ATLANTA, July 21, 2020 /PRNewswire/ --
Q2 2020 Highlights
- Net Sales were $1,611.0 million
versus $1,552.8 million in the prior
year period.
- Net Income was $52.1 million
versus $63.8 million in the prior
year period.
- Earnings per Diluted Share were $0.19 versus $0.22
in the prior year period.
- Adjusted Earnings per Diluted Share were $0.26 versus $0.24
in the prior year period.
- Adjusted EBITDA was $260.0
million versus $267.1 million
in the prior year period.
- Global liquidity was $1,412.9
million at quarter end.
- Net organic sales increased 1.5% in Q2 and 3% in the first half
of 2020 versus the prior year periods.
- Continue to operate safely and effectively; investing in
multiple protocols focused on the well-being of employees and
serving customers globally.
- Successfully closed the 70,000 ton White Pigeon, Michigan Coated Recycled Board
(CRB) mill and shut down the 120,000 ton West Monroe, Louisiana PM1 containerboard
machine.
- Repurchased $38.0 million in
common shares during the quarter; delivered $64.9 million to stakeholders in share
repurchases, dividends and partnership distributions.
- Reinstating guidance for Full Year 2020 with Adjusted EBITDA
range of $1.05 billion to
$1.09 billion; Adjusted Cash Flow
range of $200 million to $275 million.
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 2020 of $52.1
million, or $0.19 per share,
based upon 280.5 million weighted average diluted shares. This
compares to second quarter 2019 Net Income of $63.8 million, or $0.22 per share, based upon 295.7 million
weighted average diluted shares.
Second quarter 2020 Net Income was negatively impacted by a net
$21.1 million of special charges. The
charges are detailed in the Reconciliation of Non-GAAP Financial
Measures table attached. When adjusting for these charges, Adjusted
Net Income for the second quarter of 2020 was $72.0 million, or $0.26 per diluted share. This compares to second
quarter 2019 Adjusted Net Income of $69.6
million or $0.24 per diluted
share.
"We delivered excellent performance in the second quarter as the
Company adapted to changing demand patterns resulting from the
global COVID-19 pandemic. Sales improved 4% year over year driven
by acquisitions and net organic sales growth of 1.5%, which was
partially offset by a decline in open market paperboard sales. The
recession resistant nature of our business was quite apparent
during the quarter and I am proud of the work our employees
accomplished in successfully serving customers and ensuring
continuity of supply globally," said President and CEO Michael Doss. "We have taken decisive actions in
our business to grow annual EBITDA year over year while generating
significant operating cash flow. We remain committed to achieving
the long-term goals established in our Vision 2025."
Doss added, "I am very pleased with our performance in the first
half of the year and that we are in a position to reinstate full
year 2020 guidance. It is a testament to our entire organization
that the growth and financial goals we established at the beginning
of the year, prior to the pandemic, remain achievable."
Operating Results
Net Sales
Net Sales increased 4% to $1,611.0
million in the second quarter of 2020, compared to
$1,552.8 million in the prior year
period. The $58.2 million
increase was driven by $5.4 million
of positive price and $65.9 million
of volume/mix. These benefits were partially offset by $13.1 million of unfavorable foreign
exchange.
Attached is supplemental data highlighting Net Tons Sold for the
first and second quarter of 2020 and for each quarter of 2019.
EBITDA
EBITDA for the second quarter of 2020 was $238.9 million, or $18.3
million lower than the second quarter of 2019. After
adjusting both periods for business combinations and other special
charges, Adjusted EBITDA decreased 3% to $260.0 million in the second quarter of 2020 from
$267.1 million in the second quarter
of 2019. When comparing against the prior year quarter,
Adjusted EBITDA in the second quarter of 2020 was positively
impacted by $5.4 million of higher
pricing, $10.4 million of commodity
input cost deflation and $15.3
million of increased productivity. These benefits were
offset by $24.6 million in planned
maintenance outage expenses, $12.9
million of other inflation (primarily labor and benefits)
and $2.2 million of unfavorable
volume/mix,
Other Results
Total Debt (Long-Term, Short-Term and Current Portion) increased
$27.4 million during the second
quarter of 2020 to $3,529.3 million
compared to the first quarter of 2020. Total Net Debt (Total Debt,
net of Cash and Cash Equivalents) increased $54.0 million during the second quarter of 2020
to $3,445.7 million compared to the
first quarter of 2020. The Company returned $64.9 million in capital to stakeholders in the
second quarter of 2020 through share repurchases, dividends and
partnership distributions. The Company's second quarter 2020 Net
Leverage Ratio was 3.26 times Adjusted EBITDA compared to 3.18
times at the end of the first quarter of 2020.
At June 30, 2020, the Company had
available liquidity of $1,412.9
million, including the undrawn availability under its global
revolving credit facilities.
Net Interest Expense was $30.7
million in the second quarter of 2020, lower when compared
to the $35.5 million reported in the
second quarter of 2019, primarily reflecting reduced average
borrowing rates. Capital expenditures for the second quarter of
2020 were $153.5 million compared to
$78.3 million in the second quarter
of 2019. Second quarter 2020 Income Tax Expense was $18.3 million, compared to a $23.0 million expense in the second quarter of
2019.
Please note that a tabular reconciliation of EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow, Total Net Debt and Net Leverage Ratio is attached to this
release.
Earnings Call
The Company will host a conference call at 10:00 a.m. ET today (July
21, 2020) to discuss the results of second quarter 2020. The
conference call will be webcast and can be accessed from the
Investors section of the Graphic Packaging website at
www.graphicpkg.com. Participants may also listen via telephone by
dialing 800-392-9489 from the United
States and Canada, and
706-634-2372 from outside the United
States and Canada.
Telephone participants are required to provide the conference ID
9478114.
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
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, the
effects of the COVID-19 pandemic on the Company's operations and
business, 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 coated
recycled paperboard, coated unbleached kraft paperboard and solid
bleached sulfate 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
|
2020
|
|
2019
|
2020
|
|
2019
|
Net Sales
|
$
|
1,611.0
|
|
|
$
|
1,552.8
|
|
$
|
3,210.1
|
|
|
$
|
3,058.7
|
|
Cost of
Sales
|
1,348.9
|
|
|
1,265.0
|
|
2,627.2
|
|
|
2,504.8
|
|
Selling, General and
Administrative
|
132.2
|
|
|
131.8
|
|
267.8
|
|
|
256.5
|
|
Other (Income) Expense,
Net
|
(5.4)
|
|
|
1.7
|
|
1.1
|
|
|
2.9
|
|
Business Combinations
and Shutdown and Other Special Charges, Net
|
20.5
|
|
|
9.9
|
|
39.2
|
|
|
16.1
|
|
Income from
Operations
|
114.8
|
|
|
144.4
|
|
274.8
|
|
|
278.4
|
|
Nonoperating Pension
and Postretirement Benefit Income (Expense)
|
0.6
|
|
|
—
|
|
(151.0)
|
|
|
(0.1)
|
|
Interest Expense,
Net
|
(30.7)
|
|
|
(35.5)
|
|
(64.4)
|
|
|
(70.5)
|
|
Income before Income
Taxes and Equity Income of Unconsolidated Entity
|
84.7
|
|
|
108.9
|
|
59.4
|
|
|
207.8
|
|
Income Tax
Expense
|
(18.3)
|
|
|
(23.0)
|
|
(12.9)
|
|
|
(44.0)
|
|
Income before Equity
Income of Unconsolidated Entity
|
66.4
|
|
|
85.9
|
|
46.5
|
|
|
163.8
|
|
Equity Income of
Unconsolidated Entity
|
0.3
|
|
|
0.2
|
|
0.4
|
|
|
0.4
|
|
Net Income
|
66.7
|
|
|
86.1
|
|
46.9
|
|
|
164.2
|
|
Net Income Attributable
to Noncontrolling Interest
|
(14.6)
|
|
|
(22.3)
|
|
(7.5)
|
|
|
(42.5)
|
|
Net Income Attributable
to Graphic Packaging Holding Company
|
$
|
52.1
|
|
|
$
|
63.8
|
|
$
|
39.4
|
|
|
$
|
121.7
|
|
|
|
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Basic
|
$
|
0.19
|
|
|
$
|
0.22
|
|
$
|
0.14
|
|
|
$
|
0.41
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Diluted
|
$
|
0.19
|
|
|
$
|
0.22
|
|
$
|
0.14
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding - Basic
|
279.9
|
|
|
295.2
|
|
284.4
|
|
|
296.3
|
|
Weighted Average Number
of Shares Outstanding - Diluted
|
280.5
|
|
|
295.7
|
|
285.2
|
|
|
297.0
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
In millions,
except share and per share amounts
|
June 30,
2020
|
|
December
31,
2019
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
83.6
|
|
|
$
|
152.9
|
|
Receivables,
Net
|
692.4
|
|
|
504.5
|
|
Inventories,
Net
|
1,197.5
|
|
|
1,095.9
|
|
Other Current
Assets
|
76.5
|
|
|
52.3
|
|
Total Current
Assets
|
2,050.0
|
|
|
1,805.6
|
|
Property, Plant and
Equipment, Net
|
3,379.4
|
|
|
3,253.8
|
|
Goodwill
|
1,465.8
|
|
|
1,477.9
|
|
Intangible Assets,
Net
|
460.9
|
|
|
477.3
|
|
Other Assets
|
310.3
|
|
|
275.3
|
|
Total Assets
|
$
|
7,666.4
|
|
|
$
|
7,289.9
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
483.2
|
|
|
$
|
50.4
|
|
Accounts
Payable
|
681.8
|
|
|
716.1
|
|
Other Accrued
Liabilities
|
447.8
|
|
|
432.2
|
|
Total Current
Liabilities
|
1,612.8
|
|
|
1,198.7
|
|
Long-Term
Debt
|
3,028.8
|
|
|
2,809.9
|
|
Deferred Income Tax
Liabilities
|
531.8
|
|
|
511.8
|
|
Other Noncurrent
Liabilities
|
412.6
|
|
|
407.2
|
|
|
|
|
|
Redeemable
Noncontrolling Interest
|
43.8
|
|
|
304.3
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred Stock, par
value $.01 per share; 100,000,000 shares authorized; no shares
issued or outstanding
|
—
|
|
|
—
|
|
Common Stock, par value
$0.01 per share; 1,000,000,000 shares authorized; 278,853,968 and
290,246,907 shares issued and outstanding at June 30, 2020 and
December 31, 2019, respectively
|
2.8
|
|
|
2.9
|
|
Capital in Excess of
Par Value
|
1,840.8
|
|
|
1,876.7
|
|
(Accumulated Deficit)
Retained Earnings
|
(37.1)
|
|
|
56.4
|
|
Accumulated Other
Comprehensive Loss
|
(285.6)
|
|
|
(365.8)
|
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
1,520.9
|
|
|
1,570.2
|
|
Noncontrolling
Interest
|
515.7
|
|
|
487.8
|
|
Total
Equity
|
2,036.6
|
|
|
2,058.0
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
7,666.4
|
|
|
$
|
7,289.9
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Six Months
Ended
|
|
June
30,
|
In
millions
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net Income
|
$
|
46.9
|
|
|
$
|
164.2
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided by Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
236.0
|
|
|
227.3
|
|
Deferred Income
Taxes
|
(10.3)
|
|
|
26.8
|
|
Amount of
Postretirement Expense Greater Than Funding
|
157.0
|
|
|
5.1
|
|
Other, Net
|
30.6
|
|
|
5.9
|
|
Changes in Operating
Assets and Liabilities
|
(316.4)
|
|
|
(369.5)
|
|
Net Cash Provided by
Operating Activities
|
143.8
|
|
|
59.8
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(292.6)
|
|
|
(146.2)
|
|
Packaging Machinery
Spending
|
(14.0)
|
|
|
(12.1)
|
|
Acquisition of
Businesses, Net of Cash Acquired
|
(122.6)
|
|
|
(2.0)
|
|
Beneficial Interest on
Sold Receivables
|
53.4
|
|
|
309.6
|
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(5.0)
|
|
|
(156.9)
|
|
Other, Net
|
(7.9)
|
|
|
(2.4)
|
|
Net Cash Used in
Investing Activities
|
(388.7)
|
|
|
(10.0)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
(157.4)
|
|
|
(78.7)
|
|
Payments on
Debt
|
(18.3)
|
|
|
(18.3)
|
|
Proceeds from Issuance
of Debt
|
450.0
|
|
|
300.0
|
|
Borrowings under
Revolving Credit Facilities
|
1,534.8
|
|
|
1,303.4
|
|
Payments on Revolving
Credit Facilities
|
(1,308.2)
|
|
|
(1,495.3)
|
|
Redemption of
Noncontrolling Interest
|
(250.0)
|
|
|
—
|
|
Repurchase of Common
Stock related to Share-Based Payments
|
(8.9)
|
|
|
(4.0)
|
|
Debt Issuance
Costs
|
(6.7)
|
|
|
(4.2)
|
|
Dividends and
Distributions Paid to GPIP Partner
|
(53.6)
|
|
|
(58.3)
|
|
Other, Net
|
(1.3)
|
|
|
(1.0)
|
|
Net Cash Provided by
(Used in) Financing Activities
|
180.4
|
|
|
(56.4)
|
|
Effect of Exchange Rate
Changes on Cash
|
(4.8)
|
|
|
0.8
|
|
Net Decrease in Cash
and Cash Equivalents
|
(69.3)
|
|
|
(5.8)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
152.9
|
|
|
70.5
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
83.6
|
|
|
$
|
64.7
|
|
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 Earnings Per
Share, Adjusted Net Cash Provided by Operating Activities, Adjusted
Cash Flow, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA
and Adjusted Net Income exclude charges (income) associated with:
the Company's business combinations, facility shutdowns, extended
mill outage, sale of assets and other special charges. The
Company's management believes that the presentation of EBITDA,
Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow, 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 Earnings Per Share, Adjusted Net Cash
Provided by Operating Activities, Adjusted Cash Flow, 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 Earnings
Per Share, Adjusted Net Cash Provided by Operating Activities,
Adjusted Cash Flow, 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 Earnings Per Share, Adjusted Net Cash Provided by
Operating Activities, Adjusted Cash Flow, 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
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
52.1
|
|
|
$
|
63.8
|
|
|
$
|
39.4
|
|
|
$
|
121.7
|
|
Add
(Subtract):
|
|
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
14.6
|
|
|
22.3
|
|
|
7.5
|
|
|
42.5
|
|
Income Tax
Expense
|
18.3
|
|
|
23.0
|
|
|
12.9
|
|
|
44.0
|
|
Equity Income of
Unconsolidated Entity
|
(0.3)
|
|
|
(0.2)
|
|
|
(0.4)
|
|
|
(0.4)
|
|
Interest Expense,
Net
|
30.7
|
|
|
35.5
|
|
|
64.4
|
|
|
70.5
|
|
Depreciation and
Amortization
|
123.5
|
|
|
112.8
|
|
|
238.7
|
|
|
232.4
|
|
EBITDA
|
238.9
|
|
|
257.2
|
|
|
362.5
|
|
|
510.7
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges(a)
|
21.1
|
|
|
9.9
|
|
|
39.8
|
|
|
16.1
|
|
Pension Settlement
Charge
|
—
|
|
|
—
|
|
|
152.5
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
260.0
|
|
|
$
|
267.1
|
|
|
$
|
554.8
|
|
|
$
|
526.8
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin (Adjusted EBITDA/Net Sales)
|
16.1
|
%
|
|
17.2
|
%
|
|
17.3
|
%
|
|
17.2
|
%
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
52.1
|
|
|
$
|
63.8
|
|
|
$
|
39.4
|
|
|
$
|
121.7
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
21.1
|
|
|
9.9
|
|
|
39.8
|
|
|
16.1
|
|
Accelerated
Depreciation Related to Shutdown
|
11.4
|
|
|
—
|
|
|
16.0
|
|
|
—
|
|
Pension Settlement
Charge
|
—
|
|
|
—
|
|
|
152.5
|
|
|
—
|
|
Tax Impact of
Business Combinations, Shutdown and Other Special Charges,
Accelerated Depreciation and Pension Plan Settlement
|
(6.5)
|
|
|
(2.2)
|
|
|
(41.1)
|
|
|
(3.3)
|
|
Noncontrolling
Interest, Net of Tax
|
(6.1)
|
|
|
(1.9)
|
|
|
(43.4)
|
|
|
(3.2)
|
|
Adjusted Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
72.0
|
|
|
$
|
69.6
|
|
|
$
|
163.2
|
|
|
$
|
131.3
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.57
|
|
|
$
|
0.44
|
|
Adjusted Earnings Per
Share - Diluted
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.57
|
|
|
$
|
0.44
|
|
|
|
(a)
|
For the three months
and the six months ended June 30, 2020, $0.6 million and $0.6
million, respectively, 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
|
2020
|
|
2019
|
|
2019
|
Net Income
|
$
|
124.5
|
|
|
$
|
263.5
|
|
|
$
|
206.8
|
|
Add
(Subtract):
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
36.3
|
|
|
86.0
|
|
|
71.3
|
|
Income Tax
Expense
|
45.2
|
|
|
75.1
|
|
|
76.3
|
|
Equity Income of
Unconsolidated Entities
|
(0.4)
|
|
|
(0.9)
|
|
|
(0.4)
|
|
Interest Expense,
Net
|
134.5
|
|
|
135.1
|
|
|
140.6
|
|
Depreciation and
Amortization
|
463.7
|
|
|
445.2
|
|
|
457.4
|
|
EBITDA
|
803.8
|
|
|
1,004.0
|
|
|
952.0
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
62.4
|
|
|
34.7
|
|
|
38.7
|
|
Pension Plan
Settlement Charge
|
191.7
|
|
|
—
|
|
|
39.2
|
|
Extended Augusta Mill
Outage (fourth quarter of 2018)
|
—
|
|
|
29.6
|
|
|
—
|
|
Gain on Sale of
Assets, Net
|
—
|
|
|
(37.1)
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
1,057.9
|
|
|
$
|
1,031.2
|
|
|
$
|
1,029.9
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
December
31,
|
Calculation of Net
Debt:
|
2020
|
|
2019
|
|
2019
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
483.2
|
|
|
$
|
58.9
|
|
|
$
|
50.4
|
|
Long-Term Debt
(a)
|
3,046.1
|
|
|
3,011.7
|
|
|
2,822.4
|
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(83.6)
|
|
|
(64.7)
|
|
|
(152.9)
|
|
Total Net
Debt
|
$
|
3,445.7
|
|
|
$
|
3,005.9
|
|
|
$
|
2,719.9
|
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
3.26
|
|
|
2.91
|
|
|
2.64
|
|
|
|
(a)
|
Excludes
unamortized deferred debt issue costs.
|
|
Six Months
Ended
|
|
June
30,
|
In
millions
|
2020
|
|
2019
|
Net Cash Provided by
Operating Activities
|
$
|
143.8
|
|
|
$
|
59.8
|
|
Net Cash Receipts
from Receivables Sold included in Investing Activities
|
48.4
|
|
|
152.7
|
|
Cash Payments
Associated with Business Combinations and Shutdown and Other
Special Charges
|
28.8
|
|
|
12.0
|
|
Adjusted Net Cash
Provided by Operating Activities
|
$
|
221.0
|
|
|
$
|
224.5
|
|
Capital
Spending
|
(306.6)
|
|
|
(158.3)
|
|
Adjusted Cash
Flow
|
$
|
(85.6)
|
|
|
$
|
66.2
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
|
Unaudited
Supplemental Data
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
1,011.6
|
|
|
1,012.9
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
943.4
|
|
|
965.9
|
|
|
992.9
|
|
|
940.7
|
|
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SOURCE Graphic Packaging Holding Company