For the fourth quarter, net sales grew to €732 million from €691 million, while adjusted EBIT improved to €65 million (€56 million. Adjusted EPS improved to €0.44 (€0.38), and EPS to €0.42 (€0.38). Comparable net sales growth was 3% in total and 5% in emerging markets
For the full year, net sales grew to €2,865 million (€2,726 million. Adjusted EBIT improved to €268 million (€238 million. Adjusted EPS improved to €1.83 (€1.65), and EPS was €1.81 (€1.42). Comparable net sales growth was 4% in total and 7% in emerging markets. Free cash flow improved to €100 million (€91 million).
Huhtamaki CEO Jukka Moisio said that 2016 was another record year for Huhtamaki.
“Our net sales and profitability reached all-time-high levels and met the mid-term ambitions set in early 2015,” Moisio reported. “Our net sales were €2.9 billion, Adjusted EBIT margin strengthened to 9.4% from previous year’s 8.7% and adjusted EPS grew by 11% to €1.83.
“Our comparable growth was 4% overall and 7% in emerging markets during the year,” Moisio added. “Development was good in North America, where our past investments delivered in a growing market. Foodservice Europe-Asia-Oceania and Molded Fiber segments progressed well throughout the year. Challenging trading conditions in many African countries and the demonetization action executed in India in November 2016 burdened Flexible Packaging net sales.
“During the year we made significant forward-looking growth investment decisions that help our customers serve their markets better,” Moisio concluded. “The most significant of those decisions was to build a manufacturing and distribution facility in Goodyear, AZ to service customers on the US west coast and southwest. In addition we’re investing in new facilities in Egypt and India, and expanding our current site in China.”