DS Smith Half Year Results 2020/21

Financial Highlights
• Half-year profitability shaped by Covid-19
• Volumes building progressively throughout H1
◦ -4.7% May, +3% October, overall H1 -1.0%
◦ November >+5%
• Significant customer wins in Europe and North America driving market share gain
• Q1 profitability affected by negative volumes, deflation and Covid related costs
• Q2 good rebound in profitability – improving volumes and average Q2 RoS 9.5%
• US showing good momentum driven by Indiana plant progress
• Strong organic free cash flow +16%
• Encouraging outlook for remainder of the financial year
• Dividend resumed – medium term policy 2 – 2.5x cover
details at: file:///C:/Users/tom.pankow/Downloads/DS%20Smith%20presentation%20HY%20results%2010%20Dec%202020.pdf

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