Mondi Results YE 2013 Final...Comparatives for 2009, 2010 and 2011 have not been restated to include...
Transcript of Mondi Results YE 2013 Final...Comparatives for 2009, 2010 and 2011 have not been restated to include...
Mondi GroupFull year results for the year ended 31 December 2013
28 February 2014
2
Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
3
294 458 622 574 699
7.6%
12.3%15.0%
13.6%15.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2009 2010 2011 2012 2013ROCE %
€ million
Highlights
Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.
Financial Record financial results on all key measures ROCE of 15.3% Up 170 basis points Last 3 year average of 14.6%, well in excess of
through-the-cycle hurdle rate of 13% Significant de-leveraging post 2012 acquisitions Net debt/EBITDA ratio down from 2.0 in 2012
to 1.5 in 2013 Dividend per share, 29% up on prior year
Operational Successful integration of acquisitions made
toward the end of the prior year €23 million synergies delivered
Significant capital expenditure projects on time and within budget 4 major energy related projects delivered in
2013 – total investment of €120 million Strong operational performance at all key
operations
18.7 40.6 68.1 69.2 95.0
2009 2010 2011 2012 2013
CAGR 50%
Earnings per share€ cents per share
Underlying operating profit
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Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
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Operating financial highlights
€ million 2012 2013%
changeH2
2012H1
2013H2
2013
Group Revenue 5,790 6,476 12% 2,971 3,342 3,134
Underlying EBITDA 927 1,068 15% 490 554 514
% Margin 16.0% 16.5% 16.5% 16.6% 16.4%
Underlying operating profit 574 699 22% 302 366 333
% Margin 9.9% 10.8% 10.2% 11.0% 10.6%
Group ROCE 13.6% 15.3% 13.6% 14.8% 15.3%
6
574 21
156
11
56699
Underlying operating profit development
€ million
(23)(18)
(78)
2012 Volume Price Variable costs
Fixed costs
Currency effects
Acquisitions and
disposals
Fair value gains on forestry assets
2013
7
104
47
10
100
29
123
54
9
91
40
148
4839
102
44
150
4535
70
49
0
20
40
60
80
100
120
140
160
Packaging Paper Fibre Packaging Consumer Packaging Uncoated Fine Paper South Africa Division
H1 2012 H2 2012 H1 2013 H2 2013
Divisional underlying operating profit – half year splits
€ million
8
Financial review
€ million 2012 2013%
changeH2
2012H1
2013H2
2013
Underlying operating profit 574 699 22% 302 366 333
Net finance costs (110) (115) (5%) (55) (57) (58)
Net (loss)/income from associates (5) 2 (4) 1 1
Underlying profit before tax 459 586 28% 243 310 276
Tax before special items (90) (98) (9%) (47) (56) (42)
Total non-controlling interests (35) (28) 20% (11) (15) (13)
Underlying earnings 334 460 38% 185 239 221
Special items (after tax and non-controlling interests) (92) (74) 20% (96) (68) (6)
Reported profit after tax and non-controlling interests 242 386 60% 89 171 215
Underlying earnings per share (€ cents) 69.2 95.0 37% 38.3 49.4 45.6
Basic earnings per share (€ cents) 50.1 79.8 59% 18.4 35.3 44.5
9
Finance costs
€ million 2012 2013%
change
Closing net debt 1,872 1,621 13%
Average net debt 1,278 1,792 (40%)
Finance costs 95 104 (9%)
Net interest on defined benefit arrangements 15 11 27%
Net finance costs 110 115 (5%)
Effective interest rate (before capitalised interest) 7.5% 5.9%
Finance costs up on higher average net debtOffset by lower effective interest rate Higher proportion of debt in euro
Cash net interest paid of €124 million (2012: €92 million)
10
Taxation and non-controlling interests Benefiting from Profit mix Investment incentives, notably Poland
Taxation
€ million 2012 2013%
change
Underlying tax charge 90 98 (9%)
Effective tax rate 20% 17%
Non-controlling interests
€ million 2012 2013%
changeProfit attributable to non-controlling interests 35 28 20%
• Ružomberok 20 27 (35%)
• Other 15 1
% of net underlying profit 9.5% 5.7%
Lower charge due to Acquisition of Świecie minorities in April
and May 2012 Partly offset by higher profits at
Ružomberok
11
Special items
Operating special items – €94 million loss, including
Uncoated Fine Paper (€60 million loss)
Restructuring activities and asset impairment in Neusiedler (Austria) and assets written off in Syktyvkar (Russia)
South Africa Division (€18 million loss)
Closure of one newsprint machine and related restructuring
Consumer Packaging (€13 million loss)
Closure of Lindlar operation in Germany, volumes redirected to other operations
Non-operating special items – €7 million gain
South Africa Division (€7 million gain)
Profit on disposal of land
Cash e f fec t o f €20 mi l l i on
12
1,872
27126
124
405 41 60
1381,621
Cash flow effects – movement in net debt
(50)(59)
(1,063)
€ million
Net debt at 31
December 2012
Cash generated
by operations
Movement in working
capital
Incometax paid
Financing costs paid
Capex investment
Investment in forestry
assets
Dividends paid to non-
controlling interests
Dividends paid to equity
holders
Currency movements
Other Net debt at 31
December 2013
13
Working capital¹
1 Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.2 Working capital as a % of revenue is based on annualised Nordenia revenue.
Working capital within target range of 10-12% despite change in business mix following Nordenia acquisition
Reduction in ratio reflects tight working capital control
527 557 575 764 711
10.0% 9.9% 10.0%
11.9%11.0%
2009 2010 2011 2012² 2013Working capital as a % of revenue
248
(121)(68) (83) (27)
2009 2010 2011 2012 2013
Working capital cash flowsWorking capital management
12%
10%
€ million € million
14
Capital expenditure¹
1 Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.2 Capital expenditure as a % of depreciation & amortisation is calculated using capital expenditure including intangibles.
Increase in capital expenditure as major project spend ramps up
€140 million of major energy related projects successfully completed in 2012 and 2013
Capital expenditure expected to average ±€500 million per annum in 2014/2015
517 394 263 294 405
149%
117%
78% 86%
113%
2009 2010 2011 2012 2013
Capital expenditure as a % of depreciation & amortisation²
2009 2010 2011 2012 2013Packaging Paper Fibre PackagingConsumer Packaging Uncoated Fine PaperSouth Africa Division
Capital expenditure Capital expenditure by business segment€ million € million
15
52%
14%
9%5%
20% EuroRussian roublePolish zlotySouth African randOther
Debt facilities
Strong de-leveraging following acquisitions in late 2012
Benefits of carrying debt in higher yielding emerging market currencies due to devaluation Cumulative translation adjustment in 2013 of
€59 million Public credit ratings reaffirmed Standard & Poor’s at BBB- Moody’s Investor Services at Baa3
€ million 2012 2013%
changeNet debt 1,872 1,621 13%
Committed facilities 2,606 2,487
Of which undrawn 762 792 4%
Gearing (Net debt / Trading capital employed) 40% 36%
Net debt / 12 month trailing EBITDA (times) 2.0 1.5
Currency split of net debt €1,621 million
16
2.50 3.508.25 8.90 9.557.00
16.50
17.75 19.1026.45
2.0 2.0
2.6 2.5 2.6
-
0.5
1.0
1.5
2.0
2.5
3.0
0
5
10
15
20
25
30
35
40
2009 2010 2011 2012 2013
€ cents per share
Interim dividend Final dividend Dividend cover
Dividends
Full year dividend of 36 euro cents per share
Increase of 29%, covered 2.6 times by earnings
Dividends declared
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Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Africa Division
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25 178 295 227 298 3.0%
17.0%
24.4%
17.9%21.9%
2.1%
10.2%
14.7%12.0%
14.9%
2009 2010 2011 2012 2013ROCE % Underlying operating profit margin %
Packaging Paper Strong performance with ROCE of 21.9%
Pricing mixed
Strong recovery in recycled containerboard
Virgin containerboard up in H1, before some weakness in H2
Kraft paper generally stable, although some price erosion in Q4
Volume growth in all key grades
Benefited from lower input costs, particularly paper for recycling
Logistics synergies realised from 2012 Corrugated plants acquisition 0.90
1.00
1.10
1.20
1.30
2009 2010 2011 2012 2013VCB RCB Kraft paper
Volumes indexed to 2009
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
Underlying operating profit, margin and ROCE€ million
Production volumes
19
0.400.600.801.001.201.401.60
2009 2010 2011 2012 2013
Packaging Paper | industry fundamentals
Source: FOEX Indexes Ltd
Virgin containerboard Downward pressure on Kraftliner prices in H2
2013 and early 2014 on product substitution and increased supply from grade conversion Year end benchmark prices 2% lower than
average levels for 2013 Kraftliner price premium now in lower half of
historic trading range – supportive of pricing Supply side remains constrained Improving demand in Q1 2014 Price increase discussions underway on
unbleached Kraftliner grades
Recycled containerboard Average benchmark prices up 4% on 2012
and year end 7% higher than 2013 average Good demand growth 2014 net capacity additions expected to be in
line with demand growth507090
110130150170190
2007 2008 2009 2010 2011 2012 2013 2014
€/tonne
Average
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
Selling prices
White-top Kraftliner RCB
Price indexed to 2009
Kraftliner – RCB
VCB
Price differential
20
0.400.500.600.700.800.901.001.101.201.301.40
2009 2010 2011 2012 2013
Packaging Paper | industry fundamentals
Source: Mondi
Kraft paper Price erosion in late 2013/early 2014 from
increased competition in key export markets and seasonal demand weakness in Europe
Closing price 7% down on 2013 average
Overseas markets remain main driver for unbleached sack kraft
Demand in Europe remains stable
Recent pick-up in orders
Sack kraft price increase discussions
Some capacity expansion in growing speciality segment
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
Sack kraft
Price indexed to 2009
Selling prices
21
63 52 86 101 93
8.5%7.5%
11.0%12.5%
10.8%
4.0%3.0%
4.6% 5.4% 4.7%
2009 2010 2011 2012 2013ROCE % Underlying operating profit margin %
Fibre Packaging
Corrugated packaging Price increases achieved but paper input
price increases put pressure on margins Benefited from 2012 acquisitions and
volume growth in key markets
Industrial bags Growth in key overseas markets offset
marginal volume declines in Europe Strong cost management and benefiting
from restructuring activities
Coatings Sustained weakness in industrial and
automotive sectors impacting volumes and prices
Under pressure from new competitor capacity in Europe
0.60
0.80
1.00
1.20
1.40
2009 2010 2011 2012 2013
Volumes indexed to 2009
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
€ million
Industrial bags CoatingsCorrugated packaging
Underlying operating profit, margin and ROCE
Production volumes
22
17 22 25 33 74
10.2%
13.5%15.0%
10.8%
9.1%
5.4%6.3% 6.7% 6.6% 6.4%
2009 2010 2011 2012¹ 2013
ROCE % Underlying operating profit margin %
Consumer Packaging
1 Excludes €14 million one-off costs relating to Nordenia acquisition.
Like-for-like underlying operating profit in line with prior year
Net synergy gains of €16 million
Offset by
One-off synergy implementation costs of €5 million
Challenging trading conditions in European films business
Higher fixed costs (excluding synergy effects) on new product launches and plant start-up
Closure of Lindlar plant and transfer of volumes completed
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
€ million
Underlying operating profit, margin and ROCE
23
146 179 205 191 172
14.5%16.9% 16.7% 16.7% 16.2%
10.8% 11.8%14.3% 13.0% 12.4%
2009 2010 2011 2012 2013ROCE % Underlying operating profit margin %
Uncoated Fine Paper Strong operating performance with ROCE
of 16.2% Sales volumes down 1.5%, reflecting
mainly effects of Neusiedler restructuring Average selling prices weaker in H2 on
continuing weak demand and new capacity Input costs increased Higher wood costs in Ružomberok and
pulp costs at Neusiedler partly offset by lower wood costs in Russia– Own wood costs in Russia down more
than 10%
Strong cost management resulted in a net reduction in fixed costs
H2 results impacted by annual maintenance shuts0.88
0.92
0.96
1.00
1.04
2009 2010 2011 2012 2013
Volumes indexed to 2009
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
Underlying operating profit, margin and ROCE€ million
Production volumes – Uncoated fine paper
24
0.80
1.00
1.20
1.40
1.60
1.80
2009 2010 2011 2012 2013
A4 B-copy Pulp (BHKP)
Uncoated Fine Paper | industry fundamentals
Source: FOEX Indexes Ltd
Demand Structural decline continuing in western
Europe – down approximately 3% in 2013 Structural demand growth still expected in
Russia, albeit impacted by current cyclical weakness
Supply New capacity in Russia and France now in
production No further net capacity expansions
expected
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Afr ica Division
Price indexed to 2009
Pulp and A4 B-copy prices
25
38 71 63 69 93 4.6%
8.4% 8.7%9.6%
16.0%
7.0%
10.8%9.8% 9.8%
14.9%
2009 2010 2011 2012 2013ROCE % Underlying operating profit margin %
€ million
South Africa Division
Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.
Strong performance, with ROCE of 16.0%
Domestic sales volumes increased
Pricing
Domestic price increases achieved
Higher average export pulp and white-top containerboard prices
Gains from weaker rand
€23 million lower fair value gain on forestry assets
Closure of 1 newsprint machine in Merebank and related restructuring
H2 2013 impacted by annual maintenance shut at Richards Bay0.40
0.70
1.00
1.30
1.60
1.90
2009 2010 2011 2012 2013Uncoated fine paper Containerboard Market pulp
Volumes indexed to 2009
Packaging Paper | Fibre Packaging | Consumer Packaging | Uncoated Fine Paper | South Africa Division
Underlying operating profit, margin and ROCE
Production volumes
26
Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
27
50%
20%
20%
10%
Consumer related packaging Industrial packagingUncoated fine paper Other
Performance drivers Focused on markets enjoying growth
Geographic exposure – around 50% of sales into higher growth emerging markets
Product mix – over two-thirds of sales in packaging, typically enjoying structural growth
Well invested asset base in regions enjoying low operating cost structures
81% of upstream pulp and paper asset base in low-cost emerging markets
Decentralised operating model with relentless focus on performance
51%49%
Emerging markets Mature markets
Revenue by destination 2013
Product mix 2013
28
69%
22%
9%
Packaging UFP Other²
Actively growing packaging business
1 Excludes investment in forestry assets. 2 Other includes forestry assets, corporate, market pulp and Mondi Shanduka Newsprint.
Clear strategy to grow packaging business
Cumulative capital expenditure in packaging business during 2011-2013 represents 69% of total Group expenditure over period
Additional €1.2 billion spent on packaging acquisitions (including Świecie minorities and power plant, 2 Duropack plants and Nordenia)
Today packaging represents more than two thirds of Mondi’s capital employed
Cumulative 2011-2013 capital expenditure¹
56%67% 70%
0%
20%
40%
60%
80%
100%
2011 2012 2013Packaging UFP Other²
Development of % capital employed
29
Capital expenditure timeline
Project start-up
Total Capex
€m
2013 2014 2015 2016
H1 H2 H1 H2 H1 H2 H1
Syktyvkar bark boiler
Frantschach recovery boiler
Stambolijski steam turbine and economiser
Richards bay steam turbine
Štĕti bleached kraft (155,000 tonnes) 70
Syktyvkar pulp dryer (100,000 tonnes) 30
Ružomberok recovery boiler 128
Świecie recovery boiler, turbine and biomass boiler
166
120
Over €500 mi l l i on a l loca ted to ma jo r s t ra teg ic cap i ta l p ro jec ts
30
Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
31
OutlookWe start the year with pricing in most paper grades below 2013 average levels Much depends on extent of European macroeconomic recovery Encouraging development in order books in early part of year Price increase discussions in certain virgin packaging grades
Recent emerging market currency weakness beneficial to cost base
Confident of strong contribution from capital projects
Strong cash generation creates valuable optionality
Confident of continuing to deliver industry leading performance
32
Agenda
HighlightsFinancial overviewOperational overviewDelivering on our strategyOutlookAppendices
33
Our strategic pillars
Achieve leading market positions
Maintain our high-quality,
low-cost asset base
Grow through customer focused
development
Continuous focus on performance
We develop and maintain leading positions in our core packaging and uncoated fine paper markets. This brings us cost benefits and allows us to better serve our customers. Our focus on higher-growth emerging markets contributes to our sustained profitability.
We constantly invest in improving our operations, focusing on those assets which enjoy inherent cost advantages. This ensures we maintain a high-quality, low-cost asset base that keeps us competitive, and gives us sustainable cost advantages. Through our high levels of vertical integration we can create synergies along the entire value chain.
We help our customers succeed by working closely with them and listening to them. We develop smarter, more cost-effective processes and work to find inventive, innovative, advanced solutions that meet their needs. We follow our customers into high-growth emerging markets, where together we can offer cutting edge products that deliver exceptional value.
We are passionate about performance, making things work efficiently, effectively and profitably. Through our business excellence programmes and rigorous asset management, we are continually improving productivity and finding new ways to reduce costs.
Our hurd le ra te o f re tu rn th rough- the-cyc le i s 13%
34
Delivering against free cash flow priorities
Free Cash Flow
priorities
Maintain investment grade credit metricsNet debt/EBITDA is 1.5 times, down from 2.0 times at end 2012Investment grade credit ratings reaffirmed
Support dividendsFull year dividend – increase of 29%Dividend cover of 2.6 times
M&A and/or increased shareholder distributions Future growth focused on faster growing packaging segmentsContinue to assess opportunities that are value enhancing to the Group
As appropriate
Selective capital investment opportunitiesStrategic capital investment projects completed and balance remain on time and within budget
35
Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2009 2010 2011 2012 2013
Pulp Paper Wood Paper for recycling Energy Chemicals Plastics Other variable costs
Input costs
€ million
Variable costs
36
Comparatives for 2009, 2010 and 2011 have not been restated to include 100% of Mondi Shanduka Newsprint in South Africa Division and consequently reflect a 58% portion.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2009 2010 2011 2012 2013
Fixed costs
Personnel costsDepreciation and amortisationMaintenance and other indirect costs Other net operating expenses
Fixed costs excl. depreciation as a % of turnover
€ million
26.1%
23.4%
22.1%22.7% 23.1%
Fixed costs composition
37
1 Delivered to Frankfurt except where noted2 Excludes kraftliner substitutes 3 Includes specialties4 Delivered to RotterdamSource: RISI and Mondi estimates
100% 76% 100% 83% 14% 35% 100%
17%24% 24% 38% 100%
25% 13%
37%12% 14%
White topkraftliner
Unbleachedkraftliner²
NSSC fluting Recycled fluting Unbleachedsack kraft paper
UFP³ BHKP (pulp)
Percentage of Mondi's capacity in overall cost curve in Q3 2013
Emerging market asset base leads to low cost positions across the Group’s main grades
Q4
Q3
Q2
Q1
4
Cost quartile¹
38
0.70.5
0.2
Production Consumption Net long position
Millionsof tonnes
3.1 3.3
(0.2)
0.7 0.4
0.3
Production Consumption Net long/(short)position
Millionsof tonnes
Integrated value chain 2013
1 ±400 kt of kraftliner substitutes included in virgin containerboard, previously included in recycled containerboard.
1.00.6 0.4
Production Consumption Net long position
Millionsof tonnes
1.4
0.3
1.1
0.30.3
Production Consumption Net long position
Millionsof tonnes
Kraft PaperPulp
Virgin Containerboard¹ Recycled Containerboard¹
MSADE&I
MSADE&I
E&I
E&I
39
Cash flow
€ million 2012 2013%
changeUnderlying EBITDA 927 1,068 15%Working capital movements (83) (27) 67%Other operating cash flow items 5 (5)Cash generated from operations 849 1,036 22%Dividends from financial investments and associates 2 1Taxes paid (109) (126) (16%)Net cash inflow from operating activities 742 911 23%Capital expenditure, excl. intangible assets (294) (405) (38%)Investment in intangibles and forestry assets (60) (53) 12%Acquisitions (841) -Non-controlling interests bought out (298) (4)Investment in associates (43) -Financing costs (92) (124) (35%)Dividends paid (157) (198) (26%)Other investing and financing activities (11) 47Net (decrease)/increase in net debt (1,054) 174
40
Statement of financial position€ million 2012 2013Intangible assets 695 675Property, plant and equipment 3,709 3,428Forestry assets 311 233Other non-current assets 42 38Total non-current assets 4,757 4,374Inventories 783 746Trade and other receivables 1,010 954Other current assets 73 166Total current assets 1,866 1,866Total assets 6,623 6,240Short-term borrowings (281) (181)Trade and other payables (1,029) (989)Other current liabilities (137) (126)Total current liabilities (1,447) (1,296)Medium and long-term borrowings (1,648) (1,571)Net retirement benefits liability (253) (211)Deferred tax liabilities (344) (264)Other non-current liabilities (58) (52)Total non-current liabilities (2,303) (2,098)Total liabilities (3,750) (3,394)Net assets 2,873 2,846Retained earnings and other reserves 2,030 2,049Total attributable to shareholders 2,572 2,591Non-controlling interests in equity 301 255Total equity 2,873 2,846
41
Production volumes
2012 2013%
changeEurope & International
Containerboard Tonnes 2,079,005 2,138,714 3%Kraft paper Tonnes 980,637 1,010,885 3%Total softwood pulp Tonnes 1,978,583 2,007,959 1%Corrugated board and boxes M m2 1,213 1,344 11%Industrial bags M units 3,829 3,997 4%Coatings and release liners M m2 3,352 3,348 -Consumer packaging Tonnes 121,127 283,161 >100%Uncoated fine paper Tonnes 1,417,709 1,381,141 (3%)Newsprint Tonnes 201,278 207,228 3%Total hardwood pulp Tonnes 1,059,140 1,087,615 3%
South Africa
Containerboard Tonnes 263,468 254,714 (3%)Uncoated fine paper Tonnes 257,747 258,751 -Total hardwood pulp Tonnes 658,368 645,611 (2%)Total softwood pulp Tonnes 215,828 166,101 (23%)Newsprint Tonnes 198,024 145,498 (27%)
42
Exchange rates
2012 2013%
changeClosing rates against the euroSouth African rand 11.17 14.57 (30%)Czech koruna 25.15 27.43 (9%)Polish zloty 4.07 4.15 (2%)Pounds sterling 0.82 0.83 (1%)Russian rouble 40.33 45.32 (12%)Turkish lira 2.36 2.96 (25%)US dollar 1.32 1.38 (5%)
Average rates for the period against the euroSouth African rand 10.55 12.83 (22%) Czech koruna 25.14 25.99 (3%) Polish zloty 4.18 4.20 -Pounds sterling 0.81 0.85 (5%)Russian rouble 39.91 42.32 (6%)Turkish lira 2.31 2.53 (10%)US dollar 1.29 1.33 (3%)