财务表现与盈利增长

Fiscal 2021 marked our 144^日 year of operation. Throughout the year, we remained focused on colleague engagement, our key financial priorities and customer service excellence. Through our approach, we delivered record financial performance driven by strong volume growth and ongoing pricing activities, resulting in an adjusted EBITDA of $764.2 million, an adjusted Class A EPS of $5.60 per share and reducing our net debt by approximately $280 million. We also returned more than $105 million to our shareholders via dividends paid.

2019 年，我们完成了对 Caraustar Industries 的收购，大大扩展了我们的纸品产品和服务业务。通过此次收购，我们获得了 106 个新的运营站点、仓库和办公室，并大大扩展了我们的纸品服务，使我们能够更好地服务客户。我们最初预测此次收购将带来 $45 百万的运营协同效应，但很高兴到 2022 财年末将这一预测提高到至少 $70 百万。

We continue to integrate ESG into our strategy and embed ESG into our business and operations to enhance performance. In 2021, our Leadership Council focused on accelerating our ESG performance on key ESG initiatives—Diversity, Equity & Inclusion, Waste, Energy Reduction, Environmental Compliance and Circularity & Innovation—through quarterly meetings and developing and implementing strategic action plans. We also introduced ESG data, measurement and tracking into the Greif Business System, Enterprise Scorecard and incorporated ESG performance into our capital approval process. During the capital approval process, colleagues indicate a project’s ESG benefits such as reduced energy use or increased use of recycled materials, allowing better measurement, tracking and decision-making related to our sustainability impacts. In 2022, we will expand our program to include ESG metrics in monthly performance reviews.

我们致力于通过优质的产品和卓越的服务提供最高水平的客户满意度，这使我们能够提高客户满意度指数、净推荐值和纠正措施率，所有这些都有助于我们吸引和留住客户。我们还继续将可持续性进一步融入我们的产品和与客户的对话中，这增强了我们服务的价值。我们正在与客户建立更牢固的关系。我们继续利用增加的客户互动来为客户提供更好的服务，并更好地战略性地洞察他们的业务需求。

We work closely with our customers to create new and innovative products. Our collaborative approach to product innovation and life cycle solutions enables us to support our customers in solving the business challenges they face while lowering input costs and contributing to sustainability performance. For example, we have invested in laser printing and manufacturing capabilities for 70-millimeter screw caps to address customer needs in our Global Industrial Packaging (GIP) business segment. Investments in these innovations are direct responses to customer requests and market shortages. Please visit our 创新 页面上有更多支持我们财务业绩的创新示例。

We continue to invest in our life cycle services to provide our customers with efficient steel, plastic and Intermediate Bulk Container (IBC) reconditioning options, reducing demand for virgin materials. Globally, we are expanding our IBC reconditioning footprint. In Europe, we completed the acquisition of Tholu in 2019 and, in 2020, we formed a new Joint Venture company with Delta Plastics UK, the UK’s leading independent supplier of reconditioned IBCs. The Joint Venture business will manufacture new blow molded 1000-liter inner bottles for use in various models of IBC with plans to expand into the manufacture of Greif brand GCUBE IBCs. To expand our IBC reconditioning network in North America, we acquired a minority stake in Centurion Container LLC and agreed to a clear path to full ownership.

In 2020, we also entered into a partnership agreement with LAF s.r.l. The agreement involves the collection and preparation for the reuse of high-density polyethylene (HDPE) industrial packaging, including our IBCs, drums and jerrycans, as well as the supply of consistent high quality PCR material to service market needs. It will enable both parties to improve and enhance the offering of new and second-life products to an end market that is increasingly attentive to sustainability needs and the circular economy. These investments are in line with our strategic plan and serve as a foundation for expanded and continued growth in industrial packaging. Additionally, through our acquisition of Caraustar, we can now offer more comprehensive paper recollection and recycling services through 19 recycling facilities. Read more about our closed loop services on the 从摇篮到摇篮的制造、修复、再利用和回收 页。

As part of our plastic growth strategy, we have established a 5-year contract for our small plastic jerrycans won through a global bidding process. Two production lines will be dedicated to executing on this long-term contract. In Latin America, we are expanding our small plastic jerrycan production capabilities at facilities in Costa Rica and Brazil. In the Middle East and North Africa, we are expanding small plastic investments in Israel and Morocco to improve profit retention and align with our sustainability strategy. These expansions allow us to meet increasing customer demand over the short- to medium- term and improve output while reducing costs.

Our colleagues make our efforts and success possible. We are creating a workplace that our colleagues want to participate in by creating a safe, productive and inclusive environment. Similar to our approach to ensuring customer satisfaction, we led several initiatives in 2021 to drive employee satisfaction, including open forums with leadership, town halls and surveys. We focus on colleague retention and development to assure our colleagues have a customer service mindset and do business 格雷夫之道.

The consolidation and standardization of our GIP business with a single leadership team assists in increasing efficiency across the Company. For example, in 2021, we consolidated our Flexible Products & Services and GPA business units into our GIP segment and expanded our lined drum production to an existing facility in China, allowing us to provide a more stable supply to our customers, reinforce customer intimacy and reduce transportation costs for certain customers. In 2022, we plan to increase alignment between our GIP and PPS business segments to create consistency throughout our operations.

We maintained strong financial performance in 2021 while managing the impacts of supply chain disruptions, labor constraints, inflation and the lingering effects of the COVID-19 pandemic. We achieved our 2021 financial performance through improving our internal controls environment, de-risking our supply chain, price adjustment mechanisms, contract renegotiations, optimizing our tax structure, automation and paying down debt. As a result of our continued efforts, we decreased our leverage ratio to 2.49x thereby fulfilling our commitment to reach a targeted leverage ratio range of 2.0x – 2.5x, consistent with Greif’s level of debt prior to the Caraustar acquisition.

In early 2022, Greif announced that it entered into a definitive agreement to divest its 50% share in the Flexible Packaging joint venture to Gulf Refined Packaging for a total cash consideration of $123 million, subject to certain conditions and post-closing adjustments.