PHILADELPHIA, Feb. 9, 2015 /PRNewswire/ -- Crown Holdings, Inc.
(NYSE: CCK) today announced its financial results for the fourth
quarter ended December 31, 2014.
2014 Highlights
- Full year income per diluted share $2.79 versus $2.30
in 2014; before certain items $3.41 versus $2.99
- Q4 income per diluted share $0.09 versus $0.36
in 2013; before certain items $0.48
in both 2014 and 2013
- Full year free cash flow of $612
million; $1.25 billion in 2014
and 2013
- Completed Mivisa acquisition in April
2014
- Entered into a definitive agreement to acquire EMPAQUE in
September 2014
Twelve Month Results
For the full year, net sales grew to $9,097
million compared to $8,656
million in 2013, primarily due to the impact of the Mivisa
acquisition and increased global beverage can volumes, partially
offset by $52 million of unfavorable
currency translation.
Gross profit for 2014 rose to $1,382
million versus $1,342 million
in 2013 primarily reflecting the impact of the Mivisa
acquisition.
Selling and administrative expense for 2014 decreased to
$398 million from $425 million as the 2013 expense included charges
to reserve for outstanding receivable balances due from two food
can customers.
Segment income (a non-GAAP measure) in 2014 grew to $1,004 million from $917
million in 2013 primarily due to contributions from the
Mivisa acquisition and lower selling and administrative
expense.
Commenting on the year, John W.
Conway, Chairman and Chief Executive Officer, stated, "We
had an excellent 2014 in spite of challenges in certain of our
markets. Net sales grew 5% compared to 2013, segment income
increased 9% and net income per diluted share before certain items
rose 14%. For the second year in a row, we generated more
than $600 million in free cash flow,
making solid progress toward our deleveraging goals following the
Mivisa acquisition. We experienced global volume growth in
food cans, food closures, and beverage cans. In addition to
the acquisition of Mivisa, the harvest season was favorable in both
North America and Europe, boosting food can shipments. In
beverage cans, demand was robust throughout our developing market
portfolio and was particularly strong in Brazil, Southeast
Asia and Turkey.
"Looking ahead to 2015, in addition to anticipated continued
global beverage can growth, we are pleased that the integration of
Mivisa is proceeding as expected and that we will benefit from a
full year of these very efficient operations. We are also
looking forward to completing the acquisition of EMPAQUE, a leading
Mexican manufacturer of aluminum cans and ends, bottle caps and
glass bottles for the beverage industry, from Heineken N.V.
This acquisition will significantly enhance Crown's overall
position in beverage cans, as Mexico represents an important and expanding
market for both beer and non-alcoholic beverages."
Interest expense for 2014 was $253
million compared to $236
million in 2013, primarily reflecting higher average debt
outstanding from the Mivisa acquisition.
Net income attributable to Crown Holdings for 2014 was
$387 million compared to $324 million in 2013. Income per diluted
share for 2014 was $2.79 compared to
$2.30 last year. Net income per
diluted share before certain items increased to $3.41 from $2.99 in
2013.
A reconciliation from net income and income per diluted share to
net income before certain items and income per diluted share before
certain items is provided below.
The Company generated free cash flow of $612 million and $641
million, in 2014 and 2013 respectively.
In September 2014 the Company
announced that it had entered into a definitive agreement to
acquire Mexican beverage packaging company EMPAQUE in a transaction
valued at $1.2 billion.
In April 2014, the Company
completed its acquisition of Mivisa Envases, SAU, a leading Spanish
manufacturer of two- and three-piece food cans and ends in a
transaction valued at €1.2 billion.
Fourth Quarter Results
Net sales in the fourth
quarter grew to $2,127 million over
the $2,071 million in the fourth
quarter of 2013, reflecting the impact of the Mivisa acquisition
and increased beverage can volumes, partially offset by
$90 million of unfavorable currency
translation.
Fourth quarter gross profit increased to $287 million compared to $274 million in the 2013 fourth quarter,
primarily due to improved results in the European Food and Americas
Beverage segments offset by $13
million of unfavorable currency impact.
Selling and administrative expense decreased to $96 million in the fourth quarter of 2014
compared to $106 million in the prior
year fourth quarter, including $5
million of decrease due to currency translation.
Segment income rose to $191
million in the fourth quarter compared to $168 million in the fourth quarter of 2013 as
improved results in the European Food and Americas Beverage
segments were offset by $8 million of
unfavorable currency translation.
Interest expense was $65 million
in the quarter compared to $57 in the
prior year quarter primarily due to higher average debt outstanding
from the Mivisa acquisition.
Net income attributable to Crown Holdings in the fourth quarter
was $13 million compared to
$49 million in the fourth quarter
last year. Income per diluted share was $0.09 in the fourth quarter compared to
$0.36 in the fourth quarter of
2013. Net income per diluted share before certain items was
$0.48 in the fourth quarter of both
2014 and 2013.
Non-GAAP Measures
Segment income and free cash
flow are not defined terms under U.S. generally accepted accounting
principles (non-GAAP measures). Segment income is defined by
the Company as gross profit excluding the impact of fair value
adjustments to inventory acquired in an acquisition and the timing
impact of hedge ineffectiveness, less selling and administrative
expense. Free cash flow is defined by the Company as net cash
provided by operating activities less capital expenditures and
certain other items. In addition, the information presented
regarding net income before certain items and income per diluted
share before certain items does not conform to U.S. GAAP and
includes non-GAAP measures. Non-GAAP measures should not be
considered in isolation or as a substitute for net income, income
per diluted share or cash flow data prepared in accordance with
U.S. GAAP and may not be comparable to calculations of similarly
titled measures by other companies.
The Company views segment income and free cash flow as the
principal measures of performance of its operations and for the
allocation of resources. Free cash flow has certain
limitations, however, including that it does not represent the
residual cash flow available for discretionary expenditures since
other non-discretionary expenditures, such as mandatory debt
service requirements, are not deducted from the measure. The
amount of mandatory versus discretionary expenditures can vary
significantly between periods. The Company believes that net income
before certain items and income per diluted share before certain
items are useful in evaluating the Company's operations.
Segment income, free cash flow, net income before certain items and
income per diluted share before certain items are derived from the
Company's Consolidated Statements of Operations and Cash Flows, as
applicable, and reconciliations to segment income, free cash flow,
net income before certain items and income per diluted share before
certain items can be found within this release.
Conference Call
The Company will hold a
conference call tomorrow, February 10,
2015 at 9:00 a.m. (EST) to
discuss this news release. Forward-looking and other material
information may be discussed on the conference call. The
dial-in numbers for the conference call are (517) 308-9237 or
toll-free (888) 469-0976 and the access password is "packaging."
A live webcast of the call will be made available to the
public on the internet at the Company's web site,
www.crowncork.com. A replay of the conference call will be
available for a one-week period ending at midnight on February
17. The telephone numbers for the replay are (203) 369-3565
or toll free (800) 879-5816.
Cautionary Note Regarding Forward-Looking
Statements
Except for historical information,
all other information in this press release consists of
forward-looking statements. These forward-looking statements
involve a number of risks, uncertainties and other factors,
including the Company's ability to continue to generate free cash
flow and reduce leverage, the level of global demand for beverage
cans in 2015 and beyond, the Company's ability to successfully
integrate the operations of Mivisa, the efficiency and
profitability of Mivisa's operations, the Company's ability to
complete the EMPAQUE acquisition and successfully integrate its
operations, and the future demand for beverage packaging in
Mexico that may cause actual
results to be materially different from those expressed or implied
in the forward-looking statements. Important factors that
could cause the statements made in this press release or the actual
results of operations or financial condition of the Company to
differ are discussed under the caption "Forward Looking Statements"
in the Company's Form 10-K Annual Report for the year ended
December 31, 2013 and in subsequent
filings made prior to or after the date hereof. The Company
does not intend to review or revise any particular forward-looking
statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading
supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in
Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice
President and Chief Financial Officer, (215) 698-5341
Thomas T. Fischer, Vice President
Investor Relations and Corporate Affairs, (215) 552-3720
Edward Bisno, Bisno Communications,
(212) 717-7578.
Unaudited Consolidated Statements of Operations, Balance
Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
Consolidated
Statements of Operations (Unaudited)
(in millions, except
share and per share data)
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net sales
|
$2,127
|
|
$2,071
|
|
$9,097
|
|
$8,656
|
Cost of products
sold
|
1,785
|
|
1,761
|
|
7,525
|
|
7,180
|
Depreciation and
amortization
|
55
|
|
36
|
|
190
|
|
134
|
Gross profit
(1)
|
287
|
|
274
|
|
1,382
|
|
1,342
|
Selling and
administrative expense
|
96
|
|
106
|
|
398
|
|
425
|
Provision for
asbestos
|
45
|
|
32
|
|
45
|
|
32
|
Restructuring and
other
|
38
|
|
(5)
|
|
129
|
|
34
|
Foreign
exchange
|
10
|
|
3
|
|
14
|
|
3
|
Interest
expense
|
65
|
|
57
|
|
253
|
|
236
|
Interest
income
|
(2)
|
|
(1)
|
|
(7)
|
|
(5)
|
Loss from early
extinguishment of debt
|
|
|
3
|
|
34
|
|
41
|
Income before
income taxes
|
35
|
|
79
|
|
516
|
|
576
|
Provision
for/(benefit from) income taxes
|
(1)
|
|
2
|
|
41
|
|
148
|
Equity
earnings
|
|
|
2
|
|
|
|
|
Net income
|
36
|
|
79
|
|
475
|
|
428
|
Net income
attributable to noncontrolling interests
|
(23)
|
|
(30)
|
|
(88)
|
|
(104)
|
Net income
attributable to Crown Holdings
|
$13
|
|
$49
|
|
$387
|
|
$324
|
Earnings per share
attributable to Crown Holdings common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$0.09
|
|
$0.36
|
|
$2.82
|
|
$2.32
|
Diluted
|
$0.09
|
|
$0.36
|
|
$2.79
|
|
$2.30
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
137,451,835
|
|
136,569,737
|
|
137,225,058
|
|
139,500,185
|
Diluted
|
138,796,080
|
|
137,688,660
|
|
138,537,590
|
|
140,699,764
|
Actual common shares
outstanding
|
139,000,471
|
|
138,207,889
|
|
139,000,471
|
|
138,207,889
|
|
(1) A reconciliation
from gross profit to segment income is found on the following
page.
|
Consolidated
Supplemental Financial Data (Unaudited)
(in
millions)
|
|
Reconciliation
from Gross Profit to Segment Income The Company views
segment income, as defined below, as a principal measure of
performance of its operations and for the allocation of resources.
Segment income is defined by the Company as gross profit excluding
the impact of fair value adjustments to inventory acquired in an
acquisition and the timing impact of hedge ineffectiveness, less
selling and administrative expense. A reconciliation from gross
profit to segment income for the three and twelve months ended
December 31, 2014 and 2013 follows:
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Gross
profit
|
$
|
287
|
|
$
|
274
|
|
$
|
1,382
|
|
$
|
1,342
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
|
|
19
|
|
|
|
Impact of hedge
ineffectiveness (1)
|
|
|
|
|
|
|
|
1
|
|
|
|
Selling and
administrative expense
|
|
( 96)
|
|
|
(106)
|
|
|
(398)
|
|
|
(425)
|
Segment
income
|
$
|
191
|
|
$
|
168
|
|
$
|
1,004
|
|
$
|
917
|
|
(1) Included in cost of products
sold.
|
|
|
Segment
Information
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
Net
Sales
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
622
|
|
$
|
572
|
|
$
|
2,335
|
|
$
|
2,289
|
|
North America
Food
|
|
|
181
|
|
|
193
|
|
|
809
|
|
|
845
|
|
European
Beverage
|
|
|
350
|
|
|
387
|
|
|
1,708
|
|
|
1,731
|
|
European
Food
|
|
|
482
|
|
|
402
|
|
|
2,197
|
|
|
1,751
|
|
Asia
Pacific
|
|
|
302
|
|
|
312
|
|
|
1,226
|
|
|
1,189
|
|
Total reportable
segments
|
|
|
1,937
|
|
|
1,866
|
|
|
8,275
|
|
|
7,805
|
|
Non-reportable
segments
|
|
|
190
|
|
|
205
|
|
|
822
|
|
|
851
|
|
Total net
sales
|
|
$
|
2,127
|
|
$
|
2,071
|
|
$
|
9,097
|
|
$
|
8,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
93
|
|
$
|
83
|
|
$
|
334
|
|
$
|
327
|
|
North America
Food
|
|
|
20
|
|
|
21
|
|
|
127
|
|
|
119
|
|
European
Beverage
|
|
|
42
|
|
|
46
|
|
|
265
|
|
|
257
|
|
European
Food
|
|
|
25
|
|
|
10
|
|
|
221
|
|
|
144
|
|
Asia
Pacific
|
|
|
34
|
|
|
33
|
|
|
142
|
|
|
133
|
|
Total reportable
segments
|
|
|
214
|
|
|
193
|
|
|
1,089
|
|
|
980
|
|
Non-reportable
segments
|
|
|
20
|
|
|
18
|
|
|
92
|
|
|
102
|
|
Corporate and other
unallocated items
|
|
|
(43)
|
|
|
(43)
|
|
|
(177)
|
|
|
(165)
|
|
Total segment
income
|
|
$
|
191
|
|
$
|
168
|
|
$
|
1,004
|
|
$
|
917
|
|
Consolidated
Supplemental Data (Unaudited)
(in millions, except
per share data)
|
|
Reconciliation
from Net Income and Income Per Diluted Common Share to Net Income
before Certain Items and Income Per Diluted Common Share before
Certain Items
|
The following table
reconciles reported net income and diluted earnings per share
attributable to the Company to net income before certain items and
income per diluted common share before certain items, as used
elsewhere in this release.
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Crown Holdings, as reported
|
$
|
13
|
|
|
$
|
49
|
|
|
$
|
387
|
|
|
$
|
324
|
|
Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge ineffectiveness
(1)
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
Fair value adjustment to
inventory (2)
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
Provision for asbestos
(3)
|
|
45
|
|
|
|
32
|
|
|
|
45
|
|
|
|
32
|
|
Restructuring and other
(4)
|
|
38
|
|
|
|
(2)
|
|
|
|
129
|
|
|
|
37
|
|
Loss from early
extinguishment of debt (5)
|
|
|
|
|
|
3
|
|
|
|
34
|
|
|
|
41
|
|
Incomes taxes
(6)
|
|
(30)
|
|
|
|
(16)
|
|
|
|
(142)
|
|
|
|
(14)
|
|
Net income before the
above items
|
$
|
66
|
|
|
$
|
66
|
|
|
$
|
473
|
|
|
$
|
420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per diluted
common share as reported
|
$
|
0.09
|
|
|
$
|
0.36
|
|
|
$
|
2.79
|
|
|
$
|
2.30
|
|
Income per diluted
common share before the above items
|
$
|
0.48
|
|
|
$
|
0.48
|
|
|
$
|
3.41
|
|
|
$
|
2.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as
reported
|
|
(2.9)
|
%
|
|
|
2.5
|
%
|
|
|
7.9
|
%
|
|
|
25.7
|
%
|
Effective tax rate
before the above items
|
|
24.6
|
%
|
|
|
16.1
|
%
|
|
|
24.6
|
%
|
|
|
23.6
|
%
|
Net income before
certain items, income per diluted common share before certain items
and the effective tax rate before certain items are non-GAAP
measures and are not meant to be considered in isolation or as a
substitute for net income, income per diluted common share and
effective tax rates determined in accordance with U.S. GAAP. The
Company believes these non-GAAP measures are useful in evaluating
the performance of the Company's ongoing business.
|
|
(1) In the full year
of 2014, the Company recorded a charge of $1 million in cost of
products sold related to hedge ineffectiveness caused primarily by
volatility in the metal premium component of aluminum
prices.
|
|
(2) In the full year
of 2014, the Company recorded charges of $19 million in cost of
products sold for fair value adjustments related to the sale of
inventory acquired in its acquisition of Mivisa.
|
|
(3) In the fourth
quarters of 2014 and 2013, the Company recorded charges of $45
million and $32 million to increase its reserve for
asbestos-related liabilities.
|
|
(4) In the fourth
quarter and full year of 2014, the Company recorded restructuring
and other charges of $4 million and $42 million for the shutdown of
a closures plant, incremental costs incurred due to an ongoing
labor dispute in the Company's Americas Beverage segment and other
costs related to previously announced restructuring actions. In the
fourth quarter and full year of 2013, the Company recorded charges
of $8 million and $49 million for costs related to restructuring
actions.
|
|
In the fourth quarter
and full year of 2014, the Company recorded charges of $34 million
and $87 million primarily for asset sales and impairments related
to the divestment of certain operations and acquisition transaction
costs. In the fourth quarter and full year of 2013, the Company
recorded gains on asset sales of $10 million and $12
million.
|
|
(5) In the third
quarter of 2014, the Company recorded a charge of $34 million for
premiums paid and the write off of deferred financing fees in
connection with the redemption of its outstanding €500 million
senior notes due 2018. In the first quarter of 2013, the Company
recorded a charge of $38 million in connection with the redemption
of its outstanding $400 million senior notes. In the fourth quarter
of 2013, the Company recorded a charge of $3 million in connection
with the refinancing of its senior secured credit
facilities.
|
|
(6) In the fourth
quarter of 2014, the Company recorded income tax benefits of $30
million related to the items described above, and to reduce its
deferred tax liabilities due to a tax rate reduction in Spain. In
the full year of 2014, the Company recorded income tax benefits of
$42 million related to the items described above and $100 million
in connection with the adjustment in Spain and the reversal of tax
valuation allowances in France. In the fourth quarter and full year
of 2013, the Company recorded income tax benefits of $9 million and
$25 million related to the items described above. In addition, the
Company recorded an income tax benefit of $7 million in the fourth
quarter of 2013 and net charges of $11 million for the full year
due to tax law changes in the U.K. and Greece.
|
Consolidated
Balance Sheets (Condensed & Unaudited)
(in
millions)
|
December
31,
|
2014
|
|
2013
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
965
|
|
|
$
|
689
|
|
Receivables, net
|
|
|
1,031
|
|
|
|
1,064
|
|
Inventories
|
|
|
1,324
|
|
|
|
1,213
|
|
Prepaid expenses and other current assets
|
|
|
304
|
|
|
|
214
|
|
Total
current assets
|
|
|
3,624
|
|
|
|
3,180
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets
|
|
|
2,937
|
|
|
|
2,040
|
|
Property, plant and
equipment, net
|
|
|
2,437
|
|
|
|
2,152
|
|
Other non-current
assets
|
|
|
721
|
|
|
|
658
|
|
Total
|
|
$
|
9,719
|
|
|
$
|
8,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
75
|
|
|
$
|
279
|
|
Current maturities of long-term debt
|
|
|
177
|
|
|
|
94
|
|
Accounts payable and
accrued liabilities
|
|
|
2,674
|
|
|
|
2,547
|
|
Total current liabilities
|
|
|
2,926
|
|
|
|
2,920
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
5,007
|
|
|
|
3,469
|
|
Other non-current
liabilities
|
|
|
1,399
|
|
|
|
1,352
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
268
|
|
|
|
285
|
|
Crown Holdings
shareholders' equity
|
|
|
119
|
|
|
|
4
|
|
Total
equity
|
|
|
387
|
|
|
|
289
|
|
Total
|
|
$
|
9,719
|
|
|
$
|
8,030
|
|
|
Consolidated
Statements of Cash Flows (Condensed & Unaudited)
(in
millions)
|
|
Twelve months
ended December 31,
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net income
|
|
$
|
475
|
|
|
$
|
428
|
Depreciation and
amortization
|
|
|
190
|
|
|
|
134
|
Restructuring and other
|
|
|
129
|
|
|
|
34
|
Pension expense
|
|
|
56
|
|
|
|
75
|
Pension contributions
|
|
|
(81)
|
|
|
|
(84)
|
Stock-based compensation
|
|
|
22
|
|
|
|
21
|
Working capital changes and other
|
|
|
121
|
|
|
|
277
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (A)
|
|
|
912
|
|
|
|
885
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(328)
|
|
|
|
(275)
|
Acquisition of businesses, net of cash
acquired
|
|
|
(733)
|
|
|
|
(16)
|
Insurance
proceeds
|
|
|
|
|
|
|
8
|
Proceeds from sale of
assets and divestitures
|
|
|
38
|
|
|
|
39
|
Other
|
|
|
2
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
Net cash used for investing activities
|
|
|
(1,021)
|
|
|
|
(246)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
671
|
|
|
|
79
|
Purchase of noncontrolling interests
|
|
|
(93)
|
|
|
|
(16)
|
Common stock repurchased
|
|
|
(2)
|
|
|
|
(300)
|
Debt issuance costs
|
|
|
(41)
|
|
|
|
(32)
|
Dividends paid to noncontrolling
interests
|
|
|
(77)
|
|
|
|
(78)
|
Other, net
|
|
|
(13)
|
|
|
|
41
|
|
|
|
|
|
|
|
|
Net cash provided by/(used for) financing
activities
|
|
|
445
|
|
|
|
(306)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(60)
|
|
|
|
6
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
276
|
|
|
|
339
|
Cash and cash
equivalents at January 1
|
|
|
689
|
|
|
|
350
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at December 31
|
|
$
|
965
|
|
|
$
|
689
|
|
(A) Free cash flow is
defined by the Company as net cash provided by operating activities
less capital expenditures.
|
A reconciliation from
net cash provided by operating activities to free cash flow for the
three and twelve months ended December 31, 2014 and 2013
follows:
|
|
|
Three Months
Ended
December
31,
|
|
|
Twelve Months
Ended
December 31,
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Net cash provided by
operating activities
|
$903
|
|
$1,009
|
|
|
$912
|
|
$885
|
Premiums paid to
retire debt early
|
|
|
|
|
|
28
|
|
23
|
Adjusted net cash
provided by operating activities
|
903
|
|
1,009
|
|
|
940
|
|
908
|
Capital
expenditures
|
(116)
|
|
(94)
|
|
|
(328)
|
|
(275)
|
Insurance proceeds
from Thailand flooding
|
|
|
|
|
|
|
|
8
|
Free cash
flow
|
$787
|
|
$915
|
|
|
$612
|
|
$641
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crown-holdings-reports-2014-fourth-quarter-and-full-year-results-300033217.html
SOURCE Crown Holdings, Inc.