Contents
Our business
Strategic report
DS Smith is a leading provider of corrugated packaging in Europe and of specialist plastic packaging worldwide. We create sustainable value by working in balance, to develop our business, our people and our environment.
1
Redefining packaging
8
2017 operational and financial highlights
9
Chairman’s statement
10
2017 at a glance
12
Our customers
14
In conversation with the Group Chief Executive
16
Our markets
18
Our business model
20 What we do 21
Our key differentiators
22 Our strategic goals and KPIs 24 Our people 28 Group Chief Executive’s review 31
Operating review
32 Financial review 36 Sustainability review 39 Principal risks 41
Viability statement
Our vision
To be the leading supplier of sustainable packaging solutions.
Governance 46 Introduction to corporate governance 48 Nomination Committee report
Our culture
50 Our leadership team 52 Role and responsibilities of the Board 54 Board activities 56 Effectiveness 57
Relations with stakeholders
58 Directors’ report 61
We have a clear set of values that we expect all of our employees to own and live by.
Audit Committee report
64 Remuneration Committee report 80 Directors’ responsibilities statement Financial statements 81
Independent Auditor’s report
85 Consolidated income statement 86 Consolidated statement of comprehensive income 87 Consolidated statement of financial position 88 Consolidated statement of changes in equity 89 Consolidated statement of cash flows 90 Notes to the consolidated financial statements 134 Parent Company statement of financial position 135 Parent Company statement of changes in equity 136 Notes to the parent Company financial statements 140 Five-year financial summary 141 Shareholder information
Be caring We take pride in what we do and we care about our customers, our people and the world around us. Be challenging We are not afraid to constructively challenge each other and ourselves to find a better way forward. Be trusted We can always be trusted to deliver on our promises. Be responsive We seek new ideas and understanding and are quick to react to opportunities. Be tenacious We get things done.