Mike Poteshman
Executive VP & CFO
June 2015
2
FORWARD LOOKING STATEMENTS
We are making some forward looking statements today that use words
like “outlook” or “target” or similar predictive words. Such forward
looking statements involve risks and uncertainties detailed in our recent
periodic reports as filed in accordance with the Securities and
Exchange Act of 1934. These risks and uncertainties may cause actual
results to differ materially from our statements today.
Visit www.tupperwarebrands.com or download our Investor Relations app
WHY INVEST
Our Business Model
is our Competitive
Advantage
Opportunities for
Above Average
Growth
Diversified Portfolio
for Sustainable
Performance
Significant
Return of Capital to
Shareholders
4
Headquarters in Sao Paulo
77 Distributors
182 Team Leaders (Sub-Distributors)
10,500 Unit Managers
250,000+ Total Sales Force
Plant in Rio de Janeiro
Market Coverage
77 Distributors
Plant Sales
Office
WE’RE A MULTI-LOCAL BUSINESS
Brazil Country Structure
*Sales Force counts as of the end 2014
Average Brazil
Distributor has about
2.4 Team Leaders
(Sub-Distributors)
135 Managers
3,200 Consultants
Sales by Distributor
varies by geography
DISTRIBUTOR STRUCTURE BRAZIL
5 *Sales Force counts as of the end 2014
6
LEVERS FOR SUSTAINABLE GROWTH POWERFUL BUSINESS MODEL
Relationship
Based
Selling
Method
Direct to
Consumer
Fundamentals
Brand &
Product
Real
Opportunity
7
POWER OF OUR BRAND
The well known, aspirational Tupperware
brand along with the channel is powerful
because:
• Relatively low product line competition
• In our category, low channel competition
• Allows maintenance of a strong gross
margin along with innovation & unique
features & benefits
• Ability to sell flanker & subcategories
INNOVATIVE & DEMONSTRABLE PRODUCT
COOKWARE &
CUTLERY
BAKING &
OVENWARE
KITCHEN
TOOLS &
GADGETS
MICROWAVE
WATER &
ON THE GO
TABLETOP &
SERVING KITCHEN
PREP
FOOD CONSERVATION
Approximately
25% of Sales
each year
comes from
new products
introduced in
the last two
years
Around
100 new
concepts
normally in the
innovation
pipeline
8
9
A group selling situation or party is
held every
1.3 sec
Rent Advertising
RELATIONSHIP-BASED SELLING THE POWER OF THE DEMONSTRATION
TRADITIONAL
DEMONSTRATION
COOKING CLASS
DEMONSTRATION
Personal Sales Opportunity Career Opportunity
10
Part-time
Extra Income
Full-time
Career
Demonstrator
Unit Manager
Team Leader (Sub-Distributor)
Distributor
REAL & COMPELLING SALES FORCE OPPORTUNITY
• Training
• Recognition
• Competition
11
ENABLING SUCCESS THROUGH DIRECT TO CONSUMER FUNDAMENTALS
12
OUR BUSINESS MODEL OFTEN OFFSETS NEGATIVE EXTERNALS
• Earnings Opportunity resonates in a softer
employment environment
Unemployment
• Predominately a Push versus a Pull
business
• Messages through our Sales Force around
saving money -- tips to avoid food
waste/spoilage, promote cook at home, store
bulk purchases
Difficult
Consumer Spending
Environment
• We own the shelf
• Price with consumer inflation Inflation
28%
33% 13%
11%
15% 36%
20%
15%
24%
5%
13
2014 SEGMENT SALES AS % OF TOTAL
DIVERSIFIED GLOBAL PORTFOLIO
2006 SEGMENT SALES AS % OF TOTAL
Emerging Markets 44% of Sales Emerging Markets: 66% of Sales, 12.7% CAGR*
Established Market: 34% of Sales, (1.6)% CAGR*
*CAGR from 2006 to 2014
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NINE MARKETS OVER $100M
Brazil
Fuller Mexico
Indonesia
$200M +
China
France
Germany
Malaysia & Singapore
TW Mexico
TW U.S. & Canada
$100M +
DIVERSIFIED GLOBAL PORTFOLIO
15
Key Sales & Profit Currencies
• Euro
• Indonesian rupiah
• Mexican peso
• Brazilian real
• Malaysian ringgit
• Chinese renminbi
92% of 2014 sales and 100% of net
profit from outside the U.S.
First
Tie
r
Second
Tie
r BASKET OF GLOBAL CURRENCIES
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RECRUIT
MORE
SELLERS
MORE
ACTIVE &
PRODUCTIVE
STAY
LONGER
GROWTH OPPORTUNITIES: STRENGTHEN THE CORE
• Home to 85% of the world’s population & 66% of sales in 2014
• Growing Middle Class
• Lower Employment of Women outside the home
• Direct Sales Channel Growth of 4-5% annually through 2019*
17
GROWTH OPPORTUNITIES: POWER OF THE EMERGING MARKETS
*Source: Euromonitor 17
EXTEND OUR REACH
Technology Millennials Emerging
Middle
Class
Urbanization 3rd
Billion
OUR GROWING ADDRESSABLE MARKET
Connected
Communities
18
19
Party happens around the world
every 1.3 Seconds
Predominately a Push Business
built on Relationships
OUR CORE WORKS
CREATE MORE OPPORTUNITY FOR
SALES FORCE & REACH MORE CONSUMERS
G U I D I N G P R I N C I P L E S
RESPECT SALES FORCE IN THE VALUE CHAIN
INSPIRE & NURTURE RELATIONSHIPS
PROMOTE DEMONSTRATION BASED SELLING
20
SHIFTING OUR MINDSET
FROM
REACH ONLY
THROUGH
PARTY & BROCHURE
TO
EXTENDING REACH TO
RELATIONSHIPS
BEYOND THE PARTY
21
Tupperware Experience
Centers
Party Plus
Urban Penetration
Model
Group Presentation Selling & 1-1 Demonstration
Social Media
Websites
e-Commerce
Digital Tools
Brand Ambassadors
Communities
22
FULLER MEXICO TABLET & MOBILE APP
INCREASING PRODUCTIVITY
THROUGH DIGITAL TOOLS
Mobile Office for
Field Managers
• Real time sales
statistics
• Ability to push
information directly
versus flowing through
Regional Directors
Sales Force App
• Access online
brochures
• Ability to enter orders
through App versus
turning in paper
orders for Field
Managers to enter
23
NEW INITIATIVES TO
EXTEND OUR REACH
Close to consumers with updated look & feel to increase brand awareness
Drives contact with Sales Force & consumers
Urban penetration model
Party PLUS a few more
Test phase in TW U.S.
Early results:
• 1 – 3 additional guests on average
• guests spend 2x the typical online order
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JOIN RECEIVE KIT
& ONBOARD INACTIVITY
INCONSISTENT EFFORTS TO RE-ENGAGE
LOSE THEM
25
JOIN RECEIVE KIT
& ONBOARD INACTIVITY
CONSISTENT DIGITAL RE-ENGAGEMENT
EFFORTS
RETAIN AS
BRAND
AMBASSADOR
SELL OR
HOST
RE-ENGAGE SALES FORCE &
CONTINUE RELATIONSHIP Preferred Option
Second Option
26
27
VALUE
STRONG RECORD of
GROWTH and of RETURNING
28
Local currency sales*
growth each year
2007–2014
*See GAAP to non-GAAP sales reconciliation for reported sales growth
SOLID HISTORY of GROWTH
5% to 9% Today’s value of $10,000
invested in Tupperware
in January 2007 to
December 2014 vs. $17k
in the S&P 500*
$40,000
29
Annual Pre-tax ROS
Improvement
from 2003 to 2014*
5% to 13.9%
*Pre-tax ROS shown is excluding items. See GAAP to non-GAAP reconciliation
Average annual
local currency
margin improvement
from 2003 to 2014*
70 bps
STEADY MARGIN IMPROVEMENT
$0
$50
$100
$150
$200
$250
$300
2009 2010 2011 2012 2013 2014 2015*
$M
illio
ns
Net Cash Flow before Financing Activities (Free Cash Flow) GAAP Net Income
30 *High end of guidance range provided in April 22, 2015 Earnings Release.
**Impact of changes in foreign currency versus prior year are updated monthly and posted on: http://ir.tupperwarebrands.com/foreign-exchange-impact.cfm
GAAP Net Income includes
impact of non-cash
purchase accounting asset
impairment charges
GAAP Net Income
includes
impact of Venezuelan
devaluations from
balance sheet items
CASH PRODUCER FREE CASH FLOW (as reported)
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
1996 -2009
2010 2011 2012 2013 2014 2015
+20%
Announce 50% Payout
target on EPS ex. items
YIELD
4.0%*
+20%
+72% +10% EVEN
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STEADY DIVIDENDS AND REPURCHASED ~20% OF SHARES SINCE 2007
*Yield based on May 18, 2015 closing stock price of $67.58
21.3 MILLION
SHARES (50.3 million outstanding)
For $1.3 BILLION
ANNUAL DIVIDENDS SHARE REPURCHASES
2007-2014
32
Second Quarter 2015
Guidance
2015 Full Year Guidance
USD Sales* (13)% to (11)% (10)% to (8)%
GAAP EPS $0.99 – $1.04 $3.80 – $3.90
GAAP Pre-tax ROS 11.8 – 12.1% 11.3 – 11.4%
Local Currency Sales +5% to 7% +4 to 6%
EPS, excluding items** $1.14 – $1.19 $4.60 – $4.70
Pre-tax ROS, excluding items 13.1% – 13.4% 13.2% – 13.3%
FX Impact on EPS comparison, excluding items ($0.40) ($1.13)
*Guidance issued as of the April 22, 2015 earnings release. Venezuelan operating activity was translated at 50 bolivars/$ in January 2015, and at
the Simadi rate for the remainder of 1Q 2015. Expect to use the Simadi rate, which was approximately 195.0 as of April 20, 2015 to translate future
operating activity.
**GAAP to non-GAAP reconciliation attached to 1Q 2015 earnings release
OUTLOOK
Double Digit EPS Growth driven by:
• Local Currency Sales: +6% to 8%
• Emerging markets about 10%
• Established markets low single digit
• Pre-Tax ROS, excluding items:
• 50 bps improvement per year into the mid- to high-teens
• Some offset from tax rate:
• Going to 27-28% over time
• CAPEX $70 - $80 million a year
• Share repurchases
33
LONG-TERM OUTLOOK
APPENDIX
35 *Reflects April 22, 2015 high-end guidance. See information on GAAP basis in appendix
2015 FULL YEAR EPS OUTLOOK*
Pre-Tax ROS, excluding items: 13.3%
GAAP pre-tax ROS 11.4%
2014 Pre-Tax ROS
13.9%
2015 vs. 2014 translation FX -125 bp
2014 Pre-Tax ROS in Local Currency 12.7%
2015 LC Operating Margin Improvement +60
Incremental 2015 interest -8
Other/ Rounding 10
2015 High end pretax ROS 13.3%
36 *Pre-tax ROS reflects high end April 22, 2015 guidance
Impact of changes in foreign currency versus prior year are updated monthly and posted on: http://ir.tupperwarebrands.com/foreign-exchange-impact.cfm
2015 FULL YEAR ROS OUTLOOK *
$0
$1
$2
$3
$4
$5
$6
$7
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2009 2010 2011 2012 2013 2014 2015*
Sales Diluted EPS Adjusted Diluted EPS37
Sales
$million
Diluted EPS includes
impact of non-cash
purchase accounting asset
impairment charges
EPS
$Dollar
*High end of guidance range provided in April 22, 2015 Earnings Release.
Impact of changes in foreign currency versus prior year are updated monthly and posted on: http://ir.tupperwarebrands.com/foreign-exchange-impact.cfm
Diluted EPS
includes
impact from
balance sheet items
of Venezuelan
devaluations
CONSISTENTLY GROWING SALES & EPS
38
Non-GAAP FINANCIAL RECONCILIATION
2003 2004 2005 2006 2007 2008 2009 2010*
Net Income (GAAP) 47.9 86.9 85.4 94.2 116.9 161.4 175.1 221.2
Adjustments:
Gains on disposal of assets including insurance recoveries (3.6) (13.1) (4.0) (12.3) (11.8) (24.9) (21.9)
Re-engineering and other restructuring costs 6.9 7.0 14.3 7.6 9.0 9.0 8.0 10.0
Debt refinancing costs associated with Sara Lee acquisition 29.1
Acquired intangible asset amortization 1.8 25.0 13.6 11.9 5.1 3.8
Purchase accounting intangibles and goodwill impairment 11.3 9.0 28.1
Cumulative effect of accounting change 0.8
Costs associated with implementing 2007 credit agreement 9.6
Income tax impact of adjustments (2.4) 2.5 (36.9) (4.9) (7.4) 3.3 1.7 (4.0)
Net Income (Adjusted) 48.8 83.3 90.5 109.6 141.2 169.7 196.1 231.0
* High end of 2010 outlook provided in July 19, 2010 Earnings Release
39
2010 2011 2012 2013 Q4 2014 2014 Q1 2015 Q2 2015* 2015*
Net Income (GAAP) $225.6 $218.3 $193.0 $274.2 $79.9 $212.0 $29.5 $52.3 $196.6
ADJUSTMENTS:
Gains on disposal of assets including insurance
recoveries (0.2) (3.8) (7.9) (0.7) (0.4) (2.7) (0.6) (0.7)
Re-engineering and other restructuring costs 7.6 9.6 22.1 9.3 2.8 13.4 16.2 3.6 24.6
Impact of Venezuelan bolivar devaluation from
balance sheet positions 4.2 0.2 42.4
9.3 1.0 10.3
Swap impairment and debt cost write-off 19.8
Acquired intangible asset amortization 3.9 2.9 2.1 4.8 2.9 11.9 2.7 2.7 10.9
Purchase accounting intangibles and goodwill
impairment 4.3 36.1 76.9
Income tax impact of adjustments (3.3) (9.6) (4.8) (3.5) 1.4 (2.4) (5.9) 0.2 (5.3)
Net Income (Adjusted) $237.9 $273.3 $281.4 $288.3 $86.8 $274.6 $51.2 $59.8 $236.4
Adjusted ROS 13.9% 13.9% 14.1% 14.1% 16.9% 13.9 % 11.8% 12.1% 13.3%
Average number of diluted shares (millions) 61.4 61.4 56.4 53.1 50.6 51.0 50.3 50.3 50.3
*High end of guidance range provided in April 22, 2015 Earnings Release.
Impact of changes in foreign currency versus prior year are updated monthly and posted on: http://ir.tupperwarebrands.com/foreign-exchange-impact.cfm
Non-GAAP FINANCIAL RECONCILIATION
40
2009 2010 2011* 2012 2013 2014 2015**
Sales $2,128 $2,300 $2585 $2,584 $2,672 $2,606 $2,388
Reported Sales Growth (2)% 8% 12% 0% 3% (2)% (8)%
Local Currency Sales Growth 6% 6% 9% 5% 6% 5% 6%
*2011 had 53 weeks compared with 52 weeks in 2010
**2015 assumes the high-end of local currency sales growth
2009 THROUGH 2015 FULL YEAR GUIDANCE REPORTED AND LOCAL CURRENCY SALES
* 2011 included 53 weeks.
**High end of guidance range included in April 22, 2015 earnings release.
1H – 2014
Q3 – 2014
Q4 – 2014
FY 2014
Q1 – 2015(1)
Q2 – 2015(1)
FY 2015(1)
Total Company Percentage Point Impact on Sales from Changes in Rate
(0.7pp) (3.5pp) (3.4pp) (2.1pp) (4.7pp) (3.3pp) (2.3pp)
Translation Impact of Changes in Rate on Diluted EPS Comparison ($0.04) ($0.10) ($0.08) ($0.21) ($0.13) ($0.13) ($0.28)
Re-measurement Impacts on Net Monetary Assets for 1H – 2014 and gain on conversion of bolivars to U.S. dollars (Q3 - 2014) (2)
($0.51) $0.09 ($0.08)(3) ($0.50) ($0.11)(4) N/A N/A
Transaction Impacts on cost of sales at Stronger Rates than Sales (2) ($0.12) ($0.23) $0.01(3) ($0.35) ($0.03)(4) ($0.03) (4) ($0.06) (4)
(1) The bolivar to U.S. dollar exchange rate used in translating the Company’s first quarter 2014 operating activity was 6.3 bolivars to the U.S. dollar, was 10.8 bolivars to the U.S. dollar in
the second quarter and was 50.0 in the second half of 2014 and in January 2015. In February 2015, the Venezuelan government launched an overhaul of its foreign currency exchange
structure for obtaining U.S. dollars, eliminating the SICAD 2 auction process and introducing the Marginal Currency System, or Simadi, which was approximately 195.0 bolivars to the U.S.
dollar as of April 20, 2015. The Company's outlook used the Simadi rate to translate its February and March 2015 results, and expects to use it to translate future operating activity. (2) The pretax expense impact from amounts on the balance sheet when the bolivar devalued are included in the U.S. GAAP earnings per share and return on sales data above, but not in
the data excluding items. (3) Reflects tax recognized on an annualized basis under U.S. GAAP. (4) With the change to the Simadi exchange rate there will be a negative profit impact related to net monetary assets and inventory of about $9.4 million. The change in rates in February
2015 also triggered a long-term fixed write off of $13.5 million in the first quarter of 2015.
VENEZUELA FX IMPACT IN 2014 AND 2015
41
Mike Poteshman
Executive VP & CFO
June 2015