CASCADES INC

CIK:0001225525|SEC Filings

Consolidated Statements of Earnings - CAD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Profit or loss [abstract]
Sales	$ 4,649	$ 4,321
Cost of sales and expenses
Cost of sales (including depreciation and amortization of $244 million (2017 — $215 million))	3,997	3,770
Selling and administrative expenses	410	378
Gain on acquisitions, disposals and others	(71)	(8)
Impairment charges and restructuring costs	77	17
Foreign exchange gain	(2)	(5)
Loss (gain) on derivative financial instruments	8	(6)
Operating expense	4,419	4,146
Operating income	230	175
Financing expense	84	86
Interest expense on employee future benefits and other liabilities	15	11
Loss on repurchase of long-term debt	0	14
Foreign exchange loss (gain) on long-term debt and financial instruments	4	(23)
Fair value revaluation gain on investments	(5)	(315)
Share of results of associates and joint ventures	(11)	(39)
Earnings before income taxes	143	441
Provision for (recovery of) income taxes	49	(81)
Net earnings including non-controlling interests for the year	94	522
Net earnings attributable to non-controlling interests	35	15
Net earnings attributable to Shareholders for the year	$ 59	$ 507
Net earnings per common share
Basic (cad per share)	$ 0.62	$ 5.35
Diluted (cad per share)	$ 0.58	$ 5.19
Weighted average basic number of common shares outstanding (shares)	94,570,924	94,680,598
Weighted average number of diluted common shares (shares)	96,933,681	97,598,900

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net earnings attributable to Shareholders for the year	$ 59	$ 507
Adjustments for:
Financing expense and interest expense on employee future benefits and other liabilities	99	97
Loss on repurchase of long-term debt	0	14
Depreciation and amortization	244	215
Gain on acquisitions, disposals and others	(71)	(8)
Impairment charges and restructuring costs	77	11
Unrealized loss (gain) on derivative financial instruments	9	(8)
Foreign exchange loss (gain) on long-term debt and financial instruments	4	(23)
Provision for (recovery of) income taxes	49	(81)
Fair value revaluation gain on investments	(5)	(315)
Share of results of associates and joint ventures	(11)	(39)
Net earnings attributable to non-controlling interests	35	15
Net financing expense paid	(107)	(99)
Premium paid on long-term debt repurchase	0	(11)
Net income taxes paid	(11)	(10)
Dividends received	6	12
Employee future benefits and others	(16)	(17)
Adjustments to reconcile profit (loss)	361	260
Changes in non-cash working capital components	12	(87)
Cash flows from (used in) operating activities	373	173
Investing activities
Investments in associates and joint ventures	(2)	(17)
Payments for property, plant and equipment	(338)	(193)
Proceeds from disposals of property, plant and equipment	85	15
Change in intangible and other assets	(15)	256
Net cash acquired (paid) in business combinations	(100)	9
Cash flows from (used in) investing activities	(370)	70
Financing activities
Bank loans and advances	(22)	8
Change in credit facilities	(126)	114
Cash flow from (used to) Increase (Decrease) in other term loans	235	0
Repurchase of unsecured senior notes	0	(257)
Increase in other long-term debt	66	11
Payments of other long-term debt	(81)	(47)
Settlement of derivative financial instruments	(1)	(12)
Issuance of common shares upon exercise of stock options	5
Issuance of common shares upon exercise of stock options	5	4
Redemption of common shares	(20)	0
Dividends paid to non-controlling interests and acquisition of non-controlling interests	(17)	(24)
Capital contribution non-controlling interests	1	0
Dividends paid to the Corporation’s Shareholders	(15)	(15)
Cash flows from (used for) financing activities	25	(218)
Change in cash and cash equivalents during the year	28	25
Currency translation on cash and cash equivalents	6	2
Cash and cash equivalents - Beginning of year	89	62
Cash and cash equivalents - End of year	$ 123	$ 89

Consolidated Balance Sheets - CAD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 123	$ 89
Accounts receivable	635	608
Current income tax assets	29	18
Inventories	605	523
Current portion of financial assets	10	9
Assets held for sale	0	13
Current assets	1,402	1,260
Long-term assets
Investments in associates and joint ventures	81	78
Property, plant and equipment	2,506	2,104
Intangible assets with finite useful life	211	212
Financial assets	20	23
Other assets	42	73
Deferred income tax assets	134	149
Goodwill and other intangible assets with indefinite useful life	555	528
Assets	4,951	4,427
Current liabilities
Bank loans and advances	16	35
Trade and other payables	782	683
Current income tax liabilities	23	6
Current portion of long-term debt	55	59
Current portion of provisions for contingencies and charges	6	7
Current portion of financial liabilities and other liabilities	101	101
Current liabilities	983	891
Long-term liabilities
Long-term debt	1,821	1,517
Provisions for contingencies and charges	42	36
Financial liabilities	14	18
Other liabilities	202	178
Deferred income tax liabilities	201	186
Liabilities	3,263	2,826
Equity attributable to Shareholders
Capital stock	490	492
Contributed surplus	16	16
Retained earnings	1,000	982
Accumulated other comprehensive income (loss)	2	(35)
Equity attributable to owners of parent	1,508	1,455
Non-controlling interests	180	146
Total equity	1,688	1,601
Equity and liabilities	$ 4,951	$ 4,427