Monday 20 November 2017

Smurfit Kappa chief's total pay drops to €2.4m

Smurfit Kappa CEO Tony Smurfit's basic salary hit €1.1m
Smurfit Kappa CEO Tony Smurfit's basic salary hit €1.1m
John Mulligan

John Mulligan

Smurfit Kappa CEO Tony Smurfit saw his total pay packet fall to €2.4m last year from €3.3m a year earlier as fewer long-term incentive plan payments fed into the final figure.

His basic salary increased, however - to €1.1m from €963,000, according to the packaging giant's annual report which was published yesterday. He also received a €285,000 bonus, compared to €303,000 in 2015.

Mr Smurfit pointed out in the report that the group notched up earnings before interest, tax, depreciation and amortisation (Ebitda) of €1.23bn last year - a record for the group, whose activities stretch around the world. Group revenue was 1pc higher, at €8.1bn.

"The strong results for the year against most performance measures were delivered despite the significant headwinds experienced in higher raw material input costs and adverse currency impacts," Mr Smurfit told shareholders.

Smurfit Kappa's Ebitda in Europe rose 3pc last year to €928m, while in the Americas the figure was 11pc higher at €339m.

It has facilities in 21 European countries that include 21 mills and 27 other production facilities.

In the Americas, it has 15 paper mills across countries including the United States, Mexico, Brazil and Venezuela.

Smurfit Kappa chief financial officer Ken Bowles previously told the Irish Independent that Mexico was one of the group's "star performers" in 2016.

The company invested €500m in its business last year. Smurfit Kappa recently announced that it's increasing prices of brown kraftliner by €50 per tonne from May 1, following a €60 per tonne increase in March.

Irish Independent

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