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Key Indicators

Multi-Annual Overview MM Group

consolidated (in millions of EUR)20222021202020192018
Operating profit510.3269.6231.4255.3217.1
Profit for the year345.2190.7162.2190.2164.2
Cash flow from operating activities299.7269.8318.2331.4250.1
Depreciation/Capital Expenditures (in millions of EUR)     
Depreciation and amortization1)219.6151.4167.5134.3107.3
Capital expenditures (CAPEX)345.1257.8157.6151.0124.4

Profitability Indicators

Return on equity19.1 %11.9 %10.6 %13.1 %12.1 %
Return on assets8.6 %6.7 %7.1 %9.0 %8.5 %
Net profit margin7.4 %6.2 %6.4 %7.5 %7.0 %
EBITDA margin15.6 %13.7 %15.8 %15.3 %13.9 % 
Operating margin10.9 %8.8 %9.2 %10.0 %9.3 %
Return on capital employed16.3 %12.8 %13.7 %15.4 %3)16.2 %3)
Return on investment11.1 %8.8 %9.4 %11.7 %11.0 %

Balance Sheet Indicators

Equity ratio40.7 %41.4 %64.5 %62.3 %67.0 %
Property, plant and equipment to total assets37.6 %37.1 %41.5 %42.7 %41.3 %
Total equity and non-current liabilities to property, plant and equipment2. 
Working capital (in millions of EUR)1,032.4809.3584.4523.9698.8
Financial Indicators      

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

Net debt/EBITDA2.04)2.14)0.30.6-0.2
Net debt/equity0.

Share Performance Indicators (in EUR)

Market capitalization2) (in Mio. EUR)3,0243,5323,3002,3922,200

Earnings per share


Dividend per share



1) incl. impairment of property, plant and equipment and intangible assets as well as non-current assets held for sale 

2) per ultimo

3) adjusted according to definition (see glossary)

4) EBITDA adjusted for acquisitions and divestments 

5) proposed for 2022


The key indicators from the financial year 2019 onwards are not fully comparable with the previous years’ figures due to the initial application of IFRS 16. 





consolidated, in millions of EUR, IFRS1Q/20222Q/20223Q/20224Q/20221Q/2023
EBITDA margin (%)14.6 %19.1 %17.5 %11.3 %10.4 %
Operating profit111.1173.9167.258.161.6
Operating margin (%)10.5 %15.0 %13.6 %4.7 %5.5 %
Profit before tax103.6166.6146.650.149.0
Income tax expense(24.1)(40.3)(37.2)(20.1)(14.1)
Profit for the period79.5126.3109.430.034.9
Net profit margin (%)7.5 %10.9 %8.9 %2.4 %3.1 %
Earnings per share (in EUR)3.956.295.431.521.71
Cash flow from operating activities49.389.0117.444.067.2


in millions of EUR, IFRS1Q/20222Q/20223Q/20224Q/20221Q/2023
Operating profit70.1131.6116.562.827.7
Operating margin (%)10.7 %18.1 %15.6 %10.1 %5.3 %
Cash flow from operating activities18.583.6124.917.410.0
Tonnage sold (in thousands of tonnes)657623615494473
         Kraft Papers6464514140
         Uncoated Fine Papers9992958058
Tonnage produced (in thousands of tonnes)659671611492488

 1) including interdivisional sales



in millions of EUR, IFRS1Q/20222Q/20223Q/20224Q/20221Q/2023
Operating profit41.042.350.7(4.7)33.9
Operating margin (%)9.0 %8.4 %9.2 %-0.7 %5.2 %
Cash flow from operating activities30.85.4(7.5)26.657.2
Produced volume (in millions of m2)9599541,0151,1281,094

1) including interdivisional sales




Reconciliation of key indicators

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