Smurfit Kappa2008年年度报告.pdf

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1、ANNUAL REPORT 2008MissionThe Smurfit Kappa Group strives to be a customer-oriented,market-led company where the satisfaction of customers,the personal development of employees and respect for the environment are seen as being inseparable from the aim of optimising value for the shareholders.Contents

2、22008FinancialPerformanceOverview4GroupProfile6ChairmansStatement8ChiefExecutivesReview11OperationsReview16FinanceReview24Sustainability28BoardofDirectors30CorporateGovernanceStatement38DirectorsReport41RemunerationReport48StatementofDirectorsResponsibilities49IndependentAuditorsReport51GroupIncomeS

3、tatement52GroupStatementofRecognisedIncomeandExpense53CompanyStatementofRecognisedIncomeandExpense54GroupBalanceSheet56CompanyBalanceSheet57GroupCashFlowStatement59CompanyCashFlowStatement60NotestotheConsolidatedFinancialStatements142ShareholderInformation22008 Financial Performance OverviewFY2008FY

4、2007mmRevenue7,0627,272EBITDAbeforeexceptionalitemsandshare-basedpaymentexpense9411,064EBITDAMargin13.3%14.6%OperatingProfit282562(Loss)/ProfitbeforeTax(11)170FreeCashFlow281186NetDebt3,1853,404NetDebttoEBITDA(LTM)3.4x3.2xAs a market-facing company,Smurfit Kappa Group knows innovation is of strategi

5、c importance in securing and retaining our customers business,especially in these challenging times.Innovative design is a unique selling point for the Group and serves to differentiate us in the marketplace.To foster innovation,we share best practice among the plants and divisions in the Group usin

6、g our web-based tools such as Innobook.Also,internal competitions are held in both Europe and Latin America,with judging panels drawn from our customer base.These measures promote the pursuit of excellence in design and a close alignment with the needs of our customers.SMURFIT KAPPA GROUP :ANNUAL RE