amkor_datamonitor

Amcor Limited

Company ProfilePublication Date: 6 Jun 2011

www.datamonitor.comEurope, Middle East & Africa 119 Farringdon Road London EC1R 3DA United Kingdom t: +44 20 7551 9000 f: +44 20 7551 9090 e: [email protected] Americas 245 5th Avenue 4th Floor New York, NY 10016 USA t: +1 212 686 7400 f: +1 212 686 2626 e: [email protected] Asia Pacific Level 46 2 Park Street Sydney, NSW 2000 Australia t: +61 2 8705 6900 f: +61 2 8088 7405 e: [email protected]

Amcor Limited

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Amcor Limited Datamonitor

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Amcor LimitedTABLE OF CONTENTS

TABLE OF CONTENTSCompany Overview..............................................................................................4 Key Facts...............................................................................................................4 Business Description...........................................................................................5 History...................................................................................................................6 Key Employees.....................................................................................................9 Key Employee Biographies................................................................................10 Major Products and Services............................................................................16 Revenue Analysis...............................................................................................17 SWOT Analysis...................................................................................................18 Top Competitors.................................................................................................24 Company View.....................................................................................................25 Locations and Subsidiaries...............................................................................33


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Amcor LimitedCompany Overview

COMPANY OVERVIEWAmcor Limited (Amcor) is one of the world's largest packaging companies. The company provides plastic, fiber, metal and glass packaging products, along with packaging-related services. It operates primarily in Australia and New Zealand. It is headquartered in Victoria, Australia and employs over 35,000 people worldwide. The company recorded revenues of A$9,849.5 million (approximately $8,697.1 million) during the fiscal year ended June 2010 (FY2010), an increase of 3.3% over 2009. The operating profit of the company was A$389.4 million (approximately $343.8 million) during FY2010, an increase of 25.8% over FY2009. The net profit was A$183 million (approximately $161.6 million) FY2010, a decrease of 13.6% compared to FY2009.

KEY FACTSHead Office Amcor Limited 109 Burwood Road Hawthorn Victoria 3122 AUS 61 3 9226 9000 61 3 9811 7111 http://www.amcor.com

Phone Fax Web Address

Revenue / turnover 9,849.5 (AUD Mn) Financial Year End Employees June 35,000

Australian AMC Securities Australian Securities Australian Securities Exchange Ticker


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Amcor LimitedBusiness Description

BUSINESS DESCRIPTIONAmcor is one of the world's largest packaging companies. The company provides plastic, fibre, metal and glass packaging products, along with packaging-related services. It operates through 307 plants in 43 countries worldwide covering the regions of Australasia, North America, Latin America, Europe and Asia. Amcor operates its business through four segments: flexible, Australasia and packaging distribution, rigid plastics, and other/investments. Flexibles is one of the worlds largest suppliers of flexible packaging and folding carton packaging for tobacco. It has three operating divisions: Flexibles Europe and Americas, Flexibles Asia Pacific and Global Tobacco Packaging. The segment has operations in 116 plants in 34 countries and offers a wide range of products to the food, beverage, healthcare and tobacco packaging end markets. These products include packaging for fresh foods such as meat, fish, bread, produce and dairy, processed foods such as confectionary, snack foods, coffee and ready meals, as well as resin and aluminium based medical applications, hospital supplies, pharmaceuticals and personal and home care products. Amcors Australasia and packaging distribution is a diverse packaging business which includes the fibre, glass and beverage can operations within Australia and New Zealand. The segment operates 61 sites in 12 countries and offers corrugated boxes, cartons and folding cartons, paper, carton board, paper recycling, aluminium cans for beverages, plastic and metal closures, glass wine and beer bottles and multiwall sacks. The segment is also engaged in distribution and corrugated box manufacturing business, operating from 56 sites across 4 countries. The distribution unit is a major supplier of packaging products and equipment, industrial and janitorial supplies to businesses in North America. The companys rigid plastics segment is one of the worlds largest producers of polyethylene terephthalate (PET) containers. The segment produces PET containers and pre-forms for a broad range of food and beverage applications, and supplies PET containers to the pharmaceutical, personal care, household chemical and agro-chemical industries. The segment operates 74 sites in 12 countries. Amcors other/investments segment holds the consolidated entitys associate investment in AMVIG Holdings. The segment is principally involved in the manufacture of tobacco packaging and manufactures glass tubing and specialty cartons


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Amcor LimitedHistory

HISTORYAmcor began operations in 1860s, when Samuel Ramsden established Victoria's first paper mill in Melbourne, Australia. The company was known as Australian Paper Manufacturers until the 1970s when it started its packaging business. The company changed its name to Amcor in 1986. In 1999, it acquired Smurfit Tobacco Products and Stevens Flexible Packaging. In the same year the company sold its Australian envelope manufacturing business, Amcor Envelopes to envotec. In 2000, Amcor merged two Australasian packaging businesses, Amcor Containers Packaging and Amcor Fibre Packaging into one business unit: Amcor Packaging Australasia. Amcor also acquired Poly Laupen and a 60% equity position in Injepet of Sao Paulo, Brazil in 2000. In addition, Amcor demerged its paper manufacturing and distribution group (formerly known as Amcor Printing Papers Group) in 2000. This new entity began operating under the name PaperlinX Limited. Amcor acquired CNC Containers Corporation (CNC), a US-based PET beverage container producer during 2001. In the next year, Amcor purchased Pet Pak, a Canada based PET bottle manufacturer. In 2002, the company acquired two flexible packaging plants from Rexam. During the same year, it entered into an agreement to acquire the PET container and closure assets of Schmalbach-Lubeca the world's largest manufacturer of PET containers and leader in North America, Europe and Latin America. Amcor sold its 65% stake of Amcor White Cap to Silgan Holdings, its joint venture partner, in 2003. Later that year, the company entered into an agreement to purchase Rexam's healthcare flexibles business. The company also expanded its PET assets and purchased the PET injection and blow molding assets of Embotelladoras Arca SA de CV in Mexico. In the same year, the company also sold its holdings in Kimberly-Clark Australia. Amcor entered into an alliance with Campbell Soup Company to help it produce polyethylene terephthalate bottles in 2004. In 2005, Amcor sold two tobacco packaging plants in China to Vision Grande Holdings Limited (Vision Grande). The consideration for this sale was $121.1 million shares in Vision Grande. Amcor owned 40.1% share in Vision Grande. Amcor also divested its Asian corrugated, sacks and tobacco business for a net value of $49 million. In the same year, the company introduced new products. Amcor Sunclipse introduced the TrayBon range of cartonboard baking trays in North America. The company also launched the PowerFlex PET Bottle with Trade Winds Single-serve Tea. The company sold its Amcor White Cap Closures business in 2006, for a cash payment of $294 million. In the same year, Amcor purchased a 16.7% shareholding in K Laser China, a subsidiary of the Taiwan publicly listed K Laser Technology (HK) Company, for a consideration of approximately A$13.4 million ($10 million. Simultaneously, Amcor also purchased a 4.2% stake in K Laser Technology. Also, during the year, Amcor announced a major restructuring to the fibre packaging business in Australasia.


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In 2007, the company developed a solution called, Roseworth, for filling cans with wine. The patented Roseworth process allows winemakers to can wine without using special winemaking techniques. In the same year, Amcor Flexibles Baricol launched BARIPET FL 45 a high barrier lidding film for smoothwall aluminium foil containers. In 2007, the company had withdrawn its American Depositary Receipts (ADRs) from listing on The NASDAQ Stock Market LLC and to deregister its ADRs and its ordinary shares under the US Securities Exchange Act. Further that year, Amcor launched VinPorter, a corrugated carton that uses patented one-piece design and perforation system to transform into a six bottle consumer carry pack. In the same year, the company sold its 16.7% shareholding in K Laser China for a total consideration of $29 million. Amcor sold its European PET Business to La Seda de Barcelona in 2007. In the same year, the company sold the Australasian food can and aerosol business for a consideration of approximately $150 million to the Impress Group. Later that year, the company's Amcor Rentsch made two investments in its Russian and Polish plants. Two new printing machines were installed. In the first half of 2008, the company increased its shareholding in the Hong Kong listed company, AMVIG, from 33.5 % to 35.4%. The company announced plans to build 345,000 tons per annum paper recycled mill at its plant in Botany, New South Wales, Australia. During the same period, Amcor made an investment to build a plant in Lodz, Poland. Amcor also entered into an agreement to sell the flexibles packaging plants located at Lund in Sweden and Somerset in the UK to a Swedish private equity group, Accent Equity. Amcor entered into an agreement to sell its flexible packaging plant located in Perth, Western Australia to Integrated Packaging, in the second half of 2008. In the same month, Amcor announced the plan of building a third glass furnace at its wine bottle plant at Gawler, South Australia. Upon completion, the plant is expected to have three furnaces with an annual capacity of 600 million wine bottles. Amcor acquired 78.3 million shares in the Hong Kong based company, AMVIG, and increased its investment to 39.3%. Also in the second half of 2008, Amcor Flexibles launched a range of chlorine-free films that offered an alternative to the traditional PVdC-coated PVC blister film. Moreover, the companys division, Amcor Flexibles, opened a 25,000 square feet manufacturing facility at Sligo, Ireland. Amcor Flexibles entered into an agreement to sell its specialist plant AF Camvac in Thetford, the UK, to UK based holding company Gil Investments. During the first half of 2009, Amcor Australasia acquired the operations of a corrugated speciality packaging business in Sainsbury, New South Wales; and Amcor Sunclipse acquired the operations of a distribution business located in central California, the US. In the second half of 2009, Amcor offered to acquire parts of Alcan Packaging for $2,025 million from Rio Tinto. The acquisition includes Alcan Packaging Global Pharmaceuticals, Alcan Packaging Food Europe, Alcan Packaging Food Asia and Alcan Packaging Global Tobacco. Amcor PET Packaging introduced smallest hot fill PET container. The unique 2.5 ounce PET bottle is produced at Amcor's state-of-the-art facility in Nicholasville, Kentucky.


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In February 2010, the company completed the acquisition of Alcan Packaging businesses for a consideration of $1,948 million. In the same month, AMVIG Holdings made a proposal to acquire the remaining 45% stake in Famous Plus Group. Following the transaction, Amcors shareholding in AMVIG will increase from 38.95% to 45.99%. In March 2010, Amcor Rigid Plastics launched a 12 oz ring neck PET bottle as a glass replacement option for premium food and beverage brands. In the same month, Amcor Flexibles Europe & Americas installed a new, ninelayer, high performance blown film line in its Mundelein facility. In April 2010, Amcor developed a new BPA (Bisphenol A) and melamine free lacquer system for its Amcor Alufix peel-off ends membrane. Amcor Rigid Plastics developed and launched lightest 16 oz PET salad dressing bottle in North America. In June 2010, agreed to purchase the assets of Ball Plastics Packaging Americas from Ball Corporation for a consideration of $280 million. In the following month, the company reached an agreement to sell its Tobepal operations in Spain to Constantia Packaging for a consideration of E92 million ($122.1 million). In August 2010, Amcor completed the acquisition of Ball Plastic Packaging Americas. In October 2010, the company announced the acquisition of B-Pack Due, an Italy-based cast polypropylene (CPP) film manufacturer for a consideration of E43 million ($57 million). In the same month, Amcor Flexibles Europe & Americas introduced new Amcor Vodex, a bag-in-box liner developed to enhance the protective barrier around cereals.


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Amcor LimitedKey Employees

KEY EMPLOYEESNameKen MacKenzie Julie McPherson Chris Roberts Karen Guerra Armin Meyer John Pizzey Ern Pope Jeremy L Sutcliffe John Thorn Steve Keogh Ian Wilson Ron Delia John Murray Garry Noonan Peter Brues Billy Chan Nigel Garrard Peter Konieczny Bill Long Ralf K. Wunderlich

Job TitleManaging Director and Chief Executive Officer Company Secretary and Group General Counsel Independent Non- Executive Director and Chairman Non-Executive Director Non-Executive Director

BoardExecutive Board Executive Board Non Executive Board Non Executive Board Non Executive Board

Compensation6061508 AUD

705883 AUD 42196 AUD 46025 AUD 244255 AUD 248144 AUD 161744 AUD 264127 AUD

Independent Non-Executive Director Non Executive Board Independent Non-Executive Director Non Executive Board Independent Non-Executive Director Non Executive Board Independent Non-Executive Director Non Executive Board Executive Vice President, Human Resources Senior Management

Executive Vice President, Strategic Senior Management Development Executive Vice President, Finance Senior Vice President, Corporate Affairs Senior Vice President, Corporate Operations Senior Management Senior Management Senior Management

3087247 AUD

President, Amcor Flexibles Europe Senior Management & Americas Chairman, AMVIG Holdings President, Amcor Australasia and Packaging Distribution President, Amcor Tobacco Packaging President, Amcor Rigid Plastics President, Amcor Flexibles Asia Pacific Senior Management Senior Management Senior Management Senior Management Senior Management

2173040 AUD 2379745 AUD 2065670 AUD

2340942 AUD 1681803 AUD


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Amcor LimitedKey Employee Biographies

KEY EMPLOYEE BIOGRAPHIESKen MacKenzieBoard: Executive Board Job Title: Managing Director and Chief Executive Officer Since: 2005 Mr. MacKenzie has been the Managing Director and Chief Executive Officer at Amcor since 2005. He has extensive experience across all of Amcor's major packaging business segments in the Americas, Australia, Asia and Europe. He joined Amcor in 1992. During 2001-05, Mr. MacKenzie was the Group Managing Director for Amcor Rentsch and Closures. He served as Group General Manager for Amcor Flexibles Australasia from 1999-2001. Prior to joining Amcor, Mr. MacKenzie worked as Manager of Manufacturing Strategy Practice at Accenture during 1987-92.

Julie McPhersonBoard: Executive Board Job Title: Company Secretary and Group General Counsel Since: 2005 Ms. McPherson has been the Company Secretary and Group General Counsel at Amcor since 2005. She served both as Investment banker and a Lawyer. She has broad experience in corporate governance, finance and commerce. Prior to joining Amcor, she held executive, legal and commercial positions, including Company Secretary and General Counsel at Goodman Fielder, Deputy Managing Director of Dresdner Kleinwort Benson and Partner, Corrs Chambers Westgarth.

Chris RobertsBoard: Non Executive Board Job Title: Independent Non- Executive Director and Chairman Since: 2005 Mr. Roberts has been a Chairman at Amcor since 2005. He has been a Director at Australian Agricultural Company since 2001 and Deputy Chairman of The Centre for Independent Studies since 2004. During 1996-99, he served as Chairman and Managing Director of Arnotts. He was Managing Director of Orlando Wyndham Wines from 1987-90. Mr. Roberts was the Chairman of Email Limited from 1999-2001. He has also worked at Telstra Corporation, MLC Life Limited and Petaluma Wines in various senior management positions.

Karen Guerra


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Board: Non Executive Board Job Title: Non-Executive Director Since: 2010 Mrs. Guerra has been a Director at Amcor since 2010. She held senior executive positions in Europe including President and Director General at Colgate Palmolive France, as well as Chairman and Managing Director at Colgate Palmolive UK. Mrs. Guerra is a Non-Executive Director at Swedish Match and is also a Non-Executive Director at Samlerhuset, a private European direct marketing company. She holds a degree in management sciences from the University of Manchester and is based in Switzerland.

Armin MeyerBoard: Non Executive Board Job Title: Non-Executive Director Since: 2010 Mr. Meyer has been a Director at Amcor since 2010. Prior to this, he was the Chairman of the Board at Ciba Limited. He was also Chief Executive Officer at Ciba Limited during 2001-07. Mr. Meyer also worked as Executive Vice President at ABB Limited. He is also a Director at Zurich Financial Services, a global insurance company and a member of the executive committee and the foundation Board at the international Institute for Management Development, in Lausanne Switzerland. Mr. Meyer is a qualified electrical engineer with a PhD from the Swiss Federal Institute of Technology.

John PizzeyBoard: Non Executive Board Job Title: Independent Non-Executive Director Mr. Pizzey serves as a Director at Amcor. Previously, he was Executive Vice President of Alcoa, New York. He also served as Chairman at London Metal Exchange and London Metal Exchange Holdings, Deputy Chairman at ION, and Chairman at International Aluminum Institute.

Ern PopeBoard: Non Executive Board Job Title: Independent Non-Executive Director Since: 2005 Mr. Pope has been a Director at Amcor since 2005. He served at the Nestle Group for 22 years from 1983-2005. He has also worked for 16 years at Kraft Foods, from 1967-82. His former roles include Managing Director Nestle Australia, President and Chief Executive Director Nestle Purina Asia-Pacific, Africa and the Middle East region. He also served as the Chairman and Deputy Chairman at Golden


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Circle. Currently, Mr. Pope is a Director at Alesco Corporation. He was appointed Director of Foodbank NSW in 2006.

Jeremy L SutcliffeBoard: Non Executive Board Job Title: Independent Non-Executive Director Since: 2009 Mr. Sutcliffe has been a Director at Amcor since 2009. He has broad international corporate experience as Chief Executive Officer of an ASX Top 50 company with extensive operations in North America, Europe, and Asia. Mr. Sutcliffe also serves as a Director at CSR Limited, and Vice President Ferrous Division Bureau of International Recycling, Brussels. Previously, he was a Director at Sims Metal Management Limited.

John ThornBoard: Non Executive Board Job Title: Independent Non-Executive Director Since: 2004 Mr. Thorn has been a Director at Amcor since 2004. He has been a partner with PricewaterhouseCoopers for over 20 years. Mr. Thorn also serves as a Director at Caltex Australia, National Australia Bank, and Salmat (since 2003).

Steve KeoghBoard: Senior Management Job Title: Executive Vice President, Human Resources Mr. Keogh serves as Executive Vice President, Human Resources at Amcor. He joined Amcor in 2006. Previously, he held number senior HR management roles within BHP Billiton. During his career with BHP Billiton, he worked in Australia and the US in senior Human Resources positions in the minerals and steel businesses and was appointed Vice President HR for BHP Minerals in 2000. Following the merger of BHP and Billiton in 2001, he held HR responsibilities for significant parts of that organization, including senior executive resourcing projects and executive remuneration for the BHP Billiton Group. He has extensive experience in international HR management.

Ian WilsonBoard: Senior Management Job Title: Executive Vice President, Strategic Development Since: 2000


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Mr. Wilson has been the Executive Vice President, Strategic Development at Amcor since 2000. His previous positions include, Deputy Chairman and Managing Director, Corporate Finance, UBS Warburg during 1993-2000; Executive Director, Private Equity, UBS Warburg during 1986-93; Elected Partner, Baker & McKenzie (Solicitors & Attorneys) Sydney during 1980-86; Associate, Baker & McKenzie, New York and San Francisco during 1983-85; and Associate, Baker & McKenzie, Sydney during 1980-82.

Ron DeliaBoard: Senior Management Job Title: Executive Vice President, Finance Since: 2011 Mr. Delia has been the Executive Vice President of Finance at Amcor since 2011. He joined Amcor in 2005. His former positions include, Vice President and General Manager, Amcor Rigid Plastics Latin America (2008-11); and Executive General Manager Operations Development, Amcor Limited (2005-2008). Prior to joining Amcor, Mr. Delia was an Associate Principal at McKinsey & Company based in New York and also held senior commercial roles in American National Can Company based in New Jersey.

John MurrayBoard: Senior Management Job Title: Senior Vice President, Corporate Affairs Mr. Murray is currently the Senior Vice President, Corporate Affairs at Amcor. He joined Amcor in 1999, after serving as Investor Relations Manager at National Mutual Holdings and as an Analyst at National Mutual Funds Management. Previous positions include Chemical Engineer at Alfa-Laval and institutional dealer at AC Goode.

Garry NoonanBoard: Senior Management Job Title: Senior Vice President, Corporate Operations Mr. Noonan serves as the Senior Vice President of Corporate Operations at Amcor. Previously he held a number of senior finance positions, having worked in Switzerland, Australia and the Philippines. Mr. Noonan worked at Amcor Australasia from 1996-2005, in a number of General Management and Finance positions with the Flexibles business before joining Amcors Corporate team. He played a lead role in the acquisition of the Alcan Packaging business, working on this project over a two and half year period.

Peter Brues


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Board: Senior Management Job Title: President, Amcor Flexibles Europe & Americas Since: 2009 Mr. Brues has been the President of Amcor Flexibles Europe & Americas at Amcor since 2009. Previously he served as the President of Amcor Flexibles Healthcare; President of Amcor Flexibles Americas; Vice President Operations, Amcor Flexibles Europe; Vice President Strategic Development, Amcor Limited; Director Operations, Amcor Flexibles North America; Chief Financial Officer, Amcor Twinpak North America; and Corporate Controller, Amcor Twinpak North America.

Billy ChanBoard: Senior Management Job Title: Chairman, AMVIG Holdings Since: 1995 Mr. Chan has been the Chairman at AMVIG Holdings since 1995. Prior to this, he spent served at Carnaud Metal Box including the position of Managing Director at AMB Packaging and Managing Director at Carnaud Metal Box Packaging.

Nigel GarrardBoard: Senior Management Job Title: President, Amcor Australasia and Packaging Distribution Since: 2010 Mr. Garrard has been the President, Amcor Australasia and Packaging Distribution since 2010. Previously, he spent worked at Chiquita Brands International, where he held a range of positions in Australia and New Zealand including Managing Director at Chiquita Brands South Pacific. He also worked as Managing Director at SPC Ardmona in 2001. Mr. Garrard is a qualified Chartered Accountant.

Peter KoniecznyBoard: Senior Management Job Title: President, Amcor Tobacco Packaging Since: 2010 Mr. Konieczny has been the President of Amcor Tobacco Packaging at Amcor since 2010. Prior to this, he had six years of experience in the packaging industry as President at Silgan White Cap. Mr. Konieczny has also held Chief Executive Officer and Chief Financial Officer position within the heavy industrial equipment industry, and served as a management consultant with McKinsey & Company.


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Bill LongBoard: Senior Management Job Title: President, Amcor Rigid Plastics Since: 2002 Mr. Long has been the President of Amcor Rigid Plastics at Amcor since 2002. He joined Amcor in 2002 following Amcor's acquisition of Schmalbach-Lubeca's global PET and Closures businesses. He held various positions within Schmalbach-Lubeca, including President and Chief Executive Officer of Plastic Containers Americas and was previously Vice President and General Manager for Latin America at Johnson Controls prior to its sale to Schmalbach Lubeca in 1997. At Johnson Controls he was also Vice President of Sales and Marketing USA PET and Director of Operations PET Europe, responsible for the start-up of JCI's PET business in the early 1990's.

Ralf K. WunderlichBoard: Senior Management Job Title: President, Amcor Flexibles Asia Pacific Since: 2010 Mr. Wunderlich has been the President of Amcor Flexibles Asia Pacific at Amcor since 2010. Prior to this, he served as the President and Managing Director at LINPAC Packaging, President at Alcan Global Tobacco Packaging, and President at Alcan Packaging Asia and Pacific. Mr. Wunderlich is also a Non Executive Director at AptarGroup.


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Amcor LimitedMajor Products and Services

MAJOR PRODUCTS AND SERVICESAmcor is one of the world's largest packaging companies. The company's key products and services include the following: Closures Corrugated boxes Multi-wall sacks PET containers Tobacco and specialty cartons Fibre packaging Flexible packaging PET bottles Specialty printed cartons


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Amcor LimitedRevenue Analysis

REVENUE ANALYSISOverview The company recorded revenues of A$9,849.5 million (approximately $8,697.1 million) during FY2010, an increase of 3.3% over FY2009. For FY2010, the US, the company's largest geographic market, accounted for 28.9% of the total revenues. Amcor generates revenues through four business segments: flexibles (44.8% of the total revenues during FY2010), Australasia and packaging distribution (28.3%), rigid plastics (26.2%) and other/investments (0.8%). Revenues by segment During FY2010, the flexibles segment recorded revenues of A$4,407.9 million (approximately $3,892.2 million), an increase of 33.6% over FY2009. The Australasia and packaging distribution segment recorded revenues of A$2,786.6 million (approximately $2,460.6 million) in FY2010, a decrease of 6.7% compared to FY2009. The rigid plastics segment recorded revenues of A$2,576.5 million (approximately $2,275 million) in FY2010, a decrease of 20.7% compared to FY2009. The other/investments segment recorded revenues of A$78.5 million (approximately $69.3 million during FY2010. Revenues by geography The US, Amcor's largest geographical market, accounted for 28.9% of the total revenues in FY2010. Revenues from the US reached A$2,849.1 million (approximately $2,515.8 million) in FY2010, a decrease of 14.2% compared to FY2009. Australia accounted for 19.1% of the total revenues in FY2010. Revenues from Australia reached A$1,877.6 million (approximately $1,657.9 million) in FY2010, a decrease of 0.3% compared to FY2009. Other regions accounted for 52% of the total revenues in FY2010. Revenues from other regions reached A$5,122.8 million (approximately $4,523.4 million) in FY2010, an increase of 18.2% over FY2009.


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Amcor LimitedSWOT Analysis

SWOT ANALYSISAmcor is one of the world's largest packaging companies. The company is the leading packaging company in Australia and New Zealand. The company is the largest producer of PET containers in the world. It operates through 307 sites in 43 countries worldwide covering the regions of Australasia, Europe and North and South America. The company's strong market position in packaging industry gives it a significant competitive advantage over other players in the industry. However, intense competition would impact the company's profit margin. Strengths Strong market position Diversified product portfolio and revenues Weaknesses Legal actions Poor allocation of resources as compared to peers Unfunded retirement benefit obligations Concerning debt Threats Intense competition Foreign currency fluctuations Increasing raw material prices Stringent regulations could impose additional liabilities

Opportunities Strategic acquisitions Poised to benefit from accelerating global containers and packaging industry

Strengths

Strong market position Amcor has a strong market position.The company is one of the leading players in the global packaging industry. In terms of sales, it is the second largest packaging company in the world and the largest packaging company in Australia. Amcor operates through 307 sites in 43 countries worldwide covering the regions of Australasia, Europe and North and South America. The companys flexible business segment operates globally through 117 sites in 34 countries. In addition, the company holds a 25% share in European flexible plastic packaging market. Amcors rigid plastics business segment is one of the worlds largest producers of polyethylene terephthalate (PET) containers. It operates 74 sites, including 33 on or near site manufacturing facilities in 12 countries. Moreover, the companys Australasia and packaging distribution segment operates 117 sites in 12 countries worldwide, which include 61 sites engaged in manufacturing and 56 sites engaged in distribution and corrugated box manufacturing business.


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Strong market position increases the bargaining power of the company while expertise in different functional areas provides it with cross selling opportunities. Diversified product portfolio and revenues Amcor has a diversified product portfolio. The company manufactures and sells plastic, fiber, metal and glass packaging products. Amcors flexible business segment offers packaging for fresh foods, processed foods, snack foods, coffee and ready meals, as well as resin and aluminum based medical applications hospital supplies, pharmaceuticals and personal and home care products.The companys Australasia and packaging distribution business segment offers coated papers, premium-quality papers, writing and printing papers, bleached kraft pulp and other related products. Amcors rigid plastics business segment offers PET containers and pre-forms for a broad range of predominantly food and beverage applications, and supplies PET containers to the pharmaceutical, personal care, household chemical and agro-chemical industries. In addition, the company has diversified revenue streams by product type. In FY2010, Amcors flexible and film packaging products generated A$3,563 million ($3,146.1 million), PET packaging products generated revenues of A$2,576.5 million ($2,275 million), fibre and paper-based packaging products generated A$1,579.7 million ($1,394.9 million), tobacco packaging products generated A$844.9 million ($746 million), metal packaging products A$379.9 million ($335.5 million), glass products generated A$236.7 million ($209 million), and other products generated A$668.8 million ($590.6 million) The diversified and well spread revenue base enables the company to reach out to a wider customer base and tap opportunities in new as well as existing markets.

Weaknesses

Legal actions In 2005, the Australian Competition and Consumer Commission (ACCC) commenced legal proceedings in the Federal Court of Australia against certain Visy Group companies and executives. The ACCC alleged that Visy Board had engaged in price-fixing and market-sharing contraventions of the Trade Practices Act 1974 with Amcor. In 2006, Jarra Creek Central Packaging Shed filed a class action claim in the Federal Court of Australia alleging cartel behavior and seeking declarations, injunctions and unspecified damages. Amcor and Visy were alleged to have entered into a cartel to fix corrugated fibreboard packaging prices and reduced competition for each other's customers. In March 2010, Jarra Creek Central Packaging Shed released an economist report, which estimated damages of A$466 million ($411.5 million) plus an estimated A$231 million ($204 million) in interest to Amcor customers. Further, the parties agreed terms for the settlement of the class action, subject to Court approval. As part of the settlement, Amcor agreed to pay A$63.3 million (approximately $55.9 million), while Visy is estimated to pay A$31.7 million (approximately $30 million).


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Such legal actions could further impact the companys brand image and operating results. Poor allocation of resources as compared to peers The company has low return on equity (ROE) and return on assets (ROA) compared to its peer companies. The companys competitors such as Silgan Holding and Owens-Illinois have more ROE when compared to Amcor. Silgan Holdings ROE was 23.2% and Owens-Illinois ROE was 10.5% for the year ended December 2009 (FY2009). In contrast, Amcors ROE was 4.5% in FY2010. Lower ROE compared to its peers indicates that the company is not using the shareholders' money efficiently and that it is not generating high returns for its shareholders. Moreover, Silgan Holding and Owens-Illinois have more ROA when compared to Amcor. In FY2009, Silgan Holdings ROA was 7.2%, while ROA of Owens-Illinois was 1.9%. In contrast, the ROA of Amcor was 1.6% in FY2010. Low ROA indicates that the company has been deploying its assets in an inefficient manner and indicates the inefficiency of the companys management towards allocation of resources compared to its peer companies. Unfunded retirement benefit obligations The company has significant unfunded retirement benefit obligations. Amcor provides retirement benefits for most of their employees, either directly or by contributing to independently administered funds. In FY2010, the company's pension obligations stood at A$1,589.2 million ($1,403.3 million) as compared to the planned assets of A$1,249.9 million ($1,103.7 million), resulting into an unfunded status of A$339.3 million ($299.6 million). Volatility in financial markets (equity and debt) could lead to decline in pension fund asset values. Unfunded retirement benefit obligations will force the company to make regular cash contributions to bridge the gap between pension assets and liabilities, pressurizing the liquidity position of the company. Concerning debt Amcor has been witnessing an increase in its interest-bearing debt since FY2008. The company's interest-bearing debt increased from A$2,510.7 million (approximately $2,216.9 million) in FY2008 to A$3,311.2 million (approximately $2,923.8 million) in FY2010. This heavy debt could force the company to allocate a considerable portion of cash flows from operations to debt service payments; limit the companys ability to obtain additional financing; and lose advantage against its competitors who may have less debt. Moreover, if the company fails to generate sufficient cash flow from operations to service its debt, it would force the company to reduce or delay capital expenditures, sell assets, seek additional capital or restructure or refinance its indebtedness, further impacting its performance.

Opportunities


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Strategic acquisitions Amcor made three significant acquisitions in 2010. In February 2010, the company acquired Alcan Packaging businesses for a consideration of $1,948 million. Alcan Packaging is a world leader in value-added specialty packaging and delivering solutions using plastics, engineered film, aluminum, paper, paperboard and glass. The acquisition of Alcan Packaging included Alcan Packaging Global Pharmaceuticals, Alcan Packaging Food Europe, Alcan Packaging Food Asia and Alcan Packaging Global Tobacco. The acquisition added 80 plants in 28 countries and increased Amcors sales by approximately 50%. This acquisition of Alcan Packaging will further provide Amcor an opportunity to tap the growing packaging market and strengthen its position in the market. Similarly, in August 2010, the company acquired Ball Plastics Packaging Americas assets for a consideration of $280 million. The business has five plants in North America and sales of approximately $600 million. This acquisition represents an important strategic opportunity to further expand Amcors position in the diversified products market in North America. The acquisition brings new growth opportunities including multimaterial containers for various market segments and enables a broader offering of innovation and technology based solutions. Moreover, in October 2010, the company acquired B-Pack Due, a cast polypropylene film manufacturer based in Italy for E43 million (approximately $57 million). The acquisition complements Amcor's existing operations and an important step in the overall film strategy for the flexibles business. Such strategic acquisitions would provide the company an opportunity to increase its global presence and revenue base. Poised to benefit from accelerating global containers and packaging industry The global containers and packaging has experienced a robust growth in last few years. The global containers and packaging industry had total revenue of $420.3 billion in 2009, representing a compound annual growth rate (CAGR) of 2.2% for the period spanning 2005-2009. In comparison, the European and Asia-Pacific markets grew with CAGRs of 0.9% and 3.2% respectively, over the same period, to reach respective values of $138.1 billion and $118.9 billion in 2009. Market consumption volumes increased with a CAGR of 2% during 2005-09, to reach a total of 266.2 million tons in 2009. The market's volume is expected to rise to 307.1 million tons by the end of 2014, representing a CAGR of 2.9% for the 2009-2014 period. Moreover the paper segment was the market's most lucrative in 2009, with total revenue of $171.3 billion, equivalent to 40.8% of the market's overall value. The rigid plastic segment contributed revenue of $90.9 billion in 2009, equating to 21.6% of the market's aggregate value. Further, the performance of the market is forecasted to accelerate, with an anticipated CAGR of 3.3% for the five year period 2009-2014, which is expected to drive the market to a value of $493.5 billion by the end of 2014. Comparatively, the European and Asia-Pacific markets will grow with CAGRs of 1.9% and 5.8% respectively, over the same period, to reach respective values of $151.7 billion and $157.6 billion in 2014. Amcor has a very strong position in the packaging market across the world. It is the leading packaging company in Australia and New Zealand and the second largest packaging company in the world by sales. Also, the company is largest producer of PET containers in the world. Thus, it is well positioned to benefit from the accelerating global containers and packaging market.


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Threats

Intense competition Amcor faces strong competition in each of its businesses. The company competes with a number of regional, national and international providers. Amcors competitors include Toyo Seikan Kaisha, AptarGroup, Crown Holdings, Owens-Illinois, Silgan Holdings, Rexam, Silgan Holdings, Bemis Company, Graphic Packaging Holding Company, Huhtamaki, International Paper Company, MeadWestvaco Corporation, RPC Group, Sealed Air Corporation, Sonoco Products Company, and Temple-Inland.The intense competition from various players could impact Amcors business, financial condition and operating results. Foreign currency fluctuations Amcor conducts operations worldwide, which involves transactions denominated in several currencies. A significant portion of the companys revenues and expenses is denominated in currencies other than Australian Dollar. Moreover, Amcor generates 80.9% of its revenues from markets other than Australia. Therefore, the company is subject to foreign currency risks and foreign exchange exposure. The financial results of each overseas subsidiary of the company are consolidated into the results of the parent company after translating into Australian Dollar. In addition, transactions between the parent company and overseas subsidiaries or customers are generally denominated in the local currencies.The payments received in local currencies on such transactions are converted to Australian Dollar. Amcors earnings are highly sensitive to movements in the currency and the company does not hedge its translational exposure. It is estimated that every E1 cent move could impact net profit of Amcor by A$6 million ($5.3 million) and every $1 cent move could impact net profit by A$3 million ($2.6 million). The effect of changes in demand and refinancing conditions, and fluctuations in exchange rates can have a significant impact the companys profit on imported and exported goods. Increasing raw material prices Amcor derives significant revenues from its plastic packaging. The company is dependent on several raw materials for the manufacture of plastic packaging products. The raw material prices have been increasing since 2009. For instance, in April 2011, the low density polyethylene (LDPE) prices in Europe reached E1,450 ($1,923.7) per ton, as compared to E900 ($1,194) per ton in December 2009. Moreover, Japanese supply disruption caused due to recent earthquake could further impact the market. Increasing raw material prices could further put pressure on the operating results of Amcor. Stringent regulations could impose additional liabilities


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The company's operations are subject to extensive laws, ordinances, regulations and other legal requirements. These laws and regulations are related to environmental protection, including investigation and clean-up of contaminated properties as well as water discharges, air emissions, waste management and workplace health and safety. The company's manufacturing facilities and products are subject to regular inspections by federal, state and local authorities. Additionally, the company is routinely subject to new or modified laws, regulations, and accounting standards. The company could be subjected to future liabilities, fines or penalties or the suspension of product production for failing to comply with environmental regulations.


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Amcor LimitedTop Competitors

TOP COMPETITORS

The following companies are the major competitors of Amcor Limited

Toyo Seikan Kaisha, Ltd. AptarGroup Inc Crown Holdings, Inc. Owens-Illinois, Inc. Rexam PLC Silgan Holdings Inc. Bemis Company, Inc. Graphic Packaging Holding Company Huhtamaki Oyj International Paper Company MeadWestvaco Corporation RPC Group PLC Sealed Air Corporation Silgan Holdings Inc Sonoco Products Co Temple-Inland Inc


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Amcor LimitedCompany View

COMPANY VIEWA joint statement by Chris Roberts, the Chairman; and Ken Mackenzie, Managing Director and Chief Executive Officer at Amcor is given below. The statement has been taken from the companys 2010 annual report. Earnings for the 2009/10 year were $409.2 million (after tax and before significant items), up 13.5% on the previous years $360.5 million. This was a pleasing result given that economic conditions remained difficult through the year and volumes were below the peaks achieved in 2008. Earnings per share were 35.2 cents, down 13.9% on the previous years 40.9 cents per share. The decrease in earnings per share was due to the additional shares on issue resulting from the equity raising to fund the Alcan Packaging acquisition. These shares were raised in August 2009 at the time the acquisition was announced, however earnings from former Alcan Packaging businesses did not commence until the acquisition was completed in February 2010. For the 2009/10 year, there was only a five month contribution from the former Alcan Packaging businesses. The Company generated excellent operating cash flow of $566.8 million. This follows similarly strong performances in the previous four years. Aggregate operating cash flow over the past five years has been in excess of $2.5 billion. Improved operating cash flow and earnings performance for the year has enabled the Board to declare a final dividend of 17.0 cents per share, giving a full year dividend of 29.5 cents per share. This will equal total cash dividend payments of $360 million, which is $75 million higher than last year. Significant items Significant items for the year were an expense of $226.2 million (after tax), primarily related to acquisition and synergy costs associated with the former Alcan Packaging assets, tax, legal and other restructuring related expenses. Review of operations There is a detailed review of operational performance of pages 8 to 13 of this report. The businesses operated in an environment where general economic conditions remained difficult during the year. In these circumstances, Amcor is well positioned with approximately 85% of sales in the consumer staples markets of food, beverage, tobacco or healthcare. Demand in these segments is less volatile and does not experience the same volume declines as other manufacturing or services companies when economic conditions are difficult.


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Volumes remained relatively stable through the 2009/10 year, however they were at lower levels than 2008/09. Financial results improved, due to a combination of additional earnings from the former Alcan Packaging operations, benefits from cost synergies and excellent management of costs. The Flexibles operations had a strong year with earnings 70% higher in local currency terms. This was a result of additional earnings from the former Alcan Packaging assets, realisation of 11 million of synergies, and benefits from cost saving initiatives which helped to offset the impact of weaker demand in the food end market. Following the Alcan Packaging acquisition, Amcors Flexibles footprint in the Asia region has significantly expanded. This is an exciting growth market offering many opportunities to improve the customer value proposition in the region and to export a broader product offering to other regions. The Rigid Plastics operations had a solid year with US dollar earnings 1% higher. This was a good performance given volumes were down 4.5% due to economic weakness which impacted consumer demand for most of the year. A particularly warm weather start to the Northern Hemisphere summer assisted volumes in the June quarter.The Latin American operations had a good year with increased earnings and returns. Investment in the higher growth Latin America business continued during the year and included upgrading and expanding capacity in Brazil, Colombia and Argentina. The Australasia and Packaging Distribution business performed well with earnings up 15%. The improvement was particularly prevalent in the second half of the year with earnings up 56% on the second half last year. There has been more than $600 million invested in new growth opportunities in Australasia over the past few years, including: The $150 million third glass furnace that will manufacture a combination of wine and beer bottles. The move into beer bottles is an exciting opportunity to expand in this growth market. Construction on the new recycled paper mill in Botany NSW. This will substantially improve the value proposition for customers by delivering a superior lightweight product. A $33 million expansion of the New Zealand beverage can business to meet increasing demand in the domestic market. It will also release capacity in Australia where contracts with major customers have recently been renewed. Alcan Packaging acquisition On 18 August 2009, Amcor announced the acquisition of the Alcan Packaging businesses and following regulatory approvals the acquisition completed on 2 February, 2010.


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The purchase price of US$1.948 billion represented a profit before interest, tax, depreciation and amortisation (PBITDA) multiple of 5.1 times calendar year 2009 earnings. This was an excellent outcome and reflects a bottom of the cycle multiple applied to bottom of the cycle earnings. The Company acquired 80 plants in 28 countries and increased sales by approximately 50%. The acquisition was conservatively funded with approximately two thirds equity and one third debt and as a result of this funding mix the balance sheet was strengthened. Strategy Food packaging Europe Global Pharmaceuticals packaging Food packaging Asia Global Tobacco packaging. The addition of these businesses provides the ability to substantially improve the value proposition for customers by leveraging a broader geographic footprint and enhanced scale. Integration The foundation of a successful integration process is aligning the organisation. An exciting vision, consistent values, clear goals and detailed implementation plans are critical to creating a unifying culture. Building on this foundation is achieving cost synergies, enhancing customer value and improving underlying operating performance. Within Amcor, behaviour and values are defined by The Amcor Way. This is an operating model that sets out the core competencies and values that are the foundations for success. The core competencies are Safety, Customer and market focus, Low cost, Capital discipline and Talent management. The values are Safety, Integrity, Teamwork, Social responsibility and Innovation. The primary integration task was to ensure that all new co-workers were given a clear understanding of the Amcor culture and operating model. An extensive on-boarding program was undertaken immediately post closing and it is pleasing to report that the new co-workers enthusiastically embraced The Amcor Way. The key benefit of creating a common culture has been the speed at which teamwork and cooperation across the new organization has developed, especially a focus on value creating integration opportunities. Synergies


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In the short term, value generation will primarily result from cost synergy benefits, estimated to be between $200 million and $250 million. These are: Overhead reduction Areas of overlap have been identified and there is a detailed schedule for eliminating duplication. This process has commenced and has gained significant momentum since May 2010. Procurement - The initial priority has been to harmonise to the lowest cost from either Amcor or the former Alcan Packaging.There are also opportunities to leverage the increased purchasing scale and rationalise the number of suppliers. Overall, the procurement process has commenced very well and after the first six months, savings are tracking ahead of schedule. Operating Cost synergies from improving manufacturing efficiencies and rationalising the plant footprint. To date, four small plant closures have been announced. Benefits from operating synergies will mostly accrue in calendar years 2011 and 2012. Across the businesses there has also been opportunities for a two way transfer of best practice as well as optimisation of manufacturing volumes across plants to improve the customer value proposition. Given the expected realisation of cost synergies the benefit on earnings in the 2010/11 year will be in the range of $100 to $120 million. This amount is consistent with expectations at the time of the acquisition. In the current economic environment Amcor is well positioned by having a substantial growth opportunity that is not dependent on economic recovery. Operating performance The performance of the former Alcan Packaging businesses since acquisition has been good. Earnings were moderately higher than the first half of the year and substantially higher than for the same period last year. This improvement is predominantly due to full period benefits of cost reduction programs, as well as increased demand, especially when compared to the January to June 2009 period. In summary, the Alcan Packaging acquisition creates an exciting transformation opportunity that significantly enhances future growth opportunities. The combination of strong strategic rationale, attractive purchase price, significant synergy opportunity and rapid execution against integration plans, provides the platform to generate substantial value for shareholders. Ball Plastics Packaging Americas acquisition


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On 3 August 2010 the Company completed the purchase of the Ball Plastics Packaging Americas assets. The business has five plants in North America and sales of approximately US$600 million. This acquisition represents an important strategic opportunity to further expand our position in the diversified products market in North America. Amcor Rigid Plastics had sales in the diversified products segment of approximately US$175 million in 2009 and following the acquisitions of Ball Plastics Packaging Americas and Alcan Pharma Plastics Packaging, sales in the diversified products division will increase to approximately US$425 million. The acquisition brings new growth opportunities including multimaterial containers for various market segments and enables a broader offering of innovation and technology based solutions. The purchase price of US$280 million represents four times the last 12 months acquired PBITDA of US$70 million. The acquisition presents a significant opportunity to improve operating efficiencies and achieve synergies of approximately US$35 million as the businesses integrate. Balance sheet The Company has a strong balance sheet and debt profile. Gearing measured as net debt as a percentage of net debt plus equity at 30 June 2010 was 42.5% and is expected to increase to 45.5% on closing of the Ball Plastics Packaging Americas and Alcan Medical Flexibles acquisitions. Interest cover measured as PBITDA to net interest was 6.6 times. In addition, the Company has $1.7 billion in committed, but undrawn debt facilities. In December 2009, the Company approached the US Private Placement market for US$200 million in debt financing. Bids for over US$1 billion were received and US$850 million was accepted at interest rates averaging 5.7% for seven, nine and 12 years. This was an excellent outcome as it diversified the sources of debt and substantially lengthened the average tenure at historically attractive interest rates. This was the largest US debt private placement ever by an Australian corporate issuer and the largest US private debt placement by any corporate issuer in calendar year 2009. At a time when financial markets have shown significant volatility, this level of support from a broad range of US based investors is a strong endorsement of the stability and quality of Amcors cash and earnings generation capacity. The ratings agency Standard and Poors has reaffirmed Amcors BBB investment grade rating and Moodys reaffirmed the investment grade rating Baa2. These positive confirmations reinforce the strength of the Companys balance sheet and the appropriateness of the funding approach.


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As part of the funding for the Alcan Packaging acquisition, the Company raised $1.6 billion in equity from shareholders via a 4 for 9 rights entitlement at $4.30 per share in August 2009. The Board would like to thank all shareholders for their support in this equity raising. Cash flow and capital management One of The Amcor Way core competencies is capital discipline. This involves a focus on all aspects of cash generation and use of cash. Over the past five years there has been a substantial improvement in capital discipline within Amcor. 2009/10 is the fifth consecutive year of positive free cash flow, after the payment of dividends, bringing aggregate free cash flow over that period to $1.1 billion. Operating cash flow for the year, after cash significant items and base capital expenditure, was $566.8 million and free cash flow after the $286.2 million payment of dividends was $280.6 million. The final dividend to be paid for the year of 17 cents per share, represents a total payout of $208 million, 45% higher than the final dividend last year. On a per share basis, dividends reflect the additional shares on issue during the year. The final dividend of 17 cents per share was 36% higher than the interim dividend. The Board is confident that the dividend can be supported by the higher cash generating capacity of the Company, after the acquisition of the former Alcan Packaging businesses. Board changes On 22 October 2009, Mr Keith Barton retired as a Non-Executive Director and on 20 April 2010, Mr Geoff Tomlinson retired as a Non-Executive Director. The Board sincerely thanks both Mr Barton and Mr Tomlinson for the valuable contribution they have provided to Amcor over the past nine and ten years respectively. Mr Jeremy Sutcliffe was appointed Non-Executive Director of Amcor Ltd effective 22 October 2009 and Dr Armin Meyer and Mrs Karen Guerra were appointed Non-Executive Directors of Amcor Ltd effective 20 April 2010. These Directors bring with them a wealth of knowledge and international experience, which will complement the skill base of the existing Amcor Board. The new Amcor Over the past five years Amcor has changed substantially. In 2005 The Way Forward program was introduced with the aim of improving core competencies within the Company and narrowing the portfolio of businesses. The results of this program are evident in the improvement in a number of key performance indicators over that period.


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In 2009 the principles of The Way Forward program were embedded within a new operating model - The Amcor Way. Today Amcor has a focused portfolio of businesses. More importantly, the overall industry structure has improved substantially and the position within each market is better than it was five years ago. The businesses are well positioned to deliver ongoing shareholder value through a combination of growth, improved cost positions and capital management. From a revenue perspective there are a number of key opportunities. First, there is higher growth in emerging markets. This is driven by rising per capita income, increasing population or the introduction of new product categories. Amcor has a long history of supporting customers as they grow in emerging markets. In some countries the businesses already have a significant market share, however there are a number of large economies where the market positions are relatively modest and there is the opportunity for substantial growth. Second, within more mature economies there are a number of higher growth opportunities. A good example is the diversified products segment in Rigid Plastics North America. This is a high value add segment with both organic and acquisitive growth opportunities. Another avenue for revenue growth in mature markets is broadening the product range within an existing market. An example is development of new applications for modified atmosphere packaging, which enhances shelf life of products, in both food and non food end markets. Improving cost position is the second key driver for earnings growth and again there are a number of substantial opportunities. Over the next three years the realisation of cost synergies from the Alcan Packaging and Ball Plastics Packaging acquisitions is clearly the largest opportunity and there is considerable focus on ensuring the Company delivers the expected benefits. New capital can also deliver substantial savings and reposition the business on the cost curve. An excellent example of this is the new recycled paper mill in Australia. The third key driver is capital management. All available options for utilising strong cash flow to improve shareholder value are considered, including reinvesting in the businesses, increasing the dividend or share buy backs. Summary 2010 has been a great year for Amcor. The Company took advantage of the global financial crisis and made two acquisitions both priced on bottom of the cycle earnings and bottom of the cycle multiples.


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Although economic conditions remained challenging, the businesses delivered solid financial results and the cash flow performance was excellent. The integration of the former Alcan Packaging business is progressing well. The cultural alignment and the operational performance are better than anticipated and the progress on synergies is consistent with expectations. This is an exciting time for Amcor as all the building blocks are in place to create substantial value for our shareholders. The Board would like to thank all of Amcors stakeholders, including customers, shareholders, co-workers and suppliers for the continued support over the past 12 months.


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Amcor LimitedLocations and Subsidiaries

LOCATIONS AND SUBSIDIARIESHead OfficeAmcor Limited 109 Burwood Road Hawthorn Victoria 3122 AUS P:61 3 9226 9000 F:61 3 9811 7111 http://www.amcor.com

Other Locations and SubsidiariesAmcor Flexibles - Sao Paulo Rua Cunha Gago 700 Conj. 62 Pinheiros Sao Paulo BRA Bericap North America 835 Syscon Court Burlington Ontario L7L 6C5 CAN Amcor Flexibles Paris La Defense Tour Franklin 100 - 101 Terrasse Boieldieu Paris La Defense Cedex 92042 FRA

Amcor Flexibles (Zhongshan) Co., Ltd. Dongsha 1 Road Baishawan Industrial Park Changjiang North Road Zhongshan City Guangdong 528403 CHN Amcor Flexibles Helio Folien GmbH Bachstrasse 2 Viersen D-41747 DEU

Amcor Rigid Plastics - India Private L Gat. No. 119-123 Alandi-Markal Roa Village Dhanore Taluka-Khed, District Pune Maharashtra 412 105 IND Amcor Flexibles Istanbul Tepeoren Koyu Eski Izmit Yolu Uzeri Tuzla Istanbul 81700 TUR

Amcor Flexibles Asia Pacific 73 Bukit Timah Road #06-02 Rex House Singapore 229832 SGP


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Amcor LimitedLocations and Subsidiaries

Amcor Flexibles - Bristol Central Services Hawkfield Way Bristol BS14 0BD GBR

Amcor Packaging Distribution 6600 Valley View Street Buena Park California 90620 USA


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