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2012 Annual Report

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2012 Annual Report 2012 ANNUAL REPORT UNLOCKING VALUE ABOUT SEALED AIR Sealed Air creates a world that works better by re-imagining the indus- tries we serve. By uniting ingenious ideas and diverse expertise, we discover new possibilities and create new approaches that enhance business and the world we live in. Where we thrive is transforming sustainable, end-to-end solutions into business-changing results. OUR VISION OUR MISSION To create a better way for life We re-imagine the industries we serve to create a world that feels, tastes and works better. OUR VALUES UNCOMPROMISING ETHICS: COURAGEOUS INGENIOUS PuRPOSEFUL INNOVATION: Every day, we lead with a DETERMINATION: COLLABORATION: We delight our customers conscious commitment to We are empowered to do We nurture a collaborative with revolutionary solutions, always do the right thing. what it takes to deliver environment that celebrates which make them win. what we promised. insatiable curiosity and diverse ideas. Unlocking value For our customers UNlocKING ValUE: SYstems AND SAVINGS Customers who partner with Sealed Air realize the measurable benefits of our OUR SYSTEMS HELP CUSTOMERS: systems approach in their businesses every day, and have done so for over 50 Manage Execution years—regardless of the Sealed Air division that they are working with. Enhance Experience Increase Consistency Ensure Compliance This is because Sealed Air invents smart, comprehensive systems that deliver cost savings, effi- Extend Freshness ciency and reliability. Extensive service and our onsite presence ensure customers’ peace of mind Mitigate Risk and continuous improvement in their operations long after the initial sale is complete. Reduce Operating Costs Drive Improvement Improve Convenience Meet Quality Targets Motivate Employees Improve Efficiency Enhance Sustainability UNMET NEEDS INNOVATION MAXIMIZING VALUE Reduce Waste RETURNS ON FINITE CREATION Increase Efficacy RESOURCES Conduct Life Cycle Analysis Reduce Returns UNLOCKING VALUE We do this by designing automated, turn-key systems that maximize productivity and minimize waste and then integrate these systems into our customers’ facilities and processes to help them realize real operational efficiencies and total cost savings—whether for food safety and security, facility hygiene or product protection applications. Of course, inventing a comprehensive, turn-key system requires a range of industry and process experts, application engineers, a leading global service and technical team—and a lot of technical know-how worldwide. We’ve got it. See how it all comes together to unlock value across our customers’ businesses each and every day so that they can focus on their own success. 2012 ANNUAL REPORT PAGE 1 HIGHliGHts FINANcial HiGHliGHts* Year Ended December 31, Pro Forma ($ in millions, except per common share data) 2012 20111 2010 2011** Total Net Sales $ 7,648 $ 5,551 $ 4,490 $ 7,785 Percent U.S. 35% 40% 46% 35% Percent International 65% 60% 54% 65% U.S. GAAP Operating (Loss) Profit $ (1,417) $ 429 $ 535 $ 596 Adjusted Operating Profit $ 666 $ 571 $ 549 $ 681 Adjusted Operating Profit Margin 8.7% 10.3% 12.2% 8.7% Adjusted EBITDA $ 996 $ 784 $ 750 $ 996 As a Percent of Net Sales 13.0% 14.1% 16.7% 12.7% U.S. GAAP Net (Loss) Earnings—Diluted $ (1,410) $ 139 $ 256 $ 106 Adjusted Net Earnings—Diluted $ 201 $ 233 $ 283 $ 169 U.S. GAAP Net (Loss) Earnings Per Common Share—Diluted $ (8.35) $ 0.75 $ 1.44 $ 0.51 Adjusted Earnings Per Common Share—Diluted $ 0.95 $ 1.26 $ 1.60 $ 0.81 Cash Dividends Paid per Common Share $ 0.52 $ 0.52 $ 0.50 $ 0.42 Total Return to Shareholders (Dividends & Share Repurchases) $ 101 $ 89 $ 91 $ — Net Cash Provided by Operating Activities $ 404 $ 372 $ 483 $ — Capital Expenditures $ 124 $ 123 $ 88 $ — Free Cash Flow*** $ 280 $ 249 $ 395 $ — Net Debt**** $ 4,779 $ 5,131 $ 1,542 $ — * Results for 2012 and 2011 are presented on a continuing operations basis, excluding the impact of the sale of Diversey Japan, which the company sold in November 2012. ** Reflects historical results on a pro forma basis reflecting the acquisition of Diversey Holdings, Inc. *** Free Cash Flow is calculated as: net cash provided by operating activities less capital expenditures. **** Net Debt is calculated as: the sum of short-term borrowings, current portion of long-term debt, Settlement agreement and related accrued interest and long-term debt less cash and cash equivalents. 1 2011 reported results include the results of Diversey for the fourth quarter based on the acquisition on October 3, 2011. 2012 REVENUE MIX HIGHLIGHTS By Solution Type By Business By Geography Consumables 93% Food & Beverage 49% North America 39% Equipment 7% Institutional & Laundry 28% Europe 33% Protective Packaging 21% Latin America 11% Other 2% AMAT* 10% Japan/Australia NZ 7% *Asia, Middle East, Africa and Turkey PAGE 2 SEALED AIR CORPoratioN 2012 FINANCIAL & OPeratioNAL HIGHLIGHTS 24% Over ABSOLUTE SALES IN $100 MILLION ENERGY DEVELOPING IN COST SYNERGY CONSUMPTION REGIONS BENEFITS –14.5% Africa, Asia (excluding Japan Exceeded original target by As compared to 2006 levels and South Korea), Central and nearly 300% Eastern Europe and Latin America ABSOLUTE NET WATER PLASTIC RAW GREENHOUSE GAS CONSUMPTION MATERIALS TO EMISSIONS –14.5% LANDFILL –25.4% As compared to 2006 levels –32.3% As compared to 2006 levels As compared to 2006 levels. Targeting a “zero to landfill” by 2015 ONGOING RECOGNITION TOP 10 INNOVator AmeriStar Award; EPA Clean Air Excellence Award, 2012 Fortune ranked #1 in our industry for social responsibility and innovation; and ranked #2 in the “materials” industry on Newsweek magazine’s 2012 Green Rankings 2012 ANNUAL REPORT PAGE 3 letter from OUR CEO Dear Fellow Stockholders: It is an honor for me to write this year’s letter to our stockholders, my first, for Sealed Air’s 2012 Annual Report. We have started to transform Sealed Air with the aim of becoming the most customer-focused, innovative and productive company in the industries we serve. We embark on this new era for Sealed Air with the col- • Creating a new generation of motivated employees who lective strengths of powerful brands and leading market will be inspired by the positive impact they are having positions for all our principal applications; a wealth of on the world—such as reducing the amount of energy industry expertise; and a compelling value proposition for and raw materials needed to ship products; reducing our customers that solves the equation of Sustainability, the water and manpower needed to keep hospitals, Performance and Cost Competitiveness. office buildings, and hotels safe and clean; and improv- ing access to a more secure food supply chain—one Now we will translate these clear strengths into financial that is safer and more nutritious; more efficient and performance, improving our profitability and achieving less wasteful. higher cash flow in order to repay debt and return capital to our stockholders, while also permitting us to continue to As a result of these actions, Sealed Air will become stron- invest in new products and markets. We will achieve this by: ger by enhancing its role in the communities and markets • Improving the quality of our earnings, which we define we serve, which will result in delivering stronger financial as improving our margins. To do that, we will transform results for the benefit of our stockholders, customers and the relationships we have with customers so we can be employees. This is a very exciting time for everyone at paid for the true value our knowledge and expertise Sealed Air, and I am pleased to be leading our team on brings to their businesses every day. behalf of all our stockholders. • Completing the integration of the largest acquisition in Sincerely, our Company’s history and maximizing our cost and growth synergies. • Offering sustainability as a value proposition for our cus- tomers while meeting the thresholds for performance and cost competitiveness. Everything we seek to inno- vate brings sustainable value to our customers—from reducing waste and improving operational efficiency to JEROME A. PERIBERE protecting human health and raising the bar on food President and Chief Executive Officer safety and security. Sealed Air Corporation PAGE 4 SEALED AIR CORPoratioN With our total systems approach, we “deliver value to our customers through our innovative and sustainable solutions and services.” coNNectiNG ” SYstems & saVINGS JEROME A. PERIBERE 2012 IN REView President and Chief Executive Officer The leadership team has evolved Our senior leadership team has also experienced mean- The Company added two new Directors, Richard Wambold ingful changes with the addition of Carol Lowe as Senior and Jerry Whitaker, to its Board. Additionally, T.J. Dermot Vice President and Chief Financial Officer, Dr. Ilham Kadri Dunphy, who served as Chief Executive Officer of Sealed as President of our Institutional and Laundry division, and Air from 1971 through 2000, is retiring from the Board in Carole De Mayo as Vice President and Chief Human May 2013. Dermot’s contributions to Sealed Air’s contin- Resources Officer. Additionally, Mr. Peribere streamlined ued success are numerous. His unwavering commitment the Company’s decision making with a new executive to geographic expansion and innovation has helped con- committee comprised of Emile Chammas, Senior Vice struct a foundation on which Sealed Air will build in the President and Chief Supply Chain Officer; Karl Deily, years to come. President of our Food and Beverage division; Ryan Flanagan, President of our Protective Packaging division; We were very pleased to have Jerome Peribere join the Ruth Roper, Vice President of Strategy, Development and Company as President and Chief Operating Officer and Medical Applications; and Yagmur Sagnak, President of Director, effective September 1, 2012. Also, in August, our Asia, Middle East, Africa and Turkey region; as well as Bill Hickey announced that he would retire from the Ms. Lowe and Dr. Kadri. Company’s man agement team in March 2013 after thirty-three years of service, including thirteen years as WE have also made signiFicant operational President and Chief Executive Officer.
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