Interim Results
Smith (DS) PLC
11 December 2002
11 December 2002
2002/03 Interim Results
OPERATING IMPROVEMENTS DRIVE STRONG PROFIT ADVANCE
DS Smith Plc (LSE:SMDS), the international packaging manufacturer and office
products wholesaler, announces its interim results for the six months to 31
October 2002.
KEY POINTS
Financial
• Turnover up 4% at £741.1m (First half 2001/02: £711.9m)
• Operating margin* up from 5.9% to 6.6%
• Profit before tax up 25% at £44.8m (£35.8m)
• Adjusted earnings per share up 31% at 10.1p (7.7p)
• Cash inflow before dividends and acquisitions £18.3m (outflow of
£8.6m)
Operational
• Packaging: profit up, continued development in Plastics
• Office Products: on course with rebuilding profitability
• Good cash performance
• Demand remains weak in many of our markets
Commenting on the half year results, Chairman, Antony Hichens said:
'Against a background of challenging market conditions, our continuing emphasis
on operating improvements produced a substantial profit advance in the
seasonally stronger first half of the financial year. We met our key objectives
of further profit growth in Packaging and the rebuilding of profitability in
Office Products.
We will continue to concentrate on driving operational performance across the
Group and improving results in Office Products. Demand in many of our markets
remains weak and in Corrugated and Paper the outlook for prices is uncertain.
Despite this tough market environment we are confident of making encouraging
progress over the year as a whole.'
* All references to profit, operating margins, return on average capital
employed and earnings per share throughout are stated before amortisation of
intangibles.
Enquiries
DS Smith Plc 020 7932 5000
Tony Thorne, Group Chief Executive
Gavin Morris, Group Finance Director
Peter Aubusson, Group Communications Manager
Financial Dynamics 020 7269 7291
Richard Mountain/Robert Gurner
OVERVIEW
Against a background of challenging market conditions, our continuing emphasis
on operating improvements produced a substantial profit advance in the
seasonally stronger first half of the financial year. We met our key objectives
of further profit growth in Packaging and the rebuilding of profitability in
Office Products.
Group turnover for the half year to 31 October 2002 increased by 4% to £741.1
million. Operating profit advanced by 16% to £48.6 million and the operating
margin rose from 5.9% to 6.6%. Return on average capital employed for the six
months increased from 10.7% to 12.7%.
The Group's share of profits from associated undertakings was £1.6 million
(first half 2001/02: a loss of £0.1 million) principally as a result of the
contribution from the Rubezhansk packaging operation in the Ukraine which was
included in the first half results for the first time this year. Net interest
payable was lower at £5.4 million (£6.0 million).
Profit before tax increased by 25% to £44.8 million and earnings per share
increased from 7.7 pence to 10.1 pence.
Expenditure on acquisitions, which in the first half amounted to £19.3 million
including acquired debt, principally related to the acquisition of a plastic
bag-in-box business in Germany. We maintained our emphasis on cash management,
resulting in a cash inflow before dividends and acquisitions of £18.3 million
(first half 2001/02: outflow of £8.6 million).
Net borrowings were £217.9 million at the end of the first half 2002/03 (£255.0
million). Gearing was 47.5% (55.6%) and interest cover remained strong at 9.3
times.
We are well advanced with refinancing our banking facilities of £325 million
which expire in December 2003, having secured a new 5 year borrowing facility of
£75.0 million and a private placement that has raised £92.5 million for 10
years.
INTERIM DIVIDEND
The Board announces an unchanged interim dividend of 2.8 pence. This dividend
will be paid on 11 March 2003 to ordinary shareholders on the register at the
close of business on 7 February 2003.
OPERATING REVIEW
Packaging
Total sales increased by 7% to £475.2 million. Operating profit advanced by 11%
to £39.2 million and operating margin increased from 7.9% to 8.2%. Return on
average capital employed rose from 11.6% to 12.6%.
Corrugated and Paper
Sales in the Corrugated and Paper segment increased by 5% to £377.2 million
(£358.8 million). Operating profit grew by 10% to £31.6 million (£28.6 million)
and operating margin increased from 8.0% to 8.4%.
Overall demand for corrugated board in our major markets remained weak, with
demand falling in the first nine months of calendar year 2002 by 0.8% in the UK
and 2.7% in France.*
Recovered paper prices rose sharply through the first half of calendar year
2002, peaking in the second quarter, driven principally by strong demand from
Asia. Prices subsequently remained steady in the UK, but fell back in
continental Europe, although they are still above the 2001 average level. The
price of corrugated case materials (CCM) rose during the second quarter of the
calendar year, driven by the increase in recovered paper prices, and this
necessitated an increase in corrugated box prices.
These sharp price movements resulted in a squeeze on our margins in both paper
and corrugated. However, achievement of price increases across the segment and
rigorous cost control helped us to raise the overall result. The current weak
outlook for demand and the volatility of recovered paper prices, particularly in
continental Europe, creates uncertainty in the outlook for Corrugated and Paper
pricing during the second half of our financial year. In addition, the normal
seasonal strength of our first half, which typically results in £3-4 million
more operating profit than in the second half, is expected to be more marked
this year due to unusually high sales of Packaging Recovery Notes (PRNs) in the
first half.
* Sources: Corrugated Packaging Association/European Federation of Corrugated
Board Manufacturers
DS Smith Packaging
DS Smith Packaging continued to make good progress and produced an encouraging
result, benefiting from operational improvements. The contribution from the
former Danisco plants, acquired in September 2001, raised profitability and
enabled the division to increase its market share against a background of poor
UK demand, particularly in the manufacturing sector of the economy.
The conventional corrugated plants benefited from increased productivity, while
in the speciality operations the focus on higher added value products
contributed to improved results. In the sheetfeeding and sheet plant sectors,
where trading conditions were particularly difficult, profitability was helped
by operational improvements and the contribution from the acquired operations.
The investment in the heavy duty and speciality printing operations is now
nearing completion.
Kaysersberg Packaging
The Group's continental European packaging division, Kaysersberg Packaging,
performed well despite weak markets in France and Germany and economic
difficulties in Turkey. The French corrugated operations achieved a
particularly good result. In Italy, Toscana Ondulati is benefiting from its new
lightweight corrugated factory, opened at Lari in March 2002, and has built a
leading position in the European pizza box market. Our Polish business
continued to grow sales and increased its productivity. At our Turkish
business, Copikas, progress towards achieving sustained operating profitability
was held back by the country's difficult economic conditions.
St Regis Paper
St Regis's profit was lower than in the same period last year but was better
than expected as a result of higher selling prices and efficiency improvements
at a number of the mills. Sales volume was only slightly lower than last year's
level, despite the generally weak market conditions. Following a squeeze on our
margins in the first quarter of the financial year, as recovered paper prices
rose sharply, a CCM price increase was successfully implemented and margins were
restored in the second quarter. However, there is continuing uncertainty over
recovered paper prices for the second half of the year.
The Severnside recycling operation performed well in the face of strong Asian
demand for recovered paper, benefiting from lower costs and increased
efficiencies. PRN prices remained firm during the period but they have recently
weakened as a consequence of the Government's decision to leave targets for
packaging waste recovery in 2003 unchanged.
Plastics
DS Smith Plastics' turnover increased by 13% to £98.0 million. Operating profit
advanced strongly by 15% to £7.6 million and operating margin increased from
7.6% to 7.8%.
In liquid packaging and dispensing, strong growth was maintained, particularly
in the USA. In July 2002, we acquired Zewathener GmbH, one of Europe's
leading manufacturers of bag-in-box packaging. This business further strengthens
our leading global position in bag-in-box packaging, complementing our existing
operations in the UK, Germany, USA and Australasia, which operate under the
Rapak brand.
Demand for industrial returnable transit packaging remained subdued in most
markets due to the economic slowdown. In extruded products, sales have been
slow and prices under pressure, while in the plastic crate business relatively
strong demand in the Dominican Republic, Spain and Poland offset weaker demand
in Belgium.
Office Products
Although total sales were flat at £265.9 million (£266.3 million), operating
profit increased by 40% to £9.4 million. Operating margin increased from 2.5%
to 3.5% and return on average capital employed advanced from 7.7% to 12.8%.
Wholesaling
Spicers' sales increased slightly to £243.0 million (£241.4 million) with lower
sales in the UK and Ireland being offset by growth in continental Europe.
Operating profit increased from £6.4 million to £6.8 million with a significant
improvement in the UK being partly offset by increased start-up losses in Spain
and additional costs in France, associated with the Plein Ciel acquisition.
First half profit was well up on the £3.3 million recorded in the second half of
2001/02. Operating margin increased slightly from 2.7% in the first half of
2001/02 to 2.8% in the first half of 2002/03.
The weakened demand for office products that started in autumn 2001 has been
felt increasingly throughout Europe, due to the economic slowdown and its impact
on office activity.
Spicers' focus in the UK has been on building and maintaining high service
levels, exiting unprofitable business and reducing operating costs. Good
progress has been made in all these areas. In France, where demand has recently
slowed, the acquisition of Plein Ciel in October 2001 helped bolster growth. In
Germany, having recovered from last year's IT and service issues, customer
confidence is recovering well and strong marketing programmes are now in place
aimed at gaining further market share. The Spanish operation, launched in April
2002, is steadily building its presence in that market but at a slower rate than
originally anticipated.
Continental Europe now accounts for around 40% of Spicers' sales. Preparation
is underway for an entry to the Italian market in 2004. Extensive research has
indicated a good opportunity for Spicers' business model adapted to meet the
needs of Italian retailers and dealers.
Manufacturing
The benefits of the restructuring undertaken earlier in 2002 and the impairment
of assets at last year end contributed to a sharp increase in John Dickinson's
operating profit to £2.6 million (£0.3 million). Lower sales of £32.2 million
(£34.8 million) were largely due to the planned withdrawal from lower margin
products. Operating margin increased from 0.9% to 8.1%.
Market conditions remain difficult, particularly for envelopes where intense
pressure from imported products continues. Sales of Black n' Red branded
notebooks grew strongly in both the UK and export markets such as the USA.
Spicer Hallfield performed creditably despite subdued sales levels.
PEOPLE
On 5 November 2002 Gavin Morris was appointed Group Finance Director. He was
most recently Chief Financial Officer of Citex Group and prior to that held
Chief Financial Officer positions at Philips Lighting Holding BV, Ionica Group
Plc, Alfred McAlpine Plc and Norcros Plc. He also previously worked for Bain
and Company in the USA and the UK.
David Buttfield, who had been Group Finance Director since 1994, is taking early
retirement but will remain on the Board as an executive director until the end
of January 2003 to ensure a smooth hand-over of responsibilities. The Board
wishes to thank David for his valuable contribution to the Group over the past
eleven years, during the last nine of which he has been Group Finance Director.
OUTLOOK
We will continue to concentrate on driving operational performance across the
Group and improving results in Office Products. Demand in many of our markets
remains weak and in Corrugated and Paper the outlook for prices is uncertain.
Despite this tough market environment we are confident of making encouraging
progress over the year as a whole.
Notes to Editors
DS Smith Plc (LSE:SMDS) is an international Group focused on two major
activities - Packaging and Office Products.
The company is:
- The leading UK producer of recycled paper board
- The largest UK collector and merchant of recovered paper
- A leading manufacturer of corrugated packaging in the UK and France
- A leading worldwide supplier of bag-in-box packaging
- The leading European wholesaler of office supplies
- The largest UK manufacturer of envelopes, books and pads
About 60% of turnover originates from UK operations. The Group employs around
10,900 people across operations in the UK, France, Germany, Italy, Spain,
Belgium, Ireland, Poland, Turkey, Czech Republic, USA, Australia and New
Zealand.
The company changed its name to DS Smith Plc from David S. Smith (Holdings) PLC
in September 2001.
For further information: www.dssmith.uk.com
Group profit and loss account
Half year ended Half year Year
31 October 2002 ended Ended
27 October 2001 30 April 2002
(unaudited) (unaudited)
Note £m £m £m
Turnover 2 741.1 711.9 1,440.2
Operating profit
Before exceptional items and amortisation of
intangibles 2 48.6 41.9 72.0
Exceptional items 3 - - (32.4)
Amortisation of intangibles (1.1) (0.7) (1.7)
Group operating profit 47.5 41.2 37.9
Share of profits/(losses) of associated
undertakings
Before amortisation of intangibles 1.6 (0.1) 2.2
Amortisation of intangibles 0.2 - 0.3
1.8 (0.1) 2.5
Profit on ordinary activities before interest 49.3 41.1 40.4
Net interest payable and other similar items (5.4) (6.0) (11.6)
Profit on ordinary activities before taxation
Before exceptional items and amortisation of
intangibles 44.8 35.8 62.6
Exceptional items - - (32.4)
Amortisation of intangibles (0.9) (0.7) (1.4)
43.9 35.1 28.8
Tax on profit on ordinary activities 4
Tax on profit before exceptional items (12.1) (10.7) (16.9)
Tax on exceptional items - - 6.4
(12.1) (10.7) (10.5)
Profit on ordinary activities after taxation 31.8 24.4 18.3
Minority interests - equity (0.4) (0.6) (0.9)
Profit for the period 31.4 23.8 17.4
Dividends (9.0) (9.0) (28.2)
Retained profit/(loss) for the period 22.4 14.8 (10.8)
Earnings per share:
Basic 5 9.8p 7.4p 5.4p
Diluted 5 9.8p 7.4p 5.4p
Adjusted 5 10.1p 7.7p 14.0p
Dividends per share 2.8p 2.8p 8.8p
The Group's results shown above are derived from continuing operations. There
were no material acquisitions or discontinued operations in the previous year or
the current half year.
Group statement of total recognised gains and losses
Half year ended Half year Year
31 October 2002 ended Ended
27 October 30 April
2001 2002
(unaudited) (unaudited)
£m £m £m
Profit for the period 31.4 23.8 17.4
Exchange differences on foreign currency net
investments (2.5) (2.2) 2.9
Total recognised gains and losses relating to
the period 28.9 21.6 20.3
Group reconciliation of movements in shareholders' funds
Half year ended Half year Year
31 October 2002 ended ended
27 October 30 April 2002
2001
(unaudited) (unaudited)
£m £m £m
Profit for the period 31.4 23.8 17.4
Dividends (9.0) (9.0) (28.2)
Retained profit/(loss) for the period 22.4 14.8 (10.8)
Exchange differences on foreign currency net
investments (2.5) (2.2) 2.9
New share capital issued - - 0.6
Increase/(decrease) in shareholders' funds 19.9 12.6 (7.3)
Opening shareholders' funds 438.9 446.2 446.2
Closing shareholders' funds 458.8 458.8 438.9
The difference between reported and historical cost profits for the periods
reported above is not material.
Group balance sheet
At At At
31 October 2002 27 October 30 April
2001 2002
(unaudited) (unaudited)
£m £m £m
Fixed assets
Intangible assets 47.5 29.0 32.1
Tangible assets 546.7 555.5 551.6
Investments 28.5 23.3 27.8
622.7 607.8 611.5
Current assets
Stocks 148.5 141.8 142.4
Debtors 336.3 362.6 319.7
Short term investments 11.7 17.9 16.0
Cash at bank and in hand 45.8 9.7 28.5
542.3 532.0 506.6
Creditors: amounts falling due
Within one year
Trade and other creditors (336.1) (290.5) (330.3)
Borrowings (24.0) (28.0) (29.4)
Net current assets 182.2 213.5 146.9
Total assets less current liabilities 804.9 821.3 758.4
Creditors: amounts falling due
after more than one year
Borrowings (251.4) (254.6) (211.0)
Other (1.9) (9.5) (11.1)
Provisions for liabilities and charges (86.0) (92.6) (90.1)
465.6 464.6 446.2
Minority interests - equity (6.8) (5.8) (7.3)
Net assets 458.8 458.8 438.9
Capital and reserves
Called up share capital 32.1 32.1 32.1
Share premium account 188.7 188.0 188.6
Revaluation reserve 8.9 9.5 8.9
Profit and loss account 229.1 229.2 209.3
Shareholders' funds - equity 458.8 458.8 438.9
Gearing (net debt expressed as a percentage of
shareholders' funds) 47.5% 55.6% 44.6%
Group cash flow statement
Half year ended Half year Year
31 October 2002 ended Ended
27 October 2001 30 April 2002
(unaudited) (unaudited)
Note £m £m £m
Net cash inflow from operating activities 6 64.7 49.0 178.0
Returns on investments and servicing of (5.6) (5.8) (10.0)
finance
Taxation (7.2) (16.5) (26.9)
Capital expenditure and financial investment 7 (33.6) (35.3) (69.9)
18.3 (8.6) 71.2
Acquisitions and disposals 9 (17.3) (30.0) (44.6)
Equity dividends paid (19.1) (19.2) (28.2)
Net cash outflow before use of liquid
resources and financing (18.1) (57.8) (1.6)
Management of liquid resources 4.6 1.1 3.5
Issue of ordinary shares - - 0.6
Financing - net increase in debt 44.0 53.2 16.3
Increase/(decrease) in cash in the period 30.5 (3.5) 18.8
Reconciliation of net cash flow to movement in net debt
Half year ended Half year Year
31 October 2002 ended Ended
27 October 2001 30 April 2002
(unaudited) (unaudited)
(See note 8)
£m £m £m
Increase/(decrease) in cash in the period 30.5 (3.5) 18.8
Increase in debt financing (44.0) (53.2) (16.3)
Decrease in liquid resources (4.6) (1.1) (3.5)
Increase in net debt resulting from cash flows (18.1) (57.8) (1.0)
Net debt acquired with subsidiary undertakings (2.0) (3.5) (2.7)
Exchange differences (1.9) (0.3) 1.2
Increase in net debt in the period (22.0) (61.6) (2.5)
Opening net debt (195.9) (193.4) (193.4)
Closing net debt (217.9) (255.0) (195.9)
Notes to the accounts
1 Basis of preparation
The interim financial information, which is unaudited, has been prepared using
the same policies as those adopted in the accounts for the financial year ended
30 April 2002. Those accounts have been reported on by the company's auditors
and delivered to the Registrar of Companies. The report of the auditors was
unqualified and did not contain an adverse statement under section 237(2) or (3)
of the Companies Act 1985.
2 Analysis of Group turnover, profit and capital employed
Half year ended Half year Year
31 October 2002 ended ended
27 October 2001 30 April 2002
(unaudited) (unaudited)
£m £m £m
Turnover
Packaging: Corrugated and Paper 377.2 358.8 720.5
Plastics 98.0 86.8 171.9
475.2 445.6 892.4
Office products: Wholesaling 243.0 241.4 500.5
Manufacturing 32.2 34.8 66.7
Intra-segment sales (9.3) (9.9) (19.4)
265.9 266.3 547.8
741.1 711.9 1,440.2
By origin: United Kingdom 440.2 450.2 892.9
Rest of World 300.9 261.7 547.3
741.1 711.9 1,440.2
Operating profit (see a) below)
Packaging: Corrugated and Paper 31.6 28.6 51.2
Plastics 7.6 6.6 12.7
39.2 35.2 63.9
Office products: Wholesaling 6.8 6.4 9.7
Manufacturing 2.6 0.3 (1.6)
9.4 6.7 8.1
48.6 41.9 72.0
By origin: United Kingdom 33.9 27.7 43.7
Rest of World 14.7 14.2 28.3
48.6 41.9 72.0
Capital employed (see b) below)
Packaging: Corrugated and Paper 495.4 527.3 478.2
Plastics 128.0 100.1 108.5
623.4 627.4 586.7
Office products: Wholesaling 123.7 142.5 125.6
Manufacturing 18.8 38.0 16.3
142.5 180.5 141.9
765.9 807.9 728.6
By origin: United Kingdom 478.1 552.3 465.6
Rest of World 287.8 255.6 263.0
765.9 807.9 728.6
2 Analysis of Group turnover, profit and capital employed
(continued)
Half year ended Half year Year
31 October 2002 ended Ended
27 October 2001 30 April 2002
(unaudited) (unaudited)
Return on Sales
Packaging: Corrugated and Paper 8.4% 8.0% 7.1%
Plastics 7.8% 7.6% 7.4%
8.2% 7.9% 7.2%
Office products: Wholesaling 2.8% 2.7% 1.9%
Manufacturing 8.1% 0.9% (2.4)%
3.5% 2.5% 1.5%
6.6% 5.9% 5.0%
By origin: United Kingdom 7.7% 6.2% 4.9%
Rest of World 4.9% 5.4% 5.2%
6.6% 5.9% 5.0%
Return on average capital employed (see c)
below)
Packaging: Corrugated and Paper 12.6% 11.3%
Plastics 12.5% 13.0%
12.6% 11.6%
Office products: Wholesaling 10.6% 9.5%
Manufacturing (see e) below) 28.1% 1.6%
12.8% 7.7%
12.7% 10.7%
By origin: United Kingdom 14.0% 10.5%
Rest of World 10.4% 11.1%
12.7% 10.7%
a) Operating profit is stated before exceptional items and amortisation of
intangibles.
b) Capital employed excludes fixed asset investments, net borrowings, deferred
consideration due in respect of acquisitions, corporation tax, dividends
payable and minority interests.
c) Return on average capital employed for the half year is calculated as twice
the operating profit divided by the average capital employed including the
intangible assets on the balance sheet.
d) Following a change in management responsibilities, the 2001/02 results and
capital employed of the Group's Packaging Services Management business have
been reclassified from Plastics to Corrugated and Paper.
e) The increase in the return on average capital employed earned by the
Manufacturing segment is due in part to the fixed asset impairment recognised
in the second half of 2001/02.
3 Exceptional items
In the financial year ended 30 April 2002 the Group carried out an extensive
review of its operating assets, as a result of which a £32.4m impairment charge
against the carrying value of tangible fixed assets and goodwill was charged in
arriving at operating profit. A substantial part of this charge related to the
Group's Office Products Manufacturing business and the investment in Turkish
corrugated packaging.
4 Tax charge
Tax on profits before exceptional items and amortisation of intangibles has been
charged at an effective rate of 27% (half year to 27 October 2001: 30%, year
to 30 April 2002: 27%), being the expected full year effective rate.
The tax charge for the period consists of UK taxation of £5.8m (half year to 27
October 2001: £6.3m, year to 30 April 2002: nil) and overseas taxation of £6.3m
(half year to 27 October 2001: £4.4m, year to 30 April 2002: £10.5m). The tax
charge for the year ended 30 April 2002 was stated net of a tax credit of £6.4m
relating to the exceptional items.
5 Earnings per share
The basic earnings per share have been calculated on the profit for the period
of £31.4m (half year to 27 October 2001: £23.8m, year to 30 April 2002: £17.4m)
and on 320.3m (half year to 27 October 2001: 320.1m, year to 30 April 2002:
320.2m) ordinary shares, being the weighted average in issue and fully paid
during the period.
The adjusted earnings per share excludes the effect of exceptional items and
amortisation of intangibles and has been calculated on the adjusted profit for
the period of £32.3m (half year to 27 October 2001: £24.5m, year to 30 April
2002: £44.8m).
6 Reconciliation of operating profit to net operating cash flow
Half year ended Half year Year
ended ended
31 October 2002 27 October 2001 30 April 2002
(unaudited) (unaudited)
£m £m £m
Operating profit before exceptional items and
amortisation of intangibles 48.6 41.9 72.0
Depreciation 30.8 31.2 63.6
Profit on sale of tangible fixed assets - (0.4) (2.9)
Working capital (11.8) (24.0) 40.6
Increase/(decrease) in provisions (3.2) (0.1) 3.9
Other non cash operating items 0.3 0.4 0.8
Net cash inflow from operating activities 64.7 49.0 178.0
7 Capital expenditure and financial investment
Half year ended Half year Year
ended ended
31 October 2002 27 October 2001 30 April 2002
(unaudited) (unaudited)
£m £m £m
Purchase of tangible fixed assets (34.2) (37.2) (75.3)
Sale of tangible fixed assets 1.4 2.4 7.7
Purchase of DS Smith Plc shares (0.9) (0.5) (0.6)
Sale of fixed asset investments 0.2 - -
Purchase of fixed asset investments (0.1) - (1.7)
(33.6) (35.3) (69.9)
8 Analysis of net debt (unaudited)
At Acquired Cash flow Exchange At
30 April differences 31 October
2002 2002
£m £m £m £m £m
Cash at bank and in hand 28.5 - 18.8 (1.5) 45.8
Overdrafts (16.2) - 11.7 0.3 (4.2)
12.3 - 30.5 (1.2) 41.6
Debt due after one year (206.7) (1.7) (36.7) (2.3) (247.4)
Debt due within one year (12.3) (0.3) (7.8) 1.4 (19.0)
Finance leases (5.2) - 0.5 (0.1) (4.8)
(224.2) (2.0) (44.0) (1.0) (271.2)
Short term investments 16.0 - (4.6) 0.3 11.7
Total (195.9) (2.0) (18.1) (1.9) (217.9)
9 Acquisition
On 15 July 2002, the Group acquired Zewathener GmbH, one of Europe's leading
manufacturers of bag-in-box packaging located in Schwetzingen, Germany. The
business was acquired for a total consideration of £17.5m, including acquired
debt, which resulted in goodwill arising of £13.5m.
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