KINGSEY
FALLS, QC, Feb. 20, 2025 /CNW/ - Cascades Inc. (TSX:
CAS) reports its unaudited financial results for the three-month
period and fiscal year ended December 31,
2024.
Q4 2024 Highlights
- Sales of $1,211 million (compared
with $1,201 million in Q3 2024 and
$1,138 million in Q4 2023);
- Operating income of $16 million
(compared with operating income of $36
million in Q3 2024 and operating loss of $(24) million in Q4 2023);
- Net loss per common share of ($0.13) (compared with net earnings per common
share of $0.01 in Q3 2024 and a net
loss per common share of ($0.57) in
Q4 2023);
- Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA (A)1) of $146 million (compared with $140 million in Q3 2024 and
$122 million in Q4 2023);
- Adjusted net earnings per common share1 of
$0.25 (compared with $0.27 in Q3 2024 and $0.05 in Q4 2023);
2024 Annual Highlights
- Sales of $4,701 million (compared
with $4,638 million in 2023);
- Operating income of $95 million
(compared with $40 million in
2023);
- Net loss per common share of ($0.31) (compared with ($0.76) in 2023);
- Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA (A)1) of $501 million
(compared with $558 million in 2023);
- Adjusted net earnings per common share1 of
$0.60 (compared with $1.08 in 2023);
- Net debt1 of $2,096
million as of December 31, 2024 (compared with
$1,882 million as of
December 31, 2023). Net debt to EBITDA (A)
ratio1 of 4.2x, versus from 3.4x as of
December 31, 2023;
- Total capital expenditures, net of disposals, totaled
$29 million in Q4 2024 and
$127 million in 2024. The
Corporation's 2025 forecasted capital expenditures will be
approximately $175 million.
Hugues Simon, President and CEO,
commented: "Our fourth quarter 2024 performance was in line with
expectations. Favourable average selling prices and raw material
costs in the Containerboard business drove stronger sequential
results, offsetting the impact of usual lower seasonal volumes.
Specialty Products continued to perform well despite slightly lower
volume sequentially. In Tissue, average selling prices and raw
material costs were advantageous, and fully offset slightly higher
operational costs. Broadly, the depreciation of the Canadian dollar
benefited quarterly results, but led to higher reported debt levels
at the end of the year given the company's $1.3 billion of US denominated debts."
|
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.
|
Discussing near-term outlook, Mr. Simon commented, "Operationally,
raw material costs remain a tailwind for our businesses in the
first quarter, and we are currently seeing steady seasonal demand
levels. We will not be providing an outlook for near-term financial
or business-specific performance given the lack of clarity
regarding the implementation of bilateral tariffs between
Canada and the United States. The continued risk has
resulted in significant near-term macro-economic uncertainty, and
may disrupt or negatively impact future demand levels, customer
buying patterns and the economic performance of both countries.
As we have previously disclosed in our financial filings,
approximately 11% of our annual sales are derived from finished
products made in Canada and sold
to US customers. In addition to this, cross-border inter-company
transfers and raw material sourcing increases this potential annual
exposure to tariffs to approximately 15% of revenues. Proactive
steps to mitigate these impacts have been initiated, and include
changes to raw material sourcing, reallocating production to
minimize inter country shipping, and adapting our commercial
strategies with our customers and our suppliers. We are diligently
working on these strategies and have a process in place to minimize
potential impacts on our cash flow, our customers and our
operations.
This diligence applies equally to the strategic areas of focus
we have set for the company for the next 24 months. Capitalizing on
our commitment to excellence, we have established wide-ranging
initiatives targeting efficiency and productivity improvements
while assuring best-in-class health and safety in our operations.
Central to these work streams are an enhanced commercial approach
and excellent service levels to ensure that Cascades is the
supplier of choice for our customers. These key strategic
objectives are targeting baseline profitability improvements,
stronger sustainable net free cash flow levels and capital
deployment focused on debt reduction. Successfully achieving these
objectives over the next 24 months will support future growth
opportunities and shareholder value creation."
Financial Summary
Selected consolidated information
|
(in millions of
Canadian dollars, except amounts per common share)
(unaudited)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
|
|
|
|
|
|
Sales
|
4,701
|
4,638
|
1,211
|
1,201
|
1,138
|
|
As
Reported
|
|
|
|
|
|
|
Operating income
(loss)
|
95
|
40
|
16
|
36
|
(24)
|
|
Net earnings
(loss)
|
(31)
|
(76)
|
(13)
|
1
|
(57)
|
|
per common share
(basic)
|
($0.31)
|
($0.76)
|
($0.13)
|
$0.01
|
($0.57)
|
|
Adjusted1
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization (EBITDA
(A))
|
501
|
558
|
146
|
140
|
122
|
|
Net
earnings
|
60
|
109
|
25
|
27
|
5
|
|
per common share
(basic)
|
$0.60
|
$1.08
|
$0.25
|
$0.27
|
$0.05
|
|
Margin (EBITDA (A) /
Sales)
|
10.7 %
|
12.0 %
|
12.1 %
|
11.7 %
|
10.7 %
|
|
Net
debt1
|
2,096
|
1,882
|
2,096
|
2,039
|
1,882
|
|
Net debt / EBITDA
(A) ratio1
|
4.2x
|
3.4x
|
4.2x
|
4.3x
|
3.4x
|
Segmented sales
|
(in millions of
Canadian dollars) (unaudited)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
|
|
|
|
|
|
Packaging
Products
|
|
|
|
|
|
|
Containerboard
|
2,364
|
2,277
|
613
|
610
|
561
|
|
Specialty
Products
|
671
|
642
|
175
|
169
|
160
|
|
Inter-segment
sales
|
(26)
|
(31)
|
(6)
|
(6)
|
(8)
|
|
3,009
|
2,888
|
782
|
773
|
713
|
|
Tissue
Papers
|
1,548
|
1,615
|
394
|
390
|
390
|
|
Inter-segment sales,
Corporate, Recovery and Recycling activities
|
144
|
135
|
35
|
38
|
35
|
|
Sales
|
4,701
|
4,638
|
1,211
|
1,201
|
1,138
|
Segmented operating income (loss)
|
(in millions of
Canadian dollars) (unaudited)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
|
|
|
|
|
|
Packaging
Products
|
|
|
|
|
|
|
Containerboard
|
101
|
128
|
69
|
24
|
(33)
|
|
Specialty
Products
|
44
|
66
|
(11)
|
17
|
13
|
|
|
|
|
|
|
|
Tissue
Papers
|
97
|
(2)
|
4
|
24
|
34
|
|
|
|
|
|
|
|
Corporate, Recovery and
Recycling activities
|
(147)
|
(152)
|
(46)
|
(29)
|
(38)
|
|
Operating income
(loss)
|
95
|
40
|
16
|
36
|
(24)
|
|
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)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
|
|
|
|
|
|
Packaging
Products
|
|
|
|
|
|
|
Containerboard
|
304
|
390
|
104
|
90
|
67
|
|
Specialty
Products
|
106
|
91
|
28
|
27
|
19
|
|
|
|
|
|
|
|
Tissue
Papers
|
192
|
182
|
45
|
43
|
61
|
|
|
|
|
|
|
|
Corporate, Recovery and
Recycling activities
|
(101)
|
(105)
|
(31)
|
(20)
|
(25)
|
|
EBITDA
(A)1
|
501
|
558
|
146
|
140
|
122
|
Analysis of results for the three-month period ended
December 31, 2024 (compared to the same period last
year)
The Corporation's fourth quarter sales of $1,211 million increased by $73 million compared with the same period last
year. This was driven by consolidated net benefits of
$42 million from higher selling prices, $23 million from stronger volumes, and
$21 million from a more favourable foreign exchange. These
were partially offset by a $13 million sales mix impact.
The fourth quarter EBITDA (A)1 totaled $146 million, an increase of $24 million, or
20%, from the $122 million generated
in the same period last year. This increase was driven by
consolidated net benefits of $42 million from higher selling
prices, mainly in the Containerboard segment. These were partially
offset by impacts of $15 million from higher raw material
costs and $4 million from higher production costs.
The main specific items, before income taxes, that impacted our
fourth quarter 2024 operating income and/or net loss were:
- $55 million of impairment charge
on assets related to a previously closed plant in the United States and to a decision to
discontinue product lines in the United
States (operating income and net loss);
- $8 million of restructuring costs
related to plant closures in Canada and in the
United States (operating income and net loss);
- $8 million gain from sale of some
assets, net of additional environmental cost (operating income and
net loss);
- $1 million unrealized gain on
financial instruments (operating income and net loss);
- $2 million unrealized gain on
interest rate hedge instruments (net loss);
- $1 million foreign exchange loss
on long-term debt and financial instruments (net loss).
For the three-month period ended December 31, 2024,
the Corporation posted a net loss of $(13)
million, or ($0.13) per common
share, compared to a net loss of $(57)
million, or ($0.57) per common
share, in the same period of 2023. On an adjusted
basis1, the Corporation posted net earnings of
$25 million in the fourth quarter of 2024, or $0.25 per common share, compared to net earnings
of $5 million, or $0.05 per
common share, in the same period of 2023.
|
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 20, 2025 to shareholders of
record at the close of business on March 6,
2025. This dividend is an "eligible dividend" as per the
Income Tax Act (R.C.S. (1985), Canada). During the fourth quarter of 2024,
Cascades purchased no common shares for cancellation.
2024 Fourth Quarter Results Conference Call Details
Management will discuss the 2024 fourth quarter financial
results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing
1-800-990-4777 (international 1-289-819-1299). 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
20, 2025 by dialing 1-888-660-6345 (international
1-289-819-1450), access code 64459 #.
Founded in 1964, Cascades offers sustainable, innovative and
value-added packaging, hygiene and recovery solutions. The company
employs approximately 9,700 women and men across a network of
68 operating facilities, including 18 Recovery and Recycling
facilities which are part of Corporate Activities and joint
ventures managed by the Corporation, 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,
2024
|
December 31,
2023
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
27
|
54
|
|
Accounts
receivable
|
469
|
453
|
|
Current income tax
assets
|
4
|
12
|
|
Inventories
|
685
|
568
|
|
Current portion of
financial assets
|
1
|
1
|
|
1,186
|
1,088
|
|
Long-term
assets
|
|
|
|
Investments in
associates and joint ventures
|
97
|
94
|
|
Property, plant and
equipment
|
2,847
|
2,808
|
|
Intangible assets with
finite useful life
|
41
|
55
|
|
Other assets
|
105
|
78
|
|
Deferred income tax
assets
|
220
|
167
|
|
Goodwill and other
intangible assets with indefinite useful life
|
504
|
482
|
|
5,000
|
4,772
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Bank loans and
advances
|
10
|
—
|
|
Trade and other
payables
|
748
|
703
|
|
Current income tax
liabilities
|
2
|
6
|
|
Current portion of
Unsecured senior notes of $175 million to be refinanced
|
175
|
—
|
|
Current portion of
long-term debt
|
67
|
67
|
|
Current portion of
provisions for charges
|
42
|
14
|
|
Current portion of
financial liabilities and other liabilities
|
43
|
29
|
|
1,087
|
819
|
|
Long-term
liabilities
|
|
|
|
Long-term
debt
|
1,871
|
1,869
|
|
Provisions for
charges
|
58
|
61
|
|
Financial
liabilities
|
—
|
5
|
|
Other
liabilities
|
80
|
94
|
|
Deferred income tax
liabilities
|
133
|
143
|
|
3,229
|
2,991
|
|
Equity
|
|
|
|
Capital
stock
|
616
|
613
|
|
Contributed
surplus
|
16
|
15
|
|
Retained
earnings
|
1,019
|
1,096
|
|
Accumulated other
comprehensive income
|
73
|
15
|
|
Equity attributable
to Shareholders
|
1,724
|
1,739
|
|
Non-controlling
interests
|
47
|
42
|
|
Total
equity
|
1,771
|
1,781
|
|
5,000
|
4,772
|
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)
|
2024
|
2023
|
2024
|
2023
|
|
Sales
|
1,211
|
1,138
|
4,701
|
4,638
|
|
|
|
|
|
|
Supply chain and
logistic
|
721
|
677
|
2,847
|
2,741
|
|
Wages and employee
benefits expenses
|
277
|
273
|
1,086
|
1,082
|
|
Depreciation and
amortization
|
76
|
73
|
282
|
272
|
|
Maintenance and
repair
|
64
|
58
|
244
|
236
|
|
Other operational
costs
|
3
|
8
|
23
|
21
|
|
Impairment
charges
|
55
|
48
|
64
|
209
|
|
Other loss
(gain)
|
(8)
|
13
|
19
|
12
|
|
Restructuring
costs
|
8
|
12
|
46
|
23
|
|
Unrealized loss (gain)
on derivative financial instruments
|
(1)
|
—
|
(5)
|
2
|
|
Operating income
(loss)
|
16
|
(24)
|
95
|
40
|
|
Financing
expense
|
34
|
36
|
142
|
128
|
|
Share of results of
associates and joint ventures
|
(5)
|
(3)
|
(19)
|
(22)
|
|
Loss before income
taxes
|
(13)
|
(57)
|
(28)
|
(66)
|
|
Recovery of income
taxes
|
(6)
|
(4)
|
(14)
|
(13)
|
|
Net loss including
non-controlling interests for the period
|
(7)
|
(53)
|
(14)
|
(53)
|
|
Net earnings
attributable to non-controlling interests
|
6
|
4
|
17
|
23
|
|
Net loss
attributable to Shareholders for the period
|
(13)
|
(57)
|
(31)
|
(76)
|
|
Net loss per common
share
|
|
|
|
|
|
Basic
|
($0.13)
|
($0.57)
|
($0.31)
|
($0.76)
|
|
Diluted
|
($0.13)
|
($0.57)
|
($0.31)
|
($0.76)
|
|
Weighted average
basic number of common shares outstanding
|
100,988,040
|
100,685,574
|
100,865,833
|
100,542,206
|
|
Weighted average
number of diluted common shares
|
101,349,476
|
101,127,112
|
101,119,887
|
100,964,908
|
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)
|
2024
|
2023
|
2024
|
2023
|
|
Net loss including
non-controlling interests for the period
|
(7)
|
(53)
|
(14)
|
(53)
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
Items that may be
reclassified subsequently to earnings
|
|
|
|
|
|
Translation
adjustments
|
|
|
|
|
|
Change in foreign
currency translation of foreign subsidiaries
|
74
|
(25)
|
98
|
(25)
|
|
Change in foreign
currency translation related to net investment hedging
activities
|
(34)
|
12
|
(43)
|
11
|
|
Cash flow
hedges
|
|
|
|
|
|
Change in fair value
of commodity derivative financial instruments
|
—
|
(2)
|
1
|
(6)
|
|
Recovery of
(provision for) income taxes
|
4
|
(1)
|
5
|
—
|
|
44
|
(16)
|
61
|
(20)
|
|
Items that are not
released to earnings
|
|
|
|
|
|
Actuarial gain (loss)
on employee future benefits
|
(1)
|
4
|
6
|
9
|
|
Provision for income
taxes
|
—
|
(1)
|
(2)
|
(2)
|
|
(1)
|
3
|
4
|
7
|
|
Other comprehensive
income (loss)
|
43
|
(13)
|
65
|
(13)
|
|
Comprehensive income
(loss) including non-controlling interests for the
period
|
36
|
(66)
|
51
|
(66)
|
|
Comprehensive income
attributable to non-controlling interests for
the period
|
8
|
3
|
20
|
22
|
|
Comprehensive income
(loss) attributable to Shareholders for
the period
|
28
|
(69)
|
31
|
(88)
|
CONSOLIDATED STATEMENTS OF EQUITY
|
For the year ended
December 31, 2024
|
|
(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
|
613
|
15
|
1,096
|
15
|
1,739
|
42
|
1,781
|
|
Comprehensive income
(loss)
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
—
|
—
|
(31)
|
—
|
(31)
|
17
|
(14)
|
|
Other comprehensive
income
|
—
|
—
|
4
|
58
|
62
|
3
|
65
|
|
—
|
—
|
(27)
|
58
|
31
|
20
|
51
|
|
Dividends
|
—
|
—
|
(48)
|
—
|
(48)
|
(15)
|
(63)
|
|
Stock options
expense
|
—
|
2
|
—
|
—
|
2
|
—
|
2
|
|
Issuance of common
shares upon exercise of stock options
|
3
|
(1)
|
—
|
—
|
2
|
—
|
2
|
|
Acquisitions of
non-controlling interests
|
—
|
—
|
(2)
|
—
|
(2)
|
—
|
(2)
|
|
Balance - End of
year
|
616
|
16
|
1,019
|
73
|
1,724
|
47
|
1,771
|
|
|
|
|
|
|
|
|
|
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
|
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)
|
2024
|
2023
|
2024
|
2023
|
|
Operating
activities
|
|
|
|
|
|
Net loss attributable
to Shareholders for the period
|
(13)
|
(57)
|
(31)
|
(76)
|
|
Adjustments
for:
|
|
|
|
|
|
Financing
expense
|
34
|
36
|
142
|
128
|
|
Depreciation and
amortization
|
76
|
73
|
282
|
272
|
|
Impairment
charges
|
55
|
48
|
64
|
209
|
|
Other loss
(gain)
|
(8)
|
13
|
19
|
12
|
|
Restructuring
costs
|
8
|
12
|
46
|
23
|
|
Unrealized loss (gain)
on derivative financial instruments
|
(1)
|
—
|
(5)
|
2
|
|
Recovery of income
taxes
|
(6)
|
(4)
|
(14)
|
(13)
|
|
Share of results of
associates and joint ventures
|
(5)
|
(3)
|
(19)
|
(22)
|
|
Net earnings
attributable to non-controlling interests
|
6
|
4
|
17
|
23
|
|
Net financing expense
paid
|
(22)
|
(20)
|
(135)
|
(129)
|
|
Net income taxes
paid
|
—
|
—
|
(4)
|
(9)
|
|
Dividends
received
|
8
|
2
|
17
|
9
|
|
Provisions for charges
and other liabilities
|
(23)
|
(13)
|
(84)
|
(32)
|
|
109
|
91
|
295
|
397
|
|
Changes in non-cash
working capital components
|
45
|
149
|
(23)
|
113
|
|
154
|
240
|
272
|
510
|
|
Investing
activities
|
|
|
|
|
|
Disposals in associates
and joint ventures
|
—
|
2
|
—
|
12
|
|
Payments for property,
plant and equipment
|
(45)
|
(47)
|
(161)
|
(350)
|
|
Proceeds from disposals
of property, plant and equipment
|
16
|
1
|
34
|
7
|
|
Change in intangible
and other assets
|
(3)
|
—
|
(23)
|
(1)
|
|
(32)
|
(44)
|
(150)
|
(332)
|
|
Financing
activities
|
|
|
|
|
|
Bank loans and
advances
|
3
|
—
|
10
|
(3)
|
|
Change in credit
facilities
|
(67)
|
(126)
|
(4)
|
(92)
|
|
Change in credit
facilities without recourse to the Corporation
|
(28)
|
(7)
|
(16)
|
92
|
|
Payments of other
long-term debt, including lease obligations (2024 -
$67 million
($17 million for 3-month period); 2023 -
$59 million ($15 million for 3-month period))
|
(21)
|
(20)
|
(75)
|
(137)
|
|
Issuance of common
shares upon exercise of stock options
|
—
|
—
|
2
|
2
|
|
Dividends paid to
non-controlling interests
|
(3)
|
(3)
|
(15)
|
(36)
|
|
Acquisition of
non-controlling interests
|
—
|
—
|
(3)
|
(3)
|
|
Dividends paid to the
Corporation's Shareholders
|
(12)
|
(12)
|
(48)
|
(48)
|
|
(128)
|
(168)
|
(149)
|
(225)
|
|
Net change in cash
and cash equivalents during the period
|
(6)
|
28
|
(27)
|
(47)
|
|
Currency translation
on cash and cash equivalents
|
(1)
|
—
|
—
|
(1)
|
|
Cash and cash
equivalents - Beginning of the period
|
34
|
26
|
54
|
102
|
|
Cash and cash
equivalents - End of the period
|
27
|
54
|
27
|
54
|
SEGMENTED INFORMATION
The Corporation's operations are managed in three segments:
Containerboard and Specialty Products (these two segments
constitute 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 business segment are shown in the following
table:
|
SALES
|
|
For the 3-month periods
ended December 31 (in millions of
Canadian dollars) (unaudited)
|
2024
|
2023
|
|
Total
|
Inter-
segment
Packaging
Products
|
Inter-
segment
All
|
External
|
Total
|
Inter-
segment
Packaging
Products
|
Inter-
segment
All
|
External
|
|
Packaging
Products
|
|
|
|
|
|
|
|
|
|
Containerboard
|
613
|
(5)
|
(7)
|
601
|
561
|
(7)
|
(7)
|
547
|
|
Specialty
Products
|
175
|
(1)
|
(7)
|
167
|
160
|
(1)
|
(5)
|
154
|
|
788
|
(6)
|
(14)
|
768
|
721
|
(8)
|
(12)
|
701
|
|
Tissue
Papers
|
394
|
—
|
—
|
394
|
390
|
—
|
—
|
390
|
|
Corporate, Recovery
and Recycling activities
|
84
|
—
|
(35)
|
49
|
81
|
—
|
(34)
|
47
|
|
1,266
|
(6)
|
(49)
|
1,211
|
1,192
|
(8)
|
(46)
|
1,138
|
|
SALES
|
|
For the years ended
December 31 (in millions of Canadian
dollars) (unaudited)
|
2024
|
2023
|
|
Total
|
Inter-
segment
Packaging
Products
|
Inter-
segment
All
|
External
|
Total
|
Inter-
segment
Packaging
Products
|
Inter-
segment
All
|
External
|
|
Packaging
Products
|
|
|
|
|
|
|
|
|
|
Containerboard
|
2,364
|
(23)
|
(27)
|
2,314
|
2,277
|
(27)
|
(29)
|
2,221
|
|
Specialty
Products
|
671
|
(3)
|
(24)
|
644
|
642
|
(4)
|
(19)
|
619
|
|
3,035
|
(26)
|
(51)
|
2,958
|
2,919
|
(31)
|
(48)
|
2,840
|
|
Tissue
Papers
|
1,548
|
—
|
(1)
|
1,547
|
1,615
|
—
|
(2)
|
1,613
|
|
Corporate, Recovery
and Recycling activities
|
345
|
—
|
(149)
|
196
|
321
|
—
|
(136)
|
185
|
|
4,928
|
(26)
|
(201)
|
4,701
|
4,855
|
(31)
|
(186)
|
4,638
|
EBITDA (A) by business segment is reconciled to IFRS Accounting
Standards measure, namely operating income (loss), and is shown in
the following table:
|
For the 3-month
period ended December 31, 2024
|
|
(in millions of
Canadian dollars) (unaudited)
|
Containerboard
|
Specialty
Products
|
Tissue
Papers
|
Corporate,
Recovery and
Recycling
activities
|
Consolidated
|
|
Operating income
(loss)
|
69
|
(11)
|
4
|
(46)
|
16
|
|
Depreciation and
amortization
|
41
|
7
|
14
|
14
|
76
|
|
Impairment
charges
|
—
|
32
|
23
|
—
|
55
|
|
Other gain
|
(7)
|
—
|
—
|
(1)
|
(8)
|
|
Restructuring
costs
|
2
|
—
|
4
|
2
|
8
|
|
Unrealized gain on
derivative financial instruments
|
(1)
|
—
|
—
|
—
|
(1)
|
|
EBITDA
(A)
|
104
|
28
|
45
|
(31)
|
146
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
473
|
142
|
325
|
58
|
998
|
|
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
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
455
|
136
|
311
|
48
|
950
|
|
For the year ended
December 31, 2024
|
|
(in millions of
Canadian dollars) (unaudited)
|
Containerboard
|
Specialty
Products
|
Tissue
Papers
|
Corporate,
Recovery and
Recycling
activities
|
Consolidated
|
|
Operating income
(loss)
|
101
|
44
|
97
|
(147)
|
95
|
|
Depreciation and
amortization
|
154
|
25
|
56
|
47
|
282
|
|
Impairment
charges
|
2
|
36
|
26
|
—
|
64
|
|
Other loss
(gain)
|
20
|
—
|
—
|
(1)
|
19
|
|
Restructuring
costs
|
29
|
1
|
13
|
3
|
46
|
|
Unrealized gain on
derivative financial instruments
|
(2)
|
—
|
—
|
(3)
|
(5)
|
|
EBITDA
(A)
|
304
|
106
|
192
|
(101)
|
501
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
1,916
|
546
|
1,267
|
204
|
3,933
|
|
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
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
1,734
|
531
|
1,353
|
205
|
3,823
|
Payments for property, plant and equipment by business segment are
shown 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)
|
2024
|
2023
|
2024
|
2023
|
|
Packaging
Products
|
|
|
|
|
|
Containerboard
|
44
|
39
|
136
|
223
|
|
Specialty
Products
|
15
|
13
|
31
|
32
|
|
59
|
52
|
167
|
255
|
|
Tissue
Papers
|
22
|
16
|
54
|
39
|
|
Corporate, Recovery
and Recycling activities
|
20
|
20
|
49
|
49
|
|
Total
acquisitions
|
101
|
88
|
270
|
343
|
|
Right-of-use assets
acquisitions and provisions (non-cash)
|
(49)
|
(28)
|
(122)
|
(54)
|
|
52
|
60
|
148
|
289
|
|
Acquisitions for
property, plant and equipment included in "Trade and other
payables"
|
|
|
|
|
|
Beginning of the
period
|
25
|
32
|
45
|
106
|
|
End of the
period
|
(32)
|
(45)
|
(32)
|
(45)
|
|
Payments for
property, plant and equipment
|
45
|
47
|
161
|
350
|
|
Proceeds from
disposals of property, plant and equipment
|
(16)
|
(1)
|
(34)
|
(7)
|
|
Payments for
property, plant and equipment net of proceeds from
disposals
|
29
|
46
|
127
|
343
|
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 hedge
instruments 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
MEASURES 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 the Consolidated Statements of Earnings (Loss) of the
Consolidated Financial Statements) before depreciation and
amortization excluding specific items. Measure used to assess
recurring operating performance and the contribution of each
segment on a comparable basis.
- Adjusted net earnings: Measure used to assess the Corporation's
consolidated financial performance on a comparable basis.
- Adjusted cash flow: Measure 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: Measure used to calculate the excess cash the
Corporation generates by subtracting capital expenditures
(excluding strategic projects) from the EBITDA (A).
- Working capital: Measure used to assess the short-term
liquidity of the Corporation.
Other financial measures
- Total debt: Measure 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: Measure 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.
- Ratio of net debt / (total equity and net debt): Ratio used to
evaluate the Corporation's financial leverage and 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 measures 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 measures 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 shown in the following table:
|
Q4
2024
|
|
(in millions of
Canadian dollars) (unaudited)
|
Containerboard
|
Specialty
Products
|
Tissue
Papers
|
Corporate,
Recovery and
Recycling
activities
|
Consolidated
|
|
Operating income
(loss)
|
69
|
(11)
|
4
|
(46)
|
16
|
|
Depreciation and
amortization
|
41
|
7
|
14
|
14
|
76
|
|
Impairment
charges
|
—
|
32
|
23
|
—
|
55
|
|
Other gain
|
(7)
|
—
|
—
|
(1)
|
(8)
|
|
Restructuring
costs
|
2
|
—
|
4
|
2
|
8
|
|
Unrealized gain on
derivative financial instruments
|
(1)
|
—
|
—
|
—
|
(1)
|
|
EBITDA
(A)1
|
104
|
28
|
45
|
(31)
|
146
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
473
|
142
|
325
|
58
|
998
|
|
Q3 2024
|
|
(in millions of
Canadian dollars) (unaudited)
|
Containerboard
|
Specialty
Products
|
Tissue
Papers
|
Corporate,
Recovery and
Recycling
activities
|
Consolidated
|
|
Operating income
(loss)
|
24
|
17
|
24
|
(29)
|
36
|
|
Depreciation and
amortization
|
38
|
6
|
16
|
10
|
70
|
|
Impairment
charges
|
—
|
4
|
3
|
—
|
7
|
|
Other loss
|
24
|
—
|
—
|
—
|
24
|
|
Restructuring
costs
|
5
|
—
|
—
|
—
|
5
|
|
Unrealized loss (gain)
on derivative financial instruments
|
(1)
|
—
|
—
|
(1)
|
(2)
|
|
EBITDA
(A)1
|
90
|
27
|
43
|
(20)
|
140
|
|
Supply chain and
logistic and Wage and employee benefits expenses included
in operating income (loss)
|
488
|
138
|
325
|
52
|
1,003
|
|
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
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
455
|
136
|
311
|
48
|
950
|
|
1 Please refer to the "Supplemental Information on
Non-IFRS Accounting Standards Measures and Other Financial
Measures" section for a complete
reconciliation.
|
|
2024
|
|
(in millions of
Canadian dollars) (unaudited)
|
Containerboard
|
Specialty
Products
|
Tissue
Papers
|
Corporate,
Recovery and
Recycling
activities
|
Consolidated
|
|
Operating income
(loss)
|
101
|
44
|
97
|
(147)
|
95
|
|
Depreciation and
amortization
|
154
|
25
|
56
|
47
|
282
|
|
Impairment
charges
|
2
|
36
|
26
|
—
|
64
|
|
Other loss
(gain)
|
20
|
—
|
—
|
(1)
|
19
|
|
Restructuring
costs
|
29
|
1
|
13
|
3
|
46
|
|
Unrealized loss (gain)
on derivative financial instruments
|
(2)
|
—
|
—
|
(3)
|
(5)
|
|
EBITDA
(A)1
|
304
|
106
|
192
|
(101)
|
501
|
|
Supply chain and
logistic and Wage and employee benefits expenses included in
operating income (loss)
|
1,916
|
546
|
1,267
|
204
|
3,933
|
|
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
|
|
Supply chain and
logistic and Wage and employee benefits expenses included
in operating income (loss)
|
1,734
|
531
|
1,353
|
205
|
3,823
|
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
|
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
As
reported
|
(31)
|
(76)
|
(13)
|
1
|
(57)
|
|
($0.31)
|
($0.76)
|
($0.13)
|
$0.01
|
($0.57)
|
|
Specific
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
charges
|
64
|
209
|
55
|
7
|
48
|
|
$0.48
|
$1.56
|
$0.41
|
$0.06
|
$0.35
|
|
Other loss
(gain)
|
19
|
12
|
(8)
|
24
|
13
|
|
$0.13
|
$0.09
|
($0.07)
|
$0.18
|
$0.10
|
|
Restructuring
costs
|
46
|
23
|
8
|
5
|
12
|
|
$0.34
|
$0.18
|
$0.06
|
$0.03
|
$0.10
|
|
Unrealized loss (gain)
on derivative financial
instruments
|
(5)
|
2
|
(1)
|
(2)
|
—
|
|
($0.04)
|
$0.01
|
($0.01)
|
($0.01)
|
—
|
|
Unrealized loss (gain)
on interest rate hedge
instrument
|
(1)
|
1
|
(2)
|
2
|
1
|
|
($0.01)
|
$0.01
|
($0.02)
|
$0.01
|
$0.01
|
|
Foreign exchange loss
(gain) on long-term
debt and financial instruments
|
1
|
—
|
1
|
(1)
|
1
|
|
$0.01
|
—
|
$0.01
|
($0.01)
|
—
|
|
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
|
(33)
|
(52)
|
(15)
|
(9)
|
(12)
|
|
—
|
$0.07
|
—
|
—
|
$0.07
|
|
91
|
185
|
38
|
26
|
62
|
|
$0.91
|
$1.84
|
$0.38
|
$0.26
|
$0.62
|
|
Adjusted1
|
60
|
109
|
25
|
27
|
5
|
|
$0.60
|
$1.08
|
$0.25
|
$0.27
|
$0.05
|
|
Weighted average
basic number of common
shares outstanding
|
|
|
|
|
|
|
100,865,833
|
100,542,206
|
100,988,040
|
100,988,040
|
100,685,574
|
|
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)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
Cash flow from
operating activities
|
272
|
510
|
154
|
102
|
240
|
|
Changes in non-cash
working capital components
|
23
|
(113)
|
(45)
|
(26)
|
(149)
|
|
Net income taxes
paid
|
4
|
9
|
—
|
1
|
—
|
|
Net financing expense
paid
|
135
|
129
|
22
|
48
|
20
|
|
Provisions for charges
and other liabilities, net of dividends received
|
67
|
23
|
15
|
15
|
11
|
|
EBITDA
(A)1
|
501
|
558
|
146
|
140
|
122
|
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)
|
2024
|
2023
|
Q4
2024
|
Q3 2024
|
Q4 2023
|
|
Cash flow from
operating activities
|
272
|
510
|
154
|
102
|
240
|
|
Changes in non-cash
working capital components
|
23
|
(113)
|
(45)
|
(26)
|
(149)
|
|
Cash flow from
operating activities (excluding changes in non-cash working
capital components)
|
295
|
397
|
109
|
76
|
91
|
|
Restructuring costs
paid
|
61
|
24
|
20
|
10
|
12
|
|
Adjusted cash flow
from operating activities1
|
356
|
421
|
129
|
86
|
103
|
|
Payments for property,
plant and equipment
|
(161)
|
(350)
|
(45)
|
(35)
|
(47)
|
|
Change in intangible
and other assets
|
(23)
|
(1)
|
(3)
|
—
|
—
|
|
Lease obligation
payments
|
(67)
|
(59)
|
(17)
|
(15)
|
(15)
|
|
Proceeds from
disposals of property, plant and equipment
|
34
|
7
|
16
|
1
|
1
|
|
139
|
18
|
80
|
37
|
42
|
|
Dividends paid to
non-controlling interests
|
(15)
|
(36)
|
(3)
|
(4)
|
(3)
|
|
Dividends paid to the
Corporation's Shareholders and to non-controlling
interests
|
(48)
|
(48)
|
(12)
|
(12)
|
(12)
|
|
Adjusted cash flow
generated (used)1
|
76
|
(66)
|
65
|
21
|
27
|
|
Adjusted cash flow
generated (used) per common share1
(in Canadian
dollars)
|
$0.75
|
($0.66)
|
$0.64
|
$0.21
|
$0.27
|
|
Weighted average
basic number of common shares outstanding
|
100,865,833
|
100,542,206
|
100,988,040
|
100,988,040
|
100,685,574
|
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,
2024
|
September
30,
2024
|
December 31,
2023
|
|
Long-term
debt
|
1,871
|
1,828
|
1,869
|
|
Current portion of
Unsecured senior notes of $175 million to be refinanced
|
175
|
175
|
—
|
|
Current portion of
long-term debt
|
67
|
63
|
67
|
|
Bank loans and
advances
|
10
|
7
|
—
|
|
Total
debt1
|
2,123
|
2,073
|
1,936
|
|
Less: Cash and cash
equivalents
|
(27)
|
(34)
|
(54)
|
|
Net debt1 as reported
|
2,096
|
2,039
|
1,882
|
|
Last twelve months
EBITDA (A)1
|
501
|
477
|
558
|
|
Net debt / EBITDA
(A) ratio1
|
4.2x
|
4.3x
|
3.4x
|
|
1 Please refer to the "Supplemental Information on
Non-IFRS Accounting Standards Measures and Other Financial
Measures" section for a complete
reconciliation.
|
View original
content:https://www.prnewswire.com/news-releases/cascades-reports-results-for-the-fourth-quarter-and-full-year-2024-302380729.html
SOURCE Cascades Inc.
