Final Results
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
20 February 2025
Full year results for the year ended 31 December 2024
Mondi, a global leader in the production of sustainable packaging and paper, today announces its results for the 12 months to 31 December 2024.
Highlights
• Resilient performance in line with our expectations
• Underlying EBITDA of €1,049 million, including €7 million forestry fair value gain (2023: €1,201 million including €128 million forestry fair value gain)
• Delivering on our growth strategy
• Started up five major capacity expansion projects – on time and within budget – including the new paper machine at Steti (Czech Republic) that commenced operations ahead of plan in December 2024
• Completed the acquisition of Hinton pulp mill (Canada)
• Agreed acquisition of Schumacher’s Western Europe Packaging Assets – on track to complete in H1 2025
• Supporting shareholder returns
• €1.60 per share special dividend paid in February 2024, returning net proceeds from sale of the Group’s Russian assets
• Recommended total ordinary dividend of 70.0 euro cents per share – in line with 2023
Financial summary
| € million, unless otherwise stated | Year ended 31 December 2024 | Year ended 31 December 2023 | Change % | Six months ended 31 December 2024 (H2 2024) | Six months ended 30 June 2024 (H1 2024) |
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| Group revenue | 7,416 | 7,330 | 1 | 3,677 | 3,739 |
| Underlying EBITDA1 | 1,049 | 1,201 | (13) | 484 | 565 |
| Forestry fair value gain / (loss) | 7 | 128 |
| (42) | 49 |
| Underlying EBITDA excluding forestry fair value gain1 | 1,042 | 1,073 |
| 526 | 516 |
| Underlying EBITDA margin1 | 14.1% | 16.4% |
| 13.2% | 15.1% |
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| Profit before tax | 378 | 682 | (45) |
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| Basic underlying earnings per share (euro cents)1 | 82.7 | 107.8 | (23) |
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| Basic earnings per share (euro cents) | 49.1 | 103.5 | (53) |
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| Total ordinary dividend per share (euro cents) | 70.0 | 70.0 | — |
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| Special dividend per share (euro cents) | 160.0 |
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| Cash generated from operations | 970 | 1,312 | (26) |
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| Net debt to underlying EBITDA (times)1 | 1.7 | 0.3 |
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| Return on capital employed (ROCE)1 | 9.6% | 12.8% |
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Note:
1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards. Refer to the Alternative Performance Measures (APMs) section at the end of this document for further detail.
Andrew King, Mondi Group Chief Executive Officer, commented:
“Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders.
“In 2024 Mondi successfully started up five major capacity expansion projects on time and within budget building a strong platform for growth. The largest of these, the new paper machine at Steti (Czech Republic), commenced operations ahead of schedule in December. We are very appreciative of the commitment of our colleagues who have worked tirelessly over the last few years to deliver these projects. Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering.
“Disciplined capital allocation to deliver value accretive growth remains a strategic priority and, alongside our investment in organic growth opportunities, we were pleased to announce the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which will expand our geographic reach and deliver integration benefits in our Corrugated Packaging business.
"Reflecting the importance of shareholder returns and our continued confidence in the future of the business, the Board has recommended a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share.
"As we move into 2025, while significant macroeconomic and geopolitical uncertainties remain, we are currently seeing improving order books across our packaging businesses and are implementing price increases across our range of packaging paper grades. With our culture of continuous improvement, we are focused on managing costs and driving productivity, alongside ramping up our new capacity expansion projects.
“The demand for sustainable products is providing many opportunities for Mondi and is a key driver of our growth. Our investments over the last few years, enhancing our unique packaging and paper platform and product offering for our customers, will support this growth.”
Enquiries
Investors/analysts:
Fiona Lawrence +44 742 587 8683
Mondi Group: Head of Investor Relations
Media:
Chris Gurney +44 799 004 3764
Mondi Group: Head of Corporate Communication
Richard Mountain +44 790 968 4466
FTI Consulting
Results presentation details
A webinar will be held today at 09:00 (GMT), 10:00 (CET), 11:00 (SAST).
Event registration link: https://storm-virtual-uk.zoom.us/webinar/register/WN_NnKIKisrTvW7KFhK6CXLBA
Once registered, you will receive a confirmation email from ‘MONDI Events’ with the webinar link and ID.
A replay will be available on our website within a couple hours after the end of the live results presentation at:
https://www.mondigroup.com/investors/results-reports-and-presentations/
For any queries, please email ir@mondigroup.com
Delivering on our strategy
Group performance review
Mondi demonstrated resilience during the year delivering an underlying EBITDA of €1,049 million, achieved against a backdrop of softness in demand and a challenging pricing environment. This performance highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders.
2024 started with some encouraging signs of recovery, with restocking and price increases across all our paper grades combined with lower input costs. As the year progressed the market recovery faltered with many of our markets experiencing a lacklustre demand environment resulting in prices first stabilising and then declining into the end of the year.
Underlying EBITDA of €1,049 million was 13% below last year primarily due to the significantly lower forestry fair value gain in 2024 of €7 million and a €32 million one-off currency loss recognised in the first half of 2024 from the devaluation of the Egyptian pound (2023: €1,201 million, forestry fair value gain of €128 million). Volume growth and lower wood, energy and chemical costs offset lower average prices and inflationary increases in operating costs.
Corrugated Packaging delivered an improved performance in the second half of the year when compared to the first half of the year. Margin expansion and an improvement in underlying EBITDA in the second half were driven by higher average selling prices which more than offset lower volumes as a result of a higher number of scheduled mill maintenance shuts compared to the first half. Excluding the one-off currency loss in the first half, Flexible Packaging's underlying EBITDA was down in the second half as higher average selling prices through the second half were offset by lower volumes and higher fixed costs from scheduled mill maintenance shuts. After a strong start to the year, Uncoated Fine Paper had a weaker second half of the year due to a forestry fair value loss, lower prices and scheduled mill maintenance shut impacts.
Basic underlying earnings per share were 82.7 euro cents (2023: 107.8 euro cents) reflecting lower profitability.
Special item pre-tax charges in the year were €150 million which included €110 million of closure costs at the Stambolijski kraft paper mill in Bulgaria.
Over the last three years Mondi has undertaken a meaningful capital expenditure programme across both corrugated and flexible packaging mills and converting plants investing €1.2 billion in total to expand capacity, increase cost competitiveness and improve our environmental footprint. By the end of 2024 80% of the investment had been completed – on time and within budget. Five of the major capacity expansion projects, including the new paper machine at Steti (Czech Republic) which commenced operations in December 2024, are now operational. Duino (Italy) remains on track to complete in the first half of 2025. Our focus turns to executing our operational and commercial strategy ensuring all these projects ramp up capacity efficiently to maximise value from our investments and deliver mid-teen returns through cycle.
Return on capital employed was 9.6% (2023: 12.8%), reflecting the ongoing challenging trading conditions, the significantly lower forestry fair value gain and a one-off currency loss from the devaluation of the Egyptian pound.
Maintaining a strong and flexible balance sheet, reflected in an investment grade credit rating, coupled with strong cash generation, enables the Group to continue investing through the cycle alongside paying dividends to shareholders. Cash generated from operations was €970 million, a reduction on the prior year (2023: €1,312 million) due to working capital movements. Net debt to underlying EBITDA at 31 December 2024 was 1.7 times (31 December 2023: 0.3 times) as the business continued to invest in its meaningful capital expenditure programme. We are on track to complete the acquisition of the Western Europe Packaging Assets of Schumacher Packaging, for an enterprise value of €634 million, in the first half of 2025, which will increase leverage in the short term.
The Board has recommended paying a total ordinary dividend for 2024 in line with last year, at 70.0 euro cents per share, reflecting our continued confidence in the future of our business.
Delivering value accretive growth, sustainably
Mondi aims to deliver value accretive growth for all our stakeholders by making packaging and paper solutions that are sustainable by design. We leverage our integrated business model to maintain our market leading positions, meet evolving customer preferences and contribute towards the transition to a circular economy.
In 2024 Mondi delivered further progress across each of its four strategic pillars: drive performance along the value chain, invest in quality assets, partner with our customers, and empower our people. Sustainability is core to Mondi’s strategy, and we have continued to make progress against our commitments through our Mondi Action Plan 2030 (MAP2030) sustainability framework.
Drive performance along the value chain
By implementing continuous improvement initiatives to optimise productivity, enhance our efficiency and eliminate waste across our operations, we gain considerable competitive advantage.
During 2024 we delivered improvements across the value chain to reduce input costs, largely from procurement initiatives, increase energy efficiency and further enhance product quality. The completion of a number of significant capital expenditure projects during the year will further improve productivity and efficiency.
Our focus on minimising the environmental impacts of our operations is demonstrated by our target to reduce waste to landfill per tonne of production by 30% by 2030, against a 2020 baseline. In 2024 we decreased our waste to landfill per tonne of production by 4% which, when compared to the 2020 baseline, is a reduction of 46%. We undertake projects to keep materials in circulation by recycling and reusing waste as secondary raw materials with this year's improvement mainly from our mills in Richards Bay (South Africa), Kuopio (Finland) and Dynas (Sweden).
Investing in quality assets
We invest in quality assets through the cycle. Our investments ensure we have capacity in structurally growing markets and a broad range of products to meet the increasing demand for sustainable packaging from our customers.
Over the last three years we have invested €1.2 billion to increase capacity in both Corrugated Packaging and Flexible Packaging. When fully ramped up, these projects will add more than 500,000 tonnes of additional virgin and recycled containerboard capacity (Swiecie, Kuopio and Duino) and 210,000 tonnes of kraft paper capacity (Steti). We also expanded our converting capacity, primarily through major box plant expansions at Warsaw and Simet (both Poland) and projects across Flexible Packaging. These include expanding our market-leading pet food packaging converting capability and a new extrusion line at Mondi Coating Steti (Czech Republic) to support the growth of food and non-food contact packaging. With this investment and build phase largely complete, we are now focused on executing our operational and commercial strategy to ensure these capacity expansion projects ramp up efficiently to maximise value from our investments and deliver mid-teen returns through cycle.
We also invest in our mills and plants to drive operating efficiency, increase energy self-sufficiency, reduce environmental impacts and maintain a competitive advantage. In 2024 we continued to make progress towards reducing our greenhouse gas emissions. Compared to our target of a 46% reduction in Scope 1 and 2 emissions by 2030 against our 2019 baseline, we achieved an 11% reduction compared to 2023 which, when compared to our 2019 baseline, is a reduction of 31%. Contributing to this is our continued focus on switching fuel mix towards renewable energy, including using biomass-based energy in our mills. In 2024, 79% of our energy was from renewables (2023: 75%). Further reductions will follow at our Richards Bay mill (South Africa), where we are replacing the coal-fired boilers with a biomass boiler, removing our reliance on externally procured energy, and at our Dynas mill (Sweden), where we are replacing our existing boiler with a new energy-efficient boiler. These energy investments reduce both costs and emissions, enabling us to offer our customers products with a lower carbon footprint, supporting their sustainability journey.
In February 2024 we completed the acquisition of the Hinton Pulp mill (Canada) and have made good progress developing team excellence and improving its productivity, sustainability performance and quality parameters for high-quality pulp suitable for kraft paper. Feasibility studies for a new sack kraft paper machine at the mill are ongoing in line with our intention to fully integrate our American paper bags business.
In October 2024 we reached an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging for an enterprise value of €634 million. The acquisition, due to complete in the first half of 2025, complements Mondi’s Corrugated Packaging operations in Europe. It includes two state-of-the-art mega-box plants in Germany and secures significant capacity for Mondi to continue to meet growing demand for sustainable packaging, particularly in eCommerce markets.
We continue to look at further opportunities for organic and inorganic growth investment across our packaging portfolio and to improve operating efficiency across all our operations to ensure we are well positioned to benefit from structural growth in our markets and meet the demands of our customers for sustainable packaging and paper.
Partner with customers
We believe that the global transition to sustainable packaging offers an important growth opportunity for Mondi. We innovate in partnership with our customers to create a unique range of fibre and high-end sustainable plastic packaging products that are fit for a future circular economy and support our customers’ sustainability journeys.
Complementing our corrugated solutions ‘Think Box’ innovation hubs, we recently opened ‘FlexStudios’ at Steinfeld (Germany) to help us co-create with our customers a range of new flexible packaging solutions. Working in collaboration with Amazon, we launched a fully recyclable, paper-based padded mailer this year and, reflecting the strength of our innovative ideas and technologies, we received ten 2025 WorldStar Packaging Awards.
We are focused on providing our customers with sustainable low-carbon packaging solutions that support their climate targets and keep materials in circulation. In Europe, our growth plans are supported by legislation that is increasingly driving the move towards more sustainable packaging products, including the Packaging and Packaging Waste Regulation. We continue to improve our data collection and analytics capabilities to enable us to support our customers with product-related data to manage their Scope 3 emissions, as well as maintaining traceability of our fibre sources.
We have increased the proportion of Mondi revenue from reusable, recyclable or compostable products to 87% (2023: 85%). In 2021, as part of MAP2030, we set a target of 100% of packaging and paper revenue to be reusable, recyclable or compostable by 2025. Corrugated Packaging and Uncoated Fine Paper are fully recyclable so our focus is on Flexible Packaging where we are making good progress. In 2024, we had a sustainable alternative in place, or identified and in development, for 97% of our Flexible Packaging revenue. With customer adoption rates slower than expected due to a number of factors including the weak macroeconomic environment, we recognise that achieving 100% in the coming year is unlikely. As we reach the midpoint of MAP2030 and with the expansion of our global footprint, we will be reviewing, and where relevant, updating our MAP2030 targets.
Empower our people
We are focused on creating an inspiring, inclusive and safe workplace that empowers our teams and enables leaders to take accountability for attracting, developing, and retaining talent to foster innovation and growth. We engage with colleagues throughout Mondi and take action based on their opinions and feedback. Over the past year, we implemented local actions across the Group to address points raised in the 2023 Employee Survey. On a Group level we have been looking at how we can promote psychological safety and reinforce a culture of listening and caring. As part of this, we conducted a pulse survey on speaking up in 2024, which had a 78% participation rate. This high level of engagement provides us with a representative sample and enables us to take meaningful action across the organisation.
Ensuring the safety of our colleagues remains our top priority and although we saw a slight increase in our Total Recordable Case Rate (TRCR) this year to 0.68 (2023: 0.64) we are still recognised as a leader in our industry. We did however regrettably experience a fatality of an employee at our Merebank mill (South Africa), and three people suffered serious finger injuries at our other operations. We are resolute in our commitment to investigating every incident thoroughly. Procedures and practices are rigorously revised to prevent any recurrence and ensure everyone returns home safely at the end of each day.
Returns focused capital allocation
Our disciplined capital allocation policy gives us the flexibility to invest through the economic cycle to drive long-term growth and to deliver attractive returns, while supporting the ordinary dividend. Cash generated from operations was €970 million in 2024 and we ended the year in a robust financial position demonstrated by a leverage ratio of 1.7 times net debt to underlying EBITDA.
While 2024 was another year of navigating challenging markets, the Board has recommended a full year ordinary dividend of 70.0 euro cents per share reflecting its continued confidence in the future of the business.
Following the sale of the Group’s Russian assets at the end of 2023, and on obtaining shareholder approval, Mondi returned the net proceeds received of €769 million to shareholders as a €1.60 per share special dividend in February 2024. The special dividend was accompanied by a share consolidation, whereby shareholders received 10 new ordinary shares for every 11 existing ordinary shares held.
Mondi sees excellent growth and return opportunities from investing in its packaging verticals of Corrugated Packaging and Flexible Packaging through both organic growth and acquisitions, while continuing to optimise its well-located and competitive Uncoated Fine Paper operations. Geographically, the focus for growth in Corrugated Packaging is in leveraging our leading positions and vertical integration strengths in Europe and adjacent markets. In Flexible Packaging we will continue to seek opportunities to develop our leading global franchise in kraft paper and paper bags, while focusing our consumer flexibles business on serving the more developed markets of Europe and North America.
Business unit review
Corrugated Packaging
Mondi is a leading producer of corrugated packaging with a cost-competitive asset base and strong customer offering focused on quality, reliability and service. We are the leading virgin containerboard producer in Europe and the largest containerboard producer in emerging Europe. Our virgin containerboard is a high-quality product with excellent properties for specialised end-use applications, ideal to meet our customers' needs around the globe.
We are also a leading corrugated solutions producer across central and emerging Europe. We leverage our integrated production network and partner with our customers to create fully recyclable corrugated boxes and packaging.
| € million and percentage | Year ended 31 December 2024 | Year ended 31 December 2023 | Change % | Six months ended 31 December 2024 (H2 2024) | Six months ended 30 June 2024 (H1 2024) |
| Segment revenue | 2,251 | 2,280 | (1) | 1,148 | 1,103 |
| Underlying EBITDA | 328 | 310 | 6 | 185 | 143 |
| Underlying EBITDA margin (%) | 14.6% | 13.6% |
| 16.1% | 13.0% |
| Capital employed | 2,609 | 2,318 |
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| ROCE (%) | 7.2% | 7.7% |
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Corrugated Packaging delivered an improved performance compared to 2023 with underlying EBITDA of €328 million and margin of 14.6% (2023: €310 million, 13.6%). The business exhibited good cost control, achieving a reduction in input costs which more than offset inflationary cost pressures. Performance in the second half of the year was stronger when compared to the first half mainly due to higher average selling prices.
In Containerboard, our sales volumes were broadly flat compared to the prior year as the business continued to deliver its broad range of high-quality paper grades to customers. We achieved selling price increases through the year before some modest reductions during the last quarter resulting in broadly similar average selling prices for the year compared to the prior year. We are currently implementing containerboard price increases.
In Corrugated Solutions, box volumes were broadly flat but improved over the year, with higher volumes in the second half compared to the first half supported by the growing demand for sustainable packaging solutions used in eCommerce and other consumer end-use applications.
The majority of our major capacity expansion projects have started up and are ramping up capacity. In Containerboard, this includes the €125 million modernisation investment at our Kuopio mill (Finland) which is increasing semi-chemical fluting capacity by 55,000 tonnes while enhancing efficiency and improving environmental performance at the mill. In addition, our €95 million debottlenecking project at Swiecie mill (Poland) is increasing kraftliner capacity by 55,000 tonnes. In Corrugated Solutions, completed investments include our Warsaw and Simet plant expansions in Poland, transforming these sites into state-of-the-art corrugated packaging facilities tailored to serve the specialised needs of our customers in Poland and beyond.
We continue to make good progress with our €200 million investment at our Duino mill (Italy) to convert the existing paper machine into a high-quality, cost-competitive recycled containerboard machine with an annual capacity of 420,000 tonnes. Start-up of the machine is expected in the first half of 2025.
Flexible Packaging
We are a global flexible packaging producer with a unique portfolio of solutions. We primarily produce kraft paper which is converted into paper bags or used for specialist consumer or industrial applications. As the global leader in kraft paper and paper bag production, and together with our high level of integration, our customers come to us for scale, security of supply and global reach.
We are also a leading producer of high-quality, flexible plastic-based packaging for consumer end-uses in Europe. Furthermore, we have broad coating capabilities which add barriers to create functional paper solutions that protect the goods inside while continuing to be recyclable in paper waste streams.
| € million and percentage | Year ended 31 December 2024 | Year ended 31 December 2023 | Change % | Six months ended 31 December 2024 (H2 2024) | Six months ended 30 June 2024 (H1 2024) |
| Segment revenue | 3,964 | 3,866 | 3 | 1,940 | 2,024 |
| Underlying EBITDA | 558 | 637 | (12) | 282 | 276 |
| Underlying EBITDA margin (%) | 14.1% | 16.5% |
| 14.5% | 13.6% |
| Capital employed | 3,418 | 3,167 |
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| ROCE (%) | 11.5% | 14.4% |
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Flexible Packaging's underlying EBITDA was €558 million for the year with margin of 14.1% (2023: €637 million, 16.5%) as higher sales volumes and reduced input costs were offset by lower average selling prices and inflationary cost pressures. A €32 million one-off currency loss from the devaluation of the Egyptian pound, as previously reported, was also recognised in the first half of the year. Excluding this one-off loss, Flexible Packaging's underlying EBITDA was down in the second half as higher average selling prices through the second half were offset by lower volumes and higher fixed costs from scheduled mill maintenance shuts.
In Kraft Paper, improvements in market demand, supported by the drive for more sustainable solutions, led to higher sales volumes compared to 2023. While kraft paper selling prices increased during the first half and into the second half of the year, average prices for the year remained below the prior year's averages. In 2025, kraft paper has seen some early signs of improving demand with order books tightening, supporting price increase announcements.
Paper Bags increased sales volumes by 3% compared to the prior year. This was supported by the growing demand for traditional building material and cement applications across our main emerging markets served, as well as increasing demand for eCommerce solutions as our customers transition from plastic mailers to our paper-based MailerBAGs. Input costs were lower compared to the prior year primarily due to lower average kraft paper prices. This mitigated the impact of lower paper bag selling prices.
Consumer Flexibles and Functional Paper and Films delivered resilient performances with good margins and higher sales volumes compared to 2023, continuing to provide customers with innovative and sustainable packaging solutions.
During the year, we made good progress on our major capacity expansion projects. Our €400 million investment in a new 210,000 tonne per annum kraft paper machine and pulp mill upgrade at our Steti mill (Czech Republic) commenced operations in December 2024. We also have a number of investments across our converting plant network including expanding and upgrading the global reach of our paper bag network, starting up a new extrusion line at Steti and investments to consolidate our leading position in European pet food packaging.
In February 2024 we completed the acquisition of the Hinton Pulp mill (Canada) and have made good progress developing team excellence and improving its productivity, sustainability performance and quality parameters for high-quality pulp suitable for kraft paper. Feasibility studies for a new sack kraft paper machine at the mill are ongoing in line with our intention to fully integrate our American paper bags business.
Uncoated Fine Paper
Our Uncoated Fine Paper business produces a wide range of home, office, converting and professional printing papers at our mills in central Europe and South Africa. We have strong customer relationships, leveraging our leading positions in these regions. We also produce and sell market pulp to customers around the world.
| € million and percentage | Year ended 31 December 2024 | Year ended 31 December 2023 | Change % | Six months ended 31 December 2024 (H2 2024) | Six months ended 30 June 2024 (H1 2024) |
| Segment revenue | 1,317 | 1,292 | 2 | 648 | 669 |
| Underlying EBITDA | 198 | 289 | (31) | 32 | 166 |
| Forestry fair value gain / (loss) | 7 | 128 |
| (42) | 49 |
| Underlying EBITDA excluding forestry fair value gain | 191 | 161 |
| 74 | 117 |
| Underlying EBITDA margin (%) | 15.0% | 22.4% |
| 4.9% | 24.8% |
| Capital employed | 1,133 | 1,095 |
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| ROCE (%) | 11.1% | 20.6% |
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In Uncoated Fine Paper, underlying EBITDA of €198 million and margin of 15.0% were below last year due to the significantly lower forestry fair value gain in 2024 of €7 million (2023: Underlying EBITDA of €289 million, margin of 22.4% and forestry fair value gain of €128 million). Excluding the impact of the significantly lower forestry fair value gain, the business delivered an improved performance when compared to the prior year driven by higher sales volumes and reduced input costs despite lower average selling prices.
In Europe, sales volume increases were supported by a recovery in market demand during the year, market share gains and restocking effects in the first half of the year which abated in the second half. In South Africa, sales volumes were modestly down on the prior year due to weaker domestic demand.
Uncoated fine paper selling prices increased in the first half of the year however these largely reversed in the second half and ended the year below 2024 average prices.
Average market pulp prices were higher than the prior year. These increased sharply during the first half of the year before decreasing over the course of the second half, ending the year below average 2024 price levels.
The forestry fair value gain of €7 million in the year (2023: €128 million) comprised a €49 million gain in the first half which largely reversed in the second half (loss of €42 million) as a result of wood price decreases in South Africa.
Finance review
In October 2024 we reached an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging with completion expected in the first half of 2025. All 2025 guidance provided below excludes this acquisition.
Group performance
Group revenue of €7,416 million was up on the prior year with higher sales volumes despite lower average selling prices (2023: €7,330 million). Underlying EBITDA was lower than the prior year at €1,049 million (2023: €1,201 million) due to the significantly lower forestry fair value gain and a one-off currency loss from the devaluation of the Egyptian pound recorded in the period. The Group's underlying EBITDA margin was 14.1% (2023: 16.4%).
In 2024, input costs were lower than the prior year following price declines across most input cost categories in 2023, with the largest benefits achieved from lower wood costs in central Europe as well as energy and chemical costs. Paper for recycling costs were higher due to price increases during the first half of 2024 which largely reversed over the second half of the year. As we enter 2025, input costs are broadly stable and similar to average 2024 levels.
Total maintenance costs were higher in the year mainly as a result of the inclusion of the Hinton Pulp mill (Canada) that was acquired in February 2024. In 2025, we expect a similar phasing of planned maintenance shuts as in 2024 with the majority to be undertaken in the second half of the year. Personnel costs were also higher, driven by the inclusion of Hinton's employee costs following the acquisition and inflationary cost pressures most notably from the hyperinflationary environment in Turkiye. We remain focused on cost control, driving efficiency improvements and taking decisive restructuring actions where necessary. In regard to the latter, we closed three production sites in the year and transferred volumes to other sites to ensure continuity of supply to our customers. Other net operating expenses were negatively impacted by the significantly lower forestry fair value gain and one-off currency loss as outlined above, together with lower income received from green energy sales and disposal of emissions credits. Comparability was also impacted by income received in the prior year from an insurance claim.
Depreciation, amortisation and impairment underlying charges were higher at €443 million (2023: €411 million) as a result of starting up a number of capital investment projects in the year. These are expected to be €450-475 million in 2025.
Net finance costs of €70 million were in line with the prior year (2023: €73 million). In 2025, we expect net finance costs of around €90 million due to a higher average net debt balance.
The underlying tax charge for the year was €117 million, giving an effective tax rate of 22.2% (2023: €167 million, 23.6%). In 2025, we expect our effective tax rate to be around 23%.
A special item pre-tax charge of €150 million was recognised in the year. This included, as previously reported, closure costs at the Stambolijski kraft paper mill in Bulgaria which totalled €110 million and primarily related to a non-cash asset impairment charge of €73 million. The remaining costs comprised €22 million from closing two paper bag plants during the year, as well as €18 million of transaction-related costs.
Basic underlying earnings per share were 82.7 euro cents (2023: 107.8 euro cents) reflecting the lower underlying earnings and the effect of the share consolidation that accompanied the special dividend paid in February 2024. After taking special items into account, basic earnings per share were 49.1 euro cents (2023: 103.5 euro cents, special item pre-tax charge of €27 million).
Cash flow
Cash generated from operations was €970 million, lower than the prior year (2023: €1,312 million) as a result of a working capital cash outflow in the year of €108 million compared to an inflow in 2023 of €229 million, impacted in part by an increase in inventory levels following the start-up of our major capacity expansion projects.
Capital expenditure cash payments were €933 million (2023: €830 million) as we continued to invest in our meaningful capital expenditure programme alongside investing to improve efficiency, reduce environmental impacts and increase energy self-sufficiency. In 2025 we expect capital expenditure to be €750-850 million which, in addition to regular stay in business capital expenditure, includes the final payments associated with our €1.2 billion capital expenditure programme, and the ongoing investments to replace the boilers in both Richards Bay (South Africa) and Dynas (Sweden).
Tax paid was €120 million (2023: €178 million) and interest paid including derivative interest was €79 million (2023: €103 million).
The Group returned €1,081 million of dividends to shareholders during the year. This comprised a €1.60 per share special dividend payment in February 2024 totalling €769 million from the disposal of the Group´s Russian operations in 2023. In addition, ordinary dividends totalling 70.0 euro cents per share were paid to shareholders representing a distribution of €312 million.
Liquidity, treasury and borrowings
Net debt at 31 December 2024 was €1,732 million with net debt to underlying EBITDA at 1.7 times (31 December 2023: €419 million, 0.3 times), the increase in leverage reflecting the ongoing investment into the business and the special dividend payment to shareholders in February 2024.
In April 2024, the Group repaid a €500 million Eurobond on maturity and in May 2024, issued a 3.75% €500 million Eurobond with an 8-year tenor, thereby extending the Group's maturity profile. Mondi's available liquidity at 31 December 2024 was €1,028 million, comprising the undrawn Syndicated Revolving Credit Facility (RCF) of €750 million and cash and cash equivalents of €278 million. The weighted average maturity of our committed debt facilities at the end of the year was 3.9 years with no significant short-term debt maturities. Our financing agreements do not contain financial covenants.
In addition, and effective from January 2025, we increased the RCF by €250 million (to €1 billion) to further strengthen our liquidity position.
The Group maintains its investment grade credit rating and has an A- (stable outlook) credit rating from Standard & Poor’s and a Baa1 (stable outlook) credit rating from Moody’s.
Principal risks
The Board is responsible for the effectiveness of the Group’s risk management activities and internal control processes. It has put procedures in place for identifying, evaluating, and managing the risks faced by the Group. In combination with the Audit Committee, the Board conducted, over the course of the year, a robust assessment of the Group’s principal and emerging risks to which Mondi is exposed and it is satisfied that the Group has effective systems and controls in place to manage these risks relative to the risk appetite levels established.
Risk management is by its nature a dynamic and ongoing process. Risk management is of key importance given the diversity of the Group’s locations, markets and production processes. Our internal controls aim to provide reasonable assurance as to the accuracy, reliability and integrity of our financial information, non-financial disclosures and the Group’s compliance with applicable laws, regulations and internal policies as well as the effectiveness of internal processes.
Key changes in the year
The Group’s most significant risks are long term in nature. The assessment of the principal risks is updated annually to reflect the developments in our strategic priorities and Board discussions on emerging risks.
In 2024, a review of the Group’s approach to the assessment of risk appetite was performed. The review considered various risk appetite methodologies and settled on an optimal approach which enables risk owners to use and own the risk appetite in a practical manner. The Group utilises a four-point risk appetite rating scale against which the residual risk of each principal risk can be considered. Where a difference is identified between the risk appetite and residual risk rating, the risk owner provides an explanation for and a chosen approach to address the differential to the Executive Committee and the Board.
A detailed risk assurance map is used to present our principal risks to the Board, Audit Committee and Sustainable Development Committee, facilitating comprehensive discussions on risk. The Board, in combination with the Audit Committee, is satisfied that the review performed has enhanced the Group’s approach to risk management. The Group remains committed to the continuous improvement of risk assessment, risk management and risk reporting.
No changes to the Group’s principal risks were identified during the 2024 review.
The Board considered decreasing the risk rating for cost and availability of raw materials due to a stabilised procurement environment; however, the risk rating was maintained due to longer-term structural changes in the pricing and availability of wood.
Emerging risks
The Board introduced a new emerging risk for the Group related to the integration of a major acquisition, prompted by the announced acquisition of the Western Europe Packaging Assets of Schumacher Packaging, which is scheduled to complete in the first half of 2025.
The risks noted relating to a major acquisition included the integration of a private company into a public company environment, the large scale of the acquisition, the alignment of a different IT landscape and the combining of different corporate cultures.
The Board is confident that risks associated with the acquisition will be well mitigated, and that inclusion as an emerging risk and not as a principal risk is the correct judgement.
In 2023, the Group noted one emerging risk for the execution of major capital expenditure projects. This emerging risk was amended in 2024 to an emerging risk labelled start-up and commercial ramp-up of major capital projects. The amendment is due to the current phase of the Group’s capital investment programme. The emerging risk is managed through mitigating activities, such that the residual risk exposure is not considered significant.
Asset start-up and commercial ramp-up are planned in detail and updated from initial project inception through to completion. Post-investment reviews are conducted on major capital investments to evaluate the project execution against the plan and identify lessons learnt. We will continue to monitor and mitigate potential risks relating to the start-up and commercial ramp-up of major capital projects in the year ahead.
Strategic risks
The industries and geographies in which we operate expose us to specific long-term risks which are accepted by the Board as a consequence of the Group’s chosen strategy and operating footprint.
We continue to monitor recent capacity announcements, demand developments and how consumers are demanding more sustainable packaging. We continue to develop our understanding of climate change risks and its impact whilst continuing to improve our disclosures and improve our responses.
The Executive Committee and Board monitor our exposure to these risks and evaluate investment decisions against our overall exposures so that our strategic capital allocation takes advantage of the opportunities arising from our deliberate exposure to such risks.
Our principal strategic risks relate to the following:
• Industry productive capacity
• Product substitution
• Fluctuations and variability in selling prices or gross margins
• Country risk
• Climate change risks
Financial risks
We aim to maintain an appropriate capital structure and to manage our financial risk exposures in compliance with all laws and regulations.
An attentive approach to financial risk management remains in response to tax risks and ongoing short-term currency volatility.
Our principal financial risks relate to the following:
• Capital structure
• Currency risk
• Tax risk
Operational risks
As a Group we focus on operational excellence and investment in our people and are committed to the responsible use of resources.
Our investments to improve our energy efficiency, engineer out our most significant safety risks and improve operating efficiencies reduce the likelihood of operational risk events.
Our principal operational risks relate to the following:
• Cost and availability of raw materials
• Energy security and related input costs
• Technical integrity of our operating assets
• Environmental impact
• Employee and contractor health and safety
• Attraction and retention of key skills and talent
• Cyber security risk
Compliance risk
We have a zero tolerance approach to non-compliance. Our strong culture and values underpin our approach. These are emphasised in every part of our business with a focus on integrity, honesty and transparency.
Our principal compliance risk relates to reputational risk.
A more detailed description of our principal risks can be found in the Group’s 2023 Integrated Report. The 2024 Integrated Report is planned to be published in March 2025.
Going concern
The directors have reviewed the Group’s budget and considered the assumptions contained in the budget, including consideration of the principal risks which may impact the Group’s performance in the 18 months following the balance sheet date and considerations of the period immediately thereafter.
The Group has a strong balance sheet. At 31 December 2024, the Group had a liquidity position of €1,028 million, comprising €750 million of undrawn committed debt facilities and cash and cash equivalents of €278 million available. As the Group’s debt facilities and loan agreements contain no financial covenants, in performing its going concern assessment the directors have focused on liquidity.
The Group announced on 9 October 2024 that it entered into an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging for an enterprise value of €634 million. The required financing for the transaction has been considered in all scenarios tested. In order to provide increased liquidity headroom for the Group following the agreed Schumacher Packaging acquisition, the Group utilised the accordion increase in its €750 million RCF, to increase the available facility by €250 million to €1 billion, effective 2 January 2025. All of the banks agreed to the increase.
The Group has a track record of successfully accessing both bank and debt capital markets for funding, and the Group’s management is expecting to be able to refinance any facility maturing during the going concern period. The Board believes that the strong and stable financial position of the Group, supported by a continued strong investment grade credit rating from both Moody’s (Baa1, outlook stable) and Standard & Poor’s (A-, outlook stable), ensures the Group has access to funding through the going concern period.
The current and possible future impact from the macroeconomic environment on the Group’s activities and performance has been considered by the Board in preparing its going concern assessment. The base case forecasts for the Group, being those arising over the 18-month going concern assessment period as reflected in the Group’s 2025-2027 plan, were sensitised to reflect a severe but plausible downside scenario on Group performance.
The scenario testing assumed severe but plausible volume and margin reductions happening in combination and was carried out against Mondi’s current committed debt facilities, and on the assumption that the Group’s €600 million Eurobond maturing in April 2026 will be successfully refinanced. Given the Group’s track record of successfully accessing both the bank and debt capital markets for funding, the Board is confident that the Group will be able to refinance the bond. This testing does not incorporate any mitigation actions such as reductions and deferrals of capital and operational expenditure or cash preservation responses, which the Group would implement in the event of severe and extended revenue decline.
In the severe but plausible downside scenario, the Group has sufficient liquidity headroom throughout the entire period covered by the going concern assessment.
A further scenario has been modelled which, while considered highly unlikely, assumes that no refinancing takes place during the going concern period. In this scenario the Group would implement mitigating actions including reductions and deferrals of capital and operational expenditure and other cash preservation responses to maintain sufficient liquidity.
In addition to its modelled downside going concern scenario, the Board has reverse stress tested the model to determine the extent of downturn which would result in no liquidity headroom. The test was conducted based on the Group’s current committed debt facilities, with the assumption that any facility maturing during the assessment period will be refinanced. A decline of 45% to the planned underlying EBITDA in the period until 30 June 2026, well in excess of that contemplated in the severe but plausible downside scenario, would need to persist throughout the observed period to result in no liquidity headroom, which is considered very unlikely. This reverse stress test also does not incorporate mitigating actions such as reductions and deferrals of capital and operational expenditure or cash preservation responses, which the Group would implement in the event of a severe and extended revenue decline.
Following its assessment, the directors have formed a judgement, at the time of approving the condensed consolidated financial statements, that there are no material uncertainties that cast doubt on the Group’s going concern status and that it is a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern period. For this reason, the Group continues to adopt the going concern basis in preparing the condensed consolidated financial statements for the year ended 31 December 2024.
Audited financial information
The condensed consolidated financial statements and notes 1 to 19 for the year ended 31 December 2024 are 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.
Condensed consolidated income statement
for the year ended 31 December 2024
|
|
| 2024 | 2023 | ||||
| € million | Notes | Underlying | Special items (Note 4) | Total | Underlying | Special items (Note 4) | Total |
| From continuing operations |
|
|
|
|
|
|
|
| Group revenue | 3 | 7,416 | — | 7,416 | 7,330 | — | 7,330 |
| Materials, energy and consumables used |
| (3,696) | — | (3,696) | (3,971) | — | (3,971) |
| Variable selling expenses |
| (645) | — | (645) | (618) | — | (618) |
| Gross margin |
| 3,075 | — | 3,075 | 2,741 | — | 2,741 |
| Maintenance and other indirect expenses |
| (425) | — | (425) | (374) | — | (374) |
| Personnel costs |
| (1,228) | (18) | (1,246) | (1,087) | (9) | (1,096) |
| Other net operating expenses |
| (373) | (58) | (431) | (79) | (14) | (93) |
| EBITDA | 3 | 1,049 | (76) | 973 | 1,201 | (23) | 1,178 |
| Depreciation, amortisation and impairments |
| (443) | (74) | (517) | (411) | (4) | (415) |
| Operating profit | 3 | 606 | (150) | 456 | 790 | (27) | 763 |
| Net loss from joint ventures |
| (3) | — | (3) | (5) | — | (5) |
| Impairment of investments in joint ventures |
| — | — | — | (5) | — | (5) |
| Net finance costs |
| (70) | — | (70) | (73) | — | (73) |
| Investment income |
| 30 | — | 30 | 45 | — | 45 |
| Foreign currency (losses)/gains |
| (3) | — | (3) | 1 | — | 1 |
| Finance costs |
| (97) | — | (97) | (119) | — | (119) |
| Net monetary (loss)/gain arising from hyperinflationary economies |
| (5) | — | (5) | 2 | — | 2 |
| Profit before tax |
| 528 | (150) | 378 | 709 | (27) | 682 |
| Tax (charge)/credit | 6 | (117) | 1 | (116) | (167) | 6 | (161) |
| Profit from continuing operations |
| 411 | (149) | 262 | 542 | (21) | 521 |
| From discontinued operations |
|
|
|
|
|
|
|
| Loss from discontinued operations1 |
|
|
| — |
|
| (655) |
| Profit/(loss) for the year |
|
|
| 262 |
|
| (134) |
| Attributable to: |
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
| 44 |
|
| 19 |
| Shareholders |
|
|
| 218 |
|
| (153) |
|
|
|
|
|
|
|
|
|
| Earnings per share (EPS) attributable to shareholders2 |
|
|
|
|
|
|
|
| euro cents |
|
|
|
|
|
|
|
| From continuing operations |
|
|
|
|
|
|
|
| Basic EPS | 7 |
|
| 49.1 |
|
| 103.5 |
| Diluted EPS | 7 |
|
| 49.1 |
|
| 103.5 |
| Basic underlying EPS | 7 |
|
| 82.7 |
|
| 107.8 |
| Diluted underlying EPS | 7 |
|
| 82.6 |
|
| 107.8 |
| From continuing and discontinued operations |
|
|
|
|
|
|
|
| Basic EPS | 7 |
|
| 49.1 |
|
| (31.5) |
| Diluted EPS | 7 |
|
| 49.1 |
|
| (31.5) |
Notes:
1 Discontinued operations represent the Group’s Russian packaging operations and the Syktyvkar mill until the disposal completed on 30 June 2023 and 4 October 2023, respectively. Details on the transaction and information on the financial performance and cash flows of the discontinued operations for the year ended 31 December 2023 were disclosed in note 28 of the Group’s Integrated report and financial statements 2023.
2 On 13 February 2024, the Group returned the net proceeds from the sale of the Group’s Russian assets to its shareholders by way of a special dividend. In addition, in order to maintain the comparability, so far as possible, of Mondi plc’s share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29 January 2024, resulting in shareholders receiving 10 new ordinary shares for every 11 existing ordinary shares. Further details are provided in notes 7, 8 and 10.
Condensed consolidated statement of comprehensive income
for the year ended 31 December 2024
|
| 2024 | 2023 | ||||
| € million | Before tax amount | Tax credit | Net of tax amount | Before tax amount | Tax credit | Net of tax amount |
| Profit/(loss) for the year |
|
| 262 |
|
| (134) |
| Items that may subsequently be or have been reclassified to the condensed consolidated income statement |
|
|
|
|
|
|
| Fair value losses arising from cash flow hedges of continuing operations | (2) | 1 | (1) | — | — | — |
| Exchange differences on translation of continuing non-euro operations | 75 | — | 75 | (70) | — | (70) |
| Exchange differences on translation of discontinued non-euro operations | — | — | — | (227) | — | (227) |
| Reclassification of foreign currency translation reserve to the consolidated income statement on disposal of businesses of discontinued operations | — | — | — | 633 | — | 633 |
| Items that will not subsequently be reclassified to the condensed consolidated income statement |
|
|
|
|
|
|
| Remeasurements of retirement benefits plans of continuing operations | (2) | — | (2) | (23) | 7 | (16) |
| Other comprehensive income for the year | 71 | 1 | 72 | 313 | 7 | 320 |
|
|
|
|
|
|
|
|
| Other comprehensive income/(expense) attributable to: |
|
|
|
|
|
|
| Non-controlling interests |
|
| 11 |
|
| (3) |
| Shareholders |
|
| 61 |
|
| 323 |
|
|
|
|
|
|
|
|
| Total comprehensive income attributable to: |
|
|
|
|
|
|
| Non-controlling interests |
|
| 55 |
|
| 16 |
| Shareholders |
|
| 279 |
|
| 170 |
|
|
|
|
|
|
|
|
| Total comprehensive income/(expense) attributable to shareholders arises from: |
|
|
|
|
|
|
| Continuing operations |
|
| 279 |
|
| 419 |
| Discontinued operations |
|
| — |
|
| (249) |
|
|
|
|
|
|
|
|
| Total comprehensive income for the year |
|
| 334 |
|
| 186 |
Condensed consolidated statement of financial position
as at 31 December 2024
| € million | Notes | 2024 | 2023 |
| Property, plant and equipment |
| 5,160 | 4,619 |
| Goodwill |
| 767 | 765 |
| Intangible assets |
| 70 | 68 |
| Forestry assets | 9 | 503 | 519 |
| Investments in joint ventures |
| 5 | 8 |
| Financial instruments |
| 29 | 28 |
| Deferred tax assets |
| 22 | 24 |
| Net retirement benefits asset |
| 3 | 5 |
| Other non-current assets |
| 3 | 5 |
| Total non-current assets |
| 6,562 | 6,041 |
| Inventories |
| 1,194 | 1,049 |
| Trade and other receivables |
| 1,275 | 1,254 |
| Current tax assets |
| 22 | 14 |
| Financial instruments |
| 10 | 14 |
| Cash and cash equivalents | 14b | 278 | 1,592 |
| Total current assets |
| 2,779 | 3,923 |
| Total assets |
| 9,341 | 9,964 |
|
|
|
|
|
| Short-term borrowings | 11 | (63) | (559) |
| Trade and other payables |
| (1,281) | (1,219) |
| Current tax liabilities |
| (67) | (78) |
| Provisions |
| (65) | (21) |
| Financial instruments |
| (9) | (4) |
| Total current liabilities |
| (1,485) | (1,881) |
| Medium- and long-term borrowings | 11 | (1,952) | (1,460) |
| Net retirement benefits liability | 12 | (161) | (159) |
| Deferred tax liabilities |
| (342) | (322) |
| Provisions |
| (32) | (27) |
| Other non-current liabilities |
| (19) | (19) |
| Total non-current liabilities |
| (2,506) | (1,987) |
| Total liabilities |
| (3,991) | (3,868) |
|
|
|
|
|
| Net assets |
| 5,350 | 6,096 |
|
|
|
|
|
| Equity |
|
|
|
| Share capital | 10 | 97 | 97 |
| Own shares |
| (20) | (17) |
| Retained earnings |
| 4,582 | 5,434 |
| Other reserves |
| 198 | 141 |
| Total attributable to shareholders |
| 4,857 | 5,655 |
| Non-controlling interests in equity |
| 493 | 441 |
| Total equity |
| 5,350 | 6,096 |
The Group’s condensed consolidated financial statements, including related notes 1 to 19, were approved by the Board and authorised for issue on 19 February 2025 and were signed on its behalf by:
Andrew King Mike Powell
Director Director
Condensed consolidated statement of changes in equity
for the year ended 31 December 2024
| € million | Equity attributable to shareholders | Non-controlling interests | Total |
| At 1 January 2023 | 5,794 | 460 | 6,254 |
| Total comprehensive income for the year: | 170 | 16 | 186 |
| (Loss)/profit for the year | (153) | 19 | (134) |
| Other comprehensive income/(expense) | 323 | (3) | 320 |
| Hyperinflation monetary adjustment | 14 | 1 | 15 |
| Transactions with shareholders in their capacity as shareholders |
|
|
|
| Dividends | (345) | (7) | (352) |
| Purchases of own shares | (8) | — | (8) |
| Mondi share schemes’ charge | 9 | — | 9 |
| Non-controlling interests bought out | 21 | (29) | (8) |
| At 31 December 2023 | 5,655 | 441 | 6,096 |
| Total comprehensive income for the year: | 279 | 55 | 334 |
| Profit for the year | 218 | 44 | 262 |
| Other comprehensive income | 61 | 11 | 72 |
| Hyperinflation monetary adjustment | 7 | — | 7 |
| Transactions with shareholders in their capacity as shareholders |
|
|
|
| Dividends (see note 8) | (1,081) | (6) | (1,087) |
| Purchases of own shares | (12) | — | (12) |
| Mondi share schemes’ charge | 9 | — | 9 |
| Injection from non-controlling interests | — | 3 | 3 |
| At 31 December 2024 | 4,857 | 493 | 5,350 |
Equity attributable to shareholders
| € million | 2024 | 2023 | At 1 January 2023 |
| Share capital | 97 | 97 | 97 |
| Own shares | (20) | (17) | (16) |
| Retained earnings | 4,582 | 5,434 | 5,895 |
| Cumulative translation adjustment reserve | (456) | (520) | (859) |
| Post-retirement benefits reserve | (59) | (53) | (35) |
| Share-based payment reserve | 19 | 19 | 17 |
| Cash flow hedge reserve | — | 1 | 1 |
| Merger reserve | 667 | 667 | 667 |
| Other sundry reserves | 27 | 27 | 27 |
| Total | 4,857 | 5,655 | 5,794 |
Condensed consolidated statement of cash flows
for the year ended 31 December 2024
| € million | Notes | 2024 | 2023 |
| Cash flows from operating activities |
|
|
|
| Cash generated from continuing operations | 14a | 970 | 1,312 |
| Dividends received from other investments |
| 1 | 2 |
| Income tax paid |
| (120) | (178) |
| Net cash generated from operating activities of discontinued operations |
| — | 223 |
| Net cash generated from operating activities |
| 851 | 1,359 |
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
| Investment in property, plant and equipment | 3 | (933) | (830) |
| Investment in intangible assets |
| (13) | (16) |
| Investment in forestry assets | 9 | (48) | (48) |
| Proceeds from the disposal of property, plant and equipment |
| 17 | 25 |
| Proceeds from the disposal of financial asset investments |
| — | 2 |
| Acquisition of businesses, net of cash and cash equivalents | 13 | (6) | (37) |
| Loans advanced to related and external parties |
| — | (1) |
| Interest received |
| 32 | 38 |
| Other investing activities |
| 15 | 17 |
| Net cash generated from investing activities of discontinued operations |
| — | 368 |
| Net cash used in investing activities |
| (936) | (482) |
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
| Proceeds from issue of Eurobonds | 14c | 496 | — |
| Repayment of Eurobonds | 14c | (500) | — |
| Proceeds from medium- and long-term borrowings | 14c | 215 | — |
| Repayment of medium- and long-term borrowings | 14c | (215) | — |
| Proceeds from short-term borrowings | 14c | 9 | 16 |
| Repayment of short-term borrowings | 14c | (18) | (33) |
| Repayment of lease liabilities | 14c | (26) | (22) |
| Interest paid | 14c | (44) | (50) |
| Dividends paid to shareholders | 8 | (1,081) | (345) |
| Dividends paid to non-controlling interests |
| (6) | (7) |
| Purchases of own shares |
| (12) | (8) |
| Injection from non-controlling interests |
| 3 | — |
| Non-controlling interests bought out |
| — | (8) |
| Net cash outflow from debt-related derivative financial instruments | 14c | (47) | (77) |
| Net cash used in financing activities of discontinued operations |
| — | (7) |
| Net cash used in financing activities |
| (1,226) | (541) |
|
|
|
|
|
| Net (decrease)/increase in cash and cash equivalents |
| (1,311) | 336 |
|
|
|
|
|
| Cash and cash equivalents at beginning of year |
| 1,592 | 1,381 |
| Cash movement in the year | 14c | (1,311) | 336 |
| Effects of changes in foreign exchange rates | 14c | (12) | (125) |
| Cash and cash equivalents at end of year | 14b | 269 | 1,592 |
Notes to the condensed consolidated financial statements
for the year ended 31 December 2024
1 Basis of preparation
These condensed consolidated financial statements as at and for the year ended 31 December 2024 comprise Mondi plc and its subsidiaries (referred to as 'the Group'), and the Group’s share of the results and net assets of its associates and joint ventures.
The Group’s condensed consolidated financial statements have been derived from the audited consolidated financial statements of the Group, prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Group’s condensed consolidated financial statements do not contain sufficient information to comply with International Financial Reporting Standards (IFRS Accounting Standards).
The financial information set out in these condensed consolidated financial statements does not constitute the Company’s statutory accounts for the years ended 31 December 2024 or 2023 but is derived from those accounts. Statutory accounts for 2023 have been delivered to the Registrar of Companies, and those for 2024 will be delivered in due course. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Copies of the unqualified auditors' report on the Integrated report and financial statements 2024 are available for inspection at the registered office of Mondi plc.
The condensed consolidated financial statements have been prepared on a going concern basis as discussed in the commentary under the heading ‘Going concern’ which is incorporated by reference into these condensed consolidated financial statements.
The condensed consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry assets, pension assets, certain financial assets and financial liabilities held at fair value through profit and loss, assets acquired and liabilities assumed in a business combination and accounting in hyperinflationary economies.
2 Accounting policies
The same accounting policies and Alternative Performance Measures (APMs), methods of computation and presentation have been followed in the preparation of the condensed consolidated financial statements for the year ended 31 December 2024 as were applied in the preparation of the Group’s annual financial statements for the year ended 31 December 2023, except as follows:
• A number of amendments to IFRS became effective for the financial period beginning on 1 January 2024, but the Group did not have to change its accounting policies or make any retrospective adjustments as a result of adopting these amendments.
Alternative Performance Measures
The Group presents certain measures of financial performance, position or cash flows that are not defined or specified according to IFRS Accounting Standards and UK-adopted International Accounting Standards. These measures, referred to as Alternative Performance Measures, are defined at the end of this document.
3 Operating segments
The Group’s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and, consistent with prior year, comprise three distinct segments.
Year ended 31 December 20241
| € million, unless otherwise stated | Corrugated Packaging | Flexible Packaging | Uncoated Fine Paper | Corporate | Intersegment elimination | Total continuing operations |
| Segment revenue | 2,251 | 3,964 | 1,317 | — | (116) | 7,416 |
| Internal revenue | (22) | (37) | (57) | — | 116 | — |
| External revenue | 2,229 | 3,927 | 1,260 | — | — | 7,416 |
| Underlying EBITDA | 328 | 558 | 198 | (35) | — | 1,049 |
| Depreciation, amortisation and impairments2 | (167) | (203) | (72) | (1) | — | (443) |
| Underlying operating profit/(loss) | 161 | 355 | 126 | (36) | — | 606 |
| Special items before tax | (5) | (132) | — | (13) | — | (150) |
| Capital employed | 2,609 | 3,418 | 1,133 | (78) | — | 7,082 |
| Trailing 12-month average capital employed | 2,224 | 3,051 | 1,134 | (126) | — | 6,283 |
| Additions to non-current non-financial assets | 346 | 565 | 160 | — | — | 1,071 |
| Capital expenditure cash payments | 321 | 518 | 94 | — | — | 933 |
| Underlying EBITDA margin (%) | 14.6 | 14.1 | 15.0 | — | — | 14.1 |
| Return on capital employed (%) | 7.2 | 11.5 | 11.1 | — | — | 9.6 |
| Average number of employees (thousands)3 | 6.4 | 12.0 | 2.7 | 0.1 | — | 21.2 |
Year ended 31 December 20231
| € million, unless otherwise stated | Corrugated Packaging | Flexible Packaging | Uncoated Fine Paper | Corporate | Intersegment elimination | Total continuing operations |
| Segment revenue | 2,280 | 3,866 | 1,292 | — | (104) | 7,334 |
| Internal revenue4 | (23) | (33) | (52) | — | 104 | (4) |
| External revenue | 2,257 | 3,833 | 1,240 | — | — | 7,330 |
| Underlying EBITDA | 310 | 637 | 289 | (35) | — | 1,201 |
| Depreciation, amortisation and impairments2 | (151) | (191) | (68) | (1) | — | (411) |
| Underlying operating profit/(loss) | 159 | 446 | 221 | (36) | — | 790 |
| Special items before tax | — | — | (27) | — | — | (27) |
| Capital employed | 2,318 | 3,167 | 1,095 | (65) | — | 6,515 |
| Trailing 12-month average capital employed | 2,057 | 3,068 | 1,075 | (65) | — | 6,135 |
| Additions to non-current non-financial assets | 379 | 427 | 129 | — | — | 935 |
| Capital expenditure cash payments | 326 | 425 | 79 | — | — | 830 |
| Underlying EBITDA margin (%) | 13.6 | 16.5 | 22.4 | — | — | 16.4 |
| Return on capital employed (%) | 7.7 | 14.4 | 20.6 | — | — | 12.8 |
| Average number of employees (thousands)3 | 6.5 | 11.6 | 2.8 | 0.1 | — | 21.0 |
Notes:
1 See definitions of APMs at the end of this document.
2 Previously presented separately as 'depreciation and impairment' and 'amortisation' and includes only impairments not classified as special items.
3 Presented on a full-time employee equivalent basis.
4 Total continuing operations' internal revenue relates to transactions with discontinued operations.
External revenue by location of contribution and by location of customer
|
| External revenue by location of contribution | External revenue by location of customer | ||
| € million | 2024 | 2023 | 2024 | 2023 |
| Western Europe |
|
|
|
|
| Austria | 1,175 | 1,301 | 166 | 159 |
| Germany | 555 | 579 | 932 | 954 |
| UK | 3 | 3 | 196 | 192 |
| Rest of Western Europe | 721 | 792 | 1,620 | 1,691 |
| Western Europe total | 2,454 | 2,675 | 2,914 | 2,996 |
| Emerging Europe |
|
|
|
|
| Czech Republic | 705 | 657 | 264 | 252 |
| Poland | 1,347 | 1,275 | 729 | 722 |
| Turkiye | 490 | 426 | 533 | 486 |
| Rest of emerging Europe | 919 | 887 | 543 | 521 |
| Emerging Europe total | 3,461 | 3,245 | 2,069 | 1,981 |
| Africa |
|
|
|
|
| South Africa | 667 | 656 | 489 | 495 |
| Rest of Africa | 80 | 95 | 366 | 395 |
| Africa total | 747 | 751 | 855 | 890 |
| Russia | — | — | — | 5 |
| North America | 648 | 561 | 850 | 825 |
| South America | 7 | 3 | 93 | 94 |
| Asia and Australia | 99 | 95 | 635 | 539 |
| Total Group revenue from continuing operations | 7,416 | 7,330 | 7,416 | 7,330 |
4 Special items
The Group separately discloses special items, an APM as defined at the end of this document, on the face of the condensed consolidated income statement to assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable from year to year.
| € million | 2024 | 2023 |
| Operating special items |
|
|
| Impairment of assets | (74) | (4) |
| Restructuring and closure costs: |
|
|
| Personnel costs | (18) | (9) |
| Other restructuring and closure costs | (40) | (14) |
| Costs relating to the acquisition of Schumacher Packaging | (5) | — |
| Costs relating to the aborted all-share combination with DS Smith plc | (13) | — |
| Total special items before tax | (150) | (27) |
| Tax credit (see note 6) | 1 | 6 |
| Total special items | (149) | (21) |
The operating special items resulted in a cash outflow from operating activities of €34 million for the year ended 31 December 2024 (2023: €10 million).
To 31 December 2024
The special items during the year ended 31 December 2024 comprised:
• Corrugated Packaging
- On 9 October 2024, the Group announced that it has entered into an agreement to acquire the Western Europe Packaging Assets of Schumacher Packaging for an enterprise value of €634 million. The transaction, which is subject to certain customary regulatory approvals, is expected to close in the first half of 2025. In 2024, transaction costs of €5 million were recognised and additional costs will be incurred in 2025 with total costs expected to exceed €10 million.
• Flexible Packaging
- Closure of a paper bags plant in Maastricht (Netherlands). Restructuring and closure costs of €13 million were recognised.
- Closure of a paper bags plant in Pine Bluff (USA). Restructuring and closure costs of €8 million and related impairment of assets of €1 million were recognised. Additional costs will be incurred in 2025 with total costs expected to exceed €10 million.
- Closure of Stambolijski paper mill (Bulgaria) following a fire in September 2024. Restructuring and closure costs of €37 million and related impairment of assets of €73 million were recognised.
• Corporate
- €13 million of costs relating to the aborted all-share combination with DS Smith plc. On 19 April 2024, the Board announced it did not intend to make an offer for DS Smith plc following a period of due diligence and after carefully considering the value the all-share combination with DS Smith plc would deliver to Mondi's shareholders.
To 31 December 2023
The special items during the year ended 31 December 2023 comprised:
• Uncoated Fine Paper
- Closure of a paper machine and streamlining the capacity of the finishing lines at the Neusiedler operations in Austria. Restructuring and closure costs of €23 million and related impairment of assets of €4 million were recognised.
5 Write-down of inventories to net realisable value
| € million | 2024 | 2023 |
| Within materials, energy and consumables used |
|
|
| Write-down of inventories to net realisable value | (69) | (77) |
| Aggregate reversal of previous write-downs of inventories | 49 | 45 |
6 Taxation
The Group’s effective rate of tax before special items for the year ended 31 December 2024 was 22.2% (2023: 23.6%).
| € million | 2024 | 2023 |
| UK corporation tax at 25% (2023: 23.5%) | 4 | — |
| Overseas tax | 105 | 135 |
| Current tax in respect of the prior years | (4) | (13) |
| Current tax | 105 | 122 |
| Deferred tax in respect of the current year | 10 | 62 |
| Deferred tax in respect of the prior years | (5) | (24) |
| Deferred tax attributable to a change in the rate of domestic income tax | 7 | 7 |
| Tax charge before special items | 117 | 167 |
| Current tax on special items | — | (6) |
| Deferred tax on special items | (1) | — |
| Tax credit on special items (see note 4) | (1) | (6) |
| Tax charge for the year | 116 | 161 |
| Current tax charge | 105 | 116 |
| Deferred tax charge | 11 | 45 |
|
|
|
|
On 24 May 2021, legislation was substantively enacted in the UK to increase the corporate tax rate from 19% to 25% with effect from 1 April 2023. In the year ended 31 December 2023, the 23.5% UK corporation tax rate referenced in the table above reflects the average tax rate that applied in that year.
The Group is within the scope of the OECD Pillar 2 model rules as of 1 January 2024. The effective tax rate (as calculated under the Pillar 2 transitional safe harbour rules) in the majority of countries in which the Group operates exceeds 15% for the year ended 31 December 2024. Additional Pillar 2 top-up tax of €3 million has been included within the current tax charge for the year ended 31 December 2024, mostly arising in a small number of jurisdictions benefitting from tax incentives on capital investments and tax holidays.
7 Earnings per share (EPS)
On 13 February 2024, the Group returned the net proceeds from the sale of the Group's Russian assets to its shareholders by way of a special dividend (see note 8). In addition, in order to maintain the comparability, so far as possible, of Mondi plc’s share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29 January 2024, resulting in shareholders receiving 10 new ordinary shares for every 11 existing ordinary shares (see note 10).
For calculating basic and diluted EPS measures, the Board concluded that the overall effect of the share consolidation and special dividend was a share repurchase at fair value. Therefore, the reduction in the number of shares as a result of the share consolidation was reflected in the denominator in the current year prospectively from the day the dividend was paid (i.e. 13 February 2024). The weighted average number of ordinary shares outstanding for 2023 was not restated.
|
| EPS attributable to shareholders | |
| euro cents | 2024 | 2023 |
| From continuing operations |
|
|
| Basic EPS | 49.1 | 103.5 |
| Diluted EPS | 49.1 | 103.5 |
| Basic underlying EPS | 82.7 | 107.8 |
| Diluted underlying EPS | 82.6 | 107.8 |
| From continuing and discontinued operations |
|
|
| Basic EPS | 49.1 | (31.5) |
| Diluted EPS | 49.1 | (31.5) |
| Basic headline EPS | 60.8 | 145.3 |
| Diluted headline EPS | 60.8 | 145.3 |
The calculation of basic and diluted EPS, basic and diluted underlying EPS and basic and diluted headline EPS is based on the following data:
|
| Earnings | |
| € million | 2024 | 2023 |
| Profit/(loss) for the year attributable to shareholders | 218 | (153) |
| Arises from: |
|
|
| Continuing operations | 218 | 502 |
| Discontinued operations | — | (655) |
| Special items attributable to shareholders (see note 4) | 150 | 27 |
| Related tax (see note 4) | (1) | (6) |
| Total earnings for the year (prior to special items) | 367 | (132) |
| Arises from: |
|
|
| Continuing operations | 367 | 523 |
| Discontinued operations | — | (655) |
| Gain on disposal of property, plant and equipment | (12) | (13) |
| Insurance reimbursements for property damages | (3) | (27) |
| Restructuring and closure costs (see note 4) | (58) | (23) |
| Costs relating to the aborted all-share combination with DS Smith plc (see note 4) | (13) | — |
| Costs relating to the acquisition of Schumacher Packaging (see note 4) | (5) | — |
| Gain on purchase of business before transaction-related costs (see note 13) | (13) | — |
| Impairments not included in special items | — | 3 |
| Loss arising from sale and leaseback transaction | 3 | — |
| Loss on disposal of businesses from discontinued operations | — | 756 |
| Impairments included in loss from discontinued operations | — | 113 |
| Related tax | 4 | 28 |
| Headline earnings for the year | 270 | 705 |
Underlying earnings, total earnings (prior to special items) and headline earnings represent APMs which are defined at the end of this document.
|
| Weighted average number of shares | |
| million | 2024 | 2023 |
| Basic number of ordinary shares outstanding | 444.0 | 485.1 |
| Effect of dilutive potential ordinary shares | 0.1 | — |
| Diluted number of ordinary shares outstanding | 444.1 | 485.1 |
8 Dividends
An interim dividend for the year ended 31 December 2024 of 23.33 euro cents per ordinary share was paid on Friday 27 September 2024 to those shareholders on the register of Mondi plc on Friday 23 August 2024.
A proposed final dividend for the year ended 31 December 2024 of 46.67 euro cents per ordinary share will be paid on Friday 16 May 2025 to those shareholders on the register of Mondi plc on Friday 4 April 2025.
The final ordinary dividend proposed has been recommended by the Board and is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for Thursday 8 May 2025.
|
| 2024 | 2023 | ||
|
| euro cents per share | € million | euro cents per share | € million |
| Final ordinary dividend paid in respect of the prior year | 46.67 | 209 | 48.33 | 231 |
| Special dividend | 160.00 | 769 | — | — |
| Interim ordinary dividend paid in respect of the current year | 23.33 | 103 | 23.33 | 114 |
| Total ordinary and special dividends paid |
| 1,081 |
| 345 |
|
|
|
|
|
|
| Final ordinary dividend proposed to shareholders | 46.67 | 206 | 46.67 | 209 |
On 13 February 2024, the Group returned the net proceeds from the sale of the Group's Russian assets to shareholders by way of a special dividend of €1.60 per existing ordinary share (see note 7). The final ordinary dividend for the year ended 31 December 2023 was declared after the accompanying share consolidation took effect and therefore, was declared based on the number of new ordinary shares.
Dividend timetable
The proposed final dividend for the year ended 31 December 2024 of 46.67 euro cents per share will be paid in accordance with the following timetable:
| Last date to trade shares cum-dividend |
|
| JSE Limited | Tuesday 1 April 2025 |
| London Stock Exchange | Wednesday 2 April 2025 |
| Shares commence trading ex-dividend |
|
| JSE Limited | Wednesday 2 April 2025 |
| London Stock Exchange | Thursday 3 April 2025 |
| Record date | Friday 4 April 2025 |
| Last date for receipt of Dividend Reinvestment Plan (DRIP) elections by Central Securities Depository Participants | Thursday 10 April 2025 |
| Last date for DRIP elections to UK Registrar and South African Transfer Secretaries |
|
| South African Register | Friday 11 April 2025 |
| UK Register | Tuesday 22 April 2025 |
| Annual General Meeting | Thursday 8 May 20251 |
| Payment date | Friday 16 May 2025 |
| DRIP purchase settlement date (subject to market conditions and the purchase of shares in the open market) |
|
| UK Register | Tuesday 20 May 2025 |
| South African Register | Thursday 22 May 2025 |
| DRIP results announcement | Friday 30 May 2025 |
| Currency conversion date |
|
| ZAR/euro | Thursday 20 February 2025 |
| Euro/sterling | Thursday 24 April 2025 |
Note:
1 Results of the Annual General Meeting to be held are expected to be released on or around Thursday 8 May 2025.
Share certificates on Mondi plc’s South African register may not be dematerialised or rematerialised between Wednesday 2 April 2025 and Friday 4 April 2025, both dates inclusive, nor may transfers between the UK and South African registers of Mondi plc take place between Wednesday 26 March 2025 and Friday 4 April 2025, 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 20 February 2025.
9 Forestry assets
| € million | 2024 | 2023 |
| At 1 January | 519 | 485 |
| Investment in forestry assets | 48 | 48 |
| Fair value gains | 7 | 128 |
| Felling costs | (92) | (87) |
| Currency movements | 21 | (55) |
| At 31 December | 503 | 519 |
| Mature | 371 | 359 |
| Immature | 132 | 160 |
|
|
|
|
The fair value of forestry assets is a level 3 measure in terms of the fair value measurement hierarchy (see note 17), consistent with prior years. The fair value of forestry assets is determined using a market based approach.
10 Share capital
On 13 February 2024, the Group returned the net proceeds from the sale of the Group’s Russian assets to shareholders by way of a special dividend of €1.60 per existing ordinary share. In addition, in order to maintain the comparability, so far as possible, of Mondi plc’s share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29 January 2024, resulting in shareholders receiving 10 new ordinary shares with a nominal value of €0.22 each for every 11 existing ordinary shares with a nominal value of €0.20 each.
To effect the share consolidation, the Group issued 3 additional ordinary shares prior to the record date for the share consolidation, increasing the number of ordinary shares from 485,553,780 ordinary shares to 485,553,783 ordinary shares, so that the number of the existing ordinary shares in issue at the time of the consolidation was exactly divisible by 11, such that there was no remaining fraction of a share. Following the share consolidation, the total number of ordinary shares issued decreased by 44,141,253 ordinary shares from 485,553,783 ordinary shares to 441,412,530 ordinary shares, while the total nominal value of the share capital of the Group remained unchanged at €97 million.
|
| Number of shares | € million |
| At 31 December 20231 | 485,553,780 | 97 |
| Shares issued | 3 | — |
| Effect of share consolidation | (44,141,253) | — |
| At 31 December 2024 | 441,412,530 | 97 |
Note:
1 There were no movements in the share capital of Mondi plc in 2023.
11 Borrowings
The primary sources of the Group’s liquidity include its €3 billion Guaranteed Euro Medium Term Note Programme, its €750 million Syndicated Revolving Credit Facility (RCF), which has been increased to €1 billion effective from 2 January 2025, and financing from various banks and other credit agencies, thus providing the Group with access to diverse sources of debt financing.
The principal loan arrangements in place are the following:
| € million | Maturity | Interest rate % | 2024 | 2023 |
| Financing facilities |
|
|
|
|
| Syndicated Revolving Credit Facility1 | June 2028 | EURIBOR + margin | 750 | 750 |
| €500 million Eurobond | April 2024 | 1.500% | — | 500 |
| €600 million Eurobond | April 2026 | 1.625% | 600 | 600 |
| €750 million Eurobond | April 2028 | 2.375% | 750 | 750 |
| €500 million Eurobond | May 2032 | 3.750% | 500 | — |
| Long-Term Facility Agreement | December 2026 | EURIBOR + margin | 13 | 20 |
| Other | Various | Various | — | 4 |
| Total committed facilities |
|
| 2,613 | 2,624 |
| Drawn |
|
| (1,863) | (1,870) |
| Total committed facilities available |
|
| 750 | 754 |
Note:
1 In December 2024, the Group’s Syndicated Revolving Credit Facility was increased from a €750 million facility to a €1 billion facility effective from 2 January 2025.
The Group’s Eurobonds incur a fixed rate of interest. Swap agreements are utilised by the Group to raise non-euro-denominated currency to fund subsidiaries liquidity needs thereby exposing the Group to floating interest rates.
In April 2024, the Group repaid its €500 million Eurobond at maturity and, in May 2024, issued a new €500 million 8 year Eurobond maturing in May 2032 at a coupon of 3.750% per annum. The new Eurobond was issued under the Group’s Guaranteed Euro Medium Term Note Programme and the proceeds were used for general corporate purposes.
The RCF incorporates key sustainability targets linked to MAP2030, classifying the facility as a Sustainability Linked Loan. Under the terms of the agreement, the margin will be adjusted according to the Group’s performance against specified sustainability targets.
Short-term liquidity needs are met by cash and the RCF. As at 31 December 2024, the Group had no financial covenants in any of its financing facilities.
|
| 2024 | 2023 | ||||
| € million | Current | Non-current | Total | Current | Non-current | Total |
| Secured |
|
|
|
|
|
|
| Lease liabilities | 24 | 104 | 128 | 21 | 104 | 125 |
| Total secured | 24 | 104 | 128 | 21 | 104 | 125 |
| Unsecured |
|
|
|
|
|
|
| Bonds | — | 1,842 | 1,842 | 500 | 1,345 | 1,845 |
| Bank loans and overdrafts | 39 | 6 | 45 | 38 | 11 | 49 |
| Total unsecured | 39 | 1,848 | 1,887 | 538 | 1,356 | 1,894 |
| Total borrowings | 63 | 1,952 | 2,015 | 559 | 1,460 | 2,019 |
| Committed facilities drawn |
|
| 1,863 |
|
| 1,870 |
| Uncommitted facilities drawn |
|
| 152 |
|
| 149 |
|
|
|
|
|
|
|
|
12 Retirement benefits
All assumptions related to the Group’s defined benefit schemes and post-retirement medical plan liabilities were re-assessed individually for the year ended 31 December 2024. Due to changes in assumptions and exchange rate movements, the net retirement benefits liability increased by €2 million and the net retirement benefits asset decreased by €2 million. The assets backing the defined benefit scheme liabilities reflect their market values as at 31 December 2024. Net remeasurement losses arising from changes in assumptions and return on plan assets amounting to €2 million have been recognised in the condensed consolidated statement of comprehensive income.
13 Business combinations
To 31 December 2024
On 5 February 2024, the Group announced the completion of the acquisition of Hinton Pulp mill in Alberta (Canada) from West Fraser Timber Co. Ltd (West Fraser) for an agreed consideration of USD 5 million, before working capital adjustments. The mill has the capacity to produce around 250,000 tonnes of pulp per annum and will provide the Group with access to local, high-quality fibre from a well-established wood basket as part of a long-term partnership with West Fraser. The Group intends to invest in the mill to improve productivity and sustainability performance and, subject to pre-engineering and permitting, expand the facility primarily with a new kraft paper machine which will integrate its paper bag operations in the Americas and support future growth.
Hinton's revenue for the year ended 31 December 2024 was €115 million with a loss after tax of €21 million. Since the date of acquisition, Hinton's revenue of €102 million and a loss after tax of €17 million have been included in the condensed consolidated income statement.
Details of the net assets acquired, as adjusted from book to fair value, are as follows:
| € million | Fair value |
| Net assets acquired |
|
| Property, plant and equipment | 4 |
| Inventories | 15 |
| Trade and other receivables | 17 |
| Total assets | 36 |
| Trade and other payables | (11) |
| Deferred tax liabilities | (4) |
| Other provisions | (2) |
| Total liabilities | (17) |
|
|
|
| Net assets acquired | 19 |
| Gain on bargain purchase before transaction-related costs | (13) |
| Net cash paid per condensed consolidated statement of cash flows | 6 |
Transaction costs of €4 million were charged to other net operating expenses in the condensed consolidated income statement.
The acquisition is a purchase of assets that constitutes a business accounted for under IFRS 3, 'Business Combinations'. The purchase price allocation resulted in a net gain on purchase of €9 million, net of transaction-related costs, as the fair value of net assets acquired was in excess of the consideration paid. The gain on purchase is attributable to the mill’s loss-making operations at the time of the transaction and the need for investment to improve productivity and sustainability performance. The gain was recognised in other net operating expenses in the condensed consolidated income statement.
The fair values of assets acquired and liabilities assumed in business combinations are level 3 measures in terms of the fair value measurement hierarchy. Property, plant and equipment has been measured at fair value using relevant valuation methods accepted under IFRS 13, 'Fair Value Measurement', with related deferred tax adjustments. Management has considered the impact of environmental and climate risks on the estimated fair values of Hinton's property, plant and equipment. These considerations did not have a material impact.
To 31 December 2023
On 12 January 2023, the Group completed the acquisition of the Duino mill near Trieste (Italy) from the Burgo Group. Details of this business combination were disclosed in note 25 of the Group’s Integrated report and financial statements 2023.
14 Consolidated cash flow analysis
(a) Reconciliation of profit before tax to cash generated from operations
| € million | 2024 | 2023 |
| Profit before tax from continuing operations | 378 | 682 |
| Depreciation and amortisation | 443 | 408 |
| Impairment of property, plant and equipment (not included in special items) | — | 3 |
| Share-based payments | 9 | 9 |
| Net cash flow effect of current and prior year special items | 116 | 17 |
| Net finance costs | 70 | 73 |
| Net monetary loss/(gain) arising from hyperinflationary economies | 5 | (2) |
| Net loss from joint ventures | 3 | 5 |
| Impairment of investments in joint ventures | — | 5 |
| Increase/(decrease) in provisions | 13 | (17) |
| Decrease in net retirement benefits | (8) | (19) |
| Net movement in working capital | (108) | 229 |
| (Increase)/decrease in inventories | (70) | 389 |
| (Increase)/decrease in operating receivables | (140) | 56 |
| Increase/(decrease) in operating payables | 102 | (216) |
| Fair value gains on forestry assets | (7) | (128) |
| Felling costs | 92 | 87 |
| Net gain on disposal of property, plant and equipment | (12) | (13) |
| Insurance reimbursements for property damages | (13) | (17) |
| Other adjustments | (11) | (10) |
| Cash generated from continuing operations | 970 | 1,312 |
(b) Cash and cash equivalents
| € million | 2024 | 2023 |
| Cash and cash equivalents per condensed consolidated statement of financial position | 278 | 1,592 |
| Bank overdrafts included in short-term borrowings | (9) | — |
| Cash and cash equivalents per condensed consolidated statement of cash flows | 269 | 1,592 |
The cash and cash equivalents of €278 million (2023: €1,592 million) include money market funds of €50 million (2023: €840 million) valued at fair value through profit and loss, with the remaining balance carried at amortised cost with fair values approximate to the carrying values presented.
The Group operates in certain countries where the existence of exchange controls or access to hard currency may restrict the use of certain cash balances outside of those countries. These restrictions are not expected to have any material effect on the Group’s ability to meet its ongoing obligations.
(c) Movement in net debt
The Group’s net debt position is as follows:
| € million | Cash and cash equivalents | Current financial asset investments1 | Debt due within 1 year2 | Debt due after 1 year | Debt-related derivative financial instruments1 | Total net debt |
| At 1 January 2023 | 1,061 | 1 | (96) | (1,970) | (7) | (1,011) |
| Cash flow | 336 | — | 40 | — | 77 | 453 |
| Cash movement from continuing operations | (248) | — | — | — | — | (248) |
| Proceeds from borrowings | — | — | (16) | — | — | (16) |
| Repayment of borrowings | — | — | 33 | — | — | 33 |
| Repayment of lease liabilities | — | — | 22 | — | — | 22 |
| Net cash outflow from debt-related derivative financial instruments | — | — | — | — | 77 | 77 |
| Discontinued operations | 584 | — | 1 | — | — | 585 |
| Additions to lease liabilities | — | — | (14) | (18) | — | (32) |
| Disposal of lease liabilities | — | — | 2 | 6 | — | 8 |
| Movement in unamortised loan costs | — | — | (1) | (2) | — | (3) |
| Net movement in fair value of derivative financial instruments | — | — | — | — | (63) | (63) |
| Reclassification | — | — | (519) | 519 | — | — |
| Elimination of assets and liabilities previously classified as held for sale | 320 | — | (1) | (23) | — | 296 |
| Currency movements | (125) | — | 30 | 28 | — | (67) |
| At 31 December 2023 | 1,592 | 1 | (559) | (1,460) | 7 | (419) |
| Cash flow | (1,311) | — | 535 | (496) | 47 | (1,225) |
| Cash movement from continuing operations | (1,311) | — | — | — | — | (1,311) |
| Proceeds from Eurobonds | — | — | — | (496) | — | (496) |
| Repayment of Eurobonds | — | — | 500 | — | — | 500 |
| Proceeds from borrowings | — | — | (9) | (215) | — | (224) |
| Repayment of borrowings | — | — | 18 | 215 | — | 233 |
| Repayment of lease liabilities | — | — | 26 | — | — | 26 |
| Net cash outflow from debt-related derivative financial instruments | — | — | — | — | 47 | 47 |
| Additions to lease liabilities | — | — | (11) | (19) | — | (30) |
| Disposal of lease liabilities | — | — | — | 2 | — | 2 |
| Movement in unamortised loan costs | — | — | — | (2) | — | (2) |
| Net movement in fair value of derivative financial instruments | — | — | — | — | (49) | (49) |
| Reclassification | — | — | (25) | 25 | — | — |
| Currency movements | (12) | (1) | 6 | (2) | — | (9) |
| At 31 December 2024 | 269 | — | (54) | (1,952) | 5 | (1,732) |
Notes:
1 Included in financial instruments in the condensed consolidated statement of financial position.
2 Excludes bank overdrafts of €9 million (2023: €nil), which are included in cash and cash equivalents (see note 14b).
The Group incurred interest expense of €107 million (2023: €122 million) in relation to bank overdrafts, loans and lease liabilities. Included in this expense is €35 million (2023: €53 million) relating to forward exchange rates on derivative contracts and interest paid on borrowings of €44 million (2023: €50 million).
15 Capital commitments
As at 31 December 2024, capital expenditure contracted for but not recognised as liabilities is €372 million (as at 31 December 2023: €634 million).
16 Contingent liabilities
The Group’s contingent liabilities as at 31 December 2024 were €nil (2023: €3 million). No acquired contingent liabilities have been recorded in the Group’s condensed consolidated statement of financial position for either year presented.
17 Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in the notes to the condensed consolidated financial statements, are based on the following fair value measurement hierarchy:
• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
• Level 3 – inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
The assets measured at fair value on level 3 of the fair value measurement hierarchy are the Group’s forestry assets as set out in note 9 and certain assets acquired or liabilities assumed in business combinations as set out in note 13.
There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year.
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) require a degree of estimation and judgement and are determined using generally accepted valuation techniques. These valuation techniques maximise the use of observable market data and rely as little as possible on Group-specific estimates.
Specific valuation methodologies used to value financial instruments include the following:
• The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates.
• The fair values of the Group’s commodity price derivatives are calculated as the present value of expected future cash flows based on observable market data.
• Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments.
Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the condensed consolidated financial statements approximate their fair values.
|
| Carrying amount | Fair value | ||
| € million | 2024 | 2023 | 2024 | 2023 |
| Financial liabilities |
|
|
|
|
| Borrowings | 2,015 | 2,019 | 2,010 | 1,983 |
18 Related party transactions
The Group and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with associated undertakings in which the Group has a material interest. These related party transactions have been contracted on an arm's length basis.
Transactions between Mondi plc and its subsidiaries, which are related parties, and transactions between its subsidiaries have been eliminated on consolidation and are not disclosed in this note.
|
| Joint ventures | |
| € million | 2024 | 2023 |
| Sales to related parties | 10 | 7 |
| Purchases from related parties | 587 | 663 |
| Trade and other receivables from related parties | 2 | 1 |
| Trade and other payables due to related parties | 72 | 86 |
| Loans receivable from related parties | 11 | 11 |
19 Events occurring after 31 December 2024
Aside from the final ordinary dividend proposed for 2024 (see note 8), there have been no material reportable events since 31 December 2024.
Production statistics
|
|
| 2024 | 2023 |
| Continuing operations |
|
|
|
| Containerboard | 000 tonnes | 2,345 | 2,312 |
| Kraft paper | 000 tonnes | 1,233 | 1,085 |
| Uncoated fine paper | 000 tonnes | 938 | 855 |
| Pulp | 000 tonnes | 3,725 | 3,218 |
| Internal consumption | 000 tonnes | 3,044 | 2,741 |
| Market pulp | 000 tonnes | 681 | 477 |
| Corrugated solutions | million m2 | 1,899 | 1,880 |
| Paper bags | million units | 5,583 | 5,414 |
| Consumer flexibles | million m2 | 1,912 | 1,818 |
| Functional paper and films | million m2 | 3,067 | 2,667 |
Exchange rates
|
| Average | Closing | ||
| Versus euro | 2024 | 2023 | 2024 | 2023 |
| South African rand (ZAR) | 19.83 | 19.96 | 19.62 | 20.35 |
| Czech koruna (CZK) | 25.12 | 24.00 | 25.19 | 24.72 |
| Polish zloty (PLN) | 4.31 | 4.54 | 4.28 | 4.34 |
| Pound sterling (GBP) | 0.85 | 0.87 | 0.83 | 0.87 |
| Turkish lira (TRY)1 | 35.57 | 25.76 | 36.74 | 32.65 |
| US dollar (USD) | 1.08 | 1.08 | 1.04 | 1.11 |
Note:
1 The Group has applied hyperinflation accounting for its subsidiaries in Turkiye.
Alternative Performance Measures
The Group presents certain measures of financial performance, position or cash flows in the condensed consolidated financial statements that are not defined or specified according to IFRS Accounting Standards in order to provide additional performance-related measures to its stakeholders. These measures, referred to as Alternative Performance Measures (APMs), are prepared on a consistent basis for all periods presented in this report.
By their nature, the APMs used by the Group are not necessarily uniformly applied by peer companies and therefore may not be comparable with similarly defined measures and disclosures applied by other companies. Such measures should not be viewed in isolation or as a substitute to the equivalent IFRS Accounting Standards measure.
Internally, the Group and its operating segments apply the same APMs in a consistent manner in planning and reporting on performance to management, the Executive Committee and the Board. Two of the Group’s APMs, underlying EBITDA and ROCE, link to the Group’s strategy and form part of the executive directors' and senior management's remuneration targets.
The most significant APMs used by the Group are described below, together with a reconciliation to the equivalent IFRS Accounting Standards measure. The reconciliations are based on Group figures and represent the continuing operations of the Group, unless otherwise stated. The reporting segment equivalent APMs are measured in a consistent manner.
| APM description and purpose | Financial statement reference | Closest IFRS equivalent measure |
| Special items | ||
| Special items are generally material, non-recurring items from continuing operations that exceed €10 million. The Audit Committee regularly assesses the monetary threshold of €10 million on a net basis and considers the threshold in the context of both the Group as a whole and individual operating segment performance. The Group separately discloses special items on the face of the condensed consolidated income statement to assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable from year to year. Examples of special item charges or credits include, but are not limited to, significant restructuring programmes, impairment of assets or cash-generating units, costs associated with potential and achieved acquisitions, profits or losses from the disposal of businesses, and the settlement of significant litigation or claims. Subsequent adjustments to items previously recognised as special items, including any related credits received subsequently, continue to be reflected as special items in future periods even if they do not exceed the quantitative reporting threshold. Subsequent adjustments to items, or charges and credits on items that are closely related, which previously did not qualify for reporting as special items, continue to be reported in the underlying result even if the cumulative net charge/credit over the years exceeds the €10 million quantitative reporting threshold. | Note 4 | None |
|
|
|
|
| Underlying EBITDA | ||
| Operating profit before special items, depreciation, amortisation and impairments not recorded as special items provides a measure of the cash-generating ability of the Group's continuing operations that is comparable from year to year. For the Financial review and the Uncoated Fine Paper business unit review, the Group has disclosed underlying EBITDA excluding forestry fair value gain to improve relative comparability. | Condensed consolidated income statement | Operating profit |
|
|
|
|
| Underlying EBITDA margin | ||
| Underlying EBITDA expressed as a percentage of Group revenue (segment revenue for operating segments) provides a measure of the cash-generating ability of the Group's continuing operations relative to revenue. |
| None |
|
|
|
|
| APM calculation: |
|
|
| € million, unless otherwise stated | 2024 | 2023 |
| Underlying EBITDA (see condensed consolidated income statement) | 1,049 | 1,201 |
| Group revenue (see condensed consolidated income statement) | 7,416 | 7,330 |
| Underlying EBITDA margin (%) | 14.1 | 16.4 |
|
|
|
|
| Underlying operating profit |
|
|
| Operating profit before special items provides a measure of operating performance of the Group's continuing operations that is comparable from year to year. | Condensed consolidated income statement | Operating profit |
|
|
|
|
| Underlying profit before tax | ||
| Profit before tax and special items. Underlying profit before tax provides a measure of the Group’s continuing operations' profitability before tax that is comparable from year to year. | Condensed consolidated income statement | Profit before tax |
|
|
|
|
| Effective tax rate | ||
| Underlying tax charge expressed as a percentage of underlying profit before tax. A measure of the tax charge of the Group's continuing operations relative to its profit before tax expressed on an underlying basis. |
| None |
|
|
|
|
| APM calculation: |
|
|
| € million, unless otherwise stated | 2024 | 2023 |
| Tax charge before special items (see note 6) | 117 | 167 |
| Underlying profit before tax (see condensed consolidated income statement) | 528 | 709 |
| Effective tax rate (%) | 22.2 | 23.6 |
|
|
|
|
| Underlying earnings (and per share measure) | ||
| Net profit after tax before special items arising from the Group's continuing operations that is attributable to shareholders. Underlying earnings (and the related per share measure based on the basic, weighted average number of ordinary shares outstanding) provides a measure of the Group's continuing operations’ earnings. | Note 7 | Profit for the period attributable to shareholders (and per share measure) |
|
|
|
|
| Total earnings (prior to special items) |
|
|
| Net profit after tax before special items arising from the Group's continuing and discontinued operations that is attributable to shareholders. Total earnings provides a measure of the Group’s earnings. | Note 7 | Profit for the period attributable to shareholders |
|
|
|
|
| Headline earnings (and per share measure) | ||
| The presentation of headline earnings (and the related per share measure based on the basic, weighted average number of ordinary shares outstanding) is mandated under the Listings Requirements of the JSE Limited and is calculated in accordance with Circular 1/2023, ‘Headline Earnings’, as issued by the South African Institute of Chartered Accountants. | Note 7 | Profit for the period attributable to shareholders (and per share measure) |
|
|
|
|
| Dividend cover | ||
| Basic underlying EPS from continuing operations divided by total ordinary dividend per share paid and proposed provides a measure of the Group’s earnings relative to ordinary dividend payments. |
| None |
|
|
|
|
| APM calculation: |
|
|
| euro cents, unless otherwise stated | 2024 | 2023 |
| Basic underlying EPS (see note 7) | 82.7 | 107.8 |
| Total ordinary dividend per share (see note 8) | 70.0 | 70.0 |
| Dividend cover (times) | 1.2 | 1.5 |
|
|
|
|
| Capital employed (and related trailing 12-month average capital employed) | ||
| Capital employed comprises total equity and net debt. Trailing 12-month average capital employed is the average monthly capital employed over the last 12 months adjusted for spend on major capital expenditure projects which are not yet in production. These measures provide the level of invested capital in the business. Trailing 12-month average capital employed is used in the calculation of return on capital employed. | Note 3 | Total equity |
|
|
|
|
| Return on capital employed (ROCE) | ||
| Trailing 12-month underlying operating profit, including share of associates' and joint ventures' net profit/(loss), divided by trailing 12-month average capital employed. ROCE provides a measure of the efficient and effective use of capital in the business and is presented on the basis of the Group's continuing operations for comparability. |
| None |
|
|
|
|
| APM calculation: |
|
|
| € million, unless otherwise stated | 2024 | 2023 |
| Underlying operating profit (see condensed consolidated income statement) | 606 | 790 |
| Underlying net loss from joint ventures (see condensed consolidated income statement) | (3) | (5) |
| Underlying profit from operations and joint ventures | 603 | 785 |
| Trailing 12-month average capital employed of continuing operations (see note 3) | 6,283 | 6,135 |
| ROCE (%) | 9.6 | 12.8 |
|
|
|
|
| Net debt (and related trailing 12-month average net debt) | ||
| A measure comprising short-, medium- and long-term interest-bearing borrowings and the fair value of debt-related derivatives less cash and cash equivalents, net of overdrafts, and current financial asset investments. Net debt provides a measure of the Group’s net indebtedness or overall leverage. Trailing 12-month average net debt is the average monthly net debt over the last 12 months. | Note 14c | None |
|
|
|
|
| Net debt to underlying EBITDA | ||
| Net debt divided by trailing 12-month underlying EBITDA. A measure of the Group’s net indebtedness relative to its cash-generating ability. |
| None |
|
|
|
|
| APM calculation: |
|
|
| € million, unless otherwise stated | 2024 | 2023 |
| Net debt (see note 14c) | 1,732 | 419 |
| Underlying EBITDA (see condensed consolidated income statement) | 1,049 | 1,201 |
| Net debt to underlying EBITDA (times) | 1.7 | 0.3 |
Forward-looking statements
This document includes forward-looking statements. All statements other than statements of historical facts included herein, including, without limitation, those regarding Mondi’s financial position, business strategy, market growth and developments, expectations of growth and profitability and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mondi, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions and are based on numerous assumptions regarding Mondi’s present and future business strategies and the environment in which Mondi will operate in the future. These forward-looking statements speak only as of the date on which they are made.
No assurance can be given that such future results will be achieved; various factors could cause actual future results, performance or events to differ materially from those described in these statements. Such factors include in particular but without any limitation: (1) operating factors, such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development plans and targets, changes in the degree of protection created by Mondi’s patents and other intellectual property rights and the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for Mondi’s products and raw materials and the pricing pressures thereto, financial condition of the customers, suppliers and the competitors of Mondi and potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in Mondi’s principal geographical markets or fluctuations of exchange rates and interest rates.
Mondi expressly disclaims a) any warranty or liability as to accuracy or completeness of the information provided herein; and b) any obligation or undertaking to review or confirm analysts’ expectations or estimates or to update any forward-looking statements to reflect any change in Mondi’s expectations or any events that occur or circumstances that arise after the date of making any forward-looking statements, unless required to do so by applicable law or any regulatory body applicable to Mondi, including the JSE Limited and the LSE. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the Group’s auditors.
Editors’ notes
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. 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 2024, Mondi had revenues of €7.4 billion and underlying EBITDA of €1.0 billion. Mondi is listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a FTSE100 constituent. It 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.
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