PHILADELPHIA, Feb. 3, 2014 /PRNewswire/ -- Crown Holdings,
Inc. (NYSE: CCK) today announced its financial results for the
fourth quarter ended December 31,
2013.
2013 Highlights
- Full year income per diluted share $2.30, Before Certain Items $2.99
- Q4 income per diluted share $0.36, Before Certain Items $0.48
- Full year free cash flow of $641
million
- Announced agreement to acquire Mivisa Envases, SAU
- 6.9 million shares repurchased during the year
- Commercialized three new beverage can plants in Southeast Asia
- Global beverage can volumes increased 6% in the fourth
quarter and 5% for the full year
- Issued $1.0 billion of Senior
Notes due 2023 at 4.5%
- Refinanced and extended maturities of revolving credit and
term loan facilities
Twelve Month Results
For the full year, net sales grew to $8,656 million over the $8,470 million in 2012, reflecting increased
global beverage can volumes and $54
million from foreign currency translation, partially offset
by the pass-through of lower raw material costs.
Gross profit for 2013 rose to $1,342
million over the $1,277
million in 2012. The increase in gross profit
primarily reflects increased beverage can sales, lower depreciation
expense and $10 million of favorable
foreign currency translation.
Selling and administrative expense for 2013 was $425 million compared to $382 million for 2012. The increase in 2013
included charges of $39 million
($31 million, net of tax, or
$0.22 per diluted share) related to
reserves provided against outstanding receivable balances due from
a European food can customer and a North American food can customer
and $4 million of foreign currency
translation.
Segment income (a non-GAAP measure defined by the Company as
gross profit less selling and administrative expense) in 2013 grew
to $917 million over the $895 million in 2012, including $6 million of improvement due to foreign currency
translation.
Commenting on the year, John W.
Conway, Chairman and Chief Executive Officer,
stated, "We finished another successful year in 2013.
Sales were up over prior year, and we were very fortunate that
global beverage can unit sales increased 5%. Demand in our
food can business was essentially flat year-on-year and our global
aerosol business increased unit sales by 2%. All of this
contributed to year-on-year improvement in gross profit, segment
income and net income after certain items. We put special
effort into generating substantial free cash and the results speak
for themselves with free cash flow at an all-time record for our
Company.
"Looking ahead to 2014, general business conditions in
North America and Europe are expected to improve, positively
affecting the Company's performance. We also anticipate
further global beverage can growth and solid contributions from the
2013 capacity expansions in Cambodia, China, Malaysia, Thailand and Vietnam, as well as the start-up of a new
plant in Teresina, Brazil. This, combined with a
continuing focus on cost reduction and productivity
improvement throughout the Company, will deliver increased value to
our shareholders."
Interest expense for 2013 was $236
million compared to $226
million in 2012, primarily reflecting higher average debt
outstanding.
Net income attributable to Crown Holdings for 2013 was
$324 million compared to $559 million in 2012. Income per diluted
share for 2013 was $2.30 compared to
$3.77 last year. Net income per
diluted share before certain items increased to $2.99 over the $2.81 in 2012.
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 $641 million and $345
million, in 2013 and 2012 respectively. Free cash flow
in 2013 benefited from working capital improvements and lower
capital expenditures. The Company repurchased $300 million of its common shares during the
year.
During the fourth quarter of 2013, the Company announced that it
had entered into an agreement to acquire Mivisa Envases, SAU, a
leading Spanish manufacturer of two- and three-piece food cans and
ends in a transaction valued at €1.2 billion. The
acquisition, which is subject to review by the European Commission
and other competition authorities, is expected to close during 2014
and to be earnings accretive.
Also during the fourth quarter, the Company successfully
refinanced and extended the maturities of its revolving credit
facilities to 2018 and term loan facilities to 2018 and 2019,
including delayed draw term loan facilities in support of the
pending acquisition of Mivisa Envases.
Fourth Quarter Results
Net sales in the fourth quarter grew to $2,071 million over the $2,037 million in the fourth quarter of 2012,
primarily due to increased global beverage can volumes and
$15 million from the impact of
foreign currency translation, partially offset by decreased food
can volumes.
Fourth quarter gross profit was $274
million compared to $281
million in the 2012 fourth quarter, as increased beverage
can volumes and lower depreciation expense were offset by lower
volumes and substantially reduced production activity across food
can operations in North America
and Europe.
Selling and administrative expense increased to $106 million in the fourth quarter over the
$94 million in the prior year fourth
quarter. The current year expense included a charge of
$10 million ($9 million, net of tax, or $0.07 per diluted share) to increase the reserve
against a receivable balance due from a European food can customer,
and costs of $3 million ($3 million, net of tax, or $0.02 per diluted share) related to the Company's
agreement to acquire Mivisa Envases.
Segment income was $168 million in
the fourth quarter compared to $187
million in the fourth quarter of 2012.
In the fourth quarter of 2013, the Company recorded a charge of
$32 million ($21 million, net of tax) to increase its reserve
for asbestos-related liabilities. Cash payments for
asbestos-related liabilities were $28
million in 2013.
Net income attributable to Crown Holdings in the fourth quarter
was $49 million compared to
$31 million in the fourth quarter
last year. Income per diluted share was $0.36 in the fourth quarter compared to
$0.21 in the fourth quarter of
2012. Net income per diluted share before certain items was
$0.48 compared to $0.51 in the fourth quarter of 2012.
Non-GAAP Measures
Segment income and free cash flow are not defined terms under
U.S. generally accepted accounting principles (non-GAAP
measures). 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 can be used to evaluate 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 4, 2014 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 (212) 519-0813 or toll-free (888) 994-8798 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
11. The telephone numbers for the replay are (203) 369-1605
or toll free (866) 484-6431.
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 whether general business conditions in
North America and Europe will improve and whether this will
positively affect the Company's performance, whether there will be
further global beverage can growth in 2014, the Company's ability
to continue to increase beverage can sales in Cambodia, China, Malaysia, Thailand and Vietnam, and successfully implement cost
reduction and productivity improvement throughout the Company, and
whether the Mivisa acquisition will close in 2014 and be accretive
to earnings 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, 2012 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, (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,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net
sales
|
$2,071
|
|
$2,037
|
|
$8,656
|
|
$8,470
|
Cost of products
sold
|
1,761
|
|
1,709
|
|
7,180
|
|
7,013
|
Depreciation and
amortization
|
36
|
|
47
|
|
134
|
|
180
|
Gross profit
(1)
|
274
|
|
281
|
|
1,342
|
|
1,277
|
Selling and
administrative expense
|
106
|
|
94
|
|
425
|
|
382
|
Provision for
asbestos
|
32
|
|
35
|
|
32
|
|
35
|
Provision for
restructuring
|
5
|
|
38
|
|
46
|
|
48
|
Asset impairments and
sales
|
(10)
|
|
(24)
|
|
(12)
|
|
(48)
|
Income from
operations
|
141
|
|
138
|
|
851
|
|
860
|
Interest
expense
|
57
|
|
56
|
|
236
|
|
226
|
Loss from early
extinguishment of debt
|
3
|
|
|
|
41
|
|
|
Interest
income
|
(1)
|
|
(2)
|
|
(5)
|
|
(7)
|
Foreign
exchange
|
3
|
|
3
|
|
3
|
|
(1)
|
Income before
income taxes
|
79
|
|
81
|
|
576
|
|
642
|
Provision
for/(benefit from) income taxes
|
2
|
|
11
|
|
148
|
|
(17)
|
Equity
earnings
|
2
|
|
3
|
|
|
|
5
|
Net
income
|
79
|
|
73
|
|
428
|
|
664
|
Net income
attributable to noncontrolling interests
|
(30)
|
|
(42)
|
|
(104)
|
|
(105)
|
Net income
attributable to Crown Holdings
|
$49
|
|
$31
|
|
$324
|
|
$559
|
Earnings per share
attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$0.36
|
|
$0.22
|
|
$2.32
|
|
$3.83
|
Diluted
|
$0.36
|
|
$0.21
|
|
$2.30
|
|
$3.77
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
Basic
|
136,569,737
|
143,035,092
|
|
139,500,185
|
146,066,394
|
Diluted
|
137,688,660
|
145,322,962
|
|
140,699,764
|
148,407,801
|
Actual common shares
outstanding
|
138,207,889
|
143,136,473
|
|
138,207,889
|
143,136,473
|
|
|
|
|
|
|
|
(1) A reconciliation
from gross profit to segment income is found on the following
page.
|
|
Note: In accordance
with applicable accounting standards, prior year amounts have been
revised
to account for
final purchase accounting adjustments from the acquisition of
Superior Multi-
Packaging, Ltd. in
the fourth quarter of 2012.
|
|
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 less
selling and administrative expense. A reconciliation from gross
profit to segment income for the three and twelve months ended
December 31, 2013 and 2012 follows:
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Gross
profit
|
$
|
274
|
|
$
|
281
|
|
$
|
1,342
|
|
$
|
1,277
|
Selling and
administrative expense
|
|
106
|
|
|
94
|
|
|
425
|
|
|
382
|
Segment
income
|
$
|
168
|
|
$
|
187
|
|
$
|
917
|
|
$
|
895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
Net
Sales
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
572
|
|
$
|
573
|
|
$
|
2,289
|
|
$
|
2,274
|
|
North America
Food
|
|
|
193
|
|
|
204
|
|
|
845
|
|
|
876
|
|
European
Beverage
|
|
|
387
|
|
|
368
|
|
|
1,731
|
|
|
1,653
|
|
European
Food
|
|
|
402
|
|
|
410
|
|
|
1,751
|
|
|
1,793
|
|
Asia
Pacific
|
|
|
312
|
|
|
259
|
|
|
1,189
|
|
|
979
|
|
Total reportable
segments
|
|
|
1,866
|
|
|
1,814
|
|
|
7,805
|
|
|
7,575
|
|
Non-reportable
segments
|
|
|
205
|
|
|
223
|
|
|
851
|
|
|
895
|
|
Total net
sales
|
|
$
|
2,071
|
|
$
|
2,037
|
|
$
|
8,656
|
|
$
|
8,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
83
|
|
$
|
82
|
|
$
|
327
|
|
$
|
311
|
|
North America
Food
|
|
|
21
|
|
|
29
|
|
|
119
|
|
|
146
|
|
European
Beverage
|
|
|
46
|
|
|
43
|
|
|
257
|
|
|
217
|
|
European
Food
|
|
|
10
|
|
|
29
|
|
|
144
|
|
|
180
|
|
Asia
Pacific
|
|
|
33
|
|
|
35
|
|
|
133
|
|
|
137
|
|
Total reportable
segments
|
|
|
193
|
|
|
218
|
|
|
980
|
|
|
991
|
|
Non-reportable
segments
|
|
|
18
|
|
|
14
|
|
|
102
|
|
|
98
|
|
Corporate and other
unallocated items
|
|
|
(43)
|
|
|
(45)
|
|
|
(165)
|
|
|
(194)
|
|
Total segment
income
|
|
$
|
168
|
|
$
|
187
|
|
$
|
917
|
|
$
|
895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net income
attributable to Crown Holdings, as reported
|
$
|
49
|
|
|
$
|
31
|
|
|
$
|
324
|
|
|
$
|
559
|
|
Items, net of
tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for restructuring
and other (1)
|
|
22
|
|
|
|
39
|
|
|
|
55
|
|
|
|
23
|
|
Loss from early
extinguishment of debt (2)
|
|
2
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
Income taxes
(3)
|
|
(7)
|
|
|
|
4
|
|
|
|
11
|
|
|
|
(165)
|
|
Net income before the
above items
|
$
|
66
|
|
|
$
|
74
|
|
|
$
|
420
|
|
|
$
|
417
|
|
Income per diluted
common share as reported
|
$
|
0.36
|
|
|
$
|
0.21
|
|
|
$
|
2.30
|
|
|
$
|
3.77
|
|
Income per diluted
common share before the above items
|
$
|
0.48
|
|
|
$
|
0.51
|
|
|
$
|
2.99
|
|
|
$
|
2.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as
reported
|
|
2.5%
|
|
|
|
13.6%
|
|
|
|
25.7%
|
|
|
|
(2.6%)
|
|
Effective tax rate
before the above items
|
|
16.1%
|
|
|
|
21.5%
|
|
|
|
23.6%
|
|
|
|
25.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 provide useful information
to evaluate the performance of the Company's ongoing
business.
|
(1)
|
In the fourth quarter
and full year of 2013, the Company recorded charges for
restructuring and transaction costs of $8 million ($7 million, net
of tax) and $49 million ($42 million, net of tax) primarily in
connection with an initiative to reduce headcount across its
European operations. In the fourth quarter and full year of 2012,
the Company recorded restructuring charges of $38 million ($29
million, net of tax) and $48 million ($36 million, net of tax and
noncontrolling interests) for various restructuring
actions.
|
|
|
|
In the fourth quarter and full year of 2013, the
Company recorded gains on asset sales of $10 million ($6 million,
net of tax) and $12 million ($8 million, net of tax). In the fourth
quarter and full year of 2012, the Company recorded gains on asset
sales of $24 million ($13 million, net of tax and noncontrolling
interests) and $48 million ($36 million, net of tax and
noncontrolling interests).
|
|
|
|
In the fourth quarters of 2013 and 2012, the Company
recorded charges of $32 million ($21 million, net of tax) and $35
million ($23 million, net of tax) to increase its reserve for
asbestos-related liabilities.
|
|
|
(2)
|
In the first quarter
of 2013, the Company recorded a charge of $38 million ($28 million,
net of tax) for premiums paid and the write off of deferred
financing fees in connection with the redemption of its outstanding
$400 million senior secured notes due 2017 and repayment of $500
million of indebtedness under its senior secured term loan
facilities. In the fourth quarter of 2013, the Company recorded a
charge of $3 million ($2 million, net of tax) to write off deferred
financing fees in connection with the refinancing of its senior
secured credit facilities.
|
|
|
(3)
|
In the third quarter
of 2013, the Company recorded tax charges of $18 million to reduce
the value of its deferred tax assets due to a recently enacted
reduction in U.K. corporate income tax rates, and to recognize the
impact of a new tax law in Greece that eliminates a company's
ability to maintain tax free reserves. In the fourth quarter of
2013, the Company reversed $7 million of the charge in Greece based
on additional interpretive guidance published by local tax
authorities during the quarter. In the third quarter of 2012, the
Company recorded a net income tax benefit of $169 million primarily
related to the recognition of U.S. foreign tax credits. In the
fourth quarter of 2012, the Company recorded a tax charge of $4
million related to French tax law changes.
|
|
|
Note: In accordance with applicable accounting
standards, prior year amounts have been revised to account for
final purchase accounting adjustments from the acquisition of
Superior Multi-Packaging, Ltd. in the fourth quarter of
2012.
|
Consolidated
Balance Sheets (Condensed & Unaudited)
(in
millions)
|
December
31,
|
2013
|
|
2012
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
689
|
|
|
$
|
350
|
|
Receivables, net
|
|
|
1,064
|
|
|
|
1,057
|
|
Inventories
|
|
|
1,213
|
|
|
|
1,166
|
|
Prepaid expenses and other current assets
|
|
|
214
|
|
|
|
177
|
|
Total
current assets
|
|
|
3,180
|
|
|
|
2,750
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
2,033
|
|
|
|
1,998
|
|
Property, plant and
equipment, net
|
|
|
2,152
|
|
|
|
2,005
|
|
Other non-current
assets
|
|
|
682
|
|
|
|
747
|
|
Total
|
|
$
|
8,047
|
|
|
$
|
7,500
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
279
|
|
|
$
|
261
|
|
Current maturities of long-term debt
|
|
|
94
|
|
|
|
115
|
|
Accounts payable and
accrued liabilities
|
|
|
2,547
|
|
|
|
2,146
|
|
Total current liabilities
|
|
|
2,920
|
|
|
|
2,522
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
3,469
|
|
|
|
3,289
|
|
Other non-current
liabilities
|
|
|
1,352
|
|
|
|
1,560
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
285
|
|
|
|
289
|
|
Crown Holdings
shareholders' equity/(deficit)
|
|
|
21
|
|
|
|
(160)
|
|
Total
equity
|
|
|
306
|
|
|
|
129
|
|
Total
|
|
$
|
8,047
|
|
|
$
|
7,500
|
|
|
|
|
|
|
|
|
|
|
|
Note: In accordance
with applicable accounting standards, prior year amounts have been
revised
to account for
final purchase accounting adjustments from the acquisition of
Superior
Multi-Packaging,
Ltd. in the fourth quarter of 2012.
|
Consolidated
Statements of Cash Flows (Condensed & Unaudited)
(in
millions)
|
Twelve months
ended December 31,
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
428
|
|
|
$
|
664
|
|
|
Depreciation and
amortization
|
|
|
134
|
|
|
|
180
|
|
|
Provision
for restructuring
|
|
|
46
|
|
|
|
48
|
|
|
Asset impairments and sales
|
|
|
(12)
|
|
|
|
(48)
|
|
|
Pension
expense
|
|
|
75
|
|
|
|
98
|
|
|
Pension
contributions
|
|
|
(84)
|
|
|
|
(103)
|
|
|
Stock-based compensation
|
|
|
21
|
|
|
|
18
|
|
|
Changes in working capital
|
|
|
150
|
|
|
|
(98)
|
|
|
Deferred tax and other
|
|
|
127
|
|
|
|
(138)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (A)
|
|
|
885
|
|
|
|
621
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(275)
|
|
|
|
(324)
|
|
|
Acquisition of businesses, net of cash
acquired
|
|
|
(16)
|
|
|
|
(78)
|
|
|
Insurance
proceeds
|
|
|
8
|
|
|
|
48
|
|
|
Proceeds from sale of
assets
|
|
|
39
|
|
|
|
3
|
|
|
Other
|
|
|
(2)
|
|
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities
|
|
|
(246)
|
|
|
|
(362)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Net change in debt
|
|
|
79
|
|
|
|
72
|
|
|
Purchase of noncontrolling interests
|
|
|
(16)
|
|
|
|
(4)
|
|
|
Common stock repurchased
|
|
|
(300)
|
|
|
|
(257)
|
|
|
Debt issuance costs
|
|
|
(32)
|
|
|
|
|
|
|
Dividends paid to noncontrolling
interests
|
|
|
(78)
|
|
|
|
(79)
|
|
|
Other, net
|
|
|
41
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used for financing activities
|
|
|
(306)
|
|
|
|
(254)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
6
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
339
|
|
|
|
8
|
|
|
Cash and cash
equivalents at January 1
|
|
|
350
|
|
|
|
342
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at December 31
|
|
$
|
689
|
|
|
$
|
350
|
|
|
|
(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, 2013 and 2012 follows:
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net cash provided by
operating activities
|
|
$1,009
|
|
|
|
$738
|
|
|
|
$885
|
|
|
|
$621
|
|
|
Premiums paid to
retire debt early
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
Adjusted net cash
provided by operating activities
|
|
1,009
|
|
|
|
738
|
|
|
|
908
|
|
|
|
621
|
|
|
Capital
expenditures
|
|
(94)
|
|
|
|
(110)
|
|
|
|
(275)
|
|
|
|
(324)
|
|
Insurance proceeds
from Thailand flooding
|
|
|
|
|
|
15
|
|
|
|
8
|
|
|
|
48
|
|
|
Free cash
flow
|
|
$915
|
|
|
|
$643
|
|
|
|
$641
|
|
|
|
$345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: In accordance
with applicable accounting standards, prior year amounts have been
revised to account for final purchase accounting
adjustments
from the acquisition of Superior Multi-Packaging, Ltd. in the
fourth quarter of 2012.
|
SOURCE Crown Holdings, Inc.