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CCL Industries Inc. CCL Avery Innovia Checkpoint

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CCL Industries Inc. CCL Avery Innovia Checkpoint 2020 ANNUAL REPORT CCL Industries Inc. CCL Avery Innovia Checkpoint CCL is the world’s largest Avery is the world’s largest supplier Innovia is a leading global Checkpoint is a leading developer converter of pressure sensitive of labels, specialty converted producer of specialty, high- of RF and RFID-based technology and specialty extruded �ilm media and software solutions performance, multi-layer, systems for loss prevention materials for a wide range of for short-run digital printing surface engineered �ilms for and inventory management decorative, instructional, functional applications for businesses and label, packaging and security applications, including labeling and security applications for consumers available alongside applications. and tagging solutions, for the retail government institutions and large complementary products sold and apparel industries worldwide. global customers in the consumer through distributors, mass-market packaging, healthcare & chemicals, stores and e-commerce retailers. consumer electronic device and automotive markets. Extruded & laminated plastic tubes, aluminum aerosols & specialty bottles, folded instructional lea�lets, precision decorated & die cut components, electronic displays, polymer banknote substrate and other complementary products and services are sold in parallel to speci�ic end-use markets. 22,200 191 42 6 Employees Production Facilities Countries Continents NORTH AMERICA REPRESENTS EUROPE REPRESENTS EMERGING MARKETS REPRESENTS 42% of total sales 32% of total sales 26% of total sales CAUTION ABOUT FORWARDLOOKING INFORMATION This annual report contains forward-looking information and forward-looking statements, as defined under applicable securities laws (hereinafter collectively referred to as “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by, but not limited to, the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this annual report contains forward-looking statements regarding the anticipated growth in sales, income and profitability of the Company’s segments; the Company’s improvement in market share; the Company’s capital spending levels and planned capital expenditures in 2021; the adequacy of the Company’s financial liquidity; the Company’s targeted return on equity, improved return on total capital, adjusted earnings per share, Adjusted EBITDA growth rates and dividend payout; the Company’s eff ective tax rate; the Company’s ongoing business strategy; the Company’s ability to maintain a Net Debt to Adjusted EBITDA ratio below 3.5 times; the Company’s expectations regarding general business and economic conditions; the Company’s Corporate Social Responsibility initiative to enhance the integration of social and environmental concerns into its business operations; the Company’s expectation to successfully divert waste from landfill; thus, reducing costs and having a positive sustainability impact for its customers; the Company’s announced new capacity addition in its proprietary “Ecofloat,” with start-up expected in early 2022; the impact the coronavirus will have on the global economy and the global supply chain; the Company’s success in passing on foreign exchange movements and input cost changes to its customer base; the Company’s success in quickly initiating actions to reduce variable costs if the economic environment weakens; CCL Label and CCL Design pursuit of new product initiatives, with capacity expansion plans in new and existing markets; CCL Secure’s success in developing market-leading security technology to pursue widespread long-term adoption of polymer banknotes; the Company’s expectation that Avery.com, WePrint™ and Kids Label businesses will backstop Avery’s direct-to-consumer platform; the Company’s expectation that Avery will have sustainable growth in its direct-to-consumer off ering, including incremental acquisitions; the Company’s expectation that there will be a more normalized back-to-school season in 2021, with a positive impact to Avery; Checkpoint’s capture of sales and profit growth from the evolving radio-frequency identification (“RFID”) market and possible complementary and tuck-in business acquisitions; the Company’s expectation that the Checkpoint operation will benefit from cost-saving initiatives and a return to in-store shopping by consumers; and Innovia’s success in passing on resin price increases to its customer base through contractual pricing mechanisms. Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions, including, but not limited to, the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and the Company’s ability to attract and retain qualified employees. Do not unduly rely on forward- looking statements as the Company’s actual results could diff er materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: higher consumer spending; increased customer demand for the Company’s products; continued historical growth trends, market growth in specific segments and entering into new segments; the Company’s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company’s focused strategies and operational approach; the Company’s ability to implement its acquisition strategy and successfully integrate acquired businesses; the achievement of the Company’s plans for improved eff iciency and lower costs, including the ability to pass on polypropylene resin cost increases to its customers; the availability of cash and credit; fluctuations of currency exchange rates; the Company’s continued relations with its customers; and general business and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found throughout this report and particularly in Section 4: “Risks and Uncertainties.” Except as otherwise indicated, forward-looking statements do not take into account the eff ect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on the business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non- recurring and other special items can be complex and depends on the facts particular to each of them; therefore, the financial impact cannot be described in a meaningful way in advance of knowing the specific facts. The forward-looking statements are provided as of the date of this annual report and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law. Unless the context otherwise indicates, a reference to “the Company” means CCL Industries Inc. and its subsidiary companies and equity-accounted investments. 2020 LETTER TO SHAREHOLDERS Donald G. Lang Geoff rey T. Martin Executive Chairman President and Chief Executive Off icer It was an unforgettable year, testing the resilience of our Company, proving again the bene�it of portfolio diversity in our products, geographies and end markets. After a soft second half to 2019, we believed an event could trigger a global 2020 downturn following the longest period of economic expansion since World War II, spanning an entire decade since 2009. But, none of us expected the first global health pandemic seen since the Spanish Flu in 1918! China began to shut down in January, shortly followed by the rest of the world as contagion took hold. The first five months of the year saw the greatest contraction in global GDP since the Great Depression of the 1930s. Governments may have failed forward, but their subsequent response, in economic terms was still massive, and in our view, entirely appropriate. During the dark months of February and March, optimism was not high that an economic recovery could be “V” shaped, but that is exactly what happened from June. First quarter results were essentially flat, second quarter sales fell 10% and earnings 14%, followed by a rebound, record third quarter and very strong fourth quarter… a roller coaster year. 2020 sales ended down only 1.5% to just under $5.25 billion. With so many work place and non-essential retail closures, it’s perhaps not surprising Avery and Checkpoint
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