Jim Burmeister is the Vice President and CFO of Libbey Inc. Bill Foley is the Chairman and CEO. Libbey is a global manufacturer of glass tableware, with the number one market position in the US and Canada for foodservice and retail channels. It sells over 1 billion pieces annually. Libbey is focused on growth through new product innovation, improving its supply chain and operational excellence, and allocating capital to investing in the business and returning cash to shareholders. It has a strong financial position to support these strategic priorities.
Libbey Inc. is a global manufacturer of glass tableware. The document discusses Libbey's leadership positions in glass tableware manufacturing, its focus on growth through new product innovation and e-commerce, and operational excellence through supply chain optimization. It provides an overview of Libbey's financial performance, product categories, sales channels of foodservice, retail and business-to-business, and manufacturing and distribution network. New product launches at industry trade shows in 2017 and plans for an e-commerce launch are also summarized.
Libbey Inc. reported its Q2 2017 earnings. Net sales declined 10.4% to $197.5 million compared to Q2 2016 due to challenging market conditions including a shift to online retail and lower foodservice traffic. Adjusted EBITDA was $20.2 million, down from $40.6 million in Q2 2016, driven by lower manufacturing activity, sales and margins. For the full year, Libbey expects adjusted EBITDA near the low end of prior guidance and net sales to decline in the low-to-mid single digits.
Libbey Inc. held a meeting in March 2017 to discuss the company's strategic focus and financial performance. The company operates as a global leader in glass tableware and sells products through foodservice, retail, and business-to-business channels. Libbey's strategic focus areas include growth through new product innovation and digital strategy, and operational excellence through cost reduction initiatives and supply chain optimization. For 2017, Libbey expects sales to be flat to slightly down due to currency impacts, with adjusted EBITDA margin in the range of 13-14% of net sales. Capital allocation priorities include investment in the business and debt repayment.
Jim Burmeister is the Vice President and CFO of Libbey Inc., a global manufacturer of glass tableware. Libbey has leadership positions in markets across the Americas, and sells over 1.2 billion pieces of tableware annually to foodservice, retail, and business-to-business customers. The company is focused on growth through new product innovation, operational excellence, and organizational effectiveness. Libbey has a strong presence in the Americas and a global manufacturing and distribution footprint.
Libbey Inc. presented an investor presentation covering Q4 2017. The presentation provided an overview of Libbey's leadership in the global glass tableware market. It highlighted the company's focus on growth through new product innovation, operational excellence, and organizational excellence. Key information included Libbey's market positions, sales channels of foodservice, retail, and business-to-business, and strategic focus areas going forward.
This document provides an overview of Libbey Inc. for a November 2016 management meeting. It includes:
- Introductions of the VP, CEO, and Treasurer/VP of Investor Relations.
- A disclaimer that the presentation includes forward-looking statements subject to risks and uncertainties.
- An agenda covering the company overview, strategic focus, financial performance, investment highlights, and appendices.
- Details on the company's leadership in glass tableware, product categories, sales channels, global presence, and financial metrics.
- An outline of the strategic focus on growth through innovation, customer focus, and business simplification.
- Comments on recent financial performance and full-year
The document summarizes a presentation given by Libbey Inc. to investors. It highlights that Libbey is a global leader in glass tableware, especially in foodservice, with opportunities to grow organically and through acquisitions. Libbey has a strategic focus on innovation, customer focus, and business simplification to improve margins and returns. Financially, Libbey aims to balance investing in the business, maintaining financial strength, and returning capital to shareholders.
Libbey Inc - Piper Jaffray Conference June 2016investorslibbey
1. The document provides an overview of Libbey Inc., a global leader in glass tableware. It discusses Libbey's market position, operations, growth strategy, and financial highlights.
2. Libbey is the #2 glass tableware company globally and #1 in the Americas. It has strong positions in the US foodservice, retail, and B2B sectors.
3. The document outlines Libbey's strategy to focus on growth, innovation, and business simplification to drive margins and remove complexity. It also notes Libbey's strong cash flow, liquidity, and balanced capital allocation approach.
Libbey Inc. is a global manufacturer of glass tableware. The document discusses Libbey's leadership positions in glass tableware manufacturing, its focus on growth through new product innovation and e-commerce, and operational excellence through supply chain optimization. It provides an overview of Libbey's financial performance, product categories, sales channels of foodservice, retail and business-to-business, and manufacturing and distribution network. New product launches at industry trade shows in 2017 and plans for an e-commerce launch are also summarized.
Libbey Inc. reported its Q2 2017 earnings. Net sales declined 10.4% to $197.5 million compared to Q2 2016 due to challenging market conditions including a shift to online retail and lower foodservice traffic. Adjusted EBITDA was $20.2 million, down from $40.6 million in Q2 2016, driven by lower manufacturing activity, sales and margins. For the full year, Libbey expects adjusted EBITDA near the low end of prior guidance and net sales to decline in the low-to-mid single digits.
Libbey Inc. held a meeting in March 2017 to discuss the company's strategic focus and financial performance. The company operates as a global leader in glass tableware and sells products through foodservice, retail, and business-to-business channels. Libbey's strategic focus areas include growth through new product innovation and digital strategy, and operational excellence through cost reduction initiatives and supply chain optimization. For 2017, Libbey expects sales to be flat to slightly down due to currency impacts, with adjusted EBITDA margin in the range of 13-14% of net sales. Capital allocation priorities include investment in the business and debt repayment.
Jim Burmeister is the Vice President and CFO of Libbey Inc., a global manufacturer of glass tableware. Libbey has leadership positions in markets across the Americas, and sells over 1.2 billion pieces of tableware annually to foodservice, retail, and business-to-business customers. The company is focused on growth through new product innovation, operational excellence, and organizational effectiveness. Libbey has a strong presence in the Americas and a global manufacturing and distribution footprint.
Libbey Inc. presented an investor presentation covering Q4 2017. The presentation provided an overview of Libbey's leadership in the global glass tableware market. It highlighted the company's focus on growth through new product innovation, operational excellence, and organizational excellence. Key information included Libbey's market positions, sales channels of foodservice, retail, and business-to-business, and strategic focus areas going forward.
This document provides an overview of Libbey Inc. for a November 2016 management meeting. It includes:
- Introductions of the VP, CEO, and Treasurer/VP of Investor Relations.
- A disclaimer that the presentation includes forward-looking statements subject to risks and uncertainties.
- An agenda covering the company overview, strategic focus, financial performance, investment highlights, and appendices.
- Details on the company's leadership in glass tableware, product categories, sales channels, global presence, and financial metrics.
- An outline of the strategic focus on growth through innovation, customer focus, and business simplification.
- Comments on recent financial performance and full-year
The document summarizes a presentation given by Libbey Inc. to investors. It highlights that Libbey is a global leader in glass tableware, especially in foodservice, with opportunities to grow organically and through acquisitions. Libbey has a strategic focus on innovation, customer focus, and business simplification to improve margins and returns. Financially, Libbey aims to balance investing in the business, maintaining financial strength, and returning capital to shareholders.
Libbey Inc - Piper Jaffray Conference June 2016investorslibbey
1. The document provides an overview of Libbey Inc., a global leader in glass tableware. It discusses Libbey's market position, operations, growth strategy, and financial highlights.
2. Libbey is the #2 glass tableware company globally and #1 in the Americas. It has strong positions in the US foodservice, retail, and B2B sectors.
3. The document outlines Libbey's strategy to focus on growth, innovation, and business simplification to drive margins and remove complexity. It also notes Libbey's strong cash flow, liquidity, and balanced capital allocation approach.
Libbey Inc. is the second largest glass tableware manufacturer in the world and number one in the Americas. It has three key business channels: foodservice, retail, and business-to-business. Libbey's financial performance has improved in recent years through cost reductions and debt paydown, lowering its leverage ratio. Under its new "Own the Moment" strategy, Libbey aims to grow its Americas segment, expand margins through efficiencies, and return cash to shareholders through disciplined capital management.
Libbey Inc. held an investor presentation in January 2018 to provide an overview of the company and its strategy. The presentation highlighted Libbey's leadership in the glass tableware industry, focus on growth through new product innovation and e-commerce, and emphasis on operational excellence. Key points included new product launches targeted at foodservice and retail customers, upgrades to e-commerce capabilities, global manufacturing optimization plans, and a balanced approach to capital allocation including debt repayment.
1) Libbey is the #2 global and #1 North American manufacturer and marketer of glass tableware, including tumblers, stemware, and other products.
2) Their #1 position in the U.S. foodservice industry provides significant recurring revenue through replacement sales.
3) Their #1 retail position in North America enhances brand recognition and drives factory utilization.
This document provides an overview of Libbey Inc. for a March 2016 management meeting. It includes the following key points:
1) Libbey is a global leader in glass tableware, with #2 global market share and #1 position in the Americas. It has a leading foodservice business in the US and retail footprint in North America.
2) Libbey's strategy called "Own the Moment" focuses on new product development, improving customer focus, and simplifying business processes to drive organic growth and margin expansion.
3) Libbey has a strong financial position with predictable cash flows, moderate leverage, and a balanced approach to capital allocation including returning cash to shareholders.
This document provides an overview of Libbey Inc. for a March 2016 management meeting. It includes the following key points:
1) Libbey is a global leader in glass tableware, with #2 global market share and #1 position in the Americas. It has a leading foodservice business in the US and retail footprint in North America.
2) Libbey's strategy called "Own the Moment" focuses on new product development, improving customer focus, and simplifying business processes to drive organic growth and margin expansion.
3) Libbey has a strong financial position with predictable cash flows, moderate leverage, and a balanced approach to capital allocation including returning cash to shareholders.
1. Libbey Inc. is a global leader in glass tableware, with the #1 position in the US and Western Hemisphere foodservice and retail channels. It has strong brand recognition and market share.
2. Libbey's "Own the Moment" strategy focuses on growth through innovation, improving customer focus, and business simplification.
3. Libbey has key advantages including a profitable and recurring US foodservice business, manufacturing and cost efficiencies, and a strong balance sheet and cash flow.
This document provides an overview of Libbey Inc. from its annual conference presentation. It discusses Libbey's leadership positions in glass tableware manufacturing, its global footprint and manufacturing capabilities, strategies to drive organic growth and margin expansion, and commitment to disciplined capital allocation including dividends and share repurchases. Libbey aims to deliver top-quartile total shareholder returns through organic expansion, strategic investments, and significant capital returns to investors.
The document provides an overview of Libbey Inc.'s investor day presentation. It cautions that statements made involve forward-looking assumptions and risks. Non-GAAP financial measures are used and reconciliations can be found in the appendix or previous filings. The agenda outlines presentations on strategy, new products, e-commerce, operations excellence, regional overviews, and financial targets through 2021. It aims to demonstrate how the new management team is shaping Libbey's future and executing its Creating Momentum strategy to address challenges facing the industry.
Sprouts Farmers Market provides a summary of their investor deck which outlines their business strategy and financial performance. Key points include:
- Sprouts offers fresh, natural and organic foods at affordable prices, appealing to a broad customer base. They have significant room for growth through new store openings.
- The company has a differentiated go-to-market strategy of focusing on produce and creating a comfortable shopping environment. This drives strong and consistent sales growth across existing stores.
- Financial targets include annual unit growth of 14%, comparable store sales growth of 6%+, and net income growth of 20%+ through new store openings and margin expansion in existing stores.
This is a project presentation for Managerial Accounting course. In the form of a corporate financial conference, we aim to convey the company background and financial predictions to investors to persuade them into continue investing in Starbucks.
Danone Acquisition of White Wave Investor Presentation 7/2016 Neil Kimberley
Danone announced the acquisition of WhiteWave, a $4 billion sales leader in organic foods, plant-based milks and related products. The $12.5 billion acquisition will create a unique global leader aligned with consumer trends for healthier and more sustainable eating options. It will significantly enhance Danone's 2020 growth plan and immediately accelerate its journey towards strong, sustainable and profitable growth. The combination of Danone and WhiteWave fosters healthier choices in indulgence categories and embraces the plant-based promise of better health and sustainability.
China Regional South Beer Market Insight 2012ReportsnReports
This 72-page report from Canadean provides an in-depth market analysis of the beer industry in South China. It includes historical data from 2007-2011, market segmentation by brand, brewer profiles of major companies, distribution channel analysis, packaging trends, legislation overview, and forecasts through 2012. The report aims to give clients a granular understanding of the dynamics, structure, and key issues facing the South China beer market.
US National Confectioners Association Trends ReportNeil Kimberley
This document provides an overview of the US confectionery market in 2007-2008. It summarizes that total retail sales were $29.1 billion in 2007, with manufacturers' shipments growing 3% to $18.9 billion. The top performing retail channels for confectionery were convenience stores, club stores, dollar stores, and drug stores. The chocolate category accounted for 56% of confectionery sales. The market is diverse with over 300 manufacturers, though the top 5 companies comprise 70% of the market.
PepsiCo is a global food and beverage company founded in 1919 with brands such as Quaker Oats, Tropicana, Gatorade, Lay's, Pepsi, and others. It has around 294,000 employees worldwide and a market capitalization of $100.68 billion. The document discusses PepsiCo's revenue breakdown, global market exposure, strategies for growing its savory snacks, beverages, and nutrition divisions, and recent challenges regarding commodity costs, currency exposure, and potentially splitting its snacks and beverages businesses.
This document provides a summary of the 388-page report "World Flavors & Fragrances". The report details global demand, markets, and industry structure for flavors and fragrances. It finds that worldwide demand will rise 4.4% annually through 2016 to $26.5 billion, driven by growth in packaged foods, personal care products, and health and wellness trends. Consumer preferences for natural and premium products will increase value consumption for most categories except aroma chemicals. Rapid urbanization and health concerns in developing nations will particularly boost food and beverage flavor usage.
This report analyzes Starbucks Corporation and issues a buy recommendation. Key points:
- Starbucks is expanding aggressively in China and the Pacific region, which is expected to be a major growth driver. They plan to open half of new stores in this region.
- Starbucks has strong management and leadership that has allowed it to remain dominant through innovative strategies like partnerships and new store formats.
- Valuation models including DCF, DDM, and comparables point to a $63.25 one-year price target, implying 10.5% upside from the current price.
- Risks include economic slowdown in China and increased competition from companies like McDonald's expanding into coffee.
Levi Strauss & Co. Company Analysis and ValuationAlexander Lai
Levi Strauss & Co. has a long history dating back to 1853 and is now a global leader in denim and casual apparel. The company generates over $4.5 billion in annual revenue across 110+ countries. While the COVID-19 pandemic impacted sales, Levi Strauss is well-positioned for growth by expanding product lines, focusing on digital initiatives, and bringing new experiences to customers. The company is led by an experienced executive team aiming to evolve the brand for future success.
Brewing giant AB InBev has kicked off a global media planning and buying review and is inviting the six major holding companies to put together teams to pitch the assignment, the company confirmed early Wednesday. Strategic consulting firm MediaLink and media auditor Mediapath have been enlisted to assist with the review process. The review will be led by the brewer's global marketing team, which is based in New York.
PBC was hired by Hots Franchise Group to identify growth opportunities and reduce costs. PBC analyzed sales data, menus, expenses and more. Key findings included declining dine-in sales, popular high margin items, and high expenses. Recommendations included promoting best sellers, removing unpopular items, revising schedules and exploring franchise opportunities through online groups. Implementation of recommendations could help address challenges from the pandemic and improve profits.
Category management co operation (kesko food, fazer, analyse2)ECR Community
The document discusses insight information sharing between Kesko Food and Fazer in category management. It provides examples of how segmentation, clusters and solutions tools are used to analyze consumer trends and plan assortments. Partnership involves shared goals, processes, tools and practices at strategic, marketing, tactical and logistical levels through information sharing and joint projects.
Libbey Inc. held a meeting in March 2017 to discuss the company's strategic focus and financial performance. The company operates as a global leader in glass tableware and sells products through foodservice, retail, and business-to-business channels. Libbey's strategic focus areas are growth, operational excellence, and organizational excellence. For 2017, Libbey expects sales to be flat to slightly down due to currency impacts, adjusted EBITDA margin in the range of 13-14%, and capital expenditures between $50-55 million.
This document provides an overview of Libbey Inc. for investors. Key points:
1) Libbey is the #2 glass tableware company globally and #1 in the Americas, with the strongest brand recognition in the US.
2) Libbey's largest business is its #1 US and Canada foodservice business, which drives significant recurring revenue.
3) The company has an established global presence with growth potential in Asia, Europe, and Latin America. Cost optimization and manufacturing innovation provide competitive advantages.
4) Libbey has a strong cash flow and balance sheet. The company takes a balanced approach to capital allocation.
Libbey Inc. is the second largest glass tableware manufacturer in the world and number one in the Americas. It has three key business channels: foodservice, retail, and business-to-business. Libbey's financial performance has improved in recent years through cost reductions and debt paydown, lowering its leverage ratio. Under its new "Own the Moment" strategy, Libbey aims to grow its Americas segment, expand margins through efficiencies, and return cash to shareholders through disciplined capital management.
Libbey Inc. held an investor presentation in January 2018 to provide an overview of the company and its strategy. The presentation highlighted Libbey's leadership in the glass tableware industry, focus on growth through new product innovation and e-commerce, and emphasis on operational excellence. Key points included new product launches targeted at foodservice and retail customers, upgrades to e-commerce capabilities, global manufacturing optimization plans, and a balanced approach to capital allocation including debt repayment.
1) Libbey is the #2 global and #1 North American manufacturer and marketer of glass tableware, including tumblers, stemware, and other products.
2) Their #1 position in the U.S. foodservice industry provides significant recurring revenue through replacement sales.
3) Their #1 retail position in North America enhances brand recognition and drives factory utilization.
This document provides an overview of Libbey Inc. for a March 2016 management meeting. It includes the following key points:
1) Libbey is a global leader in glass tableware, with #2 global market share and #1 position in the Americas. It has a leading foodservice business in the US and retail footprint in North America.
2) Libbey's strategy called "Own the Moment" focuses on new product development, improving customer focus, and simplifying business processes to drive organic growth and margin expansion.
3) Libbey has a strong financial position with predictable cash flows, moderate leverage, and a balanced approach to capital allocation including returning cash to shareholders.
This document provides an overview of Libbey Inc. for a March 2016 management meeting. It includes the following key points:
1) Libbey is a global leader in glass tableware, with #2 global market share and #1 position in the Americas. It has a leading foodservice business in the US and retail footprint in North America.
2) Libbey's strategy called "Own the Moment" focuses on new product development, improving customer focus, and simplifying business processes to drive organic growth and margin expansion.
3) Libbey has a strong financial position with predictable cash flows, moderate leverage, and a balanced approach to capital allocation including returning cash to shareholders.
1. Libbey Inc. is a global leader in glass tableware, with the #1 position in the US and Western Hemisphere foodservice and retail channels. It has strong brand recognition and market share.
2. Libbey's "Own the Moment" strategy focuses on growth through innovation, improving customer focus, and business simplification.
3. Libbey has key advantages including a profitable and recurring US foodservice business, manufacturing and cost efficiencies, and a strong balance sheet and cash flow.
This document provides an overview of Libbey Inc. from its annual conference presentation. It discusses Libbey's leadership positions in glass tableware manufacturing, its global footprint and manufacturing capabilities, strategies to drive organic growth and margin expansion, and commitment to disciplined capital allocation including dividends and share repurchases. Libbey aims to deliver top-quartile total shareholder returns through organic expansion, strategic investments, and significant capital returns to investors.
The document provides an overview of Libbey Inc.'s investor day presentation. It cautions that statements made involve forward-looking assumptions and risks. Non-GAAP financial measures are used and reconciliations can be found in the appendix or previous filings. The agenda outlines presentations on strategy, new products, e-commerce, operations excellence, regional overviews, and financial targets through 2021. It aims to demonstrate how the new management team is shaping Libbey's future and executing its Creating Momentum strategy to address challenges facing the industry.
Sprouts Farmers Market provides a summary of their investor deck which outlines their business strategy and financial performance. Key points include:
- Sprouts offers fresh, natural and organic foods at affordable prices, appealing to a broad customer base. They have significant room for growth through new store openings.
- The company has a differentiated go-to-market strategy of focusing on produce and creating a comfortable shopping environment. This drives strong and consistent sales growth across existing stores.
- Financial targets include annual unit growth of 14%, comparable store sales growth of 6%+, and net income growth of 20%+ through new store openings and margin expansion in existing stores.
This is a project presentation for Managerial Accounting course. In the form of a corporate financial conference, we aim to convey the company background and financial predictions to investors to persuade them into continue investing in Starbucks.
Danone Acquisition of White Wave Investor Presentation 7/2016 Neil Kimberley
Danone announced the acquisition of WhiteWave, a $4 billion sales leader in organic foods, plant-based milks and related products. The $12.5 billion acquisition will create a unique global leader aligned with consumer trends for healthier and more sustainable eating options. It will significantly enhance Danone's 2020 growth plan and immediately accelerate its journey towards strong, sustainable and profitable growth. The combination of Danone and WhiteWave fosters healthier choices in indulgence categories and embraces the plant-based promise of better health and sustainability.
China Regional South Beer Market Insight 2012ReportsnReports
This 72-page report from Canadean provides an in-depth market analysis of the beer industry in South China. It includes historical data from 2007-2011, market segmentation by brand, brewer profiles of major companies, distribution channel analysis, packaging trends, legislation overview, and forecasts through 2012. The report aims to give clients a granular understanding of the dynamics, structure, and key issues facing the South China beer market.
US National Confectioners Association Trends ReportNeil Kimberley
This document provides an overview of the US confectionery market in 2007-2008. It summarizes that total retail sales were $29.1 billion in 2007, with manufacturers' shipments growing 3% to $18.9 billion. The top performing retail channels for confectionery were convenience stores, club stores, dollar stores, and drug stores. The chocolate category accounted for 56% of confectionery sales. The market is diverse with over 300 manufacturers, though the top 5 companies comprise 70% of the market.
PepsiCo is a global food and beverage company founded in 1919 with brands such as Quaker Oats, Tropicana, Gatorade, Lay's, Pepsi, and others. It has around 294,000 employees worldwide and a market capitalization of $100.68 billion. The document discusses PepsiCo's revenue breakdown, global market exposure, strategies for growing its savory snacks, beverages, and nutrition divisions, and recent challenges regarding commodity costs, currency exposure, and potentially splitting its snacks and beverages businesses.
This document provides a summary of the 388-page report "World Flavors & Fragrances". The report details global demand, markets, and industry structure for flavors and fragrances. It finds that worldwide demand will rise 4.4% annually through 2016 to $26.5 billion, driven by growth in packaged foods, personal care products, and health and wellness trends. Consumer preferences for natural and premium products will increase value consumption for most categories except aroma chemicals. Rapid urbanization and health concerns in developing nations will particularly boost food and beverage flavor usage.
This report analyzes Starbucks Corporation and issues a buy recommendation. Key points:
- Starbucks is expanding aggressively in China and the Pacific region, which is expected to be a major growth driver. They plan to open half of new stores in this region.
- Starbucks has strong management and leadership that has allowed it to remain dominant through innovative strategies like partnerships and new store formats.
- Valuation models including DCF, DDM, and comparables point to a $63.25 one-year price target, implying 10.5% upside from the current price.
- Risks include economic slowdown in China and increased competition from companies like McDonald's expanding into coffee.
Levi Strauss & Co. Company Analysis and ValuationAlexander Lai
Levi Strauss & Co. has a long history dating back to 1853 and is now a global leader in denim and casual apparel. The company generates over $4.5 billion in annual revenue across 110+ countries. While the COVID-19 pandemic impacted sales, Levi Strauss is well-positioned for growth by expanding product lines, focusing on digital initiatives, and bringing new experiences to customers. The company is led by an experienced executive team aiming to evolve the brand for future success.
Brewing giant AB InBev has kicked off a global media planning and buying review and is inviting the six major holding companies to put together teams to pitch the assignment, the company confirmed early Wednesday. Strategic consulting firm MediaLink and media auditor Mediapath have been enlisted to assist with the review process. The review will be led by the brewer's global marketing team, which is based in New York.
PBC was hired by Hots Franchise Group to identify growth opportunities and reduce costs. PBC analyzed sales data, menus, expenses and more. Key findings included declining dine-in sales, popular high margin items, and high expenses. Recommendations included promoting best sellers, removing unpopular items, revising schedules and exploring franchise opportunities through online groups. Implementation of recommendations could help address challenges from the pandemic and improve profits.
Category management co operation (kesko food, fazer, analyse2)ECR Community
The document discusses insight information sharing between Kesko Food and Fazer in category management. It provides examples of how segmentation, clusters and solutions tools are used to analyze consumer trends and plan assortments. Partnership involves shared goals, processes, tools and practices at strategic, marketing, tactical and logistical levels through information sharing and joint projects.
Libbey Inc. held a meeting in March 2017 to discuss the company's strategic focus and financial performance. The company operates as a global leader in glass tableware and sells products through foodservice, retail, and business-to-business channels. Libbey's strategic focus areas are growth, operational excellence, and organizational excellence. For 2017, Libbey expects sales to be flat to slightly down due to currency impacts, adjusted EBITDA margin in the range of 13-14%, and capital expenditures between $50-55 million.
This document provides an overview of Libbey Inc. for investors. Key points:
1) Libbey is the #2 glass tableware company globally and #1 in the Americas, with the strongest brand recognition in the US.
2) Libbey's largest business is its #1 US and Canada foodservice business, which drives significant recurring revenue.
3) The company has an established global presence with growth potential in Asia, Europe, and Latin America. Cost optimization and manufacturing innovation provide competitive advantages.
4) Libbey has a strong cash flow and balance sheet. The company takes a balanced approach to capital allocation.
This presentation provides an overview of Libbey Inc. for investors. It discusses Libbey's management team, strategy to create momentum through initiatives focused on profitable growth, operational excellence, and improving the financial and balance sheet position. The strategy aims to return Libbey to its long-term financial goals of revenue growth, adjusted EBITDA margins of 14-15%, net debt to adjusted EBITDA of 2.3-2.7x, and ROIC of 10-12% by 2021 through continuous improvement.
This presentation by Libbey Inc. provides an overview of the company's management, strategy to drive growth, and financial goals. It summarizes Libbey's leadership, operational priorities around manufacturing and inventory optimization, and strategic initiatives including new product development focused on healthcare and e-commerce. The presentation outlines Libbey's goal of returning to long-term financial targets of revenue growth of 2-5% annually and adjusted EBITDA margins of 14-16% by 2021 through these strategic initiatives and continuous improvement.
Coca-Cola originated as a soda fountain beverage in 1886 and grew impressively in its early years. However, it was not until a strong bottling system developed that Coca-Cola became the world famous brand it is today. Currently, Coca-Cola owns 4 of the world's top 5 nonalcoholic sparkling beverage brands, has over 90,500 associates worldwide, and serves over 1.5 billion beverages each day in over 200 countries. The company aims to refresh people in body, mind and spirit through its brands and actions.
The document provides an overview of private label (PL) trends in the flavor enhancers category. Key points include:
- PL has grown in some categories but declined in others, with the largest declines at specific retailers.
- PL accounts for about 15-20% of dollar sales and 21% of unit sales in the US, indicating room for growth.
- Heavy PL buyers, 28% of buyers, account for over half of PL dollar sales, showing the concentration of sales.
- For ABC Spice's flavor enhancer portfolio specifically, PL has not eroded their brands as badly as in some other categories, but price increases have not kept pace, leading to a decline in branded unit volume.
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This document provides an overview of RioCan Real Estate Investment Trust's second quarter 2017 results and strategy. Some key points:
- RioCan has a stable portfolio of national retail tenants across Canada and a development pipeline focused on mixed-use properties in major markets.
- Financial results for Q2 2017 show year-over-year growth in funds from operations, same property NOI, occupancy rates, and average rent.
- RioCan is well positioned due to its focus on necessity retail categories like grocery, discount retailers, and experiential uses that are resilient to e-commerce.
- The company maintains a conservative balance sheet and debt structure to support continued growth through development and acquisitions.
- Sysco provided guidance for FY2024 of net sales of approximately $80 billion, representing mid-single digit growth, and adjusted EPS of $4.20-$4.40, representing growth of 5-10%.
- In FY2023, Sysco achieved total sales of $76.3 billion and continues to be the market leader in the highly fragmented US foodservice distribution industry with a 17% market share.
- Sysco's leadership discussed priorities for growth including investments in technology, acquisitions focused on higher-margin specialty businesses, returning capital to shareholders, and a commitment to sustainability and diversity, equity, and inclusion.
1) Campbell Soup Company's President and CEO outlined changes underway at the company including reorganizing into three new business divisions and implementing a cost-reduction program.
2) The company is reorganizing into the Americas Simple Meals and Beverages division, Global Biscuits and Snacks division, and Packaged Fresh division to better align with growth strategies.
3) Campbell aims to reduce costs by $200 million annually over three years through initiatives like zero-based budgeting, headcount reductions, and examining all spending categories.
The document provides an analysis of the fast food restaurant industry. It begins with an overview of the history and growth of the industry. It then discusses key features such as segments, production and distribution systems, and demand determinants. Porter's Five Forces model is applied to analyze industry competition. Financial data on industry revenue from 2010-2015 is presented globally and for the United States. The document also includes analyses of specific companies Chipotle, Papa Johns, and Starbucks.
The document discusses strategic opportunities for The Clorox Company. It analyzes the company's current positioning, the macroeconomic and industry outlook, and provides an overview of four strategic options - maintaining the status quo, selling to a strategic acquirer, a leveraged buyout, or divesting a segment. The team recommends that Clorox divest the Kingsford brand through an auction process at a valuation of 16.0x EV/EBITDA to raise capital for growth opportunities and better align with consumer trends.
This document provides an overview and summary of RioCan Real Estate Investment Trust for the third quarter of 2017. Some key points:
- RioCan is Canada's largest REIT, owning retail properties in major urban markets across Canada.
- It is focused on intensifying existing properties through redevelopment and mixed-use development, including residential.
- For Q3 2017, RioCan reported 2.4% same property NOI growth driven by higher occupancy and rents.
- It is accelerating its strategy to focus on Canada's six major markets, which have shown higher growth and resilience.
- RioCan's development pipeline will create a unique portfolio of urban mixed-use assets concentrated in major markets
Candler Enterprises is launching an expansion of its Krispy Natural cracker line nationally after a successful test market. The summary is:
1) Krispy Natural crackers achieved double projected sales in its Columbus, Ohio test market and was 5% below projections in the Southeast.
2) National projections estimate $500 million in first year sales and a steady state pre-tax profit contribution of 13% of sales.
3) The expansion will leverage Candler's marketing, sales and distribution systems and compete on quality and brand reputation against competitors like Frito-Lay entering the cracker market.
The Container Store has been a leader in the storage and organization industry for 36 years. Their target markets are residential customers, particularly affluent, educated, busy women. They sell over 10,000 unique products and see growth opportunities from expanding online sales and opening new stores. Their strategy focuses on creativity, customization and helping customers save time and space. Financial objectives include increasing annual sales to $500 million through marketing programs like print/web advertising and social media.
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June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
3. Material presented at this meeting includes forward-looking
statements about Libbey Inc. These statements are subject to
risks and uncertainties, including market conditions, competitive
pressures, the value of the U.S. dollar and significant cost
increases.
Please refer to the Company’s Form 10-K for
fiscal year-end December 31, 2016, filed on
March 3, 2017, for further information.
Cautionary statement
2
4. • Global tabletop leadership; one of the world’s largest global glass
manufacturers, growing in tableware and flatware
Leading market positions in U.S. & Canada and Latin America and across
multiple sales channels: foodservice, retail and B2B
#1 U.S. foodservice business drives significant recurring revenue and
profitability(1)
Strong customer relationships include North America’s largest foodservice
distributors and most recognized retail names
• Customer-centric growth strategy focused on growth and operational and
organizational excellence
• Simplifying supply chain to improve manufacturing flexibility and ROIC(2)
• Strong liquidity and credit profile provide financial flexibility
• Balanced approach to capital allocation prioritizes investing in the business,
achieving target leverage and returning Free Cash Flow(2) to shareholders
Investment highlights
3(1) Management estimates
(2) See Appendix: Definition and reconciliation of non-GAAP measures for definition of ROIC and Free Cash Flow
5. Libbey at a glance
A global tableware leader selling manufactured and
sourced glass, ceramic and metal tableware.
#2 global glass beverageware position, #1 in the
Americas!(1)
4
Customers include some of North America’s largest
foodservice distributors and most recognized retail
names
$793.4 million of net sales in 2016 sold to
Foodservice, Retail and B2B channels globally
Libbey sells more than 1.2 billion tableware pieces
annually
Our products are central to lifestyle and
celebrations at home, in restaurants and in
over 100 countries around the world
NYSE MKT: LBY
(1) Management estimate
6. Libbey competes in four product categories
5
Category Products Manufacturing
Glass
Tableware
• Tumblers, stemware, mugs,
bowls, salt shakers, shot
glasses, canisters,
candleholders, handmade
tableware
In-house/
Sourced
Other
Glass
Products
• Bakeware, blender jars,
mixing bowls, floral, candle,
and washing machine
windows
In-house
Dinnerware
• Plates, bowls, platters, cups,
saucers, and other tableware
accessories
Sourced
Metalware
• Knives, forks, spoons, serving
utensils, serving trays,
pitchers, and other metal
tableware accessories
Sourced
7. Libbey goes to market in three key channels
• Extensive network of ~500 of the finest U.S. foodservice distributors who sell
to restaurants, bars, hotels and travel and tourism venues
• #1 glass beverageware supplier and #2 dinnerware and flatware supplier in
the U.S. and Canada(1)
• A high percentage of foodservice glass tableware sales are replacements,
driving a predictable revenue stream
• ~ 60% market share in U.S. foodservice glass beverageware(1)
• Customers of this diverse channel include:
- Marketers of popular household décor items, like candles and floral applications
- Top household appliance manufacturers purchasing glass blender jars, mixing
bowls and washing machine windows
- Marketers who apply logos to Libbey glassware for resale to breweries,
distilleries, soft drink companies and others
Foodservice
Business-to-
Business (B2B)
• Customers include leading mass merchants, department stores, upscale
retailers, grocers and internet retailers
• North America’s #1 retail supplier of casual glass beverageware and most
recognized glass beverageware brand; an important driver of profitable factory
utilization (2)
• ~40% market share in U.S. casual glass beverageware, branded and private
label(2)
6
No single customer accounts for 10% or more of consolidated net sales
(1) Management estimate
(2) NPD Group Retail Tracking Service and management estimates
Retail
8. Established industry leadership and global presence
7
Million Total
Square Feet
7 Warehousing /
DCs
8Manufacturing
Facilities
6
West Chicago, IL
Toledo, OH
Shreveport, LA
Monterrey,
Mexico
Laredo, TX
Marinha Grande,
Portugal
Leerdam,
Netherlands Langfang,
China
Manufacturing / Warehousing / Distribution Centers
Warehousing / Distribution Centers
Headquarters
(1) In the first quarter of 2017, net sales and related costs for certain countries were re classified between segments to align with changes in
business unit responsibilities. Accordingly, 2016 segment results have been reclassified to conform with the revise structure. The revised
2016 segment results do not affect any previously reported consolidated financial results.
(2) Represents percentage of Segment EBIT only
Other
1%
EMEA
2%
Latin America
14%
U.S. & Canada
83%
Latin America
19%
EMEA
16%
Other
4%
U.S. & Canada
61%
2016 Net Sales by Segment (1)
2016 Segment EBIT(1)(2)
9. • The U.S. foodservice market is large and dining out remains popular
in consumer surveys
• Consumer confidence is strong and discretionary income is rising
• Foodservice market leader recognized for excellence by leading
foodservice distributors:
• Strong foodservice network and in-house salesforce sell to both
established restaurants and new entrants throughout the country
• Steady pace of innovation and critical profitability of beverageware
lead to lower price sensitivity; price increases in 43 of last 47 years
• Exceptional depth and breadth of product line and sizeable installed
tableware base provide significant advantage
8
Foodservice channel: positioned for continued strength
10. • U.S. casual glass beverageware leader; market share at ~40% is more
than twice the next competitor(1)
• Highly recognized brands and enhanced ecommerce capabilities
position the company for continued leadership
• Established relationships with major retailers provide a platform to
launch innovative products aligned with consumer wants and needs
9
Retail channel: improving competitive positioning
(1) NPD Group Retail Tracking Service, NPD survey and management estimates, includes branded and private label
11. • The business-to-business channel offers diverse opportunities for growth
and capacity utilization
Established global supplier of logo glassware for promotions and OEM
supplier to leading appliance manufacturers
Growing in houseware applications, including decorated beverageware
and glass components for candles and floral applications
10
B2B channel: diverse opportunities for growth
13. 12
Growth1
• New product innovation and e-commerce strategy to drive growth and market
expansion
• Balanced focus in core foodservice, retail and B2B channels
• New product development process grounded in market insights
Differentiated offerings aligned with current consumer wants and needs
Expansion in underserved and emerging categories
- Foodservice: underpenetrated categories, adjacent venues
- Retail: adjacent categories; good, better, best offerings
• Significant pipeline of new products targeted to existing and new segments
More than 200 new products targeted to retail launched at International Home &
Housewares show in March 2017
350 new products targeted to foodservice launched at National Restaurant
Association show in May 2017
• E-commerce business launching in early 2H17
Enhances capabilities to maintain retail market leadership as consumers increasingly
purchase on the internet in addition to in traditional brick & mortar retail stores
14. Lifestyle trend inspired launch of over 200 new Libbey retail products
13
2017 International Home and Housewares Show
1
15. 14
2017 International Home and Housewares Show
1
Robust new product pipeline to drive growth in coming years
16. Four major introductions and the launch of 350 new Libbey
foodservice products
15
2017 National Restaurant Association Show
1
18. 17
Product Innovation and E-commerce1
Product innovation and e-commerce strategy to drive retail growth
Addresses retail headwinds of consumer purchase migration to internet and strong price
competition in commoditized products
Upgraded
e-commerce
capabilities
Major new
product
launches
Q3 2017
ecommerce
“go live”
Retail
recovery and
growth
Explore other
channel
potential?
• Not going it alone – experienced consulting partner
supporting e-commerce business development
• Targets existing retailers and major web based retailers
for their e-commerce platforms
• Extends retailer aisles – release of shelf-space
constraints dramatically increases exposure for existing
products and new product launches
3 Year Ramp Up
19. • Ongoing cost reduction initiatives to remove non-value-added
complexity and review of opportunities to optimize global network
• Simplifying supply chain to improve ROIC(1)
Product portfolio optimization in 2016
- Discontinued underperforming SKUs (20% of global product portfolio)
- Improved product lifecycle management processes
- Improved sales force focus and reduced costs
Furnace consolidations and technology upgrades in EMEA and Latin
America will be complete mid-year; other geographies under review
- Reduces capital commitments for future furnace rebuilds
- Lowers operating costs
- Increases asset utilization
• Initiating planning for new ERP implementation
- ERP implementation will be cloud based and customization-lite to reduce cost
and risk, both for the implementation and for future operations and upgrades
18
Operational Excellence2
(1) See Appendix: Definition and reconciliation of non-GAAP measures for definition of ROIC
20. 19
Organizational Excellence3
• Organizational re-alignment to support new strategy
Selective new talent in key roles in new product development,
marketing, sales and supply chain
Redesign of sales and marketing organization, including updates to
incentive compensation
• Develop winning teams that foster high performance and live our
core values of:
Continuous improvement
Customer focus
Development
Performance
Respect and Teamwork
21. 20
Invest in
the
business
Maintain
financial
strength
and
flexibility
Return
capital to
investors
• Support/accelerate the organic growth of our business
• Selectively consider acquisitions
• Develop or invest in technologies and manufacturing
capabilities
• Target to return ~50% of Free Cash Flow(1) to shareholders for
period 2015 - 2017
- More than 50% distributed 2015-2016: $37MM
• Increased common dividend; initiated at annual $0.44/share in
2015 and increased to $0.46/share in 2016
- 2% dividend increase in 2017 to $0.47/share
• Share repurchase authorization increased to 1.5 million shares in
2015
- 524K shares repurchased 2015-2016
• Target Debt Net of Cash to Adjusted EBITDA ratio(1) range of
2.5x – 3.0x
• Ability to flex up or down
• Continuing to prioritize debt pay down to move toward target
range; repaid $24.4 million of Term Loan B in 2016
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and
the ratio net debt/Adjusted EBITDA; and definition of Free Cash Flow
Balanced approach to capital allocation
22. • Flexible capital structure
$404MM senior secured Term Loan B
matures 2021
- LIBOR plus 300 bps (~4.00% at
3/31/17)
- No financial covenants
- $150MM accordion option
$100MM ABL facility matures 2019
- LIBOR plus 150-200 bps
• Improved interest coverage
Significant debt paydown and borrowing rate
reductions
$220MM of Term Loan B swapped: ~50%
floating rate exposure
• Substantial deleveraging despite investments
to strengthen the business
• Fully funded U.S. pension in 2012, lowering
annual cash contributions
~$8MM estimated global cash contribution
for 2017
21
6.4
4.3
3.3 3.0 3.0 2.8 3.2 3.3 3.1
2008 2009 2010 2011 2012 2013 2014 2015 2016
1.2 1.4
2.5 2.6
3.5
4.2
5.3
6.3
5.3
2008 2009 2010 2011 2012 2013 2014 2015 2016
Adjusted EBITDA(1) / Interest Expense
Debt Net of Cash / Adjusted EBITDA(1)
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and
the ratio net debt/Adjusted EBITDA
Capital structure and leverage policy provide financial
flexibility
23. Market leadership and business model drive strong
recurring revenue stream and Adjusted EBITDA
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA,
and Adjusted EBITDA Margin
22
$ in millions
Historical Net Sales Historical Adjusted EBITDA(1)
$810
$749
$800
$817
$825 $819
$852
$822
$793
2008 2009 2010 2011 2012 2013 2014 2015 2016
$85 $90
$115 $113
$132 $134
$122
$116 $112
2008 2009 2010 2011 2012 2013 2014 2015 2016
24. • Strong cash generation and liquidity
$34MM cash on hand at 12/31/16
$89 MM ABL availability at 12/31/16
• Seasonal trade working capital needs
Average $35-$40 MM peak to trough
swing in quarter-end trade working capital
each year(1)
• Capital expenditures on average about equal
to depreciation & amortization
~$30 MM growth investment for ClearFire®
glass manufacturing technology over
2014-2015
• Flexibility to selectively pursue M&A
opportunities
• No significant long-term debt due until Term
Loan B in 2021
23
2012 2013 2014 2015 2016
Total of Cash and ABL
Availability (MM)
Cash ABL Availability
0
10
20
30
40
50
60
2012 2013 2014 2015 2016
Capital Expenditures, Depreciation & Amortization
Capital Expenditures Depreciation & Amortization
$Millions
(1) Trade working capital is defined as net accounts receivable plus net inventories less accounts payable as also noted in Appendix:
Definition and reconciliation of non-GAAP measures
Significant liquidity resources and moderate near-term
funding obligations
$136
$113
$142 $140 $149
25. Recent performance Q1 2017 vs. Q1 2016
24
(1)
See Appendix: Definition and reconciliation of non-GAAP measures for details
regarding calculation of Adjusted EBITDA and Adjusted EBITDA Margin; definition of
constant currency; and Free Cash Flow
(2)
Trade working capital is defined as net accounts receivable plus net inventories less
accounts payable as also noted in Appendix: Definition and reconciliation of non-GAAP
measures
Q1 2017 Highlights
• Net sales of $173 million and Adjusted
EBITDA (1) of $6.2 million
• Headwinds in the quarter:
challenging macroeconomic trends,
intensified competitive
environment, price/mix
currency impacts(1) (primarily
Mexican peso), normal Mexico
natural gas hedge fluctuations
expected impact of planned furnace
rebuilds and technology
investments
• Reduced trade working capital (2) by ~$28
million year-over-year
• Paid down ~$6.1 million debt in the
quarter
• ~$2.5 million of Free Cash Flow(1)
returned to shareholders via dividend
$183
$173
$23
$6
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
2016 2017
Net Sales Adjusted EBITDA
Currency Impact 2017 vs. 2016
Net Sales, Adjusted EBITDA and Margin (1)
Millions
12.5%
3.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Adjusted EBITDA Margin
26. We expect a continued challenging macroeconomic and
competitive environment in 2017
25
2017 Outlook(1)
• Net sales down by mid-to-low-single digits compared to full year 2016, with continued
currency headwinds
• SG&A of ~ 17% of net sales
- SG&A elevated by investment for ecommerce and ERP initiatives, ~15% of net sales
when these investments are excluded
• Adjusted EBITDA margin in the range of 11-13% of net sales
- Reduced fixed cost absorption due to downtime for scheduled furnace rebuilds
reduces first half Adjusted EBITDA margin by 200-300 bps year-over-year
• Capital allocation
- Capital expenditures of approximately $50 million, includes a portion of spend
originally planned for 2016
- Debt repayment prioritized to move toward target leverage range
- Dividend at annual rate of $0.47/share for 2017
Tailwinds
- Announced 3% U.S. foodservice glass price increase, effective April 2017
- Productivity improvements
- Natural gas
Headwinds
- Competitive pricing environment
- Retail shift from traditional brick & mortar stores to the internet
- Currency impacts
- Benefit costs (1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding 2017 outlook
27. Long-term financial goals
26
Financial Metrics Long-term Goals
Revenue growth
Sustainable growth
5% CAGR
Adjusted EBITDA margin(1) 17%
Debt Net of Cash to Adjusted EBITDA(1) 2.5 to 3.0x
ROIC(1) 12% to 14%
TSR Top quartile
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and
Adjusted EBITDA Margin; definition of ROIC
28. Market Firm Net Sales 2016A Rev. Split '17E Margin FV / EBITDA P / E Net Debt /
Company Cap Value 2017E 2018E N.A. Europe ROW EBITDA EBIT 2017E 2018E 2017E 2018E LTM EBITDA
New ell Brands Inc $25,580 $36,473 $14,760 $14,933 77% 13% 10% 19.1% 16.6% 12.9x 11.5x 17.1x 15.0x 3.9x
Tupperw are Brands Corporation3,648 4,415 2,280 2,371 25 25 50 18.6 16.0 10.4 9.9 15.4 14.3 1.7
Helen of Troy Limited 2,462 2,969 1,576 1,610 85 9 7 15.2 11.6 12.4 11.9 13.6 12.9 1.9
Lifetime Brands, Inc. 268 341 610 628 80 13 8 -- -- -- -- 12.2 10.5 1.7
Mean $7,989 $11,050 $4,806 $4,885 67% 15% 19% 17.6% 14.7% 11.9x 11.1x 14.6x 13.2x 2.3x
Median 3,055 3,692 1,928 1,990 78 13 9 18.6 16.0 12.4 11.5 14.5 13.6 1.8
Libbey Inc. $179 $550 $770 $791 62% 19% 19% 10.9% 5.3% 6.6x 5.3x 14.1x 6.5x 4.0x
Libbey & Peer Trading Overview
27
Note: Forward metrics based on consensus Wall Street estimates (FactSet). Market data as of May 31, 2017. Balance sheet data reflects most recent available quarter.
(1) Revenue split based on Newell Brand 2016 reported results, which includes acquired Jarden operations after April 15, 2016 and excludes divested Décor business operations after July 1, 2016.
Revenue split not pro forma for Sistema Plastics and Smith Mountain Industries acquisitions or Tools business divestiture.
(2) Based on pro forma LTM EBITDA of $2.7bn.
(3) Revenue split based on fiscal year ended February 28, 2017.
($ in millions)
(3)
(2)
(1)
29. • Global tabletop leadership; one of the world’s largest global glass
manufacturers, growing in tableware and flatware
Leading market positions in U.S. & Canada and Latin America and across
multiple sales channels: foodservice, retail and B2B
#1 U.S. foodservice business drives significant recurring revenue and
profitability(1)
Strong customer relationships include North America’s largest foodservice
distributors and most recognized retail names
• Customer-centric growth strategy focused on growth and operational and
organizational excellence
• Simplifying supply chain to improve manufacturing flexibility and ROIC
• Strong liquidity and credit profile provide financial flexibility
• Balanced approach to capital allocation prioritizes investing in the business,
achieving target leverage and returning Free Cash Flow(2) to shareholders
Investment highlights
28(1) Management estimates
(2) See Appendix: Definition and reconciliation of non-GAAP measures for definition of Free Cash Flow
31. We have expanded globally and have a strong
portfolio of brands
Jun 2006: Obtains
remaining 51%
stake in Crisa,
expanding presence
to Monterrey,
Mexico
Jan 2005: Acquires
Crisal, a glassware
manufacturer based
in Portugal
1800s 1990
Jul 2013: Celebrates
125th Anniversary in
Toledo
2002 2006 20112008 20122000
Dec 2002: Acquires Royal
Leerdam, expanding
glassware operations to
Europe
May 2012:
Refinancing
amended $100MM
ABL facility
and issuance of
$450MM 6.875%
Senior Secured
Notes
Apr 2007: Opens
Langfang, China
facility
Aug 1997:
Acquires World
Tableware and
49% of Crisa
2014
Apr 2014:
Refinancing,
including amended
$100MM ABL
Facility and new
$440MM Term
Loan B senior
secured credit
facility
1818: Libbey
founded as New
England Glass
Company in East
Cambridge, MA
s
Jun 1993:
Libbey becomes
a public company
1892:
The company
changes its name
to The Libbey
Glass Company
Oct 1995:
Acquires
Syracuse China
Aug 2011: Bill
Foley becomes
Chairman of the
Board
2015
Jan 2015:
Announce Own the
Moment strategy.
Re-initiate dividend
and share
repurchases
Jan 2016:
Bill Foley
becomes CEO
and Chairman of
the Board
2016
32. Definition and reconciliation of non-GAAP measures
Q1 2017 Q1 2016 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008
Net income (loss) (6.6)$ 0.7$ 10.1$ 66.3$ 5.0$ 28.5$ 7.0$ 23.6$ 70.1$ (28.8)$ (80.4)$
Add:
Interest expense 4.9$ 5.2$ 20.9$ 18.5$ 22.9$ 32.0$ 37.7$ 43.4$ 45.2$ 66.7$ 69.7$
Provision (benefit) for income taxes (3.2) (0.1) 17.7 (38.2) 8.5 13.2 5.7 1.7 11.6 2.7 6.3
Depreciation and amortization 11.1 12.1 48.5 42.7 40.4 44.0 41.5 42.2 41.1 43.2 44.4
Add: Special items before interest and taxes
(1)
:
Restructuring and facility closure charges - - - - 1.0 6.5 - (0.1) 2.5 3.8 29.1
Severance - - - - - - 5.1 1.1 - - -
Pension curtailment and settlement charges - - 0.2 21.7 0.8 2.3 4.3 - - 3.2 -
Loss (gain) on redemption of debt - - - - 47.2 2.5 31.1 2.8 (58.3) - -
Abandoned property - - - - - 1.8 - 2.7 - - -
Gain on sale of assets - - - - - - - (6.8) - - -
Goodwill and intangible impairment charges - - - - - - - - - - 11.9
Product portfolio optimization - - 5.7 - - - - - - - -
Other
(2)
- 5.0 8.5 5.3 (3.5) 5.1 - 2.5 2.8 - 4.5
Less: Accelerated depreciation expense
included in special items and also in depreciation
and amortization above - - - - - (1.5) - - - (0.7) (0.3)
Adjusted EBITDA 6.2$ 22.9$ 111.6$ 116.3$ 122.1$ 134.4$ 132.4$ 113.1$ 115.0$ 90.1$ 85.2$
Net sales 173.0$ 182.8$ 793.4$ 822.3$ 852.5$ 818.8$ 825.3$ 817.1$ 799.8$ 748.6$ 810.2$
Adjusted EBITDA Margin 3.6% 12.5% 14.1% 14.1% 14.3% 16.4% 16.0% 13.8% 14.4% 12.0% 10.5%
Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) and Adjusted EBITDA Margin
(Dollars in millions)
(2) Other Q1 2016 includes $5.0 million for executive terminations. Other FY 2016 includes $4.1 million for work stoppage and $4.4 million for executive terminations. 2015 includes $4.2 million for
reorganization charges, $0.9 million for executive termination, and $0.2 million for an environmental obligation. 2014 includes $(4.7) million for furnace malfunction net proceeds, $0.9 million for
executive retirement charges, and $0.3 million for an environmental obligation. 2013 includes $4.4 million of furnace malfunction charges and $0.7 million for executive retirement charges. 2011
includes $2.7 million for CEO transition expenses, $(1.0) million for an equipment credit and an $0.8 million write-down of unutilized fixed assets. 2010 includes $2.7 million of fixed asset write-down
charges, $1.0 million in expenses related to a secondary stock offering and a $(0.9) million insurance claim recovery. 2008 includes a $4.5 million fixed asset write-down charge.
Adjusted EBITDA excludes special items that Libbey believes are not reflective of our core operating performance.
(1) Beginning in the first quarter of 2017, the gain (loss) on mark-to-market natural gas contracts was considered representative of our ongoing operations and not a special item when computing
Adjusted EBITDA. The prior years presented here have been recasted to conform with our current presentation in 2017.
33. Definition and computation of non-GAAP measures
Definitions – Other Non-GAAP Measures
Trade working capital is defined as net accounts receivable plus net inventory less accounts payable.
Return on invested capital (ROIC) is defined as after tax income from operations (using a 35% tax rate), adjusted for special items, over ending trade working capital plus net book value of
property, plant and equipment
Constant currency references regarding net sales reflect a simple mathematical translation of local currency results using the comparable prior period’s currency conversion rate. Constant
currency references regarding Segment EBIT, Adjusted EBITDA and Adjusted EBITDA Margin comprise a simple mathematical translation of local currency results using the comparable
prior period’s currency conversion rate plus the transactional impact of changes in exchange rates from revenues, expenses and assets and liabilities that are denominated in a currency
other than the functional currency. Our currency market risks include currency fluctuations relative to the U.S. dollar, Canadian dollar, Mexican peso, Euro and RMB.
Free cash flow is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities.
2016 2015 2014 2013 2012 2011 2010 2009 2008
Adjusted EBITDA
(1)
111.6$ 116.3$ 122.1$ 134.4$ 132.4$ 113.1$ 115.0$ 90.1$ 85.2$
Debt
(2)
407.8$ 431.0$ 437.9$ 402.4$ 454.2$ 390.1$ 436.6$ 512.0$ 543.5$
Plus: Unamortized discount, finance fees and warrants
(2)
4.5 5.8 7.0 9.5 12.3 11.6 16.9 5.0 11.4
Less: Carrying value in excess of principal on PIK notes - - - - - - - 70.2 -
Less: Carrying value adjustment on debt related to the Interest
Rate Agreement - - - (1.3) 0.4 4.1 3.3 - -
Gross Debt 412.3 436.9 444.9 413.2 466.1 397.6 450.2 446.8 554.9
Less: Cash 61.0 49.0 60.0 42.2 67.2 58.3 76.3 55.1 13.3
Debt net of cash 351.3$ 387.9$ 384.9$ 371.0$ 398.9$ 339.3$ 373.9$ 391.7$ 541.6$
Debt net of cash to Adjusted EBITDA Ratio 3.1 3.3 3.2 2.8 3.0 3.0 3.3 4.3 6.4
Interest expense 20.9$ 18.5$ 22.9$ 32.0$ 37.7$ 43.4$ 45.2$ 66.7$ 69.7$
Adjusted EBITDA to Interest Expense Ratio 5.3 6.3 5.3 4.2 3.5 2.6 2.5 1.4 1.2
Computation of Adjusted EBITDA to Debt net of cash to Adjusted EBITDA Ratio and Adjusted EBITDA to Interest Expense Ratio
(Dollars in millions)
(1) - See prior page for calculation and reconciliation to net income.
(2) - All years reflect retrospective adoption of ASU 2015-03 and 2015-15, which presents debt issuance costs of senior debt as a reduction to the liability.
34. Definition and reconciliation of non-GAAP measures
Outlook for the year
ended
December 31, 2017
Net income margin 1% - 2%
Add:
Interest Expense 3% - 3%
Provision for income taxes 1% - 2%
Depreciation and amortization 6% - 6%
Special items before interest and taxes - - -
Adjusted EBITDA Margin (non-GAAP) 11% - 13%
Reconciliation of Net Income margin to Adjusted EBITDA Margin
35. Additional Information
NYSE MKT: LBY
Alpha IR Group
Chris Hodges & Sam Gibbons
312-445-2870
email: LBY@alpha-ir.com
visit our website: www.libbey.com