Return on capital employed

ROCE provides a measure of the efficient and effective use of capital in our operations. We compare ROCE to our current estimated Group pre-tax weighted average cost of capital to measure the value we create.

2017 performance
ROCE of 19.7% reflects an industry-leading performance.

Total shareholder return (TSR)

TSR provides a market-related measure of the Group’s progress against our objective of delivering long-term value for our shareholders.
TSR measures the total return to Mondi’s shareholders, including both share price appreciation and dividends paid.

2017 performance
Mondi realised a one-year TSR of 14% and recommended a total ordinary dividend of 62.0 euro cents per share and a special dividend of 100.0 euro cents per share.

Sustainable development

Total recordable case rate (TRCR)

The safety and health of all our employees and contractors is of paramount importance. Our goal is a zero harm workplace.

2017 performance
While our overall TRCR has improved by 21% against the 2015 baseline, we were deeply saddened by the fatalities, life-altering injuries and missing person (presumed deceased) during the year.

Sustainable fibre supply

Securing a sustainable source of fibre for our integrated pulp and paper mills is critical to the long-term sustainable success of these operations. We are committed to maintaining 100% FSC™-certified forests and at least 70% of procured wood from FSC-or PEFC-certified sources by 2020.

2017 performance
Our FSC- or PEFC-certified wood procured now stands at 71%, on track with our 2020 commitment.

Total specific CO2e emissions

We have continually focused on making our business less carbon intensive to address climate impacts. We are committed to a 15% reduction in specific CO2e emissions by 2030 against our 2014 baseline.

2017 performance
To date, we have reduced our specific CO2e emissions by 15%, meeting our 2030 commitment. We have adopted a new science-based target for production-related CO2 emissions intensity to 2050.


By excluding special items (which impact year-by-year comparability), underlying operating profit provides a measure of the operating performance of the Group and absolute growth in profitability of the operations. We target improving profitability across our business.

2017 performance
4% increase in underlying operating profit to €1,018 million.

Underlying EBITDA € million

Underlying EBITDA provides a measure of the absolute growth in the cash generating ability of the Group.

2017 performance
Underlying EBITDA of €1,444 million represents a 6% increase.

Investment grade credit rating

We aim to maintain investment grade credit ratings to ensure we have access to funding for investment opportunities through the business cycle.

2017 performance
Moody’s Investors Service upgraded the Group’s credit rating to Baa1 (stable outlook), and our BBB credit rating from Standard & Poor’s was reaffirmed and put on positive outlook.