Debt investors

DS Smith funds its operations from the following sources of capital: operating cashflow, borrowings, shareholders’ equity and, where appropriate, disposals of non-core businesses.

The Group’s objective is to achieve a capital structure that results in an appropriate cost of capital whilst providing flexibility in short and medium-term funding so as to accommodate material investments or acquisitions. The Group also aims to maintain a strong balance sheet and to provide continuity of financing by having a range of maturities and borrowings from a variety of sources.

Borrowing facilities

DS Smith finances its operations using a number of funding instruments, including Medium-term notes, private placement debt and bank borrowings.

Borrowing facilities as at 30 April 2018

* Net of cross-currency interest rate swaps

Analysis of Gross Debt at 30 April 2018

Available committed facilities as at 30 April 2018

DS Smith has been given a credit rating of BBB- by Standard & Poor’s.

Euro Medium-term Note Programme