Smurfit Kappa Funding 6-K Current Report of Foreign Issuer

Exhibit 5

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma condensed consolidated balance sheet gives pro forma effect to the merger and the impact of the new senior credit facility (the “New Senior Credit Facility”) entered into by Jefferson Smurfit Group Limited, JSG Acquisitions, certain other subsidiaries of Jefferson Smurfit Group Limited, as borrowers or guarantors, Deutsche Bank AG, London Branch, Citigroup Global Markets Limited, Credit Suisse First Boston International and JP Morgan PLC, as arrangers, certain lenders named therein, and Deutsche Bank AG, London Branch, as issuing bank, facility agent and security agent, as if they had occurred on September 30, 2005.  The unaudited pro forma condensed consolidated statements of operations give pro forma effect to the merger and the impact of the New Senior Credit Facility as if they had occurred at the beginning of the periods presented.

The unaudited pro forma condensed consolidated financial statements of JSG Funding are for informational purposes only and should not be considered indicative of the actual results that would have been attained if the merger had been completed on the date or for the periods presented, and does not purport to indicated consolidated balance sheet date or statement of operations data as of any future date or for any future period.  The unaudited pro forma condensed consolidated financial statements should be read in conjunction with: (i) the consolidated financial statements and accompanying notes included in JSG Funding’s Annual Report on Form 20-K for the year ended December 31, 2004, incorporated by reference herein; (ii) the unaudited financial statements included in JSG Funding’s Quarterly Information Package on Form 6-K for the quarter ended September 30, 2005, incorporated by reference herein; (iii) the consolidated financial statements and accompanying notes of Kappa Holding B.V. for the year ended December 31, 2004, included herein; and (iv) the unaudited financial statements of Kappa Holding B.V. for the nine-month period ending September 30, 2005, included herein.

JSG Funding’s historical financial statements are prepared under Irish GAAP.  Irish GAAP differs in certain significant respects from U.S. GAAP.  For a discussion of the most significant differences between Irish GAAP and U.S. GAAP, see note 37 to the historical audited consolidated financial statements included in JSG Funding’s Report on Form 20-K for the year ended December 31, 2004.  Kappa’s historical financial statements are prepared in accordance with Dutch GAAP.  Dutch GAAP differs in certain significant respects from U.S. GAAP.  For a discussion of the most significant differences between Dutch GAAP and U.S. GAAP, see Note 27 to consolidated financial statements of Kappa for the year ended December 31, 2004 included herein.  In order to provide a meaningful comparison, the unaudited pro forma condensed consolidated financial statements are presented by applying the SEC’s rules with regard to pro forma financial information to historical financial statements of JSG Funding presented under U.S. GAAP and the historical financial statements of Kappa presented under U.S. GAAP.  The unaudited pro forma condensed consolidated financial statements use the euro as the functional currency.

Unaudited Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 2004

	JSG Funding plc US GAAP			Kappa Packaging US GAAP			Combined US GAAP			Adjustments		Smurfit Kappa Group
	€000			€000			€000			€000		€000
Net Sales
Continuing operations	4,351,210			2,786,200			7,137,410			—		7,137,410
Discontinued operations	511,542			—			511,542			—		511,542
	4,862,752			2,786,200			7,648,952			—		7,648,952
Cost of sales	3,494,937			1,694,440			5,189,377			—		5,189,377
Gross profit	1,367,815			1,091,760			2,459,575			—		2,459,575
Net operating expenses	1,014,194			921,760			1,935,954			—		1,935,954
Reorganization and restructuring costs	39,430			—			39,430			—		39,430
Operating income subsidiaries
Continuing operations	256,464			170,000			426,464			—		426,464
Discontinued operations	57,727			—			57,727			—		57,727
	314,191			170,000			484,191			—		484,191
Share of associates’ operating income	12,611			(200		)	12,411			—		12,411
Total operating income	326,802			169,800			496,602			—		496,602
Income on sale of assets and businesses	16,793			—			16,793			—		16,793
Net interest	(318,585		)	(241,100		)	(559,685		)	213,005		(346,680		)
Exceptional debt issue costs	(5,697		)	—			(5,697		)	—		(5,697		)
Other financial expense	(15,718		)	—			(15,718		)	—		(15,718		)
Share of associates’ net interest	(1,301		)	—			(1,301		)	—		(1,301		)
Income / (loss) before taxes and equity minority interests	2,294			(71,300		)	(69,006		)	213,005		143,999
Taxes on income	17,727			17,200			34,927			—		34,927
(Loss) / income before equity minority interests	(15,433		)	(88,500		)	(103,933		)	213,005		109,072
Equity minority interests	16,067			100			16,167			—		16,167
Net (loss) / income for the period	€	(31,500	)	€	(88,600	)	€	(120,100	)	€	213,005	€	92,905

Unaudited Pro Forma Condensed Consolidated Statement of Operations for the 9 months ended September 30, 2005

	JSG Funding plc			Kappa Packaging			Combined					Smurfit Kappa
	US GAAP			US GAAP			US GAAP			Adjustments		Group
	€000			€000			€000			€000		€000
Net Sales
Continuing operations	3,198,713			2,099,700			5,298,413			—		5,298,413
Discontinued operations	25,205			—			25,205			—		25,205
	3,223,918			2,099,700			5,323,618			—		5,323,618
Cost of sales	2,331,620			1,241,180			3,572,800			—		3,572,800
Impairment of fixed assets	30,584			—			30,584			—		30,584
Gross profit	861,714			858,520			1,720,234			—		1,720,234
Net operating expenses	715,507			709,620			1,425,127			—		1,425,127
Reorganization and restructuring costs	13,567			—			13,567			—		13,567
Operating income subsidiaries	—
Continuing operations	130,884			148,900			279,784			—		279,784
Discontinued operations	1,756			—			1,756			—		1,756
	132,640			148,900			281,540			—		281,540
Share of associates’ operating income	5,699			600			6,299			—		6,299
Total operating income	138,339			149,500			287,839			—		287,839
Income on sale of assets and businesses	47,068			—			47,068			—		47,068
Net interest	(166,799		)	(179,100		)	(345,899		)	85,889		(260,010		)
Loss from early extinguishment of debt	(80,434		)	—			(80,434		)	—		(80,434		)
Other financial expense	(9,745		)	—			(9,745		)	—		(9,745		)
Share of associates’ net interest	(830		)	—			(830		)	—		(830		)
(Loss) / income before taxes and equity minority interests	(72,401		)	(29,600		)	(102,001		)	85,889		(16,112		)
Taxes on income	18,531			12,500			31,031			—		31,031
(Loss) / income before equity minority interests	(90,932		)	(42,100		)	(133,032		)	85,889		(47,143		)
Equity minority interests	9,383			(100		)	9,283			—		9,283
Net (loss) / income for the period	€	(100,315	)	€	(42,000	)	€	(142,315	)	€	85,889	€	(56,426	)

Unaudited Pro Forma Condensed Consolidated Balance Sheet as at September 30, 2005

	JSG Funding plc			Kappa Packaging			Combined						Smurfit Kappa
	US GAAP			US GAAP			US GAAP			Adjustments			Group
	€000			€000			€000			€000			€000
Assets
Current assets
Cash	141,089			66,700			207,789			43,000		(1)	250,789
Accounts receivable and prepayments	875,620			524,573			1,400,193						1,400,193
Amounts due by affiliates after more than one year	3,450						3,450						3,450
Inventories	390,290			274,700			664,990						664,990
Total current assets	1,410,449			865,973			2,276,422			43,000			2,319,422
Fixed assets
Investments	154,811						154,811						154,811
Property, plant and equipment	2,002,523			1,575,700			3,578,223						3,578,223
Intangible assets	1,451,279			816,000			2,267,279			321,341			2,588,620
Financial instruments	(38,636		)				(38,636		)				(38,636		)
Debt issue costs	72,351			36,642			108,993			25,101			134,094
Total fixed assets	3,642,328			2,428,342			6,070,670			346,442			6,417,112
Total assets	€	5,052,777		€	3,294,315		€	8,347,092		€	389,442		€	8,736,534
Liabilities, minority interests and shareholders’ equity
Current liabilities
Bank loans, overdrafts and other borrowing	70,476			1,500			71,976			29,000		(1)	100,976
Accounts payable and accrued liabilities	996,517			695,444			1,691,961						1,691,961
Total current liabilities	1,066,993			696,944			1,763,937			29,000			1,792,937
Non current liabilities
Long term debt and other long term liabilities	2,487,218			1,648,700			4,135,918			592,000		(1)	4,727,918
Provisions for liabilities and charges	245,646			113,000			358,646						358,646
Pension liabilities	476,822			213,800			690,622						690,622
Capital grants deferred	13,050						13,050						13,050
Financial instruments	20,602						20,602						20,602
Preference shares				226,000			226,000			(226,000		)	—
Shareholders loans				776,100			776,100			(776,100		)	—
Minority interests (equity interests)	139,170			1,500			140,670						140,670
Total liabilities and minority interests	4,449,501			3,676,044			8,125,545			(381,100		)	7,744,445
Shareholders equity
Share capital	40			823			863			(823		)	40
Other reserves & retained deficit	603,236			(382,552		)	220,684			771,365		(2)	992,049
Shareholders’ equity	603,276			(381,729		)	221,547			770,542			992,089
Total liabilities, minority interests and shareholders’ equity	€	5,052,777		€	3,294,315		€	8,347,092		€	389,442		€	8,736,534

Notes to the unaudited pro forma condensed consolidated balance sheet as at September 30, 2005:

(1)  Pro forma net debt of €4,578 million (excluding leases) is comprised of the following:

	€M
Cash	(251		)
Senior term loan A and revolver	494
Senior term loan B	1,187
Senior term loan C	1,187
Yankee bonds	254
Securitisation notes due 2011	210
2012 bonds	1,019
2015 cash pay subordinated notes	377
Local debt assumed	101
	€	4,578

(2) Smurfit Kappa Group Limited bought a portion of the Kappa shareholders loans, funded by the issue of shares for €300 million and the issuance of a PIK note for the value of €89 million.  Smurfit Kappa Group Limited exchanged its interest in the Kappa shareholders loans ultimately in return for shares in JSG Funding plc.