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WKN: 910859 | ISIN: CA1469001053 | Ticker-Symbol: CS6
Frankfurt
22.04.24
08:10 Uhr
6,150 Euro
+0,050
+0,82 %
Branche
Holz/Papier
Aktienmarkt
Sonstige
1-Jahres-Chart
CASCADES INC Chart 1 Jahr
5-Tage-Chart
CASCADES INC 5-Tage-Chart
RealtimeGeldBriefZeit
6,3006,50022.04.
PR Newswire
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(1)

Cascades Inc.: Cascades Reports Results for the Fourth Quarter and Full Year 2023

Results in Tissue Papers business drives stronger annual performance

KINGSEY FALLS, QC, Feb. 22, 2024 /PRNewswire/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period and fiscal year ended December 31, 2023.

Q4 2023 Highlights

  • Sales of $1,138 million (compared with $1,198 million in Q3 2023 and $1,135 million in Q4 2022);

  • Operating loss of $(24) million (compared with operating income of $80 million in Q3 2023 and operating loss of $(20) million in Q4 2022);

  • Net loss per common share of ($0.57) (compared with net earnings per common share of $0.34 in Q3 2023 and a net loss per common share of ($0.27) in Q4 2022);

  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $122 million (compared with $161 million in Q3 2023 and $116 million in Q4 2022);

  • Adjusted net earnings per common share1 of $0.05 (compared with $0.44 in Q3 2023 and $0.22 in Q4 2022).

2023 Annual Highlights

  • Sales of $4,638 million (compared with $4,466 million in 2022);

  • Operating income of $40 million (compared with $33 million in 2022);

  • Net loss per common share of ($0.76) (compared with ($0.34) in 2022);

  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $558 million (compared with $376 million in 2022);

  • Adjusted net earnings per common share1 of $1.08 (compared with $0.37 in 2022);

  • Net debt1 of $1,882 million as of December 31, 2023 (compared with $1,966 million as of December 31, 2022). Net debt to EBITDA (A) ratio1 of 3.4x, down from 5.2x as of December 31, 2022;

  • Total capital expenditures, net of disposals, of $46 million in Q4 2023 and $343 million in 2023. The Corporation's 2024 forecasted net capital expenditures of approximately $175 million is unchanged.

Discussing results for the fiscal year 2023, Mario Plourde, President and CEO, commented: "We are pleased with our strong annual performance in 2023, with our operations generating a 4% increase in sales and a 48% increase in EBITDA (A)1 levels compared to the prior year. Our Tissue Papers segment drove these stronger results, generating $182 million of EBITDA (A)1 in 2023, a significant improvement from last year that reflects the hard work done over the past two years."

1

Some information represents non-IFRS Accounting Standards Financial measures, other financial measures or non-IFRS Accounting Standards ratios which are not standardized under IFRS Accounting Standards and therefore might not be comparable to similar financial measures disclosed by other corporations. Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.

Mario Plourde, President and CEO, continued: "In the fourth quarter of 2023, our Tissue Papers and Specialty Packaging businesses generated good results, meeting expectations. We are pleased with the continued strong performance of our Tissue segment, which generated an EBITDA (A)1 margin of 15.6% in the quarter, a testament to the benefits derived by the significant repositioning and profitability initiatives that have been implemented across this business. The Containerboard segment continued to deliver solid volume of corrugated converted products. However, fourth quarter results in this segment were below expectations. Sequential performance of this business was impacted by lower average selling prices, higher costs and lower parent roll shipments, the latter of which underscores this segment's lower integration rate and also reflects the planned 49,000 short tons of maintenance and economic downtime taken during the period. Notwithstanding lower consolidated profitability, we reduced our net debt levels due to strong cash flows from operations and lower capital expenditures during the quarter. Consequently, our leverage ratio1 improved to 3.4x from 3.8x at the end of Q3."

Discussing near-term outlook, Mr. Plourde commented, "On a consolidated basis, we are forecasting that our results in the first quarter of 2024 will decrease sequentially. This is driven by lower expected results in our Containerboard segment due to higher raw material costs, slightly lower average selling prices and lower production levels to manage inventory following softer demand in the fourth quarter. Along with the strategic investments made in recent years, these factors contributed to our decision to permanently remove higher-cost capacity from our manufacturing platform. We continue to implement commercial strategies and cost optimization initiatives to drive profitability in this business, while increasing the agility and market responsiveness of our platform. To this end, we are pleased with the ramp-up of our Bear Island facility, and the addition of this top tier mill to our containerboard mill network augments its competitiveness from an operational, geographic positioning and cost perspective. Results in the Tissue Papers segment are also expected to slightly decrease sequentially reflecting increases in raw material pricing and normal seasonal softness at the beginning of the year, while results in Specialty Packaging are expected to improve thanks to efficiency improvements, notably in the plastics sub-segment. More broadly, while our outlook for volume remains prudent for our packaging businesses in the first quarter given economic uncertainty, benefits from ongoing profitability initiatives will continue to create value across our businesses for Cascades, our customers and our shareholders."

Financial Summary

Selected consolidated information

(in millions of Canadian dollars, except amounts per common share) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022







Sales

4,638

4,466

1,138

1,198

1,135

As Reported






Operating income (loss)

40

33

(24)

80

(20)

Net income (loss)

(76)

(34)

(57)

34

(27)

per common share (basic)

($0.76)

($0.34)

($0.57)

$0.34

($0.27)

Adjusted1






Earnings before interest, taxes, depreciation and amortization (EBITDA (A))

558

376

122

161

116

Net earnings

109

37

5

45

22

per common share (basic)

$1.08

$0.37

$0.05

$0.44

$0.22

Margin (EBITDA (A) / Sales)

12.0 %

8.4 %

10.7 %

13.4 %

10.2 %

Segmented sales

(in millions of Canadian dollars) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022







Packaging Products






Containerboard

2,277

2,265

561

593

567

Specialty Products

642

654

160

157

161

Inter-segment sales

(31)

(36)

(8)

(7)

(7)


2,888

2,883

713

743

721

Tissue Papers

1,615

1,422

390

422

384

Inter-segment sales, Corporate, Recovery and Recycling activities

135

161

35

33

30

Sales

4,638

4,466

1,138

1,198

1,135

Segmented operating income (loss)

(in millions of Canadian dollars) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022







Packaging Products






Containerboard

128

266

(33)

61

85

Specialty Products

66

86

13

13

22







Tissue Papers

(2)

(175)

34

38

(86)







Corporate, Recovery and Recycling activities

(152)

(144)

(38)

(32)

(41)

Operating income (loss)

40

33

(24)

80

(20)

1

Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.

Segmented EBITDA (A)1

(in millions of Canadian dollars) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022







Packaging Products






Containerboard

390

401

67

101

119

Specialty Products

91

92

19

21

20







Tissue Papers

182

(13)

61

61

8







Corporate, Recovery and Recycling activities

(105)

(104)

(25)

(22)

(31)

EBITDA (A)1

558

376

122

161

116

Analysis of results for the three-month period ended December 31, 2023 (compared to the same period last year)
The fourth quarter sales of $1,138 million increased by $3 million compared with the same period last year. This reflects consolidated net benefits of $57 million due to higher volume and $10 million from a more favourable sales mix. These increases were almost entirely offset by a $70 million impact from lower selling prices in all of our business segments, the most notable being in our Containerboard business where lower index selling prices impacting sales by $60 million compared to the prior year period.

The fourth quarter EBITDA (A)1 totaled $122 million, an increase of $6 million, or 5%, from the $116 million generated in the same period last year. This increase was driven by continued improvement in the Tissue Papers segment, which generated an EBITDA (A)1 of $61 million in the quarter, or 15.6% on a margin basis, reflecting benefits from implemented profitability initiatives, and lower raw material, logistics and energy costs.

The main specific items, before income taxes, that impacted our fourth quarter 2023 operating loss and/or net loss were:

  • $73 million of impairment charges on assets, restructuring costs and an other costs related to the closure of plants in Canada and in the USA (operating loss and net loss);
  • $1 million unrealized loss on interest rate swaps (net loss);
  • $1 million foreign exchange loss on long-term debt and financial instruments (net loss);
  • $1 million gain from the sale of an investment in a non-significant joint venture in the Corporate activities (net loss).

For the three-month period ended December 31, 2023, the Corporation posted a net loss of $(57) million, or ($0.57) per common share, compared to a net loss of $(27) million, or ($0.27) per common share, in the same period of 2022. On an adjusted basis1, the Corporation posted net earnings of $5 million in the fourth quarter of 2023, or $0.05 per common share, compared to net earnings of $22 million, or $0.22 per common share, in the same period of 2022.

1

Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.

Dividend on common shares and normal course issuer bid
The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on March 21, 2024 to shareholders of record at the close of business on March 7, 2024. This dividend is an "eligible dividend" as per the Income Tax Act (R.C.S. (1985), Canada). During the fourth quarter of 2023, Cascades purchased no common shares for cancellation.

2023 Fourth Quarter Results Conference Call Details
Management will discuss the 2023 fourth quarter financial results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing 1-888-390-0620 (international 1-416-764-8651). The conference call, including the investor presentation, will be broadcast live on the Cascades website (www.cascades.com) under the "Investors" section. A replay of the call will be available on the Cascades website and may also be accessed by phone until March 22, 2024 by dialing 1-888-390-0541 (international 1-416-764-8677), access code 373082.

Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 10,000 women and men across a network of more than 70 facilities in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors.

CONSOLIDATED BALANCE SHEETS

(in millions of Canadian dollars) (unaudited)

December 31,
2023

December 31,
2022

Assets



Current assets



Cash and cash equivalents

54

102

Accounts receivable

453

556

Current income tax assets

12

11

Inventories

568

587

Current portion of financial assets

1

9


1,088

1,265

Long-term assets



Investments in associates and joint ventures

94

94

Property, plant and equipment

2,808

2,945

Intangible assets with finite useful life

55

73

Financial assets

-

4

Other assets

78

70

Deferred income tax assets

167

114

Goodwill and other intangible assets with indefinite useful life

482

488


4,772

5,053

Liabilities and Equity



Current liabilities



Bank loans and advances

-

3

Trade and other payables

703

746

Current income tax liabilities

6

4

Current portion of long-term debt

67

134

Current portion of provisions for contingencies and charges

14

8

Current portion of financial liabilities and other liabilities

29

22


819

917

Long-term liabilities



Long-term debt

1,869

1,931

Provisions for contingencies and charges

61

41

Financial liabilities

5

7

Other liabilities

94

97

Deferred income tax liabilities

143

132


2,991

3,125

Equity



Capital stock

613

611

Contributed surplus

15

14

Retained earnings

1,096

1,212

Accumulated other comprehensive income

15

34

Equity attributable to Shareholders

1,739

1,871

Non-controlling interests

42

57

Total equity

1,781

1,928


4,772

5,053

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)



For the 3-month periods
ended December 31,

For the years
ended December 31,

(in millions of Canadian dollars, except per common share amounts and number of
common shares) (unaudited)


2023

2022

2023

2022

Sales


1,138

1,135

4,638

4,466







Supply chain and logistic


677

694

2,741

2,836

Wages and employee benefits expenses


273

256

1,082

992

Depreciation and amortization


73

62

272

252

Maintenance and repair


58

59

236

217

Other operational costs


8

10

21

45

Impairment charges


48

86

209

102

Other loss (gain)


13

(10)

12

(20)

Restructuring costs


12

2

23

3

Unrealized loss (gain) on derivative financial instruments


-

(4)

2

6

Operating income (loss)


(24)

(20)

40

33

Financing expense


36

20

128

88

Share of results of associates and joint ventures


(3)

(4)

(22)

(19)

Loss before income taxes


(57)

(36)

(66)

(36)

Recovery of income taxes


(4)

(16)

(13)

(22)

Net loss including non-controlling interests for the period


(53)

(20)

(53)

(14)

Net earnings attributable to non-controlling interests


4

7

23

20

Net loss attributable to Shareholders for the period


(57)

(27)

(76)

(34)

Net loss per common share






Basic


($0.57)

($0.27)

($0.76)

($0.34)

Diluted


($0.57)

($0.27)

($0.76)

($0.34)

Weighted average basic number of common shares outstanding


100,685,574

100,361,627

100,542,206

100,647,972

Weighted average number of diluted common shares


101,127,112

100,579,927

100,964,908

101,092,352

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


For the 3-month periods
ended December 31,

For the years
ended December 31,

(in millions of Canadian dollars) (unaudited)

2023

2022

2023

2022

Net loss including non-controlling interests for the period

(53)

(20)

(53)

(14)

Other comprehensive income (loss)





Items that may be reclassified subsequently to earnings





Translation adjustments





Change in foreign currency translation of foreign subsidiaries

(25)

(25)

(25)

78

Change in foreign currency translation related to net investment hedging activities

12

7

11

(23)

Cash flow hedges





Change in fair value of commodity derivative financial instruments

(2)

(7)

(6)

3

Recovery of (provision for) income taxes

(1)

1

-

2


(16)

(24)

(20)

60

Items that are not released to earnings





Actuarial gain on employee future benefits

4

4

9

33

Provision for income taxes

(1)

-

(2)

(8)


3

4

7

25

Other comprehensive income (loss)

(13)

(20)

(13)

85

Comprehensive income (loss) including non-controlling interests for the period

(66)

(40)

(66)

71

Comprehensive income attributable to non-controlling interests for the period

3

6

22

23

Comprehensive income (loss) attributable to Shareholders for the period

(69)

(46)

(88)

48

CONSOLIDATED STATEMENTS OF EQUITY


For the year ended December 31, 2023

(in millions of Canadian dollars)
(unaudited)

CAPITAL STOCK

CONTRIBUTED
SURPLUS

RETAINED
EARNINGS

ACCUMULATED
OTHER
COMPREHENSIVE
INCOME

TOTAL EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS

NON-
CONTROLLING
INTERESTS

TOTAL EQUITY

Balance - Beginning of year

611

14

1,212

34

1,871

57

1,928

Comprehensive income (loss)








Net earnings (loss)

-

-

(76)

-

(76)

23

(53)

Other comprehensive income
(loss)

-

-

7

(19)

(12)

(1)

(13)


-

-

(69)

(19)

(88)

22

(66)

Dividends

-

-

(48)

-

(48)

(36)

(84)

Stock options expense

-

1

-

-

1

-

1

Issuance of common shares
upon exercise of stock
options

2

-

-

-

2

-

2

Acquisitions of non-controlling
interests

-

-

1

-

1

(1)

-

Balance - End of year

613

15

1,096

15

1,739

42

1,781










For the year ended December 31, 2022

(in millions of Canadian dollars) (unaudited)

CAPITAL STOCK

CONTRIBUTED
SURPLUS

RETAINED
EARNINGS

ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)

TOTAL EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS

NON-CONTROLLING
INTERESTS

TOTAL EQUITY

Balance - Beginning of year

614

14

1,274

(23)

1,879

48

1,927

Comprehensive income








Net earnings (loss)

-

-

(34)

-

(34)

20

(14)

Other comprehensive income

-

-

25

57

82

3

85


-

-

(9)

57

48

23

71

Dividends

-

-

(48)

-

(48)

(13)

(61)

Stock options expense

-

1

-

-

1

-

1

Issuance of common shares
upon exercise of stock
options

2

(1)

-

-

1

-

1

Redemption of common shares

(5)

-

(4)

-

(9)

-

(9)

Acquisitions of non-controlling
interests

-

-

(1)

-

(1)

(1)

(2)

Balance - End of year

611

14

1,212

34

1,871

57

1,928

CONSOLIDATED STATEMENTS OF CASH FLOWS


For the 3-month periods

ended December 31,

For the years ended
December 31,

(in millions of Canadian dollars) (unaudited)

2023

2022

2023

2022

Operating activities





Net loss attributable to Shareholders for the period

(57)

(27)

(76)

(34)

Adjustments for:





Financing expense

36

20

128

88

Depreciation and amortization

73

62

272

252

Impairment charges

48

86

209

102

Other loss (gain)

13

(10)

12

(20)

Restructuring costs

12

2

23

3

Unrealized loss (gain) on derivative financial instruments

-

(4)

2

6

Recovery of income taxes

(4)

(16)

(13)

(22)

Share of results of associates and joint ventures

(3)

(4)

(22)

(19)

Net earnings attributable to non-controlling interests

4

7

23

20

Net financing expense paid

(20)

(15)

(129)

(87)

Net income taxes paid

-

-

(9)

(5)

Dividends received

2

6

9

12

Provisions for contingencies and charges and other liabilities

(13)

(7)

(32)

(36)


91

100

397

260

Changes in non-cash working capital components

149

96

113

(116)


240

196

510

144

Investing activities





Disposals in associates and joint ventures

2

1

12

1

Payments for property, plant and equipment

(47)

(160)

(350)

(501)

Proceeds from disposals of property, plant and equipment

1

11

7

19

Change in intangible and other assets

-

(2)

(1)

(5)


(44)

(150)

(332)

(486)

Financing activities





Bank loans and advances

-

2

(3)

2

Change in credit facilities

(126)

(65)

(92)

323

Increase in term loan

-

355

-

355

Payments of term loan

-

(219)

-

(219)

Increase in other long-term debt

-

-

99

-

Payments of other long-term debt, including lease obligations (2023 - $59 million
($15 million for 3-month period); 2022 - $55 million ($15 million for 3-month period))

(27)

(42)

(144)

(117)

Issuance of common shares upon exercise of stock options

-

-

2

1

Redemption of common shares

-

-

-

(9)

Dividends paid to non-controlling interests

(3)

(4)

(36)

(13)

Acquisition of non-controlling interests

-

-

(3)

(3)

Dividends paid to the Corporation's Shareholders

(12)

(12)

(48)

(48)


(168)

15

(225)

272

Net change in cash and cash equivalents during the period

28

61

(47)

(70)

Currency translation on cash and cash equivalents

-

(2)

(1)

(2)

Cash and cash equivalents - Beginning of the period

26

43

102

174

Cash and cash equivalents - End of the period

54

102

54

102

SEGMENTED INFORMATION

The Corporation's operations are managed in three segments: Containerboard and Specialty Products (which constitutes the Corporation's Packaging Products) and Tissue Papers. The accounting policies of the reportable segments are the same as the Corporation's accounting policies described in Note 2.

The Corporation's operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The Chief Executive Officer has authority for resource allocation and management of the Corporation's performance and is therefore the CODM. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)). The CODM considers EBITDA (A) to be the best performance measure of the Corporation's activities.

Sales for each segment are prepared on the same basis as those of the Corporation. Inter-segment operations are recorded on the same basis as sales to third parties, which are at fair market value.

EBITDA (A) does not have a standardized meaning under IFRS Accounting Standards; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA (A) as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS Accounting Standards measures.

Sales by country by business segment are presented in the following table:








SALES TO




For the 3-month periods ended December 31,


Canada

United States

Other countries

Total

(in millions of Canadian dollars) (unaudited)

2023

2022

2023

2022

2023

2022

2023

2022

Packaging Products









Containerboard

317

325

243

242

1

-

561

567

Specialty Products

56

55

104

105

-

1

160

161

Inter-segment sales

(3)

(4)

(5)

(3)

-

-

(8)

(7)


370

376

342

344

1

1

713

721

Tissue Papers

141

124

249

260

-

-

390

384

Inter-segment sale, Corporate, Recovery and Recycling
activities

28

24

7

5

-

1

35

30


539

524

598

609

1

2

1,138

1,135








SALES TO




For the years ended December 31,


Canada

United States

Other countries

Total

(in millions of Canadian dollars) (unaudited)

2023

2022

2023

2022

2023

2022

2023

2022

Packaging Products









Containerboard

1,314

1,326

961

938

2

1

2,277

2,265

Specialty Products

230

236

408

417

4

1

642

654

Inter-segment sales

(15)

(18)

(16)

(18)

-

-

(31)

(36)


1,529

1,544

1,353

1,337

6

2

2,888

2,883

Tissue Papers

551

449

1,064

973

-

-

1,615

1,422

Inter-segment sale, Corporate, Recovery and Recycling
activities

100

138

27

22

8

1

135

161


2,180

2,131

2,444

2,332

14

3

4,638

4,466

EBITDA (A) by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is presented in the following table:


For the 3-month period ended December 31, 2023

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

(33)

13

34

(38)

(24)

Depreciation and amortization

39

5

17

12

73

Impairment charges

43

1

4

-

48

Other loss (gain)

18

(1)

(4)

-

13

Restructuring costs

1

1

10

-

12

Unrealized loss (gain) on derivative financial instruments

(1)

-

-

1

-

EBITDA (A)

67

19

61

(25)

122


For the 3-month period ended December 31, 2022

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

85

22

(86)

(41)

(20)

Depreciation and amortization

30

5

17

10

62

Impairment charges

8

3

75

-

86

Other gain

-

(10)

-

-

(10)

Restructuring costs

-

-

2

-

2

Unrealized gain on derivative financial instruments

(4)

-

-

-

(4)

EBITDA (A)

119

20

8

(31)

116


For the year ended December 31, 2023

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,

Recovery and
Recycling
activities

Consolidated

Operating income (loss)

128

66

(2)

(152)

40

Depreciation and amortization

141

21

67

43

272

Impairment charges

104

2

103

-

209

Other loss (gain)

18

-

(6)

-

12

Restructuring costs

1

2

20

-

23

Unrealized loss (gain) on derivative financial instruments

(2)

-

-

4

2

EBITDA (A)

390

91

182

(105)

558


For the year ended December 31, 2022

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

266

86

(175)

(144)

33

Depreciation and amortization

118

19

74

41

252

Impairment charges

10

3

89

-

102

Other gain

-

(16)

(4)

-

(20)

Restructuring costs

-

-

3

-

3

Unrealized loss (gain) on derivative financial instruments

7

-

-

(1)

6

EBITDA (A)

401

92

(13)

(104)

376

Payments for property, plant and equipment by business segment are presented in the following table:


PAYMENTS FOR PROPERTY, PLANT AND EQUIPMENT


For the 3-month periods
ended December 31,

For the years
ended December 31,

(in millions of Canadian dollars) (unaudited)

2023

2022

2023

2022

Packaging Products





Containerboard

39

180

223

481

Specialty Products

13

15

32

40


52

195

255

521

Tissue Papers

16

16

39

55

Corporate, Recovery and Recycling activities

20

18

49

43

Total acquisitions

88

229

343

619

Right-of-use assets acquisitions and provisions (non-cash)

(28)

(18)

(54)

(87)


60

211

289

532

Acquisitions for property, plant and equipment included in "Trade and other payables"





Beginning of the period

32

55

106

75

End of the period

(45)

(106)

(45)

(106)

Payments for property, plant and equipment

47

160

350

501

Proceeds from disposals of property, plant and equipment

(1)

(11)

(7)

(19)

Payments for property, plant and equipment net of proceeds from disposals

46

149

343

482

SUPPLEMENTAL INFORMATION ON NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES

SPECIFIC ITEMS

The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items as they provide additional information to measure performance, compare the Corporation's results between periods, and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation's underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from that of other corporations and some of these items may arise in the future and may reduce the Corporation's available cash.

They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on repurchase of long-term debt, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate swaps and option fair value revaluation, foreign exchange gains or losses on long-term debt and financial instruments, fair value revaluation gains or losses on investments, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature.

RECONCILIATION AND USES OF NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES

To provide more information for evaluating the Corporation's performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS Accounting Standards ("non-IFRS Accounting Standards measures"), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance and capital measures, as well as non-IFRS Accounting Standards measures, is useful to both Management and investors, as they provide additional information to measure the performance and financial position of the Corporation. This also increases the transparency and clarity of the financial information. The following non-IFRS Accounting Standards measures and other financial measures are used in our financial disclosures:

Non-IFRS Accounting Standards measures

  • Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA (A): represents the operating income (as published in Consolidated Statement of Earnings (Loss) of the Consolidated Financial Statements) before depreciation and amortization excluding specific items. Used to assess recurring operating performance and the contribution of each segment on a comparable basis.
  • Adjusted net earnings: Used to assess the Corporation's consolidated financial performance on a comparable basis.
  • Adjusted cash flow: Used to assess the Corporation's capacity to generate cash flows to meet financial obligations and/or discretionary items such as share repurchases, dividend increases and strategic investments.
  • Free cash flow: Used to measure the excess cash the Corporation generates by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A).
  • Working capital: Used to assess the short-term liquidity of the Corporation.

Other financial measures

  • Total debt: Used to calculate all the Corporation's debt, including long-term debt and bank loans. Often put in relation to equity to calculate the debt-to-equity ratio.
  • Net debt: Used to calculate the Corporation's total debt less cash and cash equivalents. Often put in relation to EBITDA (A) to calculate net debt to EBITDA (A) ratio.

Non-IFRS Accounting Standards ratios

  • Net debt to EBITDA (A) ratio: Ratio used to assess the Corporation's ability to pay its debt and evaluate financial leverage.
  • EBITDA (A) margin: Ratio used to assess operating performance and the contribution of each segment on a comparable basis calculated as a percentage of sales.
  • Adjusted net earnings per common share: Ratio used to assess the Corporation's consolidated financial performance on a comparable basis.
  • Net debt / Net debt + Shareholders' equity: Ratio used to evaluate the Corporation's financial leverage and thus the risk to Shareholders.
  • Working capital as a percentage of sales: Ratio used to assess the Corporation's operating liquidity performance.
  • Adjusted cash flow per common share: Ratio used to assess the Corporation's financial flexibility.
  • Free cash flow ratio: Ratio used to measure the liquidity and efficiency of how much more cash the Corporation generates than it uses to run the business by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A) calculated as a percentage of sales.

Non-IFRS Accounting Standards and other financial measures are mainly derived from the consolidated financial statements, but do not have meanings prescribed by IFRS Accounting Standards. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS Accounting Standards. In addition, our definitions of non-IFRS Accounting Standards and other financial measures may differ from those of other corporations. Any such modification or reformulation may be significant.

The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)1). The CODM considers EBITDA (A)1 to be the best performance measure of the Corporation's activities.

EBITDA (A)1 by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is presented in the following table:


Q4 2023

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

(33)

13

34

(38)

(24)

Depreciation and amortization

39

5

17

12

73

Impairment charges

43

1

4

-

48

Other loss (gain)

18

(1)

(4)

-

13

Restructuring costs

1

1

10

-

12

Unrealized loss (gain) on derivative financial instruments

(1)

-

-

1

-

EBITDA (A)1

67

19

61

(25)

122


Q3 2023

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

61

13

38

(32)

80

Depreciation and amortization

38

6

15

10

69

Impairment charges

2

-

5

-

7

Other loss

-

1

-

-

1

Restructuring costs

-

1

3

-

4

EBITDA (A)1

101

21

61

(22)

161


Q4 2022

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

85

22

(86)

(41)

(20)

Depreciation and amortization

30

5

17

10

62

Impairment charges

8

3

75

-

86

Other gain

-

(10)

-

-

(10)

Restructuring costs

-

-

2

-

2

Unrealized gain on derivative financial instruments

(4)

-

-

-

(4)

EBITDA (A)1

119

20

8

(31)

116

1

Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.


2023

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and

Recycling
activities

Consolidated

Operating income (loss)

128

66

(2)

(152)

40

Depreciation and amortization

141

21

67

43

272

Impairment charges

104

2

103

-

209

Other loss (gain)

18

-

(6)

-

12

Restructuring costs

1

2

20

-

23

Unrealized loss (gain) on derivative financial instruments

(2)

-

-

4

2

EBITDA (A)1

390

91

182

(105)

558


2022

(in millions of Canadian dollars) (unaudited)

Containerboard

Specialty
Products

Tissue Papers

Corporate,
Recovery and
Recycling
activities

Consolidated

Operating income (loss)

266

86

(175)

(144)

33

Depreciation and amortization

118

19

74

41

252

Impairment charges

10

3

89

-

102

Other gain

-

(16)

(4)

-

(20)

Restructuring costs

-

-

3

-

3

Unrealized loss (gain) on derivative financial instruments

7

-

-

(1)

6

EBITDA (A)1

401

92

(13)

(104)

376

The following table reconciles net earnings (loss) and net earnings (loss) per common share, as reported, with adjusted net earnings1 and adjusted net earnings per common share1:

(in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited)

NET EARNINGS (LOSS)


NET EARNINGS (LOSS)

PER COMMON SHARE2


2023

2022

Q4 2023

Q3 2023

Q4 2022


2023

2022

Q4 2023

Q3 2023

Q4 2022

As reported

(76)

(34)

(57)

34

(27)


($0.76)

($0.34)

($0.57)

$0.34

($0.27)

Specific items:












Impairment charges

209

102

48

7

86


$1.56

$0.76

$0.35

$0.05

$0.64

Other loss (gain)

12

(20)

13

1

(10)


$0.09

($0.17)

$0.10

-

($0.09)

Restructuring costs

23

3

12

4

2


$0.18

$0.03

$0.10

$0.03

$0.02

Unrealized loss (gain) on derivative
financial instruments

2

6

-

-

(4)


$0.01

$0.04

-

-

($0.03)

Unrealized loss on interest rate swaps

1

-

1

-

-


$0.01

-

$0.01

-

-

Foreign exchange loss (gain) on long-
term debt and financial instruments

-

9

1

2

(3)


-

$0.08

-

$0.02

($0.02)

Share of results of associates and joint
ventures

(10)

-

(1)

-

-


($0.08)

-

($0.01)

-

-

Tax effect on specific items, other tax
adjustments and attributable to non-
controlling interest2

(52)

(29)

(12)

(3)

(22)


$0.07

($0.03)

$0.07

-

($0.03)


185

71

62

11

49


$1.84

$0.71

$0.62

$0.10

$0.49

Adjusted1

109

37

5

45

22


$1.08

$0.37

$0.05

$0.44

$0.22

Weighted average basic number of
common shares outstanding







100,542,206

100,647,972

100,685,574

100,669,311

100,361,627

1

Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.

2

Specific amounts per common share are calculated on an after-tax basis and are net of the portion attributable to non-controlling interests. Per share amounts in line item 'Tax effect on specific items, other tax adjustments and attributable to non-controlling interests' only include the effect of tax adjustments. Please refer to "Recovery of income taxes" section for more details.

The following table reconciles cash flow from operating activities with EBITDA (A)1:

(in millions of Canadian dollars) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022

Cash flow from operating activities

510

144

240

140

196

Changes in non-cash working capital components

(113)

116

(149)

(40)

(96)

Net income taxes paid

9

5

-

2

-

Net financing expense paid

129

87

20

47

15

Provisions for contingencies and charges and other liabilities, net of dividends received

23

24

11

12

1

EBITDA (A)1

558

376

122

161

116

The following table reconciles cash flow from operating activities with cash flow from operating activities (excluding changes in non-cash working capital components) and adjusted cash flow from operating activities1. It also reconciles adjusted cash flow from operating activities1 to adjusted cash flow generated (used)1, which is also calculated on a per common share basis:

(in millions of Canadian dollars, except per common share amounts or otherwise noted) (unaudited)

2023

2022

Q4 2023

Q3 2023

Q4 2022

Cash flow from operating activities

510

144

240

140

196

Changes in non-cash working capital components

(113)

116

(149)

(40)

(96)

Cash flow from operating activities (excluding changes in non-cash working
capital components)

397

260

91

100

100

Restructuring costs paid

24

12

12

6

3

Adjusted cash flow from operating activities1

421

272

103

106

103

Payments for property, plant and equipment

(350)

(501)

(47)

(59)

(160)

Change in intangible and other assets

(1)

(5)

-

-

(2)

Lease obligation payments

(59)

(55)

(15)

(15)

(15)

Proceeds from disposals of property, plant and equipment

7

19

1

3

11


18

(270)

42

35

(63)

Dividends paid to non-controlling interests

(36)

(13)

(3)

(24)

(4)

Dividends paid to the Corporation's Shareholders and to non-controlling interests

(48)

(48)

(12)

(12)

(12)

Adjusted cash flow generated (used)1

(66)

(331)

27

(1)

(79)

Adjusted cash flow generated (used) per common share1

(in Canadian dollars)

($0.66)

($3.29)

$0.27

($0.01)

($0.79)

Weighted average basic number of common shares outstanding

100,542,206

100,647,972

100,685,574

100,669,311

100,361,627

The following table reconciles total debt1 and net debt1 with the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1:

(in millions of Canadian dollars) (unaudited)

December 31,

2023

September 30,

2023

December 31,

2022

Long-term debt

1,869

2,048

1,931

Current portion of long-term debt

67

66

134

Bank loans and advances

-

-

3

Total debt1

1,936

2,114

2,068

Less: Cash and cash equivalents

(54)

(26)

(102)

Net debt1 as reported

1,882

2,088

1,966

Last twelve months EBITDA (A)1

558

552

376

Net debt / EBITDA (A) ratio1

3.4x

3.8x

5.2x

1

Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation.

SOURCE Cascades Inc.

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