Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except per share information) 2011 2010 Sales $1,268,477 $ 1,192,318 Cost of sales 974,943 917,507 Gross profit 293,534 274,811 Selling, general and administrative expenses 154,605 150,436 Restructuring and other items 797 225 Earnings in equity accounted investments 1,224 496 Results from operating activities 139,356 124,646 Finance cost (note 21) 22,827 26,356 Finance income (note 21) 1,443 1,071 Net finance cost 21,384 25,285 Earnings before income tax 117,972 99,361 Income tax expense (note 24) 33,846 28,268 Net earnings for the year $ 84,126 $ 71,093 Attributable to: Shareholders of the Company $ 84,126 $ 71,093 Net earnings for the year $ 84,126 $ 71,093 Earnings per share Basic earnings per Class B share (note 19) $ 2.54 $ 2.17 Diluted earnings per Class B share (note 19) $ 2.50 $ 2.13 See accompanying explanatory notes to the consolidated financial statements. Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED INCOME STATEMENTS 2011 2010 Net earnings for the year $ 84,126 $ 71,093 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment for foreign operations, net of tax expense of $405 for the year ended December 31, 2011 (2010 – tax recovery of $446) (11,738) (51,071) Net gain (loss) on hedges of net investment in foreign operations, net of tax recovery of $1,427 for the year ended December 31, 2011 (2010 – tax expense of $2,691) (6,638) 29,481 Effective portion of changes in fair value of cash flow hedges, net of tax recovery of $863 for the year ended December 31, 2011 (2010 – tax recovery of $403) (2,795) (3,007) Net change in fair value of cash flow hedges transferred to the income statement, net of tax expense of $241 for the year ended December 31, 2011 (2010 – tax expense of $525) 314 885 Actuarial losses on defined benefit post-employment plans, net of tax recovery of $590 for the year ended December 31, 2011 (2010 – tax recovery of $190) (4,350) (2,197) Other comprehensive loss, net of tax (25,207) (25,909) Total comprehensive income $ 58,919 $ 45,184 Attributable to: Shareholders of the Company $ 58,919 $ 45,184 Total comprehensive income for the year $ 58,919 $ 45,184 See accompanying explanatory notes to the consolidated financial statements. 44 CCL Industries Inc. 2011 Annual Report