Mondi full year results 2020

• Robust financial performance with excellent cash generation
▪ Underlying EBITDA of €1,353 million, with margin of 20.3%
▪ Cash generated from operations of €1,485 million
▪ Strong balance sheet at 1.3x net debt to underlying EBITDA
▪ Recommended full year dividend of 60.0 euro cents per share, up 5%
• Decisive and effective COVID-19 response
• Investing through-the-cycle with capital investment projects delivering growth, enhanced cost competitiveness and sustainability benefits
• Delivered against our 2020 Growing Responsibly sustainability commitments and set new ones, the Mondi Action Plan 2030 (MAP2030)
• Leveraging long-term trends of sustainability, e-commerce and enhancing our customers’ brand value
• Well-positioned with cost-advantaged asset base, strong balance sheet and unique portfolio of sustainable solutions

Andrew King, Mondi Group Chief Executive Officer, said: “Mondi delivered a robust performance in 2020, with underlying EBITDA of €1,353 million, ROCE of 15.2% and continued excellent cash generation. This is testament to the strength of our business model in the face of significantly lower average selling prices across our key pulp and paper grades, and the challenges brought by COVID-19. We finished the year positively, with strong demand in the packaging businesses supported by the long-term growth drivers of sustainability and e-commerce.

I am extremely proud of how our teams rose to the challenges of 2020 and my sincere thanks go to my colleagues for their endurance, enterprise and ongoing commitment. We took decisive action in the early stages of the pandemic, moving quickly to safeguard our people, support our communities and customers, and protect the profitability, liquidity and cash flow of the business while seeking to ensure we remain well placed to deliver value accretive growth into the future.

We continue to make good progress on our sustainability journey. We delivered strongly against our 2020 Growing Responsibly commitments and have now launched Mondi Action Plan 2030, our sustainability roadmap for the next 10 years.

Sustainable packaging continues to be a long-term priority for our customers and wider society. As a leading producer of both paper and flexible plastic-based packaging, we continue to support our customers’ environmental goals with packaging that is sustainable by design adhering to our principle of paper where possible, plastic when useful.
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