REG-Smurfit Kappa Group PLC Final Results
08/02/2023 07:00
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Final Results
Smurfit Kappa Group plc (‘SKG’, 'Smurfit Kappa' or ‘the Group’) today
announced results for the full year ending 31 December 2022.
2022 Full Year | Key Financial Performance Measures
€m FY 2022 FY 2021 Change H2 2022 H2 2021 Change H1 2022 Change
Revenue €12,815 €10,107 27% €6,430 €5,428 18% €6,385 1%
EBITDA (1) €2,355 €1,702 38% €1,181 €921 28% €1,174 1%
EBITDA Margin (1) 18.4% 16.8% 18.4% 17.0% 18.4%
Operating Profit before Exceptional Items (1) €1,662 €1,073 55% €823 €596 38% €839 (2%)
Profit before Income Tax €1,293 €913 42% €524 €500 5% €769 (32%)
Basic EPS (cent) 365.3 263.9 38% 143.4 144.0 - 221.9 (35%)
Pre-exceptional Basic EPS (cent) (1) 444.1 274.5 62% 222.2 154.6 44% 221.9 -
Free Cash Flow (1) €545 €455 20% €573 €338 70% (€28)
Return on Capital Employed (1) 21.8% 16.0% 19.3%
Net Debt (1) €2,992 €2,885 4% €3,309 (10%)
Net Debt to EBITDA (LTM) (1) 1.3x 1.7x 1.6x
Key points:
* Revenue growth of 27% to €12,815 million
* EBITDA growth of 38% to €2,355 million with an EBITDA margin of 18.4%
* Return on capital employed of 21.8%
* Net Debt to EBITDA ratio below 1.3x
* Pre-exceptional EPS growth of 62%
* Final dividend increased by 12% to 107.6 cent per share
Tony Smurfit, Group CEO, commented:
“Set against a year of extraordinary circumstances, 2022 was another highly
successful year for the Smurfit Kappa Group. Our performance reflects the
ongoing benefits of our investment programme together with our customer-led
innovation and sustainability initiatives. SKG’s integrated model together
with our geographic footprint continue to deliver for all stakeholders.
“Revenue for the year was up 27% to €12.8 billion. EBITDA for the full
year was €2,355 million, a 38% increase over 2021, with an EBITDA margin of
18.4%, ROCE of 21.8% and a net debt to EBITDA of less than 1.3x. Our balance
sheet metrics are the strongest in the Group’s history, providing SKG with
significant strategic and financial flexibility.
“For the full year, box volumes for the Group were down less than 2%. The
rate and pace of inflation clearly had a negative effect on the demand
environment in 2022. As guided by the Group, this coincided with the partial
reversal of the unsustainably high demand levels seen through the pandemic
period. This slowdown was particularly evidenced in the latter part of the
year, especially in the month of December, where we saw stock reductions and
downtime taken by customers.
“In our European business, box volumes were down 2% year-on-year. While two
of our larger countries, Germany and the UK, performed below our expectations,
others, such as Spain and France, were less affected.
“Box volumes in the Americas, excluding acquisitions, were broadly flat
year-on-year, with growth in Mexico, Colombia, Brazil and Argentina offset by
a weaker performance in our North American business.
“The year was characterised by unprecedented cost inflation, especially in
energy, which moderated in the latter part of the year. As illustrated by our
performance in 2022, SKG has successfully navigated this environment.
“In 2022 we invested close to €1 billion to support our customers and
capitalise on long-term demand growth drivers. We also continue to make
progress towards our sustainability goals with investments to reduce our
carbon footprint, reduce our impact on the environment and help our customers
achieve their own carbon reduction and sustainability goals.
“The Group continued to expand its geographic footprint and product
portfolio through acquisitions in 2022. In Europe, we purchased operations in
Spain and the UK, while in the Americas, we acquired operations in Argentina
and Brazil.
“We are immensely proud of the work of the Group and its employees in
supporting many different social programs across the world. This includes
significant support for the Ukrainian people impacted by the war.
Additionally, we continue to invest in the communities in which we operate
through programs in health, education and environmental protection while our
employees devote time and energy to social projects.
“In September, the Group published its first Green Bond Allocation and
Impact Report, detailing the use of the proceeds of the €1 billion
dual-tranche Green Bonds issued in 2021. Issued with coupons of 0.5% and 1%
respectively, for tenors of 8 and 12 years, these coupons are the lowest in
the Group’s history.
“Although very early, 2023 has started well. While there are and always will
be challenges, SKG has never been in better shape strategically, financially
and operationally. We have put ourselves in a position with the steps that we
have taken and continue to take, to deliver high quality performance and to
take advantage of the many opportunities we see around us.
“Reflecting confidence in the strength, quality and performance of the
Smurfit Kappa business, the Board is recommending a 12% increase in the final
dividend to 107.6 cent per share.”
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 48,000
employees in over 350 production sites across 36 countries and with revenue of
€12.8 billion in 2022. We are located in 23 countries in Europe, and 13 in
the Americas. 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.
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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 Melanie Farrell
Smurfit Kappa FTI Consulting
T: +353 1 202 71 27 T: +353 86 401 5250
E: ir@smurfitkappa.com (mailto:ir@smurfitkappa.com) E: smurfitkappa@fticonsulting.com (mailto:smurfitkappa@fticonsulting.com)
2022 Full Year | Performance Overview
The Group reported EBITDA for the full year of €2,355 million, up 38% on
2021, with higher earnings in both Europe and the Americas. The Group EBITDA
margin was 18.4%, up from 16.8% in 2021. This result reflects not only the
essential nature of our products but the demand from our customers for the
most sustainable, reliable and innovative packaging solutions. The result also
demonstrates SKG’s ability to recover significant input cost pressures, the
benefits from our investment programmes and the dedication of our 48,000
employees.
In Europe, EBITDA increased by 42% to €1,846 million for the year. The
EBITDA margin was 18.6%, up from 16.6% in 2021, reflecting the impact of
higher paper and corrugated prices partly offset by higher energy, recovered
fibre and other raw material costs. Corrugated box volumes were down 2% in
2022 against a strong prior year comparative, with a slowdown in our German
and UK markets in particular, being partly offset by a more robust performance
in countries such as France and Spain.
Our European business continued to build on its strong operating platform in
2022 with a number of projects across our paper and corrugated divisions. In
our paper division we announced the completion of a large‑scale
sustainability project at our Zülpich mill in Germany, which will reduce
CO(2) emissions annually by 55,000 tonnes, a 2% reduction for the Group. We
have also approved projects in our Facture, Nettingsdorf, Parenco, Piteå and
Verzuolo mills which will reduce costs, increase efficiencies and improve the
Group’s sustainability footprint. In our corrugated division, we are
investing across the region in the latest high-tech and energy efficient
machinery, including new corrugators, converting machines and facility
expansion projects, which will allow us to increase production, reduce our
environmental footprint and expand the range of high-value, innovative and
sustainable packaging solutions that we offer our customers. The Group also
announced an investment in its first Moroccan facility along with the
acquisition of a corrugated business in the UK and a bag-in-box plant in
Spain.
Pricing for European containerboard continued an upward trend in the first
half of the year supported by rising recovered fibre and energy prices and
modest corrugated demand growth. In the second half of the year there was a
slowdown in demand for containerboard, with little support from export
channels, combined with a subsequent sharp decline in recovered fibre prices
and a reversal in energy prices in the latter part of the fourth quarter. The
price of testliner, having increased by €100 per tonne in the first half of
the year, reduced by €160 per tonne from the high of June 2022 to January
2023. The price of kraftliner, having risen by €60 per tonne in the first
half of the year, has fallen by €120 per tonne from the high of September
2022 to January 2023. Given the lower levels of demand and the rise in
containerboard inventories, the total commercial downtime taken by our
European mills was approximately 260,000 tonnes in the second half of 2022.
Compared to 2021, the overall increase in recovered fibre prices in 2022 have
cost the Group an additional €74 million while the increase in energy prices
have cost the Group an additional €592 million.
In the Americas, EBITDA increased by 25% on 2021 to €553 million. The EBITDA
margin was marginally lower at 19.0% in 2022, compared to 19.5% in 2021 with
Colombia, Mexico and the US accounting for over 80% of the region’s
earnings. Box volumes in the Americas, excluding acquisitions, were broadly
flat year‑on‑year, again compared with a very strong prior year
comparative.
SKG continued to invest in its Americas business in 2022 with significant
capacity and sustainability related investments in the corrugated,
containerboard and speciality businesses in Central America, Argentina,
Colombia, Mexico and the US. In our paper division we announced a large scale
investment in a biomass boiler at our Cali paper mill in Colombia which will
reduce the Group’s CO(2) emissions by approximately 6%. In our corrugated
division, we are expanding capacity and investing in state-of-the-art
converting equipment across the region and in our specialties business we are
expanding our portfolio in paper sacks and bag‑in‑box. During the year, we
also acquired corrugated packaging plants in Argentina and Brazil, expanding
both our footprint and customer offering in these attractive growth markets.
The Group reported free cash flow of €545 million in the full year of 2022,
up 20% on the €455 million reported in 2021. The average maturity profile of
the Group’s debt was 4.9 years at 31 December 2022 with an average interest
rate of 2.89%. Net debt to EBITDA was 1.3x at the year-end versus 1.6x at the
half year and 1.7x at the end of December 2021. The Group remains strongly
positioned within its BBB-/BBB-/Baa3 credit rating.
2022 Full Year | Financial Performance
Revenue for the full year was €12,815 million, up 27% on the prior year on a
reported basis and up 23% on an underlying basis(2). Revenue in Europe was up
26%, driven primarily by input cost recovery through progressive box price
increases. On an underlying basis, revenue in Europe was up 24%. In the
Americas, revenue was up 29% on 2021, or 16% on an underlying basis.
EBITDA for the full year was €2,355 million, up 38% on 2021 and ahead of our
stated guidance from the third quarter trading update. On an underlying basis,
Group EBITDA was up 34% year‑on‑year, with Europe up 41% and the Americas
up 13%.
Operating profit before exceptional items for the full year of 2022 at
€1,662 million was 55% higher than €1,073 million in 2021.
Exceptional items charged within operating profit in 2022 amounted to €223
million, of which €128 million related to the impairment of our Russian
operations, €56 million and €11 million respectively for the impairment of
goodwill in Argentina and Peru, €14 million for redundancy and
reorganisation costs across the Americas along with €14 million for the
impairment of property, plant and equipment in our North American operations.
There were no exceptional items charged within operating profit in 2021.
There were no exceptional finance items charged in 2022.
Exceptional finance costs of €31 million in 2021 represented a redemption
premium of €28 million together with the related accelerated write-off of
unamortised debt issue costs of €3 million due to the early redemption of
bonds.
Pre-exceptional net finance costs at €149 million were €18 million higher
than 2021 primarily due to an increase in cash interest, a higher foreign
currency translation net loss on debt, and a negative swing from a fair value
gain on financial assets/liabilities in 2021 to a loss in 2022, partly offset
by a positive swing from a fair value loss on derivatives in 2021 to a gain in
2022 and a positive swing from a net monetary loss on hyperinflation in 2021
to a net gain in 2022.
With the €589 million increase in operating profit before exceptional items,
combined with the €18 million increase in net finance costs, the
pre-exceptional profit before income tax was €1,516 million, €572 million
higher than in 2021.
After exceptional items of €223 million, the profit before tax for the full
year of 2022 was €1,293 million compared to a profit before tax of €913
million in 2021. The income tax expense was €348 million compared to €234
million in 2021, resulting in a profit of €945 million for the year to
December 2022 compared to a profit of €679 million in 2021.
Basic EPS for the full year of 2022 was 365.3 cent, compared to 263.9 cent in
2021. On a pre‑exceptional basis, EPS was 444.1 cent in 2022, 62% higher
than the 274.5 cent in the full year of 2021.
2022 Full Year | Free Cash Flow
Free cash flow in the full year of 2022 was €545 million compared to €455
million for 2021, an increase of €90 million. EBITDA growth of €653
million, combined with a lower outflow for changes in employee benefits and
other provisions, was partly offset by a higher working capital outflow,
higher capital outflows, a higher cash interest expense and higher tax
payments.
The working capital outflow in 2022 was €358 million compared to €114
million in 2021. The outflow in 2022 was a combination of a significant
increase in debtors and stock, partly offset by an increase in creditors.
These increases reflect the combination of higher box prices, higher paper
prices and considerably higher energy costs along with higher other raw
material and recovered fibre costs. Working capital amounted to €1,027
million at December 2022 and represented 8.3% of annualised revenue compared
to 5.7% at December 2021.
Capital expenditure in 2022 amounted to €970 million (equating to 155% of
depreciation) compared to €693 million (equating to 124% of depreciation) in
2021.
Cash interest amounted to €132 million in 2022 compared to €109 million in
2021, with the increase primarily due to the relative increase in interest
rates in currencies where we are in a net debt position compared to those
where we are in a net cash position. Additionally, our variable rate
borrowings in Latin American countries such as Brazil and Colombia have seen
large interest rate increases during the year, leading to a higher cash
interest expense.
Tax payments of €321 million in 2022 were €82 million higher than in 2021
with higher payments in Europe and to a lesser extent in the Americas.
2022 Full Year | Capital Structure
Net debt was €2,992 million at the end of December 2022, resulting in a net
debt to EBITDA ratio of 1.3x compared to 1.6x at the end of June 2022 and 1.7x
at the end of December 2021. With net debt to EBITDA at 1.3x, the lowest in
the Group’s history, the strength of the Group’s balance sheet continues
to secure long-term strategic and financial flexibility.
In September, the Group published its first Green Bond Allocation and Impact
Report, which provides details on the use of the proceeds of its inaugural
€1 billion dual-tranche Green Bond issued in September 2021. With interest
rates of 0.5% and 1.0% respectively for 8 and 12 year maturities, these
coupons were not only the lowest in the Group’s history but also the lowest
achieved for a corporate issuer in our rating category.
At 31 December 2022, the Group’s average interest rate was 2.89% compared to
2.63% at 31 December 2021. The increase in our average interest rate is
primarily driven by the significant increases in interest rates in certain of
our variable rate debt environments, most notably Brazil and Colombia. At 31
December 2022, over 95% of the Group’s gross borrowings were at fixed
interest rates.
The Group’s diversified funding base and long-dated maturity profile of 4.9
years (31 December 2021: 5.8 years) provide a stable funding outlook. At 31
December 2022, we had a strong liquidity position of approximately €2.44
billion comprising cash balances of €788 million, undrawn available
committed facilities of €1,343 million on our sustainability-linked
Revolving Credit Facility (‘RCF’) and €312 million on our
sustainability-linked securitisation facilities.
Dividends
The Board is recommending a 12% increase in the final dividend to 107.6 cent
per share. It is proposed to pay this dividend on 12 May 2023 to all ordinary
shareholders on the share register at the close of business on 14 April 2023,
subject to the approval of the shareholders at the AGM.
2022 Full Year | Sustainability
Smurfit Kappa began 2022 strongly with the SBTi validation of its emissions
reduction targets being consistent with levels required to meet the goals of
the Paris Agreement and we continued to make strong progress across our
sustainability targets throughout the year.
The progress made was built upon the achievements outlined in our 15(th)
annual Sustainable Development Report (‘SDR’) published in April. It
highlights the Group’s long-standing objective to drive change and nurture a
greener and bluer planet through the three key pillars of Planet, People and
Impactful Business.
In the SDR, Smurfit Kappa reported significant progress in reducing our fossil
CO(2) emission intensity having reduced its emissions by 41.3% by the end of
2021, compared to its baseline year 2005. This marked a 6% improvement
year-on-year, leaving the Group well on its way to reach its 2030 target of a
55% reduction, in line with the EU Green Deal and another step forward on our
journey to net zero.
Also in April, the Group published a significantly enhanced disclosure
consistent with the Task Force on Climate‑related Financial Disclosures
(‘TCFD’) recommendations in its 2021 Annual Report, including a
comprehensive top-down identification and process review of climate-related
risks and opportunities and an evaluation of the potential impact on Smurfit
Kappa assets from physical and transition risks under different climate
scenarios.
In June, the Group reached another important milestone with the completion of
a large-scale sustainability project at its Zülpich paper mill in Germany,
which significantly reduces the mill’s CO(2) emissions by 55,000 tonnes or
2% of the Group’s emissions each year.
Following on from the €134 million installation of a heat recovery boiler at
the Group’s Nettingsdorf paper mill in Austria, which reduced emissions by
40,000 tonnes annually, the mill launched a sustainable district heating
project in August. The production process will generate up to 25 megawatts of
heat that will save approximately 21,000 tonnes of CO(2) while also providing
heat to local businesses and schools and benefit 20,000 homes across three
communities.
In October, the Group announced a US$100 million investment in a sustainable
biomass boiler at its paper mill in Cali, Colombia, which will reduce our
global Scope 1 and Scope 2 CO(2) emissions by approximately 6%. This ambitious
project is the latest example of the circularity
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that permeates every aspect of the company’s operations as we find another
use for our own organic waste and transition away from fossil fuels.
Also during the year, SKG was further recognised for its strong ESG
credentials and continued improvement by the leading research and analytics
company, Sustainalytics. Following an analysis of more than 15,000 companies
globally, SKG was named as an Industry Top Rated company where it ranked in
the top percentile out of 99 companies, in addition to being awarded Regional
Top Rated.
The Group continues to be listed on various environmental, social and
governance indices and disclosure programmes, such as FTSE4Good, the Green
Economy Mark from the London Stock Exchange, Euronext Vigeo Europe 120, STOXX
Global ESG Leaders and Solactive Europe Corporate Social Responsibility index.
SKG also performs strongly across a number of third party certification
bodies, including MSCI, ISS ESG and Sustainalytics.
2022 Full Year | Commercial Offering and Innovation
SKG’s leadership in innovation and unrivalled market offering is a defining
characteristic of our business. With over 1,000 designers across the Group,
supported by a network of laboratories, design facilities and unique
applications, we continued to deliver the most innovative and sustainable
packaging solutions for our customers, helping them to increase sales, reduce
costs, eliminate plastics and other less sustainable substrates, protect their
brand and mitigate risk in their supply chains.
The Group demonstrated this leadership by winning eight WorldStar awards
across a host of categories including e-commerce solutions, bag-in-box,
transport packaging with plastic replacement and innovative food and beverage
packaging, with the winning products originating from the Czech Republic,
Poland and Spain.
In February, the Group launched our new Design2Market Factory, which provides
customers with a tangible packaging prototype that can be tested with
consumers and subsequently refined and honed before moving to large-scale
production.
In April, the Group launched the child-proof TopLock Box for detergent pods
and capsules, offering a 40% carbon footprint reduction compared to the
traditional rigid plastic alternative.
Continuing to innovate for our customers, the Group developed and launched
AquaStop™ in May, a sustainable water-resistant paper. Designed to withstand
exposure to water without being damaged, it is suitable for more complex and
demanding supply chains and can be recycled in the same way as standard
paper-based packaging.
During the year, the Group also launched two unique e-commerce portfolios to
capitalise on the growth of online flower and wine sales. The eFlower
portfolio is a fully customisable collection of nine packaging solutions ideal
for shipping bouquets and potted plants, offering full protection for the
delicate contents and a unique unboxing experience. The wine sector has also
seen a significant increase in online sales since the beginning of the
pandemic in 2020 and SKG’s new wine multi-pack solution holds Amazon’s
coveted ‘Frustration-Free Packaging’ certification, introduced to reduce
over-packing, improve the consumer experience and enhance sustainability
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.
In October, the Group won 21 awards for its creative and innovative packaging
solutions at the annual Flexographic Industry Association (‘FIA’) UK
awards. Since 2013, Smurfit Kappa has received over 130 FIA awards,
consolidating its industry-leading position in the packaging sector.
Furthermore, SKG was recognised as a top employer again in 2022 and achieved
various honours for its environmental credentials alongside awards for
packaging design, innovation and sustainability, with 74 awards in total in
2022.
The Group continues to experience intense levels of pipeline development
across our business as customers strive for more sustainable packaging
solutions.
Summary Cash Flow
Summary cash flows( )for the second half and full year are set out in the
following table.
H2 2022 H2 2021 FY 2022 FY 2021
€m €m €m €m
EBITDA 1,181 921 2,355 1,702
Exceptional items (3) - (3) -
Cash interest expense (71) (55) (132) (109)
Working capital change 143 81 (358) (114)
Capital expenditure (621) (518) (970) (693)
Change in capital creditors 84 66 (24) (14)
Tax paid (163) (117) (321) (239)
Change in employee benefits and other provisions (3) (38) (25) (81)
Other 26 (2) 23 3
Free cash flow 573 338 545 455
Italian Competition Authority fine - (124) - (124)
Impairment of cash balances held in Russia (50) - (50) -
Share buyback (41) - (41) -
Purchase of own shares (net) (1) - (28) (22)
Sale of businesses and investments - - - 37
Purchase of businesses, investments and NCI* (62) (394) (110) (449)
Dividends (83) (76) (333) (302)
Derivative termination receipts/(payments) 1 (1) 1 9
Premium on early repayment of bonds - (28) - (28)
Net cash inflow/(outflow) 337 (285) (16) (424)
Acquired net debt 2 (12) (3) (25)
Disposed net cash - - - (1)
Deferred debt issue costs amortised (3) (6) (7) (10)
Currency translation adjustment (19) (33) (81) (50)
Decrease/(increase) in net debt 317 (336) (107) (510)
* ‘NCI’ refers to non-controlling interests
A reconciliation of the Summary Cash Flow to the Consolidated Statement of
Cash Flows and a reconciliation of Free Cash Flow to Cash Generated from
Operations are included in sections K and L in Alternative Performance
Measures in the Supplementary Financial Information on pages 34 to 37.
Funding and Liquidity
The Group's primary sources of liquidity are cash flow from operations and
borrowings under the RCF. 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.
The Group has a €1,350 million RCF with a maturity of January 2026, which
incorporates five KPIs spanning the Group’s sustainability objectives
regarding climate change, forests, water, waste and people, with the level of
KPI achievement linked to the pricing on the facility. Borrowings under the
RCF are available to fund the Group's working capital requirements, capital
expenditure and other general corporate purposes. At 31 December 2022, the
Group’s drawings on this facility were US$8 million, at an interest rate of
5.024%.
At 31 December 2022, the Group had outstanding €250 million 2.75% senior
notes due 2025, US$292.3 million 7.50% senior debentures due 2025, €1,000
million 2.875% senior notes due 2026, €750 million 1.5% senior notes due
2027, €500 million 0.5% senior green notes due 2029 and €500 million 1.0%
senior green notes due 2033.
Funding and Liquidity (continued)
At 31 December 2022, the Group had outstanding €13 million variable funding
notes (‘VFNs’) issued under the €230 million trade receivables
securitisation programme maturing in November 2026 and €5 million VFNs
issued under the €100 million trade receivables securitisation programme
maturing in January 2026.
Both these securitisation programmes incorporate five KPIs spanning the
Group’s sustainability objectives regarding climate change, forests, water,
waste and people, with the level of KPI achievement linked to the pricing on
the programme.
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. At 31 December 2022, the Group had fixed an average of 97% of its
interest cost on borrowings over the following 12 months.
The Group’s fixed rate debt comprised €250 million 2.75% senior notes due
2025, US$292.3 million 7.50% senior debentures due 2025, €1,000 million
2.875% senior notes due 2026, €750 million 1.5% senior notes due 2027,
€500 million 0.5% senior green notes due 2029 and €500 million 1.0% senior
green notes due 2033.
The Group’s earnings are affected by changes in short-term interest rates on
its floating rate borrowings and cash balances. If interest rates for these
borrowings increased by one percent, the Group’s interest expense would
increase, and income before taxes would decrease, by approximately €2
million over the following 12 months. Interest income on the Group’s cash
balances would increase by approximately €8 million assuming a one percent
increase in interest rates earned on such balances over the following 12
months.
The Group uses foreign currency borrowings, currency swaps and forward
contracts in the management of its foreign currency exposures.
Principal Risks and Uncertainties
Risk assessment and evaluation is an integral part of the management process
throughout the Group. Risks are identified, evaluated and appropriate risk
management strategies are implemented at each level in the organisation.
The Board in conjunction with senior management identifies major business
risks faced by the Group and determines the appropriate course of action to
manage these risks.
The Board regularly monitors all of the Group’s risks and appropriate
actions are taken to mitigate those risks or address their potential adverse
consequences. In addition, emerging risks and the current global uncertainties
were also considered as part of the year-end assessment.
The principal risks and uncertainties facing the Group are summarised below.
* If the current economic climate were to deteriorate, for example as a result
of geopolitical uncertainty, trade tensions and/or a pandemic, it could result
in an increased economic slowdown which if sustained over any significant
length of time, could adversely affect the Group's financial position and
results of operations.
* The cyclical nature of the packaging industry could result in overcapacity and
consequently threaten the Group’s pricing structure.
* If operations at any of the Group’s facilities (in particular its key mills)
were interrupted for any significant length of time, it could adversely affect
the Group’s financial position and results of operations.
* Price fluctuations in energy and raw material costs could adversely affect the
Group’s manufacturing costs.
* The Group is exposed to currency exchange rate fluctuations.
* The Group may not be able to attract, develop and retain suitably qualified
employees as required for its business.
* Failure to maintain good health, safety and employee wellbeing practices may
have an adverse effect on the Group’s business.
* The Group is subject to a growing number of environmental and climate change
laws and regulations, and the cost of compliance or the failure to comply with
current and future laws and regulations may negatively affect the Group’s
business.
* The Group is subject to anti-trust and similar legislation in the
jurisdictions in which it operates.
* The Group, similar to other large global companies, is susceptible to
cyber-attacks with the threat to the confidentiality, integrity and
availability of data in its systems.
* The global impact of climate change in the long-term could adversely affect
the Group’s business and results of operations.
The principal risks and uncertainties faced by the Group, were outlined in our
2021 Annual Report on pages 36 to 38. The Annual Report is available on our
website; smurfitkappa.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.smurfitkappa.com&esheet=53306078&newsitemid=20230207006154&lan=en-US&anchor=smurfitkappa.com&index=8&md5=0426adf7cffd9618a38e30353539c763)
.
Consolidated Income Statement
For the Financial Year Ended 31 December 2022
2022 2021
Unaudited Audited
Pre- Exceptional Total Pre- Exceptional Total
exceptional
exceptional
€m €m €m €m €m €m
Revenue 12,815 - 12,815 10,107 - 10,107
Cost of sales (8,752) - (8,752) (7,015) - (7,015)
Gross profit 4,063 - 4,063 3,092 - 3,092
Distribution costs (961) - (961) (823) - (823)
Administrative expenses (1,440) - (1,440) (1,196) - (1,196)
Other operating expenses - (223) (223) - - -
Operating profit 1,662 (223) 1,439 1,073 - 1,073
Finance costs (184) - (184) (148) (31) (179)
Finance income 35 - 35 17 - 17
Share of associates’ profit (after tax) 3 - 3 2 - 2
Profit before income tax 1,516 (223) 1,293 944 (31) 913
Income tax expense (348) (234)
Profit for the financial year 945 679
Attributable to:
Owners of the parent 944 679
Non-controlling interests 1 -
Profit for the financial year 945 679
Earnings per share
Basic earnings per share - cent 365.3 263.9
Diluted earnings per share - cent 361.8 261.1
Consolidated Statement of Comprehensive Income
For the Financial Year Ended 31 December 2022
2022 2021
Unaudited Audited
€m €m
Profit for the financial year 945 679
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Foreign currency translation adjustments:
- Arising in the financial year (63) 14
- Recycled to Consolidated Income Statement - 1
Effective portion of changes in fair value of cash flow hedges:
- Movement out of reserve - (3)
- Fair value loss on cash flow hedges (5) -
Changes in fair value of cost of hedging:
- Movement out of reserve (1) (1)
(69) 11
Items which will not be subsequently reclassified to profit or loss
Defined benefit pension plans:
- Actuarial gain 51 177
- Related tax (8) (32)
43 145
Total other comprehensive (expense)/income (26) 156
Total comprehensive income for the financial year 919 835
Attributable to:
Owners of the parent 918 835
Non-controlling interests 1 -
Total comprehensive income for the financial year 919 835
Consolidated Balance Sheet
At 31 December 2022
2022 2021
Unaudited Audited
€m €m
ASSETS
Non-current assets
Property, plant and equipment 4,631 4,265
Right-of-use assets 345 346
Goodwill and intangible assets 2,672 2,722
Other investments 10 11
Investment in associates 16 13
Biological assets 100 103
Other receivables 39 26
Employee benefits assets 17 -
Derivative financial instruments 2 2
Deferred income tax assets 141 149
7,973 7,637
Current assets
Inventories 1,231 1,046
Biological assets 10 10
Trade and other receivables 2,399 2,137
Derivative financial instruments 46 8
Restricted cash 11 14
Cash and cash equivalents 777 855
4,474 4,070
Assets classified as held for sale 35 -
4,509 4,070
Total assets 12,482 11,707
EQUITY
Capital and reserves attributable to owners of the parent
Equity share capital - -
Share premium 2,646 2,646
Other reserves 236 260
Retained earnings 2,143 1,473
Total equity attributable to owners of the parent 5,025 4,379
Non-controlling interests 13 13
Total equity 5,038 4,392
LIABILITIES
Non-current liabilities
Borrowings 3,600 3,589
Employee benefits liabilities 534 630
Derivative financial instruments 4 7
Deferred income tax liabilities 190 175
Non-current income tax liabilities 16 17
Provisions for liabilities 37 35
Capital grants 26 24
Other payables 10 11
4,417 4,488
Current liabilities
Borrowings 180 165
Trade and other payables 2,642 2,563
Current income tax liabilities 49 27
Derivative financial instruments 21 14
Provisions for liabilities 100 58
2,992 2,827
Liabilities associated with assets classified as held for sale 35 -
3,027 2,827
Total liabilities 7,444 7,315
Total equity and liabilities 12,482 11,707
Consolidated Statement of Changes in Equity
For the Financial Year Ended 31 December 2022
Attributable to owners of the parent
Equity Share Other Retained Total Non- Total
share
premium
reserves
earnings
controlling
equity
capital
interests
€m €m €m €m €m €m €m
Unaudited
At 1 January 2022 - 2,646 260 1,473 4,379 13 4,392
Profit for the financial year - - - 944 944 1 945
Other comprehensive income
Foreign currency translation adjustments - - (63) - (63) - (63)
Defined benefit pension plans - - - 43 43 - 43
Effective portion of changes in fair value of cash flow hedges - - (5) - (5) - (5)
Changes in fair value of cost of hedging - - (1) - (1) - (1)
Total comprehensive (expense)/income for the financial year - - (69) 987 918 1 919
Hyperinflation adjustment - - - 66 66 - 66
Dividends paid - - - (332) (332) (1) (333)
Share‑based payment - - 63 - 63 - 63
Share buyback - - (41) - (41) - (41)
Share cancellation - - 41 (41) - - -
Net shares acquired by SKG Employee Trust - - (28) - (28) - (28)
Derecognition of equity instruments - - 10 (10) - - -
At 31 December 2022 - 2,646 236 2,143 5,025 13 5,038
Audited
At 1 January 2021 - 2,646 207 917 3,770 13 3,783
Profit for the financial year - - - 679 679 - 679
Other comprehensive income
Foreign currency translation adjustments - - 15 - 15 - 15
Defined benefit pension plans - - - 145 145 - 145
Effective portion of changes in fair value of cash flow hedges - - (3) - (3) - (3)
Changes in fair value of cost of hedging - - (1) - (1) - (1)
Total comprehensive income for the financial year - - 11 824 835 - 835
Hyperinflation adjustment - - - 34 34 - 34
Dividends paid - - - (302) (302) - (302)
Share‑based payment - - 64 - 64 - 64
Net shares acquired by SKG Employee Trust - - (22) - (22) - (22)
At 31 December 2021 - 2,646 260 1,473 4,379 13 4,392
An analysis of the movements in Other reserves is provided in Note 13.
Consolidated Statement of Cash Flows
For the Financial Year Ended 31 December 2022 2022 2021
Unaudited Audited
€m €m
Cash flows from operating activities
Profit before income tax 1,293 913
Net finance costs 149 162
Depreciation charge 581 513
Impairment of non-current assets 66 -
Impairment of goodwill 85 -
Amortisation of intangible assets 49 40
Amortisation of capital grants (4) (3)
Share‑based payment expense 65 69
Profit on sale of property, plant and equipment (7) (8)
Lease modifications (3) -
Share of associates’ profit (after tax) (3) (2)
Net movement in working capital (350) (114)
Change in biological assets (2) 7
Italian Competition Authority fine - (124)
Change in employee benefits and other provisions (19) (81)
Other (primarily hyperinflation adjustments) 8 5
Cash generated from operations 1,908 1,377
Interest paid (135) (152)
Income taxes paid:
Irish corporation tax (net of tax refunds) paid (24) (21)
Overseas corporation tax (net of tax refunds) paid (297) (218)
Net cash inflow from operating activities 1,452 986
Cash flows from investing activities
Interest received 9 3
Business disposals - 33
Additions to property, plant and equipment and biological assets (873) (594)
Additions to intangible assets (17) (21)
Receipt of capital grants 6 5
Purchase of investments (1) -
Disposal of property, plant and equipment 12 16
Dividends received from associates 1 1
Purchase of subsidiaries (net of acquired cash) (90) (413)
Deferred consideration paid (14) (35)
Net cash outflow from investing activities (967) (1,005)
Cash flows from financing activities
Share buyback (41) -
Proceeds from bond issuance - 999
Purchase of own shares (net) (28) (22)
Increase/(decrease) in other interest-bearing borrowings 8 (107)
Repayment of lease liabilities (103) (88)
Repayment of borrowings - (491)
Derivative termination receipts 1 9
Deferred debt issue costs paid - (12)
Dividends paid to shareholders (332) (302)
Dividends paid to non-controlling interests (1) -
Net cash outflow from financing activities (496) (14)
Decrease in cash and cash equivalents (11) (33)
Reconciliation of opening to closing cash and cash equivalents
Cash and cash equivalents at 1 January 841 886
Currency translation adjustment (59) (12)
Decrease in cash and cash equivalents (11) (33)
Cash and cash equivalents at 31 December 771 841
An analysis of the net movement in working capital is provided in Note 11.
Selected Explanatory Notes to the Consolidated Financial Statements
1. General Information
Smurfit Kappa Group plc (‘SKG plc’ or ‘the Company’) and its
subsidiaries (together ‘SKG’ or ‘the Group’) primarily manufacture,
distribute and sell containerboard, corrugated containers and other
paper-based packaging products. The Company is a public limited company with a
premium listing on the London Stock Exchange and a secondary listing on
Euronext Dublin. 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
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 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 Consolidated Financial Statements
included in the Group’s Annual Report for the year ended 31 December 2021
which is available on the Group’s website; smurfitkappa.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.smurfitkappa.com&esheet=53306078&newsitemid=20230207006154&lan=en-US&anchor=smurfitkappa.com&index=9&md5=667d78d81426e37821b7191a12cb618b)
. The accounting policies adopted by the Group and the significant accounting
judgements, estimates and assumptions made by management in the preparation of
the Group financial information are consistent with those described and
applied in the Annual Report for the year ended 31 December 2021. The Group
reassessed the classification of restricted cash during the year as a result
of an agenda decision by the IFRS Interpretations Committee in 2022.
Consequently restricted cash is now included as cash and cash equivalents in
the Consolidated Statement of Cash Flows. The comparative balances for cash
and cash equivalents within the Consolidated Statement of Cash Flows have
increased at 1 January 2021 by €10 million and at 31 December 2021 by €14
million. A number of changes to IFRS became effective in 2022, however, they
did not have a material effect on the Consolidated Financial Statements
included in this report.
Going concern
The Group is a highly integrated manufacturer of paper-based packaging
solutions with leading market positions, quality assets and broad geographic
reach. The financial position of the Group, its cash generation, capital
resources and liquidity continue to provide a stable financing platform.
The Group’s diversified funding base and long-dated maturity profile of 4.9
years at 31 December 2022 provide a stable funding outlook. At 31 December
2022, the Group had a strong liquidity position of approximately €2.44
billion comprising cash balances of €788 million, undrawn available
committed facilities of €1,343 million on its RCF and €312 million on its
sustainability-linked securitisation facilities. At 31 December 2022, the
strength of the Group’s balance sheet, a net debt to EBITDA ratio of 1.3x
(31 December 2021: 1.7x) and its BBB-/BBB-/Baa3 credit rating, continues to
secure long-term strategic and financial flexibility.
Having assessed the principal risks facing the Group on page 11, together with
the Group’s forecasts and significant financial headroom, the Directors
believe that the Group is well placed to manage these risks successfully and
have a reasonable expectation that the Company, and the Group as a whole, have
adequate resources to continue in operational existence for the foreseeable
future. For this reason, they continue to adopt the going concern basis in
preparing the Consolidated Financial Statements.
Statutory financial statements and audit opinion
The financial information presented in this preliminary release does not
constitute full statutory financial statements. The Annual Report and
Financial Statements will be approved by the Board of Directors and reported
on by the Auditor in due course. Accordingly, the financial information is
unaudited. Full statutory financial statements for the year ended 31 December
2021 have been filed with the Irish Registrar of Companies. The audit report
on those statutory financial statements was unqualified.
This preliminary release was approved by the Board of Directors.
3. Segment and Revenue Information
The Group has identified 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 and the Americas segments are each highly integrated. They include
a system of mills and plants that primarily produce a full line of
containerboard that is converted into corrugated containers within each
segment. In addition, the Europe segment also produces other types of paper,
such as solidboard, sack kraft paper and graphic paper; and other paper-based
packaging, such as solidboard packaging and folding cartons; and bag-in-box
packaging. The Americas segment, which includes a number of Latin American
countries and the United States, also comprises forestry; other types of
paper, such as boxboard, sack paper and graphic paper; and paper-based
packaging, such as folding cartons and paper sacks. Inter-segment revenue is
not material. No operating segments have been aggregated for disclosure
purposes.
Segment profit is measured based on EBITDA.
FY 2022 FY 2021
Europe The Total Europe The Total
Americas
Americas
€m €m €m €m €m €m
Revenue and results
Revenue 9,900 2,915 12,815 7,847 2,260 10,107
EBITDA 1,846 553 2,399 1,302 441 1,743
Segment exceptional items (58) (14) (72) - - -
EBITDA after exceptional items 1,788 539 2,327 1,302 441 1,743
Unallocated centre costs (44) (41)
Share-based payment expense (65) (69)
Depreciation and depletion (net)* (579) (520)
Amortisation (49) (40)
Impairment of non-current assets (66) -
Impairment of goodwill (85) -
Finance costs (184) (179)
Finance income 35 17
Share of associates’ profit (after tax) 3 2
Profit before income tax 1,293 913
Income tax expense (348) (234)
Profit for the financial year 945 679
* Depreciation and depletion is net of fair value adjustments arising on
biological assets.
3. Segment and Revenue Information (continued)
H2 2022 H2 2021
Europe The Total Europe The Total
Americas
Americas
€m €m €m €m €m €m
Revenue and results
Revenue 4,961 1,469 6,430 4,198 1,230 5,428
EBITDA 920 282 1,202 711 230 941
Segment exceptional items (58) (14) (72) - - -
EBITDA after exceptional items 862 268 1,130 711 230 941
Unallocated centre costs (21) (20)
Share-based payment expense (34) (41)
Depreciation and depletion (net)* (300) (263)
Amortisation (24) (21)
Impairment of non-current assets (66) -
Impairment of goodwill (85) -
Finance costs (99) (106)
Finance income 21 8
Share of associates’ profit (after tax) 2 2
Profit before income tax 524 500
Income tax expense (153) (129)
Profit for the financial period 371 371
* Depreciation and depletion is net of fair value adjustments arising on
biological assets.
Revenue information about geographical areas
The Group has a presence in 36 countries worldwide. The following information
is a geographical revenue analysis about country of domicile (Ireland) and
countries with material revenue.
2022 2021
€m €m
Ireland 118 109
Germany 1,861 1,403
France 1,521 1,094
Mexico 1,296 992
Other Europe* - eurozone 3,787 3,071
Other Europe* - non-eurozone 2,566 2,134
Other Americas* 1,666 1,304
Total revenue by geographical area 12,815 10,107
* No individual country represents greater than 10% of revenue.
Revenue is derived almost entirely from the sale of goods and is disclosed
based on the location of production.
3. Segment and Revenue Information (continued)
Disaggregation of revenue
The Group derives revenue from the following major product lines. The economic
factors which affect the nature, amount, timing and uncertainty of revenue and
cash flows from the sub categories of both paper and packaging products are
similar.
2022 2021
Paper Packaging Total Paper Packaging Total
€m €m €m €m €m €m
Europe 1,828 8,072 9,900 1,328 6,519 7,847
The Americas 254 2,661 2,915 213 2,047 2,260
Total revenue by product 2,082 10,733 12,815 1,541 8,566 10,107
Packaging revenue is derived mainly from the sale of corrugated products. The
remainder of packaging revenue is comprised of bag-in-box and other
paper-based packaging products.
4. Exceptional Items
2022 2021
€m €m
The following items are regarded as exceptional in nature:
Impairment of assets - Russian operations (including goodwill) 128 -
Impairment of goodwill 67 -
Redundancy and reorganisation costs 14 -
Impairment of non-current assets 14 -
Exceptional items included in operating profit 223 -
Exceptional finance costs - 31
Exceptional items included in net finance costs - 31
Total exceptional items 223 31
Exceptional items charged within operating profit in 2022 amounted to €223
million, of which €128 million related to the impairment of assets in our
Russian operations, €56 million and €11 million respectively for the
impairment of goodwill in Argentina and Peru, €14 million for redundancy and
reorganisation costs in the Americas along with €14 million for the
impairment of property, plant and equipment in our North American operations.
There were no exceptional items within operating profit in 2021.
There were no exceptional finance items in 2022.
Exceptional finance costs of €31 million in 2021 represented a redemption
premium of €28 million together with the related accelerated write-off of
unamortised debt issue costs of €3 million due to the early redemption of
bonds.
Operations in Russia
Following the announcement by the Group on 1 April 2022 to exit the Russian
market in an orderly manner, the Group has now entered into an agreement to
sell its Russian operations to local management. At 31 December 2022
completion of the transaction was conditional on regulatory approval being
obtained from the Russian authorities.
4. Exceptional Items (continued)
After considering the status of the approval to dispose of its Russian
operations including engagement with relevant authorities, the assets and
associated liabilities have been presented as held for sale in the
Consolidated Balance Sheet at 31 December 2022. The results of the operations
in Russia, which represented less than 2% of any of the Group’s key
performance indicators, have not been presented as a discontinued operation as
they do not represent a separate major line of business or geographical
location.
In advance of classifying the Russian disposal group as held for sale, the
recoverable value was reassessed based on the terms of the sales agreement
entered into, applying the fair value less costs to sell method. As a result
the Group has recorded an exceptional impairment charge of €128 million in
relation to its Russian operations. The Russian operations form part of the
Europe segment.
The Group has made a number of judgements in arriving at the exceptional
charges recognised relating to its Russian operations. In determining the
exceptional impairment charges the Group had regard to; the continuing war in
Ukraine and the significant sanctions regime in place which is expected to
continue for some time. Judgements taken, which are not deemed significant
judgements in the context of the scale of the Group, will be reassessed on an
ongoing basis in light of restrictions in place at reporting dates as
required.
The major classes of assets and liabilities reclassified as held for sale at
31 December 2022 comprise trade receivables of €26 million and trade and
other payables of €30 million (2021: nil).
5. Finance Costs and Income
2022 2021
€m €m
Finance costs:
Interest payable on bank loans and overdrafts 49 25
Interest payable on leases 10 10
Interest payable on other borrowings 91 86
Exceptional finance costs associated with debt restructuring - 31
Foreign currency translation loss on debt 24 15
Fair value loss on derivatives not designated as hedges - 2
Fair value loss on financial assets 2 -
Interest cost on net pension liability 8 7
Net monetary loss - hyperinflation - 3
Total finance costs 184 179
Finance income:
Other interest receivable (9) (3)
Foreign currency translation gain on debt (13) (12)
Fair value gain on derivatives not designated as hedges (4) -
Fair value gain on financial assets/liabilities - (2)
Net monetary gain - hyperinflation (9) -
Total finance income (35) (17)
Net finance cost 149 162
6. Income Tax Expense
Income tax expense recognised in the Consolidated Income Statement
2022 2021
€m €m
Current tax:
Europe 249 189
The Americas 100 76
349 265
Deferred tax (1) (31)
Income tax expense 348 234
Current tax is analysed as follows:
Ireland 31 28
Foreign 318 237
349 265
Income tax recognised in the Consolidated Statement of Comprehensive Income
2022 2021
€m €m
Arising on defined benefit pension plans 8 32
The income tax expense for the financial year 2022 is €114 million higher
than in the comparable period in 2021, primarily due to higher profitability.
There is a €30 million reduction in the deferred tax credit compared to the
prior year. The movement is largely due to the reversal of timing differences
on which deferred tax was previously recognised, offset by the recognition of
other tax benefits and credits.
In 2022, there is a tax credit of €20 million on exceptional items compared
to a €4 million tax credit in the prior year.
7. Employee Benefits – Defined Benefit Plans
The table below sets out the components of the defined benefit cost for the
year:
2022 2021
€m €m
Current service cost 39 37
Actuarial gain arising on other long-term employee benefits (4) (1)
Past service cost - (4)
Gain on settlement - (3)
Net interest cost on net pension liability 8 7
Defined benefit cost 43 36
Analysis of actuarial gains/(losses) recognised in the Consolidated Statement
of Comprehensive Income:
2022 2021
€m €m
Return on plan assets (excluding interest income) (660) 110
Actuarial (loss)/gain due to experience adjustments (41) 6
Actuarial gain due to changes in financial assumptions 746 54
Actuarial gain due to changes in demographic assumptions 6 7
Total gain recognised in the Consolidated Statement of Comprehensive Income 51 177
The amounts recognised in the Consolidated Balance Sheet were as follows:
2022 2021
€m €m
Present value of funded or partially funded obligations (1,713) (2,384)
Fair value of plan assets 1,608 2,276
Deficit in funded or partially funded plans (105) (108)
Present value of wholly unfunded obligations (410) (520)
Amounts not recognised as assets due to asset ceiling (2) (2)
Net pension liability (517) (630)
Reconciliation to the Consolidated Balance Sheet:
2022 2021
€m €m
Employee benefit assets 17 -
Employee benefit liabilities (534) (630)
Net pension liability (517) (630)
8. Earnings per Share (‘EPS’)
Basic
Basic EPS is calculated by dividing the profit attributable to owners of the
parent by the weighted average number of ordinary shares in issue during the
year less own shares.
2022 2021
Profit attributable to owners of the parent (€ million) 944 679
Weighted average number of ordinary shares in issue (million) 258 257
Basic EPS (cent) 365.3 263.9
Diluted
Diluted EPS is calculated by adjusting the weighted average number of ordinary
shares outstanding to assume conversion of all dilutive potential ordinary
shares. These comprise deferred and performance shares issued under the
Group’s long-term incentive plans. Where the conditions governing
exercisability and vesting of these shares have been satisfied as at the end
of the reporting period, they are included in the computation of diluted
earnings per ordinary share.
2022 2021
Profit attributable to owners of the parent (€ million) 944 679
Weighted average number of ordinary shares in issue (million) 258 257
Potential dilutive ordinary shares assumed (million) 3 3
Diluted weighted average ordinary shares (million) 261 260
Diluted EPS (cent) 361.8 261.1
Pre-exceptional
2022 2021
Profit attributable to owners of the parent (€ million) 944 679
Exceptional items included in profit before income tax (€ million) 223 31
Income tax on exceptional items (€ million) (20) (4)
Pre-exceptional profit attributable to owners of the parent (€ million) 1,147 706
Weighted average number of ordinary shares in issue (million) 258 257
Pre-exceptional basic EPS (cent) 444.1 274.5
Diluted weighted average ordinary shares (million) 261 260
Pre-exceptional diluted EPS (cent) 439.8 271.6
9. Dividends
The following dividends were declared and paid by the Group.
2022 2021
€m €m
Final: paid 96.1 cent per ordinary share on 6 May 2022 (2021: paid 87.4 cent 250 226
per ordinary share on 7 May 2021)
Interim: paid 31.6 cent per ordinary share on 28 October 2022 (2021: paid 29.3 82 76
cent per ordinary share on 22 October 2021)
332 302
The Board is recommending a 12% increase in the final dividend to 107.6 cent
per share (approximately €280 million). It is proposed to pay this dividend
on 12 May 2023 to all ordinary shareholders on the share register at the close
of business on 14 April 2023, subject to the approval of the shareholders at
the AGM.
10. Property, Plant and Equipment
Land and Plant and Total
buildings
equipment
€m €m €m
Financial year ended 31 December 2022
Opening net book amount 1,175 3,090 4,265
Reclassifications 115 (112) 3
Additions 21 817 838
Acquisitions 43 15 58
Depreciation charge (62) (421) (483)
Impairments (25) (37) (62)
Retirements and disposals (1) (2) (3)
Hyperinflation adjustment 8 36 44
Foreign currency translation adjustment (5) (24) (29)
At 31 December 2022 1,269 3,362 4,631
Financial year ended 31 December 2021
Opening net book amount 1,090 2,749 3,839
Reclassifications 63 (64) (1)
Additions 1 570 571
Acquisitions 73 186 259
Depreciation charge (56) (369) (425)
Retirements and disposals (9) (17) (26)
Hyperinflation adjustment 4 10 14
Foreign currency translation adjustment 9 25 34
At 31 December 2021 1,175 3,090 4,265
11. Net Movement in Working Capital
2022 2021
€m €m
Change in inventories (187) (246)
Change in trade and other receivables (238) (492)
Change in trade and other payables 75 624
Net movement in working capital (350) (114)
12. Analysis of Net Debt
2022 2021
€m €m
Revolving credit facility – interest at relevant interbank rate + 0.64% 4 2
((1))
US$292.3 million 7.5% senior debentures due 2025 (including accrued interest) 276 260
Bank loans and overdrafts 110 101
€100 million receivables securitisation VFNs due 2026 (including accrued 4 4
interest) ((2))
€230 million receivables securitisation VFNs due 2026 ((3)) 11 11
€250 million 2.75% senior notes due 2025 (including accrued interest) 252 251
€1,000 million 2.875% senior notes due 2026 (including accrued interest) 1,008 1,007
€750 million 1.5% senior notes due 2027 (including accrued interest) 748 747
€500 million 0.5% senior green notes due 2029 (including accrued interest) 496 495
€500 million 1.0% senior green notes due 2033 (including accrued interest) 497 496
Gross debt before leases 3,406 3,374
Leases 374 380
Gross debt including leases 3,780 3,754
Cash and cash equivalents (including restricted cash) (788) (869)
Net debt including leases 2,992 2,885
(1) The Group’s RCF has a maturity of January 2026. At 31 December 2022, the
following amounts were drawn under this facility:
(a) Revolver loans – €7 million
(b) Drawn under ancillary facilities and facilities supported by letters of
credit – nil
(c) Other operational facilities including letters of credit – nil
(2) At 31 December 2022, the amount drawn under this facility was €5 million.
(3) At 31 December 2022, the amount drawn under this facility was €13 million.
13. Other Reserves
Other reserves included in the Consolidated Statement of Changes in Equity are
comprised of the following:
Reverse Cash Cost of Foreign Share- Own FVOCI
acquisition
flow
hedging
currency
based
shares
reserve
reserve
hedging
reserve
translation
payment
reserve
reserve
reserve
Total
€m €m €m €m €m €m €m €m
At 1 January 2022 575 1 1 (541) 293 (59) (10) 260
Other comprehensive income
Foreign currency translation adjustments - - - (63) - - - (63)
Effective portion of changes in fair value of cash flow hedges - (5) - - - - - (5)
Changes in fair value of cost of hedging - - (1) - - - - (1)
Total other comprehensive expense - (5) (1) (63) - - - (69)
Share‑based payment - - - - 63 - - 63
Net shares acquired by SKG Employee Trust - - - - - (28) - (28)
Shares distributed by SKG Employee Trust - - - - (22) 22 - -
Share buyback - - - - - (41) - (41)
Share cancellation - - - - - 41 - 41
Derecognition of equity instruments - - - - - - 10 10
At 31 December 2022 575 (4) - (604) 334 (65) - 236
At 1 January 2021 575 4 2 (556) 241 (49) (10) 207
Other comprehensive income
Foreign currency translation adjustments - - - 15 - - - 15
Effective portion of changes in fair value of cash flow hedges - (3) - - - - - (3)
Changes in fair value of cost of hedging - - (1) - - - - (1)
Total other comprehensive (expense)/income - (3) (1) 15 - - - 11
Share‑based payment - - - - 64 - - 64
Net shares acquired by SKG Employee Trust - - - - - (22) - (22)
Shares distributed by SKG Employee Trust - - - - (12) 12 - -
At 31 December 2021 575 1 1 (541) 293 (59) (10) 260
14. Business Combinations
The acquisitions completed by the Group during the year, together with
percentages acquired and completion dates were as follows:
* Argencraft, (100%, 1 April 2022) a corrugated facility in Argentina;
* Atlas Packaging, (100%, 29 April 2022), a corrugated packaging company in the
UK;
* PaperBox (100%, 3 October 2022) a packaging plant in Brazil; and
* Pusa Pack (100%, 31 October 2022) a bag-in-box packaging plant in Spain.
The table below reflects the provisional fair values of the identifiable net
assets acquired in respect of the acquisitions completed during the year. Any
amendments to fair values will be made within the twelve month period from the
date of acquisition, as permitted by IFRS 3, Business Combinations and
disclosed in the 2023 Annual Report. None of the business combinations
completed during the year were considered sufficiently material to warrant
separate disclosure of the fair values attributable to those combinations.
Total*
€m
Non-current assets
Property, plant and equipment 58
Right-of-use assets 4
Intangible Assets 37
Current assets
Inventories 7
Trade and other receivables 21
Cash and cash equivalents 6
Non-current liabilities
Deferred income tax liabilities (23)
Provisions (2)
Borrowings (1)
Current liabilities
Borrowings (8)
Trade and other payables (15)
Current income tax liability (2)
Net assets acquired 82
Goodwill 22
Consideration 104
Settled by:
Cash 96
Deferred consideration 8
104
* In addition to the 2022 acquisitions, the amounts also include fair value
adjustments in relation to 2021 acquisitions.
During 2022 the Group made an amendment to the fair values assigned to the
Verzuolo acquisition completed in late 2021. Given the proximity of the
transaction to the year-end, the accounting treatment for the acquisition at
31 December 2021 was provisional, and on completion of the fair value exercise
in 2022 the Group identified adjustments that were required as outlined below.
The adjustments were not of a material nature and therefore have been
recognised as movements within 2022 acquisitions in the 2022 financial
statements.
2022
€m
Increase in property, plant and equipment 26
Increase in intangible assets 21
Increase in deferred tax liability (12)
Other (1)
Increase in net assets 34
Decrease in purchase price 1
Decrease in goodwill 35
14. Business Combinations (continued)
The principal factors contributing to the recognition of goodwill are the
realisation of cost savings and other synergies with existing entities in the
Group which do not qualify for separate recognition as intangible assets.
None of the goodwill arising on business combinations completed in the year is
expected to be deductible for tax purposes as at 31 December 2022.
Net cash outflow arising on acquisition €m
Cash consideration 96
Less cash & cash equivalents acquired (6)
Total 90
The gross contractual value of trade and other receivables as at the
respective dates of acquisition amounted to €21 million. The fair value of
these receivables is estimated at €21 million (all of which is expected to
be recoverable).
Acquisition-related costs of €1 million were incurred and are included
within administrative expenses in the Consolidated Income Statement.
The Group’s acquisitions in 2022 have contributed €84 million to revenue
and €14 million to profit after tax. The proforma revenue and profit after
tax of the Group for the year ended 31 December 2022 would have been €12,855
million and €951 million respectively, had the acquisitions taken place at
the start of the reporting period.
There have been no acquisitions completed subsequent to the balance sheet date
which would be individually material to the Group, thereby requiring
disclosure under either IFRS 3 or IAS 10, Events after the Balance Sheet Date.
Supplementary Financial Information
Alternative Performance Measures
The Group uses certain financial measures as set out below in order to
evaluate the Group’s financial performance. These Alternative Performance
Measures (‘APMs’) are not defined under IFRS and are presented because we
believe that they, and similar measures, provide both SKG management and users
of the Consolidated Financial Statements with useful additional financial
information when evaluating the Group’s operating and financial performance.
These measures may not be comparable to other similarly titled measures used
by other companies, and are not measurements under IFRS or other generally
accepted accounting principles, and they should not be considered in isolation
or as substitutes for the information contained in our Consolidated Financial
Statements.
Please note where referenced ‘CIS’ refers to Consolidated Income
Statement, ‘CBS’ refers to Consolidated Balance Sheet and ‘CSCF’
refers to Consolidated Statement of Cash Flows.
The principal APMs used by the Group, together with reconciliations where the
non-IFRS measures are not readily identifiable from the Consolidated Financial
Statements, are as follows:
A. EBITDA
Definition
EBITDA is earnings before exceptional items, share-based payment expense,
share of associates’ profit (after tax), net finance costs, income tax
expense, depreciation and depletion (net) and intangible assets amortisation.
It is an appropriate and useful measure used to compare recurring financial
performance between periods.
Reconciliation of Profit to EBITDA
Reference 2022 2021
€m
€m
Profit for the financial year CIS 945 679
Income tax expense (after exceptional items) CIS 348 234
Exceptional items charged in operating profit CIS 223 -
Net finance costs (after exceptional items) Note 5 149 162
Share of associates’ profit (after tax) CIS (3) (2)
Share-based payment expense Note 3 65 69
Depreciation, depletion (net) and amortisation Note 3 628 560
EBITDA 2,355 1,702
B. EBITDA margin
Definition
EBITDA margin is a measure of profitability by taking our EBITDA divided by
revenue.
Reference 2022 2021
€m
€m
EBITDA A 2,355 1,702
Revenue CIS 12,815 10,107
EBITDA margin 18.4% 16.8%
Alternative Performance Measures (continued)
C. Operating profit before exceptional items
Definition
Operating profit before exceptional items represents operating profit as
reported in the Consolidated Income Statement before exceptional items.
Exceptional items are excluded in order to assess the underlying financial
performance of our operations.
Reference 2022 2021
€m
€m
Operating profit CIS 1,439 1,073
Exceptional items CIS 223 -
Operating profit before exceptional items CIS 1,662 1,073
D. Pre-exceptional basic earnings per share
Definition
Pre-exceptional basic EPS serves as an effective indicator of our
profitability as it excludes exceptional one‑off items and, in conjunction
with other metrics such as ROCE, is a measure of our financial strength.
Pre‑exceptional basic EPS is calculated by dividing profit attributable to
owners of the parent, adjusted for exceptional items included in profit before
income tax and income tax on exceptional items, by the weighted average number
of ordinary shares in issue. The calculation of pre-exceptional basic EPS is
shown in Note 8.
E. Underlying EBITDA and revenue
Definition
Underlying EBITDA and revenue are arrived at by excluding the incremental
EBITDA and revenue contributions from current and prior year acquisitions and
disposals and the impact of currency translation, hyperinflation and any
non-recurring items.
The Group uses underlying EBITDA and underlying revenue as additional
performance indicators to assess performance on a like-for-like basis each
year.
Europe The Americas Total Europe The Americas Total
2022 2022 2022 2021 2021 2021
EBITDA
Currency - 7% 2% 1% (2%) -
Acquisitions/disposals 1% 5% 2% (1%) 1% -
Underlying EBITDA change 41% 13% 34% 10% 20% 13%
Reported EBITDA change 42% 25% 38% 10% 19% 13%
Revenue
Currency - 7% 2% - (3%) -
Hyperinflation - 2% - - 1% -
Acquisitions/disposals 2% 4% 2% 1% 1% -
Underlying revenue change 24% 16% 23% 17% 21% 18%
Reported revenue change 26% 29% 27% 18% 20% 18%
Alternative Performance Measures (continued)
F. Net debt
Definition
Net debt comprises borrowings net of cash and cash equivalents and restricted
cash. We believe that this measure highlights the overall movement resulting
from our operating and financial performance.
Reference 2022 2021
€m
€m
Borrowings Note 12 3,780 3,754
Less:
Restricted cash CBS (11) (14)
Cash and cash equivalents CBS (777) (855)
Net debt 2,992 2,885
G. Net debt to EBITDA
Definition
Leverage (ratio of net debt to EBITDA) is an important measure of our overall
financial position.
Reference 2022 2021
€m
€m
Net debt F 2,992 2,885
EBITDA A 2,355 1,702
Net debt to EBITDA (times) 1.3 1.7
H. Return on capital employed (‘ROCE’)
Definition
ROCE measures profit from capital employed. It is calculated as operating
profit before exceptional items plus share of associates’ profit (after tax)
divided by the average capital employed (where average capital employed is the
average of total equity and net debt at the current and prior year-end).
Reference 2022 2021
€m
€m
Operating profit before exceptional items C 1,662 1,073
Share of associates’ profit (after tax) CIS 3 2
Operating profit before exceptional items plus share of associates’ profit 1,665 1,075
(after tax)
Total equity – current year-end CBS 5,038 4,392
Net debt – current year-end F 2,992 2,885
Capital employed – current year-end 8,030 7,277
Total equity – prior year-end CBS 4,392 3,783
Net debt – prior year-end F 2,885 2,375
Capital employed – prior year-end 7,277 6,158
Average capital employed 7,654 6,718
Return on capital employed 21.8% 16.0%
Alternative Performance Measures (continued)
I. Working capital
Definition
Working capital represents total inventories, trade and other receivables and
trade and other payables.
Reference 2022 2021
€m
€m
Inventories CBS 1,231 1,046
Trade and other receivables (current and non-current) CBS 2,438 2,163
Trade and other payables CBS (2,642) (2,563)
Working capital 1,027 646
J. Working capital as a percentage of sales
Definition
Working capital as a percentage of sales represents working capital as defined
above shown as a percentage of annualised quarterly revenue.
Reference 2022 2021
€m
€m
Working capital I 1,027 646
Annualised quarterly revenue 12,361 11,281
Working capital as a percentage of sales 8.3% 5.7%
Alternative Performance Measures (continued)
K. Summary cash flow
Definition
The summary cash flow is prepared on a different basis to the Consolidated
Statement of Cash Flows and as such the reconciling items between EBITDA and
increase in net debt may differ from amounts presented in the Consolidated
Statement of Cash Flows. The summary cash flow details movements in net debt.
The Consolidated Statement of Cash Flows details movements in cash and cash
equivalents.
Reconciliation of the Summary Cash Flow to the Consolidated Statement of Cash
Flows
2022 2021
Reference €m €m
EBITDA A 2,355 1,702
Exceptional items K.1 (3) -
Cash interest expense K.2 (132) (109)
Working capital change K.3 (358) (114)
Capital expenditure K.4 (970) (693)
Change in capital creditors K.4 (24) (14)
Tax paid CSCF (321) (239)
Change in employee benefits and other provisions K.6 (25) (81)
Other K.7 23 3
Free cash flow L 545 455
Italian Competition Authority fine CSCF - (124)
Impairment of cash balances held in Russia L (50) -
Share buyback CSCF (41) -
Purchase of own shares (net) CSCF (28) (22)
Sale of businesses and investments K.8 - 37
Purchase of businesses, investments and NCI K.9 (110) (449)
Dividends CSCF (333) (302)
Derivative termination receipts CSCF 1 9
Premium on early repayment of bonds K.2 - (28)
Net cash outflow (16) (424)
Acquired net debt K.10 (3) (25)
Disposed net cash K.11 - (1)
Deferred debt issue costs amortised (7) (10)
Currency translation adjustment (81) (50)
Increase in net debt (107) (510)
K.1 Exceptional items
2022 2021
€m
€m
Redundancy and reorganisation costs - paid (3) -
Per summary cash flow (3) -
Alternative Performance Measures (continued)
K.2 Cash interest expense
Reference 2022 2021
€m €m
Interest paid CSCF (135) (152)
Interest received CSCF 9 3
Move in accrued interest (6) 3
Initial cost of bonds repaid - 9
Premium on early repayment of bonds K - 28
Per summary cash flow (132) (109)
K.3 Working capital change
Reference 2022 2021
€m €m
Net movement in working capital CSCF (350) (114)
Impairment loss on Russian trade receivables L (8) -
Per summary cash flow (358) (114)
K.4 Capital expenditure
Reference 2022 2021
€m
€m
Additions to property, plant and equipment and biological assets CSCF (873) (594)
Additions to intangible assets CSCF (17) (21)
Additions to right-of-use assets (104) (92)
Change in capital creditors K 24 14
Per summary cash flow (970) (693)
K.5 Capital expenditure as a percentage of depreciation
Reference 2022 2021
€m
€m
Capital expenditure K.4 970 693
Depreciation, depletion (net) and amortisation A 628 560
Capital expenditure as a percentage of depreciation 155% 124%
Alternative Performance Measures (continued)
K.6 Change in employee benefits and other provisions
Reference 2022 2021
€m
€m
Change in employee benefits and other provisions CSCF (19) (81)
Reorganisation and restructuring costs - unpaid K.6.1 (11) -
Right-of-use asset retirement obligation 5 -
Per summary cash flow (25) (81)
K.6.1 Reorganisation and restructuring costs
The change in the provision relating to exceptional reorganisation and
restructuring costs is not included in the summary cash flow as it is not
within EBITDA. Exceptional reorganisation and restructuring costs which were
paid in 2022 are shown as a separate line item within ‘Exceptional items’
in the summary cash flow.
K.7 Other
Reference 2022 2021
€m
€m
Other within the summary cash flow comprises the following:
Amortisation of capital grants CSCF (4) (3)
Profit on sale of property, plant and equipment CSCF (7) (8)
Other (primarily hyperinflation adjustments) CSCF 8 5
Receipt of capital grants CSCF 6 5
Disposal of property, plant and equipment CSCF 12 16
Dividends received from associates CSCF 1 1
Right-of-use asset terminations/modifications L 7 (13)
Per summary cash flow 23 3
K.8 Sale of businesses and investments
Reference 2022 2021
€m
€m
Disposal of subsidiaries (net of disposed cash) CSCF - 33
Disposed cash and cash equivalents K.11 - 4
Per summary cash flow - 37
K.9 Purchase of businesses, investments and NCI
Reference 2022 2021
€m
€m
Purchase of subsidiaries (net of acquired cash) CSCF (90) (413)
Deferred consideration paid CSCF (14) (35)
Acquired cash and cash equivalents K.10 (6) (1)
Per summary cash flow (110) (449)
Alternative Performance Measures (continued)
K.10 Acquired net debt
Reference 2022 2021
€m
€m
Acquired debt (9) (26)
Acquired cash and cash equivalents K.9 6 1
Per summary cash flow (3) (25)
K.11 Disposed net cash
Reference 2022 2021
€m
€m
Disposed debt - 3
Disposed cash and cash equivalents K.8 - (4)
Per summary cash flow - (1)
L. Free cash flow (‘FCF’)
Definition
FCF is the result of the cash inflows and outflows from our operating
activities, and is before those arising from acquisition and disposal of
businesses. We use FCF to assess and understand the total operating
performance of the business and to identify underlying trends.
Reconciliation of Free Cash Flow to Cash Generated from Operations
Reference 2022 2021
€m
€m
Free cash flow K 545 455
Reconciling items:
Cash interest expense K.2 132 109
Capital expenditure (net of change in capital creditors) K.4 994 707
Tax payments CSCF 321 239
Disposal of property, plant and equipment CSCF (12) (16)
Right-of-use asset terminations/modifications K.7 (7) 13
Receipt of capital grants CSCF (6) (5)
Dividends received from associates CSCF (1) (1)
Italian Competition Authority fine CSCF - (124)
Impairment loss on Russian trade receivables K.3 (8) -
Impairment of cash balances held in Russia K (50) -
Cash generated from operations CSCF 1,908 1,377
_________________________________
(1) Additional information in relation to these Alternative Performance
Measures is set out in Supplementary Financial Information on pages 30 to 37.
(2) Additional information on underlying performance is set out within
Supplementary Financial Information on pages 30 to 37.
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