SKG First Half 2023 Results

Key Points:
*Revenue of €5.8 billion
*EBITDA of €1.1 billion and an EBITDA margin of 19.1%
*Return on capital employed of 19.0%
*Free Cash Flow of €119 million
*Interim dividend increased by 6% to 33.5 cent per share

Tony Smurfit, Group CEO, commented:
“We are pleased to deliver an excellent outcome against a challenging macro backdrop with a strong first half performance. In a declining volume environment this reflects both the quality and resilience of SKG’s integrated and geographically balanced business model. Although volumes declined by 6% in the first half, we saw market share gains across many of the countries in which we operate, and encouragingly, in Europe, during the second quarter, we saw our shipments per day improve on the previous three quarters.

“The steps we have taken and continue to take, have positioned SKG for long-term growth. These include expanding our geographic reach and product portfolio, our unrelenting focus on customer-led innovation and promoting our product’s natural sustainable advantage to advance new growth opportunities. Additionally, through our integrated model, customers benefit from security of supply even in the most challenging market conditions.

“As a result, SKG is the packaging partner of choice for the world’s leading companies. Our team continues to excel in supplying market-leading, innovative and sustainable packaging best reflected, within the period, by market share gains across many of the countries in which we operate. The significant number of design, innovation and sustainability awards received over the years are recognition of our customer focus and continues to demonstrate the quality and expertise of our people and the value they provide.

“In March, the Group announced that it had sold its Russian operations to local management, completing its exit from the Russian market. On a more positive note, in July of this year we expanded our geographic reach with the opening of our new integrated, state-of-the-art plant in Morocco and the acquisition of a specialty packaging operation in Spain.

“Our 16th Sustainable Development Report emphasises the Group’s progress and commitment to our 2030 targets. The Group continues to invest in sustainability, minimising both our own and our customers’ environmental impact and supporting the circular economy.
details at: https://www.smurfitkappa.com/newsroom/2023/skg-first-half-2023-results

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