Wrap Text
Results for the six months ended 30 June 2024
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
ISIN: GB00BMWC6P49
LSE share code: MNDI
JSE share code: MNP
LEI: 213800LOZA69QFDC9N34
1 August 2024
Results for the six months ended 30 June 2024
Mondi, a global leader in the production of sustainable packaging and paper, today announces its results for the six
months to 30 June 2024 ("first half" or "H1 2024").
H1 2024 - key points
• Robust performance with underlying EBITDA of €565 million - trading in line with our expectations
• Second quarter underlying EBITDA benefitted from rescheduled maintenance shuts and a higher than
expected forestry fair value gain, together totalling approx. €40 million
• Continued progress delivering organic growth investments - on track and on budget
• Supporting shareholder distributions through ordinary and special dividends
Andrew King, Mondi Group Chief Executive Officer, commented:
"Our underlying EBITDA of €565 million in the first six months, although lower than the comparable period last year,
reflected an encouraging performance, supported by improving market conditions resulting in stronger order books
and higher sales volumes. This enabled us to implement a number of price increases across our paper grades.
Alongside lower input costs, we delivered a sequential improvement in underlying EBITDA when compared to the
second half of 2023. The benefit of the price increases will continue into the second half of the year. The second half
is expected to be impacted by higher planned maintenance shuts and a likely forestry fair value loss.
"We continue to invest through-cycle to grow our business, enhancing our unique packaging and paper platform and
broad product offering. Of our €1.2 billion organic growth investments, we will have invested around 80% by the end
of this year, with operations currently ramping up following the modernisation of our Kuopio mill, the debottlenecking
of our Swiecie mill and the two expanded box plants in Poland. Overall, our organic growth investments are expected
to deliver a meaningful EBITDA contribution from 2025."
Six months Six months
ended ended
€ million, except where noted 30 June 2024 30 June 2023 Change %
From continuing operations
Group revenue 3,739 3,881 (4)
Underlying EBITDA1 565 680 (17)
Underlying EBITDA margin1 15.1% 17.5%
Profit before tax 296 418 (29)
Basic underlying earnings per share (euro cents)1, 2 50.5 67.0 (25)
Basic earnings per share (euro cents)2 44.5 63.7 (30)
Interim dividend per share (euro cents)2 23.33 23.33 —
Special dividend per share (euro cents)2 160.00
Cash generated from operations 372 554 (33)
Net debt to underlying EBITDA (times)1 1.5 0.8
Return on capital employed (ROCE)1 10.8% 19.1%
From continuing and discontinued operations
Basic headline earnings per share (euro cents) 1, 2 41.8 92.8 (55)
Notes:
1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards (IFRS). These measures, referred to
as Alternative Performance Measures (APMs), are defined at the end of the full announcement and where relevant, reconciled to IFRS measures in the notes to the
condensed consolidated financial statements (see link to the full announcement below).
2 Per share metrics for the six months ended 30 June 2024 (except for the special dividend) include the impact of the share consolidation effective in January 2024.
Refer to notes 7, 8 and 10 of the full announcement for further details (see link to the full announcement below).
Dividends
The interim ordinary dividend for the year ending 31 December 2024 of 23.33 euro cents per ordinary share will be
paid on Friday 27 September 2024 to those shareholders on the register of Mondi plc on Friday 23 August 2024. The
dividend will be paid from distributable reserves of Mondi plc, as presented in the annual financial statements for the
year ended 31 December 2023. The interim ordinary dividend is not recognised as a liability at 30 June 2024.
The interim ordinary dividend declared for the year ended 31 December 2023 of 23.33 euro cents per ordinary share
was paid in September 2023.
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 ordinary share (see note 10 of the full announcement for
further details).
The interim ordinary dividend for the year ending 31 December 2024 will be paid in accordance with the following
timetable:
Last date to trade shares cum-dividend
JSE Limited Tuesday 20 August 2024
London Stock Exchange Wednesday 21 August 2024
Shares commence trading ex-dividend
JSE Limited Wednesday 21 August 2024
London Stock Exchange Thursday 22 August 2024
Record date Friday 23 August 2024
Last date for receipt of Dividend Reinvestment Plan (DRIP) elections by Central
Securities Depository Participants Thursday 29 August 2024
Last date for DRIP elections to UK Registrar and South African Transfer
Secretaries
South African Register Friday 30 August 2024
UK Register Monday 9 September 2024
Payment Date Friday 27 September 2024
DRIP purchase settlement date (subject to market conditions and the purchase
of shares in the open market)
UK Register Tuesday 1 October 2024
South African Register Friday 4 October 2024
Results of Dividend Reinvestment Plan announcement released Friday 11 October 2024
Currency conversion date
ZAR/euro Thursday 1 August 2024
Euro/sterling Friday 13 September 2024
Share certificates on Mondi plc's South African register may not be dematerialised or rematerialised between
Wednesday 21 August 2024 and Friday 23 August 2024, both dates inclusive, nor may transfers between the UK and
South African registers of Mondi plc take place between Wednesday 14 August 2024 and Friday 23 August 2024,
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 1 August 2024.
For further information please see the full announcement (link below).
Short form announcement
This short form announcement is the responsibility of the directors. It is only a summary of the information contained
in the full announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement accessible from Thursday 1 August 2024 via the
JSE link below and also available on our website at https://www.mondigroup.com/investors/results-reports-and-
presentations.
The full announcement is available at our registered office and our sponsor's office for inspection, at no charge,
during office hours. Copies of the full announcement may also be requested by email: ir@mondigroup.com
The JSE link is as follows: https://senspdf.jse.co.za/documents/2024/jse/isse/MNP/HY2024.pdf
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 (BST), 10:00 (CET/SAST).
Event registration link: https://storm-virtual-uk.zoom.us/webinar/register/WN_0pBl29kYTziAvbIBWkSXBw
Once registered, you will receive a confirmation email from 'MONDI GROUP 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 e-mail ir@mondigroup.com.
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 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 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.
Date: 01-08-2024 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
