FY13 results rightly drew attention to financial and operational progress made by the group. There are plenty of themes to retain investor interest with ongoing actions to optimise the European integrated plant model, a clear statement of intent to expand and acquire in faster growing Americas markets and, in the absence of deals, a potential return of capital to shareholders. Financial discipline is being robustly applied within Smurfit Kappa, which bodes well for total shareholder returns in FY14 and beyond.

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