Strong financial management has always been a key attribute of Smurfit Kappa.
It has been a cornerstone in the development of the company from its Irish base to its current position as a world leader in paper-based packaging.
Our finance function embraces the corporate team at head office as well as those at divisional level and in our individual plants. The responsibilities of our corporate finance team encompass a broad range of functions. In addition to its primary role of financial reporting, the responsibilities include:
The monitoring and implementation of the latest International Financial Reporting Standards (IFRS)
The setting of accounting policies and practices and the resolution of technical accounting problems
The management of the relationship with our external auditors.
On the financial reporting side, the corporate team is responsible for preparing a range of monthly and quarterly information for Smurfit Kappa’s senior management and executives. The team also plays a role in the development of regular forecasts and in the annual budgeting process. In terms of external reporting, the corporate team is responsible for the financial information, and much of the qualitative information, contained in our quarterly release of results and Annual Report. The corporate team also plays a role in the evaluation of acquisition opportunities in conjunction with planning and tax personnel as well as divisional management. A similar multi-functional approach is taken in respect to business disposals. At divisional level, the finance function has three key roles in supporting the business:
To provide accurate and timely reporting of financial results (and forecasts) along with commentaries and explanations of variances.
To maintain a proper system of financial controls and to ensure compliance with our reporting standards. The monitoring of our control systems is performed on an ongoing basis by our internal audit team in order to ensure that we have robust systems and good internal controls built into our day-to-day working.
To provide information and support to those responsible for managing the operations. In addition to reporting the financial results, the finance function provides non-financial data to assist in the running of the business. This includes mill/plant performance data and product costs used for production planning.
At plant level, the financial controller is a key member of the financial team with specific responsibility for:
Maintaining proper books and accounting records
Reporting the plant’s financial results
Maintaining a proper system of financial controls