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business cloud annualized income elude rate exceeds $15.2 billion
REDMOND, Wash. — April 27, 2017 — Microsoft Corp. these days announced privilege here effects for the quarter ended March 31, 2017:
“Our consequences this quarter reflect the believe clients are placing within the Microsoft Cloud,” observed Satya Nadella, chief government officer at Microsoft. “From significant multi-nationals to small and medium companies to non-profits in total places the world, agencies are using Microsoft’s cloud systems to vigour their digital transformation.”
the following desk reconciles their monetary results reported in line with frequently permitted accounting principles (“GAAP”) to non-GAAP pecuniary consequences. Microsoft has provided this non-GAAP fiscal suggestions to support buyers in more advantageous knowing the enterprise’s efficiency. more information related to their non-GAAP definition is equipped below. total extend comparisons relate to the corresponding duration in the remaining fiscal year.Three Months Ended March 31, ($ in millions, apart from per share quantities) revenue operating earnings net income Diluted revenue per proportion2016 As pronounced (GAAP) $20,531 $5,283 $3,756 $0.47 net bear an effect on from windows 10 salary Deferrals 1,625 1,625 1,282 0.16 2016 As Adjusted (non-GAAP) $22,156 $6,908 $5,038 $0.63 2017 As mentioned (GAAP) $22,090 $5,594 $4,801 $0.61 net bear an effect on from windows 10 earnings Deferrals 1,467 1,467 914 0.12 2017 As Adjusted (non-GAAP) $23,557 $7,061 $5,715 $0.seventy three percentage alternate Y/Y (GAAP) eight% 6% 28% 30% percent change Y/Y (non-GAAP) 6% 2% 13% sixteen% percent trade Y/Y (non-GAAP) steady currency 7% 5% sixteen% 19%
Microsoft returned $four.6 billion to shareholders within the type of share repurchases and dividends in the third quarter of fiscal yr 2017.
“powerful execution and exact for their cloud-based services drove their industrial cloud annualized revenue elude cost to more than $15.2 billion,” pointed out Amy Hood, government vp and chief monetary officer at Microsoft.
profits in productivity and company approaches turned into $eight.0 billion and multiplied 22% (up 23% in constant currency), with the following commerce highlights:
income in ingenious Cloud became $6.eight billion and elevated eleven% (up 12% in constant alien money), with here commerce highlights:
profits in additional own Computing became $eight.eight billion and diminished 7% (down 7% in constant currency) pushed essentially by means of reduce phone earnings, with here commerce highlights:
Microsoft will provide forward-looking recommendation in connection with this quarterly profits announcement on its profits conference name and webcast.
Satya Nadella, chief executive officer, Amy Hood, government vice president and chief economic officer, candid Brod, chief accounting officer, John Seethoff, deputy general tips and company secretary, and Chris Suh, widespread manager of Investor relations, will host a convention muster and webcast at 2:30 p.m. Pacific time (5:30 p.m. eastern time) today to contend particulars of the enterprise’s efficiency for the quarter and sure forward-looking counsel. The session may well live accessed at http://www.microsoft.com/en-us/investor. The webcast might live available for replay through the shut of enterprise on April 27, 2018.
“As Adjusted” pecuniary effects and non-GAAP Measures
throughout the third quarter of fiscal years 2017 and 2016, GAAP profits, operating income, web revenue, and diluted revenue per share consist of the internet influence from home windows 10 earnings deferrals. This merchandise is described below. moreover these monetary consequences pronounced in response to GAAP, Microsoft has provided sure non-GAAP economic assistance to assist buyers in more suitable realizing the company’s performance. featuring these non-GAAP measures gives additional insight into operational efficiency and helps clarify tendencies affecting the enterprise’s company. For comparability of reporting, management considers this information in conjunction with GAAP amounts in evaluating company performance.
net move from windows 10 earnings Deferrals. With respect to their non-GAAP measures involving windows 10 profits, they trust these measures bridge investor counsel and slice abilities confusion throughout the short length between the time windows 10 earnings cognizance moved from upfront to ratable, and the adoption of the novel earnings common, when windows 10 will once again live recognized predominantly upfront. The net change in windows 10 revenue from duration to length is indicative of the net change in revenue they hope from adoption of the novel income average.
internet bear an effect on from windows 10 income Deferrals. Microsoft recorded net salary deferrals of $1.5 billion total the way through the third quarter of fiscal yr 2017 and net profits deferrals of $1.6 billion during the third quarter of fiscal yr 2016, involving windows 10.
With the launch of home windows 10 in July 2015, windows 10 clients obtain future types and updates at no extra cost. beneath present revenue recognition accounting information, when standalone software is offered with future help rights, profits should live deferred over the life of the computing device on which it's installed. here is distinctive from prior versions of windows, which bear been bought without upgrade rights, the dwelling total revenue from conventional apparatus company (“OEM”) consumers became recognized at the time of billing, i.e., upfront.
When Microsoft adopts the brand novel income typical, predominantly total windows OEM profits will live identified at the time of billing, which is similar to the revenue consciousness for prior versions of windows. additional info concerning the novel revenue standard is supplied within the “recent Accounting tips not Yet Adopted” constituent of Microsoft’s benign 10-Q for the quarter ended March 31, 2017 (Notes to economic Statements). Microsoft reflects the attention of home windows 10 income on the time of billing in “As Adjusted (non-GAAP)” salary to supply comparability total over the brief length where home windows 10 can live diagnosed over the estimated life of a tool, i.e., ratably, rather than on the time of billing.
Microsoft presents regular forex tips to deliver a non-GAAP framework for assessing how their underlying businesses performed excluding the repercussion of alien forex expense fluctuations. To latest this information, current and comparative prior age non-GAAP results for entities reporting in currencies aside from u.s. bucks are converted into u.s. dollars using the standard alternate fees from the comparative duration in preference to the exact alternate quotes in effect total the way through the respective intervals. The non-GAAP fiscal measures offered under should not live considered as an alternative to, or sophisticated to, the measures of pecuniary performance prepared in line with GAAP. total boom comparisons relate to the corresponding length within the final fiscal 12 months.
financial efficiency consistent currency ReconciliationThree Months Ended March 31, ($ in hundreds of thousands, except per share amounts) salary operating profits net salary Diluted revenue per proportion2016 As said (GAAP) $20,531 $5,283 $three,756 $0.forty seven 2016 As Adjusted (non-GAAP) $22,156 $6,908 $5,038 $0.63 2017 As stated (GAAP) $22,090 $5,594 $4,801 $0.61 2017 As Adjusted (non-GAAP) $23,557 $7,061 $5,715 $0.73 percent exchange Y/Y (GAAP) eight% 6% 28% 30% percentage alternate Y/Y (non-GAAP) 6% 2% 13% sixteen% consistent alien money impact $(222) $(181) $(153) $(0.02) percentage exchange Y/Y (non-GAAP) regular currency 7% 5% 16% 19%
section earnings steady alien money ReconciliationThree Months Ended March 31, ($ in thousands and thousands) productiveness and company tactics intelligent Cloud more own Computing 2016 As mentioned (GAAP) $6,521 $6,096 $9,539 2017 As pronounced (GAAP) $7,958 $6,763 $eight,836 percent trade Y/Y (GAAP) 22% 11% (7)% constant currency affect $(eighty two) $(seventy four) $(sixty seven) percent exchange Y/Y (non-GAAP) steady currency 23% 12% (7)%
selected Product and repair earnings regular currency ReconciliationThree Months Ended March 31, percentage change Y/Y (GAAP) consistent forex affect percent alternate Y/Y (non-GAAP) consistent currency workplace industrial products and cloud facilities7% 1% 8% office 365 commercialforty five% 0% forty five% workplace buyer products and cloud facilities15% (1)% 14% Dynamics products and cloud services10% 1% eleven% Dynamics 365 eighty one% 1% eighty two% Server products and cloud services15% 1% sixteen% Azure ninety three% 1% 94% commercial enterprise functions (1)% 1% 0% home windows OEM 5% 0% 5% home windows commerce products and cloud amenities6% 0% 6% surface (26)% 1% (25)% Search advertising except traffic acquisition fees eight% 1% 9% Gaming four% 2% 6%
commercial Cloud Annualized income elude price
commercial cloud annualized income elude rate is calculated through taking salary in the remaining month of the quarter accelerated through twelve for office 365 business, Azure, Dynamics 365, and other cloud houses.
Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productiveness company for the cellular-first, cloud-first world and its mission is to empower every adult and each corporation in the world to obtain extra.
Statements during this liberate which are “forward-searching statements” are in response to present expectations and assumptions that are region to risks and uncertainties. actual effects may vary materially because of factors similar to:
For extra recommendation about dangers and uncertainties linked to Microsoft’s company, please check with the “management’s discussion and evaluation of monetary condition and results of Operations” and “possibility components” sections of Microsoft’s SEC filings, including, but now not restrained to, its annual report on configuration 10-k and quarterly stories on benign 10-Q, copies of which may live received by way of contacting Microsoft’s Investor family members arm at (800) 285-7772 or at Microsoft’s Investor family members web page at http://www.microsoft.com/en-us/investor.
All counsel in this free up is as of April 27, 2017. The commerce undertakes no obligation to update any ahead-looking commentary to conform the commentary to specific effects or alterations within the business’s expectations.
notice to editors: For more information, information and perspectives from Microsoft, please seek recommendation from the Microsoft information middle at http://www.microsoft.com/information. net links, cellphone numbers, and titles had been proper at time of book, but may moreover due to the fact that bear modified. Shareholder and pecuniary counsel, in addition to today’s 2:30 p.m. Pacific time convention muster with investors and analysts, is obtainable at http://www.microsoft.com/en-us/investor.
- by Holly LaFon
Hedge fund manager Daniel Loeb (Trades, Portfolio) axed 10 of his long portfolio's positions total over a dropping fourth quarter, buying only Cigna Corp. (CI) and lengthening a couple of smaller stakes, he introduced Friday.
Returns at Loeb's Third constituent Offshore Fund, which invests opportunistically in diverse asset courses, dipped eleven.1% for 2018, underperforming the S&P 500's four.4% tumble, after a 6.2% drop for December, compared to a 9.0% loss within the index. The fund suffered in each its fairness and credit suggestions, administration observed in a December commentary. In its lengthy strategy, consumer, industrials and commodities, and financials led declines, whereas "small features" in its brief equity positions "helped partially mitigate losses."
For January, Loeb's fund bounced again but under the benchmark. It climbed 2.9% in January, outpaced by the 8.0% soar in the S&P 500.
during the quarter, Loeb trimmed four of his portfolio's five biggest long positions, reducing by means of double-digit percentages Baxter international (BAX), DowDuPont Inc. (DWDP) and PayPal Holdings Inc. (PYPL). He offered four.31% of his Danaher Corp. (DHR) shares, while increasing simplest second-biggest position Campbell Soup CO. (CPB) by using sixteen.67%.
among his fourth-quarter earnings bear been a 4.05 million-share stake in Alibaba neighborhood Holdings Ltd. (BABA), a 1.25 million-share stake in Netflix Inc. (NFLX) and a four.1 million share-stake in Microsoft Corp. (MSFT). He moreover left in the back of eight.4 million shares of United applied sciences (UTX), a dwelling he centered in the first quarter of 2018.
At fourth quarter-conclusion, Loeb's Third factor portfolio contained 22 long positions valued round $6.fifty one billion, down from $14.31 billion and 31 positions in the passe quarter and the lowest considering the fact that the fourth quarter of 2013. The biggest represented sector was health custody at 46% of holdings, adopted via customer defensive at 14.ninety six%.
Cigna Corp. (CI)
Loeb bought 525,000 shares of Cigna Corp., giving it 1.68% portfolio area. The inventory's fourth-quarter share fee averaged $208.
Cigna Corp. has a market cap of $69.64 billion; its shares had been traded around $182.89 with a value-earnings ratio of 16.24 and price-sales ratio of 1.01. The trailing 12-month dividend yield of Cigna Corp. is 0.02%. The ahead dividend yield of Cigna Corp. is 0.02%.
Salesforce.com Inc. (CRM)
Loeb increased his Salesforce.com dwelling by using one hundred thirty five% to 1.175 million shares, cost 2.forty seven% of the portfolio. The stock's fourth-quarter share expense averaged $137.
Salesforce.com Inc. has a market cap of $122.33 billion; its shares were traded around $159.91 Monday with a cost-income ratio of a hundred and seventy.12 and price-sales ratio of 9.82. Salesforce.com Inc. had an annual general revenue boom of 19% over the past 10 years. GuruFocus rated Salesforce.com Inc. the enterprise predictability rank of four-celebrity.
Cambell Soup Co. (CPB)
Loeb improved the dwelling via 16.sixty seven% to 21 million shares, value 10.sixty four% of the portfolio. The stock's fourth-quarter share expense averaged $38.
Campbell Soup Co. has a market cap of $10.28 billion; its shares had been traded round $34.16 Monday with a value-earnings ratio of 57.ninety and value-sales ratio of 1.10. The trailing 12-month dividend yield of Campbell Soup Co.is four.09%. The forward dividend yield of Campbell Soup Co. is 4.08%.
See Daniel Loeb (Trades, Portfolio)'s portfolio privilege here.
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this article first appeared on GuruFocus.
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Fourth Quarter Highlights
TORONTO, Feb. 22, 2019 (GLOBE NEWSWIRE) -- CCL Industries Inc. (“the Company”) (TSX:CCL.A) (TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported fourth quarter and annual pecuniary results for 2018.
Sales for the fourth quarter of 2018 increased 8.0% to $1,332.8 million, compared to $1,234.5 million for the fourth quarter of 2017, with 1.5% organic growth, 5.1% acquisition related growth, and 1.4% positive repercussion from alien currency translation.
Operating income(1) for the fourth quarter of 2018 was $189.2 million compared to $205.1 million for the comparable quarter of 2017.
Restructuring and other items was a $6.6 million expense for the 2018 fourth quarter, consisting of reorganization and acquisition transaction costs totaling $3.3 million and other expenses principally related to actuarial pension accruals of $3.3 million for Innovia and legacy CCL U.K. schemes. This non-cash expense is entirely the result of a fourth quarter milestone legal judgment, gender equalizing sure historic guaranteed minimum obligations for total UK defined benefit pension schemes. For the fourth quarter of 2017, restructuring and other items summed to $4.2 million in income resulting from the reversal of a pre-acquisition $15.6 million legal accrual in the Checkpoint Segment partially offset by $11.4 million of reorganization costs.
Tax expense for the fourth quarter of 2018 was $35.0 million compared to $4.8 million in the prior year period. The efficacious tax rate for the 2018 fourth quarter was 23.9% resulting in an annual efficacious tax rate of 25.3%, approximately 3% lower than the historical average efficacious tax rate prior to the changes brought about by the TCJA.
Net earnings were $114.2 million for the 2018 fourth quarter compared to $169.4 million for the 2017 fourth quarter. Basic and adjusted basic earnings per Class B share(3) were $0.65 and $0.68, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $0.97 and $0.83, respectively, in the prior year fourth quarter.
For the year ending December 31, 2018, sales and operating income improved 8.5% and 5.2% to $5.2 billion and $775.7 million, respectively, compared to December 31, 2017. Included in 2018 and 2017 were $4.3 million and $15.2 million non-cash acquisition accounting adjustments to equitable value the acquired inventory from the Treofan and Innovia acquisitions, expensed through cost of sales in the respective years. Excluding these non-cash adjustments, operating income was $780.0 million compared to $752.7 million for 2018 and 2017, respectively. The year ending December 31, 2018, included results from nine acquisitions completed since January 1, 2017, delivering acquisition related sales growth for the age of 5.7%, coupled with organic sales growth of 2.1% and 0.7% positive repercussion from alien currency translation. alien currency translation had a positive repercussion of $0.02 per share. For the year ended December 31, 2018, basic and adjusted basic earnings per Class B share(3) were $2.64 and $2.73, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $2.70 and $2.69, respectively, in the prior year.
Geoffrey T. Martin, President and Chief Executive Officer, commented, “As expected, fourth quarter results were comparatively challenging for the CCL Segment, given the currency adjusted 41% extend in operating income reported for the same age of 2017. Strong organic growth and solid operating performances at their CCL Label commerce only partly offset slower finish markets and plant start-up costs at CCL Design and especially tough comparisons at CCL Secure on a large novel currency issue in the prior year period. Segment organic growth, excluding CCL Secure, was 7.0%. Checkpoint performance reflects the absence of large, novel technology installations this quarter that boosted the prior year period; they will pan the same issue for the first quarter of 2019. Recurring revenue product lines, including apparel labels with RFID inlays, posted solid growth. Avery results in the prior year quarter benefitted from buy forwards for legacy product lines in promote of a January 1, 2018 cost increase. Direct-to-consumer businesses continued to grow at double-digit organic rates with excellent operating margins(1) globally. Legacy Innovia sales declined but profitability increased, albeit compared to a poverty-stricken prior year period, on improved mix, productivity actions and easing resin costs. A number of executed pricing actions elect effect in the first half of 2019 to commence recovery of the resin inflation experienced over the recent past. Former Treofan operations posted a small loss for the fourth quarter and they hope to start up the novel production line in Mexico in the second quarter of 2019. So far, the Company’s first quarter order engage looks solid overall but a little checkered with sure geographies and commerce areas surprisingly robust, others muted by economic and political uncertainties.”
Mr. Martin continued, “Foreign currency translation had a positive repercussion of $0.01 and $0.02 on earnings per Class B share for the fourth quarter and full year 2018, respectively. At today’s Canadian dollar exchange rates, currency translation would live a tailwind, if sustained, for the first quarter of 2019.”
Mr. Martin concluded, “The Company finished the year with a strong equipoise sheet, despite investing $365.9 million in acquisitions and $330.2 million in capital equipment, net of disposals. The consolidated leverage ratio(5), including the trailing results of the acquired Treofan and Imprint businesses, reduced the Company’s leverage ratio(5) to 1.88 times EBITDA(2). Combined $589.1 million cash-on-hand and US$454.5 million undrawn capacity on their syndicated revolving credit facility summed to a robust liquidity position at the finish of the year. With a strong free cash flow outlook for 2019, the Board of Directors declared a 31% extend in the quarterly dividend to $0.17 per Class B non-voting share and $0.1675 per Class A voting share, payable to shareholders of record at the near of commerce on March 15, 2019, to live paid on March 29, 2019. Continued deleveraging and strategic tuck-in acquisitions remain the priority for excess cash flows in 2019.”
2018 Reporting Changes
Effective January 1, 2018, the Company changed its reportable segments to incorporate total entities previously reported within the Container Segment in the CCL Segment to align with the current management structure and reporting. The Company restated comparative Segment information to conform to the current year’s presentation.
2018 Fourth Quarter Highlights
2019 Directorship Announcement
Donald G. Lang, Executive Chairman said, “Mr. Ned Guillet, Director and Chairman of the Company’s Human Resources Committee, has advised that he intends to retire from the Board of Directors and that he will not stand for re-election at the 2019 annual shareholders’ meeting, expected to live held in May. Ned brought deep lore of total governance matters in his field, significant insight into their consumer customers, global undergo and a sensitivity to the significance of people at CCL, total combined with a noteworthy sense of humour and an easy-going personality. They thank him for his invaluable guidance and wise counsel during his tenure. They are very pleased that Mr. Alan Horn has agreed to stand for election to the Board at the 2019 annual shareholders’ meeting. Alan previously served as a Director of the Company from 2008 to 2017 and is currently President & CEO of Rogers Telecommunications Limited.”
CCL will hold a conference muster at 7:30 a.m. EST on February 22, 2019, to contend these results. The analyst presentation will live posted on the Company’s website.
To access this call, please dial:
1–844-347-1036 Toll Free1–209-905-5911 International Dial-In NumberOptional Conference Passcode: 8333869
Audio replay service will live available from February 22, 2019, at 10:30 a.m. EST until March 12, 2019, at 11:30 a.m. EDT.
To access Conference Replay, please dial:1–855-859-2056 Toll Free 1–404-537-3406 International Dial-In NumberConference Passcode: 8333869
For more information on CCL, visit their website - www.cclind.com or contact:Sean Washchuk Senior Vice President and Chief pecuniary Officer 416-756-8526
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 total 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, pecuniary 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 repercussion of alien currency exchange rates would live a tailwind for the 2019 first quarter; income and profitability of the Company’s segments; and the Company’s expectations regarding general commerce 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 repercussion of competition; consumer self-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 the Company’s ability to attract and retain qualified employees. Do not unduly reckon 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 moreover based on a number of assumptions, which may prove to live incorrect, including, but not limited to, assumptions about the following: global economic environment and higher consumer spending; improved customer exact for the Company’s products; continued historical growth trends, market growth in specific sectors and entering into novel sectors; the Company’s ability to provide a wide compass 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; fluctuations in resin prices; the Company’s continued relations with its customers; the Company’s estimated annual cost reductions and pecuniary repercussion from the restructuring of the Checkpoint and Innovia acquisitions; 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 live establish in the 2018 Annual Report, Management’s Discussion and Analysis, particularly under Section 4: “Risks and Uncertainties.” CCL Industries Inc.’s annual and quarterly reports can live establish online at www.cclind.com and www.sedar.com or are available upon request.
Except as otherwise indicated, forward-looking statements Do not elect into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may bear on the Company’s business. Such statements Do not, unless otherwise specified by the Company, reflect the repercussion of dispositions, sales of assets, monetizations, mergers, acquisitions, other commerce combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The pecuniary repercussion of these transactions and non-recurring and other special items can live intricate and depends on the facts particular to each of them and therefore cannot live described in a meaningful way in promote 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 novel events or circumstances, except as required by law.
The pecuniary information presented herein has been prepared on the basis of IFRS for pecuniary statements and is expressed in Canadian dollars unless otherwise stated.
CCL Industries Inc.Consolidated statements of pecuniary positionUnauditedIn millions of Canadian dollars As at December 31, 2018 As at December 31, 2017 Assets Current assets Cash and cash equivalents $ 589.1 $ 557.5 Trade and other receivables 938.0 821.3 Inventories 524.6 425.1 Prepaid expenses 34.8 33.6 Income taxes recoverable 38.7 13.1 Derivative instruments - 1.0 Total current assets 2,125.2 1,851.6 Non-current assets Property, plant and equipment 1,797.5 1,514.7 Goodwill 1,830.3 1,580.7 Intangible assets 1,138.9 1,082.7 Deferred tax assets 32.5 28.8 Equity accounted investments 59.8 54.0 Other assets 34.3 31.5 Derivative instruments 9.1 - Total non-current assets 4,902.4 4,292.4 Total assets $ 7,027.6 $ 6,144.0 Liabilities Current liabilities Trade and other payables $ 1,223.4 $ 1,018.4 Current portion of long-term debt 71.8 230.6 Income taxes payable 51.2 50.7 Derivative instruments 0.5 - Total current liabilities 1,346.9 1,299.7 Non-current liabilities Long-term debt 2,419.8 2,100.8 Deferred tax liabilities 216.6 183.5 Employee benefits 320.0 333.6 Provisions and other long-term liabilities 10.6 17.8 Derivative instruments 40.6 50.7 Total non-current liabilities 3,007.6 2,686.4 Total liabilities 4,354.5 3,986.1 Equity Share capital 306.3 279.4 Contributed surplus 92.7 78.0 Retained earnings 2,238.9 1,853.4 Accumulated other comprehensive income (loss) 35.2 (52.9) Total equity attributable to shareholders of the Company 2,673.1 2,157.9 Total liabilities and equity $ 7,027.6 $ 6,144.0
CCL Industries Inc.Consolidated income statementsUnauditedThree Months EndedDecember 31 Twelve Months EndedDecember 31 In millions of Canadian dollars,except per share information 2018 2017 2018 2017 Sales $ 1,332.8 $ 1,234.5 $ 5,161.5 $ 4,755.7 Cost of sales 958.0 851.5 3,662.7 3,319.4 Gross profit 374.8 383.0 1,498.8 1,436.3 Selling, general and administrative expenses 201.9 190.5 785.8 751.5 Restructuring and other items 6.6 (4.2) 14.8 11.3 Earnings in equity accounted investments (2.7) (1.3) (5.3) (3.7) 169.0 198.0 703.5 677.2 Finance cost 28.9 32.5 92.9 87.4 Finance income (9.1) (8.7) (12.2) (12.2) Net finance cost 19.8 23.8 80.7 75.2 Earnings before income tax 149.2 174.2 622.8 602.0 Income tax expense 35.0 4.8 156.0 127.9 Net earnings $ 114.2 $ 169.4 $ 466.8 $ 474.1 Earnings per share Basic earnings per Class B share $ 0.65 $ 0.97 $ 2.64 $ 2.70 Diluted earnings per Class B share $ 0.64 $ 0.95 $ 2.61 $ 2.66
CCL Industries Inc.Consolidated statements of cash flowsUnauditedThree Months EndedDecember 31 Twelve Months EndedDecember 31 In millions of Canadian dollars 2018 2017 2018 2017 Cash provided by (used for) Operating activities Net earnings $ 114.2 $ 169.4 $ 466.8 $ 474.1 Adjustments for: Depreciation and amortization 71.3 66.5 278.0 259.2 Earnings from equity accounted investments, net of dividends received (2.1) (1.3) (1.5) (1.2) Net finance costs 19.8 23.8 80.7 75.2 Current income tax expense 20.2 40.4 139.4 155.2 Deferred taxes 14.8 (35.6) 16.6 (27.3) Equity-settled share-based payment transactions 5.3 1.3 22.9 19.7 Loss (gain) on sale of property, plant and equipment (3.8) 0.5 (3.6) (0.9) 239.7 265.0 999.3 954.0 Change in inventories 2.9 15.7 (62.1) 8.1 Change in trade and other receivables 28.7 27.5 (58.5) (36.1) Change in prepaid expenses 2.9 6.1 (1.1) (7.5) Change in trade and other payables 104.6 37.7 149.4 3.6 Change in income taxes receivable and payable 6.7 3.6 (8.6) 8.4 Change in employee benefits (4.0) (3.7) (13.6) 10.7 Change in other assets and liabilities 13.3 (2.3) 1.4 (8.1) 394.8 349.6 1,006.2 933.1 Net interest paid (24.5) (15.5) (76.8) (67.3) Income taxes paid (41.2) (47.8) (156.7) (154.6) Cash provided by operating activities 329.1 286.3 772.7 711.2 Financing activities Proceeds on issuance of long-term debt 78.3 - 888.5 1,186.6 Repayment of debt (177.7) (169.2) (882.7) (384.5) Proceeds from issuance of shares 0.4 0.6 19.1 12.1 Dividends paid (23.0) (20.4) (92.2) (81.2) Cash provided by (used for) financing activities (122.0) (189.0) (67.3) 733.0 Investing activities Additions to property, plant and equipment (72.9) (47.0) (352.9) (285.7) Proceeds on disposal of property, plant and equipment 5.4 0.4 22.7 12.8 Business acquisitions and other long-term investments (14.7) (7.6) (365.9) (1,191.4) Cash used for investing activities (82.2) (54.2) (696.1) (1,464.3) Net extend (decrease) in cash and cash equivalents 124.9 43.1 9.3 (20.1) Cash and cash equivalents at soar of period 438.2 512.9 557.5 585.1 Translation adjustments on cash and cash equivalents 26.0 1.5 22.3 (7.5) Cash and cash equivalents at finish of the period $ 589.1 $ 557.5 $ 589.1 $ 557.5
CCL Industries Inc.Segment InformationUnaudited
In millions of Canadian dollarsSales Operating income Sales Operating income Three Months Ended December 31 Twelve Months Ended December 31 2018 2017 2018 2017 2018 2017 2018 2017 CCL $ 827.2 $ 780.0 $ 120.1 $ 133.4 $ 3,255.1 $ 3,019.4 $ 511.3 $ 471.0 Avery 173.1 171.0 36.0 40.7 711.9 752.9 145.5 164.5 Checkpoint 189.2 192.3 25.4 30.9 712.9 675.2 101.3 87.4 Innovia 143.3 91.2 7.7 0.1 481.6 308.2 17.6 14.6 Total operations $ 1,332.8 $ 1,234.5 $ 189.2 $ 205.1 $ 5,161.5 $ 4,755.7 $ 775.7 $ 737.5 Corporate expense (16.3) (12.6) (62.7) (52.7) Restructuring and other items (6.6) 4.2 (14.8) (11.3) Earnings in equity accounted investments 2.7 1.3 5.3 3.7 Finance cost (28.9) (32.5) (92.9) (87.4) Finance income 9.1 8.7 12.2 12.2 Income tax expense (35.0) (4.8) (156.0) (127.9) Net earnings $ 114.2 $ 169.4 $ 466.8 $ 474.1 Total Assets Total Liabilities Depreciation andAmortization Capital Expenditures December 31 2018 2017 2018 2017 2018 2017 2018 2017 CCL $ 3,645.8 $ 3,313.0 $ 947.5 $ 821.6 $ 194.9 $ 185.8 $ 280.0 $ 237.3 Avery 637.4 593.4 237.3 197.1 17.6 16.1 11.6 13.8 Checkpoint 978.0 941.0 451.2 417.4 27.9 29.0 37.9 23.3 Innovia 1,140.7 751.5 225.2 160.5 36.6 27.4 22.7 10.9 Equity accounted investments 59.8 54.0 - - - - - - Corporate 565.9 491.1 2,493.3 2,389.5 1.0 0.9 0.7 0.4 Total $ 7,027.6 $ 6,144.0 $ 4,354.5 $ 3,986.1 $ 278.0 $ 259.2 $ 352.9 $ 285.7
(1) Operating income and operating income margin are key non-IFRS pecuniary measures used to assist in understanding the profitability of the Company’s commerce units. Operating income is defined as earnings before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes. Operating income margin, moreover known as return on sales, is defined as operating income over sales.
(2) EBITDA is a critical non-IFRS pecuniary measure used extensively in the packaging industry and other industries to assist in understanding and measuring operating results. EBITDA is moreover considered as a proxy for cash flow and a facilitator for commerce valuations. This non-IFRS pecuniary measure is defined as earnings before net finance cost, taxes, depreciation and amortization, goodwill impairment loss, non-cash acquisition accounting adjustments to inventory, earnings in equity accounted investments and restructuring and other items. Calculations are provided below to reconcile operating income to EBITDA. The Company believes that this is an principal measure as it allows management to assess the ongoing commerce without the repercussion 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 witness the Company’s ability to incur or service debt and to invest in property, plant and equipment, and it allows management to compare the commerce to those of the Company’s peers and competitors who may bear different capital or organizational structures. EBITDA is tracked by pecuniary analysts and investors to evaluate pecuniary performance and is a key metric in commerce valuations. EBITDA is considered an principal measure by lenders to the Company and is included in the pecuniary covenants included in the senior notes and bank lines of credit.
Reconciliation of operating income to EBITDA
Unaudited(In millions of Canadian dollars) Three months endedDecember 31 Twelve months endedDecember 31 Sales 2018 2017 2018 2017 CCL $ 827.2 $ 780.0 $ 3,255.1 $ 3,019.4 Avery 173.1 171.0 711.9 752.9 Checkpoint 189.2 192.3 712.9 675.2 Innovia 143.3 91.2 481.6 308.2 Total sales $ 1,332.8 $ 1,234.5 $ 5,161.5 $ 4,755.7 Operating income CCL $ 120.1 $ 133.4 $ 511.3 $ 471.0 Avery 36.0 40.7 145.5 164.5 Checkpoint 25.4 30.9 101.3 87.4 Innovia 7.7 0.1 17.6 14.6 Total operating income 189.2 205.1 775.7 737.5 Less: Corporate expenses (16.3) (12.6) (62.7) (52.7) Add: Depreciation & amortization 71.3 66.5 278.0 259.2 Add: Non-cash acquisition accounting adjustment to inventory - - 4.3 15.2 EBITDA $ 244.2 $ 259.0 $ 995.3 $ 959.2
(3) Adjusted basic earnings per Class B share is an principal non-IFRS measure 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 pecuniary results of the Company. This non-IFRS pecuniary measure is defined as basic net earnings per Class B share excluding gains on commerce dispositions, goodwill impairment loss, non-cash acquisition accounting adjustments to inventory, restructuring and other items, and tax adjustments.
Reconciliation of Basic Earnings per Class B Share to Adjusted Basic Earnings per Class B Share
UnauditedThree months endedDecember 31 Twelve months endedDecember 31 2018 2017 2018 2017 Basic earnings per Class B Share $ 0.65 $ 0.97 $ 2.64 $ 2.70 Net loss from restructuring and other items 0.03 -* 0.07 0.07 Non-cash acquisition accounting adjustment related to inventory - - 0.02 0.06 TCJA remeasurement of deferred tax on indefinite life intangibles - (0.14) - (0.14) Adjusted Basic Earnings per Class B Share $ 0.68 $ 0.83 $ 2.73 $ 2.69
* The net after tax repercussion of restructuring and other items was nominal.
(4)Free Cash flow from Operations – A measure indicating the relative amount of cash generated by the Company during the year and available to fund dividends, debt repayments and acquisitions. It is calculated as cash flow from operations less capital expenditures, net of proceeds from the sale of property, plant and equipment.
The following table reconciles the measure of free cash flow from operations to IFRS measures reported in the consolidated statements of cash flows for the periods ended as indicated.Free Cash flow from Operations 2018 2017 Cash provided by operating activities $ 772.7 $ 711.2 Less: Additions to property, plant and equipment (352.9) (285.7) Add: Proceeds on disposal of property, plant and equipment 22.7 12.8 Free cash flow from operations $ 442.5 $ 438.3
(5) Leverage ratio is a measure that indicates the Company’s ability to service its existing debt. Leverage ratio is calculated as net debt divided by EBITDA.December 31, 2018 Unaudited(In millions of Canadian dollars) Current debt $ 71.8 Long-term debt 2,419.8 Total debt 2,491.6 Cash and cash equivalents (589.1) Net debt $ 1,902.5 Proforma EBITDA for 12 months ending December 31, 2018 (see below) $ 1,011.3 Leverage Ratio 1.88 EBITDA for 12 months ended December 31, 2018 $ 995.3 add: Treofan and Imprint EBITDA 16.0 Proforma EBITDA for 12 months ended December 31, 2018 $ 1,011.3
Supplemental pecuniary Information
Sales Change AnalysisRevenue Growth Rates (%) Three Months Ended December 31, 2018 Twelve Months Ended December 31, 2018 Organic Acquisition FX Organic Acquisition FX Growth Growth Translation Total Growth Growth Translation Total CCL 4.6% 0.5% 1.0% 6.1% 4.8% 2.4% 0.6% 7.8% Avery (4.3%) 2.3% 3.2% 1.2% (8.0%) 2.1% 0.5% (5.4%) Checkpoint (2.4%) - 0.8% (1.6%) 4.7% - 0.9% 5.6% Innovia (5.4%) 61.1% 1.4% 57.1% (4.9%) 58.9% 2.3% 56.3% Total 1.5% 5.1% 1.4% 8.0% 2.1% 5.7% 0.7% 8.5%
CCL Industries Inc. employs approximately 21,000 people operating 168 production facilities in 40 countries with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL is the world’s largest converter of pressure sensitive and specialty extruded film materials for a wide compass of decorative, instructional, functional and security applications for government institutions and large global customers in the consumer packaging, healthcare & chemicals, consumer electronic device and automotive markets. Extruded & laminated plastic tubes, aluminum aerosols & specialty bottles, folded instructional leaflets, precision decorated & die slice components, electronic displays, polymer banknote substrate 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 for short-run digital printing applications for businesses and consumers available alongside complementary products sold through distributors, mass market stores and e-commerce retailers. Checkpoint is a leading developer of RF and RFID based technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and apparel industries worldwide. Innovia is a leading global producer of specialty, elevated performance, multi-layer, surface engineered films for label, packaging and security applications. The Company is partly backward integrated into materials science with capabilities in polymer extrusion, adhesive development, coating & lamination, surface engineering and metallurgy; deployed as needed across the four commerce segments.
Rise in prevalence of neurological disorders, increased global geriatric population, and untapped markets in the developing countries are expected to propel the growth of the global brain monitoring market
PORTLAND, Oregon, Feb. 18, 2019 /PRNewswire/ --Allied Market Research recently published a report, titled, "Brain Monitoring Market by Technology (Devices and Accessories), and Application (Epilepsy, Dementia, Parkinson's Disease, Huntington's Disease, Headache Disorders, Stroke, Traumatic Brain Injuries, and Sleep Disorders)-Global occasion Analysis and Industry Forecast, 2018-2025". According to the report, the global brain monitoring market was pegged at $3.85 billion and is projected to compass $6.59 billion by 2025, registering CAGR of 6.9% during the age 2018–2025.
Rise in prevalence of neurological disorders, rapid technological advancements, and extend in geriatric population that is vulnerable to various brain injuries and other disorders bear boosted the growth of the global brain monitoring market. However, stringent government regulations and unfavorable reimbursement policies hobble market growth. On the contrary, lucrative opportunities in the untapped market in developing countries are expected to propel the market growth.
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Electroencephalography (EEG) devices segment held the lion's share
The EEG segment held the largest share in 2017, contributing about one-fifth of the total market share, owing to soar in exact for advanced imaging techniques, extend in investments by device manufacturers, and surge in exact for diagnosis of critical disorders such as epilepsy. However, the electromyography (EMG) devices segment is expected to manifest the fastest CAGR of 8.0% during the forecast period.
The report moreover includes other segments such as magnetoencephalography (MEG) devices, transcranial Doppler (TCD) devices, intracranial pressure (ICP) monitors, cerebral oximeters, magnetic resonance imaging (MRI) devices, computerized tomography (CT) devices, positron emission tomography (PET) devices, sleep monitoring devices, accessories, and others.
Non-invasive procedures segment to manifest fastest growth by 2025
The non-invasive procedures segment is projected to portray the fastest CAGR of 6.9% during the study period. Moreover, the segment held the largest share, contributing about 90% of the total market in 2017. The report analyzes the segment of invasive procedure.
Traumatic brain injuries segment dominates the market
The traumatic brain injuries segment dominated the market in terms of market share, contributing about one-fifth of the total market in 2017. However, Parkinson's disease segment is estimated to portray the fastest CAGR of 8.8% during the forecast period. The report includes other segments such as epilepsy, dementia, Huntington's disease, headache disorders, stroke, sleep disorders, and other diseases.
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Asia-Pacific region to portray fastest CAGR through 2025
Asia-Pacific region is projected manifest the fastest CAGR of 9.2% during the forecast period, owing to extend in awareness regarding the significance of predictive analytics and large number of R&D activities for the progress of predictive analytics tools in the developing regions. However, North America region held the largest share, contributing more than two-fifths of the market share in 2017, owing to elevated adoption rate of predictive analytics software and well-established healthcare infrastructure. The report includes analysis of other regions such as Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The report profiles the major companies in the market, including Advanced Brain Monitoring, Inc., Compumedics Ltd., Koninklijke Philips N.V. (Philips Healthcare), Natus Medical Incorporated, Siemens AG, CAS Medical Systems, Inc., general Electric Company (GE Healthcare), Medtronic Plc., and Neural Analytics, Inc.
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Brain Health Supplements Market Expected to compass $5,813 Million by 2023
Neuromodulation Market to compass $11,717 Million, Globally, by 2022
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide commerce insights and consulting to assist its clients to create strategic commerce decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in their market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Their secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free):+1-800-792-5285, +1-503-894-6022, +1-503-446-1141UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)email@example.comWeb: https://www.alliedmarketresearch.com
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IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [64 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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