2013 Deutsche Bank Global Industrials and Basic Materials … · 2015. 12. 24. · 2013 Deutsche Bank Global Industrials and Basic Materials Conference June 12, 2013 . Deutsche Bank

2013 Deutsche Bank

Global Industrials and

Basic Materials

Conference

June 12 2013

Deutsche Bank Conference June 12 2013 | 2

Safe Harbor

Forward-Looking Statements

This presentation contains certain forward-looking information within the meaning of the Private Securities

Litigation Reform Act of 1995 The words ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquointendrdquo ldquoestimaterdquo ldquoanticipaterdquo ldquoaspirationrdquo

ldquoobjectiverdquo ldquoprojectrdquo ldquobelieverdquo ldquocontinuerdquo ldquoon trackrdquo or ldquotargetrdquo or the negative thereof and similar

expressions among others identify forward-looking statements All forward-looking statements are based on

information currently available to management Such forward-looking statements are subject to certain risks

and uncertainties that could cause events and the companyrsquos actual results to differ materially from those

expressed or implied Please see the disclosure regarding forward-looking statements immediately preceding

Part I of the companyrsquos Annual Report on Form 10-K for the fiscal year ended Oct 31 2012 The company

assumes no obligation to update any forward-looking statements

Regulation G

This presentation includes certain non-GAAP financial measures like EBITDA and other measures that exclude

special items such as restructuring and other unusual charges and gains that are volatile from period to period

Management of the company uses the non-GAAP measures to evaluate ongoing operations and believes that

these non-GAAP measures are useful to enable investors to perform meaningful comparisons of current and

historical performance of the company All non-GAAP data in the presentation are indicated by footnotes Tables

showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation

and on the Greif website at wwwgreifcom


Highlights

Global industry leader

Experienced management team

Diversification geography markets substrates

Three global growth platforms

Strong history of cash dividends


Overview

Founded in 1877 as a packaging company

Initial public offering in 1926

Global leader in rigid industrial packaging and flexible products packaging

Over 245 facilities in more than 50 countries


Diversified Business Platform 12 months ended April 30 2013 (Dollars in millions)

Rigid

Industrial

Packaging

amp Services

Sales

$ 3047 EBITDA(1) $ 279

Paper

Packaging

Sales

$ 751

EBITDA(1) $ 131

Land

Management

Sales

$ 30

EBITDA(1) $ 17

(1)

EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense Note A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the financial schedules that

are part of this presentation

Flexible

Products amp

Services

Serve diverse end markets such as chemicals paints and pigments food and beverage petroleum industrial coatings agricultural pharmaceutical minerals and building products

Sales $ 4276

EBITDA(1) $ 444

Sales

$ 448 EBITDA(1) $ 17


Strategy

Continue to strengthen the core

Industry consolidation

Emerging markets

Product line extensions

Pursue adjacencies that leverage macro trends

Optimize and embed the Greif Business System

Leverage sustainability to create long-term competitive advantage and cost savings

Fix sell or close underperforming assets


Most Comprehensive Industrial Packaging Products and Services Portfolio

Schutz

Mauser

1 1 2 3 1 1 1

Global

Presence Steel Plastic Fibre

Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles


Greif Inc ndash Profile



Significant timberland holdings

Modest leverage profile and substantial liquidity

Net sales by geographic market (1)

Competitive advantages EBITDA(2)

Net sales

(1) Twelve months ended April 30 2013 (2) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense Note A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the financial schedules

that are part of this presentation

North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)

(Dollars in millions)


Rigid Industrial Packaging amp Services

Leading product position

Strong global footprint

Compelling value proposition

Strong customer relationships

Largest global drum reconditioner

Served markets


Net sales

Lubricants Oils and Additives

Chemicals

Agriculture

Pharmaceutical

(1)

(1)





Flexible Products amp Services

Leading global position in FIBC market

Attractive growth opportunities include Flexible intermediate bulk container $3 bln Shipping sacks $5 bln Geotextiles and other woven products $4 bln

Fabric hub in Kingdom of Saudi Arabia

Greif Business System capabilities

30 of customers use rigid industrial packaging products

5050 joint venture

Market Size

Served markets

Competitive advantages EBITDA(1)(3)

Net sales(1)

Food Agriculture amp Minerals

Chemicals

Other

(2)

(2)

(1) 2009 and 2010 reflect only information for the multiwall bag business in North America (2) Twelve months ended April 30 2013 (3) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense Note A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the financial schedules




Paper Packaging

Champion of the independent

Integrated containerboard network

Highly efficient sheet feeder footprint

Automotive Building Products Food Packaging

Served markets


Net sales

(1)

(1)





Land Management


Net sales

(1) Twelve months ended April 30 2013 (2) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense (3) Includes 11850 acres in Canada Note A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the financial schedules


Book value $217 million at April 30 2013

Total acres owned 281400 Core timberland 235650 Special use land 45765(3)

Active harvesting and regeneration in US to achieve sustainable long-term yields

Alabama Louisiana Mississippi

(1)

(1)



CAGR 12 Months

Ended Three Months Ended April 30

2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122

Net income attributable to Greif Inc $ 105 $ 203 $ 178 $ 126 6 $ 131 $ 39 $ 41

Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340

Net cash provided by operating activities $ 267 $ 178 $ 172 $ 474 21 $ 333 $ 165 $ 108

Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile

Compounded Annual Growth Rate

(1) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings (losses) of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization (2) Working capital represents current assets less current liabilities (3) Free cash flow is defined as cash provided by operating activities less capital expenditures and timberland purchases (4) Net debt represents long-term debt plus the current portion of long-term debt plus short-term borrowings less cash and cash equivalents

Note A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the Appendix to this presentation



Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)

(1) 2008 to 2011 amounts are presented as previously reported (2) Fiscal 2008 and fiscal 2009 amounts are presented as previously reported fiscal 2010 to fiscal 2012 amounts presented as reported in the Form 10-K for the year ended October 31 2012 (3) Twelve months ended April 30 2013



Company Outlook

Second Half 2013

Modest sales growth

Stable raw material costs

Continuation of favorable market conditions in Paper Packaging

Fiscal 2013

EBITDA guidance between $475 million and $500 million


Highlights






APPENDIX


Condensed Consolidated Statements of Income

(1) Twelve months ended April 30 2013

12 Months Ended

Three months Ended April 30

2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889

Cost of products sold 22936 27604 34498 34898 34893 8927 8863

Gross profit 4959 7014 7984 7797 7867 2055 2026

Selling general and administrative expenses 2712 3651 4533 4694 4817 1191 1219

Restructuring charges 666 267 305 334 156 101 (01)

Asset gains net (344) (114) (161) (76) (88) (20) (31)

Operating profit 1925 3210 3307 2845 2982 783 839

Interest expense net 536 655 760 899 867 233 214

Debt extinguishment charges 08 - - - 13 - -

Other expense net 71 71 141 75 89 27 08

Income before income tax expense and equity earnings of unconsolidated affiliates net 1310 2484 2406 1871 2013 523 617

Income tax expense 221 435 650 568 621 151 189

Equity earnings (loss) of unconsolidated affiliates net of tax (04) 36 48 13 (04) 20 02

Net income 1085 2085 1804 1316 1388 392 430

Net income attributable to noncontrolling interests (32) (57) (29) (55) (80) 02 (21)

Net income attributable to Greif Inc $ 1053 $ 2028 $ 1775 $ 1261 $ 1308 $ 394 $ 409



Condensed Consolidated Balance Sheets

April 30 2013 October 31 2012

ASSETS

CURRENT ASSETS

Cash and cash equivalents $ 856 $ 917

Trade accounts receivable 4718 4539

Inventories 3925 3743

Current portion related party note receivable 26 25

Other current assets 1712 1416

11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761

Intangible assets 1871 1986

Related party note receivable 146 157

Assets held by special purpose entities 509 509

Other long-term assets 1294 1319

13632 13732

PROPERTIES PLANTS AND EQUIPMENT 14063 14197

Total assets $ 38932 $ 38569

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES

Accounts payable $ 4257 $ 4661

Short-term borrowings 608 760

Current portion of long-term debt 100 250

Other current liabilities 2871 2949

7836 8620

LONG-TERM LIABILITIES

Long-term debt 12694 11753

Liabilities held by special purpose entities 433 433

Other long-term liabilities 4593 4559

17720 16745

SHAREHOLDERS EQUITY 13376 13204

Total liabilities and shareholders equity $ 38932 $ 38569



Condensed Consolidated Statements of Cash Flows

Note 2009 amounts presented as originally reported 2010 to 2012 amounts presented as reported in the Form 10-K for the year ended October 31 2012

12 Months Ended


2009 2010 2011 2012 43013 2012 2013

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430

Depreciation depletion and amortization 1027 1160 1442 1547 1547 397 389

Increase (decrease) in cash from changes in certain

assets and liabilities and other 314 (1464) (1523) 1871 394 865 258

Net cash provided by operating activities 2665 1781 1723 4734 3329 1654 1077

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of companies net of cash acquired (908) (2776) (3449) - - - -

Purchases of properties plants equipment and timber properties (1256) (1651) (1658) (1697) (1424) (338) (275)

Other 452 173 103 159 274 64 55

Net cash used in investing activities (1712) (4254) (5004) (1538) (1150) (274) (220)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds (payments) on debt 409 3308 4629 (2419) (1359) (1132) (663)

Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09

Net cash (used in) provided by financing activities (653) 2441 3481 (3522) (2352) (1373) (900)

EFFECTS OF EXCHANGE RATES ON CASH 43 (17) 04 (31) (20) 02 (17)

Net increase (decrease) in cash and cash equivalents $ 343 $ (49) $ 204 $ (357) $ (193) $ 09 $ (60)




GAAP to Non-GAAP Reconciliation EBITDA(1) ndash for Greif Inc

(1) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense

12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430

Plus interest expense net 536 655 760 899 867 233 214

Plus income tax expense 221 435 650 568 621 151 189

Plus depreciation depletion and amortization expense 1026 1160 1442 1547 1547 397 389

Plus debt extinguishment charges 08 - - - 13 - -

Less equity earnings (loss) of unconsolidated affiliates net of tax (04) 36 48 13 (04) 20 02

EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220



GAAP to Non-GAAP Reconciliation EBITDA(1) ndash by Segment

(1) EBITDA is defined as net income plus interest expense net plus income tax expense less equity earnings of unconsolidated subsidiaries net of tax plus depreciation depletion and amortization expense however the company does not calculate net income by segment so this table calculates EBITDA by segment with reference to operating profit by subtracting other expense net and adding depreciation depletion and amortization expense to achieve the same result

RIPS FPS PPS Land Mgmt

Twelve months ended April 30 2013

Operating Profit $ 1850 $ - $ 996 $ 136

Less other (income) expense net 118 (29) - -

Plus depreciation depletion and amortization expense 1054 142 313 38

EBITDA $ 2786 $ 171 $ 1309 $ 174

Twelve months ended October 31 2012

Operating Profit (loss) $ 1867 $ (10) $ 835 $ 153



EBITDA $ 2811 $ 169 $ 1151 $ 186


Operating Profit $ 2199 $ 169 $ 749 $ 190

Less other expense net 123 14 04 -


EBITDA $ 3006 $ 321 $ 1061 $ 220



Less other expense net 51 12 01 07


EBITDA $ 3318 $ 24 $ 846 $ 111



Less other expense net 71 - - -


EBITDA $ 1961 $ 96 $ 572 $ 251


GAAP to Non-GAAP Reconciliation Free Cash Flow (Dollars in millions)


12 Months Ended

43013


2009 2010 2011 2012 2012 2013

Cash from operations $ 2665 $ 1781 $ 1723 $ 4734 $ 3329 $ 1654 $ 1077

Less capital expenditures amp timberland purchases 1256 1651 1658 1697 1424 338 275

Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802


GAAP to Non-GAAP Reconciliation Balance Sheet Data (Dollars in millions)

2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694

Plus current portion of long-term debt 175 125 125 250 188 100

Plus short-term borrowings 196 609 1373 760 1052 608

Less cash and cash equivalents 1119 1070 1274 917 1049 856

Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546


GAAP to Non-GAAP Reconciliation Working Capital(1)


(1) Working capital represents current assets less current liabilities

2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237

Less current liabilities 5867 7863 9320 8620 7988 7836

Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Safe Harbor

Forward-Looking Statements

This presentation contains certain forward-looking information within the meaning of the Private Securities

Litigation Reform Act of 1995 The words ldquomayrdquo ldquowillrdquo ldquoexpectrdquo ldquointendrdquo ldquoestimaterdquo ldquoanticipaterdquo ldquoaspirationrdquo

ldquoobjectiverdquo ldquoprojectrdquo ldquobelieverdquo ldquocontinuerdquo ldquoon trackrdquo or ldquotargetrdquo or the negative thereof and similar

expressions among others identify forward-looking statements All forward-looking statements are based on

information currently available to management Such forward-looking statements are subject to certain risks

and uncertainties that could cause events and the companyrsquos actual results to differ materially from those

expressed or implied Please see the disclosure regarding forward-looking statements immediately preceding

Part I of the companyrsquos Annual Report on Form 10-K for the fiscal year ended Oct 31 2012 The company

assumes no obligation to update any forward-looking statements

Regulation G

This presentation includes certain non-GAAP financial measures like EBITDA and other measures that exclude

special items such as restructuring and other unusual charges and gains that are volatile from period to period

Management of the company uses the non-GAAP measures to evaluate ongoing operations and believes that

these non-GAAP measures are useful to enable investors to perform meaningful comparisons of current and

historical performance of the company All non-GAAP data in the presentation are indicated by footnotes Tables

showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation

and on the Greif website at wwwgreifcom


Highlights







Overview







Rigid

Industrial

Packaging

amp Services

Sales

$ 3047 EBITDA(1) $ 279

Paper

Packaging

Sales

$ 751

EBITDA(1) $ 131

Land

Management

Sales

$ 30

EBITDA(1) $ 17

(1)



Flexible

Products amp

Services


Sales $ 4276

EBITDA(1) $ 444

Sales

$ 448 EBITDA(1) $ 17


Strategy



Emerging markets








Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Highlights







Overview







Rigid

Industrial

Packaging

amp Services

Sales

$ 3047 EBITDA(1) $ 279

Paper

Packaging

Sales

$ 751

EBITDA(1) $ 131

Land

Management

Sales

$ 30

EBITDA(1) $ 17

(1)



Flexible

Products amp

Services


Sales $ 4276

EBITDA(1) $ 444

Sales

$ 448 EBITDA(1) $ 17


Strategy



Emerging markets








Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Overview







Rigid

Industrial

Packaging

amp Services

Sales

$ 3047 EBITDA(1) $ 279

Paper

Packaging

Sales

$ 751

EBITDA(1) $ 131

Land

Management

Sales

$ 30

EBITDA(1) $ 17

(1)



Flexible

Products amp

Services


Sales $ 4276

EBITDA(1) $ 444

Sales

$ 448 EBITDA(1) $ 17


Strategy



Emerging markets








Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401



Rigid

Industrial

Packaging

amp Services

Sales

$ 3047 EBITDA(1) $ 279

Paper

Packaging

Sales

$ 751

EBITDA(1) $ 131

Land

Management

Sales

$ 30

EBITDA(1) $ 17

(1)



Flexible

Products amp

Services


Sales $ 4276

EBITDA(1) $ 444

Sales

$ 448 EBITDA(1) $ 17


Strategy



Emerging markets








Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Strategy



Emerging markets








Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401



Schutz

Mauser

1 1 2 3 1 1 1

Global


Rigid

Intermediate

Bulk

Containers

Filling amp

Blending

Closures

Reconditioned

Rigid Industrial

Packaging Flexibles









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401









Net sales



North America $2013

EMEA $1617

APAC LAMR $646

$4276

(1)

(1)









Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401








Served markets


Net sales


Chemicals

Agriculture

Pharmaceutical

(1)

(1)











5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401








5050 joint venture

Market Size

Served markets


Net sales(1)


Chemicals

Other

(2)

(2)





Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Paper Packaging





Served markets


Net sales

(1)

(1)





Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Land Management


Net sales







(1)

(1)



CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


CAGR 12 Months


2009 2010 2011 2012 2009-2012 43013 2012 2013

Net sales $ 2790 $ 3462 $ 4248 $ 4270 15 $ 4276 $ 1098 $ 1089

EBITDA(1) $ 288 $ 430 $ 461 $ 432 14 $ 444 $ 115 $ 122


Working capital(2) $ 248 $ 350 $ 353 $ 202 -7 $ 340 $ 368 $ 340


Free cash flow(3) $ 141 $ 13 $ 7 $ 304 29 $ 191 $ 132 $ 80

Net debt(4) $ 646 $ 920 $ 1394 $ 1186 22 $ 1255 $ 1331 $ 1255

Financial Profile






Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Operating Cash Flow

Fiscal Year(2)

(3)

Six Months(1)




Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Company Outlook

Second Half 2013

Modest sales growth



Fiscal 2013



Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401


Highlights






APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401

APPENDIX




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401




12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net sales $ 27895 $ 34618 $ 42482 $ 42695 $ 42760 $ 10982 $ 10889


Gross profit 4959 7014 7984 7797 7867 2055 2026



Asset gains net (344) (114) (161) (76) (88) (20) (31)








Net income 1085 2085 1804 1316 1388 392 430







ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401




ASSETS

CURRENT ASSETS






11237 10640

LONG-TERM ASSETS

Goodwill 9812 9761





13632 13732


Total assets $ 38932 $ 38569


CURRENT LIABILITIES





7836 8620





17720 16745







12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401




12 Months Ended


2009 2010 2011 2012 43013 2012 2013


Net income $ 1324 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430








Other 452 173 103 159 274 64 55




Dividends paid (880) (931) (978) (977) (979) (245) (246)

Other (182) 64 (170) (126) (14) 04 09









12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401





12 Months Ended


2009 2010 2011 2012 43013 2012 2013

Net income $ 1085 $ 2085 $ 1804 $ 1316 $ 1388 $ 392 $ 430






EBITDA $ 2880 $ 4299 $ 4608 $ 4317 $ 4440 $ 1153 $ 1220










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401










EBITDA $ 2786 $ 171 $ 1309 $ 174





EBITDA $ 2811 $ 169 $ 1151 $ 186





EBITDA $ 3006 $ 321 $ 1061 $ 220





EBITDA $ 3318 $ 24 $ 846 $ 111





EBITDA $ 1961 $ 96 $ 572 $ 251




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401




12 Months Ended

43013


2009 2010 2011 2012 2012 2013



Free Cash Flow $ 1409 $ 130 $ 65 $ 3037 $ 1905 $ 1316 $ 802



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401



2009 2010 2011 2012 April 30 2012 April 30 2013

Long Term Debt $ 7211 $ 9531 $ 13714 $ 11753 $ 13123 $ 12694




Net Debt $ 6463 $ 9195 $ 13938 $ 11846 $ 13314 $ 12546





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401





2009 2010 2011 2012 April 30 2012 April 30 2013

Current Assets $ 8346 $ 11359 $ 12851 $ 10640 $ 11668 $ 11237


Working Capital $ 2479 $ 3496 $ 3531 $ 2020 $ 3680 $ 3401

Documents

2013 Deutsche Bank Global Industrials and Basic Materials … · 2015. 12. 24. · 2013 Deutsche Bank Global Industrials and Basic Materials Conference June 12, 2013 . Deutsche Bank