Global packaging and paper company Mondi has reported a revenue of €7.33bn ($7.93bn) for the financial year 2023 (FY 2023), down by nearly 18% compared to €8.90bn in FY 2022. 

For the reported year ended on 31 December 2023, the company’s basic underlying earnings per share totalled €107.8 for FY 2023, a decrease from €195.6 in FY 2022, indicating lower profitability despite reduced net finance costs. 

The company’s profit before tax also saw a significant decrease, dropping to €682m in 2023 from €1.56bn in 2022.  

Return on capital employed was 12.8%, compared to 23.7% in 2022. Operating profit for FY 2023 declined to €763m from €1.68bn reported last year.  

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for FY 2023 came in at €1.17bn versus €2.09bn in FY 2022. 

Underlying EBITDA declined to €1.20bn compared to €1.84bn in the previous year. Consequently, the underlying EBITDA margin also fell to 16.4%, from 20.8% in 2022. 

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Despite the downturn in profitability, Mondi’s cash generation remained positive, with operations generating €1.31bn, slightly up from €1.29bn in the previous year.  

Segment-wise, Mondi’s Corrugated division saw a 24% decline in revenue to €2.28bn in FY 2023 from €2.99bn in FY 2022. 

Its Flexible Packaging segment saw a 10% decrease in revenue to €3.87bn from €4.29bn last year while the Uncoated Fine Paper segment’s revenue declined by 20% to €1.29bn as against €1.61bn in FY 2022. 

Mondi Group CEO Andrew King said: “Mondi delivered a resilient performance in 2023 as a result of our compelling customer service and delivery, supported by our scale, quality asset base, integrated model and breadth of products, customers and end-markets.

“We remain well positioned to capitalise as demand improves with our strong operational leverage and organic growth investment projects. It is our continued confidence in the future of our business, which has resulted in the board recommending a total ordinary dividend for the year of 70.0 euro cents per share, in line with 2022.”