Business News

Mondi Group: Trading Statement

Tuesday 06. August 2013 - As part of the dual listed company structure, Mondi Limited and Mondi plc (together 'Mondi Group') notify both the JSE Limited and the London Stock Exchange of matters required to be disclosed under the Listings Requirements of the JSE and/or the Disclosure and Transparency and Listing Rules of the United Kingdom Listing Authority.

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.
Mondi is currently finalising its results for the half year ended 30 June 2013, which will be released on 8 August 2013. It can now be confirmed that the underlying operating profit for the second quarter of 2013 is expected to be higher than that of the first quarter (EUR162 million) and that achieved in the comparable prior year period (EUR150 million). Underlying operating profit for the half year ended 30 June 2013 is expected to be significantly higher than that of the comparable prior year period of EUR270 million.
In the six months ended 30 June 2012, the Group recognised a net special item gain after tax of EUR4 million. The special items charge for the six months ended 30 June 2013 is around EUR68 million, relating to restructuring activities and related impairment charges in the Group’s Uncoated Fine Paper operations in Austria (EUR50 million) and in the newsprint operations in South Africa Division (EUR18 million) as well as the closure of the Lindlar Consumer Packaging operation in Germany (EUR13 million), with net tax relief of EUR13 million.
Accordingly, Mondi advises that it expects earnings per share (EPS) for the half year ended 30 June 2013 to be within the ranges shown below:
basic underlying EPS (euro cents) 46 to 51 (2012 30.9)
basic EPS (euro cents) 32 to 37 (2012 31.7)
basic headline EPS (euro cents) 43 to 48 (2012 30.9)
Mondi has disclosed basic underlying EPS, which is defined as basic EPS excluding the impact of special items, as the directors believe this provides a useful additional measure of the Group’s underlying performance. Mondi has disclosed basic EPS which includes the effect of special items. The disclosure of basic headline EPS is required under the Listings Requirements of the JSE Limited and has been calculated in accordance with Circular 3/2012 as issued by the South African Institute of Chartered Accountants.
The above information has neither been reviewed nor audited by Mondi’s auditors.