90 CCL Industries Inc. 2011 Annual Report Note: * Amounts presented are as reported under previous Canadian GAAP and have not been restated for IFRS 1 Excluding discontinued operations 2 After pre-tax restructuring and other items – net loss of $0.8 million 3 After pre-tax restructuring and other items – net loss of $0.2 million 4 After pre-tax restructuring and other items – net loss of 7.3 million 5 After pre-tax restructuring and other items – net loss of $3.1 million and goodwill impairment loss of $31.4 million 6 After pre-tax restructuring and other items – net gain of $4.1 million 7 After pre-tax restructuring and other items – net loss of $11.5 million 8 Current assets minus liabilities 2011 2010 2009* 2008* 2007* 2006* Sales & Net Earnings Sales 1 $ 1,268,477 $ 1,192,318 $ 1,198,984 $ 1,189,025 $ 1,144,260 $1,029,569 Depreciation and amortization 1 100,177 95,406 100,004 85,144 75,912 67,047 Finance cost/Interest expense 1 21,384 25,285 29,323 23,949 23,157 20,584 Net earnings $ 84,126 2 $ 71,093 3 $ 42,174 4 $ 47,986 5 $ 147,915 6 $ 77,420 7 Basic net earnings per Class B share $ 2.54 2 2.17 3 1.31 4 $ 1.50 5 $ 4.59 6 $ 2.41 7 Financial Position Current assets $ 426,559 $ 440,836 $ 399,154 $ 407,947 391,023 424,897 Current liabilities 256,243 317,985 266,743 276,711 244,966 322,996 Working capital 8 170,316 122,851 132,411 131,236 146,057 101,901 Total assets 1,613,481 1,627,974 1,645,497 1,766,674 1,488,190 1,542,590 Net debt 213,270 248,702 347,545 456,253 306,775 317,099 Shareholders’ equity $ 816,880 $ 769,327 $ 752,757 $ 750,518 $ 717,859 $ 652,601 Net debt to equity ratio 0.26 0.32 0.46 0.61 0.43 0.49 Net debt to total book capitalization 20.7% 24.4% 31.6% 37.8% 29.9% 32.7% Number of shares (000s) Class A – Dec 31 2,374 2,374 2,374 2,374 2,379 2,379 Class B – Dec 31 31,315 30,912 30,674 30,181 30,501 30,223 Weighted average for the year 33,111 32,830 32,340 32,090 32,284 32,240 Cash Flow Cash provided by operations $ 171,376 $ 168,399 $ 150,280 $ 216,348 $ 162,194 $ 161,298 Additions to plant, property & equipment 81,447 85,794 99,310 192,801 163,453 150,423 Business acquisitions 25,156 1,246 5,327 40,677 105,575 62,170 Dividends 23,343 20,730 18,964 17,512 15,233 13,775 Dividends per Class B share $ 0.70 $ 0.66 $ 0.60 $ 0.56 $ 0.48 $ 0.43 SIX YEAR FINANCIAL SUMMARY (In thousands of Canadian dollars except per share and ratio data)