Mondi has delivered a solid full-year performance in very challenging market conditions.

• Resilient performance in challenging circumstances
• Clear pick-up in European trading conditions in the final quarter
• Strong performance from European Uncoated Fine Paper business throughout the year
• Substantial cash generation from operations of €867 million
• Strong cash management with net debt down to €1.5 billion despite around €300 million spent on major capital projects
• Delivered cost savings of €251 million, significantly in excess of target
• Achieved very strong control of working capital, resulting in a net working capital inflow of €248 million for the year
• Polish recycled containerboard machine and box plant projects successfully completed and significant progress on Russian project