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CEO Video Statement on first HY 2024
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Consolidated (in millions of EUR) | 2023 | 20221) | 2021 | 2020 | 2019 |
---|---|---|---|---|---|
Sales | 4,164.4 | 4,682.1 | 3,069.7 | 2,528.4 | 2,544.4 |
Adjusted EBITDA2) | 450.2 | 769.0 | 421.0 | 411.8 | 389.6 |
Adjusted operating profit2) | 229.2 | 562.4 | 269.6 | 268.0 | 255.3 |
Operating profit | 197.6 | 510.4 | 269.6 | 231.4 | 255.3 |
Profit for the year | 89.1 | 345.3 | 190.7 | 162.2 | 190.2 |
Cash flow from operating activities | 786.2 | 299.7 | 269.8 | 318.2 | 331.4 |
Free cash flow | 369.8 | -19.7 | 37.9 | 173.8 | 197.1 |
Capital expenditures/depreciation (in millions of EUR) | |||||
Capital expenditures | 425.3 | 329.4 | 248.4 | 152.8 | 136.1 |
Depreciation and amortisation3) | 221.4 | 219.5 | 151.4 | 167.5 | 134.3 |
Personnel | |||||
Employees | 15,087 | 15,640 | 12,492 | 9,938 | 10,014 |
Profitability Indicators | |||||
Return on equity | 4.5 % | 19.1 % | 11.9 % | 10.6 % | 13.1 % |
Return on assets | 3.1 % | 8.6 % | 6.7 % | 7.1 % | 9.0 % |
Net profit margin | 2.1 % | 7.4 % | 6.2 % | 6.4 % | 7.5 % |
EBITDA margin4) | 10.8 % | 16.4 % | 13.7 % | 16.3 % | 15.3 % |
Operating margin4) | 5.5 % | 12.0 % | 8.8 % | 10.6 % | 10.0 % |
Return on capital employed4) | 6.5 % | 17.9 % | 12.8 % | 15.8 % | 15.4 % |
Return on investment | 3.9 % | 11.1 % | 8.8 % | 9.4 % | 11.7 % |
Balance Sheet Indicators | |||||
Equity ratio | 39.6 % | 40.7 % | 41.4 % | 64.5 % | 62.3 % |
Property, plant and equipment to total assets | 40.5 % | 37.3 % | 37.1 % | 41.5 % | 42.7 % |
Total equity and non-current liabilities to property, plant and equipment | 1.9 | 2.1 | 2.2 | 2.0 | 1.9 |
Working capital (in millions of EUR) | 842.3 | 1,028.3 | 809.3 | 584.4 | 523.9 |
Financial Indicators | |||||
Net debt (-) /net liquidity (+) (in millions of EUR) | 1,261.9 | 1,481.5 | 1,063.5 | 122.2 | 218.6 |
Net debt/EBITDA5) | 2.8 | 1.9 | 2.1 | 0.3 | 0.6 |
Net debt/equity | 62.7 % | 75.6 % | 64.0 % | 7.9 % | 14.5 % |
Share Performance Indicators (in EUR) | |||||
Market capitalisation5) (in Mio. EUR) | 2,532 | 3,024 | 3,532 | 3,300 | 2,392 |
Earnings per share | 4.36 | 17.19 | 9.46 | 8.06 | 9.49 |
Dividend per share | 1.506) | 4.20 | 3.50 | 3.20 | 3.20 |
Consolidated, in millions of EUR, IFRS | Q1/2023 | Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | Q2/2024 |
---|---|---|---|---|---|---|
Sales | 1,122.1 | 1,059.3 | 1,015.1 | 967.9 | 1,025.0 | 1,018.9 |
Adjusted EBITDA | 133.6 | 103.7 | 121.4 | 91.5 | 94.5 | 107.2 |
Adjusted operating profit | 78.7 | 48.3 | 63.4 | 38.8 | 39.6 | 51.0 |
Adjusted operating margin (%) | 7.0 % | 4.6 % | 6.2 % | 4.0 % | 3.9 % | 5.0 % |
Operating profit | 61.6 | 42.4 | 55.8 | 37.8 | 39.6 | 51.0 |
Capital employed | 3,309.3 | 3,449.8 | 3,558.0 | 3,546.3 | 3,515.0 | 3,455.2 |
Return on capital employed (%) | 16.0 % | 11.7 % | 8.4 % | 6.5 % | 5.4 % | 5.6 % |
Profit before tax | 49.0 | 28.2 | 41.7 | 17.8 | 18.0 | 33.2 |
Income tax expense | (14.1) | 0.2 | (13.8) | (19.9) | (7.1) | (6.7) |
Profit for the period | 34.9 | 28.4 | 27.9 | (2.1) | 10.9 | 26.5 |
Net profit margin (%) | 3.1 % | 2.7 % | 2.7 % | -0.2 % | 1.1 % | 2.6 % |
Earnings per share (in EUR) | 1.71 | 1.41 | 1.38 | (0.14) | 0.52 | 1.30 |
Cash flow from operating activities | 67.2 | 82.9 | 177.2 | 458.9 | 52.5 | 148.1 |
Free cash flow | (28.6) | (36.3) | 73.7 | 361.0 | (38.5) | 97.9 |
Capital expenditures | 96.4 | 121.4 | 105.7 | 101.8 | 92.8 | 52.7 |
in millions of EUR, IFRS | Q1/2023 | Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | Q2/2024 |
---|---|---|---|---|---|---|
Sales1) | 521.2 | 498.1 | 448.4 | 451.4 | 483.5 | 502.7 |
Adjusted EBITDA | 54.3 | 17.7 | 14.7 | 6.0 | 13.4 | 29.3 |
Adjusted operating profit | 27.7 | (9.8) | (13.5) | (24.2) | (13.3) | 2.2 |
Adjusted operating margin (%) | 5.3 % | -2.0 % | -3.0 % | -5.4 % | -2.7 % | 0.4 % |
Operating profit | 27.7 | (9.8) | (13.5) | (24.2) | (13.3) | 2.2 |
Capital employed | 1,745.5 | 1,797.1 | 1,846.6 | 1,869.1 | 1,863.1 | 1,835.8 |
Return on capital employed (%) | 20.8 % | 12.3 % | 5.0 % | -1.1 % | -3.3 % | -2.7 % |
Cash flow from operating activities | 10.0 | 3.0 | 64.1 | 214.5 | (14.6) | 61.2 |
Free cash flow | (48.0) | (74.5) | 14.6 | 167.8 | (59.3) | 32.8 |
Capital expenditures | 58.0 | 77.9 | 49.7 | 47.7 | 44.8 | 28.9 |
Tonnage sold (in thousands of tonnes) | 473 | 486 | 487 | 502 | 564 | 570 |
Cartonboard | 375 | 365 | 365 | 371 | 439 | 447 |
Paper | 98 | 121 | 122 | 131 | 125 | 123 |
Tonnage produced (in thousands of tonnes) | 488 | 469 | 482 | 506 | 576 | 584 |
in millions of EUR, IFRS | Q1/2023 | Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | Q2/2024 |
---|---|---|---|---|---|---|
Sales1) | 483.0 | 438.3 | 449.0 | 410.9 | 428.9 | 407.0 |
Adjusted EBITDA | 62.2 | 67.9 | 86.8 | 65.6 | 60.1 | 61.3 |
Adjusted operating profit | 43.7 | 49.8 | 66.8 | 54.6 | 40.8 | 41.6 |
Adjusted operating margin (%) | 9.0 % | 11.4 % | 14.9 % | 13.3 % | 9.5 % | 10.2 % |
Operating profit | 28.0 | 49.1 | 66.9 | 55.8 | 40.8 | 41.6 |
Capital employed2) | 1,196.1 | 1,258.0 | 1,300.0 | 1,272.2 | 1,243.0 | 1,210.1 |
Return on capital employed2) (%) | 14.6 % | 14.9 % | 16.4 % | 16.9 % | 17.1 % | 16.9 % |
Cash flow from operating activities | 65.0 | 70.3 | 88.5 | 194.6 | 47.3 | 71.9 |
Free cash flow | 34.5 | 38.1 | 54.0 | 175.9 | 25.8 | 58.9 |
Capital expenditures | 31.1 | 34.0 | 36.3 | 21.5 | 23.1 | 13.8 |
Produced volume (in millions of m2) | 845 | 734 | 730 | 718 | 787 | 741 |
in millions of EUR, IFRS | Q1/2023 | Q2/2023 | Q3/2023 | Q4/2023 | Q1/2024 | Q2/2024 |
---|---|---|---|---|---|---|
Sales1) | 174.1 | 169.1 | 158.1 | 152.3 | 164.8 | 156.8 |
Adjusted EBITDA | 17.1 | 18.1 | 19.9 | 19.9 | 21.0 | 16.6 |
Adjusted operating profit | 7.3 | 8.3 | 10.1 | 8.4 | 12.1 | 7.2 |
Adjusted operating margin (%) | 4.2 % | 4.9 % | 6.4 % | 5.5 % | 7.3 % | 4.6 % |
Operating profit | 5.9 | 3.1 | 2.4 | 6.2 | 12.1 | 7.2 |
Capital employed2) | 367.7 | 394.7 | 411.4 | 405.0 | 408.9 | 409.3 |
Return on capital employed2) (%) | 8.0 % | 7.9 % | 8.3 % | 8.4 % | 9.5 % | 9.2 % |
Cash flow from operating activities | (7.8) | 9.6 | 24.6 | 49.8 | 19.8 | 15.0 |
Free cash flow | (15.1) | 0.1 | 5.1 | 17.3 | (5.0) | 6.2 |
Capital expenditures | 7.3 | 9.5 | 19.7 | 32.6 | 24.9 | 10.0 |
Produced volume (in millions of m2) | 249 | 245 | 233 | 230 | 245 | 233 |
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