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Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00B1CRLC47
JSE share code: MNP
23 February 2023
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.
Highlights
• 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%)
• €1 billion expansionary capital investment pipeline on track to deliver growth across our packaging businesses
• Good progress made on our sustainability roadmap, Mondi Action Plan 2030 (MAP2030)
◦ Science-based Net-Zero targets validated
• Completed sale of the Personal Care Components business
• Agreed sale of Russian assets, with regulatory approval process ongoing
• Recommended full year dividend of 70.0 euro cents per share, up 8% (2021: 65.0 euro cents per share)
• 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.
Financial summary1,2
Year ended Year ended
31 December 31 December Change
€ million, except for percentages and per share measures 2022 2021 %
From continuing operations
(excluding Russian operations)
Group revenue 8,902 6,974 28
Underlying EBITDA1 1,848 1,157 60
Underlying operating profit1 1,443 782 85
Operating profit 1,685 789 114
Profit before tax 1,560 712 119
Per share measures
Basic underlying earnings per share1 (euro cents) 195.6 110.1 78
Basic earnings per share (euro cents) 244.5 112.0 118
Total dividend per share (euro cents) 70.0 65.0 8
Cash generated from operations 1,292 1,001 29
Net debt1 1,011 1,689
Underlying EBITDA margin1 20.8% 16.6%
Return on capital employed (ROCE)1 23.7% 13.9%
From continuing and discontinued operations (including Russian operations)
Total EBITDA (prior to special items)1 2,338 1,503 56
Basic total earnings per share (prior to special items) 1 (euro cents) 250.4 154.0 63
Basic headline earnings per share1 (euro cents) 264.3 155.3 70
Return on capital employed (ROCE)1 26.0% 16.9%
Notes:
1 The Group presents certain measures of financial performance, position or cash flows that are not defined or specified according to International Financial
Reporting Standards (IFRS). These measures, referred to as Alternative Performance Measures (APMs), are defined at the end of the full announcement and
where relevant, reconciled to IFRS measures in the notes to the condensed consolidated financial statements (see link to the full announcement below).
2 The Group's operations in Russia have been classified as discontinued operations and reported as held for sale. The measures presented based on continuing
operations therefore exclude the Group's Russian operations. Refer to note 15 in the condensed consolidated financial statements for further information.
Andrew King, Mondi Group Chief Executive Officer, said:
"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.
My sincere thanks go to all our colleagues for their excellent delivery and continued professionalism, agility and
commitment in what has been a year impacted by significant external challenges.
Cash generated from continuing operations of €1,292 million, up 29% on 2021, led to a further strengthened balance
sheet, ending the year with leverage of 0.5 times. This gives us the strength and strategic flexibility to continue to invest
through the cycle, in turn reflecting our confidence in the long-term growth of the markets in which we operate and our
leading positions within them.
We continue to accelerate our growth ambitions, making good progress with our significant expansionary capital
investment pipeline. Projects focus on expanding capacity to serve growing markets, productivity improvements,
enhancing cost competitiveness and delivering sustainability benefits.
Particularly pleasing is the strong growth we are seeing in our market-leading Flexible Packaging business. Our
innovative product offering means we can use paper where possible and plastic when useful to provide customers with a
uniquely broad choice of flexible packaging solutions to meet their needs.
We are widely recognised as a leader in sustainability including maintaining our AAA rating from MSCI, being recognised
in CDP’s A List for leading practices in forestry and water security, and among the top 10 ranked companies globally in
the World Benchmarking Alliance’s inaugural nature benchmark. We continue to make good progress across our Mondi
Action Plan 2030 (MAP2030) sustainability framework. We are developing fit-for-purpose solutions, set apart by our
broad product offering and innovative capabilities, as we work towards making all our packaging and paper solutions
reusable, recyclable or compostable by 2025. We have accelerated our climate ambition, being among the first packaging
and paper companies to have Net-Zero targets validated by the Science Based Targets initiative. Engaging, developing
and safeguarding our people continues to be a priority as we look to build skills and promote a diverse and inclusive
work culture, while ensuring everyone returns home safely every day.
With our strong financial position and confidence in the future of the business, the Board has recommended an increase
in the final dividend to 48.33 euro cents per share. This represents a total dividend of 70.00 euro cents per share, an
increase of 8% over last year."
Dividend
We have a disciplined capital allocation policy ensuring we can invest in the business through the cycle for long-term growth and
deliver attractive returns, while supporting the ordinary dividend within a targeted dividend cover range of two to three times over
the cycle.
With our strong financial position and confidence in the future of the business, the Board has recommended an increase in the
final 2022 dividend to 48.33 euro cents per share. The final dividend, together with the interim dividend, amount to a total dividend
for the year of 70.00 euro cents per share, an increase of 8% on the 2021 total dividend.
The final dividend is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for 4 May
2023 and, if approved, is payable on 12 May 2023 to shareholders on the register on 31 March 2023.
The proposed final dividend for the year ended 31 December 2022 of 48.33 euro cents per share will be paid in accordance with
the following timetable:
Last date to trade shares cum-dividend
JSE Limited Tuesday 28 March 2023
London Stock Exchange Wednesday 29 March 2023
Shares commence trading ex-dividend
JSE Limited Wednesday 29 March 2023
London Stock Exchange Thursday 30 March 2023
Record date Friday 31 March 2023
Last date for receipt of Dividend Reinvestment Plan (DRIP) elections by Central Securities
Depository Participants Thursday 6 April 2023
Last date for DRIP elections to UK Registrar and South African Transfer Secretaries
South African Register Tuesday 11 April 2023
UK Register Tuesday 18 April 2023
Payment date Friday 12 May 2023
DRIP purchase settlement date (subject to market conditions and the purchase of shares
in the open market)
UK Register Tuesday 16 May 2023
South African Register Thursday 18 May 2023
Currency conversion date
ZAR/euro Thursday 23 February 2023
Euro/sterling Thursday 20 April 2023
Share certificates on Mondi plc’s South African register may not be dematerialised or rematerialised between Wednesday 29
March 2023 and Friday 31 March 2023, both dates inclusive, nor may transfers between the UK and South African registers of
Mondi plc take place between Wednesday 22 March 2023 and Friday 31 March 2023, both dates inclusive.
Information relating to the dividend tax to be withheld from Mondi plc shareholders on the South African branch register will be
announced separately, together with the ZAR/euro exchange rate to be applied, on or shortly after Thursday 23 February 2023.
The dividend will be paid from distributable reserves. For further information please see the full announcement (link below).
Short form announcement
This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full
announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement accessible from Thursday 23 February 2023 via the JSE link
below and also available on our website at www.mondigroup.com/en/investors/results-and-reports.
The full announcement is available at our registered office and our sponsor’s office for inspection, at no charge, during office
hours. The full announcement is derived from the Group annual financial statements which have been audited by
PricewaterhouseCoopers LLP. The unmodified audit report is available for inspection at the Group’s registered office.
Copies of the full announcement may also be requested by email: Investor.Relations@mondigroup.com
The JSE link is as follows: https://senspdf.jse.co.za/documents/2023/jse/isse/MNP/FY2022.pdf
Enquiries
Investors/analysts:
Fiona Lawrence +44 742 587 8683
Mondi Group Head of Investor Relations
Media:
Kerry Cooper +44 788 145 5806
Mondi Group Communication Director
Richard Mountain +44 790 968 4466
FTI Consulting
Audiocast and dial-in conference call details
Please see below details for the audiocast and conference call that will be held at 09:00 (GMT), 10:00 (CET), 11:00 (SAST) today.
Audiocast
An audiocast of the presentation will be accessible via https://www.mondigroup.com/en/investors/. A PDF of the slides will be
available to download from the above website 30 minutes before the audiocast commences. Written questions can be submitted
via the audiocast platform. If you wish to ask a question verbally, please connect via the dial-in conference call (details below).
For queries regarding access to the audiocast please e-mail group.communication@mondigroup.com. A recording of the
presentation will be available on Mondi’s website during the afternoon of 23 February 2023.
Dial-in conference call
To access the facility please register your name and contact details:
https://register.vevent.com/register/BI05574318313e4db4accfbb8dfe2079a0
Editors’ notes
Mondi is a global leader in packaging and paper, contributing to a better world by making innovative solutions that are sustainable
by design. Our business is integrated across the value chain – from managing forests and producing pulp, paper and films, to
developing and manufacturing sustainable consumer and industrial packaging solutions using paper where possible, plastic when
useful. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions,
created by empowered people, taking action on climate.
In 2022, Mondi had revenues of €8.9 billion and underlying EBITDA of €1.8 billion from continuing operations, and employed
22,000 people worldwide. Mondi has a premium listing on the London Stock Exchange (MNDI), where the Group is a FTSE100
constituent, and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
