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    SK3   IE00B1RR8406

SMURFIT KAPPA GROUP PLC

(SK3)
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Smurfit Kappa - First Nine Months 2021 Trading Update

11/04/2021 | 08:25am EST

Smurfit Kappa Group plc ('SKG', 'Smurfit Kappa' or 'the Group') announced a trading update for the 9 months to 30 September 2021.

First Nine Months Overview

Revenue growth year-on-year of 15% to EUR7,287 million

EBITDA growth year-on-year of 10% to EUR1,235 million with a margin of 17%

Third quarter EBITDA growth year-on-year of 16% to EUR454 million

Issued EUR1 billion in bonds under our Green Finance Framework Tony Smurfit, Group CEO, commented:

'I am pleased to report a strong first nine months for the Group with corrugated growth of 9% in Europe and 11% in the Americas versus 2020. Our integrated paper and corrugated system is effectively sold out and I am very proud of our people who are ensuring that customers, for the most part, are supplied securely and efficiently despite many supply chain disruptions. Materially higher input costs, principally, but not limited to, recovered fibre and energy are being progressively recovered through corrugated price increases.

'To meet growing customer demand, in the first nine months of the year, we approved approximately EUR600 million in projects across the Group. In our corrugated business, we have approved 48 new converting machines and six new corrugators across Europe and the Americas. I am delighted to report that we completed the acquisition of the Verzuolo mill in early October bringing 600,000 tonnes of paper into our integrated system. In addition, we also approved two major paper projects in Germany and Mexico, ensuring future security of supply to our over 65,000 customers. This continued investment will ensure that Smurfit Kappa remains best placed to satisfy our customers' needs with the most innovative and sustainable packaging solutions.

'Reflecting our continuing focus on sustainability was the recent launch of our Green Finance Framework and issuance of green bonds of EUR500 million with a coupon of 0.5% and EUR500 million with a coupon of 1.0%, with 8 and 12 year maturities respectively. Setting up this framework is a further significant step in our sustainability strategy, embedding sustainability into our capital structure alongside our sustainability linked Revolving Credit Facility.

'SKG continues to deliver against all performance metrics with EBITDA for the nine months of EUR1,235 million and a margin of 17%. This shows the continuing strength of our integrated business model; the benefits of geographic diversity; and the quality and dedication of the SKG team. We expect to deliver significant EBITDA growth for the full year in line with current market expectations. With the many growth opportunities and the significant ongoing investment in our business, we are excited about our future prospects.'

First Nine Months Webcast

The Group's management team will host a conference call for analysts and institutional investors at 08.00 GMT (04.00 EDT) on this date. Dial in details for this call are:

Europe: + 44 333 300 0804

Ireland: + 353 1 431 1252

USA: + 1 631 913 1422

Passcode: 60058111#

Forward Looking Statements

This Announcement contains certain statements that are forward-looking. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations of the Group about future events, and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although the Group believes that current expectations and assumptions with respect to these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements.

Forward-looking statements should therefore be construed in the light of such factors. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. Other than in accordance with legal or regulatory obligations, the Group is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking statements in this document do not constitute reports or statements published in compliance with any of Regulations 6 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007.

Contact:

Smurfit Kappa Group

Ciaran Potts

Head of Investor Relations

Beech Hill, Clonskeagh

Dublin 4

Ireland

Tel: +353 1 202 7127

Email: ir@smurfitkappa.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Sales 2021 9 865 M 11 070 M 11 070 M
Net income 2021 678 M 761 M 761 M
Net Debt 2021 2 711 M 3 043 M 3 043 M
P/E ratio 2021 17,3x
Yield 2021 2,67%
Capitalization 11 836 M 13 354 M 13 282 M
EV / Sales 2021 1,47x
EV / Sales 2022 1,34x
Nbr of Employees 46 000
Free-Float 99,3%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 46,00 €
Average target price 56,27 €
Spread / Average Target 22,3%
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Managers and Directors
Anthony Paul James Smurfit Group Chief Executive Officer & Executive Director
Kenneth Bowles Group Chief Financial Officer & Executive Director
Irial Finan Chairman
Arco Berkenbosch Vice President-Marketing, Research & Development
Richard Schouten Group Vice President-Information Systems
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