35.1% Operating Income $ 16.2 $ 9.2 +76.1% +91.3% Return on Sales 11.9% 8.5% EBITDA $ 23.6 $ 15.0 +57.3% % of Sales 17.3% 13.8% 1) Excluding foreign exchange, sales were up 35% ¾
Slide 16: Label Impact of Acquisitions
Label Impact of Acquisitions First Quarters Ended March 31st 2004 2003 % Change Sales Continuing operations $ 103.1 $ 108.8 (5.2%) 2003 Acquisitions 33.5 - - Total $ 136.6 $ 108.8 +25.6% Operating Income Continuing operations $ 10.9 $ 9.2 +18.5% 2003 Acquisitions 5.3 - - Total $ 16.2 $ 9.2 +76.1% Re