Shareholders at Smurfit Kappa's AGM today were told that 2011 marked the second best year ever in the group's comparatively recent history.
The AGM was also told that 2012 had started well.
''Significant progress was reported against almost every financial and operating measure,'' chairman Liam O'Mahony told the AGM.
The group reported earnings growth of 12% to just over €1 billion, substantial EPS growth and an increase in EBITDA margin, he said.
He said that from its debut as a public company in March 2007, in each and every year since then, the operating environment as been described as ''tough'' or ''challenging''.
''Against the background, the Smurfit Kappa team has successfully navigated a prolonged period of economic recession,'' he said.
Mr O'Mahony said the group had continued to invest in the business, have reduced debt by over €800m since 2007 and last year delivered a financial performance only surpassed by that in 2007.
He said the board is recommending a final dividend of 15 cent per share for last year and said the company plans to pay the interim and final dividends in October and May each year.
''The board believes that SKG now has the capital structure and cash flow characteristics to sustain a progressive dividend stream,'' Mr O'Mahony said.
Smurfit Kappa first quarter profits and revenues rise
Packaging group Smurfit Kappa has reported a 1% increase in revenues for the first quarter of the year.
It said it expects to deliver an earnings performance for the year which will be broadly in line with 2011.
The company said that revenues rose 1% to €1.823 million in the first three months of the year, while operating profits jumped 20% to €177m from €147m.
Pre-tax profits rose to €105m from €78m the same time last year.
Packaging group Smurfit Kappa has reported a 1% increase in revenues for the first quarter of the year.
It said it expects to deliver an earnings performance for the year which will be broadly in line with 2011.
The company said that revenues rose 1% to €1.823 million in the first three months of the year, while operating profits jumped 20% to €177m from €147m.
Pre-tax profits rose to €105m from €78m the same time last yeaThe company said it saw significant increases in output costs and downward pressure on box prices during the first quarter. It said it implemented price increases for its testliner and kraftliner products during the first quarter and into April which should underpin some box price recovery in the second half of the year.
''For the full year 2012, subject to macro-economic volatility and normal business risk, we expect to deliver an EBITDA performance broadly similar to that achieved in 2011,' commented Smurfit Kappa's Gary McGann.
''This will in turn support good free cash flow generation and further de-leveraging, thereby continuing to expand our available range of strategic and financial options,' he added/
