PR Newswire
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
12 November 2024
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
There follows a notification form for a director of Mondi plc.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Philip Yea
2
Reason for the notification
a)
Position/status
Chair
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£11.764925
10,000
d)
Aggregated information
- Aggregated volume
- Price
10,000
£11.764925
e)
Date of transaction
2024-11-12
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
8 November 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 7 November 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£12.43069
24
d)
Aggregated information
- Aggregated volume
- Price
24
£12.43069
e)
Date of transaction
2024-11-07
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£12.43069
24
d)
Aggregated information
- Aggregated volume
- Price
24
£12.43069
e)
Date of transaction
2024-11-07
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
24 October 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: MONDI plc
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Coronation Fund Managers
City of registered office: Cape Town
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
22 October 2024
6. Date on which Issuer notified:
24 October 2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
6.012900
0.000000
6.012900
26,541,696
Position of previous notification (if applicable)
5.012729
0.000000
5.012729
8. Notified details of the resulting situation on the date which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
26,541,696
0
6.012900
0.000000
Subtotal 8.A
26,541,696
6.012900%
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Coronation Fund Managers
Coronation Asset Management (Pty) Ltd
6.012900
0.000000
6.012900%
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information: N/A
12. Date of completion:
24 October 2024
13. Place of completion:
Cape Town, South Africa.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
Tax registration number: 454 12394 14454
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
11 October 2024
Mondi Group - Results of the Dividend Reinvestment Plan - 2024 Interim Dividend
On 1 August 2024, Mondi plc ("Mondi") announced that it would pay an interim dividend for the year ending 31 December 2024 of 23.33 euro cents per ordinary share (the "Dividend") to all Mondi plc ordinary shareholders on either the UK main register or the South African branch register on 23 August 2024 (the "Record Date"). The Dividend was paid on 27 September 2024.
Eligible shareholders ("Shareholders") were able to participate in Dividend Reinvestment Plans ("DRIPs"). In accordance with the JSE Listings Requirements, Mondi confirms the results of the DRIPs as follows:
- Shareholders on the UK main register holding 4,632,553 shares or 1.05% of Mondi's issued share capital as at the Record Date elected to participate in the UK Dividend Reinvestment Plan, resulting in the purchase of 62,980 shares in the market at an average price of £14.266880 per share.
- Shareholders on the South African branch register holding 14,859,342 shares or 3.37% of Mondi's issued share capital as at the Record Date elected to participate in the South African Dividend Reinvestment Plan, resulting in the purchase of 198,876 shares in the market at an average price of R328.0221 per share.
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi is listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI
JSE share code: MNP ISIN: GB00BMWC6P49
Mondi to acquire Western Europe Packaging Assets of
Schumacher Packaging
Strengthens Mondi's corrugated converting footprint in Europe with highly complementary assets, increasing capacity by over 1 billion square meters Provides integration benefits with the Group's leading containerboard operations in Europe Includes two state-of-the-art mega-box plants in Germany, located at Ebersdorf and Greven, securing significant capacity to meet the growing demand for sustainable packaging Enterprise value of €634 million, to be financed from existing facilities. Earnings per share accretive in the first full financial year following completionMondi plc ("Mondi" or the "Group"), a global leader in the production of sustainable packaging and paper, today announces that it has entered into an agreement to acquire the German, Benelux and UK corrugated converting and solid board operations of Schumacher Packaging1("the Acquisition"). This Acquisition will expand Mondi's corrugated footprint in Western Europe and add complementary fibre-based products, focused on eCommerce and FMCG, to enhance its existing customer offering.
Today's announcement is in line with Mondi's strategy to expand its Corrugated Packaging business in Europe and adjacent markets; to invest in cost advantaged assets; to further integrate upstream and downstream operations to ensure security of supply for customers and optimised operations, and to continue to partner with customers to deliver innovative solutions.
The Acquisition comprises seven corrugated converting plants, two solid board mills and four solid board converting plants. These operations complement Mondi's existing network of corrugated plants across Central and Eastern Europe, adding over 1 billion square meters of capacity when fully operational. Among the acquired sites are two state-of-the-art mega-box plants in Germany, located at Ebersdorf and Greven, which have best-in-class production speed and operational efficiency as well as a highly skilled workforce with a culture aligned with Mondi's.
Expanding Mondi's eCommerce offering-particularly in Germany, the largest packaging market in Europe-presents significant opportunities to introduce the Group's unique range of products to a wider array of customers as they increasingly transition towards more sustainable packaging solutions.
In 2023, Schumacher Packaging's Western European Packaging Assets delivered an adjusted EBITDA of €66 million. The EBITDA contribution is expected to increase as the recently added capacity at Greven, following a significant investment programme, ramps up, and the identified €22 million of cost synergies are realised over the three years following completion. This excludes expected one-off cash costs to achieve of approximately €18 million.
Commenting on the Acquisition, Andrew King, Mondi Group CEO, said:
"Our focus is on investing to meet the growing market demand for sustainable packaging while driving value for our stakeholders. This acquisition significantly increases our corrugated converting capacity, extends our reach across Western Europe, and offers strong downstream integration opportunities, while broadening our customer offering with a complementary fibre-based product range.
"We are delighted to be acquiring these assets and look forward to welcoming our new Schumacher Packaging colleagues and customers to Mondi. On completion, Mondi will have an enhanced customer proposition and a strong platform for further growth."
The transaction, which is subject to certain customary regulatory approvals, is expected to close in the first half of 2025.
Mr Bjoern Schumacher and Mr Hendrik Schumacher, co-CEOs of Schumacher Packaging who have been instrumental in the development of the business over many years, will be retained, respectively, as a strategic adviser and as Chief Operating Officer Solid Board. We welcome their continued involvement to ensure a smooth transition and support the ongoing development of the combined business.
Mondi will publish its third quarter trading update as planned, on Thursday 17 October 2024 at 0700 hours London (0800 hours Johannesburg).
- END -
-------------------------------------------------------------------------------------
Corrugated converting sites include Bielefeld, Ebersdorf, Greven, Lehrte, Sonneberg, in Germany, Breda in the Netherlands and Birmingham in the UKSolid Board mills at Kaierde and Schwarzenberg with conversion sites at Hauenstein, Forchheim, Schwarzenberg and Leipzig-Land (all Germany)
Conference call for analysts and investors to discuss the Acquisition
A webinar will be held today at 08:30 (BST), 09:30 (CET/SAST).
Event registration link: https://storm-virtual-uk.zoom.us/webinar/register/WN_Pr1NzHyAT0G7Z5VK3Q3fEw
Once registered, you will receive a confirmation email from `MONDI GROUP Events' with the webinar link and ID.
A replay will be available on Mondi's website within a couple hours after the end of the live results presentation at: https://www.mondigroup.com/investors/results-reports-and-presentations/
For any queries, please e-mail ir@mondigroup.com.
Enquiries
Investors/analysts:
Fiona Lawrence +44 742 587 8683
Mondi Group: Head of Investor Relations
Media:
Chris Gurney +44 799 004 3764
Mondi Group: Head of Corporate Communication
Richard Mountain +44 790 968 4466
FTI Consulting
Editors' notes
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi is listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
8 October 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 7 October 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.2528
22
d)
Aggregated information
- Aggregated volume
- Price
22
£14.2528
e)
Date of transaction
2024-10-07
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.2528
22
d)
Aggregated information
- Aggregated volume
- Price
22
£14.2528
e)
Date of transaction
2024-10-07
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
19 September 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: Mondi plc
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Allan Gray Proprietary Limited
City of registered office: Cape Town
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
18-Sep-2024
6. Date on which Issuer notified:
19-Sep-2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
6.006200
0.000000
6.006200
26,512,115
Position of previous notification (if applicable)
5.998100
0.000000
5.998100
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
26,512,115
0
6.006200
0.000000
Subtotal 8.A
26,512,115
6.006200%
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information:
The ordinary shares acquired are held by Allan Gray's clients, as opposed to by Allan Gray itself.
12. Date of completion:
19-Sep-2024
13. Place of completion:
Cape Town, South Africa
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
Tax registration number: 454 12394 14454
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
13 September 2024
Mondi Group - 2024 Interim Dividend euro/sterling Exchange Rate
On 1 August 2024 Mondi plc announced that it will pay an interim dividend for the year ending 31 December 2024 of 23.33 euro cents per ordinary share on Friday 27 September 2024. The dividend will be paid in euro.
However, ordinary shareholders resident in the United Kingdom will receive the interim dividend in sterling (unless shareholders have elected to receive their dividends in euro). The last date for euro currency elections was 9 September 2024. It was stated in the announcement on 1 August that the exchange rate for the interim dividend payment would be set today. Accordingly, it is confirmed that sterling dividend payments will be converted at a rate of EUR 1 to GBP 0.84398. Therefore, the equivalent interim dividend in pence per ordinary share will be 19.69005.
Mondi plc South African branch register shareholders will receive the interim dividend in South African rand cents, converted at a rate of EUR 1 to ZAR 19.69500. Therefore, the equivalent gross interim dividend in rand cents per ordinary share will be 459.48435.
Information relating to the dividend tax applicable to Mondi plc South African branch register shareholders can be found in the ZAR/euro exchange rate announcement released by Mondi on 1 August 2024.
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi is listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
10 September 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: Mondi plc
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Allan Gray Proprietary Limited
City of registered office: Cape Town
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
05-Sep-2024
6. Date on which Issuer notified:
10-Sep-2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.998100
0.000000
5.998100
26,476,298
Position of previous notification (if applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
26,476,298
5.998100
Subtotal 8.A
26,476,298
5.998100%
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information:
The ordinary shares acquired are held by Allan Gray's clients, as opposed to by Allan Gray itself.
12. Date of completion:
10-Sep-2024
13. Place of completion:
Cape Town, South Africa
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
10 September 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 6 September 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.2578
20
d)
Aggregated information
- Aggregated volume
- Price
20
£14.2578
e)
Date of transaction
2024-09-06
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.2578
20
d)
Aggregated information
- Aggregated volume
- Price
20
£14.2578
e)
Date of transaction
2024-09-06
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
20 August 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: Mondi plc
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Ninety One SA (Pty) Ltd
City of registered office:
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
13 August 2024
6. Date on which Issuer notified:
19 August 2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
4.901300
0.000000
4.901300
21,635,121
Position of previous notification (if applicable)
5.022200
0.000000
5.022200
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
21,635,121
4.901300
Subtotal 8.A
21,635,121
4.901300%
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Ninety One Limited
Ninety One Africa (Pty) Limited
0.000000
0.000000
0.000000%
Ninety One Africa (Pty) Limited
Ninety One SA (Pty) Limited
3.903100
0.000000
3.903100%
Ninety One Plc
Ninety One Global Ltd
0.000000
0.000000
0.000000%
Ninety One Global Ltd
Ninety One UK Holdings Ltd
0.000000
0.000000
0.000000%
Ninety One UK Holdings Ltd
Ninety One UK Limited
0.809700
0.000000
0.809700%
Ninety One Global Ltd
Ninety One International Ltd
0.000000
0.000000
0.000000%
Ninety One International Ltd
Ninety One North America Inc
0.188400
0.000000
0.188400%
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information:
The reason for the delay in notification was due to a data processing issue which has now been resolved.
12. Date of completion:
19 August 2024
13. Place of completion:
London
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
8 August 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 7 August 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.6367
22
d)
Aggregated information
- Aggregated volume
- Price
22
£14.6367
e)
Date of transaction
2024-08-07
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.6367
22
d)
Aggregated information
- Aggregated volume
- Price
22
£14.6367
e)
Date of transaction
2024-08-07
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
7 August 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: MONDI PLC
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Coronation Fund Managers
City of registered office: Cape Town
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
02 August 2024
6. Date on which Issuer notified:
07 August 2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.012729
0.000000
5.012729
22,126,816
Position of previous notification (if applicable)
4.977268
0.000000
4.977268
8. Notified details of the resulting situation on the date which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
22,126,816
0
5.012729
0.000000
Subtotal 8.A
22,126,816
5.012729
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Coronation Fund Managers
Coronation Asset Management (Pty) Ltd
5.012729
0.000000
5.012729%
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information: N/A
12. Date of completion:
7 August 2024
13. Place of completion:
Cape Town, South Africa.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
Tax registration number: 454 12394 14454
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
01 August 2024
Mondi Group - 2024 Interim Dividend ZAR/euro Exchange Rate
This morning in our half-year results announcement we announced that an interim dividend for the year ending 31 December 2024 of 23.33 euro cents per ordinary share will be paid on Friday 27 September 2024 to all Mondi plc ordinary shareholders on either the UK main register or the South African branch register on Friday 23 August 2024.
Mondi plc will pay its dividend in euro. However, ordinary shareholders resident in the United Kingdom will receive the dividend in sterling (unless shareholders have elected to receive their dividend in euro). The last date for euro currency elections will be Monday 09 September 2024. The exchange rate will be set on Friday 13 September 2024.
Shareholders holding their shares on the South African branch register will receive the dividend in South African rand cents, converted at a rate of EUR 1 to ZAR 19.69500. Therefore, the equivalent gross interim dividend in rand cents per ordinary share will be 459.48435.
For shareholders holding their shares on the South African branch register, the dividend will, for South African dividends tax purposes, be taxed like local dividends. As such, for South African tax resident shareholders holding their shares on the South African branch register, dividends withholding tax will be withheld from the dividends payable to these shareholders at a rate of 20%, unless a shareholder qualifies for an exemption, resulting in a net dividend of 367.58748 rand cents per ordinary share. Shareholders holding their shares on the South African branch register who are not tax resident in South Africa are exempted from South African dividends withholdings tax.
For the purposes of South Africa dividends tax reporting, the source of income for the payment of the dividend is the United Kingdom.
Additional Information
The interim dividend will be paid from income reserves.
Mondi plc had a total of 441,412,530 ordinary shares in issue of which 174,122,985 were held on the branch register, excluding treasury shares, at the dividend declaration date of 01 August 2024.
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi is listed on the London Stock Exchange in the ESCC category (MNDI), where the Group is a FTSE100 constituent. It also has a secondary listing on the JSE Limited (MNP).
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Mondi plc
(Incorporated in England and Wales) ISIN: GB00BMWC6P49
(Registered number: 6209386) LSE share code: MNDI
LEI: 213800LOZA69QFDC9N34 JSE share code: MNP
1 August 2024
Results for the six months ended 30 June 2024
Mondi, a global leader in the production of sustainable packaging and paper, today announces its results for the six months to 30 June 2024 ("first half" or "H1 2024").
H1 2024 - key points
• Robust performance with underlying EBITDA of €565 million - trading in line with our expectations
• Second quarter underlying EBITDA benefitted from rescheduled maintenance shuts and a higher than expected forestry fair value gain, together totalling approx. €40 million
• Continued progress delivering organic growth investments - on track and on budget
• Supporting shareholder distributions through ordinary and special dividends
Andrew King, Mondi Group Chief Executive Officer, commented:
"Our underlying EBITDA of €565 million in the first six months, although lower than the comparable period last year, reflected an encouraging performance, supported by improving market conditions resulting in stronger order books and higher sales volumes. This enabled us to implement a number of price increases across our paper grades. Alongside lower input costs, we delivered a sequential improvement in underlying EBITDA when compared to the second half of 2023. The benefit of the price increases will continue into the second half of the year. The second half is expected to be impacted by higher planned maintenance shuts and a likely forestry fair value loss.
“We continue to invest through-cycle to grow our business, enhancing our unique packaging and paper platform and broad product offering. Of our €1.2 billion organic growth investments, we will have invested around 80% by the end of this year, with operations currently ramping up following the modernisation of our Kuopio mill, the debottlenecking of our Swiecie mill and the two expanded box plants in Poland. Overall, our organic growth investments are expected to deliver a meaningful EBITDA contribution from 2025."
€ million, except where noted
Six months ended 30 June 2024
Six months ended 30 June 2023
Six months ended 31 December 2023
From continuing operations
Group revenue
3,739
3,881
3,449
Underlying EBITDA1
565
680
521
Underlying EBITDA margin1
15.1%
17.5%
15.1%
Profit before tax
296
418
264
Basic underlying earnings per share (euro cents)1, 2
50.5
67.0
40.8
Basic earnings per share (euro cents)2
44.5
63.7
39.8
Interim dividend per share (euro cents)2
23.33
23.33
Special dividend per share (euro cents)2
160.00
Cash generated from operations
372
554
758
Net debt to underlying EBITDA (times)1
1.5
0.8
0.3
Return on capital employed (ROCE)1
10.8%
19.1%
12.8%
Notes:
1 The Group presents certain measures that are not defined or specified according to International Financial Reporting Standards. Refer to the Alternative Performance Measures (APMs) section at the end of this document for further detail.
2 Per share metrics for the six months ended 30 June 2024 (except for the special dividend) include the impact of the share consolidation effective in January 2024. Refer to notes 7, 8 and 10 in the condensed consolidated financial statements for further information.
Mondi delivered a robust performance in the first half of 2024 on the back of improving market conditions. This performance was supported by our continued focus on quality, reliability and offering our customers a broad range of sustainable packaging and paper solutions.
Underlying EBITDA of €565 million with margin of 15.1% was below the comparable period (H1 2023: €680 million, 17.5%) primarily due to lower average selling prices and inflationary personnel and operating cost pressures despite the improvement in sales volumes and the reduction in input costs.
Whilst improving market demand and customer restocking led to an increase in our volumes in the first half of the year, prices were, on average, lower than the first half of 2023 as a result of the substantial price declines seen throughout 2023. However, the improving market conditions enabled a number of price increases to be implemented across all our paper grades over the course of the first half of the year. The full benefit of these increases are expected to come through in the second half of this year.
Overall, input costs were lower in the period compared to the first half of 2023, mostly due to lower wood and energy prices. As we enter the second half of 2024, overall input costs are stable despite recent increases in paper for recycling prices.
Return on capital employed was lower at 10.8% (31 December 2023: 12.8%), calculated on a rolling 12-months basis.
The Group continues to generate good cash flows and maintains a strong financial position, which provides the platform to continue investing in the business through-cycle alongside paying dividends to shareholders. Cash generated from operations of €372 million was lower than the prior year (H1 2023: €554 million) mainly due to an increase in working capital in line with the improving market environment.
Net debt to underlying EBITDA at 30 June 2024 was 1.5 times due to ongoing investment in the business and payment of a special dividend.
An interim dividend of 23.33 euro cents per share has been declared (H1 2023: 23.33 euro cents per share).
Further progress on delivering our strategy
Mondi has a clear strategy to deliver value accretive growth, sustainably. This includes extending our market leadership positions and scale in our key packaging markets. For Flexible Packaging, our focus is on leveraging our unique platform by building on our global leadership positions in kraft paper and paper bags and developing our niche positions in consumer flexibles, while bringing together the capabilities from across the platform to deliver innovative, sustainable packaging solutions. For Corrugated Packaging, our focus remains on growing in Europe and adjacent markets given our strong and integrated positions in these regions. In Uncoated Fine Paper we continue to optimise our existing assets and market leading positions in selected regional markets.
We continue to invest in upstream and downstream assets to deliver organic growth, enhance cost competitiveness, improve environmental performance and drive synergistic benefits of our integrated business model. This enables us to further strengthen our broad range of innovative sustainable solutions, and partner with customers to contribute to a circular economy. Our people are at the heart of our business, and we are committed to fostering a safe, motivating and inclusive work environment, aligned with our values of Performance, Care and Integrity.
Delivering organic growth investments - on track and on budget
We seek to invest through-cycle, by leveraging our strong financial position, leading market positions and confidence in the long-term structural growth of the packaging markets we operate in.
We are making good progress on our organic growth investments. Our €1.2 billion of organic growth investments remain on track and on budget. These projects are diversified across our value chain, products and geographic reach and comprise €0.6 billion of investments in Corrugated Packaging and €0.6 billion of investments in Flexible Packaging. By the end of 2024, we will have invested around 80% of the €1.2 billion.
Our projects are expected to take two to three years to achieve full production following their start-up, and deliver mid-teen returns through-cycle when fully operational. We expect these projects to deliver a meaningful EBITDA contribution from 2025.
Advancing our sustainability performance through the Mondi Action Plan 2030
We have a long track record of delivering sustainably and continue to be recognised as a leader in sustainable practices. During the period, we maintained our top ‘A’ scores for forestry and water security and an ‘A-’ score in climate change in CDP’s 2023 disclosures. We also achieved Platinum status in EcoVadis’ Corporate Social Responsibility (CSR) ratings, placing us among the top 1% of global companies assessed for the eighth consecutive year. These achievements, alongside other awards and recognitions, underscore our continued dedication to sustainable practices and transparent reporting towards achieving our ambitious commitments set out in the Mondi Action Plan 2030 (MAP2030).
We are making good progress delivering circular solutions to our customers as we continue to develop innovative packaging and paper products that are sustainable by design. For example, we developed TrayWrap, a secondary paper packaging solution made with Mondi's kraft paper that replaces plastic shrink film for wrapping bundles of food and drinks. This new solution is being used by a coffee brand to securely transport its coffee packages across Sweden. Another innovation includes FlexiBag Reinforced, a recyclable and cost-effective mono-material plastic packaging solution incorporating post-consumer recycled content offering high barrier protection, making it the ideal solution for German pet food producer mera's ‘pure green’ dry pet food packaging range.
Our relentless focus on employee safety, wellbeing and personal development continues to be a top priority for the Group. Our initiatives support and provide opportunities for our people to build skills that support long-term employability, empower decision making and provide purposeful employment in a diverse and inclusive workplace.
We continue to take action on climate and make good progress towards achieving our 2030 milestone in support of our Net-Zero commitment by 2050. Our investments to reduce our reliance on fossil fuels and make our operations more energy efficient are progressing well, most notably the modernisation investment at our Dynas mill (Sweden) and the installation of a power boiler at our Richards Bay mill (South Africa).
Business unit review
Corrugated Packaging
Mondi is a leading producer of corrugated packaging with a cost-competitive asset base and strong customer offering focused on quality and reliability. We are the leading virgin containerboard producer in Europe and the largest containerboard producer in emerging Europe. Our virgin containerboard is a high-quality product with excellent properties for specialised end-use applications, ideal to meet our customers' needs around the globe.
We are also a leading corrugated solutions producer across central and emerging Europe. We leverage our integrated production network and partner with our customers to create fully recyclable corrugated boxes and packaging.
€ million, except for percentages
Six months ended 30 June 2024
Six months ended 30 June 2023
Six months ended 31 December 2023
Segment revenue
1,103
1,187
1,093
Underlying EBITDA
143
188
122
Underlying EBITDA margin
13.0%
15.8%
11.2%
ROCE
5.2%
15.8%
7.7%
Corrugated Packaging delivered underlying EBITDA of €143 million with a margin of 13.0%. This was down on the prior year (H1 2023: €188 million, 15.8%) mainly due to lower average containerboard selling prices and inflationary personnel and operating cost pressures exceeding the benefit of lower input costs. Corrugated Solutions delivered a stable financial performance.
In Containerboard, our sales volumes were broadly flat compared to the comparable prior year period as the business continued to deliver its strong customer offering with its broad range of high-quality paper grades. Selling price increases were successfully achieved during the period across all paper grades. Average prices for the period were however below average prices in the first half of 2023 and at similar levels to the second half of 2023. As we enter the second half of the year, prices are now higher than the first half of 2024.
Corrugated Solutions achieved 3% box volume growth compared to H1 2023 supported by the growing demand for eCommerce and sustainable packaging solutions, together with improving demand in consumer end-use applications. We anticipate recent paper price increases to be passed through our converting operations as we progress through the second half of the year.
We continue to invest through-cycle in our high-quality asset base. In Containerboard, we are ramping up capacity following the completion of our €125 million modernisation investment at our Kuopio mill (Finland). This project will increase semi-chemical fluting capacity by 55,000 tonnes while enhancing efficiency and improving environmental performance. We have also recently completed the €95 million debottlenecking project at our Swiecie mill (Poland) which will increase kraftliner capacity by 55,000 tonnes. Our €200 million investment at our Duino mill (Italy) to convert the existing paper machine into a high-quality, cost-competitive recycled containerboard machine with an annual capacity of 420,000 tonnes is ongoing. Start-up of the machine is expected in the first half of 2025.
In our Corrugated Solutions' converting operations, we recently started up the investments at our Simet and Warsaw plants in Poland, transforming these sites into state-of-the-art corrugated packaging facilities tailored to serve the specialised needs of our customers in Poland and beyond.
Flexible Packaging
We are a global flexible packaging producer, integrated across the value chain with a unique portfolio of solutions. As a global leader in the production of kraft paper and paper bags, our well-invested mills produce high-quality kraft paper that is converted into strong, lightweight paper-based packaging. With our high level of integration across the value chain, our customers come to us for scale, security of supply and global reach.
We are also a leading producer of consumer flexible packaging in Europe and have broad coating capabilities which together provide an extensive and unique range of paper, plastic and hybrid packaging solutions.
€ million, except for percentages
Six months ended 30 June 2024
Six months ended 30 June 2023
Six months ended 31 December 2023
Segment revenue
2,024
2,062
1,804
Underlying EBITDA
276
343
294
Underlying EBITDA margin
13.6%
16.6%
16.3%
ROCE
12.1%
17.2%
14.4%
Flexible Packaging's underlying EBITDA was €276 million with margin of 13.6% (H1 2023: €343 million, 16.6%) as higher sales volumes and reduced input costs were offset by lower average selling prices, inflationary personnel and operating cost pressures and a €32 million one-off currency loss from the devaluation of the Egyptian pound in the period, as previously reported.
In Kraft Paper, improvements in market demand and our continued focus on innovative solutions supporting our customers seeking sustainable packaging solutions, led to higher sales volumes compared to H1 2023. As a response to stronger order books, the business successfully achieved selling price increases during the period. As we enter the second half of the year, prices are now higher than the first half of 2024.
In Paper Bags, sales volumes were at similar levels to the prior year but improved as we progressed over the period. Average pricing was however lower compared to H1 2023 mainly as a result of lower paper input costs. We anticipate recent paper price increases will be passed through our converting operations as we progress through the second half of the year.
Consumer Flexibles and Functional Paper and Films delivered good performances with improved margins compared to the H1 2023, continuing to offer customers a broad range of innovative packaging solutions.
We are making good progress on our organic growth investments across our platform. Our €400 million investment in a new 210,000 tonne per annum kraft paper machine and pulp mill upgrade at our Steti mill (Czech Republic) is progressing well, with ramp up expected from the first half of 2025. We also have a number of investments across our converting plant network including expanding and upgrading the global reach of our paper bag network, investments to consolidate our leading position in European pet food packaging, and projects to enhance our European coating capabilities.
During the period we completed the acquisition of the Hinton Pulp mill in Alberta (Canada) for USD 5 million and have a strong leadership team in place focused on optimising the pulp mill and undertaking feasibility studies for a kraft paper machine. The mill has the capacity to produce around 250,000 tonnes of pulp per annum and provides the Group with access to local, high-quality fibre from a well-established wood basket.
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
19 July 2024
Notification of Major Interests in Shares
Issuer Details:
ISIN: GB00BMWC6P49
Issuer Name: MONDI PLC
UK or Non-UK Issuer: UK
2. Reason for notification:
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation:
Name: Public Investment Corporation Soc Limited
City of registered office: Pretoria
Country of registered office: South Africa
4. Details of the shareholder:
Full name of shareholder(s) if different from the persons(s) subject to the notification obligation, above: N/A
City of registered office: N/A
Country of registered office: N/A
5. Date on which the threshold was crossed or reached:
16 July 2024
6. Date on which Issuer notified:
18 July 2024
7. Total positions of person(s) subject to the notification obligation:
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
9.944%
9.944%
43,892,394
Position of previous notification (if applicable)
12.154%
12.154%
8. Notified details of the resulting situation on the date which the threshold was crossed or reached:
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
No. of voting rights
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
GB00BMWC6P49
43,892,394
9.944%
Subtotal 8.A
43,892,394
9.944%
B1: Financial Instruments according to (DTR5.3.1.1 (a))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights
Subtotal 8.B 1
B2: Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of voting rights
% of voting rights
Subtotal 8.B 2
9. Information in relation to the person subject to the notification obligation:
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Name
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
PUBLIC INVESTMENT CORPORATION SOC LIMITED
9.944%
9.944%
10. In case of proxy voting:
Name of the proxy holder: N/A
The number and % of voting rights held: N/A
The date until which the voting rights will be held: N/A
11. Additional information: N/A
12. Date of completion:
18 July 2024
13. Place of completion:
Pretoria, South Africa
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
12 July 2024
Non-executive director changes
Mondi Group is pleased to announce the appointment of Sucheta Govil as an independent non-executive director of Mondi plc with effect from 1 October 2024. Sucheta will replace Dominique Reiniche, an independent non-executive director, who will be retiring from the Board of Mondi plc on 30 September 2024. Dominique is in her ninth year of office having been appointed to the Board in October 2015.
Mondi's Chair, Philip Yea, commented:
"I would like to take this opportunity to thank Dominique for her significant contribution to Mondi since her appointment in 2015. Dominique has played an important role in her nine years on the Board, particularly as chair of the Sustainable Development Committee, a role she has held for more than six years, and more recently as Senior Independent Director. She leaves with our very best wishes for the future.
We are delighted that Sucheta will be joining the Board. She has extensive commercial and operational leadership experience having held senior positions across a range of sectors. Her experience operating in multinational industrial businesses will add to the Board's knowledge and insight and we look forward to her joining us."
Sucheta started her career with GlaxoSmithKline plc, spending 17 years there in various management roles, before moving to PepsiCo Inc in 2003. In 2011, she was appointed Global Head of Marketing, Decorative Paints at Akzo Nobel NV, a role she held until 2015. In 2015, Sucheta became Chief Marketing Officer of DSM NV, before moving in 2019 to her current role of Chief Commercial Officer at Covestro AG, one of the world's leading manufacturers of high-quality polymer materials and their components. Sucheta was previously a non-executive director of Eurocell plc between 2018 and 2022. She has a degree in Economics with Mathematics from Delhi University and an MBA from the Indian Institute of Management, Calcutta.
Sucheta will be a member of the Nominations and Remuneration Committees with effect from the date of her appointment.
As a result of Dominique's retirement, the following changes will also take effect from 1 October 2024:
(i) Sue Clark, an independent non-executive director, will become Senior Independent Director and chair of the Remuneration Committee.
(ii) Dame Angela Strank, an independent non-executive director, will become chair of the Sustainable Development Committee.
(iii) Anke Groth, an independent non-executive director, will become the non-executive director responsible for engaging with employees on behalf of the Board.
There are no other details that require disclosure in respect of Sucheta's appointment pursuant to Rule 9.6.13 of the UK Listing Rules.
Pursuant to section 430(2B) of the UK Companies Act 2006, we advise that Dominique will receive payment of her normal fees for the period to 30 September 2024. No other remuneration payments or payment for loss of office have been or will be made in connection with her retirement from the Board.
Enquiries
Investors/analysts
Fiona Lawrence +44 742 587 8683
Group Head of Investor Relations
Media
Chris Gurney +44 799 004 3764
Head of Corporate Communication
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi has a premium listing on the London Stock Exchange (MNDI), where the Group is a FTSE100 constituent, and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
08 July 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 05 July 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£15.4878
18
d)
Aggregated information
- Aggregated volume
- Price
18
£15.4878
e)
Date of transaction
2024-07-05
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£15.4878
18
d)
Aggregated information
- Aggregated volume
- Price
18
£15.4878
e)
Date of transaction
2024-07-05
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
10 June 2024
EMPLOYEE SHARE PLANS
TRANSACTIONS IN MONDI plc ORDINARY SHARES OF €0.22 EACH
We advise that on 07 June 2024, transactions took place in relation to the Mondi Share Incentive Plan ("SIP") on behalf of directors of Mondi plc.
The SIP is an all-employee trust arrangement approved by UK HM Revenue and Customs under which UK employees are able to buy Ordinary shares in Mondi plc ("Mondi Shares") using monthly deductions from salary and to receive allocations of free matching Mondi Shares ("Matching Shares").
There follows notification forms for two directors of Mondi plc. The price given for the nil consideration Matching Shares reflects the market value on the day of purchase.
Sponsor in South Africa: Merrill Lynch South Africa (Pty) Ltd t/s BofA Securities
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrew King
2
Reason for the notification
a)
Position/status
Group CEO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.9928
20
d)
Aggregated information
- Aggregated volume
- Price
20
£14.9928
e)
Date of transaction
2024-06-07
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mike Powell
2
Reason for the notification
a)
Position/status
Group CFO
b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Mondi plc
b)
LEI
213800LOZA69QFDC9N34
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of €0.22 each
GB00BMWC6P49
b)
Nature of the transaction
Acquisition of partnership and free matching shares via Share Incentive Plan. Half of the shares acquired were acquired for nil consideration.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£14.9928
20
d)
Aggregated information
- Aggregated volume
- Price
20
£14.9928
e)
Date of transaction
2024-06-07
f)
Place of the transaction
London Stock Exchange XLON
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
LEI: 213800LOZA69QFDC9N34
LSE share code: MNDI ISIN: GB00BMWC6P49
JSE share code: MNP
10 June 2024
Regulatory Report on Payments to Governments in respect of Logging Industries for the Year 2023
This report of payments to governments is made by Mondi plc and its subsidiary undertakings (`Mondi') for the year ended 31 December 2023 as required by companies in the extractive and logging industries of their payments to governments in countries in which they operate.
The report is prepared in compliance with the UK's Report on Payments to Governments Regulations 2014 (as amended in December 2015) (the `Regulation') and in accordance with DTR 4.3A of the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority.
To read details of Mondi's payments to governments go to www.mondigroup.com/investors/corporate-governance/regulatory-reports/
Basis of preparation
The application of the Regulation for Mondi relates to logging activities and specifically to the disclosure of payments to governments relating to the logging of primary forests.
We have used the Food and Agriculture Organisation of the United Nations definition of `primary forest' being:
`Naturally regenerated forest of native tree species, where there are no clearly visible indications of human activities and the ecological processes are not significantly disturbed'.
Also, for the purposes of this report, the original `IFL 2000' (Greenpeace, World Resources Institute (WRI) and Transparent World) inventory of intact forests has been used as the base for reporting on the harvesting of primary forests in the Komi Republic, Russia (`Komi').
Only a portion of the Syktyvkar logging operations in Komi fall within the above definition of primary forests. Mondi is required to report for the period during 2023 until the sale of Syktyvkar was completed on 4 October. Our operations in South Africa comprise plantation forests that are not associated with any primary forests and therefore are excluded from the report.
Exchange rate
Payments made in currencies other than the euro (Mondi Group's reporting currency) are translated for this report using the average exchange rate during the financial year to which it relates.
Report
Government Report
Country
Production entitlement
Taxes
Royalties
Dividends
Bonuses
Licence fees, etc
Infrastructure improvements
Total
Russia1
Nil
-€66,073
Nil
Nil
Nil
€355,187
Nil
€289,114
Projects Report
Entity
Production entitlement
Taxes
Royalties
Dividends
Bonuses
Licence fees, etc
Infrastructure improvements
Total
JSC Mondi Syktyvkar1
Nil
-€66,073
Nil
Nil
Nil
€355,187
Nil
€289,114
1 This covers the period up to 4 October 2023, being the date on which the sale of Syktyvkar was completed. Prior to this, the Group's operations in Russia, including Syktyvkar, had been classified as discontinued operations and reported as held for sale.
The report has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Contact:
Mondi Group
Fiona Lawrence +44 742 587 8683
Group Head of Investor Relations
Kerry Cooper +44 788 145 5806
Mondi Group Communication Director
About Mondi
Mondi is a global leader in packaging and paper, contributing to a better world by producing products that are sustainable by design. We employ 22,000 people in more than 30 countries and operate an integrated business with expertise spanning the entire value chain, enabling us to offer our customers a broad range of innovative solutions for consumer and industrial end-use applications. Sustainability is at the centre of our strategy, with our ambitious commitments to 2030 focused on circular driven solutions, created by empowered people, taking action on climate.
In 2023, Mondi had revenues of €7.3 billion and underlying EBITDA of €1.2 billion. Mondi has a premium listing on the London Stock Exchange (MNDI), where the Group is a FTSE100 constituent, and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities.
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