DELAWARE, Ohio--(BUSINESS WIRE)--
Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging
products and services, today announced fiscal 2017 and fourth quarter
results.
Fiscal Year Highlights Include (all results compared to the
fiscal year 2016 unless otherwise noted):
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Net sales increased by $314.6 million to $3,638.2 million.
-
Gross profit increased by $29.8 million to $714.7 million.
-
Operating profit increased by $46.8 million to $272.4 million, and
operating profit before special items1 increased by $26.7
million to $335.0 million. Operating profit before special items was
negatively impacted by $5.3 million associated with adverse weather
events and $4.6 million of professional advisory fees related to
planning and execution of tax strategies not contemplated in our
original guidance, which resulted in significant tax risk mitigation
and tax savings.
-
Income tax expense increased by $0.7 million to $67.2 million, but our
effective tax rate decreased from 47.1 percent to 33.5 percent despite
the fiscal 2016 one time tax benefit achieved during Q3 2016.
-
Net income of $118.6 million or $2.02 per diluted Class A share
compared to net income of $74.9 million or $1.28 per diluted Class A
share. Net income, excluding the impact of special items, of $173.1
million or $2.95 per diluted Class A share compared to net income,
excluding the impact of special items, of $143.5 million or $2.44 per
diluted Class A share.
-
Cash provided by operating activities increased by $4.0 million to
$305.0 million. Free cash flow2 increased by $7.3 to $208.2
million.
“We continued to make Greif a stronger and more profitable business in
2017, with solid earnings and cash generation,” said Pete Watson,
Greif’s President and Chief Executive Officer. “Fiscal Year 2017 Class A
earnings per share before special items rose by roughly 21 percent year
over year; we generated more than $200 million in Free Cash Flow and
returned nearly $100 million to shareholders. Our focus on customer
service excellence continues to strengthen and we are driving a
continuous improvement mindset to create stronger sustainable
performance. Our plans for Fiscal 2018 and beyond remain focused on our
teams being accountable to execute on our commitments and to deliver
superior value to our customers and shareholders.”
Fourth Quarter Highlights Include (all results compared to the
fourth quarter 2016 unless otherwise noted):
-
Net sales increased by $100.5 million to $968.1 million.
-
Gross profit decreased by $1.0 million to $182.4 million primarily
related to adverse weather events.
-
Operating profit increased by $6.8 million to $60.4 million and
operating profit before special items increased by $1.9 million to
$88.9 million.
-
Income tax expense decreased by $23.1 million to $5.2 million.
-
Net income of $33.3 million or $0.57 per diluted Class A share
compared to net income of $8.5 million or $0.14 per diluted Class A
share. Net income, excluding the impact of special items, of $57.8
million or $0.98 per diluted Class A share compared to net income,
excluding the impact of special items, of $38.5 million or $0.65 per
diluted Class A share.
-
Cash provided by operating activities increased by $56.9 million to
$199.9 million. Free cash flow increased by $53.9 million to $168.2
million.
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1
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A summary of all special items that are excluded from operating
profit before special items, from net income before special items,
and from earnings per diluted Class A share before special items is
set forth in the Selected Financial Highlights table following the
Dividend Summary in this release.
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2
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Free cash flow is defined as net cash provided by operating
activities less cash paid for purchases of properties, plants and
equipment.
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Note: A reconciliation of the differences between all non-GAAP financial
measures used in this release with the most directly comparable GAAP
financial measures is included in the financial schedules that are a
part of this release. These non-GAAP financial measures are intended to
supplement and should be read together with our financial results. They
should not be considered an alternative or substitute for, and should
not be considered superior to, our reported financial results.
Accordingly, users of this financial information should not place undue
reliance on these non-GAAP financial measures.
Notable Business Highlights
Our three strategic priorities are:
1. Invest in our people and teams to foster a strong culture of employee
engagement and accountability.
2. Deliver industry leading customer service excellence to achieve
superior customer satisfaction and loyalty.
3. Strive for and realize performance excellence, leading to enhanced
free cash flow and value creation.
Our goal is to be the best performing customer service company in
industrial packaging in the world. We measure and track our customer
performance through two metrics: the customer satisfaction index (CSI);
and Net Promoter Score (NPS). NPS measures how likely a customer is to
recommend Greif as a business partner.
Our consolidated CSI tracks a variety of internal metrics designed to
enhance the customer experience in dealing with Greif. Our CSI improved
by roughly 2% versus the prior year quarter, with the biggest
improvement recorded in the Flexible Products & Services (FPS) segment,
which generated a 17% improvement versus the prior year quarter. Our
expectation is that each business segment deliver CSI at a 95 score or
better. Our Paper Packaging & Services (PPS) segment has consistently
performed at that level for many years. Our Rigid Industrial Packaging
and Services (RIPS) and FPS segments are nearing that threshold.
We are finalizing the most recent NPS survey results, which will be
shared as part of our first quarter 2018 earnings release. The NPS
survey being finalized will be our fifth conducted since the beginning
of the Transformation initiative.
From an operational standpoint, the business delivered a solid quarter
despite weather related headwinds. Our third quarter earnings call was
several days after Hurricane Harvey made landfall and at that time, we
had estimated a $2.5 million adverse weather impact; in actuality, the
impact was $5.3 million. RIPS - our largest business segment by revenue
and operating profit - bore the brunt of these headwinds, but still
generated higher year-over-year sales. RIPS gross profit margin was
impacted by roughly $4 million related to Hurricane Harvey, rising raw
material prices and the timing of contractual pass through mechanisms
that will recover in the coming quarters. PPS - which consists of two
paper mills and one of the newest corrugator networks in the
containerboard industry - delivered strong volumes, higher specialty
sales and realized previous containerboard price increases, which all
helped to offset the impact of year-over-year old corrugated container
inflation. FPS - the world’s largest producer of industrial flexible
intermediate bulk containers - continues to demonstrate improvement, but
was impacted by a $2.7 million expense during the quarter related to
legacy claims.
Fourth quarter Class A earnings per share before special items was $0.98
per share versus $0.65 per share in the prior year quarter. Earnings
benefited from higher year over year sales, lower SG&A expense, lower
interest expense and a significantly reduced tax rate versus the prior
year quarter. For fiscal 2017, we delivered Class A earnings per share
before special items of $2.95 per share, which is at the high end our
guidance range. Fiscal 2017 earnings benefited from a significant
reduction in the company’s anticipated annual tax expense in the fourth
quarter as a result of a reduction in anticipated pretax income, the
realization of tax benefits from global tax initiatives in fiscal 2017,
and certain one-time tax benefits realized in the fourth quarter of
2017. Fiscal 2017 Free Cash Flow totaled $208.2 million which exceeded
our guidance. Fiscal 2018 guidance is included in this press release.
The end of Fiscal 2017 concludes our three year Transformation
initiative. That initiative helped to refocus Greif on the importance of
customer service excellence and re-oriented our business strategy
towards delivering value improvements over purely volume gains. We have
emerged from the Transformation with a stronger portfolio, one that is
optimized for future growth if opportunities arise that generate
appropriate returns. While the Transformation may have officially
concluded, optimization activities identified during the initiative will
continue into 2018. Furthermore, the financial discipline underlying our
Transformation will continue and full year benefits of fiscal 2017
initiatives will be realized in 2018.
Company Outlook
Highlights of fiscal 2018 guidance are set forth below.
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Class A Earnings Per Share before Special Items
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$3.25 - $3.55
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Free Cash Flow
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$200.0 million - $220.0 million
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Note: 2018 Class A Earnings per Share guidance is not provided in this
release due to the potential for one or more of the following, the
timing and magnitude of which we are unable to reliably forecast: gains
or losses on the disposal of businesses, timberland or properties,
plants and equipment, net, non-cash asset impairment charges due to
unanticipated changes in the business, restructuring-related activities,
non-cash pension settlement charges or acquisition costs, and the income
tax effects of these items and other income tax-related events. No
reconciliation of the fiscal year 2018 Class A earnings per share
guidance, a non-GAAP financial measure which excludes gains and losses
on the disposal of businesses, timberland and properties, plants and
equipment, non-cash pension settlement charges, acquisition costs and
restructuring and impairment charges is included in this release
because, due to the high variability and difficulty in making accurate
forecasts and projections of some of the excluded information, together
with some of the excluded information not being ascertainable or
accessible, we are unable to quantify certain amounts that would be
required to be included in the most directly comparable GAAP financial
measure without unreasonable efforts. A reconciliation of 2018 free cash
flow guidance to forecasted net cash provided by operating activities,
the most directly comparable GAAP financial measure, is included in this
release.
Segment Results (all results compared to the fourth quarter of
2017 unless otherwise noted)
Net sales are impacted mainly by the volume of primary products3
sold, selling prices, product mix and the impact of changes in foreign
currencies against the U.S. Dollar. The tables below show the percentage
impact of each of these items on net sales for our primary products,
both including and excluding the impact of divestitures, for the fourth
quarter of 2017 as compared to the fourth quarter of 2016 for the
business segments with manufacturing operations:
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Net Sales Impact - Primary Products
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Rigid Industrial
Packaging &
Services
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Paper Packaging &
Services
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Flexible Products
& Services
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%
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%
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%
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Currency Translation
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1.8
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%
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—
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3.7
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%
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Volume
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1.5
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%
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6.0
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%
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(4.7
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)%
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Selling Prices and Product Mix
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11.0
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%
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12.0
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%
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2.7
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%
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Total Impact of Primary Products
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14.3
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%
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18.0
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%
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1.7
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%
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Net Sales Impact - Primary Products,
Excluding Divestitures:
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Rigid Industrial
Packaging &
Services
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Paper Packaging &
Services
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Flexible Products
& Services
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%
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%
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%
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Currency Translation
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1.8
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%
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—
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3.7
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%
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Volume
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1.5
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%
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6.0
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%
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(4.7
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)%
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Selling Prices and Product Mix
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11.1
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%
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12.0
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%
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2.7
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%
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Total Impact of Primary Products
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14.4
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%
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18.0
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%
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1.7
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%
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(3) Primary products are manufactured steel, plastic and
fibre drums; intermediate bulk containers; linerboard, medium,
corrugated sheets and corrugated containers; and 1&2 loop and 4 loop
flexible intermediate bulk containers.
Rigid Industrial Packaging & Services
Net sales increased by $59.6 million to $662.5 million. Divestitures
negatively impacted net sales by $2.5 million and foreign currency
translation benefited net sales by $9.8 million. Net sales excluding
divestitures and foreign currency translation increased by $52.3 million
due primarily to a 11.1 percent increase in selling prices and product
mix on our primary products stemming from strategic pricing decisions
and increases in index prices.
Gross profit decreased by $12.0 million to $118.9 million due to raw
material price increases and a $4.4 million impact from adverse weather
events.
Operating profit decreased by $6.0 million to $24.5 million. Operating
profit before special items decreased by $7.9 million to $52.5 million,
due primarily to the same factors that impacted gross profit, offset by
a reduction in this segment's selling, general and administrative
expenses.
Paper Packaging & Services
Net sales increased by $34.0 million to $223.0 million. The increase was
due primarily to an increase in volumes in our mills and CorrChoice
sheet feeder network and increased sales of specialty products.
Gross profit increased by $10.0 million to $49.0 million primarily due
to the same factors that impacted net sales, partially offset by a $0.5
million impact from adverse weather events and higher year over year raw
material costs.
Operating profit increased by $9.0 million to $33.7 million primarily
due to the same factors that impacted gross profit.
Flexible Products & Services
Net sales increased by $7.1 million to $76.2 million due primarily to
strategic pricing decisions.
Gross profit increased by $0.3 million to $12.0 million due primarily to
the same factors that impacted net sales above, offset by increased
reserves for legacy claims.
Operating profit increased by $3.9 million to $0.3 million. Operating
profit before special items increased by $0.5 million to $0.6 million
primarily due to the same factors that impacted gross profit.
Land Management
Net sales decreased by $0.2 million to $6.4 million primarily due to a
decrease in timber sales and a $0.4 million impact from adverse weather
events.
Operating profit decreased by $0.1 million to $1.9 million. Operating
profit before special items increased by $0.4 million to $1.8 million
primarily due to the same factors that impacted net sales offset by a
reduction in transportation costs.
Dividend Summary
On December 5, 2017, the Board of Directors declared quarterly cash
dividends of $0.42 per share of Class A Common Stock and $0.62 per share
of Class B Common Stock. Dividends are payable on January 1, 2018, to
stockholders of record at the close of business on December 18, 2017.
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GREIF, INC. AND SUBSIDIARY COMPANIES
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SELECTED FINANCIAL HIGHLIGHTS
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UNAUDITED
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Three months ended October 31,
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Twelve months ended October 31,
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(in millions, except for per share amounts)
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2017
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2016
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2017
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2016
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Selected Financial Highlights
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Net sales
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$
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968.1
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$
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867.6
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$
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3,638.2
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$
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3,323.6
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Gross profit
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182.4
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183.4
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714.7
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684.9
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Gross profit margin
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18.8
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%
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21.1
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%
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19.6
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%
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20.6
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%
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Operating profit
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60.4
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53.6
|
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272.4
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225.6
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Operating profit before special items
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88.9
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87.0
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335.0
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308.3
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EBITDA
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89.4
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83.9
|
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382.9
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345.1
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EBITDA before special items
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117.9
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117.3
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445.5
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427.8
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Cash provided by operating activities
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199.9
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143.0
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305.0
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301.0
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Free cash flow
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168.2
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114.3
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208.2
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200.9
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Net income attributable to Greif, Inc.
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33.3
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8.5
|
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118.6
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74.9
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Diluted Class A earnings per share attributable to Greif, Inc.
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$
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0.57
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$
|
0.14
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$
|
2.02
|
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$
|
1.28
|
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Diluted Class A earnings per share attributable to Greif, Inc.
before special items
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$
|
0.98
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$
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0.65
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$
|
2.95
|
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$
|
2.44
|
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|
Special items
|
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|
|
|
|
|
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Restructuring charges
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$
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4.0
|
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$
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9.0
|
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$
|
12.7
|
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$
|
26.9
|
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Acquisition-related costs
|
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0.7
|
|
|
0.1
|
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|
0.7
|
|
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0.2
|
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Non-cash asset impairment charges
|
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14.9
|
|
|
6.5
|
|
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20.8
|
|
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51.4
|
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Non-cash pension settlement charge
|
|
1.5
|
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|
—
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27.1
|
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—
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Loss on disposal of properties, plants and equipment and businesses,
net
|
|
7.4
|
|
|
17.8
|
|
|
1.3
|
|
|
4.2
|
|
|
Total special items
|
|
$
|
28.5
|
|
|
$
|
33.4
|
|
|
$
|
62.6
|
|
|
$
|
82.7
|
|
|
Total special items, net of tax and noncontrolling interest
|
|
24.5
|
|
|
30.0
|
|
|
54.5
|
|
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68.6
|
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Impact of total special items, net of tax, on diluted Class A
earnings per share attributable to Greif, Inc.
|
|
$
|
0.41
|
|
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$
|
0.51
|
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$
|
0.93
|
|
|
$
|
1.16
|
|
|
|
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October 31, 2017
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October 31, 2016
|
|
|
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Operating working capital(4)
|
|
$
|
327.3
|
|
|
$
|
304.6
|
|
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(4)Operating working capital is defined as trade accounts
receivable plus inventories less accounts payable.
Conference Call
The Company will host a conference call to discuss the fourth quarter of
2017 results on December 7, 2017, at 8:30 a.m. Eastern Time (ET). To
participate, domestic callers should call (833) 231-8265. The Greif ID
is 9388796. The number for international callers is +1-(647) 689-4110.
Phone lines will open at 8:00 a.m. ET. The conference call will also be
available through a live webcast, including slides, which can be
accessed at http://investor.greif.com
by clicking on the Events and Presentations tab and searching under the
events calendar. A replay of the conference call will be available on
the Company’s website approximately two hours following the call.
About Greif
Greif is a global leader in industrial packaging products and services
and is pursuing its vision to become the world’s best performing
customer service company in industrial packaging. The Company produces
steel, plastic, fibre, flexible, corrugated, and reconditioned
containers, intermediate bulk containers, containerboard and packaging
accessories, and provides filling, packaging and industrial packaging
reconditioning services for a wide range of industries. Greif also
manages timber properties in the southeastern United States. The Company
is strategically positioned with production facilities in over 45
countries to serve global as well as regional customers. Additional
information is on the Company’s website at www.greif.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The words “may,”
“will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,”
“objective,” “project,” “believe,” “continue,” “on track” or “target” or
the negative thereof and similar expressions, among others, identify
forward-looking statements. All forward-looking statements are based on
assumptions, expectations and other information currently available to
management. Such forward-looking statements are subject to certain risks
and uncertainties that could cause the Company’s actual results to
differ materially from those forecasted, projected or anticipated,
whether expressed or implied. The most significant of these risks and
uncertainties are described in Part I of the Company’s Annual Report on
Form 10-K for the fiscal year ended October 31, 2017. The Company
undertakes no obligation to update or revise any forward-looking
statements.
Although the Company believes that the expectations reflected in
forward-looking statements have a reasonable basis, the Company can give
no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties that
could cause the Company’s actual results to differ materially from those
forecasted, projected or anticipated, whether expressed in or implied by
the statements. Such risks and uncertainties that might cause a
difference include, but are not limited to, the following:
(i) historically, our business has been sensitive to changes in general
economic or business conditions, (ii) we may not successfully implement
our business strategies, including achieving our transformation and
growth objectives, (iii) our operations subject us to currency exchange
and political risks that could adversely affect our results of
operations, (iv) the current and future challenging global economy and
disruption and volatility of the financial and credit markets may
adversely affect our business, (v) the continuing consolidation of our
customer base and suppliers may intensify pricing pressure, (vi) we
operate in highly competitive industries, (vii) our business is
sensitive to changes in industry demands, (viii) raw material and energy
price fluctuations and shortages may adversely impact our manufacturing
operations and costs, (ix) geopolitical conditions, including direct or
indirect acts of war or terrorism, could have a material adverse effect
on our operations and financial results, (x) we may encounter
difficulties arising from acquisitions, (xi) in connection with
acquisitions or divestitures, we may become subject to liabilities,
(xii) we may incur additional restructuring costs and there is no
guarantee that our efforts to reduce costs will be successful,
(xiii) tax legislation initiatives or challenges to our tax positions
may adversely impact our results or condition, (xiv) full realization of
our deferred tax assets may be affected by a number of factors,
(xv) several operations are conducted by joint ventures that we cannot
operate solely for our benefit, (xvi) certain of the agreements that
govern our joint ventures provide our partners with put or call options,
(xvii) our ability to attract, develop and retain talented and qualified
employees, managers and executives is critical to our success,
(xviii) our business may be adversely impacted by work stoppages and
other labor relations matters, (xix) we may not successfully identify
illegal immigrants in our workforce, (xx) our pension and postretirement
plans are underfunded and will require future cash contributions and our
required future cash contributions could be higher than we expect, each
of which could have a material adverse effect on our financial condition
and liquidity, (xxi) we may be subject to losses that might not be
covered in whole or in part by existing insurance reserves or insurance
coverage, (xxii) our business depends on the uninterrupted operations of
our facilities, systems and business functions, including our
information technology (IT) and other business systems, (xxiii) a
security breach of customer, employee, supplier or Company information
may have a material adverse effect on our business, financial condition
and results of operations, (xxiv) legislation/regulation related to
environmental and health and safety matters and corporate social
responsibility could negatively impact our operations and financial
performance, (xxv) product liability claims and other legal proceedings
could adversely affect our operations and financial performance,
(xxvi) we may incur fines or penalties, damage to our reputation or
other adverse consequences if our employees, agents or business partners
violate, or are alleged to have violated, anti-bribery, competition or
other laws, (xxvii) changing climate, climate change regulations and
greenhouse gas effects may adversely affect our operations and financial
performance, (xxviii) the frequency and volume of our timber and
timberland sales will impact our financial performance, (xxix) changes
in U.S. generally accepted accounting principles (U.S. GAAP) and SEC
rules and regulations could materially impact our reported results,
(xxx) if the Company fails to maintain an effective system of internal
control, the Company may not be able to accurately report financial
results or prevent fraud, and (xxxi) the Company has a significant
amount of goodwill and long-lived assets which, if impaired in the
future, would adversely impact our results of operations. The risks
described above are not all-inclusive, and given these and other
possible risks and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. For a detailed discussion of the most significant risks and
uncertainties that could cause our actual results to differ materially
from those forecasted, projected or anticipated, see “Risk Factors” in
Part I, Item 1A of our most recently filed Form 10-K and our other
filings with the Securities and Exchange Commission. All forward-looking
statements made in this news release are expressly qualified in their
entirety by reference to such risk factors. Except to the limited extent
required by applicable law, we undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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GREIF, INC. AND SUBSIDIARY COMPANIES
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
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UNAUDITED
|
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|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions, except per share amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net sales
|
|
$
|
968.1
|
|
|
$
|
867.6
|
|
|
$
|
3,638.2
|
|
|
$
|
3,323.6
|
|
|
Cost of products sold
|
|
785.7
|
|
|
684.2
|
|
|
2,923.5
|
|
|
2,638.7
|
|
|
Gross profit
|
|
182.4
|
|
|
183.4
|
|
|
714.7
|
|
|
684.9
|
|
|
Selling, general and administrative expenses
|
|
94.2
|
|
|
96.5
|
|
|
380.4
|
|
|
376.8
|
|
|
Restructuring charges
|
|
4.0
|
|
|
9.0
|
|
|
12.7
|
|
|
26.9
|
|
|
Non-cash asset impairment charges
|
|
14.9
|
|
|
6.5
|
|
|
20.8
|
|
|
51.4
|
|
|
Non-cash pension settlement charge
|
|
1.5
|
|
|
—
|
|
|
27.1
|
|
|
—
|
|
|
(Gain) loss on disposal of properties, plants and equipment, net
|
|
3.5
|
|
|
(0.8
|
)
|
|
(0.4
|
)
|
|
(10.3
|
)
|
|
Loss on disposal of businesses, net
|
|
3.9
|
|
|
18.6
|
|
|
1.7
|
|
|
14.5
|
|
|
Operating profit
|
|
60.4
|
|
|
53.6
|
|
|
272.4
|
|
|
225.6
|
|
|
Interest expense, net
|
|
13.4
|
|
|
17.2
|
|
|
60.1
|
|
|
75.4
|
|
|
Other expense, net
|
|
3.8
|
|
|
1.6
|
|
|
12.0
|
|
|
9.0
|
|
|
Income before income tax expense and equity earnings of
unconsolidated affiliates, net
|
|
43.2
|
|
|
34.8
|
|
|
200.3
|
|
|
141.2
|
|
|
Income tax expense
|
|
5.2
|
|
|
28.3
|
|
|
67.2
|
|
|
66.5
|
|
|
Equity earnings of unconsolidated affiliates, net of tax
|
|
(1.7
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
(0.8
|
)
|
|
Net income
|
|
39.7
|
|
|
6.5
|
|
|
135.1
|
|
|
75.5
|
|
|
Net (income) loss attributable to noncontrolling interests
|
|
(6.4
|
)
|
|
2.0
|
|
|
(16.5
|
)
|
|
(0.6
|
)
|
|
Net income attributable to Greif, Inc.
|
|
$
|
33.3
|
|
|
$
|
8.5
|
|
|
$
|
118.6
|
|
|
$
|
74.9
|
|
|
Basic earnings per share attributable to Greif, Inc. common
shareholders:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock
|
|
$
|
0.57
|
|
|
$
|
0.14
|
|
|
$
|
2.02
|
|
|
$
|
1.28
|
|
|
Class B Common Stock
|
|
$
|
0.85
|
|
|
$
|
0.22
|
|
|
$
|
3.02
|
|
|
$
|
1.90
|
|
|
Diluted earnings per share attributable to Greif, Inc. common
shareholders:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock
|
|
$
|
0.57
|
|
|
$
|
0.14
|
|
|
$
|
2.02
|
|
|
$
|
1.28
|
|
|
Class B Common Stock
|
|
$
|
0.85
|
|
|
$
|
0.22
|
|
|
$
|
3.02
|
|
|
$
|
1.90
|
|
|
Shares used to calculate basic earnings per share attributable to
Greif, Inc. common shareholders:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock
|
|
25.8
|
|
|
25.8
|
|
|
25.8
|
|
|
25.8
|
|
|
Class B Common Stock
|
|
22.0
|
|
|
22.0
|
|
|
22.0
|
|
|
22.1
|
|
|
Shares used to calculate diluted earnings per share attributable
to Greif, Inc. common shareholders:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock
|
|
25.8
|
|
|
25.8
|
|
|
25.8
|
|
|
25.8
|
|
|
Class B Common Stock
|
|
22.0
|
|
|
22.0
|
|
|
22.0
|
|
|
22.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
UNAUDITED
|
|
|
|
|
|
|
|
(in millions)
|
|
October 31, 2017
|
|
October 31, 2016
|
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
142.3
|
|
|
$
|
103.7
|
|
Trade accounts receivable
|
|
447.0
|
|
|
399.2
|
|
Inventories
|
|
279.5
|
|
|
277.4
|
|
Other current assets
|
|
125.7
|
|
|
132.0
|
|
|
|
994.5
|
|
|
912.3
|
|
LONG-TERM ASSETS
|
|
|
|
|
|
Goodwill
|
|
785.4
|
|
|
786.4
|
|
Intangible assets
|
|
98.0
|
|
|
110.6
|
|
Assets held by special purpose entities
|
|
50.9
|
|
|
50.9
|
|
Other long-term assets
|
|
115.1
|
|
|
120.9
|
|
|
|
1,049.4
|
|
|
1,068.8
|
|
PROPERTIES, PLANTS AND EQUIPMENT
|
|
1,188.4
|
|
|
1,171.9
|
|
|
|
$
|
3,232.3
|
|
|
$
|
3,153.0
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable
|
|
$
|
399.2
|
|
|
$
|
372.0
|
|
Short-term borrowings
|
|
14.5
|
|
|
51.6
|
|
Current portion of long-term debt
|
|
15.0
|
|
|
—
|
|
Other current liabilities
|
|
259.2
|
|
|
235.6
|
|
|
|
687.9
|
|
|
659.2
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
Long-term debt
|
|
937.8
|
|
|
974.6
|
|
Liabilities held by special purpose entities
|
|
43.3
|
|
|
43.3
|
|
Other long-term liabilities
|
|
484.3
|
|
|
486.2
|
|
|
|
1,465.4
|
|
|
1,504.1
|
|
REDEEMABLE NONCONTROLLING INTERESTS
|
|
31.5
|
|
|
31.8
|
|
EQUITY
|
|
|
|
|
|
Total Greif, Inc. equity
|
|
1,010.9
|
|
|
947.4
|
|
Noncontrolling interests
|
|
36.6
|
|
|
10.5
|
|
|
|
1,047.5
|
|
|
957.9
|
|
|
|
$
|
3,232.3
|
|
|
$
|
3,153.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
39.7
|
|
|
$
|
6.5
|
|
|
$
|
135.1
|
|
|
$
|
75.5
|
|
|
Depreciation, depletion and amortization
|
|
31.1
|
|
|
31.9
|
|
|
120.5
|
|
|
127.7
|
|
|
Asset impairments
|
|
14.9
|
|
|
6.5
|
|
|
20.8
|
|
|
51.4
|
|
|
Pension settlement loss
|
|
1.5
|
|
|
—
|
|
|
27.1
|
|
|
—
|
|
|
Other non-cash adjustments to net income
|
|
16.1
|
|
|
30.7
|
|
|
6.2
|
|
|
9.8
|
|
|
Operating working capital changes
|
|
65.5
|
|
|
50.0
|
|
|
(30.6
|
)
|
|
24.2
|
|
|
Deferred purchase price on sold receivables
|
|
35.9
|
|
|
25.4
|
|
|
5.1
|
|
|
5.2
|
|
|
Increase (decrease) in cash from changes in other assets and
liabilities
|
|
(4.8
|
)
|
|
(8.0
|
)
|
|
20.8
|
|
|
7.2
|
|
|
Net cash provided by operating activities
|
|
199.9
|
|
|
143.0
|
|
|
305.0
|
|
|
301.0
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Acquisitions of businesses, net of cash acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
Collection of subordinated note receivable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44.2
|
|
|
Purchases of properties, plants and equipment
|
|
(31.7
|
)
|
|
(28.7
|
)
|
|
(96.8
|
)
|
|
(100.1
|
)
|
|
Purchases of and investments in timber properties
|
|
(2.2
|
)
|
|
(2.4
|
)
|
|
(9.5
|
)
|
|
(7.1
|
)
|
|
Purchases of properties, plants and equipment with insurance proceeds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.4
|
)
|
|
Proceeds from the sale of properties, plants and equipment,
businesses, timberland and other assets
|
|
1.7
|
|
|
1.4
|
|
|
15.5
|
|
|
36.1
|
|
|
Proceeds on insurance recoveries
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
6.6
|
|
|
Net cash used in investing activities
|
|
(32.2
|
)
|
|
(29.7
|
)
|
|
(90.4
|
)
|
|
(25.1
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from (payments on) debt, net
|
|
(100.1
|
)
|
|
(77.8
|
)
|
|
(72.8
|
)
|
|
(159.8
|
)
|
|
Dividends paid to Greif, Inc. shareholders
|
|
(24.7
|
)
|
|
(24.7
|
)
|
|
(98.6
|
)
|
|
(98.7
|
)
|
|
Other
|
|
(0.1
|
)
|
|
0.9
|
|
|
(4.2
|
)
|
|
(14.3
|
)
|
|
Net cash used in financing activities
|
|
(124.9
|
)
|
|
(101.6
|
)
|
|
(175.6
|
)
|
|
(272.8
|
)
|
|
Reclassification of cash to assets held for sale
|
|
5.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Effects of exchange rates on cash
|
|
(0.6
|
)
|
|
(2.3
|
)
|
|
(0.4
|
)
|
|
(5.6
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
47.7
|
|
|
9.4
|
|
|
38.6
|
|
|
(2.5
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
94.6
|
|
|
94.3
|
|
|
103.7
|
|
|
106.2
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
142.3
|
|
|
$
|
103.7
|
|
|
$
|
142.3
|
|
|
$
|
103.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
FINANCIAL HIGHLIGHTS BY SEGMENT
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
662.5
|
|
|
$
|
602.9
|
|
|
$
|
2,522.7
|
|
|
$
|
2,324.2
|
|
|
Paper Packaging & Services
|
|
223.0
|
|
|
189.0
|
|
|
800.9
|
|
|
687.1
|
|
|
Flexible Products & Services
|
|
76.2
|
|
|
69.1
|
|
|
286.4
|
|
|
288.1
|
|
|
Land Management
|
|
6.4
|
|
|
6.6
|
|
|
28.2
|
|
|
24.2
|
|
|
Total net sales
|
|
$
|
968.1
|
|
|
$
|
867.6
|
|
|
$
|
3,638.2
|
|
|
$
|
3,323.6
|
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
24.5
|
|
|
$
|
30.5
|
|
|
$
|
173.4
|
|
|
$
|
143.9
|
|
|
Paper Packaging & Services
|
|
33.7
|
|
|
24.7
|
|
|
83.3
|
|
|
89.1
|
|
|
Flexible Products & Services
|
|
0.3
|
|
|
(3.6
|
)
|
|
5.7
|
|
|
(15.5
|
)
|
|
Land Management
|
|
1.9
|
|
|
2.0
|
|
|
10.0
|
|
|
8.1
|
|
|
Total operating profit
|
|
$
|
60.4
|
|
|
$
|
53.6
|
|
|
$
|
272.4
|
|
|
$
|
225.6
|
|
|
EBITDA(5):
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
43.4
|
|
|
$
|
50.3
|
|
|
$
|
241.9
|
|
|
$
|
223.8
|
|
|
Paper Packaging & Services
|
|
41.9
|
|
|
32.7
|
|
|
115.3
|
|
|
120.7
|
|
|
Flexible Products & Services
|
|
1.4
|
|
|
(2.3
|
)
|
|
11.1
|
|
|
(11.3
|
)
|
|
Land Management
|
|
2.7
|
|
|
3.2
|
|
|
14.6
|
|
|
11.9
|
|
|
Total EBITDA
|
|
$
|
89.4
|
|
|
$
|
83.9
|
|
|
$
|
382.9
|
|
|
$
|
345.1
|
|
|
EBITDA before special items:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
71.4
|
|
|
$
|
80.2
|
|
|
$
|
294.9
|
|
|
$
|
293.6
|
|
|
Paper Packaging & Services
|
|
42.2
|
|
|
33.1
|
|
|
126.1
|
|
|
123.3
|
|
|
Flexible Products & Services
|
|
1.7
|
|
|
1.4
|
|
|
12.3
|
|
|
0.6
|
|
|
Land Management
|
|
2.6
|
|
|
2.6
|
|
|
12.2
|
|
|
10.3
|
|
|
Total EBITDA before special items
|
|
$
|
117.9
|
|
|
$
|
117.3
|
|
|
$
|
445.5
|
|
|
$
|
427.8
|
|
(5)EBITDA is defined as net income, plus interest expense,
net, plus income tax expense, plus depreciation, depletion and
amortization. However, because the Company does not calculate net income
by segment, this table calculates EBITDA by segment with reference to
operating profit (loss) by segment, which, as demonstrated in the table
of Consolidated EBITDA, is another method to achieve the same result.
See the reconciliations in the table of Segment EBITDA.
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
FINANCIAL HIGHLIGHTS BY GEOGRAPHIC REGION
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
473.1
|
|
|
$
|
431.8
|
|
|
$
|
1,779.3
|
|
|
$
|
1,610.8
|
|
Europe, Middle East and Africa
|
|
351.6
|
|
|
302.5
|
|
|
1,322.4
|
|
|
1,208.4
|
|
Asia Pacific and other Americas
|
|
143.4
|
|
|
133.3
|
|
|
536.5
|
|
|
504.4
|
|
Total net sales
|
|
$
|
968.1
|
|
|
$
|
867.6
|
|
|
$
|
3,638.2
|
|
|
$
|
3,323.6
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
103.7
|
|
|
$
|
100.0
|
|
|
$
|
380.8
|
|
|
$
|
360.1
|
|
Europe, Middle East and Africa
|
|
56.3
|
|
|
57.9
|
|
|
245.8
|
|
|
227.3
|
|
Asia Pacific and other Americas
|
|
22.4
|
|
|
25.5
|
|
|
88.1
|
|
|
97.5
|
|
Total gross profit
|
|
$
|
182.4
|
|
|
$
|
183.4
|
|
|
$
|
714.7
|
|
|
$
|
684.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
OPERATING WORKING CAPITAL
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
October 31, 2017
|
|
|
|
|
|
October 31, 2016
|
|
Trade accounts receivable
|
|
|
|
|
|
$
|
447.0
|
|
|
|
|
|
|
$
|
399.2
|
|
Plus: inventories
|
|
|
|
|
|
279.5
|
|
|
|
|
|
|
277.4
|
|
Less: accounts payable
|
|
|
|
|
|
399.2
|
|
|
|
|
|
|
372.0
|
|
Operating working capital
|
|
|
|
|
|
$
|
327.3
|
|
|
|
|
|
|
$
|
304.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
CONSOLIDATED EBITDA(6)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net income
|
|
$
|
39.7
|
|
|
$
|
6.5
|
|
|
$
|
135.1
|
|
|
$
|
75.5
|
|
|
Plus: Interest expense, net
|
|
13.4
|
|
|
17.2
|
|
|
60.1
|
|
|
75.4
|
|
|
Plus: Income tax expense
|
|
5.2
|
|
|
28.3
|
|
|
67.2
|
|
|
66.5
|
|
|
Plus: Depreciation, depletion and amortization expense
|
|
31.1
|
|
|
31.9
|
|
|
120.5
|
|
|
127.7
|
|
|
EBITDA
|
|
$
|
89.4
|
|
|
$
|
83.9
|
|
|
$
|
382.9
|
|
|
$
|
345.1
|
|
|
Net income
|
|
$
|
39.7
|
|
|
$
|
6.5
|
|
|
$
|
135.1
|
|
|
$
|
75.5
|
|
|
Plus: Interest expense, net
|
|
13.4
|
|
|
17.2
|
|
|
60.1
|
|
|
75.4
|
|
|
Plus: Income tax expense
|
|
5.2
|
|
|
28.3
|
|
|
67.2
|
|
|
66.5
|
|
|
Plus: Other expense, net
|
|
3.8
|
|
|
1.6
|
|
|
12.0
|
|
|
9.0
|
|
|
Less: equity earnings of unconsolidated affiliates, net of tax
|
|
(1.7
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
(0.8
|
)
|
|
Operating profit
|
|
60.4
|
|
|
53.6
|
|
|
272.4
|
|
|
225.6
|
|
|
Less: Other expense, net
|
|
3.8
|
|
|
1.6
|
|
|
12.0
|
|
|
9.0
|
|
|
Less: equity earnings of unconsolidated affiliates, net of tax
|
|
(1.7
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
(0.8
|
)
|
|
Plus: Depreciation, depletion and amortization expense
|
|
31.1
|
|
|
31.9
|
|
|
120.5
|
|
|
127.7
|
|
|
EBITDA
|
|
$
|
89.4
|
|
|
$
|
83.9
|
|
|
$
|
382.9
|
|
|
$
|
345.1
|
|
(6) EBITDA is defined as net income, plus interest expense,
net, plus income tax expense, plus depreciation, depletion and
amortization. As demonstrated in this table, EBITDA can also be
calculated with reference to operating profit.
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
SEGMENT EBITDA(7)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Rigid Industrial Packaging & Services
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
$
|
24.5
|
|
|
$
|
30.5
|
|
|
$
|
173.4
|
|
|
$
|
143.9
|
|
|
Less: other expense, net
|
|
3.1
|
|
|
1.1
|
|
|
10.5
|
|
|
5.5
|
|
|
Less: equity earnings of unconsolidated affiliates, net of tax
|
|
(1.7
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
(0.8
|
)
|
|
Plus: depreciation and amortization expense
|
|
20.3
|
|
|
20.9
|
|
|
77.0
|
|
|
84.6
|
|
|
EBITDA
|
|
$
|
43.4
|
|
|
$
|
50.3
|
|
|
$
|
241.9
|
|
|
$
|
223.8
|
|
|
Restructuring charges
|
|
3.6
|
|
|
7.8
|
|
|
11.2
|
|
|
19.0
|
|
|
Acquisition-related costs
|
|
0.5
|
|
|
0.1
|
|
|
0.5
|
|
|
0.2
|
|
|
Non-cash asset impairment charges
|
|
14.9
|
|
|
3.5
|
|
|
20.5
|
|
|
43.3
|
|
|
Non-cash pension settlement charge
|
|
1.4
|
|
|
—
|
|
|
16.7
|
|
|
—
|
|
|
Loss on disposal of properties, plants, equipment, and businesses,
net
|
|
7.6
|
|
|
18.5
|
|
|
4.1
|
|
|
7.3
|
|
|
EBITDA before special items
|
|
$
|
71.4
|
|
|
$
|
80.2
|
|
|
$
|
294.9
|
|
|
$
|
293.6
|
|
|
Paper Packaging & Services
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
$
|
33.7
|
|
|
$
|
24.7
|
|
|
$
|
83.3
|
|
|
$
|
89.1
|
|
|
Less: other income, net
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
Plus: depreciation and amortization expense
|
|
8.2
|
|
|
8.0
|
|
|
31.9
|
|
|
31.6
|
|
|
EBITDA
|
|
$
|
41.9
|
|
|
$
|
32.7
|
|
|
$
|
115.3
|
|
|
$
|
120.7
|
|
|
Restructuring charges
|
|
—
|
|
|
0.4
|
|
|
0.3
|
|
|
1.5
|
|
|
Acquisition-related costs
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
Non-cash asset impairment charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
Non-cash pension settlement charge
|
|
0.1
|
|
|
—
|
|
|
10.2
|
|
|
—
|
|
|
(Gain) loss on disposal of properties, plants, equipment, net
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
(0.4
|
)
|
|
EBITDA before special items
|
|
$
|
42.2
|
|
|
$
|
33.1
|
|
|
$
|
126.1
|
|
|
$
|
123.3
|
|
|
Flexible Products & Services
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
$
|
0.3
|
|
|
$
|
(3.6
|
)
|
|
$
|
5.7
|
|
|
$
|
(15.5
|
)
|
|
Less: other expense, net
|
|
0.7
|
|
|
0.5
|
|
|
1.6
|
|
|
3.5
|
|
|
Plus: depreciation and amortization expense
|
|
1.8
|
|
|
1.8
|
|
|
7.0
|
|
|
7.7
|
|
|
EBITDA
|
|
$
|
1.4
|
|
|
$
|
(2.3
|
)
|
|
$
|
11.1
|
|
|
$
|
(11.3
|
)
|
|
Restructuring charges
|
|
0.4
|
|
|
0.7
|
|
|
1.2
|
|
|
6.3
|
|
|
Non-cash asset impairment charges
|
|
—
|
|
|
3.0
|
|
|
0.3
|
|
|
6.6
|
|
|
Non-cash pension settlement charge
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Gain on disposal of properties, plants, equipment and businesses, net
|
|
(0.1
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
EBITDA before special items
|
|
$
|
1.7
|
|
|
$
|
1.4
|
|
|
$
|
12.3
|
|
|
$
|
0.6
|
|
|
Land Management
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
$
|
1.9
|
|
|
$
|
2.0
|
|
|
$
|
10.0
|
|
|
$
|
8.1
|
|
|
Plus: depreciation, depletion and amortization expense
|
|
0.8
|
|
|
1.2
|
|
|
4.6
|
|
|
3.8
|
|
|
EBITDA
|
|
$
|
2.7
|
|
|
$
|
3.2
|
|
|
$
|
14.6
|
|
|
$
|
11.9
|
|
|
Restructuring charges
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
Non-cash pension settlement charge
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Gain on disposal of properties, plants, equipment, net
|
|
(0.1
|
)
|
|
(0.7
|
)
|
|
(2.5
|
)
|
|
(1.7
|
)
|
|
EBITDA before special items
|
|
$
|
2.6
|
|
|
$
|
2.6
|
|
|
$
|
12.2
|
|
|
$
|
10.3
|
|
|
Consolidated EBITDA
|
|
$
|
89.4
|
|
|
$
|
83.9
|
|
|
$
|
382.9
|
|
|
$
|
345.1
|
|
|
Consolidated EBITDA before special items
|
|
$
|
117.9
|
|
|
$
|
117.3
|
|
|
$
|
445.5
|
|
|
$
|
427.8
|
|
(7)EBITDA is defined as net income, plus interest expense,
net, plus income tax expense, plus depreciation, depletion and
amortization. However, because the Company does not calculate net income
by segment, this table calculates EBITDA by segment with reference to
operating profit (loss) by segment, which, as demonstrated in the table
of Consolidated EBITDA, is another method to achieve the same result.
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
FREE CASH FLOW(8)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net cash provided by operating activities
|
|
$
|
199.9
|
|
|
$
|
143.0
|
|
|
$
|
305.0
|
|
|
$
|
301.0
|
|
|
Cash paid for purchases of properties, plants and equipment
|
|
(31.7
|
)
|
|
(28.7
|
)
|
|
(96.8
|
)
|
|
(100.1
|
)
|
|
Free Cash Flow
|
|
$
|
168.2
|
|
|
$
|
114.3
|
|
|
$
|
208.2
|
|
|
$
|
200.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
PROJECTED 2018 GUIDANCE RECONCILIATION
|
|
FREE CASH FLOW
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2018 Forecast Range
|
|
(in millions)
|
|
|
|
|
Scenario 1
|
|
Scenario 2
|
|
Net cash provided by operating activities
|
|
|
|
|
$
|
300.0
|
|
|
$
|
340.0
|
|
|
Cash paid for purchases of properties, plants and equipment
|
|
|
|
|
(100.0
|
)
|
|
(120.0
|
)
|
|
Free Cash Flow
|
|
|
|
|
$
|
200.0
|
|
|
$
|
220.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)Free Cash Flow is defined as net cash provided by
operating activities less cash paid for purchases of properties, plants
and equipment.
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
SEGMENT OPERATING PROFIT (LOSS) BEFORE SPECIAL ITEMS(9)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
24.5
|
|
|
$
|
30.5
|
|
|
$
|
173.4
|
|
|
$
|
143.9
|
|
|
Paper Packaging & Services
|
|
33.7
|
|
|
24.7
|
|
|
83.3
|
|
|
89.1
|
|
|
Flexible Products & Services
|
|
0.3
|
|
|
(3.6
|
)
|
|
5.7
|
|
|
(15.5
|
)
|
|
Land Management
|
|
1.9
|
|
|
2.0
|
|
|
10.0
|
|
|
8.1
|
|
|
Total operating profit
|
|
$
|
60.4
|
|
|
$
|
53.6
|
|
|
$
|
272.4
|
|
|
$
|
225.6
|
|
|
Restructuring charges:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
3.6
|
|
|
$
|
7.8
|
|
|
$
|
11.2
|
|
|
$
|
19.0
|
|
|
Paper Packaging & Services
|
|
—
|
|
|
0.4
|
|
|
0.3
|
|
|
1.5
|
|
|
Flexible Products & Services
|
|
0.4
|
|
|
0.7
|
|
|
1.2
|
|
|
6.3
|
|
|
Land Management
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
Total restructuring charges
|
|
$
|
4.0
|
|
|
$
|
9.0
|
|
|
$
|
12.7
|
|
|
$
|
26.9
|
|
|
Acquisition-related costs:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
0.5
|
|
|
$
|
0.2
|
|
|
Paper Packaging & Services
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
Total acquisition-related costs
|
|
$
|
0.7
|
|
|
$
|
0.1
|
|
|
$
|
0.7
|
|
|
$
|
0.2
|
|
|
Non-cash asset impairment charges:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
14.9
|
|
|
$
|
3.5
|
|
|
$
|
20.5
|
|
|
$
|
43.3
|
|
|
Paper Packaging & Services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
Flexible Products & Services
|
|
—
|
|
|
3.0
|
|
|
0.3
|
|
|
6.6
|
|
|
Total non-cash asset impairment charges
|
|
$
|
14.9
|
|
|
$
|
6.5
|
|
|
$
|
20.8
|
|
|
$
|
51.4
|
|
|
Non-cash pension settlement charge:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
16.7
|
|
|
$
|
—
|
|
|
Paper Packaging & Services
|
|
0.1
|
|
|
—
|
|
|
10.2
|
|
|
—
|
|
|
Flexible Products & Services
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Land Management
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Total non-cash pension settlement charge
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
27.1
|
|
|
$
|
—
|
|
|
(Gain) loss on disposal of properties, plants, equipment and
businesses, net:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
7.6
|
|
|
$
|
18.5
|
|
|
$
|
4.1
|
|
|
$
|
7.3
|
|
|
Paper Packaging & Services
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
(0.4
|
)
|
|
Flexible Products & Services
|
|
(0.1
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
Land Management
|
|
(0.1
|
)
|
|
(0.7
|
)
|
|
(2.5
|
)
|
|
(1.7
|
)
|
|
Total loss on disposal of properties, plants, equipment and
businesses, net
|
|
$
|
7.4
|
|
|
$
|
17.8
|
|
|
$
|
1.3
|
|
|
$
|
4.2
|
|
|
Operating profit (loss) before special items:
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
52.5
|
|
|
$
|
60.4
|
|
|
$
|
226.4
|
|
|
$
|
213.7
|
|
|
Paper Packaging & Services
|
|
34.0
|
|
|
25.1
|
|
|
94.1
|
|
|
91.7
|
|
|
Flexible Products & Services
|
|
0.6
|
|
|
0.1
|
|
|
6.9
|
|
|
(3.6
|
)
|
|
Land Management
|
|
1.8
|
|
|
1.4
|
|
|
7.6
|
|
|
6.5
|
|
|
Total operating profit before special items
|
|
$
|
88.9
|
|
|
$
|
87.0
|
|
|
$
|
335.0
|
|
|
$
|
308.3
|
|
(9)Operating profit (loss) before special items is defined as
operating profit (loss), plus restructuring charges, plus
acquisition-related costs, plus non-cash pension settlement charge, plus
non-cash impairment charges, less gain on disposal of properties,
plants, equipment, net.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
NET INCOME AND CLASS A EARNINGS PER SHARE BEFORE SPECIAL ITEMS
|
|
UNAUDITED
|
|
(Dollars in millions, except for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense and
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Equity Earnings of
|
|
Income Tax
|
|
earnings of
|
|
Non-
|
|
Net Income
|
|
Diluted Class A
|
|
|
|
Unconsolidated
|
|
Expense
|
|
unconsolidated
|
|
Controlling
|
|
Attributable
|
|
Earnings Per
|
|
|
|
Affiliates, net
|
|
(Benefit)
|
|
affiliates
|
|
Interest
|
|
to Greif, Inc.
|
|
Share
|
|
Three months ended October 31, 2017
|
|
$
|
43.2
|
|
|
$
|
5.2
|
|
|
$
|
(1.7
|
)
|
|
$
|
6.4
|
|
|
$
|
33.3
|
|
|
$
|
0.57
|
|
|
Loss on disposal of properties, plants, equipment and businesses, net
|
|
7.4
|
|
|
1.5
|
|
|
—
|
|
|
(0.1
|
)
|
|
6.0
|
|
|
0.10
|
|
|
Restructuring charges
|
|
4.0
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
3.7
|
|
|
0.06
|
|
|
Non-cash asset impairment charges
|
|
14.9
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
14.8
|
|
|
0.25
|
|
|
Acquisition-related costs
|
|
0.7
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.01
|
|
|
Non-cash pension settlement charge
|
|
1.5
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(0.01
|
)
|
|
Excluding Special Items
|
|
$
|
71.7
|
|
|
$
|
9.1
|
|
|
$
|
(1.7
|
)
|
|
$
|
6.5
|
|
|
$
|
57.8
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended October 31, 2016
|
|
$
|
34.8
|
|
|
$
|
28.3
|
|
|
$
|
—
|
|
|
$
|
(2.0
|
)
|
|
$
|
8.5
|
|
|
$
|
0.14
|
|
|
Loss on disposal of properties, plants, equipment and businesses, net
|
|
17.8
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
17.3
|
|
|
0.29
|
|
|
Restructuring charges
|
|
9.0
|
|
|
1.3
|
|
|
—
|
|
|
0.3
|
|
|
7.4
|
|
|
0.13
|
|
|
Non-cash asset impairment charges
|
|
6.5
|
|
|
(0.7
|
)
|
|
—
|
|
|
1.9
|
|
|
5.3
|
|
|
0.09
|
|
|
Acquisition-related costs
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Excluding Special Items
|
|
$
|
68.2
|
|
|
$
|
29.5
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
38.5
|
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended October 31, 2017
|
|
$
|
200.3
|
|
|
$
|
67.2
|
|
|
$
|
(2.0
|
)
|
|
$
|
16.5
|
|
|
$
|
118.6
|
|
|
$
|
2.02
|
|
|
Loss on disposal of properties, plants, equipment and businesses, net
|
|
1.3
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
2.2
|
|
|
0.04
|
|
|
Restructuring charges
|
|
12.7
|
|
|
(2.2
|
)
|
|
—
|
|
|
0.6
|
|
|
14.3
|
|
|
0.24
|
|
|
Non-cash asset impairment charges
|
|
20.8
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
20.6
|
|
|
0.35
|
|
|
Acquisition-related costs
|
|
0.7
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.01
|
|
|
Non-cash pension settlement charge
|
|
27.1
|
|
|
10.2
|
|
|
—
|
|
|
—
|
|
|
16.9
|
|
|
0.29
|
|
|
Excluding Special Items
|
|
$
|
262.9
|
|
|
$
|
74.8
|
|
|
$
|
(2.0
|
)
|
|
$
|
17.0
|
|
|
$
|
173.1
|
|
|
$
|
2.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended October 31, 2016
|
|
$
|
141.2
|
|
|
$
|
66.5
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.6
|
|
|
$
|
74.9
|
|
|
$
|
1.28
|
|
|
Loss on disposal of properties, plants, equipment and businesses, net
|
|
4.2
|
|
|
(2.1
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
7.0
|
|
|
0.12
|
|
|
Restructuring charges
|
|
26.9
|
|
|
4.9
|
|
|
—
|
|
|
2.9
|
|
|
19.1
|
|
|
0.33
|
|
|
Non-cash asset impairment charges
|
|
51.4
|
|
|
5.2
|
|
|
—
|
|
|
3.8
|
|
|
42.4
|
|
|
0.71
|
|
|
Acquisition-related costs
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
Excluding Special Items
|
|
$
|
223.9
|
|
|
$
|
74.6
|
|
|
$
|
(0.8
|
)
|
|
$
|
6.6
|
|
|
$
|
143.5
|
|
|
$
|
2.44
|
|
The impact of income tax expense and non-controlling interest on each
special item is calculated based on tax rates and ownership percentages
specific to each applicable entity. Included in the year ended October
31, 2017 restructuring charges special item is a $4.4 million income tax
charge due to a change in assertions related to unremitted foreign
earnings as a result of the restructuring of our intercompany debt
portfolio. The tax rate excluding the impact of special items for the
fourth quarter of 2017 was 12.7 percent and in fiscal 2017 was 28.5
percent.
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
SELECTED FINANCIAL INFORMATION
|
|
EXCLUDING THE IMPACT OF DIVESTITURES
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
|
|
|
|
|
|
Excluding the
|
|
|
|
|
|
Excluding the
|
|
|
|
|
|
Impact of
|
|
Impact of
|
|
|
|
Impact of
|
|
Impact of
|
|
(in millions)
|
|
2017
|
|
Divestitures
|
|
Divestitures
|
|
2017
|
|
Divestitures
|
|
Divestitures
|
|
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
662.5
|
|
|
$
|
—
|
|
|
$
|
662.5
|
|
|
$
|
2,522.7
|
|
|
$
|
1.8
|
|
|
$
|
2,520.9
|
|
Paper Packaging & Services
|
|
223.0
|
|
|
—
|
|
|
223.0
|
|
|
800.9
|
|
|
—
|
|
|
800.9
|
|
Flexible Products & Services
|
|
76.2
|
|
|
—
|
|
|
76.2
|
|
|
286.4
|
|
|
—
|
|
|
286.4
|
|
Land Management
|
|
6.4
|
|
|
—
|
|
|
6.4
|
|
|
28.2
|
|
|
—
|
|
|
28.2
|
|
Consolidated
|
|
$
|
968.1
|
|
|
$
|
—
|
|
|
$
|
968.1
|
|
|
$
|
3,638.2
|
|
|
$
|
1.8
|
|
|
$
|
3,636.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
118.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
119.3
|
|
|
$
|
502.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
502.3
|
|
Paper Packaging & Services
|
|
49.0
|
|
|
—
|
|
|
49.0
|
|
|
150.9
|
|
|
—
|
|
|
150.9
|
|
Flexible Products & Services
|
|
12.0
|
|
|
—
|
|
|
12.0
|
|
|
51.1
|
|
|
—
|
|
|
51.1
|
|
Land Management
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
10.5
|
|
|
—
|
|
|
10.5
|
|
Consolidated
|
|
$
|
182.4
|
|
|
$
|
(0.4
|
)
|
|
$
|
182.8
|
|
|
$
|
714.7
|
|
|
$
|
(0.1
|
)
|
|
$
|
714.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
24.5
|
|
|
$
|
(0.6
|
)
|
|
$
|
25.1
|
|
|
$
|
173.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
173.9
|
|
Paper Packaging & Services
|
|
33.7
|
|
|
—
|
|
|
33.7
|
|
|
83.3
|
|
|
—
|
|
|
83.3
|
|
Flexible Products & Services
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
5.7
|
|
|
—
|
|
|
5.7
|
|
Land Management
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|
10.0
|
|
|
—
|
|
|
10.0
|
|
Consolidated
|
|
$
|
60.4
|
|
|
$
|
(0.6
|
)
|
|
$
|
61.0
|
|
|
$
|
272.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
272.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before special items(10):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
52.5
|
|
|
$
|
(0.5
|
)
|
|
$
|
53.0
|
|
|
$
|
226.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
226.9
|
|
Paper Packaging & Services
|
|
34.0
|
|
|
—
|
|
|
34.0
|
|
|
94.1
|
|
|
—
|
|
|
94.1
|
|
Flexible Products & Services
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
6.9
|
|
|
—
|
|
|
6.9
|
|
Land Management
|
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|
7.6
|
|
|
—
|
|
|
7.6
|
|
Consolidated
|
|
$
|
88.9
|
|
|
$
|
(0.5
|
)
|
|
$
|
89.4
|
|
|
$
|
335.0
|
|
|
$
|
(0.5
|
)
|
|
$
|
335.5
|
(10)See table contained herein entitled GAAP to Non-GAAP
Reconciliation Segment Operating Profit (Loss) Before Special Items for
a reconciliation of each segment’s operating profit (loss) before
special items.
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
SELECTED FINANCIAL INFORMATION
|
|
EXCLUDING THE IMPACT OF DIVESTITURES (CONTINUED)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
Twelve months ended October 31,
|
|
|
|
|
|
|
|
Excluding the
|
|
|
|
|
|
Excluding the
|
|
|
|
|
|
Impact of
|
|
Impact of
|
|
|
|
Impact of
|
|
Impact of
|
|
(in millions)
|
|
2016
|
|
Divestitures
|
|
Divestitures
|
|
2016
|
|
Divestitures
|
|
Divestitures
|
|
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
602.9
|
|
|
$
|
2.5
|
|
|
$
|
600.4
|
|
|
$
|
2,324.2
|
|
|
$
|
62.4
|
|
|
$
|
2,261.8
|
|
|
Paper Packaging & Services
|
|
189.0
|
|
|
—
|
|
|
189.0
|
|
|
687.1
|
|
|
—
|
|
|
687.1
|
|
|
Flexible Products & Services
|
|
69.1
|
|
|
—
|
|
|
69.1
|
|
|
288.1
|
|
|
6.5
|
|
|
281.6
|
|
|
Land Management
|
|
6.6
|
|
|
—
|
|
|
6.6
|
|
|
24.2
|
|
|
—
|
|
|
24.2
|
|
|
Consolidated
|
|
$
|
867.6
|
|
|
$
|
2.5
|
|
|
$
|
865.1
|
|
|
$
|
3,323.6
|
|
|
$
|
68.9
|
|
|
$
|
3,254.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
130.9
|
|
|
$
|
0.3
|
|
|
$
|
130.6
|
|
|
$
|
489.4
|
|
|
$
|
5.3
|
|
|
$
|
484.1
|
|
|
Paper Packaging & Services
|
|
39.0
|
|
|
—
|
|
|
39.0
|
|
|
144.5
|
|
|
—
|
|
|
144.5
|
|
|
Flexible Products & Services
|
|
11.7
|
|
|
—
|
|
|
11.7
|
|
|
42.0
|
|
|
1.1
|
|
|
40.9
|
|
|
Land Management
|
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|
9.0
|
|
|
—
|
|
|
9.0
|
|
|
Consolidated
|
|
$
|
183.4
|
|
|
$
|
0.3
|
|
|
$
|
183.1
|
|
|
$
|
684.9
|
|
|
$
|
6.4
|
|
|
$
|
678.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
30.5
|
|
|
$
|
(0.4
|
)
|
|
$
|
30.9
|
|
|
$
|
143.9
|
|
|
$
|
(19.2
|
)
|
|
$
|
163.1
|
|
|
Paper Packaging & Services
|
|
24.7
|
|
|
—
|
|
|
24.7
|
|
|
89.1
|
|
|
—
|
|
|
89.1
|
|
|
Flexible Products & Services
|
|
(3.6
|
)
|
|
—
|
|
|
(3.6
|
)
|
|
(15.5
|
)
|
|
0.3
|
|
|
(15.8
|
)
|
|
Land Management
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
8.1
|
|
|
—
|
|
|
8.1
|
|
|
Consolidated
|
|
$
|
53.6
|
|
|
$
|
(0.4
|
)
|
|
$
|
54.0
|
|
|
$
|
225.6
|
|
|
$
|
(18.9
|
)
|
|
$
|
244.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) before special items(11):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigid Industrial Packaging & Services
|
|
$
|
60.4
|
|
|
$
|
—
|
|
|
$
|
60.4
|
|
|
$
|
213.7
|
|
|
$
|
(1.3
|
)
|
|
$
|
215.0
|
|
|
Paper Packaging & Services
|
|
25.1
|
|
|
—
|
|
|
25.1
|
|
|
91.7
|
|
|
—
|
|
|
91.7
|
|
|
Flexible Products & Services
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
(3.6
|
)
|
|
0.3
|
|
|
(3.9
|
)
|
|
Land Management
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|
6.5
|
|
|
—
|
|
|
6.5
|
|
|
Consolidated
|
|
$
|
87.0
|
|
|
$
|
—
|
|
|
$
|
87.0
|
|
|
$
|
308.3
|
|
|
$
|
(1.0
|
)
|
|
$
|
309.3
|
|
(11)See table contained herein entitled GAAP to Non-GAAP
Reconciliation Segment Operating Profit (Loss) Before Special Items for
a reconciliation of each segment’s operating profit (loss) before
special items.
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
NET SALES TO NET SALES EXCLUDING THE IMPACT OF
|
|
DIVESTITURES AND CURRENCY TRANSLATION
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
|
|
Increase in
|
|
(in millions)
|
|
2017
|
|
2016
|
|
Net Sales ($)
|
|
Net Sales (%)
|
|
Net Sales
|
|
$
|
968.1
|
|
|
$
|
867.6
|
|
|
$
|
100.5
|
|
|
11.6
|
%
|
|
Impact of Divestitures
|
|
—
|
|
|
2.5
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures
|
|
$
|
968.1
|
|
|
$
|
865.1
|
|
|
|
|
|
|
Currency Translation
|
|
12.2
|
|
|
N/A
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures and Currency
Translation
|
|
$
|
955.9
|
|
|
$
|
865.1
|
|
|
$
|
90.8
|
|
|
10.5
|
%
|
|
|
|
Twelve months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
|
|
Increase in
|
|
(in millions)
|
|
2017
|
|
2016
|
|
Net Sales ($)
|
|
Net Sales (%)
|
|
Net Sales
|
|
$
|
3,638.2
|
|
|
$
|
3,323.6
|
|
|
$
|
314.6
|
|
|
9.5
|
%
|
|
Impact of Divestitures
|
|
1.8
|
|
|
68.9
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures
|
|
$
|
3,636.4
|
|
|
$
|
3,254.7
|
|
|
|
|
|
|
Currency Translation
|
|
(23.1
|
)
|
|
N/A
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures and Currency
Translation
|
|
$
|
3,659.5
|
|
|
$
|
3,254.7
|
|
|
$
|
404.8
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
RIGID INDUSTRIAL PACKAGING & SERVICES
|
|
NET SALES TO NET SALES EXCLUDING THE IMPACT OF
|
|
DIVESTITURES AND CURRENCY TRANSLATION
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
|
|
Increase in
|
|
(in millions)
|
|
2017
|
|
2016
|
|
Net Sales ($)
|
|
Net Sales (%)
|
|
Net Sales
|
|
$
|
662.5
|
|
|
$
|
602.9
|
|
|
$
|
59.6
|
|
|
9.9
|
%
|
|
Impact of Divestitures
|
|
—
|
|
|
2.5
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures
|
|
$
|
662.5
|
|
|
$
|
600.4
|
|
|
|
|
|
|
Currency Translation
|
|
9.8
|
|
|
N/A
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures and Currency
Translation
|
|
$
|
652.7
|
|
|
$
|
600.4
|
|
|
$
|
52.3
|
|
|
8.7
|
%
|
|
|
|
Twelve months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
|
|
Increase in
|
|
(in millions)
|
|
2017
|
|
2016
|
|
Net Sales ($)
|
|
Net Sales (%)
|
|
Net Sales
|
|
$
|
2,522.7
|
|
|
$
|
2,324.2
|
|
|
$
|
198.5
|
|
|
8.5
|
%
|
|
Impact of Divestitures
|
|
1.8
|
|
|
62.4
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures
|
|
$
|
2,520.9
|
|
|
$
|
2,261.8
|
|
|
|
|
|
|
Currency Translation
|
|
(16.6
|
)
|
|
N/A
|
|
|
|
|
|
|
Net Sales Excluding the Impact of Divestitures and Currency
Translation
|
|
$
|
2,537.5
|
|
|
$
|
2,261.8
|
|
|
$
|
275.7
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREIF, INC. AND SUBSIDIARY COMPANIES
|
|
GAAP TO NON-GAAP RECONCILIATION
|
|
PRIMARY PRODUCTS(12)
|
|
NET SALES TO NET SALES EXCLUDING THE IMPACT OF DIVESTITURES
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended October 31,
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
|
|
Increase in
|
|
|
|
|
|
|
|
Primary Products
|
|
Primary Products
|
|
(in millions)
|
|
2017
|
|
2016
|
|
Net Sales ($)
|
|
Net Sales (%)
|
|
Rigid Industrial Packaging & Services
|
|
|
|
|
|
|
|
|
|
Primary Products Net Sales
|
|
$
|
590.6
|
|
|
$
|
516.9
|
|
|
|
|
|
|
Impact of Divestitures
|
|
—
|
|
|
(0.7
|
)
|
|
|
|
|
|
Primary Products Net Sales Excluding the Impact of Divestitures
|
|
$
|
590.6
|
|
|
$
|
516.2
|
|
|
$
|
74.4
|
|
|
14.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Paper Packaging & Services
|
|
|
|
|
|
|
|
|
|
Primary Products Net Sales
|
|
$
|
222.1
|
|
|
$
|
188.3
|
|
|
|
|
|
|
Impact of Divestitures
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Primary Products Net Sales Excluding the Impact of Divestitures
|
|
$
|
222.1
|
|
|
$
|
188.3
|
|
|
$
|
33.8
|
|
|
18.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Flexible Products & Services
|
|
|
|
|
|
|
|
|
|
Primary Products Net Sales
|
|
$
|
69.2
|
|
|
$
|
68.1
|
|
|
|
|
|
|
Impact of Divestitures
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Primary Products Net Sales Excluding the Impact of Divestitures
|
|
$
|
69.2
|
|
|
$
|
68.1
|
|
|
$
|
1.1
|
|
|
1.6
|
%
|
(12)Primary products are manufactured steel, plastic and
fibre drums; intermediate bulk containers; linerboard, medium,
corrugated sheets and corrugated containers; and 1&2 loop and 4 loop
flexible intermediate bulk containers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171206006310/en/
Source: Greif, Inc.