DS Smith, the recycled packaging company, is about to receive a tidy sum as a result of its 49.6% interest in Rubezhansk, the leading paper and packaging business in the Ukraine.
Rubezhansk has completed the signing of a revised 5-year loan agreement with its existing lender group and as a result DS Smith will now be recognising its share of the profits and investment in this associate business, in the second half of this financial year.
In the year to 30 April 2011, Rubezhansk reported total revenues of £93.5m and total profit after tax of £13.3m. The increased interest costs agreed with its lenders will be reflected in the profit after tax in the current financial year, DS Smith said.
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