Consumer Dispensing and Drug Delivery Solutions and Services
A global leader in consumer product dispensing and drug delivery solutions and services
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3
Aptar’s essential products and solutions transform and enhance user experiences around the world and in some cases, even save lives.
Years of Experience 75
In consumer product dispensing and drug delivery
1940 - 1960 1960 - 1980 1980 - 2000 TodayOur entrepreneurial founding companies started in the U.S, France and Germany
Pittway Corporation acquires the legacy companies and grows the company
Debut of the name Aptar and continued global expansion. Aptar becomes a public company in 1993.
$2.9 billion in revenuewith +14,000 employees in 20 different countries
• Entrepreneurial spirit and culture of innovation• Adaptive strategies in attractive markets• Evolving, growing geographic presence• Improving consumer and patient experiences• Steady, long-term value creator• Conversion to dispensing and new drug delivery
formats on top of GDP growth
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Aptar TodayOver 14,000 dedicated employees in 20 countries
• Europe: 8,700• Asia/South America: 2,900• North America: 2,400
Aptar SnapshotBROAD PRODUCT PORTFOLIO
SALES BY MARKET SALES BY REGION
A sample of Aptar’s 5,000+ global customers
6%57%
8%
29%
DIVERSE CUSTOMER BASE
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Executive Committee
Stephan TandaPresident and CEO
Robert KuhnExecutive Vice President
and CFO
Eldon SchafferExecutive Vice President,
Strategic Projects and Commercial Excellence
Marc Prieur President, Aptar Beauty + Home
Gael TouyaPresident, Aptar Pharma
Shiela VinczellerChief Human Resources
Officer
Xiangwei GongPresident, Aptar Asia
Hedi Tlili President, Aptar Food + Beverage
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Kimberly ChaineyExecutive Vice President, Global General Counsel
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We reimagine packaging solutions to improve everyday life for people everywhere.P U R P O S E
We partner with our customers to help them win with differentiated solutions. We access the expertise of the world to innovate.We care for our planet.We have talented, passionate, diverse people who thrive in our inclusive culture.We always live our Core Values.
We respect and trust people.We believe in the self-worth of individuals regardless of their status.We strive for relationships that are based on openness, honesty, and feedback.We promote teamwork and cooperation at all levels.We challenge people to develop their potential and to take initiative.We practice business relationships that are based on responsibility and on long-term and mutual interests to all stakeholders.
V I S I O NC O R E V A L U E S
Strategic Priorities
Macro Trends
• Aging Population• Connectivity
• E-Commerce Supply Chain • Health and Wellness
• Sustainability• Urbanization
• Rise of Eastern Economies• Shareholder Engagement
Organic Growthadded focus on high growth regions
Talent & Leadershipadded focus on inclusion and diversity
Innovation, Operat ions & Commercial Excel lence
Successful TransformationBeauty + Home & Corporate Functions
Acquisi t ions & Partnerships
2017Financial (five year avg)Sales Growth 3%EBITDA Margin 19%
AcquisitionsStrategic technologies in the US and EU
TalentEvolving need for greater capabilities and diversity
Geographic FocusAmericas & EU
Strategic Priorities2022Financial Sales Growth 4-7%EBITDA Margin 20-22%
Acquisitions/PartnersGlobal acquisitions, partnerships, incubators, new business models
TalentGreater diversity, inclusion and global capabilities
Geographic FocusAdded emphasis on Asia/Middle East/Eastern EU
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ESG Recognitions
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• America’s Most Responsible Companies 2020 by Newsweek
• Number 48 of the Top 100 Most Sustainable Companies in America by Barron’s for 2020; second year on the list
Our CapabilitiesExcellence Pillars• Innovation• Operations• Commercial
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Positioning Aptar for Sustained Growth in Asia
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Our Presence in Asia
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Aptar Guangzhou
Aptar Hyderabad
Aptar Footprint
Select Customers
Recent Investment in Asia
Tokyo
Aptar Asia
Key Growth Drivers
SKIN CARE AND COLOR COSMETICS Boom driven by “affordable luxury”, rising middle class and increase in image consciousness
RAPIDLY AGING POPULATIONAdding strain to healthcare systems and need for new models to deliver medical treatments; Need to look and feel young fuels demand for beauty products and healthy nutritious foods
MADE IN ASIA FOR ASIADemand for novelty by local consumers driving shorter product lifecycles and need for local production
ECONOMIC SCALEChina and India will be the two largest global economies by 2030
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SUSTAINABILITY HEALTH ANDWELLNESS CONNECTIVITY URBANIZATION CHANGING
DEMOGRAPHICSE-COMMERCE /
INDIVIDUALIZATION
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Macro Trends Supporting Our Business
Custom Packaging Double Serum
Innovations That Improve & Save Lives
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Active Packaging Technologies
SensimistCustom Pouch Fitment and Closure with SimpliSqueeze®
ValveCustom Pour Spout
Closure
Sustainable Solutions (Custom Flip-Top
Closure 50% PCR)
Conversion From Non-Dispensing to Dispensing
17
Upright bottle with Aptar’sdispensing closure
Aptar’s Flip Top Dispensing Closure with SimpliSqueeze® ValveGlass bottle
Innovative Solutions that Can Save Lives
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Syringe Aptar’s Unidose nasal spray delivery
Injectable
Product Evolution: Spray Sunscreen
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Aptar’s Disc-top closure Aptar’s Bag-on-valve and twist-lock actuator
Jar
Aptar Financials
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21
2,317 $2,331 $2,469$2,765 $2,860
$0
$1,000
$2,000
$3,000
$4,000
2015 2016 2017 2018 2019
Sales(in millions $)
$454 $476 $475
$592
$0
$200
$400
$600
2015 2016 2017 2018 2019
Adjusted EBITDA(in millions $)
$3.00 $3.13 $3.44$4.00 $3.95
$0
$1
$2
$3
$4
$5
2015 2016 2017 2018 2019
Adjusted EPS(in millions $)
$174$196
$168
$102
$272
$0
$100
$200
$300
2015 2016 2017 2018 2019
Free Cash Flow(in millions $)
$551
$71 $77 $80 $82$90
$0
$40
$80
$120
2015 2016 2017 2018 2019
Annual Cash Dividends (in millions $)
19.6% 20.4% 19.2% 19.9% 20.7%
0%
10%
20%
30%
2015 2016 2017 2018 2019
Adjusted EBITDA Margin(%)
Five Year Financial Snapshot
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Long Term Value Creator2009-2019
22*Please see 2019 Reconciliation of Non-GAAP Financial Measures under investors.aptar.com under Events & Presentations** As of Dec. 31, 2019, Aptar’s market capitalization was approximately $7.3 Billion
**
Total Shareholder Returns(Dividends Reinvested)
Source: Standard & Poor’s; Peer Group Represents Aptar’s Current Proxy Peer Group of 20 Companies 23
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19AptarGroup 100 110.61 113.66 135.62 149.93 186.62S&P 500 Index 100 101.38 113.51 138.29 132.23 173.86
$0
$50
$100
$150
$200
$250
Full Year 2019 Sales, EPS and Adjusted EPS
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures. 24
Consolidated Financial Targets
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Metric3 Year
Average 2019Long-term
TargetCore sales growth1 5% 3% 4-7%
Adj. EBITDA2 /Sales % 20% 21% 20-22%
ROIC3 13% 11% 13-15%
Dividend Payout Ratio 35% 36% 30-40%
Leverage Ratio ≈ 2X ≈ 2X 1-3X1 – Excludes acquisitions and currency effects. 2 – Adjusted EBITDA (earnings before net interest, taxes, depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting adjustments.
3 – Return on invested capital = adjusted earnings before net interest and taxes, less tax effect / average capital (average of beginning of year and end of year capital) [capital = equity plus debt less cash].
4 – Cash dividends paid / adjusted earnings per share.
Balanced Capital AllocationInvesting in our business and returning value to shareholders
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Dividends$0.4B15%
Acquisitions$0.8B31%
Capex$0.9B35%
Repurchases$0.5B19%
2015 - 2019 Capital Allocation
$2.6B
Environmental, Social, Governance (ESG)
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Sustainability Progress
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Better identifying new material opportunities
for future products
Better measuring the impacts of existing
products
One of Barron’s Top 100 Most
Sustainable U.S. Companies
(2020 & 2019)
We invite you to read our 2018 Corporate Sustainability Report on our website.
Designed to Recycle
Partnering with global organizations working
toward a circular economy
Americas Most Responsible
Companies 2020 Newsweek
ESG rating of “A” by MSCI ESG Research
LLC
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Stock Black Closure Portfolio (PCR)
Designed to improve recyclability
Mono Material / Resin Conversion
Stay-with / Tethered Post Consumer Recycled (Food grade)
Designed to improve reusability
Sustainable Product Strategy
Innovative Solutions for a Sustainable Future
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PCR and recyclable closure Lotion pump on a refillable bottle
PCR Closure
As a signatory of the Ellen MacArthur Foundation’s New Plastics Economy, we’ve set targets and made strong public commitments:
• Aptar will achieve 10% recycled content by 2025 for our dispensing solutions for the beauty, personal care, home care, food and beverage markets(1)
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(1) This is an evolving target due to limited availability of material suitable for our market because of regulatory constraints and customers policies; Aptar is actively working to identify and qualify new technologies in this space.
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A Safety First Mindset
• EHS Critical Rules• Behavior-Based Safety Program• Reduced both the Total Recordable
Incident Rate (TRIR) and Lost Time Frequency Rate (LTFR) by more than 20% from year-end 2018
Employee Engagement
Diversity and Inclusion • ATR included in the SPDR® SSGA Gender
Diversity Index ETF (SHE)
• Director Maritza Montiel named One of the 15 Most Influential Hispanic Leaders by Latino Leaders
• sHero Award for Best Place to Work for Female Executives in China
• Catalyst CEO Champions for Change
• Set the following initial diversity targets:– Women leaders to account for 30% of our leadership
team (VP level and above) by 2025– Aptar’s Global Leadership Team, which is comprised
of the most senior leaders in each business segment, along with Aptar’s Executive Committee, and all of their immediate direct reports will complete Diversity and Inclusion training by the end of 2020
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Community Outreach
Midland Donation• With the support of the Aptar Charitable
Foundation, Aptar Midland donated to a local non-profit organization, Shelterhouse,
• Shelterhouse is a multi-service agency offering shelter, safety, support, advocacy and counseling services to survivors of domestic violence and sexual assault in Midland, Michigan and surrounding counties.
Narcan Donation• Aptar and Adapt Pharma collaborated
on the development of the nasal spray system for NARCAN®, delivering a dose of naloxone, assisting in drug overdose emergencies, without assembly or specialized medical training.
• Looking to address the opioid epidemic in their own community, the companies donated 5,000 doses making the potentially life-saving medication more accessible to those who need it.
Vatsalya Foundation• Aptar Mumbai (India) has partnered with
the Vatsalya foundation since 2010.• The foundation works with street children in
India to provide outreach, services and shelter.
• In 2018, the team in India invited the children to visit the offices for a day filled with activities, traditional games and more.
• Aptar employees spent the day connecting and working with the children.
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Leadership & Talent Development
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In 2019, Aptar launched it’s first Technical Education Center in Lincolnton, North Carolina• Designed to tech and train technical talent• 6 and 12 month apprenticeships• 50% of time in the Technical Education
Center / 50% at home factory shop floor
Aptar Corporate University
• CASA – Global Leadership Program• CASITA – Regional mid-level• Greenhouse – Regional young
professionals• LaFabbrica – Local manufacturing
leadership program• Immersive in person group training +
eLearning
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Employee Engagement• Annual Leadership for Growth
Employee Survey focused on career advancement, job satisfaction, diversity and leadership
• 78% Participation Rate
• Open dialogue around the company’s Vision and Strategic Priorities
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Stephan Tanda George L. Fotiades
Giovanna Kampouri Monnas Maritza Montiel Andreas Kramvis
B. Craig Owens Jesse Wu Dr. Joanne C. Smith
Isabel Marey-Semper Ralph Wunderlich
• 9 of 10 directors are independent• Separate independent Chairman & CEO• 30% of the Board is comprised of directors added
in the past 2 years • (50% in the past 5 years) as of the end of
2019• 40% of our directors are women; all Board
Committees are chaired by women directors• Majority voting for directors and director
resignation policy in uncontested elections• Director age limits• Independent directors meet regularly in
executive session• Annual Board and Committee self-evaluations• Annual ‘‘Say-on-Pay Vote’’ on executive
compensation• Stock ownership requirements for directors and
executive officers• Prohibits directors and executive officers from
hedging or pledging stock
Board of Directors
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Aptar Pharma
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SALES BY REGION
67%27%
2%
4%
SALES BY MARKET
50%
24%
16%
10% Prescription
ConsumerHealth CareInjectables
ActivePackaging
CUSTOMERS (Approx. 1500)
INNOVATIVE SOLUTIONS
PATENTS
PATIENT / CONSUMER EXPERIENCE
Aptar Pharma Today
8 BillionOver
Solutions per Year
750Patent Families
Approximately
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PharmaBroad Technology Portfolio
Dermal Injectable Inhalation Nasal
Eye Care Connected Active Packaging
A leader in drug delivery systems with a broad range of innovations across all routes of administration41
Innovations that Can Save LivesNasal Unidose Powder System and Activ-Polymer™ Container
First Needle-Free Rescue Treatment for Severe Hypoglycemia
First Aptar Pharma + Aptar CSP Technologiescombination offering
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Aptar’s Unidose Nasal Powder Device
Needle and Syringe version
Aptar CSP Technologies
Active Polymer Technology
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• Maintains integrity of the contents inside
• Extends shelf-life • Controls moisture and reduces
oxygen
• Removes gasses from interior of the package environment
• Removes odor/other harmful contaminants
Expanding our offering from drug delivery devices and components to being a full service provider for our customers, from product development through the post-launch stage
Aptar Pharma Services
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Guiding you through every step of drug product development
Device & formulation
developmentClinical trials Regulatory filings Market launch &
post-launch
A global leader in patient onboarding and adherence programs.
A leading provider of orally inhaled & nasal drug product design & development services.
A full-service cGMPlab specializing in analytical testing of drug delivery systems.
A full-service cGMP lab providing industry-leading particulate detection & predictive analytical services.
A global provider of innovative drug delivery systems and service solutions.
Aptar Pharma Services
Proven Regulatory Experience• 25+ years experience of
supporting our customers’ regulatory submissions
• Fast approval drug delivery device data packages
• Successful track record with multiple regulatory agencies
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Aptar Pharma
Key Growth Drivers
CONVERSION & LIFECYCLE MANAGEMENTNon-dispensed solutions to dispensed device solutions is broad-based across prescription, consumer health care and injectables
NEW APPLICATION FIELDSEnter in new application fields (pain and CNS) with innovative devices (UDS, BDS)
SERVICES EXPANSIONPursue geographical expansion in appropriate markets and develop new revenue streams (services, digital health)
LEGACY APPLICATION FIELDSStrengthen our leadership position in legacy application fields (Asthma, COPD, Allergic Rhinitis)
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Aptar Pharma
Full Year 2019 Results
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(1) Excludes acquisitions and currency effects. (2) Adjusted EBITDA (earnings before net interest, taxes,
depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting adjustments.
36% 36%
0%
10%
20%
30%
40%
YTD 2018 YTD 2019
Adjusted EBITDA(2) Margin%
$955$1,091
$0
$200
$400
$600
$800
$1,000
$1,200
YTD 2018 YTD 2019
$ in
milli
ons
Sales
Reported
+14%Core 10%
Acquisitions 9%
Currency Effects
-5%
Metric3 Year
Average 2019
Long-term
TargetCore sales growth1 10% 10% 6-10%
Adj. EBITDA2 margin 35% 36% 32-36%
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Aptar Pharma
5 Year Financials
48
$712 $741 $806$955
$1,091
$0
$500
$1,000
$1,500
2015 2016 2017 2018 2019
Sales(in millions $)
$247 $259 $276
$344$387
$0
$100
$200
$300
$400
$500
2015 2016 2017 2018 2019
Adjusted EBITDA(in millions $)
Adjusted EBITDA (earnings before net interest, taxes, depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting adjustments.
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Aptar Beauty + Home
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SALES BY REGION (YTD 2019)
58%23%
12%
7%
SALES BY MARKET (YTD 2019)
51%41%
8%
Beauty
Personal Care
Home Care
CUSTOMERS (6,000+)
INNOVATIVE SOLUTIONS
PATENTS
CONSUMER EXPERIENCE
16 BillionOver
Solutions per year
400Patent Families
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Aptar Beauty + Home Today
Over
A significant amount of Europe sales end up in Asia in luxury and travel
Beauty + HomeBroad Technology Portfolio
Fine Mist Pumps
Bag-on-Valves On The Go Fragrance
Dispensing
Metered Dose Valves
Lotion Dispensers
Dispensing Closures
SofTipsDirect
Application
Cosmetic Pumps
Airless Systems Precise
Applicators
Sampling + Promotion
A leader in brand differentiating solutions and value-added convenience 51
Innovation that Improves LivesClarins Double Serum
New packaging delivers the right dose of the dual serum to apply to the face in a single pump
Push button can also be rotatedto offer consumers a different dose to match their needs, while controlling the amount of the two formulas each time the product is used
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1985 1996 2007
Today
Aptar Beauty + Home
Key Growth Drivers
SUSTAINABLE SOLUTIONSExploring additional opportunities for sustainable resins and well positioned to help our customers achieve their sustainability goals
E-COMMERCESolutions designed to withstand rigorous e-commerce shipping and handling
COLOR COSMETICSChina driving growth along with booming indie brands
GEOGRAPHIC GROWTHAsia as a growth engine for global beauty, personal care and home care markets
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Aptar Beauty + Home
Full Year 2019 Results
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(1) Excludes acquisitions and currency effects. (2) Adjusted EBITDA (earnings before net interest, taxes,
depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting
adjustments.
$1,426 $1,353
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
YTD 2018 YTD 2019
$ in
milli
ons
Sales
Reported
-5%Core -1%
Acquisitions 0%
Currency Effects
-4%
Metric 3 Year Average 2019 Long-term
Target
Core sales growth(1) 3% -1% 3-6%
Adj. EBITDA(2) margin 13% 13% 15-17%
13% 13%
0%
4%
8%
12%
16%
YTD 2018 YTD 2019
Adjusted EBITDA(2) Margin %
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Aptar Beauty + Home
5 Year Financials
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$1,273 $1,261 $1,314 $1,426 $1,353
$0
$500
$1,000
$1,500
$2,000
2015 2016 2017 2018 2019
Sales(in millions $)
$174$187
$173 $181
$0
$50
$100
$150
$200
$250
2015 2016 2017 2018 2019
Adjusted EBITDA(in millions $)
$186
Adjusted EBITDA (earnings before net interest, taxes, depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting adjustments.
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Aptar Food + Beverage
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SALES BY REGION (YTD 2019)
28%55%
8%
9%
SALES BY MARKET (YTD 2019)
68%32%Food
Beverage
CUSTOMERS (>200 clients with top 20 representing 65% of sales)
INNOVATIVE SOLUTIONS
PATENTS
CONSUMER EXPERIENCE
Aptar Food + Beverage Today
7 BillionOver
Solutions per Year
150Patent Families
Over
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Food + BeverageBroad Technology Portfolio
BAP®
Bonded Aluminum to
Plastic
SimpliSqueeze® BOV® Bag On Valve
Pouch Fitments
PumpsDispensing Closures
Beverage Closures
Active Packaging
A leader in market intelligence-driven dispensing and sealing innovations58
Innovative Solutions that are SustainableUncle Dougie’s Barbeque Sauce
Pouches Can Reduce Environmental Impact by up to 80% Compared to Glass Bottles
Reduce fossil fuel usage by 65%
Reduce greenhouse emissions by 78%
Reduce overall water usage by 80%
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Aptar’s Flip-Top Dispensing Closure and SimpliSqueeze Valve are
featured on the pouch
Source: Natural Marketing Institute (NMI)
Innovative Solutions that Can Improve LivesAntimicrobial
Foodborne disease facts:
600 Million fall ill (1 in 10) 220 Million are children
420,000 deaths globally 125,000 are children under
5 years old
$95 Billion lost productivity
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99.9% elimination
of pathogenicity
Source: Financial Times
Patented Three Phase Antimicrobial
Platform Technology
Packaging agnostic
integrated solutions
Achieving up to 4 log pathogen
reduction
Proven technology
against Salmonella,
E.coli, ListeriaHuman
Norovirus
Aptar Food + Beverage
Key Growth Drivers
CONVERSIONFlat caps → dispensing solutions | Tubs & jars → flexible solutionsGlobal focus especially high-growth economies like China, India, Southeast Asia & Latin America
INNOVATIONKey Markets: Sauces & Condiments, Infant Nutrition & Water. Leveraging technologies such as Flip Lid, Karma, StandCap Inverted Pouch, BAP® & CSP.
SUSTAINABILITYSustainability global commitments: mono-material, solutions designed for recycling or to be reused, stay-with tethered solutions &Post-Consumer Recycled Resin (PCR)
GEOGRAPHIESAdapted strategy push in China. Shape markets in India & Indonesia. Tap into high value & sophisticated Japan & Korea markets.
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Aptar Food + Beverage
Full Year 2019 Results
62
(1) Excludes acquisitions and currency effects. (2) Adjusted EBITDA (earnings before net interest, taxes,
depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting
adjustments.
$384$416
$0
$60
$120
$180
$240
$300
$360
$420
YTD 2018 YTD 2019
$ in
milli
ons
Sales
Reported+8%
Core 3%
Acquisitions7%
Currency Effects
-2%
Metric3 Year
Average 2019Long-term
TargetCore sales growth(1) 5% 3% 6-10%
Adj. EBITDA(2) Margin 16% 16% 18-21%
15%16%
0%
5%
10%
15%
20%
YTD 2018 YTD 2019
Adjusted EBITDA(2) Margin %
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Aptar Food + Beverage
5 Year Financials
63
$332 $328 $350$384
$416
$0
$100
$200
$300
$400
$500
2015 2016 2017 2018 2019
Sales(in millions $)
$64 $62 $63 $68
$0
$25
$50
$75
$100
2015 2016 2017 2018 2019
Adjusted EBITDA(in millions $)
$58
Adjusted EBITDA (earnings before net interest, taxes, depreciation and amortization) excludes restructuring costs, acquisition costs, non-recurring purchase accounting adjustments.
* See accompanying slide titled: Forward Looking Statements & Non-GAAP Financial Measures.
Forward Looking Statements and Non-GAAP Financial Measures
64
This presentation includes forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s beliefs and assumptions in light of information currently available to management. Accordingly, the Company’s actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in the Company’s operations and business environment, including, among other factors, those described in documents filed by the Company with the Securities and Exchange Commission, specifically its Form 10-Ks and 10-Qs. The Company does not assume any obligation to update, amend or clarify such statements to reflect new events, information or circumstances after the date of this presentation.
During the course of this presentation, certain non-GAAP financial information will be presented.
A reconciliation of those numbers to GAAP financial measures is available on the company’s website at www.aptar.com on the Investor’s page (click onEvents & Presentations / Presentations).
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