This document contains supplemental materials from Avery Dennison for their 2008 Growth Stock Conference presentation. It includes forward-looking statements and discusses key risks and uncertainties. The document provides an overview of Avery Dennison's business segments and regions. It summarizes their pressure sensitive materials segment and key initiatives to drive growth. It also summarizes the retail information services segment and benefits of their Paxar acquisition, including integration updates and actions taken.
This document contains an investor presentation for Avery Dennison Corporation. It discusses several of the company's business segments, including Pressure Sensitive Materials (PSM), Retail Information Services (RIS), and Graphics and Reflective. For PSM and RIS, it provides financial highlights and describes growth opportunities through geographic expansion, new applications, and product innovation. It also outlines cost synergies expected from the Paxar acquisition to substantially improve RIS margins over the medium term.
This document contains an investor presentation for Avery Dennison Corporation. It discusses several of the company's business segments, including Pressure Sensitive Materials (PSM), Retail Information Services (RIS), and Graphics and Reflective. For PSM and RIS, it provides financial highlights and describes growth opportunities through geographic expansion, new applications, and product innovation. It also outlines cost synergies expected from the Paxar acquisition to substantially improve RIS margins over the medium term.
This document contains a presentation for investors by the president and CEO of Avery Dennison Corporation (AVY). It provides the following key points in 3 sentences:
1) AVY operates in pressure-sensitive materials, retail information services, and office and consumer products, with over $6 billion in annual sales across multiple regions globally.
2) The presentation outlines AVY's strategic priorities for 2008, which include capturing synergies from its acquisition of Paxar, improving profitability in its pressure-sensitive materials segment, and delivering a significant increase in free cash flow through productivity improvements and price increases.
3) The company projects long-term earnings growth of 9.5% annually through 2008 and
Hetero Med Solutions Ltd is a pharmacy retail chain operating in South India and headquartered in Hyderabad. It provides various pharmacy retail services and has a strong regional presence in South India, however its declining liquidity is a key concern. The document discusses the company's financial performance, industry analysis, competitive landscape, and provides an executive summary of Hetero Med Solutions Ltd.
BHEL reported strong results for 4QFY2010 and FY2010, with revenues growing 28.6% and profits growing 41.7% for the quarter. Operating margins expanded due to lower raw material costs, though this was partially offset by higher other expenses. Order inflows grew 45.1% for the quarter. For FY2010-2012, revenues are expected to grow at a CAGR of 19.7% and profits at 21.5%. However, the analyst maintains a Neutral rating due to structural concerns in the industry.
Hexion plans to acquire Huntsman Corporation in an all-cash transaction valued at approximately $10.6 billion. The combination would create one of the world's largest specialty chemical companies with annualized sales of over $14 billion, over 21,000 employees across 180 facilities globally. The merged company would have strong positions in key segments and an unmatched global reach to serve customers worldwide. The transaction is subject to Huntsman shareholder approval and regulatory clearances. Integration planning teams will be formed to plan the post-closing merger of the two organizations.
This document provides an outline and overview of aggregate planning concepts. It discusses key topics such as:
- The objective of aggregate planning is to meet forecasted demand while minimizing costs over the planning period.
- Aggregate planning strategies include changing inventory levels, varying workforce size, using overtime/idle time, and subcontracting.
- Graphical and mathematical methods can be used to develop aggregate plans and mixing different options may provide the best solution.
- An example of a roofing supplier's aggregate plan is presented to demonstrate graphical planning methods.
Profarma Casa Saba Brasil Acquisiton Conference Call Profarma
1. Profarma is a new company entering the pharmaceutical distribution market in Brazil with a focus on long-term growth.
2. Profarma's growth strategy relies on three pillars: regional expansion, entering new business segments like hospitals and specialties, and selective acquisitions.
3. Profarma has a proven track record of successful organic growth, entering new regions and segments, and integrating acquisitions to diversify and strengthen its position in the market.
This document contains an investor presentation for Avery Dennison Corporation. It discusses several of the company's business segments, including Pressure Sensitive Materials (PSM), Retail Information Services (RIS), and Graphics and Reflective. For PSM and RIS, it provides financial highlights and describes growth opportunities through geographic expansion, new applications, and product innovation. It also outlines cost synergies expected from the Paxar acquisition to substantially improve RIS margins over the medium term.
This document contains an investor presentation for Avery Dennison Corporation. It discusses several of the company's business segments, including Pressure Sensitive Materials (PSM), Retail Information Services (RIS), and Graphics and Reflective. For PSM and RIS, it provides financial highlights and describes growth opportunities through geographic expansion, new applications, and product innovation. It also outlines cost synergies expected from the Paxar acquisition to substantially improve RIS margins over the medium term.
This document contains a presentation for investors by the president and CEO of Avery Dennison Corporation (AVY). It provides the following key points in 3 sentences:
1) AVY operates in pressure-sensitive materials, retail information services, and office and consumer products, with over $6 billion in annual sales across multiple regions globally.
2) The presentation outlines AVY's strategic priorities for 2008, which include capturing synergies from its acquisition of Paxar, improving profitability in its pressure-sensitive materials segment, and delivering a significant increase in free cash flow through productivity improvements and price increases.
3) The company projects long-term earnings growth of 9.5% annually through 2008 and
Hetero Med Solutions Ltd is a pharmacy retail chain operating in South India and headquartered in Hyderabad. It provides various pharmacy retail services and has a strong regional presence in South India, however its declining liquidity is a key concern. The document discusses the company's financial performance, industry analysis, competitive landscape, and provides an executive summary of Hetero Med Solutions Ltd.
BHEL reported strong results for 4QFY2010 and FY2010, with revenues growing 28.6% and profits growing 41.7% for the quarter. Operating margins expanded due to lower raw material costs, though this was partially offset by higher other expenses. Order inflows grew 45.1% for the quarter. For FY2010-2012, revenues are expected to grow at a CAGR of 19.7% and profits at 21.5%. However, the analyst maintains a Neutral rating due to structural concerns in the industry.
Hexion plans to acquire Huntsman Corporation in an all-cash transaction valued at approximately $10.6 billion. The combination would create one of the world's largest specialty chemical companies with annualized sales of over $14 billion, over 21,000 employees across 180 facilities globally. The merged company would have strong positions in key segments and an unmatched global reach to serve customers worldwide. The transaction is subject to Huntsman shareholder approval and regulatory clearances. Integration planning teams will be formed to plan the post-closing merger of the two organizations.
This document provides an outline and overview of aggregate planning concepts. It discusses key topics such as:
- The objective of aggregate planning is to meet forecasted demand while minimizing costs over the planning period.
- Aggregate planning strategies include changing inventory levels, varying workforce size, using overtime/idle time, and subcontracting.
- Graphical and mathematical methods can be used to develop aggregate plans and mixing different options may provide the best solution.
- An example of a roofing supplier's aggregate plan is presented to demonstrate graphical planning methods.
Profarma Casa Saba Brasil Acquisiton Conference Call Profarma
1. Profarma is a new company entering the pharmaceutical distribution market in Brazil with a focus on long-term growth.
2. Profarma's growth strategy relies on three pillars: regional expansion, entering new business segments like hospitals and specialties, and selective acquisitions.
3. Profarma has a proven track record of successful organic growth, entering new regions and segments, and integrating acquisitions to diversify and strengthen its position in the market.
Avery Dennison reported its third quarter 2008 results. Revenue increased 3% to $1.72 billion due to currency effects, but organic revenue declined 2% due to slowing economic conditions. Operating income declined 6% to $96 million due to margin pressure from rising raw material costs outpacing price increases. For 2008, the company lowered its earnings guidance to $2.65-2.85 per share due to further weakening expected in Q4 from inventory reductions and economic uncertainty. It expects record free cash flow of $375 million despite the challenges.
The company reported an 8.1% increase in net sales for the second quarter compared to the prior year. Operating margin before restructuring charges declined slightly by 10 basis points. Earnings per share were $0.87, which includes a $0.16 dilution from the Paxar acquisition. For the full year, the company expects reported revenue growth of 14-16% and operating margin between 9.0-10.0%. Integration costs related to the Paxar acquisition are estimated to be $175-210 million.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
Avery Dennison held an investor meeting on March 6, 2007 to discuss the company's business segments and growth strategies. The meeting focused on Pressure sensitive materials, Office and Consumer Products, and Retail Information Services. For pressure sensitive materials, growth opportunities included emerging markets, new applications in beverage labeling, and increased penetration in durable goods labeling driven by RFID adoption. For office products, the strategy centered around growing branded printable media through new product features, marketing programs, and category expansion. Overall, Avery Dennison aims to deliver above-average returns through attractive end markets, innovation, and strategic advantage in key regions.
The document provides a financial review and analysis of Avery Dennison's first quarter 2007 results. Key points include:
- Net sales increased 3.9% year-over-year to $860 million, with adjusted organic sales growth of approximately 3%.
- Operating margin increased slightly by 10 basis points to 8.4% despite negative impacts from segment mix and transition costs.
- Reported EPS was $0.80 including $0.02 in restructuring charges.
- Guidance for 2007 remains unchanged, with reported revenue growth expected between 2-5% and operating margin in the range of 9.5-10.5%.
This document outlines the company's policy on insider trading and securities transactions. It prohibits directors and employees from trading company securities while in possession of material non-public information. It defines material non-public information and establishes trading windows and pre-clearance requirements for restricted groups. Exceptions are provided for regular contributions to benefit plans, option exercises, and approved 10b5-1 plans. Violations may result in sanctions up to termination.
The document summarizes Dean Scarborough's presentation at the Lehman Brothers Industrial Select Conference on February 12, 2008. It provides an overview of Avery Dennison's portfolio and strategies across its Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products segments. It also discusses the Paxar acquisition, 2008 earnings outlook, expectations for increased free cash flow, and continued dividend growth.
1) The document summarizes Bank of America's 37th Annual Investment Conference, which included forward-looking statements and discussed various risks and uncertainties.
2) It provided an overview of Avery Dennison's portfolio of businesses, including Pressure Sensitive Materials, Office and Consumer Products, Retail Information Services, and Other Specialty Converting. It discussed strategies and outlook for each segment.
3) The acquisition of Paxar was highlighted as enhancing top-line growth and driving $115-125 million in cost synergies annually. Productivity improvements and the RFID opportunity were also emphasized as long-term value drivers.
This document contains forward-looking statements and information about Avery Dennison's financial expectations. It discusses risks and uncertainties that could impact financial performance, including economic conditions, competition, raw material costs, legal proceedings, and more. The document also provides an overview of Avery Dennison's business segments and strategies to drive growth in each segment through initiatives like the Paxar acquisition and productivity improvements.
- Bank of America held its 2007 BASics/Industrials Conference, presenting on Avery Dennison's portfolio, strategies, and financial outlook
- Avery Dennison's portfolio includes pressure-sensitive materials, office and consumer products, and retail information services, with an acquisition of Paxar expected to enhance growth in retail information services
- The company aims to grow organically 4-6% annually and expand operating margins through productivity initiatives, with a long-term target of doubling EPS by 2009
The document is the transcript from a presentation given by Dean Scarborough, President and CEO of Avery Dennison, at a tech conference on February 7, 2007. It provides an overview of Avery Dennison's business segments and their performance in 2006, highlights growth opportunities, and discusses priorities like margin expansion and increasing participation in emerging markets. Key risks like economic conditions and legal proceedings are also addressed. Financial terms are defined in an appendix with adjustments made for items like restructuring charges and currency impacts.
The document provides an overview of Lehman Brothers' Industrial Select Conference on February 6, 2007. It includes forward-looking statements and discusses key risks and uncertainties. Dean Scarborough, President and CEO of Avery Dennison, then discusses Avery Dennison's balanced strategy for growth and productivity improvement. Key highlights include modest sales growth, margin expansion, investments in emerging markets and RFID, and 2007 earnings guidance of $4.00-$4.35 per share.
Jim Cornelius, Chairman and CEO of Sanford C. Bernstein & Co., gave a presentation at a strategic decisions conference on May 30, 2008. He discussed Bristol-Myers Squibb's (BMS) strong financial performance in 2007 which exceeded expectations. BMS's first quarter 2008 performance showed continued growth with a 20% increase in net sales and higher non-GAAP EPS compared to Q1 2007. Cornelius outlined BMS's strategy to participate in the biopharmaceutical industry's transition away from traditional pharmaceutical models and drive productivity through initiatives in supply chain, R&D, commercial operations, and G&A.
This document contains forward-looking statements regarding earnings forecasts and other projections that are based on management's current assumptions and beliefs. However, actual results may differ materially from projections due to risks, uncertainties, and other factors. The document also contains projected financial results for Fujifilm for the fiscal year ending March 31, 2008, including forecasts for increased operating income, income before taxes, and net income compared to the previous fiscal year.
Avery Dennison reported third quarter earnings. Net income was $58 million, down from $85 million last year due to costs from acquiring Paxar. Adjusted earnings excluding one-time costs was $1 per share. Net sales increased 19% to $1.68 billion due to the Paxar acquisition. Core sales were flat due to weaker retail demand in the US affecting some business units. The company remains on track to achieve cost synergies from integrating Paxar and is focused on accelerating top line growth. For the full year, earnings per share are expected to be between $3.75-$3.85, excluding one-time costs.
air products & chemicals 5 December 2007 Citi Basic Materialsfinance26
Paul Huck presented on Air Products' performance and outlook. Some key points:
1) Air Products has achieved four consecutive years of double-digit sales and earnings growth.
2) The company aims to continue delivering double-digit growth through large projects coming online, expansion in new geographies and markets, and cost reduction efforts.
3) Air Products is targeting 10-15% annual EPS growth and achieving returns well above its cost of capital through margin improvement and productivity initiatives.
- The document provides an overview of the company's financial results for the second quarter of 2008, including sales growth, operating margin declines, and segment performance.
- Key factors negatively impacting margins included raw material inflation, pricing reductions from the prior year, and unfavorable product mix. Actions are underway to address costs and position the company for economic recovery.
- Guidance for adjusted earnings per share was revised downward to $3.75 to $3.95 due to increased raw material costs and weaker demand.
The document is an investor presentation for Avery Dennison's proposed acquisition of Paxar. The key points are:
1) Avery Dennison will acquire Paxar for $30.50 per share, valuing Paxar at $1.34 billion including debt. This represents a 27% premium to Paxar's stock price.
2) The acquisition will enhance Avery Dennison's revenue growth potential by expanding into the $15 billion retail identification market and better serving global supply chains.
3) Annual cost synergies of $90-100 million are estimated by combining infrastructure and achieving scale. This is expected to make the acquisition accretive to earnings within 12
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
Avery Dennison reported its first quarter 2007 results, with net sales up 3.9% to $1.39 billion and earnings per share of $0.80, including restructuring charges of $0.02 per share. The company reached an agreement to acquire Paxar for $1.3 billion. Segment results were mixed, with pressure sensitive materials up 9.2% but office and consumer products down 10.6%. For the full year, the company expects earnings per share of $3.95 to $4.25 including restructuring charges, or $4.05 to $4.30 excluding charges.
Avery Dennison reported its third quarter 2008 results. Revenue increased 3% to $1.72 billion due to currency effects, but organic revenue declined 2% due to slowing economic conditions. Operating income declined 6% to $96 million due to margin pressure from rising raw material costs outpacing price increases. For 2008, the company lowered its earnings guidance to $2.65-2.85 per share due to further weakening expected in Q4 from inventory reductions and economic uncertainty. It expects record free cash flow of $375 million despite the challenges.
The company reported an 8.1% increase in net sales for the second quarter compared to the prior year. Operating margin before restructuring charges declined slightly by 10 basis points. Earnings per share were $0.87, which includes a $0.16 dilution from the Paxar acquisition. For the full year, the company expects reported revenue growth of 14-16% and operating margin between 9.0-10.0%. Integration costs related to the Paxar acquisition are estimated to be $175-210 million.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
Avery Dennison held an investor meeting on March 6, 2007 to discuss the company's business segments and growth strategies. The meeting focused on Pressure sensitive materials, Office and Consumer Products, and Retail Information Services. For pressure sensitive materials, growth opportunities included emerging markets, new applications in beverage labeling, and increased penetration in durable goods labeling driven by RFID adoption. For office products, the strategy centered around growing branded printable media through new product features, marketing programs, and category expansion. Overall, Avery Dennison aims to deliver above-average returns through attractive end markets, innovation, and strategic advantage in key regions.
The document provides a financial review and analysis of Avery Dennison's first quarter 2007 results. Key points include:
- Net sales increased 3.9% year-over-year to $860 million, with adjusted organic sales growth of approximately 3%.
- Operating margin increased slightly by 10 basis points to 8.4% despite negative impacts from segment mix and transition costs.
- Reported EPS was $0.80 including $0.02 in restructuring charges.
- Guidance for 2007 remains unchanged, with reported revenue growth expected between 2-5% and operating margin in the range of 9.5-10.5%.
This document outlines the company's policy on insider trading and securities transactions. It prohibits directors and employees from trading company securities while in possession of material non-public information. It defines material non-public information and establishes trading windows and pre-clearance requirements for restricted groups. Exceptions are provided for regular contributions to benefit plans, option exercises, and approved 10b5-1 plans. Violations may result in sanctions up to termination.
The document summarizes Dean Scarborough's presentation at the Lehman Brothers Industrial Select Conference on February 12, 2008. It provides an overview of Avery Dennison's portfolio and strategies across its Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products segments. It also discusses the Paxar acquisition, 2008 earnings outlook, expectations for increased free cash flow, and continued dividend growth.
1) The document summarizes Bank of America's 37th Annual Investment Conference, which included forward-looking statements and discussed various risks and uncertainties.
2) It provided an overview of Avery Dennison's portfolio of businesses, including Pressure Sensitive Materials, Office and Consumer Products, Retail Information Services, and Other Specialty Converting. It discussed strategies and outlook for each segment.
3) The acquisition of Paxar was highlighted as enhancing top-line growth and driving $115-125 million in cost synergies annually. Productivity improvements and the RFID opportunity were also emphasized as long-term value drivers.
This document contains forward-looking statements and information about Avery Dennison's financial expectations. It discusses risks and uncertainties that could impact financial performance, including economic conditions, competition, raw material costs, legal proceedings, and more. The document also provides an overview of Avery Dennison's business segments and strategies to drive growth in each segment through initiatives like the Paxar acquisition and productivity improvements.
- Bank of America held its 2007 BASics/Industrials Conference, presenting on Avery Dennison's portfolio, strategies, and financial outlook
- Avery Dennison's portfolio includes pressure-sensitive materials, office and consumer products, and retail information services, with an acquisition of Paxar expected to enhance growth in retail information services
- The company aims to grow organically 4-6% annually and expand operating margins through productivity initiatives, with a long-term target of doubling EPS by 2009
The document is the transcript from a presentation given by Dean Scarborough, President and CEO of Avery Dennison, at a tech conference on February 7, 2007. It provides an overview of Avery Dennison's business segments and their performance in 2006, highlights growth opportunities, and discusses priorities like margin expansion and increasing participation in emerging markets. Key risks like economic conditions and legal proceedings are also addressed. Financial terms are defined in an appendix with adjustments made for items like restructuring charges and currency impacts.
The document provides an overview of Lehman Brothers' Industrial Select Conference on February 6, 2007. It includes forward-looking statements and discusses key risks and uncertainties. Dean Scarborough, President and CEO of Avery Dennison, then discusses Avery Dennison's balanced strategy for growth and productivity improvement. Key highlights include modest sales growth, margin expansion, investments in emerging markets and RFID, and 2007 earnings guidance of $4.00-$4.35 per share.
Jim Cornelius, Chairman and CEO of Sanford C. Bernstein & Co., gave a presentation at a strategic decisions conference on May 30, 2008. He discussed Bristol-Myers Squibb's (BMS) strong financial performance in 2007 which exceeded expectations. BMS's first quarter 2008 performance showed continued growth with a 20% increase in net sales and higher non-GAAP EPS compared to Q1 2007. Cornelius outlined BMS's strategy to participate in the biopharmaceutical industry's transition away from traditional pharmaceutical models and drive productivity through initiatives in supply chain, R&D, commercial operations, and G&A.
This document contains forward-looking statements regarding earnings forecasts and other projections that are based on management's current assumptions and beliefs. However, actual results may differ materially from projections due to risks, uncertainties, and other factors. The document also contains projected financial results for Fujifilm for the fiscal year ending March 31, 2008, including forecasts for increased operating income, income before taxes, and net income compared to the previous fiscal year.
Avery Dennison reported third quarter earnings. Net income was $58 million, down from $85 million last year due to costs from acquiring Paxar. Adjusted earnings excluding one-time costs was $1 per share. Net sales increased 19% to $1.68 billion due to the Paxar acquisition. Core sales were flat due to weaker retail demand in the US affecting some business units. The company remains on track to achieve cost synergies from integrating Paxar and is focused on accelerating top line growth. For the full year, earnings per share are expected to be between $3.75-$3.85, excluding one-time costs.
air products & chemicals 5 December 2007 Citi Basic Materialsfinance26
Paul Huck presented on Air Products' performance and outlook. Some key points:
1) Air Products has achieved four consecutive years of double-digit sales and earnings growth.
2) The company aims to continue delivering double-digit growth through large projects coming online, expansion in new geographies and markets, and cost reduction efforts.
3) Air Products is targeting 10-15% annual EPS growth and achieving returns well above its cost of capital through margin improvement and productivity initiatives.
- The document provides an overview of the company's financial results for the second quarter of 2008, including sales growth, operating margin declines, and segment performance.
- Key factors negatively impacting margins included raw material inflation, pricing reductions from the prior year, and unfavorable product mix. Actions are underway to address costs and position the company for economic recovery.
- Guidance for adjusted earnings per share was revised downward to $3.75 to $3.95 due to increased raw material costs and weaker demand.
The document is an investor presentation for Avery Dennison's proposed acquisition of Paxar. The key points are:
1) Avery Dennison will acquire Paxar for $30.50 per share, valuing Paxar at $1.34 billion including debt. This represents a 27% premium to Paxar's stock price.
2) The acquisition will enhance Avery Dennison's revenue growth potential by expanding into the $15 billion retail identification market and better serving global supply chains.
3) Annual cost synergies of $90-100 million are estimated by combining infrastructure and achieving scale. This is expected to make the acquisition accretive to earnings within 12
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
Avery Dennison reported its first quarter 2007 results, with net sales up 3.9% to $1.39 billion and earnings per share of $0.80, including restructuring charges of $0.02 per share. The company reached an agreement to acquire Paxar for $1.3 billion. Segment results were mixed, with pressure sensitive materials up 9.2% but office and consumer products down 10.6%. For the full year, the company expects earnings per share of $3.95 to $4.25 including restructuring charges, or $4.05 to $4.30 excluding charges.
Morgan Stanley Basic Materials Conferencefinance10
1) 3M's international operations represent its largest growth platform.
2) In 2005, international sales grew 5.8% with organic local-currency growth of 4.1% and acquisitions contributing 1.0% to growth.
3) Asia Pacific sales grew 10.6% in local currency in 2005.
The document provides an overview of Neenah Paper, Inc. (NP) which has two business segments: Technical Products and Fine Paper. Technical Products produces specialty and performance-based products for filtration, industrial backings, and labels. Fine Paper produces premium textured and colored papers for print communications, packaging, and crafting. NP pursues growth through leading niche markets, increasing portfolio diversification, and delivering consistent returns. Key investment drivers include leading market positions, pricing power, a recent brand acquisition providing growth, and strong cash flow generation.
air products & chemicals 7 May 2008 Bankof America BASicsfinance26
This document provides an overview of Air Products, a $10 billion industrial gases company. It discusses Air Products' business segments, geographic sales breakdown, and value proposition of long-term contracts and consistent cash flows. The document also summarizes Air Products' financial performance over the past four years, with increasing sales, earnings per share, operating margin, and return on capital employed. Finally, it discusses the outlook for continued growth in Air Products' electronics and performance materials segment.
The document provides a summary of the company's financial results for the second quarter of 2006. Key points include:
- Earnings per share increased 8% driven by productivity improvements that expanded operating margins.
- Net sales were even with the prior year due to divestitures and currency impacts, but organic sales grew 2%.
- Margins improved due to productivity gains, though this was partially offset by transition costs and inflation.
- The company is realizing annual savings from restructuring of $85-100 million and raising its cost reduction target.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
This document provides an overview of a presentation given by Cynthia S. Guenther, Vice President of Investor Relations at Lehman Brothers Industrial Select Conference on February 14, 2006. The presentation discusses Avery Dennison's business segments, including pressure-sensitive materials, office and consumer products, and retail information services. It provides data on organic sales growth and operating margins for each segment in 2005 and 2004. The presentation establishes that Avery Dennison is a market leader in all of its key businesses, including being the number one provider of paper and film roll materials for labels.
Dean Scarborough provided an overview of Avery Dennison Corporation's performance in 2005 and outlook. Key points:
1) The company improved underlying profitability in 2005 despite weaker sales, through price increases, cost cuts, and actions to drive future margin expansion.
2) Scarborough's assessment found the company has the right portfolio and strategies to deliver long-term value, with a goal to outperform shareholders' returns.
3) Over the next 3-5 years, the company aims to make its portfolio more profitable by reallocating resources and exiting underperforming businesses, while investing in growth initiatives like RFID and expanding in emerging markets.
This document provides a financial review and analysis of the company's first quarter 2006 results. It discusses key factors such as sales trends, margin analysis, raw material costs, restructuring efforts, and segment performance. The company reported a modest sales decline due to currency translation, but higher volume, gross profit margin, and operating expense ratio led to a 19% increase in GAAP EPS. Raw material inflation exceeded price increases. Restructuring is expected to yield $80-90 million in annual savings.
Avery Dennison reported its first quarter 2006 results, with net sales of $1.34 billion, approximately even with the first quarter of 2005. Net income was $68.9 million, up 19% from the previous year. Organic sales growth was 3% and earnings per share before restructuring charges was $0.75, up 21% year-over-year. The company is on track to achieve $80-90 million in annualized savings from restructuring by the end of 2006. Price increases were implemented to offset rising raw material costs.
This document provides a summary of Daniel O'Bryant's presentation at the Bank of America Basic Industries Conference on May 4, 2006 on behalf of Avery Dennison. The summary highlights Avery Dennison's financial performance in 2005 and Q1 2006, including improved profitability and restructuring actions. Medium-term sales growth targets and margin expansion opportunities are also discussed.
Avery Dennison reported their second quarter earnings for 2006. Earnings per share from continuing operations increased 8% to $0.96 compared to the previous year. Excluding restructuring charges, earnings per share increased 9% to $0.99. Net sales were approximately even with the previous year at $1.41 billion, with organic sales growth of 2%. The company raised their estimated annual savings from restructuring efforts to between $85-100 million. Segment highlights included a 1% sales increase for Pressure-sensitive Materials and a 6% sales increase for Retail Information Services.
1) Avery Dennison presented preliminary financial results for the first half of 2006, showing earnings per share up 14% due to improved margins.
2) Key priorities include maintaining pricing discipline, achieving $85-100 million in annual savings from restructuring, and accelerating organic sales growth to a target range of 4-6% over the medium term.
3) Emerging markets are seen as a major growth driver, expected to increase their contribution to overall growth and profitability significantly by 2010.
- Net sales increased 5% year-over-year driven by higher unit volume and positive pricing and mix changes. Emerging markets saw 15% growth while US growth slowed.
- Gross margins increased 120 bps to 27.6% due to productivity gains offsetting transition costs. Operating margins improved 20 bps before environmental and restructuring charges.
- The company remains on track to achieve $90-100M in annual savings from restructuring with $45-50M expected to benefit 2006 results. Reported EPS was $0.85 including environmental and restructuring charges.
This document summarizes Avery Dennison's RFID strategy and investments. It discusses their commitment to RFID leadership, including their investment of $12-20 million per year. It outlines their position in the RFID value chain and describes their RFID label construction, inlay assembly options, and acquisition of RF IDentics. It discusses their technology transfer plans and competitive advantages in RFID, as well as providing an overview of their RFID business status and expansion plans.
Avery Dennison reported third quarter earnings. Net sales increased 5% to $1.42 billion with organic sales growth of 4%. Earnings per share were $0.85 which included costs from an environmental remediation reserve and restructuring charges. Operating margins expanded in the two largest business segments. The company is on track to achieve annual savings of $90-100 million from restructuring by the end of the year.
- Sales increased 3.5% in Q4 2006 driven by higher volume and price increases offsetting material inflation. However, operating margin declined due to changes in LIFO reserves and higher marketing costs.
- Full year sales grew modestly on an adjusted organic basis while gross and operating margins increased, helped by restructuring savings. However, higher expenses including stock options weighed on margins.
- The company completed $90-100M in restructuring actions in 2006 and expects $45M in annual savings in 2007, with $11-13M more from new 2007 actions.
Avery Dennison Corporation announced plans to acquire Paxar Corporation for $1.3 billion or $30.50 per share. The acquisition is expected to enhance Avery Dennison's ability to compete and grow in the global retail information and brand identification market. Projected annual cost synergies are $90-100 million and the acquisition is expected to be accretive to EPS within 12 months. The acquisition combines Avery Dennison's retail information services business with Paxar's complementary capabilities and geographic footprint to better serve customers globally.
Avery Dennison reported second quarter 2007 earnings. While net income per share decreased from the previous year, adjusted earnings per share increased 3% after excluding certain items. Net sales increased 8.1% driven by the acquisition of Paxar, although organic sales growth was only 2%. The company completed the acquisition of Paxar and expects higher cost synergies than initially estimated, but lowered full year earnings guidance due to lower than expected second quarter results.
The document provides an analysis of a company's third quarter 2007 financial results. Key points include:
- Sales increased 18.5% due to the Paxar acquisition, while organic sales declined slightly. Operating margins declined due to the addition of the lower-margin Paxar business.
- Reported EPS was $0.59 but included restructuring and integration charges. Adjusted EPS excludes these items.
- Guidance for full-year sales growth was increased to 12.5-13.5% and operating margin is expected to be around 9% before integration costs. EPS guidance was reiterated at $3.75-3.85.
This document restates quarterly and annual financial results for 2007 and compares them to results from 2005 and 2006 due to a change from LIFO to FIFO accounting. Key details include:
- Net sales, operating income, operating margin, and non-GAAP results are provided for 4 business segments and consolidated totals for each quarter of 2007 and 2006 as well as full year 2005-2007.
- A narrative explains there was a $0.1 million unfavorable impact on Q1 2007 results and a $1.1 million favorable impact on full year 2007 results due to the restatement.
- Comparisons show the accounting change improved operating margins across most segments and time periods.
The document provides an analysis of Avery Dennison's fourth quarter and full year 2007 financial results. Some key points:
- Sales were up 1% organically for the full year, reflecting soft market conditions, especially in the second half. Reported sales were up 13% due to the Paxar acquisition and currency effects.
- Operating margin increased 20 basis points in Q4 compared to prior year due to cost savings offsetting raw material inflation. However, margins were compressed by 40 basis points from the addition of the lower-margin Paxar business.
- Reported EPS was $0.81 including restructuring charges and Paxar integration costs. Adjusted EPS was $1.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
1. Insert solid color bar in this area. Extend to dotted guidelines
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Robert W. Baird & Co.
2008 Growth Stock Conference
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Avery Dennison
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Supplemental Materials
May 13, 2008
2. Forward-Looking Statements
Certain information in this presentation may constitute “forward-looking” statements. These statements and financial or other
business targets are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical
or expected results depending on a variety of factors, including but not limited to risks and uncertainties relating to investment
in development activities and new production facilities; fluctuations in cost and availability of raw materials; ability of the
Company to achieve and sustain targeted cost reductions, including synergies expected from the integration of the Paxar
business in the time and at the cost anticipated; ability of the Company to generate sustained productivity improvement;
successful integration of acquisitions; successful implementation of new manufacturing technologies and installation of
manufacturing equipment; the financial condition and inventory strategies of customers; customer and supplier concentrations;
changes in customer order patterns; loss of significant contract(s) or customer(s); timely development and market acceptance
of new products; fluctuations in demand affecting sales to customers; impact of competitive products and pricing; selling prices;
business mix shift; credit risks; ability of the Company to obtain adequate financing arrangements; fluctuations in interest rates;
fluctuations in pension, insurance and employee benefit costs; impact of legal proceedings, including the Australian
Competition and Consumer Commission investigation into industry competitive practices, and any related proceedings or
lawsuits pertaining to this investigation or to the subject matter thereof or of the concluded investigations by the U.S.
Department of Justice (“DOJ”), the European Commission, and the Canadian Department of Justice (including purported class
actions seeking treble damages for alleged unlawful competitive practices, which were filed after the announcement of the DOJ
investigation), as well as the impact of potential violations of the U.S. Foreign Corrupt Practices Act based on issues in China;
changes in governmental regulations; changes in political conditions; fluctuations in foreign currency exchange rates and other
risks associated with foreign operations; worldwide and local economic conditions; impact of epidemiological events on the
economy and the Company’s customers and suppliers; acts of war, terrorism, natural disasters; and other factors.
The Company believes that the most significant risk factors that could affect its ability to achieve its stated financial
expectations in the near-term include (1) the impact of economic conditions on underlying demand for the Company’s products;
(2) the degree to which higher raw material and energy-related costs can be passed on to customers through selling price
increases, without a significant loss of volume; (3) the impact of competitors’ actions, including pricing, expansion in key
markets, and product offerings; (4) potential adverse developments in legal proceedings and/or investigations regarding
competitive activities, including possible fines, penalties, judgments or settlements; and (5) the ability of the Company to
achieve and sustain targeted cost reductions, including expected synergies associated with the Paxar acquisition.
Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP measures as defined by SEC rules. As required by these rules, we have
provided a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, included in the Appendix
section of this presentation.
3. Challenging business conditionsline continued throughfar right edge ofExtend toMedium gray
Q1… screen. dotted
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to the 1-3/4”
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> Slowdown in U.S. retail environment drove sales declines (organic basis) for
both RIS and Office Products
– Office Products customers reduced inventories… current levels approximately
15-20% lower than same time last year
> Volume growth trend in roll materials improved vs. Q4, both in NA and Europe,
but Graphics and Reflective declined
> PSM margins negatively impacted by pricing, weaker product mix, and raw
material inflation
> Actions underway to weather the storm and position Company for economic
rebound:
– Implementing price increases in Roll Materials (worldwide) and Office Products
– Executing Paxar integration
– Driving increased productivity across organization
– Protecting investment in key growth programs (RFID, emerging markets, RIS,
other)
– Increasing focus on free cash flow… trimming capital/IT budgets and reducing
working capital
Remain committed to achieving original 2008 cash flow target
2008 Growth Stock
3
Conference
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Who we are… AVY by segment
2007 Proforma Revenue By Segment,
with Annualized Paxar Sales
Other
(after intercompany eliminations) Specialty
Converting
9%
Office and
Consumer
Products
15%
Retail
Pressure-sensitive
Information
Materials
Services
52%
24%
2007 Net Sales (as reported) = $6.3 billion
2008 Growth Stock
4
Conference
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Who we are… AVY by region
2007 Proforma Revenue By Region,
with Annualized Paxar Sales
(before intergeographic eliminations)
Other*
Latin
America
U.S.
Asia
Eastern
Europe
Western
Europe
2008 Growth Stock
5 * ”Other” includes Canada, Australia and South Africa
Conference
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Pressure-sensitive Materials (PSM)
Who we are.
> Global market share leader
How we win.
> Innovation
> Product breadth and quality
> Global footprint
2007 FINANCIAL SNAPSHOT
> Regional scale
Sales $3.5 bil.
Organic Sales Growth 2.8%
Operating Margin(1) 9.5%
2008 Growth Stock (1) Excluding restructuring charges and other items –
6
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”
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PSM: How do we grow?
> Expand in faster-growing international markets by
leveraging global and regional scale advantages
Other*
Latin
America
Roll Materials
2007 revenues by U.S.
geography, before
Asia
intergeographic
eliminations
Eastern
Europe
Western
Europe
2008 Growth Stock
7 * ”Other” includes Canada, Australia and South Africa
Conference
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PSM: How do we grow?
> Drive increased PS penetration of food and
beverage segments (shift from glue-applied labels)
through product innovation and marketing
2008 Growth Stock
8
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PSM: How do we grow?
> Drive share gain in durable goods applications
2008 Growth Stock
9
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Transition to pressure-sensitive materials drives and betteredge of screen. Medium gray
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to the 1-3/4” line
6% total applied cost advantage in labeling is the default color.
for breweries
Total Applied Cost Comparison
Pressure-
Glue-
Sensitive
Applied
Cost down more
than 6%...
… while achieving:
> Premium brand image
> Design flexibility
> Functionality
> Ease of product changeover
Material Process Costs Tooling Other Costs
2008 Growth Stock
10
Conference
11. Pressure-sensitive penetration photoprime label (brandbar rightsegments
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ID) edge ofExtend toMedium gray
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is still less than 25 percent in North Americathe default color.
is
North American Prime Label (Brand ID) Segments
80%
Pharma Wine
60% Personal Care
PS Penetration
Food
40%
Spirits
Household
20%
Beer
Other Beverage
0%
0% 1% 2% 3% 4% 5% 6% 7% 8%
Projected Market Growth
('07 - '10 CAGR)
2008 Growth Stock
11
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Joint partnership with customers drives growth
Growth • Drive growth in underpenetrated segments
(food, beverage, household)
How can we help you grow?
Productivity
• Lean and Six Sigma process improvement
How can we help you become
• Expanded service programs
more cost effective?
Innovation
• Continual product re-engineering
How can we help you look
• Specialty application development
to the future?
2008 Growth Stock
12
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Graphics and Reflective… > $600 mil. business with solid growth drivers
is the default color.
> Emerging markets
> Wide-format digital printers
> Differentiation through
innovation, quality, and service
2008 Growth Stock
13
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profitability and returns vs. peers
|
Operating Margin* AVY PSM Segment vs. Peers
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2005 2006 2007 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
AVY PSM Segment BMS PS Segment UPM Label Materials Segment
2008 Growth Stock
14 * Excluding restructuring charges
Conference
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Major initiatives underway Optional photo extends
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> Announced price increases
> Product (materials) re-engineering
> Raw materials… strategic sourcing initiatives
> Quakertown scale-up for films
> Coater optimization and shut-downs
> Enterprise Lean Sigma
2008 Growth Stock
15
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Retail Information Services (RIS)
Who we are.
> Largest global supplier in retail tag,
ticketing, brand and product
identification
How we win.
> Global scale, local presence
> Comprehensive product range that
offers global consistency
2007 FINANCIAL SNAPSHOT
> Strong relationships with major
retailers and brand owners
Sales $1.2 bil.
> Unparalleled ability to support,
Organic Sales Growth 0.5%
create and inspire
Operating Margin(1) 6.0%
2008 Growth Stock (1) Excluding restructuring charges, integration transition costs, and other items –
16
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”
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Global Footprint
2008 Growth Stock
17
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Benefits of Paxar acquisition
Enhanced the Company’s top-line growth potential
> More than doubled sales in segment with above-average
growth potential
> Combined complementary strengths
> Improved ability to meet customer demands for product
innovation, quality, and speed of service
$115 to $125 mil. of cost synergies
> Elimination of headquarters, costs of running public company
(~ $25 mil.)
> “Front-end” (e.g., sales, product development) redundancies
(~ $15 mil.)
> In-sourcing of supplies, procurement savings
(~ $25 mil.)
> Rationalization of production facilities and related overhead
($50 to $60 mil.)
2008 Growth Stock
18
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Integration update: actions taken or underway
Restructuring actions approved to-date (~ $85 mil. of savings)
Close former Paxar corporate headquarters Completed
Consolidate sales force Completed
Integrate Korea, Singapore and Thailand Completed
Restructure Mexico, El Salvador and Dominican Republic By Q2’08
Close Paxar manufacturing unit in Germany End of ‘08
Transfer production lines to more cost-effective locations Q4’07 - Q4’08
Other End of ‘08
Procurement / in-sourcing related projects (~ $25 mil. of savings):
Absorb third party or Paxar in-house laminates into Q3’07 - Q2’08
Roll Materials Division
Execute procurement actions to leverage scale Q3’07 - Q3’08
2008 Growth Stock
19
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20. Integration cost synergies Optional photo extendsto substantialbar right edge ofExtend toMedium gray
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create path guidelines and to far screen.
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margin improvement over medium-term
Adjusted RIS Operating Margin*
6% -1% 12% +
6%
2007 Combined Incremental 2009/2010
Incremental Other Productivity,
Goodwill Net of Incremental
Synergies
(Incl. Paxar prior Amortization Investments & Cost
to acquisition) and Corp. Fee Inflation
2008 Growth Stock * Excluding restructuring charges, integration transition costs, and other items –
20
Conference see Appendix, Reconciliation of Non-GAAP Financial Measures to GAAP”
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RIS growth through innovation is the default color.
> Digital Printing
Services
> Heat Transfer
> Packaging
> RFID Applications
2008 Growth Stock
21
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Office and Consumer Products (OCP)
Who we are.
> Global leader in key
Printable Media categories
(labels, index dividers)
How we win.
> Proprietary products
> Ubiquitous software templates
and other consumer-use
“enablers”
2007 FINANCIAL SNAPSHOT
> Powerful consumer brand
Sales $1.0 bil. > Preferred supplier
Organic Sales Change (6.6)%
Operating Margin(1) 17.6%
2008 Growth Stock (1) Excluding restructuring charges and other items –
22
Conference see Appendix, “Reconciliation of Non-GAAP Financial Measures to GAAP”
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OCP: Key Strategic Priorities
Focus on core products, growth projects with rapid payback
> “Product renovation” to maintain / grow share
vs. private label offerings
Maintain / expand margin and ROTC
> Product mix improvement
> Price increases to offset raw material inflation
> Enterprise Lean Sigma
> Capital investment substantially below D&A
2008 Growth Stock
23
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Renovation example: Labels
Objective: Deliver consumer preferred, IP-protected,
value-added product that drives sales growth
Strategy: Optimize products by application (addressing,
return addressing, shipping and filing/identification)
TrueBlock Next Gen Repositionable
Clear Internet White Larger Return
Shipping and Filing Easy Peel
Easy Peel Shipping Easy Peel Address
Q4 2005 Q2 2006 Q4 2006 Q4 2007 Q4 2008 Q4 2008 Q4 2009
2008 Growth Stock
24
Conference
25. Insert solid color bar in this area. Extend to dotted
ELS continues to drive operationalextends
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to the 1-3/4” line transformation to far right edge of screen. Medium gray
guidelines and
is the default color.
for Office Products North America
Reduction in supply chain costs 2008 est. vs. ’01/’02
Supply chain headcount 39%
Direct labor costs 51%
Improved service, quality, and safety record
Service – line fill rate 2.2 pts to 97.8%
Defects per million 85%
Improved capital efficiency and ROTC
Plant/DC square footage 35%
Fixed assets 36%
ROTC 12.6 pts.
2008 Growth Stock
25
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RFID
Carton and
pallet tagging
Item-level
tagging…
apparel, airline
baggage,
pharmaceutical,
etc.
AD-220/AD-221 AD-420/AD-421 AD-612 AD-622 AD-812/AD-811 AD-820/AD-821
2008 Growth Stock
26
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to the 1-3/4”
is the default color.
Long-term earnings growth…
Earnings Per Share, Fully Diluted
$4.00 to $4.30
$3.91
$3.60 to
$3.84
Projecting 5 year CAGR in adjusted $3.90
$3.72
EPS of 8.7% to 10.2% through 2008
$3.45
$3.07
$3.06
$2.78
$2.67 $2.64
$2.26
2003 2004 2005 2006 2007 2008 Guidance
(revised)
EPS - GAAP EPS - Adjusted*
Target: > 12% compound annual growth through 2010
2008 Growth Stock * Excludes restructuring charges, gains on sale of assets, and other items –
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Conference see Appendix for detail.
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Improving returns…
Adjusted Return on Total Capital*
16.0%
15%
14.3%
13.0% 12.8%
12.7%
~ 12.0%
2003 2004 2005 2006 2007 2008 Guidance 2010 Target
Improvement in returns temporarily halted by acquisition effect…
expect to resume progress in ‘09
2008 Growth Stock * Excludes restructuring charges, gains on sale of assets, and other items –
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Conference see Appendix for detail.
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Increase in free cash flow…
2008 Guidance
(revised) 2007
(Millions, except as noted)
Cash flow from operations $600 to $640 $499.4
Payment for capital expenditures(1) $135 to $140 $190.5
Payment for software and other deferred
charges(2) $55 to $60 $ 64.3
Free Cash Flow(3) $400 to $450 $244.6
Dividends ~ $180 $171.8
Share Repurchase --- $ 63.2
Total debt to total capital at year-end 45% to 50% 53.1%
Free cash flow up ~ 75% in 2008; current FCF Yield ~ 9%
(1) 2008 Guidance includes $5 - $10 mil. in capital investments related to Paxar integration
2008 Growth Stock
29 (2) 2008 Guidance includes $15 - $20 mil. in software investments related to Paxar integration
Conference (3) Cash flow from operations less payment for capital expenditures, software and other deferred charges
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Dividend increase…
32 consecutive years of dividend increase
$1.80
$1.60
$1.40
$1.20
Dividends per share
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
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5
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'7
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'9
'9
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Current Dividend Yield ~ 3%
2008 Growth Stock
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Wrap-up: 2008 Priorities
1. Capture Paxar integration synergies… deliver on RIS
growth commitment
2. Improve trajectory of PSM business:
> Continued growth in emerging markets
> Investment in new application growth
> Accelerated productivity improvement
> Price increases to offset raw material inflation
3. Continue to renovate core Office Products; manage for
margin/cash flow
4. Accelerate Enterprise Lean Sigma efforts Company-
wide to improve productivity and enhance product
quality and customer service
5. Deliver significant increase in free cash flow
2008 Growth Stock
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Wrap-up: Medium-term Financial Targets
Adjusted EPS (1) > 12% CAGR through 2010
ROTC (1) 15% by 2010
Free Cash Flow (2) > 30% CAGR through 2010
(1) Excluding restructuring charges, gains on sale of assets, and other items
2008 Growth Stock
32 (2) Cash flow from operations less payment for capital expenditures, software and other deferred
Conference
charges
33.
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Appendix
2008 Growth Stock
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2008 Earnings and Free Cash Flow Guidance
2008 Guidance
(revised)
Reported (GAAP) Earnings Per Share $3.60 to $3.90
Add Back:
Estimated Integration Transition Costs, Restructuring and
Asset Impairment Charges* ~ $0.40
Adjusted (non-GAAP) Earnings Per Share $4.00 to $4.30
Capital Expenditures and Investments in Software (ex-integration) ~ $170 mil.
Cash Costs of Paxar Integration (before tax) ~ $ 65 mil.
Free Cash Flow (before dividends) $400 to $450 mil.
2008 Growth Stock
35 * Subject to revision as plans are finalized
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2008 Earnings Guidance (revised): Key Considerations
Guidance for adjusted (non-GAAP) earnings per share: $4.00 to $4.30 (from
$4.15 to $4.55 previously)
> Performance within range is highly dependent on organic growth and product mix
> Midpoint of range assumes no meaningful change in macro-economic environment
over the balance of the year
Positive factors contributing to our outlook:
> Incremental cost synergies from Paxar integration ($60 to $70 mil.)
> Restructuring actions already announced ($25 to $30 mil. incremental to 2007)
> Other restructuring and ongoing productivity initiatives
> Price increases to partially offset raw material inflation
> Reduced loss from building RFID business ($10 mil.)
> Currency translation benefit of approx. 5% to top-line (E.P.S. benefit of ~ $0.16)
> Lower tax rate
Offsetting factors vs. 2007:
> Higher interest ($10 to $15 mil.) and equity-based comp expense (~ $10 mil.)
> Raw material inflation (~2.5% before cost-outs, or approx. $70 mil.)
> General inflation and reinvestment of savings for growth
2008 Growth Stock
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2008 Earnings Guidance (revised): Key Assumptions
Current Assumptions Previous Assumptions
> Reported revenue up 10% to 12%, > Reported revenue up 9.5% to 12.5%,
including approximately 5% benefit from including 2% to 3% from currency and
currency, and 7% from acquisitions 6.5% from acquisitions
– Sales up 1% to 3% on an
– Sales roughly flat on an organic basis,
organic basis
with modest volume growth offset by
negative price/mix
> Approx. 2% ($50-$55 mil.)
> Raw material cost inflation of
approximately 2.5% (~ $70 mil.), offset
with benefit from global sourcing
strategies, material cost-outs, and price
increases
> 9% to 10%
> Operating margin of 8.5% to 9.0%
> $125 to $135 mil.
> Interest expense of $115 to $120 mil.
> Effective tax rate of 15% to 18% (approx. > 18% - 20%
20% effective quarterly tax rate in Q2-Q4)
> Negligible change in shares outstanding > Negligible change
2008 Growth Stock
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First Quarter 2008 Overview
Net sales increased 18.4% over prior year
> Net effect of Paxar acquisition was approx. 14%
> Currency added 6% ($0.05 benefit to earnings per share)
> Sales declined approximately 2% on an organic basis
Operating margin before restructuring and asset impairment charges
and transition costs associated with the Paxar integration declined by
200 basis points vs. prior year
> Decline reflects carryover of 2007 price reductions in the roll materials
business, raw material inflation, negative segment and product mix, as
well as reduced fixed cost leverage
> Headwinds also included 50 basis points of margin compression from
addition of base Paxar business (margin of base business is lower than
Company-average before integration savings)
2008 Growth Stock
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First Quarter 2008 Overview (continued)
Annual effective tax rate for 2008 expected to be in the 15%-18% range
(down from 18%-20% originally)
> Ongoing annual tax rate now expected to be in the 17%-19% range for the
foreseeable future (down from 18%-20% previously), subject to significant
volatility from quarter to quarter
> Effective tax rate for the quarter was negative (12.3%), primarily due to
recognition of $21 million tax benefit from increased ability to realize
deferred tax assets
Reported E.P.S. of $0.69 includes $0.11 of restructuring charges, asset
impairment, and transition costs for Paxar integration
> $0.06 of transition costs associated with Paxar integration
> $0.05 of restructuring and asset impairment charges
Adjusted E.P.S. of $0.80
2008 Growth Stock
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First Quarter 2008 Segment Overview
PRESSURE-SENSITIVE MATERIALS
Reported sales of $920 mil., up 7% compared with prior year
> Organic sales growth of approx. 1%, slower than Q4 pace
Change in sales for roll materials business by region, adjusted for the
effect of currency and intercompany sales:
> Europe up at low single digit rate (improved vs. Q4 pace)
> North America declined at low single digit rate (similar to 2H-07)
> Asia growth in mid-teens
> South America roughly comparable to prior year
Graphics & Reflective business down mid-single-digit rate before currency
Excluding restructuring and asset impairment charges, operating margin
declined 170 basis points vs. prior year to 8.0%, as the negative effects of
pricing and raw material inflation more than offset benefits from
restructuring and other productivity initiatives
2008 Growth Stock
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First Quarter 2008 Segment Overview (continued)
RETAIL INFORMATION SERVICES
Reported sales of $372 mil., up 138% compared with prior year due to
the Paxar acquisition
> Organic sales decline of approx. 1%
> Continued weakness of domestic retail apparel market; sales on products
destined for European market remained solid
Operating margin before transition costs and restructuring charges
declined 330 basis points to 1.0%, as integration synergies (approx. $17
mil.) and other productivity actions were more than offset by the effects
of:
> Employee-related / raw material cost inflation
> Reduced fixed cost leverage
> Negative price/mix
> Intangible amortization (approx. $6 mil.) and higher corporate cost
allocation (approx. $4 mil.) associated with Paxar
2008 Growth Stock
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Paxar Integration Update
> Targeting up to $125 mil. of annual synergy savings when complete
> Realized approx. $17 mil. of savings in Q1, up from $11 mil. in Q4
> Over 75% of targeted savings expected to be captured in run rate by
year-end
> No change to anticipated cash costs of integration ($165 - $180 mil)
> Last piece of permanent financing completed in February
2008 Growth Stock
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First Quarter 2008 Segment Overview (continued)
OFFICE AND CONSUMER PRODUCTS
Reported sales of $194 mil., down 9% compared with prior year
> Organic sales decline of approx. 12%, due in part to customer inventory
reductions ($12 mil. estimated impact to net sales)
Excluding restructuring charges, operating margin declined 150 basis
points to 11.1%, as the benefit of restructuring and other productivity
initiatives was more than offset by reduced fixed cost leverage
OTHER SPECIALTY CONVERTING
Reported sales of $159 mil., comparable to prior year
> Organic sales decline of approx. 4%, or roughly comparable to prior year
when adjusted for exit of low margin distribution business
Excluding restructuring charges, operating margin declined 130 basis
points to 5.8%, as the benefit of restructuring and other productivity
initiatives as well as a reduction in the loss from RFID was more than
offset by reduced fixed cost leverage and cost inflation
2008 Growth Stock
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Reconciliation of Non-GAAP
Financial Measures to GAAP
2008 Growth Stock
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Conference
46. OPERATING MARGIN BY SEGMENT
FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
Pressure Sensitive Materials
Net Sales 3,114.5 3,236.3 3,497.7
Operating income, as reported 264.1 301.6 318.7
Operating margin, as reported 8.5% 9.3% 9.1%
Non-GAAP adjustments:
Restructuring costs, asset impairment
charges, and other items 23.0 9.3 13.8
Adjusted non-GAAP operating income 287.1 310.9 332.5
Adjusted non-GAAP operating margin 9.2% 9.6% 9.5%
Retail Information Services
Net Sales 630.4 667.7 1,174.5
Operating income, as reported 37.7 45.7 -4.0
Operating margin, as reported 6.0% 6.8% -0.3%
Non-GAAP adjustments:
Transition costs, restructuring costs, asset
impairment charges, and other items 7.5 11.2 74.2
Adjusted non-GAAP operating income 45.2 56.9 70.2
Adjusted non-GAAP operating margin 7.2% 8.5% 6.0%
Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology and
reclassification of units between segments.
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47. OPERATING MARGIN BY SEGMENT
FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
Office and Consumer Products
Net Sales 1,136.1 1,072.0 1,016.2
Operating income, as reported 161.9 187.4 173.6
Operating margin, as reported 14.3% 17.5% 17.1%
Non-GAAP adjustments:
Restructuring costs, asset impairment
charges, and other items 21.8 (2.3) 4.8
Adjusted non-GAAP operating income 183.7 185.1 178.4
Adjusted non-GAAP operating margin 16.2% 17.3% 17.6%
Other Specialty Converting Businesses
Net Sales 592.5 599.9 619.4
Operating income, as reported 14.9 17.3 25.4
Operating margin, as reported 2.5% 2.9% 4.1%
Non-GAAP adjustments:
Restructuring costs and asset impairment
charges 6.2 3.7 4.2
Adjusted non-GAAP operating income 21.1 21.0 29.6
Adjusted non-GAAP operating margin 3.6% 3.5% 4.8%
EBIT Impact of RFID (32.5) (31.8) (25.4)
Adj non-GAAP operating income ex-RFID 53.6 52.8 55.0
Adj non-GAAP operating margin ex-RFID 9.1% 8.8% 9.0%
Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology and
reclassification of units between segments.
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48. Earnings Per Share*, GAAP vs. Adjusted
2008 Guidance
2003 2004 2005 2006 2007 (revised)
GAAP EPS 2.67 2.78 2.26 3.72 3.07 $3.60 to $3.90
Restructuring costs, asset impairment
0.22 0.27 0.40 0.27 0.49 ~ $0.25
charges, and other items
Loss (income) from discontinued
(0.25) 0.01 0.65 (0.15) - -
operations
- - 0.14 - - -
Tax Expense on Repatriated Earnings
Transition costs associated with the Paxar
- - - - 0.35 ~ $0.15
integration
Adjusted EPS 2.64 3.06 3.45 3.84 3.91 $4.00 to $4.30
* Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology.
Historical figures have NOT been adjusted to remove the contribution from businesses subsequently divested or
discontinued.
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49. ROTC*, GAAP vs. Adjusted
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007
($ in millions, except as noted)
GAAP
Average Invested Capital (5 point average) 2,421.0 2,671.1 2,717.5 2,667.5 3,649.8
Net Income 267.4 279.0 226.8 373.2 303.5
Addback: After-tax interest expense 42.4 44.0 46.0 45.7 85.1
Return on Average Total Capital 12.8% 12.1% 10.0% 15.7% 10.6%
Adjusted
Adj. Average Invested Capital (5 point average) 2,419.9 2,690.2 2,752.9 2,695.4 3,683.8
Net Income 267.4 279.0 226.8 373.2 303.5
Addback: After-tax interest expense 42.4 44.0 46.0 45.7 85.1
Addback: After-tax transition costs, restructuring
costs, asset impairment charges, impact of
discontinued ops, and other items -3.0 27.6 119.8 12.5 83.0
Adjusted Return on Average Total Capital 12.7% 13.0% 14.3% 16.0% 12.8%
* Prior period reported numbers restated to conform with Q4-07 change in inventory accounting methodology.
Historical figures have NOT been adjusted to remove the contribution from businesses subsequently divested or
discontinued.
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