Full Year 2022 DS Smith PLC Earnings Call Transcript
A huge welcome to everybody for our presentation on our full-year results that we made for 2022. I'm Miles Roberts, the group's Chief Executive, and apologies for my voice, but I currently have a bit of COVID. And of course, as always, I'm joined by our group Finance Director, Adrian Marsh.
We're pleased with our performance, a performance that's been delivered in what was a challenging trading environment. The marketplace remained very dynamic throughout the whole year, which did result in good opportunities for profitable growth.
Our performance in security and supply, innovation, service and with the environment were all very good and clearly recognized by our customers. And this performance led to record volume growth, our price increase in packaging offsetting the cost inflation, a record profitability for the second half of the year and, very importantly, an H2 pro forma return on capital employed of above 12%. This was aided by a strong cash flow, which meant that for the full year, our net debt-to
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