Mondi Reports Full Year Results 2023

Highlights

  • A resilient performance with strong cash flow
  • Underlying EBITDA of €1,201 million (2022: €1,848 million), with margin of 16.4% (2022: 20.8%)
  • Strong cash generation with cash generated from operations increasing to €1,312 million (2022: €1,292 million)
  • Group revenue of €7,330 million (2022: €8,902 million)
  • Basic underlying earnings per share of 107.8 euro cents (2022: 195.6 euro cents)
  • Return on capital employed (ROCE) of 12.8% (2022: 23.7%)
  • Robust balance sheet with net debt to underlying EBITDA at 0.3 times; pro-forma at 1.0 times1 (2022: 0.5 times)
  • Good progress towards delivering €1.2 billion of organic growth investments on time and on budget
  • Advancing our sustainability performance through the Mondi Action Plan 2030 (MAP2030)
  • Completed sale of Russian assets, concluding the Group’s exit from Russia

Andrew King, Mondi Group Chief Executive Officer, said: “Mondi delivered a resilient performance in 2023 as a result of our compelling customer service and delivery, supported
by our scale, quality asset base, integrated model and breadth of products, customers and end-markets.

“While underlying EBITDA of €1,201 million was lower than the very strong performance in the prior year, our cash generation remained ahead of last year at €1,312 million.

“This strong cash generation gives us the strategic flexibility to continue investing in our business through-cycle, supported by our confidence in the long-term structural growth of the markets we operate in and our leading positions within them. We continue to make good progress in delivering our organic growth projects, which remain on track and on budget. We expect these projects to deliver a meaningful EBITDA contribution from 2025.
more at: https://www.mondigroup.com/news-and-insight/2024/full-year-results-2023/

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