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Smurfit Kappa Annual Report 2014

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Smurfit Kappa Annual Report 2014 Annual Report 2014 OPEN OPPORTUNITIES From the production line through to the consumer, packaging can make a difference: through new ideas it has the potential to shape the way you do business. The images in this report are from video case studies on our company microsite. For more information visit openthefuture.info OPEN POTENTIAL The Smurfit Kappa Group strives to be a customer-orientated, market-led company where the satisfaction of customers, the personal development of employees, and respect for local communities and the environment are seen as being inseparable from the aim of creating value for the shareholders. CONTENTS 2 Group Profile 62 Statement of Directors’ 3 2014 Financial Responsibilities Performance Overview 63 Independent Auditors’ Report 4 Group Operations 68 Consolidated Income Statement 6 Chairman’s Statement 69 Consolidated Statement of 10 Chief Executive’s Review Comprehensive Income 12 Business Model 70 Consolidated Balance Sheet 13 Strategy 71 Company Balance Sheet 16 Operations Review 72 Consolidated Statement of Changes in Equity 22 Finance Review 73 Company Statement of 32 Sustainability Changes in Equity 34 Board of Directors 74 Consolidated Statement 38 Corporate Governance of Cash Flows Statement 75 Company Statement 43 Directors’ Report of Cash Flows 45 Audit Committee Report 76 Notes to the Consolidated 48 Remuneration Report Financial Statements 61 Nomination Committee Report 131 Shareholder Information Group Profile Group Profile Smurfit Kappa Group plc (‘SKG plc’ or ‘the Given the high degree of integration Company’) and its subsidiaries (together between the mills and its conversion plants, 42,000 ‘SKG’ or ‘the Group’) is one of the world’s particularly in terms of containerboard, the people employed worldwide largest integrated manufacturers of Group’s end customers are primarily in the paper-based packaging products, with corrugated packaging market, which uses operations in Europe, Latin America, the the packaging for product protection and We operate in United States and Canada. It manufactures, product marketing and merchandising distributes and sells containerboard, purposes. The Group’s large manufacturing Countries in 21 Europe corrugated containers and other paper- footprint provides it with a competitive based packaging products such as advantage because the corrugated Countries in solidboard, graphicboard and bag-in-box. packaging market is a localised market and 11 the Americas corrugated box plants need to be close to The Group has two reporting segments, customers (generally 300 kilometres or less) Europe and the Americas. The Europe We own due to the relatively high cost of segment, which is highly integrated, transporting the product. Approximately includes a system of mills and plants that Mills (27 produce 60% of the Group’s corrugated customers containerboard) primarily produces a full line of 34 are in the fast moving consumer goods containerboard that is converted into Recovered (‘FMCG’) sector, comprising food, beverage, corrugated containers. In addition to other fibre facilities and household consumables, the remainder 50 types of paper, such as solidboard and sack /wood procurement being split across a wide range of different kraft paper, and paper-based packaging, industries. Converting plants such as solidboard packaging and folding 229 cartons, this segment includes the Group’s In 2014, the Group’s Europe and Americas Other production bag-in-box operations. The Americas segments accounted for approximately 76% 31 facilities segment comprises all the Group’s forestry, and 24% of revenue respectively. paper, corrugated, paper sack and folding Excluding the solidboard operations held for carton activities in a number of Latin sale, at the date of this report, the Group American countries and in the United owns 34 mills (27 of which produce States. containerboard), 229 converting plants The Group operates in 21 countries in (most of which convert containerboard into Europe and is the European leader in corrugated boxes), 48 recovered fibre corrugated packaging, containerboard, facilities and two wood procurement solidboard and solidboard packaging with operations (which together provide raw key positions in several other packaging and material for our mills) and 31 other 103,000 paper market segments. We also have two production facilities carrying on other Hectares of Latin American bag-in-box facilities, located in Canada and related activities. In addition, the Group forest plantations Argentina, which are managed as part of our owns approximately 103,000 hectares of European operations. The Group operates in forest plantations in Latin America. 11 countries in the Americas and is the largest pan-regional producer of containerboard and corrugated containers in Latin America. In terms of world market positions, the Group is the second largest producer of corrugated packaging. 2 Smurfit Kappa | Annual Report 2014 2014 Financial Performance Overview 2014 Financial Performance Overview European Market Position World market position 1 in corrugated packaging and containerboard 2 for the production of corrugated packaging 7,957 8,083 1,107 1,161 13.9% 14.4% 643 661 294 378 Revenue (€ million) EBITDA before EBITDA margin Operating profit Profit before income tax exceptional items and (€ million) (€ million) share-based payment expense (‘EBITDA’) (€ million) 365 362 2,621 2,759 2.4x 2.4x 82.2 105.8 114.5 162.5 Free cash flow Net debt Net debt to Basic earnings per share Pre-exceptional basic (€ million) (€ million) EBITDA (cent) earnings per share (cent) 2014 2013 Smurfit Kappa | Annual Report 2014 3 Group Operations The Americas Group Operations VIRGIN MILLS RECYCLED MILLS CORRUGATED CARTONS PAPER SACKS BAG-IN-BOX RECOVERED FIBRE FORESTRY The Americas OPERATIONS SALES Virgin Mills 2 Volumes (million tonnes) Recycled Paper and Board Mills 10 Containerboard 1.1 Corrugated 38 Other Paper & Board 0.3 Cartons 3 Corrugated 1.1 Paper Sacks 5 Including full year volumes for operations acquired in 2014. Recovered Fibre 33 Other 5 4 Smurfit Kappa | Annual Report 2014 Group Operations Europe Europe OPERATIONS SALES Virgin Mills 5 Volumes (million tonnes) Recycled Containerboard Mills 13 Kraftliner 1.6 Other Recycled Paper and Board Mills 4 Recycled Containerboard 2.8 Corrugated 157 Other Paper & Board 0.7 Cartons and Solidboard Packaging 5 Corrugated 4.3 Recovered Fibre 15 Solidboard Packaging 0.1 Other 49 Excluding output of solidboard operations held for sale Excluding solidboard operations held for sale Smurfit Kappa | Annual Report 2014 5 Chairman’s Statement Chairman’s Statement Year in Review The Group’s strong operating performance through 2014 is continuing evidence of the strategic depth and resilience of our integrated and geographically diverse business model. As a result we are pleased to report higher returns, good earnings growth and basic EPS of 105.8 cent, an increase of 29% on 2013. This was driven by new business wins, a continued focus on cost efficiencies, judicious capital investment and accretive acquisitions. Progress against these measures has increased our ROCE to 15% and supports the Group’s revised ROCE target of an average of 15% through the cycle. On behalf of the Board, I would like to thank all of our employees for their contribution and commitment to the on-going success of the Group. Governance and Board Directors The Board and Management of SKG Mr Nicanor Restrepo will retire from support the highest standards of the Board at the forthcoming AGM. Corporate Governance and ethical Nicanor has been a Director since 2007 business conduct. We believe that and Senior Independent Director Corporate Governance is not just a since 2008 and has made a major matter for the Board but that a culture contribution to the increasing success of high standards of governance must of SKG since it went public in 2007. be promoted from the top and The Board would like to sincerely fostered throughout the whole thank Nicanor for his wise counsel and organisation. We believe that support for the Group during this governance is about ensuring that period and to offer him our best wishes 1) we have the right strategy to deliver for the future. for our shareholders and other stakeholders, 2) the executive team is Operational Visits leading and managing effectively to In July, the Board travelled to Spain and reach our strategic goals and in doing visited our Nervion mill in Bilbao and so they are held accountable and at the our Alcala corrugated operations in same time are fairly remunerated and Madrid. The Board was also pleased to 3) the risks to the Group are managed meet and review strategy and and mitigated and appropriate controls performance with the senior paper and are in place at all levels of the corrugated management teams for organisation. The key principles and Spain. These visits are extremely practices designed to achieve these valuable in giving the members standards are set out in the Corporate of the Board a deeper first-hand Governance Statement. I would like to understanding of the strength and thank all of the Directors for their extent of our local businesses, their continued support and contribution to strategic positioning, and the the development and effectiveness of enterprise of our teams at all levels the workings of the Board and its throughout the organisation. During various Committees during the year. 2014, I made additional visits to facilities in Austria, Belgium, France, Germany, Ireland, the Netherlands and the United Kingdom, covering
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