Smurfit WestRock PLC (SW) 2023 Q4 法說會逐字稿

Hello, and welcome to the Smurfit Kappa Results Call. My name is Laura now will be your coordinator for today's event. Please note this call is being recorded. And for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the call. (Operator Instructions)

您好，歡迎參加 Smurfit Kappa 結果電話會議。我叫勞拉，現在將擔任你們今天活動的協調員。請注意，此通話正在錄音。在通話期間，您的線路將處於只聽狀態。但是，您將有機會在通話結束時提問。（操作員說明）

I will now hand you over to your host, Ciaran Potts, to begin today's conference. Thank you.

現在我將把你們交給主持人 Ciaran Potts，開始今天的會議。謝謝。

Thank you, Laura. My name is Ciaran Potts, I'm head of Investor Relations at Smurfit Kappa. Today's discussion may contain forward-looking statements about Smurfit Kappa's views of future business and financial performance, including forward earnings guidance and future market conditions. Today's discussion may also contain forward-looking statements about the company's pending combination with WestRock.

謝謝你，勞拉。我叫 Ciaran Potts，是 Smurfit Kappa 投資人關係主管。今天的討論可能包含有關 Smurfit Kappa 對未來業務和財務業績的看法的前瞻性陳述，包括前瞻性盈利指導和未來市場狀況。今天的討論還可能包含有關該公司即將與 WestRock 合併的前瞻性陳述。

These statements are based on management's current beliefs and expectations and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make.

這些陳述是基於管理層當前的信念和期望，並受到各種風險和不確定性的影響。實際結果可能與我們可能做出的這些前瞻性陳述所暗示的結果有重大差異。

Factors and risks that could cause actual results to differ materially from these statements may be included in our earnings release issued today, and are described in more detail in Smurfit Kappa's reports available on the National Storage Mechanism at fca.org.uk, and on our website at smurfitkappa.com.

可能導致實際結果與這些聲明存在重大差異的因素和風險可能會包含在我們今天發布的收益報告中，並且在Smurfit Kappa 的報告中進行了更詳細的描述，該報告可在國家存儲機制(fca. org.uk) 和我們的網站上找到。

This call does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any securities -- or a solicitation of any vote or approval. In connection with the potential combination between Smurfit Kappa and WestRock, the combined company -- to be named Smurfit WestRock -- will file with the SEC, a registration statement that will include a proxy statement of WestRock that will also constitutes a prospectus of Smurfit WestRock.

本次電話會議並不構成購買或出售的要約，也不構成購買或出售任何證券的要約邀請，也不構成任何投票或批准的邀請。關於 Smurfit Kappa 和 WestRock 之間的潛在合併，合併後的公司（將命名為 Smurfit WestRock）將向 SEC 提交一份註冊聲明，其中包括 WestRock 的委託書，該聲明也將構成 Smurfit WestRock 的招股說明書。

The proxy statement prospectus and other relevant documents filed by Smurfit Kappa, Smurfit WestRock, and WestRock with the SEC will be available free of charge at www.smurfitkappa.com or westrock.com as applicable, or at the SEC's website at sex.gov.

Smurfit Kappa、Smurfit WestRock 和 WestRock 向 SEC 提交的委託書招股說明書和其他相關文件可在 www.smurfitkappa.com 或 westrock.com（如適用）或 SEC 網站 sex.gov 上免費取得。

You should review such materials filed or to be filed with the SEC carefully, because they contain or will contain important information about Smurfit Kappa, WestRock, Smurfit WestRock, in combination and related matters, including information about certain of their respective directors, executive officers, and other employees who may bedeemed to be participants in the solicitation of proxies in connection with the combination and about their interest in the solicitation.

您應該仔細審查已提交或將提交給 SEC 的此類材料，因為它們包含或將包含有關 Smurfit Kappa、WestRock、Smurfit WestRock 的組合及相關事項的重要信息，包括有關其各自董事、執行官、以及其他可能被視為參與與合併有關的委託書徵集及其對徵集興趣的員工。

I will now hand you over to Tony Smurfit, CEO of Smurfit Kappa Group.

現在我將把您交給 Smurfit Kappa 集團執行長 Tony Smurfit。

Thanks, Ciaran. A happy outset to note that while we will provide you with an update on the announced Smurfit WestRock combination, we cannot comment beyond that or what we've already said on announcements of September 12. Subject to shareholder and regulatory approval, the transaction is expected to close in early July.

謝謝，夏蘭。首先要高興的是，雖然我們將為您提供有關已宣布的 Smurfit WestRock 組合的最新信息，但我們無法對此或我們在 9 月 12 日的公告中已經說過的內容髮表評論。待股東和監管機構批准後，交易預計將於 7​​ 月初完成。

Well today, I am absolutely delighted to be joined by my colleagues, Ken Bowles, who has over thirty years of experience in Smurfit Kappa and has been our CFO for the last eight years, is sitting on my left. Also, I'm delighted to be joined by Saverio Mayer and Laurent Sellier, who run our European and Americas businesses respectively.

今天，我非常高興能與我的同事 Ken Bowles 一起參加會議，Ken Bowles 坐在我的左邊，他在 Smurfit Kappa 擁有三十多年的經驗，並且在過去八年中一直擔任我們的首席財務官。此外，我很高興能夠加入 Saverio Mayer 和 Laurent Sellier，他們分別負責我們的歐洲和美洲業務。

Saverio has over thirty-eight years in the company and has been running our European operations for the last eight years; Laurent has over thirty years in the company and has been running our business in the Americas for almost three years, and prior to that, he ran our European Paper business for six years.

Saverio 在公司工作超過三十八年，過去八年一直負責我們的歐洲業務； Laurent 在公司工作了三十多年，在美洲經營我們的業務已近三年，在此之前，他經營我們的歐洲造紙業務六年。

And for those of you that don't know me, I'm Tony Smurfit, CEO of Smurfit Kappa for the last eight years. And prior to that, I was COO of the group since 2002.

對於那些不認識我的人來說，我是 Tony Smurfit，過去八年擔任 Smurfit Kappa 的執行長。在此之前，我自 2002 年起擔任該集團的營運長。

As you know, when I became CEO, I set out a new vision for where I believe Smurfit Kappa should get to, and what our approach to running our business is. The approach is baked into the unique performance-led culture that exists in the company, which is familial, and with the guiding principles of loyalty, integrity, respect and safety at work for all our people.

如您所知，當我成為執行長時，我為我認為 Smurfit Kappa 應該實現的目標以及我們經營業務的方法制定了新的願景。這種方法融入了公司獨特的以績效為導向的文化中，這種文化是家族性的，並以所有員工在工作中忠誠、正直、尊重和安全為指導原則。

This vision -- to be a globally admired business, dynamically and sustainably delivering secure and superior returns for all stakeholders -- is something that all of us in Smurfit Kappa's management team aspire to every single day. While this vision is a journey and not a destination, it is something that we are indeed realizing.

這個願景——成為一家全球受推崇的企業，動態、可持續地為所有利益相關者提供安全和卓越的回報——是 Smurfit Kappa 管理團隊所有人每天都渴望實現的目標。雖然這個願景是一個旅程而不是目的地，但我們確實正在實現這一目標。

Since 2015, I believe Smurfit Kappa has been an effective allocator of capital. From this slide, you will see that we have invested EUR6 billion over the last eight years in our business to continuously optimize our integrated operating model.

自 2015 年以來，我相信 Smurfit Kappa 一直是個有效的資本配置者。從這張投影片中，您將看到我們在過去八年中已在業務上投資了 60 億歐元，以不斷優化我們的綜合營運模式。

This investment has reduced operating costs throughout our mill system, and ensures that our corrugated system has the highest quality service and innovation capabilities for our customers. This investment has also allowed us to nurture and develop our higher-margin specialty business, which we have been expanding.

這項投資降低了我們整個工廠系統的營運成本，並確保我們的瓦楞紙系統為客戶提供最高品質的服務和創新能力。這項投資也使我們能夠培育和發展我們一直在擴大的利潤率更高的專業業務。

Acquisitions, which you all know a part of the Smurfit Kappa DNA, have over the past eight years amounts to close to a EUR2 billion. These acquisitions have been seamlessly integrated into our business and each has either expanded our geographic for our product reach.

眾所周知，收購是 Smurfit Kappa DNA 的一部分，過去八年的收購總額接近 20 億歐元。這些收購已無縫整合到我們的業務中，每一次收購都擴大了我們的產品覆蓋範圍。

Smurfit Kappa is truly a company that has been transformed over the period. We have delivered substantial free cash flow of over EUR10 billion, and we've also delivered growing at a progressive dividend stream of EUR2.2 billion for our shareholders.

Smurfit Kappa 確實是一家在這段期間經歷了轉型的公司。我們已經提供了超過 100 億歐元的大量自由現金流，並且還為股東提供了 22 億歐元的漸進股息流。

The result of our capital allocation decisions has been consistent delivery, and outperformance across all of our metrics. We are proud to continue to deliver for our stakeholders with this improved performance. Equally, in line with our vision, we have consistently delivered on improving our balance sheet, and ensuring secure and superior returns for our stakeholders.

我們的資本配置決策的結果是一致的交付，並且在所有指標上都表現出色。我們很自豪能夠繼續為我們的利害關係人提供更好的績效。同樣，根據我們的願景，我們始終如一地改善我們的資產負債表，並確保為我們的利害關係人帶來安全和卓越的回報。

As a result of our consistent delivery over a long period of time, our total shareholder return in excess of 150% since 2015, has significantly outperformed peer group averages.

由於我們長期持續交付，自 2015 年以來，我們的股東總回報率超過 150%，明顯優於同業平均。

Of course, that said, as you know, all management at Smurfit Kappa are aligned with our stakeholders and shareholders in the company. And while we are happy, we are definitely not satisfied. Our aspirations and objectives are for much, much more.

當然，如您所知，Smurfit Kappa 的所有管理層都與公司的利害關係人和股東保持一致。雖然我們很高興，但我們絕對不滿足。我們的願望和目標遠不止於此。

To achieve our ambitions have much more, there is only one way to retain this, and that is through our people. One of the strength of Smurfit Kappa has been, and will continue to be, the fabulous owner operator-type culture that exists within our company. This is proven by the fact that our top management cadre have over 24 years average tenure within the company, which bring serious knowledge and experience together with a proven capacity to perform.

為了實現我們的雄心壯志，只有一種方法可以維持這一目標，那就是透過我們的員工。Smurfit Kappa 的優勢之一一直是並將繼續是我們公司內部存在的出色的所有者經營文化。我們的高階管理幹部在公司的平均任期超過 24 年，他們擁有豐富的知識和經驗以及經過驗證的執行能力，這一事實證明了這一點。

Looking at the next level of leadership, we see the same kind of tenure in our European business where the top nine have 25 years experience, and in the Americas, the top 12 have 22 years of average experience. This shows that our people are grounded in our values.

看看下一個領導層，我們在歐洲業務中看到了同樣的任期，前九名擁有 25 年的經驗，而在美洲，前 12 名平均擁有 22 年的經驗。這表明我們的員工以我們的價值觀為基礎。

Smurfit Kappa Group has a proven track record of attracting and retaining the best available talent. And we continue to invest behind our people and have developed bespoke program in INSEAD, Harvard, and other management development business programs, ensuring the next generation of leaders is embedded in the Smurfit Kappa system and culture.

Smurfit Kappa 集團在吸引和留住最優秀人才方面擁有良好的記錄。我們繼續投資我們的員工，並在歐洲工商管理學院 (INSEAD)、哈佛大學和其他管理髮展業務項目中開發了客製化項目，確保下一代領導者融入 Smurfit Kappa 系統和文化中。

I am sure some of you will have read about our announced combination with the WestRock. This is one of the most significant events in the Smurfit Kappa history. We have repeatedly said that our ambition was to be bigger in the United States, both to further balance our geographic position, and to be a significant part of the world's largest paper-based packaging market.

我相信你們中的一些人會讀到我們宣布與 WestRock 的合併。這是 Smurfit Kappa 歷史上最重要的事件之一。我們一再表示，我們的目標是在美國做大，既是為了進一步平衡我們的地理位置，也是為了成為世界上最大的紙質包裝市場的重要組成部分。

When the opportunity came to combined with a company like WestRock, I, the management team, and the Board strongly believed that this was an opportunity not to be missed. It is a highly complementary business with a strong cultural fit, with compelling industrial, strategic, and financial logic. Together, we will create the global leader in sustainable packaging, and we will be the largest listed company in our sector by sales.

當有機會與 WestRock 這樣的公司合併時，我、管理團隊和董事會堅信這是一個不容錯過的機會。這是一個高度互補的業務，具有強大的文化契合度，具有引人注目的產業、策略和金融邏輯。我們將共同打造永續包裝領域的全球領導者，並成為該產業銷售額最大的上市公司。

Smurfit WestRock, with its expanded geographic reach, will offer many more opportunities for growth for our employees as well as significant value-creation opportunities for our stakeholders.

Smurfit WestRock 的地理覆蓋範圍不斷擴大，將為我們的員工提供更多的成長機會，並為我們的利害關係人提供重要的價值創造機會。

I'm very happy to say that since September, we have worked very well with the WestRock management team with integration planning progressing well. Of course, with a combination of this scale, there's plenty of hard work ahead for all parties. But combining the Smurfit Kappa team, together with the investments and actions recently undertaken by WestRock management, sets the foundation for a very bright future for Smurfit WestRock.

我很高興地說，自9月以來，我們與WestRock管理團隊合作得很好，整合規劃進展順利。當然，如此規模的結合，各方都面臨著大量艱苦的工作。但將 Smurfit Kappa 團隊與 WestRock 管理層最近的投資和行動相結合，將為 Smurfit WestRock 的光明未來奠定基礎。

And with that, I'll hand you over to Ken Bowles, our CFO, to take you through the financials.

接下來，我將把您交給我們的財務長肯·鮑爾斯 (Ken Bowles)，讓您了解財務狀況。

Thank you, Tony, and good morning, everyone. In a moment, I'll take you through the group financial performance in 2023. Saverio and Laurent will talk about their respective regions, and I will also spend some time on our capital allocation framework.

謝謝你，托尼，大家早安。一會兒我就帶大家了解一下2023年集團的財務表現。Saverio和Laurent將談論他們各自的地區，我也會花一些時間討論我們的資本配置框架。

Tony outlined, and you've heard us talk about this before, it's been central to the transformation of the business over the last number of years, but operationally and financially, and it is central to delivering on our sustainability goals and ambitions. Lastly, I'll update you on the timetable to closing the proposals at Smurfit WestRock combination.

東尼概述道，您以前聽過我們談論過這一點，它是過去幾年業務轉型的核心，但在營運和財務方面，它對於實現我們的永續發展目標和抱負至關重要。最後，我將向您介紹關閉 Smurfit WestRock 組合提案的最新時間表。

Turning now to slide 14, and the group's full year 2023 results, which represent an excellent outcome set against a challenging year for the wider industry. This performance reflects the resilience of our integrated operating model, the ongoing benefits of our investment program, and the dedication and commitment of our people in providing our customers across 36 countries with the most innovative and sustainable packaging solutions.

現在轉向幻燈片 14，以及該集團 2023 年全年業績，這代表了在整個行業充滿挑戰的一年中取得的優異成果。這項業績反映了我們綜合營運模式的彈性、我們投資計畫的持續效益，以及我們員工為 36 個國家的客戶提供最具創新性和永續的包裝解決方案的奉獻和承諾。

Group revenue was EUR11.3 billion for the year, down 12% in 2022 or 11% lower on an underlying basis Group EBITDA was EUR2.08 billion, down 12% in the prior year, or 9% lower on an underlying basis, reflecting lower earnings in Europe, partly offset by higher earnings in our Americas business.

集團全年營收為 113 億歐元，比 2022 年下降 12%，基本下降 11% 集團 EBITDA 為 20.8 億歐元，比上年下降 12%，基本下降 9%，反映出歐洲收入下降，部分被美洲業務收入增加所抵消。

While both revenue and EBITDA were lower, notably, the EBITDA margin improved from 18.4% in 2022 to 18.5% in 2023, reflecting slightly higher margins in both Europe and the Americas as a result of our relentless focus on cost, quality, and efficiency; the strength of the integrated operating model and incremental benefits from our capital plan.

儘管收入和EBITDA 均較低，但值得注意的是，EBITDA 利潤率從2022 年的18.4% 提高到2023 年的18.5%，反映出由於我們對成本、品質和效率的不懈關注，歐洲和美洲的利潤率略有上升；綜合營運模式的優勢以及我們資本計畫帶來的增量收益。

While underlying box volumes for the group were down 3.5% in 2023, pleasingly, we saw progressive improvement in demand during the year, and a return to growth in the fourth quarter in both Europe and the Americas. Pre-exceptional EPS was EUR3.487 per share in 2023, and the group's return on capital employed was ahead of our target of 17.1%.

儘管該集團的基礎箱量在 2023 年下降了 3.5%，但令人高興的是，我們看到這一年的需求逐步改善，歐洲和美洲在第四季度恢復成長。2023 年，異常前每股盈餘為 3.487 歐元，該集團的已動用資本回報率高於我們 17.1% 的目標。

Exceptional items, amounted to EUR165 million and are detailed in note 4 of the financial statements. Free cash flow in 2023 amounted to EUR628 million, an increase of EUR83 million compared to the prior year. This is an exceptional results in place in the context of another year of EUR1 billion capital investment.

特殊項目金額為 1.65 億歐元，詳情請參閱財務報表附註 4。2023年自由現金流達6.28億歐元，較上年增加8,300萬歐元。這是在另一年 10 億歐元資本投資的背景下取得的非凡成果。

The working capital inflow in 2023 was EUR148 million, compared to an outflow of EUR358 million in 2022. The working capital inflow in '23 was a combination of a significant decrease in debtors and inventory, partly offset by a decrease in creditors.These movements reflected the combination of lower box prices, lower paper prices, and lower energy; recovered fiber, and other raw material prices.

2023 年營運資本流入為 1.48 億歐元，而 2022 年流出為 3.58 億歐元。23 年的營運資本流入是債務人和庫存顯著減少的綜合作用，部分被債權人的減少所抵消。回收纖維等原物料價格上漲。

As a result of working capital as a percentage of sales improved to 7% at December 2023 compared to 8.3% at December '22, and this is the low end of our 7% to 8% guidance.Net debt to EBITDA at 1.4 times is slightly below our stated range of 1.5 to 2 times.

由於營運資本佔銷售額的百分比從 2022 年 12 月的 8.3% 提高到 2023 年 12 月的 7%，這是我們 7% 至 8% 指導值的下限。我們規定的1.5 至2 倍範圍。

And finally, reflecting the confidence that we and the Board have in the Group and indeed the strength and resilience of the cash flows under future prospects, we are pleased to announce a 10% increase in the final dividend to $1.184 per share.

最後，為了反映我們和董事會對集團的信心，以及未來前景下現金流的實力和彈性，我們很高興地宣布將末期股息增加 10% 至每股 1.184 美元。

Looking now at slide 15 and a reminder of our highly effective capital allocation framework, returns focused at its core foot, flexible and agile continues to be a key underpin to our success. At Smurfit Kappa, we believe that capital allocation to internal projects has been central to our success. Today more than ever before, we are seeing the benefits of having a well-invested asset base with an integrated system of mills and box plants sititng low on the cost curve and primed for future growth.

現在看投影片 15，提醒我們高效率的資本配置框架，回報集中在其核心基礎上，靈活和敏捷仍然是我們成功的關鍵基礎。在 Smurfit Kappa，我們相信內部專案的資本分配是我們成功的核心。今天，我們比以往任何時候都更能看到擁有投資充足的資產基礎以及成本曲線較低並為未來成長做好準備的工廠和箱式工廠整合系統的好處。

Well-timed and well-executed capital expenditure programs are a hallmark of SKG and are a testament to the experience and tenure of our senior management team. The dividend is another cornerstone of our capital allocation strategy. We've always said that SKG is a highly cash-generative business, and our dividend policy is a progressive one, and aims to ensure that the allocation of cash flows to the dividend is proportionate to other forms of allocated capital over the long term.

適時且執行良好的資本支出計畫是 SKG 的標誌，也是我們高階管理團隊經驗和任期的證明。股利是我們資本配置策略的另一個基石。我們一直說SKG是一家高現金產生能力的企業，我們的股利政策是漸進式的，旨在確保長期來看，股利的現金流分配與其他形式的資本分配成比例。

In Smurfit Kappa, we've always been disciplined with M&A, and benchmark these opportunities against all other capital allocation alternatives. The proposed combination with WestRock -- undoubtedly transformative in nature -- is rooted in our history of discipline, best illustrated by combining both companies on equivalent enterprise multiples, to create a global leader in sustainable packaging.

在 Smurfit Kappa，我們始終遵守併購紀律，並將這些機會與所有其他資本配置方案進行比較。與 WestRock 的擬議合併——無疑具有變革性——植根於我們的紀律歷史，最好的例證就是以同等企業倍數合併兩家公司，打造可持續包裝領域的全球領導者。

And if you think about the capital we have deployed towards internal investment, M&A, and growing our dividend over the years, we have also managed to reduce our leverage. With net debt EBITDA 1.4 times, the strength of the group's investment grade balance sheet continues to secure long-term strategic and financial flexibility.

如果你考慮我們多年來用於內部投資、併購和增加股息的資本，我們還設法降低了槓桿率。淨債務 EBITDA 為 1.4 倍，該集團投資等級資產負債表的實力繼續確保長期策略和財務靈活性。

And the expansion of our capital allocation framework to introduce other forms of shareholder returns underscores the flexibility and agility of this framework, and ensures that all avenues to create and return value to our shareholders are considered and benchmarked against all options. Ultimately, the framework at its simplest is about creating long-term value for all stakeholders.

我們的資本配置框架的擴展以引入其他形式的股東回報，強調了該框架的靈活性和敏捷性，並確保為股東創造和回報價值的所有途徑都得到考慮並根據所有選項進行基準測試。最終，最簡單的框架是為所有利害關係人創造長期價值。

Turning to slide 16, and at Smurfit Kappa, we continue to make significant progress towards achieving our sustainability goals. In March, we will publish our 17th Annual Sustainable Development Report -- third-party assured since 2009 -- and this is a high watermark in ESG reporting and disclosure. As a reminder, we were the first in our industry to target net-zero emissions, and we're already well underway to achieving our 2030 emissions reduction target.

轉向幻燈片 16，在 Smurfit Kappa，我們繼續在實現永續發展目標方面取得重大進展。3 月份，我們將發布第 17 份年度永續發展報告（自 2009 年起由第三方擔保），這是 ESG 報告和揭露的一個高水準。提醒一下，我們是業界第一個以淨零排放為目標的公司，並且我們已經在努力實現 2030 年的減排目標。

Following in the footsteps with a landmark $100 million investment announced 2022 in a sustainable biomass boiler for our Cali paper mill, which will reduce our group emissions by 6%, further sustainability initiatives were undertaken during 2023 and can be seen on this slide, including significant investments to upgrade energy plants and our mills, which will further reduce our emissions alongside upgrading a number of water treatment plants right across our operations.

繼我們宣佈於2022 年為卡利造紙廠投資1 億美元建造可持續生物質鍋爐，這將減少我們集團排放量6% 的具有里程碑意義的投資之後，我們在2023 年採取了進一步的可持續發展舉措，這些舉措可以在這張投影片中看到，包括重大舉措投資升級能源工廠和工廠，這將進一步減少我們的排放，同時升級我們營運中的多個水處理廠。

In a world where consumers and regulators are demanding a business partner with the most sustainable suppliers, SKG delivers Chain of Custody-certified and bespoke packaging solutions that leverage innovative designs and circularity to help our customers drive revenue growth, reduce costs, and improve their own environmental footprint -- a true source of competitive advantage.

在消費者和監管機構要求業務合作夥伴擁有最永續供應商的世界中，SKG 提供經產銷監管鏈認證的客製化包裝解決方案，利用創新設計和循環性來幫助我們的客戶推動收入成長、降低成本並提高自身水準環境足跡－競爭優勢的真正來源。

So in Smurfit Kappa, sustainability is not separate from our financial performance. With a circular business model; an ever improving environmental footprint; and a product portfolio that's renewable, recyclable, and biodegradable, sustainability and financial performance are clearly linked.

因此，在 Smurfit Kappa，永續發展與我們的財務表現密不可分。具有循環的商業模式；不斷改善的環境足跡；可再生、可回收和可生物降解的產品組合、永續性和財務績效之間有著明確的關聯。

Slide 17 provides a high-level snapshot of the process timetable to closing the Smurfit WestRock combination subject to all necessary shareholder and regulatory approvals. I don't propose to dwell on the slide, only to say that we have mobilized a central integration planning team and that team leaders across both companies have the chance to meet face-to-face.

投影片 17 提供了關閉 Smurfit WestRock 合併的流程時間表的摘要快照，但須獲得所有必要的股東和監管部門的批准。我不打算在幻燈片上詳述，只是說我們已經動員了一個中央整合規劃團隊，兩家公司的團隊領導有機會面對面交流。

As we said back in September, one of the many reasons we're pursuing this combination with the cultural alignment of both organizations, and this has come even more to the fore over the last few months, as the Smurfit Kappa and WestRock teams have got to know one another and work towards the shared goal of closing the transaction in early July and indeed in planning for the future success of the business.

正如我們在 9 月所說，我們追求這種結合的眾多原因之一是兩個組織的文化一致性，而這一點在過去幾個月中變得更加突出，因為 Smurfit Kappa 和 WestRock 團隊已經相互了解並努力實現七月初完成交易的共同目標，並為業務未來的成功進行規劃。

As a reminder, Smurfit WestRock will seek a primary listing on the New York Stock Exchange, and a standard listing in London. And I'm happy to say that all work streams by the integration planning are indeed working through the necessary regulatory approvals, and filings are all proceeding as planned.

需要提醒的是，Smurfit WestRock 將尋求在紐約證券交易所進行主要上市，並在倫敦進行標準上市。我很高興地說，整合規劃的所有工作流程確實正在通過必要的監管批准，並且備案工作均按計劃進行。

And with that, I'll hand you over to Saverio, who will take you through the performance of our European operations during the year.

接下來，我將把您交給 Saverio，他將帶您了解我們今年歐洲業務的表現。

Thank you, Ken. Good morning to all. My name is Saverio Mayer, and I am CEO of Smurfit Kappa Europe. I have been in the company for 38 years and probably in charge of Europe since 2017.

謝謝你，肯。大家早安。我叫 Saverio Mayer，是 Smurfit Kappa Europe 的執行長。我在公司工作了 38 年，可能從 2017 年開始負責歐洲業務。

We have built an incredible business, which has evolved through all of the market trends, including lighter basis weight, innovation, and security of supply with what we consider to be the industry's best management team.

我們已經建立了一個令人難以置信的業務，它隨著所有市場趨勢的發展而發展，包括更輕的基重、創新和供應安全，以及我們認為是業界最好的管理團隊。

Just to remind you the scale of this business, the send comprises of circa 260 operations in 23 countries. More in detail, we run more than 180 converting facility producing in excess of 9 billion square meters, and positioning the company at the number one in Europe with market number one or number two position in all European markets.

只是為了提醒您該業務的規模，該發送由分佈在 23 個國家的大約 260 個業務組成。更詳細地說，我們經營 180 多個加工工廠，生產面積超過 90 億平方米，使公司在歐洲排名第一，在所有歐洲市場中排名第一或第二。

The same number one position applies for both our Recycled Paper business with 18 mills producing 4.3 million tonnes and our kraftliner production of 1.6 million tonnes realized in three mills. We are also proudly number one in Europe with our global banking books organization, which includes eight plants.

同樣排名第一的還有我們的再生紙業務（擁有 18 家工廠，產量為 430 萬噸）和牛皮紙業務（3 家工廠的產量為 160 萬噸）。我們還擁有歐洲第一的全球銀行簿記組織，其中包括八家工廠。

Finally, we have more than 40 operation producing specialties such as MG paper, sack kraft, specialty printing, machine systems, et cetera. So despite the very challenging year, we have delivered a robust performance, achieving region Europe's second highest EBITDA of EUR1.6 billion, and EBITDA margin of 18.6%, substantially on the same level of last year.

最後，我們擁有 40 多家生產專業產品的工廠，如 MG 紙、袋牛皮紙、特殊印刷、機器系統等。因此，儘管這一年充滿挑戰，我們仍然取得了強勁的業績，實現了歐洲地區第二高的 EBITDA 16 億歐元，EBITDA 利潤率為 18.6%，與去年的水平基本持平。

This outstanding level of EBITDA margin demonstrates once again, not only the resilience of our integrated model, but also the agility of our business in all times, and across all market conditions, which is much appreciated by our customers.

這種出色的 EBITDA 利潤率水平再次表明，不僅是我們整合模式的彈性，而且還表明我們業務在任何時候、任何市場條件下的靈活性，這都受到了我們客戶的高度讚賞。

Throughout the year, we have witnessed some main highlights in the history of Smurfit Kappa. Among other noteworthy moments, the opening of our first corrugated plant in Morocco marks the group's first operation in Africa. Furthermore, we successfully completed in 2023, two new acquisitions of packaging specialist Carrión in Spain; and Asterias, one of the largest printing companies in Poland.

在這一年裡，我們見證了 Smurfit Kappa 歷史上的一些主要亮點。除其他值得注意的時刻外，我們在摩洛哥開設的第一家瓦楞紙工廠標誌著該集團在非洲的首次運作。此外，我們於 2023 年成功完成了對西班牙包裝專家 Carrión 的兩次新收購；以及 Asterias，波蘭最大的印刷公司之一。

I'm particularly proud of these excellent numbers and even more in the context of a difficult macroeconomic scenario, where demand has been suffering and had, in turn, affected volumes. Our performance is even more visible looking at the latest industry production statistics, where we have again outpaced our peer group and continued to gain market share.

我對這些出色的數字感到特別自豪，在宏觀經濟情勢困難的背景下更是如此，需求一直受到影響，進而影響了銷售量。從最新的行業生產統計數據來看，我們的表現更加明顯，我們再次超越了同行，並繼續獲得市場份額。

For 2024, I remain optimistic, as the month of January is already showing positive signs of demand recovery based on an improving number of our shipments per day -- this now being in line with our expectations. Moreover, we have by now completed most of our strategic investments, ensuring the best parameters for us to operate effectively and to continuously drive costs out when and where necessary, thus enhancing our competitiveness.

對於 2024 年，我仍然樂觀，因為基於我們每天發貨數量的增加，1 月份已經顯示出需求復甦的積極跡象，這符合我們的預期。此外，我們目前已經完成了大部分策略投資，確保了我們有效營運的最佳參數，並在必要時持續降低成本，從而增強我們的競爭力。

Our quality indicators were the best of all times, as reflected in our record low non-conforming pieces per pieces -- CPM -- and our highest ever on timing full percentage joint indicator.

我們的品質指標是有史以來最好的，這反映在我們創紀錄的低每件不合格件數（CPM）以及我們有史以來最高的計時全百分比聯合指標。

Today, we are structurally better business. The effectiveness of our customers-led packaging business is, without doubt, tightly related to our capability to innovate. Packaging innovation that gets results has always been in our DNA, and one of our key differentiator on the market -- as recognized by the numerous awards we continually receive.

今天，我們的業務結構更加完善。毫無疑問，我們以客戶為主導的包裝業務的有效性與我們的創新能力密切相關。取得成果的包裝創新一直是我們的基因，也是我們在市場上的關鍵區別之一——正如我們不斷獲得的眾多獎項所認可的那樣。

In November '23, we earned the prestigious award of PepsiCo Supplier of the Year, and beginning of this year, we received an impressive twelve WorldStar’s Awards, three times more than any other entrance.

23 年 11 月，我們獲得了享有盛譽的百事可樂年度供應商獎，今年年初，我們獲得了令人印象深刻的 12 項 WorldStar 獎項，是其他任何獎項的三倍。

Speaking of innovation, we launched last year our design to market factory, a unique facility led by a multidisciplinary team of design, engineering, and marketing experts, covering all areas from board grade selection, to supply chain and sustainability.

說到創新，我們去年推出了面向市場的設計工廠，這是一家獨特的工廠，由設計、工程和行銷專家組成的多學科團隊領導，涵蓋從板級選擇到供應鏈和永續發展的所有領域。

This factory allowed us to collaboratively develop and test solutions with our customers before full scale production. The proven methodology is set, and delivers solutions that are implemented within a record time -- in just two weeks.

該工廠使我們能夠在全面生產之前與客戶合作開發和測試解決方案。經過驗證的方法已確定，並在創紀錄的時間內（僅兩週）提供了實施的解決方案。

After a successful first year, with more than fifty projects completed with a variety of customers we proudly announced in October '23, the expansion of these concepts across the new European countries such as Germany, Italy, Poland, and UK.

經過第一年的成功，我們與各種客戶一起完成了 50 多個項目，我們很自豪地在 23 年 10 月宣布將這些概念擴展到德國、義大利、波蘭和英國等新的歐洲國家。

Our purpose is to create, protect and care. This is why for us, innovation goes hand in hand with sustainability through our better plant packaging program.

我們的目的是創造、保護和關懷。這就是為什麼對我們來說，透過更好的植物包裝計劃，創新與永續發展並進。

We are committed to being impactful for all our stakeholders, and to support our customers in their journey towards a better future, by accompanying them in achieving their carbon reduction targets and their sustainability commitments.

我們致力於對所有利害關係人產生影響，並支持我們的客戶邁向更美好的未來，陪伴他們實現減碳目標和永續發展承諾。

The set of innovative tools we have developed, our state of the art infrastructure, along with the experience and expertise of our people, make us their packaging supplier of choice. In fact, over the last years, sustainability has become a key trend in major brands, driven by a lasting change in consumption factors that values circular models on one hand, and on the other by a supportive regulation. We are delighted to naturally take part by being the best packaging partner for our customers.

我們開發的一套創新工具、最先進的基礎設施以及員工的經驗和專業知識，使我們成為他們選擇的包裝供應商。事實上，在過去的幾年裡，永續發展已成為主要品牌的關鍵趨勢，一方面是由於重視循環模式的消費因素發生持久變化，另一方面是受到支持性監管的推動。我們很高興成為客戶的最佳包裝合作夥伴，自然地參與其中。

In 2023, over a hundred new [BPP] solution were successfully implemented in our customers. Our aim is to develop packaging that leaves no trace -- in regard to this, paper packaging is one of the most sustainable packaging solutions available nowadays. It is renewable, has the highest recycling rate, and if it still does end up as litter, it is biodegradable -- a real example of circular economy.

2023 年，我們的客戶成功實施了一百多個新的 [BPP] 解決方案。我們的目標是開發不留痕跡的包裝——就此而言，紙質包裝是當今最永續的包裝解決方案之一。它是可再生的，具有最高的回收率，即使最終仍然成為垃圾，它也是可生物降解的——這是循環經濟的真實例子。

The recent regulatory evolution illustrates the urge to move towards a truly circular economy, and surely we, as part of the cardboard industry in Europe, have been a front runner in delivering a product that meets green transition objectives.

最近的監管演變表明了向真正的循環經濟邁進的迫切需要，當然，作為歐洲紙板行業的一部分，我們一直是提供滿足綠色轉型目標的產品的領導者。

I will now hand you over to Laurent Sellier.

現在我將把你交給洛朗·塞利爾。

Thank you, Saverio. Good morning. I’m Laurent Sellier, CEO of Smurfit Kappa, the Americas. I have been working with the company since 1994, and have had various roles, starting in finance, and developing into predominantly paper operations in Europe, which I led from 2015 to 2021. I have the great pleasure today to share some details about the region under my remit since 2021.

謝謝你，薩維裡奧。早安.我是 Laurent Sellier，美洲 Smurfit Kappa 執行長。我自 1994 年以來一直在該公司工作，擔任過各種職務，從財務開始，發展到以歐洲為主的紙張業務，並於 2015 年至 2021 年期間由我領導。今天，我很高興與大家分享自 2021 年以來我負責的地區的一些詳細資訊。

The business employs just sort of 70,000 people, and extends through the entire geography of the continent, although predominantly focused on Central and South America. The breadth of our geographical coverage gives us a unique position in the region, and allows to cover both the granularity of local customers; the needs of national customers; as well as the Pan-American clients.

該公司擁有約 70,000 名員工，業務遍及整個非洲大陸，但主要集中在中美洲和南美洲。我們地理覆蓋的廣度使我們在該地區擁有獨特的地位，並能夠涵蓋本地客戶的粒度；全國客戶的需求；以及泛美客戶。

We offered five major clusters of operations. First one, North America. It is comprised of box plants, including five box plants on the Mexican border serving the so-called maquila business. Folding carton plants; a recycled paper mill; and various packaging services [tested the mission.]

我們提供了五個主要的營運集群。第一個，北美。它由箱式工廠組成，其中包括位於墨西哥邊境的五家箱式工廠，為所謂的出口加工業務提供服務。折疊紙盒廠；再生紙廠；以及各種包裝服務[測試任務。

Mexico then comprised of box plants as well -- folding cartons, and recycled paper mills. The central cluster, including craft and recycled paper mills; forestry operations; box plants and sack plants.

墨西哥當時也有紙箱工廠——折疊紙盒和再生紙廠。中心集群，包括工藝和再生紙廠；林業經營；箱式植物和袋式植物。

This cluster encompasses Colombia -- which is the core of the cluster -- as well as Dominican Republic; El Salvador; Costa Rica; Peru; and Ecuador. Brazil -- comprised of a network of box plants with also dedicated recycled paper mills -- and finally Argentina and Chile, comprised there again of box plants and recycled paper mills.

該集群包括該集群的核心哥倫比亞以及多明尼加共和國；薩爾瓦多；哥斯大黎加;秘魯;和厄瓜多。巴西由箱式工廠網路和專門的再生紙廠組成，最後是阿根廷和智利，同樣由箱式工廠和再生紙廠組成。

In all clusters, we do collect recovered paper to supply our recycled paper mills. In total we produce and sell 2.6 billion square meters of corrugated, for 1.6 million tons of containerboard. The system is short of approximately 500,000 tons of paper that we purchased, predominantly centered on Mexico and Central America.

在所有集群中，我們都會收集回收紙來供應我們的再生紙廠。我們總共生產和銷售了 26 億平方米瓦楞紙、160 萬噸箱板紙。該系統缺少我們購買的約 50 萬噸紙張，主要集中在墨西哥和中美洲。

Once again, the region presented an improved EBITDA year on year, and exceptional performance relative to our peers, showcasing the potential of the region, and the quality of the management team.

該地區的 EBITDA 再次逐年提高，並且相對於同行表現出色，展現了該地區的潛力和管理團隊的素質。

During this challenging year of softer demand and challenging pricing environments, the operations excelled at minimizing costs to maintain strong margins. Despite market-driven low volumes in the first month, our team’s efforts to provide added value solutions and agile responses to our customer needs allowed us to prevail as the partner of choice.

在需求疲軟和定價環境充滿挑戰的這一年裡，公司在最大限度地降低成本以保持強勁的利潤方面表現出色。儘管第一個月的銷售量受市場驅動而較低，但我們的團隊努力提供增值解決方案並敏捷響應客戶需求，使我們成為首選合作夥伴。

Due to our determined initiatives and continued investment across the board in the area, the region achieved another year of record results, delivering an EBITDA of EUR557 million.

由於我們在該地區堅定的舉措和持續的全面投資，該地區又取得了創紀錄的業績，實現了 5.57 億歐元的 EBITDA。

The Americas is a densely populated continent with organic consumption growth potential, but in addition, specific opportunities -- such as nearshoring -- are offering incremental growth potential for our customers. We are the largest integrated Pan-American player, with a strong presence in most Latin American countries, giving us a privileged position to benefit from this potential in full.

美洲是一個人口稠密的大陸，具有有機消費成長潛力，但除此之外，特定機會（例如近岸外包）也為我們的客戶提供了增量成長潛力。我們是最大的泛美一體化參與者，在大多數拉丁美洲國家擁有強大的影響力，這使我們擁有充分受益於這項潛力的特權。

Our disciplined capital allocation program and targeted M&A execution has allowed us to expand our business footprint and underpins the goal of being to go to Pan-American business partner for paper-based packaging solutions.

我們嚴格的資本配置計劃和有針對性的併購執行使我們能夠擴大業務足跡，並鞏固我們成為泛美業務合作夥伴提供紙質包裝解決方案的目標。

A region-wide cost reduction program, with productivity initiative as a core pillar, has also been key to increasing our profitability year on year. In 2023 alone, the program achieved a record on savings, partially offsetting the effects of cost inflation, and allowing the region to achieve another year of record EBITDA. This also highlights the experience of our management team, that even under the most uncertain macro environment, we’re able to close another year of increased earnings.

以生產力計劃為核心支柱的全地區成本削減計劃也是我們逐年提高盈利能力的關鍵。僅在 2023 年，該計劃就實現了創紀錄的節省，部分抵消了成本通膨的影響，並使該地區的 EBITDA 又創歷史新高。這也凸顯了我們管理團隊的經驗，即即使在最不確定的宏觀環境下，我們也能夠結束另一年的獲利成長。

As part of our commitment to the region, we've been giving back to the communities since 1962. Through well-managed social programs and targeted investments, we have improved the quality of life and overall well-being in the areas we operate in -- a great source of pride for also the company and for all people.

作為我們對該地區承諾的一部分，我們自 1962 年以來一直回饋社區。透過管理良好的社會計畫和有針對性的投資，我們改善了業務所在地區的生活品質和整體福祉——這也是公司和所有人的驕傲。

Our commitment to all stakeholders is present in our day-to-day operations. We continuously aim to provide innovative and value-added solutions to our customers while facilitating our mutual path to sustainable future. Anticipating and exceeding the needs of our clients is our priority, and we're permanently ready to help them thrive in their industries, and achieve their goals.

我們對所有利害關係人的承諾體現在我們的日常營運中。我們持續致力於為客戶提供創新和增值解決方案，同時促進我們共同邁向永續未來。預測並超越客戶的需求是我們的首要任務，我們隨時準備好幫助他們在各自的行業中蓬勃發展並實現他們的目標。

The wide range of integrated packaging solutions we offer -- from molded pulp; hexacomb; folding cartons; and corrugated, with high graphics packaging and three-print offset and digital capabilities -- not only enable the value generation of our customers, but also enrich the unpacking experience for their final users.

我們提供廣泛的整合包裝解決方案—從模塑紙漿；六角形；折疊紙盒；和瓦楞紙，具有高圖形包裝和三印刷膠印和數位功能 - 不僅能夠為我們的客戶創造價值，而且還豐富了最終用戶的拆包體驗。

Our region-wide experience centers are a pillar for creating value to the customers. In combination with our European colleagues, we constantly cross-fertilize to leverage the overall global experience. This profound and dynamic product expertise allows for the continued creation of innovative cost-conscious solution for our customers in the journey towards carbon footprint reduction.

我們遍佈全地區的體驗中心是為顧客創造價值的支柱。我們與歐洲同事合作，不斷交叉整合，以充分利用全球的整體經驗。這種深厚而充滿活力的產品專業知識使我們能夠在減少碳足跡的過程中不斷為我們的客戶創造創新的成本意識解決方案。

As indicated earlier, we’re also proud to participate in a large number of initiatives with CSR at heart of our operating model. I will now hand you back to Tony for concluding remarks.

如前所述，我們也很自豪能夠參與大量以企業社會責任為營運模式核心的措施。現在我將把您交還給托尼進行總結發言。

Thank you, Laurent, and thank you, Saverio and Ken.

謝謝你，勞倫特，謝謝你，薩維裡奧和肯。

I hope you will have seen that 2023 was a year of operating excellence for Smurfit Kappa in an environment that was certainly challenging. I'm immensely proud of the performance of our company in all areas of the business, which I think is best highlighted by the picture on this slide, where PepsiCo gave Smurfit Kappa the Global Supplier of the Year across all categories for all products.

我希望您會看到，2023 年是 Smurfit Kappa 在充滿挑戰的環境中實現卓越營運的一年。我對我們公司在所有業務領域的表現感到非常自豪，我認為這張投影片上的圖片最能突出這一點，其中百事公司授予 Smurfit Kappa 所有產品所有類別的年度全球供應商獎。

This, of course, is in addition to all the other accolades that we have received from customers, industry associations, and accredited third parties.

當然，這是我們從客戶、行業協會和認可的第三方獲得的所有其他讚譽之外的。

On top of this, we worked hard to bring you our shareholders at immense opportunity to combine with WestRock. We intend to list the company on the world's largest most liquid stock exchange -- the NYSE.

除此之外，我們努力為我們的股東帶來與 WestRock 合併的巨大機會。我們打算將該公司在全球最大、流動性最強的證券交易所—紐約證券交易所上市。

The combination of Smurfit and WestRock will be the largest go to sustainable packaging company in the world, which presents many opportunities for growth, cost reduction, and developments. Most importantly, it gives our customers a company able to meet their every need in innovation, sustainability, and geographic reach.

Smurfit 和 WestRock 的合併將成為世界上最大的永續包裝公司，這將帶來許多成長、降低成本和發展的機會。最重要的是，它為我們的客戶提供了一家能夠滿足他們在創新、永續發展和地理覆蓋方面的各種需求的公司。

Smurfit Kappa's performance, once again, proves our capacity to perform and deliver. Our long-standing and proven management team has built a formidable business that has delivered superior performance in all market conditions.

Smurfit Kappa 的表現再次證明了我們的執行和交付能力。我們歷史悠久且久經考驗的管理團隊建立了一個強大的業務，在所有市場條件下都提供了卓越的績效。

Our capital decisions, together with the ongoing operating excellence, have delivered a 76% increase in EBITDA; a 390 point increase in EBITDA margin; and a 230 point increase in return on capital employed over the last eight years, all the while building balance sheet strength and sustaining a highly attractive dividend stream.

我們的資本決策以及持續的卓越營運使 EBITDA 成長了 76%； EBITDA 利潤率增加 390 個點；過去八年的資本回報率增加了 230 個百分點，同時增強了資產負債表實力並維持了極具吸引力的股息流。

Smurfit Kappa has the right market positions, the right product at the right time, and most importantly of all the right people. Yes, we have delivered, and in many circumstances, exceeded the objectives set. But this has never been the summit of our ambitions.

Smurfit Kappa 擁有正確的市場定位、在正確的時間提供正確的產品，最重要的是擁有正確的人才。是的，我們已經實現了，並且在許多情況下，超出了設定的目標。但這從來都不是我們野心的巔峰。

2024, with the creation of the global leader in sustainable packaging, Smurfit WestRock, marks the next and exciting phase in our journey.

2024 年，隨著永續包裝領域的全球領導者 Smurfit WestRock 的成立，標誌著我們的旅程進入了下一個令人興奮的階段。

With that, now I will hand it over to you to ask any questions. I'm delighted that we have Saverio and Laurent here, so they will answer all the questions related to the European and Americas market. So that would make it easy for Ken and me.

那麼，現在我將把它交給你，讓你問任何問題。我很高興Saverio和Laurent來到這裡，他們將回答所有與歐洲和美洲市場相關的問題。這樣對肯和我來說就很容易了。

So thank you all for attending today, and we look forward to the question, and obviously meeting some of the later. So over to you, operator.

感謝大家今天出席，我們期待這個問題，當然也期待稍後會見到一些人。那就交給你了，操作員。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員說明）

Justin Jordan, Davy.

賈斯汀喬丹，戴維。

Thank you and good morning, everyone. I guess my question is really for Saverio. I'm really encouraged by what you said in terms of January demand recovery in European box demand. Can you perhaps give us some quantification of what that is in percentage terms in 2024 year to date?

謝謝大家，早安。我想我的問題確實是針對薩維裡奧的。您所說的歐洲包裝盒需求一月份的復甦令我深受鼓舞。您能否給我們一些 2024 年迄今為止的百分比量化數據？

And then secondly, clearly, European containerboard prices were, let's call it, drifting lower through the second half of '22, all the way through '23, and January '24. Can you share with us your thoughts on containerboard price outlook to '24 in Europe?

其次，很明顯，歐洲箱板紙價格，我們可以這麼說，在 22 年下半年、23 年和 24 年 1 月一直走低。您能否與我們分享您對歐洲 24 世紀箱板紙價格前景的看法？

And following on from that, what your hopes and ambitions are for box price outlook in Europe in '24? Thank you.

接下來，您對 24 年歐洲的盒子價格前景有何希望和抱負？謝謝。

So Justin, as we’ve asked him here, we have to let him give him an unvarnished view as he sees it from the operation. So we can’t even control him. So go ahead, Saverio.

因此，賈斯汀，正如我們在這裡要求他的那樣，我們必須讓他向他提供他在手術中看到的真實情況。所以我們甚至無法控制他。所以，繼續吧，薩維裡奧。

Hey, Justin. Thanks for the easy question.

嘿，賈斯汀。感謝您提出簡單的問題。

So I mean -- what I said -- we saw it clearly in Q4 coming back to growth. And in January, the trend has continued. I mean, working days, deliveries, have been up on previous years.

所以我的意思是——正如我所說——我們在第四季度清楚地看到了恢復成長的情況。一月份，這一趨勢仍在持續。我的意思是，工作日、交貨量都比前幾年增加。

And in total, on demand, we saw something in the range of 3% in terms of shipments per day, which is a good sign for the beginning of the year. Still, I think we need to assess, and we see the first few days of February is continuing on the same line, so we want to assume this is the new level that we will see throughout the year.

總的來說，以需求計算，我們每天的出貨量成長了 3%，這對今年年初來說是一個好兆頭。儘管如此，我認為我們需要評估，我們看到二月的前幾天仍在同一條線上繼續，所以我們想假設這是我們全年都會看到的新水平。

For what concerns the containerboard price, I mean, I don’t have the crystal ball. What I know is that what has been lost in terms of containerboard prices in the last 18 months, is now putting this to a level that it needs to bounce back as soon as the market condition will be there.

對於箱板紙價格，我的意思是，我沒有水晶球。我所知道的是，過去 18 個月箱板紙價格的下跌，現在已經達到了一旦市場狀況出現就需要反彈的水平。

So I don’t know exactly when, but again, from my experience, when you reach this level, we will need to see a bounce back of containerboard, which with the due time, to get to the final market, will mean that we will need to drive boxes prices up again.

所以我不知道確切的時間，但根據我的經驗，當達到這個水平時，我們將需要看到箱板紙的反彈，隨著時間的推移，進入最終市場，這將意味著我們需要再次提高盒子價格。

Thank you, Saverio.

謝謝你，薩維裡奧。

Okay.

好的。

Thank you.

謝謝。

Charlie, BNP Paribas.

查理，法國巴黎銀行。

Yes, good morning, gentlemen. Thanks for the presentation and for taking my questions. The first one is a bit of a follow up on that. I think for the year had consensus is looking for around EUR1.95 billion of adjusted EBITDA.

是的，早安，先生們。感謝您的介紹並回答我的問題。第一個是對此的後續。我認為今年的共識是調整後 EBITDA 約 19.5 億歐元。

I just wondered, obviously, there's a lot of uncertainty still, but firstly, on the box price and volume sizing is what kind of assumptions are required to get there?

我只是想知道，顯然，仍然存在許多不確定性，但首先，關於盒子價格和體積大小，需要什麼樣的假設才能實現這一目標？

And then on the cost side, clearly some things you can't cover, but on energy, can you tell us how much you're covered on already for the financial year we're now in?

然後在成本方面，顯然有些事情你無法承擔，但在能源方面，你能告訴我們在我們現在所處的財政年度你已經承擔了多少費用嗎？

And then one last question on a different topic, the PPWR legislative progress continues, and I think at the end of last year, we have both the parliament voting on the amendment. They're suggesting also the European Council with their negotiating position.

最後一個問題涉及另一個主題，即 PPWR 立法進展仍在繼續，我認為在去年年底，我們雙方議會都對該修正案進行了投票。他們也向歐洲理事會建議了他們的談判立場。

As you see it today, are you calling it a net positive for you guys, or no longer a negative? Or how would you appraise that side of things? Thank you.

正如你們今天所看到的，你們認為這對你們來說是正面的，還是不再是負面的？或是你如何評價事情的這一面？謝謝。

Charlie, it’s Ken here. I’m going to let the absolute expert at PPWR, Saverio, answer that bit in a second.

查理，我是肯。我將讓 PPWR 的絕對專家 Saverio 立即回答這個問題。

On your first bit, it’s still very early February. We’re not going to get into how the year might play out. I think as we probably talked about a bit last year, we saw box prices come off slightly again in Q4. We probably see them come off slightly again as a result of indexes in Q1 -- couple of percentage points max, that’s it -- beyond that, not seeing much, and kind of go back to Saverio’s comments there around what might happen on paper and boxes as we move through the year.

首先，現在還是二月初。我們不會討論今年的情況。我認為正如我們去年可能討論過的那樣，我們看到第四季度的盒子價格再次略有下降。由於第一季的指數，我們可能會看到它們再次略有下降——最多幾個百分點，僅此而已——除此之外，沒有看到太多，並且有點回到薩維裡奧的評論隨著這一年的推移，紙張和盒子上可能會發生什麼。

I think to your second point, it is fair to say I think we’re looking at a less volatile cost backdrop than we might have seen before, particularly in areas like energy at the moment. We’re kind of slightly north of 40% hedge for this year, which we -- roughly where we are, at about 27% -- I think 27%, or 25%, as we sit here, so very much within our policy ranges.

我認為對於你的第二點，可以公平地說，我認為我們正在考慮比以前更穩定的成本背景，特別是在目前的能源等領域。我們今年的對沖率略高於 40%，我們大致處於現在的水平，大約是 27%，我認為是 27%，或 25%，因為我們坐在這裡，所以很大程度上在我們的範圍內。政策範圍。

If you think about energy, it’s small tailwind, as we were in last year based on where we sit here. And thankfully we still see energy prices remaining in relatively low ranges. But I think generally, I think the cost backdrop is probably presenting as less volatile than before, which presents a better picture when you go back to kind of what Saverio talked about before, in terms of the general containerboard price picture.

如果你考慮能源，它是一個小順風，就像我們去年基於我們所處的位置一樣。值得慶幸的是，我們仍然看到能源價格仍保持在相對較低的範圍內。但我認為總的來說，我認為成本背景可能比以前波動較小，當你回到薩維裡奧之前談到的一般箱板價格情況時，這會呈現出更好的情況。

But not going to get into how I see. Perhaps, if we all had a crystal ball, I could tell you. What I would say, though, this time last year, consensus was where it was, and we didn’t move it during the year. So our history here is good, but I will now pass you the experts on PPWR.

但不會深入探討我的看法。也許，如果我們都有水晶球，我就能告訴你。不過，我要說的是，去年的這個時候，共識就在那裡，我們在這一年裡沒有改變它。我們在這裡的歷史是美好的，但現在我將向您介紹 PPWR 的專家。

So, Charlie, regarding the question on PPWR, it’s been a lot of activity on this subject, and where we are today is that at year end, all the three elements of the European government -- meaning the council, the commission of the member states and the parliament -- they all, all of the three, went through the vote, and in all the three parts, the exemption for the cardboard was confirmed. So normally we are in very good shape.

所以，查理，關於 PPWR 的問題，關於這個主題有很多活動，我們今天的情況是，到年底，歐洲政府的所有三個要素——即理事會、委員會成員國和議會——所有三個部分都經過了投票，並且在所有三個部分中，紙板的豁免都得到了確認。所以通常我們的狀態都很好。

What is going on according to the very complex procedures of getting the regulation done in the European Parliament is that now there are what they are called, [dialogue] conversation within the three parties are getting together for technical meetings to go through the amendments and find compromises in check.

根據歐洲議會制定法規的非常複雜的程序，目前正在發生的事情是，三方之間的[對話]對話正在召開技術會議，以通過修正案並找到解決方案妥協的檢查。

Normally, when the three parts have previously agreed on something, there should be no change, but we have no certainty of this until we will see the regulation published, which will be probably around half of this year for them entering into practice in the end of 2025.

通常情況下，當三部分之前達成一致的時候，應該不會有任何改變，但我們還不能確定這一點，直到我們看到法規發布，最終實施可能要到今年一半左右2025 年。

So for this exemption, if we are assuming to keep that, this is a major opportunity for the industry in general and for paper-based packaging to gain new markets, to grow into new market segments, and get the market growth that it deserves.

因此，對於這項豁免，如果我們假設保留這項豁免，這對於整個產業和紙基包裝來說是一個獲得新市場、進入新細分市場並獲得應有的市場成長的重大機會。

I think as well, where it’s fair to say that we’re seeing some countries aggressively move towards getting rid of certain substrates, such as EPS in France and plastic punnets in certain countries around Europe.

我也認為，公平地說，我們看到一些國家正在積極採取行動，廢除某些基材，例如法國的 EPS 和歐洲某些國家的塑膠籃子。

So there’s definitely an aggressive move by certain countries to use paper-based packaging, which is going to be in our favor. And clearly, if this legislation goes through as is current plan, that is very positive for our business.

因此，某些國家肯定會積極採取行動使用紙質包裝，這對我們有利。顯然，如果這項立法按照當前計劃獲得通過，這對我們的業務非常有利。

Great. Thanks very much.

偉大的。非常感謝。

Thanks, Charlie.

謝謝，查理。

Thank you.

謝謝。

Cole Hathorn, Jefferies.

科爾·哈索恩，杰弗里斯。

Good morning. Thanks for taking the question. I'd just like to follow-up on kind of the volume trends. First, could you give any color on what you're seeing in the Americas, by region? That would be helpful.

早安.感謝您提出問題。我只想跟進成交量趨勢。首先，您能否按地區介紹一下您在美洲所看到的情況？那會有幫助的。

And then a little bit of a longer one -- I know you’re not able to answer much on WestRock, but maybe we can bring it back to the CapEx that you’ve done over the last number of years. You’ve structurally improved your earnings through the cycle, so I’m just wanting to know if you could just break out the investments that you’ve made in, let’s say, the converting side, how that improves your returns, reduces costs, versus kind of older box plants, and how long it takes to get those paybacks?

然後是一個更長的問題——我知道你無法在 WestRock 上回答太多，但也許我們可以把它帶回你過去幾年所做的資本支出。你在整個週期中結構性地提高了你的收入，所以我只是想知道你是否可以將你在轉換方面所做的投資分解出來，這會如何改善與老式箱式工廠相比，您的回報率、降低成本、獲得這些回報需要多長時間？

And then secondly, then the mill investments, how those have improved or moved down kind of the cost per ton, and how long those kind of big recovery boiler investments take, just thinking about it when you apply what you've learned over the last five years, [as] the WestRock mill system?

其次，工廠投資，這些投資如何改善或降低每噸成本，以及這些大型回收鍋爐投資需要多長時間，當您應用過去學到的知識時，請考慮一下五年，[作為] WestRock 工廠系統？

And then finally, maybe the -- I would say -- promotional and operational slide on top of that. The commercial elements as a final point, thank you.

最後，也許——我想說——最重要的是促銷和營運幻燈片。最後一點是商業元素，謝謝。

Wow, you’re right. That was a long one. Well, why don’t we just take volumes in the Americas first with Laurent, and then we'll try and figure out and -- (multiple speakers) we’ll have to ask you to ask that question again, Cole.

哇，你是對的。那是一篇很長的文章。好吧，為什麼我們不先與勞倫特一起在美洲進行銷售，然後我們會嘗試找出答案——（多個發言者）我們將不得不要求您再次問這個問題，科爾。

Well, Cole, in the Americas, we’ve seen a situation that is in a fair bit similar to what Saverio just explained before. As we progress through 2023, we’ve seen signs of encouraging recovery disseminated through the geography.

科爾，在美洲，我們看到的情況與薩維裡奧之前解釋的情況非常相似。隨著 2023 年的進展，我們看到各地出現了令人鼓舞的復甦跡象。

We’re starting January exactly with the same principles. We’ve been looking at different segments, types of dynamics, but not everything is homogeneous. Also not in terms of countries, but in general terms, we’re also between 2% and 3% above last year for January standalone.

我們從一月開始就遵循同樣的原則。我們一直在研究不同的細分市場、不同類型的動態，但並非一切都是同質的。同樣不是就國家而言，而是就整體而言，我們 1 月的成長率也比去年高出 2% 至 3%。

And we’ve been affected by some micro elements. Like in Texas, there’s been a big frostbite, for those who know a little bit region. So that’s affecting numbers to some degree. But like in general terms, the 2% to 3% increase January -- on January -- would have served for now.

我們也受到了一些微量元素的影響。就像在德克薩斯州一樣，對於那些對這個地區稍有了解的人來說，這裡發生了嚴重的凍傷。因此，這在某種程度上影響了數字。但就像一般情況一樣，一月 2% 到 3% 的成長目前就已經有效了。

And you’re also being affected by El Niño with our crop agro business -- in the agro business. So there are some weather-related, I know you will have seen from the Americas commentary, there are some weather-related issues that are affecting us a little bit around the edges, but still nonetheless, the performance in the first month has been reasonably good.

我們的農作物農業業務（農業業務）也受到厄爾尼諾現象的影響。所以有一些與天氣有關的問題，我知道你會從美洲的評論中看到，有一些與天氣有關的問題對我們的影響有點邊緣，但儘管如此，第一個月的表現還是相當不錯的。好的。

With regard to how we gone about our investment plan, I mean, I think, Cole, Smurfit Kappa -- we’re all shareholders in this company, and we believe that all investments have to have a return. Obviously, if you go back ten years before our medium-term plan, we were, as Saverio mentioned in his commentary, we were a little bit short in lightweight paper. We were a little bit short in some of our mill system being as efficient as it needed to be.

關於我們如何進行投資計劃，我認為，Cole、Smurfit Kappa——我們都是這家公司的股東，我們相信所有投資都必須有回報。顯然，如果你回到我們中期計劃的十年前，正如薩維裡奧在他的評論中提到的那樣，我們的輕紙有點短缺。我們的一些工廠系統在達到其所需的效率方面還有些不足。

So we undertook a program of upgrading our mill system, and upgrading our capabilities in the mill system to ensure that we had much more tonnage produced on a lesser footprint. And we keep saying that we’ve gotten a lot more tons in each paper machine that has enhanced our returns very significantly, and I think WestRock is already on that journey.

因此，我們實施了一項升級工廠系統的計劃，並升級我們在工廠系統中的能力，以確保我們以更少的佔地面積生產更多的噸位。我們一直說，我們的每台造紙機產量都增加了很多，這極大地提高了我們的回報，而且我認為 WestRock 已經踏上了這趟旅程。

As you’ll have seen, they have closed a number of facilities over the last number of years, and more recently, they’ve done one recently in Charleston. So I think there’s a consistent program. What they’re doing, which is somewhat in line with what we’ve been doing, but they’re a little bit behind us in that regard.

正如您所看到的，他們在過去幾年中關閉了許多設施，最近，他們在查爾斯頓關閉了一個設施。所以我認為有一致的計劃。他們正在做的事情與我們一直在做的事情有些一致，但在這方面他們有點落後於我們。

I think on our converting system, the converting system that we have established is one centered around innovation and excellence for our customers.

我認為在我們的加工系統上，我們建立的加工系統是一個以客戶創新和卓越為中心的系統。

When Saverio talked about the innovation side of things, what we’ve done in Europe and indeed in the Americas, it’s always been to ensure that we can offer our customers the best quality and to make sure that their line efficiencies are improved. And in order to do that, you must have the right equipment.

當 Saverio 談到創新方面時，我們在歐洲乃至美洲所做的事情始終是為了確保我們能夠為客戶提供最好的質量，並確保他們的生產線效率改善了。為了做到這一點，您必須擁有合適的設備。

And we’ve been continually investing in the right equipment to ensure that, as well as doing the same sort of things that we’ve been doing in the mill system, which is again, having some mega plants where it makes sense. Not in every plant, because some plants are specialty plants that have older equipment, but there’s fit for purpose.

我們一直在不斷投資合適的設備，以確保這一點，並做我們在工廠系統中所做的同樣的事情，即在有意義的地方擁有一些大型工廠。並非每家工廠都如此，因為有些工廠是專業工廠，設備較舊，但仍能滿足用途。

And we just continue to look at each individual investment as being, whether or not it’s going to give us the required payback that allows us to meet our thresholds.

我們只是繼續審視每一項投資，無論它是否會為我們帶來所需的回報，使我們能夠達到我們的門檻。

With regard to recovery boilers, I think we tend to try and find ways to ensure that we don’t do new recovery boilers because they’re very expensive and they don’t have the high return, but sometimes you have to. That’s just part of staying in business, and we do have a lot of stay in business investments that we have to make.

關於回收鍋爐，我認為我們傾向於嘗試尋找方法來確保我們不建造新的回收鍋爐，因為它們非常昂貴且回報率不高，但有時您必須。這只是維持業務的一部分，我們確實需要進行大量的業務投資。

Clearly, part of our commitment to the environment is to ensure that we have best available technology, and to reduce our carbon footprint, we have to continue to invest in boilers to ensure that we do have best available technology so that continues to reduce our carbon footprint.

顯然，我們對環境的承諾的一部分是確保我們擁有最好的可用技術，為了減少我們的碳足跡，我們必須繼續投資鍋爐以確保我們擁有最好的可用技術，從而繼續減少我們的碳腳印。

So, like, obviously, where WestRock sit on the investment curve is they’re a little bit behind us in the sense that we’ve got at this a lot earlier than them. They were a collection of acquisitions, and I think they’re going about it while fixing some of the issues.

因此，很明顯，WestRock 在投資曲線上的位置是他們落後於我們一點，因為我們比他們更早做到這一點。他們是一系列收購的集合，我認為他們正在解決一些問題的同時進行收購。

And no company is perfect. We’re not perfect. We’ve had to close, recently, an asset in France that was acceptable for us, but in this current market condition isn’t. So therefore, that’s being closed. And that’s something that companies continue to have to do to adjust their asset base. And I’m sure we’ll continue to do that, and WestRock will continue to do that over time.

沒有一家公司是完美的。我們並不完美。最近，我們不得不關閉法國的一項資產，這對我們來說是可以接受的，但在當前的市場條件下卻不能接受。因此，該項目將關閉。這也是企業調整其資產基礎必須繼續採取的措施。我確信我們將繼續這樣做，隨著時間的推移，WestRock 也將繼續這樣做。

Tony, maybe just to ask to a bit of a quantification for a new box plant versus kind of an old box plant with corrugated converting lines. I mean, International Paper brought it up that they wish they had invested a bit sooner in new sites. I'm just wondering how much more kind of labor efficient, kind of cost efficient is a new converting site, versus one of your older box plants? And how quickly do you see that kind of payback coming through?

東尼，也許只是想對新箱廠與有瓦楞紙加工生產線的舊箱式工廠進行一些量化。我的意思是，國際紙業提出他們希望早點投資新地點。我只是想知道與您的舊箱式工廠相比，新的加工場地的勞動效率和成本效率要高多少？您多久會看到這種回報？

It's not a good question -- I'm sorry, Cole -- because you can, in an old box plant, you can become very efficient with new converting machines, so it's just a question of how the box plant is configured and what's the mix of a box plant and what the customer profile is.

這不是一個好問題 - 對不起，科爾 - 因為你可以，在一個舊的箱式工廠中，你可以通過新的轉換機器變得非常高效，所以這只是一個箱式工廠如何配置以及什麼是的問題箱式工廠和客戶概況的組合。

And you can have some very small box plants that are highly profitable, that you just need to change one machine, and they become more profitable. And labor cost isn't isn't the issue. If you go after commodity business -- pure commodity business -- you need to have one of those really efficient box plants, but that's not where Smurfit Kappa fits.

你可以擁有一些利潤很高的小型盒子工廠，你只需要更換一台機器，它們就會變得更有利可圖。勞動成本不是問題。如果您從事商品業務——純粹的商品業務——您需要擁有一種真正高效的箱式工廠，但這不是 Smurfit Kappa 適合的地方。

We sit in solving our customers' problems. That could be any sort of different problem. Yes, we have some very large customers, but we have a lot of very small customers, and we are packaging solutions provider, and that's what makes us different. That's why we have the margin we have.

我們致力於解決客戶的問題。這可能是任何不同的問題。是的，我們有一些非常大的客戶，但我們有很多非常小的客戶，而且我們是包裝解決方案提供商，這就是我們的不同之處。這就是我們擁有利潤的原因。

I don't know if you want to comment on that, Saverio.

我不知道你是否想對此發表評論，薩維裡奧。

No, I think that the value for cost and the taking cost out of the system is what we're working with, and we dedicated several investments out there. The variable costs cannot be so different is how you position the plants to service the market through innovation, and through trying to give us a holistic approach to what's the customer needs and finding solution and look at the total cost of the supply rather than than the direct one.

不，我認為成本價值和系統成本是我們正在研究的，我們專門在那裡進行了幾項投資。變動成本不可能如此不同，因為你如何定位工廠透過創新來服務市場，並試圖為我們提供一個全面的方法來了解客戶的需求並尋找解決方案，並著眼於供應的總成本而不是供應成本。

I think, Cole, Saverio had it in his slides. Maybe just -- if you think about low PPMs and high [OIs], that's the difference between a well invested box plant and us in terms of the customer focus, quality, innovation, and efficiency.

我想，科爾，薩維裡奧在他的幻燈片中已經提到了這一點。也許只是 - 如果您考慮低 PPM 和高 [OI]，這就是投資充足的盒子工廠和我們在客戶關注、品質、創新和效率方面的區別。

Thank you.

謝謝。

Thank you.

謝謝。

Kate McCarthy, Goodbody.

凱特麥卡錫，《古德博伊》。

Good morning, everyone, and thank you for taking my questions. I might just ask on that volume performance in Europe. I know you mentioned before that Germany has seen an improvement in Q3. Was there anything in particular you'd like to call out in terms of regional performance in Q4 and into Q1, and has there been any incremental changes there?

大家早安，感謝您回答我的問題。我可能只是想問一下歐洲的銷售表現。我知道您之前提到德國在第三季有所改善。在第四季和第一季的區域表現方面，您有什麼特別想要指出的嗎？

And then secondly, just on that margin performance, might just ask you to talk us through the drivers of this resilient performance, and I suppose particularly in the context of the current backdrop?

其次，就利潤率表現而言，可能會要求您向我們介紹這種彈性表現的驅動因素，我想特別是在當前背景下？

So Saverio, you take the German market. I mean, as it was said that the German market, was showing in Q3 signs of recovery, which have been confirmed in Q4, even the same in January.

所以薩維裡奧，你佔領了德國市場。我的意思是，據說德國市場在第三季出現了復甦的跡象，這一點在第四季度得到了證實，甚至在 1 月也是如此。

So it's not -- it's been designed into the right direction. It's not yet that where we expected to be. And this is mainly due to, let's say, the kind of industries that are present. So the car industry, and the chemical industry, they have particularly suffered but they are on their way of recovering.

所以它不是——它的設計方向是正確的。目前還沒有達到我們預期的水平。可以說，這主要是由於現有的行業類型。汽車工業和化學工業受到的影響尤其嚴重，但正在復甦。

And we see in the packaging demand so we are not there where we were used to be, but the when you see there is a relative improvement which is very clear over there.

我們看到包裝需求，所以我們現在不在以前的位置，但是當你看到那裡有相對的改進時，這是非常明顯的。

Is there any market, Saverio, she's asking, is there any market that is (inaudible) as well?

薩維裡奧，她問，還有市場嗎？

Well, for sure. All the Eastern Europe part is accelerating. I would say also Spain, Italy and France are in good shape. So in January, in UK, has shown quite an interesting recovery in the last few months.

嗯，當然。整個東歐部分都在加速。我想說西班牙、義大利和法國也狀況良好。因此，一月份英國在過去幾個月中出現了相當有趣的復甦。

So -- and when you talk to major brands, which are our major customers they are all seeing this trend, and confirming this trend. I'm very confident in the coming months for sales recovery, which means boxes --additional boxes sales.

因此，當你與主要品牌（我們的主要客戶）交談時，他們都看到了這個趨勢，並證實了這個趨勢。我對未來幾個月的銷售復甦非常有信心，這意味著更多的盒子銷售。

I think one of the things that gives us confidence for the second half of the year, Kate, is that when you look at how the major FMCG customers have been positioned themselves during 2023, it was price over volume, and less promotional activity.

凱特，我認為讓我們對下半年充滿信心的一件事是，當你看看主要快速消費品客戶在 2023 年如何定位自己時，你會發現價格重於數量，而且促銷活動​​較少。

And now, when you see them talking, that they're obviously the pricing has got to a point where they need to adjust their pricing. So they're now having to think about volume promotions and things for this and -- as well as other input costs have gone down, so they're able to do that.

現在，當你看到他們說話時，他們顯然認為定價已經到了需要調整定價的地步。因此，他們現在必須考慮批量促銷和相關事宜，以及其他投入成本已經下降，因此他們能夠做到這一點。

And so, therefore, they are certainly talking up the fact that there's going to be a much more promotional activity in the second half.

因此，他們肯定會談論下半年將會有更多的促銷活動。

And as I mentioned earlier, you do have big events coming -- the Olympics -- and that generally is a large consumption event across the world. So I think you know, there seems to be some good signs. At least that's the noises they're making. We have to see it come through.

正如我之前提到的，奧運會確實即將舉辦，這通常是全球範圍內的大型消費活動。所以我想你知道，似乎有一些好的跡象。至少這是他們發出的聲音。我們必須看到它實現。

There's obviously a lot of macro events in the world that we're all looking at that obviously troublesome, but you know, from a purely economic perspective, there looks to be positive situations on the horizon. And Ken, do you want to take the second part?

顯然，世界上有很多宏觀事件，我們都認為這顯然很麻煩，但你知道，從純粹的經濟角度來看，似乎即將出現積極的情況。肯，你想看第二部分嗎？

Hey, Kate. On the margin resilience point, I think -- I say it here with admiration for the work that Saverio and Laurent have done, and their teams, because really it's down to their skill and expertise that have driven that. I think it's partly what both said in their own presentations and the answers given here, which is it's a focus on cost; it's a focus on efficiency; it's a focus on the marginal items.

嘿，凱特。在邊際彈性方面，我認為——我在這裡對 Saverio 和 Laurent 所做的工作以及他們的團隊表示欽佩，因為這實際上取決於他們的技能和專業知識推動了這一點。我認為這在某種程度上是他們在自己的演講和這裡給出的答案中所說的，那就是關注成本；注重效率；它關注的是邊緣項目。

And as the top line moves, it's making sure that you tap as much of the benefit as you go down the P&L with the income statement. I think it's also sort of back to Cole's question, which is it's a result of the investments we made over a long number of years.

隨著收入的變化，它會確保您在損益表中減少損益表時獲得盡可能多的收益。我認為這也在某種程度上回到了科爾的問題，這是我們多年來投資的結果。

So investments, say, two or three years ago, are now coming to pay around whether that's cost takeout or efficiency or something else. So it's a number of factors, but I think as Tony said in his, it's really down to the skill and expertise of the teams that Saverio and Laurent leads in terms of getting there.

因此，比如說，兩三年前的投資現在正在開始付出代價，無論是成本支出還是效率還是其他方面。所以這有很多因素，但我認為正如托尼在他的書中所說，這實際上取決於薩維裡奧和勞倫特領導的團隊的技能和專業知識。

That's great. Thanks a lot.

那太棒了。多謝。

Thank you.

謝謝。

Kevin Fogarty, Numis.

凱文·福加蒂，努米斯。

Hi, morning, everyone, and thanks for taking my questions. Two, if I could do, just one in terms of capital allocation. If we look at the CapEx guidance for the current year, it sort of implies, I guess, growth projects are still pretty much on the backburner, you know, given the sort of the operating environment. I just wanted -- is that a fair assumption?

大家好，早安，感謝您提出我的問題。第二，如果可以的話，我只想說一是資本配置的問題。如果我們看看今年的資本支出指導，我想，考慮到這種營運環境，成長項目仍然處於次要地位。我只是想──這是一個合理的假設嗎？

And what, given the industry backdrop, would it take for you to sort of put sort of growth projects back into the pipeline, I guess? Secondly, just sort of touching on the margin performance. So going back to that specific for the Americas, obviously, in the presentation, you've highlighted some of the drivers of that, and clearly you've pointed to the historic investment, et cetera.

我想，考慮到產業背景，您需要什麼才能將某種成長項目重新納入醞釀中？其次，稍微談談利潤率表現。回到美洲的具體情況，顯然，在演示中，您強調了其中的一些驅動因素，並且顯然您指出了歷史性投資等。

But I just wondered, could you -- I think that margin is probably now at sort of close to, if not a kind of record performance for the region. I just wondered is there any sense to how much potential there is to sort of expand that further, or are we in a state where sustaining that margin is the more realistic objective, particularly for the Americas?

但我只是想知道，我認為現在的利潤率可能已經接近該地區的創紀錄表現，即使不是創紀錄的表現。我只是想知道進一步擴大這一規模的潛力有多大，或者我們是否處於維持這一利潤率是更現實的目標的狀態，特別是對於美洲？

I'll take the first one, and I'm sure Laurent will take the second one. Kevin, it's probably not the way to read the guidance. I mean, we're talking about EUR900 million of CapEx as a guide figure for 2024.

我會選擇第一個，我相信洛朗會選擇第二個。凱文，這可能不是閱讀指南的方式。我的意思是，我們正在談論 9 億歐元的資本支出作為 2024 年的指導數字。

Within that, EUR500 million, EUR550 million is really what we call maintenance CapEx, but you're still talking about EUR350 million, EUR400 million, of projects over and above maintenance in terms of growth and something else. We've talked about the well-invested system we have, but we continue to go back to us.

其中，5億歐元、5.5億歐元實際上是我們所謂的維護資本支出，但您仍然在談論超出維護範圍的項目的增長和其他方面的3.5億歐元、4億歐元。我們已經討論過我們擁有的投資充足的系統，但我們仍然會繼續回到我們自己。

And it sort of goes back to that basic point is, you know, we keep moving up the efficiency curve; keep moving up the quality curve; keep following our customers where they want to go with the portfolio products we have.

這有點回到了基本點，你知道，我們不斷提高效率曲線；不斷提升質量曲線；繼續關注我們的客戶，他們想要使用我們擁有的產品組合。

So I think very simply, no, the EUR900 million is built on maintenance CapEx plus a ton of growth projects. Both on the mill side, somewhere a sustainability in the finishing out of some of those big projects to kind of drive our ambitions around sustainability, but also growth projects across the region.

所以我認為很簡單，不，9 億歐元是建立在維護資本支出加上大量成長項目的基礎上的。無論是在工廠方面，還是在完成一些大型項目中的可持續性，以推動我們圍繞可持續發展的雄心，同時也推動整個地區的成長項目。

Laurent?

洛朗？

Yes. Well, to your question, Kevin, the only reasonable answer is that while we're strong, we can get stronger, and that's really what we're doing. And there's three angles to that type of reflection. The first one -- and Ken and Tony has spoken to it in detail -- is about investment. I mean we've put sizable amounts of investments in the business in the Americas, and created not only capability for growth, but very often unlock new capabilities to serve innovation for our customers, which is the second pillar.

是的。好吧，對於你的問題，凱文，唯一合理的答案是，雖然我們很強大，但我們可以變得更強，而這正是我們正在做的事情。這種類型的反射有三個角度。第一個——肯和托尼已經詳細討論過——是關於投資的。我的意思是，我們對美洲業務進行了大量投資，不僅創造了成長能力，而且經常釋放新能力，為我們的客戶提供創新服務，這是第二個支柱。

I mean we are very innovative in that area. We're using and piggybacking a lot of the experience of our European colleagues, and this gives us a front-running position in the area, which I think we recapitalize on very well, and the teams locally do a superb job of using that knowledge.

我的意思是我們在該領域非常創新。我們正在利用和借鑒歐洲同事的大量經驗，這使我們在該領域處於領先地位，我認為我們很好地利用了這一點，而且當地的團隊在利用這些知識方面做得非常出色。

And the last point would be productivity. We've done an enormous amount of work reorganizing and making our structures leaner, unlocking quite significant costs. So my strong belief is that we should be able to continue to accrue on the margin levels that indeed are historical high.

最後一點是生產力。我們做了大量的工作來重組和精簡我們的結構，從而釋放了相當大的成本。因此，我堅信，我們應該能夠繼續獲得確實處於歷史高點的利潤水準。

Great. Okay. That's really helpful.

偉大的。好的。這真的很有幫助。

Easy answer, Kevin. He has to do better.

簡單回答，凱文。他必須做得更好。

Yes, no pressure.

是的，沒有壓力。

No, pressure exactly.

不，準確地說是壓力。

None taken.

沒有被採取。

Thank you.

謝謝。

That's all the time we have for Q&A. I will now hand it back to Tony Smurfit, group CEO, for closing remarks. Thank you.

這就是我們問答的全部時間。現在，我將把它交還給集團首席執行官托尼·斯默菲特 (Tony Smurfit)，讓其致閉幕詞。謝謝。

Yes. Thank you all, and thank you, especially to my colleagues who have worked so hard in this presentation and made sure that we're able to tell you the great company that we are, and the great company that we are going to continue to be.

是的。謝謝大家，謝謝你們，尤其是我的同事們，他們在這次演講中付出了巨大的努力，確保我們能夠告訴你們我們現在是一家偉大的公司，並且我們將繼續成為一家偉大的公司。

And like I say, we are very proud of the performance of Smurfit Kappa during 2023. We look forward to the future with real enthusiasm. I think there's a lot of work to do, especially in Ken's area, to make sure that all the T's are crossed and the I's dotted, to get to closing in July.

正如我所說，我們對 Smurfit Kappa 在 2023 年的表現感到非常自豪。我們以真正的熱情展望未來。我認為還有很多工作要做，特別是在 Ken 的區域，以確保所有的 T 都被交叉，I 被點綴，以便在 7 月關閉。

But we feel very comfortable and confident that the combination of Smurfit and WestRock, for all sorts of different reasons that I've already outlined, is going to be a great one for the short, medium and long term of this business.

但我們感到非常放心和有信心，由於我已經概述的各種不同原因，Smurfit 和 WestRock 的合併對於這項業務的短期、中期和長期而言將是一項偉大的合併。

So we look forward to 2024 and beyond, with great confidence, enthusiasm, and excitement. And I want to thank you all for your time to be with us today, and look forward to seeing some of you in the coming minutes, I would say. So thank you all, and I have a good rest of your day.

因此，我們滿懷信心、熱情和興奮地展望 2024 年及以後。我要感謝大家今天抽出時間與我們在一起，我想說，我期待在接下來的幾分鐘內見到你們中的一些人。謝謝大家，祝你們今天休息愉快。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Stay safe. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。保持安全。您現在可以斷開連線。