Graphic Packaging Holding (GPK) FY2014 results: revenue $4.2 billion, down 5.3% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $4.2 billion for fiscal 2014, the year ended 31 December 2014, down 5.3% on the year before. Net income was $90 million, down 38.8%, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2015.
Revenue
$4.2 billion
-5.3% on the year
FY2009FY2014
Operating margin
5.4%
7.6% a year earlier
FY2009FY2014
Net income
$90 million
-38.8% on the year
FY2009FY2014
Diluted EPS
$0.27
-35.7% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,240
4,478
4,337
-5.3%
Cost of revenue
3,453
3,752
3,618
-8.0%
Gross profit
787
726
720
+8.5%
Gross margin
18.6%
16.2%
16.6%
Research and development
14.9
16.8
16.1
-11.3%
Selling, general and administrative
366
384
378
-4.9%
Operating income
228
342
322
-33.3%
Operating margin
5.4%
7.6%
7.4%
Interest expense
80.7
102
111
-20.8%
Pre-tax income
133
213
200
-37.6%
Income tax
45.4
67.4
82.5
-32.6%
Effective tax rate
34.2%
31.7%
41.2%
Net income
89.7
147
123
-38.8%
Net margin
2.1%
3.3%
2.8%
Diluted EPS
$0.27
$0.42
$0.31
-35.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
527
458
469
+15.0%
Capital expenditure
187
209
203
-10.6%
Free cash flow
340
249
265
+36.5%
Free cash flow margin
8.0%
5.6%
6.1%
Cash from investing
-183
-144
-294
Cash from financing
-309
-311
-396
Depreciation and amortisation
270
277
267
-2.7%
Share-based compensation
18.7
19.0
27.8
-1.6%
Buybacks
0.0
200
300
Dividends paid
0.0
0.0
n/a
Diluted shares, weighted
330m
350m
396m
-5.5%
Shares outstanding at period end
327m
325m
345m
+0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,012
1,062
974
-4.7%
Non-controlling interest
n/a
0.0
-1.7
Redeemable equity
0.0
11.3
10.8
Short-term borrowings
5.6
12.4
12.9
-54.8%
Debt
1,966
2,248
2,326
-12.6%
Other liabilities
1,154
1,039
1,310
+11.1%
Total liabilities and equity
4,138
4,373
4,632
-5.4%
Fixed assets
1,547
1,679
1,732
-7.9%
Goodwill
1,118
1,125
1,139
-0.6%
Intangible assets
386
467
506
-17.4%
Cash and equivalents
81.6
52.2
51.5
+56.3%
Receivables
346
391
439
-11.5%
Inventory
522
557
532
-6.3%
Other assets
137
101
231
+35.8%
Total assets
4,138
4,373
4,632
-5.4%
10-K for the year ended 31 December 2014, filed 5 February 2015: the filing.