© 2011 Graphic Packaging Holding Company
Graphic Packaging International, Inc.
Baird’s 2011 Industrial Conference
November 8, 2011
© 2011 Graphic Packaging Holding Company
Disclaimer / Safe Harbor
1
Any statements of the Company’s expectations in this presentation constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, pricing, debt reduction, cost reduction, the effect of the Macon Biomass project and the availability of the Company’s net operating loss to offset taxable income in the U.S., are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations. These risks and uncertainties include, but are not limited to, the Company’s substantial amount of debt, inflation of and volatility in raw material and energy costs, continuing pressure for lower cost products, the Company’s ability to implement its business strategies, including productivity initiatives and cost reduction plans, currency movements and other risks of conducting business internationally, the Company’s ability to successfully integrate acquired businesses, including Sierra Pacific Packaging, Inc., and the impact of regulatory and litigation matters, including the continued availability of the Company’s net operating loss offset to taxable income, and those that impact the Company’s ability to protect and use its intellectual property. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements. Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.
© 2011 Graphic Packaging Holding Company
Graphic Packaging at a Glance
• Provides innovative packaging solutions
• Largest folding carton manufacturer in the
U.S.
• Vertically integrated, low cost supplier
• Global presence for global customers with
facilities in
• U.S., Canada, Mexico, Europe, Asia
Pacific and Brazil
• Q3’11 TTM Segment Revenue Breakdown
• Paperboard Packaging: 83%
• Flexible Packaging: 17%
• Q3’11 TTM Financial Summary
• Revenue: $4,166mm
• Adjusted EBITDA: $578mm
• Operating Cash Flow: $368mm
Key Products
Food & Consumer
Packaging
Beverage Carrier
Cartons
Household and
Personal Care
Packaging
Microwaveable Products
Multi-wall
Bags
Heat Transfer &
Lithographic
Labels
Packaging Systems &
Machinery
Specialty Plastics
2
© 2011 Graphic Packaging Holding Company
U.S. and Canada Central & South America Europe Pac Rim
Major Customers
55 Locations 3 Locations 6 Locations 3 Locations
Major Customers Major Customers Major Customers
Our Customers Are Global Food, Beverage and Consumer Products Companies
3
We Grow Globally with Our Customers
© 2011 Graphic Packaging Holding Company 4
GPK 55%
MWV 45%
Graphic
Packaging
13%
MeadWestvaco
9%
Smurfit Stone
8%
IP
7%
Rock-Tenn
7% Riverwood
5%
Other
51%
GPK 34%
Cascades 19%
RKT 24%
Paperworks 12%
Other 11%
GPK 32%
RKT 13%
MWV 9%
Atlas Hldg 5%
CSAR 3%
Other 38%
Graphic is a Leader in the Consolidating North American Folding Carton Sector
2001 Today a Transformed Industry
Source: Bain competitive analysis document, QSR/Foodservice Market Analysis and Management estimates.
Resulting in Leading
Market Share
CRB CUK
© 2011 Graphic Packaging Holding Company
Beverage Carriers
33%
Food 55%
Consumer Products
12%
Centralized Managed Integrated Global Supply Chain to Our Customers
83% of Q3’11 TTM Revenue ($3,470mm)
Largest U.S. producer of folding cartons
Focused on food & beverage end markets
Vertically integrated network of 34 converting facilities and 7 mills (80+% integrated)
2 virgin (CUK) mills produced ~1.5 mm tons in FY2010
5 recycled (CRB & URB) mills produced ~0.9 mm tons in FY2010
5
Paperboard Packaging Business Overview
Industry End Markets Key Facts
Fiber Supply
Packaging Machinery
Carton Converting
Global Innovation & Carton Development
Paperboard Production
Wood
OCC
© 2011 Graphic Packaging Holding Company
Flexible Packaging Business Overview
Industry End Markets
Other
11%
Key Facts
Agri-Chem
&
Food
41%
Building
Materials
17%
Pet & Pet
Care
11%
Chemicals
10%
Minerals
10%
Other
11%
17% of Q3’11 TTM Revenue ($696mm)
Consistent track record of solid cash flow generation
Recent initiatives include consolidating volumes in facilities, reducing cost structure and managing our capital expenditures
Leading market share position in multi-wall bags and heat transfer labels
Focused on agriculture, pet and building supply end markets and markets with cyclical upside
16 manufacturing facilities
Dedicated plant for woven polypropylene
New Innovative Market Launches to Drive Growth
Woven Poly Prop MWB with FreshLok
and Next Generation Slider
Hybrid Bag
Paper/Plastic
Combination
HTL Di Na
Tech Labels
6
© 2011 Graphic Packaging Holding Company
Challenging Market Environment
• Food inflation, inability to raise prices => pressure on profits
• Pushing for “retail-ready” solutions
• Unique packages per retailer • Direct buy of packaging
Reta
ilers
CP
G
Cu
sto
mers
• High unemployment > 9% • Low confidence, frugal spending • Risk averse to try new products
• High input inflation, limited new product/promotional activity
• Pressures on growth, profit • Cost reduction/substitution
alternatives • More industry consolidation
Co
nsu
mers
Macro-Environment Impacting Packaging Industry
US Civilian Unemployment Rate
6.9%
8.2%
9.3%9.7%
10.0%9.7% 9.6% 9.6% 9.6%
8.9%9.1% 9.1%
4%
5%
6%
7%
8%
9%
10%
11%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011
FAO – Annual Food Price Indices
US Civilian Unemployment Rate
The Index of Consumer Sentiment
7
© 2011 Graphic Packaging Holding Company
Multifaceted Strategy Proven During Difficult Operating Environment
• Optimize our core business
• Supply chain optimization and disciplined investments in asset base to gain operational efficiencies
• Implement price increases to recover cost inflation
• Grow by leveraging our strengths
• Invest in innovation
• Opportunistically evaluate strategic acquisitions
• Continue to broaden global reach
• Build a high performance culture
• Extensive continuous improvement programs to reduce costs
• Invest in energy solutions and sustainable packaging
• Results in significant cost reductions ($60-$80 million per year)
8
© 2011 Graphic Packaging Holding Company
Source: Bain Consulting.
Continue to Optimize Supply Chain
GPK Converting Facility
GPK Paperboard Mill
Industry Average
Ca
sh
Co
st
Example: Cereal Customers
West Coast Region /Private Label
• Craft Beer
• Facial tissue
• Raisins
• Frozen Foods
• Soap & Detergent
Midwest Region / Private Label
• Meat
• Facial tissue
• Frozen Foods
• Dairy/Ice Cream
East Region / Private Label
• Confectionary
• Bakery
• Meat
• QSR/Food Service
Centrally Managed Support Functions
• Overall Demand / Capacity Balance
• Raw Material Planning & Procurement
• Graphics / Prepress Support
Locally Managed Support Functions
• Customer Service
• Sales
• Manufacturing
• Field Technical Service
National Accounts Regional Accounts Low Cost Mills
Combined Operations Yield Board from Low Cost Mills in the U.S. to Low Cost Converting Plants
9
© 2011 Graphic Packaging Holding Company
Key project savings over next 3 years
• Energy reduction/sourcing
• Biomass boiler
• Heat recovery
• Productivity investments
• Higher pressure drying cans
• Automated threading systems
• New top felt run
• Waste reduction
• Productivity Investments
• Make ready improvement
• Decrease in press conversion times
• Plant consolidation
• Plant consolidation
Mills
Converting
Flexible
Strong Backlog of Cost Reduction Projects
10 1) Presented on a pro forma basis.
SG&A
• Cost reduction projects that will deliver $60-$80 million annual benefit over next 3 years have been planned and/or in process
• Dedicated continuous improvement resources to drive execution
• Capex approved for major projects
Continuous Improvement Cost Reduction
© 2011 Graphic Packaging Holding Company
Making Strategic Investments to Optimize, Grow and Build
11
- Productivity investments
- Energy reduction/sourcing
- Example – Biomass will make mill self-sufficient for electric and steam generation reducing dependency on fossil fuel-based alternatives
Performance Enhancement
Initiatives
(i.e. Macon Biomass)
- Optimizes manufacturing footprint
- Better aligns volumes within geographies
- Leverages Mills
- Lowers transportation costs
- Better matches orders with production facilities
- Streamlines overhead functions
Tuck-Under Acquisitions (i.e. Sierra Pacific)
Facility Expansions
(i.e. Perry & W. Monroe)
Enterprise Wide Systems
- Grows a unique portfolio of solutions to help customers
- Differentiate products
- Lower distribution costs
- Improve sustainability metrics
- Example – over 75k new tons annually of CUK carton to replace litho-laminated structure
Product
Innovation
Focuses
on better,
faster,
smarter,
cheaper
solutions
to the
market
Enables Graphic
to Deliver - Innovative cost
saving solutions to
customers
At the Same Time - Growing earnings
- Generating cash
© 2011 Graphic Packaging Holding Company
Growth from New Product Innovation
Consumer Convenience Active consumer, grab and go
Brand Building Differentiating in a crowded space
Value and Cost Reduction Sustainability & substitution
Microwave: 6% year-over-year growth for 2010
Fridge Vendor: now available in 26 countries with 80% GPK share of U.S. energy drink market
Z-Flute and Hi Caliper cartons increasingly replacing corrugate
New technology launches for cat litter and detergent reducing fiber usage by 20%
12
Shape differentiation
Holographic, metallic laminations and hot stamping decorating technologies
Interactive technology connecting consumers to brands in real time
© 2011 Graphic Packaging Holding Company
GPI’s efforts in China are focused on the fast growing
dairy and beverage segments
• Large dairy market unveiled for multipack and world’s largest beer consumption with over 5% growth
• Urbanization and brand competition leads the multipack potential: increasing income and growing middle class have triggered the demand for premium products in soft drinks, beer and dairy
• Trends of switching from manual to automated packaging machines to drive labor-cost-savings and higher production efficiency
Aseptic Pkgs Can Solutions JC Wraps
Broaden Global Reach Right Products for Right Geographies
13
© 2011 Graphic Packaging Holding Company
Virgin mills use 100% locally grown pine
as fiber source
CRB is made from 100% recycled fibers
Since 2008, our mills have reduced their
carbon footprint by 6%
Reduced water usage by 2% on a per
ton basis
15% less packaging than original box
Saves enough packaging in one year to
wrap the world in a ring of new boxes
Made from renewable material (pine
trees)
Still recyclable
Renew
Recycle
Regenerate
Our Products Address Global Concerns Regarding Sustainability
Compost
New CUK Carton to Replace Litho-Lam
Graphic Packaging Mills
14
© 2011 Graphic Packaging Holding Company
Strengthened Financial Performance During Downturn
Revenue Adjusted EBITDA
Cash Flow from Operations
(US$ in millions)
16
Adjusted EBITDA Margin
© 2011 Graphic Packaging Holding Company
Industry Leading Paperboard Packaging Segment Drives Financial Gains
Paperboard Packaging
(US$ in millions)
Revenue & Growth YoY
Flexible Packaging
EBITDA² & Margin
(EBITDA² – Capex) &
% of Revenue
17 1) Presented on a pro forma basis.
2) Note: Segment EBITDA excludes corporate expense.
© 2011 Graphic Packaging Holding Company 18
Consolidation and Productivity Improvements Drives Financial Gains
Poised for Continued Performance Improvement
• Increased operating leverage with no capacity reduction
• Strong infrastructure for creating value with “tuck under acquisitions”
• Continued investment in product development to expand addressable market
• $60-$80 million annual cost reduction
• Mitigating business risk with contractual inflation recovery and “net purchaser of paperboard” position
$565
~$111
~($21)
~($120) ~($29)
~$87
~($15)
$578
$200
$300
$400
$500
$600
$700
$800
Q3-10 TTM Price Volume/Mix Input Inflation Labor & Benefit Inflation Performance FX/Other Q3-11 TTM
Ad
j.
EB
ITD
A i
n $
mil
lio
ns
© 2011 Graphic Packaging Holding Company 19
Actively Manage Risk of Input Cost Inflation and Paperboard Demand
Customer supply agreements contain inflation recovery provisions
• ~85% of paperboard packaging business under multiyear contract
• Contracts contain “look back” inflation recovery calculation – average 9 month look back period
• ~$100 million of 2010 input inflation – YTD Sept 2011 price gain of ~$89 million
Convert more paperboard than mills produce
• Over 200,000 tons purchased
• Optimize mill production – throughput, waste, trim
• Maintain “sold out” position of mills – mitigate market demand risk
Converting
Folding Carton Cost Breakdown
Secondary Fiber
14.4%
Energy
12.4%
Freight/Packaging
5.9%
Virgin Wood
15.2% Labor &
Overhead
33.7%
Chemicals
18.5%
Variable
Costs
21.1%
Fixed Costs
24.4%
Board
54.5% 80+%
Vertically
Integrated
Paperboard Production
© 2011 Graphic Packaging Holding Company
Q3 2011 Earnings Benefit from Price and Debt Reduction
$ millions
• Revenues up by ~3%
• Adjusted Net Income up ~40% Q3’11 and ~80% YTD
• Adjusted for $80.0 million net non-cash goodwill impairment
• Lower cash interest driven by debt reduction
• Utilizing $1.2 billion NOL tax shield
20
Q3'11 Q3'10 Var
YTD
Sep'11
YTD
Sep'10 Var
Revenues $1,073.3 $1,042.8 $30.5 $3,154.6 $3,083.4 $71.2
Adjusted EBITDA $152.0 $151.3 $0.7 $444.8 $441.2 $3.6
Net Income ($47.5) $17.6 ($65.1) $11.3 ($8.9) $20.2
Adjusted Net Income $33.8 $24.1 $9.7 $95.1 $53.6 $41.5
© 2011 Graphic Packaging Holding Company
Strong Cash Generation Leads to Strong Debt Reduction
1) Since March 2008.
2) Shown on a pro forma basis; GAAP based ratio was 6.3x.
Debt Profile
• Low cost secured loan facilities at LIBOR +2.41%
• Well positioned to refinance 2014 maturities
• Rating agency upgrades
• S&P to BB and Moody’s to Ba3
• Significant liquidity of ~$525 million (at 9/11)
• Expect ~$200-$220 million net debt reduction in
2011
21
Cumulative Net Debt Reduction Since 2008¹ Net Leverage
Key Highlights
Amount
Cash & Cash in Equivalents 157$
Revolver (Matures in 2013) -$
Term Loan B (Matures in 2014) 769
Term Loan C (Matures in 2014) 909
9.500% Notes (Matures in 2017) 425
7.785% Notes (Matures in 2018) 250
Other 11
Net Debt 2,207$
0.0x
x Q3'11 TTM EBITDA
3.6x
1.3x
2.9x
3.8x
4.1x
4.1x
© 2011 Graphic Packaging Holding Company
Diluted Adjusted Earnings Per Share
Meaningful EPS Growth
• Strengthening balance sheet
• Rapidly approaching optimal 3.0x-2.5x leverage
• Continued cost reduction drives margin improvement
• New products expand addressable market
• Tax shield with $1.2 billion NOL
• Strategic acquisitions with significant synergies
• 13% cash flow yield
Attractive Earnings Growth
Summary Value Proposition
22 1) Presented on pro forma basis.
© 2011 Graphic Packaging Holding Company
Paperboard Packaging Focus ▲ “Purest play” public U.S. paperboard packaging stock
Market Leader ▲ Strong market positions and scale in attractive product categories
Growing End Markets ▲ Diverse global customers in stable food, beverage and consumer
sectors with growing emerging market exposure
Innovative Products ▲ Innovative products with a focus on sustainability
Technological Prowess ▲ Proprietary system solutions for global beverage packaging
Margin Enhancing Business Model ▲ Vertically integrated, low cost supplier with inflation pass-through
capability and track record of cost reductions
Strong Financial Performance ▲ Significant free cash flow generation and decreasing leverage
Disciplined Investments ▲ Successful capital investments and proven acquisition track record
Attractive Earnings Growth ▲ Attractive earnings growth supported by significant NOL of ~$1.2bn
Proven Management Team ▲ Best-in-class management with proven track record
Key Investment Considerations
23
© 2011 Graphic Packaging Holding Company 25
Reconciliation of Non-GAAP Financial Measures
In millions, except per share amounts 2011 2010
Net (Loss) Income $ (47.5) $ 17.6
Add (Subtract):
Income Tax (Benefit) Expense (5.6) 11.0
Equity Income of Unconsolidated Entities (0.7) (0.6)
Interest Expense, Net 34.8 44.0
Depreciation and Amortization 73.4 72.8
EBITDA 54.4 144.8
Goodwill Impairment Charge 96.3 -
Loss on Modification or Extinguishment of Debt 1.3 6.5
Adjusted EBITDA $ 152.0 $ 151.3
Three Months Ended
September 30,
The tables below set forth the calculation of the Company's earnings before interest expense, income
tax expense, equity income of unconsolidated entities, depreciation and amortization (“EBITDA”),
Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio. Adjusted EBITDA and Adjusted Net
Income exclude charges associated with the Company's combination with Altivity Packaging, LLC and
the acquisition of the assets of Sierra Pacific Packaging, Inc. as well as charges associated with
modification or extinguishment of debt. The Company's management believes that the presentation of
EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio provides useful information to
investors because these measures are regularly used by management in assessing the Company's
performance. EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio are financial
measures not calculated in accordance with generally accepted accounting principles in the United
States (“GAAP”), and are not measures of net income, operating income, operating performance or
liquidity presented in accordance with GAAP.EBITDA, Adjusted EBITDA, Adjusted Net Income and Net
Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but
should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted
EBITDA, Adjusted Net Income and Net Leverage Ratio may not be comparable to Adjusted EBITDA or
similarly titled measures utilized by other companies since such other companies may not calculate
such measures in the same manner as we do.
Reconciliation of Non-GAAP Financial Measures
© 2011 Graphic Packaging Holding Company 26
Reconciliation of Non-GAAP Financial Measures
September 30, December 31, December 31, December 31,
Calculation of Net Debt: 2011 2010 2009 2008 1
Short-Term Debt and Current Portion of Long-Term Debt 19.4 26.0$ 17.6$ 18.6$
Long-Term Debt 2,344.3 2,553.1 2,782.6 3,165.2
Less:
Cash and Cash Equivalents (157.1) (138.7) (149.8) (170.1)
Total Net Debt 2,206.6$ 2,440.4$ 2,650.4$ 3,013.7$
Adjusted EBITDA 577.5 573.9$ 556.4 502.0
Net Leverage Ratio 3.8 4.3 4.8 6.0
1) Presented on a pro forma basis.
The table below sets forth the calculation of the Company's Total Net Debt and Net Leverage Ratio. The Company's management believes that
the presentation of Total Net Debt and Net Debt Leverage provides useful information to investors because these measures are regularly used by
management in assessing the Company's performance. Total Net Debt is a financial measure not calculated in accordance with generally
accepted accounting principles in the United States ("GAAP"). Total Net Debt and Net Leverage Ratio should be considered in addition to
results prepared in accordance with GAAP, but should not be considered superior to GAAP results. In addition, our Total Net Debt and Net
Leverage Ratio may not be comparable to similarly titled measures utilized by other companies since other companies may not calculate such a
measure in the same manner as we do.
Reconciliation of Non-GAAP Financial Measures
© 2011 Graphic Packaging Holding Company 27
Reconciliation of Non-GAAP Financial Measures
TTM Ended
In millions September 30, 2011 2010 2009 2008 1
Net Sales 4,166.2$ 4,095.0$ 4,095.8$ 4,079.4$
Altivity Net Sales - - - 335.6
Consolidated Net Sales 4,166.2$ 4,095.0$ 4,095.8$ 4,415.0$
Net Income (Loss) 30.9$ 10.7$ 56.4$ (99.7)$
Add (Subtract):
Income Tax Expense 2.4 27.5 24.1 34.4
Equity Income of Unconsolidated Entities (1.8) (1.6) (1.3) (1.1)
Interest Expense, Net 151.2 174.5 196.4 215.4
Depreciation and Amortization 293.7 299.3 326.8 269.2
Adjusted EBITDA 476.4 510.4 602.4 418.2
Charges Associated with Combination with Altivity - 55.1 71.7 17.7
Charges Associated with Sierra Acquisition 1.7 - - -
Asset Impairment and Shutdown Charges - - 13.0 .
Goodwill Impairment Charge 96.3 - - -
Inventory Step Up Related to Altivity - - - 24.4
Loss on Modification or Extinguishment of Debt 3.1 8.4 7.1 -
Alternative Fuel Tax Credits Net of Expenses - - (137.8) -
Adjusted EBITDA 577.5 573.9 556.4 460.3
Altivity Adjusted EBITDA - - - 26.2
Consolidated Adjusted EBITDA 577.5$ 573.9$ 556.4$ 486.5$
Net Income (Loss) 30.9$ 10.7$ 56.4$ (99.7)$
Altivity Net Loss - - - (24.5)
Charges Associated with Combination with Altivity - 55.1 71.7 17.7
Charges Associated with Sierra Acquisition 1.7 - - -
Goodwill Impairment Charge 80.0 - - -
Inventory Step Up Related to Altivity - - - 24.4
Loss on Modification or Extinguishment of Debt 3.1 8.4 7.1 -
Alternative Fuel Tax Credits Net of Expenses - - (137.8) -
Asset Impairment and Shutdown Charges - - 13.0 15.5
Adjusted Net Income (Loss) 115.7$ 74.2$ 10.4$ (66.6)$
Per Share - Basic and Diluted
Net Income (Loss) 0.08$ 0.03$ 0.16$ (0.29)$
Altivity Net Loss - - - (0.07)$
Charges Associated with Combination with Altivity - 0.16 0.21 0.05
Charges Associated with Sierra Acquisition 0.00 - - -
Inventory Step Up Related to Altivity - - - 0.07
Loss on Modification or Extinguishment of Debt 0.01 0.02 0.02 -
Alternative Fuel Tax Credits Net of Expenses - - (0.40) -
Asset Impairment and Shutdown Charges - - 0.04 0.05
Adjusted Net Income (Loss) Per Share * 0.31$ 0.22$ 0.03$ (0.19)$
* May not foot due to rounding
Weighted Average Number of Shares Outstanding - Basic 364.5 343.8 343.1 341.6
Weighted Average Number of Shares Outstanding - Diluted 369.8 347.4 344.6 341.6
1) Presented on a pro forma basis.
Year Ended
December 31,
The following pro forma results for 2008, give effect to Graphic Packaging Corporation's combination with Altivity Packaging, LLC as if it had occurred on January 1, 2008
and exclude the 2008 results for the two coated-recycled board mills divested in September 2008. The Company's management believes that the pro forma presentation
provides useful information to investors in light of the Company's combination with Altivity Packaging, LLC. The pro forma information is not necessarily indicative of what
the combined companies' results of operations actually would have been if the transaction had been completed on the date indicated.
Reconciliation of Non-GAAP Financial Measures
© 2011 Graphic Packaging Holding Company 28
Reconciliation of Non-GAAP Financial Measures
TTM Ended
In millions September 30, 2011 2010 2009 2008
Net Sales by Segments:
Paperboard Packaging 3,470.0$ 3,419.4$ 3,423.5$ 3,565.7$
Flexible Packaging 696.2 675.6 672.3 849.3
Total Net Sales 4,166.2$ 4,095.0$ 4,095.8$ 4,415.0$
Adjusted EBITDA by Segments:
Paperboard Packaging 568.5$ 555.5$ 542.5$ 484.0$
Flexible Packaging 46.9 49.6 54.9 76.1
Corporate (37.9) (31.2) (41.0) (58.1)
Total Adjusted EBITDA 577.5$ 573.9$ 556.4$ 502.0$
Adjusted EBITDA Margin by Segment:
Paperboard Packaging 16.4% 16.2% 15.8% 13.6%
Flexible Packaging 6.7% 7.3% 8.2% 9.0%
Total Adjusted EBITDA Margin 13.9% 14.0% 13.6% 11.4%
Capex by Segments:
Paperboard Packaging 147.7$ 114.9$ 107.8$ 159.0$
Flexible Packaging 7.0 3.6 8.6 15.6
Corporate 2.6 4.3 13.5 29.1
Total Capex 157.3$ 122.8$ 129.9$ 203.7$
EBITDA - Capex by Segments:
Paperboard Packaging 420.8$ 440.6$ 434.7$ 325.0$
Flexible Packaging 39.9 46.0 46.3 60.5
Corporate (40.5) (35.5) (54.5) (87.2)
Total EBITDA - Capex 420.2$ 451.1$ 426.5$ 298.3$
(EBITDA - Capex) & % of Revenue by Segments:
Paperboard Packaging 12.1% 12.9% 12.7% 9.1%
Flexible Packaging 5.7% 6.8% 6.9% 7.1%
Year Ended
December 31,