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Key Indicators

Multi-Annual Overview MM Group

consolidated (in millions of EUR)20212020201920182017
Operating profit269.6231.4255.3217.1215.0
Profit for the year190.7162.2190.2164.2155.0
Cash flow from operating activities269.8318.2331.4250.1217.2
Depreciation/Capital Expenditures (in millions of EUR)     
Depreciation and amortization1)151.4167.5134.3107.399.7
Capital expenditures (CAPEX)257.8157.6151.0124.4159.1

Profitability Indicators

Return on equity11.9 %10.6 %13.1 %12.1 %12.0 %
Return on assets6.7 %7.1 %9.0 %8.5 %8.3 %
Net profit margin6.2 %6.4 %7.5 %7.0 %6.6 %
EBITDA margin13.7 %15.8 %15.3 %13.9 % 13.5 %
Operating margin8.8 %9.2 %10.0 %9.3 %9.2 %
Return on capital employed12.8 %13.7 %15.4 %16.2 %3)16.6 %3)
Return on investment8.8 %9.4 %11.7 %11.0 %10.9 %

Balance Sheet Indicators

Equity ratio41.4 %64.5 %62.3 %67.0 %65.5 %
Property, plant and equipment to total assets37.1 %41.5 %42.7 %41.3 %42.7 %
Total equity and non-current liabilities to property, plant and equipment2. 1.9 
Working capital (in millions of EUR)809.3584.4523.9698.8644.3



Net debt (-) /net liquidity (+) (in millions of EUR)

Net debt/EBITDA2.14)0.30.6-0.20.0

Share Performance Indicators (in EUR)

Market capitalization2) (in Mio. EUR)3,5323,3002,3922,2002,450

Basic and diluted earnings per share


Dividend per share



1) incl. impairment of property, plant and equipment and intangible assets

2) per ultimo

3) adjusted according to definition (see glossary)

4) EBITDA including acquired mills MM Kotkamills and MM Kwidzyn for the full financial year 2021; excluding the sold sites at Eerbeek and Baiersbronn

5) proposed for 2021




consolidated, in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/20222Q/2022
EBITDA margin (%)14.5 %9.7 %15.6 %14.3 %14.6 %19.1 %
Operating profit61.230.985.192.4111.1173.9
Operating margin (%)9.6 %4.8 %10.4 %9.6 %10.5 %15.0 %
Profit before tax58.624.379.582.1103.6166.6
Income tax expense(14.7)(6.0)(13.3)(19.8)(24.1)(40.3)
Profit for the period43.918.366.262.379.5126.3
Net profit margin (%)6.8 %2.8 %8.1 %6.5 %7.5 %10.9 %
Earnings per share (in EUR)2.180.893.303.093.956.29
Cash flow from operating activities77.834.553.5104.049.389.0


in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/20222Q/2022
Operating profit19.813.241.333.470.1131.6
Operating margin (%)7.3 %4.6 %9.5 %5.9 %10.7 %18.1 %
Cash flow from operating activities14.32.422.369.718.583.6
Tonnage sold (in thousands of tons)432422567671657623
         Kraft Papersn.a.n.a.31626464
         Uncoated Fine Papersn.a.n.a.631029992
Tonnage produced (in thousands of tons)410421560678659671

 1) including interdivisional sales



in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/20222Q/2022
Operating profit41.417.743.859.041.042.3
Operating margin (%)10.4 %4.5 %10.4 %13.7 %9.0 %8.4 %
Cash flow from operating activities63.532.131.234.330.85.4
Produced volume (in millions of m2)910898928936959954

1) including interdivisional sales




Reconciliation of key indicators

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