Graphic Packaging Holding (GPK) FY2013 results: revenue $4.5 billion, up 3.3% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $4.5 billion for fiscal 2013, the year ended 31 December 2013, up 3.3% on the year before. Net income was $147 million, up 19.6%, and diluted earnings per share $0.42. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2014.
Revenue
$4.5 billion
+3.3% on the year
FY2009FY2013
Operating margin
7.6%
7.4% a year earlier
FY2009FY2013
Net income
$147 million
+19.6% on the year
FY2009FY2013
Diluted EPS
$0.42
+35.5% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,478
4,337
4,206
+3.3%
Cost of revenue
3,752
3,618
3,569
+3.7%
Gross profit
726
720
638
+0.8%
Gross margin
16.2%
16.6%
15.2%
Research and development
16.8
16.1
16.0
+4.3%
Selling, general and administrative
384
378
342
+1.6%
Operating income
342
322
190
+6.0%
Operating margin
7.6%
7.4%
4.5%
Interest expense
102
111
145
-8.3%
Pre-tax income
213
200
43.3
+6.1%
Income tax
67.4
82.5
-230
-18.3%
Effective tax rate
31.7%
41.2%
-530.7%
Net income
147
123
277
+19.6%
Net margin
3.3%
2.8%
6.6%
Diluted EPS
$0.42
$0.31
$0.73
+35.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
458
469
388
-2.3%
Capital expenditure
209
203
160
+2.9%
Free cash flow
249
265
228
-6.2%
Free cash flow margin
5.6%
6.1%
5.4%
Cash from investing
-144
-294
-212
Cash from financing
-311
-396
-42.2
Depreciation and amortisation
277
267
278
+4.0%
Share-based compensation
19.0
27.8
17.6
-31.7%
Buybacks
200
300
32.9
-33.3%
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
350m
396m
382m
-11.7%
Shares outstanding at period end
325m
345m
389m
-5.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,062
974
1,168
+9.1%
Non-controlling interest
0.0
-1.7
-1.2
Redeemable equity
11.3
10.8
14.8
+4.6%
Short-term borrowings
12.4
12.9
8.8
-3.9%
Debt
2,248
2,326
2,358
-3.3%
Other liabilities
1,039
1,310
1,101
-20.7%
Total liabilities and equity
4,373
4,632
4,650
-5.6%
Fixed assets
1,679
1,732
1,632
-3.1%
Goodwill
1,125
1,139
1,136
-1.2%
Intangible assets
467
506
536
-7.8%
Cash and equivalents
52.2
51.5
272
+1.4%
Receivables
391
439
380
-10.9%
Inventory
557
532
474
+4.6%
Other assets
101
231
220
-56.2%
Total assets
4,373
4,632
4,650
-5.6%
10-K for the year ended 31 December 2013, filed 6 February 2014: the filing.