Mondi Group FY23 results

Mondi has confirmed its results for the 12 months to 31 December 2023.

Group sales were €7,330m, down on the same period last year (2022: €8,902m). The company reported strong cash generation, with cash generated from operations increasing to €1,312m (2022: €1,292m). Underlying EBITDA was €1,201m, down on the same period last year (2022: €1,848 million), with margin of 16.4% (2022: 20.8%).

The company noted that in the full year 2023 that it completed sale of Russian assets, concluding the exit from Russia and good progress is being made towards delivering €1.2 bn of organic growth investments on time and on budget. Andrew King, CEO, Mondi Group, 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 €1,201m was lower than the strong performance in the prior year, our cash generation remained ahead of last year at €1,312m. 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.”

He concluded, “In the first quarter of 2024, selling prices are generally lower than the averages achieved in the second half of 2023. However, we are seeing improvements in our order books and are implementing price increases across our range of paper grades. Input costs remain elevated compared to historical levels but have broadly stabilised since the end of 2023. We remain well positioned to capitalise as demand improves with our strong operational leverage and organic growth investment projects.”

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