Go to

Results for the first quarter of 2022

  • Margins restored
  • Significant growth due to previous year’s acquisitions
  • Strong demand and high capacity utilization in both divisions
  • Persisting input cost increase passed through
  • Growth strategy for Packaging advanced

The MM Group succeeded in catching up again in margins in the 1st quarter of 2022, after cost inflation-related pressure in previous quarters. Consistent implementation of necessary price increases and sustained strong demand in both divisions made this possible. Significant growth compared to the 1st quarter of the previous year resulted mainly from the inclusion of the cartonboard and paper mills in Poland and Finland acquired at the beginning of August last year as well as higher price levels. Due to widely booked capacities and longer delivery times, great attention is paid to the continuous supply of our customers, which we meet through the highest possible flexibility. As a result, despite increasing challenges in the supply chain, we continued to operate at almost full capacity. With the acquisition of the leading Nordic pharmaceutical packaging group Eson Pac in April, MM has recently advanced the growth strategy for Packaging.

The continuing increase in raw material, transport and energy costs has been countered by renewed price adjustments since the beginning of the 2nd quarter in order to safeguard margins. However, due to the overall economic uncertainties, it is currently not possible to make a more detailed assessment for the current year.

Group Key Indicators - IFRS

consolidated, in millions of EUR, IFRS



Sales1,060.4641.3+65.4 %
EBITDA155.092.7+67.2 %
EBITDA margin (in %)14.6 %14.5 %+16 bp 
Operating profit111.161.2+81.5 %
Operating margin (in %)10.5 %9.6 %+93 bp
Profit before tax103.658.6+76.9 %
Income tax expense(24.1)(14.7) 
Profit for the period79.543.9+81.2 %
Net profit margin (in %)7.5 %6.8 % 
Earnings per share (in EUR)3.952.18 
Cash flow from operating activities49.377.8-36.6 %
Capital expenditures (CAPEX)75.960.3 
Depreciation and amortization2)43.931.5 

1) as of December 31, 2021

2) including impairment of property, plant and equipment and intagible assets


Income Statement

The income statement as of the 1st quarter is particularly characterized by the inclusion of the cartonboard and paper mills MM Kotkamills and MM Kwidzyn, which were acquired at the beginning of August 2021.

The Group’s consolidated sales increased to EUR 1,060.4 million and were EUR 419.1 million higher than the comparable figure of the previous year (1Q 2021: EUR 641.3 million). This growth is mainly acquisition-related and due to passing on of cost increases through higher prices.

At EUR 111.1 million, operating profit was EUR 49.9 million above the previous year’s value (1Q 2021: EUR 61.2 million). The significant rise in the MM Board & Paper division was faced by a stable development at MM Packaging. The Group's operating margin increased to 10.5 % (1Q 2021: 9.6 %).

Financial income of EUR 1.6 million (1Q 2021: EUR 0.5 million) contrasted with financial expenses of EUR -7.5 million (1Q 2021: EUR -3.6 million). The latter increased in particular due to the issu-ance of Schuldschein loans and Namensschuldverschreibungen in the 1st quarter of the previous year to finance the acquisitions and organic growth projects.

Profit before tax went up from EUR 58.6 million in the previous year to EUR 103.6 million. Income tax expense amounted to EUR 24.1 million (1Q 2021: EUR 14.7 million), resulting in an effective Group tax rate of 23.3 % (1Q 2021: 25.2 %). 

Profit for the period rose by EUR 35.6 million to EUR 79.5 million (1Q 2021: EUR 43.9 million).


Strong demand and high order intake continue in both Board & Paper and Packaging. In order to compensate for the ongoing cost inflation since the beginning of the year, a further price increase for cartonboard and paper was implemented at the beginning of the 2nd quarter.

MM’s long-term investment projects to increase competitiveness and for further growth are overall on schedule and will be implemented in 2022 and 2023 in the already indicated range of EUR 250 - 300 million p.a.. While the expansions recently started in several plants of MM Packaging should enable more business this year, the growth and earnings effects from the major investments at Board & Paper are mainly expected after 2023.

MM continues to closely monitor the developments in Russia and Ukraine as well as the interna-tional measures and possible effects on the Group. In 2021, around 9 % of the Group's cumulative EBITDA was generated in Russia and Ukraine. Packaging products for daily consumer goods are produced at two sites in Russia and at one site in Ukraine. The total book value of the three sites is less than EUR 100 million. Further shutdowns are to be expected. The reallocation of Russian export deliveries to other destinations was implemented rapidly against the background of the current market strength. 

Due to the overall economic uncertainties and especially as a result of possible disruptions in the supply chain a further assessment for the present year is currently not possible.

While the integration of last year’s acquisitions is still paramount at MM Board & Paper, the focus at MM Packaging is on organic growth and acquisitions.

Development in the Divisions

MM Board & Paper

in millions of EUR, IFRS1Q/20221Q/2021+/-
Sales1)656.3271.4+141.8 %
EBITDA95.733.0+189.6 %
Operating profit70.119.8+253.5 %
Operating margin (in %)10.7 %7.3 %+337 bp
Cash flow from operating activities18.514.3+29.4 %
Tonnage sold (in thousands of tons)657432+52.1 %
        Cartonboard494432+14.2 %
        Kraft Papers64n.a. 
        Uncoated Fine Papers99n.a. 
Tonnage produced (in thousands of tons)659410+60.9 %

1) including interdivisional sales


Demand on the European main market was characterized by strong order activity for cartonboard and paper also during the 1st quarter of 2022. This is on the one hand attributable to the tight market, increasing delivery times and significantly reduced imports from overseas markets. Consequently and due to the inclusion of the acquisitions, the division's average order backlog of 184,000 tons was above the comparable figure of the previous year (1Q 2021: 149,000 tons). At 99 % (1Q 2021: 99 %) the division’s capacities continued to be almost fully utilized.

In view of the ongoing cost inflation, especially recent increases in raw material, transport and energy costs, and the difficulty of predicting future developments, the focus remained on offsetting the weight by promptly raising selling prices in order to catch up again in margins.

At EUR 656.3 million, sales were acquisition- and price-related EUR 384.9 million above the comparable figure (1Q 2021: EUR 271.4 million). Accordingly, operating profit rose to EUR 70.1 million (1Q 2021: EUR 19.8 million), resulting in an operating margin of 10.7 % (1Q 2021: 7.3 %).

Both tonnage produced and sold were acquisition-related above the previous year’s figures at 659,000 tons and 657,000 tons, respectively (1Q 2021: 410,000 tons and 432,000 tons, respectively).

MM Packaging

in millions of EUR, IFRS1Q/20221Q/2021+/-
Sales1)454.9399.3+13.9 %
EBITDA59.359.7-0.6 %
Operating profit41.041.4-0.8 %
Operating margin (in %)9.0 %10.4 %-134 bp
Cash flow from operating activities30.863.5-51.5 %
Tonnage processed (in thousands of tons)222216+3.1 %

1)  including interdivisional sales


Demand on the European folding carton markets showed a similarly positive picture as for Board & Paper in the 1st quarter of 2022. However, for some segments, there were already signs of an increase in customer stocks. Parallel to the good order activity, all business areas are affected by a significant rise in input costs. For this reason, shorter-term price adjustment options are being implemented successively also in the framework of longer-term agreements. In order to maintain the material supply despite a strained supply chain, the integrated positioning of MM is increasingly in focus. 

As already taken up by the recent acquisition of Eson Pac in the pharmaceutical sector and enhanced investments, the growth course of MM Packaging is to be accelerated both organically through the expansion of competitive sites and acquisitions in attractive new markets.

At EUR 454.9 million, sales were volume- and price-related 13.9 % above the previous year’s figure of EUR 399.3 million. In contrast, the operating profit at EUR 41.0 million remained particularly cost-related at previous year’s level (1Q 2021: EUR 41.4 million). The operating margin thus amounted to 9.0 % (1Q 2021: 10.4 %).

Tonnage processed increased slightly to 222,000 tons (1Q 2021: 216,000 tons).

consolidated, in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/2022
EBITDA margin (in %)14.5 %9.7 %15.6 %14.3 %14.6 %
Operating profit61.230.985.192.4111.1
Operating margin (in %)9.6 %4.8 %10.4 %9.6 %10.5 %
Profit before tax58.624.379.582.1103.6
Income tax expense(14.7)(6.0)(13.3)(19.8)(24.1)
Profit for the period43.918.366.262.379.5
Net profit margin (in %)6.8 %2.8 %8.1 %6.5 %7.5 %
Earnings per share (in EUR)2.180.893.303.093.95

Cash flow from operating activities

in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/2022
Operating profit19.813.241.333.470.1
Operating margin (in %)7.3 %4.6 %9.5 %5.9 %10.7 %

Cash flow from operating activities

Tonnage sold (in thousands of tons)432422567671657
       Uncoated Fine Papersn.a.n.a.6310299
Tonnage produced (in thousands of tons) 410421560678659

1) including interdivisional sales


in millions of EUR, IFRS1Q/20212Q/20213Q/20214Q/20211Q/2022
Operating profit41.417.743.859.041.0
Operating margin (in %)10.4 %4.5 %10.4 %13.7 %9.0 %

Cash flow from operating activities

Tonnage processed (in thousands of tons)216208215214222

1) including interdivisional sales


Forthcoming Results:

August 11, 2022         Half-Year Results 2022 

Publication Mailing

To keep you regularly updated about company reports and press releases, we offer the subscription to our publication mailing for shareholders and stakeholders.

Get in contact with our press department!

We look forward to your message and always seek a prompt answer.

Contact Us
To the main navigation
Cookie settings

We use cookies to provide you with an optimal website experience. These include cookies that are necessary to operate the site, as well as those that are only used for anonymous statistical purposes, for convenience settings or to display personalized content. You can decide for yourself which categories you would like to allow and reset your selection at any time. Please note that depending on your settings, not all functionalities of the site may be available.

For more information, please see our data protection information.

Notice regarding the transfer of your data collected on this website to third countries:

By clicking on "Confirm All" or "Statistics" and "Confirm Selection" you consent in accordance with Article 49 (1) (a) of the General Data Protection Regulation (GDPR), that your data collected on this website will also be processed in third countries where the GDPR does not apply. For example, Google processes this data in the USA. Nevertheless, if you do not select "Statistics" and click "Confirm selection", the transfer described above will not take place.

Technically necessary

These cookies are necessary for the functionality of our website (e.g. technical or security-related aspects). They serve as the operation of the website and make it functionally usable for you. This mainly includes basic functions such as navigation on the website. We cannot run the website correctly without using these cookies. Therefore, their use base upon our legitimate interest, because otherwise we cannot offer a properly functioning website.

The legal basis for the processing of such cookies is Article 6 (1) (f) GDPR.


We use these cookies to improve our offers and our website. For instance, with the help of these cookies we can determine the number of visitors and the effect of certain pages of our website, create statistics and analyses and subsequently optimize our content. Statistics Cookies collect information about how websites are used in order to improve their attractiveness, content and functionality. We use them only with your consent, which you can revoke or reset at any time.

The legal basis for the processing of such cookies is Article 6 (1) (a) GDPR.


We use these cookies to show you personalized content that matches your interests. This includes in particular the videos embedded on our website. We use them only with your consent, which you can revoke or reset at any time.

The legal basis for the processing of such cookies is Article 6 (1) (a) GDPR.

Explanation of cookies:

Cookies are text files that are stored on your end device, such as a PC, tablet or smartphone, when you visit a website with the help of your browser. Cookies consist of technical information that identifies you as a user. So-called session cookies, which are automatically deleted after closing the browser, differ from temporary or permanent cookies, which are stored on your end device for a longer or unlimited period. Cookies ensure that our website is able to identify and recognize the website users when visiting the website with the same device again. Cookies make sure that certain settings and data is provided automatically. Therefore, the information stored in cookies is transmitted either to the website visited ("first party cookie") or to another website to which the cookie set is assigned ("third party cookie").

However, you can select the browser settings to prevent the storage of statistics and personalization cookies. In this case, we will ask you each time when visiting the website whether you agree to the setting of cookies or not. In addition, you can revoke or reset the cookie settings at any time with future effect by reopening the cookie banner on our website or by using your browser settings. To do this, use the help function of your browser and follow the instructions.