Rexam PLC REX Rexam Q3IMS

  Rexam PLC (REX) - Rexam Q3IMS

RNS Number : 1627R
Rexam PLC
15 November 2012


Interim Management Statement

                                                              15 November 2012



Rexam PLC, the global consumer packaging company, today issues its interim
management statement for the period from 1 July 2012.

Overall performance in Beverage Cans is in line with our plans, with global
volumes up 6% in Q3. Excluding Russia, European volumes increased at a
slightly lower rate than in the first half as expected, while Russia returned
to growth. In North America the recovery of some of the standard can volumes
lost in 2011 continued to drive our performance, and growth in South America
accelerated.

Performance in Healthcare is somewhat below our expectations, principally as a
result of lost business in the animal health part of our Pharma division.

We announced the sale of our Personal Care business in July 2012 for $709m, to
be sold in two parts. The divestment of our High Barrier Food packaging
business completed on 31 August 2012. We have received the necessary
regulatory approvals from the US, Europe and Brazil to complete the sale of
the Cosmetics, Toiletries and Household Care business and are now awaiting
approval from the Chinese authorities. Although the timing of this final
clearance cannot be certain, we are still targeting completion by the end of
this year.

Our net debt at 30 September 2012 was £1.2bn; lower than at 30 June primarily
due to the $250m of proceeds from the sale of High Barrier Food. In the
period we refinanced our 2013 maturities with $750m of senior notes in the US
private placement market due in 2022 and 2024, with most of the proceeds to be
received by the year end. As a result of this refinancing our effective
interest cost will be around 4% from the second half of 2013.



Graham Chipchase, Rexam's Chief Executive said:

"Despite a challenging trading environment, the Group's overall performance is
broadly in line with our expectations. The divestment of Personal Care is in
its final stages and we are on track to return £370m of the proceeds to
shareholders. We continue to focus on generating cash, managing costs and
improving return on capital employed, and our progress to date gives us
confidence in achieving our 15% return on capital employed target by the end
of 2013."













Enquiries



Investors

Sandra Moura, Head of Investor Relations, Rexam +44
20 7227 4100



Media


Jonathan Thornton, Head of Communications, Rexam +44 20 7227
4100

Katharine Wynne, Tulchan Communications +44 20
7353 4200

Martin Robinson, Tulchan Communications +44 20
7353 4200



Rexam will host a conference call for investors and analysts on Thursday 15
November at 08:00 (UK time).



Participants dial-in number:

UK:                +44 (0)20 3140 0668
US:                +1 631 510 7490
Participant Pin: 202536#



A replay service will be available until 15 December 2012



Dial-in number:

UK:                 +44 (0)20 3140 0698
UK Toll Free Number 0800 368 1890
US Toll Free Number +1 877 846 3918
Password            387307#













Notes to editors

Rexam is a leading global consumer packaging company. We are one of the
leading global beverage can makers and a major global player in rigid plastic
packaging. We are business partners to some of the world's most famous and
successful consumer brands. Our vision is to be the best global consumer
packaging company. Rexam is a member of the FTSE 100 and its ordinary shares
are listed with the UK Listing Authority and trade on the London Stock
Exchange under the symbol REX. For further information, visit www.rexam.com



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSBIBRTMBTBBPT -0- Nov/15/2012 07:00 GMT
 
Press spacebar to pause and continue. Press esc to stop.