* 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
* Moody’s places ratings under review for possible upgrade
* Shares rise 7.6 percent
By Lorraine Turner
LONDON, Feb 8 (Reuters) – Irish packaging group
Smurfit Kappa will reinstate its dividend following a
two-year hiatus after successfully lowering its debt and on the
back of an improved outlook.
Europe’s leading containerboard and corrugated packaging
producer group sliced 358 million euros ($474.07 million) off
its 2.75 billion debt pile during 2011, and posted a 12 percent
rise in earnings.
“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 following Wednesday’s results.
Continued…
