1. INVESTOR
BRIEFING
May 2016
NYSE: BMS
Our vision:
A passionate commitment to
the growth and success of
our customers will make
Bemis the clear choice for
inspired packaging solutions
2. SAFE HARBOR STATEMENT
2
This presentation includes forward-looking statements within the meaning of the Safe
Harbor provisions of the Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements relating to the expected future performance
of the company and its objectives, expectations, and intentions for the future. These
forward-looking statements are based on the current beliefs and expectations of Bemis
Company’s management and are subject to risks and uncertainties. The forward-
looking statements speak only as of the date of this presentation, and Bemis Company
does not undertake to update such statements to reflect changes that occur after that
date. There are a number of factors that could cause actual results to differ from those
set forth in the forward-looking statements. These factors include, but are not limited to:
general economic conditions, competitive conditions in our markets, the cost and
availability of raw materials, and our ability to pass these price changes on to our
customers. These and other risks, uncertainties, and assumptions are identified from
time to time in our filings with the Securities and Exchange Commission including our
most recent Annual Report on form 10-K and our quarterly reports on Form 10-Q. Such
reports are available on the website of the Securities and Exchange Commission
(www.sec.gov).
3. BEMIS: INSPIRED PACKAGING SOLUTIONS
3
• Established in 1858
• A leading solution-provider of
flexible and semi-rigid plastic
packaging
• Strong global business with a
long-term focus
17,500
employees
BMS
NYSE ticker
Neenah, WI
headquarters
Leading technologies. Broad product line. Global size & scale.Leading technologies. Broad product line. Global size & scale.
4. 2015 FINANCIAL HIGHLIGHTS
4
2015 Results are on the path to achieve our 2019 goals
REVENUE $4.1 B organic growth +.7%, driven by mix
ADJ OP PROFIT 10.4% +100 bps
ADJ ROIC 10.5% +80 bps
CASH FROM OPS $552m +$304m
+10.9%
*overcame $.16 currency translation
32nd annual increase
*33rd annual increase announced Feb 2016
$2.55ADJ EPS
DIVIDEND $1.12per share
5. BEMIS Q1 2016
5
Q1: Executed on long-term strategy; short-term operational
performance was mixed
U.S. Packaging:
• Flat unit volume vs prior year,
as expected
• Strong operating performance
Global Packaging:
• +3% organic unit volumes vs
prior year, strong in all regions
• Operational inefficiencies in
Latin America and Oshkosh
healthcare packaging facility
gross profit 21.6% +70 bps adj roic 10.5% vs 9.9% Q1'15 adj EPS $.60 includes $.03 currency
7. 2016 PERFORMANCE DRIVERS
7
commercialization
of new products
asset
recapitalization
program
continuous
improvement
• New innovations
• Leverage existing
innovations globally
• New products
higher margins
• Supports organic
growth plan
• Installation of
(primarily) slitters and
presses in the U.S.
• Increases margin
profile of existing
business
• Helps maintain
volumes in less-
differentiated business
Benefits…
• Efficiency in all
functions…shop floor
to administrative
• Control costs
• Improve processes
8. A NEW CUSTOMER EXPERIENCE
8
A global hub for customer collaboration, ideation, and innovation
Bemis Innovation Center – Neenah, WI
9. 9
CAPITAL SPENDING DISCIPLINE
Supported by a disciplined investment process, CAPEX is focused on growth & productivity
($ in millions)
$0
$50
$100
$150
$200
$250
2010 2011 2012 2013 2014 2015 2016 - 2019
EHS & Maintenance Growth & Productivity D&A
Post-audit &
continuous
review process
15% ROIC
hurdle-rate, 5-
year avg
10. BEMIS COMPANY – PURE PACKAGING
10
NORTHAMERICA
$2,747
U.S. Packaging
Global Packaging
$1,324
2015 Net Sales
2015 Net Sales
($ in millions)
50% 26% 13% 11%
LATINAMERICA
HEALTHCARE*
EUROPE
ASIA-PACIFIC
*Healthcare includes all medical device and pharmaceutical business
globally – both global and U.S. healthcare facilities roll up to the Global
Packaging Segment
11. THE FLEXIBLE PACKAGING SPACE
11
.
.
the
big
middle
Innovation & sophistication
Recapitalization
Size, scale, service
How we succeed…
focus
innovation
accelerate
growth
continuously
improve
12. GROWTH OPPORTUNITIES
12
Leading technologies. Broad product line. Global size & scale.
Format conversions
(glass/can/paperboard flexible)
Shifting channels
Solutions that fit trends
(healthy, fresh, convenient)
Packaging sophistication
(leveraging our technology globally)
Food Safety
Healthcare
(quality; sterility)
$2.7b
2015 revenue
14.3%
op profit
(+120 bps vs 2014)
$1.3b
2015 revenue
8.8%
adj op profit
(+120 bps vs 2014)
U.S. Packaging Global Packaging
14. LONG-TERM TARGET: ADJ ROIC
14
2014: 9.7%
Bottom quartile, peer group
2019: Top quartile NEW CAPITAL:
15% HURDLE RATE,
5-YEAR AVG
ACQUISITIONS:
ACCRETIVE TO
ROIC WITHIN 5
YEARS
CAPEX discipline and working capital & margin improvement drive ROIC improvement
2015: 10.5%
15. RETURNING CASH TO SHAREHOLDERS
15
(millions)
Over $1b of value returned to
shareholders
Op Cash Flow
$552m
2015
FCF
~$330m
2015
2016: 33
consecutive
years of annual
dividend
increases
$102 $104 $108 $108 $110
$161
$77
$152 $150
$0
$50
$100
$150
$200
$250
$300
$350
2011 2012 2013 2014 2015
Dividends Share Repurchases FCF
+ Emplal
acquisition
16. SHARE REPURCHASE AUTHORIZATION
16
20 million
shares
authorization increase
3-5
years
Feb2016
• Cash flow funds CAPEX
• Remaining FCF returned to
shareholders (divd & share repurchase)
18. 2016 GUIDANCE
18
2016 guidance is on the path to achieve our 2019 goals
*As of April 2016
BRL assumed at 3.6 per USD
CAPEX & CFO in millions
2015 2016
Actual Guidance*
$2.55 Adj EPS $2.68 - $2.78
$219 CAPEX ~$200
$552 Cash from ops $450 - $500
19. WHY INVEST IN BEMIS?
19
Robust cash flow
Commitment to return FCF to shareholders
Expanding margins
Multiple contributors – runway for further growth
Global pipeline of accretive projects
Robust innovation pipeline and asset recapitalization program
Strong management & aligned team
Committed to creating long-term shareholder value
23. 23
Why customers choose Bemis:
Reliable supply; quality product
Technology leader with differentiated product
Global breadth & scale
Longevity & financial stability
OUR CUSTOMERS
Broad customer base spanning from large CPGs to small, regional brands
24. OUR SUSTAINABILITY COMMITMENT
24
Economic
Sustainability
Social
Sustainability
• Delivering value to
stakeholders
• Operating for the
long-term with a
sustainable
business
philosophy
• Contributing to the
economic stability
of our communities
• Reducing food
waste
• Developing
sustainable
packaging solutions
• Minimizing
manufacturing
waste
• Reducing our
impact on the
planet
• Prioritizing
employee safety
• Supporting
programs that
promote health and
well-being in our
communities
• Providing a positive
workplace with
opportunities for
growth and success
Environmental
Sustainability
26. THE CLEAR CHOICE FOR HEALTH & WELLNESS
26
Freshness
Less preservatives
more sophisticated
packaging
Healthy snacking
in a one-handed world
27. THE CLEAR CHOICE FOR SUSTAINABILITY
27
Extend shelf life
To reduce food waste
Reduce material
weight & volume
Reduce & reuse in-
process waste
28. THE CLEAR CHOICE FOR SUSTAINABILITY
28
Flexibles replace blow-molded
bottles 70% less plastic
Reduce material
Flexibles replace metal can
Reduce material weight &
volume
29. THE CLEAR CHOICE FOR SOPHISTICATION & DIFFERENTIATION
29
“Display”
Shelf appeal & impression
30. THE CLEAR CHOICE FOR FOOD SAFETY
30
Food Safety
Heightened consumer
awareness
Evolving Food
Regulations
31. THE CLEAR CHOICE FOR A DIGITAL WORLD
31
Protective films
1
2
3
4
5
6
7
8
9
10
11
12
13
14
LCD Panel (exploded view)
Our high-clarity films protect layers 2,3,5,6, and 8 of
the inputs used to make LCD panels.
32. THE CLEAR CHOICE FOR HEALTHCARE
32
Consistent quality creates value
“To meet new market expectations, BD will be deploying a
Policy of Zero Escapes across all our supplier base this year.”
–Sam Machour, VP Quality Mgmt
Need for zero
defects
Value
Proposition
33. THE CONVERSION TO FLEXIBLE PACKAGING
33
The demand for flexible packaging… The speed of conversion…
Logistics savings
Shelf appeal & billboard
Less waste at the grocer
Driven by customers' filling line reinvestment
34. INNOVATION PIPELINE
34
Build Business
Case
Development
Customer
Validation
Production
Launch
shrink
protein
clear high
barrier
thermally
activated
Polymers
evolution™
bio-based
sustainable
structures
retail liquid
pouch
oxygen
scavenging
dry foods
conversion
next-gen
cans/bottles to
pouch
next-gen
chemical
lamination
Our innovation pipeline supports our long-term organic growth targets
high adhesive
protect films
electronics
protective
film transdermal
patch
packaging
shelf life
extension on-the-go
packages
35. PRODUCT VITALITY
35
Product vitality = revenue from
new specifications created over
the prior 3 years as a percent of
total year sales
15%
85%
2015 revenue
New Products
Base Products
15% of Bemis revenue is from products launched over the last 3 years
36. INNOVATION CENTER - EARLY WINS
36
Retort Stand-up Pouch
• Flexible alternative
to can or glass
• Ideation to launch in
~6 months
Protein Packs
• Extension of
customer’s new
product line (original
package also
innovated by Bemis)
Flexible Pouch
• Conversion to
flexible from rigid
plastic
• Ideation to launch in
<9 months
38. 2019 FINANCIAL TARGETS
38
Assumptions:
• Constant currency (Jan 2015)
• Effective pass-through of resin prices
• Cost take-out more than offsets non-raw material inflation
• SG&A spending is held flat
• Tax rate: 34%
• Constant share count
• Interest rates in line with forward curve (Jan 2015)
• Primary working capital is 14-16% of sales (2016-2019)
($ millions) 2014 2019 2014 2019
Actual Target Actual Target
Revenue Growth ROIC
Total $4.3b $5.8b Industry quartile Bottom Top
Organic 3.0%
Inorganic 3.0% CAPEX* $186 ~$200
EPS growth* 10% 10%+
U.S. Pkg 13.1% 15-18%
Global Pkg 7.6% 10%+ Cash from ops* $248 ~$550
*excludes acquisitions
Operating Margins*
39. RETURN ON INVESTED CAPITAL
39
• Disciplined approach to
measurement & evaluation of
returns on all capital projects
• Increased investment in
projects that deliver higher
ROIC
*Adj ROIC = Net adj operating profit after-tax (NOPAT) divided by debt minus cash plus equity
8.3%
9.0%
9.3%
9.7%
10.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
2011 2012 2013 2014 2015
Consolidated ROIC*
40. ADJ RETURN ON INVESTED CAPITAL
40
2015 2014 2013 2012 2011
Net Income 239.3$ 191.1$ 212.6$ 173.8$ 187.3$
Income taxes1
120.9 133.2 107.7 104.8 104.9
Interest expense1
51.7 61.2 68.2 70.9 76.8
Other non-operating income1
(6.0) (17.0) (7.9) (4.0) (1.6)
Earnings before interest and taxes (EBIT) 405.9 368.5 380.6 345.5 367.4
Restructuring and acquisition-related costs1
12.1 - 44.9 73.3 43.4
Discontinued operations impairment and plant closure 3.7 68.9 - - -
Other gains - - - - (2.7)
Adjusted EBIT (a) 421.7$ 437.4$ 425.5$ 418.8$ 408.1$
Average Invested Capital2
Debt3
1,359.7$ 1,430.7$ 1,459.0$ 1,524.8$ 1,473.3$
Equity4
1,310.7 1,617.0 1,647.3 1,612.2 1,815.5
Cash (66.6) (118.9) (142.9) (117.5) (79.4)
Average invested capital (b) 2,603.8$ 2,928.8$ 2,963.4$ 3,019.5$ 3,209.4$
Assumed tax rate5
(c) 35.0% 35.0% 35.0% 35.0% 35.0%
Adjusted ROIC - [(a) * (1 - c) / (b)] 10.5% 9.7% 9.3% 9.0% 8.3%
1 - Includes amounts related to both continuing and discontinued operations
2 - Calculated as a five-quarter rolling average
3 - Debt includes current portion of long-term debt, short-term debt, and long-term debt
4 - Excludes noncontrolling interest
5 - Tax rate assumed to be the U.S. federal statutory rate
42. RECONCILIATION OF NON-GAAP EPS
42
Q1 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year
Continuing Operations:
Diluted earnings per share, as reported 0.59$ 0.58$ 0.67$ 0.64$ 0.58$ 2.47$ 0.58$ 0.60$ 0.61$ 0.57$ 2.36$
Non-GAAP adjustments per share, net of taxes
Restructuring costs 0.03 - 0.01 0.01 0.05
Acquisition-related costs 0.01 0.02 0.01 0.03
Gain on Paper divestiture (0.06) (0.06)
Diluted earnings per share, as adjusted 0.60$ 0.61$ 0.67$ 0.67$ 0.60$ 2.55$ 0.52$ 0.60$ 0.61$ 0.57$ 2.30$
201420152016
43. RECONCILIATION OF SEGMENT OPERATING PROFIT
43
Segment Operating Profit
2016 2015
US Packaging 101.7$ 95.4$
% of Net Sales 15.4% 13.5%
Global Packaging 15.7$ 24.3$
Adjusted for:
Restructuring costs - 5.0
Acquisition-related costs 0.6 -
Adj Global Packaging OP 16.3$ 29.3$
% of Net Sales 5.3% 8.8%
First Quarter
44. COMPONENTS OF CHANGES IN NET SALES
44
Net Sales
($ in millions) 2016 2015 % Change
U.S. Packaging 660.5$ 707.0$ (6.6%)
Organic growth (decline) * (6.6%)
Global Packaging 307.4 333.1 (7.7%)
Currency effect (20.3%)
Acquisition effect 4.0%
Organic growth (decline) * 8.6%
Total Net Sales from Continuing Operations 967.9$ 1,040.1$ (6.9%)
Currency effect (6.5%)
Acquisition effect 1.3%
Organic growth (decline) * (1.7%)
*Organic growth (decline) = sum of price, mix, and volume
First Quarter
