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2016 Annual Report

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2016 Annual Report 2016 Annual Report FINANCIAL HIGHLIGHTS 2016 2015 2014 ($ in millions, except per share amounts & ratios) NET SALES ................................................................................ $ 839.9 $ 764.1 $ 794.3 RESTRUCTURING & IMPAIRMENT EXPENSE .................... $ 25.6 $ 14.6 $ 13.1 OPERATING PROFIT ................................................................ $ 106.1 $ 103.0 $ 106.1 INCOME FROM CONTINUING OPERATIONS ...................... $ 82.8 $ 90.5 $ 89.7 LOSS FROM DISCONTINUED OPERATIONS ....................... $ — $ (0.8 ) $ — NET INCOME ............................................................................. $ 82.8 $ 89.7 $ 89.7 INCOME PER SHARE – DILUTED: INCOME PER SHARE FROM CONTINUING OPERATIONS ............................................................................. $ 2.70 $ 2.96 $ 2.93 LOSS PER SHARE FROM DISCONTINUED OPERATIONS ............................................................................. $ — $ (0.02 ) $ — INCOME PER SHARE - DILUTED ........................................... $ 2.70 $ 2.94 $ 2.93 INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ....................................................................... $ 157.6 $ 162.8 $ 162.5 CAPITAL SPENDING ................................................................ $ 27.8 $ 24.2 $ 35.1 TOTAL ASSETS .......................................................................... $ 1,173.7 $ 1,290.0 $ 1,185.0 NET INCOME RETURN ON EQUITY ...................................... 16.3% 19.2% 18.3% OPERATING PROFIT RETURN ON ASSETS .......................... 9.0% 8.0% 8.9% TOTAL DEBT TO CAPITAL RATIO ......................................... 46.4% 55.0% 47.2% SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 100 North Point Center East, Suite 600 Alpharetta, Georgia 30022-8246 March 1, 2017 Dear Valued Shareholder: 2016 marked another year where we exceeded our earnings guidance and made a highly strategic acquisition in our growing Advanced Materials & Structures (AMS) segment. The primary driver of our better-than-expected financial performance was our Engineered Papers (EP) segment continuing to operate at a high-level, overcoming tobacco industry hurdles to deliver growth in operating profits. In 2016, we generated approximately $100 million of free cash flow, raised our dividend, and exited the year with several areas of operating momentum and exciting fundamental developments. 2016 Highlights In late 2016, we announced the acquisition of Conwed Plastics, representing the third significant acquisition for our AMS growth platform (DelStar in late 2013 and Argotec in late 2014). Conwed adds scale to AMS and is an attractive standalone business with solid growth prospects and high margins. More importantly though, Conwed is expected to be our most synergistic acquisition to date, as its products and operations are highly complementary with those of DelStar. Conwed’s primary focus is specialty netting products used in erosion and sediment control applications, and within the infrastructure and construction end-markets. AMS now participates in 5 key end-markets - Filtration, Infrastructure and Construction, Transportation, Industrial, and Medical - and we believe SWM’s industry-leading positions in several growing specialty applications will deliver strong long-term financial performance. With Conwed, annualized AMS segment sales are well over $400 million and with synergy potential, we see a clear path to robust segment margin expansion. In addition to this highly strategic acquisition, we progressed on several internal initiatives across our businesses. Within Engineered Papers significant achievements were made in operational efficiencies as part of our ongoing Operational Excellence program, contributing to strong segment profitability. We are also pleased with advances we’ve made with certain strategic partners in the rapidly emerging Heat-not-Burn reduced-risk tobacco products area. The tobacco industry has invested heavily in next generation products, specifically HnB technology, which utilizes reconstituted tobacco technologies such as ours. We expect a ramp up in sales of these products in 2017 as early signs of consumer acceptance are promising. We also advanced our diversification initiatives to monetize our reconstitution capabilities in non-tobacco industries, such as cosmetic and packaging. Lastly, we began an investment in one of our paper machines to produce a specialty paper for the filtration industry. We expect to begin customer qualifications in the second half of the year with commercial sales potentially beginning in 2018. This exciting development marks the first major cross- selling synergy of legacy SWM and AMS, as we develop products leveraging our EP segment paper technology and capacity and AMS’s commercial relationships in filtration. Financial Results Note: All financial measures related to continuing operations and per share data are on a diluted basis. References to non-GAAP figures (“adjusted”) are reconciled to GAAP in tables at the end of this annual report. In terms of financial performance, full year adjusted EPS was $3.26, $0.11 above our guidance. The outperformance was largely attributable to better-than-expected results from Engineered Papers. Net sales for 2016 were $840 million, up 10%, versus 2015. The Argotec acquisition drove the sales increase. Absent the impact of Argotec, net sales would have decreased 4% due to expected declines in RTL and LIP volumes. EP segment net sales decreased 4% and AMS segment net sales increased 56% (due to Argotec acquisition) compared to 2015. GAAP operating profit was $106 million in 2016, up from $103 million in 2015. Adjusted operating profit was $144 million in 2016 up from $125 million in 2015. During 2016, the Company benefitted from the Argotec acquisition and strong manufacturing execution and cost management in the Engineered Papers segment, which was partially offset by EP segment volume declines. We reported full-year GAAP EPS of $2.70 in 2016, versus $2.96 in 2015. Adjusted EPS was $3.26, compared to $3.51 in 2015. Two significant items included in GAAP EPS, but excluded from adjusted EPS, were a $0.39 non-cash trade name impairment charge related to strategic rebranding activities in AMS and a positive $0.20 net impact of one-time items related to taxes. Looking Ahead While not complete, our strategic transformation continues as we enter 2017. When we announced our intention to diversify the business and reposition the Company as a more growth-oriented enterprise back in 2013, we had only about $50 million in sales outside of our tobacco operations. In 2016, our total non-tobacco sales were $340 million, or 40% of total sales, and in 2017 we expect that to grow to about $500 million, or approximately 50% of our total sales. We consider this 50/50 threshold a significant milestone in SWM’s diversification effort. Exercising patience and discipline, we have executed a series of acquisitions targeting highly complementary businesses that now comprise our AMS growth platform. It has attractive sales growth prospects and the potential for margin expansion. A key element of realizing these gains is executing on the Conwed integration and synergy plans this year. We believe this acquisition represents exceptional value to our shareholders and puts us another step closer to our ultimate goal of repositioning the company for structural long-term profit growth. Our segment priorities remain largely consistent with those from 2016. In AMS, we will be highly focused on the integration of Conwed and delivering on expected synergies. These actions are part of the larger goal of optimizing the entire AMS segment operations to unlock the value of running the highly complementary businesses of DelStar, Argotec, and Conwed as one unit. Within Engineered Papers, we will continue to maximize cash flow by efficiently managing our capacity, selectively trading price concessions for market share, and making prudent investments to monetize our paper assets and technologies. A Team Effort SWM made great progress in 2016 on all fronts, and I would like to recognize that these achievements were made possible by our truly collaborative team of stakeholders at all levels. Our Board of Directors continues to support our strategic transformation with a balanced mix of guidance and rigorous debate. Our enterprise’s evolution from a tobacco-centric paper company to a diversified producer of engineered materials requires ongoing assessment of complex strategic and financial decisions in the context of our long- term vision. Our partnership has underpinned our progress to date, and I am confident our work together will continue reshaping SWM as a supplier and employer of choice for years to come. We thank our customers and shareholders for their trust and continued loyalty. Our customers entrust us to supply products critical to their operations in the face of a dynamic and competitive marketplace, and our investors entrust us with their capital amidst a nearly unlimited choice of investment options. We take these decisions to heart and work diligently every day to fulfill our commitments to those who have placed their confidence in us. Certainly, my most sincere appreciation goes to the SWM employees around the world. Transformation is not without risks and challenges, but the resilience and resolve exhibited at every level of our organization are the true enablers of positive change. Congratulations on these successes we achieved together
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