Full year results for the year ended 31 December 2022
Strong performance in 2022; delivering our strategy.
Mondi, a global leader in sustainable packaging and paper, today announces its results for the 12 months to 31 December 2022. Performance from the Group's continuing operations exclude its Russian operations.
1. Strong financial performance from continuing operations
- Underlying EBITDA of €1,848 million, up 60% (2021: €1,157 million), with underlying EBITDA margin of 20.8% (2021: 16.6%)
- Profit before tax of €1,560 million, up 119% (2021: €712 million)
- Basic underlying earnings per share of 195.6 euro cents, up 78% (2021: 110.1 euro cents per share)
- Cash generated from operations of €1,292 million, up 29% (2021: €1,001 million); strong balance sheet with leverage (net debt to underlying EBITDA) of 0.5 times
- Return on capital employed (ROCE) of 23.7% (2021: 13.9%)
2. €1 billion expansionary capital investment pipeline on track to deliver growth across our packaging businesses
3. Good progress made on our sustainability roadmap, Mondi Action Plan 2030 (MAP2030)
- Science-based Net-Zero targets validated
4. Completed sale of the Personal Care Components business
5. Agreed sale of Russian assets, with regulatory approval process ongoing
6. Recommended full-year dividend of 70.0 euro cents per share, up 8% (2021: 65.0 euro cents per share)
7. Our unique platform, cash generation and strong balance sheet positions us to meet growing customer demand for sustainable packaging and invest to strengthen our leading market positions, in line with our strategy to deliver sustainable value accretive growth
Mondi delivered a strong performance across the business in 2022. Underlying EBITDA from continuing operations of €1,848 million was up 60% as we continue to successfully partner with our customers to deliver innovative and sustainable packaging and paper solutions. Our integrated business model and strong operational performance enabled us to manage inflationary pressures and expand margins through price increases.
Andrew King, Mondi Group Chief Executive Officer.