-
4Q12 Reported EPS (including discontinued operations) of $0.48
-
Adjusted EPS (non-GAAP, continuing operations) of $0.54
-
4Q12 Net sales grew approx. 5 percent to $1.53 billion
-
Net sales up approx. 7 percent on organic basis
-
FY12 Reported EPS (including discontinued operations) up approx. 17
percent
-
Adjusted EPS (non-GAAP, continuing operations) up approx. 20
percent on 4 percent organic sales growth
-
Returned $346 million of cash to shareholders, with increased dividend
and repurchase of approx. 7 percent of outstanding shares in FY12
-
Restructuring program on track to achieve more than $100 million in
annualized savings by mid-2013
-
Expect 2013 growth in adjusted EPS (non-GAAP, continuing operations)
of 15 to 35 percent
PASADENA, Calif. -- (Business Wire)
Avery Dennison Corporation (NYSE:AVY) today announced preliminary,
unaudited fourth quarter and full-year 2012 results. All non-GAAP
financial measures referenced in this document are reconciled to GAAP in
the attached tables. Unless otherwise indicated, the discussion of the
company’s results is focused on its continuing operations, and
comparisons are to the same period in the prior year.
“Avery Dennison delivered strong earnings improvement in 2012,” said
Dean Scarborough, Avery Dennison chairman, president and CEO. “Both
Pressure-sensitive Materials and Retail Branding and Information
Solutions delivered solid sales growth and expanded margins, and we
returned $346 million of cash to shareholders through share repurchases
and an increased dividend.
“We also took actions that position us well for significant profit
growth in 2013, even in a soft economic environment,” Scarborough said.
“We remain committed to delivering on our long-term goals, including
double-digit earnings growth and higher returns.”
For more details on the company’s results, see the summary table
accompanying this news release, as well as the supplemental presentation
materials, “Fourth Quarter and Full-Year 2012 Financial Review and
Analysis,” posted on the company’s website at www.investors.averydennison.com,
and furnished on Form 8-K with the SEC.
Fourth Quarter 2012 Results by Segment
All references to sales reflect comparisons on an organic basis, which
exclude the estimated impact of currency translation, acquisitions and
divestitures. Adjusted operating margin refers to earnings before
interest expense and taxes, excluding restructuring costs and other
items, as a percentage of sales.
Prior period amounts have been realigned to reflect the company’s new
operating structure, which includes a new corporate expense allocation
methodology.
Pressure-sensitive Materials (PSM)
The PSM segment now includes the Performance Tapes business,
previously reported in other specialty converting businesses.
-
PSM segment sales increased approximately 6 percent. Within the
segment, Label and Packaging Materials sales increased mid-single
digits, as did the combined sales for other product lines (Graphics,
Reflective, Performance Tapes).
-
Operating margin improved 100 basis points to 7.8 percent as the
benefit of higher volume and productivity initiatives more than offset
the impact of changes in product mix and higher employee-related
expenses. Adjusted operating margin improved 100 basis points.
Retail Branding and Information Solutions (RBIS)
The RBIS segment now includes all of the radio-frequency
identification (RFID) business, previously reported in other specialty
converting businesses.
-
Sales increased approximately 10 percent compared to prior year driven
by increased demand from U.S. and European retailers and brands,
including accelerating RFID adoption.
-
Operating margin improved 120 basis points to 3.0 percent as the
benefit of higher volume and productivity initiatives more than offset
higher employee-related expenses and an impairment charge. Adjusted
operating margin improved 270 basis points.
Other specialty converting businesses
As indicated above, other specialty converting businesses no longer
include the Performance Tapes and RFID businesses.
-
Sales increased approximately 15 percent due to higher volume.
-
Operating margin declined 70 basis points to 2.3 percent due to the
impact of a prior year gain on sale of a product line, as well as
current year costs associated with exiting product lines and
restructuring, partially offset by the benefit of higher volume.
Adjusted operating margin improved by more than 12 points to 6.4
percent.
Other
Share Repurchases
The company repurchased 7.9 million shares during 2012 at an aggregate
cost of $235 million (approximately 7 percent of shares outstanding).
Results of Discontinued Operations
Earnings from OCP and certain costs associated with its anticipated
divestiture are reported as income or loss from discontinued operations
(net of tax) in the consolidated income statement. Designed and
Engineered Solutions (DES) results are currently reported in Other
specialty converting businesses, but will be reclassified as
discontinued operations as of the first quarter of 2013.
Earnings per share from discontinued operations increased from $(0.06)
to $0.15. Adjusted earnings per share from discontinued operations
increased from $0.03 to $0.17, primarily due to an adjustment in the tax
rate for discontinued operations in the fourth quarter of 2011.
Income Taxes
The full-year adjusted tax rate was approximately 34 percent, in line
with expectations and comparable to 2011.
Cost Reduction Actions
In the first half of 2012, the company began a restructuring program to
reduce costs across all segments of the business. The company currently
anticipates more than $100 million in annualized savings from this
program by mid-2013. To implement these actions, the company incurred
restructuring costs and other items of approximately $56 million in
2012, and expects to incur $25 million in 2013.
Outlook
In the company’s supplemental presentation materials, “Fourth Quarter
and Full-Year 2012 Financial Review and Analysis,” the company provides
a list of factors that it believes will contribute to its 2013 financial
results. Based on the factors listed and other assumptions, the company
expects 2013 earnings per share from continuing operations of $2.23 to
$2.63. Excluding an estimated $0.17 per share for restructuring costs
and other items, the company expects adjusted (non-GAAP) earnings per
share from continuing operations of $2.40 to $2.80. The company expects
free cash flow from continuing operations in the range of $275 million
to $325 million. The company’s guidance includes operating results from
DES and excludes the impact of share repurchase using net proceeds from
divestitures.
Note: Throughout this release and the supplemental presentation
materials, amounts on a per share basis reflect fully diluted shares
outstanding.
About Avery Dennison
Avery Dennison (NYSE:AVY) helps make brands more inspiring and the world
more intelligent. For more than 75 years the company has been a global
leader in pressure-sensitive technology and materials and retail
branding and information solutions. A FORTUNE 500 company with sales of
$6 billion from continuing operations in 2012, Avery Dennison is based
in Pasadena, California, and has employees in over 50 countries. For
more information, visit www.averydennison.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995
Certain statements contained in this document are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements and financial or other business targets
are subject to certain risks and uncertainties. Actual results and
trends may differ materially from historical or anticipated results
depending on a variety of factors, including but not limited to risks
and uncertainties relating to the following: fluctuations in demand
affecting sales to customers; the financial condition and inventory
strategies of customers; changes in customer order patterns; worldwide
and local economic conditions; fluctuations in cost and availability of
raw materials; ability of the company to generate sustained productivity
improvement; ability of the company to achieve and sustain targeted cost
reductions; impact of competitive products and pricing; loss of
significant contract(s) or customer(s); collection of receivables from
customers; selling prices; business mix shift; changes in tax laws and
regulations, and uncertainties associated with interpretations of such
laws and regulations; outcome of tax audits; timely development and
market acceptance of new products, including sustainable or
sustainably-sourced products; investment in development activities and
new production facilities; fluctuations in foreign currency exchange
rates and other risks associated with foreign operations; integration of
acquisitions and completion of pending dispositions; amounts of future
dividends and share repurchases; customer and supplier concentrations;
successful implementation of new manufacturing technologies and
installation of manufacturing equipment; disruptions in information
technology systems; successful installation of new or upgraded
information technology systems; volatility of financial markets;
impairment of capitalized assets, including goodwill and other
intangibles; credit risks; ability of the company to obtain adequate
financing arrangements and maintain access to capital; fluctuations in
interest and tax rates; fluctuations in pension, insurance and employee
benefit costs; impact of legal and regulatory proceedings, including
with respect to environmental, health and safety; changes in
governmental laws and regulations; changes in political conditions;
impact of epidemiological events on the economy and the company's
customers and suppliers; acts of war, terrorism, and natural disasters;
and other factors.
The company believes that the most significant risk factors that could
affect its financial performance in the near-term include (1) the impact
of economic conditions on underlying demand for the company's products;
(2) competitors' actions, including pricing, expansion in key markets,
and product offerings; and (3) the degree to which higher costs can be
offset with productivity measures and/or passed on to customers through
selling price increases, without a significant loss of volume.
For a more detailed discussion of these and other factors, see “Risk
Factors” and “Management’s Discussion and Analysis of Results of
Operations and Financial Condition” in the company’s 2011 Form 10-K,
filed on February 27, 2012 with the Securities and Exchange Commission,
and subsequent quarterly reports on Form 10-Q. The forward-looking
statements included in this document are made only as of the date of
this document, and the company undertakes no obligation to update these
statements to reflect subsequent events or circumstances.
For more information and to listen to a live broadcast or an audio
replay of the quarterly conference call with analysts, visit the Avery
Dennison website at www.investors.averydennison.com.
|
|
|
|
| |
Fourth Quarter Financial Summary - Preliminary |
(in millions, except per share amounts)
|
|
|
|
|
| | | | | | |
| |
|
|
| 4Q |
|
|
|
| 4Q | | | | | % Change vs. P/Y |
| | | | | 2012 | | | | | 2011 | | | | | Reported | | | | | Organic (a) |
Net sales, by segment:
| | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
1,060.1
| | | | |
$
|
1,024.1
| | | | |
4
|
%
| | | | |
6
|
%
|
|
Retail Branding and Information Solutions
| | | | |
406.6
| | | | | |
370.5
| | | | |
10
|
%
| | | | |
10
|
%
|
|
Other specialty converting businesses
| | | |
|
65.5
|
|
|
|
|
|
60.0
| | | | |
9
|
%
| | | | |
15
|
%
|
Total net sales
| | | |
$
|
1,532.2
| | | | |
$
|
1,454.6
| | | | |
5
|
%
| | | | |
7
|
%
|
| | | | | | | | | | | | | | | | | | |
|
| |
|
|
| As Reported (GAAP) |
|
| Adjusted Non-GAAP (b) |
| | | | | 4Q |
|
| 4Q |
|
| % Change |
|
| % of Sales | | | 4Q |
|
| 4Q |
|
| % Change |
|
| % of Sales |
| | | | | 2012 | | | 2011 | | | Fav(Unf) | | | 2012 |
|
| 2011 | | | 2012 | | | 2011 | | | Fav(Unf) | | | 2012 |
|
| 2011 |
Operating income before interest and taxes, by segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
82.7
| | | |
$
|
69.2
| | | | | | |
7.8
|
%
| | |
6.8
|
%
| | |
$
|
92.2
| | | |
$
|
79.0
| | | | | | |
8.7
|
%
| | |
7.7
|
%
|
|
Retail Branding and Information Solutions
| | | | |
12.1
| | | | |
6.6
| | | | | | |
3.0
|
%
| | |
1.8
|
%
| | | |
25.3
| | | | |
12.9
| | | | | | |
6.2
|
%
| | |
3.5
|
%
|
|
Other specialty converting businesses
| | | | |
1.5
| | | | |
1.8
| | | | | | |
2.3
|
%
| | |
3.0
|
%
| | | |
4.2
| | | | |
(3.7
|
)
| | | | | |
6.4
|
%
| | |
-6.2
|
%
|
|
Corporate expense
| | | |
|
(23.2
|
)
|
|
|
|
(22.6
|
)
| | | | | | | | | | | |
|
(20.3
|
)
|
|
|
|
(17.3
|
)
| | | | | | | | | |
Total operating income before interest and taxes / operating margin
| | | |
$
|
73.1
| | | |
$
|
55.0
| | | |
33
|
%
| | |
4.8
|
%
| | |
3.8
|
%
| | |
$
|
101.4
| | | |
$
|
70.9
| | | |
43
|
%
| | |
6.6
|
%
| | |
4.9
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | | |
17.9
| | | | |
17.9
| | | | | | | | | | | | | |
17.9
| | | | |
17.9
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income from operations before taxes
| | | |
$
|
55.2
| | | |
$
|
37.1
| | | |
49
|
%
| | |
3.6
|
%
| | |
2.6
|
%
| | |
$
|
83.5
| | | |
$
|
53.0
| | | |
58
|
%
| | |
5.4
|
%
| | |
3.6
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Provision for income taxes
| | | |
$
|
21.8
| | | |
$
|
8.1
| | | | | | | | | | | | |
$
|
28.9
| | | |
$
|
14.9
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income from continuing operations
| | | |
$
|
33.4
| | | |
$
|
29.0
| | | |
15
|
%
| | |
2.2
|
%
| | |
2.0
|
%
| | |
$
|
54.6
| | | |
$
|
38.1
| | | |
43
|
%
| | |
3.6
|
%
| | |
2.6
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from discontinued operations, net of tax
| | | |
$
|
15.6
| | | |
$
|
(6.8
|
)
| | |
n/m
|
| | |
1.0
|
%
| | |
-0.5
|
%
| | |
$
|
16.8
| | | |
$
|
3.1
| | | |
442
|
%
| | |
1.1
|
%
| | |
0.2
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income
| | | |
$
|
49.0
| | | |
$
|
22.2
| | | |
121
|
%
| | |
3.2
|
%
| | |
1.5
|
%
| | |
$
|
71.4
| | | |
$
|
41.2
| | | |
73
|
%
| | |
4.7
|
%
| | |
2.8
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income (loss) per common share, assuming dilution:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Continuing operations
| | | |
$
|
0.33
| | | |
$
|
0.27
| | | |
22
|
%
| | | | | | | | |
$
|
0.54
| | | |
$
|
0.36
| | | |
50
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Discontinued operations
| | | |
$
|
0.15
| | | |
$
|
(0.06
|
)
| | |
n/m
| | | | | | | | | |
$
|
0.17
| | | |
$
|
0.03
| | | |
467
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Company
| | | |
$
|
0.48
| | | |
$
|
0.21
| | | |
129
|
%
| | | | | | | | |
$
|
0.71
| | | |
$
|
0.39
| | | |
82
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(a)
|
|
|
Percentage change in sales excluding the estimated impact of foreign
currency translation, acquisitions and divestitures.
|
(b)
| | |
Excludes restructuring costs and other items (see accompanying
schedules A-2 and A-5 for reconciliation to GAAP financial measures).
|
| | |
|
| | |
Previously reported segment results and corporate expense have been
realigned to reflect new operating structure.
|
| | |
|
| | |
|
|
|
|
|
| |
|
|
|
| |
Full Year Financial Summary - Preliminary |
(in millions, except per share amounts)
|
| | | | | | | | | |
|
| |
|
|
| FY |
|
|
|
| FY | | | | | % Change vs. P/Y |
| | | | | 2012 | | | | | 2011 | | | | | Reported | | | | | Organic (a) |
Net sales, by segment:
| | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
4,255.5
| | | | |
$
|
4,260.7
| | | | |
0
|
%
| | | | |
4
|
%
|
|
Retail Branding and Information Solutions
| | | | |
1,534.1
| | | | | |
1,510.0
| | | | |
2
|
%
| | | | |
3
|
%
|
|
Other specialty converting businesses
| | | |
|
246.0
|
|
|
|
|
|
255.6
| | | | |
-4
|
%
| | | | |
5
|
%
|
Total net sales
| | | |
$
|
6,035.6
| | | | |
$
|
6,026.3
| | | | |
0
|
%
| | | | |
4
|
%
|
| | | | | | | | | | | | | | | | | | |
|
| |
|
|
| As Reported (GAAP) |
|
| Adjusted Non-GAAP (b) |
| | | | | FY |
|
| FY |
|
| % Change |
|
| % of Sales | | | FY |
|
| FY |
|
| % Change |
|
| % of Sales |
| | | | | 2012 | | | 2011 | | | Fav(Unf) | | | 2012 |
|
| 2011 | | | 2012 | | | 2011 | | | Fav(Unf) | | | 2012 |
|
| 2011 |
Operating income before interest and taxes, by segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
362.9
| | | |
$
|
352.2
| | | | | | |
8.5
|
%
| | |
8.3
|
%
| | |
$
|
396.1
| | | |
$
|
372.1
| | | | | | |
9.3
|
%
| | |
8.7
|
%
|
|
Retail Branding and Information Solutions
| | | | |
54.5
| | | | |
42.7
| | | | | | |
3.6
|
%
| | |
2.8
|
%
| | | |
79.1
| | | | |
60.4
| | | | | | |
5.2
|
%
| | |
4.0
|
%
|
|
Other specialty converting businesses
| | | | |
(2.9
|
)
| | | |
3.4
| | | | | | |
-1.2
|
%
| | |
1.3
|
%
| | | |
3.0
| | | | |
(1.3
|
)
| | | | | |
1.2
|
%
| | |
-0.5
|
%
|
|
Corporate expense
| | | |
|
(86.2
|
)
|
|
|
|
(94.4
|
)
| | | | | | | | | | | |
|
(80.5
|
)
|
|
|
|
(80.7
|
)
| | | | | | | | | |
Total operating income before interest and taxes / operating margin
| | | |
$
|
328.3
| | | |
$
|
303.9
| | | |
8
|
%
| | |
5.4
|
%
| | |
5.0
|
%
| | |
$
|
397.7
| | | |
$
|
350.5
| | | |
13
|
%
| | |
6.6
|
%
| | |
5.8
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | | |
72.8
| | | | |
71.0
| | | | | | | | | | | | | |
72.8
| | | | |
71.0
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income from operations before taxes
| | | |
$
|
255.5
| | | |
$
|
232.9
| | | |
10
|
%
| | |
4.2
|
%
| | |
3.9
|
%
| | |
$
|
324.9
| | | |
$
|
279.5
| | | |
16
|
%
| | |
5.4
|
%
| | |
4.6
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Provision for income taxes
| | | |
$
|
86.4
| | | |
$
|
78.5
| | | | | | | | | | | | |
$
|
109.8
| | | |
$
|
94.2
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income from continuing operations
| | | |
$
|
169.1
| | | |
$
|
154.4
| | | |
10
|
%
| | |
2.8
|
%
| | |
2.6
|
%
| | |
$
|
215.1
| | | |
$
|
185.3
| | | |
16
|
%
| | |
3.6
|
%
| | |
3.1
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income from discontinued operations, net of tax
| | | |
$
|
46.3
| | | |
$
|
35.7
| | | |
30
|
%
| | |
0.8
|
%
| | |
0.6
|
%
| | |
$
|
58.2
| | | |
$
|
45.1
| | | |
29
|
%
| | |
1.0
|
%
| | |
0.7
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income
| | | |
$
|
215.4
| | | |
$
|
190.1
| | | |
13
|
%
| | |
3.6
|
%
| | |
3.2
|
%
| | |
$
|
273.3
| | | |
$
|
230.4
| | | |
19
|
%
| | |
4.5
|
%
| | |
3.8
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income per common share, assuming dilution:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Continuing operations
| | | |
$
|
1.63
| | | |
$
|
1.45
| | | |
12
|
%
| | | | | | | | |
$
|
2.08
| | | |
$
|
1.74
| | | |
20
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Discontinued operations
| | | |
$
|
0.45
| | | |
$
|
0.33
| | | |
36
|
%
| | | | | | | | |
$
|
0.56
| | | |
$
|
0.42
| | | |
33
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Company
| | | |
$
|
2.08
| | | |
$
|
1.78
| | | |
17
|
%
| | | | | | | | |
$
|
2.64
| | | |
$
|
2.16
| | | |
22
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | 2012 | | | 2011 | | | | | | | | | |
Estimated Free Cash Flow from Continuing Operations (c) | | | $ | 312.2 | | | | | n/a | | | | | | | | | | |
Free Cash Flow (including discontinued operations) (c) | | | $ | 352.6 | | | | $ | 292.0 | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
(a)
|
|
|
Percentage change in sales excluding the estimated impact of foreign
currency translation, acquisitions and divestitures.
|
(b)
| | |
Excludes restructuring costs and other items (see accompanying
schedules A-2 and A-5 for reconciliation to GAAP financial measures).
|
(c)
| | |
Free cash flow refers to cash flow from operations, less net
payments for property, plant, and equipment, software and other
deferred charges, plus (minus) net proceeds from sales (purchases)
of investments, plus discretionary contributions to pension plan
utilizing proceeds from divestitures. Free cash flow excludes uses
of cash that do not directly or immediately support the underlying
business (such as discretionary debt reductions, dividends, share
repurchases, and certain effects of acquisitions and divestitures).
|
| | |
|
| | |
Previously reported segment results and corporate expense have been
realigned to reflect new operating structure.
|
| | |
|
| | |
|
|
|
|
| | |
|
|
| | |
|
|
| | |
|
|
| | A-1 |
AVERY DENNISON |
PRELIMINARY CONSOLIDATED STATEMENTS OF INCOME |
(In millions, except per share amounts) |
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | Three Months Ended |
|
|
|
| Twelve Months Ended |
|
|
|
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
| | | | | | | | | | | | | | | | | | | | | |
|
Net sales
| | | |
$
|
1,532.2
| | | |
$
|
1,454.6
| | | | |
$
|
6,035.6
| | | |
$
|
6,026.3
|
| | | | | | | | | | | | | | | | | | | | | |
|
Cost of products sold
| | | | |
1,134.5
| | | | |
1,096.0
| | | | | |
4,458.5
| | | | |
4,504.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Gross profit
| | | | |
397.7
| | | | |
358.6
| | | | | |
1,577.1
| | | | |
1,521.4
|
| | | | | | | | | | | | | | | | | | | | | |
|
Marketing, general & administrative expense
| | | | |
296.3
| | | | |
287.7
| | | | | |
1,179.4
| | | | |
1,170.9
|
| | | | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | | |
17.9
| | | | |
17.9
| | | | | |
72.8
| | | | |
71.0
|
| | | | | | | | | | | | | | | | | | | | | |
|
Other expense, net(1) | | | | |
28.3
| | | | |
15.9
| | | | | |
69.4
| | | | |
46.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income from continuing operations before taxes
| | | | |
55.2
| | | | |
37.1
| | | | | |
255.5
| | | | |
232.9
|
| | | | | | | | | | | | | | | | | | | | | |
|
Provision for income taxes
| | | | |
21.8
| | | | |
8.1
| | | | | |
86.4
| | | | |
78.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income from continuing operations
| | | | |
33.4
| | | | |
29.0
| | | | | |
169.1
| | | | |
154.4
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from discontinued operations, net of tax
| | | | |
15.6
| | | | |
(6.8
|
)
| | | | |
46.3
| | | | |
35.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Net income | | | |
$
|
49.0
| | | |
$
|
22.2
| | | | |
$
|
215.4
| | | |
$
|
190.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Per share amounts: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
Net income (loss) per common share, assuming dilution
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
| |
Continuing operations
| | | |
$
|
0.33
| | | |
$
|
0.27
| | | | |
$
|
1.63
| | | |
$
|
1.45
|
| | | | | | | | | | | | | | | | | | | | | |
|
| |
Discontinued operations
| | | | |
0.15
| | | | |
(0.06
|
)
| | | | |
0.45
| | | | |
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Net income per common share, assuming dilution
| | | |
$
|
0.48
| | | |
$
|
0.21
| | | | |
$
|
2.08
| | | |
$
|
1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Average common shares outstanding, assuming dilution
|
|
|
|
|
101.2
|
|
|
|
|
106.8
|
|
|
|
|
|
103.5
|
|
|
|
|
106.8
|
| | | | | | | | | | | | | | | | | | | | | |
|
(1) |
|
|
"Other expense, net" for the fourth quarter of 2012 includes
severance and related costs of $16.4, asset impairment and lease
cancellation charges of $3.1, indefinite-lived intangible asset
impairment charges of $7, and costs associated with exiting
product lines of $1.8.
|
| | |
|
| | |
"Other expense, net" for the fourth quarter of 2011 includes
severance and related costs of $11, asset impairment and lease
cancellation charges of $5.3, certain transaction costs of $4.5,
and loss on debt extinguishments of $.7, partially offset by gain
on sale of product line of $5.6.
|
| | |
|
| | |
"Other expense, net" for fiscal year 2012 includes severance and
related costs of $49.6, asset impairment and lease cancellation
charges of $6.8, indefinite-lived intangible asset impairment
charges of $7, costs associated with exiting product lines of
$3.9, and certain transaction costs of $2.7, partially offset by
gain on sale of product line of $.6.
|
| | |
|
| | |
"Other expense, net" for fiscal year 2011 includes severance and
related costs of $35.5, asset impairment and lease cancellation
charges of $9, certain transaction costs of $8.2, and loss on debt
extinguishments of $.7, partially offset by gain on sale of
product line of $5.6, and legal settlement of $1.2.
|
| | |
|
| | |
|
|
A-2 |
|
Reconciliation of Non-GAAP Financial Measures in Accordance with
SEC Regulations G and S-K |
|
Avery Dennison reports financial results in conformity with
accounting principles generally accepted in the United States of
America, or GAAP, and herein provides some non-GAAP financial
measures. These non-GAAP financial measures are not in accordance
with, nor are they a substitute for or superior to, the comparable
GAAP financial measures. These non-GAAP financial measures are
intended to supplement the company's presentation of its financial
results that are prepared in accordance with GAAP. Based upon
feedback from investors and financial analysts, the company believes
that supplemental non-GAAP financial measures provide information
that is useful to the assessment of the company’s performance and
operating trends, as well as liquidity.
|
|
The company’s non-GAAP financial measures exclude the impact of
certain events, activities or strategic decisions. The accounting
effects of these events, activities or decisions, which are included
in the GAAP financial measures, may make it difficult to assess the
underlying performance of the company in a single period. By
excluding certain accounting effects, both positive and negative, of
certain items (e.g., restructuring costs, asset impairments, legal
settlements, certain effects of strategic transactions and related
costs, loss from debt extinguishments, loss from curtailment and
settlement of pension obligations, gains or losses on sale of
certain assets and other items), the company believes that it is
providing meaningful supplemental information to facilitate an
understanding of the company’s core operating results and liquidity
measures. These non-GAAP financial measures are used internally to
evaluate trends in the company’s underlying business, as well as to
facilitate comparison to the results of competitors for a single
period. While some of the items excluded from GAAP financial
measures may recur, they tend to be disparate in amount, frequency,
and timing.
|
|
The company uses the following non-GAAP financial measures in the
accompanying news release and presentation:
|
|
Organic sales change refers to the increase or decrease in
sales excluding the estimated impact of currency translation,
acquisitions and divestitures;
|
|
Adjusted EBITDA refers to earnings before interest expense,
taxes, depreciation, and amortization, excluding restructuring cots
and other items;
|
|
Adjusted operating margin refers to earnings before interest
expense and taxes, excluding restructuring costs and other items, as
a percentage of sales;
|
|
Adjusted tax rate refers to the anticipated full year GAAP
tax rate adjusted for certain discrete events;
|
|
Adjusted net income refers to reported net income adjusted
for the tax-effected restructuring costs and other items;
|
|
Adjusted EPS refers to as reported net income per common
share, assuming dilution, adjusted for the tax-effected
restructuring costs and other items; and
|
|
Free cash flow refers to cash flow from operations, less net
payments for property, plant, and equipment, software and other
deferred charges, plus (minus) net proceeds from sales (purchases)
of investments, plus discretionary contributions to pension plan
utilizing proceeds from divestitures. Free cash flow excludes uses
of cash that do not directly or immediately support the underlying
business (such as discretionary debt reductions, dividends, share
repurchases, and certain effects of acquisitions and divestitures).
|
|
The reconciliation set forth below and in the accompanying
presentation is provided in accordance with Regulations G and S-K
and reconciles the non-GAAP financial measures with the most
directly comparable GAAP financial measures.
|
|
|
|
|
|
| | |
|
|
| | |
|
|
|
| | |
|
|
| | A-3 |
| | | | | | | | | | | | | | | | | | | | |
|
AVERY DENNISON |
PRELIMINARY RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
(In millions, except % and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | Three Months Ended |
|
|
|
|
| Twelve Months Ended |
|
|
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
|
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
| | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of Operating Margins: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
Net sales
| | | |
$
|
1,532.2
| | | | |
$
|
1,454.6
| | | | | |
$
|
6,035.6
| | | | |
$
|
6,026.3
| |
| | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income from continuing operations before taxes
| | | |
$
|
55.2
| | | | |
$
|
37.1
| | | | | |
$
|
255.5
| | | | |
$
|
232.9
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income from continuing operations before taxes as a percentage of
sales
| | | | | 3.6 | % | | | | | 2.6 | % | | | | | | 4.2 | % | | | | | 3.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
|
Adjustment:
| | | | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | |
$
|
17.9
| | | | |
$
|
17.9
| | | | | |
$
|
72.8
| | | | |
$
|
71.0
| |
| | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Operating income from continuing operations before interest expense
and taxes
| | | |
$
|
73.1
| | | | |
$
|
55.0
| | | | | |
$
|
328.3
| | | | |
$
|
303.9
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Operating Margins | | | | | 4.8 | % | | | | | 3.8 | % | | | | | | 5.4 | % | | | | | 5.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
Income from continuing operations before taxes
| | | |
$
|
55.2
| | | | |
$
|
37.1
| | | | | |
$
|
255.5
| | | | |
$
|
232.9
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Adjustments:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Severance and related costs
| | | | |
16.4
| | | | | |
11.0
| | | | | | |
49.6
| | | | | |
35.5
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Asset impairment and lease cancellation charges
| | | | |
3.1
| | | | | |
5.3
| | | | | | |
6.8
| | | | | |
9.0
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Other items(1) | | | | |
8.8
| | | | | |
(0.4
|
)
| | | | | |
13.0
| | | | | |
2.1
| |
| | | | | | | | | | | | | | | | |
---
| | | | | | |
|
Interest expense
| | | | |
17.9
| | | | | |
17.9
| | | | | | |
72.8
| | | | | |
71.0
| |
| | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Adjusted operating income from continuing operations before interest
expense and taxes (non-GAAP)
| | | |
$
|
101.4
| | | | |
$
|
70.9
| | | | | |
$
|
397.7
| | | | |
$
|
350.5
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Adjusted Operating Margins (non-GAAP) | | | | | 6.6 | % | | | | | 4.9 | % | | | | | | 6.6 | % | | | | | 5.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income from Continuing
Operations: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
As reported net income from continuing operations
| | | |
$
|
33.4
| | | | |
$
|
29.0
| | | | | |
$
|
169.1
| | | | |
$
|
154.4
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments, net of tax:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items(2) | | | | |
21.2
| | | | | |
9.1
| | | | | | |
46.0
| | | | | |
30.9
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income from Continuing Operations | | | |
$
|
54.6
| | | | |
$
|
38.1
| | | | | |
$
|
215.1
| | | | |
$
|
185.3
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income from Discontinued
Operations: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
As reported net income (loss) from discontinued operations
| | | |
$
|
15.6
| | | | |
$
|
(6.8
|
)
| | | | |
$
|
46.3
| | | | |
$
|
35.7
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments, net of tax:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items(2) | | | | |
1.2
| | | | | |
9.9
| | | | | | |
11.9
| | | | | |
9.4
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income from Discontinued Operations | | | |
$
|
16.8
| | | | |
$
|
3.1
| | | | | |
$
|
58.2
| | | | |
$
|
45.1
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
As reported net income
| | | |
$
|
49.0
| | | | |
$
|
22.2
| | | | | |
$
|
215.4
| | | | |
$
|
190.1
| |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments, net of tax:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items(2) | | | | |
22.4
| | | | | |
19.0
| | | | | | |
57.9
| | | | | |
40.3
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income | | | |
$
|
71.4
| | | | |
$
|
41.2
| | | | | |
$
|
273.3
| | | | |
$
|
230.4
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
| | A-3 (continued) |
| | | | | |
|
|
| | |
|
|
| | |
|
|
| | |
AVERY DENNISON |
PRELIMINARY RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
(In millions, except % and per share amounts) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | Three Months Ended |
|
|
|
| Twelve Months Ended |
|
|
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
|
|
|
| Dec. 29, 2012 |
|
|
|
| Dec. 31, 2011 |
| | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income per Common Share
from Continuing Operations: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
As reported net income per common share from continuing operations,
assuming dilution
| | | |
$
|
0.33
| | | |
$
|
0.27
| | | | |
$
|
1.63
| | | |
$
|
1.45
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments per common share, net of tax:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items(2) | | | | |
0.21
| | | | |
0.09
| | | | | |
0.45
| | | | |
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income per Common Share from Continuing
Operations, assuming dilution | | | |
$
|
0.54
| | | |
$
|
0.36
| | | | |
$
|
2.08
| | | |
$
|
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income per Common Share
from Discontinued Operations: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
As reported net income (loss) per common share from discontinued
operations, assuming dilution
| | | |
$
|
0.15
| | | |
$
|
(0.06
|
)
| | | |
$
|
0.45
| | | |
$
|
0.33
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments per common share, net of tax:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items (2) | | | | |
0.02
| | | | |
0.09
| | | | | |
0.11
| | | | |
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income per Common Share from Discontinued
Operations, assuming dilution | | | |
$
|
0.17
| | | |
$
|
0.03
| | | | |
$
|
0.56
| | | |
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Net Income per Common Share: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
As reported net income per common share, assuming dilution
| | | |
$
|
0.48
| | | |
$
|
0.21
| | | | |
$
|
2.08
| | | |
$
|
1.78
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Non-GAAP adjustments per common share, net of tax:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
|
Restructuring costs and other items (2) | | | | |
0.23
| | | | |
0.18
| | | | | |
0.56
| | | | |
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
Adjusted Non-GAAP Net Income per Common Share, assuming dilution | | | |
$
|
0.71
| | | |
$
|
0.39
| | | | |
$
|
2.64
| | | |
$
|
2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
|
(1) |
|
|
Includes indefinite-lived intangible asset impairment charges,
costs associated with exiting product lines, certain transaction
costs, loss on debt extinguishments, gain on sale of product line,
and legal settlement.
|
(2) | | |
Reflects the full year estimated tax effect of restructuring costs
and other items.
|
| | |
|
|
|
| |
|
|
| | (UNAUDITED) |
| | | | | | | | |
|
|
|
|
|
| | |
| | | | | | | | Twelve Months Ended |
|
|
|
|
|
|
|
| Dec. 29, 2012 |
|
|
|
|
|
|
| Dec. 31, 2011 |
| | | | | | | | | | | | | | | |
|
Reconciliation of GAAP to Non-GAAP Free Cash Flow: | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
Net cash provided by operating activities
| | | |
$
|
513.4
| | | | | | | |
$
|
422.7
| |
| | | | | | | | | | | | | | | |
|
Purchases of property, plant and equipment, net
| | | | |
(95.0
|
)
| | | | | | | |
(105.0
|
)
|
| | | | | | | | | | | | | | | |
|
Purchases of software and other deferred charges
| | | | |
(59.1
|
)
| | | | | | | |
(26.0
|
)
|
| | | | | | | | | | | | | | | |
|
(Purchases of) proceeds from sales of investments, net
| | | | |
(6.7
|
)
| | | | | | | |
0.3
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | |
|
Free Cash Flow |
|
|
|
$
|
352.6
|
|
|
|
|
|
|
|
$
|
292.0
|
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
Estimated free cash flow from continuing operations
| | | |
$
|
312.2
| | | | | | | | | |
| | | | | | | | | | | | | | | |
|
Estimated free cash flow from discontinued operations
| | | | |
40.4
| | | | | | | | | |
|
|
|
|
|
|
|
|
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
Free Cash Flow |
|
|
|
$
|
352.6
|
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| | | | | | | | (UNAUDITED) | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | Twelve Months Ended | | | | | | | | |
|
|
|
|
|
|
|
| Dec. 29, 2012 | | | | | | | | |
| | | | | | | | | | | | | | | |
|
Reconciliation Non-GAAP Net Debt to Adjusted EBITDA (Non-GAAP): | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| |
Adjusted operating income from continuing operations before interest
expense and taxes (Non-GAAP)
| | | |
$
|
397.7
| | | | | | | | | |
| |
Adjustments:
| | | | | | | | | | | | | |
| | |
Depreciation
| | | | |
150.1
| | | | | | | | | |
| | |
Amortization
| | | | |
70.5
| | | | | | | | | |
|
|
|
|
|
|
|
|
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
Adjusted EBITDA (Non-GAAP) | | | |
$
|
618.3
| | | | | | | | | |
|
|
|
|
|
|
|
|
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
| |
Total Debt as of Dec. 29, 2012
| | | |
$
|
1,222.4
| | | | | | | | | |
| |
Less: Cash and cash equivalents as of Dec. 29, 2012
| | | | |
(235.4
|
)
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
Net Debt | | | |
$
|
987.0
| | | | | | | | | |
| | | | | | | | | | | | | | | |
|
Net Debt to Adjusted EBITDA (Non-GAAP) |
|
|
|
|
1.6
|
| | | | | | | | |
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| A-4 |
| | | | | | | | | | | | | | | | | | | | | | | |
|
AVERY DENNISON |
PRELIMINARY SUPPLEMENTARY INFORMATION |
(In millions) |
(UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | Fourth Quarter Ended |
| | | |
NET SALES
| | | |
OPERATING INCOME
| | | |
OPERATING MARGINS
|
| | | |
2012
|
|
|
|
2011
| | | |
2012(1) |
|
|
|
2011(2) | | | |
2012
|
|
|
|
2011
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
1,060.1
| | | |
$
|
1,024.1
| | | |
$
|
82.7
| | | | |
$
|
69.2
| | | | |
7.8
|
%
| | | |
6.8
|
%
|
Retail Branding and Information Solutions
| | | | |
406.6
| | | | |
370.5
| | | | |
12.1
| | | | | |
6.6
| | | | |
3.0
|
%
| | | |
1.8
|
%
|
Other specialty converting businesses
| | | | |
65.5
| | | | |
60.0
| | | | |
1.5
| | | | | |
1.8
| | | | |
2.3
|
%
| | | |
3.0
|
%
|
Corporate Expense
| | | |
|
N/A
|
|
|
|
|
N/A
| | | |
|
(23.2
|
)
|
|
|
|
|
(22.6
|
)
| | | |
N/A
|
|
|
|
|
N/A
|
|
TOTAL FROM CONTINUING OPERATIONS
| | | |
$
|
1,532.2
|
|
|
|
$
|
1,454.6
| | | |
$
|
73.1
|
|
|
|
|
$
|
55.0
|
| | | |
4.8
|
%
|
|
|
|
3.8
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1)
|
|
|
Operating income for the fourth quarter of 2012 includes severance
and related costs of $16.4, asset impairment and lease
cancellation charges of $3.1, indefinite-lived intangible asset
impairment charges of $7, and costs associated with exiting
product lines of $1.8. Of the total $28.3, the Pressure-sensitive
Materials segment recorded $9.5, the Retail Branding and
Information Solutions segment recorded $13.2, the other specialty
converting businesses recorded $2.7, and Corporate recorded $2.9.
|
| | |
|
(2)
| | |
Operating income for the fourth quarter of 2011 includes severance
and related costs of $11, asset impairment and lease cancellation
charges of $5.3, certain transaction costs of $4.5, and loss on
debt extinguishments of $.7, partially offset by gain on sale of
product line of $5.6. Of the total $15.9, the Pressure-sensitive
Materials segment recorded $9.8, the Retail Branding and
Information Solutions segment recorded $6.3, the other specialty
converting businesses recorded $(5.5), and Corporate recorded $5.3.
|
| | |
|
| | |
Previously reported segment results and corporate expense have been
reclassified to reflect new operating structure.
|
| | |
| |
RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTARY INFORMATION |
|
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
| | | | Fourth Quarter Ended |
| | | |
OPERATING INCOME
| | | | | |
OPERATING MARGINS
|
| | | |
2012
|
|
|
|
2011
| | | | | |
2012
|
|
|
|
2011
|
Pressure-sensitive Materials | | | | | | | | | | | | | | | | | | |
Operating income and margins, as reported | | | | $ | 82.7 | | | | $ | 69.2 | | | | | | | 7.8 | % | | | | 6.8 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
8.6
| | | | |
4.4
| | | | | | |
0.8
|
%
| | | |
0.4
|
%
|
Asset impairment and lease cancellation charges
| | | |
|
0.9
|
|
|
|
|
5.4
|
| | | | | |
0.1
|
%
|
|
|
|
0.5
|
%
|
Adjusted operating income and margins (non-GAAP) | | | | $ | 92.2 |
|
|
| $ | 79.0 |
| | | | | | 8.7 | % |
|
|
| 7.7 | % |
| | | | | | | | | | | | | | | | | |
|
Retail Branding and Information Solutions | | | | | | | | | | | | | | | | | | |
Operating income and margins, as reported | | | | $ | 12.1 | | | | $ | 6.6 | | | | | | | 3.0 | % | | | | 1.8 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
4.3
| | | | |
6.3
| | | | | | |
1.0
|
%
| | | |
1.7
|
%
|
Asset impairment and lease cancellation charges
| | | | |
1.9
| | | | |
---
| | | | | | |
0.5
|
%
| | | |
---
| |
Indefinite-lived intangible asset impairment charges
| | | |
|
7.0
|
|
|
|
|
---
|
| | | | | |
1.7
|
%
|
|
|
|
---
|
|
Adjusted operating income and margins (non-GAAP) | | | | $ | 25.3 |
|
|
| $ | 12.9 |
| | | | | | 6.2 | % |
|
|
| 3.5 | % |
| | | | | | | | | | | | | | | | | |
|
Other specialty converting businesses | | | | | | | | | | | | | | | | | | |
Operating income and margins, as reported | | | | $ | 1.5 | | | | $ | 1.8 | | | | | | | 2.3 | % | | | | 3.0 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
0.9
| | | | |
0.1
| | | | | | |
1.4
|
%
| | | |
0.1
|
%
|
Gain on sale of product line
| | | | |
---
| | | | |
(5.6
|
)
| | | | | |
---
| | | | |
(9.3
|
)%
|
Costs associated with exiting product lines
| | | |
|
1.8
|
|
|
|
|
---
|
| | | | | |
2.7
|
%
|
|
|
|
---
|
|
Adjusted operating income (loss) and margins (non-GAAP) | | | | $ | 4.2 |
|
|
| $ | (3.7 | ) | | | | | | 6.4 | % |
|
|
| (6.2 | )% |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| A-5 |
| | | | | | | | | | | | | | | | | | | | | | | |
|
AVERY DENNISON |
PRELIMINARY SUPPLEMENTARY INFORMATION |
(In millions) |
(UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | Twelve Months Year-to-Date |
| | | |
NET SALES
| | | |
OPERATING INCOME
| | | |
OPERATING MARGINS
|
| | | |
2012
|
|
|
|
2011
| | | |
2012(1) |
|
|
|
2011(2) | | | |
2012
|
|
|
|
2011
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Pressure-sensitive Materials
| | | |
$
|
4,255.5
| | | |
$
|
4,260.7
| | | |
$
|
362.9
| | | | |
$
|
352.2
| | | | |
8.5
|
%
| | | |
8.3
|
%
|
Retail Branding and Information Solutions
| | | | |
1,534.1
| | | | |
1,510.0
| | | | |
54.5
| | | | | |
42.7
| | | | |
3.6
|
%
| | | |
2.8
|
%
|
Other specialty converting businesses
| | | | |
246.0
| | | | |
255.6
| | | | |
(2.9
|
)
| | | | |
3.4
| | | | |
(1.2
|
)%
| | | |
1.3
|
%
|
Corporate Expense
| | | |
|
N/A
|
|
|
|
|
N/A
| | | |
|
(86.2
|
)
|
|
|
|
|
(94.4
|
)
| | | |
N/A
|
|
|
|
|
N/A
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
TOTAL FROM CONTINUING OPERATIONS
| | | |
$
|
6,035.6
|
|
|
|
$
|
6,026.3
| | | |
$
|
328.3
|
|
|
|
|
$
|
303.9
|
| | | |
5.4
|
%
|
|
|
|
5.0
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
(1)
|
|
|
Operating income for fiscal year 2012 includes severance and
related costs of $49.6, asset impairment and lease cancellation
charges of $6.8, indefinite-lived intangible asset impairment
charges of $7, costs associated with exiting product lines of
$3.9, and certain transaction costs of $2.7, partially offset by
gain on sale of product line of $.6. Of the total $69.4, the
Pressure-sensitive Materials segment recorded $33.2, the Retail
Branding and Information Solutions segment recorded $24.6, the
other specialty converting businesses recorded $5.9, and Corporate
recorded $5.7.
|
| | |
|
(2)
| | |
Operating income for fiscal year 2011 includes severance and
related costs of $35.5, asset impairment and lease cancellation
charges of $9, and certain transaction costs of $8.2, and loss on
debt extinguishments of $.7, partially offset by gain on sale of
product line of $5.6, and legal settlement of $1.2. Of the total
$46.6, the Pressure-sensitive Materials segment recorded $19.9,
the Retail Branding and Information Solutions segment recorded
$17.7, the other specialty converting businesses recorded $(4.7),
and Corporate recorded $13.7.
|
| | |
| |
| | |
Previously reported segment results and corporate expense have been
reclassified to reflect new operating structure.
|
| | |
|
RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTARY INFORMATION |
|
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
| | | | Twelve Months Year-to-Date |
| | | |
OPERATING INCOME
|
| | | | |
OPERATING MARGINS
|
| | | |
2012
|
|
|
|
2011
| | | | | |
2012
|
|
|
|
2011
|
Pressure-sensitive Materials | | | | | | | | | | | | | | | | | | |
Operating income and margins, as reported | | | | $ | 362.9 | | | | | $ | 352.2 | | | | | | | 8.5 | % | | | | 8.3 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
31.2
| | | | | |
11.9
| | | | | | |
0.7
|
%
| | | |
0.3
|
%
|
Asset impairment and lease cancellation charges
| | | | |
2.6
| | | | | |
7.6
| | | | | | |
0.1
|
%
| | | |
0.1
|
%
|
Gain on sale of product line
| | | | |
(0.6
|
)
| | | | |
---
| | | | | | |
0.0
|
%
| | | |
---
| |
Legal settlement
| | | |
|
---
|
|
|
|
|
|
0.4
|
| | | | | |
---
|
|
|
|
|
---
|
|
Adjusted operating income and margins (non-GAAP) | | | | $ | 396.1 |
|
|
|
| $ | 372.1 |
| | | | | | 9.3 | % |
|
|
| 8.7 | % |
| | | | | | | | | | | | | | | | | |
|
Retail Branding and Information Solutions | | | | | | | | | | | | | | | | | | |
Operating income and margins, as reported | | | | $ | 54.5 | | | | | $ | 42.7 | | | | | | | 3.6 | % | | | | 2.8 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
14.2
| | | | | |
18.0
| | | | | | |
0.9
|
%
| | | |
1.2
|
%
|
Asset impairment and lease cancellation charges
| | | | |
3.4
| | | | | |
1.3
| | | | | | |
0.2
|
%
| | | |
0.1
|
%
|
Indefinite-lived intangible asset impairment charges
| | | | |
7.0
| | | | | |
---
| | | | | | |
0.5
|
%
| | | |
---
| |
Legal settlement
| | | |
|
---
|
|
|
|
|
|
(1.6
|
)
| | | | | |
---
|
|
|
|
|
(0.1
|
)%
|
Adjusted operating income and margins (non-GAAP) | | | | $ | 79.1 |
|
|
|
| $ | 60.4 |
| | | | | | 5.2 | % |
|
|
| 4.0 | % |
| | | | | | | | | | | | | | | | | |
|
Other specialty converting businesses | | | | | | | | | | | | | | | | | | |
Operating (loss) income and margins, as reported | | | | $ | (2.9 | ) | | | | $ | 3.4 | | | | | | | (1.2 | )% | | | | 1.3 | % |
Adjustments:
| | | | | | | | | | | | | | | | | | |
Restructuring costs:
| | | | | | | | | | | | | | | | | | |
Severance and related costs
| | | | |
1.5
| | | | | |
0.8
| | | | | | |
0.6
|
%
| | | |
0.3
|
%
|
Asset impairment charges
| | | | |
0.5
| | | | | |
0.1
| | | | | | |
0.2
|
%
| | | |
---
| |
Gain on sale of product line
| | | | |
---
| | | | | |
(5.6
|
)
| | | | | |
---
| | | | |
(2.1
|
)%
|
Costs associated with exiting product lines
| | | |
|
3.9
|
|
|
|
|
|
---
|
| | | | | |
1.6
|
%
|
|
|
|
---
|
|
Adjusted operating income (loss) and margins (non-GAAP) | | | | $ | 3.0 |
|
|
|
| $ | (1.3 | ) | | | | | | 1.2 | % |
|
|
| (0.5 | )% |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
|
|
| |
|
|
| | |
|
|
|
|
|
|
|
| | A-6 |
| | | | | | | | | | | | | | | | | |
|
AVERY DENNISON |
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
| | | | | | | | | | | | | | | | | |
|
| | | | | |
|
| (UNAUDITED) |
| | | | | | | | | | | | | | | | | |
|
ASSETS | |
| |
| Dec. 29, 2012 | | | | | | | |
| | Dec. 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
Current assets:
| | | | | | | | | | | | | | | |
|
Cash and cash equivalents
| | | |
$
|
235.4
| | | | | | | | | |
$
|
178.0
| |
|
Trade accounts receivable, net
| | | | |
972.8
| | | | | | | | | | |
877.1
| |
|
Inventories, net
| | | | |
473.3
| | | | | | | | | | |
475.1
| |
|
Assets held for sale
| | | | |
472.2
| | | | | | | | | | |
454.9
| |
|
Other current assets
| | | | |
258.0
| | | | | | | | | | |
233.7
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | |
Total current assets
| | | | |
2,411.7
| | | | | | | | | | |
2,218.8
| |
| | | | | | | | | | | | | | | | | |
|
Property, plant and equipment, net
| | | | |
1,015.5
| | | | | | | | | | |
1,079.4
| |
Goodwill
| | | | |
764.4
| | | | | | | | | | |
759.3
| |
Other intangibles resulting from business acquisitions, net
| | | | |
125.0
| | | | | | | | | | |
161.2
| |
Non-current deferred income taxes
| | | | |
331.6
| | | | | | | | | | |
322.3
| |
Other assets
| | | | |
457.1
| | | | | | | | | | |
431.7
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | |
$
|
5,105.3
| | | | | | | | | |
$
|
4,972.7
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
Current liabilities:
| | | | | | | | | | | | | | | |
|
Short-term and current portion of long-term debt
| | | |
$
|
520.2
| | | | | | | | | |
$
|
227.1
| |
|
Accounts payable
| | | | |
804.3
| | | | | | | | | | |
736.5
| |
|
Liabilities held for sale
| | | | |
160.5
| | | | | | | | | | |
154.5
| |
|
Other current liabilities
| | | | |
589.5
| | | | | | | | | | |
529.0
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | |
Total current liabilities
| | | | |
2,074.5
| | | | | | | | | | |
1,647.1
| |
| | | | | | | | | | | | | | | | | |
|
Long-term debt
| | | | |
702.2
| | | | | | | | | | |
954.2
| |
Other long-term liabilities
| | | | |
747.7
| | | | | | | | | | |
712.9
| |
Shareholders' equity:
| | | | | | | | | | | | | | | |
|
Common stock
| | | | |
124.1
| | | | | | | | | | |
124.1
| |
|
Capital in excess of par value
| | | | |
801.8
| | | | | | | | | | |
778.6
| |
|
Retained earnings
| | | | |
1,910.8
| | | | | | | | | | |
1,810.5
| |
|
Accumulated other comprehensive loss
| | | | |
(278.0
|
)
| | | | | | | | | |
(263.2
|
)
|
|
Treasury stock at cost
| | | | |
(977.8
|
)
| | | | | | | | | |
(791.5
|
)
|
| | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | |
Total shareholders' equity
| | | | |
1,580.9
| | | | | | | | | | |
1,658.5
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | |
$
|
5,105.3
| | | | | | | | | |
$
|
4,972.7
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
|
|
|
|
| | |
|
|
|
|
|
|
|
|
| | A-7 |
| | | | | | | | | | | | | | | |
|
AVERY DENNISON |
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
| | | | | | | | | | | | | | | | | |
| | | | |
| (UNAUDITED) |
| | | | | | | | | | | | | | | | |
|
| | | | |
| Twelve Months Ended |
| | | | | | | | | | | | | | | | |
|
| | | |
| | Dec. 29, 2012 | | | | | | | | |
| | Dec. 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Operating Activities: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Net income
| | | |
$
|
215.4
| | | | | | | | | | |
$
|
190.1
| |
| | | | | | | | | | | | | | | | |
|
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
|
Depreciation
| | | | |
150.1
| | | | | | | | | | | |
168.0
| |
| | | | | | | | | | | | | | | | |
|
|
Amortization
| | | | |
70.5
| | | | | | | | | | | |
78.5
| |
| | | | | | | | | | | | | | | | |
|
|
Provision for doubtful accounts
| | | | |
19.5
| | | | | | | | | | | |
16.8
| |
| | | | | | | | | | | | | | | | |
|
|
Indefinite-lived intangible asset impairment charges
| | | | |
7.0
| | | | | | | | | | | |
---
| |
| | | | | | | | | | | | | | | | |
|
|
Asset impairment and net loss on sale and disposal of assets
| | | | |
11.7
| | | | | | | | | | | |
9.9
| |
| | | | | | | | | | | | | | | | |
|
|
Loss from debt extinguishments
| | | | |
---
| | | | | | | | | | | |
0.7
| |
| | | | | | | | | | | | | | | | |
|
|
Stock-based compensation
| | | | |
38.9
| | | | | | | | | | | |
39.6
| |
| | | | | | | | | | | | | | | | |
|
|
Other non-cash expense and loss
| | | | |
41.8
| | | | | | | | | | | |
38.1
| |
| | | | | | | | | | | | | | | | |
|
|
Other non-cash income and gain
| | | | |
---
| | | | | | | | | | | |
(2.0
|
)
|
| | | | | | | | | | | | | | | | |
|
Changes in assets and liabilities and other adjustments
| | | | |
(41.5
|
)
| | | | | | | | | | |
(117.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Net cash provided by operating activities
| | | | |
513.4
| | | | | | | | | | | |
422.7
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Investing Activities: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Purchases of property, plant and equipment, net
| | | | |
(95.0
|
)
| | | | | | | | | | |
(105.0
|
)
|
| | | | | | | | | | | | | | | | |
|
Purchases of software and other deferred charges
| | | | |
(59.1
|
)
| | | | | | | | | | |
(26.0
|
)
|
| | | | | | | | | | | | | | | | |
|
Proceeds from sale of product line
| | | | |
0.8
| | | | | | | | | | | |
21.5
| |
| | | | | | | | | | | | | | | | |
|
(Purchases of) proceeds from sales of investments, net
| | | | |
(6.7
|
)
| | | | | | | | | | |
0.3
| |
| | | | | | | | | | | | | | | | |
|
Other
| | | | |
---
| | | | | | | | | | | |
5.0
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Net cash used in investing activities
| | | | |
(160.0
|
)
| | | | | | | | | | |
(104.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Financing Activities: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Net increase (decrease) in borrowings (maturities of 90 days or less)
| | | | |
42.3
| | | | | | | | | | | |
(146.4
|
)
|
| | | | | | | | | | | | | | | | |
|
Payments of debt (maturities longer than 90 days)
| | | | |
(1.8
|
)
| | | | | | | | | | |
(1.5
|
)
|
| | | | | | | | | | | | | | | | |
|
Dividends paid
| | | | |
(110.4
|
)
| | | | | | | | | | |
(106.5
|
)
|
| | | | | | | | | | | | | | | | |
|
Share repurchases
| | | | |
(235.2
|
)
| | | | | | | | | | |
(13.5
|
)
|
| | | | | | | | | | | | | | | | |
|
Proceeds from exercise of stock options, net
| | | | |
10.2
| | | | | | | | | | | |
3.9
| |
| | | | | | | | | | | | | | | | |
|
Other
| | | | |
(2.7
|
)
| | | | | | | | | | |
(7.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Net cash used in financing activities
| | | | |
(297.6
|
)
| | | | | | | | | | |
(271.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Effect of foreign currency translation on cash balances
| | | | |
1.6
| | | | | | | | | | | |
3.5
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Increase in cash and cash equivalents
| | | | |
57.4
| | | | | | | | | | | |
50.5
| |
| | | | | | | | | | | | | | | | |
|
Cash and cash equivalents, beginning of year
| | | | |
178.0
| | | | | | | | | | | |
127.5
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | |
|
Cash and cash equivalents, end of year
| | | |
$
|
235.4
| | | | | | | | | | |
$
|
178.0
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
Avery Dennison Corporation
Media Relations:
David
Frail, (626) 304-2014
David.Frail@averydennison.com
or
Investor
Relations:
Eric M. Leeds, (626) 304-2029
investorcom@averydennison.com
Source: Avery Dennison Corporation
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