Investor Presentaiton
Financial rationale
Unique point in time opportunity to create value for stakeholders
Combined Adj. Revenue of $34bn and Adj. EBITDA of $5.5bn¹
Combining Smurfit Kappa and WestRock on equivalent multiples
Expected to deliver high single digit accretion to Smurfit Kappa's earnings per share on a pre-synergy
basis and in excess of 20% including run-rate synergies by the end of the first full year following
completion
Strong cash flows for future growth and capital returns
Targeting annual pre-tax run-rate synergies in excess of $400 million²; delivery of synergies expected to
require estimated one-off cash costs of approximately $235 million²
Expected to deliver compelling benefits to Smurfit Kappa and WestRock stockholders, opportunity for
both sets of shareholders to participate meaningfully in significant upside value potential
Disciplined capital allocation expected to deliver improved operating efficiency and increased returns
Committed to strong investment grade credit rating
Smurfit Note: WestRock financials are prepared under U.S. GAAP. Smurfit Kappa Group financials are prepared under IFRS as adopted by the EU and certain adjustments have been made to prepare the estimated adjusted EBITDA for Smurfit
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Kappa
WestRock. This, and certain other statements, are based on non-IFRS and non-US GAAP financial information on Smurfit Kappa Group and WestRock. These statements may be subject to amendment in the Circular and Prospectus.
Please refer to notes and sources of information and bases of calculation for further information.
1 Adjusted Revenue and adjusted EBITDA figures are approximate estimates and rounded to nearest billion and hundred million, respectively.
2 Based on management estimates.
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