Mayr-Melnhof CEO Says Group Overall Had Strong Results in 2022
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Mayr-Melnhof Group (MM Group) CEO, Peter Oswald, provided the following comments about the Group's 2022 and fourth quarter results:
"In the 2022 financial year, the MM Group grew significantly both organically and through acquisitions in terms of earnings and sales in a macroeconomically and geopolitically challenging environment. Demand for our natural, recyclable packaging products made from renewable raw materials was dynamic for much of the year and customers value our investments in competitive locations, innovation and sustainability.
"The energy and raw materials crisis presented MM with special challenges that were successfully overcome overall. Selling price adjustments compensated for the massive increases in energy and raw material costs. In addition, we succeeded in ensuring the continuous supply of our customers despite unstable supply chains.
"The acquisitions of Essentra Packaging and Eson Pac, completed in 2022, position MM as a global player in pharmaceutical secondary packaging and contribute to increased resilience and growth across the company. Together with the two acquisitions of the previous year in the Board & Paper division, MM Kwidzyn and MM Kotkamills, they are part of the transformation of MM to increase the added value and growth potential of the MM Group through acquisitions and operational optimization.
"Despite an increasing market weakness for cardboard and paper from the end of the 3rd quarter, as a result of the well-stocked supply chain and thus considerable market-related machine shutdowns in this area, the MM Group recorded a strong overall increase in earnings in 2022.
"The increase in the operating result from EUR 269.6 million to EUR 510.3 million is mainly due to the MM Board & Paper division as a result of operational improvements and the full-year inclusion of the previous year's acquisitions. In contrast, the operating result of MM Packaging fell due to one-off expenses despite pleasing organic growth of around 5%," Oswald concluded.
