Huhtamäki Oyj’s Half-yearly Report January 1–June 30, 2021: Strong comparable net sales growth with improved profitability

Q2 2021 in brief:
Net sales increased 10% to EUR 877 million (EUR 797 million)
Adjusted EBIT was EUR 80 million (EUR 70 million); reported EBIT was EUR 75 million (EUR 70 million)
Adjusted EPS was EUR 0.53 (EUR 0.44); reported EPS was EUR 0.50 (EUR 0.44)
Comparable net sales growth was 14% at Group level and 20% in emerging markets
The impact of currency movements was EUR -35 million on the Group’s net sales and EUR -4 million on EBIT

H1 2021 in brief:
Net sales increased 2% to EUR 1,679 million (EUR 1,642 million)
Adjusted EBIT was EUR 157 million (EUR 144 million); reported EBIT was EUR 147 million (EUR 153 million)
Adjusted EPS was EUR 1.02 (EUR 0.90) reported EPS was EUR 0.95 (EUR 0.97)
Comparable net sales growth was 6% at Group level and 13% in emerging markets
The impact of currency movements was EUR -81 million on the Group’s net sales and EUR -8 million on EBIT

Charles Héaulmé, President and CEO: “We are pleased to deliver further net sales growth, beyond pre-COVID pandemic levels, and improved profitability while continuing to face a very challenging cost environment. Overall demand has supported growth. The global progress of vaccinations and removal of social mobility restrictions has benefited food on-the-go which has continued to gradually recover. However, the global food packaging market remains volatile with significant challenges in many countries still heavily impacted by the pandemic. This volatility is also evident in the supply chain with significant inflation in the prices of raw materials, especially polymers and recycled fiber.

Altogether our second quarter results were strong although with mixed performance across the different regions and businesses. Net sales increased 10%, amounting to EUR 877 million, reflecting the improved demand for foodservice packaging. Comparable net sales growth was 14%. This strong growth should be contextualized versus a depressed comparable period in 2020. Net sales for the first half of 2021 increased 2%, and 6% in comparable terms. The adjusted EBIT margin improved 0.3 p.p. to 9.1% in the second quarter and reached 9.3% in the first half of 2021. This was supported by a continued focus on operational efficiency and pricing actions to mitigate input cost inflation.”
details at: https://www.huhtamaki.com/en/media/media/stock-exchange-release/2021/huhtamaki-oyjs-half-yearly-report-january-1june-30-2021-strong-comparable-net-sales-growth-with-improved-profitability/

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