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MM Group Company
Presentation

August 2024

Investor
Presentation

August 2024 (incl. 1st HY/2024 Results)

MM Syndicate CEO
Presentation

January 18, 2024

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

 

1) adjusted due to the adjustment of the acquisition of Essentra Packaging
2) adjusted for material one-off effects (see glossary)
3) incl. impairments and write-ups on property, plant and equipment and intangible assets as well as non-current assets held for sale
4) calculated with adjusted result figure
5) per ultimo
6) proposed for 2023

 

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
1) including interdivisional sales
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
1) including interdivisional sales
2) The calculation of the previous year’s figures is based on the average of the last three, six and nine months respectively.
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
1) including interdivisional sales
2) The calculation of the previous year’s figures is based on the average of the last three, six and nine months respectively.