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2014 Annual Report Annual 2014 2014 ANNUAL REPORT ANNUAL 2014 INTERNATIONAL PAPER 2014 ANNUAL REPORT OUR VISION TO BE ONE OF THE MOST RESPECTED AND SUCCESSFUL COMPANIES IN THE WORLD. Visit the online version of this annual report at ipannualreport.com GLOBAL PRESENCE International Paper is a global leader in packaging and paper with manufacturing operations in North America, Latin America, EMEA (Europe, the Middle East, Africa), Russia, India and Asia. Our businesses include industrial and consumer packaging, uncoated papers and market and fluff pulp. Headquartered in Memphis, Tenn., we employ approximately 58,000 people and are strategically located in more than 24 countries serving customers worldwide. NORTH AMERICA EMEA/RUSSIA ILIM $17.2B $3.1B JOINT VENTURE RUSSIA sales sales ASIA $1.7B sales LATIN AMERICA INDIA SUN PAPER $1.4B $0.2B JOINT VENTURE CHINA sales sales $24B 58,000 24 NYSE:IP NEW YORK NET SALES IN 2014 EMPLOYEES WORLDWIDE COUNTRIES STOCK EXCHANGE GLOBAL BUSINESS OVERVIEW International Paper is the world’s leading manufacturer of containerboard INDUSTRIAL PACKAGING and corrugated packaging. With fully aligned containerboard mills, box plants and converting facilities, we’ve created a unique-to-the-industry platform that provides the consistent high-quality, best-in-class reliability and total cost solutions our customers need to meet their most challenging shipping, 85% storage and sales requirements. End uses for our products include corru- 62% NORTH AMERICA PERCENTAGE gated boxes, bulk packaging, retail displays, specialty packaging and paper OF TOTAL REVENUE bags. Our target market segments include food and beverage, fresh fruits and vegetables, durables and nondurables and shipping and distribution. 9% 2% LATIN International Paper’s industrial packaging footprint includes facilities in EMEA AMERICA North America, Latin America, Asia, and EMEA. Industrial packaging also 4% ASIA includes a recycling business with facilities across the United States and Mexico. International Paper is one of North America’s largest recyclers and recovers, processes or facilitates the sale of more than 6 million tons of corrugated packaging and paper annually. International Paper produces top-quality coated and uncoated paperboard CONSUMER PACKAGING used by others in a wide variety of packaging and commercial printing applications. End uses for our paperboard include packaging for food and beverages, pharmaceuticals, cosmetics, candy, food items, tobacco prod- ucts, and juice and milk cartons. Our products also are used in a wide range 58% of commercial printing applications, from greeting cards and direct mail to 14% NORTH AMERICA PERCENTAGE book covers and lottery tickets. International Paper’s consumer packaging OF TOTAL REVENUE footprint includes facilities in North America, EMEA/Russia and Asia. Under the consumer packaging umbrella, the International Paper foodservice 11% business serves customers in segments such as quick-service restaurants, EMEA/RUSSIA specialty coffee, grocery, hospitality and distribution. Our hot cups, cold 31% ASIA cups, food containers and lids are manufactured in the United States, the United Kingdom, China, and through a joint venture in Colombia. International Paper’s global papers businesses manufacture almost every PRINTING PAPERS type of uncoated paper used in home offices, businesses and commercial printing operations. From large commercial printing presses to small home printers, people around the world rely on many of our signature paper brands: Accent® Opaque, Ballet®, Chamex®, Hammermill®, POL™, Rey® and 19% Svetocopy®. We are also a premier source for converting papers with an 24% LATIN AMERICA extensive portfolio of forms, filing and envelope papers as well as other PERCENTAGE 1% ASIA OF TOTAL REVENUE specialty uncoated papers for unique applications. International Paper also produces market and fluff pulp that is used by other companies to produce 3% INDIA a wide range of absorbent hygiene, paper and tissue products used by 26% millions of consumers every day. Our papers and pulp footprint includes EMEA/RUSSIA facilities in North America, Latin America, EMEA/Russia, India and Asia. 35% N.A. PAPERS 16% N.A. PULP LEADERSHIP Leadership is integral to everything International Paper stands for—the way we operate our business, the way we serve our customers, and the way we lead, develop and grow our people. Leadership is an essential element of our long-term value creation strategy to be one of the best, most respected companies in the world. LEADERSHIP is the IP way. SAFETY PEOPLE CUSTOMERS OPERATIONAL EXCELLENCE SUSTAINABILITY FINANCIAL RESULTS LETTER FROM NEW CEO, MARK S. SUTTON 02 I AM PROUD OF THE OUTSTANDING WORK OUR TEAM MEMBERS AROUND THE WORLD ARE DOING EVERY DAY TO ENABLE US TO REWARD OUR SHAREHOLDERS AND PROVIDE VALUE TO THE STAKEHOLDERS WE SERVE. TO THE SHAREOWNERS AND EMPLOYEES OF INTERNATIONAL PAPER Let me begin by saying how honored I am to be International Paper’s new chairman and CEO. During my 30 years with International Paper, I have personally experienced what a great company it is. Our long, rich 117-year history says a lot about who we are, what we stand for and the enduring value of the fiber-based products we make. I am proud of the outstanding work our team members around the world are doing every day to enable us to reward our shareholders and provide value to the stakeholders we serve. INTERNATIONAL PAPER 2014 ANNUAL REPORT 03 ABOUT MARK S. SUTTON Mark Sutton became chairman of the board of directors of International Paper on January 1, 2015, and CEO on November 1, 2014. Prior to becoming CEO, he served as president and chief operating officer (COO) responsible for leading the company’s global businesses. Sutton joined the company in 1984 in Pineville, La., after earning his Bachelor of Science degree in electrical engineering from Louisiana State University. In 1995, he was named mill manager at the Thilmany, Wis., mill before relocating to Europe in 2000, to serve as director of European corrugated packaging operations. He was subsequently promoted in 2002, as vice president and general manager for all corrugated packaging operations across seven countries in Europe, the Middle East and Africa. In 2005, he was named vice president of corporate strategic planning and relocated to Memphis, Tenn. He became senior vice president, global supply chain, in 2007 and in 2009, was named senior vice president, printing and communications papers & Latin America. Sutton was appointed to senior vice president, industrial packaging, the company’s largest business in 2011, prior to being named president and COO. MARK S. SUTTON CHAIRMAN AND CHIEF EXECUTIVE OFFICER INTERNATIONAL PAPER NET SALES NET SALES 1 (IN MILLIONS) (IN MILLIONS) 25000 25,000 20000 20,000 15000 15,000 10000 10,000 $23,483 $23,617 5000 5,000 $21,852 0 0 2012 2013 2014 2012 2013 2014 FREE CASH FLOW FREE CASH FLOW 3 (IN MILLIONS) (IN MILLIONS) 2500 2,500 2000 2,000 1500 1,500 1000 1,000 500 500 $1,577 $1,831 $2,064 0 0 2012 2013 2014 2012 2013 2014 EBITDA EBITDA 1, 3 5000 5,000 4000 4,000 3000 3,000 2000 2,000 $4,035 $4,143 1000 1,000 $3,605 0 0 2012 2013 2014 2012 2013 2014 1 xpedx is reflected as a Discontinued Operation in all periods presented. 2 Includes F/X impact primarily related to Ilim JV USD-denominated net debt of ($0.63) in 2014 and ($0.07) in 2013. 3 Refer to financial highlights for reconciliation of non-GAAP financial measures. EARNINGS PER SHARE EARNINGS PER SHARE 1, 2, 3 3.5 3.50 2.8 2.80 2.1 2.10 1.4 1.40 $3.06 $3.00 0.7 0.70 $2.51 0.0 0 2012 2013 2014 2012 2013 2014 ANNUALIZED DIVIDEND ANNUALIZED DIVIDEND 2.0 2.00 1.6 1.60 1.2 1.20 0.8 0.80 0.4 0.40 $1.20 $1.40 $1.60 0.0 0 4Q12 4Q13 4Q14 4Q12 4Q13 4Q14 CASH ALLOCATION STRATEGY STRATEGICALLY RETURN CASH REINVEST TO IN THE BUSINESS SHAREOWNERS MAINTAIN A STRONG BALANCE SHEET LETTER FROM NEW CEO, MARK S. SUTTON 04 Our transformation over the past decade has positioned us As we look back, 2014 was a successful year for well to compete successfully in global packaging, paper and International Paper as we generated $2.1 billion of free pulp markets. As the world around us changes, we must cash flow, record cash from operations and record remain agile and adapt to meet the evolving and emerging earnings from our industrial packaging business. We needs of our stakeholders. To be the industry leader we completed the successful spin-off of our xpedx business, want to be, International Paper has established six key from which we received more than $400 million in cash enterprise-wide priorities for 2015. I’d like to share these payments. Our foodservice business and Ilim joint priorities with you. venture each generated record revenue and our global papers business also posted much-improved year-over- Our first priority is continuing to develop a culture where year performance. every team member is accountable for his or her own safety, where team members lead by example and where International Paper’s ability to generate strong, sustainable they are appreciated for boldly intervening when they see free cash flow provides the foundation for our ongoing unsafe behavior or conditions. Second, we must generate commitment to return cash to shareowners, strategically strong, sustainable cash flow that allows us to strategically reinvest in our businesses and maintain a strong balance reinvest in our businesses, maintain a healthy balance sheet. In 2014, we returned more cash to our shareowners sheet and return cash to our shareowners. with a 14 percent increase in our annual dividend and bought back approximately $1 billion in shares. Next, we must continue to build an even more diverse and inclusive work environment that enables us to successfully In April, we acquired the remaining 25 percent share of compete for and retain the most talented employees Orsa International Paper Embalagens S.A.
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