MM Packaging Q3 Report 2022

In the course of continuous strong demand throughout most of the quarter and only selective necessary downtime at Board & Paper towards the end of the quarter as well as further price increases to compensate for the ongoing strong cost inflation consolidated sales of EUR 1,231.9 million were above the previous quarter’s value (EUR 1,158.1 million). The increase compared to the previous year’s level (3Q 2021: EUR 817.5 million) results primarily from the inclusion of MM Kotkamills and MM Kwidzyn as well as necessary price adjustments.

At EUR 167.2 million, the Group’s operating profit was below the 2nd quarter of 2022 (EUR 173.9 million) but above the value of the 3rd quarter of the previous year (EUR 85.1 million). The latter was mainly characterized by the income from the sale of the Eerbeek and Baiersbronn mills in the amount of EUR 50.1 million and by one-off expenses from the acquisition of the mills Kwidzyn and Kotkamills in the amount of EUR 31.9 million. The operating margin amounted to 13.6 % (2Q 2022: 15.0 %; 3Q 2021: 10.4 %). Profit for the period reached EUR 109.4 million (2Q 2022: EUR 126.3 million; 3Q 2021: EUR 66.2 million).

Capacity utilization of the division MM Board & Paper at 91 % in the 3rd quarter was lower than in the previous quarter (2Q 2022: 99 %; 3Q 2021: 95 %), mainly due to planned maintenance shutdowns and selective market-related downtime. The operating margin amounted to 15.6 % (2Q 2022: 18.1 %; 3Q 2021: 9.5 %).

 

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