MM Group Results for the first half of 2022

Peter Oswald, MM CEO: “Demand for our products is strong as consumers prefer natural, recyclable packaging made from renewable, fibre-based raw materials. Our strategy of focusing on focused organic growth and value-enhancing acquisitions combined with a strong focus on productivity improvement is beginning to pay off. In the first half of the year, organic growth in Packaging was close to 5%, limited by capacity alone, as our customers value MM’s increased focus on innovation and sustainability, as well as the security of supply resulting from our backward integration with carton. The acquisition of Essentra Packaging, which we expect to close in Q4,

As already announced, MM closed a good first half of the year with an extraordinarily strong performance in the second quarter. Massive cost inflation has been cushioned by price adjustments, cost control and increased operational efficiencies. In addition, the income statement for the first half of the year was particularly influenced by the inclusion of the cardboard and paper mills MM Kwidzyn and MM Kotkamills, which were acquired a year ago. At the same time, we have significantly increased investments in order to reduce energy consumption, improve quality and increase volumes. We are convinced that we can still optimize a lot by focusing more on digitization, sustainability and innovation.

The consolidated sales of the group increased by EUR 928.9 million to EUR 2,218.5 million (H1 2021: EUR 1,289.6 million). This increase resulted primarily from the acquisitions of the previous year and from passing on cost increases through higher prices.

At EUR 285.0 million, the operating result was EUR 192.9 million higher than in the previous year (H1 2021: EUR 92.1 million). The significant increase results in particular from the MM Board & Paper division. In the previous year, one-time expenses from adjustment and restructuring measures amounting to EUR 26.1 million were recorded in the packaging division. The Group’s operating margin thus reached 12.8% (H1 2021: 7.1%).

The profit for the period increased by EUR 143.6 million to EUR 205.8 million (H1 2021: EUR 62.2 million).
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