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Below estimates of €93m-€96m, and that investor expectations were muted into the print, but with unchanged outlook, it expected 2023 consensus EBIT of €380m as broadly unchanged.
The modest downside at EPS level, given previously announced one-off Prague planned plant closure costs are not tax-deductible. We expect a better 2H vs 1H EBIT performance, with modest improvement in volumes and benefit of lower cost inflation (i.e. boxboard, polymer, waste paper & logistics) but their packaging pricing ‘sticking’ for longer, supporting margins.
It said flexible packaging remains challenging: “Flexible plastic packaging has a longer supply chain, and greater ability to store stock through the chain & thus is continuing to see destocking headwinds. India (c8% sales) is focused on premium brands, and is likely to continue to see trading down. 
Short-term profitability improvement will be driven by volumes whilst longer term, the flexible division is a self-help recovery story potentially boosting group EBIT by >10% vs 2023 lows.” It concluded: “Overall, we believe that 2Q23 results might mark the end of the consensus earnings downgrades.”
Liyang Paper products co., ltd is a factory and trade company located in Dongguan, China. Specialized in producing gift paper packaging and printing, such as gift box, gift bags, book printing, notebooks, folders, wine box,jewelry box, cosmetic box, watch box, shoe box,etc.Custom made base on your design is welcome, feel free to contact Liyang printing with your full details.
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Ms. Lily Yu
Тел:86-769-82795922
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Е-пошта:admin@lyprinting.com
Адреса:Jiumenzhai Jiuzui New District Road, Humen Town, Dongguan City, Guangdong Province, 523999, China., Dongguan, Guangdong
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Изјава за приватност: Вашата приватност е многу важна за нас. Нашата компанија ветува дека нема да ги открие вашите лични информации на која било ексклузија со вашите експлицитни дозволи.
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Изјава за приватност: Вашата приватност е многу важна за нас. Нашата компанија ветува дека нема да ги открие вашите лични информации на која било ексклузија со вашите експлицитни дозволи.