Mondi - Full year results 2023

Andrew King, Mondi Group Chief Executive Officer

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Mondi, a market leader in sustainable packaging and paper, today announces its results for the 12 months to 31 December 2023.

All figures presented and commentary provided is related to the Group’s continuing operations only unless otherwise specified.


• A resilient performance with strong cash flow

- Underlying EBITDA of €1,201 million (2022: €1,848 million), with margin of 16.4% (2022: 20.8%)
- Strong cash generation with cash generated from operations increasing to €1,312 million (2022: €1,292 million)
- Group revenue of €7,330 million (2022: €8,902 million)
- Basic underlying earnings per share of 107.8 euro cents (2022: 195.6 euro cents)
- Return on capital employed (ROCE) of 12.8% (2022: 23.7%)

• Robust balance sheet with net debt to underlying EBITDA at 0.3 times; pro-forma at 1.0 times1 (2022: 0.5 times)

• Good progress towards delivering €1.2 billion of organic growth investments on time and on budget

• Advancing our sustainability performance through the Mondi Action Plan 2030 (MAP2030)

• Recommended full year ordinary dividend of 70.0 euro cents per share (2022: 70.0 euro cents per share)

• Completed sale of Russian assets, concluding the Group's exit from Russia

- Net proceeds distributed to shareholders on 13 February 2024 by way of a special dividend of €1.60 per share
- An associated 10 for 11 share consolidation on 29 January 2024

1. Net debt at 31 December 2023 includes the proceeds received from the disposal of the Group's previously owned Russian operations. The pro-forma basis takes into account the special dividend distributed after year end and is therefore a closer representation of leverage today.

Andrew King, Mondi Group Chief Executive Officer, said: "Mondi delivered a resilient performance in 2023 as a result of our compelling customer service and delivery, supported
by our scale, quality asset base, integrated model and breadth of products, customers and end-markets.

"While underlying EBITDA of €1,201 million was lower than the very strong performance in the prior year, our cash generation remained ahead of last year at €1,312 million.

"This strong cash generation gives us the strategic flexibility to continue investing in our business through-cycle, supported by our confidence in the long-term structural growth of the markets we operate in and our leading positions within them. We continue to make good progress in delivering our organic growth projects, which remain on track and on budget. We expect these projects to deliver a meaningful EBITDA contribution from 2025.

"In the first quarter of 2024, selling prices are generally lower than the averages achieved in the second half of 2023. However, we are seeing improvements in our order books and are implementing price increases across our range of paper grades. Input costs remain elevated compared to historical levels but have broadly stabilised since the end of 2023.

"We remain well positioned to capitalise as demand improves with our strong operational leverage and organic growth investment projects.

"It is our continued confidence in the future of our business which has resulted in the Board recommending a total ordinary dividend for the year of 70.0 euro cents per share, in line with 2022."


Source: Mondi


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