TIDMSKG
5 May 2017: Smurfit Kappa Group plc ('SKG' or 'the Group') today
announced results for the 3 months ending 31 March 2017.
2017 First Quarter | Key Financial Performance Measures
EURm Q1 Q1 Change Q4 Change
2017 2016 2016
Revenue EUR2,129 EUR2,001 6% EUR2,060 3%
EBITDA(1) EUR278 EUR281 (1%) EUR320 (13%)
EBITDA margin(1) 13.0% 14.0% 15.5%
Operating Profit before Exceptional Items EUR168 EUR179 (6%) EUR221 (24%)
Profit before Income Tax EUR109 EUR128 (15%) EUR155 (30%)
Basic EPS (cent) 31.5 38.8 (19%) 42.3 (26%)
Pre-exceptional Basic EPS (cent)(1) 32.2 38.8 (17%) 47.4 (32%)
Return on Capital Employed(1) 15.0% 15.3% 15.4%
Free Cash Flow(1) EUR16 EUR7 138% EUR104 (84%)
Net Debt(1) EUR2,931 EUR3,029 (3%) EUR2,941 -
Net Debt to EBITDA (LTM)(1) 2.4x 2.5x 2.4x
1) Additional information in relation to these Alternative Performance Measures ('APMs') is set out in SupplementaryFinancial Information on page 27.
First Quarter Key Points
-- Group revenue growth of 6% (3.7% on a days adjusted basis)
-- EBITDA of EUR278 million with margin of 13%
-- ROCE at 15.0% in line with Group target
-- Improved free cash flow year-on-year
-- Containerboard price increases in both Europe and the Americas
implemented and ongoing
-- Proposed final dividend for 2016 of 57.6 cent per share, a 20%
increase year-on-year, payable on 12 May
Performance Review and Outlook
Tony Smurfit, Group CEO, commented:
"We are pleased to report that SKG has again delivered a strong
set of results. The Group reported good revenue growth of 6%, or
3.7% on a days adjusted basis, and EBITDA of EUR278 million versus
the same period last year. These results, against a backdrop of
significant recovered fibre cost inflation of approximately EUR30
million year-on-year, reflect the continued strength of our
business. We expect improved margins as paper price increases
translate into higher box prices.
"In the first quarter our corrugated volumes were generally good
across most markets with the Group recording growth of 3%. With
solid demand, tight inventories and higher input costs,
containerboard prices across all grades have been, and continue to
be increased. These increases have provided the backdrop for
necessary box price increases which will be progressively
implemented during 2017.
"We are also pleased to report that our cash flow and debt
ratios improved in what is traditionally a softer quarter.
"The geographic spread of our business, the integrated model
which we operate, the strongest suite of business applications in
our industry, and, most importantly, the tremendously talented
people that work in SKG, give us great confidence for our
future.
"While there are always political and economic risks, and
individual markets invariably have challenges from time to time, we
are increasingly well positioned to capitalise on a positive
pricing environment in 2017."
About Smurfit Kappa
Smurfit Kappa, a FTSE 100 company, is one of the leading
providers of paper-based packaging solutions in the world, with
around 45,000 employees in approximately 370 production sites
across 34 countries and with revenue of EUR8.2 billion in 2016. We
are located in 21 countries in Europe, and 13 in the Americas. We
are the only large-scale pan-regional player in Latin America.
With our pro-active 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-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.
smurfitkappa.com
Check out our microsite: openthefuture.info
Follow us on Twitter at @smurfitkappa and on LinkedIn at
'Smurfit Kappa'.
Forward Looking Statements
Some statements in this announcement are forward-looking. They
represent expectations for the Group's business, and involve risks
and uncertainties. These forward-looking statements are based on
current expectations and projections about future events. The Group
believes that current expectations and assumptions with respect to
these forward-looking statements are reasonable. However, because
they involve known and unknown risks, uncertainties and other
factors, which are in some cases beyond the Group's control, actual
results or performance may differ materially from those expressed
or implied by such forward-looking statements.
Contacts
Garrett Quinn
Smurfit Kappa
T: +353 1 202 71 80
E:ir@smurfitkappa.com
2017 First Quarter | Performance Overview
The Group delivered a 6% increase in revenue year-on-year with
solid underlying1 progression in both Europe and the Americas, up
4% and 15% respectively. The Group reported EBITDA of EUR278
million and an EBITDA margin of 13% with the anticipated margin
squeeze being driven predominantly by higher recovered fibre costs.
The Group also reported ROCE of 15.0% and its fourth consecutive
first quarter of positive free cash flow. These results were driven
by solid volume growth across most markets, the Group's investment
in high return capital projects and the strength of our integrated
business model.
In Europe, EBITDA increased by 2% to EUR213 million. Steady box
prices, along with the benefits of our 'Quick Win' programme and
good corrugated volume growth were key drivers of this result
against a backdrop of very high recovered fibre cost pressure.
Total corrugated volumes were up 4%, positively impacted by solid
demand and additional working days in the quarter.
In European recycled containerboard, the Group was successful in
implementing a EUR60 per tonne increase in the first quarter, with
additional increases announced for April. Overall demand for
recycled containerboard remains robust, with industry inventories
remaining tight throughout the quarter.
The recycled containerboard price increases noted above are
against a backdrop of increasing recovered fibre costs, which were
over 19% higher year-on-year for the quarter and 11% up in March
2017 over December 2016, reflecting high levels of both local and
global demand. With recovered fibre prices up on a sustained basis
since 2014 (comparatively up 28% in the first quarter of 2017 and
17% in the year 2016), higher recovered fibre prices in the first
quarter have resulted in short term margin pressure, which
necessitate higher paper prices and in turn higher box prices.
Demand for kraftliner remains very strong. The Group
successfully implemented a EUR50 per tonne increase in our main
European markets in the first quarter and an additional EUR50 per
tonne has been announced for implementation in May across all our
European markets. The global supply of kraftliner remains extremely
tight, and is supportive of the implementation of price increases
in Europe, a market which is short approximately one million tonnes
of kraftliner.
In the Americas, EBITDA decreased by 9% to EUR74 million
impacted mainly by higher recovered fibre costs of approximately
EUR10 million and soft demand in Argentina. Price increases are
underway to recover this margin compression as we progress through
2017. Volumes in the Americas for the first quarter grew 3%
excluding Venezuela. Our businesses in Colombia, Mexico and the US
represented just under 80% of the region's EBITDA in the first
quarter and we are pleased with their operational performance.
2017 First Quarter | Financial Performance
Revenue of EUR2,129 million was up EUR128 million or 6% on 2016.
Revenues in Europe increased by EUR43 million year-on-year or EUR56
million on an underlying basis. In the Americas revenues increased
by EUR85 million year-on-year or EUR70 million on an underlying
basis.
EBITDA was EUR278 million, EUR3 million down on the same period
in 2016 with earnings growth in Europe and lower Group centre costs
offset by lower earnings in the Americas. The underlying
quarter-on-quarter move was an increase of EUR7 million (the
equivalent of almost 3%), which arose mainly in Europe. During the
quarter, the Group's EBITDA was impacted by approximately EUR3
million from unplanned downtime in our Facture Mill in France.
There were no exceptional items charged within operating profit
in the first quarter of either 2017 or 2016.
The exceptional finance cost of EUR2 million in the first
quarter of 2017 represented the accelerated amortisation of the
issue costs relating to the debt within our senior credit facility
which was paid down with the proceeds of the EUR500 million bond
issue in January. There were no exceptional finance costs in the
first quarter of 2016. Basic EPS for the quarter was 31.5 cent, 19%
lower than the 38.8 cent earned in 2016. On a pre-exceptional
basis, EPS was 32.2 cent for the quarter to March 2017, 17% lower
than the 38.8 cent in 2016.
2017 First Quarter | Free Cash Flow
The Group reported a free cash inflow of EUR16 million in the
first quarter of 2017 compared to an inflow of EUR7 million in
2016. The increase of EUR9 million reflected lower outflows mainly
in respect of working capital.
Capital expenditure amounted to EUR71 million, approximately 67%
of depreciation, compared to EUR107 million or 111% of depreciation
in 2016. Capital expenditure is expected to be broadly in line with
depreciation in 2017.
The working capital move was an outflow of EUR77 million
compared to an outflow of EUR98 million in the first quarter of
2016. The outflow was the combination of an increase in stocks and,
to a lesser extent, debtors partly offset by an increase in
creditors. At the end of March, working capital amounted to EUR704
million (2016: EUR628 million), representing 8.3% of annualised
revenue compared to 7.0% at December 2016 and 7.9% at March
2016.
Cash interest in the quarter was EUR40 million compared to EUR36
million in the first quarter of 2016, the increase is mainly as a
result of the Group's exposure to the relatively high interest
rates in Latin America.
Tax payments of EUR30 million in the first quarter of 2017 were
EUR2 million higher than in the same period of 2016. This was
primarily due to the timing of payments.
2017 First Quarter | Capital Structure
Net debt was EUR2,931 million at the end of the first quarter
resulting in a net debt to EBITDA ratio of 2.4 times compared to
2.5 times at the end of the first quarter of 2016 and 2.4 times at
the end of 2016. The Group's balance sheet continues to provide the
Group with considerable financial strategic flexibility subject to
the stated leverage range of 2.0x to 3.0x through the cycle and
SKG's Ba1/BB+/BB+ credit rating.
On 17 January 2017 the Group took the opportunity to access the
bond markets taking advantage of the current low interest rate
environment to further extend maturity profile, diversify funding
sources and increase liquidity at a historically low coupon for the
Group. The proceeds were used to reduce indebtedness under the
Group's senior facilities agreement and existing securitisation
facilities and for general corporate purposes. The funding
significantly enhances the Group's liquidity and positions us very
strongly from the perspective of our refinancing programme over the
next couple of years as we replace more expensive debt.
At 31 March 2017 the Group's average interest rate was 4.3%,
compared to 4.1% at 31 March 2016. The Group's diversified funding
base and long dated maturity profile at 4.1 years provide a stable
funding outlook. In terms of liquidity, the Group held cash on the
balance sheet of EUR575 million at the end of the quarter which was
further supplemented by available commitments under its revolving
credit facility of approximately EUR832 million.
2017 First Quarter | Operating Efficiency
Cost Take-out Programme
Since the programme's inception in 2008 the Group has achieved
cost savings of over EUR850 million and the Group continues to view
these projects as a key tool in combating cost inflation creep
throughout the business. In 2017, as in previous years, we expect
to offset wage inflation through internal cost take-out
initiatives.
Capital Expenditure ('Quick Win') Programme
In 2016 the Group completed the investment stage of the 'Quick
Win' capital expenditure programme. The benefits of these high
return investments have been delivered since 2014 and are expected
to deliver a total incremental EBITDA of EUR75 million by the end
of 2017.
Commercial Offering and Innovation
We are committed to leading our industry in innovation which
continues to be validated by the awards we have won for our leading
design and solutions offering. In the first quarter of 2017 the
Group won awards across Europe in the Netherlands, Russia and
Poland. Our solutions are backed by our industry leading business
applications such as Pack Expert, Innobook and Shelfsmart. These
applications allow us to collaborate with our customers using
scientifically backed data to solve their challenges, and
increasingly, helping them to sell more.
On 18 May the Group will host an innovation event for customers
in the Netherlands, with over one hundred and fifty customers from
across Europe expected to attend. Hundreds of Smurfit Kappa award
winning solutions and services will illustrate how packaging
innovation drives business success, today and in the future.
External speakers will discuss with our customers, our European
leadership team and our award winning designers "the future of
packaging in a digital world".
2017 First Quarter | Regional Performance Review
Europe
Europe delivered an improved EBITDA result of EUR213 million, up
EUR4 million or 2% year-on-year, and on an underlying basis the
result was EUR5 million higher, impacted by EUR1 million in adverse
currency moves. The margin for the quarter was 13.6%, this compared
to 13.7% in the same quarter of 2016. This result was delivered
against a backdrop of significantly higher recovered fibre costs,
which we have been able to offset through volume growth, our focus
on cost efficiencies and the benefits of our capital investment
programme.
Box pricing was broadly flat against the fourth quarter of 2016
and down 1% on the first quarter of 2016 on a constant currency
basis. On the back of already implemented containerboard price
increases, and ongoing increases in the second quarter, SKG plans
to increase box prices through 2017 in order to recover corrugated
margins.
Overall box volumes were up 4% for the quarter, positively
impacted by solid demand in most markets and the benefit of
additional working days. The Group expects full year 2017 box
volume growth to be around 2% for the year. The more commodity like
sheet business was up 2% for the quarter, predominantly due to
additional working days offset in part by the increased integration
of sheet volume. Box volumes represented over 88% of our corrugated
volume in Europe in the quarter.
The price of recovered fibre was 19% higher year-on-year and 11%
up in March 2017 over December 2016, driven by both strong
domestic, and export market demand. Higher recovered fibre prices
have resulted in short term margin pressure, which necessitate
higher paper prices and in turn higher box prices. With continued
demand both domestically and in export markets for recovered paper,
the Group expects the medium term trend for recovered fibre pricing
to remain at a high level.
In European recycled containerboard, the Group was successful in
implementing a EUR60 per tonne increase in the first quarter, with
additional increases announced for April. Overall demand for
recycled containerboard remains robust, with overall industry
inventories remaining very tight throughout the quarter.
Kraftliner continues to be a key part of our product offering
allowing the Group to cater for customers' requirements when
kraftliner is needed. Internal demand for kraftliner was up 4% in
the quarter and demand remains very strong. A EUR50 per tonne
increase has been implemented in our main European markets in March
with further increases announced for May implementation. The global
supply of kraftliner remains extremely tight, and is supportive of
the implementation of price increases in Europe.
Our Sack business and Machine Glazed ("MG") business are
benefitting from extremely strong demand with healthy orderbooks
buoyed by increased demand in Africa and the Far East for sacks,
and increased demand for MG paper as a result of recent
international plastic bag bans (France, Kenya and Morocco). This
further reinforces paper's position as "the" sustainable packaging
solution.
The Americas
In the Americas, EBITDA decreased by 9% year-on-year to EUR74
million with a reduced margin of 13.1% compared to 17.0% in the
first quarter of 2016. The main driver of the reduced margin was
higher recovered fibre costs across the region up approximately
EUR10 million year-on-year. Volumes in the Americas for the first
quarter grew 3% excluding Venezuela where the economic situation
continues to deteriorate.
On 4 April the Group opened its first experience centre in the
Americas. Located in Dallas, US, it will allow the Group to
showcase how we leverage our unique tools and insights to help our
customers succeed in their marketplace. We plan to open two
additional centres in Cali, Colombia and Mexico City by the end of
2017.
In Colombia the Group's operations have continued to operate
well with EBITDA in line year-on-year but with margin pressure
driven by higher recovered fibre prices, up 50% year-on-year. Box
price initiatives continue to progress well and volumes remain
strong up 6% year on year.
In Mexico the Group's operations continue to operate well, with
improved box prices and volumes up 4% year-on-year offsetting
increases in recovered fibre prices, up 6%. The Los Reyes Mill
project which will enable the Group to produce an additional
100,000 tonnes of recycled containerboard is scheduled to start up
in late summer this year with incremental Group contribution
expected in 2018.
In the US the Group's margins were also impacted by higher
recovered fibre costs, up over 50% year-on-year for the quarter.
The US operations have containerboard price increases and in turn
box price increases currently in progress to recover margin in the
coming months.
The Group's Brazilian operations have performed well with
volumes up 7% year-on-year and margins improving with lower, stable
recovered fibre prices compared to the levels at the end of 2016.
Chile has performed well with improved EBITDA year-on-year. In
Argentina the Group's results were strongly impacted by lower
demand as the local economy has not yet recovered from recession,
albeit the outlook remains positive due to the country's
progressive economic policies.
The Dominican Republic had a good quarter with volumes up 9%
year-on-year, however the Group's Central American business had a
challenging start to the year due to lower volumes.
In Venezuela the Group's corrugated shipments were down 59%
year-on-year. However, the Group's operations continue to perform
well in extremely difficult circumstances. The business represented
1.5% of Group EBITDA in the first quarter. As we previously
indicated, the macro situation in Venezuela remains uncertain, and
conditions have continued to deteriorate during the quarter. The
effect of high inflation without a corresponding devaluation of the
exchange rate would result in a net monetary loss which may distort
some of the Group's key metrics. We continue to monitor events as
they unfold. Net assets in Venezuela increased to EUR148 million as
at 31 March 2017 (31 December 2016: EUR91 million) as a result of
hyperinflation.
Summary Cash Flow
Summary cash flows(1) for the first quarter
are set out in the following table.
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
EBITDA 278 281
Cash interest expense (40) (36)
Working capital change (77) (98)
Current provisions - (4)
Capital expenditure (71) (107)
Change in capital creditors (55) 8
Tax paid (30) (28)
Sale of fixed assets 2 -
Other 9 (9)
Free cash flow 16 7
Share issues 1 -
Purchase of own shares (11) (10)
Sale of businesses and investments 4 -
Purchase of businesses and investments (10) (31)
Net cash inflow/(outflow) - (34)
Deferred debt issue costs amortised (4) (2)
Currency translation adjustment 14 55
Decrease in net debt 10 19
(1) The summary cash flow is prepared on a different basis to
the Consolidated Statement of Cash Flows under IFRS ('IFRS cash
flow') and as such the reconciling items between EBITDA and
decrease/(increase) in net debt may differ to amounts presented in
the IFRS cash flow. The principal differences are as follows:
(a) The summary cash flow details movements in net debt. The
IFRS cash flow details movements in cash and cash equivalents.
(b) Free cash flow reconciles to cash generated from operations
in the IFRS cash flow as shown in the table on the next page. The
main adjustments are in respect of cash interest, capital
expenditure, tax payments and the sale of fixed assets and
businesses.
(c) The IFRS cash flow has different sub-headings to those used
in the summary cash flow.
-- Current provisions in the summary cash flow are included within change
in employee benefits and other provisions in the IFRS cash
flow.
-- The total of capital expenditure and change in capital creditors in
the summary cash flow includes additions to intangible assets
which is
shown separately in the IFRS cash flow. It also includes
capitalised
leased assets which are excluded from additions to property,
plant and
equipment and biological assets in the IFRS cash flow.
-- Other in the summary cash flow includes changes in employee benefits
and other provisions (excluding current provisions),
amortisation of
capital grants, receipt of capital grants and dividends received
from
associates which are shown separately in the IFRS cash flow.
Reconciliation of Free Cash Flow to Cash Generated from
Operations
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Free cash flow 16 7
Add back: Cash interest 40 36
Capital expenditure (net of change in capital creditors) 126 99
Tax payments 30 28
Less: Sale of fixed assets (2) -
Profit on sale of assets and businesses - non-exceptional (5) (2)
Receipt of capital grants (in 'Other' in summary cash flow) - (2)
Non-cash financing activities (2) (1)
Cash generated from operations 203 165
Capital Resources
The Group's primary sources of liquidity are cash flow from
operations and borrowings under the revolving credit facility. The
Group's primary uses of cash are for funding day to day operations,
capital expenditure, debt service, dividends and other investment
activity including acquisitions.
At 31 March 2017, Smurfit Kappa Treasury Funding Limited had
outstanding US$292.3 million 7.50% senior debentures due 2025. The
Group had outstanding EUR124 million and STGGBP54 million variable
funding notes issued under the EUR240 million accounts receivable
securitisation programme maturing in June 2019, together with EUR5
million variable funding notes issued under the EUR175 million
accounts receivable securitisation programme maturing in April
2018.
Smurfit Kappa Acquisitions had outstanding EUR200 million 5.125%
senior notes due 2018, US$300 million 4.875% senior notes due 2018,
EUR400 million 4.125% senior notes due 2020, EUR250 million senior
floating rate notes due 2020, EUR500 million 3.25% senior notes due
2021, EUR500 million 2.375% senior notes due 2024 and EUR250
million 2.75% senior notes due 2025. Smurfit Kappa Acquisitions and
certain subsidiaries are also party to a senior credit facility. At
31 March 2017, the Group's senior credit facility comprised term
drawings of EUR312.6 million, US$51.3 million and STGGBP106.9
million under the amortising term loan facility maturing in 2020.
In addition, as at 31 March 2017, the facility included an EUR845
million revolving credit facility of which EUR6 million was drawn
in revolver loans, with a further EUR7 million in operational
facilities including letters of credit drawn under various
ancillary facilities.
The following table provides the range of interest rates as of
31 March 2017 for each of the drawings under the various senior
credit facility loans. Following a reduction in the Group's
leverage in December 2016, the margins under the senior credit
facility were reduced by 0.25%.
Borrowing Arrangement Currency Interest Rate
Term Loan Facility EUR 0.978% - 1.030%
USD 2.332%
GBP 1.609%
Revolving Credit Facility EUR 0.729%
Borrowings under the revolving credit facility are available to
fund the Group's working capital requirements, capital expenditure
and other general corporate purposes.
In January 2017 the Group issued EUR500 million of seven-year
euro denominated senior notes at a coupon of 2.375%, the proceeds
of which were used to prepay term debt under the senior credit
facility, reduce indebtedness under existing securitisation
facilities and for general corporate purposes. In February 2017 the
Group increased the revolving credit facility under the senior
credit facility by EUR220 million thereby further enhancing
liquidity.
Market Risk and Risk Management Policies
The Group is exposed to the impact of interest rate changes and
foreign currency fluctuations due to its investing and funding
activities and its operations in different foreign currencies.
Interest rate risk exposure is managed by achieving an appropriate
balance of fixed and variable rate funding. As at 31 March 2017,
the Group had fixed an average of 80% of its interest cost on
borrowings over the following twelve months.
The Group's fixed rate debt comprised EUR200 million 5.125%
senior notes due 2018, US$300 million 4.875% senior notes due 2018
(US$50 million swapped to floating), EUR400 million 4.125% senior
notes due 2020, EUR500 million 3.25% senior notes due 2021, EUR500
million 2.375% senior notes due 2024, EUR250 million 2.75% senior
notes due 2025 and US$292.3 million 7.50% senior debentures due
2025. In addition the Group had EUR349 million in interest rate
swaps with maturity dates ranging from October 2018 to January
2021.
The Group's earnings are affected by changes in short-term
interest rates as a result of its floating rate borrowings. If
LIBOR/EURIBOR interest rates for these borrowings increase by one
percent, the Group's interest expense would increase, and income
before taxes would decrease, by approximately EUR8 million over the
following twelve months. Interest income on the Group's cash
balances would increase by approximately EUR6 million assuming a
one percent increase in interest rates earned on such balances over
the following twelve months.
The Group uses foreign currency borrowings, currency swaps,
options and forward contracts in the management of its foreign
currency exposures.
Condensed Consolidated Income Statement - First Quarter
3 3 months to 31-Mar-16Unaudited
months to 31-Mar-17Unaudited
Pre-exceptional2017 Exceptional2017 Total2017 Pre-exceptional2016 Exceptional2016 Total2016
EURm EURm EURm EURm EURm EURm
Revenue 2,129 - 2,129 2,001 - 2,001
Cost of sales (1,522) - (1,522) (1,411) - (1,411)
Gross profit 607 - 607 590 - 590
Distribution (167) - (167) (154) - (154)
costs
Administrative (272) - (272) (257) - (257)
expenses
Operating 168 - 168 179 - 179
profit
Finance costs (61) (2) (63) (61) - (61)
Finance income 4 - 4 10 - 10
Profit before 111 (2) 109 128 - 128
income tax
Income tax (36) (38)
expense
Profit for the 73 90
financial
period
Attributable
to:
Owners of the 74 90
parent
Non-controlling (1) -
interests
Profit for the 73 90
financial
period
Earnings per
share
Basic earnings 31.5 38.8
per
share - cent
Diluted 31.3 38.4
earnings
per share
- cent
Condensed Consolidated Statement of Comprehensive Income - First
Quarter
3 months to 3 months to
31-Mar-17 31-Mar-16
Unaudited Unaudited
EURm EURm
Profit for the financial period 73 90
Other comprehensive income:
Items that may be subsequently
reclassified to profit or loss
Foreign currency translation adjustments:
- Arising in the period 30 (64)
Effective portion of changes in fair
value of cash flow hedges:
- Movement out of reserve 2 2
- New fair value adjustments into reserve - (2)
32 (64)
Items which will not be subsequently
reclassified to profit or loss
Defined benefit pension plans:
- Actuarial gain/(loss) 6 (57)
- Movement in deferred tax (1) 7
5 (50)
Total other comprehensive income/(expense) 37 (114)
Total comprehensive income/(expense) 110 (24)
for the financial period
Attributable to:
Owners of the parent 108 (20)
Non-controlling interests 2 (4)
Total comprehensive income/(expense) 110 (24)
for the financial period
Condensed Consolidated Balance Sheet
31-Mar-17 31-Mar-16 31-Dec-16
Unaudited Unaudited Audited
EURm EURm EURm
ASSETS
Non-current assets
Property, plant and equipment 3,290 3,085 3,261
Goodwill and intangible assets 2,497 2,484 2,478
Available-for-sale financial assets 21 21 21
Investment in associates 17 17 17
Biological assets 114 95 114
Trade and other receivables 26 36 29
Derivative financial instruments 39 23 42
Deferred income tax assets 184 188 190
6,188 5,949 6,152
Current assets
Inventories 800 732 779
Biological assets 13 8 10
Trade and other receivables 1,606 1,527 1,470
Derivative financial instruments 3 12 10
Restricted cash 8 8 7
Cash and cash equivalents 567 353 436
2,997 2,640 2,712
Total assets 9,185 8,589 8,864
EQUITY
Capital and reserves attributable
to owners of the parent
Equity share capital - - -
Share premium 1,984 1,983 1,983
Other reserves (485) (490) (507)
Retained earnings 1,002 668 853
Total equity attributable 2,501 2,161 2,329
to owners of the parent
Non-controlling interests 169 149 174
Total equity 2,670 2,310 2,503
LIABILITIES
Non-current liabilities
Borrowings 3,280 3,300 3,247
Employee benefits 875 856 884
Derivative financial instruments 11 18 12
Deferred income tax liabilities 169 152 183
Non-current income tax liabilities 30 27 30
Provisions for liabilities and charges 70 56 69
Capital grants 14 14 14
Other payables 13 11 13
4,462 4,434 4,452
Current liabilities
Borrowings 226 90 137
Trade and other payables 1,728 1,667 1,705
Current income tax liabilities 41 48 21
Derivative financial instruments 33 11 27
Provisions for liabilities and charges 25 29 19
2,053 1,845 1,909
Total liabilities 6,515 6,279 6,361
Total equity and liabilities 9,185 8,589 8,864
Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the parent
Equitysharecapital Sharepremium Otherreserves Retainedearnings Total Non-controllinginterests Totalequity
EURm EURm EURm EURm EURm EURm EURm
Unaudited
At 1 January 2017 - 1,983 (507) 853 2,329 174 2,503
Profit for the financial - - - 74 74 (1) 73
period
Other comprehensive
income
Foreign - - 27 - 27 3 30
currency
translationadjustments
Defined benefit - - - 5 5 - 5
pension plans
Effective portion - - 2 - 2 - 2
of changes in
fairvalue of cash
flow hedges
Total comprehensive - - 29 79 108 2 110
income
forthe financial period
Shares issued - 1 - - 1 - 1
Acquired non-controlling - - - - - (15) (15)
interests
Hyperinflation - - - 70 70 8 78
adjustment
Share-based payment - - 4 - 4 - 4
Shares acquired by - - (11) - (11) - (11)
SKG EmployeeTrust
At 31 March 2017 - 1,984 (485) 1,002 2,501 169 2,670
Unaudited
At 1 January 2016 - 1,983 (425) 619 2,177 151 2,328
Profit for the financial - - - 90 90 - 90
period
Other comprehensive
income
Foreign - - (60) - (60) (4) (64)
currency
translationadjustments
Defined benefit - - - (50) (50) - (50)
pension plans
Total - - (60) 40 (20) (4) (24)
comprehensive(expense)/income
for thefinancial
period
Hyperinflation - - - 9 9 2 11
adjustment
Share-based payment - - 5 - 5 - 5
Shares acquired by - - (10) - (10) - (10)
SKG EmployeeTrust
At 31 March 2016 - 1,983 (490) 668 2,161 149 2,310
An analysis of the movements in Other reserves is provided in
Note 13.
Condensed Consolidated Statement of Cash Flows
3 months to 3 months to
31-Mar-17 31-Mar-16
Unaudited Unaudited
EURm EURm
Cash flows from operating activities
Profit before income tax 109 128
Net finance costs 59 51
Depreciation charge 90 87
Amortisation of intangible assets 11 8
Amortisation of capital grants - (1)
Equity settled share-based payment expense 4 5
Profit on sale of assets and businesses (5) (2)
Net movement in working capital (79) (99)
Change in biological assets 5 2
Change in employee benefits (8) (15)
and other provisions
Other (primarily hyperinflation 17 1
adjustments)
Cash generated from operations 203 165
Interest paid (42) (37)
Income taxes paid:
Overseas corporation tax (net (30) (28)
of tax refunds) paid
Net cash inflow from operating activities 131 100
Cash flows from investing activities
Interest received 1 1
Business disposals 4 -
Additions to property, plant and (125) (97)
equipment and biological assets
Additions to intangible assets (1) (2)
Receipt of capital grants - 2
Increase in restricted cash (1) (3)
Disposal of property, plant and equipment 7 2
Purchase of subsidiaries and (9) (30)
non-controlling interests
Deferred consideration paid (1) (1)
Net cash outflow from investing activities (125) (128)
Cash flows from financing activities
Proceeds from issue of new ordinary shares 1 -
Proceeds from bond issue 500 -
Proceeds from other debt issues - 250
Purchase of own shares (11) (10)
Increase in other interest-bearing 11 10
borrowings
Repayment of finance leases - (1)
Repayment of borrowings (366) (170)
Deferred debt issue costs paid (7) (1)
Net cash inflow from financing activities 128 78
Increase in cash and cash equivalents 134 50
Reconciliation of opening to closing
cash and cash equivalents
Cash and cash equivalents at 1 January 402 263
Currency translation adjustment 8 25
Increase in cash and cash equivalents 134 50
Cash and cash equivalents at 31 March 544 338
An analysis of the net movement in working capital is provided
in Note 11.
Notes to the Condensed Consolidated Interim Financial
Statements
1.General Information
Smurfit Kappa Group plc ('SKG plc' or 'the Company') and its
subsidiaries (together 'SKG' or 'the Group') manufacture,
distribute and sell containerboard, corrugated containers and other
paper-based packaging products such as solidboard, graphicboard and
bag-in-box. The Company is a public limited company whose shares
are publicly traded. It is incorporated and domiciled in Ireland.
The address of its registered office is Beech Hill, Clonskeagh,
Dublin 4, D04 N2R2, Ireland.
2.Basis of Preparation and Accounting Policies
The consolidated financial statements of the Group are prepared
in accordance with International Financial Reporting Standards
('IFRS') issued by the International Accounting Standards Board
('IASB') as adopted by the European Union ('EU'); and those parts
of the Companies Act 2014 applicable to companies reporting under
IFRS. The financial information presented in this report has not
been prepared in accordance with International Accounting Standard
34 - 'Interim Financial Reporting' ('IAS 34').
The financial information presented in this report has been
prepared in accordance with the Group's accounting policies. Full
details of the accounting policies adopted by the Group are
contained in the financial statements included in the Group's
annual report for the year ended 31 December 2016 which is
available on the Group's website; smurfitkappa.com. The accounting
policies and methods of computation and presentation adopted in the
preparation of the condensed consolidated interim financial
statements are consistent with those described and applied in the
annual report for the financial year ended 31 December 2016. There
are no new IFRS standards effective from 1 January 2017 which have
a material effect on the condensed consolidated interim financial
information included in this report.
The condensed consolidated interim financial statements include
all adjustments that management considers necessary for a fair
presentation of such financial information. All such adjustments
are of a normal recurring nature. Certain tables in this interim
statement may not add precisely due to rounding.
The condensed consolidated interim financial statements
presented do not constitute full statutory accounts. Full statutory
accounts for the year ended 31 December 2016 will be filed with the
Irish Registrar of Companies in due course. The audit report on
those statutory accounts was unqualified.
3.Segmental Analyses
The Group has determined operating segments based on the manner
in which reports are reviewed by the chief operating decision maker
('CODM'). The CODM is determined to be the executive management
team responsible for assessing performance, allocating resources
and making strategic decisions. The Group has identified two
operating segments: 1) Europe and 2) The Americas.
The Europe segment is highly integrated. It includes a system of
mills and plants that primarily produces a full line of
containerboard that is converted into corrugated containers. The
Americas segment comprises all forestry, paper, corrugated and
folding carton activities in a number of Latin American countries
and the United States. Inter-segment revenue is not material. No
operating segments have been aggregated for disclosure
purposes.
Segment profit is measured based on EBITDA(1).
3 months to 31-Mar-17 3 months to 31-Mar-16
Europe TheAmericas Total Europe TheAmericas Total
EURm EURm EURm EURm EURm EURm
Revenue and
results
Revenue 1,563 566 2,129 1,520 481 2,001
EBITDA 213 74 287 209 82 291
Segment - - - - - -
exceptional
items
EBITDA after 213 74 287 209 82 291
exceptional
items
Unallocated (9) (10)
centre
costs
Share-based (4) (5)
payment
expense
Depreciation (95) (89)
and
depletion
(net)
Amortisation (11) (8)
Finance costs (63) (61)
Finance income 4 10
Profit before 109 128
income tax
Income tax (36) (38)
expense
Profit for the 73 90
financial
period
(1) EBITDA is defined within Alternative Performance Measures
set out in Supplementary Financial Information.
4.Exceptional Items
3 months to 3 months to
The following items are regarded 31-Mar-17 31-Mar-16
as exceptional in nature:
EURm EURm
Exceptional finance costs 2 -
Exceptional items included 2 -
in net finance costs
Exceptional finance costs of EUR2 million in the first quarter
of 2017 represented the accelerated amortisation of the issue costs
relating to the debt within our senior credit facility which was
paid down with the proceeds of the EUR500 million bond issued in
January.
5.Finance Costs and Income
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Finance costs:
Interest payable on bank loans and overdrafts 15 12
Interest payable on other borrowings 28 27
Exceptional finance costs associated 2 -
with debt restructuring
Foreign currency translation loss on debt 5 7
Fair value loss on derivatives 3 6
not designated as hedges
Net interest cost on net pension liability 5 6
Net monetary loss-hyperinflation 5 3
Total finance costs 63 61
Finance income:
Other interest receivable (1) (1)
Foreign currency translation gain on debt (3) (8)
Fair value gain on derivatives - (1)
not designated as hedges
Total finance income (4) (10)
Net finance costs 59 51
6.Income Tax Expense
Income tax expense recognised in the Condensed Consolidated
Income Statement
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Current tax:
Europe 35 28
The Americas 15 18
50 46
Deferred tax (14) (8)
Income tax expense 36 38
Current tax is analysed as follows:
Ireland 1 3
Foreign 49 43
50 46
Income tax recognised in the Condensed Consolidated Statement of
Comprehensive Income
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Arising on defined benefit plans 1 (7)
The tax expense in 2017 is EUR2 million lower than the same
period in 2016 due to lower earnings. The income tax expense is
higher by EUR10 million in Europe and lower by EUR12 million in the
Americas. The EUR6 million movement in deferred tax primarily
arises from the reversal of timing differences.
There is no income tax credit associated with exceptional items
in 2017.
7.Employee Benefits - Defined Benefit Plans
The table below sets out the components of the defined benefit
cost for the period:
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Current service cost 7 10
Gain on settlement - (2)
Net interest cost on net pension liability 5 6
Defined benefit cost 12 14
Included in cost of sales, distribution costs and administrative
expenses is a defined benefit cost of EUR7 million (2016: cost of
EUR8 million). Net interest cost on net pension liability of EUR5
million (2016: EUR6 million) is included in finance costs in the
Condensed Consolidated Income Statement.
The amounts recognised in the Condensed Consolidated Balance
Sheet were as follows:
31-Mar-17 31-Dec-16
EURm EURm
Present value of funded or partially (2,289) (2,320)
funded obligations
Fair value of plan assets 1,930 1,953
Deficit in funded or partially funded plans (359) (367)
Present value of wholly unfunded obligations (516) (517)
Net pension liability (875) (884)
8.Earnings per Share
Basic
Basic earnings per share is calculated by dividing the profit
attributable to owners of the parent by the weighted average number
of ordinary shares in issue during the period less own shares.
3 months to 3 months to
31-Mar-17 31-Mar-16
Profit attributable to owners 74 90
of the parent (EUR million)
Weighted average number of ordinary 235 234
shares in issue (million)
Basic earnings per share (cent) 31.5 38.8
Diluted
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. These
comprise convertible shares issued under the Share Incentive Plan,
which were based on performance and the passage of time, and
deferred shares held in trust issued under the Deferred Annual
Bonus Plan, which are based on the passage of time.
3 months to 3 months to
31-Mar-17 31-Mar-16
Profit attributable to owners 74 90
of the parent (EUR million)
Weighted average number of ordinary 235 234
shares in issue (million)
Potential dilutive ordinary 2 2
shares assumed (million)
Diluted weighted average ordinary 237 236
shares (million)
Diluted earnings per share (cent) 31.3 38.4
Pre-exceptional
3 months to 3 months to
31-Mar-17 31-Mar-16
Profit attributable to owners 74 90
of the parent (EUR million)
Exceptional items included in profit before 2 -
income tax (Note 4) (EUR million)
Pre-exceptional profit attributable to 76 90
owners of the parent (EUR million)
Weighted average number of ordinary 235 234
shares in issue (million)
Pre-exceptional basic earnings 32.2 38.8
per share (cent)
Diluted weighted average ordinary 237 236
shares (million)
Pre-exceptional diluted earnings 32.0 38.4
per share (cent)
9.Dividends
The Board has recommended a final dividend of 57.6 cent per
share for 2016 payable on 12 May 2017 to all ordinary shareholders
on the share register at the close of business on 21 April 2017,
subject to the approval of the shareholders at the AGM on 5 May
2017.
10.Property, Plant and Equipment
Land andbuildings Plant andequipment Total
EURm EURm EURm
Three months ended
31 March 2017
Opening net book 1,004 2,257 3,261
amount
Reclassifications 4 (4) -
Additions 1 66 67
Acquisitions - 1 1
Depreciation charge (13) (77) (90)
Retirements and (2) - (2)
disposals
Hyperinflation 21 17 38
adjustment
Foreign currency 4 11 15
translation
adjustment
At 31 March 2017 1,019 2,271 3,290
Year ended 31 December
2016
Opening net book 988 2,115 3,103
amount
Reclassifications 42 (43) (1)
Additions 11 465 476
Acquisitions 10 56 66
Depreciation charge (48) (309) (357)
Retirements and (1) (11) (12)
disposals
Hyperinflation 25 21 46
adjustment
Foreign currency (23) (37) (60)
translation
adjustment
At 31 December 2016 1,004 2,257 3,261
11.Net Movement in Working Capital
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Change in inventories (18) (10)
Change in trade and other receivables (120) (98)
Change in trade and other payables 59 9
Net movement in working capital (79) (99)
12.Analysis of Net Debt
31-Mar-17 31-Dec-16
EURm EURm
Senior credit facility:
Revolving credit facility(1)- interest at 1 1
relevant interbank rate + 1.10%(5)
Term loan facility(2)- interest at relevant 482 741
interbank rate + 1.35%(5)
US$292.3 million 7.50% senior debentures 280 279
due 2025 (including accrued interest)
Bank loans and overdrafts 169 167
Cash (575) (443)
2018 receivables securitisation 4 114
variable funding notes
2019 receivables securitisation 186 182
variable funding notes
2018 senior notes (including accrued interest)(3) 479 488
EUR400 million 4.125% senior notes due 400 404
2020 (including accrued interest)
EUR250 million senior floating rate notes due 249 249
2020 (including accrued interest)(4)
EUR500 million 3.25% senior notes due 501 496
2021 (including accrued interest)
EUR500 million 2.375% senior notes due 494 -
2024 (including accrued interest)
EUR250 million 2.75% senior notes due 247 249
2025 (including accrued interest)
Net debt before finance leases 2,917 2,927
Finance leases 14 14
Net debt including leases 2,931 2,941
(1) Revolving credit facility ('RCF') of EUR845 million (available
under the senior credit facility) to
be repaid in 2020. The RCF wasincreased by EUR220
million in February 2017. (a) revolver loans
- EUR6 million, (b) drawn under ancillary facilities
and facilitiessupported by letters of credit
- nil and (c) other operational facilities
including letters of credit - EUR7 million.
(2) Term loan facility due to be repaid in certain instalments
from 2018 to 2020. In January and
February 2017, the Group prepaidEUR260 million
of drawings under the term loan facility.
(3) EUR200 million 5.125% senior notes due 2018 and US$300
million 4.875% senior notes due 2018.
(4) Interest at EURIBOR + 3.5%.
(5) Following a reduction in leverage at 31 December
2016, the margins on the RCF and term
loan reduced by 0.25% to 1.10% and1.35%
respectively effective February 2017.
The margins applicable under the senior credit facility are
determined as follows:
Net debt/EBITDA ratio RCF Term Loan Facility
Greater than 3.0 : 1 1.85% 2.10%
3.0 : 1 or less but more than 2.5 : 1 1.35% 1.60%
2.5 : 1 or less but more than 2.0 : 1 1.10% 1.35%
2.0 : 1 or less 0.85% 1.10%
13.Other Reserves
Other reserves included in the Condensed Consolidated Statement
of Changes in Equity are comprised of the following:
Reverseacquisitionreserve Cash flowhedgingreserve Foreigncurrencytranslationreserve Share-basedpaymentreserve Ownshares Available-for-salereserve
Total
EURm EURm EURm EURm EURm EURm EURm
At 1 January 2017 575 (22) (1,193) 165 (33) 1 (507)
Other comprehensive income
Foreign currencytranslation - - 27 - - - 27
adjustments
Effective portion ofchanges - 2 - - - - 2
in fair
value ofcash flow hedges
Total othercomprehensive income - 2 27 - - - 29
Share-based payment - - - 4 - - 4
Shares acquired by - - - - (11) - (11)
SKGEmployee Trust
Shares distributed by - - - (10) 10 - -
SKGEmployee Trust
At 31 March 2017 575 (20) (1,166) 159 (34) 1 (485)
At 1 January 2016 575 (22) (1,109) 168 (38) 1 (425)
Other comprehensiveincome
Foreign currencytranslation - - (60) - - - (60)
adjustments
Total othercomprehensive expense - - (60) - - - (60)
Share-based payment - - - 5 - - 5
Shares acquired by - - - - (10) - (10)
SKGEmployee Trust
Shares distributed by - - - (14) 14 - -
SKGEmployee Trust
At 31 March 2016 575 (22) (1,169) 159 (34) 1 (490)
14.Venezuela
Hyperinflation
As discussed more fully in the 2016 annual report, Venezuela
became hyperinflationary during 2009 when its cumulative inflation
rate for the past three years exceeded 100%. As a result, the Group
applied the hyperinflationary accounting requirements of IAS 29 -
Financial Reporting in Hyperinflationary Economies to its
Venezuelan operations at 31 December 2009 and for all subsequent
accounting periods.
In 2017 and 2016 management engaged an independent expert to
determine an estimate of the annual inflation rate. The level of
and movement in the price index at March 2017 and 2016 are as
follows:
31-Mar-17 31-Mar-16
Index at period-end 19,277.1 2,924.6
Movement in period 72.8% 13.6%
As a result of the entries recorded in respect of
hyperinflationary accounting under IFRS, the Condensed Consolidated
Income Statement is impacted as follows: Revenue EUR7 million
increase (2016: EUR5 million decrease), EBITDA EUR10 million
decrease (2016: EUR3 million decrease) and profit after taxation
EUR18 million decrease (2016: EUR5 million decrease). In 2017, a
net monetary loss of EUR5 million (2016: EUR3 million loss) was
recorded in the Condensed Consolidated Income Statement. The impact
on our net assets and our total equity is an increase of EUR60
million (2016: EUR5 million increase).
Exchange Control
The Group consolidates its Venezuelan operations at the variable
DICOM rate. The Group believes that DICOM is the most appropriate
rate for accounting and consolidation, as it believes that this is
the rate at which the Group extracts economic benefit. On this
basis, in accordance with IFRS, the financial statements of the
Group's operations in Venezuela were translated at 31 March 2017
using the DICOM rate of VEF709.75 per US dollar and the closing
euro/US dollar rate of 1 euro = US$1.069.
Control
The nationalisation of foreign owned companies or assets by the
Venezuelan government remains a risk. Market value compensation is
either negotiated or arbitrated under applicable laws or treaties
in these cases. However, the amount and timing of such compensation
is necessarily uncertain.
The Group continues to control operations in Venezuela and, as a
result, continues to consolidate all of the results and net assets
of these operations at the period end in accordance with the
requirement of IFRS 10.
In 2017, the Group's operations in Venezuela represented
approximately 1.5% (2016: 1.1%) of its EBITDA, 2.5% (2016: 1.3%) of
its total assets and 5.9% (2016: 3.0%) of its net assets.
Cumulative foreign translation losses arising on its net investment
in these operations amounting to EUR993 million (2016: EUR951
million) are included in the foreign currency translation
reserve.
Supplementary Financial Information
Alternative Performance Measures
Certain financial measures set out in this report are not
defined under International Financial Reporting Standards ('IFRS').
An explanation for the use of these Alternative Performance
Measures ('APMs') is set out within Financial Key Performance
Indicators on pages 40-42 of the Group's 2016 annual report. The
key APMs of the Group are set out below.
APM Description
EBITDA Earnings before exceptional items,
share-based paymentexpense,
share of associates' profit
(after tax), net
financecosts, income tax
expense, depreciation and
depletion (net)and intangible
assets amortisation.
EBITDA Margin % EBITDA x 100
Revenue
Pre-exceptional Basic EPS (cent) Profit attributable to
owners of the parent,
adjustedfor exceptional
items included
in profit before tax andincome
tax on exceptional
items _________________x 100
Weighted average number of
ordinary shares inissue
Return on Capital Employed % Last twelve months ('LTM')
pre-exceptional
operatingprofit
plus share of associates' profit
(after tax)______x 100
Average capital employed (where capital
employedis the average of
total equity and net
debt at thebeginning
and end of the period)
Free Cash Flow Free cash flow is the result
of the cash inflows
and outflowsfrom our
operating activities,
and is before those arising
fromacquisition
and disposal activities.
Free cash flow (APM)
and a reconciliation
of free cash flow tocash
generated from operations (IFRS
measure) are includedin
the management commentary. The
IFRS cash flow isincluded
in the Condensed Consolidated
Financial Statements.
Net Debt Net debt is comprised of
borrowings net of cash
and cashequivalents
and restricted cash.
Net Debt to EBITDA (LTM) times Net debt_____
EBITDA (LTM)
Reconciliation of Profit to EBITDA
3 months to 3 months to
31-Mar-17 31-Mar-16
EURm EURm
Profit for the financial period 73 90
Income tax expense 36 38
Net finance costs (after exceptional items) 59 51
Share-based payment expense 4 5
Depreciation, depletion (net) and amortisation 106 97
EBITDA 278 281
Return on Capital Employed
Q1, 2017 Q1, 2016 Q4, 2016
EURm EURm EURm
Pre-exceptional operating 820 796 832
profit plus share
of associates' profit
(aftertax) (LTM)
Total equity - current period end 2,670 2,310 2,503
Net debt - current period end 2,931 3,029 2,941
Capital employed - current period end 5,601 5,339 5,444
Total equity - prior period end 2,310 2,128 2,328
Net debt - prior period end 3,029 2,930 3,048
Capital employed - prior period end 5,339 5,058 5,376
Average capital employed 5,470 5,198 5,410
Return on capital employed 15.0% 15.3% 15.4%
Supplementary Historical Financial Information
EURm Q1, 2016 Q2, 2016 Q3, 2016 Q4, 2016 FY, 2016 Q1, 2017
Group and 3,280 3,375 3,424 3,441 13,521 3,573
third
party
revenue
Third 2,001 2,049 2,050 2,060 8,159 2,129
party
revenue
EBITDA 281 312 323 320 1,236 278
EBITDA 14.0% 15.3% 15.7% 15.5% 15.1% 13.0%
margin
Operating 179 211 219 206 815 168
profit
Profit 128 184 187 155 654 109
before
income
tax
Free cash 7 28 164 104 303 16
flow
Basic 38.8 52.0 56.4 42.3 189.4 31.5
earnings
per
share -
cent
Weighted 234 234 234 235 235 235
average
number
of shares
used
inEPS
calculation
(million)
Net debt 3,029 3,121 2,953 2,941 2,941 2,931
EBITDA 1,197 1,224 1,242 1,236 1,236 1,233
(LTM)
Net debt 2.53 2.55 2.38 2.38 2.38 2.38
to
EBITDA
(LTM)
1 Underlying in relation to financial measures throughout this
report excludes acquisitions, disposals, currency and
hyperinflation movements where applicable
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(END) Dow Jones Newswires
May 05, 2017 02:00 ET (06:00 GMT)
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