The AEGLE™ has landed

Our commitment to strengthening the Circular Economy is illustrated by several goals in our Twentyby30 sustainability program, including increasing metal recycling rates in all our major markets. Ambitious targets have been set, from a 70% recycling rate in the U.S. by 2030, to 80% in EMEA in the same timeframe. We are collaborating with industry associations and other partners around the globe to achieve our goals. For example, together with other canmakers and aluminum suppliers, we are working closely with Every Can Counts (ECC) – an initiative to promote recyclability of metal containers among consumers.

For the full year, revenue (continuing operations) declined 2 per cent on a constant currency basis. There was a positive contribution from European corrugated box volumes (£22 million) and an incremental c. nine month contribution from Europac (which was acquired in mid January 2019) of £376 million, offset in Europe by reduced pricing of external paper, recyclate and box prices (together down £285 million year on year), and a decline in other volumes particularly due to increased paper and recyclate integration and reduced volumes of corrugated sheet (down £175 million). The reduced sales price across the European operations was driven principally by a fall in testliner and kraftliner pricing, which partly fed through into corrugated packaging pricing progressively through the year as indexed contracts adjusted for the market price of paper, the main input cost. The North America business also recorded a fall in revenue (down £63 million), principally reflecting lower paper prices into the export market. Operating profit improved 6 per cent (constant currency) to £455 million (2018/19: £427 million).

Third quarter of fiscal 2020 financial highlights include: *Net sales of $4.2 billion decreased by 9.7% compared to the prior year quarter *Segment EBITDA margins improved sequentially across both segments in a rapidly changing economic environment *Generated net cash provided by operating activities of $740 million *More than $3.2 billion of availability under long-term committed credit facilities and cash and cash equivalents at June 30, 2020