H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Fuller H B — Investor Day (July 2011)
105 slides from H. B. Fuller's investor day presentation, Jul 14, 2011
Slide 1: H.B. Fuller Analyst and Investor Day
February 1, 2011 Le Parker Meridien, New York H.B. Fuller Analyst and Investor Day July 14, 2011 Exhibit 99.2
Slide 2: Today's Agenda
Today’s Agenda 1. Growth Strategy 3. Europe Transformation Steve Kenny Sr. VP, EIMEA 4. Financial Targets Jim Giertz Sr. VP & CFO Barry Snyder VP & CTO Traci Jensen VP, North America Adhesives Kevin Gilligan VP, Asia Pacific 2. Innovation and Market Opportunities Jim Owens President & CEO
Slide 3: Safe Harbor & Regulation G
Safe Harbor & Regulation G Safe Harbor Statement Certain matters discussed today may include 'forward looking statements' as that term is defined under the Private Securities Litigation Reform Act of 1995. Since such statements reflect our current expectations, actual results may differ as they are
Slide 4: Our Transformation Continues
• 2006 – • Where We Were 2006 - 2009 Where We Are 2010 - 2011 • • Where We Are Going 2012 – 2015 Our Transformation Continues 2007: New pricing tools developed Cost structure addressed Margins improved 2008 – 2009: New talent acquired Organize for growth Manage through recession 2010: Top line up 10
Slide 5: Increase revenue to $2.0 billion and EBITDA margin to 15%
Year Revenue EBITDA Margin EBITDA $ EBITDA Multiple Stock Price EPS Stock Price Appreciation Increase revenue from $1.4 billion to $2.0 billion Improve EBITDA margin from 10.9% to 15% $1.4 Billion 10.9% $148 M 7X EBITDA $18-$24 $1.60 EPS 13X EPS $2.0 Billion 15 % $300 M 7 - 9X EBITDA $44-$52 $3.60 E
Slide 6: Strategic Priorities
Execution of these two priorities doubles EBITDA from $148 million in 2010 to $300 million in 2015. Growth Organic growth of 5-8% per year Gain share in targeted market segments Invest in and leverage market and sales expertise Expand geographically in Asia/Middle East/Latin America Commercialize in
Slide 7: Global Adhesive Market Summary
$40 Billion global market 80 different market segments H.B. Fuller operates in 22 Segments Market growth rates vary from 1% to 9% Some sub-segments/ applications have much higher rates of growth Global Adhesive Market Summary
Slide 8: Our Focus is Clear. Perfecting Adhesives
ee = = H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 9: Hygiene Opportunity
Attractive Market Market growth accelerating and above global GDP Changing product design drives changes in adhesives Stretch materials Thinner products Customized products for low-cost market segments Limited competition capable of delivering product, innovation and technical support H.B. Fuller’s
Slide 10: Hygiene: Capturing the Opportunity
Hygiene Capturing the Opportunity China facility Further investments planned “Be where the babies are” Egypt acquisition India plant Product and supply chain innovation Unparalleled support through recent supply shortages Formulating flexibility unmatched in industry Leverage global raw material sup
Slide 11: Packaging Opportunity
Attractive Market Market growth above global GDP as consumers move to packaged goods Changing market demands drive changes in adhesives Sustainable packages Reduced packaging Attractive package design Move toward global, technically superior solutions H.B. Fuller’s Strength End-of-line packaging Tec
Slide 12: Packaging: Capturing the Opportunity
Specialized solution through innovation Liquamelt ® adhesive system Advantra Encore™ adhesive Flextra Quiet™ adhesive EZ open tape Global leverage Global account management Innovation launches OEM relationships Raw material supply Supply chain Service model with local expertise Delivering productivi
Slide 13: Durable Goods Assembly Opportunity
Attractive Market Requires high performing, highly specified adhesives Changing product design drives changes in adhesives Lighter weight, more complex composite materials Sustainability trends Environmental trends Strong R&D combined with technical know-how and segment expertise H.B. Fuller’s Stren
Slide 14: Durable Assembly: Capturing the Opportunity
Leverage reactive hot melt technology capability Strong patent portfolio Only manufacturer producing on three continents Formulating expertise Identify market trends and specify new innovations Water filter advances North America residential glazing New regulations leading to changes in window desig
Slide 15: H.B. Fuller's Growth Plan
2010 Revenue Target 2015 Revenue HBF CAGR 2010 Market Size Value Proposition 1 Hygiene $250 $420 10-12% $1,100 Partner with growing market leaders to enable innovation Packaging $290 $490 10-12% $2,500 Local service through global infrastructure Durable Assembly $300 $500 10-12% $2,000 Specified adh
Slide 16: EBITDA Margin Improvement
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow into cost structure Latin
Slide 17: EBITDA Margin Improvement: North America
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions EBITDA Margin Improvement North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow
Slide 18: EBITDA Margin Improvement: EIMEA
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions EBITDA Margin Improvement North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow
Slide 19: EBITDA Margin Improvement: Asia Pacific
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions EBITDA Margin Improvement North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow
Slide 20: EBITDA Margin Improvement: Latin America
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions EBITDA Margin Improvement North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow
Slide 21: EBITDA Margin Improvement
2010 EBITDA% 2015 EBITDA% 2010 EBITDA 2015 EBITDA Margin Improvement Actions North America 17% 17% $95 $128 Maintain strong margin in North America Adhesives Europe, India, Middle East, Africa 7% 14% $28 $92 Detailed transformation initiative Asia Pacific 6% 14% $9 $42 Grow into cost structure Latin
Slide 22: Strategic Priorities
Execution of these two priorities doubles EBITDA from $148 million in 2010 to $300 million in 2015. Growth Organic growth of 5-8% per year Gain share in targeted market segments Invest in and leverage market and sales expertise Expand geographically in Asia/Middle East/Latin America Commercialize in
Slide 23: Strong, Experienced Leadership
Strong, Experienced Leadership
Slide 24: What's Different?
What’s Different? Opportunity clearly identified Solid plan developed Execution capability
Slide 25: Questions and Discussion
February 1, 2011 QUESTIONS AND DISCUSSION July 14, 2011
Slide 26: Innovation at H.B. Fuller
Innovation at H.B. Fuller July 14, 2011
Slide 27: Presenters: Barry Snyder, Traci Jensen, Kevin Gilligan
Barry Snyder Vice President and Chief Technology Officer Traci Jensen Vice President, North America Adhesives Kevin Gilligan Vice President, Asia Pacific
Slide 28: Innovation at H.B. Fuller
Innovation at H.B. Fuller Innovation at H.B. Fuller is about leveraging our expertise and market knowledge to commercialize value-added adhesives solutions for our customers.
Slide 29: Targeted Growth: Key Markets
HYGIENE Baby diapers, Feminine products, Adult incontinence PACKAGING Consumer Packaging, Labeling, Flexible Packaging, Packaging Integrity DURABLE ASSEMBLY Water Filters, Panel Assembly, Engineered Textiles, Insulating Glass Targeted Growth: Key Markets –
Slide 30: Packaging
PACKAGING Consumer Packaging, Labeling, Flexible Packaging, Packaging Integrity DURABLE ASSEMBLY Water Filters, Panel Assembly, Engineered Textiles, Insulating Glass
Slide 31: Our Focus is Clear. Perfecting Adhesives
= = H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 32: Hot Melt Adhesive Innovation
Hot Melt Adhesive Innovation Simplicity Reduce adhesive complexity Security Bond under wide range of conditions Savings Reduce adhesive consumption and inventory
Slide 33: Advantra Encore Adhesive
Advantra Encore Adhesive Simplicity Two years in the making Breakthrough polymer technology Reduced reliance on scarce raw materials Security Savings TM
Slide 34: Hygiene and Packaging markets
HYGIENE Baby diapers, Feminine products, Adult incontinence PACKAGING Consumer Packaging, Labeling, Flexible Packaging, Packaging Integrity Engineered Textiles, Insulated Glass
Slide 35: Cool on Delivery – Hot on Demand
Cool on Delivery – Hot on Demand Lower Production costs Addresses Sustainability
Slide 36: Solving Customers' Problems
Solving Customers’ Problems Clean vs. Charred Nozzle (not Liquamelt® equipment) Charred Hose
Slide 37: Cool on Delivery – Hot on Demand
Cool on Delivery – Hot on Demand Lower Production costs Addresses Sustainability
Slide 38: Customer-focused Innovation
Customer-focused Innovation “Liquamelt ® has great potential for becoming the next step-change in improving performance and optimizing cost above and beyond the performance of the current packaging adhesives and existing dispensing equipment . ”
Slide 39: Our Focus is Clear. Perfecting Adhesives
— = = H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 40: The First Compostable Flexible Package
The first compostable flexible package Drive for environmentally friendly packaging Materials usage reduction Sustainable materials Industry Changes Demand Innovation • 2009 : Sun Chips package introduced • Noisy package challenge • Many attempts to reduce noise Polylactic acid films introduced Plan
Slide 41: Adhesives Do More Than Bond
Adhesives Do More Than Bond Flextra Quiet • The Adhesive Shock Absorber • Bonds and reduces noise • Commercialized February 2011 TM Film Film Adhesive
Slide 42: Durable Assembly
DURABLE ASSEMBLY Water Filters, Panel Assembly, Engineered Textiles, Insulating Glass
Slide 43: Insulating Glass – What Is It?
Insulating Glass (IG) – What is It? What Is IG? An insulating panel that provides a vision space Used in windows, doors, and skylights Elements 1. Float Glass 2. Desiccant 3. Perimeter Seal 4. Barrier Seal 5. Spacer
Slide 44: Insulating Glass
Insulating Glass Energy conservation leading to greater use of insulating glass Developing world in particular accessing trend China’s latest 5 year plan Stronger regulation in developed world supporting differing approaches to insulating glass assembly In US, DOE upgraded Energy Star rating in 2010
Slide 45: Insulating Glass – H.B. Fuller Solutions
Insulating Glass – H.B. Fuller Solutions H.B. Fuller is recognized for enabling more productive and higher thermally efficient IG production Examples of solutions provided by HBF Reactive hot melt sealant – Breakthrough performance capability compared to traditional sealants Intercept technology – S
Slide 46: Durable Assembly
DURABLE ASSEMBLY Water Filters, Panel Assembly, Engineered Textiles, Insulating Glass
Slide 47: Liquid Separation Market Overview
Markets Desalinization/ Municipality Industrial/ Energy Residential Medical Liquid Separation Market Overview
Slide 48: Water Filter Adhesive Application
Water Filter Adhesive Application Filter bundle (capillaries) Filter housing Potting adhesive location
Slide 49: Customer Issues
Customer Issues Productivity Faster processing Flexibility for use with multiple filters and process lines Performance Higher heat and chemical resistance Adhesion to new membrane media
Slide 50: Liquid Separation Illustration
Liquid Separation Illustration Situation Large desalination filter manufacturer in Asia Looking to increase capacity and improve quality H.B. Fuller solution Productivity – Cycle time improvement increasing capacity by 25% Industry credibility – NSF certification Speed Collaboration – Asia Pacific a
Slide 51: Our Focus is Clear. Perfecting Adhesives
az = H.B. Fuller Our Focus is Clear. Perfecting Adhesives"
Slide 52: Hygiene Market Overview
Hygiene Market Overview 449 billion units in 2010 Baby Diapers Feminine Care Adult Incontinence Baby Diaper Usage Developed economies 56 billion diapers per year Developing economies Current 65 billion diapers Potential 535 billion
Slide 53: Diaper Usage Worldwide
Diaper Usage Worldwide 2,000 diapers per year in developed economies Babies outside developed economies use less than one diaper per day
Slide 54: Deconstruction of a Diaper
Deconstruction of a Diaper Core (incl. SAP) “Cotton Ball” Fluff pulp material Outside film “Beads” are suspended within material 10 adhesive applications per diaper Core stabilization drives thinner finished product Core stabilization adhesive
Slide 55: Thin Leads to Sustainability
Thin Leads to Sustainability Reduction of Carbon Footprint
Slide 56: Our Focus is Clear. Perfecting Adhesives
= = H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 57: Questions and Discussion
February 1, 2011 QUESTIONS AND DISCUSSION July 14, 2011
Slide 58: Europe, India, Middle East and Africa
February 1, 2011 Europe, India, Middle East and Africa July 14, 2011
Slide 59: EIMEA – Steve Kenny
EIMEA Steve Kenny Senior Vice President, EIMEA
Slide 60: We have a problem in EIMEA
We have a problem in EIMEA . . . . Our foundation is strong We participate in the right market segments We don’t have “non core” businesses We are a pure play in industrial adhesives, aligned with corporate strategy But . . . .We have some portfolio gaps Strong in north Europe, weaker in the south C
Slide 61: We've already taken some actions
We’ve already taken some actions Changes since 2008 include: Re-focused our strategy toward value and innovation New leadership team New organization structure with market focus Strengthened the commercial team Organic growth momentum re-established Exited non-strategic business lines Invested in em
Slide 62: Delivering our transformation
Delivering our transformation Goals: Achieve minimum Corporate profitability target of 14% EBITDA margin Create sustainable and scalable platform Strengthen emerging market position and accelerate growth in key market segments Approach: Over the next 2 ½ years, undertake comprehensive overhaul of ev
Slide 63: First, a little more background on our business
First, a little more background on our business Look at our business relative to our more successful sister organization in North America Some common characteristics: Pursue the same strategy of selling value solutions to customers Identical focus on strategic market segments of hygiene, packaging a
Slide 64: EBITDA margin progression
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2011 OL EIMEA EBITDA % NAA EBITDA % EBITDA margin progression Price increases and strict cost control Recession and lack of action on costs / Weaker pricing relative to NAA Raw material spikes and SG&A investment
Slide 65: In short...
In short . . . .. We do all the same things as North America adhesives business at a slightly higher cost and with a suboptimal result Costs more to buy, Costs more to make, Costs more to distribute, Costs more to sell, Costs more to administer. Common theme in EIMEA business structure is complexity
Slide 66: So, the FIX
So, the FIX . . . . . Avoid superficial improvements in favor of sustainable and scalable change Our approach will have three key areas of focus : How and what we buy How we make and deliver product How we go to market
Slide 67: How and what we buy
-20% -40% How and what we buy Primary focus today is on raw materials and packaging Excessive complexity hindering purchasing leverage 30% of materials purchased deliver >80% of our profitability Streamline for leverage…..clean up our formulations & SKUs Develop larger scale platform products Altern
Slide 68: How we make and deliver product
How we make and deliver product Less than 20% of the formulations account for over 90% of our margin Excessive complexity Reduced labor and capital efficiency due to frequent changeovers Sub-optimal process cycles Poor service levels Higher freight and logistics costs
Slide 69: How we go to market
How we go to market Primary sales channel is direct 80% of margin generated by less than 20% of customers “Standard” offer is effectively full service Differentially deploy where value is reflected in pricing Opportunities to enhance service experienced by customers leveraging alternate channels Dis
Slide 70: Our financial commitments
Actual 1 Estimate Target 2010 2011 2014 CAGR 2 Our financial commitments * All amounts in € millions, except percentages (1) Adjusted for PS exit (2) 2011 outlook as base year Net Revenue 7% EBIT 28% Depreciation & Amortization EBITDA 25% EBIT Margin 4% 7% 11% EBITDA Margin 6% 9% 14%
Slide 71: EBITDA bridge to 2014
19 59 8 11 10 11 EBITDA bridge to 2014 2010 EBITDA is adjusted for PS exit -
Slide 72: Investments to achieve goals
Investments to achieve goals Cash investment over next 2 ½ years of about €50 million Capital expenditures and other investments to increase productivity Project staffing and support costs All process work complete by end of 2013 Fiscal year should be “clean” – new organization and cost structure in
Slide 73: Impact of proposed changes
Impact of proposed changes Impact of successful implementation of this transformation proposal is significant Cash investment of approximately €50 million returns incremental pre-tax cash flow of €30 million Profit improvement in EIMEA region is primary initiative to increase corporate consolidated
Slide 74: Just a few words about growth
Just a few words about growth . . . We have a couple of significant growth opportunities Accelerating our business in the important emerging markets: The Middle East , Turkey and India Capturing our fair share of the packaging market opportunity across the entire region
Slide 75: Emerging market opportunity
Emerging market opportunity Growth and demographics of emerging markets drive opportunity The babies are in the emerging markets Income growth drives sales of consumer goods such as diapers and beverages We are well positioned in Middle East and North Africa with our facility and organization in Egy
Slide 76: Packaging opportunity
Packaging opportunity We are relatively under-represented in our core market segment of packaging Specific opportunities for EIMEA region include: Leverage the market trend toward flexible packaging Use proprietary technology to solve problems for bottle labeling Leverage global expertise and experi
Slide 77: Next steps
Next steps . . .. . We have built preliminary, detailed proposals for the various process improvement initiatives of the transformation Need to consult with all key constituencies in the region Several key project initiatives can be pursued now with immediate positive impact We will report each quar
Slide 78: Summary and Recap
Summary and Recap Transformation agenda is comprehensive Will touch all core processes – How and what we buy, how we make and deliver product, how we go to market Focus on sustainable and scalable platform for the future Requires significant investment of cash and human resources but the benefit to
Slide 79: Our Focus is Clear. Perfecting Adhesives
_— == H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 80: Finance Review
February 1, 2011 Finance Review July 14, 2011
Slide 81: Finance Review – Jim Giertz
Finance Review Senior Vice President and Chief Financial Officer Jim Giertz
Slide 82: Revised Financial Targets
Revised Financial Targets Old Targets New* Targets ROIC *Base year is 2010
Slide 83: Income Statement for 2015
2010 2015 CAGR Our Target Income Statement for 2015 Net Revenue 1,356 2,000 8% EBIT 106.9 18% Margin % 8% 12% EBITDA 148.1 15% Margin % 11% 15% EPS $1.60 $3.60 18%
Slide 84: Revenue Growth
Revenue Growth 5-8% per annum
Slide 85: Revenue Bridge
1,356 2,000 2,051 195 135 155 160 50 100 Revenue Bridge 1,000 1,200 1,400 1,600 1,800 2,000 2,200
Slide 86: EBITDA Progression
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% EBITDA % 2011 Range EBITDA Progression EBITDA Margin History and Targets 15% by 2015 15% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% EBITDA % 2011 Range EBITDA Progression
Slide 87: EBITDA Margin Bridge
10.9% 15.0% 240 bps 50 bps 120 bps EBITDA Margin Bridge 0 bps 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Slide 88: EBITDA Progression
218 EBITDA Progression 15% CAGR to 2015 - EBITDA 2011 EBITDA Guidance Range EBITDA Growth EBITDA Margin Expansion
Slide 89: Return on Invested Capital
§ Return on Invested Capital (1- Tax rate) | + Equity Earnings Our Focus is Clear. Perfecting Adhesives.
Slide 90: ROIC History and Target
14.0% 5.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% ROIC ROIC Estimate Cash Deployment ROIC History and Target
Slide 91: ROIC Improvement Bridge
9.6% 14.0% 3.3% 0.5% 5.0% ROIC Improvement Bridge 0.4% 0.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
Slide 92: Cash Deployment
Cash Deployment CapEx – 2.5% of net revenue plus $70M for the EIMEA transformation Share Repurchase – Base program to offset dilution from equity compensation Dividends – 20-25% of net income *During the 2009 Fiscal year, HBF contributed $135M to pension plans, primarily in the United States
Slide 93: Dividend Target
Dividend Target 20% to 25% of Net Income 29.5 0.1 Annual Dividends (cents per share)
Slide 94: M&A Strategy
M&A Strategy Strong position to evaluate opportunities Confidence in existing business Avoid “target reaching” deals Enhance sound organic growth strategy Past strategic actions Geographic Egymelt (Egypt) Revertex Finewaters (Malaysia) Organic China (Reactive hot melt facility) India (Construction u
Slide 95: Current 2011 Guidance
Current 2011 Guidance Additional Pricing Additional Pricing
Slide 96: Our Focus is Clear. Perfecting Adhesives
= = H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 97: HB Fuller Historical Perspective
HB Fuller Historical Perspective 1,000 1,200 1,400 1,600 1,800 2,000 EBITDA Net Revenue
Slide 98: Step Change
Step Change Solid Foundation in Place Plans to Execute Fundamentally different HB Fuller Long-Term Commitments
Slide 99: Our Focus is Clear. Perfecting Adhesives
_— == H.B. Fuller Our Focus is Clear. Perfecting Adhesives”
Slide 100: Regulation G – ROIC
Regulation G - ROIC ROIC Calculation $ Millions except percentages Net Revenue 1,287,331 1,409,606 1,512,193 1,472,391 1,400,258 1,391,554 1,234,659 1,356,161 Less: Cost of Goods Sold 935,135 1,036,961 1,113,142 1,052,508 981,555 1,027,099 863,358 957,149 Gross Profit 352,196 372,645 399,051 419,883
Slide 101: Regulation G – EBITDA
Regulation G - EBITDA $ Thousands Net Revenue: 1,287,331 1,409,606 1,512,193 1,472,391 1,400,258 1,391,554 1,234,659 1,356,161 Cost of Goods Sold: (935,135) (1,036,961) (1,113,142) (1,052,508) (981,555) (1,027,099) (863,358) (957,149) Selling, General, and Administrative Expenses: (284,242) (304,444
Slide 102: Regulation G – Region EBITDA
Regulation G – Region EBITDA REGION EBITDA: $ Thousands Operating Income: North America 73,050 EIMEA 16,544 Latin America 11,339 Asia Pacific 5,996 Total H.B. Fuller 106,929 Depreciation Expense: North America 13,754 EIMEA 9,500 Latin America 4,288 Asia Pacific 2,820 Total H.B. Fuller 30,362 Amortiz
Slide 103: Regulation G – Region EBITDA %
Regulation G – Region EBITDA % REGION EBITDA: $ Thousands Net Revenue: North America 567,223 EIMEA 404,750 Latin America 229,319 Asia Pacific 154,868 Total H.B. Fuller 1,356,161 EBITDA: North America 95,182 EIMEA 27,669 Latin America 15,830 Asia Pacific 9,449 Total H.B. Fuller 148,130 EBITDA Margin:
Slide 104: Regulation G – Pro Forma 2010 P&L
Regulation G–Pro Forma 2010 P&L 52 Weeks 2nd Quarter Adjusted 52 Weeks Ended Product Line Exit Ended November 27, 2010 Adjustments November 27, 2010 Net revenue 1,356,161 $ - $ 1,356,161 $ Cost of sales (958,980) (1,831) (957,149) Gross profit 397,181 (1,831) 399,012 Selling, general and administrat
Slide 105: Regulation G – Selected Segment EBITDA
Regulation G – Selected Segment EBITDA SEGMENT EBITDA: Net Revenue: North America Adhesives 473,888 491,382 535,474 509,283 469,797 451,647 416,678 445,029 EIMEA 219,521 240,416 272,221 295,671 311,359 290,837 265,206 301,096 Operating Income: North America Adhesives 60,673 57,717 68,542 74,683 64,3