Orora (ORA) : FY15 result slightly ahead of our estimates, double digit EBIT growth in both segments.
Segment EBIT: Australasia up 11.8% to $181.6m, EBIT margin up from 8.2% in FY14 to 9.5% in FY15 (driven by cost improvement initiatives; North America up 25.4% to $71.6m, EBIT margin up from 4.5% in FY14 to 4.9% in FY15 (market share gains and improved efficiencies in the box conversion business). B9 delivered incremental cost reduction and innovation benefits of $18.4m over pcp, taking the cumulative benefits delivered to $21.4m which was slightly ahead of guidance. Operating cash flow up 19% from $219m to $261m.Net debt $607m, leverage 1.9x from 2.2x at pcp. Read summary (VIEW LINK)
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