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Smurfit Kappa Group plc ('SKG', 'Smurfit Kappa' or 'the Group')
today announced a trading update for the 9 months to 30 September
2023.
2023 First Nine Months | Key Financial
Performance Measures
Q3 Q3 YTD YTD
EURm 2023 2022 Change 2023 2022 Change
Revenue EUR2,696 EUR3,340 (19%) EUR8,533 EUR9,724 (12%)
EBITDA EUR512 EUR593 (14%) EUR1,625 EUR1,767 (8%)
EBITDA Margin 19.0% 17.8% 19.0% 18.2%
Operating Profit
before
Exceptional
Items EUR351 EUR419 (16%) EUR1,129 EUR1,258 (10%)
Profit before
Income Tax EUR281 EUR372 (25%) EUR939 EUR1,141 (18%)
Basic EPS (cent) 77.7 111.5 (30%) 261.7 333.4 (22%)
Pre-exceptional
Basic EPS
(cent) 86.7 111.5 (22%) 283.9 333.4 (15%)
Free Cash Flow EUR214 EUR337 (36%) EUR333 EUR309 8%
Return on
Capital
Employed 18.0% 20.6%
Net Debt EUR3,042 EUR3,028 1%
Net Debt to 1.4x 1.4x
EBITDA (LTM)
Key Points:
-- EBITDA of EUR1,625 million with an EBITDA margin of 19.0%
-- ROCE of 18.0% reflecting the ongoing benefit of capital plans and
operating excellence
-- Net Debt to EBITDA ratio of 1.4x
-- Announced transaction to combine Smurfit Kappa and WestRock, creating a
global leader in sustainable fibre--based packaging
Tony Smurfit, Group CEO, commented:
"We are pleased to report an excellent performance for the first
nine months with EBITDA of EUR1,625 million, an EBITDA margin of
19.0%, a ROCE of 18.0% and a net debt to EBITDA of 1.4x.
"These results continue to demonstrate the effectiveness of our
multi-year capital plans, our geographic footprint and the service
and dedication of our people. SKG provides its customers with
innovative and sustainable products, delivered and supported by the
security of our integrated model.
"Box demand in the third quarter for the Group was approximately
2% behind 2022 levels versus a negative 7% and 5% in the first and
second quarters respectively. We expect this trend to continue,
with Germany in particular showing improved order books.
"On 12 September, Smurfit Kappa and WestRock announced an
agreement to combine to create Smurfit WestRock, a global leader in
sustainable fibre-based packaging. This combination represents a
unique point in time, value creation opportunity, for both
companies. We are increasingly excited to create the 'Go-To'
fibre-based packaging partner of choice for all stakeholders.
"Our consistent delivery, over many years, demonstrates the
quality of our business and the capital allocation decisions we
have made. For the full year 2023 we expect to deliver EBITDA of
approximately EUR2,050 million."
About Smurfit Kappa
Smurfit Kappa, a FTSE 100 company, is one of the leading
providers of paper-based packaging solutions in the world, with
more than 47,000 employees in over 350 production sites across 36
countries and with revenue of EUR12.8 billion in 2022. We are
located in 22 countries in Europe, 13 in the Americas and one in
Africa. We are the only large--scale pan-regional player in Latin
America. Our products, which are 100% renewable and produced
sustainably, improve the environmental footprint of our
customers.
With our proactive team, we relentlessly use our extensive
experience and expertise, supported by our scale, to open up
opportunities for our customers. We collaborate with
forward-thinking customers by sharing superior product knowledge,
market understanding and insights in packaging trends to ensure
business success in their markets. We have an unrivalled portfolio
of paper-based packaging solutions, which is constantly updated
with our market-leading innovations.
This is enhanced through the benefits of our integration, with
optimal paper design, logistics, timeliness of service, and our
packaging plants sourcing most of their raw materials from our own
paper mills.
We have a proud tradition of supporting social, environmental
and community initiatives in the countries where we operate.
Through these projects we support the UN Sustainable Development
Goals, focusing on where we believe we have the greatest
impact.
Follow us on LinkedIn, Twitter, Facebook, YouTube.
smurfitkappa.com
Forward Looking Statements
This Announcement contains certain statements that are
forward-looking. Forward-looking statements are prospective in
nature and are not based on historical facts, but rather on current
expectations of the Group about future events, and involve risks
and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Although the Group
believes that current expectations and assumptions with respect to
these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to be correct. There
are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied
by the forward-looking statements. Forward-looking statements
should therefore be construed in the light of such factors. You are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date made. Other than in
accordance with legal or regulatory obligations, the Group is not
under any obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
The forward-looking statements in this document do not constitute
reports or statements published in compliance with any of
Regulations 6 to 8 of the Transparency (Directive 2004/109/EC)
Regulations 2007.
Contacts
Ciarán Potts Lorena Monsalves Smurfit Melanie Farrell FTI
Smurfit Kappa T: Kappa T: +353 1 202 70 00 Consulting T: +353 86 401
+353 1 202 71 27 E: E: 5250 E:
ir@smurfitkappa.com pressoffice@smurfitkappa. smurfitkappa@fticonsulting.co
com m
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CONTACT:
Smurfit Kappa Group PLC
SOURCE: Smurfit Kappa Group PLC
Copyright Business Wire 2023
(END) Dow Jones Newswires
November 01, 2023 03:00 ET (07:00 GMT)
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