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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000912057-02-004094.txt : 20020414
<SEC-HEADER>0000912057-02-004094.hdr.sgml : 20020414
ACCESSION NUMBER:		0000912057-02-004094
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020204
FILED AS OF DATE:		20020205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CELESTICA INC
		CENTRAL INDEX KEY:			0001030894
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				980185558
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14832
		FILM NUMBER:		02527653

	BUSINESS ADDRESS:	
		STREET 1:		12 CONCORD PL
		STREET 2:		7TH FL
		CITY:			ONTARIO M3C 1V7
		STATE:			A6
		BUSINESS PHONE:		416442211
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2069566z6-k.txt
<DESCRIPTION>FORM 6-K
<TEXT>
<PAGE>


_______________________________________________________________________________

                                    FORM 6-K
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        REPORT OF FOREIGN PRIVATE ISSUER
                      PURSUANT TO RULE 13a-16 OR 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                         For the month of February 2002

_______________________________________________________________________________


                                 CELESTICA INC.
                 (TRANSLATION OF REGISTRANT'S NAME INTO ENGLISH)

_______________________________________________________________________________

                                12 CONCORDE PLACE
                                TORONTO, ONTARIO
                                 CANADA, M3C 3R8
                                 (416) 448-5800
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

         Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.

       Form 20-F  X                               Form 40-F ______
                -----

         Indicate  by check  mark  whether  the  registrant  by  furnishing  the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of
1934.

          Yes _____                                  No   X
                                                       -------

         If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_________

_______________________________________________________________________________


<PAGE>


                                 CELESTICA INC.
                                    FORM 6-K
                             MONTH OF FEBRUARY 2002


Filed with this Form 6-K is the following:

- -      Press Release, dated January 31, 2002, the text of which is attached
hereto as Exhibit 99.1 and is incorporated herein by reference, including
Celestica Inc.'s fourth quarter 2001 consolidated financial information.


EXHIBITS

99.1  - Press Release, dated January 31, 2002



<PAGE>


SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.





                                 CELESTICA INC.



Date:  February 4, 2002          By:      /s/ Elizabeth DelBianco
                                    -----------------------------------
                                    Name:  Elizabeth DelBianco
                                    Title: Vice President & General Counsel





<PAGE>



                                  EXHIBIT INDEX

Exhibit 99.1               Press Release, dated January 31, 2002



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a2069566zex-99_1.txt
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE FOURTH QUARTER FIN.
<TEXT>


<PAGE>


FOURTH QUARTER AND YEAR END RESULTS                             January 31, 2002
(All amounts in U.S. dollars.
Per share information based on diluted
shares outstanding unless noted otherwise.
Historical per share information reflects the impact
of the treasury stock method, retroactively applied)



                     CELESTICA ANNOUNCES FOURTH QUARTER AND
                           YEAR-END FINANCIAL RESULTS

       Company generates record cash flow; drives cash cycle improvements



TORONTO, Canada - Celestica Inc. (NYSE, TSE: CLS), a world leader in electronics
manufacturing services (EMS), today announced financial results for the fourth
quarter and year ended December 31, 2001.

For the fourth quarter, revenue was $2,448 million, down 29 per cent from $3,448
million in the fourth quarter of 2000. Adjusted net earnings* were $76 million
or $0.31 per share, compared to $117 million or $0.53 for the same period last
year. The company's guidance for the fourth quarter, which was provided in
October, was for revenue of $2.2 - $2.6 billion and $0.27 to $0.35 adjusted net
earnings per share.

Net loss on a GAAP basis for the fourth quarter was $72 million, or a loss of
$0.33 per share compared to net earnings of $84 million or earnings of $0.38 per
share last year. Net earnings in the quarter was impacted by a previously
announced pre-tax charge of $137 million associated with restructuring
activities required in response to continued weak global end markets.

Celestica's focus on operating efficiency in the fourth quarter drove record
cash flow from operations and significantly strengthened the company's balance
sheet. Additional highlights include:

- - Cash flow from operations in the fourth quarter of $889 million
- - Year end cash balances of $1,343 million, up from $966 million in the third
  quarter
- - Cash cycle improvement to 45 days vs 67 days in the third quarter
- - Inventory decreased $298 million from the third quarter with turns improving
  to 6x
- - Debt to capital ratio of 21% (including convertible notes as debt)

For the year ended December 31, 2001, revenue was $10,004 million, up 3 per cent
from $9,752 million in 2000. Adjusted net earnings were $321 million or $1.38
per share compared to $304 or $1.44 for the same period last year. For the full
year, GAAP net loss was $40 million, or loss of $0.26 per share compared to net
income of $207 million or earnings of $0.98 per share last year. Full year net
loss includes pre-tax restructuring and other charges of $273 million of which
$135 million represented non-cash charges.


<PAGE>

                                        2


"Celestica's focus on efficiency drove solid productivity gains in the fourth
quarter," said Eugene Polistuk, chairman and CEO, Celestica. "Our employees did
a tremendous job executing at all levels of the operation despite the
significant business volatility and major reshaping of the company's global
footprint undertaken during the year. By reacting decisively to the environment,
and by staying focussed on our core competencies, we were able to deliver
operating margins that were unchanged from 2001 and finished the year with a
very strong balance sheet."

"We were also very pleased that despite the major restructuring we undertook in
2001, we were still able to generate a record $1.3 billion in cash flow from
operations, essentially funding our acquisition cash needs during the year. We
closed the year with $1.3 billion in cash and $1 billion in unused credit
facilities."

"As we enter 2002, we are solidly positioned for our customers with a
re-balanced manufacturing footprint, strong financial position and a team of
highly-focussed, motivated and dedicated employees committed to the success of
their customers."

Looking forward, the company said that the current end-market environment still
limits visibility but the company did provide guidance for the first quarter
ending March 31. The company believes that revenue will be in the range of $2.1
- - $2.5 billion, with adjusted net earnings per share of approximately
$0.25-$0.32.

*Detailed GAAP financial statements and supplementary information related to
adjusted net earnings appear at the end of this press release.


ABOUT CELESTICA
- ---------------
Celestica is a world leader in the delivery of innovative electronics
manufacturing services (EMS). With 2001 revenues in excess of US $10 billion,
Celestica is a global operator of a highly sophisticated manufacturing network,
providing a broad range of services to leading OEMs (original equipment
manufacturers) in the information technology and communications industries.
Unrivaled in quality, technology and supply chain management, Celestica provides
competitive advantage to its customers by improving time-to-market, scalability
and manufacturing efficiency. Celestica has more than 40,000 employees in over
40 locations in the Americas, Europe and Asia.

For further information on Celestica, visit its website at www.celestica.com.
                                                           -----------------
The company's security filings can also be accessed at www.sedar.com and
                                                       -------------
www.sec.gov.
- -----------



<PAGE>

                                        3


SAFE HARBOUR AND FAIR DISCLOSURE STATEMENT

STATEMENTS CONTAINED IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL FACTS ARE
FORWARD-LOOKING STATEMENTS WHICH INVOLVE RISK AND UNCERTAINTIES WHICH COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE
FORWARD-LOOKING STATEMENTS. AMONG THE KEY FACTORS THAT COULD CAUSE SUCH
DIFFERENCES ARE: THE LEVEL OF OVERALL GROWTH IN THE ELECTRONICS MANUFACTURING
SERVICES (EMS) INDUSTRY; LOWER-THAN-EXPECTED CUSTOMER DEMAND; COMPONENT
CONSTRAINTS; VARIABILITY OF OPERATING RESULTS AMONG PERIODS; DEPENDENCE ON THE
COMPUTER AND COMMUNICATIONS INDUSTRIES; DEPENDENCE ON A LIMITED NUMBER OF
CUSTOMERS; AND THE ABILITY TO MANAGE EXPANSION, CONSOLIDATION AND THE
INTEGRATION OF ACQUIRED BUSINESSES. THESE AND OTHER FACTORS ARE DISCUSSED IN THE
COMPANY'S VARIOUS PUBLIC FILINGS AT www.sedar.com AND http://www.sec.gov.
                                    -------------     ------------------

AS OF ITS DATE, THIS PRESS RELEASE CONTAINS ANY MATERIAL INFORMATION ASSOCIATED
WITH THE COMPANY'S FOURTH QUARTER AND YEAR END FINANCIAL RESULTS, AND REVENUE
AND ADJUSTED NET EARNINGS GUIDANCE FOR THE FIRST QUARTER ENDING MARCH 31, 2002.

Contacts:
Laurie Flanagan                                 Paul Carpino
Celestica Corporate Communications              Celestica Investor Relations
(416) 448-2200                                  (416) 448-2211
media@celestica.com                             clsir@celestica.com
- -------------------                             -------------------


<PAGE>

                                       4


                                FINANCIAL SUMMARY




ADJUSTED NET EARNINGS SUMMARY

<TABLE>
<CAPTION>
           Year ended Dec. 31                                 2001            2000          Change
           ------------------                                 ----            ----          ------
           <S>                                             <C>            <C>            <C>

                    Adjusted net earnings                  $    321M      $   304 M      $     17M

                    Adjusted net EPS(1)                    $   1.38       $   1.44       $  (0.06)



           Three months ended Dec. 31                         2001            2000          Change
           --------------------------                         ----            ----          ------

                    Adjusted net earnings                  $     76  M    $  117 M       $   (41)M

                    Adjusted net EPS(1)                    $   0.31       $  0.53        $  (0.22)



           ADJUSTED NET EARNINGS CALCULATION

                                                               Q4/2001       FY2001
                                                               -------       ------

                    Net loss                               $   (72)  M    $   (40) M
                    Add: amortization of intangibles            35   M         125 M
                    Add: acquisition integration costs           3   M          23 M
                    Add: restructuring/other charges           137   M         273 M
                    Less: tax impact of above                 (27)   M        (60) M
                                                           -----------    ----------
                    Adjusted net earnings                  $    76   M    $    321 M
                    Adjusted net EPS(1)                    $   0.31       $   1.38


</TABLE>


           GAAP FINANCIAL SUMMARY

<TABLE>
<CAPTION>
           Year ended Dec. 31                                  2001            2000         Change
           ------------------                                  ----            ----         ------
           <S>                                             <C>            <C>            <C>

                    Revenue                                $   10.0  B    $    9.8B      $   252 M
                    Net earnings (loss)                        (40)  M        207 M         (247)M
                    Net earnings (loss) per share          $ (0.26)       $   0.98       $ (1.24)

                    Cash Provided by Operations            $  1,291  M    $  (85) M      $ 1,376 M
                    Cash Position                          $  1,343  M    $   884 M      $   459 M


           Three months ended Dec. 31                          2001            2000         Change
           --------------------------                          ----            ----         ------

                    Revenue                                $     2.4B     $    3.4B      $ (1.0) B
                    Net earnings (loss)                         (72)M           84 M       (156) M
                    Net earnings (loss) per share          $ (0.33)       $   0.38       $ (0.71)

                    Cash Provided by Operations            $   889M       $    153 M     $  736 M
</TABLE>



           GUIDANCE SUMMARY

<TABLE>
<CAPTION>
                    Q4 versus Actuals                  Q4/01 Guidance     Q4/01 Actuals
                    -----------------                  --------------     -------------
                    <S>                                <C>                <C>
                    Revenue                             $2.2B - $2.6B         $2.4B
                    Adjusted Net EPS                    $0.27 - $0.35         $0.31

                    Forward Guidance                   Q1/02 Guidance
                    ----------------                   --------------
                    Revenue                             $2.1B - $2.5B
                    Adjusted Net EPS                    $0.25 - $0.32

</TABLE>

(1)  For purposes of the diluted per share calculation for the three months and
     year ended Dec. 31, 2001, weighted average number of shares outstanding in
     millions were 244.5 and 232.9 respectively.



<PAGE>

                                       5


DISCLOSURE ON FINANCIAL RESULTS

As part of its quarterly financial press releases, Celestica provides extensive
disclosure including income statement, balance sheet, cash flow from operations
and detailed accompanying footnotes. All information is prepared in accordance
with Canadian GAAP which conforms in all material respects with U.S. GAAP except
as noted in the company's annual report. These same documents are also filed
with the United States Securities and Exchange Commissions and Canadian
Securities Commissions.

To supplement this information, Celestica also provides information on adjusted
net earnings. Adjusted net earnings do not have any standardized meaning
prescribed by GAAP and are not necessarily comparable to similar measures
presented by other issuers. As a result of the significant number of
acquisitions made by Celestica over the past few years, management of Celestica
uses adjusted net earnings as a measure of operating performance on an
enterprise-wide basis. Adjusted net earnings exclude the effects of
acquisition-related charges (most significantly, amortization of intangible
assets and integration costs related to acquisitions), other charges (most
significantly, restructuring costs and the write-down of goodwill and intangible
assets) and the related income tax effect of these adjustments. Adjusted net
earnings are not a measure of performance under Canadian GAAP or U.S. GAAP and
should not be considered in isolation or as a substitute for net earnings
prepared in accordance with Canadian GAAP or U.S. GAAP or as a measure of
operating performance or profitability.

Adjusted net earnings are used by Celestica for establishing consensus guidance
on core operations and used by most analysts for estimating future earnings on
this basis. For comparative purposes, historical detail on adjusted net earnings
are shown in the company's securities filings including annual reports, press
releases and prospectuses, as well as in supplementary historical information
found on the company's web site.



<PAGE>


                                        6


                                 CELESTICA INC.

                           CONSOLIDATED BALANCE SHEETS
                          (IN MILLIONS OF U.S. DOLLARS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                              DECEMBER 31
                                                   --------------------------------
                                                        2000              2001
                                                   -------------    ---------------
<S>                                                <C>              <C>
ASSETS
Current assets:
  Cash and short-term investments................. $        883.8   $       1,342.8
  Accounts receivable ............................        1,785.7           1,054.1
  Inventories ....................................        1,664.3           1,372.7
  Prepaid and other assets........................          138.8             177.3
  Deferred income taxes...........................           48.4              49.7
                                                  ---------------   ---------------
                                                          4,521.0           3,996.6
Capital assets ...................................          633.4             915.1
Intangible assets ................................          578.3           1,556.0
Other assets .....................................          205.3             165.2
                                                  ---------------   ---------------
                                                  $       5,938.0   $       6,632.9
                                                  ---------------   ---------------
                                                  ---------------   ---------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable................................$       1,730.4   $       1,198.3
  Accrued liabilities.............................          466.3             405.7
  Income taxes payable............................           52.6              21.0
  Deferred income taxes...........................            7.7              21.8
  Current portion of long-term debt ..............            1.4              10.0
                                                  ---------------   ---------------
                                                          2,258.4           1,656.8
Long-term debt ...................................          130.6             137.4
Accrued post-retirement benefits .................           38.1              47.3
Deferred income taxes.............................           38.6              41.5
Other long-term liabilities.......................            3.0               4.3
                                                  ---------------    --------------
                                                          2,468.7           1,887.3
Shareholders' equity:
  Convertible debt................................          860.5             886.8
  Capital stock (note 4)..........................        2,395.4           3,699.0
  Retained earnings...............................          217.5             162.7
  Foreign currency translation adjustment.........           (4.1)             (2.9)
                                                   ---------------   ---------------
                                                          3,469.3           4,745.6
                                                   --------------    --------------
                                                  $       5,938.0   $       6,632.9
                                                   ---------------   ---------------
                                                   ---------------   ---------------

</TABLE>

          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

      THESE INTERIM FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
                  THE ANNUAL CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>


                                       7


                                 CELESTICA INC.

        CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND RETAINED EARNINGS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED                  YEAR ENDED
                                                            DECEMBER 31                    DECEMBER 31
                                                         2000            2001           2000            2001
                                                     ------------     ----------    -----------     ----------
<S>                                                  <C>              <C>           <C>             <C>
Revenue...........................................   $    3,447.8     $ 2,448.2     $   9,752.1     $ 10,004.4
Cost of sales.....................................        3,199.7       2,270.7         9,064.1        9,291.9
                                                     ------------     ---------     -----------     ----------
Gross profit......................................          248.1         177.5           688.0          712.5
Selling, general and administrative expenses .....          109.5          86.6           326.1          341.4
Amortization of intangible assets ................           28.8          35.1            88.9          125.0
Integration costs related to acquisitions ........            5.7           2.6            16.1           22.8
Other charges (note 5)............................             -          136.5               -          273.1
                                                     -----------      ---------     -----------     ----------
Operating income (loss)...........................          104.1         (83.3)          256.9          (49.8)
Interest on long-term debt........................            6.3           5.9            17.8           19.8
Interest income, net..............................          (12.0)         (2.7)          (36.8)         (27.7)
                                                     -------------    ----------    ------------      ---------
Earnings (loss) before income taxes...............          109.8         (86.5)          275.9          (41.9)
                                                     ------------     ----------    -----------     -----------
Income taxes:
  Current ........................................           25.9          10.5            80.1           25.8
  Deferred (recovery).............................            0.4         (25.2)          (10.9)         (27.9)
                                                     ------------     ----------    ------------    -----------
                                                             26.3         (14.7)           69.2           (2.1)
                                                     ------------     ----------    -----------     -----------
Net earnings (loss) for the period................           83.5         (71.8)          206.7          (39.8)

Retained earnings, beginning of period............          137.3         238.6            16.2          217.5
Convertible debt accretion, net of tax............           (3.3)         (4.1)           (5.4)         (15.0)
                                                     -------------    ----------    ------------    -----------
Retained earnings, end of period..................   $      217.5    $    162.7     $     217.5     $    162.7
                                                     ============    ==========     ===========     ==========

Basic earnings (loss) per share (note 6)..........   $      0.39     $    (0.33)    $      1.01     $    (0.26)

Diluted earnings (loss) per share (notes 2, 6)....   $      0.38     $    (0.33)    $      0.98     $    (0.26)

Weighted average number of shares outstanding (note 6):
   - basic (in millions)..........................         203.2          227.1           199.8          213.9
   - diluted (in millions) (note 2)...............         222.6          227.1           211.8          213.9
</TABLE>




          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
    THESE INTERIM FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE
                    ANNUAL CONSOLIDATED FINANCIAL STATEMENTS.


<PAGE>

                                       8


                                 CELESTICA INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (IN MILLIONS OF U.S. DOLLARS)
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED                 YEAR ENDED
                                                             DECEMBER 31                    DECEMBER 31
                                                        2000            2001           2000            2001
                                                     -----------    ------------    ------------    -----------
 <S>                                                 <C>            <C>             <C>             <C>
 CASH PROVIDED BY (USED IN):
 OPERATIONS:
 Net earnings (loss) for the period ................ $      83.5    $     (71.8)    $      206.7    $     (39.8)
 Items not affecting cash:
   Depreciation and amortization....................        66.9           94.2            212.5          319.5
   Deferred income taxes............................         0.4          (25.2)           (10.9)         (27.9)
   Other charges (note 5)...........................          -            58.8               -           134.7
   Other............................................         5.0           (1.8)            (4.4)           1.7
                                                     -----------    ------------    -------------   -----------
 Cash from earnings.................................       155.8           54.2            403.9          388.2
                                                     -----------    -----------     ------------    -----------
 Changes in non-cash working capital items:
   Accounts receivable..............................      (284.9)         388.4           (995.3)         887.2
   Inventories......................................       (49.4)         375.3           (656.7)         822.5
   Other assets.....................................        (5.2)         (34.7)           (94.7)          45.7
   Accounts payable and accrued liabilities.........       319.2           69.7          1,230.4         (854.0)
  Income taxes payable.............................         17.8           36.5             27.3            0.9
                                                     -----------    -----------     ------------    -----------
   Non-cash working capital changes.................        (2.5)         835.2           (489.0)         902.3
                                                     ------------   -----------     -------------   -----------
     Cash provided by (used in) operations..........       153.3          889.4            (85.1)       1,290.5
                                                      -----------    -----------     -------------   -----------

 INVESTING:
   Acquisitions, net of cash acquired...............       (12.0)        (435.3)          (634.7)      (1,299.7)
   Purchase of capital assets.......................      (118.9)         (37.2)          (282.8)        (199.3)
   Other............................................       (81.9)           0.1            (59.5)           1.4
                                                     ------------   -----------     -------------   -----------
   Cash used in investing activities................      (212.8)        (472.4)          (977.0)      (1,497.6)
                                                     ------------   ------------    -------------   ------------

 FINANCING:
   Bank indebtedness................................          -            (1.2)            (8.6)          (2.8)
   Decrease in long-term debt.......................          -           (53.3)            (2.2)         (56.0)
   Deferred financing costs.........................          -             0.2             (0.1)          (3.9)
   Issuance of convertible debt.....................          -               -            862.9             -
   Convertible debt issue costs, pre-tax............          -               -            (19.4)            -
   Issuance of share capital........................        0.8            13.1            766.6          737.7
   Share issue costs, pre-tax.......................          -               -            (26.8)         (10.0)
   Other............................................          -             1.1              2.0            1.1
                                                     ----------     -----------     ------------    -----------
   Cash provided by (used in) financing
     activities.....................................         0.8          (40.1)         1,574.4          666.1
                                                     -----------    ------------  --------------    -----------

 Increase (decrease) in cash........................       (58.7)          376.9           512.3          459.0
 Cash, beginning of period..........................       942.5           965.9           371.5          883.8
                                                     -----------    ------------    ------------    -----------
 Cash, end of period................................ $     883.8    $    1,342.8    $      883.8    $   1,342.8
                                                     ===========    ============    ============    ===========

  Supplemental information:
    Paid during the period:
    Interest......................................... $       7.9    $       8.3     $       15.9    $      20.7
    Taxes............................................ $      14.2    $      18.5     $       55.0    $      89.0

  Non-cash financing activities:
    Convertible debt accretion, net of tax .......... $       3.3    $       4.1     $        5.4    $      15.0
    Shares issued for acquisitions................... $        -     $     386.3     $         -     $     567.0
Cash is comprised of cash and short-term investments.
</TABLE>


          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
              THESE INTERIM FINANCIAL STATEMENTS SHOULD BE READ IN
         CONJUNCTION WITH THE ANNUAL CONSOLIDATED FINANCIAL STATEMENTS.



<PAGE>


                                        9

                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)




1.    NATURE OF BUSINESS:

     The primary operations of the Company consist of providing a full range of
electronics manufacturing services including design, prototyping, assembly,
testing, product assurance, supply chain management, worldwide distribution and
after-sales service to its customers primarily in the computer and
communications industries. The Company has operations in the Americas, Europe
and Asia.

     The Company prepares its financial statements in accordance with accounting
principles generally accepted in Canada, with a reconciliation to accounting
principles generally accepted in the United States, included in the annual
consolidated financial statements.

       The Company experiences seasonal variation in revenue, with revenue
typically being highest in the fourth quarter and lowest in the first quarter.

2.    SIGNIFICANT ACCOUNTING POLICIES:

     The disclosures contained in these unaudited interim consolidated financial
statements do not include all requirements of generally accepted accounting
principles (GAAP) for annual financial statements. The unaudited interim
consolidated financial statements should be read in conjunction with the annual
consolidated financial statements for the year ended December 31, 2000.

     The unaudited interim consolidated financial statements reflect all
adjustments, consisting only of normal recurring accruals, which are, in the
opinion of management, necessary to present fairly the financial position of the
Company as of December 31, 2001 and the results of operations and cash flows for
the three months and year ended December 31, 2001 and 2000.

     The unaudited interim consolidated financial statements are based upon
accounting principles consistent with those used and described in the annual
consolidated financial statements, except the following:

(a) In the first quarter of 2001, the Company adopted retroactively the new
Canadian Institute of Chartered Accountants (CICA) Handbook Section 3500
"Earnings per share", which requires the use of the treasury stock method for
calculating diluted earnings per share. This change results in an earnings per
share calculation which is consistent with United States GAAP. Previously
reported diluted earnings per share have been restated to reflect this change.

(b) In September 2001, the CICA issued Handbook Sections 1581 "Business
combinations" and 3062 "Goodwill and other intangible assets". The new standards
mandate the purchase method of accounting for business combinations and require
that goodwill no longer be amortized but instead be tested for impairment at
least annually. The standards also specify criteria that intangible assets must
meet to be recognized and reported apart from goodwill. The standards require
that the value of the shares issued in a business combination be measured using
the average share price for a reasonable period before and after the date the
terms of the acquisition are agreed to and announced. Previously, the
consummation date was used to value the shares issued in a business combination.
The new standards are substantially consistent with U.S. GAAP.

     Effective July 1, 2001 and for the remainder of the fiscal year, goodwill
acquired in business combinations completed after June 30, 2001 was not
amortized. In addition, the criteria for recognition of intangible assets apart
from goodwill and the valuation of the shares issued in a business combination
has been applied to business combinations completed after June 30, 2001.



<PAGE>

                                       10


                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)


     Upon full adoption of the standards beginning January 1, 2002, the Company
will discontinue amortization of all existing goodwill, evaluate existing
intangible assets and make any necessary reclassifications in order to conform
with the new criteria for recognition of intangible assets apart from goodwill
and test for impairment in accordance with the new standards.

     In connection with Section 3062's transitional goodwill impairment
evaluation, the Company is required to assess whether goodwill is impaired as of
January 1, 2002. The Company has up to six months to determine the fair value of
its reporting units and compare that to the reporting units' carrying amounts.
To the extent a reporting unit's carrying amount exceeds its fair value, the
Company must perform a second step to measure the amount of impairment in a
manner similar to a purchase price allocation. This second step is to be
completed no later than the end of 2002. Any transitional impairment will be
recognized as an effect of a change in accounting principle and will be charged
to opening retained earnings as of January 1, 2002.

     As of December 31, 2001, the Company had unamortized goodwill of $1,128.8
and unamortized other intangible assets including intellectual property of
$427.2, all of which are subject to the transitional provisions of Sections 1581
and 3062. Amortization expense related to goodwill was $39.2 for 2001. Because
of the extensive effort required to comply with the remaining provisions of
Sections 1581 and 3062, the Company has not estimated the impact of these
provisions on its financial statements, beyond discontinuing goodwill
amortization.

3.   ACQUISITIONS:

    The results of subsidiaries acquired during the year are included in these
financial statements from their respective dates of acquisition. The Company's
business combinations have been accounted for using the purchase method.

(A)      ASSET ACQUISITIONS:

     In February 2001, the Company acquired certain assets located in Dublin,
     Ireland and Mt. Pleasant, Iowa from Motorola Inc. In March 2001, the
     Company acquired certain assets of a repair facility in Japan from N.K.
     Techno Co., Ltd. In May 2001, the Company acquired certain assets in
     Littlerock, Arkansas and Denver, Colorado from Avaya Inc., and in August
     2001, acquired certain assets in Saumur, France. In August 2001, the
     Company acquired certain assets in Columbus, Ohio and Oklahoma City,
     Oklahoma from Lucent Technologies Inc. The total purchase price for these
     acquisitions of $834.1 was financed with cash and was allocated to the net
     assets acquired, including intangible assets of $195.7, based on their
     relative fair values at the date of acquisition.

(B)      BUSINESS COMBINATIONS:

     OMNI:
     In October 2001, the Company acquired Omni Industries Limited (Omni), an
     electronics manufacturer headquartered in Singapore. This acquisition
     significantly enhanced the Company's presence in Asia. The purchase price
     of $865.8 was financed with the issuance of 9.2 million subordinate voting
     shares and the issuance of options to purchase 0.3 million subordinate
     voting shares of the Company and $479.5 in cash. The Company is in the
     process of obtaining third-party valuations of certain assets; thus the
     fair value allocation of the purchase price is subject to refinement.




<PAGE>

                                       11


                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)

     OTHER BUSINESS COMBINATIONS:

     In January 2001, the Company acquired Excel Electronics, Inc. through a
     merger with Celestica (US) Inc., a subsidiary of the Company. This
     acquisition expanded the Company's presence in the southern United States.
     In June 2001, the Company acquired Sagem CR s.r.o., in the Czech Republic,
     from Sagem SA, of France, which positions Celestica as Sagem's primary EMS
     provider. In August 2001, the Company acquired Primetech Electronics Inc.
     (Primetech), an electronics manufacturer in Canada. This acquisition
     provided the Company with additional high complexity manufacturing
     capability and an expanded global customer base. The purchase price of
     Primetech was financed primarily with the issuance of 3.4 million
     subordinate voting shares and the issuance of options to purchase 0.3
     million subordinate voting shares of the Company. The Company is in the
     process of obtaining third-party valuations of certain assets; thus the
     fair value allocation of the purchase price is subject to refinement.

     The value of the shares issued in the Primetech and Omni acquisitions was
     determined based on the average market price of the shares for a reasonable
     period before and after the date the terms of the acquisitions were agreed
     to and announced.

     Details of the net assets acquired in these business combinations, at fair
     value, are as follows:


<TABLE>
<CAPTION>
                                                                                                         OTHER
                                                                                                        BUSINESS
                                                                                        OMNI          COMBINATIONS
                                                                                      --------       --------------
    <S>                                                                               <C>            <C>

    Current assets.............................................................       $  255.2       $   63.2
    Capital assets.............................................................           91.8           46.3
    Other long-term assets.....................................................            4.1            0.1
    Goodwill...................................................................          764.4          135.5
    Intellectual property......................................................           50.0           10.0
    Liabilities assumed........................................................         (299.7)         (27.6)
                                                                                      ---------      ---------
    Net assets acquired........................................................       $  865.8       $  227.5
                                                                                      ========       ========

    Financed by:
     Cash......................................................................       $  479.5       $   46.8
     Issuance of shares and options............................................          386.3          180.7
                                                                                      --------       --------
                                                                                      $  865.8       $  227.5
                                                                                      ========       ========
</TABLE>


4.   OUTSTANDING SHARES:

     As at December 31, 2001, Celestica had outstanding 39.1 million multiple
voting shares, 190.6 million subordinate voting shares and 23.9 million options
to acquire subordinate voting shares under Celestica's employee incentive plans.

5.       OTHER CHARGES:

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED                 YEAR ENDED
                                                             DECEMBER 31                    DECEMBER 31
                                                        2000             2001          2000          2001
                                                   --------------  -------------- --------------  -----------
    <S>                                            <C>             <C>            <C>             <C>


    Restructuring (a)..........................     $         -     $      136.5   $         -     $     237.0
    Other (b)..................................               -               -              -            36.1
                                                    -----------     -----------    -----------     -----------
                                                    $         -     $      136.5   $         -     $     273.1
                                                    ===========     ============   ===========     ===========

</TABLE>


<PAGE>

                                       12

                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)

(a)  Restructuring:

     In response to a slowing end market, the Company announced a restructuring
plan that focused on facility consolidations and a workforce reduction. The
Company recorded a pre-tax restructuring charge of $136.5 for the quarter. The
following table details the components of the restructuring charge:

<TABLE>
<CAPTION>

                                                    THREE MONTHS        YEAR
                                                       ENDED           ENDED
                                                      DECEMBER        DECEMBER
                                                      31, 2001        31, 2001
                                                    ------------      ---------
    <S>                                             <C>               <C>
    Employee termination costs.....................   $    54.4       $    90.7
    Lease and other contractual obligations........        15.4            35.3
    Facility exit costs and other..................         7.9            12.4
    Asset impairment (non-cash)....................        58.8            98.6
                                                      ---------       ---------
                                                      $   136.5       $   237.0
                                                      =========       =========
</TABLE>

    The following table details the activity through the accrued restructuring
liability:

<TABLE>
<CAPTION>
                                                              LEASE AND
                                              EMPLOYEE          OTHER          FACILITY
                                             TERMINATION     CONTRACTUAL      EXIT COSTS
                                                  COSTS       OBLIGATIONS      AND OTHER         TOTAL
                                             -----------     ------------    -----------      ----------
    <S>                                      <C>             <C>             <C>              <C>
    Balance at September 30, 2001.......      $     20.1       $     19.8    $      2.7       $     42.6
    Provision...........................            54.4             15.4           7.9             77.7
    Cash payment........................           (35.0)            (1.5)         (1.1)           (37.6)
                                              -----------      -----------   -----------      -----------
    Balance at December 31, 2001........      $     39.5       $     33.7    $      9.5       $     82.7
                                              ==========       ==========    ==========       ==========

</TABLE>

     Employee terminations were made across all geographic regions of the
company with the majority being manufacturing and plant employees. A total of
12,041 employees have been identified to be terminated, of which 9,711 employees
were terminated in 2001. The remaining termination costs are expected to be paid
out during 2002.

     The non-cash charges for asset impairment reflects the write-down of
certain long-lived assets across all geographic regions that have become
impaired as a result of the rationalization of facilities. The asset impairments
relate to goodwill and intangible assets, machinery and equipment, buildings and
improvements. The assets were written down to their recoverable amounts using
estimated cash flows.

     The Company expects to complete the major components of the restructuring
plan by the end of 2002, except for certain long-term lease contractual
obligations.

(b)  Other:

     During the third quarter, the Company recorded a non-cash charge of $36.1.
This is comprised of a write-down of the carrying value of certain assets,
primarily goodwill and intangible assets.

<PAGE>

                                       13


                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)


6.   EARNINGS PER SHARE:

     The following table sets forth the calculation of basic and diluted
earnings (loss) per share:

<TABLE>
<CAPTION>
                                                             THREE MONTHS ENDED               YEAR ENDED
                                                                 DECEMBER 31                  DECEMBER 31
                                                            2000           2001          2000          2001
                                                        -------------  ------------- ------------- --------
    <S>                                                 <C>            <C>           <C>           <C>
    Numerator:
        Net earnings (loss)..........................     $    83.5      $   (71.8)    $   206.7     $   (39.8)
        Convertible debt accretion, net of tax.......          (3.3)          (4.1)         (5.4)        (15.0)
                                                          ----------     ----------    ----------    ----------
        Earnings (loss) available to common               $    80.2      $   (75.9)    $   201.3     $   (54.8)
    shareholders.....................................

    Denominator:
        Weighted average shares - basic (in millions)         203.2          227.1         199.8         213.9
        Effect of dilutive securities (in millions):
                Employee stock options (1) ..........           9.1             --           7.8            --
                Convertible debt.....................          10.3             --           4.2            --
                                                          ---------      ---------     ---------     ---------
        Weighted average shares - diluted (in                 222.6          227.1         211.8         213.9
    millions) (2) ...................................

    Earnings (loss) per share:
        Basic........................................     $    0.39      $   (0.33)    $    1.01     $   (0.26)
        Diluted......................................     $    0.38      $   (0.33)    $    0.98     $   (0.26)
</TABLE>



    (1)   For 2000, excludes "out of the money" options to purchase common
          shares as they are anti-dilutive.

    (2)   For 2001, the effect of options and the convertible debt are
          anti-dilutive due to the loss.

 7.  SEGMENTED INFORMATION:

     The Company's operations fall into one dominant industry segment, the
electronics manufacturing services industry. The Company manages its operations,
and accordingly determines its operating segments, on a geographic basis. The
performance of geographic operating segments is monitored based on EBIAT
(earnings before interest, income taxes, amortization of intangible assets,
other charges and integration costs related to acquisitions). The Company
monitors enterprise-wide performance based on adjusted net earnings, which is
calculated as net earnings (loss) before amortization of intangible assets,
other charges and integration costs related to acquisitions, net of related
income taxes. Inter-segment transactions are reflected at market value.

     The following is a breakdown of: revenue, EBIAT, adjusted net earnings
(which is after income taxes) and total assets by operating segment. Certain
comparative information has been restated to reflect changes in the management
of operating segments.

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED                 YEAR ENDED
                                                            DECEMBER 31                    DECEMBER 31
                                                       2000            2001           2000            2001
                                                  -------------- --------------  --------------  ---------
    <S>                                           <C>            <C>             <C>             <C>
    REVENUE
    Americas..................................     $     2,144.7  $     1,483.5   $     6,542.7   $     6,334.6
    Europe....................................           1,186.2          615.8         2,823.3         3,001.3
    Asia......................................             312.5          415.4           871.6           991.1
    Elimination of inter-segment revenue......            (195.6)         (66.5)         (485.5)         (322.6)
                                                  ------------------------------ --------------- ---------------
                                                   $     3,447.8  $     2,448.2   $     9,752.1   $    10,004.4
                                                   =============  =============   =============   =============

</TABLE>


<PAGE>


                                       14

                                 CELESTICA INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
             (IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED                YEAR  ENDED
                                                            DECEMBER 31                    DECEMBER 31
                                                       2000           2001            2000            2001
                                                  -------------- --------------  --------------  ---------
    <S>                                           <C>            <C>             <C>             <C>
    EBIAT
    Americas..................................       $     70.3     $     46.1      $    200.1      $    192.9
    Europe....................................             53.3           23.6           121.1           128.5
    Asia......................................             15.0           21.2            40.7            49.7
                                                     ----------     ----------      ----------      ----------
                                                          138.6           90.9           361.9           371.1
    Interest, net.............................              5.7           (3.2)           19.0             7.9
    Amortization of intangible assets.........            (28.8)         (35.1)          (88.9)         (125.0)
    Integration costs related to acquisitions.             (5.7)          (2.6)          (16.1)          (22.8)
    Other charges.............................               --         (136.5)             --          (273.1)
                                                     ---------      -----------     ---------       -----------
    Earnings (loss) before income taxes.......       $    109.8     $    (86.5)     $    275.9      $    (41.9)
                                                     ==========     ===========     ==========      ===========
    Adjusted net earnings.....................       $    116.9     $     75.5      $    304.1      $    320.6
                                                     ==========     ==========      ==========      ==========
</TABLE>

<TABLE>
<CAPTION>
                                                        AS AT DECEMBER 31
                                                       2000           2001
                                                  -------------- -------------
    <S>                                           <C>            <C>
    TOTAL ASSETS
    Americas..................................       $  3,444.6     $  3,408.2
    Europe....................................          1,904.7        1,626.3
    Asia......................................            588.7        1,598.4
                                                     ----------     ----------
                                                     $  5,938.0     $  6,632.9
                                                     ==========     ==========
</TABLE>


8.    SUBSEQUENT EVENT:

     In January 2002, the Company entered into an agreement with NEC Corporation
to purchase certain manufacturing assets in Miyagi and Yamanashi, Japan. This
acquisition is expected to close in the first quarter of 2002.

9.    COMPARATIVE FIGURES:

     Certain comparative figures have been reclassified to conform with the
financial statement presentation adopted in the current period.



                                      -30-


<PAGE>


CELESTICA INC.
SUPPLEMENTAL INFORMATION
(in millions of US dollars, except per share amounts)
(unaudited)


<TABLE>
<CAPTION>

                                                   Q4 1999     Q1 2000     Q2 2000     Q3 2000     Q4 2000     Q1 2001     Q2 2001
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
<S>                                               <C>         <C>         <C>         <C>         <C>         <C>          <C>
REVENUE                                           $ 1,608.8   $ 1,612.3   $ 2,091.9   $ 2,600.1   $ 3,447.8   $ 2,692.6   $ 2,660.7
GAAP
NET EARNINGS (LOSS)                                    26.2        26.1        41.4        55.7        83.5        54.8        15.8
Convertible debt accretion, net of tax                    -           -           -        (2.1)       (3.3)       (3.4)       (3.6)
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
Earnings (loss) available to shareholders - basic      26.2        26.1        41.4        53.6        80.2        51.4        12.2
Earnings (loss) per share - basic (1)                $ 0.15      $ 0.14      $ 0.20      $ 0.26      $ 0.39      $ 0.25      $ 0.06
Earnings (loss) per share - diluted (1)(2) *         $ 0.14      $ 0.13      $ 0.20      $ 0.25      $ 0.38      $ 0.25      $ 0.06
                                                  =========   =========   =========   =========   =========   =========   =========
ADJUSTED NET EARNINGS

Net earnings (loss)                                  $ 26.2      $ 26.1      $ 41.4      $ 55.7      $ 83.5      $ 54.8      $ 15.8
Adjustments:
Amortization of intangible assets                      14.0        15.3        19.2        25.6        28.8        29.6        28.1
Integration costs related to acquisitions               4.3         0.7         4.9         4.8         5.7         2.3         7.8
Other charges                                            -           -           -           -           -          3.8        53.2
Income tax effect of above                             (3.5)       (2.6)       (1.8)       (2.2)       (1.0)       (3.2)      (11.8)
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
Adjusted net earnings                                $ 41.0      $ 39.5      $ 63.7      $ 83.9     $ 117.0      $ 87.3      $ 93.1
                                                  =========   =========   =========   =========   =========   =========   =========
As a percentage of revenue                             2.5%        2.4%        3.0%        3.2%        3.4%        3.2%        3.5%

Adjusted net earnings per share - basic (1)          $ 0.23      $ 0.21      $ 0.31      $ 0.40      $ 0.56      $ 0.41      $ 0.43
                                                  =========   =========   =========   =========   =========   =========   =========
Adjusted net earnings per share - diluted (1)(2)     $ 0.22      $ 0.20      $ 0.30      $ 0.38      $ 0.53      $ 0.39      $ 0.41
                                                  =========   =========   =========   =========   =========   =========   =========
Weighted average number of shares (in millions)
  outstanding - basic (1)                             177.0       190.1       202.7       203.0       203.2       203.6       207.0
              - diluted (1)(2) *                      184.1       199.5       211.9       220.0       222.6       223.1       225.5

Actual number of shares (in millions)
  outstanding - basic (1)                             185.4       202.5       202.8       203.2       203.4       203.8       216.3
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------

ADJUSTED EBITDA

Net earnings (loss)                                  $ 26.2      $ 26.1      $ 41.4      $ 55.7      $ 83.5      $ 54.8      $ 15.8
Income taxes                                           12.3        12.3        13.1        17.5        26.3        17.3         3.3
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
EBT                                                    38.5        38.4        54.5        73.2       109.8        72.1        19.1
Integration costs related to acquisitions               4.3         0.7         4.9         4.8         5.7         2.3         7.8
Other charges                                             -           -           -           -           -         3.8        53.2
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
Adjusted EBT                                           42.8        39.1        59.4        78.0       115.5        78.2        80.1
Interest expense (income), net                          2.2        (1.8)       (6.3)       (5.2)       (5.7)       (3.5)       (2.4)
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
Adjusted EBIT                                          45.0        37.3        53.1        72.8       109.8        74.7        77.7
Amortization of intangible assets                      14.0        15.3        19.2        25.6        28.8        29.6        28.1
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
ADJUSTED EBIAT                                         59.0        52.6        72.3        98.4       138.6       104.3       105.8
                                                       3.7%        3.3%        3.5%        3.8%        4.0%        3.9%        4.0%
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
ADJUSTED EBITDA                                      $ 81.0      $ 76.1     $ 101.4     $ 131.1     $ 175.2     $ 143.9     $ 148.5
                                                  =========   =========   =========   =========   =========   =========   =========
                                                       5.0%        4.7%        4.8%        5.0%        5.1%        5.3%        5.6%
                                                  ---------   ---------   ---------   ---------   ---------   ---------   ---------
</TABLE>

<TABLE>
<CAPTION>

                                                   Q3 2001     Q4 2001     FY 1999     FY 2000     FY 2001
                                                  ---------   ---------   ---------   ---------   ---------
<S>                                               <C>         <C>         <C>         <C>         <C>
REVENUE                                           $ 2,203.0   $ 2,448.2   $ 5,297.2    $9,752.1  $ 10,004.4
GAAP
NET EARNINGS (LOSS)                                   (38.7)      (71.8)       68.4       206.7       (39.8)
Convertible debt accretion, net of tax                 (3.9)       (4.1)          -        (5.4)      (15.0)
                                                  ---------   ---------   ---------   ---------   ---------

Earnings (loss) available to shareholders - basic     (42.6)      (75.9)       68.4       201.3       (54.8)
Earnings (loss) per share - basic (1)               $ (0.20)    $ (0.33)     $ 0.41      $ 1.01   $   (0.26)
Earnings (loss) per share - diluted (1)(2) *        $ (0.20)*   $ (0.33)*    $ 0.40      $ 0.98   $   (0.26)
                                                  =========   =========   =========   =========   =========
ADJUSTED NET EARNINGS

Net earnings (loss)                                 $ (38.7)    $ (71.8)       68.4       206.7       (39.8)
Adjustments:
Amortization of intangible assets                      32.2        35.1        55.6        88.9       125.0
Integration costs related to acquisitions              10.0         2.6         9.6        16.1        22.8
Other charges                                          79.6       136.5          -           -        273.1
Income tax effect of above                            (18.4)      (26.9)      (10.6)       (7.6)      (60.5)
                                                  ---------   ---------   ---------   ---------   ---------
Adjusted net earnings                                $ 64.7      $ 75.5     $ 123.0     $ 304.1       320.6
                                                  =========   =========   =========   =========   =========
As a percentage of revenue                             2.9%        3.1%        2.3%        3.1%        3.2%

Adjusted net earnings per share - basic (1)          $ 0.28      $ 0.31      $ 0.74      $ 1.50      $ 1.43
                                                  =========   =========   =========   =========   =========
Adjusted net earnings per share - diluted (1)(2)     $ 0.27      $ 0.31      $ 0.72      $ 1.44      $ 1.38
                                                  =========   =========   =========   =========   =========
Weighted average number of shares (in millions)
  outstanding - basic (1)                             218.1       227.1       167.2       199.8       213.9
              - diluted (1)(2) *                      235.7*      244.5*      171.2       211.8       232.9*

Actual number of shares (in millions)
  outstanding - basic (1)                             219.9       229.7       185.4       203.4       229.7
                                                  ---------   ---------   ---------   ---------   ---------

ADJUSTED EBITDA

Net earnings (loss)                                 $ (38.7)    $ (71.8)     $ 68.4     $ 206.7     $ (39.8)
Income taxes                                           (7.9)      (14.7)       36.0        69.2        (2.1)
                                                  ---------   ---------   ---------   ---------   ---------

EBT                                                   (46.6)      (86.5)      104.4       275.9       (41.9)
Integration costs related to acquisitions              10.0         2.6         9.6        16.1        22.8
Other charges                                          79.6       136.5           -           -       273.1
                                                  ---------   ---------   ---------   ---------   ---------

Adjusted EBT                                           43.0        52.6       114.0       292.0       254.0
Interest expense (income), net                         (5.1)        3.2        10.7       (19.0)       (7.9)
                                                  ---------   ---------   ---------   ---------   ---------

Adjusted EBIT                                          37.9        55.8       124.7       273.0       246.1
Amortization of intangible assets                      32.2        35.1        55.6        88.9       125.0
                                                  ---------   ---------   ---------   ---------   ---------

ADJUSTED EBIAT                                         70.1        90.9       180.3       361.9       371.1
                                                       3.2%        3.7%        3.4%        3.7%        3.7%
                                                  ---------   ---------   ---------   ---------   ---------

ADJUSTED EBITDA                                     $ 121.6     $ 149.8     $ 251.3     $ 483.8     $ 563.8
                                                  =========   =========   =========   =========   =========
                                                       5.5%        6.1%        4.7%        5.0%        5.6%
                                                  ---------   ---------   ---------   ---------   ---------
</TABLE>

(1) Earnings per share and number of shares outstanding figures have been
    restated for effects of December 1999 two-for-one stock split, by way of a
    stock dividend.

(2) Restated to reflect treasury stock method, retroactively applied.

 * For the three months ended September 30 and December 31, 2001 and for the
 year ended December 31, 2001, the diluted weighted average number of shares for
 GAAP purposes is the same as the basic weighted average number of shares due to
 the losses (anti-dilutive). The diluted weighted average shares (in millions)
 of 235.7 , 244.5 and 232.9, respectively, are only used to calculate the
 "adjusted net earnings per share".


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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