Mondi PLC Final Results

 
TIDMMNDI 
 
Mondi plc 
 
(Incorporated in England and Wales) 
 
(Registered number: 6209386) 
 
LEI: 213800LOZA69QFDC9N34 
 
LSE share code: MNDI       ISIN: GB00B1CRLC47 
 
JSE share code: MNP 
 
27 February 2020 
 
Full year results for the year ended 31 December 2019 
 
Highlights 
 
  * Robust financial performance 
      + Underlying EBITDA of EUR1,658 million, with margin of 22.8% 
      + Operating profit of EUR1,221 million 
      + Cash generated from operations of EUR1,635 million 
      + ROCE of 19.8% 
      + Strong balance sheet at 1.3x net debt to 12-month trailing underlying 
        EBITDA 
      + Recommended full year ordinary dividend of 83.0 euro cents per share, 
        up 9% 
 
  * Strong cost control across the Group 
  * Good contribution from capital investments and acquisitions completed in 
    2018 
  * Capital investment pipeline to deliver further growth 
  * Simplification of corporate structure completed 
  * Uniquely positioned as a manufacturer of paper and flexible plastic 
    packaging to help our customers transition to more sustainable packaging - 
    paper where possible, plastic when useful 
  * Delivering against our 2020 Growing Responsibly commitments and updated 
    science-based climate commitment 
 
Financial summary1 
 
EUR million, except for percentages    Year ended  Year ended Change  Six months  Six months Change 
and per share measures              31 December 31 December      %       ended       ended      % 
                                           2019        2018        31 December 31 December 
                                                                          2019        2018 
 
Group revenue                             7,268       7,481    (3)       3,497       3,754    (7) 
 
Underlying EBITDA2                        1,658       1,764    (6)         764         912   (16) 
 
Underlying operating profit2              1,223       1,318    (7)         544         688   (21) 
 
Operating profit                          1,221       1,192      2         542         662   (18) 
 
Profit before tax                         1,103       1,105      -         471         615   (23) 
 
Per share measures 
 
Basic underlying earnings per             171.1       189.1   (10) 
share2 (euro cents) 
 
Basic earnings per share (euro            167.6       170.1    (1) 
cents) 
 
Total ordinary dividend per share          83.0        76.0      9 
(euro cents) 
 
Cash generated from operations            1,635       1,654    (1) 
 
Net debt2                                 2,207       2,220 
 
Underlying EBITDA margin2                 22.8%       23.6% 
 
Return on capital employed (ROCE)2        19.8%       23.6% 
 
Notes: 
 
1      As previously announced, the Group reorganised its business units to 
strengthen value chain integration and improve customer focus effective from 
7 October 2019. Comparative business unit figures in this document have been 
restated to reflect the new organisational structure. The reorganisation had no 
impact on the overall Group result. 
 
2      The Group presents certain measures of financial performance, position 
or cash flows that are not defined or specified according to International 
Financial Reporting Standards (IFRS). These measures, referred to as 
Alternative Performance Measures (APMs), are defined at the end of this 
document and where relevant, reconciled to IFRS measures in the notes to the 
condensed consolidated financial statements. 
 
Andrew King, Mondi Group Chief Executive Officer designate, said: 
 
"Mondi delivered a robust performance in 2019 against a backdrop of challenging 
trading conditions, with underlying EBITDA of EUR1,658 million and ROCE of 19.8%. 
A solid operational performance, strong cost control and a good contribution 
from acquisitions and capital investment projects, partially offset the effects 
of market pressures in a number of key pulp and paper grades. 
 
Our capital investment programme to deliver value accretive growth and enhance 
the ongoing cost competitiveness of our operations remains on track. Having 
commissioned the pulp mill rebuild at our Ruzomberok mill (Slovakia) in the 
second half of the year, we are making good progress on the related investment 
in a new 300,000 tonne kraft top white machine at the same site and previously 
announced major capital investment projects at our Syktyvkar (Russia) and Steti 
(Czech Republic) mills. Smaller expansionary projects underway at a number of 
our converting packaging operations will further enhance our production 
capabilities and product offering to customers. 
 
We completed the Simplification of our corporate structure from dual listed 
into a single holding company under Mondi plc in July 2019, simplifying cash 
and dividend flows, increasing transparency, removing the complexity associated 
with the previous structure and enhancing our strategic flexibility. 
 
Offering sustainable packaging solutions has continued to be core to our 
strategy. With our unique product portfolio and our EcoSolutions approach, we 
remain well positioned to support our customers in meeting their sustainability 
goals with packaging that is sustainable by design - paper where possible, 
plastic when useful. 
 
Looking ahead, we remain confident in the structural growth drivers in the 
packaging sectors in which we operate. Heightened macro-economic uncertainties 
are likely to continue to affect markets in the short term and, while we are 
seeing indications of stability in pricing in certain segments, we start the 
year with lower prices across our key paper grades. Input cost relief, our 
ongoing profit improvement programmes and customer-centric innovation 
initiatives, and the benefits from our capital expenditure pipeline will 
continue to support our performance. 
 
With our robust business model, centred around our high-quality, 
cost-advantaged asset base, our culture of continuously driving performance and 
the strategic flexibility our strong cash generation and financial position 
bring, we continue to look to the future with confidence." 
 
Group performance review 
 
Delivering innovative, sustainable packaging solutions for our customers was 
again a key focus in 2019. We are uniquely positioned, as a manufacturer of 
paper, but also flexible plastic packaging, to create the best solutions for 
forward-thinking, consumer brands in collaboration with sustainable materials 
suppliers and recyclers. During the year we centred our efforts on developing 
paper-based packaging solutions to replace unnecessary plastic packaging, 
helping our customers to achieve their own sustainability targets and reduce 
their environmental footprint. Paper-based packaging is renewable and 
recyclable which means it is an optimal solution for many of today's 
applications. When certain functionality barriers are required, plastic-based 
flexible packaging can deliver many benefits when manufactured, used and 
disposed appropriately, from reducing food waste through shelf-life extension 
to resource efficiency. 
 
Underlying EBITDA of EUR1,658 million was down 6% on the prior year. Strong 
performances from Flexible Packaging and Engineered Materials helped to 
mitigate the margin pressures seen in Corrugated Packaging and Uncoated Fine 
Paper in the face of market driven price decreases. 
 
Group revenue was down 3% as a result of a combination of lower average selling 
prices and lower sales volumes, in turn primarily due to longer planned 
maintenance shuts and restructuring initiatives. 
 
Input costs were generally higher year-on-year, although we did see some cost 
relief in the second half of the year, measured both on a sequential and 
year-on-year basis. On average, wood costs were higher in local currency terms. 
We saw higher wood costs in Russia, South Africa and northern Europe, while 
costs in some countries in central and eastern Europe were lower due to 
favourable regional wood supply dynamics. Driven by Chinese import policies, 
average benchmark paper for recycling costs were down 21% on the prior year, 
with the rate of decline accelerating in the second half of the year. Chemical 
costs were higher on average versus the prior year, albeit we did see them 
coming down over the course of the year, while energy costs were lower. Cash 
fixed costs were higher on average as a result of inflationary cost pressures 
and mill maintenance shut effects, although again we saw a positive trend over 
the course of the year. 
 
The impact of planned maintenance shuts on underlying EBITDA in 2019 was around 
EUR150 million (2018: EUR110 million). Based on prevailing market prices, we 
estimate that the impact of planned maintenance shuts on underlying EBITDA in 
2020 will be around EUR100 million, of which the first half year effect is 
estimated at around EUR55 million (2019: EUR80 million). 
 
Currency movements had a net positive impact on underlying EBITDA versus the 
comparable prior year period. The negative impact of a weaker Turkish lira on 
translation of our domestically focused Turkish businesses was more than offset 
by the benefits to certain of our export orientated businesses of a stronger US 
dollar and weaker South African rand. 
 
Depreciation and amortisation charges were marginally lower during the period 
as the effects of acquisitions and our capital investment programme were more 
than offset by the impact of a revision in the estimated useful lives on 
certain fixed assets (refer to note 2 of the condensed consolidated financial 
statements). 
 
Basic underlying earnings of 171.1 euro cents per share were down 10% compared 
to 2018. After taking the effect of special items into account, basic earnings 
of 167.6 euro cents per share were down 1% compared to 2018. 
 
The Group remains strongly cash generative with cash generated from operations 
of EUR1,635 million (2018: EUR1,654 million). The impact of lower underlying EBITDA 
generation was mitigated by a net working capital inflow. Net debt at 31 
December 2019 was down to EUR2,207 million (2018: EUR2,220 million), 1.3 times 

(2018: 1.3 times) net debt to 12-month trailing underlying EBITDA, despite 
capital investments of EUR757 million or around 187% of depreciation, as we 
pursue our investment programme to continue to deliver value accretive growth. 
 
Our Board has recommended payment of a final ordinary dividend of 55.72 euro 
cents per share, bringing the total ordinary dividend for the year to 83.0 euro 
cents per share, an increase of 9% on 2018. 
 
Corrugated Packaging 
 
EUR million                        Year ended  Year ended Change  Six months  Six months Change 
                                31 December 31 December      %       ended       ended      % 
                                       2019        2018        31 December 31 December 
                                                                      2019        2018 
 
Segment revenue                       2,014       2,115    (5)         969       1,100   (12) 
 
Underlying EBITDA                       583         707   (18)         286         383   (25) 
 
Underlying EBITDA margin              28.9%       33.4%              29.5%       34.8% 
 
Underlying operating profit             459         582   (21)         224         317   (29) 
 
Capital expenditure cash                257         157                164          74 
payments 
 
Operating segment net assets          2,166       2,001 
 
ROCE                                  24.9%       34.7% 
 
While margins and returns remain strong, underlying EBITDA was down 18% on the 
prior year to EUR583 million, with lower average containerboard selling prices 
and the effects of longer planned maintenance shuts more than offsetting the 
full year contribution from the acquisition of Powerflute (Finland) completed 
in 2018 and a strong performance in the downstream corrugated solutions 
business. Performance in the year was further supported by enhanced value chain 
alignment and our ongoing profit improvement programme. 
 
Following sharp declines in the first half, containerboard prices stabilised in 
the third quarter before some further price erosion towards the end of the 
year. The magnitude of the decreases varied by grade. Average benchmark 
European prices for unbleached kraftliner were down 11% year-on-year while 
benchmark recycled containerboard prices were down around 18% year-on-year. 
Prices in the specialty grades of white top kraftliner and semi-chemical 
fluting were down around 3% year-on-year. Encouragingly, we saw a deceleration 
of customer de-stocking and improvement in order books as we progressed through 
the second half and into the new year. In response to these improved market 
conditions we are currently in discussions with customers around price 
increases for unbleached kraftliner and recycled containerboard. 
 
Corrugated Solutions achieved 3% overall box volume growth, with strong growth 
in central and eastern Europe, underpinned by good demand in fast moving 
consumer goods, retail, e-commerce and specialised applications. This was 
partly offset by weaker volumes in Turkey. The business benefited from lower 
input paper prices while it remained focused on further enhancing its product 
offering, quality and service to customers and implementing continuous 
improvement initiatives to reduce conversion costs. Pleasingly, Corrugated 
Solutions won three 2020 WorldStar awards, building on its success in winning 
twelve such awards in the prior two years, proof of our ambition to continue 
delivering innovative solutions that best meet our customers' needs. 
 
Input costs were on average stable year-on-year. Cash fixed costs were modestly 
higher, driven by maintenance costs and inflationary cost pressures. 
 
As part of our ongoing portfolio review, accelerated by weaker domestic market 
conditions, we shut a 65,000 tonne per annum recycled containerboard machine at 
our mill in Tire Kutsan (Turkey) in the second quarter, while continuing to 
operate the 75,000 tonne per annum machine on-site. 
 
Planned maintenance shuts were completed during the first half of the year at 
Syktyvkar, Powerflute and Richards Bay (South Africa) and during the second 
half at Swiecie (Poland). A similar maintenance shut plan is scheduled for 
2020. 
 
Note: 
 
The WorldStar awards are open to packaging organisations from across the world; 
the competition acknowledges the best ideas, innovations and technologies in 
the market. Judges look for sustainable solutions to packaging challenges, 
demonstration of enhanced user convenience and reduced material waste. 2020 
winners were announced in December 2019. 
 
Flexible Packaging 
 
EUR million                        Year ended  Year ended Change  Six months  Six months Change 
                                31 December 31 December      %       ended       ended      % 
                                       2019        2018        31 December 31 December 
                                                                      2019        2018 
 
Segment revenue                       2,708       2,708      -       1,314       1,330    (1) 
 
Underlying EBITDA                       543         461     18         239         205     17 
 
Underlying EBITDA margin              20.1%       17.0%              18.2%       15.4% 
 
Underlying operating profit             389         301     29         160         125     28 
 
Special items                           (4)       (102)                (4)        (21) 
 
Capital expenditure cash                248         360                117         196 
payments 
 
Operating segment net assets          2,603       2,442 
 
ROCE                                  15.7%       14.3% 
 
Underlying EBITDA was up 18% on the prior year to EUR543 million, with higher 
average selling prices, positive currency effects and good cost containment 
more than offsetting lower paper bags volumes. 
 
Kraft paper prices were, on average, up around 6%, compared to the prior year 
as strong demand growth supported meaningful price increases during the second 
half of 2018 and into early 2019. Like-for-like sales volumes were higher 
versus the prior year period with an improved product mix, benefiting from the 
contribution of recently completed capital investment projects and our product 
development initiatives. The drive to replace plastic carrier bags with 
paper-based alternatives and consumer preferences for fibre based primary 
packaging continues to support good demand across our range of speciality kraft 
papers. However, slowing economic activity, particularly in the construction 
related sectors in various export markets, coupled with increased competition, 
resulted in kraft paper price reductions in the second half and into early 
2020. 
 
Paper bags sales volumes were down on a like-for-like basis, due to a 
combination of pricing discipline and weaker markets, in particular in the 
Middle East. Price increases were achieved in the early part of 2019 to 
compensate for higher paper input costs. Strong cost management and the benefit 
of rationalisation activities resulted in significant fixed cost savings during 
the period. 
 
Consumer flexibles made progress during the year, benefiting from an improved 
product mix, previously implemented restructuring initiatives, and good cost 
control. The business has been focused on innovating with customers and other 
stakeholders along the value chain to develop recyclable plastic flexible 
packaging solutions and increase recycled plastic content in new packaging. 
Further product development and commercialisation will be a focus in 2020 and 
beyond. 
 
We are pleased Flexible Packaging won two 2020 WorldStar awards for our 
StripPouch and Protector Bag innovations. 
 
Input costs were stable year-on-year. While cash fixed costs were higher due to 
inflationary cost pressures and the impact of maintenance shuts, this was 
mitigated by our cost reduction programmes. 
 
We continue to drive operational excellence initiatives to increase 
productivity and efficiency and reduce conversion costs. During the year we 
reorganised our US and Egyptian paper bag operations and streamlined production 
across our European network. In early 2020, we announced the proposed closure 
of our two consumer flexibles plants in the UK due to the change in demand for 
the niche products produced at these sites, leading to a special item charge 
estimated at over EUR10 million, of which EUR4 million was recognised in 2019. 
 
All planned maintenance shuts at the kraft paper mills were completed in the 
second half of the year. In 2020, the majority of planned maintenance shuts are 
again scheduled for the second half. 
 
Engineered Materials 
 
EUR million                        Year ended  Year ended Change  Six months  Six months Change 
                                31 December 31 December      %       ended       ended      % 
                                       2019        2018        31 December 31 December 
                                                                      2019        2018 
 
Segment revenue                         979         984    (1)         461         490    (6) 
 
Underlying EBITDA                       122         112      9          66          54     22 
 
Underlying EBITDA margin              12.5%       11.4%              14.3%       11.0% 
 
Underlying operating profit              86          73     18          48          35     37 
 
Special items                             -         (3)                  -         (2) 
 
Capital expenditure cash                 32          31                 20          15 
payments 
 
Operating segment net assets            612         672 
 
ROCE                                  13.8%       11.4% 
 
Underlying EBITDA of EUR122 million was up 9% on the prior year. 
 
Engineered Materials benefited from an improved product mix, its continued 
focus on innovation with customers, previously implemented restructuring 
initiatives, good cost control and a one-off gain on disposal of a plant in 
Belgium of EUR9 million. 
 
Performance in personal care components improved year-on-year, although we 

expect this area will continue to face pressure going forward as a key product 
matures. Release liner made progress as it benefited from an improved product 
mix, pricing discipline and good cost control. Extrusion solutions was impacted 
by lower like-for-like volumes in certain segments, which were partly offset by 
the benefits of cost reduction programmes. We continue to see strong demand for 
sustainable coating solutions for a range of packaging applications, an area of 
innovation and product development that offers further growth potential. 
 
In September 2019, the Group sold a specialised extrusion coated products plant 
in Duffel (Belgium) serving customers across protective clothing, imaging, 
automotive and other speciality products markets. Mondi's remaining extrusion 
coatings plants in Europe are primarily focused on consumer and other selected 
applications. 
 
Uncoated Fine Paper 
 
EUR million                        Year ended  Year ended Change  Six months  Six months Change 
                                31 December 31 December      %       ended       ended      % 
                                       2019        2018        31 December 31 December 
                                                                      2019        2018 
 
Segment revenue                       1,758       1,877    (6)         845         936   (10) 
 
Underlying EBITDA                       444         516   (14)         190         286   (34) 
 
Underlying EBITDA margin              25.3%       27.5%              22.5%       30.6% 
 
Underlying operating profit             324         395   (18)         130         227   (43) 
 
Special items                             2        (21)                  2         (3) 
 
Capital expenditure cash                220         161                117          77 
payments 
 
Operating segment net assets          1,758       1,494 
 
ROCE                                  25.1%       31.9% 
 
Underlying EBITDA was down 14% to EUR444 million as the business was impacted by 
lower average selling prices, longer planned maintenance shuts and higher 
costs. This was partially compensated for by ongoing profit improvement 
initiatives, positive currency effects and a higher forestry fair value gain. 
ROCE remains strong at 25.1% and margins robust at 25.3%. 
 
Uncoated fine paper sales volumes were lower, mainly due to planned extended 
maintenance shuts and the closure of a small machine in Merebank (South Africa) 
in 2018. We continue to see ongoing structural decline in demand for uncoated 
fine paper in mature markets, with demand in Europe estimated to have declined 
around 5% in 2019. Demand in Russia and South Africa was also softer during the 
year, although we expect broadly flat demand in the medium term in these 
markets. Our superior cost position and emerging market exposures continue to 
provide us with competitive advantage. 
 
Average uncoated fine paper selling prices achieved by our European operations 
were flat year-on-year but down in the second half as a result of price 
pressures in European markets and a higher proportion of exports. Uncoated fine 
paper selling prices in Russia and South Africa were higher year-on-year, 
offsetting domestic cost inflation. 
 
Average benchmark European bleached hardwood pulp prices were 13% lower than 
the prior year and 21% down in the second half compared to the first half. 
Encouragingly, prices have stabilised in early 2020, notably in the key Asian 
markets. On an annualised basis, and including the pulp sales in our packaging 
businesses, we estimate the Group's net long pulp position in 2020 will be 
around 400,000 tonnes. 
 
We saw overall higher input costs, most notably for wood and chemicals while 
fixed costs were higher due to domestic inflationary cost pressures and the 
impact of maintenance shuts, partly compensated for by our ongoing cost 
reduction initiatives. 
 
The forestry assets' fair value is dependent on a variety of external factors 
over which we have limited control, the most significant being the export price 
of timber, the exchange rate and domestic input costs. Higher export prices and 
net volume increases during the period resulted in a forestry fair value gain 
of EUR71 million, up EUR28 million on the prior year, but with the second half gain 
EUR33 million below that recognised in the first half of 2019. Based on current 
market conditions, we would expect a significantly lower forestry fair value 
gain in 2020 compared with 2019. 
 
Planned maintenance shuts at our Syktyvkar and Richards Bay mills were 
completed during the first half of the year. In the second half, we completed a 
project related shut at Ruzomberok and smaller planned maintenance shuts at our 
remaining operations. In 2020, our Syktyvkar and Richards Bay shuts are planned 
for the first half of the year while the remaining shuts are scheduled for the 
second half. 
 
Special items 
 
The net special item charge before tax of EUR16 million (2018: EUR126 million) 
comprised the following by business unit: 
 
  * Flexible Packaging 
 
- Announced closure of two consumer flexibles plants in the UK. Restructuring 
and closure costs of EUR1 million and related impairment of assets of EUR3 million 
were recognised. Additional restructuring costs will be incurred in 2020 with 
total costs expected to exceed EUR10 million. 
 
- Release of restructuring and closure provisions of EUR5 million, partly offset 
by additional restructuring costs of EUR1 million, and reversal of impairment of 
assets of EUR1 million were recognised. All credits/(charges) related to special 
items from prior years. 
 
- Additional provision of EUR5 million relating to the 2012 Nordenia acquisition 
was recognised. The provision relates to a special item from prior years. 
 
  * Uncoated Fine Paper 
 
- Impairment of the Neusiedler operation in Austria. Impairment of assets of EUR 
39 million was recognised. 
 
- On 13 December 2018 a change in the Austrian Social Security Law was enacted. 
Effective 1 January 2020, the law states that the plan liabilities of the 
Group's Austrian health insurance fund are assumed by the Republic of Austria. 
The effect of the change in law is classified as a third party taking on the 
obligation for future contributions which is a one-off non-cash benefit to the 
Group of EUR41 million. Further detail is provided in note 13 of the condensed 
consolidated financial statements. 
 
  * Corporate 
 
- To effect the Simplification of the corporate structure from a dual listed 
company ('DLC') structure into a single holding company structure under Mondi 
plc, the Group incurred one-off transaction costs of EUR20 million, of which EUR14 
million were charged as a financing special item to the condensed consolidated 
income statement and EUR6 million were attributed to equity in accordance with 
IAS 32. Further detail is provided in note 11 of the condensed consolidated 
financial statements. 
 
Further detail is provided in note 4 of our condensed consolidated financial 
statements. 
 
Tax 
 
Our underlying tax charge for the year was EUR257 million (2018: EUR273 million) 
giving an effective tax rate of 23%, in line with our expectations. Tax relief 
on special items was nil (2018: EUR34 million). 
 
Assuming a similar geographic profit mix and stable statutory tax rates, we 
expect our effective tax rate in 2020 to remain around 23%. 
 
Cash flow 
 
Cash generated from operations of EUR1,635 million (2018: EUR1,654 million), 
reflects the continued strong cash generating capability of the Group. 
 
Working capital as a percentage of revenue was 13.1%, in line with the prior 
year (13.0%) and within our expected range of 12% to 14%. The net cash inflow 
from movements in working capital during the year was EUR35 million (2018: EUR 
117 million outflow). 
 
In 2019, capital expenditure amounted to EUR757 million (2018: EUR709 million), 
driven by our major capital expenditure programme. Tax paid of EUR248 million 
(2018: EUR248 million) was in line with the prior year. 
 
Further outflows from financing activities included the payment of ordinary 
dividends of EUR396 million (2018: EUR309 million) and interest paid of EUR96 million 
(2018: EUR73 million). 
 
Capital investments 
 
Investing in our cost-advantaged asset base to maintain and enhance our 
competitiveness is of particular importance for our pulp and paper operations 
where products are generally more standardised and relative cost 
competitiveness is a key value driver. We focus on driving organic growth, 
strengthening our cost competitiveness, enhancing our product offering, quality 
and service to customers and improving our environmental footprint. 
 
Our disciplined approach to investigating, approving and executing capital 
projects is one of our key strengths and plays an important role in 
successfully delivering strong returns through the cycle. 
 
During the year, we benefited from the contribution of the Steti mill 
modernisation project, completed in late 2018, to replace the recovery boiler, 
rebuild the fibre lines and debottleneck the existing packaging paper machines. 
This project provides cost and energy efficiencies, an improved environmental 
footprint, and additional annual production of 90,000 tonnes of softwood market 
pulp and 55,000 tonnes of packaging paper once fully ramped up. 
 
We have a focused capital expenditure project pipeline securing future organic 
growth: 
 
  * The investment in a new 300,000 tonne per annum kraft top white machine and 
    related pulp mill upgrade at Ruzomberok is making good progress. The pulp 
    mill rebuild was successfully commissioned in the second half of 2019 while 
    the kraft top white machine is expected to start up at the end of 2020. 
  * The project to convert a containerboard machine at Steti to be fully 
    dedicated to the production of speciality kraft paper with a mix of 
    recycled and virgin fibre content for shopping bag applications is on 
    track. The investment is supported by the drive to replace plastic carrier 

    bags with paper-based alternatives and allows us to optimise productivity 
    and efficiency at Swiecie, where this grade is currently produced. The 
    project will result in an additional 75,000 tonnes per annum of speciality 
    kraft paper capacity while reducing our containerboard capacity by around 
    30,000 tonnes per annum. Start-up is expected by the end of 2020. 
  * Our investment programme to debottleneck production and avoid unplanned 
    shuts at our Syktyvkar mill is progressing well, including various upgrades 
    of the mill infrastructure, fibre lines and pulp dryer, and a new 
    evaporation plant. 
  * We are investing in the modernisation of our Richards Bay mill, including 
    upgrading the energy and chemical plants to improve reliability and avoid 
    unplanned shutdowns. 
  * We continue to invest in our packaging and Engineered Materials' converting 
    plants to grow with our customers, enhance our product and service offering 
    and reduce conversion costs. 
 
Our recently completed and planned major capital expenditure projects in the 
Czech Republic, Slovakia and Russia are expected to increase our current 
saleable pulp and paper production by around 8% when in full operation. 
 
Over the past three years, our major capital projects have cumulatively 
contributed an estimated EUR75 million of annual incremental operating profit. 
The incremental operating profit contribution from capital investment projects 
in 2019 was around EUR30 million and we expect to generate a further EUR40 million 
in 2020. 
 
Given the approved project pipeline, our capital expenditure is expected to be 
in the range of EUR700-800 million in 2020 and EUR450-550 million in 2021 in the 
absence of any other major investment. 
 
Treasury and borrowings 
 
Net debt at 31 December 2019 was EUR2,207 million, down from EUR2,220 million at 31 
December 2018, reflecting the strong cash generating capacity of our business, 
while we continue to deliver on our capital investment programme. 
 
The Group's liquidity position remains robust. At the end of the year, EUR 
660 million of our EUR2.5 billion committed debt facilities were undrawn and the 
weighted average maturity of committed debt facilities was 3.2 years. Gearing 
at the same date was 33.5% and our net debt to 12-month trailing underlying 
EBITDA ratio was 1.3 times, well within our key financial covenant requirement 
of 3.5 times. In February 2020, the Group entered into an additional debt 
facility with a maturity of 18 months, increasing the undrawn, committed debt 
facilities available to the Group by EUR250 million, further strengthening the 
Group's liquidity position. 
 
The Group's investment grade credit metrics were reaffirmed during the course 
of the year, at BBB+ and Baa1 for Standard & Poor's and Moody's Investors 
Service, respectively. 
 
Underlying net finance costs of EUR104 million were EUR16 million higher than the 
previous year. While the effective interest rate was stable at 4.2% (2018: 
4.2%), trailing 12-month average net debt of EUR2,243 million was higher (2018: EUR 
1,979 million) as a result of the special dividend paid to shareholders (EUR484 
million) and acquisitions totalling EUR424 million completed during 2018. 
 
Simplification of corporate structure 
 
At the end of July 2019, we completed the simplification of our corporate 
structure from a dual listed company structure into a single holding company 
under Mondi plc (the "Simplification"). We believe this has simplified cash and 
dividend flows, increased transparency, removed the complexity associated with 
the previous structure and enhanced strategic flexibility. 
 
As a result of the Simplification, each Mondi plc shareholder has the same 
voting and capital interests in the Group as each Mondi plc ordinary 
shareholder and Mondi Limited ordinary shareholder had under the DLC structure. 
The Simplification did not result in any changes to management, operations, 
locations, activities or staffing levels of the Group. Nor did it, save for 
one-off expenses to effect the Simplification, have any significant impact on 
the reported profits or net assets of the Group. 
 
Dividend 
 
The Board aims to offer shareholders long-term ordinary dividend growth within 
a targeted dividend cover range of two to three times on average over the 
business cycle. Given our strong financial position and confidence in the 
future of the business, the Board has recommended an increase in the final 
ordinary dividend to 55.72 euro cents per share (2018: 54.55 euro cents per 
share). The final ordinary dividend, together with the interim ordinary 
dividend of 27.28 euro cents per share, paid on 20 September 2019, amount to a 
total ordinary dividend for the year of 83.0 euro cents per share, an increase 
of 9% on the 2018 total ordinary dividend of 76.0 euro cents per share. 
 
The final ordinary dividend is subject to the approval of the shareholders of 
Mondi plc at the Annual General Meeting scheduled for 7 May 2020 and, if 
approved, is payable on 14 May 2020 to shareholders on the register on 3 April 
2020. 
 
Growing Responsibly 
 
Sustainability lies at the centre of our strategy to drive value accretive 
growth. We believe that being part of the solution to global sustainability 
challenges will secure the long-term success of our business and benefit our 
stakeholders. 
 
The attention to sustainable packaging continues to gain momentum. We have been 
making sustainable packaging products for our customers for over 50 years and 
we are pleased to see recent heightened awareness. As a leading producer of 
paper- and plastic-based packaging we are uniquely positioned to help our 
customers transition to more sustainable packaging through our customer-centric 
EcoSolutions approach, using paper where possible, plastic when useful. 
 
Ensuring the safety of our people always comes first. Our employees and 
contractors work in potentially hazardous environments. We embed clearly 
defined methodologies, procedures and robust controls to ensure they, and other 
people who have reason to be on Mondi sites, stay safe. Above all we look to 
develop a safety mind-set across the Group. We sincerely regret two fatalities 
during 2019. In January, a contractor lost his life conducting pile drilling 
activities at the construction site of our new paper machine in Ruzomberok and 
in August, a contractor was fatally injured during towing activities at our 
Russian forestry operations. We are also deeply saddened that a contractor died 
as a result of an incident during demolition activities at our Syktyvkar mill 
in January 2020. Thorough investigations are conducted after all incidents and 
action plans implemented to address root causes and prevent repeat incidents. 
We continue to focus on the top fatal risks at each site, implementing clearly 
defined methodologies, procedures and robust controls to drive continuous 
improvement in safety across the business. 
 
In 2019, we had 222 recordable cases (2018: 262), which equates to a Total 
Recordable Case Rate (TRCR) of 0.59 (2018: 0.68) representing a 13% reduction 
compared to 2018 and a 22% improvement against our 2015 baseline, well ahead of 
our 2020 commitment to reduce TRCR by 5%. 
 
Our Growing Responsibly model is the framework through which we respond to 
opportunities to address sustainability and societal challenges, especially by 
contributing to the UN SDGs and other global initiatives. It enables us to 
demonstrate, monitor and improve our sustainability performance across the 
value chain. The model comprises 10 Action Areas which reflect the aspects of 
sustainability that are most relevant for us and our stakeholders. Within these 
Action Areas we have made 16 public commitments, running to the end of 2020. In 
addition, we have updated our science-based climate commitment in line with the 
Paris agreement to keep global temperature rise below 2°C. Our science-based 
targets cover more than 95% of our total Scope 1 and 2 greenhouse gas 
emissions, including our energy sales. We have committed to reduce Scope 1 and 
2 emissions 34% by 2025, and 72% by 2050 (per tonne of saleable production) 
against a 2014 baseline. 
 
A number of our ongoing and recently completed major capital projects are 
expected to contribute to our sustainability commitments, in particular 
reducing greenhouse gas emissions and waste. As we continue to make progress in 
making our business less carbon intensive, we are pleased our total greenhouse 
gas emissions (per tonne of saleable production) have declined to 0.71, a 15.5% 
reduction against the 2014 baseline. The contribution of biomass-based 
renewable energy to the total fuel consumption of our mills has increased from 
59% in 2014 to 64% in 2019. 
 
In addition to climate change, we continue working closely with WWF in the 
sixth year of our global partnership on key focus areas such as responsible 
fibre sourcing and water security. Our initiatives include water stewardship in 
South Africa, protection of intact forest landscapes in Russia, sustainable 
forest management and biodiversity. 
 
We are helping to lead the transformation towards circular thinking through our 
collaboration with customers and multi-stakeholder initiatives such as CEPI's 
4evergreen, CEFLEX and the Ellen MacArthur Foundation's New Plastics Economy 
initiative. We signed up to the New Plastics Economy Global Commitment made by 
leading brand owners, retailers and packaging companies in 2018, pledging to 
ensure 100% of plastic-based packaging is reusable, recyclable or compostable 
and a minimum of 25% of post-consumer waste is incorporated across all our 
flexible packaging where food contact regulations allow by 2025. Our focus is 
on developing innovative plastic packaging solutions that are in line with 
circular design principles, and working with stakeholders across the value 
chain to address the current challenges we face in securing high quality 
recycled plastic input required to transition to a circular plastic economy. 
 

We want to develop and inspire a diverse and inclusive workforce where 
opportunities for employment, engagement, promotion, training and any other 
benefits are based on skills and ability. During the year, we initiated several 
programmes across our operations to attract, retain, and develop our people and 
we also made progress on our diversity and inclusion journey introducing 
'conscious inclusion' training designed to address unconscious bias and 
identify practical actions to create an inclusive work environment. In 2019, we 
joined the growing community of businesses publicly demonstrating their 
commitment to gender equality in the workplace by signing the UN Women's 
Empowerment Principles. 
 
The social, economic and environmental health of local communities is important 
to our long-term success. During the year we supported local livelihoods and 
businesses to build strong, proactive and transparent relationships with local 
stakeholders. As part of our stakeholder engagement initiatives and to deepen 
the understanding of our relationship and impact on local communities, we 
conducted in-depth socio-economic assessments in two of our mills during the 
year. 
 
As we come to the end of our current sustainability commitment period, we are 
working on our post-2020 commitments to build on our achievements and enable 
our future success. 
 
Coronavirus (COVID-19) outbreak 
 
We have considered and will continue to closely monitor the potential impact of 
COVID-19 on our business. We have not seen any impact on the Group to date. The 
Group's direct exposure to China is limited, with revenues in the country 
accounting for less than 1% of the total. We continue to monitor its impact on 
global trade and the macro-economic outlook. 
 
Outlook 
 
Looking ahead, we remain confident in the structural growth drivers in the 
packaging sectors in which we operate. Heightened macro-economic uncertainties 
are likely to continue to affect markets in the short term and, while we are 
seeing indications of stability in pricing in certain segments, we start the 
year with lower prices across our key paper grades. Input cost relief, our 
ongoing profit improvement programmes and customer-centric innovation 
initiatives, and the benefits from our capital expenditure pipeline will 
continue to support our performance. 
 
With our robust business model, centred around our high-quality, 
cost-advantaged asset base, our culture of continuously driving performance and 
the strategic flexibility our strong cash generation and financial position 
bring, we continue to look to the future with confidence. 
 
Principal risks and uncertainties 
 
The Board is responsible for the effectiveness of the Group's risk management 
activities and internal control processes. It has put procedures in place for 
identifying, evaluating, and managing the significant risks that the Group 
faces. In combination with the audit committee, the Board has conducted a 
robust assessment of the principal risks to which Mondi is exposed and has 
reviewed emerging risks during the year. The Board is satisfied that the Group 
has effective systems and controls in place to manage its key risks within the 
risk tolerance levels established. 
 
Risk management is by nature a dynamic and ongoing process. Our approach is 
flexible to ensure that it remains relevant at all levels of the business, and 
dynamic to ensure we can be responsive to changing business conditions. This is 
particularly important given the diversity of the Group's locations, markets 
and production processes. Our internal control environment is designed to 
safeguard the assets of the Group and to provide reasonable assurance that the 
Group's business objectives will be achieved. 
 
The majority of the Group's most significant risks are long term in nature and 
in general do not change significantly in the short term. The assessment of 
principal risks is updated annually to reflect the developments in our 
strategic priorities and Board discussions on emerging risks. During the year, 
we enhanced our understanding of the risks and implications related to climate 
change, demand for sustainable packaging solutions including substitution of 
plastic packaging and the UK's exit from the European Union. We recognise 
investors and other stakeholders are seeking a better understanding of how 
companies are evaluating and responding to climate change related risks. We 
have been evaluating the impact and reporting on these risks for a number of 
years and this year have included climate change related risk as a separate 
principal risk to provide further clarity on the key impacts on our business 
and our associated response. As we start 2020, we are also closely monitoring 
the outbreak of COVID-19 and the potential implications for our business. 
 
Strategic risks 
 
The industries and geographies in which we operate expose us to specific 
long-term risks which are accepted by the Board as a consequence of the Group's 
chosen strategy and operating footprint. 
 
We continue to monitor recent capacity announcements and demand developments, 
how consumers are demanding more sustainable packaging, the developments in the 
transition period after the UK ended its membership of the European Union, the 
stability of the Eurozone, the increasing prevalence of trade tariffs and 
economic sanctions and the potential impacts of the coronavirus outbreak. 
Furthermore, while we continue to increase our understanding of climate change 
related risks and the impacts become clearer, we will continue to improve our 
disclosures and develop our responses. 
 
The executive committee and Board monitor our exposure to these risks and 
evaluate investment decisions against our overall exposures so that our 
strategic capital investments and acquisitions take advantage of the 
opportunities arising from our deliberate exposure to such risks. 
 
Industry productive capacity 
 
Plant utilisation levels are the main driver of profitability in paper mills. 
New capacity additions are usually in large increments, which influence market 
prices through their impact on the supply/demand balance. Unless market growth 
exceeds capacity additions, excess capacity may lead to lower selling prices. 
In the markets where our converting plants operate, investments in newer 
technology may lower operating costs and provide increased product 
functionality, increasing competition and impacting margins. 
 
Our strategic focus on low-cost production and innovation aims to achieve cost 
advantages and produce higher value-added,  sustainable and responsibly 
produced products. This is combined with our focus on growing markets and 
consistent investment in our existing asset base securing our competitiveness. 
We monitor industry developments in terms of changes in capacity, utilisation 
levels both short and long term, as well as market trends and trade flows in 
our own product markets. This helps us to establish target capacity utilisation 
levels in the short term and to evaluate capital investment projects in the 
long term. We maintain strong relationships with machine suppliers to identify 
current market developments and technologies, and we routinely review our asset 
portfolio and capacity utilisation levels to identify underperforming assets 
and take decisive action to drive performance. 
 
Product substitution 
 
Global socio-economic and demographic trends and changing consumption patterns, 
including increased public awareness of sustainability and increasing customer 
purchasing power, are driving changes in customers' needs and attitudes, and 
could affect the demand for Mondi products. The increased public and 
stakeholder focus on the impact of plastic-based packaging on marine and 
terrestrial ecosystems has led to heightened environmental considerations, 
changes in legislation and a shift in consumer attitudes towards packaging. 
While this could create opportunities for the Group, there could also be a risk 
of substitution, which may be to different solutions not produced by Mondi 
meeting the same customer requirements. Factors that may positively or 
negatively impact the demand for our products include reduced weight of 
packaging materials, electronic substitution of paper products, increased use 
of recycled raw materials, substitution of plastic packaging, substitution of 
rigid plastic by flexible packaging, increased demand for high-quality printed 
material, increased demand for paper based packaging, certified and responsibly 
produced goods, and changes in demand for specific material qualities such as 
recyclable/biodegradable packaging. 
 
Our ability to meet changes in consumer demand depends on our capacity to 
correctly anticipate change and develop new products on a sustainable, 
competitive and cost-effective basis. Opportunities also exist for us to take 
market share from substitutes produced by our competitors. Our focus is on 
products enjoying positive substitution dynamics and growing regional markets. 
We regularly monitor trends, new developments and innovations in our product 
markets. We conduct customer surveys to get a better insight into our 
customers' needs. Our sustainability task force on EcoSolutions collaborates 
across the organisation to identify and respond to sustainability requirements 
from suppliers, customers and consumers. It also monitors the current market 
trends and legislative developments around sustainability of our plastic-based 
packaging. As a member of the Ellen MacArthur Foundation's New Plastics Economy 
initiative, we collaborate with stakeholders across the plastic value chain. 
Our research and development pipeline ensures that our products remain 
cutting-edge with added focus on sustainability properties (e.g. recyclable, 
compostable or biodegradable products, sourced responsibly). Our broad range of 
converting products provides some protection from the effects of substitution 
between paper- and plastic-based packaging products. 
 
Fluctuations and variability in selling prices or gross margins 
 

The Group operates in cyclical markets and fluctuations in our key packaging 
and paper prices or converting margins can have material profit and cash flow 
implications. Our selling prices are determined by changes in capacity and 
demand for our products, which are, in turn, influenced by macroeconomic 
conditions, competitive behaviour, consumer spending preferences, and inventory 
levels maintained by our customers. Changes in prices differ between products 
and geographic regions and the timing and magnitude of such changes have varied 
significantly over time. Gross margins in our downstream converting operations 
are impacted by fluctuations in key input costs, which cannot be passed on to 
customers in all cases. 
 
Our strategic focus is on higher growth markets and products where we enjoy a 
competitive advantage through innovation, proximity or production cost. We 
continue to invest in our high-quality, cost-advantaged asset base to ensure we 
maintain our competitive cost position. We continue to further develop 
businesses in higher growth markets with better long-term fundamentals. Our 
high levels of vertical integration reduce our exposure to price volatility of 
our key input costs. In our downstream operations the focus is on passing 
through our main material costs to sales prices. Our financial policies and 
structures take the inherent price volatility of the markets in which we 
operate into consideration. We regularly review and monitor the current market 
fundamentals, market demand trends and market prices to evaluate price 
expectations in the short term but also to understand the long-term trends. We 
monitor our order intake to identify changing trends and developments in our 
own product markets. 
 
Country risk 
 
The Group has operations across more than 30 countries with differing 
political, economic and legal systems. In some countries, such systems are less 
predictable than in countries with more developed institutional structures. 
Political or economic upheaval, inflation, changes in laws, protectionism, 
nationalisation, or expropriation of assets may have a material effect on our 
operations in those countries. The current macroeconomic environment is 
impacted by a number of uncertainties, including the effects of increased 
protectionism, use of trade tariffs, economic sanctions, the stability of the 
Eurozone, the uncertainty over the outcome of agreements between the UK and the 
European Union after the UK ended its membership of the European Union and more 
recently the potential effects of the coronavirus outbreak in China (COVID-19). 
 
In South Africa, the Group is subject to land claims and could face adverse 
land claims rulings. In February 2018, a motion was passed in the National 
Assembly in South Africa for Section 25 of the South African Constitution to be 
reviewed and amended to allow government to expropriate land without 
compensation. A process to have the South African Constitution amended 
accordingly has started and is expected to be finalised in 2020. There could be 
other changes in legislation governing land ownership in South Africa. 
 
Our geographic diversity and decentralised management structure, utilising 
local resources in countries in which we operate, reduce our exposure to any 
specific jurisdiction. To mitigate the effect of country specific risks we 
structure our capital and debt in each country based on assessed risks and 
exposures. We regularly review our sales strategies to mitigate export risk in 
countries with less predictable environments and, where possible, we obtain 
credit insurance. The Board has approved specific country risk premiums to be 
added to the required returns on investment projects in those countries where 
risks are deemed to be higher and new investments are subject to rigorous 
strategic and commercial evaluation. Where we have large operations in higher 
risk locations, we maintain a permanent internal audit presence and operate 
asset protection units. 
 
During the year, further analysis has been undertaken to better understand the 
possible consequences of the UK's exit from the European Union. However, the 
Group's exposure to the UK is limited. The Group operates two Flexible 
Packaging plants in the UK, which are expected to be closed in 2020 and exports 
containerboard and uncoated fine paper to the UK. Revenues from customers in 
the UK represent around 3% of the Group's total. The impact on trade flows 
between the UK and the European Union continues to be monitored closely. We are 
continuously assessing the risks, analysing the supply chain and developing 
backup plans to manage any short-term disruptions. Given the limited direct 
trading exposure of the Group to the UK, we do not expect Brexit to materially 
impact our ability to continue normal business operations. Although the Group 
operates one Engineered Materials plant in China and its overall direct 
exposure is limited, with revenues in the country accounting for less than 1% 
of the Group's revenue, we continue to closely monitor the potential impact of 
the coronavirus outbreak. In South Africa the Group has settled a number of 
land claims structured as sale and leaseback arrangements which provide a 
framework for settling future land claims and continues to work with other 
stakeholders to engage with government on land matters. We actively monitor all 
countries and environments in which we operate. Regular formal and informal 
interaction with government officials, local communities, and business partners 
assists us to remain abreast of changes and new developments. 
 
Climate change related risk 
 
Climate change has the potential to affect our business in various ways. While 
these may not be severe in the short term, we believe climate change related 
risks are likely to have a medium and long-term impact on our business. Our 
manufacturing operations are energy-intensive, resulting in both Scope 1 and 
Scope 2 greenhouse gas emissions. In addition, fibre is the main raw material 
for our products and forests are an important carbon store, with sustainably 
managed forests having the opportunity to support a circular bioeconomy. 
Customers and consumers are increasingly concerned about the consequences of 
climate change and are looking for solutions produced from renewable materials 
and reduced carbon footprints. Our climate change related risks relate to 
transition and physical risks and are described below. 
 
Governments and regulators are likely to take action to curb carbon emissions 
that may impact our business, such as the introduction of carbon taxes. For 
example, the EU Parliament recently declared a climate emergency and called on 
all EU countries to phase out all direct and indirect fossil fuel subsidies by 
2020, in addition to encouraging an EU policy to reach climate neutrality as 
soon as possible, and latest by 2050. In Europe, all of our pulp and paper 
mills fall under the EU Emissions Trading Scheme (EU ETS) and in South Africa, 
the government has committed to introduce a carbon tax. In Russia, the strategy 
for the development of a low-carbon economy is currently under development. 
 
Changes in precipitation patterns and extreme weather conditions such as 
floods, storms, droughts and fires may impact our plantations and the forests 
we source wood from and could result in fibre supply chain interruptions and 
higher fibre costs. Higher temperatures may also increase the vulnerability of 
forests to pests and disease. Increased severity of extreme weather events may 
also interrupt our operations. In water-scarce countries, we may see an impact 
on our production process as a result of limited water availability. 
 
We focus on measures to reduce our GHG emissions by improving our energy 
efficiency, optimising the use of biomass-based fuels in order to reduce our 
use of fossil-based energy sources, and to decrease carbon-intensive energy 
sources such as coal. We do this with a combination of capital investments and 
ongoing efficiency programmes. We look to source our wood from diverse regions 
and forest types to mitigate the potential impacts of climate change on our 
wood supplies, in particular in Europe. In South Africa, we continue to 
investigate and develop wood species which require less rainfall and are more 
resistant to pests and disease. We monitor and measure our impact on climate 
change. Our reporting on GHG emissions and energy is independently assured and 
we have set science-based targets for our Scope 1 and Scope 2 emissions. We 
support WWF Climate Savers programme and the We Mean Business Coalition which 
aims to catalyse business action and drive policy ambition to accelerate the 
zero-carbon transition. 
 
We are committed to adhering to internationally accepted recommendations, such 
as those published by the Financial Stability Board's Task Force on 
Climate-related Financial Disclosures (TCFD), to investigate and report on 
climate-related risks and opportunities. We will continue to investigate the 
financial implication of our mid- and long-term climate-related risks and 
opportunities using the International Energy Agency's 2°C scenario and a 
business as usual scenario (RCP8.5). 
 
Financial risks 
 
We aim to maintain an appropriate capital structure and to conservatively 
manage our financial risk exposures in compliance with all laws and 
regulations. 
 
Despite ongoing short-term currency volatility and increased scrutiny of the 
tax affairs of multinational companies, our overall residual risk exposure 
remains similar to previous years, reflecting our conservative approach to 
financial risk management. 
 
Capital structure 
 
A strong and stable financial position increases our flexibility and provides 
us with the ability to take advantage of strategic opportunities as they arise. 
Our ability to raise debt and/or equity financing is significantly influenced 
by general economic conditions, developments in credit markets, equity market 
volatility, and our credit rating. Failure to obtain financing at reasonable 

rates could prevent us from realising our strategy and have a negative impact 
on our competitive position. 
 
We operate a central treasury function under a board-approved treasury policy. 
We target investment grade credit ratings and we have access to diverse sources 
of funding with varying maturities. The majority of our external debt is issued 
centrally. We use a blend of floating and fixed rate debt contracts to mitigate 
the interest rate risk. We report regularly to the Board on our treasury 
management policies. Our central treasury function monitors compliance with 
treasury policies at operating level and we engage external advisors to review 
the treasury function at regular intervals. 
 
Currency risk 
 
As a multinational group, operating globally, we are exposed to the effect of 
changes in foreign currency rates. The impact of currency fluctuations affects 
us because of mismatches between the currencies in which our operating costs 
are incurred and those in which revenues are received. 
 
Key operating cost currencies that are not fully offset by local currency 
denominated revenues include the South African rand, Polish zloty, Swedish 
krona and Czech koruna; whilst the fluctuations in the US dollar, Russian 
rouble, UK pound sterling and Turkish lira can also have a material impact as 
our revenues in these currencies are greater than operating costs incurred. 
Additionally, appreciation of the euro compared with the currencies of the 
other key paper-producing regions or paper pricing currencies, notably the US 
dollar, reduces the competitiveness of Mondi products in Europe compared with 
imports from such key paper-producing regions which can result in lower 
revenues and earnings. 
 
Balance sheet exposures and material forecasted capital expenditures are hedged 
upon identification. We do not hedge our exposure to projected future sales or 
operating costs and our businesses respond to adverse currency fluctuations by 
increasing selling prices or increasing exports where competitiveness improves 
as operating currencies weaken. Entities also borrow in their local currencies 
to minimise translation risk. We continuously monitor exchange rate movements 
and sensitivities, and evaluate the impact of exchange variances on our 
results. We regularly review our prices and monitor the import and export trade 
flows. 
 
Tax risk 
 
We operate in a number of countries - all with different tax systems. In 
addition, the international tax environment is becoming more onerous, requiring 
increasing transparency and reporting and in-depth scrutiny of the tax affairs 
of multinational companies. We make significant intragroup charges, the basis 
for which is subject to review during tax audits. 
 
We aim to manage our affairs conservatively and our operations are structured 
tax efficiently to take advantage of available incentives and exemptions. We 
have dedicated tax resources throughout the Group supported by a centralised 
Group tax team. Arm's length principles are applied in the pricing of all 
intragroup transactions in accordance with Organisation for Economic 
Cooperation and Development guidelines. The Board has approved the Group tax 
strategy and performs a formal review of the Group's tax affairs at least 
annually. We obtain external advisory opinions for all major tax projects, such 
as acquisitions and restructuring activities, and make use of external 
benchmarks where possible. We regularly engage with external advisors to stay 
up-to-date with changes in tax legislation and tax practice. 
 
Operational risks 
 
A low residual risk tolerance is demonstrated through our focus on operational 
excellence, investment in our people and commitment to the responsible use of 
resources. 
 
Our investments to improve our energy efficiency, engineer out our most 
significant safety risks, improve operating efficiencies, and renew our 
equipment continue to reduce the likelihood of operational risk events. 
However, the potential impact of any such event remains unchanged. 
 
Cost and availability of raw materials 
 
Access to sustainable sources of raw materials is essential to our operations. 
The raw materials used by the Group include significant amounts of wood, pulp, 
paper for recycling, polymers and chemicals. The prices for many of these raw 
materials generally fluctuate in correlation with global commodity cycles. Wood 
prices and availability may be adversely affected by reduced quantities of 
available wood supply that meet our standards for credibly certified or 
controlled wood, increased frequency of severe weather events, changes in 
rainfall or increased instances of pest and disease outbreaks and increasing 
use of wood as a biofuel. 
 
We have access to our own sources of wood in Russia and South Africa and we 
purchase wood, paper for recycling, pulp, and polymers to meet our needs in the 
balance of our operations. Where we source our raw materials in areas of weaker 
governance, we may face potential social and environmental risks related to 
waste, pollution, poor safety and labour practices and human rights issues. 
 
We are committed to acquiring our raw materials from sustainable, responsible 
sources and avoiding the use of any controversial or illegal supply. We are 
involved in multi-stakeholder processes to address challenges in meeting the 
global demand for sustainable, responsible fibre and we encourage legislation 
supporting the local collection of recycled materials. Sustainable management 
of our forestry operations is key in managing our overall social and 
environmental impact, helping to protect ecosystems, protect worker and 
community rights, and to develop resilient landscapes. We have multiple 
suppliers for each of our operations and our centralised procurement teams work 
closely with our operations in actively pursuing longer-term agreements with 
strategic suppliers. In Europe, we source our wood from diverse regions and 
forest types to mitigate the potential impacts of unforeseen events on our wood 
supplies. We have developed a responsible procurement process to assess and 
evaluate the performance of our suppliers and their adherence to our Code of 
Conduct for Suppliers. Supplier performance is evaluated through questionnaires 
and audits. Wood and pulp suppliers are assessed as part of our Due Diligence 
Management System which addresses the main legal and sustainability risks. 
 
We have built strong forestry management resources in Russia and South Africa 
to actively monitor and manage our wood resources in those countries. We 
continue to certify our forests with credible external certifications. In South 
Africa, we have tree improvement programmes in place, which aim to produce 
stronger, more robust hybrids that are better able to resist disturbances such 
as drought, pests and diseases. 
 
Energy security and related input costs 
 
Mondi is a significant consumer of electricity which is generated internally 
and purchased from external suppliers. Where we do not generate electricity 
from biomass and by-products of our production processes, we are dependent on 
external suppliers for raw materials such as gas, oil and coal. Fossil-based 
energy sources could pose a sustainability and regulatory risk to our energy 
security. Higher energy costs contribute significantly to increasing chemical, 
fuel, and transportation costs which are often difficult to pass on to 
customers. As an energy-intensive business, operating globally and relying on 
global supply chains, we face potential physical and regulatory risks. 
 
We focus on improving the energy efficiency of our operations by investing in 
improvements to our energy profile and increased electricity self-sufficiency, 
including the use of renewable energy sources, while reducing ongoing operating 
costs and carbon emission levels. Where we generate electricity surplus to our 
own requirements, we may sell such surplus externally. We also generate income 
from the sale of green energy credits in certain of our operations at prices 
determined in the open market. We focus on optimising the use of biomass-based 
fuels in order to reduce our use of fossil-based energy sources, and to 
decrease carbon-intensive energy sources such as coal. Energy costs are closely 
monitored and benchmarked against external sources and we monitor our 
electricity usage, carbon emission levels and use of renewable energy. Most of 
our larger operations have high levels of electricity self-sufficiency. We 
actively monitor the renewable energy market fundamentals and changes in 
legislation and maintain contact with local energy regulators. We have 
undertaken detailed compliance assessments regarding Industry Emissions and 
Energy Efficiency Directives to determine future investment requirements. 
 
Technical integrity of our operating assets 
 
We have five major mills which account for approximately 75% of our total pulp 
and paper production capacity, and a significant engineered materials 
manufacturing facility in Germany. If operations at any of these key facilities 
are interrupted for any significant length of time, it could have a material 
adverse effect on our financial position or performance. Incidents such as 
fires, explosions, or large machinery breakdowns or the inability of our assets 
to perform the required function effectively and efficiently whilst protecting 
people, business, the environment and stakeholders could result in property 
damage, loss of production, reputational damage, and/or safety and 
environmental incidents. We have established a central digital transformation 
function to drive operational efficiency through advanced analytics, automation 
and robotics. 
 
Our capital investment programme supports the replacement of older equipment to 
improve both reliability and integrity, and our proactive repair and 
maintenance strategy is designed to improve production reliability and minimise 
breakdown risks. We conduct detailed risk assessments of our high-priority 
equipment and have specific processes and procedures in place for the ongoing 

management and maintenance of such equipment. Our Asset Management and 
Technical Integrity Management systems have contributed to a continuous 
improvement of our risk profile. 
 
We continue to develop our Asset Management system to ensure best practices for 
maintenance procedures and we have a maintenance training programme for our 
employees. Benchmarking activities enable us to optimise our production 
throughout the organisation by learning from our best performing operations and 
to identify any emerging issues early. 
 
We actively monitor all incidents and have a formal process which allows us to 
share lessons learned across our operations, identify emerging issues, conduct 
benchmarking, and evaluate the effectiveness of our risk reduction activities. 
We engage external experts to perform technical integrity assessments at our 
major sites and enhance our engineering and loss prevention competencies and 
capabilities. Our Fire Protection programme is supported by external experts 
and independent loss prevention audits and we take out property insurance cover 
for key risks. 
 
Environmental impact 
 
We operate in a sector where the environmental impact of our business can be 
high and we need to manage the associated risks. Our operations are water, 
carbon and energy intensive; consume materials such as fibre, polymers, metals 
and chemicals; and generate emissions to air, water and land. We are the 
custodian of more than two million hectares of forested land. We consider 
potential negative impacts on constrained resources and loss of biodiversity 
and ecosystems from our forestry and manufacturing operations. We are subject 
to a wide range of international, national and local environmental laws and 
regulations, as well as the requirements of our customers and expectations of 
our broader stakeholders. Costs of continuing compliance, potential restoration 
and clean-up activities, and increasing costs from the effects of emissions 
could have an adverse impact on our profitability. 
 
We ensure that we are complying with all applicable environmental and health 
and safety requirements where we operate. Our own policies and procedures, at 
or above local policy requirements, are embedded in all our operations and are 
supported through the use of externally accredited environmental management 
systems. We focus on a clean production philosophy to address the impact from 
emissions, discharge, and waste. We manage our water resources responsibly to 
address risks related to water scarcity in some of our operations, and to 
ensure equitable use of water resources among local stakeholders wherever we 
operate. We emphasise the responsible management of forests and associated 
ecosystems and protect high conservation value areas. We ensure that we manage 
our forests responsibly and implement measures to protect biodiversity. We 
collaborate with customers and supply chain stakeholders to better understand 
the concerns related to the impact of plastics in the environment, and to work 
together on scaleable, meaningful solutions to address this. Our product design 
and innovation efforts focus on reducing the environmental impact of our 
products throughout their life cycle. We monitor our environmental performance 
indicators and report our progress against our 2020 commitments, with our GHG 
emissions independently assured to reasonable assurance level. We monitor 
regulatory developments to ensure compliance with existing operating permits 
and perform SEAT (Socio-economic Assessment Toolbox) assessments and water 
impact assessments locally to better understand our local environmental 
footprint and stakeholder needs. 
 
Employee and contractor safety 
 
We operate large facilities, often in remote locations. Incidents cause injury 
to our employees or contractors, property damage, lost production time, and/or 
harm to our reputation. Risks include fatalities, serious injuries, 
occupational diseases, and substance and drug abuse. 
 
To ensure the safety of our employees and contractors, we apply safety 
management systems, including amongst others, risk assessments, safety 
procedures and controls. We have a goal of zero harm and aim to continuously 
advance our 24-hour safety mind-set and safety culture of sending everybody 
home safely. We continue with the project to engineer out the most significant 
risks in our operations supported by robust controls and procedures for 
operating those assets and conducting related tasks. We have a Permit to Work 
methodology across the Group to improve our safety performance. We provide 
extensive training to ensure that performance standards and practice notes are 
communicated and understood and our incentives are impacted by the 
non-achievement of safety milestones (lag indicators) as well as achievement of 
lead indicators. We continually investigate and monitor incidents and major 
close calls and actively transfer learnings across our operations. Our Task 
Risk Management Methodology provides a practical approach to conducting 
pre-task risk assessments, and our focus is on better understanding the high 
risk tasks in our operations. We apply externally accredited safety management 
systems and conduct regular audits of our operations to ensure our facilities 
remain fit-for-purpose. 
 
Attraction and retention of key skills and talent 
 
Our success is driven by our people. Key to our long-term success is 
attracting, retaining, recruiting and developing a skilled and committed 
workforce. Access to the right skills, particularly management and technical 
skills, is critical to support the performance and growth of our business. 
Operations in remote locations or highly competitive markets make attracting 
and retaining skilled employees challenging. Losing skills or failing to 
attract new talent to our business has the potential to undermine our ability 
to drive performance and deliver on our strategic objectives. 
 
Our culture and values play a key role in empowering and inspiring our people. 
These are highlighted by various Inspire Programmes and collaboration 
initiatives throughout our operations. We have a zero tolerance policy towards 
discrimination and we provide equal opportunities for all employees. To attract 
skills and talent we are investing in employer branding. We are engaged in fair 
and transparent recruitment practices and have diversity and inclusion, labour 
and human rights policies in place. We ensure competitive compensation levels 
through benchmarking and continue to support and invest in group-wide as well 
as local training programmes. We have implemented measures to monitor and 
manage succession planning, staff turnover, internal placements and training. 
We perform 360 degree feedback at a management level and regularly conduct 
performance and development reviews at a local level. We carry out a group-wide 
employee survey approximately every two years. Through a confidential reporting 
hotline, Speakout, employees can raise concerns about conduct that may be 
contrary to our values. 
 
Compliance risks 
 
We have a zero tolerance approach to compliance risks. Our strong culture and 
values, emphasised in every part of our business, with a focus on integrity, 
honesty, and transparency, underpin our approach. 
 
Reputational risk 
 
Non-compliance with the legal and governance requirements and globally 
established responsible business conduct in any of the jurisdictions in which 
we operate and within our supply chain could expose us to significant risk if 
not actively managed. Failure to successfully manage relationships with our 
stakeholders could disrupt our operations and adversely impact the Group's 
reputation. These requirements include laws relating to the environment, 
exports, price controls, taxation, competition compliance, data protection, 
human rights, and labour. Fines imposed by authorities for non-compliance are 
severe and, in some cases, legislation can result in criminal sanction for 
entities and individuals found guilty. Areas of weaker governance also present 
the challenge of addressing potential human rights issues in our operations and 
supply chain. The introduction of human rights legislation, such as the UK 
Modern Slavery Act 2015, has further highlighted the need to identify and 
address potential risks of child labour, forced or bonded labour and human 
trafficking in our supply chain. 
 
We operate a comprehensive training and compliance programme, supported by 
self-certification and reporting, with personal sanction for failure to comply 
with Group policies. We engage with our stakeholders through formal and 
informal processes such as our SEAT assessment and Community Engagement Plans. 
We perform sustainable development risk assessments for our suppliers and have 
updated the Code of Conduct for Suppliers. Our legal and governance compliance 
is supported by a centralised legal compliance team and is subject to regular 
internal audit review. We have a confidential reporting hotline, Speakout, 
enabling employees, customers, suppliers, managers and other stakeholders to 
raise concerns about misconduct. 
 
Information technology risk 
 
Many of our operations are dependent on the availability of IT services and an 
extended interruption of such services may result in a plant shutdown and an 
inability to meet customer requirements. Cybercrime continues to increase and 
attempts are increasingly sophisticated, with the consequences of successful 
attacks including compromised data, financial fraud, and system shutdowns. 
 
We have a comprehensive IT Security Policy approved by the Board and we operate 
an extensive training and awareness programme for all our users. The IT 
infrastructure is regularly tested and verified and where possible, we have 
redundancies in place. Our system landscape is based on well-proven products. 
We conduct regular threat assessments and utilise external providers to 
evaluate and review our security policies and procedures and we have cybercrime 
insurance in place. 
 
Going concern 
 

The directors have reviewed the Group's budget, considered the assumptions 
contained in the budget, and reviewed and assessed the significant risks which 
may impact the Group's performance in the near term. This includes an 
evaluation of the current macroeconomic environment and reasonably possible 
changes in the Group's trading performance. 
 
The Group's financial position, cash flows, liquidity position, and borrowing 
facilities are described in the condensed consolidated financial statements. 
 
The Group's net debt at 31 December 2019 was EUR2,207 million (2018: EUR2,220 
million) representing a gearing level of 33.5% (2018: 36.7%). The Group´s net 
debt to 12-month trailing underlying EBITDA at 31 December 2019 was 1.3 times, 
well within the key financial covenant requirement of 3.5 times. 
 
At 31 December 2019, the Group had EUR660 million of undrawn, committed debt 
facilities. The Group's debt facilities have maturity dates of between less 
than 1 year and 7 years, with a weighted average maturity of 3.2 years. In 
February 2020, the Group entered into an additional debt facility with a 
maturity of 18 months, increasing the undrawn, committed debt facilities 
available to the Group by EUR250 million. 
 
Based on our evaluation the Board considered it appropriate to prepare the 
condensed consolidated financial statements on the going concern basis. 
 
Enquiries 
 
Investors/analysts: 
 
Clara Valera                             [phone] 
 
Mondi Group Head of Strategy and Investor Relations 
 
Media: 
 
Kerry Cooper                     [phone] 
 
Mondi Group Head of External Communication 
 
Richard Mountain (FTI consulting)                  [phone] 
 
Conference call dial-in and webcast details 
 
Please see below details of our dial-in conference call and webcast that will 
be held at 09:00 (UK) and 11:00 (SA) today. 
 
The conference call dial-in numbers are: 
 
UK                         0800 3767 922 
 
South Africa          0800 014 553 
 
Other                      [phone] 
 
Conference ID      1049766 
 
The webcast will be available via www.mondigroup.com/FYResults19. 
 
The presentation will be available to download from the above website 30 
minutes before the webcast commences. Questions can be submitted via the 
dial-in conference call or via the webcast. 
 
Should you have any issues on the day with accessing the dial-in conference 
call, please call [phone]. 
 
For queries regarding access to the webcast, please e-mail 
[e-mail] and you will be contacted immediately. 
 
A video recording of the presentation will be available on Mondi's website 
during the afternoon of 27 February 2020. 
 
Directors' responsibility statement 
 
The Group annual financial statements have been audited in accordance with the 
applicable requirements of the Companies Act 2006. 
 
The responsibility statement has been prepared in connection with the Group's 
Integrated report and financial statements 2019, extracts of which are included 
within this announcement. 
 
The directors confirm that to the best of their knowledge: 
 
  * the condensed consolidated financial statements have been prepared in 
    accordance with the recognition and measurement principles of International 
    Financial Reporting Standards (IFRS) as adopted by the European Union (EU) 
    and are derived from the audited consolidated financial statements of the 
    Group, prepared in accordance with IFRS (they do not contain sufficient 
    information to comply with IFRS); 
  * the Group's consolidated financial statements, prepared in accordance with 
    IFRS, give a true and fair view of the assets, liabilities, financial 
    position and profit of the Group; 
  * the Strategic report includes a fair review of the development and 
    performance of the business and the position of the Group, together with a 
    description of the principal risks and uncertainties it faces; 
  * the Integrated report and financial statements 2019, taken as a whole, are 
    fair, balanced and understandable and provide the information necessary for 
    shareholders to assess the Group's performance, business model and 
    strategy; 
  * there have been no significant individual related party transactions during 
    the year; and 
  * there have been no significant changes in the Group's related party 
    relationships from that reported in the half-yearly results for the six 
    months ended 30 June 2019. 
 
The Group's condensed consolidated financial statements, and related notes, 
including this responsibility statement, were approved by the Board and 
authorised for issue on 26 February 2020 and were signed on their behalf by: 
 
David 
Williams 
Andrew King 
 
Chair 
Director 
 
Audited financial information 
 
The condensed consolidated financial statements and notes 1 to 19 for the year 
ended 31 December 2019 are derived from the Group annual financial statements 
which have been audited by PricewaterhouseCoopers LLP. The unmodified audit 
report is available for inspection at the Group's registered office. 
 
Condensed consolidated income statement 
 
for the year ended 31 December 2019 
 
                                                       2019                        2018 
 
EUR million                             Notes Underlying  Special   Total Underlying  Special   Total 
                                                        items                       items 
                                                       (Note 4)                    (Note 4) 
 
Group revenue                             3      7,268        -   7,268      7,481        -   7,481 
 
Materials, energy and consumables              (3,449)        - (3,449)    (3,526)        - (3,526) 
used 
 
Variable selling expenses                        (549)        -   (549)      (534)        -   (534) 
 
Gross margin                                     3,270        -   3,270      3,421        -   3,421 
 
Maintenance and other indirect                   (363)        -   (363)      (346)        -   (346) 
expenses 
 
Personnel costs                                (1,072)       40 (1,032)    (1,039)     (15) (1,054) 
 
Other net operating expenses                     (177)      (1)   (178)      (272)     (30)   (302) 
 
EBITDA                                           1,658       39   1,697      1,764     (45)   1,719 
 
Depreciation, amortisation and                   (435)     (41)   (476)      (446)     (81)   (527) 
impairments 
 
Operating profit                          3      1,223      (2)   1,221      1,318    (126)   1,192 
 
Net profit from equity accounted                     -        -       -          1        -       1 
investees 
 
Net finance costs                         6      (104)     (14)   (118)       (88)        -    (88) 
 
Profit before tax                                1,119     (16)   1,103      1,231    (126)   1,105 
 
Tax (charge)/credit                       7      (257)        -   (257)      (273)       34   (239) 
 
Profit for the year                                862     (16)     846        958     (92)     866 
 
Attributable to: 
 
Non-controlling interests                           33        1      34         42        -      42 
 
Shareholders                                       829     (17)     812        916     (92)     824 
 
Earnings per share (EPS) attributable 
to shareholders 
 
(euro cents) 
 
Basic EPS                                 8                       167.6                       170.1 
 
Diluted EPS                               8                       167.6                       170.0 
 
Basic underlying EPS                      8                       171.1                       189.1 
 
Diluted underlying EPS                    8                       171.1                       189.0 
 
Condensed consolidated statement of comprehensive income 
 
for the year ended 31 December 2019 
 
                                                   2019                    2018 
 
EUR million                                  Before     Tax  Net of  Before     Tax  Net of 
                                              tax  credit     tax     tax  charge     tax 
                                           amount          amount  amount          amount 
 
Profit for the year                                           846                     866 
 
Items that may subsequently be 
reclassified to the condensed 
consolidated income statement 
 
Fair value (losses)/gains arising from        (4)       -     (4)       1       -       1 
cash flow hedges 
 
Exchange differences on translation of        143       -     143   (219)       -   (219) 
foreign operations 
 
Items that will not subsequently be 
reclassified to the condensed 
consolidated income statement 
 
Remeasurements of retirement benefits        (21)       3    (18)    (12)     (1)    (13) 
plans 
 
Other comprehensive income/(expense) for      118       3     121   (230)     (1)   (231) 
the year 
 
Other comprehensive income/(expense) 
attributable to: 
 
Non-controlling interests                     (9)       -     (9)    (12)       -    (12) 
 
Shareholders                                  127       3     130   (218)     (1)   (219) 
 
Total comprehensive income attributable 
to: 
 
Non-controlling interests                                      25                      30 
 
Shareholders                                                  942                     605 
 
Total comprehensive income for the year                       967                     635 
 
Condensed consolidated statement of financial position 
 
as at 31 December 2019 
 
EUR million                                                     Notes       2019       2018 
 
Property, plant and equipment                                            4,800      4,340 
 
Goodwill                                                                   948        942 
 
Intangible assets                                                           81         91 
 

Forestry assets                                                  10        411        340 
 
Other non-current assets                                                   111         85 
 
Total non-current assets                                                 6,351      5,798 
 
Inventories                                                                984        968 
 
Trade and other receivables                                              1,111      1,190 
 
Cash and cash equivalents                                       14b         74         52 
 
Other current assets                                                        20         34 
 
Total current assets                                                     2,189      2,244 
 
Total assets                                                             8,540      8,042 
 
Short-term borrowings                                            12      (780)      (268) 
 
Trade and other payables                                               (1,143)    (1,186) 
 
Other current liabilities                                                (157)      (214) 
 
Total current liabilities                                              (2,080)    (1,668) 
 
Medium and long-term borrowings                                  12    (1,496)    (2,002) 
 
Net retirement benefits liability                                13      (225)      (234) 
 
Deferred tax liabilities                                                 (301)      (253) 
 
Other non-current liabilities                                             (53)       (60) 
 
Total non-current liabilities                                          (2,075)    (2,549) 
 
Total liabilities                                                      (4,155)    (4,217) 
 
Net assets                                                               4,385      3,825 
 
Equity 
 
Share capital and stated capital                                            97        542 
 
Retained earnings and other reserves                                     3,918      2,943 
 
Total attributable to shareholders                                       4,015      3,485 
 
Non-controlling interests in equity                                        370        340 
 
Total equity                                                             4,385      3,825 
 
The Group's condensed consolidated financial statements, and related notes 1 to 
19, were approved by the Board and authorised for issue on 26 February 2020 and 
were signed on its behalf by: 
 
David Williams                    Andrew King 
 
Chair                                      Director 
 
Condensed consolidated statement of changes in equity 
 
for the year ended 31 December 2019 
 
EUR million                                                    Equity   Non-controlling      Total 
                                                         attributable       interests     equity 
                                                                   to 
                                                         shareholders 
 
At 1 January 2018                                               3,683             324      4,007 
 
Total comprehensive income for the year                           605              30        635 
 
Dividends                                                       (793)            (18)      (811) 
 
Purchases of treasury shares                                     (15)               -       (15) 
 
Other                                                               5               4          9 
 
At 31 December 2018                                             3,485             340      3,825 
 
Total comprehensive income for the year                           942              25        967 
 
Dividends                                                       (396)             (3)      (399) 
 
Purchases of treasury shares                                     (12)               -       (12) 
 
Issue of ordinary shares, net of expenses (see note 11)           (6)               -        (6) 
 
Other                                                               2               8         10 
 
At 31 December 2019                                             4,015             370      4,385 
 
Equity attributable to shareholders 
 
EUR million                                                                2019       2018 
 
Share capital and stated capital1                                          97        542 
 
Treasury shares                                                          (25)       (26) 
 
Retained earnings                                                       3,963      3,589 
 
Cumulative translation adjustment reserve                               (680)      (820) 
 
Post-retirement benefits reserve                                         (52)       (75) 
 
Share-based payment reserve                                                20         22 
 
Cash flow hedge reserve                                                   (4)          - 
 
Merger reserve1                                                           667        259 
 
Other sundry reserves                                                      29        (6) 
 
Total                                                                   4,015      3,485 
 
Note: 
 
1    The movement in the share capital and stated capital and merger reserve is 
driven by the Simplification of the corporate structure. Further detail is 
provided in notes 2 and 11 
 
Condensed consolidated statement of cash flows 
 
for the year ended 31 December 2019 
 
EUR million                                                     Notes       2019       2018 
 
Cash flows from operating activities 
 
Cash generated from operations                                  14a      1,635      1,654 
 
Dividends received from other investments                                    1          1 
 
Income tax paid                                                          (248)      (248) 
 
Net cash generated from operating activities                             1,388      1,407 
 
Cash flows from investing activities 
 
Investment in property, plant and equipment                              (757)      (709) 
 
Investment in intangible assets                                           (12)       (10) 
 
Investment in forestry assets                                    10       (48)       (53) 
 
Investment in equity accounted investees                                   (5)        (7) 
 
Acquisition of businesses, net of cash and cash equivalents                (2)      (402) 
 
Proceeds from the disposal of businesses, net of cash and                   20          3 
cash equivalents 
 
Other investing activities                                                  10         21 
 
Net cash used in investing activities                                    (794)    (1,157) 
 
Cash flows from financing activities 
 
Proceeds from medium and long-term borrowings                   14c          -        165 
 
Repayment of medium and long-term borrowings                    14c       (48)          - 
 
Proceeds from Eurobonds                                         14c          -        600 
 
Net (repayment)/proceeds from short-term borrowings                       (20)          9 
 
Repayment of lease liabilities                                            (23)       (25) 
 
Interest paid                                                             (96)       (73) 
 
Transaction costs relating to the issue of share capital         11        (6)          - 
 
Dividends paid to shareholders                                    9      (396)      (793) 
 
Dividends paid to non-controlling interests                       9        (3)       (18) 
 
Purchases of treasury shares                                              (12)       (15) 
 
Financing special item                                            4       (14)          - 
 
Net cash inflow/(outflow) from derivatives                                   3       (25) 
 
Other financing activities                                                   5        (8) 
 
Net cash used in financing activities                                    (610)      (183) 
 
Net (decrease)/increase in cash and cash equivalents                      (16)         67 
 
Cash and cash equivalents at beginning of year                               8       (66) 
 
Cash movement in the year                                       14c       (16)         67 
 
Effects of changes in foreign exchange rates                    14c          1          7 
 
Cash and cash equivalents at end of year                        14b        (7)          8 
 
Notes to the condensed consolidated financial statements 
for the year ended 31 December 2019 
 
1   Basis of preparation 
 
These condensed consolidated financial statements as at and for the year ended 
31 December 2019 comprise Mondi plc and its subsidiaries (referred to as the 
'Group'), and the Group's share of the results and net assets of its associates 
and joint ventures. 
 
On 9 May 2019 the Group's shareholders approved the Simplification of the 
corporate structure from a dual listed company (DLC) structure into a single 
holding company structure under Mondi plc. With effect from 26 July 2019, Mondi 
plc became the holder of all the Mondi Limited ordinary shares while, by other 
related actions, the DLC arrangements were terminated. Prior to the 
Simplification, Mondi Limited and Mondi plc operated under a DLC structure as a 
single economic entity, and as such, together with their respective 
subsidiaries, were reported on a combined and consolidated basis as a single 
reporting entity. Post Simplification, the Group is reported on a consolidated 
basis. Further detail is provided in note 11. 
 
The Group's condensed consolidated financial statements have been prepared in 
accordance with the recognition and measurement principles of International 
Financial Reporting Standards (IFRS). They have been derived from the audited 
consolidated financial statements of the Group, prepared in accordance with 

IFRS and IFRS Interpretations Committee (IFRS IC) interpretations, as adopted 
by the European Union (EU), and the Financial Pronouncements as issued by the 
Financial Reporting Standards Council. The Group complies with Article 4 of the 
EU IAS Regulation and with those parts of the Companies Act 2006 applicable to 
companies reporting under IFRS. The Group's condensed consolidated financial 
statements do not contain sufficient information to comply with IFRS. 
 
The condensed consolidated financial statements have been prepared on a going 
concern basis as discussed in the commentary under the heading 'Going concern'. 
 
The financial information set out above does not constitute the Company's 
statutory accounts for the years ended 31 December 2019 or 2018 but is derived 
from those accounts. Statutory accounts for 2018 have been delivered to the 
Registrar of Companies, and those for 2019 will be delivered in due course. The 
auditor has reported on those accounts; its report was (i) unqualified, (ii) 
did not include a reference to any matters to which the auditor drew attention 
by way of emphasis without qualifying its report and (iii) did not contain a 
statement under section 498 (2) or (3) of the Companies Act 2006. Copies of the 
unqualified auditor's report on the Integrated report and financial statements 
2019 are available for inspection at the registered office of Mondi plc. 
 
These condensed consolidated financial statements have been prepared on the 
historical cost basis of accounting, as modified by forestry assets and 
financial assets and financial liabilities held at fair value through profit 
and loss. 
 
2   Accounting policies 
 
The same accounting policies and alternative performance measures (APMs), 
methods of computation and presentation have been followed in the preparation 
of the condensed consolidated financial statements for the year ended 
31 December 2019 as were applied in the preparation of the Group's annual 
financial statements for the year ended 31 December 2018, except as set out 
below: 
 
  * A number of further amendments to IFRS became effective for the financial 
    period beginning on 1 January 2019, but the Group did not have to change 
    its accounting policies or make material retrospective adjustments as a 
    result of adopting these new amendments. 
 
Following its annual review of estimated useful economic lives as required 
under IAS 16, 'Property, plant and equipment', the Group has revised the 
estimated useful economic lives for items of plant and equipment to a range 
from three years to 25 years (previously: from three years to 20 years) 
effective from 1 January 2019. In accordance with IAS 8, 'Accounting Policies, 
Changes in Accounting Estimates and Errors', the effect of the change in 
accounting estimate has been recognised prospectively in the condensed 
consolidated income statement. 
 
Simplification accounting (note 11) 
 
With the effect of the Simplification, Mondi Limited became a wholly owned 
subsidiary of Mondi plc and subsequently the stated capital of Mondi Limited is 
eliminated in the condensed consolidated statement of changes in equity. The 
difference between the nominal value of new shares issued by Mondi plc (EUR23 
million) and the stated capital of Mondi Limited recorded within the Group 
equity immediately prior to the Simplification (EUR431 million) is recognised in 
the merger reserve within equity. 
 
The Simplification was accounted for outside the scope of IFRS 3, and 
consequently, the carrying values of the assets and liabilities of Mondi 
Limited were not adjusted to fair value, but continue to be reported under the 
same measurement principles as applied prior to the transaction. 
 
Transaction costs incurred to effect the Simplification are charged as a 
financing special item in the condensed consolidated income statement, except 
for costs incremental and directly attributable to the issuance of new shares 
of Mondi plc, which are debited directly to retained earnings within equity in 
accordance with IAS 32. 
 
The Simplification accounting is identified as a critical accounting judgement 
in terms of IAS 1 due to the exceptional nature of the underlying transaction 
and the limited guidance available in IFRS, in particular the judgement applied 
by management that the transaction does not represent a business combination 
and so assets and liabilities of the Mondi Limited group were not remeasured to 
their fair value as at the transaction date. Instead the assets and 
liabilities continued to be held at their previous carrying amounts. 
 
Alternative Performance Measures 
 
The Group presents certain measures of financial performance, position or cash 
flows in the condensed consolidated financial statements that are not defined 
or specified according to IFRS. These measures, referred to as APMs, are 
defined at the end of this document and where relevant reconciled to IFRS in 
the notes to the condensed consolidated financial statements, and are prepared 
on a consistent basis for all periods presented. 
 
3   Operating segments 
 
The Group reorganised its business units to strengthen value chain integration 
and improve customer focus effective from 7 October 2019. The Group's four 
business units (previously three business units) are as follows: 
 
  * Corrugated Packaging, comprising the operations of containerboard and 
    corrugated solutions; 
  * Flexible Packaging, comprising kraft paper, paper bags and consumer 
    flexibles operations; 
  * Engineered Materials, comprising personal care components, extrusion 
    solutions and release liner operations; and 
  * Uncoated Fine Paper, which remains unchanged. 
 
Prior year figures have been restated to reflect the new organisational 
structure. The reorganisation has no impact on the overall Group result. 
 
Year ended 31 December 2019 
 
EUR million, unless          Corrugated  Flexible Engineered Uncoated Corporate Intersegment    Total 
otherwise stated            Packaging Packaging  Materials     Fine            elimination 
                                                              Paper 
 
Segment revenue                 2,014     2,708        979    1,758         -        (191)    7,268 
 
Internal revenue                 (30)      (71)       (45)     (45)         -          191        - 
 
External revenue                1,984     2,637        934    1,713         -            -    7,268 
 
Underlying EBITDA                 583       543        122      444      (34)            -    1,658 
 
Depreciation and                (118)     (142)       (28)    (118)       (1)            -    (407) 
impairments 
 
Amortisation                      (6)      (12)        (8)      (2)         -            -     (28) 
 
Underlying operating              459       389         86      324      (35)            -    1,223 
profit/(loss) 
 
Special items                       -       (4)          -        2      (14)            -     (16) 
 
Operating segment assets        2,407     3,094        723    2,082         7        (117)    8,196 
 
Operating segment net           2,166     2,603        612    1,758       (7)            -    7,132 
assets 
 
Trailing 12-month average       1,846     2,485        622    1,290      (81)            -    6,162 
capital employed 
 
Additions to non-current          275       256         37      310         -            -      878 
non-financial assets 
 
Capital expenditure cash          257       248         32      220         -            -      757 
payments 
 
Underlying EBITDA margin         28.9      20.1       12.5     25.3         -            -     22.8 
(%) 
 
Return on capital employed       24.9      15.7       13.8     25.1         -            -     19.8 
(%) 
 
Average number of                 6.7      10.4        2.4      6.3       0.1            -     25.9 
employees (thousands)1 
 
Year ended 31 December 2018 (restated) 
 
EUR million, unless          Corrugated  Flexible Engineered Uncoated Corporate Intersegment    Total 
otherwise stated            Packaging Packaging  Materials     Fine            elimination 
                                                              Paper 
 
Segment revenue                 2,115     2,708        984    1,877         -        (203)    7,481 
 
Internal revenue                 (41)      (69)       (45)     (48)         -          203        - 
 
External revenue                2,074     2,639        939    1,829         -            -    7,481 
 
Underlying EBITDA                 707       461        112      516      (32)            -    1,764 
 
Depreciation and                (116)     (146)       (30)    (119)       (1)            -    (412) 
impairments 
 
Amortisation                      (9)      (14)        (9)      (2)         -            -     (34) 
 
Underlying operating              582       301         73      395      (33)            -    1,318 
profit/(loss) 
 
Special items                       -     (102)        (3)     (21)         -            -    (126) 
 
Operating segment assets        2,277     2,944        789    1,852         4        (132)    7,734 
 
Operating segment net           2,001     2,442        672    1,494       (9)            -    6,600 
assets 
 
Trailing 12-month average       1,679     2,112        640    1,240      (88)            -    5,583 
capital employed 
 
Additions to non-current          535       396         35      280         -            -    1,246 
non-financial assets 
 
Capital expenditure cash          157       360         31      161         -            -      709 
payments 
 
Underlying EBITDA margin         33.4      17.0       11.4     27.5         -            -     23.6 
(%) 
 
Return on capital employed       34.7      14.3       11.4     31.9         -            -     23.6 
(%) 
 
Average number of                 6.5      10.6        2.4      6.5       0.1            -     26.1 
employees (thousands)1 
 
Note: 
 
1Presented on a full time employee equivalent basis 
 
External revenue by location of production and by location of customer 
 

                                                 External revenue      External revenue 
                                                  by location of        by location of 
                                                    production             customer 
 
EUR million                                            2019       2018       2019       2018 
 
Africa 
 
South Africa                                          539        609        402        459 
 
Rest of Africa                                         50         43        289        264 
 
Africa total                                          589        652        691        723 
 
Western Europe 
 
Austria                                             1,097      1,106        150        160 
 
Germany                                               856        887        939        985 
 
United Kingdom                                         43         64        205        233 
 
Rest of western Europe                                720        623      1,437      1,470 
 
Western Europe total                                2,716      2,680      2,731      2,848 
 
Emerging Europe 
 
Czech Republic                                        536        483        184        183 
 
Poland                                              1,059      1,161        599        636 
 
Rest of emerging Europe                               891        952        829        867 
 
Emerging Europe total                               2,486      2,596      1,612      1,686 
 
Russia                                                889        944        707        694 
 
North America                                         490        525        757        731 
 
South America                                           -          -        112        100 
 
Asia and Australia                                     98         84        658        699 
 
Group total                                         7,268      7,481      7,268      7,481 
 
Reconciliation of operating segment assets 
 
                                                       2019                  2018 
 
EUR million                                         Segment    Segment    Segment    Segment 
                                                   assets net assets     assets net assets 
 
Group total                                         8,196      7,132      7,734      6,600 
 
Unallocated 
 
Investment in equity accounted investees               14         14          9          9 
 
Deferred tax assets/(liabilities)                      49      (252)         49      (204) 
 
Other non-operating assets/(liabilities)              204      (302)        189      (360) 
 
Group capital employed                              8,463      6,592      7,981      6,045 
 
Financial instruments/(net debt)                       77    (2,207)         61    (2,220) 
 
Total assets/equity                                 8,540      4,385      8,042      3,825 
 
4   Special items 
 
EUR million                                                                2019       2018 
 
Operating special items 
 
Impairment of assets                                                     (42)       (83) 
 
Reversal of impairment of assets                                            1          2 
 
Restructuring and closure costs: 
 
Personnel costs                                                           (1)       (15) 
 
Other restructuring and closure costs                                       4       (30) 
 
Third party contribution relating to the Group's Austrian health           41          - 
insurance fund (see note 13) 
 
Provision relating to the 2012 Nordenia acquisition                       (5)          - 
 
Total operating special items                                             (2)      (126) 
 
Financing special item 
 
Simplification of corporate structure (see note 11)                      (14)          - 
 
Total special items before tax                                           (16)      (126) 
 
Tax credit (see note 7)                                                     -         34 
 
Total special items                                                      (16)       (92) 
 
Attributable to: 
 
Non-controlling interests                                                   1          - 
 
Shareholders                                                             (17)       (92) 
 
The special items during the year comprised: 
 
  * Flexible Packaging 
 
- Announced closure of two consumer flexibles plants in the UK. Restructuring 
and closure costs of EUR1 million and related impairment of assets of EUR3 million 
were recognised. Additional restructuring costs will be incurred in 2020 with 
total costs expected to exceed EUR10 million. 
 
- Release of restructuring and closure provisions of EUR5 million, partly offset 
by additional restructuring costs of EUR1 million, and reversal of impairment of 
assets of EUR1 million were recognised. All credits/(charges) related to special 
items from prior years. 
 
- Additional provision of EUR5 million relating to the 2012 Nordenia acquisition 
was recognised. The provision relates to a special item from prior years. 
 
  * Uncoated Fine Paper 
 
- Impairment of the Neusiedler operation in Austria. Impairment of assets of EUR 
39 million was recognised. 
 
- On 13 December 2018 a change in the Austrian Social Security Law was enacted. 
Effective 1 January 2020, the law states that the plan liabilities of the 
Group's Austrian health insurance fund are assumed by the Republic of Austria. 
The effect of the change in law is classified as a third party taking on the 
obligation for future contributions which is a one-off non-cash benefit to the 
Group of EUR41 million. Further detail is provided in note 13. 
 
  * Corporate 
 
- To effect the Simplification of the corporate structure from a DLC structure 
into a single holding company structure under Mondi plc, the Group incurred 
one-off transaction costs of EUR20 million, of which EUR14 million were charged as 
a financing special item to the condensed consolidated income statement and EUR6 
million were attributed to equity in accordance with IAS 32. Further detail is 
provided in note 11. 
 
5   Write-down of inventories to net realisable value 
 
EUR million                                                                2019       2018 
 
Write-down of inventories to net realisable value                        (37)       (21) 
 
Aggregate reversal of previous write-downs of inventories                  21         13 
 
6   Net finance costs 
 
Net finance costs are presented below: 
 
EUR million                                                                2019       2018 
 
Investment income 
 
Investment income                                                           8          8 
 
Net foreign currency losses 
 
Net foreign currency losses                                               (3)        (4) 
 
Finance costs 
 
Interest expense 
 
Interest on bank overdrafts and loans                                    (90)       (77) 
 
Interest on lease liabilities                                            (13)       (14) 
 
Net interest expense on net retirement benefits liability                 (9)        (8) 
 
Total interest expense                                                  (112)       (99) 
 
Less: Interest capitalised                                                  3          7 
 
Total finance costs                                                     (109)       (92) 
 
Net finance costs before special item                                   (104)       (88) 
 
Financing special item 
 
Simplification of corporate structure (see notes 4 and 11)               (14)          - 
 
Net finance costs after special item                                    (118)       (88) 
 
Net interest expense, as defined at the end of this document, for the year was 
EUR95 million (2018: EUR83 million). The effective interest rate was 4.2% (2018 
4.2%) based on trailing 12-month average net debt of EUR2,243 million (2018: EUR 
1,979 million). 
 
The weighted average interest rate applicable to capitalised interest on 
general borrowings for the year ended 31 December 2019 was 4.9% (2018: 4.1%) 
and was related to investments in the Czech Republic (2018: the Czech Republic 
and South Africa). 
 
7   Taxation 
 
The Group's effective rate of tax before special items for the year ended 
31 December 2019 was 23% (2018: 22%). 
 
EUR million                                                                2019       2018 
 
UK corporation tax at 19% (2018: 19%)                                       1          1 
 
Overseas tax1                                                             218        265 
 
Current tax in respect of prior years                                     (1)          - 
 
Current tax                                                               218        266 
 
Deferred tax in respect of the current year                                47         15 
 
Deferred tax in respect of prior years                                    (8)        (8) 
 
Tax charge before special items                                           257        273 
 
Current tax on special items                                              (1)        (2) 
 
Deferred tax on special items                                               1       (32) 
 
Tax credit on special items (see note 4)                                    -       (34) 
 
Tax charge for the year                                                   257        239 
 
Note: 
 
1    Includes the SA corporation tax at a statutory rate of 28% reported 
separately prior to the Simplification of the corporate structure 
 
8   Earnings per share (EPS) 
 
                                                                    EPS attributable to 
                                                                       shareholders 
 
(euro cents)                                                             2019       2018 
 

Basic EPS                                                               167.6      170.1 
 
Diluted EPS                                                             167.6      170.0 
 
Basic underlying EPS                                                    171.1      189.1 
 
Diluted underlying EPS                                                  171.1      189.0 
 
Basic headline EPS                                                      172.5      184.8 
 
Diluted headline EPS                                                    172.5      184.7 
 
The calculation of basic and diluted EPS, basic and diluted underlying EPS and 
basic and diluted headline EPS is based on the following data: 
 
                                                                         Earnings 
 
EUR million                                                                2019       2018 
 
Profit for the year attributable to shareholders                          812        824 
 
Special items attributable to shareholders (see note 4)                    17        126 
 
Related tax (see note 4)                                                    -       (34) 
 
Underlying earnings for the year                                          829        916 
 
Special items not excluded from headline earnings                          25       (45) 
 
Gain on disposal of property, plant and equipment                         (2)        (1) 
 
Net (gain)/loss on disposal of businesses and equity accounted            (9)          3 
investees 
 
Impairments not included in special items                                   2          2 
 
Related tax                                                               (9)         20 
 
Headline earnings for the year                                            836        895 
 
 
 
                                                                     Weighted average 
                                                                     number of shares 
 
million                                                                  2019       2018 
 
Basic number of ordinary shares outstanding                             484.6      484.4 
 
Effect of dilutive potential ordinary shares                                -        0.2 
 
Diluted number of ordinary shares outstanding                           484.6      484.6 
 
9   Dividends 
 
An interim ordinary dividend for the year ended 31 December 2019 of 27.28 euro 
cents per ordinary share was paid on Friday 20 September 2019 to those 
shareholders on the register of Mondi plc on Friday 16 August 2019. 
 
A proposed final ordinary dividend for the year ended 31 December 2019 of 55.72 
euro cents per ordinary share will be paid on Thursday 14 May 2020 to those 
shareholders on the register of Mondi plc on Friday 3 April 2020. 
 
The final ordinary dividend proposed has been recommended by the Board and is 
subject to the approval of the shareholders at the Annual General Meeting 
scheduled for 7 May 2020. 
 
euro cents per share                                                     2019       2018 
 
Final ordinary dividend paid (in respect of prior year)                 54.55      42.90 
 
Special dividend paid (in respect of prior year)                            -     100.00 
 
Interim ordinary dividend paid                                          27.28      21.45 
 
Final ordinary dividend proposed for the year ended 31 December         55.72      54.55 
 
 
 
EUR million                                                                2019       2018 
 
Final ordinary dividend paid (in respect of prior year)                   264        207 
 
Special dividend paid (in respect of prior year)                            -        484 
 
Interim ordinary dividend paid                                            132        102 
 
Total ordinary and special dividends paid                                 396        793 
 
Final ordinary dividend proposed for the year ended 31 December           270        264 
 
Declared by Group companies to non-controlling interests                    3         18 
 
Dividends proposed and paid to the shareholders of Mondi Limited and Mondi plc 
prior to the effective date of the Simplification of the corporate structure 
(see note 11) are presented on a combined basis. 
 
Dividend timetable 
 
The proposed final ordinary dividend for the year ended 31 December 2019 of 
55.72 euro cents per share will be paid in accordance with the following 
timetable: 
 
Last date to trade shares cum-dividend 
 
JSE Limited                                                            Tuesday 31 March 
                                                                                   2020 
 
London Stock Exchange                                                 Wednesday 1 April 
                                                                                   2020 
 
Shares commence trading ex-dividend 
 
JSE Limited                                                           Wednesday 1 April 
                                                                                   2020 
 
London Stock Exchange                                                  Thursday 2 April 
                                                                                   2020 
 
Record date                                                         Friday 3 April 2020 
 
Last date for receipt of Dividend Reinvestment Plan (DRIP)             Thursday 9 April 
elections by Central Securities Depository Participants                            2020 
 
Last date for DRIP elections to UK Registrar and South African 
Transfer Secretaries 
 
South African Register                                                 Tuesday 14 April 
                                                                                   2020 
 
UK Register                                                            Tuesday 21 April 
                                                                                   2020 
 
Payment Date                                                       Thursday 14 May 2020 
 
DRIP purchase settlement dates (subject to market conditions and 
the purchase of shares in the open market) 
 
UK Register                                                          Monday 18 May 2020 
 
South African Register                                                 Wednesday 20 May 
                                                                                   2020 
 
Currency conversion date 
 
ZAR/euro                                                           Thursday 27 February 
                                                                                   2020 
 
Euro/sterling                                                          Tuesday 28 April 
                                                                                   2020 
 
Share certificates on Mondi plc's South African register may not be 
dematerialised or rematerialised between Wednesday 1 April 2020 and Friday 3 
April 2020, both dates inclusive, nor may transfers between the UK and South 
African registers of Mondi plc take place between Tuesday 24 March 2020 and 
Friday 3 April 2020, both dates inclusive. 
 
Information relating to the dividend tax to be withheld from Mondi plc 
shareholders on the South African branch register will be announced separately, 
together with the ZAR/euro exchange rate to be applied, on or shortly after 
Thursday 27 February 2020. 
 
10   Forestry assets 
 
EUR million                                                                2019       2018 
 
At 1 January                                                              340        325 
 
Capitalised expenditure                                                    46         46 
 
Acquisition of assets                                                       2          7 
 
Acquired through business combinations                                      -         14 
 
Fair value gains                                                           71         43 
 
Felling costs                                                            (64)       (60) 
 
Currency movements                                                         16       (35) 
 
At 31 December                                                            411        340 
 
Mature                                                                    251        197 
 
Immature                                                                  160        143 
 
 
The fair value of forestry assets is a level 3 measure in terms of the fair 
value measurement hierarchy (see note 17), consistent with prior years. The 
fair value of forestry assets is determined using market approach. 
 
11   Share capital and stated capital 
 
Since its formation in 2007, the Group had been an integrated corporate group 
established under a DLC structure with dual holding companies, Mondi Limited 
and Mondi plc. The substance of the DLC structure was such that Mondi Limited, 
Mondi plc and their respective subsidiaries operated together as a single 
economic entity through a sharing agreement, with neither parent entity 
assuming a dominant role. Accordingly, Mondi Limited and Mondi plc were 
reported on a combined and consolidated basis as a single reporting entity. 
 
On 9 May 2019 the Group's shareholders approved the Simplification of the 
corporate structure from a DLC structure into a single holding company 
structure under Mondi plc by way of a South African scheme of arrangement (the 
'Scheme') proposed by the Mondi Limited board between Mondi Limited and the 
Mondi Limited ordinary shareholders. On 11 July 2019 the Scheme became 
unconditional and, with effect from 26 July 2019, Mondi plc became the holder 
of all the Mondi Limited ordinary shares while, by other related actions, the 
DLC arrangements were terminated. Pursuant to the Scheme, Mondi Limited 
shareholders received one new Mondi plc ordinary share in exchange for each 
Mondi Limited ordinary share held. 
 
As a result of the Simplification, each Mondi plc shareholder has the same 

voting and capital interests in the Group as each Mondi plc ordinary 
shareholder and Mondi Limited ordinary shareholder had under the DLC structure. 
The Simplification did not result in any changes to the management, operations, 
locations, activities or staffing levels of the Group, nor, save for one-off 
expenses to effect the Simplification as disclosed below, did it have any 
significant impact on the reported profits or net assets of the Group. 
 
Depending on the nature of costs incurred, the Group recognised related 
transaction costs of EUR6 million as a deduction from equity in accordance with 
IAS 32 and EUR14 million as a financing special item charge, as described in note 
4, to effect the Simplification of the corporate structure. 
 
12   Borrowings 
 
Group liquidity is provided through a range of committed debt facilities. The 
principal loan arrangements in place include the following: 
 
EUR million                               Maturity     Interest rate %      2019      2018 
 
Financing facilities 
 
Syndicated Revolving Credit            July 2021     EURIBOR/LIBOR +       750       750 
Facility                                                      margin 
 
EUR500 million Eurobond             September 2020              3.375%       500       500 
 
EUR500 million Eurobond                 April 2024              1.500%       500       500 
 
EUR600 million Eurobond                 April 2026              1.625%       600       600 
 
European Investment Bank Facility      June 2025    EURIBOR + margin        52        62 
 
Export Credit Agency Facility          June 2020    EURIBOR + margin         2        15 
 
Other                                    Various             Various        72        60 
 
Total committed facilities                                               2,476     2,487 
 
Drawn                                                                  (1,816)   (1,871) 
 
Total committed facilities                                                 660       616 
available 
 
The EUR500 million Eurobond maturing in 2020 contains a coupon step-up clause 
whereby the coupon will be increased by 1.25% per annum if the Group fails to 
maintain at least one investment grade credit rating from either Moody's 
Investors Service or Standard & Poor's. Mondi currently has investment grade 
credit ratings from both Moody's Investors Service (Baa1, outlook stable) and 
Standard & Poor's (BBB+, outlook stable). 
 
                                         2019                              2018 
 
EUR million                     Current Non-current      Total    Current Non-current      Total 
 
Secured 
 
Bank loans and overdrafts           -           -          -          2           -          2 
 
Lease liabilities                  25         193        218         22         162        184 
 
Total secured                      25         193        218         24         162        186 
 
Unsecured 
 
Bonds                             500       1,094      1,594          -       1,592      1,592 
 
Bank loans and overdrafts         250         204        454        237         245        482 
 
Other loans                         5           5         10          7           3         10 
 
Total unsecured                   755       1,303      2,058        244       1,840      2,084 
 
Total borrowings                  780       1,496      2,276        268       2,002      2,270 
 
Committed facilities drawn                             1,816                             1,871 
 
Uncommitted facilities                                   460                               399 
drawn 
 
 
13   Retirement benefits 
 
All assumptions related to the Group's defined benefit schemes and 
post-retirement medical plan liabilities were re-assessed individually for the 
year ended 31 December 2019. Due to changes in assumptions and exchange rate 
movements, the net retirement benefits liability decreased by EUR9 million and 
the net retirement benefits asset increased by EUR11 million. The assets backing 
the defined benefit scheme liabilities reflect their market values as at 
31 December 2019. Net remeasurement losses arising from changes in assumptions 
and return on plan assets amounting to EUR18 million have been recognised in the 
condensed consolidated statement of comprehensive income. 
 
Developments in 2019 
 
On 13 December 2018 a change in the Austrian Social Security Law was enacted. 
Effective 1 January 2020, the law states that the plan liabilities of the 
Group's Austrian health insurance fund are assumed by the Republic of Austria. 
The law permitted the Group to establish an independent trust to which it could 
contribute the health insurance fund plan assets for the benefit of the plan 
participants. Following further assessment and clarification of the law, and 
necessary implementation steps, the Group elected to use this option in 2019 
and applied the accounting policy as described below. 
 
The accounting treatment and presentation in the condensed consolidated 
statement of financial position is considered a critical accounting judgement, 
in particular whether the change in law is accounted for as a reimbursement 
right or a third party contribution. 
 
The impact of the change in law is presented at year end 31 December 2019 with 
analogy to paragraphs 92-94 of IAS 19 (Revised) due to a third party taking on 
the obligation for future contributions. As there is no requirement under the 
law for the Group to make continued contributions to fund the current deficit 
and the current deficit will be funded by another party (the Austrian State and 
an independent trust), none of that deficit is attributable to the Group at 
year end. In respect of the future service costs, there is no obligation for 
the Group to fund these costs. When, subsequent to 31 December 2019, the future 
service costs are recognised for this health insurance fund, those costs will 
be covered by the contributions of another party (the Austrian State and an 
independent trust) at that point in time and are not an obligation of the 
Group. 
 
The effect of the change in law is classified as a third party taking on the 
obligation for future contributions which is a once-off non-cash benefit to the 
Group recognised as a special item reducing total personnel costs by EUR41 
million in 2019. The third party contribution by the Austrian state and the 
contribution of the plan assets to an independent trust is classified as a 
special item and presented in the condensed consolidated income statement. An 
adjustment to the plan liability for the amount to be assumed by the Austrian 
state is reflected in the condensed consolidated statement of financial 
position, with a corresponding adjustment to the plan assets for the transfer 
of assets to an independent trust. The effect of the law change and 
establishment of an independent trust is presented on a 'net' basis in the 
condensed consolidated statement of financial position (a net nil position) at 
year end 2019. 
 
14   Consolidated cash flow analysis 
 
(a)   Reconciliation of profit before tax to cash generated from operations 
 
EUR million                                                                2019       2018 
 
Profit before tax                                                       1,103      1,105 
 
Depreciation and amortisation                                             433        444 
 
Impairment of property, plant and equipment (not included in                2          2 
special items) 
 
Share-based payments                                                       11         11 
 
Net cash flow effect of current and prior year special items              (6)         97 
 
Net finance costs                                                         104         88 
 
Net profit from equity accounted investees                                  -        (1) 
 
Decrease in provisions and net retirement benefits                       (23)        (7) 
 
Increase in inventories                                                   (1)      (112) 
 
Decrease/(increase) in operating receivables                               91       (84) 
 
(Decrease)/increase in operating payables                                (55)         79 
 
Fair value gains on forestry assets                                      (71)       (43) 
 
Felling costs                                                              64         60 
 
Profit on disposal of property, plant and equipment                       (2)        (1) 
 
Net (profit)/loss from disposal of businesses and equity accounted        (9)          3 
investees 
 
Other adjustments                                                         (6)         13 
 
Cash generated from operations                                          1,635      1,654 
 
(b)   Cash and cash equivalents 
 
EUR million                                                                2019       2018 
 
Cash and cash equivalents per condensed consolidated statement of          74         52 
financial position 
 
Bank overdrafts included in short-term borrowings                        (81)       (44) 
 
Cash and cash equivalents per condensed consolidated statement of         (7)          8 
cash flows 
 
The fair value of cash and cash equivalents approximate their carrying values 
presented. 
 
The Group operates in certain countries (principally South Africa) where the 
existence of exchange controls may restrict the use of certain cash balances. 
These restrictions are not expected to have any material effect on the Group's 
ability to meet its ongoing obligations. 
 
(c)   Movement in net debt 
 
The Group's net debt position is as follows: 
 
EUR million                            Cash and     Current Debt due Debt due Debt-related    Total 
                                        cash    financial   within    after   derivative      net 
                                  equivalents       asset     one      one     financial     debt 
                                              investments     year     year  instruments 
 

At 1 January 2018                        (66)           1    (187)  (1,280)            -  (1,532) 
 
Cash flow                                  67           -       16    (765)            -    (682) 
 
Additions to lease liabilities              -           -      (5)     (19)            -     (24) 
 
Disposal of lease liabilities               -           -        2        4            -        6 
 
Acquired through business                   -           -     (31)      (1)            -     (32) 
combinations 
 
Movement in unamortised loan                -           -        -      (2)            -      (2) 
costs 
 
Net movement in derivative                  -           -        -        -          (2)      (2) 
financial instruments 
 
Reclassification                            -           -     (39)       42            -        3 
 
Currency movements                          7           -       20       19          (1)       45 
 
At 31 December 2018                         8           1    (224)  (2,002)          (3)  (2,220) 
 
Cash flow                                (16)           -       43       48            -       75 
 
Additions to lease liabilities              -           -     (10)     (48)            -     (58) 
 
Disposal of lease liabilities               -           -        2        9            -       11 
 
Disposal of businesses                      -           -        1        -            -        1 
 
Movement in unamortised loan                -           -        -      (2)            -      (2) 
costs 
 
Net movement in derivative                  -           -        -        -          (3)      (3) 
financial instruments 
 
Reclassification                            -           -    (517)      517            -        - 
 
Currency movements                          1           -        6     (18)            -     (11) 
 
At 31 December 2019                       (7)           1    (699)  (1,496)          (6)  (2,207) 
 
(d)   Cash flow generation 
 
EUR million                                                                2019       2018 
 
Net cash generated from operating activities                            1,388      1,407 
 
Investing activities                                                     (50)       (42) 
 
Net cash used in investing activities                                   (794)    (1,157) 
 
Investment in property, plant and equipment                               757        709 
 
Investment in equity accounted investees                                    5          7 
 
Proceeds from the disposal of businesses, net of cash and cash           (20)        (3) 
equivalents 
 
Acquisition of businesses, net of cash and cash equivalents                 2        402 
 
Financing activities                                                    (123)      (139) 
 
Interest paid                                                            (96)       (73) 
 
Dividends paid to non-controlling interests                               (3)       (18) 
 
Purchases of treasury shares                                             (12)       (15) 
 
Transaction costs relating to the issue of share capital                  (6)          - 
 
Financing special item                                                   (14)          - 
 
Net cash inflow/(outflow) from derivatives                                  3       (25) 
 
Other financing activities                                                  5        (8) 
 
Cash flow generation                                                    1,215      1,226 
 
15   Capital commitments 
 
EUR million                                                                2019       2018 
 
Contracted for but not provided                                           442        434 
 
Approved, not yet contracted for                                        1,214      1,606 
 
Total capital commitments                                               1,656      2,040 
 
These capital commitments relate to the following categories of non-current 
non-financial assets: 
 
EUR million                                                                2019       2018 
 
Intangible assets                                                          47         40 
 
Property, plant and equipment                                           1,609      2,000 
 
Total capital commitments                                               1,656      2,040 
 
The expected maturity of these capital commitments is: 
 
EUR million                                                                2019       2018 
 
Within one year                                                           744        842 
 
One to two years                                                          487        663 
 
Two to five years                                                         425        535 
 
Total capital commitments                                               1,656      2,040 
 
Capital commitments are based on capital projects approved by the end of the 
financial year and the budget approved by the Board. Major capital projects 
still require further approval before they commence and are not included in the 
above analysis. The Group's capital commitments are expected to be financed 
from existing cash resources and borrowing facilities. 
 
16   Contingent liabilities 
 
Contingent liabilities comprise aggregate amounts as at 31 December 2019 of EUR3 
million (2018: EUR6 million) in respect of loans and guarantees given to banks 
and other third parties. No acquired contingent liabilities have been recorded 
in the Group's condensed consolidated statement of financial position for 
either year presented. 
 
The Group is subject to certain legal proceedings, claims, complaints and 
investigations arising out of the ordinary course of business. Legal 
proceedings may include, but are not limited to, alleged breach of contract and 
alleged breach of environmental, competition, securities and health and safety 
laws. The Group may not be fully, or partly, insured in respect of such risks. 
The Group cannot predict the outcome of individual legal actions or claims or 
complaints or investigations. The Group may settle litigation or regulatory 
proceedings prior to a final judgment or determination of liability. The Group 
may do so to avoid the cost, management efforts or negative business, 
regulatory or reputational consequences of continuing to contest liability, 
even when it considers it has valid defences to liability. The Group considers 
that no material loss to the Group is expected to result from these legal 
proceedings, claims, complaints and investigations. Provision is made for all 
liabilities that are expected to materialise through legal and tax claims 
against the Group. 
 
17   Fair value measurement 
 
Assets and liabilities that are measured at fair value, or where the fair value 
of financial instruments has been disclosed in the notes to the condensed 
consolidated financial statements, are based on the following fair value 
measurement hierarchy: 
 
  * level 1 - quoted prices (unadjusted) in active markets for identical assets 
    or liabilities; 
  * level 2 - inputs other than quoted prices included within level 1 that are 
    observable for the asset or liability, either directly (that is, as prices) 
    or indirectly (that is, derived from prices); and 
  * level 3 - inputs for the asset or liability that are not based on 
    observable market data (that is, unobservable inputs). 
 
The assets measured at fair value on level 3 of the fair value measurement 
hierarchy are the Group's forestry assets as set out in note 10. 
 
There have been no transfers of assets or liabilities between levels of the 
fair value hierarchy during the year. 
 
The fair values of financial instruments that are not traded in an active 
market (for example, over-the-counter derivatives) are determined using 
generally accepted valuation techniques. These valuation techniques maximise 
the use of observable market data and rely as little as possible on Group 
specific estimates. 
 
Specific valuation methodologies used to value financial instruments include: 
 
  * the fair values of interest rate swaps and foreign exchange contracts are 
    calculated as the present value of expected future cash flows based on 
    observable yield curves and exchange rates; 
  * the fair values of the Group's commodity price derivatives are calculated 
    as the present value of expected future cash flows based on observable 
    market data; and 
  * other techniques, including discounted cash flow analysis, are used to 
    determine the fair values of other financial instruments. 
 
Except as detailed below, the carrying values of financial instruments at 
amortised cost as presented in the condensed consolidated financial statements 
approximate their fair values. 
 
                                                  Carrying amount         Fair value 
 
EUR million                                            2019       2018       2019       2018 
 
Financial liabilities 
 
Borrowings                                          2,276      2,270      2,343      2,287 
 
18   Related party transactions 
 
The Group and its subsidiaries, in the ordinary course of business, enter into 
various sale, purchase and service transactions with equity accounted investees 
and others in which the Group has a material interest. These transactions are 
under terms that are no less favourable than those arranged with third parties. 
These transactions, in total, are not considered to be significant. 
 
Transactions between Mondi plc and its subsidiaries, which are related parties, 
and transactions between its subsidiaries have been eliminated on 
consolidation. There have been no significant changes to related parties as 
disclosed in note 29 of the Group's annual financial statements for the year 
ended 31 December 2018. 
 
19   Events occurring after 31 December 2019 
 
In addition to the final ordinary dividend proposed for 2019 (see note 9), 

there have been the following material reportable events since 31 December 
2019: 
 
- The Group has concluded the consultation with employee representatives 
relating to the closure of two consumer flexibles plants in the UK. 
Restructuring and closure costs and related impairment of assets of EUR4 million 
were recognised as a special item in 2019. Total restructuring and closure 
costs are expected to exceed EUR10 million. 
 
- In February 2020, the Group entered into a EUR250 million debt facility 
maturing in August 2021. 
 
Production statistics 
 
                                                                          2019       2018 
 
Containerboard                                                 '000      2,524      2,530 
                                                             tonnes 
 
Kraft paper                                                    '000      1,162      1,118 
                                                             tonnes 
 
Uncoated fine paper                                            '000      1,526      1,649 
                                                             tonnes 
 
Newsprint                                                      '000        201        207 
                                                             tonnes 
 
Pulp                                                           '000      4,387      4,330 
                                                             tonnes 
 
Internal consumption                                           '000      3,883      3,844 
                                                             tonnes 
 
Market pulp                                                    '000        504        486 
                                                             tonnes 
 
Corrugated solutions                                      million m      1,653      1,635 
                                                                  ² 
 
Paper bags                                                  million      5,228      5,255 
                                                              units 
 
Consumer flexibles                                        million m      2,457      2,711 
                                                                  ² 
 
Engineered materials                                      million m      5,506      5,797 
                                                                  ² 
 
Exchange rates 
 
                                                      Average               Closing 
 
versus euro                                          2019       2018       2019       2018 
 
South African rand                                  16.18      15.62      15.78      16.46 
 
Czech koruna                                        25.67      25.65      25.41      25.72 
 
Polish zloty                                         4.30       4.26       4.26       4.30 
 
Pound sterling                                       0.88       0.88       0.85       0.89 
 
Russian rouble                                      72.45      74.04      69.96      79.72 
 
Turkish lira                                         6.36       5.71       6.68       6.06 
 
US dollar                                            1.12       1.18       1.12       1.15 
 
Alternative Performance Measures 
 
The Group presents certain measures of financial performance, position or cash 
flows in the condensed consolidated financial statements that are not defined 
or specified according to IFRS. These measures, referred to as APMs, are 
prepared on a consistent basis for all periods presented in this report. 
 
The most significant APMs are: 
 
Special items (note 4) 
 
Those financial items which the Group considers should be separately disclosed 
on the face of the condensed consolidated income statement to assist in 
understanding the underlying financial performance achieved by the Group. Such 
items are generally material by nature and exceed EUR10 million and the Group, 
therefore, excludes these items when reporting underlying earnings and related 
measures in order to provide a measure of the underlying performance of the 
Group on a basis that is comparable from year to year. Subsequent adjustments 
to items previously recognised as special items continue to be reflected as 
special items in future periods even if they do not exceed the quantitative 
reporting threshold. 
 
Underlying EBITDA (condensed consolidated income statement) 
 
Operating profit before special items, depreciation, amortisation and 
impairments not recorded as special items. Underlying EBITDA provides a measure 
of the cash generating ability of the business that is comparable from year to 
year. 
 
Underlying EBITDA margin (note 3) 
 
Underlying EBITDA expressed as a percentage of revenue provides a measure of 
the cash-generating ability relative to revenue. 
 
Underlying operating profit (condensed consolidated income statement) 
 
Operating profit before special items. Underlying operating profit provides a 
measure of operating performance that is comparable from year to year. 
 
Underlying operating profit margin 
 
Underlying operating profit expressed as a percentage of revenue provides a 
measure of the profitability of the operations relative to revenue. 
 
Underlying profit before tax (condensed consolidated income statement) 
 
Profit before tax and special items. Underlying profit before tax provides a 
measure of the Group's profitability before tax that is comparable from year to 
year. 
 
Underlying earnings (and per share measure) (note 8) 
 
Net profit after tax attributable to shareholders, before special items. 
Underlying earnings (and the related per share measure based on the basic, 
weighted average number of ordinary shares outstanding), provides a measure of 
the Group's earnings that is comparable from year to year. 
 
Headline earnings (and per share measure) (note 8) 
 
The presentation of headline earnings (and the related per share measure based 
on the basic, weighted average number of ordinary shares outstanding) is 
mandated under the Listings Requirements of the JSE Limited and is calculated 
in accordance with Circular 1/2019, 'Headline Earnings', as issued by the South 
African Institute of Chartered Accountants. 
 
Return on capital employed (ROCE) (note 3) 
 
Trailing 12-month underlying operating profit, including share of equity 
accounted investees' net profit/(loss), divided by trailing 12-month average 
capital employed. ROCE provides a measure of the efficient and effective use of 
capital in the business. 
 
Capital employed (and related trailing 12-month average capital employed) (note 
3) 
 
Capital employed comprises equity, non-controlling interests in equity and net 
debt providing a measure of the level of invested capital in the business. 
Trailing 12-month average capital employed is the average capital employed over 
the last 12 months adjusted for spend on major capital expenditure projects 
which are not yet in production. 
 
Net debt (note 14c) 
 
A measure comprising short, medium, and long-term interest-bearing borrowings 
and the fair value of debt-related derivatives less cash and cash equivalents, 
net of overdrafts, and current financial asset investments. Net debt provides a 
measure of the Group's net indebtedness or overall leverage. 
 
Operating segment assets and operating segment net assets (note 3) 
 
Operating segment assets and operating segment net assets comprise total assets 
(excluding financial instruments) and capital employed respectively but 
excludes investment in equity accounted investees, deferred tax assets and 
liabilities and other non-operating assets and liabilities, and provide a 
measure of the operating assets in the business. 
 
Working capital as a percentage of revenue 
 
Working capital, defined as the sum of trade and other receivables and 
inventories less trade and other payables, expressed as a percentage of 
annualised Group revenue. A measure of the Group's effective use of working 
capital relative to revenue. 
 
Net interest expense (note 6) 
 
Net interest expense comprises interest expense on bank overdrafts, loans and 
lease liabilities net of investment income providing an absolute measure of the 
cost of borrowings. 
 
Effective interest rate (note 6) 
 
Annualised net interest expense expressed as a percentage of trailing average 
net debt over the period provides a measure of the cost of borrowings. 
 
Effective tax rate (note 7) 
 
Underlying tax charge expressed as a percentage of underlying profit before 
tax. A measure of the Group's tax charge relative to its profit before tax 
expressed on an underlying basis. 
 
Net debt to 12-month trailing underlying EBITDA 
 
Net debt divided by trailing 12-month underlying EBITDA. A measure of the 
Group's net indebtedness relative to its cash-generating ability. 
 
Gearing 
 
Net debt expressed as a percentage of capital employed provides a measure of 
the financial leverage of the Group. 
 
Ordinary dividend cover 
 
Basic underlying EPS divided by total ordinary dividend per share paid and 
proposed provides a measure of the Group's earnings relative to its deployment 
towards ordinary dividend payments. 
 
Cash flow generation (note 14d) 
 
A measurement of the Group's cash generation before considering deployment of 
cash towards investment in property, plant and equipment ('capex' or 'capital 
expenditure'), acquisitions and disposals of businesses, investment in equity 
accounted investees and payment of dividends to shareholders. Cash flow 
generation is a measure of the Group's ability to generate cash through the 
cycle before considering deployment of such cash. 
 
Forward-looking statements 
 
This document includes forward-looking statements. All statements other than 
statements of historical facts included herein, including, without limitation, 
those regarding Mondi's financial position, business strategy, market growth 
and developments, expectations of growth and profitability and plans and 
objectives of management for future operations, are forward-looking 

statements.  Forward-looking statements are sometimes identified by the use of 
forward-looking terminology such as "believe", "expects", "may", "will", 
"could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", 
"predicts", "continues", "assumes", "positioned" or "anticipates" or the 
negative thereof, other variations thereon or comparable terminology. Such 
forward-looking statements involve known and unknown risks, uncertainties and 
other factors which may cause the actual results, performance or achievements 
of Mondi, or industry results, to be materially different from any future 
results, performance or achievements expressed or implied by such 
forward-looking statements. Such forward-looking statements and other 
statements contained in this document regarding matters that are not historical 
facts involve predictions and are based on numerous assumptions regarding 
Mondi's present and future business strategies and the environment in which 
Mondi will operate in the future. These forward-looking statements speak only 
as of the date on which they are made. 
 
No assurance can be given that such future results will be achieved; various 
factors could cause actual future results, performance or events to differ 
materially from those described in these statements. Such factors include in 
particular but without any limitation: (1) operating factors, such as continued 
success of manufacturing activities and the achievement of efficiencies 
therein, continued success of product development plans and targets, changes in 
the degree of protection created by Mondi's patents and other intellectual 
property rights and the availability of capital on acceptable terms; (2) 
industry conditions, such as strength of product demand, intensity of 
competition, prevailing and future global market prices for Mondi's products 
and raw materials and the pricing pressures thereto, financial condition of the 
customers, suppliers and the competitors of Mondi and potential introduction of 
competing products and technologies by competitors; and (3) general economic 
conditions, such as rates of economic growth in Mondi's principal geographical 
markets or fluctuations of exchange rates and interest rates. 
 
Mondi expressly disclaims a) any warranty or liability as to accuracy or 
completeness of the information provided herein; and b) any obligation or 
undertaking to review or confirm analysts' expectations or estimates or to 
update any forward-looking statements to reflect any change in Mondi's 
expectations or any events that occur or circumstances that arise after the 
date of making any forward-looking statements, unless required to do so by 
applicable law or any regulatory body applicable to Mondi, including the JSE 
Limited and the LSE. 
 
Any reference to future financial performance included in this announcement has 
not been reviewed or reported on by the Group's auditors. 
 
Editors' notes 
 
Mondi is a global leader in packaging and paper, delighting its customers and 
consumers with innovative packaging and paper solutions that are sustainable by 
design. Our business is fully integrated across the packaging and paper value 
chain - from managing forests and producing pulp, paper and plastic films, to 
developing and manufacturing effective industrial and consumer packaging 
solutions. Sustainability is embedded in everything we do. In 2019, Mondi had 
revenues of EUR7.27 billion and underlying EBITDA of EUR1.66 billion. 
 
Mondi has a premium listing on the London Stock Exchange (MNDI), and a 
secondary listing on the JSE Limited (MNP). Mondi is a FTSE 100 constituent, 
and has been included in the FTSE4Good Index Series since 2008 and the FTSE/JSE 
Responsible Investment Index Series since 2007. 
 
Sponsor in South Africa: UBS South Africa Proprietary Limited. 
 
 
 
END 
 

(END) Dow Jones Newswires

February 27, 2020 02:00 ET (07:00 GMT)