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©2018 Graphic Packaging International 2
Forward Looking Statements
Any statements of the Company’s expectations in these slides constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, expected increases in Adjusted EBITDA and cash flow, as well as expected capital spending, pension expense, cash taxes, depreciation and amortization, pension amortization, interest expense, effective tax rate, and net leverage, 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, inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that reduce demand for the Company’s products, 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, 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 except as required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.
©2018 Graphic Packaging International
Food (37% of Revenue)
Beverage (20% of Revenue)
Household, Personal Care, Other (20% of Revenue)
We are a Packaging Company Making Products for the World’s Food, Beverage, Foodservice, and Consumer Products Companies
3
Foodservice (23% of Revenue)
©2018 Graphic Packaging International
The Graphic Packaging Story
4
Cash Flow
Geographic Profile
• ‘Pure Play’ paper based packaging company deriving nearly 100% of revenue from defensive food, beverage, foodservice, and consumer goods end-markets
• Largest North American folding carton and paper cup manufacturer
• Vertically integrated, low cost supplier
• Leading paperboard producer across the CRB, CUK, and SBS paperboard grades
• ~3.7M tons of paperboard produced annually
• Significant opportunities for growth and productivity gains post combination with SBS mills and foodservice converting assets
• Strategic positions outside the U.S. (Europe, Mexico, Australia\New Zealand) provide further runway for growth
• Strong cash flow generation profile. Balanced and compelling capital allocation track record (capex, M&A, dividends, share repurchases)
(1) The 2017 Cash Flow is before the impact of the $82 million incremental pension contribution
(1)
~
©2018 Graphic Packaging International
Leading Market Positions in Folding Carton, Paper Cups, and Paperboard Production
Source: PPC, management estimate
5
North America Folding Carton Market - 2017
U.S. Paper Cups Market - 2017
Paperboard Mill Position (000, tons)
#1 N.A. Share
#2 N.A. Share #1 N.A. Share
Source: Management estimate
Source: AF&PA, management estimate
©2018 Graphic Packaging International
Low Cost Mills
• 4 Virgin Paper Mills located near Southeast low cost wood fiber baskets – Largest producer of CUK in
world at ~1.5M tons – 2nd largest N. America SBS
producer at ~1.2M tons • 4 Recycled Mills located near
largest customers – Largest N. America
producer of CRB at ~1.0M tons
• Recent investments:
– Reduce energy footprint – Reduce chemical usage – Reduce water usage
• Generate ~1-2% growth annually from innovation
• Focused on consumer trends: – Sustainability – Specialty Brands – Convenience – Freshness – Healthier Choices
• Innovation centers world-wide
Innovative Converted Products
Efficient Converting
• 60+ Global Converting Plants
• U.S. National Accounts – Located close to mills to
minimize logistics costs
• U.S. Regional Accounts – Located close to customers
to optimize response time
• Europe – Acquired network of high
quality, low cost assets
Drives Long-Term EBITDA & Cash Flow
A Vertically Integrated Business Model Drives Cash Flow by Selling Folding Cartons and Foodservice Products to Leading CPG Companies
6
©2018 Graphic Packaging International
Vertically Integrated Business Model Offers Tremendous Operating Leverage
7
Outsource to support additional demand
Grow converting volume
• Europe
• Other International
• North America
• New product development
• Growth in foodservice
• Conversions into CUK
• Targeted share gains
• Acquisitions Fill the mills
• Maintain/grow open market and integrated sales volume
• Optimize the mix
Invest in the mills
• Add incremental capacity (when clearly required)
• Reduce costs
• Expand product offering
Drives EBITDA and Cash Flow
©2018 Graphic Packaging International
New Product Development (NPD)
Brand Building
8
Summary • NPD adds approximately 100 basis points to revenue per annum • GPK’s core volume has roughly been flat over the last 5-years as NPD growth with new customers and in new
geographies offset end-market trends in packaged food • NPD focus areas – Brand Building, Convenience, Foodservice, Strength – substrate substitution opportunities
• Differentiate product on shelf • Substrate substitution
• Shrink wrap to CUK
Foodservice
• Growing vertical • Well positioned with SBS and CUK paperboard
substrates
Convenience
• Improved convenience features for customers • On the go consumption • Proprietary microwave technology
Strength
• Exposed to the Club Store channel • Substrate substitution
• Corrugated to CUK • Drives savings to CPG • Improved shelf appeal and convenience
features
©2018 Graphic Packaging International
Key Financial Metrics
Adjusted EBITDA and EBITDA Margins Cash Flow from Operations (CFO), Capex
Dividends and Share Repurchases Net Debt/Adjusted EBITDA
9
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
$400
$450
$500
$550
$600
$650
$700
$750
$800
2012 2013 2014 2015 2016 2017
EB
ITD
A
Ma
rgin
s (%
)
EB
ITD
A
US
$ M
Adjusted EBITDA Adjusted EBITDA Margins
(400)
(200)
0
200
400
600
800
2012 2013 2014 2015 2016 2017
US
$ M
CFO Capex Capex Avg.
4.3
3.5 3.53.3
2.62.4
2.7
3.1
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2010 2011 2012 2013 2014 2015 2016 2017
Ne
t D
eb
t/E
BIT
DA
Net Debt/Adjusted EBITDA
0
20
40
60
80
100
120
140
160
180
2014 2015 2016 2017
US
$,
M
Dividends Share Repurchases
(1) The 2017 Cash Flow from Operations is before the impact of the $82 million incremental pension contribution
©2018 Graphic Packaging International
Key Strategic Priorities
Operational Excellence Re-Investment In The Business Capital Allocation
Outperform in tough end-market volume environment • End-markets are stable,
with limited natural growth • Grow in foodservice, global
beverage, and through new product development
Ensure price offsets commodity inflation over reasonable timeframe • For CRB and CUK, roughly,
50% of the contracts that adjust use an index pricing model and 50% are on a cost-model
• For SBS, largely tied to an index pricing model
• Continuing to migrate to cost-models
Drive productivity in excess of labor inflation within baseline capital spend • Baseline capital spend including the SBS
mill and foodservice converting assets combination = $320M
Maintenance = $220M Return focused = $100M
When capital exceeds $320M, clearly outline the project scope and return profile • Size of projects typically in the $15-$40M
range • Target after-tax IRR’s in mid-to-high
teens
Projects in 2016/17 that were above baseline capital spend • Curtain coater installation at Macon in Q3
2016 $30M investment / $10M of
annualized EBITDA • Machine upgrade at W. Monroe in Q1
2017 $40M investment / $12M of
annualized EBITDA
Acquisitions • Purchase assets at post-
synergy multiple well below our current valuation trading multiple
• Continue to increase our integrated (mill to converting) position, to drive cash flow
• Extend run-way for organic capital deployment at compelling IRRs
Dividends • At $0.30/share, dividend/cash
flow ratio is approximately 25%
• Good runway to grow dividend as earnings grow
Share repurchases • Excess cash flow after
acquisitions and dividends back to shareholders via share repurchases, when valuation is compelling
10
©2018 Graphic Packaging International
Combination with SBS Mill and Foodservice Converting Assets Closed on January 1st, 2018
SBS Mill and Foodservice Converting Assets Overview ~$1.6B Annual Revenue / $210M Adjusted 2017 Estimated EBITDA
Packaging & Foodservice Quick
Service Restaurants
Foodservice Specialty
Coffee
Theater, Convenience Hospitality
Coated Paperboard Mill Foodservice Plant Extrusion Plant Design Center Product Development and Engineering Center
U.S. Foodservice Converting U.S. Coated Paperboard Mills ~1.2M Tons of SBS
• • •
•
• • •
•
• •
•
• •
11
~950K Tons ~250K Tons
3rd Party Converters Internally Converted
©2018 Graphic Packaging International
Transaction has compelling Business and Financial Rationale
• The SBS mill and foodservice converting assets are scaled and low cost
• Expands leading boxboard (CRB + CUK) mill production footprint to include scaled solid bleached sulfate (SBS) assets
• Significantly expands converting footprint in the growing foodservice market
• Targeting $75 million in synergies by the end of year three
• Creates platform to increase SBS mill to converting integration via core growth and acquisitions
• Structure provides balance sheet strength to build out an integrated SBS platform
• Projected to be accretive to earnings in year one
• Preserves GPK NOL’s
BUSINESS RATIONALE FINANCIAL RATIONALE
12
©2018 Graphic Packaging International
A Transformative Transaction
Broadens leading North America CRB and CUK
mill footprint to include a scaled SBS footprint
Significantly increases exposure to the growing foodservice market from
10% to 23% of sales
Provides runway to increase SBS
vertical integration rates
Annual Production 2.5M Tons Annual Production 3.7M Tons
Opportunity to drive significant
synergies ~$75M
1
2
3 4
13
©2018 Graphic Packaging International
The Combination is Aligned with Graphic Packaging’s Long-Standing Operational and Strategic Objectives
• Platform for growth to increase vertical integration of SBS capacity to 80% over time by applying successful CRB/CUK integration strategy
• Growth in faster growing foodservice market
• Continued expansion into European markets
• Strengthen combined new product development capabilities
• Improve mill profitability through continued cost optimization and investment
14
©2018 Graphic Packaging International
Summary Transaction Structure Overview
• Graphic Packaging will be the sole operator of GPIP. No change to Graphic Packaging’s current Board of Directors or leadership team
• International Paper will have a 2-year lock-up on the monetization of their ownership interest
• International Paper cannot purchase GPK shares for a period of 5 years, subject to limited exceptions
• The combined businesses will operate as Graphic Packaging International, the company’s operating subsidiary
Public Shareholders
Public Shareholders
IP (Publicly-traded)
GPK (Publicly-traded)
Graphic Packaging International
Partners, LLC (GPIP)
Graphic Packaging International, LLC
20.5% 79.5%
Illustrative Transaction Framework
15
©2018 Graphic Packaging International
Recent North American Acquisitions Provide Profitable Growth Platform in Key Geographies and End Markets
Metro Packaging & Imaging
(Mar ’16) Wayne, NJ
• Combined Expected 2017 Sales ~$560M
• Combined Expected 2017 EBITDA of ~$72M
− Expected annual EBITDA of ~$90-100M in 12 months
• Added 16 folding carton facilities and a CRB mill
− Increased U.S. East Coast presence
− Extended reach in Western U.S., Canada and Mexico
− Integrated additional tons
− Broadened customer base
− Offering new and existing customers a wider range of products
• Gained outstanding leadership and a talented workforce
• Enabled closure of 3 higher cost, legacy facilities (Renton, WA; Piscataway, NJ; Menasha, WI)
RECENT ACQUISITIONS JAN 2015 – DEC 2017
Walter G. Anderson
(Feb ’16)
Hamel, MN
Newton, IA
Tijuana, Mexico
Monterrey, Mexico
G-Box (Jan ’16)
Cascades’ Norampac Mill (Feb ’15)
Cascades’ Norampac (Feb ’15)
Rose City (Jan ’15)
Carded Graphics (Oct ’15)
16
Carton Craft (Jul ’17)
New Albany, IN
Seydaco (Dec ’17)
©2018 Graphic Packaging International
Current European Manufacturing Footprint
17
European Expansion by Applying our Successful North American Strategy into a Fragmented European Market
Built a scale European business since December 2012:
– $650M Revenue base
• Low double digit EBITDA margins
• 13 plants convert ~300k tons per year
• Strong market positions in Beverage, Food, Convenience
– Significant opportunity to further consolidate market through acquisitions
• Large, stable, and steadily growing folding carton market, €10B
• No. 2 market share position, but less than 10% of the overall market
Folding Cartons Plants
©2018 Graphic Packaging International
Norgraft Acquisition Consistent with our Strategic Objective to Generate $1 Billion of Folding Carton Converting Revenue in Europe
• Purchase price ~$50M
− Includes new state of the art printing press ~$5M
• LTM Sales of ~$40M
• LTM EBITDA of ~$5.5M
• Run rate EBITDA of ~$7-8M USD in 12-24 months
• Post-synergy, EV/EBITDA multiple is expected to be ~6.0X
• Two converting facilities in Cantabria, Spain
− Acquisition expands our footprint in the stable and modestly growing Southern European food and beverage markets
− Provides runway for further margin improvement
− Increases our mill to converting plant integration into growing markets over time
18
NORGRAFT ACQUISITION
Cantabria, Spain
Norgraft (Oct ‘17)
©2018 Graphic Packaging International
$1.0B
$0.7B
$0.5B
$0.3B
$0.2B
$0.6B
$0.3B
European Converters
$0.3B
European Folding Carton Market
Food ~€4.1B Beverage ~€0.9B Non-Food (consumables) ~€3.6B Durable/Household ~€1.5B Total Folding Carton ~€10B
Source: Company estimates and ECMA
Large European Folding Carton Market Served by a Broad Range of Converters
19
©2018 Graphic Packaging International
Colorpak Acquisition Closed in 2016 Expanded Presence in Key Geographies and End Markets
• Enterprise Value of ~A$90M ($68M USD)1
• FY152 Sales of ~A$160M ($122M USD)1
• FY15 EBITDA of ~A$13M ($10M USD)1
− Expected to contribute $5-6M USD of EBITDA in 2016
• Run rate EBITDA of $11-13M USD in 12-24 months
• Three converting facilities
− Grows business in developed food and beverage end use markets
− Allows further expansion of proven integrated supply chain
− Better serves new and existing customers
− Compliments existing Australian Beverage business
20
COLORPAK ACQUISITION
Melbourne, Australia
Sydney, Australia
Auckland, New Zealand
1 Assumes an Exchange Rate of $0.76 USD per $1.00 AUD (Apr ’16 FX rate)
2 FY15 represents the Colorpak fiscal year July ’14 – June ‘15
©2018 Graphic Packaging International
Strong Track Record of Capital Allocation and Compelling Valuation Multiple Compared to Packaging Peers
• Mid-to-high teens IRR on organic capital investments that drive spending above the baseline $320M level
• Post-synergy multiple of ~6X on completed acquisitions
• Increased dividend to annualized $0.30/share (2.1% yield); room to grow
• Consistent share repurchase profile
• Since commencing $250M share repurchase on 2/5/2015 have repurchased $291M or 22M shares for ~$13/share, which is equivalent to ~7% of shares outstanding as of 4Q2014
• $210M available under current share repurchase authorization plan
• The share count has declined 22% since year-end 2011
Share Repurchases M&A – Since 2012
1,069
1,309
126
190
0
200
400
600
800
1000
1200
1400
US
$,
M
13
8.5
5.6
0
2
4
6
8
10
12
14
22
250.0
270.0
290.0
310.0
330.0
350.0
370.0
390.0
410.0
(350)
(300)
(250)
(200)
(150)
(100)
(50)
0
2012 2013 2014 2015 2016 2017
Sh
are
s O
/S
US
$ M
Share Repurchase Shares O/S
©2018 Graphic Packaging International
2018 Guidance
2017 Actual
2018 Guidance
– Cash Flow available for Net Debt Reduction, Dividends & Share Repurchase (before M&A/Capital Markets activity)
$365M ~$475M
– Capital Expenditures $260M $380M
– Cash Pension Contributions $119M $5-$10M
– Pension Expense/(Income) (includes pension amortization) ($6M) $3M
– Cash Taxes $16M $20-$30M
– Depreciation & Amortization (excluding pension amortization)
$314M $430-$450M
– Pension Amortization $7M $6M
– Interest Expense $90M $125-$135M
– Effective Tax Rate (Normalized) 35.8% 24-27%
– Year End Net Leverage Ratio 3.12x 2.5x-3.0x
23
(1) The 2017 Cash Flow is before the impact of the $82 million incremental pension contribution (2) Excludes accelerated depreciation related to the shutdown of the Santa Clara mill
(1)
(2)
©2018 Graphic Packaging International
Food –~37% of Revenue
Strong competitive position
• High share across core CRB/CUK folding carton food markets
• Strong track record of innovation
• Low cost converting network
• Optimized freight position
Markets are highly stable, but not growing
• Dry foods, cereal, pasta, frozen pizza, frozen foods, microwave
Focus on outperforming tough end-market environment
• Brand building
• Convenience
• Strength – substrate substitution from corrugated to CUK
• Focus on mid-tier customers that are winning in the market place
• GPK’s volume flattish over the last 5-years, despite difficult end-market environment
Grow business through acquisitions
• Closed 7 acquisitions in N.A. over the last 36 months
• Acquisitions enhance end-market (i.e. increased private label) and customer exposure (i.e. increased smaller customers base)
• Acquisitions provide significant runway for cost savings via closure of higher cost assets
24
©2018 Graphic Packaging International
Beverage –~20% of Revenue
Strong competitive position
• Leading global market position across all paperboard multipack geographies
• ~80% of Global Beverage business is running on our machines
• ~40% of business is protected by proprietary innovation
Mature markets are stable with pockets of growth
• Beer represents the majority of the portfolio
• Mega beer volume declined modestly in 2017
• Beer is growing globally with paperboard taking share from shrink wrap, reflecting the premiumization trend globally
• Craft beer continues to grow, albeit at a slower rate relative to the previous 5-10 years
• Carbonated soft drink (CSD) volume continues to decline
• The pace moderated slightly in 2016 and 2017
• Growth in other areas helping offset CSD decline
• Sparkling water
• Ready-to-drink teas and energy drinks
• GPK global beverage volume up modestly in 2017
25
©2018 Graphic Packaging International
Foodservice –~23% of Revenue
Strong competitive position
• Leading producer of SBS and CUK based foodservice products in North America
• Foodservice produces ~4,000 SKUs of hot and cold cups, lids, sleeves, carriers and food containers
• Strong track record of innovation
• Low cost converting network
• Optimized freight position
Markets are stable and growing modestly
• Nearly 80% of sales to Quick Serve Restaurants (QSR) channel
• Selling to some of the largest and best known QSR banners
• Fiber-based foodservice products taking share from foam, polystyrene
• Industry organic volume growth of 1%-1.5%
Focus on outperforming market through innovation
• Leading double-wall cup technology
• Strong know how in cup forming and cup lids
• Leading intellectual property on sustainable barrier coatings for cups and containers
Path forward
• Focused on growing business organically and through acquisitions
26
©2018 Graphic Packaging International
Non-Food Consumer Products and Other –~20% of Revenue
Market exposure for non-food Consumer Products – ~7% of revenue
• Selling into highly stable non-food consumer product end-markets
• Household products
• Pet care
• Laundry
• Personal care
• Non-food cartons highly complimentary to food cartons
• Strong track record of innovation
• Convenience features
• Substrate substitution
Market exposure for Other - ~13% of revenue
• Exposure to the pharmaceutical, personal care, tobacco, and general consumer end-markets via sales of open market SBS paperboard
27
©2018 Graphic Packaging International
Americas – Food, Beverage, Foodservice, Consumer Products ~85% of Revenue
Current profile
• N.A (US + Canada), Mexico, Brazil represents about $5.0B in revenue
• N.A. is ~$5.0-5.05B
• Mexico and Brazil are ~$100-150M
• N.A.
• Leading market positions across the food, beverage, foodservice, and household products verticals
• Leader in innovation
• Low cost mill and converting network
• Optimized freight position for food in the US Midwest
• Dedicated plants for beverage
• Mexico
• Recent G-Box acquisition expands footprint in Mexico beyond beverage and provides platform for further acquisitions
End-market exposure
• Food ~37%
• Beverage ~20%
• Foodservice ~23%
• Household and Consumer Products & Other ~20%
28
©2018 Graphic Packaging International
Europe – Food, Beverage, Consumer Products ~12% of Revenue
Current profile
• Europe represents about $650M in revenue
• UK is about 50% and rest of Europe (primarily W. Europe) is 50%
• Achieved material margin improvement as Europe acquisitions Contego, A&R Carton, and Benson have been integrated – low double digits EBITDA margin vs. 4% in 2012
• On track to ship 150k+ tons of CUK to Europe in 2016, up from 90k into 2014
• No. 2 market share position in a fragmented market
• Significant opportunity to grow via M&A
Balanced end-market exposure
• Beverage
• 50%
• Food
• 20%
• Consumer Products
• 10%
• Convenience
• 10%
• Food Service
• 10%
29
©2018 Graphic Packaging International
Rest of the World – Australia/Japan/China ~3% of Revenue
Current profile
• Established positions in growing markets around the world
• Australia/New Zealand
• China
• Japan
• Majority of business is beverage, with strong market share positions
• Recent Colorpak acquisition expands footprint in Australia/New Zealand beyond beverage and provides platform for further acquisitions
• Potential for continued growth via bolt-on acquisitions
30
©2018 Graphic Packaging International
Recession Resistant Model
Nearly 100% of revenue from defensive end-markets
• Food – 37%
• Beverage – 20%
• Foodservice – 23%
• Non-food consumer staples folding cartons and Other – 20%
• North America – 85% of revenues
• Integrated mill to converting network
What happened in 2009?
• Core paper folding carton volume was down 3.6% in 2009
• GPK’s Adjusted EBITDA was up $81 million yoy in 2009 to $556 million or 14%
— Altivity acquisition closed in March 2008 and added $26 million to EBITDA
— Excluding Altivity, EBITDA increased by $54 million yoy driven by positive price/cost spread, productivity, synergies realization
Adjusted EBITDA and Converting Volume
31
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
Yo
Y %
Ch
an
ge
US
$,
M
Adjusted EBITDA Net Tons Sold Y/Y % Chg.
Beverage,
20%
Food, 37%
Foodservice,
23%
Non-food,
20%
End-Market Exposure
©2018 Graphic Packaging International 32
Reconciliation of Non-GAAP Financial Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Financial Measures
In millions 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Consolidated Net Sales 4,403.7$ 4,298.1$ 4,160.2$ 4,240.5$ 4,478.1$ 4,337.1$ 4,206.3$ 4,095.0$ 4,095.8$ 4,079.4$
Net Income Attributable to Graphic Packaging Holding Company 300.2$ 228.0$ 230.1$ 89.7$ 146.6$ 122.6$ 276.9$ 10.7$ 56.4$ (99.7)$
Add (Subtract):
Net (Loss) Income Attributable to Noncontrolling Interests - - - (0.7) 0.1 (2.5) (1.7) - - -
Income Tax Expense (Benefit) (45.5) 93.2 130.4 45.4 67.4 82.5 (229.8) 27.5 24.1 34.4
Equity Income of Unconsolidated Entities (1.7) (1.8) (1.2) (1.7) (1.5) (2.3) (2.1) (1.6) (1.3) (1.1)
Interest Expense, Net 89.7 76.6 67.8 80.7 101.9 111.1 144.9 174.5 196.4 215.4
Depreciation and Amortization 337.3 327.4 300.9 283.9 314.2 297.6 292.3 299.3 326.8 269.2
EBITDA 680.0 723.4 728.0 497.3 628.7 609.0 480.5 510.4 602.4 418.2
Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) - 1.9 180.1 (17.9) 3.0 5.3 - 15.1 15.5
Business Combinations and Other Special Charges 35.9 40.4 21.3 19.0 32.3 24.4 7.1 55.1 69.6 42.1
Goodwill Impairment Charge - - - - - - 96.3 - - -
Alternative Fuel Tax Credits Net of Expenses - - - - - - - - (137.8) -
Loss on Modification or Extinguishment of Debt - - - 14.4 27.1 11.0 2.1 8.4 7.1 -
Adjusted EBITDA 712.2$ 763.8$ 751.2$ 710.8$ 670.2$ 647.4$ 591.3$ 573.9$ 556.4$ 475.8$
Adjusted EBITDA Margin % 16.2% 17.8% 18.1% 16.8% 15.0% 14.9% 14.1% 14.0% 13.6% 11.7%
Net Income Attributable to Graphic Packaging Holding Company 300.2$ 228.0$ 230.1$ 89.7$ 146.6$ 122.6$ 276.9$ 10.7$ 56.4$ (99.7)$
Loss (Gain) on Sale, Shutdown, or Impairment of Assets (3.7) - 1.9 180.1 (17.9) 3.0 5.3 11.7 15.1 15.5
Business Combinations and Other Special Charges 35.9 40.4 21.3 19.0 32.3 24.4 7.1 43.4 69.6 42.1
Accelerated Depreciation Related to Shutdown 16.3 - - - 3.5 - - - - -
Loss on Modification or Extinguishment of Debt - - - 14.4 27.1 11.0 2.1 8.4 7.1 -
Tax Impact on Non-recurring Items (16.0) (12.6) (6.3) (65.1) (10.2) (14.7) (21.8) - - -
Alternative Fuel Tax Credits Net of Expenses - - - - - - - - (137.8) -
Goodwill Impairment Charge - - - - - - 96.3 - - -
Tax Benefit Associated with Release of Tax Valuation Allowance - - - - - - (265.2) - - -
Impact of U.S. Tax Reform (136.0) - - - - - - - - -
One-time Discrete Tax Item - (22.4) - - - - - - - -
Adjusted Net Income 196.7$ 233.4$ 247.0$ 238.1$ 181.4$ 146.3$ 100.7$ 74.2$ 10.4$ (42.1)$
Adjusted Earnings Per Share - Basic 0.63$ 0.73$ 0.75$ 0.72$ 0.52$ 0.37$ 0.27$ 0.22$ 0.03$ (0.13)$
Adjusted Earnings Per Share - Diluted 0.63$ 0.73$ 0.75$ 0.72$ 0.52$ 0.37$ 0.26$ 0.22$ 0.03$ (0.13)$
Weighted Average Number of shares Outstanding - Basic 311.1 320.9 329.5 328.6 347.3 393.4 376.3 343.8 343.1 315.8
Weighted Average Number of shares Outstanding - Diluted 311.9 321.5 330.7 330.5 349.7 396.2 381.7 347.4 344.6 315.8
Calculation of Net Debt:
Short Term Debt and Current Portion of Long-Term Debt 61.3$ 63.4$ 36.6$ 32.2$ 77.4$ 79.8$ 30.1$ 26.0$ 17.6$ 18.6$
Long-Term Debt(a) 2,225.7 2,104.4 1,852.6 1,942.1 2,176.2 2,253.5 2,335.7 2,553.1 2,782.6 3,165.2
Less:
Cash and Cash Equivalents (67.4) (59.1) (54.9) (81.6) (52.2) (51.5) (271.8) (138.7) (149.8) (170.1)
Total Net Debt 2,219.6$ 2,108.7$ 1,834.3$ 1,892.7$ 2,201.4$ 2,281.8$ 2,094.0$ 2,440.4$ 2,650.4$ 3,013.7$
Net Leverage Ratio (Net Debt/Adjusted EBITDA) 3.12$ 2.76$ 2.44$ 2.66$ 3.28$ 3.52$ 3.54$ 4.25$ 4.76$ 6.33$
(a) Excludes unamortized deferred debt issuance costs.
For the year ended December 31,