The MM Group was able to overall successfully close the financial year 2021, which was characterized by historically unprecedented cost increases, in particular for energy, recovered paper and pulp. The strong pressure on margins was successively compensated for by price increases, which could only be implemented with a time lag due to contractual commitments. The continuing strong demand for cartonboard packaging and papers and thus high capacity utilization in both divisions provided significant support in this respect.
The Group’s consolidated sales reached Euro 3,069.7 million which is 21.4 %, or Euro 541.3 million above the previous year's figure (2020: Euro 2,528.4 million). This increase was mainly acquisition-related from the division Board & Paper.
At Euro 269.6 million, operating profit was 16.5 %, or Euro 38.2 million above the previous year (2020: Euro 231.4 million).
The Group’s operating margin was therefore at 8.8 % (2020: 9.2 %), the return on capital employed at 12.8 % (2020: 13.7 %). EBITDA rose by 5.5 %, or Euro 22.1 million to Euro 421 million (2020: Euro 398.9 million), the EBITDA margin reaching 13.7 %.
Accordingly, profit before tax at Euro 244.5 million was 10.1 % higher than in the previous year (2020: Euro 222.1 million). Income tax expenses totaled Euro 53.8 million (2020: Euro 59.8 million), resulting in an effective Group tax rate of 22.0 %. The reduction compared to the previous year is mainly due to tax-free income from company disposals.
Profit for the year rose by 17.5 %, or Euro 28.5 million to Euro 190.7 million, compared to Euro 162.2 million in 2020.
The 4Q 2021 was characterized by continuous strong demand in both divisions. Consolidated sales of Euro 962.6 million were mainly acquisition-related above last year's period (4Q 2020: Euro 624.9 million).
The Group’s operating profit increased to Euro 92.4 million (4Q 2020: Euro 62.1 million), while the operating margin at 9.6 % was slightly below previous year’s level. Profit before tax amounted to Euro 82.1 million (4Q 2020: Euro 61.5 million), profit for the period to Euro 62.3 million (4Q 2020: EUR 45.9 million).
The MM Group is Europe’s largest producer of cartonboard and folding cartons.
