Ball Corporation
2015 Annual Report
Ball Corporation is a provider of metal packaging for beverages,
food and household products, and of aerospace and other technologies
and services to commercial and governmental customers. Founded in 1880,
the company employs more than 15,000 people worldwide. Ball Corporation
stock is traded on the New York Stock Exchange under the ticker symbol BLL.
Please visit Ball’s Investor Center at www.ball.com/investors to view the 2015 online annual report.
Where you see this information icon in our report, you can find additional information on that topic
at www.ball.com.
Drive for 10
Drive for 10 is a mindset around perfection,
with a greater sense of urgency around our future success.
Drive for 10 has three major areas of focus:
We know who we are.
We know where we are going.
We know what is important.
Proud of our rich history, we recognize
the whole of our company is greater
than the sum of its parts. Most
importantly, we believe in our people,
our culture and our ability to deliver
value to all our stakeholders. Though
we encourage and embrace our diversity
of thought, business, location and
language, we are “One Ball,” valuing:
Uncompromising Integrity
Being Close to Our Customers
Behaving Like Owners
Focusing on Attention to Detail
Being Innovative
We want to be the best at everything
we do, and will continually strive for
perfection at Ball as we pursue our
strategy of:
Maximizing value in our existing
businesses
Expanding into new products
and capabilities
Aligning ourselves with the right
customers and markets
Broadening our geographic reach
Leveraging our know-how and
technological expertise to provide
a competitive advantage
In order to reach our goals, we must
excel in these areas:
Customer Focus
We must be viewed as a strategic partner
at each of our key customers.
Operational Excellence
We must be the most competitive in terms
of cost, quality and service in all the markets
in which we compete by continually driving
for efficiencies in all our processes.
Innovation and Business Development
We must identify and drive
profitable growth.
People and Culture Focus
We must have the best people, providing
them with the right support, rewards
and growth opportunities to thrive.
Sustainability
We must balance our economic,
environmental and social impacts for
greater long-term success.
This Summary Annual Report should be read in conjunction with the audited consolidated financial statements and
other information contained in Ball Corporation’s Annual Report on Form 10-K for 2015, which is being furnished
with the company’s Proxy Statement for the 2016 Annual Meeting of Shareholders. Copyright© Ball Corporation 2016.
Ball and are trademarks of Ball Corporation Reg. U.S. Pat. & Tm. Office. Please recycle.
2015 Letter to Our
Shareholders
Dear Fellow Shareholder,
2015 was Ball Corporation’s 135th year
and was a rewarding, yet challenging one
for us. As in previous years, our operating
environment remained extremely
competitive. However, we continued to
focus on controlling the things in our
control and positioning our company
for success in the long term. All of us at
Ball approached the opportunities and
challenges of 2015 with the discipline
instilled by our shared Drive for 10
vision and EVA® (economic value added)
philosophy, and executed well as we drove
toward ongoing success for Ball and all
of our stakeholders.
Overall, we executed according to
plan and yielded solid results, including
comparable net earnings attributable to
the company of $490.1 million and free
cash flow of $558 million, excluding cash
costs related to the proposed Rexam
transaction. While Ball’s comparable
full-year diluted earnings per share were
$3.48 in 2015 versus $3.88 in 2014 due
largely to currency translation and other
transitory issues, we invested more than
$350 million in growth capital projects
that will position us well for the future
and will generate positive EVA dollars
going forward. In 2015, we generated a
total shareholder return of 7.5 percent,
outperforming the Dow Jones Industrial
Average, the S&P 500 and nearly all stocks
in our sector.
In addition
to our day-to-
day business
operations,
we took
on multiple
projects and
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embarked on a variety of activities that
position us well for the future.
To keep growing our businesses and
ensure our success over the long term,
Drive for 10 and “where we are going”
remained our unwavering focus in 2015.
We utilized our five levers as the lens for
everything we pursued:
• Maximizing value in our
existing businesses
• Expanding into new products
and capabilities
• Aligning ourselves with the
right customers and markets
• Broadening our geographic reach
• Leveraging our know-how and
technological expertise to provide
a competitive advantage
Maximizing value in our
existing businesses
In February 2015, we announced our
proposed acquisition of Rexam PLC,
which has the potential to be truly trans-
formational for our industry. Though the
ongoing regulatory review of the Rexam
transaction has been challenging, the
opportunities that it presents would allow
us to continue making progress on our
Drive for 10 journey. With a successful
closing of the acquisition, Ball would be
a leader in an ever-changing beverage
packaging landscape and have greater
opportunities to position the beverage
can as the most sustainable package in
the beverage supply chain. (See page 2
for more information.)
In our metal beverage packaging
business, we continued efforts to improve
our customer and product mix, actively
manage our overall cost structure and
align our manufacturing footprint to meet
John A. Hayes
Chairman, President
and Chief Executive Officer
1
2015 Annual Report Ball Corporation
the needs of our customers. During the
summer, low gas prices and an improving
economy in the U.S. drove demand for
16-ounce cans at convenience stores, so
we installed additional capacity at our
Saratoga Springs, New York, plant and
are evaluating the need to install more
specialty can capacity in the future to
support ongoing customer needs. To
optimize our footprint and respond to
demand shifts for beverage can ends
in Europe and North America, we also
expanded capacity in our Lublin, Poland,
end-making facility and announced that
we will cease production at our Bristol,
Virginia, end-making plant during the
second quarter of 2016. In China, our team
worked tirelessly to address the extreme
pricing challenge in that market with
aggressive cost-out programs. Though
can demand in Brazil was softer early in
the year due to challenging year-over-year
comparisons following the 2014 World Cup,
the second half of the year was more
favorable as the beverage can continued to
gain strength in the beer and energy drink
packaging mix.
In our food and household products
packaging business, we acquired Sonoco’s
metal end and closure facilities in Canton,
Ohio. The Canton plants produce
multiple-sized, easy-to-open closures
for the food can market, and perfectly
complement Ball’s existing product
portfolio and our overarching U.S. metal
food can strategy. To ensure we remain
competitive over the long term, we also
continued to focus on gaining efficiencies
and driving cost out while striving to
deliver first-class products to our
customers. Later in the year, we
inaugurated a new high-speed aluminum
aerosol can manufacturing line at our
Devizes, U.K., facility and announced
plans to add a new line at our impact
extruded aerosol can manufacturing
plant in Velim, Czech Republic. These line
additions will allow us to meet ongoing
customer and European market demand.
Our aerospace and technologies business
continued to effectively manage its costs,
execute on its existing programs and
pursue opportunities to leverage its
Offer for Rexam PLC
On Feb. 19, 2015, we announced Ball’s
proposed acquisition of Rexam PLC,
which unequivocally aligns with our
Drive for 10 strategic vision of
maximizing value in our existing
businesses, expanding into new
products and capabilities, aligning
ourselves with the right customers
and markets, broadening our
geographic reach and leveraging
our know-how and technology.
Assuming a successful closing, the
combination of Ball and Rexam would
create a global metal beverage
packaging supplier capable of
leveraging its geographic presence,
innovative products and talented
employees to better serve customers
of all sizes across the globe, while
simultaneously generating significant
economic value for our shareholders.
Assuming the acquisition successfully
closes, the combined company will
provide cost-out synergies in the areas
of general and administrative, sourcing,
freight and logistics, and process and
efficiency savings which help support
our long-standing financial strategy of
growing diluted earnings per share
10 to 15 percent over time, generating
significant free cash flow and growing
EVA dollars. Ball’s offer for Rexam PLC
has gained conditional regulatory
clearance in Brazil and Europe, and we
expect to obtain regulatory approval
in the U.S., making it possible for the
proposed acquisition to close during
the first half of 2016. Visit our website
for the latest information about Ball’s
proposed acquisition of Rexam.
expertise across a broader customer
portfolio. Work also continued on the Joint
Polar Satellite System (JPSS-1) program,
the United States’ next polar-orbiting,
environmental satellite, with integration
completed on four of five JPSS-1 flight
instruments and a smooth power-on
expected late in the second quarter. The
satellite is moving toward environmental
testing with delivery scheduled for late
2016. We also were awarded multiple
programs in late 2015, which are expected
to be included in future contracted
backlog and further position our
aerospace business for stronger
long-term performance.
In all of our businesses, we continue
to leverage systems and processes to
further improve efficiencies and reduce
costs, and our efforts to collaborate and
share best practices continue, allowing us
to solve operational challenges faster and
respond better to our customers’ needs.
Our ongoing focus on sustainability also
benefits from this systematic approach,
as we work to balance the economic,
environmental and social impacts of our
products and operations in our decision
making throughout the year. We are
making considerable progress toward
our sustainability goals in areas including
operations, innovation, financial manage-
ment, talent management, diversity and
inclusion, recycling, supply chain and our
community engagement efforts. Our hard
work in pursuing these goals led to Ball’s
listing as the industry leader for container
and packaging companies on the 2015
Dow Jones World and North America
Sustainability Indices (DJSI) for the third
consecutive year.
Expanding into new
products and capabilities
In the environment in which we operate,
innovation is vital to profitable growth
for Ball and our customers. In 2015, we
remained at the forefront of innovation as
we developed and launched a number of
new products, capabilities and projects.
Our new and proprietary G3-HD tinplate
aerosol container is a perfect example of
our ongoing commitment to developing
innovative packaging solutions that help
our customers grow their business. The
next generation in steel aerosol packaging,
G3-HD is a two-piece, lightweight steel
aerosol container that features an
integrated dome design. A result of our
high speed, coil-to-can manufacturing
process, G3-HD is infinitely recyclable,
available in multiple sizes, and can
accommodate up to eight-color, high
resolution customer graphics. The
2
Ball Corporation 2015 Annual Report In 2015, we began manufacturing The
Coca-Cola Company’s contour-shaped
aluminum beverage bottle in the U.S.
A result of close customer collaboration,
and the dedication of our innovation
and operations teams, this new bottle
is a standout on premise and in
retail locations.
On April 24, 2015, NASA’s Hubble
Space Telescope celebrated 25 years of
dramatic observations and discoveries.
One of the most productive scientific
observatories ever built, Hubble
dramatically changed humanity’s
understanding of the universe. Over the
course of two decades, NASA astronauts
flew the space shuttle 300 miles into
space for five missions to install
state-of-the-art instruments that return
stunning images of the solar system and
the farthest reaches of our universe.
Ball Aerospace built seven science
instruments for the Hubble Space
Telescope, two star trackers, five major
leave-behind equipment subsystems
and more than eight custom tools to
support astronauts during servicing
missions. The five science instruments
now operating on the telescope were all
designed and built by Ball.
(NASA)
3
2015 Annual Report Ball Corporation addition of G3-HD to our diverse aerosol
container portfolio allows us to meet
the needs of our growing aerosol
customer base.
In our beverage packaging business,
following the success of the Alumi-Tek®
bottle, we began manufacturing The
Coca-Cola Company’s contour-shaped
aluminum bottle in North America.
More and more craft brewers adopted
the Crowler™, a 32-ounce can that can
be filled with fresh craft beer from
the taproom, which was developed in
conjunction with Oskar Blues Brewery. In
Europe, we introduced a state-of-the-art
printing technology – Dynamark® Effect
– to address the growing trend of product
individualization. Capable of producing
up to 24 different designs in a single
production run, Dynamark Effect turns
mass produced beverage cans into
customized creations that truly stand
out at the point of sale or on premise.
Our aerospace business continued
its development of the Tropospheric
Emissions: Monitoring of Pollution
(TEMPO) instrument and met several
milestones, including the preliminary
design review and critical design review.
TEMPO is the first NASA Earth
Venture Instrument mission with a
UV-visible air quality spectrometer
that will fly in geostationary orbit. It is
designed to make accurate observations
of atmospheric pollution, including ozone,
nitrogen dioxide, sulfur dioxide and
formaldehyde, over North America with
high spatial and temporal resolution.
Aligning ourselves with the right
customers and markets
When our customers are successful, we
are successful. It is that simple. That’s
why staying close to customers is one
of the most treasured values at Ball.
Our employees
spend significant
time with our
customers so
that we can truly
understand their
businesses –
their goals,
“All of us at Ball
approached the
opportunities and
challenges of 2015
with the discipline
instilled by our shared
Drive for 10 vision
and EVA philosophy”
markets, customers, successes,
challenges and more.
Henkel, for example, aims to achieve
“more with less” and triple its efficiency
in the next 20 years. For the past few
years, we have collaborated with them
on aluminum aerosol cans using our
revolutionary ReAl technology. In 2015,
we introduced an even lighter iteration of
ReAl, commercialized with Henkel Beauty
Care’s Fa antiperspirant and deodorant.
This new generation of ReAl contains
approximately 25 percent recycled
material and is 15 percent lighter than
the standard aluminum aerosol can.
Fa’s 150- and 200-milliliter aerosols
are now the lightest cans available on
the market. ReAl allows companies like
Henkel, who continually drive for more
sustainable packaging, to achieve their
goals without sacrificing design or shelf
presence. We were honored to receive
Henkel’s 2015 Sustainability Award for
Beauty Care for our partnership and
best-in-class performance.
In the beverage world, our customers
have seen consumer preferences change
significantly over the past few years.
Consumers still want to enjoy their
favorite brands, yet they’re seeking
smaller - or larger - portion sizes. Some
want packages with shapes or graphics
that stand out from the crowd, while others
want practical packaging that is portable,
chills faster, and better protects and
preserves a beverage’s flavor. And then
there are those who seek a sustainable,
infinitely recyclable container. In 2015,
we invested capital to meet this spectrum
of needs and the volume growth we’ve
experienced for specialty beverage
containers throughout our global network.
Today, specialty packaging represents
approximately 30 percent of our global
beverage packaging mix.
On the aerospace side of our business,
our work continued on NASA’s Green
Propellant Infusion Mission (GPIM), as we
integrated the propulsion subsystem onto
the Ball spacecraft bus, and began system
performance and environmental testing.
GPIM aims to revolutionize spaceflight by
demonstrating improved overall propellant
efficiency while reducing the toxic handling
concerns associated with the traditional
hydrazine propellant. Key benefits of
GPIM’s groundbreaking technology
include a simplified launch process for
future spacecraft, increased payload
space and longer mission duration, which
will help NASA improve safety and cost
efficiency. Additionally, for the third year
in a row, The Boeing Company recognized
Ball as a Supplier of the Year for avionics
performance. Chosen from a group of
more than 13,000 active suppliers in
15 categories in nearly 47 countries,
Ball was one of only 14 companies and
one university to receive this award.
Our Tactical Solutions’ antenna unit has
delivered more than 500 F/A -18 units
in the last 10 years, with 100 percent
on-time delivery and quality. We are
proud of our record of providing Boeing
with on-time delivery, reliable perfor-
mance and continuous improvement
on thousands of high-performance
conformal phased array antennas for
more than 30 years. Ball Aerospace also
continues to use its proprietary, innovative
technology and know-how to help
various agencies and departments of
the U.S. government’s defense and
intelligence gathering communities keep
our nation and – indeed – our world safe
from those who could do us harm.
Broadening our geographic reach
Expanding into new and emerging markets
is another key to our long-term growth
strategy. During the year, we announced
4
Ball Corporation 2015 Annual Report Ball introduced G3-HD, the next
generation of steel aerosol packaging,
at the end of 2015. The two-piece,
lightweight G3 features an integrated
dome design, which is the product of a
high-speed, coil-to-can manufacturing
process. The infinitely recyclable
container is available in multiple sizes
and utilizes Ball’s advanced technology
to provide a brighter and whiter canvas,
which can accommodate up to eight-color,
high resolution graphics to meet
customers’ growing expectations for
their brands.
The New Horizons spacecraft
successfully completed a flyby of
Pluto July 14, 2015, collecting images
and other data about the planet and its
moons. After a journey of more than nine
years, Ball’s Ralph camera – the main
“eyes” of New Horizons – provided the
closest images ever seen of the
icy dwarf planet. These images are
helping scientists map the surface
geology of Pluto and its moons, and
investigate Kuiper Belt objects.
Ball received a perfect score of
100 percent on the 2016 Corporate
Equality Index, a national benchmarking
survey and report on corporate policies
and practices related to LGBT workplace
equality, administered by the Human
Rights Campaign Foundation. Ball is
working diligently to broaden and evolve
our diversity and inclusion efforts as
we strive to create a work environment
where all employees feel welcome,
valued and proud to share their unique
voice, ideas and skills.
(NASA)
5
2015 Annual Report Ball Corporation plans to build a two-line beverage can and
end manufacturing plant in Monterrey,
Mexico. This location will produce multiple
can and end sizes, and will allow us to
expand our customer base and product
portfolio as the demand for standard and
specialty metal beer packaging continues
to grow. We also continued construction
on our metal beverage manufacturing
facility in Myanmar, which is scheduled
to begin production in the second quarter
of 2016.
Leveraging our strong foundation
in aluminum aerosol manufacturing,
we also entered the rapidly expanding
Indian market with the opening of a
new aluminum aerosol can plant in
Ahmedabad, India. As with the Devizes,
U.K., expansion, this project will enable
us to meet the needs of both regional
and global customers.
In aerospace, we continued to pursue
opportunities to further enhance our
aerospace technical service across a
broader customer base, and established
regional locations in Aurora, Colorado,
St. Louis, Missouri, and Chantilly,
Virginia, as we grow our Systems
Engineering Solutions business.
Leveraging our know-how
and technological expertise
Though our businesses are fairly
diverse, and span numerous cultures
and geographies, each has a common
mindset around being innovative and
we are able to leverage our shared
learnings into a competitive advantage.
As we strive for operational excellence
across each business, we are able to
share and apply best practices in our
manufacturing facilities. This is also
instrumental as we continue our
sustainability efforts and work to
improve our processes and procedures,
and to increase
efficiencies
across our global
manufacturing
operations. In
doing this, we
have improved
our safety
6
Sustainability Highlights
• Since 2010, Ball has reduced
the carbon footprint of its most
common beverage can formats
by 10 percent, putting us on pace
to meet our global target of
25 percent by 2020.
• Ball was named the industry
leader for container and packaging
companies on the 2015 Dow Jones
World and North America
Sustainability Indices (DJSI) for
the third consecutive year.
• Ball inaugurated the first
significant renewable energy
project in its history with the
installation of three wind turbines
at its Findlay, Ohio, plant.
• The Ball Foundation, Ball and
its employees donated more
than $4 million to charitable
organizations in the communities
where Ball operates. Employees
also logged more than 32,000
hours of volunteer service.
• Ball will release its fifth biennial
sustainability report in 2016.
track record, reduced energy and water
consumption, and diverted more waste to
beneficial reuse.
Our experience developing and manu-
facturing various types of packaging over
the years, such as the Alumi-Tek bottle,
three-piece steel aerosol cans and
impact extruded aluminum aerosol
packaging, enabled us to successfully
launch our 2015 innovations. In fact, in
many of these innovations, we were able
to bring the full weight of the best ideas
from across all of our businesses in
order to help successfully develop and
launch these products.
During the year, two historic aerospace
projects continued to provide awareness
and much-needed insights that will
benefit the scientific community and our
work well into the future. In the spring,
NASA celebrated the 25th anniversary
of the Hubble Space Telescope, which still
includes five working science instruments
built by our aerospace business. Hubble is
recognized as one of the most productive
scientific observatories ever built, providing
observations and discoveries that have
dramatically changed humanity’s under-
standing of the universe. NASA anticipates
that Hubble will continue to provide new
and unprecedented data until its successor,
the James Webb Space Telescope, is
launched in 2018. Ball built and delivered
the 18 primary flight mirrors and other
critical hardware for JWST, and continues
to support integration and test activities.
Another aerospace project, the Ralph
camera aboard the New Horizons mission,
garnered significant attention with its
historic Pluto flyby in July. After traveling
through the extreme cold and radiation of
space for nearly a decade, Ralph delivered
never-before-seen images and even
answers to questions that no one ever
thought to ask.
The future is in our hands
In 2016, we will continue to use Drive for 10
and its levers as our guide. We are excited
about reaping the rewards of our hard
work in 2015 to create a brighter, stronger
future across the organization, and our
global team is moving forward with a
renewed sense of urgency to successfully
execute our capital projects, generate
EVA dollars and strong free cash flow,
grow our specialty businesses, focus on
costs and cross the finish line on the
proposed acquisition of Rexam.
Together we are working hard to
improve Ball in 2016 and beyond, and
we look forward to the journey ahead.
Best regards,
John A. Hayes
Chairman, President
and Chief Executive Officer
Ball Corporation 2015 Annual Report
2015
Five-Year Review of
Selected Financial Data
Ball Corporation and Subsidiaries
($ in millions, except per share amounts )
2015
2014
2013
2012
2011
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,997.0
$ 8,570.0
$ 8,468.1
$ 8,735.7
$ 8,630.9
Earnings before interest and taxes (EBIT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 605.2
$ 838.6
$
795.4
$ 790.5
$ 836.9
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(259.7)
(193.0)
(211.8)
(194.9)
(177.1)
Earnings before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 345.5
$ 645.6
$
583.6
$
595.6
$
659.8
Net earnings attributable to Ball Corporation from:
Continuing operations (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 280.9
$
470.0
$
406.4
$
399.1
$ 446.3
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
0.4
(2.8)
(2.3)
Total net earnings attributable to Ball Corporation . . . . . . . . . . . . . . . . . . . . . .
$ 280.9
$
470.0
$
406.8
$
396.3
$ 444.0
Basic earnings per share:
Basic – continuing operations (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2.05
$
3.39
$
2.79
$
2.58
$
2.70
Basic – discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
–
(0.02)
(0.01)
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2.05
$
3.39
$
2.79
$
2.56
$
2.69
Weighted average common shares outstanding (000s) . . . . . . . . . . . . . . . . . .
137,300
138,508
145,943
154,648
165,275
Diluted earnings per share:
Diluted – continuing operations (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1.99
$
3.30
$
2.73
$
2.52
$
2.64
Diluted – discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
–
(0.02)
(0.01)
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1.99
$
3.30
$
2.73
$
2.50
$
2.63
Diluted weighted average common shares outstanding (000s). . . . . . . . . . . .
140,984
142,430
149,223
158,084
168,590
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 9,777.0
$ 7,571.0
$ 7,820.4
$ 7,520.7
$ 7,285.2
Total interest bearing debt and capital lease obligations . . . . . . . . . . . . . . . . .
$ 5,131.5
$ 3,168.9
$ 3,605.1
$ 3,305.1
$ 3,144.1
Cash dividends per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
0.52
$
0.52
Total cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,006.7
$ 1,012.5
Non-GAAP measures (b) :
Comparable EBIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Comparable net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share (comparable basis) . . . . . . . . . . . . . . . . . . . . . . . . .
$
$
$
Free cash flow (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 558.0
EVA® dollars (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 180.6
799.9
$
919.1
490.1
$ 552.8
3.48
$
$
$
3.88
621.7
190.7
$
$
$
$
$
$
$
0.52
$
0.40
$
0.28
839.0
$ 853.2
$ 948.4
874.2
$ 893.3
489.6
3.28
$
$
475.8
3.01
$
$
$
867.2
459.6
2.73
460.7
$ 548.2
$ 504.6
149.3
$
161.4
$ 142.3
Total annual return (loss) to common shareholders (e) . . . . . . . . . . . . . . . . . . .
7.5%
33.1%
16.8%
26.5%
5.8%
(a) Includes business consolidation activities and other items affecting comparability between years. Additional details about the 2015, 2014 and 2013 items
are available in Notes 4 and 5 to the consolidated financial statements within Item 8 of the Annual Report on Form 10-K.
(b) Non-U.S. GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures
calculated in accordance with U.S. GAAP. Further discussion of non-GAAP financial measures is available in Item 7 of the Annual Report on Form 10-K
under Other Liquidity Measures.
(c) Excluding Rexam transaction cash costs.
(d) Net operating earnings after tax less a capital charge of 9% after-tax on average invested capital employed.
(e) Change in stock price plus dividends paid, assuming reinvestment of all dividends paid. Information for this calculation is included in the shareholder
return performance chart in Item 5 of the Annual Report on Form 10-K.
7
2015 Annual Report Ball Corporation
2015
Corporate
Leadership
Directors
Director Retirements
Robert W. Alspaugh
Retired chief
executive officer of
KPMG International
(1, 2)
Michael J. Cave
Retired senior
vice president of
The Boeing Company
(1, 2)
Hanno C. Fiedler
Retired chairman and
chief executive officer
of Ball Packaging
Europe (1, 4)
John A. Hayes
Chairman,
president and chief
executive officer of
Ball Corporation
John F. Lehman
served as a
director since
1987 and
Jan Nicholson
served as a
John F. Lehman
director since 1994.
Both elected to retire from the
board of directors in 2015 and
Ball wishes to express its sincere
appreciation to Mr. Lehman and
Ms. Nicholson for their significant
contributions to the company and
R. David Hoover
Former chairman,
president and
chief executive officer
of Ball Corporation (2)
Pedro Henrique
Mariani **
Chairman of the
board of Banco BBM
Georgia R. Nelson
President and chief
executive officer
of PTI Resources,
L.L.C. (3, 4 )
George M. Smart
Retired president of
Sonoco-Phoenix, Inc.
(3, 4 )
Committees
(1) Audit, (2) Finance, (3) Human Resources,
(4) Nominating/ Corporate Governance
Jan Nicholson
* Lead Independent Director
** Advisory Director
its shareholders
during their long
and distinguished
tenure as
directors.
Theodore M. Solso*
Former chairman and
chief executive officer
of Cummins Inc.
(3, 4 )
Stuart A. Taylor II
Chief executive officer
of The Taylor Group,
L.L.C. (1, 3)
Corporate and Operating Management
Gihan Atapattu
President, Ball Asia Pacific Ltd.
Charles E. Baker
Vice president, general counsel and
corporate secretary
Daniel W. Fisher
President, North American metal
beverage packaging
Colin J. Gillis
President, Ball Packaging Europe
Shawn M. Barker
Vice president and controller
John A. Hayes
Chairman, president and chief executive officer
Anthony Barnett
President, Latapack-Ball Embalagens, Ltda.
Jeffrey A. Knobel
Vice president and treasurer
James N. Peterson
Senior vice president, Ball Corporation;
chief operating officer, global metal food and
household products packaging
Kathleen E. Pitre
Vice president, communications and
corporate relations
Manette A. Snow
Vice president, diversity and inclusion
Erik C.M. Bouts
Senior vice president, Ball Corporation;
chief operating officer, global metal
beverage packaging
M. Andrew Crouch
Vice president, technology
Scott C. Morrison
Senior vice president and chief financial officer
Lisa A. Pauley
Senior vice president, human resources
and administration
Robert D. Strain
Senior vice president, Ball Corporation;
president, Ball Aerospace & Technologies Corp.
Roderick H. Tettero
Vice president, corporate planning
and development
8
Ball Corporation 2015 Annual Report 2015
Shareholder
Information
Quarterly Stock Prices and Dividends
Annual Meeting
Quarterly prices for the company’s common stock, as
The annual meeting of Ball Corporation shareholders will
reported on the composite tape, and quarterly dividends
be held to tabulate the votes cast and to report the results
in 2015 and 2014 were:
2015
Quarter Quarter Quarter Quarter
4th
3rd
2nd
1st
High . . . . . . . . . . . . . . . . $ 74.24 $ 73.36 $ 75.24 $ 77.20
of voting on the matters listed in the proxy statement
sent to all shareholders. No other business and no
presentations are planned. The meeting to report
voting results will be held on Wednesday, April 27, 2016,
at 8 a.m. Mountain time at Ball Corporation’s
Low . . . . . . . . . . . . . . . . . 62.03
57.95
69.77
62.71
headquarters in Broomfield, Colo.
Dividends per share . .
.13
.13
.13
.13
Annual Report on Form 10-K
The Annual Report on Form 10-K for 2015 filed by the
4th
3rd
2nd
1st
company with the United States Securities and Exchange
2014
Quarter Quarter Quarter Quarter
Commission is enclosed.
High . . . . . . . . . . . . . . . $ 70.50 $ 66.53 $ 63.13 $ 56.33
Certifications
Low . . . . . . . . . . . . . . .
61.76
60.73
53.61
47.75
The company has filed with the New York Stock Exchange
Dividends per share . .
.13
.13
.13
.13
Quarterly Results, Company Information
and Investor Relations
Quarterly financial information and company news
are posted on www.ball.com/investors. For investor
relations call (303) 460-3537.
Purchase Plan
A dividend reinvestment and voluntary stock purchase
plan for Ball Corporation shareholders permits purchase
of the company’s common stock without payment of
the chief executive officer’s annual certification regarding
compliance with the NYSE’s corporate governance listing
standards. The company also has filed with the United
States Securities and Exchange Commission all required
certifications by its chief executive officer and its chief
financial officer regarding the quality of the company’s
public disclosures.
Transfer Agent and Registrar
Computershare
P.O. Box 43069
Providence, RI 02940-3069
a brokerage commission. Participants in this plan may
Sustainability
have cash dividends on their shares automatically
Ball Corporation balances economic, environmental and
reinvested and, if they choose, invest by making
social aspects in its decision making and activities to
optional cash payments. Additional information on the
create value for its stakeholders and to contribute to its
plan is available by writing Computershare, Dividend
Drive for 10 vision. Find out more about our sustainability
Reinvestment Service, P.O. Box 43081, Providence,
strategy at www.ball.com/sustainability.
RI 02940-3081. The toll-free number is (800) 446-2617,
and the Web site is www.computershare.com/investor.
You can access your Ball Corporation common stock
account information on the Internet 24 hours a day, 7 days
a week through Computershare’s Web site. If you need
assistance, please call Computershare at (877) 843-9327
between 8 a.m. and 5 p.m. Eastern time.
Equal Opportunity
Ball Corporation is an equal opportunity employer.
9
2015 Annual Report Ball Corporation
w w w. b a l l . c o m
Ball Corporation
10 Longs Peak Drive
Broomfield, CO 80021
(303) 469-3131