Balance Sheet DS Smith

Equities

SMDS

GB0008220112

Delayed London S.E. Other stock markets 02:30:00 2025-02-03 am EST			5-day change	1st Jan Change
582.50 ^GBX	-.--%		-4.04%	-

Dec. 28	DS Smith Plc Reports Earnings Results for the Full Year Ended April 30, 2025	CI
Dec. 05	DS Smith Announces Executive Changes	CI

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Published financial data: DS SMITH

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Revenues	5.98B	7.24B	8.22B	6.82B	6.05B
Total Revenues	5.98B	7.24B	8.22B	6.82B	6.05B
Cost of Goods Sold, Total	5.48B	6.65B	7.36B	6.12B	5.95B
Gross Profit	499M	587M	861M	701M	97M
Selling General & Admin Expenses, Total	3M	3M	1M	1M	-1M
Amortization of Goodwill and Intangible Assets - (IS)	142M	138M	113M	98M	-
Other Operating Expenses, Total	145M	141M	114M	99M	-1M
Operating Income	354M	446M	747M	602M	98M
Interest Expense, Total	-67M	-58M	-60M	-115M	-136M
Interest And Investment Income	1M	1M	2M	14M	8M
Net Interest Expenses	-66M	-57M	-58M	-101M	-128M
Income (Loss) On Equity Invest.	5M	7M	2M	2M	-
Other Non Operating Income (Expenses)	-9M	-10M	-15M	-1M	-7M
EBT, Excl. Unusual Items	284M	386M	676M	502M	-37M
Restructuring Charges	-27M	-8M	-	-	-
Merger & Related Restructuring Charges	-19M	-1M	-15M	-9M	-73M
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-7.3M	1M	-	10M	-
EBT, Incl. Unusual Items	231M	378M	661M	503M	-110M
Income Tax Expense	49M	98M	169M	118M	29M
Earnings From Continuing Operations	182M	280M	492M	385M	-139M
Earnings Of Discontinued Operations	12M	-	11M	-	13M
Net Income to Company	194M	280M	503M	385M	-126M
Minority Interest	-	-	-1M	-	-
Net Income - (IS)	194M	280M	502M	385M	-126M
Net Income to Common Incl Extra Items	194M	280M	502M	385M	-126M
Net Income to Common Excl. Extra Items	182M	280M	491M	385M	-139M
Per Share Items
Net EPS - Basic	0.14	0.2	0.36	0.28	-
Basic EPS - Continuing Operations	0.13	0.2	0.36	0.28	-
Basic Weighted Average Shares Outstanding	1.37B	1.37B	1.38B	1.37B	-
Net EPS - Diluted	0.14	0.2	0.36	0.28	-
Diluted EPS - Continuing Operations	0.13	0.2	0.35	0.28	-
Diluted Weighted Average Shares Outstanding	1.38B	1.38B	1.39B	1.38B	-
Normalized Basic EPS	0.13	0.18	0.31	0.23	-
Normalized Diluted EPS	0.13	0.17	0.3	0.23	-
Dividend Per Share	0.12	0.15	0.18	0.18	-
Payout Ratio	-	59.29	57.57	64.16	-199.21
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	703M	788M	1.08B	932M	383M
EBITA	473M	568M	840M	685M	148M
EBIT	354M	446M	747M	602M	98M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	21.21	25.93	25.57	23.46	-26.36
Total Current Taxes	53M	122M	171M	132M	46M
Total Deferred Taxes	1M	-24M	-2M	-14M	-17M
Normalized Net Income	178M	241M	422M	314M	-23.12M
Interest on Long-Term Debt	12M	11M	11M	13M	15M
Non-Cash Pension Expense	3M	3M	1M	1M	-1M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	8M	8M	8M	8M	8M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	9M	10M	15M	-2M	14M
Total Stock-Based Compensation	9M	10M	15M	-2M	14M

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	813M	819M	472M	499M	277M
Total Cash And Short Term Investments	813M	819M	472M	499M	277M
Accounts Receivable, Total	646M	993M	1.03B	872M	857M
Other Receivables	119M	158M	144M	188M	203M
Total Receivables	765M	1.15B	1.17B	1.06B	1.06B
Inventory	543M	710M	625M	596M	561M
Prepaid Expenses	65M	82M	77M	78M	102M
Other Current Assets, Total	110M	346M	184M	93M	1.25B
Total Current Assets	2.3B	3.11B	2.53B	2.33B	3.25B
Gross Property Plant And Equipment	5.06B	5.07B	5.83B	6.12B	5.6B
Accumulated Depreciation	-1.79B	-1.74B	-2.07B	-2.14B	-1.83B
Net Property Plant And Equipment	3.28B	3.33B	3.75B	3.98B	3.77B
Long-term Investments	48M	30M	27M	28M	7M
Goodwill	2.18B	2.19B	2.27B	2.23B	1.6B
Other Intangibles, Total	813M	713M	659M	585M	420M
Deferred Tax Assets Long-Term	37M	7M	11M	23M	31M
Other Long-Term Assets, Total	48M	508M	208M	86M	107M
Total Assets	8.7B	9.89B	9.46B	9.25B	9.18B
Liabilities
Accounts Payable, Total	1.27B	1.92B	1.57B	1.25B	1.12B
Accrued Expenses, Total	24M	23M	16M	57M	52M
Short-term Borrowings	169M	110M	128M	89M	93M
Current Portion of Long-Term Debt	160M	644M	50M	397M	91M
Current Portion of Leases	71M	63M	70M	75M	68M
Current Income Taxes Payable	133M	143M	165M	134M	86M
Other Current Liabilities	626M	662M	1.04B	691M	789M
Total Current Liabilities	2.46B	3.57B	3.04B	2.7B	2.3B
Long-Term Debt	2.08B	1.39B	1.74B	2.04B	2.93B
Long-Term Leases	159M	140M	154M	164M	153M
Pension & Other Post Retirement Benefits	175M	86M	79M	82M	72M
Deferred Tax Liability Non Current	271M	396M	262M	213M	167M
Other Non Current Liabilities	23M	72M	94M	110M	57M
Total Liabilities	5.16B	5.65B	5.37B	5.3B	5.68B
Common Stock, Total	137M	137M	138M	138M	-
Additional Paid In Capital	2.24B	2.25B	2.25B	2.26B	2.27B
Retained Earnings	1.19B	1.35B	1.58B	1.71B	1.44B
Treasury Stock	-3M	-9M	-14M	-9M	-
Comprehensive Income and Other	-31M	504M	128M	-146M	-201M
Total Common Equity	3.53B	4.23B	4.08B	3.95B	3.51B
Minority Interest	2M	2M	3M	-	-
Total Equity	3.54B	4.23B	4.09B	3.95B	3.51B
Total Liabilities And Equity	8.7B	9.89B	9.46B	9.25B	9.18B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.37B	1.37B	1.37B	1.38B	-
ECS Total Common Shares Outstanding	1.37B	1.37B	1.37B	1.38B	-
Book Value / Share	2.58	3.08	2.97	2.87	-
Tangible Book Value	538M	1.33B	1.16B	1.14B	1.49B
Tangible Book Value Per Share	0.39	0.97	0.84	0.83	-
Total Debt	2.64B	2.35B	2.14B	2.76B	3.34B
Net Debt	1.83B	1.53B	1.67B	2.27B	3.06B
Debt Equivalent of Unfunded Proj. Benefit Obligation	175M	86M	55M	32M	2M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	2M	2M	3M	-	-
Equity Method Investments, Total	38M	17M	17M	17M	4M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	325M	419M	374M	366M	333M
Inventories - Work In Process, Total	22M	27M	26M	24M	22M
Inventories - Finished Goods, Total	196M	264M	225M	206M	206M
Inventories - Others	-	-	-	-	-
Land - (BS)	1.07B	1.04B	1.17B	1.18B	1.12B
Machinery, Total	3.43B	3.35B	3.74B	3.92B	3.52B
Full Time Employees	28.86K	29.58K	29.52K	29.5K	27.65K
Accumulated Allowance for Doubtful Accounts (Supple)	31M	30M	31M	28M	26M

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	194M	280M	502M	385M	-126M
Depreciation & Amortization - CF	304M	290M	312M	323M	308M
Amortization of Goodwill and Intangible Assets - (CF)	119M	122M	93M	83M	50M
Depreciation & Amortization, Total	423M	412M	405M	406M	358M
Amortization of Deferred Charges, Total - (CF)	23M	16M	20M	15M	23M
(Gain) Loss From Sale Of Asset	2M	-1M	7M	-9M	3M
(Gain) Loss on Sale of Investments - (CF)	-	29M	-	-	-
Asset Writedown & Restructuring Costs	27M	8M	-	-	-
(Income) Loss On Equity Investments - (CF)	-5M	-7M	-2M	-2M	-
Stock-Based Compensation (CF)	9M	10M	15M	-2M	14M
Net Cash From Discontinued Operations	-10M	-	-	-	-
Other Operating Activities, Total	-85M	-41M	40M	-56M	-109M
Change In Accounts Receivable	-75M	-449M	15M	88M	-74M
Change In Inventories	-28M	-200M	99M	6M	-53M
Change In Accounts Payable	276M	864M	-235M	-511M	-108M
Cash from Operations	751M	921M	866M	320M	-72M
Capital Expenditure	-331M	-431M	-545M	-547M	-459M
Sale of Property, Plant, and Equipment	8M	16M	19M	41M	14M
Cash Acquisitions	-90M	-23M	-	-113M	-10M
Divestitures	16M	35M	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	5M	-
Other Investing Activities, Total	6M	0	0	-	27M
Cash from Investing	-391M	-403M	-526M	-614M	-428M
Long-Term Debt Issued, Total	1.16B	334M	332M	1.28B	975M
Total Debt Issued	1.16B	334M	332M	1.28B	975M
Long-Term Debt Repaid, Total	-1.29B	-602M	-785M	-688M	-463M
Total Debt Repaid	-1.29B	-602M	-785M	-688M	-463M
Issuance of Common Stock	3M	7M	4M	7M	13M
Common Dividends Paid	-	-166M	-289M	-247M	-251M
Common & Preferred Stock Dividends Paid	-	-166M	-289M	-247M	-251M
Other Financing Activities, Total	-16M	-56M	10M	-4M	3M
Cash from Financing	-142M	-483M	-728M	352M	277M
Foreign Exchange Rate Adjustments	-4M	-8M	10M	-16M	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-3M
Net Change in Cash	214M	27M	-378M	42M	-226M
Supplemental Items
Cash Interest Paid	69M	63M	78M	80M	143M
Cash Income Tax Paid (Refund)	66M	96M	136M	169M	89M
Levered Free Cash Flow	274M	138M	595M	-248M	-1.32B
Unlevered Free Cash Flow	315M	174M	633M	-176M	-1.24B
Change In Net Working Capital	30M	112M	-271M	424M	1.24B
Net Debt Issued / Repaid	-129M	-268M	-453M	596M	512M

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.56	3	4.83	4.02	0.66
Return on Total Capital	3.61	4.37	7.29	5.81	0.9
Return On Equity %	5.29	7.21	11.83	9.58	-3.73
Return on Common Equity	5.29	7.21	11.81	9.59	-3.73
Margin Analysis
Gross Profit Margin %	8.36	8.11	10.47	10.28	1.6
SG&A Margin	0.05	0.04	0.01	0.01	-0.02
EBITDA Margin %	11.77	10.88	13.15	13.66	6.33
EBITA Margin %	7.92	7.84	10.22	10.04	2.45
EBIT Margin %	5.93	6.16	9.09	8.82	1.62
Income From Continuing Operations Margin %	3.05	3.87	5.98	5.64	-2.3
Net Income Margin %	3.25	3.87	6.11	5.64	-2.08
Net Avail. For Common Margin %	3.05	3.87	5.97	5.64	-2.3
Normalized Net Income Margin	2.97	3.33	5.13	4.6	-0.38
Levered Free Cash Flow Margin	4.58	1.9	7.24	-3.63	-21.88
Unlevered Free Cash Flow Margin	5.28	2.4	7.7	-2.58	-20.54
Asset Turnover
Asset Turnover	0.69	0.78	0.85	0.73	0.66
Fixed Assets Turnover	1.82	2.19	2.32	1.76	1.56
Receivables Turnover (Average Receivables)	9.98	8.84	8.13	7.18	7
Inventory Turnover (Average Inventory)	10.27	10.62	11.03	10.03	10.29
Short Term Liquidity
Current Ratio	0.93	0.87	0.83	0.86	1.41
Quick Ratio	0.64	0.55	0.54	0.58	0.58
Operating Cash Flow to Current Liabilities	0.31	0.26	0.28	0.12	-0.03
Days Sales Outstanding (Average Receivables)	36.59	41.31	44.89	50.99	52.15
Days Outstanding Inventory (Average Inventory)	35.56	34.37	33.1	36.5	35.46
Average Days Payable Outstanding	76.94	85.48	87.65	84.86	73.04
Cash Conversion Cycle (Average Days)	-4.8	-9.81	-9.66	2.64	14.57
Long Term Solvency
Total Debt/Equity	74.68	55.46	52.46	70.02	95.1
Total Debt / Total Capital	42.75	35.67	34.41	41.18	48.74
LT Debt/Equity	63.37	36.16	46.39	55.81	87.92
Long-Term Debt / Total Capital	36.28	23.26	30.43	32.83	45.06
Total Liabilities / Total Assets	59.37	57.17	56.78	57.33	61.8
EBIT / Interest Expense	5.29	7.69	12.45	5.23	0.72
EBITDA / Interest Expense	11.6	14.79	19.2	8.77	3.35
(EBITDA - Capex) / Interest Expense	6.66	7.36	10.12	4.01	-0.02
Total Debt / EBITDA	3.4	2.74	1.86	2.74	7.32
Net Debt / EBITDA	2.35	1.78	1.45	2.25	6.71
Total Debt / (EBITDA - Capex)	5.92	5.5	3.53	6	-1.11K
Net Debt / (EBITDA - Capex)	4.09	3.58	2.75	4.92	-1.02K
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.11	21.17	13.53	-17.02	-2.97
Gross Profit, 1 Yr. Growth %	-24.35	17.56	46.68	-18.58	-84.05
EBITDA, 1 Yr. Growth %	-17.93	12.04	37.18	-13.78	-56.53
EBITA, 1 Yr. Growth %	-25.46	20.01	47.89	-18.45	-77.54
EBIT, 1 Yr. Growth %	-31.07	25.88	67.49	-19.41	-83.86
Earnings From Cont. Operations, 1 Yr. Growth %	-37.24	53.85	75.71	-21.75	-137.77
Net Income, 1 Yr. Growth %	-63.19	44.33	79.29	-23.31	-132.73
Normalized Net Income, 1 Yr. Growth %	-34.94	35.77	74.72	-25.56	-107.3
Diluted EPS Before Extra, 1 Yr. Growth %	-37.14	53.79	74.51	-21.24	-
Accounts Receivable, 1 Yr. Growth %	17.03	53.72	3.63	-15.26	-1.72
Inventory, 1 Yr. Growth %	3.63	30.76	-11.97	-4.64	-5.87
Net Property, Plant and Equip., 1 Yr. Growth %	-0.67	1.56	12.8	6.05	-5.2
Total Assets, 1 Yr. Growth %	0.87	13.63	-4.34	-2.15	-0.75
Tangible Book Value, 1 Yr. Growth %	251.63	146.47	-12.75	-1.64	30.76
Common Equity, 1 Yr. Growth %	5.46	19.78	-3.5	-3.31	-11.14
Cash From Operations, 1 Yr. Growth %	18.08	22.64	-5.97	-63.05	-126.67
Capital Expenditures, 1 Yr. Growth %	-11.97	30.21	26.45	0.37	-8.57
Levered Free Cash Flow, 1 Yr. Growth %	-56.3	-49.74	333	-141.59	411.59
Unlevered Free Cash Flow, 1 Yr. Growth %	-53.08	-44.92	264.24	-127.77	555.37
Dividend Per Share, 1 Yr. Growth %	-	23.97	20	0	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.59	9.46	17.29	-2.94	-14.21
Gross Profit, 2 Yr. CAGR %	-11.05	-5.69	31.32	9.28	-66.44
EBITDA, 2 Yr. CAGR %	-7.28	-4.11	23.98	8.75	-40.48
EBITA, 2 Yr. CAGR %	-13.26	-5.42	33.22	9.82	-58.02
EBIT, 2 Yr. CAGR %	-17.06	-6.85	45.2	16.18	-63.78
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.65	-1.74	64.42	17.26	-46.85
Net Income, 2 Yr. CAGR %	-15.86	-27.11	60.86	17.26	-49.9
Normalized Net Income, 2 Yr. CAGR %	-20.95	-6.02	54.02	14.04	-76.58
Diluted EPS Before Extra, 2 Yr. CAGR %	-18.14	-1.68	63.82	17.23	-
Accounts Receivable, 2 Yr. CAGR %	-15.93	34.12	26.21	-6.29	-8.74
Inventory, 2 Yr. CAGR %	-4.07	16.4	7.29	-8.38	-5.26
Net Property, Plant and Equip., 2 Yr. CAGR %	5.67	0.44	7.03	9.37	0.27
Total Assets, 2 Yr. CAGR %	1.1	7.06	4.26	-3.25	-1.45
Tangible Book Value, 2 Yr. CAGR %	88.76	194.39	46.65	-7.36	13.41
Common Equity, 2 Yr. CAGR %	6.57	12.4	7.52	-3.4	-7.31
Cash From Operations, 2 Yr. CAGR %	18.81	20.34	7.38	-41.06	-71.17
Capital Expenditures, 2 Yr. CAGR %	4.52	7.06	28.32	12.66	-8.23
Levered Free Cash Flow, 2 Yr. CAGR %	12.51	-53.13	47.53	34.2	49.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.25	-49.16	41.65	0.57	40.13
Dividend Per Share, 2 Yr. CAGR %	-13.58	-	21.97	9.54	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.69	5.47	10.8	4.51	-5.81
Gross Profit, 3 Yr. CAGR %	0.49	-2.38	9.27	11.97	-45.12
EBITDA, 3 Yr. CAGR %	3.25	-1.24	8.05	9.84	-21.38
EBITA, 3 Yr. CAGR %	-0.61	-3.34	9.77	13.11	-36.13
EBIT, 3 Yr. CAGR %	-3.8	-4.68	13.27	19.33	-39.66
Earnings From Cont. Operations, 3 Yr. CAGR %	-8.43	2.24	19.27	28.37	-20.82
Net Income, 3 Yr. CAGR %	-9.18	0.72	-1.61	25.67	-23.37
Normalized Net Income, 3 Yr. CAGR %	-6.25	-5.33	15.56	20.87	-54.23
Diluted EPS Before Extra, 3 Yr. CAGR %	-16.48	1.01	19.04	28.33	-
Accounts Receivable, 3 Yr. CAGR %	-0.26	2.8	23.07	10.52	-4.79
Inventory, 3 Yr. CAGR %	-0.24	6.37	6.05	3.15	-7.55
Net Property, Plant and Equip., 3 Yr. CAGR %	10.99	4.28	4.4	6.7	4.28
Total Assets, 3 Yr. CAGR %	11.19	5.12	3.12	2.08	-2.42
Tangible Book Value, 3 Yr. CAGR %	101.25	106.31	96.28	28.37	3.92
Common Equity, 3 Yr. CAGR %	18.77	10.8	6.83	3.78	-6.05
Cash From Operations, 3 Yr. CAGR %	19.87	20.07	10.84	-24.75	-57.24
Capital Expenditures, 3 Yr. CAGR %	0.3	12.46	13.17	18.23	2.12
Levered Free Cash Flow, 3 Yr. CAGR %	7.21	-13.99	-1.66	-3.27	112.73
Unlevered Free Cash Flow, 3 Yr. CAGR %	7.24	-11.99	-1.99	-17.71	92.67
Dividend Per Share, 3 Yr. CAGR %	-6.28	-2.53	-	14.16	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.01	8.66	8.3	2.03	0.03
Gross Profit, 5 Yr. CAGR %	5.67	5.79	11.84	2.13	-31.85
EBITDA, 5 Yr. CAGR %	6.93	6.51	11.09	2.64	-14.88
EBITA, 5 Yr. CAGR %	4.71	5.87	11.75	1.72	-25.27
EBIT, 5 Yr. CAGR %	1.37	3.64	13.42	3.17	-28.21
Earnings From Cont. Operations, 5 Yr. CAGR %	1.74	6.13	15.73	8	-13.68
Net Income, 5 Yr. CAGR %	3.04	6.02	14.15	7.04	-24.89
Normalized Net Income, 5 Yr. CAGR %	-0.33	3.34	14.35	1.99	-38.97
Diluted EPS Before Extra, 5 Yr. CAGR %	-5.48	-1.6	9.35	7.21	-
Accounts Receivable, 5 Yr. CAGR %	2.72	10.94	9.59	-0.94	9.2
Inventory, 5 Yr. CAGR %	9.95	11.83	2.7	0.2	1.37
Net Property, Plant and Equip., 5 Yr. CAGR %	14.32	12.26	9.39	6.29	2.73
Total Assets, 5 Yr. CAGR %	16.36	17.08	8.36	1.69	1.27
Tangible Book Value, 5 Yr. CAGR %	62.15	49.93	77.32	49.77	57.61
Common Equity, 5 Yr. CAGR %	25.45	25.62	14.13	4.89	0.93
Cash From Operations, 5 Yr. CAGR %	15.65	11.98	14.71	-9.67	-35.32
Capital Expenditures, 5 Yr. CAGR %	7.65	12.05	10.69	12.54	4.07
Levered Free Cash Flow, 5 Yr. CAGR %	18.69	-13.47	21.81	2.76	16.16
Unlevered Free Cash Flow, 5 Yr. CAGR %	17.66	-11.06	19.87	-7.16	13.08
Dividend Per Share, 5 Yr. CAGR %	-1.12	-0.26	4.13	2.13	-