Q1/2022 (year-on-year) • Sales increased by 23% to EUR 2,798 (2,276) million. • Operational EBIT increased by 53% to EUR 503 (328) million. • Operational EBIT margin increased to 18.0% (14.4%). • Operating profit (IFRS) increased to EUR 394 (161) million. • Strong cash flow from operations amounted to EUR 403 (185) million. Cash flow after investing activities was EUR 224 (-9) million. • The net debt to operational EBITDA ratio improved to 1.1 (2.3). The target is to keep the ratio below 2.0. • Operational ROCE excluding the Forest division almost doubled to 23.6% (12.0%), the target being >13%.
Billerud is introducing a new organization whereby the company harmonizes and operates its business in two distinct geographical regions – Europe and North America. Billerud further appoints Andrei Krés as acting CFO, effective immediately.
Matthew Hirst, previously EVP Commercial, has been appointed President of Billerud Europe and will lead the new European organization consisting of Commercial, Operations and Procurement & Wood Supply functions. Kevin Kuznicki remains President of the North American organization.
“I’m pleased that Matthew has taken the position of leading the Europe region, and I’m convinced he will take the region forward on the journey to challenge conventional packaging solutions and create the packaging of tomorrow”, says Ivar Vatne, acting CEO and President of Billerud.
“As we look ahead, we now have a harmonized, clear and simple operating model with two geographical regions that will create value in each market”, Ivar Vatne continues.
“I am convinced that the new structure for Europe will create positive synergies for the entire European value chain and contribute to better long-term profitability,” says Matthew Hirst, appointed President of Billerud Europe.
In addition, Andrei Krés, has been appointed as acting CFO and will be part of the Group Management Team. Andrei Krés holds a bachelor’s degree in business and economics from Lund University and has held various positions in Billerud, most recently as the Vice President of the Group Finance function.