INVESTOR FACT SHEET
SALES BY SEGMENT
2016
(% before intersegment eliminations)
Jennifer Aitken, MBA
Director, Investor Relations
514-282-2697
[email protected]
[email protected]
www.cascades.com/investors
ADJUSTED EBITDA1 BY SEGMENT
SALES BY COUNTRY/REGION
22
2016
(% excluding corporate activities)
FOR INFORMATION
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that
are composed mainly of recycled fibres. The Corporation employs 11,000 employees,
who work in close to 90 production facilities located in North America and Europe.
With its management philosophy, half a century of experience in recycling, and continuous efforts
in research and development as driving forces, Cascades continues
to deliver the innovative products that customers
have come to rely on.
31%
THE CORPORATION
APRIL 2017
2016
Containerboard
Boxboard Europe
Specialty Products
Containerboard
Boxboard Europe
Specialty Products
19%
Share price (CAN$) 04/03/2017
52-week high (CAN$)
52-week low (CAN$)
3-month average daily volume
Shares outstanding (mm)
options outstanding (MM)
Float outstanding2 (mm)
Market capitalization (mm)
Quarterly div. (ann.yield)
Tissue Papers (31%)
11%
Symbol: CAS (TSX)
Major indices:
S&P/TSX Clean Technology Index
S&P/TSX Small Cap Index
BMO Small Cap Index
13.88
14.39
8.00
279,083
94.7
5.0
61.8
1,313
$0.04 (1.2%)
CANADA
UNITED STATES
EUROPE
AND OTHER
39%
STOCK PRICE (12 MONTHS)
STOCK MARKET INFORMATION
13%
45%
Packaging (69%)
Tissue Papers (32%)
15%
CAN$ 403 MILLION
Packaging (68%)
39%
CAN$ 4.0 BILLION
34%
32%
%
Analyst coverage (stock):
CIBC Capital Markets
Desjardins Capital Markets
Equity Research Associates
National Bank Financial
RBC Capital Markets
Scotia Capital
TD Securities
1
Earnings before interest, taxes, depreciation & amortization excluding specific items. See “Forward-looking statements and supplemental information on non-IFRS
measures” attached to the latest Company’s quarterly or annually financial results for more details.
2
Shares outstanding less shares held by management, Corporation’s Board members and through employees’ share owernship program.
This fact sheet contains management’s views about Cascades’ operating results and performance. These statements reflect management’s current
beliefs and are based on information currently available to management. These statements should be considered carefully and undue reliance
should not be placed on these statements. Cascades cannot ensure that these statements will lead to improved results or higher stock price.
WWW.CASCADES.COM/INVESTORS
KEY FINANCIAL FIGURES
2015
(In million of CAN$, except amount per share,
multiples and selected ratios)
Q1 Q2
Q3
2016
Q4
year Q1
Q2
Q3
Q4
year
Financial results
910 950 1,026 975 3,861
1,003 998 1,021 979
Sales
Adjusted1
85 103 134 104 426 106 112 103 82
EBITDA
17 24 49 22 112 34 35 30 15
Net earnings
0.18 0.25 0.52 0.23 1.18
0.35 0.38 0.32 0.16 Net earnings per common share
35 86 110 106 337 56 116 68 84
Cash flow from continuing operations 4,001
403
114
1.21
324
Balance sheet data
Total assets
Net debt1
Enterprise value
Shareholders’ equity (book value)
Per common share
3,7193,7433,8923,848 3,8483,7953,7803,7853,8133,813
1,6911,6931,7411,721 1,7211,6841,6641,6251,5321,532
2,5192,4812,6793,029 3,0292,5972,6212,9312,7662,766
866898923867 867904925947984984
9.199.519.779.09 9.099.489.79
10.03
10.4110.41
Multiples and Selected ratios
(quarter-end)
SENSITIVITY ANALYSIS4
Net debt / LTM adjusted EBITDA1 (x)
Return on assets2
ROCE3
Share price / Book value (x)
Share price / LTM adjusted EPS1 (x)
EV / LTM adjusted EBITDA1 (x)
4.84.74.34.0 4.03.83.63.83.83.8
9.7%10.0%10.8%11.2% 11.2%11.7%11.9%11.1%10.6%10.6%
4.4%4.8%5.5%5.6% 5.6%5.9%6.1%5.4%5.2%5.2%
0.80.80.91.4 1.40.90.91.31.21.2
20.113.0 8.410.8 10.8 6.3 6.210.010.010.0
7.26.86.67.1 7.15.85.76.96.96.9
North American
Increase
EBITDA Impact
European
Increase
EBITDA Impact
FISCAL YEAR 2016
Shipments/Consumption*
(M CAN$)
Shipments/Consumption*
(M CAN$)
Selling prices (manufacturing and converting)5
Containerboard
1,140
US$25/s.t.
38
Boxboard Europe
1,070
€25/s.t.
39
Tissue papers
610
US$25/s.t.
20
Raw Material Costs5
Recycled papers
Brown grades (OCC & others)
1,050
US$15/s.t.
(21)
760
€15/s.t.
(17)
Groundwood grades (ONP & others)
60
US$15/s.t.
(1)
160
€15/s.t.
(4)
White grades (SOP & others)
550
US$15/s.t.
(11)
60
€15/s.t.
(1)
Virgin pulp
150
US$30/s.t.
(6)
70
€30/s.t.
(3)
Natural gas
8,600
US$1.00/mmBtu
(11)
4,600
€1.00/mmBtu
(7)
Foreign Exchange6
CAN$/US$ 0.01 change
3
CAN$/€ 0.02 change
1
Leading market positions in recycled packaging and tissue
Benefiting from the growing demand for sustainable &
environmentally sound products
Vertically integrated business model: waste paper recovery to
consumer oriented end-markets through converting operations
Entrepreneurial culture and proactive management: several
recent transactions, divestitures & cost-reduction initiatives
Approximately 17% equity investment in Boralex (BLX on the
Toronto Stock Exchange), a renewable energy producer
Approximately 58% equity investment in Reno de Medici S.p.A.
(RM on the Milan Stock Exchange and RDM on the Madrid
Stock Exchange), a leading European producer of recycled
boxboard
RECENT DEVELOPMENTS
KEY INVESTMENT CONSIDERATIONS
* ‘000 s.t. and ‘000 mmBtu for natural gas
1
Sales of $4,001 million and adjusted
EBITDA of $403 million for the year
2016
See “Forward-looking statements and supplemental information on non-IFRS measures” attached
to the latest Company’s quarterly or annually financial results for more details.
2Return on assets is a non-IFRS measure and is defined as: LTM EBITDA/LTM average of total
quarterly assets.
Adjusted EBITDA of $82M in Q4-2016
down 20% sequentially and 21%
compared to last year
3Return on capital employed is a non-IFRS measure and is defined as the after-tax (30%) amount
Adjusted EPS of $0.16 in Q4-2016
compared to $0.32 in Q3-2016 and
$0.23 in Q4-2015
4Sensitivity calculated according to 2016 volumes or consumption, with an exchange rate of CAN$/
Cascades’ joint venture, Cascades
Sonoco, announced a US $16 million
investment for the expansion of its
existing Birmingham, AL, facility
of the LTM operating income/LTM quarterly average of capital employed. Capital employed is
defined as the total assets less trade and other payables.
US$ 1.33 and CAN$/€ 1.47, excluding hedging programs and the impact of related expenses such
as discounts, commissions on sales and profit-sharing.
5Based on 2016 external manufacturing and converting shipments, as well as fibre and pulp
consumption. Including purchases from our subsidiary Cascades Recovery.
6As an example, from CAN$/US$ 1.33 to CAN$/US$ 1.34 and from CAN$/€ 1.47 to CAN$/€ 1.49.
WWW.CASCADES.COM/INVESTORS
WWW.CASCADES.COM/INVESTISSEURS