CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars) See accompanying explanatory notes to the consolidated financial statements. 46 CCL Industries Inc. 2011 Annual Report 2011 2010 Cash provided by (used for) Operating activities Net earnings $ 84,126 $ 71,093 Adjustments for: Depreciation and amortization 100,177 95,406 Restructuring and other items 797 225 Net finance costs 21,384 25,285 Current income tax expense 31,655 28,250 Equity-settled share-based payment transactions 3,472 4,130 Deferred taxes 2,191 18 Gain on sale of property, plant and equipment (1,146) (1,059) 242,656 223,348 Change in inventories (8,505) (1,901) Change in trade and other receivables (16,454) (6,089) Change in prepaid expenses 688 (291) Change in trade and other payables 109 16,076 Change in employee benefits 7,238 (1,457) Change in other assets and liabilities (2,945) 1,899 222,787 231,585 Interest paid (21,930) (27,325) Income taxes paid (29,481) (35,861) Cash provided by operating activities 171,376 168,399 Financing activities Proceeds on issuance of long-term debt 7,872 6,466 Repayment of long-term debt (91,291) (45,588) (Decrease) increase in bank advances (497) 497 Proceeds from issuance of shares 8,126 5,364 Repayment of executive share purchase plan loans — 683 Dividends paid (23,343) (20,730) Cash used for financing activities (99,133) (53,308) Investing activities Additions to property, plant and equipment (81,447) (85,794) Proceeds on disposal of property, plant and equipment 2,171 4,439 Business acquisitions (25,156) (1,246) Cash used for investing activities (104,432) (82,601) Net increase (decrease) in cash and cash equivalents (32,189) 32,490 Cash and cash equivalents at beginning of period 173,197 150,594 Translation adjustments on cash and cash equivalents (310) (9,887) Cash and cash equivalents at end of year $ 140,698 $ 173,197