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PPG Industries 2016 Annual Report

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PPG Industries 2016 Annual Report 2016 Annual Report The PPG Logo is a registered trademark and Colorful Communities, PPG Paints Arena and We protect and beautify the world are trademarks of PPG Industries Ohio, Inc. Comex is a registered trademark of Consorcio Comex, S.A. de C.V. Pittsburgh Penguins is a registered trademark of Pittsburgh Penguins, L.P. ©2017 PPG Industries, Inc. All rights reserved. 2016 Colorful Communities Initiative Our Valued PPG Shareholders, + PPG had a successful year in 2016, despite a more 40 20 PROJECTS COUNTRIES challenging global economic environment and growing geopolitical uncertainty in many of the regions where we operate. Thanks to our customers and employees, we were able to continue to strengthen our paint and coatings business around the world. 17,415 Highlighting our financial We also completed several strategic In addition, our employees continue VOLUNTEER HOURS performance, we: actions to make PPG stronger and to develop ways to improve the way more resilient in the future. These we operate. Last year, nearly 200 3,430 • Reported net income from included: projects were recognized through our VOLUNTEERS continuing operations of $564 internal sustainability awards initiative. million, or $2.11 per diluted share. • The completion of four acquisitions, We estimate that our sustainability increasing our geographic and and ergonomic-related improvement • Reported adjusted earnings per product scope: MetoKote (U.S. projects in 2016 saved more than diluted share from continuing coatings services), Univer (Italy $30 million. operations of $5.82. architectural coatings), Deutek (Romania architectural coatings, In our communities, PPG volunteers • Achieved 7 percent adjusted closed in January, 2017) and Futian led more than 40 COLORFUL earnings per diluted share growth. Xinshi (China automotive refinish, COMMUNITIES™ projects in 20 closed in January, 2017). countries to bring color and vitality • Increased sales by about 3 percent to schools, hospitals and community in local currencies. • The completion of business organizations through the use of PPG MILLION divestitures, including the flat glass paints and coatings. INDIVIDUALS • Deployed $1.4 billion on acquisitions and European fiber glass businesses POSITIVELY and share repurchases to reach the and PPG’s ownership interest in Moving forward, our continued top end of our 2-year deployment IMPACTED two Asian fiber glass joint ventures, commitment to innovation is essential 1.8 target of $2.5 billion. resulting in approximately $1.1 billion and will play a critical role in our of total cash proceeds. MILLION • Announced a new cash deployment continued growth. Our goal is to achieve IN PPG FUNDING target of $2.5 billion to $3.5 billion • Initiation of a new business 25 percent of total sales from products $1.5 for 2017/2018 combined. restructuring plan targeting $125 introduced in the last four years. million of savings annually, including In 2016, we also raised PPG’s per- $40 million to $50 million in 2017. Our innovation and sustainability efforts share dividend by 11 percent. We are are intertwined. These efforts include a • Continued strong financial wide range of innovative products and extremely proud that PPG has paid flexibility with cash and short-term annual dividends for 117 consecutive services that provide environmental investments totaling approximately benefits to our customers, including years, including 45 consecutive years $1.9 billion at year-end. of increased annual payouts. products that contribute to lighter, 9,330 We kept our keen focus on sustainable more fuel-efficient vehicles, airplanes operations and employee safety as and ships, to innovative paint systems GALLONS OF PAINT top priorities in 2016. We achieved an that help our customers reduce their 11 percent reduction in our spill-and- energy consumption, conserve water release rate, and continued to enhance and reduce waste. the safety of our operations. Be part of the Colorful Communites initiative and help spread pride, joy and a brighter future to communities around the world. Learn more at ppgcolorfulcommunities.com 2016 BY THE NUMBERS > We have a goal of achieving above- * market organic growth in each $ + % business and region by solving our 14.8B 7 customers’ most pressing problems while improving productivity in their NET SALES ADJUSTED EARNINGS operations. We continue to leverage PER DILUTED SHARE VS. our scale while presenting “One PPG” to delight customers with our superior products and service. PPG remains in a position of strength as we ended the year with nearly $1.9 billion $ $ of cash and short-term investments 1.4B 1.9B providing us with financial flexibility DEPLOYED ON ACQUISITIONS IN CASH AND SHORTTERM going forward. We continue to believe AND SHARE REPURCHASES INVESTMENTS AT YEAREND that coatings remains a consolidating industry and our acquisition pipeline remains active across geographies and end use markets. And of course, share repurchases will remain an important * element of our capital allocation $ $ strategy. 564MM 1.55B In the coming year, we will be faced REPORTED NET INCOME FROM ADJUSTED NET INCOME FROM with an evolving economic and CONTINUING OPERATIONS CONTINUING OPERATIONS regulatory environment. Despite this, we expect improved momentum in overall global economic growth with gradually improving growth rates in developed regions, and continuing but uneven growth in emerging regions. The timeline for growth improvement, however, remains uncertain. We continue to carefully manage costs and identify opportunities to simplify and streamline business processes. As I tell my colleagues around the world, PPG is a great company with talented employees and excellent businesses. I strongly believe our best years are ahead of us. Thank you for your continued interest and investment in PPG. Michael H. McGarry Chairman and Chief Executive Officer * For detailed information regarding these adjustments, refer to the Regulation G reconciliation in Item 7 of the 2016 Form 10-K. PPG ANNUAL REPORT AND FORM K Key Highlights in 2016 January 8 June 5 Marked the completion Marked the completion of a $10 of a $20 million million coatings center of excellence investment to build an at our Tianjin, China, campus to electrocoat coatings serve automotive decorative parts blending center at our manufacturers resin manufacturing facility in Zhangjiagang, China February 18 Marked the completion of an $8 million investment at our global Coatings April 21 Innovation Center in Divested Allison Park, Pennsylvania, our minority to expand technical ownership capabilities interest in Pittsburgh Glass Works January February March April May June July March 17 Launched a global brand marketing campaign to enhance the PPG brand January 12 Opened the 4,000th COMEX® paint and coatings store in Mexico; Comex is Mexico’s largest May 5 architectural paint brand Opened a $3 million state- of-the-art liquid coatings application development center at our Oak Creek, Wisconsin, plant PPG ANNUAL REPORT AND FORM K Key Highlights in 2016 October 28 November 11 Marked the completion November 1 Purchased our partner's of a project to increase ownership interest in Italian precipitated silica production Reached an coatings joint venture PPG capacity at our Delfzijl, agreement to Univer S.p.A. Netherlands, facility acquire DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer (completed in Jan. 2017) 0.6397 in0.6397 in November 18 October 1 Completed the sale of Completed the sales our ownership interest of our flat glass and in two Asian fiber glass European fiber glass joint ventures businesses July August September October November December July 1 Acquired MetoKote Corporation, a global coatings services business that applies paint to manufactured December 23 parts and assembled products Reached an agreement to sell the assets of the Plaka plasterboard and cement-board business, which we acquired in 2014 as part of our acquisition of Comex October 4 Assumed naming rights for PPG PAINTS ARENA™ in Pittsburgh, Pennsylvania, and became the official paint supplier of the National Hockey League’s PITTSBURGH PENGUINS® PPG ANNUAL REPORT AND FORM K 2016 Financial Overview and Shareholder Information Financial Overview Net Sales by Reportable Segment Net Sales ($ MM) Glass 3% from continuing operations 2016 $14,751 Performance Coatings 58% Industrial Coatings 39% 2015 $14,766 $ % 2016 2015 Change Change 2014 $14,791 Net sales $ 14,751 $14,766 $ (15) 0% 2013 $13,736 Net Income (attributable to PPG) 2012 $12,169 Income from continuing operations 1 $ 564 $ 1,338 $ (774) (58%) Income from discontinued operations 2 $ 313 $ 68 $ 245 360% Adjusted Earnings per 1, 2 Net income $ 877 $ 1,406 $ (529) (38%) Diluted Share 3, 4 from continuing operations Earnings per diluted share from $ 2.11 $ 4.89 $ (2.78) (57%) continuing operations 1 2016 $5.82 Earnings per diluted share from $ 1.17 $ 0.25 $ 0.92 368% discontinued operations 2 2015 $5.43 Total earnings per diluted share $ 3.28 $ 5.14 $ (1.86) (36%) 2014 $4.75 Adjusted earnings per diluted share $ 5.82 $ 5.43 $ 0.39 7% from continuing operations 3 2013 $3.78 Dividends per share $ 1.56 $ 1.41 $ 0.15 11% 2012 $2.88 Return on average capital 1 7.0 % 15.7% (8.7%) (55%) Operating cash flow $ 1,241 $ 1,735 $ (494) (28%) (from continuing operations) 5 Dividends per Share 4 Capital spending (from continuing $ 751 $ 7 74 $ (23) (3%) operations including business acquisitions) 2016 $1.56 Research and development $ 487 $ 494 $ (7) (1%) (from continuing operations) 2015 $1.41 Average shares outstanding — 267.4 273.6 (6.2) (2%) 2014 assuming dilution $1.31 Average number of employees 47,000 46,600 400 1% 2013 $1.21 PPG shareholders' equity $ 4,826 $ 4,983 $ (157) (3%) 2012 $1.17 1 Net income from continuing operations, earnings per diluted share from continuing operations and return on average capital decreased year-over-year primarily due to pension settlement charges of $616 million (after-tax) or $2.31 per diluted share recorded in conjunction with the transfer of certain U.S.
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