EXHIBIT
99.1
Greif,
Inc. Reports First Quarter 2009 Results
|
·
|
Net
sales decreased 21 percent (15 percent excluding the impact of foreign
currency translation) to $666.3 million in the first quarter of 2009 from
$846.3 million in the first quarter of
2008.
|
|
·
|
Net
income before special items, as defined below, was $21.7 million ($0.38
per diluted Class A share) in the first quarter of 2009 compared to $68.6
million ($1.16 per diluted Class A share) in the first quarter of
2008. GAAP net income was $1.3 million ($0.03 per diluted Class
A share) and $60.7 million ($1.03 per diluted Class A share) in the first
quarter of 2009 and 2008, respectively. During the first
quarter of 2008, the Company recognized a net gain of $20.9 million ($0.35
per diluted Class A share) related to the divestiture of business units in
Australia and Zimbabwe, which was included in both net income before
special items and GAAP net income.
|
DELAWARE,
Ohio (Feb. 25, 2009) – Greif, Inc. (NYSE: GEF, GEF.B), a global leader in
industrial packaging products and services, today announced results for its
first fiscal quarter, which ended Jan. 31, 2009.
Michael
J. Gasser, chairman and chief executive officer, said, “Historically, our first
quarter performance is adversely affected by seasonal factors. This
was further compounded in 2009 by the global economic downturn that began to
impact our company in the fourth quarter of 2008. We announced
comprehensive plans last December to mitigate these challenges, including
acceleration of the Greif Business System initiatives. We are
aggressively implementing these plans and are on track to achieve the
anticipated annual savings.”
Mr.
Gasser continued, “Last week we announced the successful completion and closing
of $700 million of senior secured credit facilities, which substantially
increases our financial flexibility and enables us to continue executing our
growth strategy in a disciplined manner.”
Special Items and GAAP to
Non-GAAP Reconciliation
Special
items are as follows: (i) for the first quarter of 2009, restructuring charges
of $27.2 million ($19.1 million net of tax) and restructuring-related inventory
charges of $1.8 million ($1.3 million net of tax); and (ii) for first quarter of
2008, restructuring charges of $10.5 million ($8.0 million net of tax) and
timberland disposals, net of $0.1 million ($0.1 million net of
tax). A reconciliation of the differences between all non-GAAP
financial measures used in this release with the most directly comparable GAAP
financial measures is included in the financial schedules that are a part of
this release.
Consolidated
Results
Net sales
decreased 21 percent (15 percent excluding the impact of foreign currency
translation) to $666.3 million in the first quarter of 2009 compared to $846.3
million in the first quarter of 2008. The $180.0 million decline was
due to Industrial Packaging ($141.8 million) and Paper Packaging ($38.4
million). The 15 percent constant-currency decrease was due to lower sales
volumes across all product lines, partially offset by generally higher selling
prices compared to the same period last year.
Operating
profit before special items was $46.3 million for the first quarter of 2009
compared to $104.6 million for the first quarter of 2008. The $58.3
million decrease was due to Industrial Packaging ($55.7 million) and Timber
($2.9 million), partially offset by an increase in Paper Packaging ($0.3
million). The $55.7 million decrease in Industrial Packaging was
primarily due to a $29.9 million pretax net gain on the divestiture of business
units in Australia and Zimbabwe, which was recognized in the first quarter of
2008, and lower net sales. GAAP operating profit was $17.3 million
and $94.2 million in the first quarter of 2009 and 2008,
respectively.
Net
income before special items was $21.7 million for the first quarter of 2009
compared to $68.6 million for the first quarter of 2008. Diluted
earnings per share before special items were $0.38 compared to $1.16 per Class A
share and $0.56 compared to $1.76 per Class B share for the first quarter of
2009 and 2008, respectively. The Company had GAAP net income of $1.3 million, or
$0.03 per diluted Class A share and $0.03 per diluted Class B share, in the
first quarter of 2009 compared to GAAP net income of $60.7 million, or $1.03 per
diluted Class A share and $1.56 per diluted Class B share, in the first quarter
of 2008. Included in both the first quarter 2008 net income before
special items and GAAP net income is a $20.9 million after-tax net gain ($0.35
per diluted Class A share and $0.53 per diluted Class B share) related to the
divestiture of business units in Australia and Zimbabwe.
Business
Group Results
Industrial
Packaging net sales decreased 21 percent (13 percent excluding the impact of
foreign currency translation) to $529.5 million in the first quarter of 2009
from $671.3 million in the first quarter of 2008, despite generally higher
selling prices compared to the same period in 2008. Operating profit
before special items decreased to $22.4 million in the first quarter of 2009
from $78.1 million in the first quarter of 2008. The $55.7 million
decrease was primarily due to a $29.9 million net gain on the divestiture of
business units in Australia and Zimbabwe, which was realized in the first
quarter of 2008, coupled with lower net sales and a $5.3 million
lower-of-cost-or-market inventory adjustment in Asia in the first quarter of
2009. The segment is aggressively implementing incremental Greif
Business System (GBS) and accelerated GBS initiatives to mitigate the impact of
the lower activity levels. GAAP operating loss was $4.5 million in
the first quarter of 2009 compared to operating profit of $68.6 million in the
first quarter of 2008.
Paper
Packaging net sales were $130.4 million in the first quarter of 2009 compared to
$168.8 million in the first quarter of 2008, despite higher containerboard
selling prices implemented in the fourth quarter of 2008. Operating
profit before special items increased to $20.7 million in the first quarter of
2009 from $20.4 million in the first quarter of 2008. The increase
was primarily due to lower raw material costs, especially old corrugated
containers, labor and transportation costs, partially offset by lower net
sales. In addition, the segment is aggressively implementing
incremental GBS and accelerated GBS initiatives to mitigate the impact of the
lower activity levels. GAAP operating profit was $18.8 million and
$19.4 million in the first quarter of 2009 and 2008, respectively.
Timber
net sales were $6.4 million and $6.2 million in the first quarter of 2009 and
2008, respectively. Operating profit before special items was $3.2
million in the first quarter of 2009 compared to $6.1 million in the first
quarter of 2008. Included in these amounts were profits from the sale
of special use properties (surplus, higher and better use, and development
properties) of $0.3 million in the first quarter of 2009 and $3.8 million in the
first quarter of 2008. GAAP operating profit was $3.0 million and
$6.2 million in the first quarter of 2009 and 2008, respectively.
Other
Cash Flow Information
Capital
expenditures were $26.8 million, excluding timberland purchases of $0.4 million,
for the first quarter of 2009 compared with capital expenditures of $29.5
million, excluding timberland purchases of $0.5 million, for the first quarter
of 2008. Capital expenditures for 2009 are expected to be approximately $85
million, excluding timberland purchases, which is below anticipated annual
depreciation expense for the year.
On Feb.
23, 2009, the Board of Directors declared quarterly cash dividends of $0.38 per
share of Class A Common Stock and $0.57 per share of Class B Common Stock. These
dividends are payable on April 1, 2009 to stockholders of record at close of
business on March 17, 2009.
In the
first quarter of 2009, the Company’s debt increased primarily due to seasonal
factors. The amount was further impacted by the sharp decline in
demand and key raw material costs at the end of 2008, capital expenditures,
dividends, and the payment of 2008 performance-based incentives.
On Feb.
19, 2009, the Company closed on a new $700 million of senior secured credit
facilities co-arranged by Banc of America Securities LLC and J.P. Morgan
Securities Inc. The new facilities replaced an existing $450 million revolving
credit facility that was scheduled to expire in March 2010. The new
credit agreement provides for a revolving credit facility of $500 million and a
$200 million term loan, both expiring February 2012, with the ability to
increase the facilities by up to $200 million.
Greif
Business System (GBS) and Accelerated Initiatives
In
December 2008 the Company announced specific plans to address the adverse impact
resulting from the sharp decline in business throughout the global economy
beginning in the Company’s fourth quarter of 2008. Management is
aggressively implementing those plans that include the following
initiatives:
|
|
·
|
During
2009 approximately $50 million of additional GBS savings are expected to
be achieved through the Company’s Operational Excellence and Global
Sourcing initiatives.
|
|
|
·
|
Accelerated
GBS initiatives are also being implemented that include continuation of
active portfolio management, further administrative excellence activities,
a hiring and salary freeze, and curtailed discretionary
spending. These actions are expected to result in an additional
$50 million of savings during 2009.
|
The GBS
and accelerated GBS initiatives are on track to deliver the expected operating
profit impact of approximately $100 million during 2009.
As a
result of the GBS and accelerated GBS initiatives, the Company is expecting to
record restructuring charges of approximately $50 million during fiscal
2009. During the first quarter of 2009, the Company recorded $27.2
million of restructuring charges, including $16.0 million of employee separation
costs, $4.9 million of asset impairments and $6.3 million of other costs, and
$1.8 million of restructuring-related inventory charges.
The
restructuring and other cost reduction activities resulted in the closure of 10
facilities and the elimination of certain operating and administrative positions
throughout the world. A total of approximately 1,375 positions were
eliminated during the first quarter of 2009.
Company
Outlook
The Greif
Business System and accelerated GBS initiatives will significantly mitigate the
impact of the global business and economic environment. Therefore,
the Company reaffirms its earnings guidance before special items of $3.25 to
$3.75 per Class A share for fiscal 2009.
Conference
Call
The
Company will host a conference call to discuss the first quarter of 2009 results
on Feb. 26, 2009, at 10 a.m. Eastern Time (ET). To participate, domestic callers
should call 866-595-9884 and ask for the Greif conference call. The number for
international callers is +1 404-665-9569. The conference call ID
number is #85890635. Phone lines will open at 9:50 a.m. ET. The
conference call will also be available through a live webcast, including slides,
which can be accessed at www.greif.com. A replay of the conference call will be
available on the Company’s website approximately one hour following the
call.
About
Greif
Greif is
a world leader in industrial packaging products and services. The Company
produces steel, plastic, fibre, corrugated and multiwall containers, packaging
accessories and containerboard, and provides blending and packaging services for
a wide range of industries. Greif also manages timber properties in
North America. The Company is strategically positioned in more than
45 countries to serve global as well as regional
customers. Additional information is on the Company's website at
www.greif.com.
Forward-Looking
Statements
All
statements other than statements of historical facts included in this news
release, including, without limitation, statements regarding the Company’s
future financial position, business strategy, budgets, projected co
sts, goals and plans and
objectives of management for future operations, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the use of
forwar
d
-looking
terminology such as "may," "will," "expect," "intend," "estimate," "anticipate,"
"project," "believe," "continue," “on track” or “target” or the negative thereof
or variations thereon or similar terminology. All forward-looking statements
made in
this
news release are based on information currently available to
management. Although the Company believes that the expectations
reflected in forward-looking statements have a reasonable basis, the Company can
give no assurance that these expectations w
i
ll prove to be correct.
Forward-looking statements are subject to risks and uncertainties that could
cause actual events or results to differ materially from those expressed in or
implied by the statements. Such risks and uncertainties that might cause a
d
ifference include, but are
not limited to: general economic and business conditions, including a prolonged
or substantial economic downturn; the availability of the credit markets to our
customers and suppliers, as well as the Company; changing trends and
demands in
the industries in which the Company competes, including industry over-capacity;
industry competition; the continuing consolidation of the Company’s customer
base for its industrial packaging, containerboard and corrugated products;
political instability in those foreign countries where the Company manufactures
and sells its products; foreign currency fluctuations and devaluations;
availability and costs of raw materials for the manufacture of the Company’s
products, particularly steel, resin and
old corrugated containers;
price fluctuations in energy costs; costs associated with litigation or claims
against the Company pertaining to environmental, safety and health, product
liability and other matters; work stoppages and other labor relations
mat
t
ers; property loss
resulting from wars, acts of terrorism or natural disasters; the Company’s
ability to integrate its newly acquired operations effectively with its existing
business; the Company’s ability to achieve improved operating efficiencies and
capabilities; the Company’s ability to effectively embed and realize
improvements from the Greif Business System; the frequency and volume of sales
of the Company’s timber, timberland and special use timberland; and the
deviation of actual results from the estimates and/or assumptions used by the
Company in the application of its significant accounting policies. These and
other risks and uncertainties that could materially affect the Company’s
consolidated financial results are further discussed in its filings with the
Securities and Exchange Commission, including its Form 10-K for the year ended
Oct. 31, 2008. The Company assumes no obli
gation to update any
forward-looking statements
.
GREIF,
INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED
STATEMENTS OF INCOME
UNAUDITED
(Dollars
and shares in millions, except per share amounts)
|
|
|
Quarter ended
January 31,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$
|
666.3
|
|
|
$
|
846.3
|
|
|
Cost
of products sold
|
|
|
565.7
|
|
|
|
698.0
|
|
|
Gross
profit
|
|
|
100.6
|
|
|
|
148.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses
|
|
|
58.4
|
|
|
|
80.5
|
|
|
Restructuring
charges
|
|
|
27.2
|
|
|
|
10.5
|
|
|
Asset
disposals, net
|
|
|
2.3
|
|
|
|
36.9
|
|
|
Operating
profit
|
|
|
17.3
|
|
|
|
94.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
|
12.2
|
|
|
|
11.8
|
|
|
Other
income (expense), net
|
|
|
(1.8
|
)
|
|
|
(3.3
|
)
|
|
Income
before income tax expense and equity earnings and minority
interests
|
|
|
3.3
|
|
|
|
79.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
|
1.0
|
|
|
|
18.7
|
|
|
Equity
earnings and minority interests
|
|
|
(1.0
|
)
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
1.3
|
|
|
$
|
60.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
Class
A Common Stock
|
|
$
|
0.03
|
|
|
$
|
1.05
|
|
|
Class
B Common Stock
|
|
$
|
0.03
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
Class
A Common Stock
|
|
$
|
0.03
|
|
|
$
|
1.03
|
|
|
Class
B Common Stock
|
|
$
|
0.03
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share were calculated using the following number of
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
Class
A Common Stock
|
|
|
24.1
|
|
|
|
23.8
|
|
|
Class
B Common Stock
|
|
|
22.5
|
|
|
|
22.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
Class
A Common Stock
|
|
|
24.4
|
|
|
|
24.3
|
|
|
Class
B Common Stock
|
|
|
22.5
|
|
|
|
22.9
|
|
GREIF,
INC. AND SUBSIDIARY COMPANIES
GAAP
TO NON-GAAP RECONCILIATION
CONSOLIDATED
STATEMENTS OF INCOME
UNAUDITED
(Dollars
in millions, except per share amounts)
|
|
|
Quarter ended January 31, 2009
|
|
|
Quarter ended January 31, 2008
|
|
|
|
|
|
|
|
Diluted per share amounts
|
|
|
|
|
|
Diluted per share amounts
|
|
|
|
|
|
|
|
Class A
|
|
|
Class B
|
|
|
|
|
|
Class A
|
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
– operating profit
|
|
$
|
17.3
|
|
|
|
|
|
|
|
|
$
|
94.2
|
|
|
|
|
|
|
|
|
Restructuring
charges
|
|
|
27.2
|
|
|
|
|
|
|
|
|
|
10.5
|
|
|
|
|
|
|
|
|
Restructuring-related
inventory charges
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
Timberland
disposals, net
|
|
|
—
|
|
|
|
|
|
|
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
Non-GAAP
– operating
profit
before restructuring charges and timberland disposals, net
|
|
$
|
46.3
|
|
|
|
|
|
|
|
|
$
|
104.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
– net income
|
|
$
|
1.3
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
60.7
|
|
|
$
|
1.03
|
|
|
$
|
1.56
|
|
|
Restructuring
charges, net of tax
|
|
|
19.1
|
|
|
|
0.33
|
|
|
|
0.50
|
|
|
|
8.0
|
|
|
|
0.13
|
|
|
|
0.20
|
|
|
Restructuring-related
inventory charges, net of tax
|
|
|
1.3
|
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Timberland
disposals, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Non-GAAP
– net income before restructuring charges and timberland disposals,
net
|
|
$
|
21.7
|
|
|
$
|
0.38
|
|
|
$
|
0.56
|
|
|
$
|
68.6
|
|
|
$
|
1.16
|
|
|
$
|
1.76
|
|
GREIF,
INC. AND SUBSIDIARY COMPANIES
SEGMENT
DATA
UNAUDITED
(Dollars
in millions)
|
|
|
Quarter ended
January 31,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
$
|
529.5
|
|
|
$
|
671.3
|
|
|
Paper
Packaging
|
|
|
130.4
|
|
|
|
168.8
|
|
|
Timber
|
|
|
6.4
|
|
|
|
6.2
|
|
|
Total
|
|
$
|
666.3
|
|
|
$
|
846.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
Operating
profit before restructuring charges and timberland disposals,
net:
|
|
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
$
|
22.4
|
|
|
$
|
78.1
|
|
|
Paper
Packaging
|
|
|
20.7
|
|
|
|
20.4
|
|
|
Timber
|
|
|
3.2
|
|
|
|
6.1
|
|
|
Operating
profit before restructuring charges and timberland disposals,
net
|
|
|
46.3
|
|
|
|
104.6
|
|
|
Restructuring
charges:
|
|
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
|
25.1
|
|
|
|
9.5
|
|
|
Paper
Packaging
|
|
|
1.9
|
|
|
|
1.0
|
|
|
Timber
|
|
|
0.2
|
|
|
|
—
|
|
|
Restructuring
charges
|
|
|
27.2
|
|
|
|
10.5
|
|
|
Restructuring-related
inventory charges:
|
|
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
|
1.8
|
|
|
|
—
|
|
|
Timberland
disposals, net:
|
|
|
|
|
|
|
|
|
|
Timber
|
|
|
—
|
|
|
|
0.1
|
|
|
Total
|
|
$
|
17.3
|
|
|
$
|
94.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization expense
|
|
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
$
|
17.5
|
|
|
$
|
17.7
|
|
|
Paper
Packaging
|
|
|
6.7
|
|
|
|
5.9
|
|
|
Timber
|
|
|
1.1
|
|
|
|
2.3
|
|
|
Total
|
|
$
|
25.3
|
|
|
$
|
25.9
|
|
GREIF,
INC. AND SUBSIDIARY COMPANIES
GEOGRAPHIC
DATA
UNAUDITED
(Dollars
in millions)
|
|
|
Quarter ended
January 31,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
|
|
|
|
|
North
America
|
|
$
|
394.0
|
|
|
$
|
450.1
|
|
|
Europe,
Middle East and Africa
|
|
|
182.3
|
|
|
|
282.2
|
|
|
Other
|
|
|
90.0
|
|
|
|
114.0
|
|
|
Total
|
|
$
|
666.3
|
|
|
$
|
846.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
Operating
profit before restructuring charges and timberland disposals,
net:
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
53.8
|
|
|
$
|
35.9
|
|
|
Europe,
Middle East and Africa
|
|
|
0.5
|
|
|
|
21.2
|
|
|
Other
|
|
|
(8.0
|
)
|
|
|
47.5
|
|
|
Operating
profit before restructuring charges and timberland disposals,
net
|
|
|
46.3
|
|
|
|
104.6
|
|
|
Restructuring
charges
|
|
|
27.2
|
|
|
|
10.5
|
|
|
Restructuring-related
inventory charges
|
|
|
1.8
|
|
|
|
—
|
|
|
Timberland
disposals, net
|
|
|
—
|
|
|
|
0.1
|
|
|
Total
|
|
$
|
17.3
|
|
|
$
|
94.2
|
|
Note:
Certain prior year amounts have been reclassified to conform to the 2009
presentation.
GREIF,
INC. AND SUBSIDIARY COMPANIES
GAAP
TO NON-GAAP RECONCILIATION
SEGMENT
DATA
UNAUDITED
(Dollars
in millions)
|
|
|
Quarter ended
January 31,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Industrial
Packaging
|
|
|
|
|
|
|
|
GAAP
– operating profit (loss)
|
|
$
|
(4.5
|
)
|
|
$
|
68.6
|
|
|
Restructuring
charges
|
|
|
25.1
|
|
|
|
9.5
|
|
|
Restructuring-related
inventory charges
|
|
|
1.8
|
|
|
|
—
|
|
|
Non-GAAP
– operating profit before restructuring charges
|
|
$
|
22.4
|
|
|
$
|
78.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Paper
Packaging
|
|
|
|
|
|
|
|
|
|
GAAP
– operating profit
|
|
$
|
18.8
|
|
|
$
|
19.4
|
|
|
Restructuring
charges
|
|
|
1.9
|
|
|
|
1.0
|
|
|
Non-GAAP
– operating profit before restructuring charges
|
|
$
|
20.7
|
|
|
$
|
20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Timber
|
|
|
|
|
|
|
|
|
|
GAAP
– operating profit
|
|
$
|
3.0
|
|
|
$
|
6.2
|
|
|
Restructuring
charges
|
|
|
0.2
|
|
|
|
—
|
|
|
Timberland
disposals, net
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
Non-GAAP
– operating profit before restructuring charges and timberland disposals,
net
|
|
$
|
3.2
|
|
|
$
|
6.1
|
|
GREIF,
INC. AND SUBSIDIARY COMPANIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
UNAUDITED
(Dollars
in millions)
|
|
|
January 31, 2009
|
|
|
October 31, 2008
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
55.8
|
|
|
$
|
77.6
|
|
|
Trade
accounts receivable
|
|
|
315.9
|
|
|
|
392.5
|
|
|
Inventories
|
|
|
296.5
|
|
|
|
304.0
|
|
|
Other
current assets
|
|
|
149.4
|
|
|
|
148.5
|
|
|
|
|
|
817.6
|
|
|
|
922.6
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
523.9
|
|
|
|
513.0
|
|
|
Intangible
assets
|
|
|
101.3
|
|
|
|
104.4
|
|
|
Assets
held by special purpose entities
|
|
|
50.9
|
|
|
|
50.9
|
|
|
Other
long-term assets
|
|
|
82.1
|
|
|
|
88.6
|
|
|
|
|
|
758.2
|
|
|
|
756.9
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTIES,
PLANTS AND EQUIPMENT
|
|
|
1,051.7
|
|
|
|
1,066.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,627.5
|
|
|
$
|
2,745.9
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
250.9
|
|
|
$
|
384.6
|
|
|
Short-term
borrowings
|
|
|
114.0
|
|
|
|
44.3
|
|
|
Other
current liabilities
|
|
|
164.1
|
|
|
|
242.9
|
|
|
|
|
|
529.0
|
|
|
|
671.8
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
735.8
|
|
|
|
673.2
|
|
|
Liabilities
held by special purpose entities
|
|
|
43.3
|
|
|
|
43.3
|
|
|
Other
long-term liabilities
|
|
|
306.1
|
|
|
|
298.1
|
|
|
|
|
|
1,085.1
|
|
|
|
1,014.6
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY
INTEREST
|
|
|
4.7
|
|
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY
|
|
|
1,008.7
|
|
|
|
1,055.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,627.5
|
|
|
$
|
2,745.9
|
|
