Cash flow DS Smith Plc

Equities

SMDS

GB0008220112

Paper Packaging

Market Closed - London S.E. Other stock markets 16:35:17 10/09/2024 BST			5-day change	1st Jan Change
454.40 ^GBX	-0.79%		-4.14%	+47.87%

09-04	Stifel Downgrades DS Smith to Hold, Lowers PT	MT
09-03	DS Smith trading in line; International Paper deal on track	AN

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Published financial data: DS SMITH PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2020	2021	2022	2023	2024
Revenues	6.04B	5.98B	7.24B	8.22B	6.82B
Total Revenues	6.04B	5.98B	7.24B	8.22B	6.82B
Cost of Goods Sold, Total	5.38B	5.48B	6.65B	7.36B	6.12B
Gross Profit	660M	499M	587M	861M	701M
Selling General & Admin Expenses, Total	3M	3M	3M	1M	1M
Amortization of Goodwill and Intangible Assets - (IS)	143M	142M	138M	113M	98M
Other Operating Expenses, Total	146M	145M	141M	114M	99M
Operating Income	514M	354M	446M	747M	602M
Interest Expense, Total	-74M	-67M	-58M	-60M	-115M
Interest And Investment Income	2M	1M	1M	2M	14M
Net Interest Expenses	-72M	-66M	-57M	-58M	-101M
Income (Loss) On Equity Invest.	7M	5M	7M	2M	2M
Other Non Operating Income (Expenses)	-12M	-9M	-10M	-15M	-1M
EBT, Excl. Unusual Items	437M	284M	386M	676M	502M
Restructuring Charges	-28M	-27M	-8M	-	-
Merger & Related Restructuring Charges	-40M	-19M	-1M	-15M	-9M
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-1M	-7.3M	1M	-	10M
EBT, Incl. Unusual Items	368M	231M	378M	661M	503M
Income Tax Expense	78M	49M	98M	169M	118M
Earnings From Continuing Operations	290M	182M	280M	492M	385M
Earnings Of Discontinued Operations	237M	12M	-	11M	-
Net Income to Company	527M	194M	280M	503M	385M
Minority Interest	-	-	-	-1M	-
Net Income - (IS)	527M	194M	280M	502M	385M
Net Income to Common Incl Extra Items	527M	194M	280M	502M	385M
Net Income to Common Excl. Extra Items	290M	182M	280M	491M	385M
Per Share Items
Net EPS - Basic	0.38	0.14	0.2	0.36	0.28
Basic EPS - Continuing Operations	0.21	0.13	0.2	0.36	0.28
Basic Weighted Average Shares Outstanding	1.37B	1.37B	1.37B	1.38B	1.37B
Net EPS - Diluted	0.38	0.14	0.2	0.36	0.28
Diluted EPS - Continuing Operations	0.21	0.13	0.2	0.35	0.28
Diluted Weighted Average Shares Outstanding	1.38B	1.38B	1.38B	1.39B	1.38B
Normalized Basic EPS	0.2	0.13	0.18	0.31	0.23
Normalized Diluted EPS	0.2	0.13	0.17	0.3	0.23
Dividend Per Share	-	0.12	0.15	0.18	0.18
Payout Ratio	42.13	-	59.29	57.57	64.16
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	881M	703M	788M	1.08B	932M
EBITA	657M	473M	568M	840M	685M
EBIT	514M	354M	446M	747M	602M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	21.2	21.21	25.93	25.57	23.46
Total Current Taxes	88M	53M	122M	171M	132M
Total Deferred Taxes	-11M	1M	-24M	-2M	-14M
Normalized Net Income	273M	178M	241M	422M	314M
Interest on Long-Term Debt	12M	12M	11M	11M	13M
Non-Cash Pension Expense	2M	3M	3M	1M	1M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	8M	8M	8M	8M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	5M	9M	10M	15M	-2M
Total Stock-Based Compensation	5M	9M	10M	15M	-2M

Fiscal Period: April	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	595M	813M	819M	472M	499M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	595M	813M	819M	472M	499M
Accounts Receivable, Total	753M	646M	993M	1.03B	872M
Other Receivables	42M	119M	158M	144M	188M
Total Receivables	795M	765M	1.15B	1.17B	1.06B
Inventory	524M	543M	710M	625M	596M
Prepaid Expenses	-	65M	82M	77M	78M
Other Current Assets, Total	37M	110M	346M	184M	93M
Total Current Assets	1.95B	2.3B	3.11B	2.53B	2.33B
Gross Property Plant And Equipment	-	5.06B	5.07B	5.83B	6.12B
Accumulated Depreciation	-	-1.79B	-1.74B	-2.07B	-2.14B
Net Property Plant And Equipment	3.3B	3.28B	3.33B	3.75B	3.98B
Long-term Investments	44M	48M	30M	27M	28M
Goodwill	-	2.18B	2.19B	2.27B	2.23B
Other Intangibles, Total	3.2B	813M	713M	659M	585M
Deferred Tax Assets Long-Term	77M	37M	7M	11M	23M
Other Long-Term Assets, Total	58M	48M	508M	208M	86M
Total Assets	8.62B	8.7B	9.89B	9.46B	9.25B
Liabilities
Accounts Payable, Total	1.71B	1.27B	1.92B	1.57B	1.25B
Accrued Expenses, Total	-	24M	23M	16M	57M
Short-term Borrowings	111M	169M	110M	128M	89M
Current Portion of Long-Term Debt	77M	160M	644M	50M	397M
Current Portion of Leases	73M	71M	63M	70M	75M
Current Income Taxes Payable	149M	133M	143M	165M	134M
Other Current Liabilities	102M	626M	662M	1.04B	691M
Total Current Liabilities	2.22B	2.46B	3.57B	3.04B	2.7B
Long-Term Debt	2.3B	2.08B	1.39B	1.74B	2.04B
Long-Term Leases	182M	159M	140M	154M	164M
Pension & Other Post Retirement Benefits	199M	175M	86M	79M	82M
Deferred Tax Liability Non Current	305M	271M	396M	262M	213M
Other Non Current Liabilities	68M	23M	72M	94M	110M
Total Liabilities	5.27B	5.16B	5.65B	5.37B	5.3B
Common Stock, Total	137M	137M	137M	138M	138M
Additional Paid In Capital	2.24B	2.24B	2.25B	2.25B	2.26B
Retained Earnings	1B	1.19B	1.35B	1.58B	1.71B
Treasury Stock	-3M	-3M	-9M	-14M	-9M
Comprehensive Income and Other	-25M	-31M	504M	128M	-146M
Total Common Equity	3.35B	3.53B	4.23B	4.08B	3.95B
Minority Interest	1M	2M	2M	3M	-
Total Equity	3.35B	3.54B	4.23B	4.09B	3.95B
Total Liabilities And Equity	8.62B	8.7B	9.89B	9.46B	9.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.37B	1.37B	1.37B	1.37B	1.38B
ECS Total Common Shares Outstanding	1.37B	1.37B	1.37B	1.37B	1.38B
Book Value / Share	2.44	2.58	3.08	2.97	2.87
Tangible Book Value	153M	538M	1.33B	1.16B	1.14B
Tangible Book Value Per Share	0.11	0.39	0.97	0.84	0.83
Total Debt	2.74B	2.64B	2.35B	2.14B	2.76B
Net Debt	2.15B	1.83B	1.53B	1.67B	2.27B
Debt Equivalent of Unfunded Proj. Benefit Obligation	199M	175M	86M	55M	32M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	1M	2M	2M	3M	-
Equity Method Investments, Total	35M	38M	17M	17M	17M
Account Code - Inventory Valuation	3	6	6	6	6
Inventories - Raw Materials, Total	-	325M	419M	374M	366M
Inventories - Work In Process, Total	-	22M	27M	26M	24M
Inventories - Finished Goods, Total	6M	196M	264M	225M	206M
Inventories - Others	518M	-	-	-	-
Land - (BS)	-	1.07B	1.04B	1.17B	1.18B
Machinery, Total	-	3.43B	3.35B	3.74B	3.92B
Full Time Employees	30K	28.86K	29.58K	29.52K	29.5K
Accumulated Allowance for Doubtful Accounts (Supple)	-	31M	30M	31M	28M

Fiscal Period: April	2020	2021	2022	2023	2024
Net Income	527M	194M	280M	502M	385M
Depreciation & Amortization - CF	296M	304M	290M	312M	323M
Amortization of Goodwill and Intangible Assets - (CF)	143M	119M	122M	93M	83M
Depreciation & Amortization, Total	439M	423M	412M	405M	406M
Amortization of Deferred Charges, Total - (CF)	-	23M	16M	20M	15M
(Gain) Loss From Sale Of Asset	-2M	2M	-1M	7M	-9M
(Gain) Loss on Sale of Investments - (CF)	-	-	29M	-	-
Asset Writedown & Restructuring Costs	28M	27M	8M	-	-
(Income) Loss On Equity Investments - (CF)	-7M	-5M	-7M	-2M	-2M
Stock-Based Compensation (CF)	5M	9M	10M	15M	-2M
Net Cash From Discontinued Operations	-29M	-10M	-	-	-
Other Operating Activities, Total	-295M	-85M	-41M	40M	-56M
Change In Accounts Receivable	86M	-75M	-449M	15M	88M
Change In Inventories	45M	-28M	-200M	99M	6M
Change In Accounts Payable	-161M	276M	864M	-235M	-511M
Cash from Operations	636M	751M	921M	866M	320M
Capital Expenditure	-376M	-331M	-431M	-545M	-547M
Sale of Property, Plant, and Equipment	12M	8M	16M	19M	41M
Cash Acquisitions	-4M	-90M	-23M	-	-113M
Divestitures	62M	16M	35M	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	5M
Other Investing Activities, Total	484M	6M	0	0	-
Cash from Investing	178M	-391M	-403M	-526M	-614M
Long-Term Debt Issued, Total	3.24B	1.16B	334M	332M	1.28B
Total Debt Issued	3.24B	1.16B	334M	332M	1.28B
Long-Term Debt Repaid, Total	-3.57B	-1.29B	-602M	-785M	-688M
Total Debt Repaid	-3.57B	-1.29B	-602M	-785M	-688M
Issuance of Common Stock	2M	3M	7M	4M	7M
Common Dividends Paid	-222M	-	-166M	-289M	-247M
Common & Preferred Stock Dividends Paid	-222M	-	-166M	-289M	-247M
Other Financing Activities, Total	-9M	-16M	-56M	10M	-4M
Cash from Financing	-562M	-142M	-483M	-728M	352M
Foreign Exchange Rate Adjustments	-	-4M	-8M	10M	-16M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	252M	214M	27M	-378M	42M
Supplemental Items
Cash Interest Paid	79M	69M	63M	78M	80M
Cash Income Tax Paid (Refund)	94M	66M	96M	136M	169M
Levered Free Cash Flow	626M	274M	138M	595M	-248M
Unlevered Free Cash Flow	672M	315M	174M	633M	-176M
Change In Net Working Capital	-283M	30M	112M	-271M	424M
Net Debt Issued / Repaid	-333M	-129M	-268M	-453M	596M

Fiscal Period: April	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.75	2.56	3	4.83	4.02
Return on Total Capital	5.37	3.61	4.37	7.29	5.81
Return On Equity %	8.97	5.29	7.21	11.83	9.58
Return on Common Equity	8.98	5.29	7.21	11.81	9.59
Margin Analysis
Gross Profit Margin %	10.92	8.36	8.11	10.47	10.28
SG&A Margin	0.05	0.05	0.04	0.01	0.01
EBITDA Margin %	14.58	11.77	10.88	13.15	13.66
EBITA Margin %	10.87	7.92	7.84	10.22	10.04
EBIT Margin %	8.51	5.93	6.16	9.09	8.82
Income From Continuing Operations Margin %	4.8	3.05	3.87	5.98	5.64
Net Income Margin %	8.72	3.25	3.87	6.11	5.64
Net Avail. For Common Margin %	4.8	3.05	3.87	5.97	5.64
Normalized Net Income Margin	4.52	2.97	3.33	5.13	4.6
Levered Free Cash Flow Margin	10.36	4.58	1.9	7.24	-3.63
Unlevered Free Cash Flow Margin	11.12	5.28	2.4	7.7	-2.58
Asset Turnover
Asset Turnover	0.71	0.69	0.78	0.85	0.73
Fixed Assets Turnover	1.94	1.82	2.19	2.32	1.76
Receivables Turnover (Average Receivables)	7.25	9.98	8.84	8.13	7.18
Inventory Turnover (Average Inventory)	9.66	10.27	10.62	11.03	10.03
Short Term Liquidity
Current Ratio	0.88	0.93	0.87	0.83	0.86
Quick Ratio	0.63	0.64	0.55	0.54	0.58
Operating Cash Flow to Current Liabilities	0.29	0.31	0.26	0.28	0.12
Days Sales Outstanding (Average Receivables)	50.48	36.59	41.31