Smurfit Westrock (SW) Financial Statements

Financials

all figures in EUR Millions except per share data

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Actual

10 year cagr

Fiscal

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Average (A)

Fiscal period end dates

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01Earnings per share

1.7

1.8

(2.7)

2.7

3.8

2.9

0.8

1.3

(2.4)%

02Free cash flow per share

1.6

1.3

1.4

2.3

2.5

3.6

1.8

1.9

2.4

2.3

3.8%

03Dividends per share

0.7

0.8

0.9

1.1

2.2

1.4

1.3

1.5

1.9

1.7

10.2%

04Dividends payout, %

36%

37.4%

36.1%

(29.6)%

42.7%

36%

44.5%

33.8%

52.3%

1.3%

(28.3)%

PROFIT AND LOSS STATEMENT

05Revenue

8,109

8,581

8,562

8,946

9,048

8,530

10,484

12,616

10,954

20,377

31,179

14.4%

06% Change

14.4%

07Cost of revenue

(5,672)

(5,984)

(5,779)

(5,989)

(6,043)

(5,656)

(8,131)

(9,560)

(8,188)

(16,327)

(25,136)

16.1%

08Gross profit

2,437

2,597

2,472

2,957

3,005

2,874

2,353

3,056

2,766

4,049

6,043

9.5%

09% Margin

30.1%

30.3%

28.9%

33.1%

33.2%

33.7%

22.4%

24.2%

25.3%

19.9%

19.4%

27.3% A

10Operating expenses

(1,726)

(1,740)

(1,680)

(1,918)

(2,121)

(1,983)

(1,249)

(1,601)

(1,524)

(3,077)

(3,819)

8.3%

11% of Revenue

(21.3)%

(20.3)%

(19.6)%

(21.4)%

(23.4)%

(23.3)%

(11.9)%

(12.7)%

(13.9)%

(15.1)%

(12.3)%

(17.7)% A

12Operating Income

711

857.1

792.1

1,143

884

891

1,104

1,455

1,243

972.1

2,224

12.1%

13Income tax expense

(186)

(206.1)

(153)

(235)

(193)

(201)

(242.5)

(365.2)

(282.6)

(232.6)

(260)

3.4%

14Net Income

400

467

417

(646)

476

545

704.6

965.7

747.3

307.9

699

5.7%

15% Margin

4.9%

5.4%

4.9%

(7.2)%

5.3%

6.4%

6.7%

7.7%

6.8%

1.5%

2.2%

4.1% A

16Shares Outstanding

236

237

236

238

251.1

260

261

260

389

526

8.3%

17EPS Basic

1.7

1.8

(2.7)

2.3

2.7

3.9

2.9

0.8

1.3

(2.3)%

18EPS Diluted

1.7

1.8

(2.7)

2.7

3.8

2.9

0.8

1.3

(2.4)%

19EBITDA

1,179

1,301

1,183

225.3

1,486

1,367

1,571

2,134

1,794

2,743

4,349

14%

% Margin

14.5%

15.2%

13.8%

2.5%

16.4%

16%

15%

16.9%

16.4%

13.5%

14%

14% A

20Net Interest Income (expense)

(134.3)

(192.5)

(232.7)

(164.2)

(163.6)

(116.3)

(123)

(137.7)

(126.3)

(384.3)

(729)

18.4%

21Net Debt / EBITDA

2.6

2.3

13.7

2.4

1.7

1.8

1.4

1.7

4.6

3.5

3.5 A

BALANCE SHEET

ASSETS

Current Assets

22Cash & equivalents

295.2

458.5

635.8

465.6

189

891

854.3

785.4

1,000

855

1,048

13.5%

23Short-term investments

24Accounts receivable

1,267

1,307

1,598

1,443

1,402

1,337

1,787

1,901

1,806

4,117

5,013

14.7%

25Other current assets

355.5

256.9

300.7

490.2

270

257

380.7

551.9

561

1,533

1,863

18%

26Inventory

812.3

829.8

1,019

981.5

819

773

1,045

1,265

1,203

3,550

4,338

18.2%

27Total Current Assets

2,730

2,852

3,554

3,380

2,680

3,258

4,067

4,503

4,570

10,055

12,262

16.2%

Non-Current Assets

28Net property, plant & equipment

3,393

3,430

3,889

4,133

4,372

4,257

4,710

4,988

6,165

22,675

27,288

23.2%

29Long-term investments

(7.4)%

30Other non-current assets

3,146

3,003

3,326

3,312

2,847

2,752

2,897

2,969

3,316

11,029

13,491

15.7%

31Total Non-Current Assets

6,576

6,470

7,250

7,479

7,245

7,032

7,631

7,957

9,481

33,704

40,779

20%

Total Assets

9,306

9,322

10,803

10,859

9,925

10,290

11,698

12,460

14,051

43,759

53,041

19%

LIABILITIES

Current Liabilities

32Accounts payable

1,134

1,069

1,273

1,218

1,019

978

1,418

1,802

1,728

3,290

4,225

14.1%

33Short-term debt

142

678

170

188

154

164.9

172.8

191

1,053

406.4

16.4%

34Other current liabilities

779.1

797.2

1,075

1,039

1,008

1,098

1,242

1,063

1,087

2,990

3,666

16.8%

35Total Current Liabilities

2,002

2,008

3,026

2,427

2,215

2,230

2,825

3,038

3,006

7,333

8,297

15.3%

Non-Current Liabilities

36Long-term debt

3,250

3,258

2,676

3,375

3,501

3,122

3,586

3,570

3,938

12,542

15,771

17.1%

37Other non-current liabilities

1,509

1,424

1,761

1,751

1,216

1,155

898.3

862

933

6,497

7,414

17.3%

38Total Non-Current Liabilities

4,759

4,682

4,437

5,126

4,717

4,277

4,484

4,432

4,871

19,039

23,185

17.2%

39Total Liabilities

6,761

6,690

7,613

7,553

6,932

6,507

7,309

7,470

7,877

26,372

31,483

16.6%

SHAREHOLDERS` EQUITY

40Common stock

1.2

17.5%

41Retained earnings / (deficit)

676.8

897.1

1,442

480.4

615

917

1,472

2,883

3,521

2,950

3,119

16.5%

42Accumulated other comprehensive income / (loss)

393

256

318.7

(1,129)

(847)

(1,446)

(408.8)

43Noncontrolling interests

165.1

183

181.2

149.9

31.7

(15.2)%

44Total shareholders' equity

2,545

2,632

3,190

3,306

2,993

3,783

4,389

4,990

6,174

17,387

21,558

23.8%

45Total Liabilities and shareholders' Equity

9,306

9,322

10,803

10,859

9,925

10,290

11,698

12,460

14,051

43,759

53,041

19%

46Total Debt

3,339

3,400

3,354

3,545

3,689

3,276

3,751

3,743

4,129

13,595

16,178

17.1%

47Net Debt

3,044

2,942

2,718

3,079

3,500

2,385

2,897

2,958

3,129

12,740

15,130

17.4%

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES

48Net income (loss)

400

467

417

(646)

476

545

704.6

965.7

747.3

307.9

699

5.7%

49Depreciation & amortization

410

417.5

479.9

479.3

606

685.1

653.6

564

580

1,464

2,550

20.1%

50Share-based compensation expense

30.6

12.6

27.6

25.2

43.7

206

139

16.3%

51Changes in working capital and other assets

11.1

(125.2)

(33.1)

1,323

177.1

260.6

(188.1)

(164.7)

165.7

(494.9)

(9.7)%

52Net cash flows from operating activities

851.7

771.9

891.4

1,182

1,303

1,534

1,170

1,433

1,559

1,483

3,392

14.8%

CASH FLOWS FROM INVESTING ACTIVITIES

53Purchases of property, plant and equipment

(467.9)

(449.1)

(530.3)

(604)

(685.5)

(606.4)

(726.9)

(930)

(929)

(1,466)

(2,192)

16.7%

54Purchases of investments / marketable securities

55Proceeds from maturities of marketable securities

13.7

56Other investing activities

(297.4)

(37.9)

(51.6)

(596)

(137.8)

(6.1)

(465.7)

(90)

(2)

(648)

57Net cash flows from investing activities

(765.3)

(473.3)

(581.9)

(1,200)

(823.3)

(612.5)

(1,193)

(1,020)

(931)

(2,114)

(2,143)

10.9%

CASH FLOWS FROM FINANCING ACTIVITIES

58Issuance (repurchases) of common stock, net

(12)

(10.5)

(10.8)

(11.4)

(23.5)

777.3

(26)

(74)

(30)

(27)

9.4%

59Dividends paid, net

(154.2)

(174.6)

(229.1)

(243.7)

(266.6)

(319.8)

(357)

(349)

(391)

(650)

(900)

19.3%

60Debt issuance (repayments), net

96.2

13.7

64.8

191

(294.6)

(516.6)

459.8

(7)

(55)

1,367

(304)

61Other financing activities

(17.5)

6.3

(32.4)

(16)

(119.9)

(19.7)

(93.4)

(1)

(3)

(83)

(94)

18.3%

62Net cash flows from financing activities

(87.5)

(165.1)

(207.5)

(80.1)

(704.6)

(78.7)

(16.5)

(431)

(479)

607

(1,298)

31%

63Increase (decrease) in cash and cash equivalents

(107.1)

146.2

121.2

(129.3)

(244.2)

865.9

35.4

(144)

159

(145)

64Cash and equivalents, ending balance

287.5

422.8

603.5

446.1

192.7

1,077

129.6

841

1,000

855

892

12%

65Free Cash Flow to the Firm (FCFF)

383.7

322.9

361.1

577.7

617.2

927.4

443.2

503

630

1,200

12.1%

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