2023/24
20 June 2024
• Strong customer relationships, innovation, service and quality
• Robust in line profit performance despite challenging market
• Volume decline of 2%
o Positive lfl volume growth in H2
o Q4 improvement on Q3
• Continued cost mitigation and productivity initiatives
• Continued sustainability progress
o Replaced over a 1 billion units of plastic
o GHG emissions 5% down (19% vs 2019)
• Recommended all-share offer from International Paper
Before amortisation and adjusting items
Revenue | continuing operations | £m
Packaging: £6,481m
8,221 8,137 6,822 (129) (13) (1,173) 4,000 5,000 6,000 7,000 8,000 9,000
Packaging: (£647m)
Other: (£526m)
Packaging: £5,669m
EBITA | continuing operations | £m
(1,173)
Raw materials: £661m
Other: £398m
EBITDA | Net debt
Delivering for all stakeholders
Challenging market backdrop
• FMCG resilient
• High inflation environment
Market conditions improving
• H2 positive volume growth
• End market growth, increasing promotional activity
Strong customer focus
• Innovation
• Responsiveness
• Industry leading service and quality
• Record customer survey results
• Deep market insights and development expertise
• Investment in innovation hub – new R8 facility
• Supported by extensive network of customer experience centres
• Over 700 designers and innovators applying circular design principles
• Supporting customer sustainability goals and circularity
• >100,000 packaging decisions influenced by our Circular Design Metrics
FY24 circularity highlights FY24 carbon highlights
90% of our specifications uniquely optimised for customer supply chains
19% reduction in waste to landfill vs last year
>100,000 packaging design decisions influenced by our Circular Design Metrics
c.4,000 Circular Design Metric solutions presented to our customers each month 5% reduction in total GHG vs last year 19% reduction in total GHG vs 2019
CDP ‘A-
status 2023 Climate Change response
Ongoing projects
c.99,000 tonnes CO2e, saved from transition of Rouen mill to biomass waste
c.50,000 tonnes CO2e, saved from waste to energy plant in Aschaffenburg
• Combining two complementary businesses with leading positions in Europe and North America to create a global sustainable packaging solutions leader
• Opportunity to drive best practice and optimise supply chains
• Unlocking meaningful cost synergies as well as capex savings and revenue opportunities
• Enhancing the global proposition to existing and prospective customers, in particular in the FMCG sector
• Strong operational fit and complementary nature of operations
• Working collaboratively with International Paper to satisfy the offer conditions and complete transaction
• Improving volumes
• Relentless focus on customer value-add
• Input cost inflation
• Paper price momentum
• Packaging price recovery H2 weighted
• Strong market fundamentals and momentum
As at 30 April 2024, the weighted average remaining life of the Group’s committed borrowing was 2.68 years. Debt shown net of swaps.
An extension of the Group’s RCF was agreed in June 2024, such that the new facility of £1.25 billion matures in May 2027 On 19 June 2024 the Group signed a 5 year €200m loan facility with Bayerische LB, Commerzbank, IKB Deutsche Industriebank Ag and Unicredit Bank.
£350m
Depreciation
£20m
Pension deficit reduction cash contribution
£95m
Amortisation
c.£140m
Interest incl. pension (£1 million is pension)
c.£400-450m
Capex
1% move in GBP
FX Approximately £7m EBITA
25% Tax rate
