Post on 10-Nov-2021
Contents
1. Introduction
2. FY 2011 financial statements
3. Review of Antalis and Arjowiggins
4. Outlook
5. Q&A
Appendix: Key financial data by business
22 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t1. Introduction2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint1. Introduction
4. Stratégie et PerspectivesPascal Lebard – Chief Executive Officer
Full-Year 2011 Results
Tough market conditions
Volumes were hit by weak demand for printing and writing papers in Europe and the US
Antalis: down 8%Arjowiggins: down 7%
Th d t i ti i i li t lt d i k th t dThe deterioration in economic climate resulted in weaker-than-expected demand after the summer…
which prevented market players from implementing the price increases…which prevented market players from implementing the price increases announced in June and July and scheduled for H2
Raw material costs reached levels higher than in 2010a ate a costs eac ed e e s g e t a 0 0Record highs for most raw material prices (pulp, waste paper, cotton, latex, starch) in 2011Negative impact of €62 million on Arjowiggins’ income (in 2010, they had ( ya negative impact of €110 million)
4 Full-Year 2011 Results
Solid operating advances
Antalis Growth in line with the objectives of the RACE 2012 plan and majorGrowth in line with the objectives of the RACE 2012 plan and major contribution to Antalis’ resilient performanceRefocus on core business, with the sale of the Office Supplies activities in Spain and Portugalin Spain and Portugal20% jump in sales in high-growth sectors (Packaging and Visual Communication)
ArjowigginsParticipation in paper industry consolidation with the sale of the Decor
d Ab i b i d th M li d R l t (Fi A t )and Abrasives businesses and the Moulin du Roy plant (Fine Arts)Stronger positions in niche markets thanks to an ongoing innovation strategySolid performance from Specialty businesses, especially the Security segment (banknotes, security solutions) which reported strong growth in 2011
5 Full-Year 2011 Results
Operating results down by one third, year-on-year
Sales held up well, at €3,944 million (down 1.8%) Positive impact on first-half 2011 of price increases implemented in 2010Positive impact on first half 2011 of price increases implemented in 2010, offsetting much of the negative volume impact
Decline in operating performance, in line with our forecasts in late O t bOctober
EBITDA down 34.5% to €135 millionRecurring operating income down 33 9% to €89 million including €25Recurring operating income down 33.9% to €89 million, including €25 million arising on changes to pension plans
Net loss of €77 millionIncluding €108 million net non-recurring expenses, of which €61 million related to impairment of Arjowiggins assets and €38 million to restructuring costs
At the AGM, the Board will recommend not paying any dividend for 2011
66 Full-Year 2011 Results
Group financial structure secured through June 2014
Agreement in principle concerning Group financing
Term sheets signed with banks on 24 February to renew the Group’s existing credit facilities (“amend and extend”) through June 30, 2014
Banking documentation to be signed in AprilBanking documentation to be signed in April
Net debt totalled €609 million versus €674 million at 31 December 2010
Net debt reduced by €65 million
Favourable impact of €96 million from the sale of Arjowiggins Decor andFavourable impact of €96 million from the sale of Arjowiggins Decor and Abrasive and Antalis Office Supplies businesses
77 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t2. FY 2011 Financial Statements2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint2. FY 2011 Financial Statements
4. Stratégie et PerspectivesXavier Roy-Contancin – Chief Financial Officer
88 Full-Year 2011 Results
Consolidated income statement
€ millions2011
2010IFRS
pro forma**
2010management
pro forma*
2010reported
Sales 3,944 4,016 4,117 4,333% change*** - 1.8%
EBITDA 135 206 209 224
p
EBITDA margin (%)*** 3.4% 5.1% 5.1% 5.2%
Recurring operating income 89 135 137 148Operating margin (%)*** 2.3% 3.4% 3.3% 3.4%
Net financial expense (41) (50) (50) (49)Income tax (19) (34) (34) (38)Associates and non-controlling interests - - - -
Recurring net income 30 51 54 61N t i (%)*** 0 8% 1 3% 1 3% 1 4%
Non-recurring items (108) (59) (59) (29)Net earnings from discontinued operations - 40 39
Net margin (%)*** 0.8% 1.3% 1.3% 1.4%
Net income (loss) attributable to owners (77) 32 32 32
(*) Earnings in 2010 have been restated without Arjowiggins Decor and Abrasives and Antalis Office Supplies, activities sold in 2011.(**) In 2010, the Decor and Abrasives business was reclassified to net earnings from discontinued operations, in accordance with IFRS 5.(***) Percentage and margin changes are based on figures rounded out to one decimal place.
99 Full-Year 2011 Results
Breakdown by business
€ millions 2011Change
2011/2010 t f
2010management
f
2010IFRS
f€ millions
Sales - ArjowigginsSales - AntalisEliminations & holding company
1,4652,759(280)
-1.6%-1.4%
-
mgmt pro forma
1,4892,900(272)
1,4892,799(272)
pro forma pro forma
g y ( )
Consolidated net sales 3,944 -1.8%
EBITDA - Arjowiggins 50 -55.8%
4,117
112
4,016
112EBITDA - AntalisEBITDA - holding company & other
101(16)
-8.2%
Consolidated EBITDA 135 -34.5%
113(16)
209
110(16)
206
Recurring operating income - ArjowigginsRecurring operating income - AntalisRecurring operating loss - holding co & other
2283
(16)
-66.0%-3.4%
-
6688
(17)
6685
(16)Recurring operating loss holding co. & other (16)
Résultat op. courant consolidé 137Consolidated recurring operating income 89 -33.9%
(17)
128137
(16)
135
101010 Full-Year 2011 Results
Breakdown of non-recurring items
2011€ millions, year ended 31 December Antalis: €(24m)Arjowiggins: €(14m)
(38)
(61)
17
Restructuring costs
Impairment of Arjowiggins assets and of goodwill
Net gains on disposals (Office Supplies)
MainlyArjowiggins Graphic and Appleton Coated
(108)Non-recurring items
(26)
g p ( pp )
Other non-recurring items
pp
o/wnon-recurring deferred income tax expense
€16m€16m
1111 Full-Year 2011 Results
Consolidated statement of financial position
31 Dec 31 Dec€ millions
31 Dec. 2011
GoodwillProperty, plant & equipment and intangible assets
625467
31 Dec. 2010
643591 Impact of disposal of
Decor & Abrasi es
Impairment of Graphic goodwill
p y, p q p gOther fixed assets
Operating WCROther current assets (liabilities)
140
385(156)
105
487(173)
Decor & Abrasives
IAS 19 impact (pensions)
Assets (liabilities) held for saleTotal assets
Shareholders’ equity
-
669
1,4618
814
1,661
Non-controlling interestsProvisionsNet debt
T t l it d li biliti
1182609
1 461
1172674
1 661Total equity and liabilities 1,461 1,661
1212 Full-Year 2011 Results
Breakdown of provisions
2011 2010€ millions, at 31 December 2011
Pension provisionsRestructuring provisions
12723
2010
11122
IAS 19 impact (pensions)
Other risk and contingency provisions 32
Total 182
39
172
1313 Full-Year 2011 Results
Change in net debt
€ millions, at 31 December 2011
Consolidated net debt at 31 December 2010 (674)Consolidated net debt at 31 December 2010 (674)
EBITDAChange in WCRCAPEX
13547
(70) Antalis: €11mArjowiggins: €32m
Net finance costsIncome tax expense
Restructuring costs
(36)(21)
(48)
Arjowiggins: €32m
Antalis €25mg
Refinancing costs
Disposals/acquisitions
Cash flow from discontinued operations
( )
(3)
26
70
Arjowiggins: €23m
Office Supplies business
Cash flow from discontinued operations
Dividends
Currency impact
70
(20)
(6)
Decor and Abrasivesbusiness
Other items (9)
Consolidated net debt at 31 December 2011 (609)
1414 Full-Year 2011 Results
Consolidated net debt
Net debt totalled €609 million versus €674 million at 31 December 2010Antalis: €226 million Arjowiggins: €313 million
Financial ratios (covenants) at 31 December 2011
Antalis: N t d bt/EBITDA 2 24 (≤ 3 5)Net debt/EBITDA = 2.24 (≤ 3.5)Gearing (net debt/equity) = 0.66 (< 1.1)Recur. op. inc./finance costs = 5.11 (≥ 3.0)
Arjowiggins: net debt/EBITDA = 6.90 (≤ 3.5)
Agreement in principle (term sheets) signed for the renewal of financing lines through June 2014
1515 Full-Year 2011 Results
Group refinancing
Renewal of the Group’s existing credit facilities
In the form of “amend and extend” arrangementsIn the form of amend and extend arrangementsAntalis (€560m), Arjowiggins (€400m), Sequana (€41m)Maturing on 30 June 2014Banking documentation to be signed in Aprilg g p
Impact of refinancing
Based on refinancing in April 2012, increase of around €21 million in finance costs in 2012 before the tax effect (i.e., €27 million on an annual basis)Refinancing costs and fees totalling approximately €10 million
1616 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t3. Review of Antalis and Arjowiggins2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint3. Review of Antalis and Arjowiggins
4. Stratégie et Perspectives
1717 Full-Year 2011 Results
Resilient results despite tough market conditionsconditions
Contrasting market conditions in different segments and regionsWeak demand for printing and writing papers in Europe (down 6%)p g g p p p ( )Markets outside Europe more upbeatRobust growth in Packaging and Visual Communications market
Slight decrease in sales (-1.4%) despite the 8% drop in volumesSlight decrease in sales ( 1.4%) despite the 8% drop in volumesFavourable impact of selling price increases in 2010 and first-half 2011Drop in volumes accentuated by rigorous customer risk management and gross margin protection policyG th i P k i d Vi l C i ti ti itiGrowth in Packaging and Visual Communications activities
Operating performance held up wellEBITDA: €101 million versus €110 million in 2010Recurring operating income: €83 million (down 3.4%), including gains of €8 million arising on pension plans; operating margin remained stable at 3.0%
Sale price increasesProduct mix improvement and tighter control over customer riskProduct mix improvement and tighter control over customer riskTight rein on overheads
1919 Full-Year 2011 Results
2011 highlights
Refocus on core business with the sale of retail and wholesale OfficeSupplies activities in Spain and PortugalSupplies activities in Spain and Portugal
Sold for an enterprise value of €26 million
RACE 2012 l i li i h bj iRACE 2012: plan in line with objectivesMaking a real contribution to sales and profitability
More effective customer portfolio management, more targetedcustomer prospectingcustomer prospectingEnhanced sales model, boosted by the deployment of the Sales Academy and CRM tools
Increase in online sales penetration; the number of countries equipped with the p q ppe-commerce platform has doubled
1 million online orders, 6.5% of Antalis’ salesDevelopment of high-potential markets
S l i P k i d Vi l C i ti b 20%Sales in Packaging and Visual Communications up by 20%
2020 Full-Year 2011 Results
2011 highlights
Development of Packaging and Visual Communicationsmarketsmarkets
Vigorous organic growthEnhanced product range and development of cross-sellingStronger Visual Communications sales organisation and presence in new Packaging markets (Italy, Spain, Poland)
Increasing contribution to Antalis’ gross margin19% of margin in 2011, versus 15% in 2010
Stronger presence in the market for Packaging products andsolutions at the beginning of 2012
Acquisition of Ambassador in the UK and Pack 2000 in GermanyFor a total enterprise value of €25 million……representing additional sales of €50 millionRanked no. 2 in the UK
21 Full-Year 2011 Results
2011 highlights
Stronger European market leadershipi f i dl d ti…in eco-friendly and creative papers:
Continued deployment of Arjowiggins Graphic’s eco-friendly offering; launch of new ranges of creative papers
i th di it l i ti k t…in the digital printing market:Launch of the new Digigreen range,100% eco-friendly and 100%-digital certified HPInnovative “d2b” marketing approach aimedInnovative d2b marketing approach aimed at digital sector players
…in services:Launch of specific catalogues in most European countriesLaunch of specific catalogues in most European countriesNew growth opportunities in logistics services (Switzerland)
2222 Full-Year 2011 Results
Key income statement items
€ millions, year ended 31 December
S l 2 7992 759
S1 2010pro forma de gestion
S1 2010pro forma
IFRS2011
2010mgmt
pro forma
2010reported
down 1.6% at constant exchange
rates
Sales% change
2,799 2,900
EBITDAEBITDA margin (%)
1103 9%
1133 9%
2 ,759- 1.4%
1013 6% ratesEBITDA margin (%) 3.9% 3.9%
Recurring operating incomeOperating margin (%)
853.0%
883.0%
3.6%
833.0%
Capital employedROCE
--
63513.8%
60413.7%
Operating margin proves resilient, at 3.0% of sales, despite lower volumes
2323 Full-Year 2011 Results2323
EBITDA trends
H1: (6)H2 (17)
2010 EBITDA Variable costs Inflation Reduction in overheads
Bad debts 2011 EBITDAMargins/MixVolumes
2424 Full-Year 2011 Results
Key cash flow items
€ millions, year ended 31 December 2011 2010 mgmt pro forma
EBITDA 101
Change in WCRCAPEX
11
(25)
110
7
(19)
p
CAPEX
Sale of fixed assets
(25)
2
Operating cash flow 89
(19)
1
99
Net debt 226 262
€36 million reduction in net debt to €226 million thanks to effective management of WCR and asset disposals (net proceeds of €26 million)
2525 Full-Year 2011 Results
Breakdown of sales and EBITDA
2011 sales by region 2011 EBITDA by region 2011 sales by business
Eastern Europe16%France
Western Europe (excl. France & UK) Print
Office
VisualCommunications
5%
14% 42%
UK
Print70%
Rest of the Office17%
UK20%
world17%
Packaging8%
Western Europe
67%
Eastern Europe
14%Rest of the
world10% 67%
2626 Full-Year 2011 Results
High raw material costs significantly impacted earningsimpacted earnings
Sales slipped 1.6% to €1,465 millionSharp drop in volumes for printing and writing papers in Europe and the USAs a result the selling price increases planned for the second-half of the year couldAs a result, the selling price increases planned for the second-half of the year could not be implementedSpecialty businesses performed well, particularly Security (banknotes, security solutions), driven by robust demand
EBITDA fell to €50 million, down from €112 million in 2010, reflecting:The adverse impact of declining volumes, partially offset by the positive effect of price increases implemented in 2010 (first half) and an improved product mixincreases implemented in 2010 (first half) and an improved product mixHigher input costs than in 2010 (€62 million, including €24 million relating to cotton)
Even though raw material prices (cotton, pulp, waste paper, chemical products) fell in the second-half of the year As most purchases were made before raw material prices fell, this impact will only be felt in 2012
Recurring operating income down to €22 million from €66 million in 2010Recurring operating income down to €22 million from €66 million in 2010 Including a €17 million gain arising on pension funds
2828 Full-Year 2011 Results
2011 highlights
Participation in paper sector consolidation in line with strategySale of activities based at the Arches (France) and Dettingen (Germany) plants toSale of activities based at the Arches (France) and Dettingen (Germany) plants to Munksjö in March 2011 for an enterprise value of €95 million, and sale of the Moulin du Roy (Fine Arts) mill to Hamelin at the end of June
Overheads and production capacity have been adjusted to reflect lower demandShut-down of the Rives (France) plant and two paper machines, one at Dalum (Denmark) and the other at Witcel (Argentina)(Denmark) and the other at Witcel (Argentina) Capacity adjustments in line with market conditions (short-time working, reduction in shifts ) and ongoing cost-cutting measures
2929 Full-Year 2011 Results
Key income statement items
down 0.3% at
2011
constant exchange rates
2010reported
2010 mgmt
€ millions, year ended 31 December 2011
Sales% change
1,465- 1.6%
reported
1,711
mgmtpro forma
1,489
EBITDA 50 112 128EBITDA margin (%) 3.4% 7.5% 7.5%
Recurring operating income (*) 22 66 76Recurring operating income ( ) 22 66 76Operating margin (%) 1.5% 4.4% 4.4%
Capital employed 472 - 561ROCE 4.8% - 13.6%ROCE 4.8% 13.6%
(*) Includes a gain of €17 million arising on a pension plan in 2011
3030 Full-Year 2011 Results
EBITDA trends
112120 H1: 38_
26100
H2: (12)
(38)
1860
80H1: 9H2: 9
50
(8)
(62)
40
60 H1: (20)H2: (18)
H1: (4)(62)
0
20 H1: (50)H2: (12)
H1: (4)H2: (4)
02010 EBITDA Volumes Price & Mix Pulp, raw
materials &energy
Overheads Inflation 2011 EBITDA
3131 Full-Year 2011 Results
Key cash flow items
2011€ millions, year ended 31 December2010 mgmtpro forma
EBITDA
Change in WCR
C
32
(44)
11250
(27)
(45)
pro forma
CAPEX
Disposals
(44)
6
Operating cash flow 44
(45)
5
45
Net debt 313 353
Net debt reduced by €40 million to €313 million thanks to effective management of WCR and asset disposals (net proceeds of €70 million)
3232 Full-Year 2011 Results
Breakdown of sales
US Coated%
Graphic
Rest of the world 18% North America
20%
2011 sales by region2011 sales by division EBITDA* by division
Graphic4 %Security
47%
Coated 32%
Green
40%
17%Graphic
40%20%
Asia11%
47%
Specialty 28%
Creative Papers18%
France15%
Security25%
UK10%
Europe (excl. France and UK)
26%
Creative Papers49%
* does not include €1 million in negative EBITDA for the US Coated division
3333 Full-Year 2011 Results
Results by division
Graphic Sales down 6.0% to €581 millionEBITDA at €2 million, down from €38 million in 2010 (pro forma)
Market conditionsSharp drop in volumes for graphic coated papers, leading to a delay in implementingSharp drop in volumes for graphic coated papers, leading to a delay in implementing sale price increases announced for the second-half of 2011Slight fall in recycled paper volumesRobust demand in most specialty segments (one-side coated, tissue, transfer)Strong pressure on pulp prices and even greater pressure on waste paper prices
HighlightsGreen offering expanded with the launch of new ranges of papers for the publishingGreen offering expanded with the launch of new ranges of papers for the publishing and digital printing markets (Ecolight, RePrint Deluxe, Cocoon Jet) Innovative new digital printing de-inking technologies developed at the Greenfield plant in partnership with HP Ongoing cost-cutting measures and lean manufacturing initiatives
3434 Full-Year 2011 Results
Results by division
US CoatedSales down 6.0% to €253 millionEBITDA almost at break-even: negative €1 million, versus negative €6 million in 2010
Market conditionsSharp downturn in commercial print volumes and difficult conditions in textbook publishingSmall selling price increases and improved product mixHigh cost of pulp
HighlightsStrengthening of positions in coated papers for digital web presses and launch of new ranges in partnership with HPImproved product and customer service quality thanks to new quality controlImproved product and customer service quality thanks to new quality control processesContinued cost cutting and improvement of industrial (logistics, energy) and commercial efficiency
3535 Full-Year 2011 Results
Results by divisiony
Creative PapersSales down 3.7% to €269 millionEBITDA down to €25 million, from €32 million in 2010 (pro forma)
Market conditionsContrasting, with bullish sales in the first half but a slowdownContrasting, with bullish sales in the first half but a slowdown in demand in the six months to 31 DecemberHigher selling prices partially offset the downturn in volumes and high raw material costsN i i d d hi l i ( l ffNegative impact on product and geographical mix (replacement effect on mid-range papers)
HighlightsSustained innovation in eco-friendly premium papers (new Pop’Set and Keaykolour ranges) and specialty papersDynamic marketing policy supported by much talked-about off- and online campaigns (The Blank Sheet Project)campaigns (The Blank Sheet Project)Continued development of commercial synergies with AntalisProduction capacity adjusted to changes in demand and overhead reduction (closure of the Rives plant and sale of Moulin du Roy in France)
3636 Full-Year 2011 Results
Results by division
SecuritySales up 12.8% to €362 millionEBITDA d t €24 illi €48 illi i 2010EBITDA down to €24 million, versus €48 million in 2010
Market conditionsSoaring cotton prices significantly impacted earnings despite the fall in pricesSoaring cotton prices significantly impacted earnings despite the fall in prices later in the year (€24 million)Buoyant demand for banknote paperStrong growth in sales for security solutions
HighlightsConsolidation of worldwide leadership in banknotes with the launch of Picture ThreadTM a world firstPicture Thread , a world firstSignificant growth in the security solutions business
Strong growth in ID solutions (e-passports)New contracts wins in the brand protection segmentNew contracts wins in the brand protection segmentInnovative technology for traceability solutions (SignopticTM)
3737 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t4. Outlook2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint4. Outlook
4. Stratégie et PerspectivesPascal Lebard – Chief Executive Officer
3838 Full-Year 2011 Results
Market outlook for 2012
Uncertain economic environment with the threat of a recession in EuropeLack of visibility as regards companies’ marketing and communication spendingMarkets in Northern European and emerging countries should prove more resilient
Contrasting demand patternsDemand for printing and writing papers should continue to decline in Europe and the USand the USBetter visibility regarding trends in demand for recycled papersContinued quest for growth in Packaging and Visual CommunicationsUpbeat demand for specialty papers, especially in the Security and Medical/Hospital segments
3939 Full-Year 2011 Results
Market outlook for H1 2012
Raw material costs should fall although the pricing environment will remain volatileremain volatile
Pulp prices should stabilise (although a slight rise is expected in March) as should waste paper pricesSharp fall in cotton priceSharp fall in cotton priceRising oil prices are expected to drive up the cost of energy and chemical products
Certain players have announced price increases in April in the printing and writing paper segment
A f t h i k tA fast-changing marketDistribution in Europe: several developments could lead to a consolidation in the market and/or reductions in capacityProduction: capacity adjustments for coated and recycled papers in Europe and the US (consolidation or site closures)
4040 Full-Year 2011 Results
Priorities for Sequana in 2012
Improve operating performance
Implement sale price increases
Unlock further commercial synergies between Antalis and Arjowiggins
Continued cost-cutting and capacity adjustments
Continue to use our leadership positions to create valuep p
Press ahead with Antalis’ development in fast-growing non-paper sectors (Packaging, Visual Communications) and in emerging countries
St d t k ti d i l i ti t t thStep up product, marketing and commercial innovation to create new growth opportunities
In 2012, Sequana expects to deliver anoperating performance ahead of 2011
4141 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t5. Q&A2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint5. Q&A
4. Stratégie et PerspectivesPascal Lebard – Chief Executive Officer of Sequana
Xavier Roy-Contancin – Chief Financial OfficerXavier Roy-Contancin – Chief Financial Officer
Hervé Poncin – Chief Operating Officer of Antalis
4242 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i t www.sequana.com2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPoint www.sequana.com
4. Stratégie et Perspectives+33 1 58 04 22 80
contact@sequana.com@ q
4343 Full-Year 2011 Results
Sommaire
1. Introduction
2 Résultat et Bilan ConsolidésPrésentation P P i tAppendix – Key financial data2. Résultat et Bilan Consolidés
3. Activité des Filiales
PowerPointAppendix Key financial data
4. Stratégie et Perspectives
4444 Full-Year 2011 Results
Antalis - Europe
2011 sales by region
Eastern Europe16%
UK22%
France15%Western Europe
(excl. France and UK)47%
EBITDA Recurring operating incomeSales
€ millions
2 517
6784
2,4712,517
92
69
201120112011 2010 management pro forma
2010 management pro forma
2010 management pro forma
4545
p
Full-Year 2011 Results
p p
Antalis – Rest of the World
2011 sales by region
South AfricaSouth Africa43%
Asia25%
South America32%
EBITDA Recurring operating incomeSales
€ millions
25%
161617 17
288281
201120112011 2010 management pro forma
2010 management pro forma
2010 management pro forma
4646 Full-Year 2011 Results
Arjowiggins - Graphic
EBITDA Recurring operating incomeSales
€ millions
581619
2
38
16
2011 2011
(20)
2011
2010 management pro forma
2010 management pro forma
2010 management pro forma
4747 Full-Year 2011 Results
Arjowiggins – US Coated
EBITDA Recurring operating incomeSales
€ millions
253
270
(1)
(6)
2011
2010(5)
2011
2010(10)
2011 2010
4848 Full-Year 2011 Results
Arjowiggins - Creative Papers
EBITDA Recurring operating incomeSales
€ millions
269280
32 25
25
32
18
25
2011 2011 20112010 management pro forma
2010 management pro forma
2010 management pro forma
4949 Full-Year 2011 Results