Graphic Packaging Holding (GPK) FY2020 results: revenue $6.6 billion, up 6.5% on the year
Graphic Packaging Holding Co. (GPK) reported revenue of $6.6 billion for fiscal 2020, the year ended 31 December 2020, up 6.5% on the year before. Net income was $167 million, down 19.1%, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$6.6 billion
+6.5% on the year
FY2013FY2020
Operating margin
8.0%
8.7% a year earlier
FY2013FY2020
Net income
$167 million
-19.1% on the year
FY2013FY2020
Diluted EPS
$0.60
-14.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,560
6,160
6,023
+6.5%
Cost of revenue
5,460
5,068
5,077
+7.7%
Gross profit
1,100
1,093
952
+0.7%
Gross margin
16.8%
17.7%
15.8%
Research and development
10.0
9.0
8.7
+11.1%
Selling, general and administrative
513
512
472
+0.2%
Operating income
524
534
458
-1.8%
Operating margin
8.0%
8.7%
7.6%
Interest expense
129
141
124
-8.7%
Pre-tax income
244
354
348
-31.1%
Income tax
42.0
76.0
54.7
-44.7%
Effective tax rate
17.2%
21.5%
15.7%
Net income
167
207
221
-19.1%
Net margin
2.6%
3.4%
3.7%
Diluted EPS
$0.60
$0.70
$0.71
-14.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
825
666
-374
+23.9%
Capital expenditure
n/a
n/a
379
Free cash flow
n/a
n/a
-753
Free cash flow margin
n/a
n/a
-12.5%
Cash from investing
-648
-225
689
Cash from financing
-152
-361
-311
Depreciation and amortisation
476
447
431
+6.4%
Share-based compensation
34.0
22.0
13.8
+54.5%
Buybacks
316
129
119
+145.0%
Dividends paid
103
113
111
-9.0%
Diluted shares, weighted
280m
295m
310m
-5.2%
Shares outstanding at period end
268m
290m
300m
-7.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,424
1,570
1,580
-9.3%
Non-controlling interest
416
488
439
-14.7%
Redeemable equity
0.0
304
276
Debt
3,644
2,860
2,957
+27.4%
Operating lease liabilities
157
152
n/a
+3.8%
Finance lease liabilities
134
130
n/a
+3.4%
Other liabilities
2,029
1,786
1,808
+13.6%
Total liabilities and equity
7,805
7,290
7,059
+7.1%
Fixed assets
3,560
3,254
3,240
+9.4%
Goodwill
1,478
1,478
1,461
-0.0%
Intangible assets
437
477
524
-8.5%
Cash and equivalents
179
153
70.5
+17.1%
Receivables
597
451
466
+32.2%
Inventory
1,128
1,096
1,014
+2.9%
Other assets
427
381
285
+12.1%
Total assets
7,805
7,290
7,059
+7.1%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.