MM Group Announces Results for 2021

Significant increase in sales and earnings
Strategic acquisitions Kwidzyn and Kotkamills integrated
Dividend increase to EUR 3.50/share proposed
Strong demand for Board & Paper and Packaging
Massive input cost inflation is successively passed on
Strategic focus on improving competitiveness, growth and profitability

Overall, the MM Group was able to close the 2021 financial year successfully, which was characterized by historically unique cost increases, particularly for energy, waste paper and pulp. The strong pressure on the margins was gradually compensated by price increases, which could only be implemented with a time lag due to contractual commitments. The continued strong demand for cardboard packaging and paper and the resulting high capacity utilization in both divisions provided significant support.

The increase in the operating result by 16.5% to EUR 269.6 million is attributable to both divisions. While MM Packaging reported a fairly robust ongoing development, the increase in earnings at MM Board & Paper is mainly due to one-off effects from structural changes.

With the acquisitions of the cardboard and paper mills Kwidzyn in Poland and Kotkamills in Finland as well as the sale of the two smaller cardboard mills, Baiersbronn and Eerbeek, and the launch of several major investments to increase efficiency, innovation and sustainability, 2021 was in addition to the operational challenges a year of significant strategic transformations at MM. The basic objective is to enable long-term growth in sustainable fiber-based packaging solutions and an increase in profitability through increased competitiveness.

The consolidated sales of the Group reached EUR 3,069.7 million and were thus 21.4% or EUR 541.3 million above the previous year’s figure (2020: EUR 2,528.4 million). This increase resulted primarily from the acquisition of the Board & Paper division.

At EUR 269.6 million, the operating result was 16.5% or EUR 38.2 million higher than in the previous year (2020: EUR 231.4 million). Around 55% of this growth is attributable to MM Board & Paper and around 45% to MM Packaging.

At EUR 244.5 million, earnings before taxes were 10.1% higher than in the previous year (2020: EUR 222.1 million). Income taxes amounted to EUR 53.8 million (2020: EUR 59.8 million), resulting in an effective Group tax rate of 22.0% (2020: 27.0%).

The net profit for the year thus increased by 17.5% or EUR 28.5 million to EUR 190.7 million (2020: EUR 162.2 million).
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