The results, which were published today, February 11, saw EBITDA down 12 percent to 941 million euros.
Commenting on the Group's performance, CEO Gary McGann said: "Against an increasingly difficult market backdrop, the Group is pleased to deliver a relatively strong financial outcome for 2008 in line with market expectations."
However, McGann added that to maintain financial flexibility, Smurfit Kappa plans to further tighten its capital programmes, with capital expenditure approximating 60 percent of depreciation in 2009.
Revenue for the year was also down by three percent to seven billion euros, while operating profits plunged 50 percent to 282 million euros.
The Group admitted that the difficult operating conditions are expected to continue through 2009, with negative growth forecast for many economies.
"In that environment, the Group's priority remains one of optimising our integrated model, increasing out cost take-out efforts and maximising our free cash flow generation and net debt reduction," said McGann.
Commenting on the Group's performance, CEO Gary McGann said: "Against an increasingly difficult market backdrop, the Group is pleased to deliver a relatively strong financial outcome for 2008 in line with market expectations."
However, McGann added that to maintain financial flexibility, Smurfit Kappa plans to further tighten its capital programmes, with capital expenditure approximating 60 percent of depreciation in 2009.
Revenue for the year was also down by three percent to seven billion euros, while operating profits plunged 50 percent to 282 million euros.
The Group admitted that the difficult operating conditions are expected to continue through 2009, with negative growth forecast for many economies.
"In that environment, the Group's priority remains one of optimising our integrated model, increasing out cost take-out efforts and maximising our free cash flow generation and net debt reduction," said McGann.
