Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information) Consistent with the Company’s accounting policy choice under IAS 7, Statement of Cash Flows , dividends received of $330 have been classified as investing activities. Interest paid and income taxes paid have moved into the body of the Statement of Cash Flows, whereas they were previously disclosed as supplementary information. There are no other material differences between the statement of cash flows presented under IFRS and the statement of cash flows presented under previous Canadian GAAP. Reconciliation of comprehensive income for the year ended December 31, 2010 Material adjustments to the statement of cash flows for 2010 86 CCL Industries Inc. 2011 Annual Report Net earnings for the year $ 71,137 $ (44) $ 71,093 Other comprehensive income, net of tax: Foreign currency translation differences for foreign operations (note b) (52,136) 1,065 (51,071) Net gain on hedges of net investment in foreign operations (note b) 30,521 (1,040) 29,481 Effective portion of changes in fair value of cash flow hedges (3,007) — (3,007) Net change in fair value of cash flow hedges transferred to income statement 885 — 885 Defined benefit plan actuarial losses (note f) — (2,197) (2,197) Other comprehensive loss, net of tax (23,737) (2,172) (25,909) Total comprehensive income for the year $ 47,400 $ (2,216) $ 45,184 Attributable to: Shareholders of the Company $ 47,400 $ 45,184 Total comprehensive income for the year $ 47,400 $ 45,184 Previous Canadian GAAP Effect of transition to IFRS IFRS Sales $ 1,192,318 $ — $ 1,192,318 Cost of sales (note d) 916,461 1,046 917,507 Gross profit 275,857 (1,046) 274,811 Selling, general and administrative expenses (notes b,e,f,g) 151,611 (1,175) 150,436 Restructuring and other items (note b) 29 196 225 Earnings in equity accounted investments 496 — 496 Results from operating activities 124,713 (67) 124,646 Finance costs (note c) 26,133 223 26,356 Finance income 1,071 — 1,071 Net finance costs 25,062 223 25,285 Earnings before income taxes 99,651 (290) 99,361 Income tax expense 28,514 (246) 28,268 Net earnings for the year $ 71,137 $ (44) $ 71,093 Attributable to: Shareholders of the Company $ 71,137 $ (44) $ 71,093 Net earnings for the year $ 71,137 $ (44) $ 71,093 Earnings per share Basic earnings per Class B share $ 2.17 $ 2.17 Diluted earnings per Class B share $ 2.13 $ 2.13 Reconciliation of net income for the year ended December 31, 2010 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS