Publication Date:

21 February 2013

Financial highlights

  • Strong profitability despite challenging start to the year
  • Supported by excellent operating performance and cost management
  • ROCE of 13.7%, in excess of the Group’s through-the-cycle target of 13%
  • Strong cash generation from operations of €845 million
  • Total dividend for the year of 28.0 euro cents per share, up 8%

Strategic highlights

  • Significant progress with strategic initiatives
    • €1.2 billion spent on acquisitions increasing exposure to higher growth packaging
    • Disposal of interest in non-core Aylesford Newsprint
    • Capital employed in packaging businesses now 67% of Group total (57% at end of 2011)
  • Integration of acquisitions on track
  • Cost synergies from recent acquisitions now estimated at €30 million per annum, up 33%