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Annual Report 2010 Innovation Through People and Packaging

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Annual Report 2010 Innovation Through People and Packaging ANNU SM U “ On behalf of the Board, I would like to thank R FIT A all our employees for their commitment and L REPO KA contribution to our substantial progress on an PP outstanding set of achievements in 2010.” R A GR T 2010 Liam O’Mahony, Chairman OUP People are the key to Smurfit Kappa Group’s success, especially those who make up our international team of some 38,000 employees across the world. We have PL used the opportunity of this Annual Report to show a wide selection of our C colleagues doing valuable work in a number of SKG plants and operations. ANNUAL REPORT 2010 Innovation through people and packaging GROUP PrOFILE u ANNU SM U “ On behalf of the Board, I would like to thank R FIT A all our employees for their commitment and L REPO KA contribution to our substantial progress on an PP outstanding set of achievements in 2010.” R A GR T 2010 Liam O’Mahony, Chairman OUP People are the key to Smurfit Kappa Group’s success, especially those who make up our international team of some 38,000 employees across the world. We have PL used the opportunity of this Annual Report to show a wide selection of our C colleagues doing valuable work in a number of SKG plants and operations. ANNUAL REPORT 2010 Innovation through people and packaging GROUP PrOFILE u Latin American European Operations Operations Virgin Mills (4) Virgin Mills (2) Recycled Containerboard Mills (15) 1 2 3 4 5 6 7 8 Recycled Paper Other Paper and Board Mills (8) and Board Mills (9) Corrugated (162) Corrugated (26) Other (72) Paper Sacks (5) Other (29) Virgin Mills Recycled Virgin Mills Containerboard Mills 9 10 11 12 13 14 15 16 Recycled Mills Corrugated Corrugated Specialties Specialties Recovered Fibre Recovered Fibre Forestry TOP LINE LEFT TO RIGHT 1 Jaime Cruz at the Cali paper mill, CO 2 Christophe Camin and Joel Cazenave, Training Department, at the Facture paper mill, near Bordeaux, FR Group Profile 3 Sample of products manufactured by Smurfit Kappa UK operations 4 John Heijnen and Michael Szostec at the Roermond paper mill, NL 5 Benny van Veggel at the TWINCORR corrugated plant, Hoogeveen, NL Packaging Europe Specialties Europe Latin America 6 Gaëlle Chouteau and Maha Gharbi at the bag-in-box plant, Epernay, FR Mission 7 Paper reels ready for transport Sales Volumes (million tonnes) Sales Volumes (million tonnes) Sales Volumes (million tonnes) The Smurfit Kappa Group strives to be a customer-oriented, 8 Geoffrey Meijering at the Coevorden solid board mill, NL Recycled Containerboard 3.0 Solidboard & Graphicboard 0.9 Containerboard 0.7 market-led company where the satisfaction of customers, Kraftliner 1.5 Solidboard Packaging 0.3 Corrugated 0.7 BOttOM LINE LEFT TO RIGHT the personal development of employees and respect for 9 Trevor Mullen, Finance Department, Group HQ, Dublin, IR Sack Paper 0.1 local communities and the environment are seen as being 10 Royal 2000 kraftliner manufactured at the Piteå paper mill, SE Corrugated 4.4 inseparable from the aim of creating value for the shareholders. 11 Marcela Zapata at a forestry plantation at Puerto Isaacs, Yumbo, CO 12 Andre Portier, John Beugelink and Ramon Steenburgen at the TWINCORR plant, Hoogeveen, NL 13 Gustavo Guzman and Carlos Higuita at paper machine 6, Cali paper mill, CO 14 Wim Wanten and Mat Vaes at the Roermond paper mill, NL 15 Eve Faure-Biguet, HR Department, Group HQ, Dublin, IR 16 Jason Darcy and George Kane at the Walkinstown corrugated plant, Dublin, IR Printed on paper sourced from sustainably managed forests Latin American European Operations Operations Virgin Mills (4) Virgin Mills (2) Recycled Containerboard Mills (15) 1 2 3 4 5 6 7 8 Recycled Paper Other Paper and Board Mills (8) and Board Mills (9) Corrugated (162) Corrugated (26) Other (72) Paper Sacks (5) Other (29) Virgin Mills Recycled Virgin Mills Containerboard Mills 9 10 11 12 13 14 15 16 Recycled Mills Corrugated Corrugated Specialties Specialties Recovered Fibre Recovered Fibre Forestry TOP LINE LEFT TO RIGHT 1 Jaime Cruz at the Cali paper mill, CO 2 Christophe Camin and Joel Cazenave, Training Department, at the Facture paper mill, near Bordeaux, FR Group Profile 3 Sample of products manufactured by Smurfit Kappa UK operations 4 John Heijnen and Michael Szostec at the Roermond paper mill, NL 5 Benny van Veggel at the TWINCORR corrugated plant, Hoogeveen, NL Packaging Europe Specialties Europe Latin America 6 Gaëlle Chouteau and Maha Gharbi at the bag-in-box plant, Epernay, FR Mission 7 Paper reels ready for transport Sales Volumes (million tonnes) Sales Volumes (million tonnes) Sales Volumes (million tonnes) The Smurfit Kappa Group strives to be a customer-oriented, 8 Geoffrey Meijering at the Coevorden solid board mill, NL Recycled Containerboard 3.0 Solidboard & Graphicboard 0.9 Containerboard 0.7 market-led company where the satisfaction of customers, Kraftliner 1.5 Solidboard Packaging 0.3 Corrugated 0.7 BOttOM LINE LEFT TO RIGHT the personal development of employees and respect for 9 Trevor Mullen, Finance Department, Group HQ, Dublin, IR Sack Paper 0.1 local communities and the environment are seen as being 10 Royal 2000 kraftliner manufactured at the Piteå paper mill, SE Corrugated 4.4 inseparable from the aim of creating value for the shareholders. 11 Marcela Zapata at a forestry plantation at Puerto Isaacs, Yumbo, CO 12 Andre Portier, John Beugelink and Ramon Steenburgen at the TWINCORR plant, Hoogeveen, NL 13 Gustavo Guzman and Carlos Higuita at paper machine 6, Cali paper mill, CO 14 Wim Wanten and Mat Vaes at the Roermond paper mill, NL 15 Eve Faure-Biguet, HR Department, Group HQ, Dublin, IR 16 Jason Darcy and George Kane at the Walkinstown corrugated plant, Dublin, IR Printed on paper sourced from sustainably managed forests Contents 4 2010 Financial Performance Overview 6 Chairman’s Statement 8 Chief Executive’s Review 10 Strategy 12 Operations Review 20 Finance Review 30 Sustainability 34 Board of Directors 36 Corporate Governance Statement 46 Directors’ Report 49 Remuneration Report 57 Statement of Directors’ Responsibilities 58 Independent Auditors’ Report 60 Group Income Statement 61 Group Statement of Comprehensive Income 62 Group Balance Sheet 64 Company Balance Sheet 65 Group Statement of Changes in Equity 66 Company Statement of Changes in Equity 67 Group Cash Flow Statement 69 Company Cash Flow Statement 70 Notes to the Consolidated Financial Statements 165 Shareholder Information SKG at a Glance The Group is an integrated paper Given the high degree of integration and paperboard manufacturer between the mills and its conversion and converter with operations plants, particularly in terms of in Europe and Latin America. The containerboard, the Group’s end Group’s operations are divided into customers are primarily in the Packaging Europe, Specialties Europe corrugated container market. and Latin America. In Europe, the The corrugated market is a Packaging segment, which is highly localised market and corrugated integrated, includes a system of mills box plants need to be close to and plants that produce a full line customers (generally no more than of containerboard that is converted 250 to 300 kilometres), due to the into corrugated containers. The relatively high cost of transporting Specialties segment comprises the product. Approximately 60% paper-based activities dedicated to of the Group’s corrugated customers the needs of specific niche markets, are in food, beverage, and household primarily bag-in-box and solidboard. consumables, the remainder being Prior to their sale, the Group’s split across a wide range of different European paper sack operations industries. formed part of this segment. The Latin American segment comprises In 2010, the Group’s European forestry, paper, corrugated, paper Packaging and Specialties segments sack and folding carton activities in a accounted for 72% and 11% of number of Latin American countries. revenue respectively, with Latin America accounting for the The Group operates in 21 countries remaining 17%. in Europe and is the European leader in containerboard, corrugated At the date of this report, the containers, solidboard and solidboard Group owns 38 mills (27 of which packaging and has a key position produce containerboard), 225 in several other paper packaging converting plants (most of which market segments. The Group convert containerboard into operates in nine countries in corrugated boxes), 41 reclamation Latin America where it is the facilities (which provide recovered only pan-regional operator. In fibre for the Group’s mills) and terms of world market positions, 28 other production facilities the Group is the second largest carrying on other related activities. producer of corrugated containers, In addition, the Group owns one of the two largest producers of approximately 105,000 hectares graphicboard and the third largest of forest plantations. producer of containerboard. 2 SMURFIT KAPPA GROUP ANNUAL REPORT 2010 Mustafa Temiz and Tolga Tuzun at the Zedek print & display plant, Deventer, NL 3 2010 Financial Performance Overview 2010 2009 €m €m Revenue 6,677 6,057 EBITDA before exceptional items and 904 741 share-based payment expense (‘EBITDA’) EBITDA Margin 13.5% 12.2% Operating Profit 409 267 Profit/(Loss) before Tax 103 (52) Free Cash Flow 82 172 Net Debt 3,110 3,052 Net Debt to EBITDA 3.4x 4.1x Barry Fiks and Emiel Heltzel at the Roermond mill, NL 4 SMURFIT KAPPA GROUP ANNUAL REPORT 2010 SKG Net Debt to EBITDA Ratio Leverage evolution 5.5 * IPO 4.1 3.4 3.4 3.2 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 Fatima Turkylmaz at the Zedek print and display plant, NL 5 Paper machine 6 at the Facture paper mill, near Bordeaux, FR Chairman’s Statement “The Group is pleased to deliver EBITDA growth of 22% for 2010.” Year in Review principles and practices designed to achieve these standards are set out in The Group is pleased to deliver the Corporate Governance statement.
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