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Cascades posts record results

Photo: Cascades
Photo: Cascades
Published by
Simon Matthis - 14 Mar 2016

Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, releases its unaudited financial results for the three-month period and the fiscal year ended December 31, 2015.

Mr. Mario Plourde, President and Chief Executive Officer, had the following comments on the most recent quarterly results: "We concluded 2015 on a strong note with an OIBD of $104 million, the highest ever achieved for a fourth quarter and 27% higher than during the same period last year. For the full year and on a comparable asset base, the OIBD of $426 million represents a record for the Corporation and an increase of 25% compared to 2014. Our free cash flow amounted to $150 million in 2015 and was mostly used to reduce indebtedness.

"All of our North American groups improved their quarterly results compared to the same period last year due in part to a weaker Canadian dollar. The sequential OIBD decrease is mostly the result of seasonality.

"The Tissue Papers Group showed the most improvement compared to last year fourth quarter with an OIBD growth of 81% due to increased average selling prices and lower fibre costs.

"In the Packaging Products sector, both the Containerboard and Specialty Products groups showed solid growth with a 27% and 60% year-over-year quarterly OIBD improvement, respectively. The higher average selling price is the main factor behind this increase in the Containerboard Group and the lower fibre costs in the Specialty Products Group.

"The Boxboard Europe Group experienced a slight decrease compared to the last quarter of 2014, which is mostly the result of higher fibre costs.

"Greenpac's contribution to our results is positive since ramp-up was completed in 2014. Earnings per share contribution from our share of its results excluding specific items totaled $0.03 during the quarter."