“This recognition is a testament to our team’s dedication and the quality of our products and service. We’re honored to be entrusted with this role, especially in areas like ESG and innovation,” says Andrew King, Mondi Group CEO.
“Despite the lower EBITDA of €1,201 million compared to the previous year’s excellent performance, we still generated more cash than last year at €1,312 million.”
“This robust cash generation enables us to keep investing in our business throughout the cycle, backed by our trust in the long-term structural growth of the markets we serve and our dominant positions within them. We are advancing well in delivering our organic growth projects, which are on schedule and within budget. We anticipate these projects to provide a significant EBITDA contribution from 2025.”
“In the first quarter of 2024, selling prices are generally below the averages reached in the second half of 2023. However, we are witnessing improvements in our order books and are applying price increases across our spectrum of paper grades. Input costs are still high compared to historical levels but have largely stabilised since the end of 2023.”
“We remain in a good position to benefit from the rising demand with our strong operational leverage and organic growth investment projects.”
Highlights
• 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 times (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
Full report (PDF) – HERE
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