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"fact-568": {
"value": "Notes to the consolidated financial statements
for the year ended 31 December 2022
1 Basis of preparation
These consolidated financial statements as at and for the year ended 31 December 2022 comprise Mondi plc and its subsidiaries (referred
to as 'the Group\u2019), and the Group\u2019s share of the results and net assets of its associates and joint ventures.
The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal
accounting policies adopted are set out in note 35 and were applied consistently throughout the year and preceding year.
The Group also applies IFRS as issued by the International Accounting Standards Board (IASB), and there are no differences with applying
IFRS adopted for use in the UK which may significantly or materially affect the Group\u2019s accounting policies.
The consolidated financial statements have been prepared on a going concern basis. The directors have reviewed the Group\u2019s budget
and considered the assumptions contained in the budget, including the principal and emerging risks which may impact the Group\u2019s
performance in the near term. The Group has a strong balance sheet. Continuing operations' net debt at 31 December 2022 was
\u20ac1,011 million, reduced from \u20ac1,689 million at 31 December 2021, reflecting the Group\u2019s strong cash generation and ongoing investment
in the business. At 31 December 2022, the Group had a strong liquidity of \u20ac1,818 million, comprising \u20ac757 million of undrawn, committed
debt facilities and cash and cash equivalents held by the continuing operations of \u20ac1,061 million. The weighted average maturity of the
Group\u2019s committed debt facilities was 3.8 years. The assessment of going concern is further described in the Strategic report as part of
the Viability statement under the heading Going concern on page 83, which is incorporated by reference into these financial statements.
Based on this evaluation, the Board considered it appropriate to prepare the consolidated financial statements on the going concern basis.
The consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry
assets, pension assets, certain financial assets and financial liabilities held at fair value through profit and loss and accounting in
hyperinflationary economies.
The Group presents certain measures of financial performance, position or cash flows that are not defined or specified according to IFRS.
These measures, referred to as Alternative Performance Measures (APMs), are defined on pages 242-248.
Since June 2022, the Group\u2019s operations in Russia have satisfied the criteria to be classified as held for sale and are reported as
discontinued operations as at 31 December 2022 and for the year then ended (see note 26). For comparability purposes, the APMs based
on amounts recognised in the consolidated statement of financial position exclude the proportion of assets and liabilities attributable to
the Russian operations; however, as required by IFRS 5, 'Non-current Assets Held for Sale and Discontinued Operations', no restatement
of the IFRS consolidated statement of financial position has been made for such items as at 31 December 2021. APMs measuring the
profitability and cash flows of the Group are presented for continuing operations (i.e. excluding the results from the Russian discontinued
operations) and comparatives are presented on the same basis, consistent with the presentation of the IFRS consolidated income
statement and IFRS consolidated statement of cash flows. Where these changes have impacted the APMs for comparative periods, as
presented previously, these have been described as restated.
Critical accounting judgements and significant accounting estimates The preparation of the Group\u2019s consolidated financial statements includes the use of estimates and assumptions. Although the estimates used are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ from those estimates. The critical accounting judgements and significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1, 'Presentation of Financial Statements', are: Critical accounting judgements \u2014 Accounting and presentation of the Russian discontinued operations \u2013 refer to note 26 Significant accounting estimates \u2014 Fair value of forestry assets \u2013 refer to note 14 \u2014 Actuarial valuations of retirement benefit obligations \u2013 refer to note 24 \u2014 Valuation of the Russian assets \u2013 refer to note 26 Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are: \u2014 Taxation \u2013 refer to notes 7 and 35 \u2014 Residual values and useful economic lives of property, plant and equipment \u2013 refer to notes 10 and 35 \u2014 Hyperinflation accounting \u2013 refer to notes 1 and 35 \u2014 Accounting and presentation of the disposal of the Personal Care Components business \u2013 refer to note 27 Climate change Management has considered the impact of climate change in preparing the consolidated financial statements, in particular in the context of the disclosures included in the Strategic report, including the Group\u2019s science-based Net-Zero GHG emission reduction targets as detailed in the Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 44-57. These considerations, which are integral to the Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas: \u2014 The estimates of future cash flows used in the impairment assessment of goodwill \u2013 refer to note 12 \u2014 The assumptions used in the fair value measurement of forestry assets \u2013 refer to note 14 \u2014 The assessment of residual values and estimated useful economic lives of property, plant and equipment \u2013 refer to note 35 \u2014 The fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 25 While these considerations did not have a material impact on the areas set out above, this may change in future periods as management evolves its understanding of climate change related impacts on the Group. Hyperinflation accounting (see note 35) Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', for its subsidiaries in T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE, 2003=100) published by the Turkish Statistical Institute (TURKSTAT). The consumer price index for the year ended 31 December 2022 increased by 64% from 687 at 31 December 2021 to 1,128 at 31 December 2022. For the year ended 31 December 2022, the adjustments from hyperinflationary accounting have resulted in an increase in total assets of \u20ac91 million, an increase in Group revenue of \u20ac125 million, a decrease in underlying EBITDA of \u20ac44 million and a net monetary gain of \u20ac17 million. Comparative amounts presented in euro were not restated for subsequent changes in the price level or exchange rates. IAS 29 requires judgement to determine when to apply hyperinflationary accounting and which general price index to select and other approximations to be made in order to restate the financial statements of subsidiaries operating in a hyperinflationary economy. 2 Operating segments The Group generates revenue from the sale of manufactured products across the packaging and paper value chain. Revenue is generally recognised at a point in time, typically when the goods have been delivered to a contractually agreed location in line with the shipment terms agreed with customers. Customer payment terms vary within the Group due to its global operations and do not contain significant financing components. The Group provides transport services after control of certain goods has passed to the customer. The Group generated transport revenue of \u20ac139 million (2021: \u20ac87 million) in the current financial year, which is recognised over time. The stage of completion is used to determine the amount of revenue recognised, which is based on the transportation days completed at the reporting date relative to the total expected delivery days. The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and comprise three (2021: four) distinct segments. The Group\u2019s operations in Russia, comprising its high-margin, cost-competitive, integrated pulp, packaging paper and uncoated fine paper mill in Syktyvkar (Komi Republic) and three converting plants, are reported as discontinued operations. The discontinued operations' net profit and cash flows are presented separately in the consolidated income statement and consolidated statement of cash flows for all periods presented. Financial information relating to the discontinued operations is provided in note 26. Effective from 30 June 2022 and following the completion of the sale of the Personal Care Components (PCC) business, the Group\u2019s operating segments were reorganised. Functional paper and films, previously part of the Engineered Materials operating segment, was moved to Flexible Packaging to strengthen integration along the kraft paper value chain and further support the development of innovative functional papers with barrier properties, fulfilling customers\u2019 needs for sustainable packaging. The remaining part of the previously reported Engineered Materials operating segment, namely the disposed PCC business (see note 27), has been reported in the Personal Care Components (divested) operating segment up to the date of disposal. Accordingly, the Group has restated the previously reported segment information to present the Group\u2019s operations under the new organisational structure. The material product types from which the Group\u2019s operating segments derive their internal and external revenues are as follows: Operating segments Product types Corrugated Packaging Containerboard Corrugated solutions Flexible Packaging Kraft paper Paper bags Consumer flexibles Functional paper and films Pulp Uncoated Fine Paper Uncoated fine paper Pulp Personal Care Components (divested) Personal care components Year ended 31 December 2022 1,2 \u20ac million, unless otherwise stated Corrugated Packaging Flexible Packaging Uncoated Fine Paper Corporate Personal Care Components (divested) Intersegment elimination Total continuing operations Discontinued operations Intersegment elimination 3 Total Group Segment revenue 2,991 4,299 1,613 \u2014 181 (143) 8,941 (39) 8,902 Internal revenue (51) (51) (68) \u2014 (12) 143 (39) 39 \u2014 External revenue 2,940 4,248 1,545 \u2014 169 \u2014 8,902 \u2014 8,902 Underlying EBITDA 662 797 427 (39) 1 \u2014 1,848 \u2014 1,848 Depreciation and impairments 4 (133) (181) (70) (1) (3) \u2014 (388) \u2014 (388) Amortisation (7) (8) (2) \u2014 \u2014 \u2014 (17) \u2014 (17) Underlying operating profit/(loss) 522 608 355 (40) (2) \u2014 1,443 \u2014 1,443 Special items before tax \u2014 \u2014 \u2014 \u2014 242 \u2014 242 \u2014 242 Profit from discontinued operations 266 \u2014 266 Capital employed 5 2,162 3,035 1,091 (67) \u2014 \u2014 6,221 1,044 \u2014 7,265 Trailing 12-month average capital employed 2,062 2,916 1,022 (78) 175 \u2014 6,097 1,020 \u2014 7,117 Additions to non-current non- financial assets 235 242 115 \u2014 9 \u2014 601 \u2014 601 Capital expenditure cash payments 212 223 64 \u2014 9 \u2014 508 \u2014 508 Underlying EBITDA margin (%) 22.1 18.5 26.5 \u2014 0.6 \u2014 20.8 \u2014 20.8 Return on capital employed (%) 25.3 20.9 34.7 \u2014 (1.1) \u2014 23.7 \u2014 26.0 Average number of employees (thousands) 6 6.4 11.5 2.9 0.1 0.5 \u2014 21.4 5.3 \u2014 26.7 Year ended 31 December 2021 (restated) 1,2 \u20ac million, unless otherwise stated Corrugated Packaging Flexible Packaging Uncoated Fine Paper Corporate Personal Care Components (divested) Intersegment elimination Total continuing operations Discontinued operations Intersegment elimination 3 Total Group Segment revenue 2,349 3,292 1,194 \u2014 335 (133) 7,037 (63) 6,974 Internal revenue (56) (53) (59) \u2014 (28) 133 (63) 63 \u2014 External revenue 2,293 3,239 1,135 \u2014 307 \u2014 6,974 \u2014 6,974 Underlying EBITDA 543 567 55 (34) 26 \u2014 1,157 \u2014 1,157 Depreciation and impairments 4 (112) (160) (70) (1) (16) \u2014 (359) \u2014 (359) Amortisation (5) (8) (2) \u2014 (1) \u2014 (16) \u2014 (16) Underlying operating profit/(loss) 426 399 (17) (35) 9 \u2014 782 \u2014 782 Special items before tax \u2014 7 \u2014 \u2014 \u2014 \u2014 7 \u2014 7 Profit from discontinued operations 213 213 Capital employed 5 1,907 2,745 965 (97) 372 \u2014 5,892 760 \u2014 6,652 Trailing 12-month average capital employed 1,754 2,667 983 (91) 359 \u2014 5,672 677 \u2014 6,349 Additions to non-current non- financial assets 258 174 133 6 24 \u2014 595 \u2014 595 Capital expenditure cash payments 189 182 85 2 23 \u2014 481 \u2014 481 Underlying EBITDA margin (%) 23.1 17.2 4.6 \u2014 7.8 \u2014 16.6 \u2014 16.6 Return on capital employed (%) 24.3 15.2 (1.7) \u2014 2.5 \u2014 13.9 \u2014 16.9 Average number of employees (thousands) 6 5.9 11.2 3.0 0.1 0.9 \u2014 21.1 5.3 \u2014 26.4 Notes: 1 The Group\u2019s operations in Russia are presented as held for sale and classified as discontinued operations. Therefore, in accordance with IFRS 5, the comparative figures for the year ended 31 December 2021 were restated to separate the net profit and cash flows associated with the Russian operations. The comparatives in the consolidated statement of financial position were not restated. Refer to notes 26 and 35 for further details 2 See pages 242-248 for definitions of APMs 3 Intersegment elimination of \u20ac39 million (2021: \u20ac63 million) relates to transactions with discontinued operations 4 Includes only impairments not classified as special items 5 Operating segment assets and operating segment net assets were replaced by capital employed in the table to further align the reporting of operating segments to be in a manner consistent with internal reporting to the chief operating decision-making body 6 Presented on a full-time employee equivalent basis External revenue by location of production and by location of customer
1
External revenue
by location of production
External revenue
by location of customer
\u20ac million 2022
Restated
2021 2022
Restated
2021
Africa
South Africa 667 451 498 394
Rest of Africa 74 56 436 272
Africa total 741 507 934 666
Western Europe
Austria 1,640 1,280 203 159
Germany 808 877 1,188 996
UK 3 3 230 191
Rest of Western Europe 888 699 1,988 1,511
Western Europe total 3,339 2,859 3,609 2,857
Emerging Europe
Czech Republic 820 602 286 223
Poland 1,587 1,242 851 707
T\u00fcrkiye
2
589 434 693 512
Rest of emerging Europe
2
1,089 764 629 515
Emerging Europe total 4,085 3,042 2,459 1,957
Russia
1,3
\u2014 \u2014
30 34
North America 634 480 1,000 804
South America 2
\u2014
157 128
Asia and Australia 101 86 713 528
Group total 8,902 6,974 8,902 6,974
Notes:
1 Excludes external revenue of \u20ac1,178 million (2021: \u20ac749 million) generated by the discontinued operations (see note 26)
2 External revenue for Rest of emerging Europe by location of production and customer has been further analysed to what was presented previously to separately show revenue for T\u00fcrkiye
3 External revenue to customers located in Russia is expected to cease in 2023
There were no external customers which account for more than 10% of the Group\u2019s total external revenue in either year.
There are no material contract assets or contract liabilities as at 31 December 2022 and 31 December 2021. No contract costs were
capitalised in either year presented.
The Group does not disclose information about remaining performance obligations that have original expected durations of one year or
less, as permitted under IFRS 15.
2 Operating segments continued
Net assets by location 2022 2021 \u20ac million Non-current non-financial assets Segment assets Segment net assets Non-current non-financial assets Segment assets Segment net assets Africa South Africa 922 1,133 1,015 778 898 805 Rest of Africa 68 176 170 62 118 114 Africa total 990 1,309 1,185 840 1,016 919 Western Europe Austria 470 1,070 797 471 937 665 Germany 347 571 488 657 943 806 UK 33 41 40 34 60 57 Rest of Western Europe 631 868 763 608 780 695 Western Europe total 1,481 2,550 2,088 1,770 2,720 2,223 Emerging Europe Czech Republic 926 1,044 843 878 958 846 Poland 759 1,112 933 723 991 850 T\u00fcrkiye 1 182 420 320 76 301 191 Rest of emerging Europe 1 873 1,087 847 913 1,081 876 Emerging Europe total 2,740 3,663 2,943 2,590 3,331 2,763 Russia 2 \u2014 \u2014 \u2014 753 921 814 North America 181 421 368 161 363 317 South America 13 19 19 7 10 10 Asia and Australia 87 170 157 100 164 150 Group total 5,492 8,132 6,760 6,221 8,525 7,196 Notes: 1 Non-current non-financial assets, segment assets and segment net assets for Rest of emerging Europe have been further analysed to show T\u00fcrkiye separately 2 The Group\u2019s assets and liabilities in Russia are classified as held for sale as at 31 December 2022 and its operations are reported as discontinued operations for the year then ended and the comparatives for the year ended 31 December 2021. The comparatives in the consolidated statement of financial position have not been restated (see note 26) Reconciliation of operating segment assets 2022 2021 \u20ac million Segment assets Segment net assets/ (liabilities) Segment assets Segment net assets/ (liabilities) Group total 8,132 6,760 8,525 7,196 Unallocated Assets held for sale and liabilities directly associated with assets held for sale (see note 26) 1,382 1,057 \u2014 \u2014 Investments in joint ventures 18 18 17 17 Deferred tax assets/(liabilities) 34 (273) 43 (240) Other non-operating assets/(liabilities) 212 (297) 201 (321) Group capital employed 9,778 7,265 8,786 6,652 Financial instruments/(net debt) 1,069 (1,011) 475 (1,763) Total assets/equity 10,847 6,254 9,261 4,889 Other non-operating assets/(liabilities) include non-current financial instruments and current tax assets/(liabilities) as presented in the consolidated statement of financial position, provisions for restructuring costs, employee-related and other provisions (see note 19), derivative financial instruments (see note 31d) and other non-operating receivables/(payables) of \u20ac175 million and \u20ac317 million, respectively, as at 31 December 2022 (2021: \u20ac152 million and \u20ac324 million). Average number of employees by principal location of employment 1 thousands 2022 Restated 2021 South Africa 1.5 1.4 Rest of Africa 0.4 0.4 Western Europe 6.7 7.0 Emerging Europe 10.5 10.0 North America 1.6 1.6 Asia and Australia 0.7 0.7 Group total from continuing operations 21.4 21.1 Note: 1 Presented on a full-time employee equivalent basis 3 Special items The Group separately discloses special items, an APM as defined on page 242, on the face of the consolidated income statement to assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable from year to year. \u20ac million 2022 2021 Operating special items Reversal of impairment of assets \u2014 4 Restructuring and closure costs: Personnel costs \u2014 5 Other restructuring and closure costs \u2014 (2) Gain on disposal of business, net of related transaction costs (see note 27) 242 \u2014 Total special items before tax 242 7 Tax (charge)/credit (see note 7) (5) 2 Total special items 237 9 The operating special items resulted in a cash outflow from operating activities of \u20ac8 million for the year ended 31 December 2022 (2021: \u20ac15 million). The net cash received from the sale of the PCC business totalled \u20ac642 million and is presented within cash flows from investing activities. To 31 December 2022 The special items during the year ended 31 December 2022 comprised: \u2014 Personal Care Components (divested) \u2014 \u20ac242 million gain on the sale of the PCC business to Nitto Denko Corporation. Transaction costs of \u20ac6 million were also recognised in the prior year and were not treated as a special item. Further detail is provided in note 27. To 31 December 2021 The special items during the year ended 31 December 2021 comprised: \u2014 Flexible Packaging \u2014 Release of restructuring and closure provision of \u20ac2 million, partly offset by additional restructuring costs of \u20ac1 million, and reversal of impairment of assets of \u20ac1 million were recognised. All credit/(charges) related to special items from prior years. \u2014 Release of restructuring and closure provision of \u20ac2 million and partial reversal of impairment of assets of \u20ac3 million were recognised relating to the closure of a functional paper and films plant in the US. The credits are linked to a special item from prior years and were classified within the Engineered Materials operating segment before restructuring (see note 2). Total costs now amount to \u20ac9 million. 2 Operating segments continued 4 Auditors' remuneration \u20ac million 2022 Restated 2021 Fees payable to the auditors for the audit of Mondi plc\u2019s annual financial statements 1.9 1.7 Fees payable to the auditors and their associates for the audit of Mondi plc\u2019s subsidiaries 1 4.1 3.7 Total audit fees 6.0 5.4 Audit-related services 2 0.4 0.4 Other assurance services 3 0.7 \u2014 Other services \u2014 \u2014 Total non-audit fees 1.1 0.4 Total fees 7.1 5.8 Notes: 1 Audit fees related to discontinued operations of \u20ac0.3 million (2021: \u20ac0.2 million) are not included in the table above. The fees were payable to an associate of the auditors in 2021 2 The fees for audit-related services primarily relate to the recurring half year review engagement 3 The fees for other assurance services relate to reporting obligations associated with the divestment of the Group's Russian operations 5 Personnel costs \u20ac million, unless otherwise stated 2022 Restated 2021 Within underlying operating costs Wages and salaries 873 831 Social security costs 175 170 Defined contribution retirement plan contributions (see note 24) 14 13 Defined benefit retirement plan service costs net of gain from settlement (see note 24) 4 2 Share-based payments (see note 23) 11 9 Total within underlying operating costs 1,077 1,025 Within special items Personnel costs relating to restructuring (see note 3) \u2014 (5) Within net finance costs Retirement benefit medical plan net interest costs 4 3 Retirement benefit pension plan net interest costs 2 2 Total within net finance costs (see note 6) 6 5 Group total from continuing operations 1,083 1,025 Continuing operations' average number of employees (thousands) 1 21.4 21.1 Note: 1 Presented on a full-time employee equivalent basis 6 Net finance costs \u20ac million 2022 Restated 2021 Investment income Investment income 6 5 Net foreign currency losses Net foreign currency losses (5) (2) Finance costs Interest expense Interest on bank overdrafts and loans (133) (75) Interest on lease liabilities (see note 11) (7) (6) Net interest expense on net retirement benefits liability (see note 24) (6) (5) Total interest expense (146) (86) Less: Interest capitalised 2 \u2014 Total finance costs (144) (86) Net finance costs (143) (83) The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31 December 2022 was 6.7% (2021: 2.9%) and was mainly related to qualifying assets in Finland and Poland (2021: Finland and Germany). 7 Taxation (a) Analysis of tax charge for the year The Group\u2019s effective rate of tax before special items for the year ended 31 December 2022 was 22% (2021: 22%). \u20ac million 2022 Restated 2021 UK corporation tax at 19% (2021: 19%) \u2014 \u2014 Overseas tax 248 160 Current tax in respect of prior years (8) 4 Current tax 240 164 Deferred tax in respect of the current year 64 (6) Deferred tax in respect of prior years (4) (4) Deferred tax attributable to a change in the rate of domestic income tax (4) \u2014 Tax charge before special items 296 154 Current tax on special items 5 (1) Deferred tax on special items \u2014 (1) Tax charge/(credit) on special items (see note 3) 5 (2) Tax charge for the year 301 152 Current tax charge 245 163 Deferred tax charge/(credit) 56 (11) As the Group operates in a number of countries, each with different tax systems, a degree of tax risk is inevitable, as tax laws are complex and subject to changes in legislation and to differing interpretations. Consequently, provision has been made for such tax risk exposures within current tax liabilities of \u20ac41 million (2021: \u20ac63 million), mainly in relation to transfer pricing risks arising from cross border transactions. There is not expected to be any material change to the tax risk exposures or associated provisions within the next 12 months. On 20 December 2021, the OECD released a framework for Pillar 2 Model Rules which will introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750 million. On 20 July 2022, HM Treasury released draft UK legislation to implement the Pillar 2 rules. In the UK the Pillar 2 rules are expected to apply for accounting periods starting on or after 31 December 2023 (i.e. the year ending 31 December 2024 for the Group). Management is reviewing this draft legislation and monitoring the status of implementation outside of the UK to understand the potential impact on the Group\u2019s future tax position Factors affecting tax charge for the year The Group\u2019s total tax charge for the year can be reconciled to the tax on the Group\u2019s profit before tax at the UK corporation tax rate of 19% (2021: 19%), as follows: \u20ac million 2022 Restated 2021 Profit before tax 1,560 712 Tax on profit before tax, calculated at the UK corporation tax rate of 19% (2021: 19%) 296 135 Tax effects of: Income/expenses not taxable/deductible for tax purposes (36) 4 Special items not taxable (43) \u2014 Other non-deductible expenses 7 4 Temporary difference adjustments (14) (1) Fixed asset revaluation 1 (16) (4) Changes in local tax rates 2 (4) \u2014 Current year tax losses and other temporary differences not recognised 10 7 Prior year tax losses and other temporary differences not previously recognised (4) (4) Other adjustments 55 14 Current tax prior year adjustments (8) 4 Tax incentives 3 (18) (13) Effect of differences between local rates and UK rate 45 10 Hyperinflation monetary adjustments 4 15 \u2014 Other adjustments 21 13 Tax charge for the year 301 152 Notes: 1 There has been a revaluation of fixed assets in T\u00fcrkiye which has resulted in a tax uplift 2 There have been changes in tax rates in South Africa, T\u00fcrkiye and Austria 3 The tax incentives relate principally to capital investments in Slovakia and the Czech Republic (2021: the Czech Republic and T\u00fcrkiye) 4 The Group has adopted hyperinflation accounting for its subsidiaries in T\u00fcrkiye effective from 1 January 2022 (see notes 1 and 35). Their results have been restated for changes in the general purchasing power causing permanent tax differences (b) Deferred tax Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 At 1 January 43 39 (283) (278) Hyperinflation monetary adjustment (see note 1) \u2014 \u2014 (7) \u2014 Restated at 1 January 43 39 (290) (278) Credited/(charged) to the consolidated income statement 5 4 (61) 5 Charged to the consolidated statement of comprehensive income (2) \u2014 (1) (4) Acquired through business combinations (see note 25) \u2014 \u2014 \u2014 (4) Disposal of businesses (see note 27) \u2014 \u2014 8 \u2014 Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) \u2014 \u2014 42 \u2014 Reclassification (6) \u2014 6 \u2014 Hyperinflation monetary adjustment (see note 1) (4) \u2014 (1) \u2014 Currency movements (2) \u2014 (10) (2) At 31 December 34 43 (307) (283) The amount of deferred tax (charged)/credited to the consolidated income statement comprises:
\u20ac million 2022
Restated
2021
Capital allowances in excess of depreciation (16) (22)
Fair value adjustments (33) 6
Tax losses recognised (25) 1
Other temporary differences 18 26
Total (56) 11
Deferred tax comprises:
Deferred tax assets Deferred tax liabilities
\u20ac million 2022 2021 2022 2021
Capital allowances in excess of depreciation (26) (16) (249) (288)
Fair value adjustments
\u2014 \u2014
(127) (93)
Tax losses
1
4 11 8 26
Other temporary differences 56 48 61 72
Total 34 43 (307) (283)
Note:
1 Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant jurisdictions to utilise these tax losses and other temporary differences
Deferred tax balances have been shown after offset when they relate to income taxes levied by the same tax authority and it is intended to
settle current assets and liabilities on a net basis.
The current expectation regarding the maturity of deferred tax balances is:
Deferred tax assets Deferred tax liabilities
\u20ac million 2022 2021 2022 2021
Recoverable/(payable) within 12 months 23 29 (1) (5)
Recoverable/(payable) after 12 months 11 14 (306) (278)
Total 34 43 (307) (283)
The Group has the following amounts in respect of which no deferred tax asset has been recognised, as it is not considered probable that
there will be future profit streams or gains against which these could be utilised:
\u20ac million 2022 2021
Tax losses - revenue 1,443 1,448
Tax losses - capital 16 16
Other temporary differences 27 21
Total 1,486 1,485
Of the total of \u20ac1,486 million (2021: \u20ac1,485 million), \u20ac1,269 million (2021: \u20ac1,272 million) relates to tax losses (with no expiry date) and other
timing differences not recognised in the UK and Luxembourg due to lack of future profit streams.
There were no significant changes during the year in the expected future profit streams or gains.
7 Taxation continued
ncluded in unrecognised tax losses are losses that will expire as follows: \u20ac million 2022 2021 Expiry date Within one year 5 \u2014 One to five years 22 22 After five years 48 45 No expiry date 1,384 1,397 Total 1,459 1,464 No deferred tax liability is recognised on gross temporary differences of \u20ac679 million (2021: \u20ac1,146 million) relating to the unremitted earnings of overseas subsidiaries, as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. UK tax legislation largely exempts, from UK tax, overseas dividends received. As a result, the gross temporary differences at 31 December 2022 represent only the unremitted earnings of those overseas subsidiaries where remittance to the UK of those earnings would still result in a tax liability, principally as a result of dividend withholding taxes levied by the overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends. 8 Earnings per share (EPS) EPS attributable to shareholders euro cents 2022 Restated 2021 From continuing operations Basic EPS 244.5 112.0 Diluted EPS 244.4 111.9 Basic underlying EPS 195.6 110.1 Diluted underlying EPS 195.6 110.0 From discontinued operations Basic EPS 54.8 43.9 Diluted EPS 54.8 43.9 From continuing and discontinued operations Basic EPS 299.3 155.9 Diluted EPS 299.2 155.8 Basic total EPS (prior to special items) 250.4 154.0 Diluted total EPS (prior to special items) 250.4 153.9 Basic headline EPS 264.3 155.3 Diluted headline EPS 264.2 155.2 The calculation of basic and diluted EPS, basic and diluted total EPS (prior to special items) and basic and diluted headline EPS is based on the following data: Earnings \u20ac million 2022 Restated 2021 Profit for the year attributable to shareholders 1,452 756 Arises from: Continuing operations 1,186 543 Discontinued operations 1 266 213 Special items attributable to shareholders (see note 3) (242) (7) Related tax (see note 3) 5 (2) Total earnings for the year (prior to special items) 1,215 747 Arises from: Continuing operations 949 534 Discontinued operations 1 266 213 Special items attributable to shareholders not excluded from headline earnings \u2014 3 (Gain)/loss on disposal of property, plant and equipment (2) 1 Impairments not included in special items (see note 10) 11 \u2014 Impairments included in profit from discontinued operations (see note 26) 57 \u2014 Related tax 1 2 Headline earnings for the year 1,282 753 Note: 1 Profits from discontinued operations are wholly attributable to shareholders Weighted average number of shares million 2022 2021 Basic number of ordinary shares outstanding 485.1 485.0 Effect of dilutive potential ordinary shares 0.1 0.3 Diluted number of ordinary shares outstanding 485.2 485.3 9 Dividends 2022 2021 euro cents per share \u20ac million euro cents per share \u20ac million Final dividend paid in respect of the prior year 45.00 218 41.00 201 Interim dividend paid in respect of the current year 21.67 103 20.00 97 Total dividends paid 321 298 Final dividend proposed to shareholders 48.33 234 45.00 218 The final dividend proposed in respect of the financial year ended 31 December 2022 has been recommended by the Board and is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for 4 May 2023. 8 Earnings per share (EPS) continued 10 Property, plant and equipment \u20ac million Land and buildings 1 Plant and equipment Assets under construction Other Total Net carrying value At 1 January 2021 1,256 2,621 621 143 4,641 Acquired through business combinations 37 18 \u2014 2 57 Additions 72 212 237 43 564 Disposal of assets (18) (5) \u2014 (2) (25) Depreciation charge for the year (75) (302) \u2014 (44) (421) Impairment losses reversed 4 \u2014 \u2014 \u2014 4 Reclassification 133 378 (529) 16 (2) Currency movements 10 34 7 1 52 At 31 December 2021 1,419 2,956 336 159 4,870 Cost 2,405 7,824 353 471 11,053 Accumulated depreciation and impairments (986) (4,868) (17) (312) (6,183) Hyperinflation monetary adjustment (see note 1) 17 15 1 1 34 Restated balance at 1 January 1,436 2,971 337 160 4,904 Additions 43 100 393 39 575 Disposal of assets (4) (2) (3) (2) (11) Disposal of businesses (see note 27) (44) (108) (9) (13) (174) Reclassification to assets held for sale (see note 26) (323) (496) (75) (47) (941) Depreciation charge for the year (68) (296) \u2014 (41) (405) Impairment losses recognised (4) (7) \u2014 \u2014 (11) Reclassification 45 207 (266) 11 (3) Hyperinflation monetary adjustment (see note 1) 26 20 2 2 50 Currency movements 60 94 19 10 183 At 31 December 2022 1,167 2,483 398 119 4,167 Cost 2,031 7,077 415 386 9,909 Accumulated depreciation and impairments (864) (4,594) (17) (267) (5,742) Note: 1 The land carrying value included in Land and buildings is \u20ac211 million (2021: \u20ac188 million) Included in the additions above is \u20ac2 million (2021: \u20acnil) of interest incurred on qualifying assets which has been capitalised during the year. The amount is deductible for tax purposes either when incurred or included in the amount permitted to be deducted for capital expenditure, depending on the jurisdiction in which they are capitalised. The Group recognised income from insurance reimbursements relating to damages of property, plant and equipment of \u20ac7 million (2021: \u20ac2 million) in other net operating expenses within the consolidated income statement. The recoverable amount of property, plant and equipment is determined based on the use of the asset within the current business plans. Any change in future intentions could result in an impairment of varying magnitude, depending on the assets affected. 11 Leases The Group has entered into various lease agreements. Leases over land and buildings have a weighted average term of 35 years (2021: 40 years), plant and equipment a weighted average term of 12 years (2021: 13 years) and other assets a weighted average term of 5 years (2021: 4 years). The decrease in the weighted average term for leases over land and buildings is mainly driven by the Russian forestry leases, which have been reclassified to held for sale in June 2022. The principal lease agreements in place include the following: South African land lease The Group entered into a land lease agreement on 1 January 2001 for a total term of 70 years. The lease commitment and annual escalation rate is renegotiated every five years. The lease does not contain any clauses with regard to contingent rent or an option to purchase the land at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee. Office building The Group entered into an office building lease agreement in Vienna (Austria) for a total term of 20 years from October 2013. The lease may only be terminated by the Group, after six months\u2019 notice, in September 2023 and again in September 2028. Rent escalates on an annual basis by the consumer price index of the local jurisdiction. The lease does not contain any option to purchase the building at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee. Variable lease payments are included in the lease liability and calculated at the consumer price index. The Group does not intend to exercise the termination options, as described above, and thus these were not considered in the calculation of the right-of-use asset. Right-of-use assets Right-of-use assets Depreciation charge \u20ac million 2022 2021 2022 Restated 2021 Land and buildings 61 126 (11) (10) Plant and equipment 43 39 (8) (7) Other 15 12 (6) (5) Total 119 177 (25) (22) Additions to the right-of-use assets during 2022 were \u20ac36 million (2021: \u20ac37 million). The decrease in the right-of-use assets and lease liabilities is mainly driven by the Russian forestry leases, which have been reclassified to assets held for sale and liabilities directly associated with assets held for sale in June 2022. Lease liabilities \u20ac million 2022 2021 Maturity analysis - contractual undiscounted cash flows Less than one year 25 31 One to two years 22 27 Two to five years 47 63 More than five years 99 328 Total undiscounted cash flows 193 449 Total lease liabilities 128 204 Current 19 20 Non-current 109 184 The continuing operations' total cash outflow for leases during 2022 was \u20ac32 million (2021 (restated): \u20ac32 million). Amounts recognised in the consolidated income statement \u20ac million 2022 Restated 2021 Depreciation charge (25) (22) Interest on lease liabilities (7) (6) Expenses relating to short-term leases (3) (2) Expenses relating to leases of low-value assets (1) (2) 2 Goodwill (a) Reconciliation \u20ac million 2022 2021 Net carrying value At 1 January 926 923 Hyperinflation monetary adjustment (see note 1) 10 \u2014 Restated balance at 1 January 936 923 Disposal of businesses (see note 27) (141) \u2014 Reclassification to assets held for sale (see note 26) (34) \u2014 Hyperinflation monetary adjustment (see note 1) 11 \u2014 Currency movements (3) 3 At 31 December 769 926 (b) Assumptions Goodwill acquired through business combinations is allocated to the group of cash-generating units (CGUs) that are expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. As described further in the accounting policies in note 35, goodwill is assessed for impairment at least annually. In performing this impairment test, the recoverable amounts of these groups of CGUs are the higher of fair value less costs to dispose and value in use. Goodwill is allocated to three groups of CGUs, as follows: 2022/\u20ac million, unless otherwise stated Weighted average pre-tax discount rate Growth rate beyond year 3 Carrying value Corrugated Packaging 9.9% 3% 329 Flexible Packaging 9.2% 2% 425 Uncoated Fine Paper 10.2% 0% 15 Total goodwill 769 As a result of the reorganisation of the Group\u2019s business units (see note 2), the Group has changed, based on the relative fair values in accordance with IAS 36, the allocation of goodwill to its respective groups of CGUs, with three groups of CGUs being identified as the lowest level at which goodwill is monitored for management purposes: \u2014 Following the disposal of the PCC business in June 2022, \u20ac141 million of goodwill previously allocated to the Engineered Materials group of CGUs was assigned to the divested PCC group of CGUs. The remaining goodwill of \u20ac73 million was moved to the Flexible Packaging group of CGUs, together with the retained functional paper and films operations. \u2014 Goodwill of \u20ac34 million previously allocated to the Corrugated Packaging, Flexible Packaging and Uncoated Fine Paper groups of CGUs was moved to the Russian discontinued operations, where it has been reported as held for sale as at 31 December 2022. In 2021, prior to the reorganisation, goodwill was allocated to four groups of CGUs as follows: 2021/\u20ac million, unless otherwise stated Weighted average pre-tax discount rate Growth rate beyond year 3 Carrying value Corrugated Packaging 8.7% 3% 341 Flexible Packaging 8.7% 2% 341 Engineered Materials 7.9% 2% 214 Uncoated Fine Paper 10.7% 0% 30 Total goodwill 926 Key assumptions for 2022
The key assumptions in the value-in-use calculations are as follows:
\u2014 Cash flow forecasts are derived from the budget most recently approved by the Board covering the three-year period to
31 December 2025.
\u2014 Sales volumes, sales prices and input cost assumptions in the budget period are derived from a combination of economic forecasts
for the regions in which the Group operates, industry forecasts for individual product lines, internal management projections, historical
performance and announced and expected industry capacity changes.
\u2014 The impact of climate change such as regulatory risks on carbon pricing, yield losses on plantations or the effects of droughts as well as
climate-change related opportunities in the budget period are considered in the cash flow forecasts. The Group\u2019s climate change risks
and opportunities identified according to the TCFD recommendations are disclosed on pages 48-57 of this report.
\u2014 Cash flow projections in year four are based on internal management projections taking into consideration industry forecasts and
growth rates in the regions in which the Group operates. Growth rates (as per the table above) are applied to the groups of CGUs for all
years from year four onwards.
\u2014 Capital expenditure forecasts are based on historical experience and include expenditure necessary to maintain the assets in their
current condition.
The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital. In determining the discount rate applicable to each
group of CGUs, adjustments are made to reflect the impacts of country risk.
Sensitivity analyses
Expected future cash flows are inherently uncertain and could change materially over time. They are affected by a number of factors,
including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates,
estimates of production costs and future capital expenditure. Risks associated with increased operating costs such as carbon pricing
mechanisms have also been considered.
Sensitivity analyses of reasonably possible changes in the underlying assumptions for each group of CGUs included:
\u2014 100 bps increase in discount rate;
\u2014 0% growth rate assumed for cash flow projections beyond three years in the Corrugated Packaging and Flexible Packaging groups
of CGUs;
\u2014 5% decrease in sales prices of paper and pulp in the Corrugated Packaging and Flexible Packaging groups of CGUs; and
\u2014 3% decrease in sales prices of paper and 5% decrease in sales prices of pulp in the Uncoated Fine Paper group of CGUs.
None of these downside sensitivity analyses indicated the need for an impairment.
12 Goodwill continued
13 Intangible assets \u20ac million 2022 2021 Net carrying value At 1 January 76 70 Hyperinflation monetary adjustment (see note 1) 2 \u2014 Restated balance at 1 January 78 70 Acquired through business combinations \u2014 6 Additions 12 17 Disposal of businesses (see note 27) (2) \u2014 Reclassification to assets held for sale (see note 26) (7) \u2014 Impairment charge for the year (2) \u2014 Amortisation charge for the year (18) (18) Reclassification 3 2 Hyperinflation monetary adjustment (see note 1) 3 \u2014 Currency movements (3) (1) At 31 December 64 76 Cost 235 259 Accumulated amortisation and impairments (171) (183) The intangible assets comprise mainly software development costs. R&D expenditure incurred by the Group and charged to the consolidated income statement during the year amounted to \u20ac22 million (2021 (restated): \u20ac22 million). 14 Forestry assets \u20ac million 2022 2021 At 1 January 348 372 Investment in forestry assets 49 45 Fair value gains/(losses) 169 (7) Felling costs (78) (62) Currency movements (3) \u2014 At 31 December 485 348 Mature 309 217 Immature 176 131 The Group has 252,857 hectares (2021: 253,680 hectares) of owned and leased land available for forestry activities, all of which is in South Africa. 80,227 hectares (2021: 80,854 hectares) are set aside for conservation activities and infrastructure needs. 1,045 hectares (2021: 1,044 hectares) relate to non-core activities. The balance of 171,585 hectares (2021: 171,782 hectares) are under afforestation, which forms the basis of the valuation set out above. Mature forestry assets are those plantations that are harvestable, while immature forestry assets have not yet reached that stage of growth. Timber is harvested according to a rotation plan, once trees reach maturity. The maturity period ranges from 6.5 to 14.5 years, depending on species, climate and location. The fair value of forestry assets is a level 3 measure in terms of the fair value measurement hierarchy, consistent with prior years. The following assumptions have a significant impact on the valuation of the Group\u2019s forestry assets:
\u2014 The net selling price, which is defined as the selling price less the costs of transport, harvesting, extraction and loading. The net selling
price is based on third-party transactions and is influenced by the species, maturity profile and location of timber. In 2022, the net selling
price used ranged from the South African rand equivalent of \u20ac14 per tonne to \u20ac47 per tonne (2021: \u20ac14 per tonne to \u20ac44 per tonne),
with a weighted average of \u20ac33 per tonne (2021: \u20ac24 per tonne).
\u2014 The conversion factor, which is used to convert hectares of land under afforestation to tonnes of standing timber, is dependent on the
species, the maturity profile of the timber, the geographic location and a variety of other environmental factors, such as the anticipated
impact of climate change on water scarcity and fire risks. In 2022, the conversion factors ranged from 7.9 to 23.9 (2021: 8.3 to 24.1).
\u2014 The risk premium on immature timber of 12.5% (2021: 12.9%) is based on an assessment of the risks associated with forestry assets
in South Africa and is applied for the years the immature timber has left to reach maturity. A risk premium on mature timber of 4.0%
(2021: 4.0%) was applied. The risk premium applied to immature and mature timber include factors for the anticipated impact of
climate change on water scarcity and fire risks. An increase in the severity and frequency of extreme weather events, such as higher
temperatures, changes in rainfall patterns and drought conditions, may result in higher timber losses in future years caused by stronger
winds, erosion, fires, pests and diseases.
The valuation of the Group\u2019s forestry assets is determined in South African rand and converted to euro at the closing exchange rate on
31 December of each year.
Management has performed sensitivity analyses of reasonably possible changes in the significant assumptions and the EUR/ZAR
exchange rate. The sensitivity table is based on historical experience; however, the estimates may vary by greater amounts. Therefore, the
Board considers the forestry assets valuation to be a significant accounting estimate. The reported value of owned forestry assets would
change as follows should there be a change in these underlying assumptions on the basis that all other factors remain unchanged:
\u20ac million 2022 2021
Effect of \u20ac5/tonne increase in net selling price 75 71
Effect of 1% increase in conversion factor (hectares to tonnes) 5 3
Effect of 1% increase in risk premium (7) (5)
Effect of 10% increase in EUR/ZAR exchange rate (44) (32)
15 Investments in joint ventures
\u20ac million 2022 2021
At 1 January 17 10
Share of profit 1 6
Additions
\u2014
1
At 31 December 18 17
14 Forestry assets continued
16 Inventories \u20ac million 2022 2021 Valued using the first-in, first-out cost formula Raw materials and consumables 18 20 Work in progress 7 4 Finished products 35 8 Total valued using the first-in, first-out cost formula 60 32 Valued using the weighted average cost formula Raw materials and consumables 639 499 Work in progress 153 134 Finished products 507 434 Total valued using the weighted average cost formula 1,299 1,067 Total inventories 1,359 1,099 Of which, held at net realisable value 174 165 Consolidated income statement \u20ac million 2022 Restated 2021 Within materials, energy and consumables used Cost of inventories recognised as an expense (3,928) (3,001) Write-down of inventories to net realisable value (65) (42) Aggregate reversal of previous write-downs of inventories 40 30 Within other net operating expenses Green energy sales and disposal of emissions credits 50 62 The reversal of previous write-downs of inventories relates to goods that had been written down to net realisable value and were subsequently sold above their carrying value. 17 Trade and other receivables \u20ac million 2022 2021 Trade receivables 1,250 1,173 Credit loss allowance (26) (29) Net trade receivables 1,224 1,144 Other receivables 20 23 Tax and social security 158 133 Prepayments 46 32 Accrued income \u2014 1 Total trade and other receivables 1,448 1,333 Trade receivables: credit risk The Group has a large number of unrelated customers and does not have significant credit risk exposure to any particular customer. The Group considers that there is no significant geographical or customer concentration of credit risk. Each business segment manages its own exposure to credit risk according to the economic circumstances and characteristics of the relevant markets that it serves. The Group considers that management of credit risk on a decentralised basis enables it to assess and manage credit risk more effectively. However, broad principles of credit risk management are observed across all business segments, such as the use of credit rating agencies, credit guarantee insurance, where appropriate, and the maintenance of a credit control function \u20ac million 2022 2021
Credit risk exposure
Gross trade receivables 1,250 1,173
Credit insurance (995) (968)
Net exposure to credit risk 255 205
In addition, the Group is in possession of bank guarantees and letters of credit securing trade and other receivables to the value of
\u20ac17 million (2021: \u20ac5 million).
Credit periods offered to customers vary according to the credit risk profiles of, and invoicing conventions established by, participants
operating in the various markets in which the Group operates. Interest is charged at appropriate market rates on balances which are
considered overdue in the relevant market.
To the extent that recoverable amounts are expected to be less than their associated carrying values, impairment charges have
been recorded in the consolidated income statement and the carrying values have been written down to their expected recoverable
amounts. The total gross carrying value of trade receivables that were subject to credit loss allowance during the year is \u20ac42 million
(2021: \u20ac45 million).
Included within the Group\u2019s aggregate trade receivables balance are specific debtor balances, with customers totalling \u20ac173 million
(2021: \u20ac112 million) which are past due where the Group considers that their credit quality remains intact.
The expected credit loss allowance for trade receivables was determined as follows:
2022/\u20ac million, unless otherwise stated Within terms
Past due by
Total<1 month 1-2 months 2-3 months >3 months
Expected loss rate % 1 2 6 14 67
Trade receivables 1,059 135 31 7 18 1,250
Credit loss allowance (8) (3) (2) (1) (12) (26)
2021/\u20ac million, unless otherwise stated Within terms
Past due by
Total<1 month 1-2 months 2-3 months >3 months
Expected loss rate % 1 2 7 33 76
Trade receivables 1,041 93 15 3 21 1,173
Credit loss allowance (9) (2) (1) (1) (16) (29)
Movement in the credit loss allowance
\u20ac million 2022 2021
At 1 January 29 29
Increase in allowance recognised in consolidated income statement 10 11
Amounts written off or recovered (8) (7)
Reclassification to assets held for sale (see note 26) (2)
\u2014
Currency movements (3) (4)
At 31 December 26 29
17 Trade and other receivables continued
18 Trade and other payables \u20ac million 2022 2021 Trade payables 879 823 Capital expenditure payables 48 56 Tax and social security 68 71 Other payables 59 60 Accruals 454 419 Deferred income 17 15 Total trade and other payables 1,525 1,444 19 Provisions \u20ac million Restructuring costs Employee-related provisions Environmental restoration Other Total At 1 January 2022 9 30 4 25 68 Charged to consolidated income statement \u2014 8 \u2014 14 22 Released to consolidated income statement \u2014 (2) \u2014 (2) (4) Amounts used (4) (6) \u2014 (11) (21) Disposal of businesses (see note 27) (2) (1) \u2014 (1) (4) Reclassification to liabilities directly associated with assets held for sale (see note 26) \u2014 \u2014 \u2014 (14) (14) Currency movements \u2014 \u2014 \u2014 2 2 At 31 December 2022 3 29 4 13 49 Current 3 8 \u2014 11 22 Non-current \u2014 21 4 2 27 The provisions for restructuring costs are expected to be settled over the next year. Restructuring provisions include severance costs, when management has made a formal decision to eliminate certain positions and this has been communicated to the groups of employees affected, and other related costs that are typically expected to be incurred in the course of a restructuring programme. Employee-related provisions comprise provisions for jubilee awards and other short-term benefits. Given the nature of jubilee provisions, the amounts are likely to be settled over many years. The Group provides for the costs of environmental remediation that have been identified at the time of plant closure, as part of acquisition due diligence or in other circumstances where remediation by the Group is required and a probable outflow of economic resources is identified. Judgement and experience is used by management in determining the expected timing, closure and decommissioning methods, which can vary over time and between locations in response to the relevant legal requirements in each territory or the impact of applying new technologies. As of 31 December 2022, such provisions totalled \u20ac4 million (2021: \u20ac4 million). The Group does not provide for any potential future environmental remediation or asset retirement obligations in respect of plants that the Group continues to own and operate into the foreseeable future based on the existing strategy of the Group, unless a legal or constructive obligation exists at the reporting date. Provisions may be identified at a future date if a change in strategy results in planned plant closure or disposal and the Group identifies the need for future environmental remediation subject to the existence of a legal or constructive obligation. Other provisions are mainly attributable to potential claims against the Group and onerous contracts, none of which is individually significant. The Group expects to settle the majority of the provisions over the next year. All non-current provisions are discounted using a discount rate relevant in the local countries, based on a pre-tax yield on long- term bonds. 20 Capital management The Group defines its capital employed as equity, as presented in the consolidated statement of financial position, plus net debt. \u20ac million 2022 2021 Equity attributable to shareholders 5,794 4,498 Equity attributable to non-controlling interests 460 391 Total equity 6,254 4,889 Net debt (see note 28c) 1,011 1,763 Capital employed (see page 245) 7,265 6,652 Capital employed is managed on a basis that enables the Group to continue trading as a going concern, while delivering acceptable returns to shareholders. The Group is committed to managing its cost of capital by maintaining an appropriate capital structure, with a balance between equity and net debt. The Group utilises its capital employed to fund the growth of the business and to finance its liquidity needs. The primary sources of the Group\u2019s net debt include its \u20ac2.5 billion Guaranteed Euro Medium Term Note Programme, its \u20ac750 million Syndicated Revolving Credit Facility and financing from various banks and other credit agencies, thus providing the Group with access to diverse sources of debt financing. The principal loan arrangements in place are the following: \u20ac million Maturity Interest rate % 2022 2021 Financing facilities Syndicated Revolving Credit Facility June 2027 1 EURIBOR + margin 750 750 \u20ac500 million Eurobond April 2024 1.500% 500 500 \u20ac600 million Eurobond April 2026 1.625% 600 600 \u20ac750 million Eurobond April 2028 2.375% 750 750 European Investment Bank Facility June 2025 EURIBOR + margin \u2014 33 Long Term Facility Agreement December 2026 EURIBOR + margin 27 70 Other Various Various 8 57 Total committed facilities 2,635 2,760 Drawn (1,878) (1,957) Total committed facilities available 757 803 Note: 1 The Group has opted for a one-year extension on the facility, which moved the maturity from June 2026 to June 2027 The Group\u2019s Eurobonds incur a fixed rate of interest. Swap agreements are utilised by the Group to raise non-euro-denominated currency to fund subsidiaries' liquidity needs, thereby exposing the Group to floating interest rates. The \u20ac750 million 5-year revolving multi-currency credit facility agreement (RCF) incorporates key sustainability targets linked to MAP2030, classifying the facility as a Sustainability Linked Loan. Under the terms of the agreement, the margin will be adjusted according to the Group\u2019s performance against specified sustainability targets. Short-term liquidity needs are met by cash and the RCF. As at 31 December 2022, the Group had no financial covenants in any of its financing facilities. The Group reviews its capital employed on a regular basis and makes use of several indicative ratios which are appropriate to the nature of its operations and consistent with conventional industry measures. The principal ratios used include: 2022 Restated 2021 Pre-tax weighted average cost of capital (%) 10.0 10.0 Gearing (%) (see page 247) 16.3 28.7 Net debt to underlying EBITDA (times) (see page 247) 0.5 1.5 Return on capital employed from continuing operations (%) (see page 246) 23.7 13.9 In order to manage its cost of capital, maintain an appropriate capital structure and meet its ongoing cash flow needs, the Group may issue new debt instruments; adjust the level of dividends paid to shareholders; issue new shares to, or repurchase shares from, investors; or dispose of assets to reduce its net debt exposure 21 Borrowings 2022 2021 \u20ac million Current Non-current Total Current Non-current Total Secured Bank loans and overdrafts 1 \u2014 1 2 1 3 Lease liabilities (see note 11) 19 109 128 20 184 204 Total secured 20 109 129 22 185 207 Unsecured Bonds \u2014 1,843 1,843 \u2014 1,840 1,840 Bank loans and overdrafts 82 18 100 77 79 156 Other loans \u2014 \u2014 \u2014 25 \u2014 25 Total unsecured 82 1,861 1,943 102 1,919 2,021 Total borrowings 102 1,970 2,072 124 2,104 2,228 Committed facilities drawn 1,878 1,957 Uncommitted facilities drawn 194 271 The Group\u2019s borrowings as at 31 December are analysed by nature and underlying currency as follows: 2022/\u20ac million Floating rate borrowings Fixed rate borrowings Total carrying value Fair value Euro 30 1,906 1,936 1,820 South African rand \u2014 23 23 23 Turkish lira 33 41 74 74 US dollar \u2014 14 14 14 Other currencies 2 23 25 25 Carrying value 65 2,007 2,072 Fair value 65 1,891 1,956 2021/\u20ac million Floating rate borrowings Fixed rate borrowings Total carrying value Fair value Euro 125 1,904 2,029 2,154 Pounds sterling \u2014 4 4 4 South African rand 15 23 38 38 Turkish lira 25 16 41 41 US dollar \u2014 9 9 9 Russian rouble \u2014 82 82 82 Other currencies 4 21 25 25 Carrying value 169 2,059 2,228 Fair value 169 2,184 2,353 The fair values of the Eurobonds are estimated with reference to the last price quoted in the secondary market. All other financial liabilities are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments The maturity analysis of the Group\u2019s borrowings, presented net of interest, is as follows: 2022/\u20ac million <1 year 1\u20132 years 2\u20135 years >5 years Total 1 Bonds \u2014 499 598 746 1,843 Bank loans and overdrafts 83 7 11 \u2014 101 Lease liabilities (see note 11) 19 17 35 57 128 Total borrowings 102 523 644 803 2,072 Effective interest on borrowings net of amortised costs and discounts 51 37 80 51 219 Total undiscounted cash flows 153 560 724 854 2,291 2021/\u20ac million <1 year 1\u20132 years 2\u20135 years >5 years Total 1 Bonds \u2014 \u2014 1,096 744 1,840 Bank loans and overdrafts 79 25 55 \u2014 159 Lease liabilities 20 16 33 135 204 Other loans 25 \u2014 \u2014 \u2014 25 Total borrowings 124 41 1,184 879 2,228 Effective interest on borrowings net of amortised costs and discounts 51 46 111 221 429 Total undiscounted cash flows 175 87 1,295 1,100 2,657 Note: 1 It has been assumed that, where applicable, interest and foreign exchange rates prevailing at the reporting date will not vary over the time periods remaining for future cash outflows In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market, as disclosed in note 31, which has the effect of exposing the Group to the floating interest rate of those currencies. 22 Share capital and other reserves Mondi plc is not restricted in the number of shares that can be issued. Any issue of shares is subject to shareholder approval. Mondi plc ordinary shares issued on the London Stock Exchange and Johannesburg Stock Exchange have a nominal value of \u20ac0.20. All ordinary shares are called up, allotted and fully paid. 2022 & 2021 Number of shares Share capital in \u20ac million Mondi plc \u20ac0.20 ordinary shares issued 485,553,780 97 Own shares Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity. Own shares held 2022 2021 at 31 December Number of shares held Average price per share Number of shares held Average price per share Mondi Incentive Schemes Trust 147,357 ZAR206.88 186,760 ZAR214.13 Mondi Employee Share Trust 401,802 GBP14.69 426,230 GBP16.87 Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust. 21 Borrowings continued Other reserves \u20ac million Cumulative translation adjustment reserve Post- retirement benefits reserve Share-based payment reserve Cash flow hedge reserve Merger reserve Other sundry reserves Total At 1 January 2021 (1,038) (51) 16 \u2014 667 29 (377) Other comprehensive income/(expense) for the year 31 8 \u2014 (1) \u2014 \u2014 38 Mondi share schemes\u2019 charge \u2014 \u2014 9 \u2014 \u2014 \u2014 9 Issue of shares under employee share schemes \u2014 \u2014 (9) \u2014 \u2014 \u2014 (9) Other movements \u2014 \u2014 \u2014 \u2014 \u2014 (2) (2) At 31 December 2021 (1,007) (43) 16 (1) 667 27 (341) Hyperinflation monetary adjustment (see note 1) 54 3 \u2014 \u2014 \u2014 \u2014 57 Restated balance at 1 January 2022 (953) (40) 16 (1) 667 27 (284) Other comprehensive income for the year 98 5 \u2014 2 \u2014 \u2014 105 Mondi share schemes\u2019 charge (see note 23) \u2014 \u2014 11 \u2014 \u2014 \u2014 11 Issue of shares under employee share schemes \u2014 \u2014 (10) \u2014 \u2014 \u2014 (10) Disposal of businesses (see note 27) (4) \u2014 \u2014 \u2014 \u2014 \u2014 (4) At 31 December 2022 (859) (35) 17 1 667 27 (182) Cumulative translation adjustment reserve Exchange differences arising on the translation of the Group\u2019s non-euro operations into the presentation currency of the Group are recognised in other comprehensive income, as described in note 35, and accumulated in the cumulative translation adjustment reserve. The cumulative amount is reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Post-retirement benefits reserve Actuarial gains and losses and the return on plan assets arising from the Group\u2019s defined benefit pension and post-retirement medical plans are recognised in other comprehensive income, as described in note 35, and accumulated in the post-retirement benefits reserve. Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other comprehensive income may be transferred to retained earnings within equity. Share-based payment reserve The share-based payment reserve is used to recognise the grant date fair value of options issued to employees but not exercised and the grant date fair value of shares awarded to employees but not yet vested, as described in note 35. Cash flow hedge reserve The cash flow hedge reserve is used to recognise the effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows, as described in note 35. Merger reserve The merger reserve was recognised in respect of the demerger from Anglo American plc in 2007 and the simplification of the dual-listed company structure in 2019. Other sundry reserves The other sundry reserves comprise various other reserves, which individually are not material and typically are not subject to material changes 23 Share-based payments Mondi share awards The Group has established its own share-based payment arrangements to incentivise employees. Full details of the Group\u2019s share schemes are set out in the Remuneration report. The fair values of the share awards granted under the Mondi schemes are calculated with reference to the facts and assumptions presented below: BSP 2022 BSP 2021 BSP 2020 Date of grant 10 March 2022 12 March 2021 26 March 2020 Vesting period (years) 3 3 3 Expected leavers p.a. (%) 5 5 5 Grant date fair value per instrument (GBP) 14.03 18.46 13.87 Grant date fair value per instrument (ZAR) 281.55 383.47 279.76 Number of shares conditionally awarded 541,730 234,516 205,633 LTIP 2022 LTIP 2021 LTIP 2020 1 Date of grant 10 March 2022 12 March 2021 26 March 2020 Vesting period (years) 3 3 3 Expected leavers p.a. (%) 5 5 5 Grant date fair value per instrument (GBP) ROCE component 14.03 18.46 14.42 TSR component 2 3.51 4.62 3.60 Grant date fair value per instrument (ZAR) ROCE component 281.55 383.47 279.76 TSR component 2 70.39 95.87 69.94 Number of shares conditionally awarded 614,253 506,519 534,276 Notes: 1 All participants, except the Group CEO and Group CFO, were granted an award on 26 March 2020. The Group CEO was granted an award on 11 May 2020 after the Remuneration policy approval at the Mondi plc AGM. The Group CFO was granted an LTIP 2020 and an LTIP 2019 award on 2 December 2020. The weighted average grant date fair value is reflected in the table. All performance requirements are identical for all 2020 LTIP awards 2 The base fair value has been adjusted for contractually determined market-based performance conditions All of these scheme awards will be settled at the end of the vesting cycle in either the award of ordinary shares in Mondi plc or the award of nil-cost options to ordinary shares in Mondi plc. The Group has no obligation to settle the awards made under these schemes in cash. An amount equal to the dividends that would have been paid on Bonus Share Plan (BSP) and Long-Term Incentive Plan (LTIP) share awards during the holding period is paid to participants upon vesting. The total fair value charge in respect of all the Mondi share awards for the year ended 31 December is made up as follows: \u20ac million 2022 2021 Bonus Share Plan 5 4 Long-Term Incentive Plan 6 5 Total share-based payment expense 11 9 The weighted average share price of share awards that vested during the period is as follows: 2022 2021 Mondi plc - Johannesburg Stock Exchange ZAR280.33 ZAR377.46 Mondi plc - London Stock Exchange GBP14.36 GBP17.97 A reconciliation of share award movements for the Mondi share schemes is shown below: number of shares BSP LTIP At 1 January 2021 631,073 1,212,584 Shares conditionally awarded 234,516 506,519 Shares vested (223,228) (157,767) Shares lapsed (20,827) (233,729) At 31 December 2021 621,534 1,327,607 Shares conditionally awarded 541,730 614,253 Shares vested (257,041) (186,227) Shares lapsed (27,140) (257,295) At 31 December 2022 879,083 1,498,338 24 Retirement benefits The Group operates post-retirement defined contribution, post-retirement defined benefit pension plans and post-retirement medical plans for many of its employees. Defined contribution plans The assets of the defined contribution plans are held separately in independently administered funds. The charge in respect of these plans of \u20ac14 million (2021 (restated): \u20ac13 million) is calculated on the basis of the contribution payable by the Group in the financial year. There were no material outstanding or prepaid contributions recognised in relation to these plans as at the reporting dates presented. The expected contributions to be paid to defined contribution plans during 2023 are \u20ac15 million. Defined benefit pension plans and post-retirement medical plans The Group operates in excess of 100 defined benefit retirement plans across its global operations. A large proportion of the Group\u2019s defined benefit plans are closed to new members. The majority of these plans are unfunded and provide pensions and severance benefits to members of those plans. The most significant unfunded defined benefit plans are operated in Austria and Germany, and funded plans are operated primarily in the UK. These plans are established in accordance with applicable local labour legislation and/or collective agreements with participating employees. The benefits are based on a variety of factors, the most significant of which are a combination of pensionable service and final salary. A number of these plans also provide additional benefits in the event of death in service, disability or ill-health retirement, which are derived from the final salary benefit formula. The assets of the funded plans are held separately in independently administered funds, in accordance with statutory requirements or local practice where those funds are operated. The boards of trustees of these plans are required to act in the best interests of the plans and all relevant stakeholders of the plans (active employees, inactive employees, retirees and employers), and are responsible for the Investment policy with regard to the assets of the plans. The post-retirement medical plans provide health benefits to retired employees and certain of their dependants. Eligibility for cover is dependent upon certain criteria. The South African plan is unfunded and has been closed to new participants since 1 January 1999. Except for the actuarial risks set out below, the Group has not identified any additional specific risks in respect of these plans Defined benefit plans typically expose the Group to the following actuarial risks:
Investment risk (Asset volatility) The present value of the net retirement benefit liability/asset is calculated using a discount rate
determined by reference to high-quality bond yields. If the return on plan assets is below this
rate, it will create a plan deficit that needs to be funded/guaranteed by the employer.
Interest risk A decrease in the bond interest rate will increase plan liabilities; however, this will be partially
offset by an increase in the value of the plan\u2019s fixed rate debt instruments.
Longevity risk The present value of the net retirement benefit liability/asset is calculated by reference to the
best estimate of the mortality of plan participants both during and after their employment. An
increase in the life expectancy of the plan participants will increase the plan liabilities.
Salary risk The present value of the net retirement benefit liability/asset is calculated by reference to the
expected future salaries of plan participants. An increase in the salary of the plan participants will
increase the plan liabilities.
Medical cost inflation risk The present value of the post-retirement medical plans is calculated by reference to expected
future medical costs. An increase in medical cost inflation will increase the plan liabilities.
Independent qualified actuaries carry out full valuations every year using the projected unit credit method.
Actuarial assumptions
The weighted average principal assumptions used in the actuarial valuations are detailed below:
2022 2021
%
South
Africa Europe
Other
regions
South
Africa Europe
Other
regions
Discount rate 11.3 4.1 10.1 10.3 1.3 10.2
Rate of inflation 6.6 2.5 8.3 6.2 2.5 6.7
Rate of increase in salaries 7.6 2.6 8.8 7.2 2.6 8.1
Rate of increase of pensions in payment
\u2014
2.6
\u2014 \u2014
2.8 2.3
Expected average increase of medical costs 8.7
\u2014 \u2014
7.7
\u2014 \u2014
The assumption for the discount rate for plan liabilities is based on AA corporate bonds which are of a suitable duration and currency.
In South Africa, the discount rate assumption has been based on the zero coupon government bond yield curve.
Mortality assumptions
The assumed remaining life expectancies on retirement at age 65 are:
2022 2021
years
South
Africa Europe
Other
regions
South
Africa Europe
Other
regions
Retiring today
Males 16.3 13.6-23.2 15.0-20.7 16.3 13.6-23.2 15.3-20.7
Females 20.4 17.5-25.5 17.0-25.3 20.4 17.5-25.5 17.7-25.3
Retiring in 20 years
Males 18.7 13.6-25.4 15.3-20.0 22.0 13.6-25.5 15.3-20.0
Females 23.0 17.5-26.1 17.7-25.3 26.1 17.5-27.8 17.7-25.3
The mortality assumptions have been based on published mortality tables in the relevant jurisdictions.
24 Retirement benefits continued
The amounts recognised in the consolidated statement of financial position are determined as follows: 2022 2021 \u20ac million South Africa Europe Other regions Total South Africa Europe Other regions Total Present value of unfunded liabilities (33) (91) (16) (140) (37) (115) (22) (174) Present value of funded liabilities \u2014 (80) \u2014 (80) \u2014 (128) \u2014 (128) Present value of plan liabilities (33) (171) (16) (220) (37) (243) (22) (302) Fair value of plan assets \u2014 73 \u2014 73 \u2014 131 \u2014 131 Plan liabilities net of plan assets (33) (98) (16) (147) (37) (112) (22) (171) Amounts reported in consolidated statement of financial position Defined benefit pension plans \u2014 8 \u2014 8 \u2014 26 \u2014 26 Net retirement benefits asset \u2014 8 \u2014 8 \u2014 26 \u2014 26 Defined benefit pension plans \u2014 (106) (16) (122) \u2014 (138) (22) (160) Post-retirement medical plans (33) \u2014 \u2014 (33) (37) \u2014 \u2014 (37) Net retirement benefits liability (33) (106) (16) (155) (37) (138) (22) (197) The changes in the present value of defined benefit liabilities and fair value of plan assets are as follows: Defined benefit liabilities Fair value of plan assets Net liability \u20ac million 2022 2021 2022 2021 2022 2021 At 1 January (302) (327) 131 133 (171) (194) Included in consolidated income statement Current service cost (4) (5) \u2014 \u2014 (4) (5) Past service cost \u2014 3 \u2014 \u2014 \u2014 3 Gain from settlement 6 \u2014 (6) \u2014 \u2014 \u2014 Interest (8) (7) 2 2 (6) (5) Included in consolidated statement of comprehensive income Remeasurement gains 51 17 \u2014 \u2014 51 17 Return on plan assets \u2014 \u2014 (43) (5) (43) (5) Acquired through business combinations \u2014 (2) \u2014 \u2014 \u2014 (2) Disposal of businesses (see note 27) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) 14 \u2014 \u2014 \u2014 14 \u2014 Contributions paid by employer \u2014 \u2014 1 4 1 4 Benefits paid 20 25 (7) (12) 13 13 Currency movements 3 (6) (5) 9 (2) 3 At 31 December (220) (302) 73 131 (147) (171) The expected maturity analysis of undiscounted retirement benefits is as follows:
2022 2021
\u20ac million
Defined benefit
pension plans
Post-retirement
medical plans Total
Defined benefit
pension plans
Post-retirement
medical plans Total
Less than a year 9 4 13 10 4 14
Between one and two years 9 4 13 10 4 14
Between two to five years 25 13 38 28 12 40
After five years 138 182 320 205 102 307
The weighted average duration of the defined retirement benefits liability for South Africa is 7 years (2021: 8 years), Europe 10 years
(2021: 13 years) and other regions 12 years (2021: 13 years).
It is expected that the Group\u2019s share of contributions will increase as the schemes\u2019 members age. The expected contributions to be paid
to defined benefit pension plans and post-retirement medical plans during 2023 are \u20ac15 million.
The market values of the plan assets in these plans are detailed below:
2022 2021
\u20ac million Quoted Unquoted Total Quoted Unquoted Total
External equity
\u2014 \u2014 \u2014 \u2014
2 2
Bonds
\u2014
15 15
\u2014
69 69
Insurance contracts
\u2014
51 51
\u2014
23 23
Cash 6
\u2014
6 1
\u2014
1
Liability-driven investment (LDI) portfolio
\u2014
1 1
\u2014
36 36
Fair value of plan assets 6 67 73 1 130 131
The majority of the Group\u2019s plan assets are located in three UK pension schemes. As these schemes are closed and have no active
members, the long-term objective has been to improve the funding deficit and then transfer the liabilities to third parties and to eventually
close the schemes. The asset/liability matching/investing strategy in the UK is that the trustees invest in a combination of insured annuity
contracts, and gilts and bonds through pooled funds and insured annuities. In managing these schemes, trustees ensure that each plan
can continue to meet its benefit payments without exposing either the plan or the Group to an undue level of risk.
On 5 May 2022, Medway Packaging Pension Scheme trustees, which is the largest UK scheme used by the Group, completed a buy-in of
all its member liabilities with an insurance company. In this transaction, the scheme purchased an insurance policy that perfectly matches
all future pension liabilities (and associated cash flows) in respect of the members included within the policy.
The defined benefit obligations for these members on IAS 19 assumptions is less than that paid to the insurance company on 5 May
2022. This difference of \u20ac10 million is recognised through other comprehensive income in this year's IAS 19 disclosures as an asset
remeasurement loss.
There are no other financial instruments or property owned by the Group included in the fair value of plan assets.
The fair values of equity, bonds and insurance contracts are determined in accordance with IAS 19.
The actual return on plan assets in respect of defined benefit plans was a loss of \u20ac41 million (2021: loss of \u20ac3 million).
The market value of assets is used to determine the funding level of the plans and is sufficient to cover 91% (2021: 102%) of the benefits
which have accrued to members, after allowing for expected increases in future earnings and pensions. Companies within the Group
are paying contributions at rates agreed with the plans\u2019 trustees and in accordance with local independent actuarial advice and
statutory provisions.
In certain jurisdictions, Group plans are subject to minimum funding requirements. At 31 December 2022, these minimum funding
requirements did not give rise to the recognition of any additional liabilities.
24 Retirement benefits continued
Sensitivity analyses The sensitivity analyses below have been determined based on reasonably possible changes to the respective assumptions occurring at the end of the financial year, while holding all other assumptions constant. The sensitivity analyses may not be representative of the actual changes in the net retirement benefits asset/(liability), as it is unlikely that the changes in assumptions would occur in isolation of one another and some of the assumptions may be inter-related. The projected unit credit method was used to calculate the sensitivity analyses below. The sensitivity table is based on a 1% change by reference to the movement in actuarial assumptions in the tables above; however, the estimates may vary by greater amounts. Therefore, the Board considers the retirement benefit obligations a significant accounting estimate. \u20ac million 1% increase 1% decrease Discount rate (Decrease)/increase in current service cost (1) 1 (Decrease)/increase in net retirement benefits liability (20) 24 Rate of inflation Increase/(decrease) in current service cost \u2014 (1) Increase/(decrease) in net retirement benefits liability 17 (15) Rate of increase in salaries Increase/(decrease) in current service cost \u2014 (1) Increase/(decrease) in net retirement benefits liability 6 (5) Rate of increase of pensions in payment Decrease in current service cost \u2014 \u2014 Increase/(decrease) in net retirement benefits liability 7 (6) Medical cost trend rate Decrease in aggregate of the current service cost and interest cost \u2014 \u2014 Increase/(decrease) in net retirement benefits liability 2 (2) Mortality rates 1-year increase Decrease in current service cost (1) Increase in net retirement benefits liability 3 25 Business combinations To 31 December 2022 There were no business combinations during the year ended 31 December 2022. No changes in the provisional amounts of the fair value of the assets acquired and liabilities assumed for the acquisition of Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.\u015e (Olmuksan) on 31 May 2021 have been recognised. To 31 December 2021 On 31 May 2021, the Group acquired 90.38% of the outstanding shares in Olmuksan for a total consideration of \u20ac66 million, which implies an enterprise value of \u20ac88 million on a 100% basis. Olmuksan is a leading and well-established corrugated packaging producer in T\u00fcrkiye, listed on the Istanbul stock exchange. Its network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications. On 26 July 2021, the Group completed a mandatory tender offer to acquire an additional 1.62% of the outstanding shares for a total consideration of \u20ac3 million, resulting in a total ownership interest in Olmuksan of 92.00%. Property, plant and equipment has been measured at fair value using relevant valuation methods accepted under IFRS 13, with related deferred tax adjustments. The fair value uplift on intangible assets arises from long-lasting customer relationships. Olmuksan's revenue for the year ended 31 December 2021 was \u20ac216 million, with a profit after tax of \u20ac18 million. Olmuksan's revenue of \u20ac132 million and profit after tax of \u20ac10 million since the date of acquisition to 31 December 2021 have been included in the consolidated income statement. Details of the net assets acquired, as adjusted from book to fair value, are as follows: \u20ac million Book value Revaluation Fair value Net assets acquired Property, plant and equipment 24 33 57 Intangible assets \u2014 6 6 Inventories 27 \u2014 27 Trade and other receivables 62 \u2014 62 Cash and cash equivalents 3 \u2014 3 Total assets 116 39 155 Trade and other payables (54) \u2014 (54) Income tax liabilities (1) \u2014 (1) Other current liabilities (4) \u2014 (4) Net retirement benefits liability (2) \u2014 (2) Deferred tax assets/(liabilities) 3 (7) (4) Total liabilities (excluding debt) (58) (7) (65) Short-term borrowings (16) \u2014 (16) Medium- and long-term borrowings (1) \u2014 (1) Debt assumed (17) \u2014 (17) Net assets acquired 41 32 73 Non-controlling interests in equity (7) Cash acquired net of overdrafts (3) Net cash paid per consolidated statement of cash flows 63 Transaction costs of \u20ac4 million were charged to other net operating expenses into the consolidated income statement. The fair values of assets acquired and liabilities assumed in business combinations are level 3 measures in terms of the fair value measurement hierarchy. Management has considered the impact of environmental and climate risks on Olmuksan\u2019s customers and the estimated fair values of property, plant and equipment. These considerations did not have a material impact. In respect of trade and other receivables, the gross contractual amounts receivable less the best estimates at the acquisition dates of the contractual cash flows not expected to be collected approximate the book values as presented 26 Russian operations (discontinued operations) The Group has significant operations in Russia. The most significant facility is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). The Group also has three packaging converting plants in Russia. All these facilities serve primarily the domestic market and have continued to operate throughout the year ended 31 December 2022. On 4 May 2022, the Board decided to divest the Group\u2019s Russian assets. Given progress with the divestment process, the Board subsequently concluded, in June 2022, that the Russian operations satisfied the criteria to be classified as held for sale and that they should also be classified as discontinued operations. Syktyvkar mill On 12 August 2022, the Group entered into an agreement denominated in Russian rouble to sell its Syktyvkar mill, comprising OJSC Mondi Syktyvkar together with two affiliated entities, to Augment Investments Limited for a consideration of RUB 95 billion (\u20ac1.2 billion, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022), payable in cash on completion. The Syktyvkar assets to be transferred to Augment Investments Limited as part of the proposed disposal exclude a cash balance of RUB 16 billion (\u20ac204 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022) to be paid by form of dividend to Mondi before completion. The disposal is conditional on the approval of the Russian Federation\u2019s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals and, as a Class 1 transaction under the UK Listing rules, it is also conditional upon the approval of Mondi's shareholders at a General Meeting. The disposal is being undertaken in an evolving political and regulatory environment, there can be no certainty as to when the disposal will be completed. The agreement with Augment Investments Limited has a long stop date of 12 May 2023 after which either party can terminate the agreement without recourse. On 16 November 2022, OJSC Mondi Syktyvkar declared a dividend of RUB 16 billion (\u20ac252 million, at an exchange rate of 62.67 Russian rouble versus euro) in favour of a Group subsidiary. RUB 4 billion (\u20ac63 million, at an exchange rate of 62.67 Russian rouble versus euro) was settled on the date of declaration by way of set-off of an intercompany loan, and the residual amount of RUB 12 billion (\u20ac148 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022) remained unpaid as at 31 December 2022, causing a foreign currency loss of \u20ac36 million, which was recognised in profit from discontinued operations in the consolidated income statement. The payment of the dividend outside Russia requires consent from the Ministry of Finance of the Russian Federation, and therefore the dividend continues to expose the Group to Russian rouble exchange rate risk until it is paid and converted into euro. Packaging converting plants On 15 December 2022, the Group confirmed that it entered into an agreement denominated in Russian rouble to sell its three Russian packaging converting operations to the Gotek Group for a consideration of RUB 1.6 billion (\u20ac20 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022), payable in cash on completion. The three packaging converting operations comprise a corrugated solutions plant, LLC Mondi Lebedyan, and two consumer flexibles plants, LLC Mondi Aramil and LLC Mondi Pereslavl. The disposal is conditional on the approval of the Russian Federation\u2019s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals. The disposal is being undertaken in an evolving political and regulatory environment, there can be no certainty as to when it will be completed. Following the announcement, the related assets were impaired by \u20ac57 million to their estimated fair value less costs to sell. If the operations had been disposed of as at 31 December 2022, the Group would have recognised an additional loss of \u20ac20 million from the recycling of the foreign currency losses accumulated in the currency translation adjustment reserve in equity through the consolidated income statement. The foreign currency loss that is ultimately recognised on disposal may differ from the position as at 31 December 2022, as it is subject to future movement in the Russian rouble exchange rate. Critical accounting judgements and significant accounting estimates In the context of an increased level of uncertainty, the Board has exercised critical judgements in applying its accounting policies and has used estimates and assumptions, as further described below. Control assessment The Board has applied its judgement in regard to whether the Group continues to control its Russian subsidiaries due to the restrictions imposed by the Russian government or any other authority. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The Russian government has introduced various sanctions in recent months, including restrictions on the payment of dividends to shareholders domiciled in 'unfriendly states' that require consent from the Ministry of Finance of the Russian Federation. Since the Group continued to direct the operations and the Russian regulations currently do not prohibit the declaration and payment of dividends, the Board has taken the view that the Group has retained control through the year ended 31 December 2022. Were the Board to conclude that the Group no longer retains control, the Russian operations would be treated as if they had been disposed of, with the associated assets and liabilities derecognised Held for sale and discontinued operations
The Board has exercised critical judgement in determining if and when the businesses satisfied the requirements to be classified as held
for sale, and whether the Russian businesses should be presented as discontinued operations.
Assets are held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing
use, provided the assets are available for immediate sale in their present condition and a sale is highly probable. The divestment process
is operationally and structurally complex and is being undertaken in an evolving political and regulatory environment. There is uncertainty
as to when a transaction will be completed; however, the Board is committed to dispose of the Group's Russian operations, which is why
the Board has determined that a sale is highly probable within the next 12 months and that, therefore, it is appropriate to adopt the held for
sale presentation for the Group's assets and liabilities in Russia.
From the point at which this classification was first applied, in June 2022, depreciation on these Russian assets ceased.
Notwithstanding that the Board has concluded that it considers a sale is highly probable, the evolving political and regulatory environment
means that there can be no certainty as to whether a transaction will be concluded successfully. If the Board had concluded that a sale
was not highly probable, the assets and liabilities would have continued to be consolidated on a line-by-line basis, as they had been
historically, rather than being presented separately as assets held for sale and liabilities directly associated with assets held for sale.
As the assets and liabilities of the Russian operations have been classified as held for sale, the Board has to separately consider whether
these businesses also represent a discontinued operation, being a component of an entity that either has been disposed of or is classified
as held for sale, and which represents a separate major line of business or geographical area of operations, is part of a single coordinated
plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a
view to resale. In 2021, prior to the decision to classify as discontinued operations, the Russian operations represented around 10% of
the Group's revenue by location of production and generated around 23% of the Group\u2019s underlying EBITDA. Taking into account its
financial significance, the Board views the Russian operations as a distinct major geographical area of operations that, therefore, qualify for
classification as discontinued operations.
Hence, in accordance with IFRS 5, the Group has reported its Russian businesses as discontinued operations as at 31 December 2022 and
for the year then ended, with the comparative income statement and cash flow statement periods represented. Had the Board concluded
that the businesses were not discontinued operations, they would instead have continued to be reported as part of continuing operations.
Valuation of Russian assets
Effective 24 February 2022, when the war in Ukraine started, the Board performed an impairment trigger assessment in respect of its
Russian operations. Given the temporary deterioration of the Russian rouble and the sharp increase in interest rates, together with the
increased uncertainty relating to the operational and financial performance of its businesses due to sanctions imposed by international
governments and countermeasures implemented by the Russian state, the Board concluded that an impairment trigger existed and tested
its CGUs in Russia for impairment using value-in-use calculations in accordance with IAS 36, 'Impairment of Assets'.
The key assumptions reflected in the cash flow forecasts included sales volumes, sales prices and variable input cost assumptions derived
from a combination of economic and industry forecasts for individual product lines and the latest internal management projections
approved by the Board. The cash flow projections were prepared in Russian roubles and a post-tax discount rate of 15% (equivalent to a
pre-tax rate of 18%) was used for impairment testing.
Due to the increased uncertainty, no growth rate was assumed for the terminal value. At this time (at 24 February 2022), the carrying value
of the Russian CGUs totalled RUB 66 billion (\u20ac677 million, at an exchange rate of 97.47 Russian rouble versus euro). Due to the increased
level of uncertainty resulting from the war in Ukraine, the Board determined the recoverable amount of the CGUs based on three
probability-weighted scenarios. Aside from the base scenario derived from the then latest internal management projections, management
included a more optimistic and a pessimistic scenario in the calculation of the recoverable amount to address the uncertainty associated
with the cash flow forecasts. The impairment calculation is sensitive to changes in key assumptions, in particular in relation to cash flow
forecasts and the probability-weighting of scenarios. Sensitivity analyses were performed by increasing the weighting of the pessimistic
case and at the same time reducing the weighting of the optimistic case. At 24 February 2022, no impairment was identified.
Given, as described below, that in June the Board determined that the Russian assets satisfied the criteria to be classified as held for sale,
a further impairment test had to be performed. At this time (June 2022), the carrying value of the Russian CGUs totalled RUB 66 billion
(\u20ac1,079 million, at an exchange rate of 61.16 Russian rouble versus euro). This impairment test was again performed using three probability
weighted scenarios under a value-in-use calculation based on similar assumptions as described above for the test performed effective
24 February 2022. No impairment was identified.
26 Russian operations (discontinued operations) continued
Upon classification as held for sale in June 2022, the Board also assessed the fair value less costs to sell of the businesses, as required by IFRS 5 with no impairment identified. At 31 December 2022, the fair value less costs to sell was reassessed. The Board has used a number of assumptions to estimate the fair value less costs to sell as at 31 December 2022. While the Group agreed upon the sale of its Syktyvkar mill and its three Russian packaging converting plants (as described above), there can be no certainty in this evolving political and regulatory environment as to when the transaction will be completed. In determining the fair value less costs to sell of the Russian CGUs, the Board has taken into account the sales prices agreed upon with the buyers, the current status of and recent developments around the agreed transactions, the probability of government approval and available market information. Despite the uncertainty inherent to the agreed sales, and in the absence of contrary correspondence from the buyers and any government body, the Board has taken the view that the agreements signed with the buyers serve as the best information to measure the fair value less costs to sell of the Syktyvkar mill and the packaging converting operations respectively. On that basis, the Board concluded that no impairment of the Syktyvkar mill's assets was required as at 31 December 2022 and that an impairment of \u20ac57 million was recognised in relation to the assets of the packaging converting operations. If there was a change to the known fact pattern of the planned transactions in the future, the Board would need to reassess the recoverability of the carrying value of the assets classified as held for sale as at 31 December 2022 based on that new fact pattern, and if any impairment were subsequently identified it would be recognised in the consolidated income statement during the year ending 31 December 2023. The Board continues to actively monitor any actions or events that may impact the completion of the agreed transactions, and hence the valuation of the Group's Russian CGUs. Financial performance The financial performance of the discontinued operations is set out below: \u20ac million 2022 2021 1 Total revenue 1,268 961 Internal revenue (90) (212) External revenue 1,178 749 Operating expenses (688) (403) EBITDA 490 346 Depreciation, amortisation and impairments 2,3 (86) (64) Operating profit 404 282 Net finance costs 4 (46) (11) Profit before tax 358 271 Related tax charge (92) (58) Profit for the period from discontinued operations attributable to shareholders 266 213 Fair value gains arising from cash flow hedges of discontinued operations 1 \u2014 Exchange differences on translation of discontinued operations 72 42 Remeasurements of retirement benefits plans of discontinued operations 1 1 Other comprehensive income from discontinued operations attributable to shareholders 74 43 Total comprehensive income from discontinued operations attributable to shareholders 340 256 Notes: 1 The Group\u2019s operations in Russia are presented as held for sale and classified as discontinued operations. Accordingly, the consolidated income statement and associated notes for the year ended 31 December 2021 were restated by the amounts included in this table, which are now classified as profit from discontinued operations in the consolidated income statement 2 On classification as held for sale, property, plant and equipment and intangible assets are no longer depreciated or amortised. Depreciation and amortisation for the year ended 31 December 2022 covers the period until the classification as held for sale in June 2022 3 Includes impairment of assets of \u20ac57 million (2021: \u20acnil), as explained in the commentary above 4 Includes foreign exchange loss of \u20ac36 million relating to an unpaid dividend, as explained in the commentary above (2021: \u20acnil \u20ac million 2022 2021
Net cash generated from operating activities 350 286
Net cash used in investing activities (68) (91)
Net cash used in financing activities (10) (13)
Net increase in cash and cash equivalents of discontinued operations 272 182
The assets and liabilities were reclassified as held for sale in June 2022. The table below shows the carrying values of these assets and
liabilities as at 31 December 2022.
\u20ac million 2022
Property, plant and equipment 805
Goodwill 34
Intangible assets 4
Deferred tax assets 1
Inventories 131
Trade and other receivables 87
Cash and cash equivalents 320
Total assets held for sale 1,382
Borrowings (102)
Trade and other payables (131)
Current tax liabilities (14)
Provisions (14)
Net retirement benefits liability (12)
Deferred tax liabilities (52)
Total liabilities directly associated with assets classified as held for sale (325)
The cumulative foreign exchange loss recognised in other comprehensive income in relation to the discontinued operations as at
31 December 2022 was \u20ac405 million and will be recycled through the consolidated income statement on the date of disposal.
26 Russian operations (discontinued operations) continued
27 Disposal of businesses To 31 December 2022 On 30 June 2022, the Group sold its Personal Care Components business (PCC) to Nitto Denko Corporation for an enterprise value of \u20ac615 million. The sale enables the Group to simplify its portfolio and focus on its strategic priority to grow in sustainable packaging. PCC, previously part of the Group\u2019s Engineered Materials operating segment, manufactured a range of components for personal and home care products needed in everyday life such as diapers, feminine care, adult incontinence and wipes. The Board has applied judgement as to whether the disposal of the PCC business needs to be reported as a discontinued operation in accordance with IFRS 5. The PCC business did not represent a major line of business of the Group due to its small size relative to the rest of the Group and its limited integration with the Group\u2019s packaging and paper value chain. The Board concluded that the PCC business was not a discontinued operation, and therefore it is reported as part of the continuing operations. \u20ac million 2022 Proceeds from the disposal of business per the consolidated statement of cash flows 642 Cash and cash equivalents disposed 15 Consideration in cash 657 Carrying amount of net assets disposed (412) Gain on reclassification of foreign currency translation reserve 4 Related transaction costs 1 (7) Gain on disposal of business, net of related transaction costs 242 Tax charge (5) Gain on disposal of business, net of related tax 237 Note: 1 Excludes transaction costs of \u20ac6 million recognised in the prior year, which were not treated as a special item The carrying amounts of assets and liabilities as at the date of sale (30 June 2022) were: \u20ac million 2022 Property, plant and equipment 174 Goodwill 141 Intangible assets 2 Inventories 58 Trade and other receivables 88 Cash and cash equivalents 15 Total assets 478 Trade and other payables (49) Provisions (4) Deferred tax liabilities (8) Other liabilities (5) Total liabilities (66) Carrying amount of net assets disposed 412 The carrying amount of net assets disposed includes an appropriate allocation of the goodwill previously allocated to the Engineered Materials operating segment between the value of the PCC business that was disposed of and the retained functional paper and films business. To 31 December 2021 There were no disposals during the year ended 31 December 2021. 28 Consolidated cash flow analysis (a) Reconciliation of profit before tax to cash generated from operations \u20ac million 2022 Restated 2021 Profit before tax from continuing operations 1,560 712 Depreciation and amortisation 394 375 Impairment of property, plant and equipment (not included in special items) 11 \u2014 Share-based payments 11 9 Net cash flow effect of current and prior year special items (253) (22) Net finance costs 143 83 Net monetary gain arising from hyperinflationary economies (17) \u2014 Net profit from joint ventures (1) (6) Decrease in provisions (1) (7) Decrease in net retirement benefits (12) (15) Net movement in working capital (419) (195) Increase in inventories (254) (232) Increase in operating receivables (472) (310) Increase in operating payables 307 347 Fair value (gains)/losses on forestry assets (169) 7 Felling costs 78 62 Gain on disposal of property, plant and equipment (2) \u2014 Proceeds from insurance reimbursements for property damages (8) \u2014 Other adjustments (23) (2) Cash generated from continuing operations 1,292 1,001 (b) Cash and cash equivalents \u20ac million 2022 2021 Cash and cash equivalents per consolidated statement of financial position 1,067 473 Bank overdrafts included in short-term borrowings (6) (18) Cash and cash equivalents held by continuing operations (see note 28c) 1,061 455 Cash and cash equivalents classified as assets held for sale (see note 26) 320 \u2014 Cash and cash equivalents per consolidated statement of cash flows 1,381 455 The cash and cash equivalents of \u20ac1,067 million (2021: \u20ac473 million) include money market funds of \u20ac595 million (2021: \u20ac340 million) valued at fair value through profit and loss, with the remaining balance carried at amortised cost. The fair value of cash and cash equivalents carried at amortised cost approximate their carrying values presented. The Group operates in certain countries where the existence of exchange controls or access to hard currency may restrict the use of certain cash balances outside of those countries. In particular, the cash and cash equivalents classified as assets held for sale as per the table above are held by the Group\u2019s Russian discontinued operations and are subject to regulatory restrictions and, therefore, may not be available for general use by the other entities within the Group. These restrictions are not expected to have any material effect on the Group\u2019s ability to meet its ongoing obligations. (c) Movement in net debt The Group\u2019s net debt position is as follows: \u20ac million Cash and cash equivalents Current financial asset investments Total assets Debt due within 1 year 1 Debt due after 1 year Debt-related derivative financial instruments Total debt Total net debt At 1 January 2021 348 1 349 (94) (2,050) 4 (2,140) (1,791) Cash flow 2,3 108 \u2014 108 27 (59) 12 (20) 88 Additions to lease liabilities \u2014 \u2014 \u2014 (9) (26) \u2014 (35) (35) Disposal of lease liabilities \u2014 \u2014 \u2014 1 1 \u2014 2 2 Acquired through business combinations \u2014 \u2014 \u2014 (16) (1) \u2014 (17) (17) Movement in unamortised loan costs \u2014 \u2014 \u2014 \u2014 (2) \u2014 (2) (2) Net movement in fair value of derivative financial instruments \u2014 \u2014 \u2014 \u2014 \u2014 (25) (25) (25) Reclassification \u2014 \u2014 \u2014 (39) 39 \u2014 \u2014 \u2014 Currency movements (1) \u2014 (1) 24 (6) \u2014 18 17 At 31 December 2021 455 1 456 (106) (2,104) (9) (2,219) (1,763) Cash flow 2,3 908 \u2014 908 32 53 82 167 1,075 Additions to lease liabilities \u2014 \u2014 \u2014 (15) (35) \u2014 (50) (50) Disposal of lease liabilities \u2014 \u2014 \u2014 1 4 \u2014 5 5 Movement in unamortised loan costs \u2014 \u2014 \u2014 \u2014 (2) \u2014 (2) (2) Net movement in fair value of derivative financial instruments \u2014 \u2014 \u2014 \u2014 \u2014 (80) (80) (80) Reclassification \u2014 \u2014 \u2014 (21) 21 \u2014 \u2014 \u2014 Currency movements 18 \u2014 18 10 (6) \u2014 4 22 At 31 December 2022 1,381 1 1,382 (99) (2,069) (7) (2,175) (793) Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) (320) \u2014 (320) 3 99 \u2014 102 (218) Net debt as at 31 December 2022 1,061 1 1,062 (96) (1,970) (7) (2,073) (1,011) Notes: 1 Excludes bank overdrafts of \u20ac6 million as at 31 December 2022 (31 December 2021: \u20ac18 million; 1 January 2021: \u20ac34 million), which are included in cash and cash equivalents (see note 28b) 2 Includes cash and cash equivalents acquired net of overdrafts through business combinations of \u20acnil (2021: \u20ac3 million) (see note 25) 3 Includes cash and cash equivalents disposed of \u20ac15 million (2021: \u20acnil) (see note 27) The Group expensed interest of \u20ac140 million relating to its bank overdrafts, loans and lease liabilities (2021 (restated): \u20ac81 million). Included in this expense is \u20ac67 million (2021 (restated): \u20ac11 million) related to forward exchange rates on derivative contracts and interest paid on borrowings of \u20ac60 million (2021 (restated): \u20ac67 million). The settlement of debt-related derivatives shown as cash flow in the table above is recognised as net cash outflow from debt-related derivative financial instruments in the consolidated statement of cash flows 29 Capital commitments Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows: \u20ac million 2022 Restated 2021 Intangible assets 2 1 Property, plant and equipment 441 273 Total capital commitments 443 274 30 Contingent liabilities Contingent liabilities comprise aggregate amounts as at 31 December 2022 of \u20ac11 million (2021: \u20ac8 million) in respect of loans and guarantees given to banks and other third parties. No acquired contingent liabilities have been recorded in the Group\u2019s 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 safety and health 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 Board 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. 31 Financial instruments The Group\u2019s trading and financing activities expose it to various financial risks that, if left unmanaged, could adversely impact current or future earnings. Although not necessarily mutually exclusive, these financial risks are categorised separately according to their different generic risk characteristics and include market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group manages all of these financial risks in order to minimise their potential adverse impact on the Group\u2019s financial performance. The principles, practices and procedures governing the Group-wide financial risk management process have been approved by the Board and are overseen by the Executive Committee. In turn, the Executive Committee delegates authority to a central treasury function (Group treasury) for the practical implementation of the financial risk management process across the Group and for ensuring that the Group\u2019s entities adhere to specified financial risk management policies. Group treasury continually reassesses and reports on the financial risk environment, identifying, evaluating and hedging financial risks by entering into derivative contracts with counterparties where appropriate. The Group does not take speculative positions on derivative contracts. (a) Financial instruments by category 2022/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss Total Financial assets Trade and other receivables 2 1,244 \u2014 1,244 Financial asset investments Level 2 14 12 26 Derivative financial instruments Level 2 \u2014 3 3 Cash and cash equivalents Level 1 472 595 1,067 Total 1,730 610 2,340 2021/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss Total Financial assets Trade and other receivables 2 1,168 \u2014 1,168 Financial asset investments Level 2 14 19 33 Derivative financial instruments Level 2 \u2014 4 4 Cash and cash equivalents Level 1 133 340 473 Total 1,315 363 1,678 Notes: 1 Fair value hierarchy level is disclosed for assets measured at fair value 2 Excludes tax, social security and prepayment The fair values of financial assets investments represent the published prices of the securities concerned. 2022/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss At fair value through OCI Total Financial liabilities Borrowings \u2013 bonds (1,843) \u2014 \u2014 (1,843) Borrowings \u2013 loans and overdrafts (101) \u2014 \u2014 (101) Borrowings \u2013 lease liabilities 2 (128) \u2014 \u2014 (128) Trade and other payables 3 (1,440) \u2014 \u2014 (1,440) Derivative financial instruments Level 2 \u2014 (10) \u2014 (10) Total (3,512) (10) \u2014 (3,522) 2021/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss At fair value through OCI Total Financial liabilities Borrowings \u2013 bonds (1,840) \u2014 \u2014 (1,840) Borrowings \u2013 loans and overdrafts (184) \u2014 \u2014 (184) Borrowings \u2013 lease liabilities 2 (204) \u2014 \u2014 (204) Trade and other payables 3 (1,358) \u2014 \u2014 (1,358) Derivative financial instruments Level 2 \u2014 (17) (1) (18) Total (3,586) (17) (1) (3,604) Notes: 1 Fair value hierarchy level is disclosed for liabilities measured at fair value 2 Lease liabilities are financial instruments outside of scope of IFRS 9 and are accounted for under IFRS 16 (see note 35) 3 Excludes tax, social security and deferred income (b) Fair value measurement There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the consolidated financial statements approximate their fair values. Carrying amount Fair value \u20ac million 2022 2021 2022 2021 Financial liabilities Borrowings 2,072 2,228 1,956 2,353 The fair values of the Eurobonds represent level 1 fair values and are estimated with reference to the last price quoted in the secondary market. The fair values of all other borrowings represent level 3 fair values and are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. (c) Financial risk management Market risk The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows are exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent to the Group. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items) denominated in foreign currencies and translational exposure on net investments in non-euro operations Foreign exchange contracts
The Group\u2019s Treasury policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional
currencies by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts
for, foreign exchange contracts with Group treasury or with counterparties that are external to the Group, whichever is more
commercially appropriate.
Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged.
Foreign currency sensitivity analysis
Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets
and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an
indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within the
functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible changes in
foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange contracts designated
as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility, together with any relevant
assumptions regarding near-term future volatility.
Net monetary foreign currency exposures by functional currency zone for continuing operations
Net monetary foreign currency exposures \u2013 assets/(liabilities)
1
2022 2021
\u20ac million EUR Other EUR Other
Functional currency zones
2
Euro
3
\u2014
135
\u2014
(6)
South African rand 1 (6) 12 2
Egyptian pound (56) (4)
\u2014 \u2014
Czech koruna (14) (2) 11
\u2014
Polish zloty 2 2 (13)
\u2014
Russian rouble
\u2014 \u2014
(1) (4)
Swedish krona (3)
\u2014
5 (1)
Turkish lira
\u2014
1 (1) (4)
Other (28) 7 (46) 5
Notes:
1 Presented in euro, the presentation currency of the Group
2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects of foreign exchange risk
hedging, excluding cash flow hedging of non-monetary assets and liabilities
3 Included in the other net monetary exposure is \u20ac148 million worth of Russian rouble dividend receivable. See note 26 for the rouble dividend declared
Functional to foreign currency net monetary exposure sensitivity
Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation
and/or depreciation of functional currency, with the exception of euro which has an exposure sensitivity of \u20ac7 million and Egyptian pound
of \u20ac3 million.
Interest rate risk
The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue.
Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s Accounting policy
stipulates that all borrowings be held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in credit
conditions in the relevant debt markets, and there is, therefore, no exposure to fair value interest rate risk.
Management of cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term highly liquid investments which have a
maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that cash
is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the Group
earns the most advantageous rates of interest available.
31 Financial instruments continued
Management of variable rate debt The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20). The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates. Net variable rate debt sensitivity analysis The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest rate swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net variable rate exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated income statement. Interest rate risk sensitivities on variable rate debt Interest rate risk exposures 2022 2021 \u20ac million EUR Other Total EUR Other Total Total borrowings 1,936 136 2,072 2,029 199 2,228 Less: Fixed rate borrowings (1,842) (37) (1,879) (1,838) (17) (1,855) Lease liabilities (64) (64) (128) (66) (138) (204) Cash and cash equivalents (887) (180) (1,067) (357) (116) (473) Net variable rate debt and exposure (857) (145) (1,002) (232) (72) (304) Included in other is net variable exposure to various currencies, the most significant of which are Turkish lira and South African rand (2021: Turkish lira and Russian rouble). The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest rate exposure would be a profit of \u20ac5 million and vice versa for a 50 basis point reduction. In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of) and the amounts as at 31 December were as follows: \u20ac million 2022 2021 Short-dated contracts with tenures of less than 12 months South African rand 191 154 Czech koruna 304 266 Polish zloty 303 202 Russian rouble \u2014 (37) Swedish krona (18) 64 US dollar 101 117 Thai baht 70 59 Other 148 141 Total swapped against the euro 1,099 966 Credit risk The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk are discussed in note 17. Additionally, the Group has credit risk on the investment of cash with certain financial institutions. The Group treasury manages the risk on these investments within approved credit limits. Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have no bearing on the credit risk profile of the Group as a whole Liquidity risk
Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due
for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future
cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves,
committed borrowing facilities and other credit lines as appropriate.
The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities:
\u20ac million 2022 2021
Expiry date
Within one year 3 47
One to two years
\u2014
6
Two to five years 750 750
Above five years 4
\u2014
Total committed facilities available (see note 20) 757 803
Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s
expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the
payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the
underlying assets and liabilities.
Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables.
The matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three to four
months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating liquidity of
the Group.
Financing cash outflows may be longer-term in nature. The Group does not hold long-term financial assets to match against these
commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net of
future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
(d) Derivative financial instruments
At 31 December 2022, the Group recognised total derivative assets of \u20ac3 million (2021: \u20ac4 million) and derivative liabilities of \u20ac10 million
(2021: \u20ac18 million). The net liability of \u20ac7 million (2021: net liability of \u20ac14 million) will mature within one year.
The notional amount of \u20ac1,710 million (2021: \u20ac1,619 million) is the aggregate face value of all derivatives outstanding at the reporting
date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore,
do not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac1,710 million (2021: \u20ac1,619 million) aggregate notional amount,
\u20ac1,698 million (2021: \u20ac1,608 million) relates primarily to the economic hedging of foreign exchange exposures on short-term inter-
company funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are subject to International Swaps and Derivatives Association (ISDA) master netting agreements.
The amounts are not offset in the consolidated statement of financial position. The amount subject to an enforceable master netting
arrangement or similar agreement that is not netted off is \u20ac3 million (2021: \u20ac3 million).
Hedging
Cash flow hedges
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same
useful life as the cost of the asset.
The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item
based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange
contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness.
Fair value gains of \u20ac1 million (2021: gains of \u20ac2 million) were reclassified from the cash flow hedge reserve to property, plant and
equipment during the current year. There were fair value losses of \u20ac4 million (2021: \u20acnil) due to ineffectiveness recognised in the profit
from discontinued operations in the consolidated income statement arising on cash flow hedges.
31 Financial instruments continued
32 Related party transactions The Group and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with associated undertakings in which the Group has a material interest. The related party transactions entered into by the Group have been contracted on an arm's-length basis. Transactions between Mondi plc and its subsidiaries, which are related parties, and transactions between its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Joint ventures \u20ac million 2022 2021 Sales to related parties 8 6 Purchases from related parties 715 238 Trade and other receivables from related parties 1 2 Trade and other payables due to related parties 112 50 Loans receivable from related parties 10 9 The increase in purchases from related parties and trade and other payables from related parties is mainly caused by wood purchases from a joint venture in Poland and wood price increases in 2022. None of the joint ventures are assessed as being individually material to the Group. For details of the aggregate amount of share of profit in joint ventures see note 15. Compensation for the Board and key management In accordance with IAS 24, \u2018Related Party Disclosures\u2019, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, and includes directors (both executive and non- executive) of Mondi plc. The Board and those members of the Group Executive Committee who are not directors comprise the key management personnel of the Group. The remuneration of the directors is disclosed in the Remuneration report. \u20ac million 2022 2021 Salaries and short-term employee benefits 8.4 8.3 Non-executive directors 1.2 1.2 Defined contribution plan payments 0.6 0.6 Social security costs 1.1 0.8 Share-based payments 5.6 4.3 Total 16.9 15.2 Details of the transactions between the Group and its pension and post-retirement medical plans are disclosed in note 24 33 Group companies Composition of the Group The subsidiaries of the Group as at 31 December 2022 are set out in note 11 of the Mondi plc parent company financial statements. All of these interests are consolidated within the Group\u2019s financial statements. The Group has no material joint ventures or associates. Refer to Mondi\u2019s global footprint on pages 8-9 of the overview to the Integrated report for more information on the places of operation. A list of subsidiaries taking advantage of an exemption from audit under Section 479A of the Companies Act 2006 is disclosed in note 9 of the Mondi plc parent company financial statements. Details of non-wholly-owned subsidiaries Proportion of ownership interests and voting rights held by non-controlling interests (%) Profit attributable to non-controlling interests Equity attributable to non-controlling interests \u20ac million, unless otherwise stated 2022 2021 2022 2021 2022 2021 Mondi SCP, a.s. and its subsidiaries 49 49 41 (1) 349 306 Individually immaterial subsidiaries with non-controlling interests 32 18 111 85 Total 73 17 460 391 Summarised financial information on the Group\u2019s material non-wholly-owned subsidiaries is as follows: Mondi SCP, a.s. and its subsidiaries \u20ac million 2022 2021 Statement of financial position Non-current assets 753 788 Current assets 409 276 Current liabilities (313) (264) Non-current liabilities (129) (167) Net assets 720 633 Equity attributable to owners of the company 371 327 Equity attributable to non-controlling interests 349 306 Income statement and statement of comprehensive income Revenue 1,232 874 Operating costs (including taxation) (1,148) (877) Profit/(loss) for the year 84 (3) Attributable to owners of the company 43 (2) Attributable to non-controlling interests 41 (1) Total comprehensive income/(expense) for the year 87 (3) Attributable to owners of the company 44 (2) Attributable to non-controlling interests 43 (1) Statement of cash flows Net cash inflow from operating activities 115 86 Net cash outflow from investing activities (31) (79) Net cash (outflow)/inflow from financing activities (23) 34 Net cash inflow 61 41 The summarised financial information represents amounts before intra-group eliminations. The subsidiary's registered office as set out in note 11 of the Mondi plc parent company financial statements is also its principal place of business 34 Events occurring after 31 December 2022 Aside from the final dividend proposed for 2022 (see note 9), there has been the following material reportable event since 31 December 2022: \u2014 On 12 January 2023, the Group completed the acquisition of the Duino mill near Trieste (Italy) from the Burgo Group for a total consideration of \u20ac40 million. The mill operated one paper machine producing lightweight coated mechanical paper. Mondi plans to convert this paper machine to produce around 420,000 tonnes per annum of high-quality recycled containerboard for an estimated investment of around \u20ac200 million. 35 Accounting policies Basis of consolidation The consolidated financial statements incorporate the revenues, expenses, assets, liabilities, equity and cash flows of Mondi plc and its subsidiaries (the Group), and the Group\u2019s share of associates and joint ventures drawn up to 31 December each year. All intra-group balances and transactions are eliminated. A subsidiary is an entity over which the Group has control. Control is evident where the Group is exposed to, or has rights to, variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The results of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement from the effective date of acquiring control or up to the effective date of disposal. Non-controlling interests are measured, at initial recognition, as the non-controlling proportion of the fair values of the assets and liabilities recognised at acquisition. After initial recognition, non-controlling interests are measured as the aggregate of the value at initial recognition and their subsequent proportionate share of profits and losses less any distributions made. Changes in the Group\u2019s interests in subsidiaries that do not result in a change in control are accounted for as equity transactions. Any resulting difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration payable or receivable is recognised directly in equity and attributed to the shareholders. Foreign currency transactions and translation Foreign currency transactions Foreign currency transactions are translated into the functional currency of the entity that has undertaken the transaction, using the exchange rates ruling on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the consolidated income statement and are classified as either operating or financing consistent with the nature of the monetary item giving rise to them. Translation of non-euro operations The Group\u2019s results are presented in euro, the currency in which most of its business is conducted. On consolidation, the assets and liabilities of the Group\u2019s non-euro operations are translated into the presentation currency of the Group at exchange rates prevailing on the reporting date. Income and expense items, except those which arise in countries with hyperinflationary economies (see note 1), are translated at the average exchange rates for the month in which they occur, where these approximate the rates on the dates of the underlying transactions. Exchange differences, if any, are recognised directly in other comprehensive income, and accumulated in the Group\u2019s currency translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Fair value measurement Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in notes to the consolidated financial statements, are based on the following fair value measurement hierarchy: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2 \u2013 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) \u2014 Level 3 \u2013 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\u2019s forestry assets, as set out in note 14. 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 following:
\u2014 The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable
yield curves and exchange rates.
\u2014 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based on
observable market data.
\u2014 Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments.
Segmental reporting (note 2)
The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the
chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced
by those businesses and comprise three distinct segments. The number of reportable segments is the same as the number of identified
operating segments.
Measurement of operating segment revenues, profit or loss, assets and non-current non-financial assets
Each of the operating segments derives its income from the sale of manufactured products.
The operating segment measures adhere to the recognition and measurement criteria presented in the Group\u2019s accounting policies
and are presented on an underlying basis, excluding special items. The Group has presented certain non-IFRS measures (Alternative
Performance Measures), as defined on pages 242-248, by segment to supplement the user\u2019s understanding. All intra-group transactions
are conducted on an arm\u2019s-length basis.
Revenue from contracts with customers (note 2)
Sale of goods
Revenue is recognised from the sale of goods and is measured at the amount of the transaction price received in exchange for transferring
goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be
a significant reversal of revenue in future, after deducting discounts, volume rebates, value added tax and other sales taxes. When the
period of time between delivery of goods and subsequent payment by the customer is less than one year, no adjustment for a financing
component is made.
Control of the goods is passed when title and insurance risk have passed to the customer, which is typically when the goods have been
delivered to a contractually agreed location.
The incremental costs of obtaining a contract are recognised as an expense when the period of amortisation over which the costs would
have been recognised is one year or less. If not, these costs are capitalised and amortised on a basis consistent with the transfer of goods
to the customer to which the asset relates.
Transport revenue
Transport revenue is considered distinct when the Group provides transport services after the point in time when control of goods has
passed to the customer. Such revenue is recognised over time.
Other income
Sale of green energy and CO
2
e credits (note 16)
Income generated from the sale of green energy and CO
2
e credits issued under international trading schemes are accounted for as
government grants and are measured at the consideration received in exchange for transferring such credits. The income is recorded
within other net operating expenses in the consolidated income statement when ownership rights pass to the buyer. Any unsold green
energy credits are recorded in inventory at cost, which is often at nil value.
Investment income (note 6)
Interest income, which is derived from cash and cash equivalents and other interest-bearing financial assets, is accrued on a time
proportion basis, by reference to the principal outstanding and at the applicable effective interest rate.
Taxation (note 7)
The tax expense represents the sum of the current tax charge and the deferred tax charge.
Current tax
The current tax charge is based on taxable profit for the year. The Group\u2019s asset/liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the reporting date. The Group is regularly subject to routine tax audits. Provision is made
based on the tax laws in the relevant country and the expected outcomes of any negotiations or settlements. Current tax is presented as a
special item if the corresponding taxable income/expense is accounted for as a special item.
The Group is subject to corporate taxes in a number of jurisdictions and a degree of estimation and judgement is required in determining
the appropriate tax provision for transactions where the tax treatment is uncertain. In these circumstances, the Group recognises
provisions for taxes based on information available where the anticipated liability is both probable and estimable.
35 Accounting policies continued
Deferred tax Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding temporary difference arises from a special item. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition, other than in a business combination, of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of the assets being recoverable within a reasonably foreseeable timeframe, typically a three-year period consistent with the period applied to the Group\u2019s viability assessment. The carrying amount is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. The Group applies the initial recognition exemption model to account for any investment tax credits. Deferred tax is not recognised for temporary differences relating to investment tax credits due to the availability of the initial recognition exemption. Earnings per share (EPS) (note 8) Basic EPS The basic EPS is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of Mondi plc shares in issue during the year, net of own shares. Diluted EPS For diluted EPS, the weighted average number of Mondi plc ordinary shares in issue, net of own shares, is adjusted to assume conversion of all dilutive potential ordinary shares. At present these only include share awards granted to employees. Potential or contingent share issues are treated as dilutive when their conversion to shares would decrease EPS. The weighted average number of ordinary shares in issue is the weighted number of shares in issue throughout the year and excludes own shares held by employee benefit trusts. EPS, if relevant, are presented for both continuing and discontinued operations, on the face of the consolidated income statement. Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets Property, plant and equipment (note 10) Property, plant and equipment principally comprise land and buildings, plant and equipment, assets under construction and other. Property, plant and equipment is stated at cost less accumulated depreciation and impairment. Land and assets under construction are carried at cost less impairment. Cost includes site preparation, the purchase price of the equipment and directly attributable labour and installation costs. Borrowing costs are capitalised on qualifying assets. The capitalisation of costs ceases when the asset is in the location and condition necessary for it to be capable of commercial operation. Start-up and ongoing maintenance costs are recognised immediately as an expense. Depreciation is charged to the consolidated income statement so as to write off the cost of assets, other than freehold land and assets under construction, over their estimated useful lives on a straight-line basis to their estimated residual values of nil or scrap value. Residual values and useful lives are reviewed at least annually. Depreciation commences when the assets are ready for their intended use. An adjustment is made to the estimated useful lives of assets where climate change is anticipated to have a material impact. Estimated useful lives range from 3 years to 25 years for items of plant and equipment and other categories and up to a maximum of 40 years for buildings Leases (note 11)
To the extent that a right of control exists over an asset subject to a lease, a right-of-use asset, representing the Group\u2019s right to use
the underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position.
A corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity of
the underlying lease payments, within short-term borrowings or medium- and long-term borrowings in the consolidated statement of
financial position at the commencement of the lease.
The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability, any initial
direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required in
terms of the lease. Depreciation is charged to the consolidated income statement so as to depreciate the right-of-use asset from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term
shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains
a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will
be exercised.
The lease liability is measured at the present value of the future lease payments, including variable lease payments that depend on an index
and the exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest
rate implicit in the lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing
rate is used. Finance charges are recognised within finance costs in the consolidated income statement over the period of the lease.
Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the consolidated statement
of financial position, and are charged to the consolidated income statement when incurred. Low-value assets are determined based on
quantitative criteria.
Intangible assets and R&D expenditure (note 13)
Intangible assets are measured initially at purchase consideration and are amortised on a straight-line basis over their estimated useful
lives. Estimated useful lives vary between 3 years and 10 years and are reviewed at least annually.
Research expenditure is expensed in the year in which it is incurred. Development costs are capitalised when the completion of the asset
is both commercially and technically feasible and are amortised on a systematic basis over the economic life of the related development.
Development costs are recognised immediately as an expense if they do not qualify for capitalisation.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine
whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is
estimated. If the recoverable amount of an asset, or cash-generating unit (CGU) to which the asset relates, is less than its carrying amount,
the carrying amount of the asset, or CGU, is reduced to its recoverable amount and an impairment recognised as an expense.
The recoverable amount of the asset, or CGU, is the higher of its fair value less costs to dispose and its value in use. In assessing value
in use, the estimated future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows
have not been adjusted. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the
recoverable amount of the smallest CGU to which the asset belongs.
Where the underlying circumstances change such that a previously recognised impairment subsequently reverses, the carrying amount
of the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount
that would have been determined (taking into account depreciation or amortisation in the intervening period) had no impairment been
recognised for the asset, or CGU, in prior years. A reversal of an impairment is recognised in the consolidated income statement.
Agriculture \u2013 owned forestry assets (note 14)
Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price,
less costs to harvest and deliver, to the estimated volume of timber on hand at each reporting date. The fair value less costs to sell is
determined using a market-based approach. The estimated volume of timber on hand is determined based on the maturity profile of the
area under afforestation, the species, the geographic location, climate and other environmental considerations and excludes future growth.
The product of these is then adjusted for risks associated with forestry assets.
Changes in fair value are recognised in the consolidated income statement within other net operating expenses. At point of harvest, the
carrying value of forestry assets is transferred to inventory and recorded as a felling cost reduction to the fair value of forestry assets.
Directly attributable costs incurred during the year of biological growth and investments in standing timber are capitalised and presented
within cash flows from investing activities.
Investments in joint ventures (note 15)
A joint venture is an entity in which the Group holds a long-term interest with contractually agreed sharing of control over the strategic,
financial and operating decisions with one or more other venturers. Typically, the Group owns between 20% and 50% of the voting equity
of its joint ventures. Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the
consolidated statement of financial position.
35 Accounting policies continued
Non-current assets held for sale and discontinued operations (note 26) Non-current assets, and disposal groups, are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups), and its sale must be highly probable. Non-current assets, and disposal groups, classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell from the date on which these conditions are met. The deferred tax assets, assets arising from employee benefits and financial assets are specifically exempt from this requirement. Any resulting impairment is reported through the consolidated income statement. From the time of classification as held for sale, the assets are no longer depreciated or amortised. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Comparative amounts in the consolidated statement of financial position are not adjusted. Discontinued operations are either a separate major line of business or geographical area of operations that have been disposed of or are part of a single coordinated plan for disposal which satisfy the held for sale criteria. Once an operation has been identified as discontinued, its net profit or loss, other comprehensive income or expense and cash flows are presented separately in the consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement of cash flows, including related notes to these statements, and comparative information is restated. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statement of financial position. The Group\u2019s assets and liabilities related to comparative periods are not separated between continuing and discontinued operations in the consolidated statement of financial position. Business combinations (note 25) Identifiable net assets The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values on the acquisition date. Assets and liabilities which cannot be measured reliably are recorded at provisional fair values, which are finalised within 12 months of the acquisition date. Any non-controlling interest in the acquiree is recorded at the non-controlling interest\u2019s proportionate share of the acquired net assets. Cost of a business combination The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination are expensed as incurred and recognised within other net operating expenses into the consolidated income statement. Goodwill (note 12) Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill. Goodwill is subsequently measured at cost less any impairment. Impairment of goodwill Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year and when events or changes in circumstances indicate that it may be impaired. The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs of disposal. Value-in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and announced industry capacity changes. Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the Group operates are determined with reference to published gross domestic product information, and for specific product lines are determined with reference to published industry studies. The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing rates and adjusted for country risk and tax. Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed. Current non-financial assets Inventories (note 16) Inventories are valued at the lower of cost and net realisable value. Cost is determined on the first-in, first-out (FIFO) or weighted average cost basis, as appropriate. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is defined as the selling price less any estimated costs to sell Equity instruments
Own shares (note 22)
The purchase by any Group entity of Mondi plc\u2019s equity instruments results in the recognition of own shares. The consideration paid or
payable is deducted from equity. Where own shares are subsequently sold, reissued or otherwise disposed of, any consideration received
or receivable is included in equity attributable to the shareholders of Mondi plc, net of any directly attributable incremental transaction
costs and the related tax effects.
Dividend payments (note 9)
The dividend distributions to Mondi plc\u2019s ordinary shareholders are recognised as a liability when the dividends are declared and approved.
Final dividends are accrued when approved by Mondi plc\u2019s ordinary shareholders at its Annual General Meeting and interim dividends are
recognised when paid.
Share-based payments (note 23)
The Group operates a number of equity-settled, share-based compensation schemes. The fair value of the employee services received
in exchange for the grant of share awards is recognised concurrently as an expense and an adjustment to equity. The total amount to
be expensed over the vesting period is determined by reference to the fair value of the share awards granted, as adjusted for market
performance conditions and non-market vesting conditions. Vesting conditions are included in assumptions about the number of awards
that are expected to vest. At each reporting date, the Group revises its estimates of the number of share awards that are expected to
vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the
consolidated income statement, with a corresponding adjustment to equity.
Financial instruments (note 31)
Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes
party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss)
are added to or deducted from the fair value of the financial assets or financial liabilities on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the
consolidated income statement.
Cash and cash equivalents (note 28b)
Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a
maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject to
an insignificant risk of changes in value. The money market funds are held at fair value through profit and loss, with the remaining balance
of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the
consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net of
overdrafts and include cash and cash equivalents classified as assets held for sale.
Trade receivables (note 17)
Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate
method, less an allowance for impairment.
Impairment of trade receivables (note 17)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade
receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future
economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are
recognised as an impairment.
Trade payables (note 18)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate method.
Borrowings (note 21)
Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised in the
consolidated income statement over the term of the borrowings using the effective interest rate method.
35 Accounting policies continued
Borrowing costs (note 6) Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. Derivative financial instruments and hedge accounting (note 31d) The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity price risks. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value in the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending on the maturity of the derivative. Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the type of risk to which the derivative relates. Cash flow hedges The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows are recognised directly in other comprehensive income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement. If the cash flow hedge of a forecast transaction results in the recognition of a non-financial asset, then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For hedges that do not result in the recognition of a non-financial asset, amounts deferred in the Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged item affects profit or loss on a proportionate basis. Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated, exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity and is recognised in the consolidated income statement when the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is included immediately in the consolidated income statement. Retirement benefits (note 24) The Group operates defined benefit pension plans and defined contribution pension plans for the majority of its employees as well as post-retirement medical plans. Defined contribution plans For defined contribution plans, the amount charged to the consolidated income statement is the contributions paid or payable during the financial year. Defined benefit pension plans and post-retirement medical plans For defined benefit pension and post-retirement medical plans, actuarial valuations are performed at each financial year end using the projected unit credit method. The average discount rate for the plans\u2019 liabilities is based on investment-grade-rated corporate bonds or similar government bonds of a suitable duration and currency. Plans\u2019 assets are measured using market values at the end of the financial year. The net retirement benefits liability recognised in the consolidated statement of financial position represents the present value of the defined benefit liability as reduced by the fair value of any plan assets. Any increase in the present value of plan liabilities expected to arise from employee service during the year is charged to personnel costs as service costs. Past service costs resulting from plan amendments or curtailments and gains or losses on settlements are charged to personnel costs. A net interest expense or net interest income is calculated by applying the discount rate, on a per plan basis, to the net defined benefit liability or asset and recognised in the consolidated income statement within finance costs. Remeasurements comprising actuarial gains and losses and the return on plan assets (after recognising the net finance charge) are charged or credited to equity in other comprehensive income, net of deferred tax, in the financial year in which they occur. Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other comprehensive income may be transferred within equity Provisions (note 19)
Provisions are recognised when the Group has a present obligation as a result of a past event, which it is probable it will be required to
settle. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date,
and are discounted to present value using country-specific discount rates for periods matching the duration of the underlying liability
where the effect of discounting is material.
Hyperinflation accounting (note 1)
Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in
T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Assets,
liabilities, the financial position and results of non-euro operations in hyperinflationary economies are translated to euro at the exchange
rates prevailing on the reporting date. The exchange differences are recognised directly in other comprehensive income or expense, and
accumulated in the Group\u2019s cumulative translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss
only on disposal or partial disposal of the non-euro operation.
Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost
are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE,
2003=100) published by the Turkish Statistical Institute (TURKSTAT). On the date of first-time application, being 1 January 2022, the
adjustment of the carrying amounts of non-monetary assets and liabilities of \u20ac41 million was determined at the closing exchange rate and
allocated between retained earnings, other reserves and non-controlling interests in equity as presented in the consolidated statement
of changes in equity. This included \u20ac54 million recognised in the cumulative translation adjustment reserve (see note 22), in addition to
the remaining exchange differences arising on consolidation. The allocation of the opening balance adjustment is consistent with how the
current period impacts are reported. The subsequent gains or losses resulting from the restatement of non-monetary assets and liabilities
are recorded in the consolidated income statement as net monetary gain arising from hyperinflationary economies. Comparative amounts
presented in euro are not restated for subsequent changes in the price level or exchange rates. The results of the Turkish operations are
restated to the index level at the end of the period, with hyperinflationary gains and losses being reported in net monetary gain arising
from hyperinflationary economies.
The Group also operates a paper bags plant in Lebanon, which became a hyperinflationary economy in September 2020. IAS 29 has not
been applied to this subsidiary, as the impact from hyperinflation accounting is considered immaterial.
New accounting policies, early adoption and future requirements
Amendments to published Standards effective during 2022
The following amendments to Standards have been adopted for the financial year beginning on 1 January 2022, and have had no
significant impact on the Group\u2019s results:
\u2014 Annual improvements to IFRS Standards 2018-2020 cycle
\u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment \u2013 Proceeds before Intended Use
\u2014 Amendments to IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract
\u2014 Amendments to IFRS 3 \u2013 Business Combinations \u2013 References to the Conceptual Framework
Amendments to published Standards effective for the financial year beginning on 1 January 2023
The following amendments to Standards will be effective for the financial year beginning on 1 January 2023 and were adopted by the UK
Endorsement Board in December 2022. The amendments are not expected to have a significant impact on the Group\u2019s results:
\u2014 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates
\u2014 Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\u2014 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
35 Accounting policies continued
",
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"fact-572": {
"value": "1 Basis of preparation These consolidated financial statements as at and for the year ended 31 December 2022 comprise Mondi plc and its subsidiaries (referred to as 'the Group\u2019), and the Group\u2019s share of the results and net assets of its associates and joint ventures. The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal accounting policies adopted are set out in note 35 and were applied consistently throughout the year and preceding year. The Group also applies IFRS as issued by the International Accounting Standards Board (IASB), and there are no differences with applying IFRS adopted for use in the UK which may significantly or materially affect the Group\u2019s accounting policies. The consolidated financial statements have been prepared on a going concern basis. The directors have reviewed the Group\u2019s budget and considered the assumptions contained in the budget, including the principal and emerging risks which may impact the Group\u2019s performance in the near term. The Group has a strong balance sheet. Continuing operations' net debt at 31 December 2022 was \u20ac1,011 million, reduced from \u20ac1,689 million at 31 December 2021, reflecting the Group\u2019s strong cash generation and ongoing investment in the business. At 31 December 2022, the Group had a strong liquidity of \u20ac1,818 million, comprising \u20ac757 million of undrawn, committed debt facilities and cash and cash equivalents held by the continuing operations of \u20ac1,061 million. The weighted average maturity of the Group\u2019s committed debt facilities was 3.8 years. The assessment of going concern is further described in the Strategic report as part of the Viability statement under the heading Going concern on page 83, which is incorporated by reference into these financial statements. Based on this evaluation, the Board considered it appropriate to prepare the consolidated financial statements on the going concern basis. The consolidated financial statements have been prepared under the historical cost basis of accounting, as modified by forestry assets, pension assets, certain financial assets and financial liabilities held at fair value through profit and loss and accounting in hyperinflationary economies. The Group presents certain measures of financial performance, position or cash flows that are not defined or specified according to IFRS. These measures, referred to as Alternative Performance Measures (APMs), are defined on pages 242-248. Since June 2022, the Group\u2019s operations in Russia have satisfied the criteria to be classified as held for sale and are reported as discontinued operations as at 31 December 2022 and for the year then ended (see note 26). For comparability purposes, the APMs based on amounts recognised in the consolidated statement of financial position exclude the proportion of assets and liabilities attributable to the Russian operations; however, as required by IFRS 5, 'Non-current Assets Held for Sale and Discontinued Operations', no restatement of the IFRS consolidated statement of financial position has been made for such items as at 31 December 2021. APMs measuring the profitability and cash flows of the Group are presented for continuing operations (i.e. excluding the results from the Russian discontinued operations) and comparatives are presented on the same basis, consistent with the presentation of the IFRS consolidated income statement and IFRS consolidated statement of cash flows. Where these changes have impacted the APMs for comparative periods, as presented previously, these have been described as restated. Critical accounting judgements and significant accounting estimates The preparation of the Group\u2019s consolidated financial statements includes the use of estimates and assumptions. Although the estimates used are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ from those estimates. The critical accounting judgements and significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1, 'Presentation of Financial Statements', are: Critical accounting judgements \u2014 Accounting and presentation of the Russian discontinued operations \u2013 refer to note 26 Significant accounting estimates \u2014 Fair value of forestry assets \u2013 refer to note 14 \u2014 Actuarial valuations of retirement benefit obligations \u2013 refer to note 24 \u2014 Valuation of the Russian assets \u2013 refer to note 26 Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are: \u2014 Taxation \u2013 refer to notes 7 and 35 \u2014 Residual values and useful economic lives of property, plant and equipment \u2013 refer to notes 10 and 35 \u2014 Hyperinflation accounting \u2013 refer to notes 1 and 35 \u2014 Accounting and presentation of the disposal of the Personal Care Components business \u2013 refer to note 27 Climate change Management has considered the impact of climate change in preparing the consolidated financial statements, in particular in the context of the disclosures included in the Strategic report, including the Group\u2019s science-based Net-Zero GHG emission reduction targets as detailed in the Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 44-57. These considerations, which are integral to the Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas: \u2014 The estimates of future cash flows used in the impairment assessment of goodwill \u2013 refer to note 12 \u2014 The assumptions used in the fair value measurement of forestry assets \u2013 refer to note 14 \u2014 The assessment of residual values and estimated useful economic lives of property, plant and equipment \u2013 refer to note 35 \u2014 The fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 25 While these considerations did not have a material impact on the areas set out above, this may change in future periods as management evolves its understanding of climate change related impacts on the Group. Hyperinflation accounting (see note 35) Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', for its subsidiaries in T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE, 2003=100) published by the Turkish Statistical Institute (TURKSTAT). The consumer price index for the year ended 31 December 2022 increased by 64% from 687 at 31 December 2021 to 1,128 at 31 December 2022. For the year ended 31 December 2022, the adjustments from hyperinflationary accounting have resulted in an increase in total assets of \u20ac91 million, an increase in Group revenue of \u20ac125 million, a decrease in underlying EBITDA of \u20ac44 million and a net monetary gain of \u20ac17 million. Comparative amounts presented in euro were not restated for subsequent changes in the price level or exchange rates. IAS 29 requires judgement to determine when to apply hyperinflationary accounting and which general price index to select and other approximations to be made in order to restate the financial statements of subsidiaries operating in a hyperinflationary economy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Mondi plc ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-1": {
"value": "Mondi plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "plc ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal accounting policies adopted are set out in note 35 and were applied consistently throughout the year and preceding year. The Group also applies IFRS as issued by the International Accounting Standards Board (IASB), and there are no differences with applying IFRS adopted for use in the UK which may significantly or materially affect the Group\u2019s accounting policies. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "The consolidated financial statements have been prepared on a going concern basis. The directors have reviewed the Group\u2019s budget and considered the assumptions contained in the budget, including the principal and emerging risks which may impact the Group\u2019s performance in the near term. The Group has a strong balance sheet. Continuing operations' net debt at 31 December 2022 was \u20ac1,011 million, reduced from \u20ac1,689 million at 31 December 2021, reflecting the Group\u2019s strong cash generation and ongoing investment in the business. At 31 December 2022, the Group had a strong liquidity of \u20ac1,818 million, comprising \u20ac757 million of undrawn, committed debt facilities and cash and cash equivalents held by the continuing operations of \u20ac1,061 million. The weighted average maturity of the Group\u2019s committed debt facilities was 3.8 years. The assessment of going concern is further described in the Strategic report as part of the Viability statement under the heading Going concern on page 83, which is incorporated by reference into these financial statements. Based on this evaluation, the Board considered it appropriate to prepare the consolidated financial statements on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "Critical accounting judgements and significant accounting estimates The preparation of the Group\u2019s consolidated financial statements includes the use of estimates and assumptions. Although the estimates used are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ from those estimates. The critical accounting judgements and significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1, 'Presentation of Financial Statements', are: Critical accounting judgements \u2014 Accounting and presentation of the Russian discontinued operations \u2013 refer to note 26 Significant accounting estimates \u2014 Fair value of forestry assets \u2013 refer to note 14 \u2014 Actuarial valuations of retirement benefit obligations \u2013 refer to note 24 \u2014 Valuation of the Russian assets \u2013 refer to note 26 Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. The other areas of judgement and accounting estimates are: \u2014 Taxation \u2013 refer to notes 7 and 35 \u2014 Residual values and useful economic lives of property, plant and equipment \u2013 refer to notes 10 and 35 \u2014 Hyperinflation accounting \u2013 refer to notes 1 and 35 \u2014 Accounting and presentation of the disposal of the Personal Care Components business \u2013 refer to note 27 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "Climate change Management has considered the impact of climate change in preparing the consolidated financial statements, in particular in the context of the disclosures included in the Strategic report, including the Group\u2019s science-based Net-Zero GHG emission reduction targets as detailed in the Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 44-57. These considerations, which are integral to the Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas: \u2014 The estimates of future cash flows used in the impairment assessment of goodwill \u2013 refer to note 12 \u2014 The assumptions used in the fair value measurement of forestry assets \u2013 refer to note 14 \u2014 The assessment of residual values and estimated useful economic lives of property, plant and equipment \u2013 refer to note 35 \u2014 The fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 25 While these considerations did not have a material impact on the areas set out above, this may change in future periods as management evolves its understanding of climate change related impacts on the Group. ",
"dimensions": {
"concept": "mondiplc:DisclosureOfClimateChange",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-634": {
"value": "Hyperinflation accounting (see note 35) Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', for its subsidiaries in T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE, 2003=100) published by the Turkish Statistical Institute (TURKSTAT). The consumer price index for the year ended 31 December 2022 increased by 64% from 687 at 31 December 2021 to 1,128 at 31 December 2022. For the year ended 31 December 2022, the adjustments from hyperinflationary accounting have resulted in an increase in total assets of \u20ac91 million, an increase in Group revenue of \u20ac125 million, a decrease in underlying EBITDA of \u20ac44 million and a net monetary gain of \u20ac17 million. Comparative amounts presented in euro were not restated for subsequent changes in the price level or exchange rates. IAS 29 requires judgement to determine when to apply hyperinflationary accounting and which general price index to select and other approximations to be made in order to restate the financial statements of subsidiaries operating in a hyperinflationary economy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "2 Operating segments The Group generates revenue from the sale of manufactured products across the packaging and paper value chain. Revenue is generally recognised at a point in time, typically when the goods have been delivered to a contractually agreed location in line with the shipment terms agreed with customers. Customer payment terms vary within the Group due to its global operations and do not contain significant financing components. The Group provides transport services after control of certain goods has passed to the customer. The Group generated transport revenue of \u20ac139 million (2021: \u20ac87 million) in the current financial year, which is recognised over time. The stage of completion is used to determine the amount of revenue recognised, which is based on the transportation days completed at the reporting date relative to the total expected delivery days. The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and comprise three (2021: four) distinct segments. The Group\u2019s operations in Russia, comprising its high-margin, cost-competitive, integrated pulp, packaging paper and uncoated fine paper mill in Syktyvkar (Komi Republic) and three converting plants, are reported as discontinued operations. The discontinued operations' net profit and cash flows are presented separately in the consolidated income statement and consolidated statement of cash flows for all periods presented. Financial information relating to the discontinued operations is provided in note 26. Effective from 30 June 2022 and following the completion of the sale of the Personal Care Components (PCC) business, the Group\u2019s operating segments were reorganised. Functional paper and films, previously part of the Engineered Materials operating segment, was moved to Flexible Packaging to strengthen integration along the kraft paper value chain and further support the development of innovative functional papers with barrier properties, fulfilling customers\u2019 needs for sustainable packaging. The remaining part of the previously reported Engineered Materials operating segment, namely the disposed PCC business (see note 27), has been reported in the Personal Care Components (divested) operating segment up to the date of disposal. Accordingly, the Group has restated the previously reported segment information to present the Group\u2019s operations under the new organisational structure. The material product types from which the Group\u2019s operating segments derive their internal and external revenues are as follows: Operating segments Product types Corrugated Packaging Containerboard Corrugated solutions Flexible Packaging Kraft paper Paper bags Consumer flexibles Functional paper and films Pulp Uncoated Fine Paper Uncoated fine paper Pulp Personal Care Components (divested) Personal care components Year ended 31 December 2022 1,2 \u20ac million, unless otherwise stated Corrugated Packaging Flexible Packaging Uncoated Fine Paper Corporate Personal Care Components (divested) Intersegment elimination Total continuing operations Discontinued operations Intersegment elimination 3 Total Group Segment revenue 2,991 4,299 1,613 \u2014 181 (143) 8,941 (39) 8,902 Internal revenue (51) (51) (68) \u2014 (12) 143 (39) 39 \u2014 External revenue 2,940 4,248 1,545 \u2014 169 \u2014 8,902 \u2014 8,902 Underlying EBITDA 662 797 427 (39) 1 \u2014 1,848 \u2014 1,848 Depreciation and impairments 4 (133) (181) (70) (1) (3) \u2014 (388) \u2014 (388) Amortisation (7) (8) (2) \u2014 \u2014 \u2014 (17) \u2014 (17) Underlying operating profit/(loss) 522 608 355 (40) (2) \u2014 1,443 \u2014 1,443 Special items before tax \u2014 \u2014 \u2014 \u2014 242 \u2014 242 \u2014 242 Profit from discontinued operations 266 \u2014 266 Capital employed 5 2,162 3,035 1,091 (67) \u2014 \u2014 6,221 1,044 \u2014 7,265 Trailing 12-month average capital employed 2,062 2,916 1,022 (78) 175 \u2014 6,097 1,020 \u2014 7,117 Additions to non-current non- financial assets 235 242 115 \u2014 9 \u2014 601 \u2014 601 Capital expenditure cash payments 212 223 64 \u2014 9 \u2014 508 \u2014 508 Underlying EBITDA margin (%) 22.1 18.5 26.5 \u2014 0.6 \u2014 20.8 \u2014 20.8 Return on capital employed (%) 25.3 20.9 34.7 \u2014 (1.1) \u2014 23.7 \u2014 26.0 Average number of employees (thousands) 6 6.4 11.5 2.9 0.1 0.5 \u2014 21.4 5.3 \u2014 26.7 Year ended 31 December 2021 (restated) 1,2 \u20ac million, unless otherwise stated Corrugated Packaging Flexible Packaging Uncoated Fine Paper Corporate Personal Care Components (divested) Intersegment elimination Total continuing operations Discontinued operations Intersegment elimination 3 Total Group Segment revenue 2,349 3,292 1,194 \u2014 335 (133) 7,037 (63) 6,974 Internal revenue (56) (53) (59) \u2014 (28) 133 (63) 63 \u2014 External revenue 2,293 3,239 1,135 \u2014 307 \u2014 6,974 \u2014 6,974 Underlying EBITDA 543 567 55 (34) 26 \u2014 1,157 \u2014 1,157 Depreciation and impairments 4 (112) (160) (70) (1) (16) \u2014 (359) \u2014 (359) Amortisation (5) (8) (2) \u2014 (1) \u2014 (16) \u2014 (16) Underlying operating profit/(loss) 426 399 (17) (35) 9 \u2014 782 \u2014 782 Special items before tax \u2014 7 \u2014 \u2014 \u2014 \u2014 7 \u2014 7 Profit from discontinued operations 213 213 Capital employed 5 1,907 2,745 965 (97) 372 \u2014 5,892 760 \u2014 6,652 Trailing 12-month average capital employed 1,754 2,667 983 (91) 359 \u2014 5,672 677 \u2014 6,349 Additions to non-current non- financial assets 258 174 133 6 24 \u2014 595 \u2014 595 Capital expenditure cash payments 189 182 85 2 23 \u2014 481 \u2014 481 Underlying EBITDA margin (%) 23.1 17.2 4.6 \u2014 7.8 \u2014 16.6 \u2014 16.6 Return on capital employed (%) 24.3 15.2 (1.7) \u2014 2.5 \u2014 13.9 \u2014 16.9 Average number of employees (thousands) 6 5.9 11.2 3.0 0.1 0.9 \u2014 21.1 5.3 \u2014 26.4 Notes: 1 The Group\u2019s operations in Russia are presented as held for sale and classified as discontinued operations. Therefore, in accordance with IFRS 5, the comparative figures for the year ended 31 December 2021 were restated to separate the net profit and cash flows associated with the Russian operations. The comparatives in the consolidated statement of financial position were not restated. Refer to notes 26 and 35 for further details 2 See pages 242-248 for definitions of APMs 3 Intersegment elimination of \u20ac39 million (2021: \u20ac63 million) relates to transactions with discontinued operations 4 Includes only impairments not classified as special items 5 Operating segment assets and operating segment net assets were replaced by capital employed in the table to further align the reporting of operating segments to be in a manner consistent with internal reporting to the chief operating decision-making body 6 Presented on a full-time employee equivalent basis External revenue by location of production and by location of customer1 External revenue by location of production External revenue by location of customer \u20ac million 2022 Restated 2021 2022 Restated 2021 Africa South Africa 667 451 498 394 Rest of Africa 74 56 436 272 Africa total 741 507 934 666 Western Europe Austria 1,640 1,280 203 159 Germany 808 877 1,188 996 UK 3 3 230 191 Rest of Western Europe 888 699 1,988 1,511 Western Europe total 3,339 2,859 3,609 2,857 Emerging Europe Czech Republic 820 602 286 223 Poland 1,587 1,242 851 707 T\u00fcrkiye 2 589 434 693 512 Rest of emerging Europe 2 1,089 764 629 515 Emerging Europe total 4,085 3,042 2,459 1,957 Russia 1,3 \u2014 \u2014 30 34 North America 634 480 1,000 804 South America 2 \u2014 157 128 Asia and Australia 101 86 713 528 Group total 8,902 6,974 8,902 6,974 Notes: 1 Excludes external revenue of \u20ac1,178 million (2021: \u20ac749 million) generated by the discontinued operations (see note 26) 2 External revenue for Rest of emerging Europe by location of production and customer has been further analysed to what was presented previously to separately show revenue for T\u00fcrkiye 3 External revenue to customers located in Russia is expected to cease in 2023 There were no external customers which account for more than 10% of the Group\u2019s total external revenue in either year. There are no material contract assets or contract liabilities as at 31 December 2022 and 31 December 2021. No contract costs were capitalised in either year presented. The Group does not disclose information about remaining performance obligations that have original expected durations of one year or less, as permitted under IFRS 15. Net assets by location 2022 2021 \u20ac million Non-current non-financial assets Segment assets Segment net assets Non-current non-financial assets Segment assets Segment net assets Africa South Africa 922 1,133 1,015 778 898 805 Rest of Africa 68 176 170 62 118 114 Africa total 990 1,309 1,185 840 1,016 919 Western Europe Austria 470 1,070 797 471 937 665 Germany 347 571 488 657 943 806 UK 33 41 40 34 60 57 Rest of Western Europe 631 868 763 608 780 695 Western Europe total 1,481 2,550 2,088 1,770 2,720 2,223 Emerging Europe Czech Republic 926 1,044 843 878 958 846 Poland 759 1,112 933 723 991 850 T\u00fcrkiye 1 182 420 320 76 301 191 Rest of emerging Europe 1 873 1,087 847 913 1,081 876 Emerging Europe total 2,740 3,663 2,943 2,590 3,331 2,763 Russia 2 \u2014 \u2014 \u2014 753 921 814 North America 181 421 368 161 363 317 South America 13 19 19 7 10 10 Asia and Australia 87 170 157 100 164 150 Group total 5,492 8,132 6,760 6,221 8,525 7,196 Notes: 1 Non-current non-financial assets, segment assets and segment net assets for Rest of emerging Europe have been further analysed to show T\u00fcrkiye separately 2 The Group\u2019s assets and liabilities in Russia are classified as held for sale as at 31 December 2022 and its operations are reported as discontinued operations for the year then ended and the comparatives for the year ended 31 December 2021. The comparatives in the consolidated statement of financial position have not been restated (see note 26) Reconciliation of operating segment assets 2022 2021 \u20ac million Segment assets Segment net assets/ (liabilities) Segment assets Segment net assets/ (liabilities) Group total 8,132 6,760 8,525 7,196 Unallocated Assets held for sale and liabilities directly associated with assets held for sale (see note 26) 1,382 1,057 \u2014 \u2014 Investments in joint ventures 18 18 17 17 Deferred tax assets/(liabilities) 34 (273) 43 (240) Other non-operating assets/(liabilities) 212 (297) 201 (321) Group capital employed 9,778 7,265 8,786 6,652 Financial instruments/(net debt) 1,069 (1,011) 475 (1,763) Total assets/equity 10,847 6,254 9,261 4,889 Other non-operating assets/(liabilities) include non-current financial instruments and current tax assets/(liabilities) as presented in the consolidated statement of financial position, provisions for restructuring costs, employee-related and other provisions (see note 19), derivative financial instruments (see note 31d) and other non-operating receivables/(payables) of \u20ac175 million and \u20ac317 million, respectively, as at 31 December 2022 (2021: \u20ac152 million and \u20ac324 million). Average number of employees by principal location of employment 1 thousands 2022 Restated 2021 South Africa 1.5 1.4 Rest of Africa 0.4 0.4 Western Europe 6.7 7.0 Emerging Europe 10.5 10.0 North America 1.6 1.6 Asia and Australia 0.7 0.7 Group total from continuing operations 21.4 21.1 Note: 1 Presented on a full-time employee equivalent basis ",
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"fact-574": {
"value": "3 Special items The Group separately discloses special items, an APM as defined on page 242, on the face of the consolidated income statement to assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable from year to year. \u20ac million 2022 2021 Operating special items Reversal of impairment of assets \u2014 4 Restructuring and closure costs: Personnel costs \u2014 5 Other restructuring and closure costs \u2014 (2) Gain on disposal of business, net of related transaction costs (see note 27) 242 \u2014 Total special items before tax 242 7 Tax (charge)/credit (see note 7) (5) 2 Total special items 237 9 The operating special items resulted in a cash outflow from operating activities of \u20ac8 million for the year ended 31 December 2022 (2021: \u20ac15 million). The net cash received from the sale of the PCC business totalled \u20ac642 million and is presented within cash flows from investing activities. To 31 December 2022 The special items during the year ended 31 December 2022 comprised: \u2014 Personal Care Components (divested) \u2014 \u20ac242 million gain on the sale of the PCC business to Nitto Denko Corporation. Transaction costs of \u20ac6 million were also recognised in the prior year and were not treated as a special item. Further detail is provided in note 27. To 31 December 2021 The special items during the year ended 31 December 2021 comprised: \u2014 Flexible Packaging \u2014 Release of restructuring and closure provision of \u20ac2 million, partly offset by additional restructuring costs of \u20ac1 million, and reversal of impairment of assets of \u20ac1 million were recognised. All credit/(charges) related to special items from prior years. \u2014 Release of restructuring and closure provision of \u20ac2 million and partial reversal of impairment of assets of \u20ac3 million were recognised relating to the closure of a functional paper and films plant in the US. The credits are linked to a special item from prior years and were classified within the Engineered Materials operating segment before restructuring (see note 2). Total costs now amount to \u20ac9 million. ",
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"fact-575": {
"value": "4 Auditors' remuneration \u20ac million 2022 Restated 2021 Fees payable to the auditors for the audit of Mondi plc\u2019s annual financial statements 1.9 1.7 Fees payable to the auditors and their associates for the audit of Mondi plc\u2019s subsidiaries 1 4.1 3.7 Total audit fees 6.0 5.4 Audit-related services 2 0.4 0.4 Other assurance services 3 0.7 \u2014 Other services \u2014 \u2014 Total non-audit fees 1.1 0.4 Total fees 7.1 5.8 Notes: 1 Audit fees related to discontinued operations of \u20ac0.3 million (2021: \u20ac0.2 million) are not included in the table above. The fees were payable to an associate of the auditors in 2021 2 The fees for audit-related services primarily relate to the recurring half year review engagement 3 The fees for other assurance services relate to reporting obligations associated with the divestment of the Group's Russian operations ",
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"fact-576": {
"value": "5 Personnel costs \u20ac million, unless otherwise stated 2022 Restated 2021 Within underlying operating costs Wages and salaries 873 831 Social security costs 175 170 Defined contribution retirement plan contributions (see note 24) 14 13 Defined benefit retirement plan service costs net of gain from settlement (see note 24) 4 2 Share-based payments (see note 23) 11 9 Total within underlying operating costs 1,077 1,025 Within special items Personnel costs relating to restructuring (see note 3) \u2014 (5) Within net finance costs Retirement benefit medical plan net interest costs 4 3 Retirement benefit pension plan net interest costs 2 2 Total within net finance costs (see note 6) 6 5 Group total from continuing operations 1,083 1,025 Continuing operations' average number of employees (thousands) 1 21.4 21.1 Note: 1 Presented on a full-time employee equivalent basis ",
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"fact-577": {
"value": "6 Net finance costs \u20ac million 2022 Restated 2021 Investment income Investment income 6 5 Net foreign currency losses Net foreign currency losses (5) (2) Finance costs Interest expense Interest on bank overdrafts and loans (133) (75) Interest on lease liabilities (see note 11) (7) (6) Net interest expense on net retirement benefits liability (see note 24) (6) (5) Total interest expense (146) (86) Less: Interest capitalised 2 \u2014 Total finance costs (144) (86) Net finance costs (143) (83) The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31 December 2022 was 6.7% (2021: 2.9%) and was mainly related to qualifying assets in Finland and Poland (2021: Finland and Germany). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-655": {
"value": "6 Net finance costs \u20ac million 2022 Restated 2021 Investment income Investment income 6 5 Net foreign currency losses Net foreign currency losses (5) (2) Finance costs Interest expense Interest on bank overdrafts and loans (133) (75) Interest on lease liabilities (see note 11) (7) (6) Net interest expense on net retirement benefits liability (see note 24) (6) (5) Total interest expense (146) (86) Less: Interest capitalised 2 \u2014 Total finance costs (144) (86) Net finance costs (143) (83) The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31 December 2022 was 6.7% (2021: 2.9%) and was mainly related to qualifying assets in Finland and Poland (2021: Finland and Germany). ",
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"fact-635": {
"value": "6 Net finance costs \u20ac million 2022 Restated 2021 Investment income Investment income 6 5 Net foreign currency losses Net foreign currency losses (5) (2) Finance costs Interest expense Interest on bank overdrafts and loans (133) (75) Interest on lease liabilities (see note 11) (7) (6) Net interest expense on net retirement benefits liability (see note 24) (6) (5) Total interest expense (146) (86) Less: Interest capitalised 2 \u2014 Total finance costs (144) (86) Net finance costs (143) (83) The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31 December 2022 was 6.7% (2021: 2.9%) and was mainly related to qualifying assets in Finland and Poland (2021: Finland and Germany). ",
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"fact-578": {
"value": "7 Taxation (a) Analysis of tax charge for the year The Group\u2019s effective rate of tax before special items for the year ended 31 December 2022 was 22% (2021: 22%). \u20ac million 2022 Restated 2021 UK corporation tax at 19% (2021: 19%) \u2014 \u2014 Overseas tax 248 160 Current tax in respect of prior years (8) 4 Current tax 240 164 Deferred tax in respect of the current year 64 (6) Deferred tax in respect of prior years (4) (4) Deferred tax attributable to a change in the rate of domestic income tax (4) \u2014 Tax charge before special items 296 154 Current tax on special items 5 (1) Deferred tax on special items \u2014 (1) Tax charge/(credit) on special items (see note 3) 5 (2) Tax charge for the year 301 152 Current tax charge 245 163 Deferred tax charge/(credit) 56 (11) As the Group operates in a number of countries, each with different tax systems, a degree of tax risk is inevitable, as tax laws are complex and subject to changes in legislation and to differing interpretations. Consequently, provision has been made for such tax risk exposures within current tax liabilities of \u20ac41 million (2021: \u20ac63 million), mainly in relation to transfer pricing risks arising from cross border transactions. There is not expected to be any material change to the tax risk exposures or associated provisions within the next 12 months. On 20 December 2021, the OECD released a framework for Pillar 2 Model Rules which will introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over \u20ac750 million. On 20 July 2022, HM Treasury released draft UK legislation to implement the Pillar 2 rules. In the UK the Pillar 2 rules are expected to apply for accounting periods starting on or after 31 December 2023 (i.e. the year ending 31 December 2024 for the Group). Management is reviewing this draft legislation and monitoring the status of implementation outside of the UK to understand the potential impact on the Group\u2019s future tax position . Factors affecting tax charge for the year The Group\u2019s total tax charge for the year can be reconciled to the tax on the Group\u2019s profit before tax at the UK corporation tax rate of 19% (2021: 19%), as follows: \u20ac million 2022 Restated 2021 Profit before tax 1,560 712 Tax on profit before tax, calculated at the UK corporation tax rate of 19% (2021: 19%) 296 135 Tax effects of: Income/expenses not taxable/deductible for tax purposes (36) 4 Special items not taxable (43) \u2014 Other non-deductible expenses 7 4 Temporary difference adjustments (14) (1) Fixed asset revaluation 1 (16) (4) Changes in local tax rates 2 (4) \u2014 Current year tax losses and other temporary differences not recognised 10 7 Prior year tax losses and other temporary differences not previously recognised (4) (4) Other adjustments 55 14 Current tax prior year adjustments (8) 4 Tax incentives 3 (18) (13) Effect of differences between local rates and UK rate 45 10 Hyperinflation monetary adjustments 4 15 \u2014 Other adjustments 21 13 Tax charge for the year 301 152 Notes: 1 There has been a revaluation of fixed assets in T\u00fcrkiye which has resulted in a tax uplift 2 There have been changes in tax rates in South Africa, T\u00fcrkiye and Austria 3 The tax incentives relate principally to capital investments in Slovakia and the Czech Republic (2021: the Czech Republic and T\u00fcrkiye) 4 The Group has adopted hyperinflation accounting for its subsidiaries in T\u00fcrkiye effective from 1 January 2022 (see notes 1 and 35). Their results have been restated for changes in the general purchasing power causing permanent tax differences (b) Deferred tax Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 At 1 January 43 39 (283) (278) Hyperinflation monetary adjustment (see note 1) \u2014 \u2014 (7) \u2014 Restated at 1 January 43 39 (290) (278) Credited/(charged) to the consolidated income statement 5 4 (61) 5 Charged to the consolidated statement of comprehensive income (2) \u2014 (1) (4) Acquired through business combinations (see note 25) \u2014 \u2014 \u2014 (4) Disposal of businesses (see note 27) \u2014 \u2014 8 \u2014 Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) \u2014 \u2014 42 \u2014 Reclassification (6) \u2014 6 \u2014 Hyperinflation monetary adjustment (see note 1) (4) \u2014 (1) \u2014 Currency movements (2) \u2014 (10) (2) At 31 December 34 43 (307) (283) The amount of deferred tax (charged)/credited to the consolidated income statement comprises: \u20ac million 2022 Restated 2021 Capital allowances in excess of depreciation (16) (22) Fair value adjustments (33) 6 Tax losses recognised (25) 1 Other temporary differences 18 26 Total (56) 11 Deferred tax comprises: Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 Capital allowances in excess of depreciation (26) (16) (249) (288) Fair value adjustments \u2014 \u2014 (127) (93) Tax losses 1 4 11 8 26 Other temporary differences 56 48 61 72 Total 34 43 (307) (283) Note: 1 Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant jurisdictions to utilise these tax losses and other temporary differences Deferred tax balances have been shown after offset when they relate to income taxes levied by the same tax authority and it is intended to settle current assets and liabilities on a net basis. The current expectation regarding the maturity of deferred tax balances is: Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 Recoverable/(payable) within 12 months 23 29 (1) (5) Recoverable/(payable) after 12 months 11 14 (306) (278) Total 34 43 (307) (283) The Group has the following amounts in respect of which no deferred tax asset has been recognised, as it is not considered probable that there will be future profit streams or gains against which these could be utilised: \u20ac million 2022 2021 Tax losses - revenue 1,443 1,448 Tax losses - capital 16 16 Other temporary differences 27 21 Total 1,486 1,485 Of the total of \u20ac1,486 million (2021: \u20ac1,485 million), \u20ac1,269 million (2021: \u20ac1,272 million) relates to tax losses (with no expiry date) and other timing differences not recognised in the UK and Luxembourg due to lack of future profit streams. There were no significant changes during the year in the expected future profit streams or gains. I ncluded in unrecognised tax losses are losses that will expire as follows: \u20ac million 2022 2021 Expiry date Within one year 5 \u2014 One to five years 22 22 After five years 48 45 No expiry date 1,384 1,397 Total 1,459 1,464 No deferred tax liability is recognised on gross temporary differences of \u20ac679 million (2021: \u20ac1,146 million) relating to the unremitted earnings of overseas subsidiaries, as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. UK tax legislation largely exempts, from UK tax, overseas dividends received. As a result, the gross temporary differences at 31 December 2022 represent only the unremitted earnings of those overseas subsidiaries where remittance to the UK of those earnings would still result in a tax liability, principally as a result of dividend withholding taxes levied by the overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends. ",
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"fact-636": {
"value": "(b) Deferred tax Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 At 1 January 43 39 (283) (278) Hyperinflation monetary adjustment (see note 1) \u2014 \u2014 (7) \u2014 Restated at 1 January 43 39 (290) (278) Credited/(charged) to the consolidated income statement 5 4 (61) 5 Charged to the consolidated statement of comprehensive income (2) \u2014 (1) (4) Acquired through business combinations (see note 25) \u2014 \u2014 \u2014 (4) Disposal of businesses (see note 27) \u2014 \u2014 8 \u2014 Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) \u2014 \u2014 42 \u2014 Reclassification (6) \u2014 6 \u2014 Hyperinflation monetary adjustment (see note 1) (4) \u2014 (1) \u2014 Currency movements (2) \u2014 (10) (2) At 31 December 34 43 (307) (283) The amount of deferred tax (charged)/credited to the consolidated income statement comprises: \u20ac million 2022 Restated 2021 Capital allowances in excess of depreciation (16) (22) Fair value adjustments (33) 6 Tax losses recognised (25) 1 Other temporary differences 18 26 Total (56) 11 Deferred tax comprises: Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 Capital allowances in excess of depreciation (26) (16) (249) (288) Fair value adjustments \u2014 \u2014 (127) (93) Tax losses 1 4 11 8 26 Other temporary differences 56 48 61 72 Total 34 43 (307) (283) Note: 1 Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant jurisdictions to utilise these tax losses and other temporary differences Deferred tax balances have been shown after offset when they relate to income taxes levied by the same tax authority and it is intended to settle current assets and liabilities on a net basis. The current expectation regarding the maturity of deferred tax balances is: Deferred tax assets Deferred tax liabilities \u20ac million 2022 2021 2022 2021 Recoverable/(payable) within 12 months 23 29 (1) (5) Recoverable/(payable) after 12 months 11 14 (306) (278) Total 34 43 (307) (283) The Group has the following amounts in respect of which no deferred tax asset has been recognised, as it is not considered probable that there will be future profit streams or gains against which these could be utilised: \u20ac million 2022 2021 Tax losses - revenue 1,443 1,448 Tax losses - capital 16 16 Other temporary differences 27 21 Total 1,486 1,485 Of the total of \u20ac1,486 million (2021: \u20ac1,485 million), \u20ac1,269 million (2021: \u20ac1,272 million) relates to tax losses (with no expiry date) and other timing differences not recognised in the UK and Luxembourg due to lack of future profit streams. There were no significant changes during the year in the expected future profit streams or gains. I ncluded in unrecognised tax losses are losses that will expire as follows: \u20ac million 2022 2021 Expiry date Within one year 5 \u2014 One to five years 22 22 After five years 48 45 No expiry date 1,384 1,397 Total 1,459 1,464 No deferred tax liability is recognised on gross temporary differences of \u20ac679 million (2021: \u20ac1,146 million) relating to the unremitted earnings of overseas subsidiaries, as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. UK tax legislation largely exempts, from UK tax, overseas dividends received. As a result, the gross temporary differences at 31 December 2022 represent only the unremitted earnings of those overseas subsidiaries where remittance to the UK of those earnings would still result in a tax liability, principally as a result of dividend withholding taxes levied by the overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends. ",
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},
"fact-579": {
"value": "8 Earnings per share (EPS) EPS attributable to shareholders euro cents 2022 Restated 2021 From continuing operations Basic EPS 244.5 112.0 Diluted EPS 244.4 111.9 Basic underlying EPS 195.6 110.1 Diluted underlying EPS 195.6 110.0 From discontinued operations Basic EPS 54.8 43.9 Diluted EPS 54.8 43.9 From continuing and discontinued operations Basic EPS 299.3 155.9 Diluted EPS 299.2 155.8 Basic total EPS (prior to special items) 250.4 154.0 Diluted total EPS (prior to special items) 250.4 153.9 Basic headline EPS 264.3 155.3 Diluted headline EPS 264.2 155.2 The calculation of basic and diluted EPS, basic and diluted total EPS (prior to special items) and basic and diluted headline EPS is based on the following data: Earnings \u20ac million 2022 Restated 2021 Profit for the year attributable to shareholders 1,452 756 Arises from: Continuing operations 1,186 543 Discontinued operations 1 266 213 Special items attributable to shareholders (see note 3) (242) (7) Related tax (see note 3) 5 (2) Total earnings for the year (prior to special items) 1,215 747 Arises from: Continuing operations 949 534 Discontinued operations 1 266 213 Special items attributable to shareholders not excluded from headline earnings \u2014 3 (Gain)/loss on disposal of property, plant and equipment (2) 1 Impairments not included in special items (see note 10) 11 \u2014 Impairments included in profit from discontinued operations (see note 26) 57 \u2014 Related tax 1 2 Headline earnings for the year 1,282 753 Note: 1 Profits from discontinued operations are wholly attributable to shareholders Weighted average number of shares million 2022 2021 Basic number of ordinary shares outstanding 485.1 485.0 Effect of dilutive potential ordinary shares 0.1 0.3 Diluted number of ordinary shares outstanding 485.2 485.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "9 Dividends 2022 2021 euro cents per share \u20ac million euro cents per share \u20ac million Final dividend paid in respect of the prior year 45.00 218 41.00 201 Interim dividend paid in respect of the current year 21.67 103 20.00 97 Total dividends paid 321 298 Final dividend proposed to shareholders 48.33 234 45.00 218 The final dividend proposed in respect of the financial year ended 31 December 2022 has been recommended by the Board and is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for 4 May 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-581": {
"value": "10 Property, plant and equipment \u20ac million Land and buildings 1 Plant and equipment Assets under construction Other Total Net carrying value At 1 January 2021 1,256 2,621 621 143 4,641 Acquired through business combinations 37 18 \u2014 2 57 Additions 72 212 237 43 564 Disposal of assets (18) (5) \u2014 (2) (25) Depreciation charge for the year (75) (302) \u2014 (44) (421) Impairment losses reversed 4 \u2014 \u2014 \u2014 4 Reclassification 133 378 (529) 16 (2) Currency movements 10 34 7 1 52 At 31 December 2021 1,419 2,956 336 159 4,870 Cost 2,405 7,824 353 471 11,053 Accumulated depreciation and impairments (986) (4,868) (17) (312) (6,183) Hyperinflation monetary adjustment (see note 1) 17 15 1 1 34 Restated balance at 1 January 1,436 2,971 337 160 4,904 Additions 43 100 393 39 575 Disposal of assets (4) (2) (3) (2) (11) Disposal of businesses (see note 27) (44) (108) (9) (13) (174) Reclassification to assets held for sale (see note 26) (323) (496) (75) (47) (941) Depreciation charge for the year (68) (296) \u2014 (41) (405) Impairment losses recognised (4) (7) \u2014 \u2014 (11) Reclassification 45 207 (266) 11 (3) Hyperinflation monetary adjustment (see note 1) 26 20 2 2 50 Currency movements 60 94 19 10 183 At 31 December 2022 1,167 2,483 398 119 4,167 Cost 2,031 7,077 415 386 9,909 Accumulated depreciation and impairments (864) (4,594) (17) (267) (5,742) Note: 1 The land carrying value included in Land and buildings is \u20ac211 million (2021: \u20ac188 million) Included in the additions above is \u20ac2 million (2021: \u20acnil) of interest incurred on qualifying assets which has been capitalised during the year. The amount is deductible for tax purposes either when incurred or included in the amount permitted to be deducted for capital expenditure, depending on the jurisdiction in which they are capitalised. The Group recognised income from insurance reimbursements relating to damages of property, plant and equipment of \u20ac7 million (2021: \u20ac2 million) in other net operating expenses within the consolidated income statement. The recoverable amount of property, plant and equipment is determined based on the use of the asset within the current business plans. Any change in future intentions could result in an impairment of varying magnitude, depending on the assets affected. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "11 Leases The Group has entered into various lease agreements. Leases over land and buildings have a weighted average term of 35 years (2021: 40 years), plant and equipment a weighted average term of 12 years (2021: 13 years) and other assets a weighted average term of 5 years (2021: 4 years). The decrease in the weighted average term for leases over land and buildings is mainly driven by the Russian forestry leases, which have been reclassified to held for sale in June 2022. The principal lease agreements in place include the following: South African land lease The Group entered into a land lease agreement on 1 January 2001 for a total term of 70 years. The lease commitment and annual escalation rate is renegotiated every five years. The lease does not contain any clauses with regard to contingent rent or an option to purchase the land at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee. Office building The Group entered into an office building lease agreement in Vienna (Austria) for a total term of 20 years from October 2013. The lease may only be terminated by the Group, after six months\u2019 notice, in September 2023 and again in September 2028. Rent escalates on an annual basis by the consumer price index of the local jurisdiction. The lease does not contain any option to purchase the building at the end of the lease term, and does not impose any significant restrictions on the Group as a lessee. Variable lease payments are included in the lease liability and calculated at the consumer price index. The Group does not intend to exercise the termination options, as described above, and thus these were not considered in the calculation of the right-of-use asset. Right-of-use assets Right-of-use assets Depreciation charge \u20ac million 2022 2021 2022 Restated 2021 Land and buildings 61 126 (11) (10) Plant and equipment 43 39 (8) (7) Other 15 12 (6) (5) Total 119 177 (25) (22) Additions to the right-of-use assets during 2022 were \u20ac36 million (2021: \u20ac37 million). The decrease in the right-of-use assets and lease liabilities is mainly driven by the Russian forestry leases, which have been reclassified to assets held for sale and liabilities directly associated with assets held for sale in June 2022. Lease liabilities \u20ac million 2022 2021 Maturity analysis - contractual undiscounted cash flows Less than one year 25 31 One to two years 22 27 Two to five years 47 63 More than five years 99 328 Total undiscounted cash flows 193 449 Total lease liabilities 128 204 Current 19 20 Non-current 109 184 The continuing operations' total cash outflow for leases during 2022 was \u20ac32 million (2021 (restated): \u20ac32 million). Amounts recognised in the consolidated income statement \u20ac million 2022 Restated 2021 Depreciation charge (25) (22) Interest on lease liabilities (7) (6) Expenses relating to short-term leases (3) (2) Expenses relating to leases of low-value assets (1) (2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "Right-of-use assets Right-of-use assets Depreciation charge \u20ac million 2022 2021 2022 Restated 2021 Land and buildings 61 126 (11) (10) Plant and equipment 43 39 (8) (7) Other 15 12 (6) (5) Total 119 177 (25) (22) Additions to the right-of-use assets during 2022 were \u20ac36 million (2021: \u20ac37 million). The decrease in the right-of-use assets and lease liabilities is mainly driven by the Russian forestry leases, which have been reclassified to assets held for sale and liabilities directly associated with assets held for sale in June 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-583": {
"value": "1 2 Goodwill
(a) Reconciliation
\u20ac million 2022 2021
Net carrying value
At 1 January 926 923
Hyperinflation monetary adjustment (see note 1) 10
\u2014
Restated balance at 1 January 936 923
Disposal of businesses (see note 27) (141)
\u2014
Reclassification to assets held for sale (see note 26) (34)
\u2014
Hyperinflation monetary adjustment (see note 1) 11
\u2014
Currency movements (3) 3
At 31 December 769 926
(b) Assumptions
Goodwill acquired through business combinations is allocated to the group of cash-generating units (CGUs) that are expected to benefit
from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes.
As described further in the accounting policies in note 35, goodwill is assessed for impairment at least annually. In performing this
impairment test, the recoverable amounts of these groups of CGUs are the higher of fair value less costs to dispose and value in use.
Goodwill is allocated to three groups of CGUs, as follows:
2022/\u20ac million, unless otherwise stated
Weighted
average
pre-tax discount
rate
Growth rate
beyond year 3 Carrying value
Corrugated Packaging 9.9% 3% 329
Flexible Packaging 9.2% 2% 425
Uncoated Fine Paper 10.2% 0% 15
Total goodwill 769
As a result of the reorganisation of the Group\u2019s business units (see note 2), the Group has changed, based on the relative fair values in
accordance with IAS 36, the allocation of goodwill to its respective groups of CGUs, with three groups of CGUs being identified as the
lowest level at which goodwill is monitored for management purposes:
\u2014 Following the disposal of the PCC business in June 2022, \u20ac141 million of goodwill previously allocated to the Engineered Materials
group of CGUs was assigned to the divested PCC group of CGUs. The remaining goodwill of \u20ac73 million was moved to the Flexible
Packaging group of CGUs, together with the retained functional paper and films operations.
\u2014 Goodwill of \u20ac34 million previously allocated to the Corrugated Packaging, Flexible Packaging and Uncoated Fine Paper groups of
CGUs was moved to the Russian discontinued operations, where it has been reported as held for sale as at 31 December 2022.
In 2021, prior to the reorganisation, goodwill was allocated to four groups of CGUs as follows:
2021/\u20ac million, unless otherwise stated
Weighted
average
pre-tax discount
rate
Growth rate
beyond year 3 Carrying value
Corrugated Packaging 8.7% 3% 341
Flexible Packaging 8.7% 2% 341
Engineered Materials 7.9% 2% 214
Uncoated Fine Paper 10.7% 0% 30
Total goodwill 926
Key assumptions for 2022 The key assumptions in the value-in-use calculations are as follows: \u2014 Cash flow forecasts are derived from the budget most recently approved by the Board covering the three-year period to 31 December 2025. \u2014 Sales volumes, sales prices and input cost assumptions in the budget period are derived from a combination of economic forecasts for the regions in which the Group operates, industry forecasts for individual product lines, internal management projections, historical performance and announced and expected industry capacity changes. \u2014 The impact of climate change such as regulatory risks on carbon pricing, yield losses on plantations or the effects of droughts as well as climate-change related opportunities in the budget period are considered in the cash flow forecasts. The Group\u2019s climate change risks and opportunities identified according to the TCFD recommendations are disclosed on pages 48-57 of this report. \u2014 Cash flow projections in year four are based on internal management projections taking into consideration industry forecasts and growth rates in the regions in which the Group operates. Growth rates (as per the table above) are applied to the groups of CGUs for all years from year four onwards. \u2014 Capital expenditure forecasts are based on historical experience and include expenditure necessary to maintain the assets in their current condition. The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital. In determining the discount rate applicable to each group of CGUs, adjustments are made to reflect the impacts of country risk. Sensitivity analyses Expected future cash flows are inherently uncertain and could change materially over time. They are affected by a number of factors, including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates, estimates of production costs and future capital expenditure. Risks associated with increased operating costs such as carbon pricing mechanisms have also been considered. Sensitivity analyses of reasonably possible changes in the underlying assumptions for each group of CGUs included: \u2014 100 bps increase in discount rate; \u2014 0% growth rate assumed for cash flow projections beyond three years in the Corrugated Packaging and Flexible Packaging groups of CGUs; \u2014 5% decrease in sales prices of paper and pulp in the Corrugated Packaging and Flexible Packaging groups of CGUs; and \u2014 3% decrease in sales prices of paper and 5% decrease in sales prices of pulp in the Uncoated Fine Paper group of CGUs. None of these downside sensitivity analyses indicated the need for an impairment. 13 Intangible assets
\u20ac million 2022 2021
Net carrying value
At 1 January 76 70
Hyperinflation monetary adjustment (see note 1) 2
\u2014
Restated balance at 1 January 78 70
Acquired through business combinations
\u2014
6
Additions 12 17
Disposal of businesses (see note 27) (2)
\u2014
Reclassification to assets held for sale (see note 26) (7)
\u2014
Impairment charge for the year (2)
\u2014
Amortisation charge for the year (18) (18)
Reclassification 3 2
Hyperinflation monetary adjustment (see note 1) 3
\u2014
Currency movements (3) (1)
At 31 December 64 76
Cost 235 259
Accumulated amortisation and impairments (171) (183)
The intangible assets comprise mainly software development costs.
R&D expenditure incurred by the Group and charged to the consolidated income statement during the year amounted to \u20ac22 million
(2021 (restated): \u20ac22 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "1 2 Goodwill (a) Reconciliation \u20ac million 2022 2021 Net carrying value At 1 January 926 923 Hyperinflation monetary adjustment (see note 1) 10 \u2014 Restated balance at 1 January 936 923 Disposal of businesses (see note 27) (141) \u2014 Reclassification to assets held for sale (see note 26) (34) \u2014 Hyperinflation monetary adjustment (see note 1) 11 \u2014 Currency movements (3) 3 At 31 December 769 926 (b) Assumptions Goodwill acquired through business combinations is allocated to the group of cash-generating units (CGUs) that are expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. As described further in the accounting policies in note 35, goodwill is assessed for impairment at least annually. In performing this impairment test, the recoverable amounts of these groups of CGUs are the higher of fair value less costs to dispose and value in use. Goodwill is allocated to three groups of CGUs, as follows: 2022/\u20ac million, unless otherwise stated Weighted average pre-tax discount rate Growth rate beyond year 3 Carrying value Corrugated Packaging 9.9% 3% 329 Flexible Packaging 9.2% 2% 425 Uncoated Fine Paper 10.2% 0% 15 Total goodwill 769 As a result of the reorganisation of the Group\u2019s business units (see note 2), the Group has changed, based on the relative fair values in accordance with IAS 36, the allocation of goodwill to its respective groups of CGUs, with three groups of CGUs being identified as the lowest level at which goodwill is monitored for management purposes: \u2014 Following the disposal of the PCC business in June 2022, \u20ac141 million of goodwill previously allocated to the Engineered Materials group of CGUs was assigned to the divested PCC group of CGUs. The remaining goodwill of \u20ac73 million was moved to the Flexible Packaging group of CGUs, together with the retained functional paper and films operations. \u2014 Goodwill of \u20ac34 million previously allocated to the Corrugated Packaging, Flexible Packaging and Uncoated Fine Paper groups of CGUs was moved to the Russian discontinued operations, where it has been reported as held for sale as at 31 December 2022. In 2021, prior to the reorganisation, goodwill was allocated to four groups of CGUs as follows: 2021/\u20ac million, unless otherwise stated Weighted average pre-tax discount rate Growth rate beyond year 3 Carrying value Corrugated Packaging 8.7% 3% 341 Flexible Packaging 8.7% 2% 341 Engineered Materials 7.9% 2% 214 Uncoated Fine Paper 10.7% 0% 30 Total goodwill 926 Key assumptions for 2022 The key assumptions in the value-in-use calculations are as follows: \u2014 Cash flow forecasts are derived from the budget most recently approved by the Board covering the three-year period to 31 December 2025. \u2014 Sales volumes, sales prices and input cost assumptions in the budget period are derived from a combination of economic forecasts for the regions in which the Group operates, industry forecasts for individual product lines, internal management projections, historical performance and announced and expected industry capacity changes. \u2014 The impact of climate change such as regulatory risks on carbon pricing, yield losses on plantations or the effects of droughts as well as climate-change related opportunities in the budget period are considered in the cash flow forecasts. The Group\u2019s climate change risks and opportunities identified according to the TCFD recommendations are disclosed on pages 48-57 of this report. \u2014 Cash flow projections in year four are based on internal management projections taking into consideration industry forecasts and growth rates in the regions in which the Group operates. Growth rates (as per the table above) are applied to the groups of CGUs for all years from year four onwards. \u2014 Capital expenditure forecasts are based on historical experience and include expenditure necessary to maintain the assets in their current condition. The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital. In determining the discount rate applicable to each group of CGUs, adjustments are made to reflect the impacts of country risk. Sensitivity analyses Expected future cash flows are inherently uncertain and could change materially over time. They are affected by a number of factors, including market and production estimates, together with economic factors such as prices, discount rates, currency exchange rates, estimates of production costs and future capital expenditure. Risks associated with increased operating costs such as carbon pricing mechanisms have also been considered. Sensitivity analyses of reasonably possible changes in the underlying assumptions for each group of CGUs included: \u2014 100 bps increase in discount rate; \u2014 0% growth rate assumed for cash flow projections beyond three years in the Corrugated Packaging and Flexible Packaging groups of CGUs; \u2014 5% decrease in sales prices of paper and pulp in the Corrugated Packaging and Flexible Packaging groups of CGUs; and \u2014 3% decrease in sales prices of paper and 5% decrease in sales prices of pulp in the Uncoated Fine Paper group of CGUs. None of these downside sensitivity analyses indicated the need for an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "13 Intangible assets \u20ac million 2022 2021 Net carrying value At 1 January 76 70 Hyperinflation monetary adjustment (see note 1) 2 \u2014 Restated balance at 1 January 78 70 Acquired through business combinations \u2014 6 Additions 12 17 Disposal of businesses (see note 27) (2) \u2014 Reclassification to assets held for sale (see note 26) (7) \u2014 Impairment charge for the year (2) \u2014 Amortisation charge for the year (18) (18) Reclassification 3 2 Hyperinflation monetary adjustment (see note 1) 3 \u2014 Currency movements (3) (1) At 31 December 64 76 Cost 235 259 Accumulated amortisation and impairments (171) (183) The intangible assets comprise mainly software development costs. R&D expenditure incurred by the Group and charged to the consolidated income statement during the year amounted to \u20ac22 million (2021 (restated): \u20ac22 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-584": {
"value": "14 Forestry assets \u20ac million 2022 2021 At 1 January 348 372 Investment in forestry assets 49 45 Fair value gains/(losses) 169 (7) Felling costs (78) (62) Currency movements (3) \u2014 At 31 December 485 348 Mature 309 217 Immature 176 131 The Group has 252,857 hectares (2021: 253,680 hectares) of owned and leased land available for forestry activities, all of which is in South Africa. 80,227 hectares (2021: 80,854 hectares) are set aside for conservation activities and infrastructure needs. 1,045 hectares (2021: 1,044 hectares) relate to non-core activities. The balance of 171,585 hectares (2021: 171,782 hectares) are under afforestation, which forms the basis of the valuation set out above. Mature forestry assets are those plantations that are harvestable, while immature forestry assets have not yet reached that stage of growth. Timber is harvested according to a rotation plan, once trees reach maturity. The maturity period ranges from 6.5 to 14.5 years, depending on species, climate and location. The fair value of forestry assets is a level 3 measure in terms of the fair value measurement hierarchy, consistent with prior years. The following assumptions have a significant impact on the valuation of the Group\u2019s forestry assets: \u2014 The net selling price, which is defined as the selling price less the costs of transport, harvesting, extraction and loading. The net selling price is based on third-party transactions and is influenced by the species, maturity profile and location of timber. In 2022, the net selling price used ranged from the South African rand equivalent of \u20ac14 per tonne to \u20ac47 per tonne (2021: \u20ac14 per tonne to \u20ac44 per tonne), with a weighted average of \u20ac33 per tonne (2021: \u20ac24 per tonne). \u2014 The conversion factor, which is used to convert hectares of land under afforestation to tonnes of standing timber, is dependent on the species, the maturity profile of the timber, the geographic location and a variety of other environmental factors, such as the anticipated impact of climate change on water scarcity and fire risks. In 2022, the conversion factors ranged from 7.9 to 23.9 (2021: 8.3 to 24.1). \u2014 The risk premium on immature timber of 12.5% (2021: 12.9%) is based on an assessment of the risks associated with forestry assets in South Africa and is applied for the years the immature timber has left to reach maturity. A risk premium on mature timber of 4.0% (2021: 4.0%) was applied. The risk premium applied to immature and mature timber include factors for the anticipated impact of climate change on water scarcity and fire risks. An increase in the severity and frequency of extreme weather events, such as higher temperatures, changes in rainfall patterns and drought conditions, may result in higher timber losses in future years caused by stronger winds, erosion, fires, pests and diseases. The valuation of the Group\u2019s forestry assets is determined in South African rand and converted to euro at the closing exchange rate on 31 December of each year. Management has performed sensitivity analyses of reasonably possible changes in the significant assumptions and the EUR/ZAR exchange rate. The sensitivity table is based on historical experience; however, the estimates may vary by greater amounts. Therefore, the Board considers the forestry assets valuation to be a significant accounting estimate. The reported value of owned forestry assets would change as follows should there be a change in these underlying assumptions on the basis that all other factors remain unchanged: \u20ac million 2022 2021 Effect of \u20ac5/tonne increase in net selling price 75 71 Effect of 1% increase in conversion factor (hectares to tonnes) 5 3 Effect of 1% increase in risk premium (7) (5) Effect of 10% increase in EUR/ZAR exchange rate (44) (32) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-585": {
"value": "15 Investments in joint ventures \u20ac million 2022 2021 At 1 January 17 10 Share of profit 1 6 Additions \u2014 1 At 31 December 18 17 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-586": {
"value": "16 Inventories \u20ac million 2022 2021 Valued using the first-in, first-out cost formula Raw materials and consumables 18 20 Work in progress 7 4 Finished products 35 8 Total valued using the first-in, first-out cost formula 60 32 Valued using the weighted average cost formula Raw materials and consumables 639 499 Work in progress 153 134 Finished products 507 434 Total valued using the weighted average cost formula 1,299 1,067 Total inventories 1,359 1,099 Of which, held at net realisable value 174 165 Consolidated income statement \u20ac million 2022 Restated 2021 Within materials, energy and consumables used Cost of inventories recognised as an expense (3,928) (3,001) Write-down of inventories to net realisable value (65) (42) Aggregate reversal of previous write-downs of inventories 40 30 Within other net operating expenses Green energy sales and disposal of emissions credits 50 62 The reversal of previous write-downs of inventories relates to goods that had been written down to net realisable value and were subsequently sold above their carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-587": {
"value": "17 Trade and other receivables \u20ac million 2022 2021 Trade receivables 1,250 1,173 Credit loss allowance (26) (29) Net trade receivables 1,224 1,144 Other receivables 20 23 Tax and social security 158 133 Prepayments 46 32 Accrued income \u2014 1 Total trade and other receivables 1,448 1,333 Trade receivables: credit risk The Group has a large number of unrelated customers and does not have significant credit risk exposure to any particular customer. The Group considers that there is no significant geographical or customer concentration of credit risk. Each business segment manages its own exposure to credit risk according to the economic circumstances and characteristics of the relevant markets that it serves. The Group considers that management of credit risk on a decentralised basis enables it to assess and manage credit risk more effectively. However, broad principles of credit risk management are observed across all business segments, such as the use of credit rating agencies, credit guarantee insurance, where appropriate, and the maintenance of a credit control function . \u20ac million 2022 2021 Credit risk exposure Gross trade receivables 1,250 1,173 Credit insurance (995) (968) Net exposure to credit risk 255 205 In addition, the Group is in possession of bank guarantees and letters of credit securing trade and other receivables to the value of \u20ac17 million (2021: \u20ac5 million). Credit periods offered to customers vary according to the credit risk profiles of, and invoicing conventions established by, participants operating in the various markets in which the Group operates. Interest is charged at appropriate market rates on balances which are considered overdue in the relevant market. To the extent that recoverable amounts are expected to be less than their associated carrying values, impairment charges have been recorded in the consolidated income statement and the carrying values have been written down to their expected recoverable amounts. The total gross carrying value of trade receivables that were subject to credit loss allowance during the year is \u20ac42 million (2021: \u20ac45 million). Included within the Group\u2019s aggregate trade receivables balance are specific debtor balances, with customers totalling \u20ac173 million (2021: \u20ac112 million) which are past due where the Group considers that their credit quality remains intact. The expected credit loss allowance for trade receivables was determined as follows: 2022/\u20ac million, unless otherwise stated Within terms Past due by <1 month 1-2 months 2-3 months >3 months Expected loss rate % 1 2 6 14 67 Trade receivables 1,059 135 31 7 18 1,250 Credit loss allowance (8) (3) (2) (1) (12) (26) 2021/\u20ac million, unless otherwise stated Within terms Past due by <1 month 1-2 months 2-3 months >3 months Expected loss rate % 1 2 7 33 76 Trade receivables 1,041 93 15 3 21 1,173 Credit loss allowance (9) (2) (1) (1) (16) (29) Movement in the credit loss allowance \u20ac million 2022 2021 At 1 January 29 29 Increase in allowance recognised in consolidated income statement 10 11 Amounts written off or recovered (8) (7) Reclassification to assets held for sale (see note 26) (2) \u2014 Currency movements (3) (4) At 31 December 26 29 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-588": {
"value": "18 Trade and other payables \u20ac million 2022 2021 Trade payables 879 823 Capital expenditure payables 48 56 Tax and social security 68 71 Other payables 59 60 Accruals 454 419 Deferred income 17 15 Total trade and other payables 1,525 1,444 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-589": {
"value": "19 Provisions \u20ac million Restructuring costs Employee-related provisions Environmental restoration Other Total At 1 January 2022 9 30 4 25 68 Charged to consolidated income statement \u2014 8 \u2014 14 22 Released to consolidated income statement \u2014 (2) \u2014 (2) (4) Amounts used (4) (6) \u2014 (11) (21) Disposal of businesses (see note 27) (2) (1) \u2014 (1) (4) Reclassification to liabilities directly associated with assets held for sale (see note 26) \u2014 \u2014 \u2014 (14) (14) Currency movements \u2014 \u2014 \u2014 2 2 At 31 December 2022 3 29 4 13 49 Current 3 8 \u2014 11 22 Non-current \u2014 21 4 2 27 The provisions for restructuring costs are expected to be settled over the next year. Restructuring provisions include severance costs, when management has made a formal decision to eliminate certain positions and this has been communicated to the groups of employees affected, and other related costs that are typically expected to be incurred in the course of a restructuring programme. Employee-related provisions comprise provisions for jubilee awards and other short-term benefits. Given the nature of jubilee provisions, the amounts are likely to be settled over many years. The Group provides for the costs of environmental remediation that have been identified at the time of plant closure, as part of acquisition due diligence or in other circumstances where remediation by the Group is required and a probable outflow of economic resources is identified. Judgement and experience is used by management in determining the expected timing, closure and decommissioning methods, which can vary over time and between locations in response to the relevant legal requirements in each territory or the impact of applying new technologies. As of 31 December 2022, such provisions totalled \u20ac4 million (2021: \u20ac4 million). The Group does not provide for any potential future environmental remediation or asset retirement obligations in respect of plants that the Group continues to own and operate into the foreseeable future based on the existing strategy of the Group, unless a legal or constructive obligation exists at the reporting date. Provisions may be identified at a future date if a change in strategy results in planned plant closure or disposal and the Group identifies the need for future environmental remediation subject to the existence of a legal or constructive obligation. Other provisions are mainly attributable to potential claims against the Group and onerous contracts, none of which is individually significant. The Group expects to settle the majority of the provisions over the next year. All non-current provisions are discounted using a discount rate relevant in the local countries, based on a pre-tax yield on long- term bonds. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-590": {
"value": "20 Capital management The Group defines its capital employed as equity, as presented in the consolidated statement of financial position, plus net debt. \u20ac million 2022 2021 Equity attributable to shareholders 5,794 4,498 Equity attributable to non-controlling interests 460 391 Total equity 6,254 4,889 Net debt (see note 28c) 1,011 1,763 Capital employed (see page 245) 7,265 6,652 Capital employed is managed on a basis that enables the Group to continue trading as a going concern, while delivering acceptable returns to shareholders. The Group is committed to managing its cost of capital by maintaining an appropriate capital structure, with a balance between equity and net debt. The Group utilises its capital employed to fund the growth of the business and to finance its liquidity needs. The primary sources of the Group\u2019s net debt include its \u20ac2.5 billion Guaranteed Euro Medium Term Note Programme, its \u20ac750 million Syndicated Revolving Credit Facility and financing from various banks and other credit agencies, thus providing the Group with access to diverse sources of debt financing. The principal loan arrangements in place are the following: \u20ac million Maturity Interest rate % 2022 2021 Financing facilities Syndicated Revolving Credit Facility June 2027 1 EURIBOR + margin 750 750 \u20ac500 million Eurobond April 2024 1.500% 500 500 \u20ac600 million Eurobond April 2026 1.625% 600 600 \u20ac750 million Eurobond April 2028 2.375% 750 750 European Investment Bank Facility June 2025 EURIBOR + margin \u2014 33 Long Term Facility Agreement December 2026 EURIBOR + margin 27 70 Other Various Various 8 57 Total committed facilities 2,635 2,760 Drawn (1,878) (1,957) Total committed facilities available 757 803 Note: 1 The Group has opted for a one-year extension on the facility, which moved the maturity from June 2026 to June 2027 The Group\u2019s Eurobonds incur a fixed rate of interest. Swap agreements are utilised by the Group to raise non-euro-denominated currency to fund subsidiaries' liquidity needs, thereby exposing the Group to floating interest rates. The \u20ac750 million 5-year revolving multi-currency credit facility agreement (RCF) incorporates key sustainability targets linked to MAP2030, classifying the facility as a Sustainability Linked Loan. Under the terms of the agreement, the margin will be adjusted according to the Group\u2019s performance against specified sustainability targets. Short-term liquidity needs are met by cash and the RCF. As at 31 December 2022, the Group had no financial covenants in any of its financing facilities. The Group reviews its capital employed on a regular basis and makes use of several indicative ratios which are appropriate to the nature of its operations and consistent with conventional industry measures. The principal ratios used include: 2022 Restated 2021 Pre-tax weighted average cost of capital (%) 10.0 10.0 Gearing (%) (see page 247) 16.3 28.7 Net debt to underlying EBITDA (times) (see page 247) 0.5 1.5 Return on capital employed from continuing operations (%) (see page 246) 23.7 13.9 In order to manage its cost of capital, maintain an appropriate capital structure and meet its ongoing cash flow needs, the Group may issue new debt instruments; adjust the level of dividends paid to shareholders; issue new shares to, or repurchase shares from, investors; or dispose of assets to reduce its net debt exposure .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-591": {
"value": "21 Borrowings 2022 2021 \u20ac million Current Non-current Total Current Non-current Total Secured Bank loans and overdrafts 1 \u2014 1 2 1 3 Lease liabilities (see note 11) 19 109 128 20 184 204 Total secured 20 109 129 22 185 207 Unsecured Bonds \u2014 1,843 1,843 \u2014 1,840 1,840 Bank loans and overdrafts 82 18 100 77 79 156 Other loans \u2014 \u2014 \u2014 25 \u2014 25 Total unsecured 82 1,861 1,943 102 1,919 2,021 Total borrowings 102 1,970 2,072 124 2,104 2,228 Committed facilities drawn 1,878 1,957 Uncommitted facilities drawn 194 271 The Group\u2019s borrowings as at 31 December are analysed by nature and underlying currency as follows: 2022/\u20ac million Floating rate borrowings Fixed rate borrowings Total carrying value Fair value Euro 30 1,906 1,936 1,820 South African rand \u2014 23 23 23 Turkish lira 33 41 74 74 US dollar \u2014 14 14 14 Other currencies 2 23 25 25 Carrying value 65 2,007 2,072 Fair value 65 1,891 1,956 2021/\u20ac million Floating rate borrowings Fixed rate borrowings Total carrying value Fair value Euro 125 1,904 2,029 2,154 Pounds sterling \u2014 4 4 4 South African rand 15 23 38 38 Turkish lira 25 16 41 41 US dollar \u2014 9 9 9 Russian rouble \u2014 82 82 82 Other currencies 4 21 25 25 Carrying value 169 2,059 2,228 Fair value 169 2,184 2,353 The fair values of the Eurobonds are estimated with reference to the last price quoted in the secondary market. All other financial liabilities are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments . The maturity analysis of the Group\u2019s borrowings, presented net of interest, is as follows: 2022/\u20ac million <1 year 1\u20132 years 2\u20135 years >5 years Total 1 Bonds \u2014 499 598 746 1,843 Bank loans and overdrafts 83 7 11 \u2014 101 Lease liabilities (see note 11) 19 17 35 57 128 Total borrowings 102 523 644 803 2,072 Effective interest on borrowings net of amortised costs and discounts 51 37 80 51 219 Total undiscounted cash flows 153 560 724 854 2,291 2021/\u20ac million <1 year 1\u20132 years 2\u20135 years >5 years Total 1 Bonds \u2014 \u2014 1,096 744 1,840 Bank loans and overdrafts 79 25 55 \u2014 159 Lease liabilities 20 16 33 135 204 Other loans 25 \u2014 \u2014 \u2014 25 Total borrowings 124 41 1,184 879 2,228 Effective interest on borrowings net of amortised costs and discounts 51 46 111 221 429 Total undiscounted cash flows 175 87 1,295 1,100 2,657 Note: 1 It has been assumed that, where applicable, interest and foreign exchange rates prevailing at the reporting date will not vary over the time periods remaining for future cash outflows In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market, as disclosed in note 31, which has the effect of exposing the Group to the floating interest rate of those currencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "22 Share capital and other reserves
Mondi plc is not restricted in the number of shares that can be issued. Any issue of shares is subject to shareholder approval. Mondi plc
ordinary shares issued on the London Stock Exchange and Johannesburg Stock Exchange have a nominal value of \u20ac0.20. All ordinary
shares are called up, allotted and fully paid.
2022 & 2021
Number of
shares
Share capital
in \u20ac million
Mondi plc \u20ac0.20 ordinary shares issued 485,553,780 97
Own shares
Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share
schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2022 2021
at 31 December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust 147,357 ZAR206.88 186,760 ZAR214.13
Mondi Employee Share Trust 401,802 GBP14.69 426,230 GBP16.87
Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust.
Other reserves \u20ac million Cumulative translation adjustment reserve Post- retirement benefits reserve Share-based payment reserve Cash flow hedge reserve Merger reserve Other sundry reserves Total At 1 January 2021 (1,038) (51) 16 \u2014 667 29 (377) Other comprehensive income/(expense) for the year 31 8 \u2014 (1) \u2014 \u2014 38 Mondi share schemes\u2019 charge \u2014 \u2014 9 \u2014 \u2014 \u2014 9 Issue of shares under employee share schemes \u2014 \u2014 (9) \u2014 \u2014 \u2014 (9) Other movements \u2014 \u2014 \u2014 \u2014 \u2014 (2) (2) At 31 December 2021 (1,007) (43) 16 (1) 667 27 (341) Hyperinflation monetary adjustment (see note 1) 54 3 \u2014 \u2014 \u2014 \u2014 57 Restated balance at 1 January 2022 (953) (40) 16 (1) 667 27 (284) Other comprehensive income for the year 98 5 \u2014 2 \u2014 \u2014 105 Mondi share schemes\u2019 charge (see note 23) \u2014 \u2014 11 \u2014 \u2014 \u2014 11 Issue of shares under employee share schemes \u2014 \u2014 (10) \u2014 \u2014 \u2014 (10) Disposal of businesses (see note 27) (4) \u2014 \u2014 \u2014 \u2014 \u2014 (4) At 31 December 2022 (859) (35) 17 1 667 27 (182) Cumulative translation adjustment reserve Exchange differences arising on the translation of the Group\u2019s non-euro operations into the presentation currency of the Group are recognised in other comprehensive income, as described in note 35, and accumulated in the cumulative translation adjustment reserve. The cumulative amount is reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Post-retirement benefits reserve Actuarial gains and losses and the return on plan assets arising from the Group\u2019s defined benefit pension and post-retirement medical plans are recognised in other comprehensive income, as described in note 35, and accumulated in the post-retirement benefits reserve. Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other comprehensive income may be transferred to retained earnings within equity. Share-based payment reserve The share-based payment reserve is used to recognise the grant date fair value of options issued to employees but not exercised and the grant date fair value of shares awarded to employees but not yet vested, as described in note 35. Cash flow hedge reserve The cash flow hedge reserve is used to recognise the effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows, as described in note 35. Merger reserve The merger reserve was recognised in respect of the demerger from Anglo American plc in 2007 and the simplification of the dual-listed company structure in 2019. Other sundry reserves The other sundry reserves comprise various other reserves, which individually are not material and typically are not subject to material changes ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "22 Share capital and other reserves Mondi plc is not restricted in the number of shares that can be issued. Any issue of shares is subject to shareholder approval. Mondi plc ordinary shares issued on the London Stock Exchange and Johannesburg Stock Exchange have a nominal value of \u20ac0.20. All ordinary shares are called up, allotted and fully paid. 2022 & 2021 Number of shares Share capital in \u20ac million Mondi plc \u20ac0.20 ordinary shares issued 485,553,780 97 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-656": {
"value": "Own shares Own shares represent the cost of shares in Mondi plc purchased in the market to satisfy share awards under the Group\u2019s employee share schemes (see note 23). These costs are reflected in the consolidated statement of changes in equity. Own shares held 2022 2021 at 31 December Number of shares held Average price per share Number of shares held Average price per share Mondi Incentive Schemes Trust 147,357 ZAR206.88 186,760 ZAR214.13 Mondi Employee Share Trust 401,802 GBP14.69 426,230 GBP16.87 Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-657": {
"value": "Other reserves \u20ac million Cumulative translation adjustment reserve Post- retirement benefits reserve Share-based payment reserve Cash flow hedge reserve Merger reserve Other sundry reserves Total At 1 January 2021 (1,038) (51) 16 \u2014 667 29 (377) Other comprehensive income/(expense) for the year 31 8 \u2014 (1) \u2014 \u2014 38 Mondi share schemes\u2019 charge \u2014 \u2014 9 \u2014 \u2014 \u2014 9 Issue of shares under employee share schemes \u2014 \u2014 (9) \u2014 \u2014 \u2014 (9) Other movements \u2014 \u2014 \u2014 \u2014 \u2014 (2) (2) At 31 December 2021 (1,007) (43) 16 (1) 667 27 (341) Hyperinflation monetary adjustment (see note 1) 54 3 \u2014 \u2014 \u2014 \u2014 57 Restated balance at 1 January 2022 (953) (40) 16 (1) 667 27 (284) Other comprehensive income for the year 98 5 \u2014 2 \u2014 \u2014 105 Mondi share schemes\u2019 charge (see note 23) \u2014 \u2014 11 \u2014 \u2014 \u2014 11 Issue of shares under employee share schemes \u2014 \u2014 (10) \u2014 \u2014 \u2014 (10) Disposal of businesses (see note 27) (4) \u2014 \u2014 \u2014 \u2014 \u2014 (4) At 31 December 2022 (859) (35) 17 1 667 27 (182) Cumulative translation adjustment reserve Exchange differences arising on the translation of the Group\u2019s non-euro operations into the presentation currency of the Group are recognised in other comprehensive income, as described in note 35, and accumulated in the cumulative translation adjustment reserve. The cumulative amount is reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Post-retirement benefits reserve Actuarial gains and losses and the return on plan assets arising from the Group\u2019s defined benefit pension and post-retirement medical plans are recognised in other comprehensive income, as described in note 35, and accumulated in the post-retirement benefits reserve. Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other comprehensive income may be transferred to retained earnings within equity. Share-based payment reserve The share-based payment reserve is used to recognise the grant date fair value of options issued to employees but not exercised and the grant date fair value of shares awarded to employees but not yet vested, as described in note 35. Cash flow hedge reserve The cash flow hedge reserve is used to recognise the effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows, as described in note 35. Merger reserve The merger reserve was recognised in respect of the demerger from Anglo American plc in 2007 and the simplification of the dual-listed company structure in 2019. Other sundry reserves The other sundry reserves comprise various other reserves, which individually are not material and typically are not subject to material changes .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "23 Share-based payments Mondi share awards The Group has established its own share-based payment arrangements to incentivise employees. Full details of the Group\u2019s share schemes are set out in the Remuneration report. The fair values of the share awards granted under the Mondi schemes are calculated with reference to the facts and assumptions presented below: BSP 2022 BSP 2021 BSP 2020 Date of grant 10 March 2022 12 March 2021 26 March 2020 Vesting period (years) 3 3 3 Expected leavers p.a. (%) 5 5 5 Grant date fair value per instrument (GBP) 14.03 18.46 13.87 Grant date fair value per instrument (ZAR) 281.55 383.47 279.76 Number of shares conditionally awarded 541,730 234,516 205,633 LTIP 2022 LTIP 2021 LTIP 2020 1 Date of grant 10 March 2022 12 March 2021 26 March 2020 Vesting period (years) 3 3 3 Expected leavers p.a. (%) 5 5 5 Grant date fair value per instrument (GBP) ROCE component 14.03 18.46 14.42 TSR component 2 3.51 4.62 3.60 Grant date fair value per instrument (ZAR) ROCE component 281.55 383.47 279.76 TSR component 2 70.39 95.87 69.94 Number of shares conditionally awarded 614,253 506,519 534,276 Notes: 1 All participants, except the Group CEO and Group CFO, were granted an award on 26 March 2020. The Group CEO was granted an award on 11 May 2020 after the Remuneration policy approval at the Mondi plc AGM. The Group CFO was granted an LTIP 2020 and an LTIP 2019 award on 2 December 2020. The weighted average grant date fair value is reflected in the table. All performance requirements are identical for all 2020 LTIP awards 2 The base fair value has been adjusted for contractually determined market-based performance conditions All of these scheme awards will be settled at the end of the vesting cycle in either the award of ordinary shares in Mondi plc or the award of nil-cost options to ordinary shares in Mondi plc. The Group has no obligation to settle the awards made under these schemes in cash. An amount equal to the dividends that would have been paid on Bonus Share Plan (BSP) and Long-Term Incentive Plan (LTIP) share awards during the holding period is paid to participants upon vesting. The total fair value charge in respect of all the Mondi share awards for the year ended 31 December is made up as follows: \u20ac million 2022 2021 Bonus Share Plan 5 4 Long-Term Incentive Plan 6 5 Total share-based payment expense 11 9 The weighted average share price of share awards that vested during the period is as follows: 2022 2021 Mondi plc - Johannesburg Stock Exchange ZAR280.33 ZAR377.46 Mondi plc - London Stock Exchange GBP14.36 GBP17.97 A reconciliation of share award movements for the Mondi share schemes is shown below: number of shares BSP LTIP At 1 January 2021 631,073 1,212,584 Shares conditionally awarded 234,516 506,519 Shares vested (223,228) (157,767) Shares lapsed (20,827) (233,729) At 31 December 2021 621,534 1,327,607 Shares conditionally awarded 541,730 614,253 Shares vested (257,041) (186,227) Shares lapsed (27,140) (257,295) At 31 December 2022 879,083 1,498,338 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "24 Retirement benefits The Group operates post-retirement defined contribution, post-retirement defined benefit pension plans and post-retirement medical plans for many of its employees. Defined contribution plans The assets of the defined contribution plans are held separately in independently administered funds. The charge in respect of these plans of \u20ac14 million (2021 (restated): \u20ac13 million) is calculated on the basis of the contribution payable by the Group in the financial year. There were no material outstanding or prepaid contributions recognised in relation to these plans as at the reporting dates presented. The expected contributions to be paid to defined contribution plans during 2023 are \u20ac15 million. Defined benefit pension plans and post-retirement medical plans The Group operates in excess of 100 defined benefit retirement plans across its global operations. A large proportion of the Group\u2019s defined benefit plans are closed to new members. The majority of these plans are unfunded and provide pensions and severance benefits to members of those plans. The most significant unfunded defined benefit plans are operated in Austria and Germany, and funded plans are operated primarily in the UK. These plans are established in accordance with applicable local labour legislation and/or collective agreements with participating employees. The benefits are based on a variety of factors, the most significant of which are a combination of pensionable service and final salary. A number of these plans also provide additional benefits in the event of death in service, disability or ill-health retirement, which are derived from the final salary benefit formula. The assets of the funded plans are held separately in independently administered funds, in accordance with statutory requirements or local practice where those funds are operated. The boards of trustees of these plans are required to act in the best interests of the plans and all relevant stakeholders of the plans (active employees, inactive employees, retirees and employers), and are responsible for the Investment policy with regard to the assets of the plans. The post-retirement medical plans provide health benefits to retired employees and certain of their dependants. Eligibility for cover is dependent upon certain criteria. The South African plan is unfunded and has been closed to new participants since 1 January 1999. Except for the actuarial risks set out below, the Group has not identified any additional specific risks in respect of these plans . Defined benefit plans typically expose the Group to the following actuarial risks: Investment risk (Asset volatility) The present value of the net retirement benefit liability/asset is calculated using a discount rate determined by reference to high-quality bond yields. If the return on plan assets is below this rate, it will create a plan deficit that needs to be funded/guaranteed by the employer. Interest risk A decrease in the bond interest rate will increase plan liabilities; however, this will be partially offset by an increase in the value of the plan\u2019s fixed rate debt instruments. Longevity risk The present value of the net retirement benefit liability/asset is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan liabilities. Salary risk The present value of the net retirement benefit liability/asset is calculated by reference to the expected future salaries of plan participants. An increase in the salary of the plan participants will increase the plan liabilities. Medical cost inflation risk The present value of the post-retirement medical plans is calculated by reference to expected future medical costs. An increase in medical cost inflation will increase the plan liabilities. Independent qualified actuaries carry out full valuations every year using the projected unit credit method. Actuarial assumptions The weighted average principal assumptions used in the actuarial valuations are detailed below: 2022 2021 % South Africa Europe Other regions South Africa Europe Other regions Discount rate 11.3 4.1 10.1 10.3 1.3 10.2 Rate of inflation 6.6 2.5 8.3 6.2 2.5 6.7 Rate of increase in salaries 7.6 2.6 8.8 7.2 2.6 8.1 Rate of increase of pensions in payment \u2014 2.6 \u2014 \u2014 2.8 2.3 Expected average increase of medical costs 8.7 \u2014 \u2014 7.7 \u2014 \u2014 The assumption for the discount rate for plan liabilities is based on AA corporate bonds which are of a suitable duration and currency. In South Africa, the discount rate assumption has been based on the zero coupon government bond yield curve. Mortality assumptions The assumed remaining life expectancies on retirement at age 65 are: 2022 2021 years South Africa Europe Other regions South Africa Europe Other regions Retiring today Males 16.3 13.6-23.2 15.0-20.7 16.3 13.6-23.2 15.3-20.7 Females 20.4 17.5-25.5 17.0-25.3 20.4 17.5-25.5 17.7-25.3 Retiring in 20 years Males 18.7 13.6-25.4 15.3-20.0 22.0 13.6-25.5 15.3-20.0 Females 23.0 17.5-26.1 17.7-25.3 26.1 17.5-27.8 17.7-25.3 The mortality assumptions have been based on published mortality tables in the relevant jurisdictions. The amounts recognised in the consolidated statement of financial position are determined as follows: 2022 2021 \u20ac million South Africa Europe Other regions Total South Africa Europe Other regions Total Present value of unfunded liabilities (33) (91) (16) (140) (37) (115) (22) (174) Present value of funded liabilities \u2014 (80) \u2014 (80) \u2014 (128) \u2014 (128) Present value of plan liabilities (33) (171) (16) (220) (37) (243) (22) (302) Fair value of plan assets \u2014 73 \u2014 73 \u2014 131 \u2014 131 Plan liabilities net of plan assets (33) (98) (16) (147) (37) (112) (22) (171) Amounts reported in consolidated statement of financial position Defined benefit pension plans \u2014 8 \u2014 8 \u2014 26 \u2014 26 Net retirement benefits asset \u2014 8 \u2014 8 \u2014 26 \u2014 26 Defined benefit pension plans \u2014 (106) (16) (122) \u2014 (138) (22) (160) Post-retirement medical plans (33) \u2014 \u2014 (33) (37) \u2014 \u2014 (37) Net retirement benefits liability (33) (106) (16) (155) (37) (138) (22) (197) The changes in the present value of defined benefit liabilities and fair value of plan assets are as follows: Defined benefit liabilities Fair value of plan assets Net liability \u20ac million 2022 2021 2022 2021 2022 2021 At 1 January (302) (327) 131 133 (171) (194) Included in consolidated income statement Current service cost (4) (5) \u2014 \u2014 (4) (5) Past service cost \u2014 3 \u2014 \u2014 \u2014 3 Gain from settlement 6 \u2014 (6) \u2014 \u2014 \u2014 Interest (8) (7) 2 2 (6) (5) Included in consolidated statement of comprehensive income Remeasurement gains 51 17 \u2014 \u2014 51 17 Return on plan assets \u2014 \u2014 (43) (5) (43) (5) Acquired through business combinations \u2014 (2) \u2014 \u2014 \u2014 (2) Disposal of businesses (see note 27) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) 14 \u2014 \u2014 \u2014 14 \u2014 Contributions paid by employer \u2014 \u2014 1 4 1 4 Benefits paid 20 25 (7) (12) 13 13 Currency movements 3 (6) (5) 9 (2) 3 At 31 December (220) (302) 73 131 (147) (171) The expected maturity analysis of undiscounted retirement benefits is as follows: 2022 2021 \u20ac million Defined benefit pension plans Post-retirement medical plans Total Defined benefit pension plans Post-retirement medical plans Total Less than a year 9 4 13 10 4 14 Between one and two years 9 4 13 10 4 14 Between two to five years 25 13 38 28 12 40 After five years 138 182 320 205 102 307 The weighted average duration of the defined retirement benefits liability for South Africa is 7 years (2021: 8 years), Europe 10 years (2021: 13 years) and other regions 12 years (2021: 13 years). It is expected that the Group\u2019s share of contributions will increase as the schemes\u2019 members age. The expected contributions to be paid to defined benefit pension plans and post-retirement medical plans during 2023 are \u20ac15 million. The market values of the plan assets in these plans are detailed below: 2022 2021 \u20ac million Quoted Unquoted Total Quoted Unquoted Total External equity \u2014 \u2014 \u2014 \u2014 2 2 Bonds \u2014 15 15 \u2014 69 69 Insurance contracts \u2014 51 51 \u2014 23 23 Cash 6 \u2014 6 1 \u2014 1 Liability-driven investment (LDI) portfolio \u2014 1 1 \u2014 36 36 Fair value of plan assets 6 67 73 1 130 131 The majority of the Group\u2019s plan assets are located in three UK pension schemes. As these schemes are closed and have no active members, the long-term objective has been to improve the funding deficit and then transfer the liabilities to third parties and to eventually close the schemes. The asset/liability matching/investing strategy in the UK is that the trustees invest in a combination of insured annuity contracts, and gilts and bonds through pooled funds and insured annuities. In managing these schemes, trustees ensure that each plan can continue to meet its benefit payments without exposing either the plan or the Group to an undue level of risk. On 5 May 2022, Medway Packaging Pension Scheme trustees, which is the largest UK scheme used by the Group, completed a buy-in of all its member liabilities with an insurance company. In this transaction, the scheme purchased an insurance policy that perfectly matches all future pension liabilities (and associated cash flows) in respect of the members included within the policy. The defined benefit obligations for these members on IAS 19 assumptions is less than that paid to the insurance company on 5 May 2022. This difference of \u20ac10 million is recognised through other comprehensive income in this year's IAS 19 disclosures as an asset remeasurement loss. There are no other financial instruments or property owned by the Group included in the fair value of plan assets. The fair values of equity, bonds and insurance contracts are determined in accordance with IAS 19. The actual return on plan assets in respect of defined benefit plans was a loss of \u20ac41 million (2021: loss of \u20ac3 million). The market value of assets is used to determine the funding level of the plans and is sufficient to cover 91% (2021: 102%) of the benefits which have accrued to members, after allowing for expected increases in future earnings and pensions. Companies within the Group are paying contributions at rates agreed with the plans\u2019 trustees and in accordance with local independent actuarial advice and statutory provisions. In certain jurisdictions, Group plans are subject to minimum funding requirements. At 31 December 2022, these minimum funding requirements did not give rise to the recognition of any additional liabilities. Sensitivity analyses The sensitivity analyses below have been determined based on reasonably possible changes to the respective assumptions occurring at the end of the financial year, while holding all other assumptions constant. The sensitivity analyses may not be representative of the actual changes in the net retirement benefits asset/(liability), as it is unlikely that the changes in assumptions would occur in isolation of one another and some of the assumptions may be inter-related. The projected unit credit method was used to calculate the sensitivity analyses below. The sensitivity table is based on a 1% change by reference to the movement in actuarial assumptions in the tables above; however, the estimates may vary by greater amounts. Therefore, the Board considers the retirement benefit obligations a significant accounting estimate. \u20ac million 1% increase 1% decrease Discount rate (Decrease)/increase in current service cost (1) 1 (Decrease)/increase in net retirement benefits liability (20) 24 Rate of inflation Increase/(decrease) in current service cost \u2014 (1) Increase/(decrease) in net retirement benefits liability 17 (15) Rate of increase in salaries Increase/(decrease) in current service cost \u2014 (1) Increase/(decrease) in net retirement benefits liability 6 (5) Rate of increase of pensions in payment Decrease in current service cost \u2014 \u2014 Increase/(decrease) in net retirement benefits liability 7 (6) Medical cost trend rate Decrease in aggregate of the current service cost and interest cost \u2014 \u2014 Increase/(decrease) in net retirement benefits liability 2 (2) Mortality rates 1-year increase Decrease in current service cost (1) Increase in net retirement benefits liability 3 ",
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"value": "25 Business combinations To 31 December 2022 There were no business combinations during the year ended 31 December 2022. No changes in the provisional amounts of the fair value of the assets acquired and liabilities assumed for the acquisition of Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.\u015e (Olmuksan) on 31 May 2021 have been recognised. To 31 December 2021 On 31 May 2021, the Group acquired 90.38% of the outstanding shares in Olmuksan for a total consideration of \u20ac66 million, which implies an enterprise value of \u20ac88 million on a 100% basis. Olmuksan is a leading and well-established corrugated packaging producer in T\u00fcrkiye, listed on the Istanbul stock exchange. Its network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications. On 26 July 2021, the Group completed a mandatory tender offer to acquire an additional 1.62% of the outstanding shares for a total consideration of \u20ac3 million, resulting in a total ownership interest in Olmuksan of 92.00%. Property, plant and equipment has been measured at fair value using relevant valuation methods accepted under IFRS 13, with related deferred tax adjustments. The fair value uplift on intangible assets arises from long-lasting customer relationships. Olmuksan's revenue for the year ended 31 December 2021 was \u20ac216 million, with a profit after tax of \u20ac18 million. Olmuksan's revenue of \u20ac132 million and profit after tax of \u20ac10 million since the date of acquisition to 31 December 2021 have been included in the consolidated income statement. Details of the net assets acquired, as adjusted from book to fair value, are as follows: \u20ac million Book value Revaluation Fair value Net assets acquired Property, plant and equipment 24 33 57 Intangible assets \u2014 6 6 Inventories 27 \u2014 27 Trade and other receivables 62 \u2014 62 Cash and cash equivalents 3 \u2014 3 Total assets 116 39 155 Trade and other payables (54) \u2014 (54) Income tax liabilities (1) \u2014 (1) Other current liabilities (4) \u2014 (4) Net retirement benefits liability (2) \u2014 (2) Deferred tax assets/(liabilities) 3 (7) (4) Total liabilities (excluding debt) (58) (7) (65) Short-term borrowings (16) \u2014 (16) Medium- and long-term borrowings (1) \u2014 (1) Debt assumed (17) \u2014 (17) Net assets acquired 41 32 73 Non-controlling interests in equity (7) Cash acquired net of overdrafts (3) Net cash paid per consolidated statement of cash flows 63 Transaction costs of \u20ac4 million were charged to other net operating expenses into the consolidated income statement. The fair values of assets acquired and liabilities assumed in business combinations are level 3 measures in terms of the fair value measurement hierarchy. Management has considered the impact of environmental and climate risks on Olmuksan\u2019s customers and the estimated fair values of property, plant and equipment. These considerations did not have a material impact. In respect of trade and other receivables, the gross contractual amounts receivable less the best estimates at the acquisition dates of the contractual cash flows not expected to be collected approximate the book values as presented .",
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"fact-596": {
"value": "26 Russian operations (discontinued operations) The Group has significant operations in Russia. The most significant facility is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). The Group also has three packaging converting plants in Russia. All these facilities serve primarily the domestic market and have continued to operate throughout the year ended 31 December 2022. On 4 May 2022, the Board decided to divest the Group\u2019s Russian assets. Given progress with the divestment process, the Board subsequently concluded, in June 2022, that the Russian operations satisfied the criteria to be classified as held for sale and that they should also be classified as discontinued operations. Syktyvkar mill On 12 August 2022, the Group entered into an agreement denominated in Russian rouble to sell its Syktyvkar mill, comprising OJSC Mondi Syktyvkar together with two affiliated entities, to Augment Investments Limited for a consideration of RUB 95 billion (\u20ac1.2 billion, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022), payable in cash on completion. The Syktyvkar assets to be transferred to Augment Investments Limited as part of the proposed disposal exclude a cash balance of RUB 16 billion (\u20ac204 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022) to be paid by form of dividend to Mondi before completion. The disposal is conditional on the approval of the Russian Federation\u2019s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals and, as a Class 1 transaction under the UK Listing rules, it is also conditional upon the approval of Mondi's shareholders at a General Meeting. The disposal is being undertaken in an evolving political and regulatory environment, there can be no certainty as to when the disposal will be completed. The agreement with Augment Investments Limited has a long stop date of 12 May 2023 after which either party can terminate the agreement without recourse. On 16 November 2022, OJSC Mondi Syktyvkar declared a dividend of RUB 16 billion (\u20ac252 million, at an exchange rate of 62.67 Russian rouble versus euro) in favour of a Group subsidiary. RUB 4 billion (\u20ac63 million, at an exchange rate of 62.67 Russian rouble versus euro) was settled on the date of declaration by way of set-off of an intercompany loan, and the residual amount of RUB 12 billion (\u20ac148 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022) remained unpaid as at 31 December 2022, causing a foreign currency loss of \u20ac36 million, which was recognised in profit from discontinued operations in the consolidated income statement. The payment of the dividend outside Russia requires consent from the Ministry of Finance of the Russian Federation, and therefore the dividend continues to expose the Group to Russian rouble exchange rate risk until it is paid and converted into euro. Packaging converting plants On 15 December 2022, the Group confirmed that it entered into an agreement denominated in Russian rouble to sell its three Russian packaging converting operations to the Gotek Group for a consideration of RUB 1.6 billion (\u20ac20 million, at an exchange rate of 78.43 Russian rouble versus euro as at 31 December 2022), payable in cash on completion. The three packaging converting operations comprise a corrugated solutions plant, LLC Mondi Lebedyan, and two consumer flexibles plants, LLC Mondi Aramil and LLC Mondi Pereslavl. The disposal is conditional on the approval of the Russian Federation\u2019s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals. The disposal is being undertaken in an evolving political and regulatory environment, there can be no certainty as to when it will be completed. Following the announcement, the related assets were impaired by \u20ac57 million to their estimated fair value less costs to sell. If the operations had been disposed of as at 31 December 2022, the Group would have recognised an additional loss of \u20ac20 million from the recycling of the foreign currency losses accumulated in the currency translation adjustment reserve in equity through the consolidated income statement. The foreign currency loss that is ultimately recognised on disposal may differ from the position as at 31 December 2022, as it is subject to future movement in the Russian rouble exchange rate. Critical accounting judgements and significant accounting estimates In the context of an increased level of uncertainty, the Board has exercised critical judgements in applying its accounting policies and has used estimates and assumptions, as further described below. Control assessment The Board has applied its judgement in regard to whether the Group continues to control its Russian subsidiaries due to the restrictions imposed by the Russian government or any other authority. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The Russian government has introduced various sanctions in recent months, including restrictions on the payment of dividends to shareholders domiciled in 'unfriendly states' that require consent from the Ministry of Finance of the Russian Federation. Since the Group continued to direct the operations and the Russian regulations currently do not prohibit the declaration and payment of dividends, the Board has taken the view that the Group has retained control through the year ended 31 December 2022. Were the Board to conclude that the Group no longer retains control, the Russian operations would be treated as if they had been disposed of, with the associated assets and liabilities derecognised . Held for sale and discontinued operations The Board has exercised critical judgement in determining if and when the businesses satisfied the requirements to be classified as held for sale, and whether the Russian businesses should be presented as discontinued operations. Assets are held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use, provided the assets are available for immediate sale in their present condition and a sale is highly probable. The divestment process is operationally and structurally complex and is being undertaken in an evolving political and regulatory environment. There is uncertainty as to when a transaction will be completed; however, the Board is committed to dispose of the Group's Russian operations, which is why the Board has determined that a sale is highly probable within the next 12 months and that, therefore, it is appropriate to adopt the held for sale presentation for the Group's assets and liabilities in Russia. From the point at which this classification was first applied, in June 2022, depreciation on these Russian assets ceased. Notwithstanding that the Board has concluded that it considers a sale is highly probable, the evolving political and regulatory environment means that there can be no certainty as to whether a transaction will be concluded successfully. If the Board had concluded that a sale was not highly probable, the assets and liabilities would have continued to be consolidated on a line-by-line basis, as they had been historically, rather than being presented separately as assets held for sale and liabilities directly associated with assets held for sale. As the assets and liabilities of the Russian operations have been classified as held for sale, the Board has to separately consider whether these businesses also represent a discontinued operation, being a component of an entity that either has been disposed of or is classified as held for sale, and which represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. In 2021, prior to the decision to classify as discontinued operations, the Russian operations represented around 10% of the Group's revenue by location of production and generated around 23% of the Group\u2019s underlying EBITDA. Taking into account its financial significance, the Board views the Russian operations as a distinct major geographical area of operations that, therefore, qualify for classification as discontinued operations. Hence, in accordance with IFRS 5, the Group has reported its Russian businesses as discontinued operations as at 31 December 2022 and for the year then ended, with the comparative income statement and cash flow statement periods represented. Had the Board concluded that the businesses were not discontinued operations, they would instead have continued to be reported as part of continuing operations. Valuation of Russian assets Effective 24 February 2022, when the war in Ukraine started, the Board performed an impairment trigger assessment in respect of its Russian operations. Given the temporary deterioration of the Russian rouble and the sharp increase in interest rates, together with the increased uncertainty relating to the operational and financial performance of its businesses due to sanctions imposed by international governments and countermeasures implemented by the Russian state, the Board concluded that an impairment trigger existed and tested its CGUs in Russia for impairment using value-in-use calculations in accordance with IAS 36, 'Impairment of Assets'. The key assumptions reflected in the cash flow forecasts included sales volumes, sales prices and variable input cost assumptions derived from a combination of economic and industry forecasts for individual product lines and the latest internal management projections approved by the Board. The cash flow projections were prepared in Russian roubles and a post-tax discount rate of 15% (equivalent to a pre-tax rate of 18%) was used for impairment testing. Due to the increased uncertainty, no growth rate was assumed for the terminal value. At this time (at 24 February 2022), the carrying value of the Russian CGUs totalled RUB 66 billion (\u20ac677 million, at an exchange rate of 97.47 Russian rouble versus euro). Due to the increased level of uncertainty resulting from the war in Ukraine, the Board determined the recoverable amount of the CGUs based on three probability-weighted scenarios. Aside from the base scenario derived from the then latest internal management projections, management included a more optimistic and a pessimistic scenario in the calculation of the recoverable amount to address the uncertainty associated with the cash flow forecasts. The impairment calculation is sensitive to changes in key assumptions, in particular in relation to cash flow forecasts and the probability-weighting of scenarios. Sensitivity analyses were performed by increasing the weighting of the pessimistic case and at the same time reducing the weighting of the optimistic case. At 24 February 2022, no impairment was identified. Given, as described below, that in June the Board determined that the Russian assets satisfied the criteria to be classified as held for sale, a further impairment test had to be performed. At this time (June 2022), the carrying value of the Russian CGUs totalled RUB 66 billion (\u20ac1,079 million, at an exchange rate of 61.16 Russian rouble versus euro). This impairment test was again performed using three probability weighted scenarios under a value-in-use calculation based on similar assumptions as described above for the test performed effective 24 February 2022. No impairment was identified. Upon classification as held for sale in June 2022, the Board also assessed the fair value less costs to sell of the businesses, as required by IFRS 5 with no impairment identified. At 31 December 2022, the fair value less costs to sell was reassessed. The Board has used a number of assumptions to estimate the fair value less costs to sell as at 31 December 2022. While the Group agreed upon the sale of its Syktyvkar mill and its three Russian packaging converting plants (as described above), there can be no certainty in this evolving political and regulatory environment as to when the transaction will be completed. In determining the fair value less costs to sell of the Russian CGUs, the Board has taken into account the sales prices agreed upon with the buyers, the current status of and recent developments around the agreed transactions, the probability of government approval and available market information. Despite the uncertainty inherent to the agreed sales, and in the absence of contrary correspondence from the buyers and any government body, the Board has taken the view that the agreements signed with the buyers serve as the best information to measure the fair value less costs to sell of the Syktyvkar mill and the packaging converting operations respectively. On that basis, the Board concluded that no impairment of the Syktyvkar mill's assets was required as at 31 December 2022 and that an impairment of \u20ac57 million was recognised in relation to the assets of the packaging converting operations. If there was a change to the known fact pattern of the planned transactions in the future, the Board would need to reassess the recoverability of the carrying value of the assets classified as held for sale as at 31 December 2022 based on that new fact pattern, and if any impairment were subsequently identified it would be recognised in the consolidated income statement during the year ending 31 December 2023. The Board continues to actively monitor any actions or events that may impact the completion of the agreed transactions, and hence the valuation of the Group's Russian CGUs. Financial performance The financial performance of the discontinued operations is set out below: \u20ac million 2022 2021 1 Total revenue 1,268 961 Internal revenue (90) (212) External revenue 1,178 749 Operating expenses (688) (403) EBITDA 490 346 Depreciation, amortisation and impairments 2,3 (86) (64) Operating profit 404 282 Net finance costs 4 (46) (11) Profit before tax 358 271 Related tax charge (92) (58) Profit for the period from discontinued operations attributable to shareholders 266 213 Fair value gains arising from cash flow hedges of discontinued operations 1 \u2014 Exchange differences on translation of discontinued operations 72 42 Remeasurements of retirement benefits plans of discontinued operations 1 1 Other comprehensive income from discontinued operations attributable to shareholders 74 43 Total comprehensive income from discontinued operations attributable to shareholders 340 256 Notes: 1 The Group\u2019s operations in Russia are presented as held for sale and classified as discontinued operations. Accordingly, the consolidated income statement and associated notes for the year ended 31 December 2021 were restated by the amounts included in this table, which are now classified as profit from discontinued operations in the consolidated income statement 2 On classification as held for sale, property, plant and equipment and intangible assets are no longer depreciated or amortised. Depreciation and amortisation for the year ended 31 December 2022 covers the period until the classification as held for sale in June 2022 3 Includes impairment of assets of \u20ac57 million (2021: \u20acnil), as explained in the commentary above 4 Includes foreign exchange loss of \u20ac36 million relating to an unpaid dividend, as explained in the commentary above (2021: \u20acnil ) \u20ac million 2022 2021 Net cash generated from operating activities 350 286 Net cash used in investing activities (68) (91) Net cash used in financing activities (10) (13) Net increase in cash and cash equivalents of discontinued operations 272 182 The assets and liabilities were reclassified as held for sale in June 2022. The table below shows the carrying values of these assets and liabilities as at 31 December 2022. \u20ac million 2022 Property, plant and equipment 805 Goodwill 34 Intangible assets 4 Deferred tax assets 1 Inventories 131 Trade and other receivables 87 Cash and cash equivalents 320 Total assets held for sale 1,382 Borrowings (102) Trade and other payables (131) Current tax liabilities (14) Provisions (14) Net retirement benefits liability (12) Deferred tax liabilities (52) Total liabilities directly associated with assets classified as held for sale (325) The cumulative foreign exchange loss recognised in other comprehensive income in relation to the discontinued operations as at 31 December 2022 was \u20ac405 million and will be recycled through the consolidated income statement on the date of disposal. ",
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"value": "27 Disposal of businesses To 31 December 2022 On 30 June 2022, the Group sold its Personal Care Components business (PCC) to Nitto Denko Corporation for an enterprise value of \u20ac615 million. The sale enables the Group to simplify its portfolio and focus on its strategic priority to grow in sustainable packaging. PCC, previously part of the Group\u2019s Engineered Materials operating segment, manufactured a range of components for personal and home care products needed in everyday life such as diapers, feminine care, adult incontinence and wipes. The Board has applied judgement as to whether the disposal of the PCC business needs to be reported as a discontinued operation in accordance with IFRS 5. The PCC business did not represent a major line of business of the Group due to its small size relative to the rest of the Group and its limited integration with the Group\u2019s packaging and paper value chain. The Board concluded that the PCC business was not a discontinued operation, and therefore it is reported as part of the continuing operations. \u20ac million 2022 Proceeds from the disposal of business per the consolidated statement of cash flows 642 Cash and cash equivalents disposed 15 Consideration in cash 657 Carrying amount of net assets disposed (412) Gain on reclassification of foreign currency translation reserve 4 Related transaction costs 1 (7) Gain on disposal of business, net of related transaction costs 242 Tax charge (5) Gain on disposal of business, net of related tax 237 Note: 1 Excludes transaction costs of \u20ac6 million recognised in the prior year, which were not treated as a special item The carrying amounts of assets and liabilities as at the date of sale (30 June 2022) were: \u20ac million 2022 Property, plant and equipment 174 Goodwill 141 Intangible assets 2 Inventories 58 Trade and other receivables 88 Cash and cash equivalents 15 Total assets 478 Trade and other payables (49) Provisions (4) Deferred tax liabilities (8) Other liabilities (5) Total liabilities (66) Carrying amount of net assets disposed 412 The carrying amount of net assets disposed includes an appropriate allocation of the goodwill previously allocated to the Engineered Materials operating segment between the value of the PCC business that was disposed of and the retained functional paper and films business. To 31 December 2021 There were no disposals during the year ended 31 December 2021. ",
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"fact-598": {
"value": "28 Consolidated cash flow analysis (a) Reconciliation of profit before tax to cash generated from operations \u20ac million 2022 Restated 2021 Profit before tax from continuing operations 1,560 712 Depreciation and amortisation 394 375 Impairment of property, plant and equipment (not included in special items) 11 \u2014 Share-based payments 11 9 Net cash flow effect of current and prior year special items (253) (22) Net finance costs 143 83 Net monetary gain arising from hyperinflationary economies (17) \u2014 Net profit from joint ventures (1) (6) Decrease in provisions (1) (7) Decrease in net retirement benefits (12) (15) Net movement in working capital (419) (195) Increase in inventories (254) (232) Increase in operating receivables (472) (310) Increase in operating payables 307 347 Fair value (gains)/losses on forestry assets (169) 7 Felling costs 78 62 Gain on disposal of property, plant and equipment (2) \u2014 Proceeds from insurance reimbursements for property damages (8) \u2014 Other adjustments (23) (2) Cash generated from continuing operations 1,292 1,001 (b) Cash and cash equivalents \u20ac million 2022 2021 Cash and cash equivalents per consolidated statement of financial position 1,067 473 Bank overdrafts included in short-term borrowings (6) (18) Cash and cash equivalents held by continuing operations (see note 28c) 1,061 455 Cash and cash equivalents classified as assets held for sale (see note 26) 320 \u2014 Cash and cash equivalents per consolidated statement of cash flows 1,381 455 The cash and cash equivalents of \u20ac1,067 million (2021: \u20ac473 million) include money market funds of \u20ac595 million (2021: \u20ac340 million) valued at fair value through profit and loss, with the remaining balance carried at amortised cost. The fair value of cash and cash equivalents carried at amortised cost approximate their carrying values presented. The Group operates in certain countries where the existence of exchange controls or access to hard currency may restrict the use of certain cash balances outside of those countries. In particular, the cash and cash equivalents classified as assets held for sale as per the table above are held by the Group\u2019s Russian discontinued operations and are subject to regulatory restrictions and, therefore, may not be available for general use by the other entities within the Group. These restrictions are not expected to have any material effect on the Group\u2019s ability to meet its ongoing obligations. (c) Movement in net debt The Group\u2019s net debt position is as follows: \u20ac million Cash and cash equivalents Current financial asset investments Total assets Debt due within 1 year 1 Debt due after 1 year Debt-related derivative financial instruments Total debt Total net debt At 1 January 2021 348 1 349 (94) (2,050) 4 (2,140) (1,791) Cash flow 2,3 108 \u2014 108 27 (59) 12 (20) 88 Additions to lease liabilities \u2014 \u2014 \u2014 (9) (26) \u2014 (35) (35) Disposal of lease liabilities \u2014 \u2014 \u2014 1 1 \u2014 2 2 Acquired through business combinations \u2014 \u2014 \u2014 (16) (1) \u2014 (17) (17) Movement in unamortised loan costs \u2014 \u2014 \u2014 \u2014 (2) \u2014 (2) (2) Net movement in fair value of derivative financial instruments \u2014 \u2014 \u2014 \u2014 \u2014 (25) (25) (25) Reclassification \u2014 \u2014 \u2014 (39) 39 \u2014 \u2014 \u2014 Currency movements (1) \u2014 (1) 24 (6) \u2014 18 17 At 31 December 2021 455 1 456 (106) (2,104) (9) (2,219) (1,763) Cash flow 2,3 908 \u2014 908 32 53 82 167 1,075 Additions to lease liabilities \u2014 \u2014 \u2014 (15) (35) \u2014 (50) (50) Disposal of lease liabilities \u2014 \u2014 \u2014 1 4 \u2014 5 5 Movement in unamortised loan costs \u2014 \u2014 \u2014 \u2014 (2) \u2014 (2) (2) Net movement in fair value of derivative financial instruments \u2014 \u2014 \u2014 \u2014 \u2014 (80) (80) (80) Reclassification \u2014 \u2014 \u2014 (21) 21 \u2014 \u2014 \u2014 Currency movements 18 \u2014 18 10 (6) \u2014 4 22 At 31 December 2022 1,381 1 1,382 (99) (2,069) (7) (2,175) (793) Reclassification to assets held for sale and liabilities directly associated with assets held for sale (see note 26) (320) \u2014 (320) 3 99 \u2014 102 (218) Net debt as at 31 December 2022 1,061 1 1,062 (96) (1,970) (7) (2,073) (1,011) Notes: 1 Excludes bank overdrafts of \u20ac6 million as at 31 December 2022 (31 December 2021: \u20ac18 million; 1 January 2021: \u20ac34 million), which are included in cash and cash equivalents (see note 28b) 2 Includes cash and cash equivalents acquired net of overdrafts through business combinations of \u20acnil (2021: \u20ac3 million) (see note 25) 3 Includes cash and cash equivalents disposed of \u20ac15 million (2021: \u20acnil) (see note 27) The Group expensed interest of \u20ac140 million relating to its bank overdrafts, loans and lease liabilities (2021 (restated): \u20ac81 million). Included in this expense is \u20ac67 million (2021 (restated): \u20ac11 million) related to forward exchange rates on derivative contracts and interest paid on borrowings of \u20ac60 million (2021 (restated): \u20ac67 million). The settlement of debt-related derivatives shown as cash flow in the table above is recognised as net cash outflow from debt-related derivative financial instruments in the consolidated statement of cash flows .",
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"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "29 Capital commitments Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows: \u20ac million 2022 Restated 2021 Intangible assets 2 1 Property, plant and equipment 441 273 Total capital commitments 443 274 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "29 Capital commitments Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows: \u20ac million 2022 Restated 2021 Intangible assets 2 1 Property, plant and equipment 441 273 Total capital commitments 443 274 30 Contingent liabilities Contingent liabilities comprise aggregate amounts as at 31 December 2022 of \u20ac11 million (2021: \u20ac8 million) in respect of loans and guarantees given to banks and other third parties. No acquired contingent liabilities have been recorded in the Group\u2019s 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 safety and health 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 Board 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "30 Contingent liabilities Contingent liabilities comprise aggregate amounts as at 31 December 2022 of \u20ac11 million (2021: \u20ac8 million) in respect of loans and guarantees given to banks and other third parties. No acquired contingent liabilities have been recorded in the Group\u2019s 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 safety and health 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 Board 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "31 Financial instruments The Group\u2019s trading and financing activities expose it to various financial risks that, if left unmanaged, could adversely impact current or future earnings. Although not necessarily mutually exclusive, these financial risks are categorised separately according to their different generic risk characteristics and include market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group manages all of these financial risks in order to minimise their potential adverse impact on the Group\u2019s financial performance. The principles, practices and procedures governing the Group-wide financial risk management process have been approved by the Board and are overseen by the Executive Committee. In turn, the Executive Committee delegates authority to a central treasury function (Group treasury) for the practical implementation of the financial risk management process across the Group and for ensuring that the Group\u2019s entities adhere to specified financial risk management policies. Group treasury continually reassesses and reports on the financial risk environment, identifying, evaluating and hedging financial risks by entering into derivative contracts with counterparties where appropriate. The Group does not take speculative positions on derivative contracts. (a) Financial instruments by category 2022/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss Total Financial assets Trade and other receivables 2 1,244 \u2014 1,244 Financial asset investments Level 2 14 12 26 Derivative financial instruments Level 2 \u2014 3 3 Cash and cash equivalents Level 1 472 595 1,067 Total 1,730 610 2,340 2021/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss Total Financial assets Trade and other receivables 2 1,168 \u2014 1,168 Financial asset investments Level 2 14 19 33 Derivative financial instruments Level 2 \u2014 4 4 Cash and cash equivalents Level 1 133 340 473 Total 1,315 363 1,678 Notes: 1 Fair value hierarchy level is disclosed for assets measured at fair value 2 Excludes tax, social security and prepayment s The fair values of financial assets investments represent the published prices of the securities concerned. 2022/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss At fair value through OCI Total Financial liabilities Borrowings \u2013 bonds (1,843) \u2014 \u2014 (1,843) Borrowings \u2013 loans and overdrafts (101) \u2014 \u2014 (101) Borrowings \u2013 lease liabilities 2 (128) \u2014 \u2014 (128) Trade and other payables 3 (1,440) \u2014 \u2014 (1,440) Derivative financial instruments Level 2 \u2014 (10) \u2014 (10) Total (3,512) (10) \u2014 (3,522) 2021/\u20ac million Fair value hierarchy 1 At amortised cost At fair value through profit or loss At fair value through OCI Total Financial liabilities Borrowings \u2013 bonds (1,840) \u2014 \u2014 (1,840) Borrowings \u2013 loans and overdrafts (184) \u2014 \u2014 (184) Borrowings \u2013 lease liabilities 2 (204) \u2014 \u2014 (204) Trade and other payables 3 (1,358) \u2014 \u2014 (1,358) Derivative financial instruments Level 2 \u2014 (17) (1) (18) Total (3,586) (17) (1) (3,604) Notes: 1 Fair value hierarchy level is disclosed for liabilities measured at fair value 2 Lease liabilities are financial instruments outside of scope of IFRS 9 and are accounted for under IFRS 16 (see note 35) 3 Excludes tax, social security and deferred income (b) Fair value measurement There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the consolidated financial statements approximate their fair values. Carrying amount Fair value \u20ac million 2022 2021 2022 2021 Financial liabilities Borrowings 2,072 2,228 1,956 2,353 The fair values of the Eurobonds represent level 1 fair values and are estimated with reference to the last price quoted in the secondary market. The fair values of all other borrowings represent level 3 fair values and are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. (c) Financial risk management Market risk The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows are exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent to the Group. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items) denominated in foreign currencies and translational exposure on net investments in non-euro operations . Foreign exchange contracts The Group\u2019s Treasury policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for, foreign exchange contracts with Group treasury or with counterparties that are external to the Group, whichever is more commercially appropriate. Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged. Foreign currency sensitivity analysis Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility, together with any relevant assumptions regarding near-term future volatility. Net monetary foreign currency exposures by functional currency zone for continuing operations Net monetary foreign currency exposures \u2013 assets/(liabilities)1 2022 2021 \u20ac million EUR Other EUR Other Functional currency zones2 Euro 3 \u2014 135 \u2014 (6) South African rand 1 (6) 12 2 Egyptian pound (56) (4) \u2014 \u2014 Czech koruna (14) (2) 11 \u2014 Polish zloty 2 2 (13) \u2014 Russian rouble \u2014 \u2014 (1) (4) Swedish krona (3) \u2014 5 (1) Turkish lira \u2014 1 (1) (4) Other (28) 7 (46) 5 Notes: 1 Presented in euro, the presentation currency of the Group 2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects of foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities 3 Included in the other net monetary exposure is \u20ac148 million worth of Russian rouble dividend receivable. See note 26 for the rouble dividend declared Functional to foreign currency net monetary exposure sensitivity Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation and/or depreciation of functional currency, with the exception of euro which has an exposure sensitivity of \u20ac7 million and Egyptian pound of \u20ac3 million. Interest rate risk The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue. Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s Accounting policy stipulates that all borrowings be held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in credit conditions in the relevant debt markets, and there is, therefore, no exposure to fair value interest rate risk. Management of cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term highly liquid investments which have a maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the Group earns the most advantageous rates of interest available. Management of variable rate debt The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20). The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates. Net variable rate debt sensitivity analysis The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest rate swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net variable rate exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated income statement. Interest rate risk sensitivities on variable rate debt Interest rate risk exposures 2022 2021 \u20ac million EUR Other Total EUR Other Total Total borrowings 1,936 136 2,072 2,029 199 2,228 Less: Fixed rate borrowings (1,842) (37) (1,879) (1,838) (17) (1,855) Lease liabilities (64) (64) (128) (66) (138) (204) Cash and cash equivalents (887) (180) (1,067) (357) (116) (473) Net variable rate debt and exposure (857) (145) (1,002) (232) (72) (304) Included in other is net variable exposure to various currencies, the most significant of which are Turkish lira and South African rand (2021: Turkish lira and Russian rouble). The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest rate exposure would be a profit of \u20ac5 million and vice versa for a 50 basis point reduction. In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of) and the amounts as at 31 December were as follows: \u20ac million 2022 2021 Short-dated contracts with tenures of less than 12 months South African rand 191 154 Czech koruna 304 266 Polish zloty 303 202 Russian rouble \u2014 (37) Swedish krona (18) 64 US dollar 101 117 Thai baht 70 59 Other 148 141 Total swapped against the euro 1,099 966 Credit risk The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk are discussed in note 17. Additionally, the Group has credit risk on the investment of cash with certain financial institutions. The Group treasury manages the risk on these investments within approved credit limits. Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have no bearing on the credit risk profile of the Group as a whole . Liquidity risk Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves, committed borrowing facilities and other credit lines as appropriate. The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities: \u20ac million 2022 2021 Expiry date Within one year 3 47 One to two years \u2014 6 Two to five years 750 750 Above five years 4 \u2014 Total committed facilities available (see note 20) 757 803 Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying assets and liabilities. Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables. The matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three to four months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating liquidity of the Group. Financing cash outflows may be longer-term in nature. The Group does not hold long-term financial assets to match against these commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net of future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings. (d) Derivative financial instruments At 31 December 2022, the Group recognised total derivative assets of \u20ac3 million (2021: \u20ac4 million) and derivative liabilities of \u20ac10 million (2021: \u20ac18 million). The net liability of \u20ac7 million (2021: net liability of \u20ac14 million) will mature within one year. The notional amount of \u20ac1,710 million (2021: \u20ac1,619 million) is the aggregate face value of all derivatives outstanding at the reporting date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore, do not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac1,710 million (2021: \u20ac1,619 million) aggregate notional amount, \u20ac1,698 million (2021: \u20ac1,608 million) relates primarily to the economic hedging of foreign exchange exposures on short-term inter- company funding balances, which are fully eliminated on consolidation. Derivative financial instruments are subject to International Swaps and Derivatives Association (ISDA) master netting agreements. The amounts are not offset in the consolidated statement of financial position. The amount subject to an enforceable master netting arrangement or similar agreement that is not netted off is \u20ac3 million (2021: \u20ac3 million). Hedging Cash flow hedges The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from the cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss. For non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same useful life as the cost of the asset. The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness. Fair value gains of \u20ac1 million (2021: gains of \u20ac2 million) were reclassified from the cash flow hedge reserve to property, plant and equipment during the current year. There were fair value losses of \u20ac4 million (2021: \u20acnil) due to ineffectiveness recognised in the profit from discontinued operations in the consolidated income statement arising on cash flow hedges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "(b) Fair value measurement There have been no transfers of assets or liabilities between levels of the fair value hierarchy during the year. Except as detailed below, the carrying values of financial instruments at amortised cost as presented in the consolidated financial statements approximate their fair values. Carrying amount Fair value \u20ac million 2022 2021 2022 2021 Financial liabilities Borrowings 2,072 2,228 1,956 2,353 The fair values of the Eurobonds represent level 1 fair values and are estimated with reference to the last price quoted in the secondary market. The fair values of all other borrowings represent level 3 fair values and are estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-643": {
"value": "(c) Financial risk management Market risk The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows are exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent to the Group. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items) denominated in foreign currencies and translational exposure on net investments in non-euro operations . Foreign exchange contracts The Group\u2019s Treasury policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for, foreign exchange contracts with Group treasury or with counterparties that are external to the Group, whichever is more commercially appropriate. Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged. Foreign currency sensitivity analysis Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility, together with any relevant assumptions regarding near-term future volatility. Net monetary foreign currency exposures by functional currency zone for continuing operations Net monetary foreign currency exposures \u2013 assets/(liabilities)1 2022 2021 \u20ac million EUR Other EUR Other Functional currency zones2 Euro 3 \u2014 135 \u2014 (6) South African rand 1 (6) 12 2 Egyptian pound (56) (4) \u2014 \u2014 Czech koruna (14) (2) 11 \u2014 Polish zloty 2 2 (13) \u2014 Russian rouble \u2014 \u2014 (1) (4) Swedish krona (3) \u2014 5 (1) Turkish lira \u2014 1 (1) (4) Other (28) 7 (46) 5 Notes: 1 Presented in euro, the presentation currency of the Group 2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects of foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities 3 Included in the other net monetary exposure is \u20ac148 million worth of Russian rouble dividend receivable. See note 26 for the rouble dividend declared Functional to foreign currency net monetary exposure sensitivity Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation and/or depreciation of functional currency, with the exception of euro which has an exposure sensitivity of \u20ac7 million and Egyptian pound of \u20ac3 million. Interest rate risk The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue. Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s Accounting policy stipulates that all borrowings be held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in credit conditions in the relevant debt markets, and there is, therefore, no exposure to fair value interest rate risk. Management of cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term highly liquid investments which have a maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the Group earns the most advantageous rates of interest available. Management of variable rate debt The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20). The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates. Net variable rate debt sensitivity analysis The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest rate swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net variable rate exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated income statement. Interest rate risk sensitivities on variable rate debt Interest rate risk exposures 2022 2021 \u20ac million EUR Other Total EUR Other Total Total borrowings 1,936 136 2,072 2,029 199 2,228 Less: Fixed rate borrowings (1,842) (37) (1,879) (1,838) (17) (1,855) Lease liabilities (64) (64) (128) (66) (138) (204) Cash and cash equivalents (887) (180) (1,067) (357) (116) (473) Net variable rate debt and exposure (857) (145) (1,002) (232) (72) (304) Included in other is net variable exposure to various currencies, the most significant of which are Turkish lira and South African rand (2021: Turkish lira and Russian rouble). The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest rate exposure would be a profit of \u20ac5 million and vice versa for a 50 basis point reduction. In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of) and the amounts as at 31 December were as follows: \u20ac million 2022 2021 Short-dated contracts with tenures of less than 12 months South African rand 191 154 Czech koruna 304 266 Polish zloty 303 202 Russian rouble \u2014 (37) Swedish krona (18) 64 US dollar 101 117 Thai baht 70 59 Other 148 141 Total swapped against the euro 1,099 966 Credit risk The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk are discussed in note 17. Additionally, the Group has credit risk on the investment of cash with certain financial institutions. The Group treasury manages the risk on these investments within approved credit limits. Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have no bearing on the credit risk profile of the Group as a whole . Liquidity risk Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves, committed borrowing facilities and other credit lines as appropriate. The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities: \u20ac million 2022 2021 Expiry date Within one year 3 47 One to two years \u2014 6 Two to five years 750 750 Above five years 4 \u2014 Total committed facilities available (see note 20) 757 803 Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying assets and liabilities. Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables. The matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three to four months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating liquidity of the Group. Financing cash outflows may be longer-term in nature. The Group does not hold long-term financial assets to match against these commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net of future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings. (d) Derivative financial instruments At 31 December 2022, the Group recognised total derivative assets of \u20ac3 million (2021: \u20ac4 million) and derivative liabilities of \u20ac10 million (2021: \u20ac18 million). The net liability of \u20ac7 million (2021: net liability of \u20ac14 million) will mature within one year. The notional amount of \u20ac1,710 million (2021: \u20ac1,619 million) is the aggregate face value of all derivatives outstanding at the reporting date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore, do not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac1,710 million (2021: \u20ac1,619 million) aggregate notional amount, \u20ac1,698 million (2021: \u20ac1,608 million) relates primarily to the economic hedging of foreign exchange exposures on short-term inter- company funding balances, which are fully eliminated on consolidation. Derivative financial instruments are subject to International Swaps and Derivatives Association (ISDA) master netting agreements. The amounts are not offset in the consolidated statement of financial position. The amount subject to an enforceable master netting arrangement or similar agreement that is not netted off is \u20ac3 million (2021: \u20ac3 million). Hedging Cash flow hedges The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from the cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss. For non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same useful life as the cost of the asset. The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness. Fair value gains of \u20ac1 million (2021: gains of \u20ac2 million) were reclassified from the cash flow hedge reserve to property, plant and equipment during the current year. There were fair value losses of \u20ac4 million (2021: \u20acnil) due to ineffectiveness recognised in the profit from discontinued operations in the consolidated income statement arising on cash flow hedges. ",
"dimensions": {
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"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-658": {
"value": "Market risk The Group\u2019s activities expose it primarily to foreign exchange and interest rate risk. Both risks are actively monitored on a regular basis and managed through the use of foreign exchange contracts and interest rate swaps as appropriate. Although the Group\u2019s cash flows are exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent to the Group. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk in the normal course of its business. Multiple currency exposures arise from commercial transactions denominated in foreign currencies, recognised financial assets and liabilities (monetary items) denominated in foreign currencies and translational exposure on net investments in non-euro operations . Foreign exchange contracts The Group\u2019s Treasury policy requires subsidiaries to actively manage foreign currency transactional exposures against their functional currencies by entering into foreign exchange contracts. For segmental reporting purposes, each subsidiary enters into, and accounts for, foreign exchange contracts with Group treasury or with counterparties that are external to the Group, whichever is more commercially appropriate. Only material balance sheet exposures and highly probable forecast capital expenditure transactions are hedged. Foreign currency sensitivity analysis Foreign exchange risk sensitivity analysis has been performed on the foreign currency exposures inherent in the Group\u2019s financial assets and financial liabilities at the reporting dates presented, net of related foreign exchange contracts. The sensitivity analysis provides an indication of the impact on the Group\u2019s reported earnings of reasonably possible changes in the currency exposures embedded within the functional currency environments that the Group operates in. In addition, an indication is provided of how reasonably possible changes in foreign exchange rates might impact on the Group\u2019s equity, as a result of fair value adjustments to foreign exchange contracts designated as cash flow hedges. Reasonably possible changes are based on an analysis of historical currency volatility, together with any relevant assumptions regarding near-term future volatility. Net monetary foreign currency exposures by functional currency zone for continuing operations Net monetary foreign currency exposures \u2013 assets/(liabilities)1 2022 2021 \u20ac million EUR Other EUR Other Functional currency zones2 Euro 3 \u2014 135 \u2014 (6) South African rand 1 (6) 12 2 Egyptian pound (56) (4) \u2014 \u2014 Czech koruna (14) (2) 11 \u2014 Polish zloty 2 2 (13) \u2014 Russian rouble \u2014 \u2014 (1) (4) Swedish krona (3) \u2014 5 (1) Turkish lira \u2014 1 (1) (4) Other (28) 7 (46) 5 Notes: 1 Presented in euro, the presentation currency of the Group 2 Net monetary exposures represent financial assets less financial liabilities denominated in currencies other than the applicable functional currency, adjusted for the effects of foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities 3 Included in the other net monetary exposure is \u20ac148 million worth of Russian rouble dividend receivable. See note 26 for the rouble dividend declared Functional to foreign currency net monetary exposure sensitivity Functional to foreign currency net monetary exposure sensitivity is \u20ac1 million or less for each major currency assuming a 5% appreciation and/or depreciation of functional currency, with the exception of euro which has an exposure sensitivity of \u20ac7 million and Egyptian pound of \u20ac3 million. Interest rate risk The Group holds cash and cash equivalents, which earn interest at a variable rate, and has variable and fixed rate debt in issue. Consequently, the Group is exposed to interest rate risk. Although the Group has fixed rate debt in issue, the Group\u2019s Accounting policy stipulates that all borrowings be held at amortised cost. As a result, the carrying value of fixed rate debt is not sensitive to changes in credit conditions in the relevant debt markets, and there is, therefore, no exposure to fair value interest rate risk. Management of cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term highly liquid investments which have a maturity of three months or less from the date of acquisition. Centralised cash pooling arrangements are in place, which ensure that cash is utilised most efficiently for the ongoing working capital needs of the Group\u2019s operating units and, in addition, to ensure that the Group earns the most advantageous rates of interest available. Management of variable rate debt The Group has multiple variable rate debt facilities, of which the most significant is the Syndicated Revolving Credit Facility (see note 20). The Group\u2019s cash and cash equivalents act as a natural hedge to movements in the relevant interbank lending rates on its variable rate debt, subject to any interest rate differentials that exist between the Group\u2019s corporate saving and lending rates. Net variable rate debt sensitivity analysis The net variable rate exposure represents variable rate debt less the future cash outflows swapped from variable to fixed via interest rate swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net variable rate exposure, denominated by currency, in order to provide an indication of the possible impact on the Group\u2019s consolidated income statement. Interest rate risk sensitivities on variable rate debt Interest rate risk exposures 2022 2021 \u20ac million EUR Other Total EUR Other Total Total borrowings 1,936 136 2,072 2,029 199 2,228 Less: Fixed rate borrowings (1,842) (37) (1,879) (1,838) (17) (1,855) Lease liabilities (64) (64) (128) (66) (138) (204) Cash and cash equivalents (887) (180) (1,067) (357) (116) (473) Net variable rate debt and exposure (857) (145) (1,002) (232) (72) (304) Included in other is net variable exposure to various currencies, the most significant of which are Turkish lira and South African rand (2021: Turkish lira and Russian rouble). The potential impact on the Group\u2019s consolidated equity resulting from the application of a 50 basis point increase to the variable interest rate exposure would be a profit of \u20ac5 million and vice versa for a 50 basis point reduction. In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange contracts, which has the effect of exposing the Group to the interest rates of these currencies. The currencies swapped into/(out of) and the amounts as at 31 December were as follows: \u20ac million 2022 2021 Short-dated contracts with tenures of less than 12 months South African rand 191 154 Czech koruna 304 266 Polish zloty 303 202 Russian rouble \u2014 (37) Swedish krona (18) 64 US dollar 101 117 Thai baht 70 59 Other 148 141 Total swapped against the euro 1,099 966 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-659": {
"value": "Credit risk The Group\u2019s principal credit risk is the risk of customers defaulting on sales invoices raised. The Group\u2019s exposure to the credit risk inherent in its trade receivables and the associated risk management techniques that the Group deploys in order to mitigate this risk are discussed in note 17. Additionally, the Group has credit risk on the investment of cash with certain financial institutions. The Group treasury manages the risk on these investments within approved credit limits. Several Group entities have also issued certain financial guarantees to external counterparties in order to achieve competitive funding rates for specific debt agreements entered into by other Group entities. None of these financial guarantees contractually obligates the Group to pay more than the recognised financial liabilities in the entities concerned. As a result, these financial guarantee contracts have no bearing on the credit risk profile of the Group as a whole . ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-660": {
"value": "Liquidity risk Liquidity risk is the risk that the Group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospectively assessed assumptions to forecast the future cash-generative capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves, committed borrowing facilities and other credit lines as appropriate. The following table shows the amounts available to draw down on the Group\u2019s committed loan facilities: \u20ac million 2022 2021 Expiry date Within one year 3 47 One to two years \u2014 6 Two to five years 750 750 Above five years 4 \u2014 Total committed facilities available (see note 20) 757 803 Forecast liquidity represents the Group\u2019s expected cash inflows, generated principally from sales made to customers, less the Group\u2019s expected cash outflows, related principally to the payment of employees, supplier payments and the repayment of borrowings plus the payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying assets and liabilities. Short-term financial assets and financial liabilities are represented primarily by the Group\u2019s trade receivables and trade payables. The matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three to four months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating liquidity of the Group. Financing cash outflows may be longer-term in nature. The Group does not hold long-term financial assets to match against these commitments, but is significantly invested in long-term non-financial assets which generate the sustainable future cash inflows, net of future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-661": {
"value": "(d) Derivative financial instruments At 31 December 2022, the Group recognised total derivative assets of \u20ac3 million (2021: \u20ac4 million) and derivative liabilities of \u20ac10 million (2021: \u20ac18 million). The net liability of \u20ac7 million (2021: net liability of \u20ac14 million) will mature within one year. The notional amount of \u20ac1,710 million (2021: \u20ac1,619 million) is the aggregate face value of all derivatives outstanding at the reporting date. They do not indicate the contractual future cash flows of the derivative instruments held or their current fair value and, therefore, do not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac1,710 million (2021: \u20ac1,619 million) aggregate notional amount, \u20ac1,698 million (2021: \u20ac1,608 million) relates primarily to the economic hedging of foreign exchange exposures on short-term inter- company funding balances, which are fully eliminated on consolidation. Derivative financial instruments are subject to International Swaps and Derivatives Association (ISDA) master netting agreements. The amounts are not offset in the consolidated statement of financial position. The amount subject to an enforceable master netting arrangement or similar agreement that is not netted off is \u20ac3 million (2021: \u20ac3 million). Hedging Cash flow hedges The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from the cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss. For non-current non-financial assets, these gains/(losses) are included in the carrying value of the asset and depreciated over the same useful life as the cost of the asset. The Group designates both the spot and forward elements of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s policy is for critical terms of the forward exchange contracts to align with the hedged items and uses the same method to determine hedge ineffectiveness. Fair value gains of \u20ac1 million (2021: gains of \u20ac2 million) were reclassified from the cash flow hedge reserve to property, plant and equipment during the current year. There were fair value losses of \u20ac4 million (2021: \u20acnil) due to ineffectiveness recognised in the profit from discontinued operations in the consolidated income statement arising on cash flow hedges. ",
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"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-602": {
"value": "32 Related party transactions The Group and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with associated undertakings in which the Group has a material interest. The related party transactions entered into by the Group have been contracted on an arm's-length basis. Transactions between Mondi plc and its subsidiaries, which are related parties, and transactions between its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Joint ventures \u20ac million 2022 2021 Sales to related parties 8 6 Purchases from related parties 715 238 Trade and other receivables from related parties 1 2 Trade and other payables due to related parties 112 50 Loans receivable from related parties 10 9 The increase in purchases from related parties and trade and other payables from related parties is mainly caused by wood purchases from a joint venture in Poland and wood price increases in 2022. None of the joint ventures are assessed as being individually material to the Group. For details of the aggregate amount of share of profit in joint ventures see note 15. Compensation for the Board and key management In accordance with IAS 24, \u2018Related Party Disclosures\u2019, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, and includes directors (both executive and non- executive) of Mondi plc. The Board and those members of the Group Executive Committee who are not directors comprise the key management personnel of the Group. The remuneration of the directors is disclosed in the Remuneration report. \u20ac million 2022 2021 Salaries and short-term employee benefits 8.4 8.3 Non-executive directors 1.2 1.2 Defined contribution plan payments 0.6 0.6 Social security costs 1.1 0.8 Share-based payments 5.6 4.3 Total 16.9 15.2 Details of the transactions between the Group and its pension and post-retirement medical plans are disclosed in note 24 .",
"dimensions": {
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"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-603": {
"value": "33 Group companies Composition of the Group The subsidiaries of the Group as at 31 December 2022 are set out in note 11 of the Mondi plc parent company financial statements. All of these interests are consolidated within the Group\u2019s financial statements. The Group has no material joint ventures or associates. Refer to Mondi\u2019s global footprint on pages 8-9 of the overview to the Integrated report for more information on the places of operation. A list of subsidiaries taking advantage of an exemption from audit under Section 479A of the Companies Act 2006 is disclosed in note 9 of the Mondi plc parent company financial statements. Details of non-wholly-owned subsidiaries Proportion of ownership interests and voting rights held by non-controlling interests (%) Profit attributable to non-controlling interests Equity attributable to non-controlling interests \u20ac million, unless otherwise stated 2022 2021 2022 2021 2022 2021 Mondi SCP, a.s. and its subsidiaries 49 49 41 (1) 349 306 Individually immaterial subsidiaries with non-controlling interests 32 18 111 85 Total 73 17 460 391 Summarised financial information on the Group\u2019s material non-wholly-owned subsidiaries is as follows: Mondi SCP, a.s. and its subsidiaries \u20ac million 2022 2021 Statement of financial position Non-current assets 753 788 Current assets 409 276 Current liabilities (313) (264) Non-current liabilities (129) (167) Net assets 720 633 Equity attributable to owners of the company 371 327 Equity attributable to non-controlling interests 349 306 Income statement and statement of comprehensive income Revenue 1,232 874 Operating costs (including taxation) (1,148) (877) Profit/(loss) for the year 84 (3) Attributable to owners of the company 43 (2) Attributable to non-controlling interests 41 (1) Total comprehensive income/(expense) for the year 87 (3) Attributable to owners of the company 44 (2) Attributable to non-controlling interests 43 (1) Statement of cash flows Net cash inflow from operating activities 115 86 Net cash outflow from investing activities (31) (79) Net cash (outflow)/inflow from financing activities (23) 34 Net cash inflow 61 41 The summarised financial information represents amounts before intra-group eliminations. The subsidiary's registered office as set out in note 11 of the Mondi plc parent company financial statements is also its principal place of business .",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-604": {
"value": "34 Events occurring after 31 December 2022 Aside from the final dividend proposed for 2022 (see note 9), there has been the following material reportable event since 31 December 2022: \u2014 On 12 January 2023, the Group completed the acquisition of the Duino mill near Trieste (Italy) from the Burgo Group for a total consideration of \u20ac40 million. The mill operated one paper machine producing lightweight coated mechanical paper. Mondi plans to convert this paper machine to produce around 420,000 tonnes per annum of high-quality recycled containerboard for an estimated investment of around \u20ac200 million. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-569": {
"value": "35 Accounting policies
Basis of consolidation
The consolidated financial statements incorporate the revenues, expenses, assets, liabilities, equity and cash flows of Mondi plc and its
subsidiaries (the Group), and the Group\u2019s share of associates and joint ventures drawn up to 31 December each year. All intra-group
balances and transactions are eliminated.
A subsidiary is an entity over which the Group has control. Control is evident where the Group is exposed to, or has rights to, variable
returns from its involvement with that entity and has the ability to affect those returns through its power over that entity.
The results of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement from the
effective date of acquiring control or up to the effective date of disposal.
Non-controlling interests are measured, at initial recognition, as the non-controlling proportion of the fair values of the assets and liabilities
recognised at acquisition.
After initial recognition, non-controlling interests are measured as the aggregate of the value at initial recognition and their subsequent
proportionate share of profits and losses less any distributions made.
Changes in the Group\u2019s interests in subsidiaries that do not result in a change in control are accounted for as equity transactions.
Any resulting difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration
payable or receivable is recognised directly in equity and attributed to the shareholders.
Foreign currency transactions and translation
Foreign currency transactions
Foreign currency transactions are translated into the functional currency of the entity that has undertaken the transaction, using the
exchange rates ruling on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in
foreign currencies are translated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the
consolidated income statement and are classified as either operating or financing consistent with the nature of the monetary item giving
rise to them.
Translation of non-euro operations
The Group\u2019s results are presented in euro, the currency in which most of its business is conducted. On consolidation, the assets and
liabilities of the Group\u2019s non-euro operations are translated into the presentation currency of the Group at exchange rates prevailing
on the reporting date. Income and expense items, except those which arise in countries with hyperinflationary economies (see note 1),
are translated at the average exchange rates for the month in which they occur, where these approximate the rates on the dates of the
underlying transactions. Exchange differences, if any, are recognised directly in other comprehensive income, and accumulated in the
Group\u2019s currency translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss only on disposal or
partial disposal of the non-euro operation.
Fair value measurement
Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in notes to the
consolidated financial statements, are based on the following fair value measurement hierarchy:
\u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2014 Level 2 \u2013 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)
\u2014 Level 3 \u2013 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\u2019s forestry assets, as set out in note 14.
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 following: \u2014 The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates. \u2014 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based on observable market data. \u2014 Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments. Segmental reporting (note 2) The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and comprise three distinct segments. The number of reportable segments is the same as the number of identified operating segments. Measurement of operating segment revenues, profit or loss, assets and non-current non-financial assets Each of the operating segments derives its income from the sale of manufactured products. The operating segment measures adhere to the recognition and measurement criteria presented in the Group\u2019s accounting policies and are presented on an underlying basis, excluding special items. The Group has presented certain non-IFRS measures (Alternative Performance Measures), as defined on pages 242-248, by segment to supplement the user\u2019s understanding. All intra-group transactions are conducted on an arm\u2019s-length basis. Revenue from contracts with customers (note 2) Sale of goods Revenue is recognised from the sale of goods and is measured at the amount of the transaction price received in exchange for transferring goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in future, after deducting discounts, volume rebates, value added tax and other sales taxes. When the period of time between delivery of goods and subsequent payment by the customer is less than one year, no adjustment for a financing component is made. Control of the goods is passed when title and insurance risk have passed to the customer, which is typically when the goods have been delivered to a contractually agreed location. The incremental costs of obtaining a contract are recognised as an expense when the period of amortisation over which the costs would have been recognised is one year or less. If not, these costs are capitalised and amortised on a basis consistent with the transfer of goods to the customer to which the asset relates. Transport revenue Transport revenue is considered distinct when the Group provides transport services after the point in time when control of goods has passed to the customer. Such revenue is recognised over time. Other income Sale of green energy and CO2 e credits (note 16) Income generated from the sale of green energy and CO 2 e credits issued under international trading schemes are accounted for as government grants and are measured at the consideration received in exchange for transferring such credits. The income is recorded within other net operating expenses in the consolidated income statement when ownership rights pass to the buyer. Any unsold green energy credits are recorded in inventory at cost, which is often at nil value. Investment income (note 6) Interest income, which is derived from cash and cash equivalents and other interest-bearing financial assets, is accrued on a time proportion basis, by reference to the principal outstanding and at the applicable effective interest rate. Taxation (note 7) The tax expense represents the sum of the current tax charge and the deferred tax charge. Current tax The current tax charge is based on taxable profit for the year. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. The Group is regularly subject to routine tax audits. Provision is made based on the tax laws in the relevant country and the expected outcomes of any negotiations or settlements. Current tax is presented as a special item if the corresponding taxable income/expense is accounted for as a special item. The Group is subject to corporate taxes in a number of jurisdictions and a degree of estimation and judgement is required in determining the appropriate tax provision for transactions where the tax treatment is uncertain. In these circumstances, the Group recognises provisions for taxes based on information available where the anticipated liability is both probable and estimable. Deferred tax
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and
liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits
and is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding temporary
difference arises from a special item.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent
that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition,
other than in a business combination, of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date. In considering their recoverability, the Group assesses the
likelihood of the assets being recoverable within a reasonably foreseeable timeframe, typically a three-year period consistent with the
period applied to the Group\u2019s viability assessment. The carrying amount is reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is increased to the extent that it becomes
probable that sufficient taxable profit will be available in the future for all or part of the deferred tax asset to be recovered.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year
when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
The Group applies the initial recognition exemption model to account for any investment tax credits. Deferred tax is not recognised for
temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
Earnings per share (EPS) (note 8)
Basic EPS
The basic EPS is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of Mondi plc
shares in issue during the year, net of own shares.
Diluted EPS
For diluted EPS, the weighted average number of Mondi plc ordinary shares in issue, net of own shares, is adjusted to assume conversion
of all dilutive potential ordinary shares. At present these only include share awards granted to employees. Potential or contingent share
issues are treated as dilutive when their conversion to shares would decrease EPS.
The weighted average number of ordinary shares in issue is the weighted number of shares in issue throughout the year and excludes own
shares held by employee benefit trusts.
EPS, if relevant, are presented for both continuing and discontinued operations, on the face of the consolidated income statement.
Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets
Property, plant and equipment (note 10)
Property, plant and equipment principally comprise land and buildings, plant and equipment, assets under construction and other.
Property, plant and equipment is stated at cost less accumulated depreciation and impairment. Land and assets under construction
are carried at cost less impairment. Cost includes site preparation, the purchase price of the equipment and directly attributable labour
and installation costs. Borrowing costs are capitalised on qualifying assets. The capitalisation of costs ceases when the asset is in the
location and condition necessary for it to be capable of commercial operation. Start-up and ongoing maintenance costs are recognised
immediately as an expense.
Depreciation is charged to the consolidated income statement so as to write off the cost of assets, other than freehold land and assets
under construction, over their estimated useful lives on a straight-line basis to their estimated residual values of nil or scrap value.
Residual values and useful lives are reviewed at least annually. Depreciation commences when the assets are ready for their intended
use. An adjustment is made to the estimated useful lives of assets where climate change is anticipated to have a material impact.
Estimated useful lives range from 3 years to 25 years for items of plant and equipment and other categories and up to a maximum of 40
years for buildings .
Leases (note 11) To the extent that a right of control exists over an asset subject to a lease, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position. A corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity of the underlying lease payments, within short-term borrowings or medium- and long-term borrowings in the consolidated statement of financial position at the commencement of the lease. The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability, any initial direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required in terms of the lease. Depreciation is charged to the consolidated income statement so as to depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including variable lease payments that depend on an index and the exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised within finance costs in the consolidated income statement over the period of the lease. Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the consolidated statement of financial position, and are charged to the consolidated income statement when incurred. Low-value assets are determined based on quantitative criteria. Intangible assets and R&D expenditure (note 13) Intangible assets are measured initially at purchase consideration and are amortised on a straight-line basis over their estimated useful lives. Estimated useful lives vary between 3 years and 10 years and are reviewed at least annually. Research expenditure is expensed in the year in which it is incurred. Development costs are capitalised when the completion of the asset is both commercially and technically feasible and are amortised on a systematic basis over the economic life of the related development. Development costs are recognised immediately as an expense if they do not qualify for capitalisation. Impairment of property, plant and equipment and intangible assets At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated. If the recoverable amount of an asset, or cash-generating unit (CGU) to which the asset relates, is less than its carrying amount, the carrying amount of the asset, or CGU, is reduced to its recoverable amount and an impairment recognised as an expense. The recoverable amount of the asset, or CGU, is the higher of its fair value less costs to dispose and its value in use. In assessing value in use, the estimated future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the smallest CGU to which the asset belongs. Where the underlying circumstances change such that a previously recognised impairment subsequently reverses, the carrying amount of the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount that would have been determined (taking into account depreciation or amortisation in the intervening period) had no impairment been recognised for the asset, or CGU, in prior years. A reversal of an impairment is recognised in the consolidated income statement. Agriculture \u2013 owned forestry assets (note 14) Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price, less costs to harvest and deliver, to the estimated volume of timber on hand at each reporting date. The fair value less costs to sell is determined using a market-based approach. The estimated volume of timber on hand is determined based on the maturity profile of the area under afforestation, the species, the geographic location, climate and other environmental considerations and excludes future growth. The product of these is then adjusted for risks associated with forestry assets. Changes in fair value are recognised in the consolidated income statement within other net operating expenses. At point of harvest, the carrying value of forestry assets is transferred to inventory and recorded as a felling cost reduction to the fair value of forestry assets. Directly attributable costs incurred during the year of biological growth and investments in standing timber are capitalised and presented within cash flows from investing activities. Investments in joint ventures (note 15) A joint venture is an entity in which the Group holds a long-term interest with contractually agreed sharing of control over the strategic, financial and operating decisions with one or more other venturers. Typically, the Group owns between 20% and 50% of the voting equity of its joint ventures. Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated statement of financial position. Non-current assets held for sale and discontinued operations (note 26)
Non-current assets, and disposal groups, are classified as held for sale if their carrying amount will be recovered through a sale transaction
rather than through continuing use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present
condition subject only to terms that are usual and customary for sales of such assets (or disposal groups), and its sale must be highly
probable. Non-current assets, and disposal groups, classified as held for sale are measured at the lower of carrying amount and fair value
less costs to sell from the date on which these conditions are met. The deferred tax assets, assets arising from employee benefits and
financial assets are specifically exempt from this requirement.
Any resulting impairment is reported through the consolidated income statement. From the time of classification as held for sale, the
assets are no longer depreciated or amortised. Interest and other expenses attributable to the liabilities of a disposal group classified as
held for sale continue to be recognised. Comparative amounts in the consolidated statement of financial position are not adjusted.
Discontinued operations are either a separate major line of business or geographical area of operations that have been disposed of or are
part of a single coordinated plan for disposal which satisfy the held for sale criteria. Once an operation has been identified as discontinued,
its net profit or loss, other comprehensive income or expense and cash flows are presented separately in the consolidated income
statement, the consolidated statement of comprehensive income and the consolidated statement of cash flows, including related notes
to these statements, and comparative information is restated. Non-current assets classified as held for sale and the assets of a disposal
group classified as held for sale are presented separately from the other assets in the consolidated statement of financial position.
The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statement of
financial position. The Group\u2019s assets and liabilities related to comparative periods are not separated between continuing and discontinued
operations in the consolidated statement of financial position.
Business combinations (note 25)
Identifiable net assets
The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions,
measured initially at their fair values on the acquisition date. Assets and liabilities which cannot be measured reliably are recorded at
provisional fair values, which are finalised within 12 months of the acquisition date. Any non-controlling interest in the acquiree is recorded
at the non-controlling interest\u2019s proportionate share of the acquired net assets.
Cost of a business combination
The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments
issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination are
expensed as incurred and recognised within other net operating expenses into the consolidated income statement.
Goodwill (note 12)
Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill.
Goodwill is subsequently measured at cost less any impairment.
Impairment of goodwill
Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the
combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of
the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year and
when events or changes in circumstances indicate that it may be impaired.
The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs of disposal.
Value-in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest
forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration relevant
industry forecasts for individual product lines, climate change, internal management projections, historical performance and announced
industry capacity changes.
Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the
Group operates are determined with reference to published gross domestic product information, and for specific product lines are
determined with reference to published industry studies.
The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing rates
and adjusted for country risk and tax.
Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed.
Current non-financial assets
Inventories (note 16)
Inventories are valued at the lower of cost and net realisable value. Cost is determined on the first-in, first-out (FIFO) or weighted average
cost basis, as appropriate. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the inventories to their present location and condition. Net realisable value is defined as the selling price less any
estimated costs to sell .
Equity instruments Own shares (note 22) The purchase by any Group entity of Mondi plc\u2019s equity instruments results in the recognition of own shares. The consideration paid or payable is deducted from equity. Where own shares are subsequently sold, reissued or otherwise disposed of, any consideration received or receivable is included in equity attributable to the shareholders of Mondi plc, net of any directly attributable incremental transaction costs and the related tax effects. Dividend payments (note 9) The dividend distributions to Mondi plc\u2019s ordinary shareholders are recognised as a liability when the dividends are declared and approved. Final dividends are accrued when approved by Mondi plc\u2019s ordinary shareholders at its Annual General Meeting and interim dividends are recognised when paid. Share-based payments (note 23) The Group operates a number of equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of share awards is recognised concurrently as an expense and an adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards granted, as adjusted for market performance conditions and non-market vesting conditions. Vesting conditions are included in assumptions about the number of awards that are expected to vest. At each reporting date, the Group revises its estimates of the number of share awards that are expected to vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the consolidated income statement, with a corresponding adjustment to equity. Financial instruments (note 31) Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the consolidated income statement. Cash and cash equivalents (note 28b) Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject to an insignificant risk of changes in value. The money market funds are held at fair value through profit and loss, with the remaining balance of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net of overdrafts and include cash and cash equivalents classified as assets held for sale. Trade receivables (note 17) Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less an allowance for impairment. Impairment of trade receivables (note 17) A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment. Trade payables (note 18) Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate method. Borrowings (note 21) Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised in the consolidated income statement over the term of the borrowings using the effective interest rate method. Borrowing costs (note 6)
Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as
the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount
capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings,
the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the
construction period.
All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred.
Derivative financial instruments and hedge accounting (note 31d)
The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity
price risks.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value in
the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending on the
maturity of the derivative.
Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised
immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the type of
risk to which the derivative relates.
Cash flow hedges
The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows
are recognised directly in other comprehensive income and accumulated in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the consolidated income statement. If the cash flow hedge of a forecast transaction results in the recognition
of a non-financial asset, then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been
recognised in the Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For hedges that do not
result in the recognition of a non-financial asset, amounts deferred in the Group\u2019s cash flow hedge reserve in equity are recognised in the
consolidated income statement in the same period in which the hedged item affects profit or loss on a proportionate basis.
Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated, exercised
or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity and is recognised
in the consolidated income statement when the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected
to occur, the net cumulative gain or loss deferred in equity is included immediately in the consolidated income statement.
Retirement benefits (note 24)
The Group operates defined benefit pension plans and defined contribution pension plans for the majority of its employees as well as
post-retirement medical plans.
Defined contribution plans
For defined contribution plans, the amount charged to the consolidated income statement is the contributions paid or payable during the
financial year.
Defined benefit pension plans and post-retirement medical plans
For defined benefit pension and post-retirement medical plans, actuarial valuations are performed at each financial year end using the
projected unit credit method. The average discount rate for the plans\u2019 liabilities is based on investment-grade-rated corporate bonds
or similar government bonds of a suitable duration and currency. Plans\u2019 assets are measured using market values at the end of the
financial year.
The net retirement benefits liability recognised in the consolidated statement of financial position represents the present value of the
defined benefit liability as reduced by the fair value of any plan assets.
Any increase in the present value of plan liabilities expected to arise from employee service during the year is charged to personnel costs
as service costs. Past service costs resulting from plan amendments or curtailments and gains or losses on settlements are charged to
personnel costs. A net interest expense or net interest income is calculated by applying the discount rate, on a per plan basis, to the net
defined benefit liability or asset and recognised in the consolidated income statement within finance costs.
Remeasurements comprising actuarial gains and losses and the return on plan assets (after recognising the net finance charge)
are charged or credited to equity in other comprehensive income, net of deferred tax, in the financial year in which they occur.
Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts
recognised in other comprehensive income may be transferred within equity .
Provisions (note 19) Provisions are recognised when the Group has a present obligation as a result of a past event, which it is probable it will be required to settle. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value using country-specific discount rates for periods matching the duration of the underlying liability where the effect of discounting is material. Hyperinflation accounting (note 1) Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Assets, liabilities, the financial position and results of non-euro operations in hyperinflationary economies are translated to euro at the exchange rates prevailing on the reporting date. The exchange differences are recognised directly in other comprehensive income or expense, and accumulated in the Group\u2019s cumulative translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE, 2003=100) published by the Turkish Statistical Institute (TURKSTAT). On the date of first-time application, being 1 January 2022, the adjustment of the carrying amounts of non-monetary assets and liabilities of \u20ac41 million was determined at the closing exchange rate and allocated between retained earnings, other reserves and non-controlling interests in equity as presented in the consolidated statement of changes in equity. This included \u20ac54 million recognised in the cumulative translation adjustment reserve (see note 22), in addition to the remaining exchange differences arising on consolidation. The allocation of the opening balance adjustment is consistent with how the current period impacts are reported. The subsequent gains or losses resulting from the restatement of non-monetary assets and liabilities are recorded in the consolidated income statement as net monetary gain arising from hyperinflationary economies. Comparative amounts presented in euro are not restated for subsequent changes in the price level or exchange rates. The results of the Turkish operations are restated to the index level at the end of the period, with hyperinflationary gains and losses being reported in net monetary gain arising from hyperinflationary economies. The Group also operates a paper bags plant in Lebanon, which became a hyperinflationary economy in September 2020. IAS 29 has not been applied to this subsidiary, as the impact from hyperinflation accounting is considered immaterial. New accounting policies, early adoption and future requirements Amendments to published Standards effective during 2022 The following amendments to Standards have been adopted for the financial year beginning on 1 January 2022, and have had no significant impact on the Group\u2019s results: \u2014 Annual improvements to IFRS Standards 2018-2020 cycle \u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2014 Amendments to IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2014 Amendments to IFRS 3 \u2013 Business Combinations \u2013 References to the Conceptual Framework Amendments to published Standards effective for the financial year beginning on 1 January 2023 The following amendments to Standards will be effective for the financial year beginning on 1 January 2023 and were adopted by the UK Endorsement Board in December 2022. The amendments are not expected to have a significant impact on the Group\u2019s results: \u2014 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates \u2014 Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2014 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "Basis of consolidation The consolidated financial statements incorporate the revenues, expenses, assets, liabilities, equity and cash flows of Mondi plc and its subsidiaries (the Group), and the Group\u2019s share of associates and joint ventures drawn up to 31 December each year. All intra-group balances and transactions are eliminated. A subsidiary is an entity over which the Group has control. Control is evident where the Group is exposed to, or has rights to, variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The results of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement from the effective date of acquiring control or up to the effective date of disposal. Non-controlling interests are measured, at initial recognition, as the non-controlling proportion of the fair values of the assets and liabilities recognised at acquisition. After initial recognition, non-controlling interests are measured as the aggregate of the value at initial recognition and their subsequent proportionate share of profits and losses less any distributions made. Changes in the Group\u2019s interests in subsidiaries that do not result in a change in control are accounted for as equity transactions. Any resulting difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration payable or receivable is recognised directly in equity and attributed to the shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Foreign currency transactions and translation Foreign currency transactions Foreign currency transactions are translated into the functional currency of the entity that has undertaken the transaction, using the exchange rates ruling on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the consolidated income statement and are classified as either operating or financing consistent with the nature of the monetary item giving rise to them. Translation of non-euro operations The Group\u2019s results are presented in euro, the currency in which most of its business is conducted. On consolidation, the assets and liabilities of the Group\u2019s non-euro operations are translated into the presentation currency of the Group at exchange rates prevailing on the reporting date. Income and expense items, except those which arise in countries with hyperinflationary economies (see note 1), are translated at the average exchange rates for the month in which they occur, where these approximate the rates on the dates of the underlying transactions. Exchange differences, if any, are recognised directly in other comprehensive income, and accumulated in the Group\u2019s currency translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Fair value measurement Assets and liabilities that are measured at fair value, or where the fair value of financial instruments has been disclosed in notes to the consolidated financial statements, are based on the following fair value measurement hierarchy: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2 \u2013 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) \u2014 Level 3 \u2013 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\u2019s forestry assets, as set out in note 14. 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 following: \u2014 The fair values of foreign exchange contracts are calculated as the present value of expected future cash flows based on observable yield curves and exchange rates. \u2014 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based on observable market data. \u2014 Other techniques, including discounted cash flow analysis, are used to determine the fair values of other financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "Segmental reporting (note 2) The Group\u2019s operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, the chief operating decision-making body. The operating segments are managed based on the nature of the underlying products produced by those businesses and comprise three distinct segments. The number of reportable segments is the same as the number of identified operating segments. Measurement of operating segment revenues, profit or loss, assets and non-current non-financial assets Each of the operating segments derives its income from the sale of manufactured products. The operating segment measures adhere to the recognition and measurement criteria presented in the Group\u2019s accounting policies and are presented on an underlying basis, excluding special items. The Group has presented certain non-IFRS measures (Alternative Performance Measures), as defined on pages 242-248, by segment to supplement the user\u2019s understanding. All intra-group transactions are conducted on an arm\u2019s-length basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "Revenue from contracts with customers (note 2) Sale of goods Revenue is recognised from the sale of goods and is measured at the amount of the transaction price received in exchange for transferring goods. The transaction price is the expected consideration to be received, to the extent that it is highly probable that there will not be a significant reversal of revenue in future, after deducting discounts, volume rebates, value added tax and other sales taxes. When the period of time between delivery of goods and subsequent payment by the customer is less than one year, no adjustment for a financing component is made. Control of the goods is passed when title and insurance risk have passed to the customer, which is typically when the goods have been delivered to a contractually agreed location. The incremental costs of obtaining a contract are recognised as an expense when the period of amortisation over which the costs would have been recognised is one year or less. If not, these costs are capitalised and amortised on a basis consistent with the transfer of goods to the customer to which the asset relates. Transport revenue Transport revenue is considered distinct when the Group provides transport services after the point in time when control of goods has passed to the customer. Such revenue is recognised over time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "Other income Sale of green energy and CO2 e credits (note 16) Income generated from the sale of green energy and CO 2 e credits issued under international trading schemes are accounted for as government grants and are measured at the consideration received in exchange for transferring such credits. The income is recorded within other net operating expenses in the consolidated income statement when ownership rights pass to the buyer. Any unsold green energy credits are recorded in inventory at cost, which is often at nil value. Investment income (note 6) Interest income, which is derived from cash and cash equivalents and other interest-bearing financial assets, is accrued on a time proportion basis, by reference to the principal outstanding and at the applicable effective interest rate. ",
"dimensions": {
"concept": "mondiplc:DescriptionOfAccountingPolicyForOtherIncome",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "Taxation (note 7) The tax expense represents the sum of the current tax charge and the deferred tax charge. Current tax The current tax charge is based on taxable profit for the year. The Group\u2019s asset/liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. The Group is regularly subject to routine tax audits. Provision is made based on the tax laws in the relevant country and the expected outcomes of any negotiations or settlements. Current tax is presented as a special item if the corresponding taxable income/expense is accounted for as a special item. The Group is subject to corporate taxes in a number of jurisdictions and a degree of estimation and judgement is required in determining the appropriate tax provision for transactions where the tax treatment is uncertain. In these circumstances, the Group recognises provisions for taxes based on information available where the anticipated liability is both probable and estimable. Deferred tax Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding temporary difference arises from a special item. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition, other than in a business combination, of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of the assets being recoverable within a reasonably foreseeable timeframe, typically a three-year period consistent with the period applied to the Group\u2019s viability assessment. The carrying amount is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. The Group applies the initial recognition exemption model to account for any investment tax credits. Deferred tax is not recognised for temporary differences relating to investment tax credits due to the availability of the initial recognition exemption. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-644": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the Group\u2019s consolidated financial statements and the corresponding tax bases used in the computation of taxable profits and is accounted for using the balance sheet liability method. Deferred tax is presented as a special item if the corresponding temporary difference arises from a special item. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition, other than in a business combination, of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. In considering their recoverability, the Group assesses the likelihood of the assets being recoverable within a reasonably foreseeable timeframe, typically a three-year period consistent with the period applied to the Group\u2019s viability assessment. The carrying amount is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Similarly, it is increased to the extent that it becomes probable that sufficient taxable profit will be available in the future for all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and which are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. The Group applies the initial recognition exemption model to account for any investment tax credits. Deferred tax is not recognised for temporary differences relating to investment tax credits due to the availability of the initial recognition exemption. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "Earnings per share (EPS) (note 8) Basic EPS The basic EPS is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of Mondi plc shares in issue during the year, net of own shares. Diluted EPS For diluted EPS, the weighted average number of Mondi plc ordinary shares in issue, net of own shares, is adjusted to assume conversion of all dilutive potential ordinary shares. At present these only include share awards granted to employees. Potential or contingent share issues are treated as dilutive when their conversion to shares would decrease EPS. The weighted average number of ordinary shares in issue is the weighted number of shares in issue throughout the year and excludes own shares held by employee benefit trusts. EPS, if relevant, are presented for both continuing and discontinued operations, on the face of the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "Property, plant and equipment (note 10) Property, plant and equipment principally comprise land and buildings, plant and equipment, assets under construction and other. Property, plant and equipment is stated at cost less accumulated depreciation and impairment. Land and assets under construction are carried at cost less impairment. Cost includes site preparation, the purchase price of the equipment and directly attributable labour and installation costs. Borrowing costs are capitalised on qualifying assets. The capitalisation of costs ceases when the asset is in the location and condition necessary for it to be capable of commercial operation. Start-up and ongoing maintenance costs are recognised immediately as an expense. Depreciation is charged to the consolidated income statement so as to write off the cost of assets, other than freehold land and assets under construction, over their estimated useful lives on a straight-line basis to their estimated residual values of nil or scrap value. Residual values and useful lives are reviewed at least annually. Depreciation commences when the assets are ready for their intended use. An adjustment is made to the estimated useful lives of assets where climate change is anticipated to have a material impact. Estimated useful lives range from 3 years to 25 years for items of plant and equipment and other categories and up to a maximum of 40 years for buildings . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "Leases (note 11) To the extent that a right of control exists over an asset subject to a lease, a right-of-use asset, representing the Group\u2019s right to use the underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position. A corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity of the underlying lease payments, within short-term borrowings or medium- and long-term borrowings in the consolidated statement of financial position at the commencement of the lease. The right-of-use asset is measured initially at cost and includes the amount of initial measurement of the lease liability, any initial direct costs incurred, including advance lease payments, and an estimate of the dismantling, removal and restoration costs required in terms of the lease. Depreciation is charged to the consolidated income statement so as to depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term shall include the period of an extension option where it is reasonably certain that the option will be exercised. Where the lease contains a purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will be exercised. The lease liability is measured at the present value of the future lease payments, including variable lease payments that depend on an index and the exercise price of purchase options where it is reasonably certain that the option will be exercised, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used. Finance charges are recognised within finance costs in the consolidated income statement over the period of the lease. Lease expenses for leases with a duration of one year or less and low-value assets are not recognised in the consolidated statement of financial position, and are charged to the consolidated income statement when incurred. Low-value assets are determined based on quantitative criteria. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "Intangible assets and R&D expenditure (note 13) Intangible assets are measured initially at purchase consideration and are amortised on a straight-line basis over their estimated useful lives. Estimated useful lives vary between 3 years and 10 years and are reviewed at least annually. Research expenditure is expensed in the year in which it is incurred. Development costs are capitalised when the completion of the asset is both commercially and technically feasible and are amortised on a systematic basis over the economic life of the related development. Development costs are recognised immediately as an expense if they do not qualify for capitalisation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "Impairment of property, plant and equipment and intangible assets At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated. If the recoverable amount of an asset, or cash-generating unit (CGU) to which the asset relates, is less than its carrying amount, the carrying amount of the asset, or CGU, is reduced to its recoverable amount and an impairment recognised as an expense. The recoverable amount of the asset, or CGU, is the higher of its fair value less costs to dispose and its value in use. In assessing value in use, the estimated future cash flows generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the smallest CGU to which the asset belongs. Where the underlying circumstances change such that a previously recognised impairment subsequently reverses, the carrying amount of the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount that would have been determined (taking into account depreciation or amortisation in the intervening period) had no impairment been recognised for the asset, or CGU, in prior years. A reversal of an impairment is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "Agriculture \u2013 owned forestry assets (note 14) Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price, less costs to harvest and deliver, to the estimated volume of timber on hand at each reporting date. The fair value less costs to sell is determined using a market-based approach. The estimated volume of timber on hand is determined based on the maturity profile of the area under afforestation, the species, the geographic location, climate and other environmental considerations and excludes future growth. The product of these is then adjusted for risks associated with forestry assets. Changes in fair value are recognised in the consolidated income statement within other net operating expenses. At point of harvest, the carrying value of forestry assets is transferred to inventory and recorded as a felling cost reduction to the fair value of forestry assets. Directly attributable costs incurred during the year of biological growth and investments in standing timber are capitalised and presented within cash flows from investing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "Investments in joint ventures (note 15) A joint venture is an entity in which the Group holds a long-term interest with contractually agreed sharing of control over the strategic, financial and operating decisions with one or more other venturers. Typically, the Group owns between 20% and 50% of the voting equity of its joint ventures. Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "Non-current assets held for sale and discontinued operations (note 26) Non-current assets, and disposal groups, are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups), and its sale must be highly probable. Non-current assets, and disposal groups, classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell from the date on which these conditions are met. The deferred tax assets, assets arising from employee benefits and financial assets are specifically exempt from this requirement. Any resulting impairment is reported through the consolidated income statement. From the time of classification as held for sale, the assets are no longer depreciated or amortised. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Comparative amounts in the consolidated statement of financial position are not adjusted. Discontinued operations are either a separate major line of business or geographical area of operations that have been disposed of or are part of a single coordinated plan for disposal which satisfy the held for sale criteria. Once an operation has been identified as discontinued, its net profit or loss, other comprehensive income or expense and cash flows are presented separately in the consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement of cash flows, including related notes to these statements, and comparative information is restated. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the consolidated statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the consolidated statement of financial position. The Group\u2019s assets and liabilities related to comparative periods are not separated between continuing and discontinued operations in the consolidated statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-662": {
"value": "Business combinations (note 25) Identifiable net assets The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values on the acquisition date. Assets and liabilities which cannot be measured reliably are recorded at provisional fair values, which are finalised within 12 months of the acquisition date. Any non-controlling interest in the acquiree is recorded at the non-controlling interest\u2019s proportionate share of the acquired net assets. Cost of a business combination The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination are expensed as incurred and recognised within other net operating expenses into the consolidated income statement. Goodwill (note 12) Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill. Goodwill is subsequently measured at cost less any impairment. Impairment of goodwill Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year and when events or changes in circumstances indicate that it may be impaired. The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs of disposal. Value-in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and announced industry capacity changes. Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the Group operates are determined with reference to published gross domestic product information, and for specific product lines are determined with reference to published industry studies. The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing rates and adjusted for country risk and tax. Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-645": {
"value": "Business combinations (note 25) Identifiable net assets The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values on the acquisition date. Assets and liabilities which cannot be measured reliably are recorded at provisional fair values, which are finalised within 12 months of the acquisition date. Any non-controlling interest in the acquiree is recorded at the non-controlling interest\u2019s proportionate share of the acquired net assets. Cost of a business combination The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination are expensed as incurred and recognised within other net operating expenses into the consolidated income statement. Goodwill (note 12) Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill. Goodwill is subsequently measured at cost less any impairment. Impairment of goodwill Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year and when events or changes in circumstances indicate that it may be impaired. The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs of disposal. Value-in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and announced industry capacity changes. Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the Group operates are determined with reference to published gross domestic product information, and for specific product lines are determined with reference to published industry studies. The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing rates and adjusted for country risk and tax. Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "Business combinations (note 25) Identifiable net assets The identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values on the acquisition date. Assets and liabilities which cannot be measured reliably are recorded at provisional fair values, which are finalised within 12 months of the acquisition date. Any non-controlling interest in the acquiree is recorded at the non-controlling interest\u2019s proportionate share of the acquired net assets. Cost of a business combination The cost of a business combination includes the fair value of assets provided, liabilities incurred or assumed and any equity instruments issued by a Group entity, in exchange for control of an acquiree. The directly attributable costs associated with a business combination are expensed as incurred and recognised within other net operating expenses into the consolidated income statement. Goodwill (note 12) Any excess of the consideration of the acquisition over the fair values of the identifiable net assets acquired is attributed to goodwill. Goodwill is subsequently measured at cost less any impairment. Impairment of goodwill Goodwill acquired through business combinations is allocated to the group of CGUs that is expected to benefit from the synergies of the combination and represents the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of the group of CGUs to which goodwill has been allocated is tested for impairment annually in the fourth quarter of each financial year and when events or changes in circumstances indicate that it may be impaired. The recoverable amount of a group of CGUs is determined based on the higher of value in use or its fair value less costs of disposal. Value-in-use calculations use cash flow projections based on financial budgets covering a three-year period that are based on the latest forecasts for revenue and costs as approved by the Board. Projected revenues and costs are determined taking into consideration relevant industry forecasts for individual product lines, climate change, internal management projections, historical performance and announced industry capacity changes. Cash flow projections beyond three years are based on internal management projections. Growth rates in the countries in which the Group operates are determined with reference to published gross domestic product information, and for specific product lines are determined with reference to published industry studies. The discount rate is derived from the Group\u2019s weighted average cost of capital using published market data and published borrowing rates and adjusted for country risk and tax. Any impairment is recognised in the consolidated income statement. Impairments of goodwill are not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "Current non-financial assets Inventories (note 16) Inventories are valued at the lower of cost and net realisable value. Cost is determined on the first-in, first-out (FIFO) or weighted average cost basis, as appropriate. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is defined as the selling price less any estimated costs to sell . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "Own shares (note 22) The purchase by any Group entity of Mondi plc\u2019s equity instruments results in the recognition of own shares. The consideration paid or payable is deducted from equity. Where own shares are subsequently sold, reissued or otherwise disposed of, any consideration received or receivable is included in equity attributable to the shareholders of Mondi plc, net of any directly attributable incremental transaction costs and the related tax effects. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "Dividend payments (note 9) The dividend distributions to Mondi plc\u2019s ordinary shareholders are recognised as a liability when the dividends are declared and approved. Final dividends are accrued when approved by Mondi plc\u2019s ordinary shareholders at its Annual General Meeting and interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "Share-based payments (note 23) The Group operates a number of equity-settled, share-based compensation schemes. The fair value of the employee services received in exchange for the grant of share awards is recognised concurrently as an expense and an adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards granted, as adjusted for market performance conditions and non-market vesting conditions. Vesting conditions are included in assumptions about the number of awards that are expected to vest. At each reporting date, the Group revises its estimates of the number of share awards that are expected to vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the consolidated income statement, with a corresponding adjustment to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "Financial instruments (note 31) Financial assets and financial liabilities are recognised in the Group\u2019s consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the consolidated income statement. Cash and cash equivalents (note 28b) Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject to an insignificant risk of changes in value. The money market funds are held at fair value through profit and loss, with the remaining balance of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net of overdrafts and include cash and cash equivalents classified as assets held for sale. Trade receivables (note 17) Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less an allowance for impairment. Impairment of trade receivables (note 17) A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment. Trade payables (note 18) Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate method. Borrowings (note 21) Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised in the consolidated income statement over the term of the borrowings using the effective interest rate method. Borrowing costs (note 6) Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. Derivative financial instruments and hedge accounting (note 31d) The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity price risks. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value in the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending on the maturity of the derivative. Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the type of risk to which the derivative relates. Cash flow hedges The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows are recognised directly in other comprehensive income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement. If the cash flow hedge of a forecast transaction results in the recognition of a non-financial asset, then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For hedges that do not result in the recognition of a non-financial asset, amounts deferred in the Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged item affects profit or loss on a proportionate basis. Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated, exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity and is recognised in the consolidated income statement when the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is included immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-646": {
"value": "Cash and cash equivalents (note 28b) Cash and cash equivalents comprise cash on hand, money market funds, demand deposits and short-term, highly liquid investments of a maturity of three months or less from the date of acquisition that are readily convertible to a known amount of cash and that are subject to an insignificant risk of changes in value. The money market funds are held at fair value through profit and loss, with the remaining balance of cash and cash equivalents carried at amortised cost. Bank overdrafts are shown within short-term borrowings in current liabilities in the consolidated statement of financial position. Cash and cash equivalents presented in the consolidated statement of cash flows are net of overdrafts and include cash and cash equivalents classified as assets held for sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-647": {
"value": "Trade receivables (note 17) Trade receivables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest rate method, less an allowance for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-648": {
"value": "Impairment of trade receivables (note 17) A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of all cash shortfalls over the expected life of a trade receivable. Expected credit losses are based on historical loss experience on trade receivables, adjusted to reflect information about current economic conditions and reasonable and supportable forecasts of future economic conditions. At the date of initial recognition, the credit losses expected to arise over the lifetime of a trade receivable are recognised as an impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-649": {
"value": "Trade payables (note 18) Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-650": {
"value": "Borrowings (note 21) Interest-bearing loans and overdrafts are initially recognised at fair value, net of direct transaction costs. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds, net of transaction costs, and the redemption value is recognised in the consolidated income statement over the term of the borrowings using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "Borrowing costs (note 6) Interest on borrowings directly relating to the acquisition, construction or production of qualifying assets is capitalised until such time as the assets are substantially ready for their intended use. Where funds have been borrowed specifically to finance a project, the amount capitalised represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the construction period. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-663": {
"value": "Derivative financial instruments and hedge accounting (note 31d) The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity price risks. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value in the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending on the maturity of the derivative. Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the type of risk to which the derivative relates. Cash flow hedges The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows are recognised directly in other comprehensive income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement. If the cash flow hedge of a forecast transaction results in the recognition of a non-financial asset, then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For hedges that do not result in the recognition of a non-financial asset, amounts deferred in the Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged item affects profit or loss on a proportionate basis. Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated, exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity and is recognised in the consolidated income statement when the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is included immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-652": {
"value": "Derivative financial instruments and hedge accounting (note 31d) The Group enters into forward and swap contracts in order to hedge its exposure to foreign exchange, interest rate and commodity price risks. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and subsequently measured at fair value in the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending on the maturity of the derivative. Changes in the fair value of derivative financial instruments that are not formally designated in hedge relationships are recognised immediately in the consolidated income statement and are classified within operating profit or net finance costs, depending on the type of risk to which the derivative relates. Cash flow hedges The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of future cash flows are recognised directly in other comprehensive income and accumulated in equity. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement. If the cash flow hedge of a forecast transaction results in the recognition of a non-financial asset, then, at the time the asset is recognised, the associated gains or losses on the derivative that had previously been recognised in the Group\u2019s cash flow hedge reserve in equity are included in the initial measurement of the asset. For hedges that do not result in the recognition of a non-financial asset, amounts deferred in the Group\u2019s cash flow hedge reserve in equity are recognised in the consolidated income statement in the same period in which the hedged item affects profit or loss on a proportionate basis. Hedge accounting is discontinued when the hedge relationship is revoked or the hedging instrument expires, is sold, terminated, exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity and is recognised in the consolidated income statement when the forecast transaction is ultimately recognised. If a hedge transaction is no longer expected to occur, the net cumulative gain or loss deferred in equity is included immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "Retirement benefits (note 24) The Group operates defined benefit pension plans and defined contribution pension plans for the majority of its employees as well as post-retirement medical plans. Defined contribution plans For defined contribution plans, the amount charged to the consolidated income statement is the contributions paid or payable during the financial year. Defined benefit pension plans and post-retirement medical plans For defined benefit pension and post-retirement medical plans, actuarial valuations are performed at each financial year end using the projected unit credit method. The average discount rate for the plans\u2019 liabilities is based on investment-grade-rated corporate bonds or similar government bonds of a suitable duration and currency. Plans\u2019 assets are measured using market values at the end of the financial year. The net retirement benefits liability recognised in the consolidated statement of financial position represents the present value of the defined benefit liability as reduced by the fair value of any plan assets. Any increase in the present value of plan liabilities expected to arise from employee service during the year is charged to personnel costs as service costs. Past service costs resulting from plan amendments or curtailments and gains or losses on settlements are charged to personnel costs. A net interest expense or net interest income is calculated by applying the discount rate, on a per plan basis, to the net defined benefit liability or asset and recognised in the consolidated income statement within finance costs. Remeasurements comprising actuarial gains and losses and the return on plan assets (after recognising the net finance charge) are charged or credited to equity in other comprehensive income, net of deferred tax, in the financial year in which they occur. Remeasurements recorded in other comprehensive income are not recycled to the consolidated income statement, but those amounts recognised in other comprehensive income may be transferred within equity . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "Provisions (note 19) Provisions are recognised when the Group has a present obligation as a result of a past event, which it is probable it will be required to settle. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value using country-specific discount rates for periods matching the duration of the underlying liability where the effect of discounting is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "Hyperinflation accounting (note 1) Effective from 1 January 2022, the Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye, whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Assets, liabilities, the financial position and results of non-euro operations in hyperinflationary economies are translated to euro at the exchange rates prevailing on the reporting date. The exchange differences are recognised directly in other comprehensive income or expense, and accumulated in the Group\u2019s cumulative translation adjustment reserve in equity. Such translation differences are reclassified to profit or loss only on disposal or partial disposal of the non-euro operation. Prior to translating the financial statements of the Turkish operations, the non-monetary assets and liabilities stated at historical cost are restated to account for changes in the general purchasing power of the local currencies based on the consumer price index (T\u00dcFE, 2003=100) published by the Turkish Statistical Institute (TURKSTAT). On the date of first-time application, being 1 January 2022, the adjustment of the carrying amounts of non-monetary assets and liabilities of \u20ac41 million was determined at the closing exchange rate and allocated between retained earnings, other reserves and non-controlling interests in equity as presented in the consolidated statement of changes in equity. This included \u20ac54 million recognised in the cumulative translation adjustment reserve (see note 22), in addition to the remaining exchange differences arising on consolidation. The allocation of the opening balance adjustment is consistent with how the current period impacts are reported. The subsequent gains or losses resulting from the restatement of non-monetary assets and liabilities are recorded in the consolidated income statement as net monetary gain arising from hyperinflationary economies. Comparative amounts presented in euro are not restated for subsequent changes in the price level or exchange rates. The results of the Turkish operations are restated to the index level at the end of the period, with hyperinflationary gains and losses being reported in net monetary gain arising from hyperinflationary economies. The Group also operates a paper bags plant in Lebanon, which became a hyperinflationary economy in September 2020. IAS 29 has not been applied to this subsidiary, as the impact from hyperinflation accounting is considered immaterial. ",
"dimensions": {
"concept": "mondiplc:DescriptionOfAccountingPolicyForHyperinflationAccounting",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "New accounting policies, early adoption and future requirements Amendments to published Standards effective during 2022 The following amendments to Standards have been adopted for the financial year beginning on 1 January 2022, and have had no significant impact on the Group\u2019s results: \u2014 Annual improvements to IFRS Standards 2018-2020 cycle \u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2014 Amendments to IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2014 Amendments to IFRS 3 \u2013 Business Combinations \u2013 References to the Conceptual Framework Amendments to published Standards effective for the financial year beginning on 1 January 2023 The following amendments to Standards will be effective for the financial year beginning on 1 January 2023 and were adopted by the UK Endorsement Board in December 2022. The amendments are not expected to have a significant impact on the Group\u2019s results: \u2014 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates \u2014 Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2014 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-653": {
"value": "Amendments to published Standards effective during 2022 The following amendments to Standards have been adopted for the financial year beginning on 1 January 2022, and have had no significant impact on the Group\u2019s results: \u2014 Annual improvements to IFRS Standards 2018-2020 cycle \u2014 Amendments to IAS 16 \u2013 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2014 Amendments to IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2014 Amendments to IFRS 3 \u2013 Business Combinations \u2013 References to the Conceptual Framework ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-654": {
"value": "Amendments to published Standards effective for the financial year beginning on 1 January 2023 The following amendments to Standards will be effective for the financial year beginning on 1 January 2023 and were adopted by the UK Endorsement Board in December 2022. The amendments are not expected to have a significant impact on the Group\u2019s results: \u2014 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates \u2014 Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2014 Amendments to IAS 12 \u2013 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "Mondi plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "Ground Floor, Building 5, The Heights, Brooklands, Weybridge, Surrey, KT13 0NY, United Kingdom ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "United Kingdom ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800LOZA69QFDC9N34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}