ATLANTA, July 24, 2018 /PRNewswire/ --
Highlights
- Q2 Net Sales were $1,509.3
million versus $1,094.7
million in the prior year period.
- Q2 Earnings per Diluted Share were $0.16 versus $0.14
in the prior year period.
- Q2 Adjusted Earnings per Diluted Share were $0.18 versus $0.15
in the prior year period.
- Q2 Net Income was $49.4 million
versus $42.0 million in the prior
year period.
- Q2 Adjusted EBITDA was $235.8
million versus $170.6 million
in the prior year period.
- Integration of the SBS mill and foodservice converting assets
remains on track; executing on targeted $75
million of synergies that are expected to be achieved by the
end of year three.
- Completed acquisition of PFP, LLC on June 12, 2018; expanding position in the growing
paperboard-based air filter frame market.
Graphic Packaging Holding Company (NYSE: GPK), (the "Company"),
a leading provider of packaging solutions to food, beverage,
foodservice, and other consumer products companies, today reported
Net Income for second quarter 2018 of $49.4
million, or $0.16 per share,
based upon 311.3 million weighted average diluted shares.
This compares to second quarter 2017 Net Income of $42.0 million, or $0.14 per share, based on 311.1 million weighted
average diluted shares.
Second quarter 2018 Net Income was negatively impacted by a net
$5.1 million of special charges that
are detailed in the attached Reconciliation of Non-GAAP Financial
Measures table. When adjusting for these charges, Adjusted
Net Income for the second quarter of 2018 was $54.5 million, or $0.18 per diluted share. This compares to second
quarter 2017 Adjusted Net Income of $46.4
million or $0.15 per diluted
share.
"We reported solid results in the second quarter reflecting
strong performance improvements, steady volume, and continued
favorable momentum from the solid bleached sulfate (SBS) mill and
foodservice converting assets. Second quarter Adjusted EBITDA of
$236 million included a negative
$6 million impact from unplanned
outages at our Augusta, Georgia,
SBS mill, which occurred in late June and were associated with
power interruption to the facility. The second quarter results met
our expectations for the quarter before the impact of the unplanned
outages," said President and CEO Michael
Doss.
"The business operated well in the quarter generating
$19 million in performance
improvements. The integration of the SBS mill and foodservice
converting assets remains on track, and we are executing on the
targeted year one synergies, specifically SG&A reductions and
paperboard integration. Pricing improved by $8 million during the quarter reflecting the
benefits of recent pricing initiatives. Importantly, we
successfully implemented a second open market price increase this
year for our coated recycled paperboard (CRB) grade during the
quarter, and announced a second open market price increase in 2018
on our coated unbleached kraft paperboard (CUK) grade in July. We
expect the successful open market paperboard price increases we
achieved across our CRB, CUK, and SBS paperboard grades in the
first quarter coupled with the continued positive pricing
developments in the second quarter, will drive a positive pricing
to commodity input cost relationship starting in the second half of
2018. We remain focused on offsetting our commodity input cost
inflation with pricing initiatives over time, consistent with our
long term track record."
Operating Results
Net Sales
Net Sales increased 38% to $1,509.3
million in the second quarter of 2018, compared to
$1,094.7 million in the prior year
period. The $414.6 million
increase was driven by $360.1 million
of revenue from the SBS mill and foodservice converting assets,
$37.0 million of improved volume/mix
related primarily to acquisitions, $9.5
million of favorable foreign exchange, and $8.0 million of higher pricing.
Attached is supplemental data highlighting Net Tons Sold for the
first and second quarter of 2018 and for each quarter of 2017.
EBITDA
EBITDA for the second quarter of 2018 was $227.2 million, or $62.7
million higher than the second quarter of 2017. After
adjusting both periods for business combinations and other special
charges, Adjusted EBITDA increased 38% to $235.8 million in the second quarter of 2018 from
$170.6 million in the second quarter
of 2017. When comparing against the prior year quarter,
Adjusted EBITDA in the second quarter of 2018 was positively
impacted by $54.5 million of Adjusted
EBITDA from the SBS mill and foodservice converting assets,
$19.4 million of improved net
operating performance, and $8.0
million of higher pricing. These benefits were partially
offset by $11.6 million of commodity
input cost inflation (primarily freight) and $5.7 million of other inflation (primarily labor
and benefits).
Other Results
Net Cash Used in Operating Activities was a negative
$300.2 million during the first half
of 2018, compared to negative $103.9
million during the first half of 2017. Adjusting for the new
GAAP guidelines related to the classification of certain cash
receipts and payments associated with our receivables
securitization and sale programs and the cash payments associated
with special charges, Adjusted Net Cash Provided by Operating
Activities was a positive $206.5
million during the first half of 2018, compared to a
positive $177.3 million during the
first half of 2017.
Total Debt (Long-Term, Short-Term and Current Portion) decreased
$124.0 million during the second
quarter of 2018 to $2,987.8 million
compared to the first quarter 2018. Total Net Debt (Total Debt, net
of Cash and Cash Equivalents) decreased $122.4 million during the second quarter of 2018
to $2,936.9 million compared to the
first quarter 2018. The Company's second quarter pro forma
2018 Net Leverage Ratio was 3.0 times Adjusted EBITDA compared to
3.3 times at the end of first quarter 2018.
At June 30, 2018, the Company had
available global liquidity of $1,164
million, including the undrawn availability under its global
revolving credit facilities.
Net Interest Expense was $30.3
million in the second quarter of 2018, up compared to the
$22.5 million reported in the second
quarter of 2017, primarily reflecting the $660 million of debt assumed from the combination
with the SBS mill and foodservice converting assets and higher
average borrowing rates.
Capital expenditures for the second quarter of 2018 were
$81.3 million compared to
$68.4 million in the second quarter
of 2017.
Second quarter 2018 Income Tax Expense was $18.5 million, compared to a $23.6 million expense in the second quarter of
2017.
Please note that a tabular reconciliation of EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Total Net Debt
and pro forma Net Leverage Ratio is attached to this release.
Earnings Call
The Company will host a conference call at 10:00 am eastern time today (July 24, 2018) to discuss the results of Second
quarter 2018. To access the conference call, please go to the
Investor Relations section of the Graphic Packaging website:
http://www.graphicpkg.com and click the audio webcast
link. For those calling from within North America, dial 800-392-9489 at least 10
minutes prior to the start of the conference call (Conference ID
#61299972). Supporting materials for our conference call have also
been posted to the website. Replays of the call
will be available for one week following the completion of the call
and can be accessed by dialing 855-859-2056.
Forward Looking Statements
Any statements of the Company's expectations in this press
release constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such statements,
including but not limited to our expectation for a positive pricing
to commodity input cost relationship, are based on currently
available information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from the Company's present expectations. These risks and
uncertainties include, but are not limited to, inflation of and
volatility in raw material and energy costs, continuing pressure
for lower cost products, the Company's ability to implement its
business strategies, including productivity initiatives, cost
reduction plans, and integration activities, as well as the
Company's debt level, currency movements and other risks of
conducting business internationally, the impact of regulatory and
litigation matters, including the continued availability of the
Company's net operating loss offset to taxable income. Undue
reliance should not be placed on such forward-looking statements,
as such statements speak only as of the date on which they are made
and the Company undertakes no obligation to update such statements,
except as required by law. Additional information regarding
these and other risks is contained in the Company's periodic
filings with the SEC.
About Graphic Packaging Holding
Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in
Atlanta, Georgia, is committed to
providing consumer packaging that makes a world of difference. The
Company is a leading provider of paper-based packaging solutions
for a wide variety of products to food, beverage, foodservice, and
other consumer products companies. The Company operates on a global
basis, is one of the largest producers of folding cartons and
paper-based foodservice products in the
United States, and holds leading market positions in solid
bleached sulfate paperboard, coated unbleached kraft paperboard and
coated recycled paperboard. The Company's customers include many of
the world's most widely-recognized companies and brands. Additional
information about Graphic Packaging, its business and its products
is available on the Company's web site at www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
In millions,
except per share amounts
|
2018
|
|
2017
|
2018
|
|
2017
|
Net Sales
|
$
|
1,509.3
|
|
|
$
|
1,094.7
|
|
$
|
2,985.3
|
|
|
$
|
2,156.2
|
|
Cost of
Sales
|
1,273.4
|
|
|
920.9
|
|
2,526.9
|
|
|
1,810.5
|
|
Selling, General and
Administrative
|
114.5
|
|
|
84.3
|
|
235.8
|
|
|
176.2
|
|
Other Expense
(Income), Net
|
2.5
|
|
|
(0.4)
|
|
3.4
|
|
|
(0.6)
|
|
Business Combinations
and Shutdown and Other Special Charges, Net
|
8.6
|
|
|
6.1
|
|
34.9
|
|
|
14.7
|
|
Income from
Operations
|
110.3
|
|
|
83.8
|
|
184.3
|
|
|
155.4
|
|
Nonoperating Pension
and Postretirement Benefit Income
|
4.1
|
|
|
3.8
|
|
8.3
|
|
|
7.7
|
|
Interest Expense,
Net
|
(30.3)
|
|
|
(22.5)
|
|
(59.1)
|
|
|
(43.8)
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
—
|
|
(1.9)
|
|
|
—
|
|
Income before Income
Taxes and Equity Income of Unconsolidated Entity
|
84.1
|
|
|
65.1
|
|
131.6
|
|
|
119.3
|
|
Income Tax
Expense
|
(18.5)
|
|
|
(23.6)
|
|
(23.6)
|
|
|
(41.2)
|
|
Income before Equity
Income of Unconsolidated Entity
|
65.6
|
|
|
41.5
|
|
108.0
|
|
|
78.1
|
|
Equity Income of
Unconsolidated Entity
|
0.4
|
|
|
0.5
|
|
0.7
|
|
|
0.9
|
|
Net Income
|
66.0
|
|
|
42.0
|
|
108.7
|
|
|
79.0
|
|
Net Income
Attributable to Noncontrolling Interest
|
(16.6)
|
|
|
—
|
|
(29.4)
|
|
|
—
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
49.4
|
|
|
$
|
42.0
|
|
$
|
79.3
|
|
|
$
|
79.0
|
|
|
|
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding
Company — Basic
|
$
|
0.16
|
|
|
$
|
0.14
|
|
$
|
0.26
|
|
|
$
|
0.25
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding
Company — Diluted
|
$
|
0.16
|
|
|
$
|
0.14
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding - Basic
|
310.7
|
|
|
310.7
|
|
310.6
|
|
|
311.8
|
|
Weighted Average
Number of Shares Outstanding - Diluted
|
311.3
|
|
|
311.1
|
|
311.3
|
|
|
312.5
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
In millions,
except share and per share amounts
|
June 30,
2018
|
|
December 31,
2017
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
50.9
|
|
|
$
|
67.4
|
|
Receivables,
Net
|
701.2
|
|
|
422.8
|
|
Inventories,
Net
|
989.9
|
|
|
634.0
|
|
Other Current
Assets
|
74.4
|
|
|
45.7
|
|
Total Current
Assets
|
1,816.4
|
|
|
1,169.9
|
|
Property, Plant and
Equipment, Net
|
3,114.9
|
|
|
1,867.2
|
|
Goodwill
|
1,557.9
|
|
|
1,323.0
|
|
Intangible Assets,
Net
|
507.5
|
|
|
436.5
|
|
Other
Assets
|
82.6
|
|
|
66.4
|
|
Total
Assets
|
$
|
7,079.3
|
|
|
$
|
4,863.0
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
51.5
|
|
|
$
|
61.3
|
|
Accounts
Payable
|
629.4
|
|
|
516.5
|
|
Other Accrued
Liabilities
|
345.4
|
|
|
273.6
|
|
Total Current
Liabilities
|
1,026.3
|
|
|
851.4
|
|
Long-Term
Debt
|
2,924.3
|
|
|
2,213.2
|
|
Deferred Income Tax
Liabilities
|
447.0
|
|
|
321.8
|
|
Other Noncurrent
Liabilities
|
226.2
|
|
|
184.7
|
|
|
|
|
|
Redeemable
Noncontrolling Interest
|
287.1
|
|
|
—
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred Stock, par
value $.01 per share; 100,000,000 shares authorized; no shares
issued or
outstanding
|
—
|
|
|
—
|
|
Common Stock, par
value $.01 per share; 1,000,000,000 shares authorized; 310,343,836
and
309,715,624 shares issued and outstanding at June 30,
2018 and December 31, 2017,
respectively
|
3.1
|
|
|
3.1
|
|
Capital in Excess of
Par Value
|
2,077.6
|
|
|
1,683.6
|
|
Accumulated
Deficit
|
(23.3)
|
|
|
(56.0)
|
|
Accumulated Other
Comprehensive Loss
|
(344.9)
|
|
|
(338.8)
|
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
1,712.5
|
|
|
1,291.9
|
|
Noncontrolling
Interest
|
455.9
|
|
|
—
|
|
Total
Equity
|
2,168.4
|
|
|
1,291.9
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
7,079.3
|
|
|
$
|
4,863.0
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Six Months
Ended
|
|
June
30,
|
In
millions
|
2018
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net Income
|
$
|
108.7
|
|
|
$
|
79.0
|
|
Non-cash Items
Included in Net Income:
|
|
|
|
Depreciation and
Amortization
|
221.1
|
|
|
150.2
|
|
Deferred Income
Taxes
|
7.6
|
|
|
30.7
|
|
Amount of
Postretirement Expense Less Than Funding
|
(1.9)
|
|
|
(15.4)
|
|
Other, Net
|
23.0
|
|
|
(4.5)
|
|
Changes in Operating
Assets and Liabilities
|
(658.7)
|
|
|
(343.9)
|
|
Net Cash Used in
Operating Activities
|
(300.2)
|
|
|
(103.9)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(167.3)
|
|
|
(135.8)
|
|
Packaging Machinery
Spending
|
(6.1)
|
|
|
(8.7)
|
|
Acquisition of
Businesses, Net of Cash Acquired
|
3.4
|
|
|
—
|
|
Beneficial Interest
on Sold Receivables
|
624.0
|
|
|
284.5
|
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(150.9)
|
|
|
(15.5)
|
|
Other, Net
|
(3.4)
|
|
|
(2.3)
|
|
Net Cash Provided by
Investing Activities
|
299.7
|
|
|
122.2
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
—
|
|
|
(59.6)
|
|
Payments on
Debt
|
(134.1)
|
|
|
(12.5)
|
|
Borrowings under
Revolving Credit Facilities
|
961.1
|
|
|
502.3
|
|
Payments on Revolving
Credit Facilities
|
(779.4)
|
|
|
(449.0)
|
|
Repurchase of Common
Stock related to Share-Based Payments
|
(4.1)
|
|
|
(10.0)
|
|
Debt Issuance
Costs
|
(7.9)
|
|
|
—
|
|
Dividends and
Distributions Paid
|
(52.5)
|
|
|
(46.9)
|
|
Other, Net
|
1.7
|
|
|
9.1
|
|
Net Cash Used in
Financing Activities
|
(15.2)
|
|
|
(66.6)
|
|
Effect of Exchange
Rate Changes on Cash
|
(0.8)
|
|
|
1.7
|
|
Net Decrease in Cash
and Cash Equivalents
|
(16.5)
|
|
|
(46.6)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
67.4
|
|
|
59.1
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
50.9
|
|
|
$
|
12.5
|
|
|
|
|
|
GRAPHIC PACKAGING HOLDING
COMPANY
Reconciliation of Non-GAAP Financial
Measures
The tables below set forth the calculation of the Company's
earnings before interest expense, income tax expense, equity income
of unconsolidated entities, depreciation and amortization,
including pension amortization ("EBITDA"), Adjusted EBITDA,
Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Cash
Provided by Operating Activities, Net Leverage Ratio and Total Net
Debt. Adjusted EBITDA and Adjusted Net Income exclude charges
associated with: the Company's business combinations, facility
shutdowns and other special charges. The Company's management
believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted
Net Income, Adjusted Net Cash Provided by Operating Activities, and
Net Leverage Ratio provides useful information to investors because
these measures are regularly used by management in assessing the
Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net
Income, Adjusted Net Cash Provided by Operating Activities, and Net
Leverage Ratio are financial measures not calculated in accordance
with generally accepted accounting principles in the United States ("GAAP"), and are not
measures of net income, operating income, operating performance or
liquidity presented in accordance with GAAP.
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Cash
Provided by Operating Activities, and Net Leverage Ratio should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered substitutes for or superior to GAAP
results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net
Income, Adjusted Net Cash Provided by Operating Activities, and Net
Leverage Ratio may not be comparable to Adjusted EBITDA or
similarly titled measures utilized by other companies since such
other companies may not calculate such measures in the same manner
as we do.
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
In millions,
except per share amounts
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
49.4
|
|
|
$
|
42.0
|
|
|
$
|
79.3
|
|
|
$
|
79.0
|
|
Add
(Subtract):
|
|
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
16.6
|
|
|
—
|
|
|
29.4
|
|
|
—
|
|
Income Tax
Expense
|
18.5
|
|
|
23.6
|
|
|
23.6
|
|
|
41.2
|
|
Equity Income of
Unconsolidated Entity
|
(0.4)
|
|
|
(0.5)
|
|
|
(0.7)
|
|
|
(0.9)
|
|
Interest Expense,
Net
|
30.3
|
|
|
22.5
|
|
|
59.1
|
|
|
43.8
|
|
Depreciation and
Amortization
|
112.8
|
|
|
76.9
|
|
|
224.1
|
|
|
153.7
|
|
EBITDA
|
227.2
|
|
|
164.5
|
|
|
414.8
|
|
|
316.8
|
|
Gain on Sale of
Assets
|
—
|
|
|
—
|
|
|
(1.5)
|
|
|
—
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges(a)
|
8.6
|
|
|
6.1
|
|
|
51.4
|
|
|
14.7
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
235.8
|
|
|
$
|
170.6
|
|
|
$
|
466.6
|
|
|
$
|
331.5
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin (Adjusted EBITDA/Net Sales)
|
15.6
|
%
|
|
15.6
|
%
|
|
15.6
|
%
|
|
15.4
|
%
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
49.4
|
|
|
$
|
42.0
|
|
|
$
|
79.3
|
|
|
$
|
79.0
|
|
Gain on Sale of
Assets
|
—
|
|
|
—
|
|
|
(1.5)
|
|
|
—
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges(a)
|
8.6
|
|
|
6.1
|
|
|
51.4
|
|
|
14.7
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
Tax Impact of
Business Combinations, Shutdown and Other Special Charges, and Loss
on Modification or Extinguishment of Debt
|
(1.8)
|
|
|
(1.7)
|
|
|
(11.2)
|
|
|
(4.6)
|
|
Noncontrolling
Interest, Net of Tax
|
(1.7)
|
|
|
—
|
|
|
(7.1)
|
|
|
—
|
|
Adjusted Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
54.5
|
|
|
$
|
46.4
|
|
|
$
|
112.8
|
|
|
$
|
89.1
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.36
|
|
|
$
|
0.29
|
|
Adjusted Earnings Per
Share - Diluted
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.36
|
|
|
$
|
0.29
|
|
|
(a) For the Six Months Ended
June 30, 2018, $15.0 million is recorded in costs of sales for
inventory valuation adjustments related to business
combinations.
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Reconciliation of
Non-GAAP Financial Measures
|
(Continued)
|
|
|
Twelve Months
Ended
|
|
June
30,
|
|
June
30,
|
|
December
31,
|
In
millions
|
2018
|
|
2017
|
|
2017
|
Net Income
|
$
|
300.5
|
|
|
$
|
171.7
|
|
|
$
|
300.2
|
|
Add
(Subtract):
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
29.4
|
|
|
—
|
|
|
—
|
|
Income Tax (Benefit)
Expense
|
(63.1)
|
|
|
91.1
|
|
|
(45.5)
|
|
Equity Income of
Unconsolidated Entities
|
(1.5)
|
|
|
(1.8)
|
|
|
(1.7)
|
|
Interest Expense,
Net
|
105.0
|
|
|
85.3
|
|
|
89.7
|
|
Depreciation and
Amortization
|
407.7
|
|
|
322.9
|
|
|
337.3
|
|
EBITDA
|
778.0
|
|
|
669.2
|
|
|
680.0
|
|
Charges Associated
with Business Combinations and Shutdown and
Other Special Charges
|
74.5
|
|
|
37.5
|
|
|
35.9
|
|
Gain on Sale of
Assets, Net
|
(5.2)
|
|
|
—
|
|
|
(3.7)
|
|
Loss on Modification
or Extinguishment of Debt
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
847.3
|
|
|
706.7
|
|
|
712.2
|
|
EBITDA Attributable
to NACP from July 1, 2017 to December 31, 2017
|
127.0
|
|
|
—
|
|
|
—
|
|
Adjusted EBITDA for
Purposes of Calculating Net Leverage Ratio
|
$
|
974.3
|
|
|
$
|
706.7
|
|
|
$
|
712.2
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
December
31,
|
Calculation of Net
Debt:
|
2018
|
|
2017
|
|
2017
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
51.5
|
|
|
$
|
47.5
|
|
|
$
|
61.3
|
|
Long-Term Debt
(a)
|
2,936.3
|
|
|
2,179.9
|
|
|
2,225.7
|
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(50.9)
|
|
|
(12.5)
|
|
|
(67.4)
|
|
Total Net
Debt
|
$
|
2,936.9
|
|
|
$
|
2,214.9
|
|
|
$
|
2,219.6
|
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
3.01
|
|
|
3.13
|
|
|
3.12
|
|
|
(a)
Excludes unamortized deferred debt issue costs.
|
|
Six Months
Ended
|
|
June
30,
|
In
millions
|
2018
|
|
2017
|
Net Cash Used in
Operating Activities
|
$
|
(300.2)
|
|
|
$
|
(103.9)
|
|
Net Cash Receipts
from Receivables Sold included in Investing Activities
|
473.1
|
|
|
269.0
|
|
Cash Payments
Associated with Business Combinations and Shutdown and Other
Special Charges
|
33.6
|
|
|
12.2
|
|
Adjusted Net Cash
Provided by Operating Activities
|
$
|
206.5
|
|
|
$
|
177.3
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Unaudited
Supplemental Data
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
963.7
|
|
|
961.1
|
|
|
—
|
|
|
—
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
726.8
|
|
|
733.9
|
|
|
743.1
|
|
|
720.0
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2018-results-300685224.html
SOURCE Graphic Packaging Holding Company