* FY EBITDA up 12 pct to 1.02 bln eur, in line with views
* Net debt lowered by 358 mln eur to 2.75 bln
* Proposes final div of 15 cent
LONDON, Feb 8 (Reuters) – Irish packaging group
Smurfit Kappa unveiled plans to reinstate its dividend
on Wednesday after a two-year hiatus, triggered by a more
positive outlook and full-year results hitting targets.
“We’re reinstating that dividend as promised at the first
opportunity when … the business is strong enough and the
outlook good enough to be able to sustain dividends on a
progressive basis,” Smurfit Chief Executive Gary McGann told
Reuters in an interview.
“We’re stating very clearly that we now have the confidence
to reinstate it,” he added. The group set its payout at 15
euros cents a share.
Europe’s leading containerboard and corrugated packaging
producer cancelled its dividend in 2009 as it headed into a
difficult economic environment while saddled with debt.
The Dublin-based company said earnings before interest, tax,
depreciation and amortisation (EBITDA) rose 12 percent to 1.02
billion euros ($1.3 billion) in 2011, in line with expectations.
Fourth-quarter EBITDA slipped 5 percent year-on-year to 245
million euros, slightly above a consensus of analyst forecasts.
Continued…
