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RNS Number : 1622E
Smurfit Kappa Group PLC
04 November 2020
PRESS RELEASE
4 November: Smurfit Kappa Group plc ('SKG', 'Smurfit Kappa' or
'the Group') today announced a trading update for the 9 months to
30 September 2020.
First Nine Months Overview
-- Third quarter performance ahead of our expectations
-- Revenue of EUR6,312 million for the nine months
-- EBITDA of EUR1,125 million for the nine months
-- EBITDA Margin of 17.8% for the nine months
-- Second interim dividend at 27.9 cent per share
Performance Overview
Smurfit Kappa Group has delivered a strong set of results for
the first nine months with an EBITDA of EUR1,125 million and an
EBITDA margin of 17.8%. Our third quarter EBITDA of EUR390 million
was particularly pleasing, both from an operational and financial
perspective, demonstrating, once again, the strength and resilience
of the Group.
Our results reflect the continuing benefits of our capital
allocation decisions, our ability to effectively manage our cost
base, our geographic reach and the recovery in demand in both our
European and Americas businesses. The results also highlight the
value our 65,000 customers place on our innovation, our expertise
in managing supply chains and our sustainability credentials.
Our business today is strongly weighted towards FMCG customers
where we are well positioned to enhance our growth from the
accelerating trends in e-commerce, innovative packaging and
increased consumer demand for sustainable packaging. During the
year we have adapted to new ways of working, both remotely and
within our operations. We will use these new ways of working to
look for opportunities to further increase our operating efficiency
and effectiveness across our system. We are currently developing a
programme which is designed to ensure that we retain the benefits
in the years ahead. We expect to announce the costs and associated
benefits of this programme with the year-end results in
February.
During this unprecedented time in all of our lives, the effort
and dedication of our 46,000 employees has been remarkable in
ensuring that Smurfit Kappa has continued to deliver for our
customers, their critical supply chains and our communities. To
recognise our peoples' response to the pandemic, SKG will be
awarding all permanent employees with a unique recognition reward
in the fourth quarter. In addition, while not material, we have
taken the decision to repay any specific government support schemes
related to the COVID-19 pandemic.
Tony Smurfit, Group CEO, commented:
"I am pleased to report that the quality of our business and the
strength of our people has produced an excellent performance in
both the third quarter and the year-to-date. While some uncertainty
still exists around the evolution of the effects of COVID-19 in the
weeks ahead, absent a dramatic change to working practices, the
Group expects to deliver EBITDA in the range of EUR1,460 million to
EUR1,480 million for the full year 2020.
"We are increasingly excited by our future prospects and the
structural growth drivers of our business including e--commerce and
sustainable packaging as well as our innovative ability to
capitalise on these opportunities. Reflecting the Board's
confidence in SKG's performance and prospects, it is recommending a
second interim dividend of 27.9 cent per share. This second interim
dividend, following the payment of an interim dividend in
September, ensures the Group is aligned with the dividend payment
cycles of previous years. It is proposed to pay this dividend on 11
December 2020 to all ordinary shareholders on the share register at
the close of business on 20 November 2020."
This announcement contains inside information. The person
responsible for arranging for the release of this announcement on
behalf of Smurfit Kappa Group plc is Gillian Carson-Callan, Company
Secretary. The date and time of this announcement is the same as
the date and time that it has been communicated to the media, at
7am on 4 November 2020.
About Smurfit Kappa
Smurfit Kappa, a FTSE 100 company, is one of the leading
providers of paper-based packaging solutions in the world, with
approximately 46,000 employees in over 350 production sites across
35 countries and with revenue of EUR9.0 billion in 2019. We are
located in 23 countries in Europe, and 12 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.
Our products, which are 100% renewable and produced sustainably,
improve the environmental footprint of our customers.
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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
Garrett Quinn Melanie Farrell
Smurfit Kappa FTI Consulting
T: +353 1 202 71 80 T: +353 86 401 5250
E: ir@smurfitkappa.com E: smurfitkappa@fticonsulting.com
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END
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November 04, 2020 02:00 ET (07:00 GMT)
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