Overview


The Group’s trading conditions were stable in 2015 and demand for Huhtamaki’s products was good in most markets. In the emerging markets fluctuations in currencies, raw material prices, and consumer sentiment led to a mixed demand picture, and some markets, such as the foodservice packaging market in North Asia, were weak. In Europe demand growth was mod - est throughout the year, though improved compared to 2014. Prices of resin-based raw materials declined during the year while recycled fiber and paperboard prices remained relatively stable. Currency translation impact on the Group’s net sales and earnings was positive, led by the strengthening of the US dollar versus euro.

The Group’s net sales grew to EUR 2,726 million in 2015 (EUR 2,236 million in 2014)*. Comparable net sales growth was 4% in total and 6% in emerging markets. Profitability development was strong and the Group’s earnings before interest and taxes (EBIT) were EUR 238 million excluding non-recurring items (NRI) of EUR -23 million (EUR 175 million). EBIT margin excluding NRI was 8.7% (7.8%) and earnings per share (EPS) excluding NRI were EUR 1.65 (EUR 1.24). The Group’s free cash flow, return on investment (ROI) and return on equity (ROE) also improved compared to 2014. The Group’s financial position remains strong and supports its future growth ambitions.

During the year the Group implemented its strategic direction focused on food and drink packaging. The acquisition of Positive Packaging, a flexible packaging manufacturer with significant positions in India, Middle East and Africa, was completed in January, and the integration of the business into the Group’s flexible packaging business was begun. Three other acquisitions were announced during the year. The Group also continued its organic investments in growth.


* Unless otherwise stated, all income statement related figures presented in this Overview, including corresponding periods in 2014, cover continuing operations only.