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"dimensions": { "concept": "mondiplc:NetCashOutflowinflowFromDebtRelatedDerivativeFinancialInstrumentsClassifiedAsFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-505": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-506": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-507": { "value": "-1226000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-508": { "value": "-541000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-509": { "value": "-1311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-510": { "value": "336000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-511": { "value": "1592000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-512": { "value": "1381000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-513": { "value": "-1311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-514": { "value": "336000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-515": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-516": { "value": "-125000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-517": { "value": "269000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-518": { "value": "1592000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-519": { "value": "
1 Basis of preparation
These consolidated financial statements as at and for the year ended 31\u00a0December 2024 comprise Mondi plc and its subsidiaries
(referred to as 'the Group'), 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 material
accounting policies adopted are set out in note 35 and were applied consistently throughout the year and preceding year.
The Group also applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), and there are no
differences with applying IFRS Accounting Standards 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 consideration of the principal risks which may\u00a0impact the Group\u2019s performance in
the\u00a018\u00a0months following the balance sheet date and considerations of the period immediately thereafter. The Group has a strong balance sheet.
At 31\u00a0December 2024, the Group had a\u00a0liquidity position of \u20ac1,028 million, comprising \u20ac750 million of undrawn committed debt facilities
and cash and cash equivalents of \u20ac278 million available. As the Group\u2019s debt facilities and loan agreements contain no financial
covenants, in performing its going concern assessment the directors have focused on liquidity. The assessment of going concern is
further described in the Strategic report under the heading Going concern on page 71, 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\u00a0the 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, assets acquired and liabilities
assumed in a business combination 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
Accounting Standards and UK-adopted International Accounting Standards. These measures, referred to as Alternative Performance
Measures (APMs), are defined on pages 216-218.
Critical accounting judgements and significant accounting estimates
The preparation of the Group\u2019s consolidated financial statements requires the use of accounting estimates which, by definition, may differ
from actual results. The estimates are based on management\u2019s best information available about current circumstances and future events.
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:
Significant accounting estimates
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Actuarial valuations of retirement benefit obligations \u2013 refer to note 25
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 include:
\u2013 Hyperinflation accounting \u2013 refer to notes 7 and 35
\u2013 Taxation \u2013 refer to notes 8 and 35
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 35
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to notes 11 and 35
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to notes 26 and 35
Climate change
Management has considered the impact of climate change in preparing these consolidated financial statements, in particular in the context
of\u00a0the\u00a0disclosures included in the Strategic report, including the Group\u2019s Net-Zero GHG emission reduction targets as\u00a0detailed in the
Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 41-45. These considerations, which are\u00a0integral to
the\u00a0Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 35
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to note 35
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 26
While these considerations did not have a material impact on the estimates, this may change in future periods as management evolves
its\u00a0understanding of climate change-related impacts on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "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 material
accounting policies adopted are set out in note 35 and were applied consistently throughout the year and preceding year.
The Group also applies IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), and there are no
differences with applying IFRS Accounting Standards 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "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 consideration of the principal risks which may\u00a0impact the Group\u2019s performance in
the\u00a018\u00a0months following the balance sheet date and considerations of the period immediately thereafter. The Group has a strong balance sheet.
At 31\u00a0December 2024, the Group had a\u00a0liquidity position of \u20ac1,028 million, comprising \u20ac750 million of undrawn committed debt facilities
and cash and cash equivalents of \u20ac278 million available. As the Group\u2019s debt facilities and loan agreements contain no financial
covenants, in performing its going concern assessment the directors have focused on liquidity. The assessment of going concern is
further described in the Strategic report under the heading Going concern on page 71, 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\u00a0the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "
Critical accounting judgements and significant accounting estimates
The preparation of the Group\u2019s consolidated financial statements requires the use of accounting estimates which, by definition, may differ
from actual results. The estimates are based on management\u2019s best information available about current circumstances and future events.
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:
Significant accounting estimates
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Actuarial valuations of retirement benefit obligations \u2013 refer to note 25
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 include:
\u2013 Hyperinflation accounting \u2013 refer to notes 7 and 35
\u2013 Taxation \u2013 refer to notes 8 and 35
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 35
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to notes 11 and 35
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to notes 26 and 35
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "
Climate change
Management has considered the impact of climate change in preparing these consolidated financial statements, in particular in the context
of\u00a0the\u00a0disclosures included in the Strategic report, including the Group\u2019s Net-Zero GHG emission reduction targets as\u00a0detailed in the
Mondi Action Plan 2030 (MAP2030) Taking Action on Climate section on pages 41-45. These considerations, which are\u00a0integral to
the\u00a0Group\u2019s strategy, did not have a material impact on the accounting estimates and judgements, including the following areas:
\u2013 Fair value of forestry assets \u2013 refer to note 15
\u2013 Estimates of future cash flows used in the impairment assessment of goodwill and property, plant and equipment \u2013 refer to notes 11,
13\u00a0and 35
\u2013 Residual values and useful economic lives of property, plant and equipment \u2013 refer to note 35
\u2013 Fair value of assets acquired and liabilities assumed in business combinations \u2013 refer to note 26
While these considerations did not have a material impact on the estimates, this may change in future periods as management evolves
its\u00a0understanding of climate change-related impacts on the Group.
", "dimensions": { "concept": "mondiplc:DisclosureOfClimateChangeTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "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 \u20ac63 million (2023: \u20ac 91 million), which was 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, consistent with prior year, comprise three distinct segments.
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
Year ended 31\u00a0December 2024 1
\u20ac\u00a0million, unless otherwise stated
Corrugated
Packaging
Flexible
Packaging
Uncoated Fine
Paper
Corporate
Intersegment
elimination
Total
continuing
operations
Segment revenue
2,251
3,964
1,317
\u2014
(116)
7,416
Internal revenue
(22)
(37)
(57)
\u2014
116
\u2014
External revenue
2,229
3,927
1,260
\u2014
\u2014
7,416
Underlying EBITDA
328
558
198
(35)
\u2014
1,049
Depreciation, amortisation and impairments 2
(167)
(203)
(72)
(1)
\u2014
(443)
Underlying operating profit/(loss)
161
355
126
(36)
\u2014
606
Special items before tax
(5)
(132)
\u2014
(13)
\u2014
(150)
Capital employed
2,609
3,418
1,133
(78)
\u2014
7,082
Trailing 12-month average capital employed
2,224
3,051
1,134
(126)
\u2014
6,283
Additions to non-current non-financial assets
346
565
160
\u2014
\u2014
1,071
Capital expenditure cash payments
321
518
94
\u2014
\u2014
933
Underlying EBITDA margin (%)
14.6
14.1
15.0
\u2014
\u2014
14.1
Return on capital employed (%)
7.2
11.5
11.1
\u2014
\u2014
9.6
Average number of employees (thousands) 3
6.4
12.0
2.7
0.1
\u2014
21.2
Notes:
1 See pages 216-218 for definitions of APMs.
2 Includes only impairments not classified as special items.
3 Presented on a full-time employee equivalent basis.
Year ended 31\u00a0December 2023 1
\u20ac\u00a0million, unless otherwise stated
Corrugated
Packaging
Flexible
Packaging
Uncoated Fine
Paper
Corporate
Intersegment
elimination
Total
continuing
operations
Segment revenue
2,280
3,866
1,292
\u2014
(104)
7,334
Internal revenue 2
(23)
(33)
(52)
\u2014
104
(4)
External revenue
2,257
3,833
1,240
\u2014
\u2014
7,330
Underlying EBITDA
310
637
289
(35)
\u2014
1,201
Depreciation, amortisation and impairments 3
(151)
(191)
(68)
(1)
\u2014
(411)
Underlying operating profit/(loss)
159
446
221
(36)
\u2014
790
Special items before tax
\u2014
\u2014
(27)
\u2014
\u2014
(27)
Capital employed
2,318
3,167
1,095
(65)
\u2014
6,515
Trailing 12-month average capital employed
2,057
3,068
1,075
(65)
\u2014
6,135
Additions to non-current non-financial assets
379
427
129
\u2014
\u2014
935
Capital expenditure cash payments
326
425
79
\u2014
\u2014
830
Underlying EBITDA margin (%)
13.6
16.5
22.4
\u2014
\u2014
16.4
Return on capital employed (%)
7.7
14.4
20.6
\u2014
\u2014
12.8
Average number of employees (thousands) 4
6.5
11.6
2.8
0.1
\u2014
21.0
Notes:
1 See pages 216 -218 for definitions of APMs.
2 Total continuing operations' internal revenue relates to transactions with discontinued operations.
3 Previously presented separately as 'depreciation and impairment' and 'amortisation' and includes only impairments not classified as special items.
4 Presented on a full-time employee equivalent basis.
2 Operating segments
External revenue by location of contribution and by location of customer
External revenue
by location of contribution
External revenue
by location of customer
\u20ac million
2024
2023
2024
2023
Western Europe
Austria
1,175
1,301
166
159
Germany
555
579
932
954
UK
3
3
196
192
Rest of Western Europe
721
792
1,620
1,691
Western Europe total
2,454
2,675
2,914
2,996
Emerging Europe
Czech Republic
705
657
264
252
Poland
1,347
1,275
729
722
T\u00fcrkiye
490
426
533
486
Rest of emerging Europe
919
887
543
521
Emerging Europe total
3,461
3,245
2,069
1,981
Africa
South Africa
667
656
489
495
Rest of Africa
80
95
366
395
Africa total
747
751
855
890
Russia
\u2014
\u2014
\u2014
5
North America
648
561
850
825
South America
7
3
93
94
Asia and Australia
99
95
635
539
Total Group revenue from continuing operations
7,416
7,330
7,416
7,330
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\u00a0December 2024 and 31\u00a0December 2023. 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\u00a0less, as permitted under IFRS 15.
Net assets by location
2024
2023
\u20ac\u00a0million
Non-current
non-financial
assets
Segment
assets
Segment
net assets
Non-current
non-financial
assets
Segment
assets
Segment
net assets
Western Europe
Austria
500
977
764
462
902
671
Germany
544
720
654
522
689
627
UK
31
34
32
31
37
34
Rest of Western Europe
1,026
1,248
1,140
782
1,015
922
Western Europe total
2,101
2,979
2,590
1,797
2,643
2,254
Emerging Europe
Czech Republic
1,133
1,245
1,102
965
1,063
927
Poland
989
1,302
1,132
929
1,215
1,047
T\u00fcrkiye
217
401
318
168
328
254
Rest of emerging Europe
757
925
760
857
1,014
853
Emerging Europe total
3,096
3,873
3,312
2,919
3,620
3,081
Africa
South Africa
977
1,197
1,103
931
1,135
1,030
Rest of Africa
49
126
123
60
158
155
Africa total
1,026
1,323
1,226
991
1,293
1,185
North America
184
435
375
174
350
317
South America
16
24
24
17
27
27
Asia and Australia
80
166
151
78
159
147
Total
6,503
8,800
7,678
5,976
8,092
7,011
Reconciliation of operating segment assets
2024
2023
\u20ac million
Segment
assets
Segment
net assets/
(liabilities)
Segment
assets
Segment
net assets/
(liabilities)
Group total
8,800
7,678
8,092
7,011
Unallocated
Investments in joint ventures
5
5
8
8
Deferred tax assets/(liabilities)
22
(320)
24
(298)
Other non-operating assets/(liabilities)
226
(281)
236
(206)
Group capital employed
9,053
7,082
8,360
6,515
Financial instruments/(net debt)
288
(1,732)
1,604
(419)
Total assets/equity
9,341
5,350
9,964
6,096
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 20),
derivative financial instruments (see note 31d) and other non-operating receivables/(payables) of \u20ac165 million and \u20ac 354 million ,
respectively, as at 31\u00a0December 2024 (2023 : \u20ac 181 million and \u20ac 316 million).
2 Operating segments
Average number of employees by principal location of employment 1
thousands
2024
2023
Western Europe
6.4
6.5
Emerging Europe
10.4
10.4
Africa
1.9
1.9
North America
1.9
1.6
Asia and Australia
0.6
0.6
Total average number of employees of continuing operations
21.2
21.0
Note:
1 Presented on a full-time employee equivalent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
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 \u20ac63 million (2023: \u20ac 91 million), which was 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, consistent with prior year, comprise three distinct segments.
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "The Group generates revenue from the sale of manufactured products across the packaging and paper value chain", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "
3 Special items
The Group separately discloses special items, an APM as defined on page 216 , on the face of the consolidated income statement
to\u00a0assist its stakeholders in understanding the underlying financial performance achieved by the Group on a basis that is comparable
from\u00a0year to year.
\u20ac\u00a0million
2024
2023
Operating special items
Impairment of assets
(74)
(4)
Restructuring and closure costs:
Personnel costs
(18)
(9)
Other restructuring and closure costs
(40)
(14)
Costs relating to the acquisition of Schumacher Packaging
(5)
\u2014
Costs relating to the aborted all-share combination with DS Smith plc
(13)
\u2014
Total special items before tax
(150)
(27)
Tax credit (see note 8)
1
6
Total special items
(149)
(21)
The operating special items resulted in a cash outflow from operating activities of \u20ac34\u00a0million for the year ended 31\u00a0December 2024
(2023 : \u20ac 10\u00a0million).
To 31\u00a0December 2024
The special items during the year ended 31\u00a0December 2024 comprised:
\u2013 Corrugated Packaging
\u2013 On 9 October 2024, the Group announced that it has entered into an agreement to acquire the Western Europe Packaging Assets
of Schumacher Packaging for an enterprise value of \u20ac634 million. The transaction, which is subject to certain customary regulatory
approvals, is expected to close in the first half of 2025. In 2024, transaction costs of\u00a0\u20ac5\u00a0million were recognised and additional costs
will be incurred in 2025 with total costs expected to exceed \u20ac10 million.
\u2013 Flexible Packaging
\u2013 Closure of a paper bags plant in Maastricht (Netherlands). Restructuring and closure costs of \u20ac13\u00a0million were recognised.
\u2013 Closure of a paper bags plant in Pine Bluff (USA). Restructuring and closure costs of \u20ac8\u00a0million and related impairment of assets of
\u20ac1 million were recognised. Additional costs will be incurred in 2025 with total costs expected to exceed \u20ac10 million.
\u2013 Closure of Stambolijski paper mill (Bulgaria) following a fire in September 2024. Restructuring and closure costs of \u20ac37\u00a0million and
related impairment of assets of \u20ac73\u00a0million were recognised.
\u2013 Corporate
\u2013 \u20ac13\u00a0million of costs relating to the aborted all-share combination with DS Smith plc. On 19 April 2024, the Board announced
it\u00a0did\u00a0not intend to make an offer for DS Smith plc following a period of due diligence and after carefully considering the value
the\u00a0all-share combination with DS Smith plc would deliver to Mondi's shareholders.
To 31\u00a0December 2023
The special items during the year ended 31\u00a0December 2023 comprised:
\u2013 Uncoated Fine Paper
\u2013 Closure of a paper machine and streamlining the capacity of the finishing lines at the Neusiedler operations in Austria. Restructuring
and closure costs of \u20ac23 million and related impairment of assets of \u20ac4 million were recognised.
", "dimensions": { "concept": "mondiplc:DisclosureOfSpecialItemsTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
4 Auditors' remuneration
\u20ac\u00a0million
2024
2023
Fees payable to the auditors for the audit of Mondi plc\u2019s annual financial statements
2.3
2.0
Fees payable to the auditors and their associates for the audit of Mondi plc\u2019s subsidiaries
4.0
4.1
Total audit fees
6.3
6.1
Audit-related services
0.5
0.6
Other services
0.3
\u2014
Total non-audit fees
0.8
0.6
Total fees
7.1
6.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
5 Personnel costs
\u20ac\u00a0million, unless otherwise stated
2024
2023
Within underlying operating costs
Wages and salaries
994
878
Social security costs
202
181
Defined contribution retirement plan contributions (see note 25)
14
14
Defined benefit retirement plan service costs net of loss from settlement (see note 25)
9
5
Share-based payments (see note 24)
9
9
Total within underlying operating costs
1,228
1,087
Within special items
Personnel costs relating to restructuring (see note 3)
18
9
Within net finance costs
Retirement benefit medical plan net interest costs
3
3
Retirement benefit pension plan net interest costs
6
5
Total within net finance costs (see note 6)
9
8
Total personnel costs
1,255
1,104
Continuing operations' average number of employees (thousands) 1
21.2
21.0
Note:
1 Presented on a full-time employee equivalent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "
6 Net finance costs
\u20ac\u00a0million
2024
2023
Investment\u00a0income
Investment\u00a0income
30
45
Foreign currency (losses)/gains
Foreign currency (losses)/gains
(3)
1
Finance costs
Interest expense
Interest on bank overdrafts and loans
(100)
(115)
Interest on lease liabilities (see note 12)
(7)
(7)
Net interest expense on net retirement benefits liability (see note 25)
(9)
(8)
Total interest expense
(116)
(130)
Less: interest capitalised
19
11
Total finance costs
(97)
(119)
Net\u00a0finance\u00a0costs
(70)
(73)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2024
was\u00a04.2% ( 2023: 4.9%) and was mainly related to qualifying assets in Czech Republic and Poland (2023: Czech Republic ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
6 Net finance costs
\u20ac\u00a0million
2024
2023
Investment\u00a0income
Investment\u00a0income
30
45
Foreign currency (losses)/gains
Foreign currency (losses)/gains
(3)
1
Finance costs
Interest expense
Interest on bank overdrafts and loans
(100)
(115)
Interest on lease liabilities (see note 12)
(7)
(7)
Net interest expense on net retirement benefits liability (see note 25)
(9)
(8)
Total interest expense
(116)
(130)
Less: interest capitalised
19
11
Total finance costs
(97)
(119)
Net\u00a0finance\u00a0costs
(70)
(73)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2024
was\u00a04.2% ( 2023: 4.9%) and was mainly related to qualifying assets in Czech Republic and Poland (2023: Czech Republic ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
6 Net finance costs
\u20ac\u00a0million
2024
2023
Investment\u00a0income
Investment\u00a0income
30
45
Foreign currency (losses)/gains
Foreign currency (losses)/gains
(3)
1
Finance costs
Interest expense
Interest on bank overdrafts and loans
(100)
(115)
Interest on lease liabilities (see note 12)
(7)
(7)
Net interest expense on net retirement benefits liability (see note 25)
(9)
(8)
Total interest expense
(116)
(130)
Less: interest capitalised
19
11
Total finance costs
(97)
(119)
Net\u00a0finance\u00a0costs
(70)
(73)
The weighted average interest rate applicable to capitalised interest on general borrowings for the year ended 31\u00a0December 2024
was\u00a04.2% ( 2023: 4.9%) and was mainly related to qualifying assets in Czech Republic and Poland (2023: Czech Republic ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
7 Net monetary (loss)/gain arising from hyperinflationary economies
The Group applies IAS 29, 'Financial Reporting in Hyperinflationary Economies', for its subsidiaries in T\u00fcrkiye and Lebanon. The consumer
price index increased in T\u00fcrkiye by 44% from 1,859 at 31\u00a0December 2023 to 2,685 at 31\u00a0December 2024 and\u00a0in\u00a0Lebanon by 18% from
5,978 at 31\u00a0December 2023 to 7,061 at 31\u00a0December 2024. For the year ended 31\u00a0December 2024 a net monetary loss of \u20ac5\u00a0million was
recognised (2023: gain of \u20ac2\u00a0million). For the year ended 31\u00a0December 2024, the adjustments from hyperinflationary accounting have
resulted in an increase in Group revenue of \u20ac78 million (2023: \u20ac116 million) and a decrease in underlying EBITDA of \u20ac16 million
(2023:\u00a0decrease of \u20ac16 million). As at 31\u00a0December 2024, the adjustments from hyperinflationary accounting have resulted in an
accumulated increase in total assets of \u20ac166 million (2023: \u20ac115 million). Comparative amounts presented in euros were not restated
for\u00a0subsequent changes in the price level or\u00a0exchange 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
8 Taxation
(a) Analysis of tax charge for the year
The Group\u2019s effective rate of tax before special items for the year ended 31\u00a0December 2024 was 22.2% ( 2023 : 23.6% ).
\u20ac\u00a0million
2024
2023
UK corporation tax at 25% (2023: 23.5%)
4
\u2014
Overseas tax
105
135
Current tax in respect of the prior years
(4)
(13)
Current tax
105
122
Deferred tax in respect of the current year
10
62
Deferred tax in respect of the prior years
(5)
(24)
Deferred tax attributable\u00a0to\u00a0a\u00a0change\u00a0in\u00a0the rate\u00a0of\u00a0domestic\u00a0income\u00a0tax
7
7
Tax charge before special items
117
167
Current tax on special items
\u2014
(6)
Deferred tax on special items
(1)
\u2014
Tax credit on special items (see note 3)
(1)
(6)
Tax charge for the year
116
161
Current tax charge
105
116
Deferred tax charge
11
45
\u00a0
\u00a0
On 24 May 2021, legislation was substantively enacted in the UK to increase the corporate tax rate from 19% to 25% with effect from
1\u00a0April 2023. In the year ended 31 December 2023, the 23.5% UK corporation tax rate referenced in the table above reflects the average
tax rate that applied in that year.
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 \u20ac40 million (2023: \u20ac38 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\u00a0months.
The Group is within the scope of the OECD Pillar 2 model rules as of 1 January 2024. The effective tax rate (as calculated under the Pillar
2 transitional safe harbour rules) in the majority of countries in which the Group operates exceeds 15% for the year ended 31\u00a0December
2024. Additional Pillar 2 top-up tax of \u20ac3 million has been included within the current tax charge for the year ended 31\u00a0December 2024,
mostly arising in a small number of jurisdictions benefitting from tax incentives on capital investments and tax holidays.
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\u00a025% (2023: 23.5%), as follows:
\u20ac\u00a0million
2024
2023
Profit before tax
378
682
Tax on profit before tax, calculated at the UK corporation tax rate of 25% (2023: 23.5%)
95
160
Tax effects of:
Expenses not deductible for tax purposes
7
2
Special items not deductible
5
\u2014
Other non-deductible expenses
2
2
Temporary difference adjustments
26
(13)
Balance sheet/fixed asset revaluation
(15)
(10)
Changes in local tax rates1
7
7
Current year tax losses and other temporary differences not recognised
39
14
Movements in unrecognised deferred tax
(10)
(24)
Prior year deferred tax adjustments
5
\u2014
Other adjustments
(12)
12
Current tax prior year adjustments
(4)
(13)
Tax incentives2
(16)
(5)
Effect of difference between local rates and UK tax rate
(20)
(1)
Hyperinflation monetary adjustments (see note 7)
20
19
Other adjustments
5
12
Pillar 2 current tax
3
\u2014
Tax charge for the year
116
161
Notes:
1 There has been a change in tax rate in Slovakia (2023: Czech Republic, T\u00fcrkiye and Austria).
2 The tax incentives relate to a number of countries including Poland and Slovakia (2023: Poland and Serbia).
8 Taxation continued
(b) Deferred tax
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2024
2023
2024
2023
At 1 January
24
34
(322)
(307)
Charged to the consolidated income statement
(2)
(10)
(9)
(35)
Credited to the consolidated statement of comprehensive income
\u2014
3
1
4
Acquired through business combinations (see note 26)
\u2014
\u2014
(4)
\u2014
Reclassification
\u2014
(1)
\u2014
1
Hyperinflation monetary adjustment (see note 7)
\u2014
(1)
(2)
\u2014
Currency movements
\u2014
(1)
(6)
15
At 31 December
22
24
(342)
(322)
The amount of deferred tax (charged)/credited to the consolidated income statement comprises:
\u20ac million
2024
2023
Fixed assets temporary differences
(37)
(27)
Fair value adjustments
7
(23)
Tax losses recognised
9
24
Other temporary differences
10
(19)
Total deferred tax charge
(11)
(45)
Deferred tax comprises:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2024
2023
2024
2023
Fixed assets temporary differences
(19)
(34)
(320)
(265)
Fair value adjustments
\u2014
\u2014
(134)
(135)
Tax losses
14
17
31
19
Other temporary differences
27
41
81
59
Total
22
24
(342)
(322)
The key items within other temporary differences include retirement benefit obligations, inventory write-downs, other provisions
and\u00a0accruals and elimination of intercompany profit in inventory.
Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant
jurisdictions to utilise the tax losses and other temporary differences presented in the table above.
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\u00a0million
2024
2023
2024
2023
Recoverable within 12 months
10
13
\u2014
\u2014
Recoverable/(payable) after 12 months
12
11
(342)
(322)
Total
22
24
(342)
(322)
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
2024
2023
Tax losses - revenue
1,411
1,401
Tax losses - capital
16
16
Fixed asset temporary differences1
90
13
Other temporary differences1
69
43
Total
1,586
1,473
Note:
1Other temporary differences as presented previously have been further analysed to separately show fixed asset temporary differences.
Of the total of \u20ac1,586 million (2023: \u20ac1,473 million), \u20ac1,245 million (2023: \u20ac1,248 million) relates to tax losses (with no expiry date)
and\u00a0other 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.
Included in unrecognised tax losses are losses that will expire as follows:
\u20ac million
2024
2023
Expiry date
Within one year
7
7
One to five years
19
42
After five years
47
45
No expiry date
1,354
1,323
Total unrecognised tax losses
1,427
1,417
No deferred tax liability is recognised on gross temporary differences of \u20ac630 million (2023: \u20ac622 million) relating to the unremitted
earnings of\u00a0overseas 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\u00a0December 2024 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\u00a0overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "
(b) Deferred tax
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2024
2023
2024
2023
At 1 January
24
34
(322)
(307)
Charged to the consolidated income statement
(2)
(10)
(9)
(35)
Credited to the consolidated statement of comprehensive income
\u2014
3
1
4
Acquired through business combinations (see note 26)
\u2014
\u2014
(4)
\u2014
Reclassification
\u2014
(1)
\u2014
1
Hyperinflation monetary adjustment (see note 7)
\u2014
(1)
(2)
\u2014
Currency movements
\u2014
(1)
(6)
15
At 31 December
22
24
(342)
(322)
The amount of deferred tax (charged)/credited to the consolidated income statement comprises:
\u20ac million
2024
2023
Fixed assets temporary differences
(37)
(27)
Fair value adjustments
7
(23)
Tax losses recognised
9
24
Other temporary differences
10
(19)
Total deferred tax charge
(11)
(45)
Deferred tax comprises:
Deferred tax assets
Deferred tax liabilities
\u20ac\u00a0million
2024
2023
2024
2023
Fixed assets temporary differences
(19)
(34)
(320)
(265)
Fair value adjustments
\u2014
\u2014
(134)
(135)
Tax losses
14
17
31
19
Other temporary differences
27
41
81
59
Total
22
24
(342)
(322)
The key items within other temporary differences include retirement benefit obligations, inventory write-downs, other provisions
and\u00a0accruals and elimination of intercompany profit in inventory.
Based on forecast data, the Group considers it probable that there will be sufficient future taxable profits available in the relevant
jurisdictions to utilise the tax losses and other temporary differences presented in the table above.
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\u00a0million
2024
2023
2024
2023
Recoverable within 12 months
10
13
\u2014
\u2014
Recoverable/(payable) after 12 months
12
11
(342)
(322)
Total
22
24
(342)
(322)
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
2024
2023
Tax losses - revenue
1,411
1,401
Tax losses - capital
16
16
Fixed asset temporary differences1
90
13
Other temporary differences1
69
43
Total
1,586
1,473
Note:
1Other temporary differences as presented previously have been further analysed to separately show fixed asset temporary differences.
Of the total of \u20ac1,586 million (2023: \u20ac1,473 million), \u20ac1,245 million (2023: \u20ac1,248 million) relates to tax losses (with no expiry date)
and\u00a0other 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.
Included in unrecognised tax losses are losses that will expire as follows:
\u20ac million
2024
2023
Expiry date
Within one year
7
7
One to five years
19
42
After five years
47
45
No expiry date
1,354
1,323
Total unrecognised tax losses
1,427
1,417
No deferred tax liability is recognised on gross temporary differences of \u20ac630 million (2023: \u20ac622 million) relating to the unremitted
earnings of\u00a0overseas 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\u00a0December 2024 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\u00a0overseas tax jurisdictions in which these subsidiaries operate and non-UK corporate taxes on dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "value": "
9 Earnings per share (EPS)
On 13 February 2024, the Group returned the net proceeds from the sale of the Group's Russian assets to its shareholders by way of
a\u00a0special dividend (see note 10). In addition, in order to maintain the comparability, so far as possible, of Mondi plc\u2019s share price before
and\u00a0after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on 29 January 2024,
resulting in shareholders receiving 10 new ordinary shares for every 11 existing ordinary shares (see note 23).
For calculating basic and diluted EPS measures, the Board concluded that the overall effect of the share consolidation and special
dividend was a share repurchase at fair value. Therefore, the reduction in the number of shares as a result of the share consolidation was
reflected in the denominator in the current year prospectively from the day the dividend was paid (i.e.\u00a013\u00a0February 2024). The weighted
average number of ordinary shares outstanding for 2023 was not restated.
EPS attributable to shareholders
euro cents
2024
2023
From continuing operations
Basic EPS
49.1
103.5
Diluted EPS
49.1
103.5
Basic underlying EPS
82.7
107.8
Diluted underlying EPS
82.6
107.8
From continuing and discontinued operations
Basic EPS
49.1
(31.5)
Diluted EPS
49.1
(31.5)
Basic headline EPS
60.8
145.3
Diluted headline EPS
60.8
145.3
9 Earnings per share (EPS) continued
The calculation of basic and diluted EPS, basic and diluted underlying EPS and basic and diluted headline EPS is based on the following data:
Earnings
\u20ac\u00a0million
2024
2023
Profit/(loss) for the year attributable to shareholders
218
(153)
Arises from:
Continuing operations
218
502
Discontinued operations (see note 28)
\u2014
(655)
Special items attributable to shareholders (see note 3)
150
27
Related tax (see note 3)
(1)
(6)
Total earnings for the year (prior to special items)
367
(132)
Arises from:
Continuing operations
367
523
Discontinued operations (see note 28)
\u2014
(655)
Gain on disposal of property, plant and equipment
(12)
(13)
Insurance reimbursements for property damages (see note 11)
(3)
(27)
Restructuring and closure costs (see note 3)
(58)
(23)
Costs relating to the aborted all-share combination with DS Smith plc (see note 3)
(13)
\u2014
Costs relating to the acquisition of Schumacher Packaging (see note 3)
(5)
\u2014
Gain on purchase of business before transaction-related costs (see note 26)
(13)
\u2014
Impairments not included in special items (see note 11)
\u2014
3
Loss arising from sale and leaseback transaction
3
\u2014
Loss on disposal of businesses from discontinued operations (see note 28)
\u2014
756
Impairments included in loss from discontinued operations (see note 28)
\u2014
113
Related tax
4
28
Headline earnings for the year
270
705
Underlying earnings, total earnings (prior to special items) and headline earnings represent APMs which are defined on pages 216-218.
Weighted average number of shares
million
2024
2023
Basic number of ordinary shares outstanding
444.0
485.1
Effect of dilutive potential ordinary shares
0.1
\u2014
Diluted number of ordinary shares outstanding
444.1
485.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
10 Dividends
2024
2023
euro cents
per\u00a0share
\u20ac\u00a0million
euro cents
per\u00a0share
\u20ac\u00a0million
Final ordinary dividend paid in respect of the prior year
46.67
209
48.33
231
Special dividend
160.00
769
\u2014
\u2014
Interim ordinary dividend paid in respect of the current year
23.33
103
23.33
114
Total ordinary and special dividends paid
1,081
345
Final ordinary dividend proposed to shareholders
46.67
206
46.67
209
The final ordinary dividend proposed in respect of the financial year ended 31\u00a0December 2024 has been recommended by the Board
and\u00a0is subject to the approval of the shareholders of Mondi plc at the Annual General Meeting scheduled for 8\u00a0May 2025.
On 13 February 2024, the Group returned the net proceeds from the sale of the Group's Russian assets to shareholders by way of a special
dividend of \u20ac1.60 per existing ordinary share (see note 9). The final ordinary dividend for the year ended 31\u00a0December 2023 was declared
after the accompanying share consolidation took effect and therefore was declared based on the number of new ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "
11 Property, plant and equipment
\u20ac\u00a0million
Land and
buildings1
Plant and
equipment
Assets under
construction
Other
Total
Net carrying value
At 1 January 2023
1,167
2,483
398
119
4,167
Additions
50
169
576
38
833
Disposal of assets
(7)
(4)
\u2014
(7)
(18)
Acquired through business combinations
17
20
\u2014
\u2014
37
Depreciation charge for the year
(65)
(292)
\u2014
(34)
(391)
Impairment losses recognised
(1)
(6)
\u2014
\u2014
(7)
Reclassification
51
168
(234)
13
(2)
Hyperinflation monetary adjustment
28
31
6
3
68
Currency movements
(22)
(41)
(2)
(3)
(68)
At 31\u00a0December 2023
1,218
2,528
744
129
4,619
Cost
2,139
7,216
761
409
10,525
Accumulated depreciation and impairments
(921)
(4,688)
(17)
(280)
(5,906)
Additions
123
316
529
38
1,006
Disposal of assets
(7)
(4)
\u2014
(1)
(12)
Acquired through business combinations (see note\u00a026)
3
1
\u2014
\u2014
4
Depreciation charge for the year
(70)
(319)
\u2014
(38)
(427)
Impairment losses recognised (see note 3)
(3)
(49)
(21)
(1)
(74)
Reclassification
112
382
(511)
14
(3)
Hyperinflation monetary adjustment (see note 7)
27
30
4
2
63
Currency movements
(7)
(7)
(2)
\u2014
(16)
At 31\u00a0December 2024
1,396
2,878
743
143
5,160
Cost
2,392
7,899
765
445
11,501
Accumulated depreciation and impairments
(996)
(5,021)
(22)
(302)
(6,341)
Note:
1 The land carrying value included in land and buildings is \u20ac 255 million ( 2023 : \u20ac 227 million ).
Included in the additions above is \u20ac 19 million ( 2023: \u20ac11 million ) 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\u00a0capital 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 \u20ac 3 million
( 2023:\u00a0\u20ac 27\u00a0million ) in other net operating expenses in the consolidated income statement with reimbursements received in cash
of\u00a0\u20ac13\u00a0million (2023: \u20ac17\u00a0million) classified as other investing activities within the consolidated statement of cash flows .
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "
12 Leases
The Group has entered into various lease agreements with the weighted average term of:
\u2013 land and buildings: 36\u00a0years ( 2023 :\u00a035 \u00a0years);
\u2013 plant and equipment: 12 \u00a0years (2023: 12\u00a0years); and
\u2013 other assets: 5 \u00a0years (2023: 5\u00a0years).
The principal lease agreements in place include the following:
South African land lease
The Group entered into a land lease agreement on 1\u00a0January 2001 for a total term of 70 years. The lease commitment and annual
escalation rate are renegotiated every five years. The lease does not contain any clauses with regard to contingent rent or an option
to\u00a0purchase 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 (which did not occur) 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\u00a0termination option in September 2028, and thus it was not considered in the calculation of the right-of-use asset.
Right-of-use assets
Right-of-use assets
Depreciation charge
\u20ac\u00a0million
2024
2023
2024
2023
Land and buildings
62
61
(12)
(10)
Plant and equipment
41
39
(11)
(9)
Other
15
16
(8)
(7)
Total
118
116
(31)
(26)
Additions to the right-of-use assets during 2024 were \u20ac32 million (2023: \u20ac 34 million).
Lease liabilities
\u20ac\u00a0million
2024
2023
Maturity analysis - contractual undiscounted cash flows
Less than one year
31
28
One to two years
25
24
Two to five years
46
49
More than five years
109
89
Total undiscounted cash flows
211
190
Total lease liabilities
128
125
Current
24
21
Non-current
104
104
\u00a0
\u00a0
\u00a0
Lease liabilities are effectively secured as the rights to the leased assets recognised in the consolidated financial statements revert to the
lessor in the event of default. The total cash outflow for leases during 2024 was \u20ac36 million (2023: \u20ac31 million).
Amounts recognised in the consolidated income statement
\u20ac\u00a0million
2024
2023
Depreciation charge in respect of leases
(31)
(26)
Interest on lease liabilities
(7)
(7)
Expenses relating to short-term leases
(2)
(1)
Expenses relating to leases of low-value assets
(1)
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "
Right-of-use assets
Right-of-use assets
Depreciation charge
\u20ac\u00a0million
2024
2023
2024
2023
Land and buildings
62
61
(12)
(10)
Plant and equipment
41
39
(11)
(9)
Other
15
16
(8)
(7)
Total
118
116
(31)
(26)
Additions to the right-of-use assets during 2024 were \u20ac32 million (2023: \u20ac 34 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "
13 Goodwill
(a) Reconciliation
\u20ac\u00a0million
2024
2023
Net carrying value
At 1 January
765
769
Hyperinflation monetary adjustment (see note 7)
11
11
Currency movements
(9)
(15)
At 31 December
767
765
(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.
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 (see note 35 for further details).
Goodwill is allocated to three groups of CGUs, as follows:
Weighted average
pre-tax discount rate
Growth rate
beyond year 3
Carrying value
\u20ac\u00a0million, unless otherwise stated
2024
2023
2024
2023
2024
2023
Corrugated Packaging
10.3%
10.2%
3%
3%
327
328
Flexible Packaging
9.3%
9.2%
2%
2%
425
422
Uncoated Fine Paper
11.0%
11.1%
\u2014%
\u2014%
15
15
Total goodwill
767
765
Key assumptions for 2024
The key assumptions in the value-in-use calculations are as follows:
\u2013 Cash flow forecasts are derived from the budget most recently approved by the Board covering the three-year period
to\u00a0 31\u00a0December\u00a02027.
\u2013 Sales volumes, sales prices and input cost assumptions in the budget period are derived from a combination of economic forecasts
for\u00a0the regions in which the Group operates, industry forecasts for individual product lines, internal management projections, historical
performance and announced and expected industry capacity changes.
\u2013 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 52-59 of this report.
\u2013 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 are applied to the groups of CGUs for all years from year four
onwards (as per the table above).
\u2013 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\u00a0each group of CGUs, adjustments are made to reflect the impacts of country risk.
13 Goodwill continued
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:
\u2013 100 bps increase in discount rate;
\u2013 0% growth rate assumed for cash flow projections beyond three years in the Corrugated Packaging and Flexible Packaging groups
of\u00a0CGUs;
\u2013 3% decrease in sales prices of paper in all years in the Corrugated Packaging group of CGUs;
\u2013 6% decrease in sales prices of paper in 2025 and 4% decrease in all other years in the Flexible Packaging group of CGUs; and
\u2013 2% decrease in sales prices of paper in all years in the Uncoated Fine Paper group of CGUs.
None of these downside sensitivity analyses, in isolation, indicated the need for an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "value": "
13 Goodwill
(a) Reconciliation
\u20ac\u00a0million
2024
2023
Net carrying value
At 1 January
765
769
Hyperinflation monetary adjustment (see note 7)
11
11
Currency movements
(9)
(15)
At 31 December
767
765
(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.
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 (see note 35 for further details).
Goodwill is allocated to three groups of CGUs, as follows:
Weighted average
pre-tax discount rate
Growth rate
beyond year 3
Carrying value
\u20ac\u00a0million, unless otherwise stated
2024
2023
2024
2023
2024
2023
Corrugated Packaging
10.3%
10.2%
3%
3%
327
328
Flexible Packaging
9.3%
9.2%
2%
2%
425
422
Uncoated Fine Paper
11.0%
11.1%
\u2014%
\u2014%
15
15
Total goodwill
767
765
Key assumptions for 2024
The key assumptions in the value-in-use calculations are as follows:
\u2013 Cash flow forecasts are derived from the budget most recently approved by the Board covering the three-year period
to\u00a0 31\u00a0December\u00a02027.
\u2013 Sales volumes, sales prices and input cost assumptions in the budget period are derived from a combination of economic forecasts
for\u00a0the regions in which the Group operates, industry forecasts for individual product lines, internal management projections, historical
performance and announced and expected industry capacity changes.
\u2013 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 52-59 of this report.
\u2013 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 are applied to the groups of CGUs for all years from year four
onwards (as per the table above).
\u2013 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\u00a0each group of CGUs, adjustments are made to reflect the impacts of country risk.
13 Goodwill continued
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:
\u2013 100 bps increase in discount rate;
\u2013 0% growth rate assumed for cash flow projections beyond three years in the Corrugated Packaging and Flexible Packaging groups
of\u00a0CGUs;
\u2013 3% decrease in sales prices of paper in all years in the Corrugated Packaging group of CGUs;
\u2013 6% decrease in sales prices of paper in 2025 and 4% decrease in all other years in the Flexible Packaging group of CGUs; and
\u2013 2% decrease in sales prices of paper in all years in the Uncoated Fine Paper group of CGUs.
None of these downside sensitivity analyses, in isolation, indicated the need for an impairment.
14 Intangible assets
\u20ac\u00a0million
2024
2023
Net carrying value
At 1 January
68
64
Additions
13
16
Acquired through business combinations (see note 26)
\u2014
1
Amortisation charge for the year
(16)
(17)
Reclassification
3
2
Hyperinflation monetary adjustment (see note 7)
2
4
Currency movements
\u2014
(2)
At 31 December
70
68
Cost
246
251
Accumulated amortisation and impairments
(176)
(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 \u20ac31 million
compared to \u20ac30 million in 2023 (as previously disclosed: \u20ac21 million), with the prior year figure presented on the same basis for
consistent comparison.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "
14 Intangible assets
\u20ac\u00a0million
2024
2023
Net carrying value
At 1 January
68
64
Additions
13
16
Acquired through business combinations (see note 26)
\u2014
1
Amortisation charge for the year
(16)
(17)
Reclassification
3
2
Hyperinflation monetary adjustment (see note 7)
2
4
Currency movements
\u2014
(2)
At 31 December
70
68
Cost
246
251
Accumulated amortisation and impairments
(176)
(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 \u20ac31 million
compared to \u20ac30 million in 2023 (as previously disclosed: \u20ac21 million), with the prior year figure presented on the same basis for
consistent comparison.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "
15 Forestry assets
\u20ac\u00a0million
2024
2023
At 1 January
519
485
Investment in forestry assets
48
48
Fair value gains
7
128
Felling costs
(92)
(87)
Currency movements
21
(55)
At 31\u00a0December
503
519
Mature
371
359
Immature
132
160
The Group has 255,023 hectares ( 2023 : 254,858 hectares) of owned and leased land available for forestry activities, all of which is in
South Africa . 80,667 hectares (2023 : 80,614 hectares) are set aside for conservation activities and infrastructure needs. 1,044 hectares
(2023: 1,044 hectares) relate to non-core activities. The balance of 173,312 hectares (2023 : 173,200 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
(2023 :\u00a06.5 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:
\u2013 The net selling price is defined as the selling price less the costs of transport, harvesting, extraction and loading, and all selling prices
and costs are denominated in South African rand. The net selling price is based on third-party transactions and is influenced by the
species, maturity profile and location of timber. In 2024, the net selling price used ranged from the South African rand equivalent
of\u00a0\u20ac15 per tonne to \u20ac58 per tonne (2023: \u20ac15 per tonne to \u20ac53 per tonne), with a weighted average of \u20ac32 per tonne
(2023:\u00a0\u20ac34\u00a0per\u00a0tonne).
\u2013 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 2024, the conversion factors ranged from 7.7 to 25.3 (2023: 7.6 to 25.0).
\u2013 The risk premium on immature timber of 12.6% (2023: 12.4%) is based on an assessment of the risks associated with forestry assets
in\u00a0South Africa and is applied for the years the immature timber has left to reach maturity. A risk premium on mature timber of 4.0%
(2023: 4.0%) was applied. The risk premium applied to immature and mature timber includes 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\u00a031\u00a0December 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\u00a0million
2024
2023
Effect of \u20ac5/tonne increase in net selling price
80
79
Effect of 1% increase in conversion factor (hectares to tonnes)
5
6
Effect of 1% increase in risk premium
(7)
(8)
Effect of 10% increase in EUR/ZAR exchange rate
(46)
(47)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "
16 Investments in joint ventures
\u20ac\u00a0million
2024
2023
At 1 January
8
18
Net loss from joint ventures
(3)
(5)
Impairment losses recognised
\u2014
(5)
At 31\u00a0December
5
8
The joint ventures of the Group as at 31\u00a0December 2024 are set out in note 11 of the Mondi plc parent company financial statements.
All\u00a0of these interests are accounted for using the equity method. None of the joint ventures are assessed as being individually material
to\u00a0the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-546": { "value": "
17 Inventories
\u20ac\u00a0million
2024
20231
Raw materials and consumables
594
525
Work in progress
112
91
Finished goods
488
433
Total inventories
1,194
1,049
Of which, held at net realisable value
167
141
Note:
1Previously disclosed separately by first-in, first-out cost formula and weighted average cost formula.
Consolidated income statement
\u20ac\u00a0million
2024
2023
Within materials, energy and consumables used
Cost of inventories recognised as an expense
(3,360)
(3,575)
Write-down of inventories to net realisable value
(69)
(77)
Aggregate reversal of previous write-downs of inventories
49
45
Within other net operating expenses
Green energy sales and disposal of emissions credits
36
92
The reversal of previous write-downs of inventories relates to goods that had been written down to their estimated net realisable value
and were subsequently sold above their carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-547": { "value": "
18 Trade and other receivables
\u20ac\u00a0million
2024
2023
Trade receivables
1,062
995
Credit loss allowance
(21)
(25)
Net trade receivables
1,041
970
Other receivables
28
45
Tax and social security
149
148
Prepayments1
35
46
Prepayments for capital expenditure1
22
45
Total trade and other receivables
1,275
1,254
Note:
1Prepayments as presented previously have been further analysed to separately show prepayments for capital expenditures.
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\u00a0 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\u00a0million
2024
2023
Credit risk exposure
Gross trade receivables
1,062
995
Credit insurance
(902)
(837)
Net exposure to credit risk
160
158
In addition, the Group is in possession of bank guarantees and letters of credit securing trade and other receivables to the value
of\u00a0\u20ac7\u00a0million ( 2023: \u20ac6 million). Credit periods offered to customers vary according to the credit risk profiles of participants and invoicing
conventions established 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 was \u20ac25\u00a0million
(2023:\u00a0\u20ac36\u00a0million).
Included within the Group\u2019s aggregate trade receivables balance are specific debtor balances with customers totalling \u20ac149\u00a0million
(2023:\u00a0\u20ac140\u00a0million) which are past due and where the Group considers that their credit quality remains intact.
The expected credit loss allowance for trade receivables was determined as follows:
2024/\u20ac\u00a0million, unless otherwise stated
Within terms
Past due by
Total
<1 month
1-2 months
2-3 months
>3 months
Expected loss rate %
\u2014
2
4
14
50
Trade receivables
896
108
25
7
26
1,062
Credit loss allowance
(4)
(2)
(1)
(1)
(13)
(21)
2023/\u20ac\u00a0million, unless otherwise stated
Within terms
Past due by
Total
<1 month
1-2 months
2-3 months
>3 months
Expected loss rate %
1
3
4
14
68
Trade receivables
837
108
24
7
19
995
Credit loss allowance
(7)
(3)
(1)
(1)
(13)
(25)
Movement in the credit loss allowance
\u20ac\u00a0million
2024
2023
At 1 January
25
26
Increase in allowance recognised in consolidated income statement
5
7
Amounts written off or recovered
(8)
(6)
Currency movements
(1)
(2)
At 31\u00a0December
21
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "
19 Trade and other payables
\u20ac\u00a0million
2024
2023
Trade payables
649
633
Capital expenditure payables
69
60
Tax and social security
65
59
Other payables
82
66
Accruals
404
387
Deferred income
12
14
Total trade and other payables
1,281
1,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "
20 Provisions
\u20ac\u00a0million
Restructuring
costs
Employee-
related provisions
Environmental
restoration
Other
Total
At 1 January 2024
7
26
4
11
48
Charged to consolidated income statement
43
9
14
13
79
Released to consolidated income statement
(1)
\u2014
\u2014
(2)
(3)
Amounts used
(17)
(7)
\u2014
(6)
(30)
Unwinding of discount
\u2014
1
\u2014
\u2014
1
Acquired through business combinations (see note 26)
\u2014
\u2014
2
\u2014
2
At 31\u00a0December 2024
32
29
20
16
97
Current
32
7
11
15
65
Non-current
\u2014
22
9
1
32
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\u00a0acquisition due diligence or in other circumstances where remediation by the Group is required and a probable outflow of
economic\u00a0resources is identified. Judgement and experience are used by management in determining the expected timing, closure
and\u00a0decommissioning 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\u00a0December 2024, such provisions totalled \u20ac20 million (2023 : \u20ac4 million).
The Group does not provide for any potential future environmental remediation or asset retirement obligations in respect of plants
that\u00a0the Group continues to own and operate into the foreseeable future based on the existing strategy of the Group, unless a legal
or\u00a0constructive obligation exists at the reporting date. \u20ac11 million (2023: \u20acnil) of provision for environmental restoration was recognised
in relation to the closure of Stambolijski paper mill (Bulgaria) this year (see note 3).
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 are individually
material to the Group. 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\u2011term\u00a0bonds .
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "
21 Capital management
The Group defines its capital employed as equity, as presented in the consolidated statement of financial position , plus net debt.
\u20ac\u00a0million
2024
2023
Equity attributable to shareholders
4,857
5,655
Equity attributable to non-controlling interests
493
441
Total equity
5,350
6,096
Net debt (see note 27c)
1,732
419
Capital employed (see page 217)
7,082
6,515
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\u00a0balance between equity and net debt.
The Group utilises its capital employed to fund its business.
The primary sources of the Group\u2019s liquidity include its \u20ac3 billion Guaranteed Euro Medium Term Note Programme, its \u20ac750 million
Syndicated Revolving Credit Facility (RCF), which has been increased to \u20ac1 billion effective from 2 January 2025, and financing from
various banks and\u00a0other credit agencies, thus providing the Group with access to\u00a0diverse sources of debt financing.
The principal loan arrangements in place are the following:
\u20ac\u00a0million
Maturity
Interest rate %
2024
2023
Financing facilities
Syndicated Revolving Credit Facility1
June 2028
EURIBOR + margin
750
750
\u20ac500 million Eurobond
April 2024
1.500%
\u2014
500
\u20ac600 million Eurobond
April 2026
1.625%
600
600
\u20ac750 million Eurobond
April 2028
2.375%
750
750
\u20ac500 million Eurobond
May 2032
3.750%
500
\u2014
Long-Term Facility Agreement
December 2026
EURIBOR + margin
13
20
Other
Various
Various
\u2014
4
Total committed facilities
2,613
2,624
Drawn
(1,863)
(1,870)
Total committed facilities available
750
754
Note:
1In December 2024, the Group\u2019s Syndicated Revolving Credit Facility was increased from a \u20ac750 million facility to a \u20ac1 billion facility effective from 2 January 2025.
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.
In April 2024, the Group repaid its \u20ac500 million Eurobond at maturity and, in May 2024, issued a new \u20ac500 million 8 year Eurobond
maturing in May 2032 at a coupon of 3.750% per annum. The new Eurobond was issued under the Group\u2019s Guaranteed Euro Medium
Term Note Programme and the proceeds were used for general corporate purposes.
The 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\u00a0December 2024, the Group had no financial covenants in any of its
financing facilities.
The Group currently has investment grade credit ratings from both Moody\u2019s (Baa1, outlook stable) and Standard & Poor\u2019s (A-, outlook
stable).
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:
2024
2023
Net debt to underlying EBITDA (times) (see page 218)
1.7
0.3
Return on capital employed (%) (see page 218)
9.6
12.8
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\u00a0dispose of assets to reduce its net debt exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-551": { "value": "
22 Borrowings
2024
2023
\u20ac\u00a0million
Current
Non-current
Total
Current
Non-current
Total
Secured
Lease liabilities (see note 12)
24
104
128
21
104
125
Total secured
24
104
128
21
104
125
Unsecured
Bonds
\u2014
1,842
1,842
500
1,345
1,845
Bank loans and overdrafts
39
6
45
38
11
49
Total unsecured
39
1,848
1,887
538
1,356
1,894
Total borrowings
63
1,952
2,015
559
1,460
2,019
Committed facilities drawn
1,863
1,870
Uncommitted facilities drawn
152
149
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The Group\u2019s borrowings as at 31\u00a0December are analysed by nature and underlying currency as follows:
2024/\u20ac\u00a0million
Floating rate
borrowings
Fixed rate
borrowings
Total carrying
value
Fair value
Euro
15
1,908
1,923
1,918
South African rand
4
29
33
33
Turkish lira
5
18
23
23
US dollar
5
9
14
14
Other currencies
\u2014
22
22
22
Carrying value
29
1,986
2,015
Fair value
29
1,981
2,010
2023/\u20ac\u00a0million
Floating rate
borrowings
Fixed rate
borrowings
Total carrying
value
Fair value
Euro
20
1,911
1,931
1,895
South African rand
\u2014
23
23
23
Turkish lira
5
28
33
33
US dollar
\u2014
12
12
12
Other currencies
\u2014
20
20
20
Carrying value
25
1,994
2,019
Fair value
25
1,958
1,983
In addition to the above, the Group swaps euro debt into other currencies through the foreign exchange market using foreign exchange
contracts, as disclosed in note 31, which has the effect of exposing the Group to the floating interest rates of these currencies.
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:
2024/\u20ac\u00a0million
<1 year
1\u20132 years
2\u20135 years
>5 years
Total1
Bonds
\u2014
599
747
496
1,842
Bank loans and overdrafts
39
6
\u2014
\u2014
45
Lease liabilities (see note 12)
24
20
36
48
128
Total borrowings
63
625
783
544
2,015
Effective interest on borrowings net of amortised costs
and discounts
58
46
93
107
304
Total undiscounted cash flows
121
671
876
651
2,319
2023/\u20ac\u00a0million
<1 year
1\u20132 years
2\u20135 years
>5 years
Total 1
Bonds
500
\u2014
1,345
\u2014
1,845
Bank loans and overdrafts
38
6
5
\u2014
49
Lease liabilities
21
18
36
50
125
Total borrowings
559
24
1,386
50
2,019
Effective interest on borrowings net of amortised costs
and discounts
45
33
62
40
180
Total undiscounted cash flows
604
57
1,448
90
2,199
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-553": { "value": "
23 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 \u20ac0.22 (2023: \u20ac0.20).
All ordinary shares are called up, allotted and fully paid.
On 13 February 2024, the Group returned the net proceeds from the sale of the Group\u2019s Russian assets to shareholders by way of a
special dividend of \u20ac1.60 per existing ordinary share. In addition, in order to maintain the comparability, so far as possible, of Mondi plc\u2019s
share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on
29 January 2024, resulting in shareholders receiving 10 new ordinary shares with a nominal value of \u20ac0.22 each for every 11 existing
ordinary shares with a nominal value of \u20ac0.20 each.
To effect the share consolidation, the Group issued 3 additional ordinary shares prior to the record date for the share consolidation,
increasing the number of ordinary shares from 485,553,780 ordinary shares to 485,553,783 ordinary shares, so that the number of the
existing ordinary shares in issue at the time of the consolidation was exactly divisible by 11, such that there was no remaining fraction
of\u00a0a\u00a0share. Following the share consolidation, the total number of ordinary shares issued decreased by 44,141,253 ordinary shares from
485,553,783 ordinary shares to 441,412,530 ordinary shares, while the total nominal value of the share capital of the Group remained
unchanged at \u20ac97 million.
Number of shares
\u20ac million
At 31 December 20231
485,553,780
97
Shares issued
3
\u2014
Effect of share consolidation
(44,141,253)
\u2014
At 31\u00a0December 2024
441,412,530
97
Note:
1There were no movements in the share capital of Mondi plc in 2023.
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 24). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2024
2023
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
107,170
ZAR220.30
128,478
ZAR201.84
Mondi Employee Share Trust
768,520
GBP12.90
492,184
GBP14.10
Dividend waivers are in place in respect of the shares held by the Mondi Incentive Schemes Trust and the Mondi Employee Share Trust.
23 Share capital and other reserves continued
Other reserves
\u20ac\u00a0million
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 2023
(859)
(35)
17
1
667
27
(182)
Other comprehensive income/(expense) for the
year
339
(16)
\u2014
\u2014
\u2014
\u2014
323
Hyperinflation monetary adjustment
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Mondi share schemes\u2019 charge
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(7)
\u2014
\u2014
\u2014
(7)
At 31\u00a0December 2023
(520)
(53)
19
1
667
27
141
Other comprehensive income/(expense) for the
year
64
(2)
\u2014
(1)
\u2014
\u2014
61
Hyperinflation monetary adjustment (see note 7)
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge (see note 24)
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
At 31\u00a0December 2024
(456)
(59)
19
\u2014
667
27
198
A description of the nature and purpose of each reserve is provided below. The accounting policies applied to each reserve are further
described in note 35.
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 and accumulated in the cumulative translation adjustment reserve. The cumulative amount
is\u00a0reclassified 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 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\u00a0the grant date fair value of shares awarded to employees but not yet vested.
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\u00a0are designated as hedges of future cash flows.
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\u00a0material\u00a0changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-552": { "value": "
23 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 \u20ac0.22 (2023: \u20ac0.20).
All ordinary shares are called up, allotted and fully paid.
On 13 February 2024, the Group returned the net proceeds from the sale of the Group\u2019s Russian assets to shareholders by way of a
special dividend of \u20ac1.60 per existing ordinary share. In addition, in order to maintain the comparability, so far as possible, of Mondi plc\u2019s
share price before and after the special dividend, the special dividend was accompanied by a share consolidation, which took effect on
29 January 2024, resulting in shareholders receiving 10 new ordinary shares with a nominal value of \u20ac0.22 each for every 11 existing
ordinary shares with a nominal value of \u20ac0.20 each.
To effect the share consolidation, the Group issued 3 additional ordinary shares prior to the record date for the share consolidation,
increasing the number of ordinary shares from 485,553,780 ordinary shares to 485,553,783 ordinary shares, so that the number of the
existing ordinary shares in issue at the time of the consolidation was exactly divisible by 11, such that there was no remaining fraction
of\u00a0a\u00a0share. Following the share consolidation, the total number of ordinary shares issued decreased by 44,141,253 ordinary shares from
485,553,783 ordinary shares to 441,412,530 ordinary shares, while the total nominal value of the share capital of the Group remained
unchanged at \u20ac97 million.
Number of shares
\u20ac million
At 31 December 20231
485,553,780
97
Shares issued
3
\u2014
Effect of share consolidation
(44,141,253)
\u2014
At 31\u00a0December 2024
441,412,530
97
Note:
1There were no movements in the share capital of Mondi plc in 2023.
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 24). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2024
2023
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
107,170
ZAR220.30
128,478
ZAR201.84
Mondi Employee Share Trust
768,520
GBP12.90
492,184
GBP14.10
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:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "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 24). These costs are reflected in the consolidated statement of changes in equity.
Own shares held
2024
2023
at 31\u00a0December
Number of
shares held
Average price
per share
Number of
shares held
Average price
per share
Mondi Incentive Schemes Trust
107,170
ZAR220.30
128,478
ZAR201.84
Mondi Employee Share Trust
768,520
GBP12.90
492,184
GBP14.10
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "
Other reserves
\u20ac\u00a0million
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 2023
(859)
(35)
17
1
667
27
(182)
Other comprehensive income/(expense) for the
year
339
(16)
\u2014
\u2014
\u2014
\u2014
323
Hyperinflation monetary adjustment
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Mondi share schemes\u2019 charge
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(7)
\u2014
\u2014
\u2014
(7)
At 31\u00a0December 2023
(520)
(53)
19
1
667
27
141
Other comprehensive income/(expense) for the
year
64
(2)
\u2014
(1)
\u2014
\u2014
61
Hyperinflation monetary adjustment (see note 7)
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
Mondi share schemes\u2019 charge (see note 24)
\u2014
\u2014
9
\u2014
\u2014
\u2014
9
Issue of shares under employee share schemes
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
At 31\u00a0December 2024
(456)
(59)
19
\u2014
667
27
198
A description of the nature and purpose of each reserve is provided below. The accounting policies applied to each reserve are further
described in note 35.
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 and accumulated in the cumulative translation adjustment reserve. The cumulative amount
is\u00a0reclassified 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 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\u00a0the grant date fair value of shares awarded to employees but not yet vested.
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\u00a0are designated as hedges of future cash flows.
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\u00a0material\u00a0changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "value": "
24 Share-based payments
Mondi share awards
The Group has established its own share-based payment arrangements to incentivise employees. Further details of the Group\u2019s share
schemes are set out in the Remuneration report on page 120.
The fair values of the share awards granted under the Mondi schemes are calculated with reference to the facts and assumptions
presented below:
BSP 2024
BSP 2023
BSP 2022
Date of grant
3 May 2024
6 March 2023
10 March 2022
Vesting period (years)
3
3
3
Expected leavers p.a. (%)
5
5
5
Grant date fair value per instrument (GBP)
15.64
13.98
14.03
Grant date fair value per instrument (ZAR)
363.00
306.00
281.55
Number of shares conditionally awarded
299,272
596,448
541,730
LTIP 2024
LTIP 2023
LTIP 2022
Date of grant
3 May 2024
6 March 2023
10 March 2022
Vesting period (years)
3
3
3
Expected leavers p.a. (%)
5
5
5
Grant date fair value per instrument (GBP)
ROCE component
15.64
13.98
14.03
TSR component 1
3.91
3.50
3.51
EPS component
15.64
13.98
\u2014
Grant date fair value per instrument (ZAR)
ROCE component
363.00
306.00
281.55
TSR component 1
90.75
76.50
70.39
EPS component
363.00
306.00
\u2014
Number of shares conditionally awarded
635,790
613,826
614,253
Note:
1 The base fair value has been adjusted for contractually determined market-based performance conditions.
Since the 2023 LTIP grant, performance has been assessed against ROCE, relative TSR and an additional EPS metric. The inclusion of
this growth metric, together with ROCE and relative TSR, provides a more rounded assessment of performance.
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\u00a0December is made up as follows:
\u20ac\u00a0million
2024
2023
Bonus Share Plan
7
6
Long-Term Incentive Plan
2
3
Total share-based payment expense
9
9
The weighted average share price of share awards that vested during the period is as follows:
2024
2023
London Stock Exchange
GBP14.62
GBP14.00
Johannesburg Stock Exchange
ZAR352.85
ZAR308.52
24 Share-based payments continued
A reconciliation of share award movements for the Mondi share schemes is shown below:
number of shares
BSP
LTIP
At 1 January 2023
879,083
1,498,338
Shares conditionally awarded
596,448
613,826
Shares vested
(159,633)
(226,044)
Shares lapsed
(85,841)
(389,797)
At 31\u00a0December 2023
1,230,057
1,496,323
Shares conditionally awarded
299,272
635,790
Shares vested
(229,107)
(246,560)
Shares lapsed
(7,581)
(165,057)
At 31\u00a0December 2024
1,292,641
1,720,496
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "
25 Retirement benefits
The Group operates post-retirement defined contribution, post-retirement defined benefit pension plans, and post-retirement
medical\u00a0plans.
Defined contribution plans
The assets of the defined contribution plans are held separately in independently administered funds. The charge in respect of
these\u00a0plans of \u20ac 14 million (2023 : \u20ac14 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 2025 are \u20ac 15 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\u00a0Canada and the\u00a0UK. 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\u00a0number 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\u00a0dependent 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.
In June 2023, the UK High Court ruled that certain historical amendments for contracted out defined benefit schemes will be void unless
the scheme actuary had confirmed, when the amendment was made, that the pension scheme would continue to satisfy the statutory
standard for contracted-out schemes. Following a hearing in late June 2024, the UK Court of Appeal issued a judgement on 25 July 2024
upholding this ruling. The Trustees of the Group\u2019s two UK Pension Schemes have recently undertaken Section 37 Reviews through their
lawyers and have confirmed that there is no material risk to either of the schemes resulting from historical deed amendments.
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\u00a0increase 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:
2024
2023
%
Europe
South
Africa
Other
regions 1
Europe
South
Africa
Other
regions 1
Discount rate
3.9
10.2
8.1
3.6
10.8
18.1
Rate of inflation
2.4
5.6
5.0
2.5
6.1
14.8
Rate of increase in salaries
2.8
6.5
6.8
2.7
7.1
15.9
Rate of increase of pensions in payment
2.6
\u2014
2.0
2.7
\u2014
\u2014
Expected average increase of medical costs
\u2014
7.0
\u2014
\u2014
8.7
\u2014
Note:
1 The change in actuarial assumptions in other regions is mainly due to the pension plan related to the Hinton Pulp mill acquired in February 2024.
The assumption for the discount rate for plan liabilities is based on AA corporate bonds which are of a suitable duration and currency.
In\u00a0South 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:
2024
2023
years
Europe
South
Africa
Other
regions
Europe
South
Africa
Other
regions
Retiring today
Males
13.6-25.0
16.3
15.3-22.0
13.6-23.3
16.3
15.3-20.7
Females
17.5-28.7
20.4
17.7-25.0
17.5-25.8
20.4
17.7-25.3
Retiring in 20 years
Males
13.6-27.5
16.3
15.3-24.0
13.6-26.6
18.7
15.3-20.0
Females
17.5-31.1
20.4
17.7-26.0
17.5-28.8
23.0
17.7-25.3
The mortality assumptions have been based on published mortality tables in the relevant jurisdictions.
25 Retirement benefits continued
The amounts recognised in the consolidated statement of financial position are determined as follows:
2024
2023
\u20ac\u00a0million
Europe
South
Africa
Other
regions
Total
Europe
South
Africa
Other
regions
Total
Present value of unfunded liabilities
(97)
(29)
(14)
(140)
(97)
(29)
(14)
(140)
Present value of funded liabilities
(78)
\u2014
(43)
(121)
(84)
\u2014
\u2014
(84)
Present value of plan liabilities
(175)
(29)
(57)
(261)
(181)
(29)
(14)
(224)
Fair value of plan assets
63
\u2014
40
103
70
\u2014
\u2014
70
Plan liabilities net of plan assets
(112)
(29)
(17)
(158)
(111)
(29)
(14)
(154)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts reported in consolidated
statement of financial position
Defined benefit pension plans
3
\u2014
\u2014
3
5
\u2014
\u2014
5
Net retirement benefits asset
3
\u2014
\u2014
3
5
\u2014
\u2014
5
Defined benefit pension plans
(115)
\u2014
(17)
(132)
(116)
\u2014
(14)
(130)
Post-retirement medical plans
\u2014
(29)
\u2014
(29)
\u2014
(29)
\u2014
(29)
Net retirement benefits liability
(115)
(29)
(17)
(161)
(116)
(29)
(14)
(159)
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\u00a0million
2024
2023
2024
2023
2024
2023
At 1 January
(224)
(220)
70
73
(154)
(147)
Included in consolidated income statement
Current service cost
(7)
(4)
\u2014
\u2014
(7)
(4)
Past service cost
(1)
\u2014
\u2014
\u2014
(1)
\u2014
Loss from settlement
\u2014
(1)
(1)
\u2014
(1)
(1)
Interest
(14)
(11)
5
3
(9)
(8)
Included in consolidated statement of comprehensive income
Remeasurement gains/(losses)
3
(20)
\u2014
\u2014
3
(20)
Return on plan assets
\u2014
\u2014
(5)
(3)
(5)
(3)
Acquired through business combinations (see note 26)
(38)
(3)
38
\u2014
\u2014
(3)
Contributions paid by employer
\u2014
\u2014
2
2
2
2
Benefits paid
22
28
(7)
(6)
15
22
Currency movements
(2)
7
1
1
(1)
8
At 31 December
(261)
(224)
103
70
(158)
(154)
The expected maturity analysis of undiscounted retirement benefits is as follows:
2024
2023
\u20ac\u00a0million
Defined benefit
pension plans
Post-retirement
medical plans
Total
Defined benefit
pension plans
Post-retirement
medical plans
Total
Less than a year
12
3
15
10
3
13
Between one and two years
9
4
13
10
3
13
Between two to five years
27
11
38
29
11
40
After five years
225
138
363
148
135
283
The weighted average duration of the defined retirement benefits liability for South Africa is 7 years (2023: 7 years), Europe 10\u00a0years
(2023: 10 years) and other regions 18 years (2023 : 15 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 2025 are \u20ac14 million .
The market values of the plan assets in these plans are detailed below:
2024
2023
\u20ac\u00a0million
Quoted
Unquoted
Total
Quoted
Unquoted
Total
External equity
\u2014
15
15
\u2014
\u2014
\u2014
Bonds
\u2014
23
23
\u2014
3
3
Insurance contracts
\u2014
58
58
\u2014
64
64
Cash
1
\u2014
1
3
\u2014
3
Other
\u2014
6
6
\u2014
\u2014
\u2014
Fair value of plan assets
1
102
103
3
67
70
The majority of the Group's plan assets are located in UK and Canada pension schemes.
The UK pension schemes are closed, have no active members and\u00a0have undertaken \u2018buy-ins\u2019 in 2022 and 2023 by purchasing insured
annuity contracts to fund their future liabilities. The next stage for\u00a0the two UK pension schemes is to complete buy-outs by transferring
their liabilities to third parties, followed by the closure of these schemes. The\u00a0purchased insured annuity contracts exactly fund the future
payment benefits of the scheme, eliminating the risks for future scheme\u00a0deficits.
As part of the acquisition of Hinton Pulp mill in Alberta (Canada) from West Fraser Timber Co. Ltd the Group was required to establish a
registered pension plan to replace the prior plan sponsored by West Fraser Mills Ltd. The plan has been established for all transferred
employees who participated in the prior plan sponsored by West Fraser Mills Ltd for service from and after the closing date.
The fair values of plan assets are determined in accordance with IAS 19.
The actual return on plan assets in respect of defined benefit plans was \u20acnil (2023: \u20acnil).
The market value of assets is used to determine the funding level of the plans and is sufficient to cover 85% (2023: 83%) of the benefits\u00a0which
have accrued to members, after allowing for expected increases in future earnings and pensions. Companies within the Group\u00a0are paying
contributions at rates agreed with the plans\u2019 trustees and in accordance with local independent actuarial advice and\u00a0statutory provisions.
In certain jurisdictions, Group plans are subject to minimum funding requirements. At 31\u00a0December 2024, 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\u00a0the 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\u00a0estimates may vary by greater amounts. Therefore, the Board considers the retirement benefit obligations a significant
accounting\u00a0estimate.
25 Retirement benefits continued
\u20ac\u00a0million
1% increase
1% decrease
Discount rate
(Decrease)/increase in current service cost
(1)
2
(Decrease)/increase in net retirement benefits liability
(26)
32
Rate of inflation
Increase in current service cost
1
\u2014
Increase/(decrease) in net retirement benefits liability
16
(12)
Rate of increase in salaries
Increase in current service cost
1
\u2014
Increase/(decrease) in net retirement benefits liability
9
(6)
Rate of increase of pensions in payment
Decrease in current service cost
2
\u2014
Increase/(decrease) in net retirement benefits liability
8
(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
1
(1)
Mortality rates
1-year increase
Decrease in current service cost
(1)
Increase in net retirement benefits liability
(8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "value": "
26 Business combinations
To 31\u00a0December 2024
On 5 February 2024, the Group announced the completion of the acquisition of Hinton Pulp mill in Alberta (Canada) from West Fraser
Timber Co. Ltd (West Fraser) for an agreed consideration of USD 5 million, before working capital adjustments. The mill has the capacity
to produce around 250,000 tonnes of pulp per annum and will provide the Group with access to local, high-quality fibre from a well-
established wood basket as part of a long-term partnership with West Fraser. The Group intends to invest in the mill to improve
productivity and sustainability performance and, subject to pre-engineering and permitting, expand the facility primarily with a new kraft
paper machine which will integrate its paper bag operations in the Americas and support future growth.
Hinton's revenue for the year ended 31\u00a0December 2024 was \u20ac115 million with a loss after tax of \u20ac21 million. Since the date of acquisition,
Hinton's revenue of\u00a0\u20ac102 million\u00a0and a loss after tax of \u20ac17 million have been included in the consolidated\u00a0income statement.
Details of the net assets acquired, as adjusted from book to fair value, are as follows:
\u20ac\u00a0million
Fair value
Net assets acquired
Property, plant and equipment
4
Inventories
15
Trade and other receivables
17
Total assets
36
Trade and other payables
(11)
Deferred tax liabilities
(4)
Other provisions
(2)
Total liabilities
(17)
Net assets acquired
19
Gain on purchase before transaction-related costs
(13)
Net cash paid per consolidated statement of cash flows
6
Transaction costs of \u20ac4 million were charged to other net operating expenses in the consolidated income statement.
The acquisition is a purchase of assets that constitutes a business accounted for under IFRS 3, 'Business Combinations'. The purchase
price allocation resulted in a net gain on purchase of \u20ac9\u00a0million, net of transaction-related costs, as the fair value of net assets acquired
was in excess of the consideration paid. The gain on purchase is attributable to the mill\u2019s loss-making operations at the time of the
transaction and the need for investment to improve productivity and sustainability performance. The gain was recognised in other net
operating expenses in 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. Property, plant and equipment has been measured at fair value using relevant valuation methods accepted under
IFRS 13, 'Fair Value Measurement', with related deferred tax adjustments. Management has considered the impact of environmental and
climate risks on the estimated fair values of Hinton's property, plant and equipment. These considerations did not have a material impact.
To 31\u00a0December 2023
On 12 January 2023, the Group completed the acquisition of the Duino mill near Trieste (Italy) from the Burgo Group. Details of this
business combination were disclosed in note 25 of the Group\u2019s Integrated report and financial statements 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "
27 Consolidated cash flow analysis
(a) Reconciliation of profit before tax to cash generated from operations
\u20ac\u00a0million
2024
2023
Profit before tax from continuing operations
378
682
Depreciation and amortisation
443
408
Impairment of property, plant and equipment (not included in special items)
\u2014
3
Share-based payments
9
9
Net cash flow effect of current and prior year special items
116
17
Net finance costs
70
73
Net monetary loss/(gain) arising from hyperinflationary economies
5
(2)
Net loss from joint ventures
3
5
Impairment of investments in joint ventures
\u2014
5
Increase/(decrease) in provisions
13
(17)
Decrease in net retirement benefits
(8)
(19)
Net movement in working capital
(108)
229
(Increase)/decrease in inventories
(70)
389
(Increase)/decrease in operating receivables
(140)
56
Increase/(decrease) in operating payables
102
(216)
Fair value gains on forestry assets
(7)
(128)
Felling costs
92
87
Net gain on disposal of property, plant and equipment
(12)
(13)
Insurance reimbursements for property damages
(13)
(17)
Other adjustments
(11)
(10)
Cash generated from continuing operations
970
1,312
(b) Cash and cash equivalents
\u20ac\u00a0million
2024
2023
Cash and cash equivalents per consolidated statement of financial position
278
1,592
Bank overdrafts included in short-term borrowings
(9)
\u2014
Cash and cash equivalents per consolidated statement of cash flows
269
1,592
The cash and cash equivalents of \u20ac278 million (2023 : \u20ac1,592 million ) include money market funds of \u20ac 50 million ( 2023 : \u20ac 840 million)
valued at fair value through profit and loss, with the remaining balance carried at amortised cost with fair values approximate to the
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\u00a0certain cash balances outside of those countries. 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\u00a0million
Cash and
cash
equivalents
Current
financial
asset
investments 1
Subtotal
Debt due
within 1\u00a0year 2
Debt due
after 1\u00a0year
Debt-related
derivative
financial
instruments1
Subtotal
Total net
debt
At 1 January 2023
1,061
1
1,062
(96)
(1,970)
(7)
(2,073)
(1,011)
Cash flow
336
\u2014
336
40
\u2014
77
117
453
Cash movement from continuing
operations
(248)
\u2014
(248)
\u2014
\u2014
\u2014
\u2014
(248)
Proceeds from borrowings
\u2014
\u2014
\u2014
(16)
\u2014
\u2014
(16)
(16)
Repayment of borrowings
\u2014
\u2014
\u2014
33
\u2014
\u2014
33
33
Repayment of lease liabilities
\u2014
\u2014
\u2014
22
\u2014
\u2014
22
22
Net cash outflow from debt-related
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
77
77
77
Discontinued operations
584
\u2014
584
1
\u2014
\u2014
1
585
Additions to lease liabilities
\u2014
\u2014
\u2014
(14)
(18)
\u2014
(32)
(32)
Disposal of lease liabilities
\u2014
\u2014
\u2014
2
6
\u2014
8
8
Movement in unamortised loan costs
\u2014
\u2014
\u2014
(1)
(2)
\u2014
(3)
(3)
Net movement in fair value of
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
(63)
(63)
(63)
Reclassification
\u2014
\u2014
\u2014
(519)
519
\u2014
\u2014
\u2014
Elimination of assets and liabilities
previously classified as held for sale
320
\u2014
320
(1)
(23)
\u2014
(24)
296
Currency movements
(125)
\u2014
(125)
30
28
\u2014
58
(67)
At 31\u00a0December 2023
1,592
1
1,593
(559)
(1,460)
7
(2,012)
(419)
Cash flow
(1,311)
\u2014
(1,311)
535
(496)
47
86
(1,225)
Cash movement from continuing
operations
(1,311)
\u2014
(1,311)
\u2014
\u2014
\u2014
\u2014
(1,311)
Proceeds from Eurobonds
\u2014
\u2014
\u2014
\u2014
(496)
\u2014
(496)
(496)
Repayment of Eurobonds
\u2014
\u2014
\u2014
500
\u2014
\u2014
500
500
Proceeds from borrowings
\u2014
\u2014
\u2014
(9)
(215)
\u2014
(224)
(224)
Repayment of borrowings
\u2014
\u2014
\u2014
18
215
\u2014
233
233
Repayment of lease liabilities
\u2014
\u2014
\u2014
26
\u2014
\u2014
26
26
Net cash outflow from debt-related
derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
47
47
47
Additions to lease liabilities
\u2014
\u2014
\u2014
(11)
(19)
\u2014
(30)
(30)
Disposal of lease liabilities
\u2014
\u2014
\u2014
\u2014
2
\u2014
2
2
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
(49)
(49)
(49)
Reclassification
\u2014
\u2014
\u2014
(25)
25
\u2014
\u2014
\u2014
Currency movements
(12)
(1)
(13)
6
(2)
\u2014
4
(9)
At 31\u00a0December 2024
269
\u2014
269
(54)
(1,952)
5
(2,001)
(1,732)
Notes:
1 Included in financial instruments in the consolidated statement of financial position.
2 Excludes bank overdrafts of \u20ac9 million ( 2023 : \u20acnil), which are included in cash and cash equivalents (see note 27b ).
The Group incurred interest expense of \u20ac107 million (2023: \u20ac 122 million) in relation to bank overdrafts, loans and lease liabilities.
Included\u00a0in this expense is \u20ac 35 million (2023: \u20ac53 million) relating to forward exchange rates on derivative contracts and interest paid
on\u00a0borrowings of \u20ac44 million (2023: \u20ac50 million ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "value": "
28 Russian operations (discontinued operations)
The Group has concluded its exit from Russia with the completion of the disposal of the packaging converting operations and the
Syktyvkar mill on 30 June 2023 and 4\u00a0October 2023 respectively. The net proceeds from the sale of the Russian assets were distributed
to shareholders on 13 February 2024 by way of a special dividend (see notes 9, 10 , and 23 for\u00a0further details).
Syktyvkar mill
On 17 September 2023, the Group announced that it had entered into an agreement to sell its Syktyvkar mill to Sezar Invest LLC (Sezar
Invest) for a total cash consideration of RUB 80 billion. The disposal was completed and ownership of the Syktyvkar mill was transferred
to Sezar Invest on 4 October 2023 after the Group had received RUB 57 billion (\u20ac547 million) into its London bank account and a letter
of credit for the remaining RUB 23 billion. The final two instalments of the consideration for RUB 23 billion (\u20ac229\u00a0million) were received
in November and December 2023 respectively, resulting in total proceeds received in cash of \u20ac776\u00a0million.
\u20ac\u00a0million
2023
Proceeds from the disposal of business, net of cash and cash equivalents
389
Cash and cash equivalents disposed
387
Consideration in cash
776
Carrying amount of net assets disposed
(875)
Loss on reclassification of foreign currency translation reserve
(599)
Related transaction costs
(12)
Loss on disposal of business, net of related transaction costs and tax
(710)
Packaging converting operations
On 30 June 2023, the Group completed the sale of its three Russian packaging converting operations to the Gotek Group for a
consideration of RUB 1.6 billion resulting in proceeds of \u20ac30 million. 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.
\u20ac\u00a0million
2023
Proceeds from the disposal of business, net of cash and cash equivalents
12
Cash and cash equivalents disposed
18
Consideration in cash
30
Carrying amount of net assets disposed
(40)
Loss on reclassification of foreign currency translation reserve
(34)
Related transaction costs
(2)
Loss on disposal of business, net of related transaction costs and tax
(46)
Financial performance
The financial performance and cash flow information of the discontinued operations are set out in the tables below and cover the period
until the respective dates of disposal in 2023:
\u20ac\u00a0million
2023
External revenue
709
Expenses
(561)
Profit before tax
148
Related tax charge
(47)
Profit for the year of discontinued operations
101
Loss on sale of business, net of related transaction costs and tax
(756)
Loss from discontinued operations attributable to shareholders
(655)
Exchange differences on translation of discontinued non-euro operations
(227)
Reclassification of foreign currency translation reserve to consolidated income statement on disposal of businesses of
discontinued operations
633
Other comprehensive income from discontinued operations attributable
to shareholders
406
Total comprehensive expense from discontinued operations attributable
to shareholders
(249)
28 Russian operations (discontinued operations) continued
Earnings per share (EPS) from discontinued operations attributable to shareholders
euro cents
2023
Basic EPS
(135.0)
Diluted EPS
(135.0)
Cash flow statement
\u20ac\u00a0million
2023
Net cash generated from operating activities
223
Net cash generated from investing activities 1
368
Net cash used in financing activities
(7)
Net increase in cash and cash equivalents of discontinued operations
584
Note:
1 Includes proceeds from the sale of the Russian operations of \u20ac806 million less cash disposed of \u20ac405 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "
29 Capital commitments
Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows:
\u20ac\u00a0million
2024
2023
Property, plant and equipment
371
632
Intangible assets
1
2
Total capital commitments
372
634
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "
29 Capital commitments
Capital expenditure contracted for at the end of the financial year but not recognised as liabilities is as follows:
\u20ac\u00a0million
2024
2023
Property, plant and equipment
371
632
Intangible assets
1
2
Total capital commitments
372
634
30 Contingent liabilities
The Group\u2019s contingent liabilities as at 31\u00a0December 2024 were \u20acnil ( 2023 : \u20ac 3 million ). No acquired contingent liabilities have been
recorded in the Group\u2019s consolidated statement of financial position for either year presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "value": "
30 Contingent liabilities
The Group\u2019s contingent liabilities as at 31\u00a0December 2024 were \u20acnil ( 2023 : \u20ac 3 million ). No acquired contingent liabilities have been
recorded in the Group\u2019s consolidated statement of financial position for either year presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "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\u00a0Group\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
2024/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
Total
Financial assets
Trade and other receivables 2
1,069
\u2014
1,069
Financial asset investments
Level 2
16
13
29
Derivative financial instruments
Level 2
\u2014
10
10
Cash and cash equivalents
Level 1
228
50
278
Total
1,313
73
1,386
2023/\u20ac\u00a0million
Fair value
hierarchy 1
At amortised
cost
At fair value
through profit or
loss
Total
Financial assets
Trade and other receivables 2
1,015
\u2014
1,015
Financial asset investments
Level 2
16
13
29
Derivative financial instruments
Level 2
\u2014
13
13
Cash and cash equivalents
Level 1
752
840
1,592
Total
1,783
866
2,649
Notes:
1 Fair value hierarchy level is disclosed for financial assets measured at fair value through profit or loss.
2 Excludes tax, social security and prepayments.
The fair values of financial assets investments represent the published prices of the securities concerned.
2024/\u20ac\u00a0million
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
(1,842)
\u2014
\u2014
(1,842)
Borrowings \u2013 loans and overdrafts
(45)
\u2014
\u2014
(45)
Borrowings \u2013 lease liabilities 2
(128)
\u2014
\u2014
(128)
Trade and other payables 3
(1,204)
\u2014
\u2014
(1,204)
Derivative financial instruments
Level 2
\u2014
(8)
(1)
(9)
Total
(3,219)
(8)
(1)
(3,228)
2023/\u20ac\u00a0million
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
(1,845)
\u2014
\u2014
(1,845)
Borrowings \u2013 loans and overdrafts
(49)
\u2014
\u2014
(49)
Borrowings \u2013 lease liabilities 2
(125)
\u2014
\u2014
(125)
Trade and other payables 3
(1,146)
\u2014
\u2014
(1,146)
Derivative financial instruments
Level 2
\u2014
(4)
\u2014
(4)
Total
(3,165)
(4)
\u2014
(3,169)
Notes:
1 Fair value hierarchy level is disclosed for financial liabilities measured at fair value through profit or loss.
2 Lease liabilities are financial instruments outside of scope of IFRS 9, 'Financial Instruments', and are accounted for under IFRS 16, 'Leases' (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\u00a0million
2024
2023
2024
2023
Financial liabilities
Borrowings
2,015
2,019
2,010
1,983
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\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the 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,\u00a0foreign 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\u00a0with 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
2024
2023
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(34)
\u2014
(17)
South African rand
\u2014
(3)
1
(7)
Egyptian pound
(31)
1
(79)
1
Czech koruna
4
(1)
(3)
\u2014
Polish zloty
(9)
7
(5)
2
Swedish krona
\u2014
\u2014
(11)
2
Turkish lira
2
1
6
1
Other
(5)
18
(42)
(2)
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\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
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 \u20ac2 million (2023: \u20ac1 million)
and Egyptian pound of \u20ac 2 million (2023: \u20ac4 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 are 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\u00a0maturity 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 21).
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\u00a0swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net
variable\u00a0rate 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
2024
2023
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
1,923
92
2,015
1,931
88
2,019
Less:
Fixed rate borrowings
(1,841)
(17)
(1,858)
(1,844)
(25)
(1,869)
Lease liabilities
(67)
(61)
(128)
(67)
(58)
(125)
Cash and cash equivalents
(148)
(130)
(278)
(985)
(607)
(1,592)
Net variable rate debt and exposure
(133)
(116)
(249)
(965)
(602)
(1,567)
Included in other is net variable exposure to various currencies, the most significant of which is Turkish lira (2023: Turkish lira).
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 \u20ac1 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\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2024
2023
Short-dated contracts with tenures of less than 12 months
Czech koruna
681
514
Pound sterling
7
107
Polish zloty
515
552
South African rand
203
212
Swedish krona
179
61
Thai baht
74
70
US dollar
206
413
Other
171
160
Total swapped against the euro
2,036
2,089
31 Financial instruments continued
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\u00a0discussed in note 18. Additionally, the Group has credit risk on the investment of cash and derivative transactions 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\u00a0million
2024
2023
Expiry date
Two to five years
750
750
Above five years
\u2014
4
Total committed facilities available (see note 21)
750
754
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\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the 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\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
(d) Derivative financial instruments
At 31\u00a0December 2024 , the Group recognised total derivative assets of \u20ac10\u00a0million ( 2023: \u20ac13 million) and derivative liabilities of
\u20ac9 million ( 2023 : \u20ac4 million ). The net asset of \u20ac1 million ( 2023 : \u20ac 9\u00a0million) will mature within one year.
The notional amount of \u20ac 2,719 million (2023 : \u20ac 2,678 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\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,719 million ( 2023: \u20ac 2,678 million) aggregate notional amount,
\u20ac2,690 million ( 2023:\u00a0\u20ac2,643 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements. The reduction in credit risk as a result of these
enforceable master netting arrangement or similar agreements is \u20ac4 million (2023: \u20ac4 million).
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-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 (2023: losses of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant
and\u00a0equipment during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "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\u00a0million
2024
2023
2024
2023
Financial liabilities
Borrowings
2,015
2,019
2,010
1,983
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "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\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the 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,\u00a0foreign 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\u00a0with 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
2024
2023
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(34)
\u2014
(17)
South African rand
\u2014
(3)
1
(7)
Egyptian pound
(31)
1
(79)
1
Czech koruna
4
(1)
(3)
\u2014
Polish zloty
(9)
7
(5)
2
Swedish krona
\u2014
\u2014
(11)
2
Turkish lira
2
1
6
1
Other
(5)
18
(42)
(2)
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\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
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 \u20ac2 million (2023: \u20ac1 million)
and Egyptian pound of \u20ac 2 million (2023: \u20ac4 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 are 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\u00a0maturity 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 21).
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\u00a0swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net
variable\u00a0rate 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
2024
2023
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
1,923
92
2,015
1,931
88
2,019
Less:
Fixed rate borrowings
(1,841)
(17)
(1,858)
(1,844)
(25)
(1,869)
Lease liabilities
(67)
(61)
(128)
(67)
(58)
(125)
Cash and cash equivalents
(148)
(130)
(278)
(985)
(607)
(1,592)
Net variable rate debt and exposure
(133)
(116)
(249)
(965)
(602)
(1,567)
Included in other is net variable exposure to various currencies, the most significant of which is Turkish lira (2023: Turkish lira).
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 \u20ac1 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\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2024
2023
Short-dated contracts with tenures of less than 12 months
Czech koruna
681
514
Pound sterling
7
107
Polish zloty
515
552
South African rand
203
212
Swedish krona
179
61
Thai baht
74
70
US dollar
206
413
Other
171
160
Total swapped against the euro
2,036
2,089
31 Financial instruments continued
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\u00a0discussed in note 18. Additionally, the Group has credit risk on the investment of cash and derivative transactions 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\u00a0million
2024
2023
Expiry date
Two to five years
750
750
Above five years
\u2014
4
Total committed facilities available (see note 21)
750
754
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\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the 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\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
(d) Derivative financial instruments
At 31\u00a0December 2024 , the Group recognised total derivative assets of \u20ac10\u00a0million ( 2023: \u20ac13 million) and derivative liabilities of
\u20ac9 million ( 2023 : \u20ac4 million ). The net asset of \u20ac1 million ( 2023 : \u20ac 9\u00a0million) will mature within one year.
The notional amount of \u20ac 2,719 million (2023 : \u20ac 2,678 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\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,719 million ( 2023: \u20ac 2,678 million) aggregate notional amount,
\u20ac2,690 million ( 2023:\u00a0\u20ac2,643 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements. The reduction in credit risk as a result of these
enforceable master netting arrangement or similar agreements is \u20ac4 million (2023: \u20ac4 million).
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-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 (2023: losses of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant
and\u00a0equipment during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "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\u00a0exposed to movements in key input and output prices, such movements represent the commercial rather than financial risks inherent
to\u00a0the 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,\u00a0foreign 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\u00a0with 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
2024
2023
\u20ac\u00a0million
EUR
Other
EUR
Other
Functional currency zones 2
Euro
\u2014
(34)
\u2014
(17)
South African rand
\u2014
(3)
1
(7)
Egyptian pound
(31)
1
(79)
1
Czech koruna
4
(1)
(3)
\u2014
Polish zloty
(9)
7
(5)
2
Swedish krona
\u2014
\u2014
(11)
2
Turkish lira
2
1
6
1
Other
(5)
18
(42)
(2)
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\u00a0foreign exchange risk hedging, excluding cash flow hedging of non-monetary assets and liabilities.
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 \u20ac2 million (2023: \u20ac1 million)
and Egyptian pound of \u20ac 2 million (2023: \u20ac4 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 are 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\u00a0maturity 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 21).
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\u00a0swap instruments and cash and cash equivalents. Reasonably possible changes in interest rates have been applied to the net
variable\u00a0rate 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
2024
2023
\u20ac\u00a0million
EUR
Other
Total
EUR
Other
Total
Total borrowings
1,923
92
2,015
1,931
88
2,019
Less:
Fixed rate borrowings
(1,841)
(17)
(1,858)
(1,844)
(25)
(1,869)
Lease liabilities
(67)
(61)
(128)
(67)
(58)
(125)
Cash and cash equivalents
(148)
(130)
(278)
(985)
(607)
(1,592)
Net variable rate debt and exposure
(133)
(116)
(249)
(965)
(602)
(1,567)
Included in other is net variable exposure to various currencies, the most significant of which is Turkish lira (2023: Turkish lira).
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 \u20ac1 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\u00a0the amounts as at 31\u00a0December were as follows:
\u20ac million
2024
2023
Short-dated contracts with tenures of less than 12 months
Czech koruna
681
514
Pound sterling
7
107
Polish zloty
515
552
South African rand
203
212
Swedish krona
179
61
Thai baht
74
70
US dollar
206
413
Other
171
160
Total swapped against the euro
2,036
2,089
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "
31 Financial instruments continued
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\u00a0discussed in note 18. Additionally, the Group has credit risk on the investment of cash and derivative transactions 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "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\u00a0million
2024
2023
Expiry date
Two to five years
750
750
Above five years
\u2014
4
Total committed facilities available (see note 21)
750
754
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\u00a0matching of the cash flows that result from trade receivables and trade payables typically takes place over a period of three
to\u00a0four\u00a0months from recognition in the consolidated statement of financial position and is managed to ensure the ongoing operating
liquidity\u00a0of\u00a0the 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\u00a0future capital expenditure requirements, needed to service and repay the Group\u2019s borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "
(d) Derivative financial instruments
At 31\u00a0December 2024 , the Group recognised total derivative assets of \u20ac10\u00a0million ( 2023: \u20ac13 million) and derivative liabilities of
\u20ac9 million ( 2023 : \u20ac4 million ). The net asset of \u20ac1 million ( 2023 : \u20ac 9\u00a0million) will mature within one year.
The notional amount of \u20ac 2,719 million (2023 : \u20ac 2,678 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\u00a0not indicate the Group\u2019s exposure to credit or market risks. Of the \u20ac2,719 million ( 2023: \u20ac 2,678 million) aggregate notional amount,
\u20ac2,690 million ( 2023:\u00a0\u20ac2,643 million) relates primarily to the economic hedging of foreign exchange exposures on short-term
intercompany funding balances, which are fully eliminated on consolidation.
Derivative financial instruments are not offset in the consolidated statement of financial position; however, they are subject to
International Swaps and Derivatives Association (ISDA) master netting agreements. The reduction in credit risk as a result of these
enforceable master netting arrangement or similar agreements is \u20ac4 million (2023: \u20ac4 million).
Hedging
The Group designates certain derivative financial instruments as cash flow hedges. The fair value gains/(losses) are reclassified from
the\u00a0cash flow hedge reserve to the consolidated income statement in the period when the hedged transaction affects profit and loss.
For\u00a0non-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 (2023: losses of \u20ac1 million) were reclassified from the cash flow hedge reserve to property, plant
and\u00a0equipment during the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-571": { "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. These related party transactions 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\u00a0million
2024
2023
Sales to related parties
10
7
Purchases from related parties
587
663
Trade and other receivables from related parties
2
1
Trade and other payables due to related parties
72
86
Loans receivable from related parties
11
11
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\u2011executive) of Mondi plc. The Board and those members of the Group Executive Committee who are not directors comprise
the\u00a0key\u00a0management personnel of the Group. The remuneration of the directors is disclosed in the Remuneration report.
\u20ac\u00a0million
2024
2023
Salaries and short-term employee benefits
6.8
6.1
Non-executive director fees
1.5
1.4
Defined contribution plan payments
0.5
0.5
Social security costs
1.1
1.1
Share-based payments
3.5
3.6
Total
13.4
12.7
Details of the transactions between the Group and its pension and post-retirement medical plans are disclosed in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-573": { "value": "
33 Group companies
Composition of the Group
The subsidiaries of the Group as at 31\u00a0December 2024 are set out in note 11 of the Mondi plc parent company financial statements.
All\u00a0of\u00a0these interests are consolidated within the Group\u2019s financial statements.
Refer to Mondi\u2019s global footprint on page 5 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\u00a0million, unless otherwise stated
2024
2023
2024
2023
2024
2023
Mondi SCP, a.s. and its subsidiaries
49
49
39
3
366
328
Individually immaterial subsidiaries with
non-controlling interests
5
16
127
113
Total
44
19
493
441
33 Group companies continued
Summarised financial information on the Group\u2019s material non-wholly owned subsidiaries is as follows:
Mondi SCP, a.s. and its subsidiaries
The summarised financial information represents amounts before elimination of intra-group transactions conducted in the ordinary course
of business. The results of the subsidiary on the stand-alone basis may differ from those included in the Group. The subsidiary's
registered office as disclosed in note 11 of the Mondi plc parent company financial statements is also its principal place of business.
Statement of financial position
\u20ac\u00a0million
2024
2023
Non-current assets
643
676
Current assets
355
230
Current liabilities
(153)
(150)
Non-current liabilities
(88)
(79)
Net assets
757
677
Equity attributable to non-controlling interests
366
328
Income statement and statement of comprehensive income
\u20ac\u00a0million
2024
2023
Revenue
753
735
Operating costs (including taxation)
(673)
(733)
Profit for the year
80
2
Attributable to non-controlling interests
39
3
Total comprehensive income for the year
80
2
Attributable to non-controlling interests
39
3
Statement of cash flows
\u20ac\u00a0million
2024
2023
Net cash inflow from operating activities
134
29
Net cash outflow from investing activities
(22)
(34)
Net cash outflow from financing activities
(11)
(31)
Net cash inflow/(outflow)
101
(36)
In prior year, Mondi AG acquired 100% of the shares in Mondi Neusiedler GmbH and Ybbstaler Zellstoff GmbH for a purchase price
of\u00a0\u20ac10 each from Mondi SCP, a.s. and Obaly SOLO, s.r.o. respectively on 27 February 2023, thereby increasing the Group's effective
ownership from 51% to 100% with no changes in the Group's ownership of Mondi SCP, a.s. and Obaly SOLO, s.r.o.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-572": { "value": "
33 Group companies
Composition of the Group
The subsidiaries of the Group as at 31\u00a0December 2024 are set out in note 11 of the Mondi plc parent company financial statements.
All\u00a0of\u00a0these interests are consolidated within the Group\u2019s financial statements.
Refer to Mondi\u2019s global footprint on page 5 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\u00a0million, unless otherwise stated
2024
2023
2024
2023
2024
2023
Mondi SCP, a.s. and its subsidiaries
49
49
39
3
366
328
Individually immaterial subsidiaries with
non-controlling interests
5
16
127
113
Total
44
19
493
441
33 Group companies continued
Summarised financial information on the Group\u2019s material non-wholly owned subsidiaries is as follows:
Mondi SCP, a.s. and its subsidiaries
The summarised financial information represents amounts before elimination of intra-group transactions conducted in the ordinary course
of business. The results of the subsidiary on the stand-alone basis may differ from those included in the Group. The subsidiary's
registered office as disclosed in note 11 of the Mondi plc parent company financial statements is also its principal place of business.
Statement of financial position
\u20ac\u00a0million
2024
2023
Non-current assets
643
676
Current assets
355
230
Current liabilities
(153)
(150)
Non-current liabilities
(88)
(79)
Net assets
757
677
Equity attributable to non-controlling interests
366
328
Income statement and statement of comprehensive income
\u20ac\u00a0million
2024
2023
Revenue
753
735
Operating costs (including taxation)
(673)
(733)
Profit for the year
80
2
Attributable to non-controlling interests
39
3
Total comprehensive income for the year
80
2
Attributable to non-controlling interests
39
3
Statement of cash flows
\u20ac\u00a0million
2024
2023
Net cash inflow from operating activities
134
29
Net cash outflow from investing activities
(22)
(34)
Net cash outflow from financing activities
(11)
(31)
Net cash inflow/(outflow)
101
(36)
In prior year, Mondi AG acquired 100% of the shares in Mondi Neusiedler GmbH and Ybbstaler Zellstoff GmbH for a purchase price
of\u00a0\u20ac10 each from Mondi SCP, a.s. and Obaly SOLO, s.r.o. respectively on 27 February 2023, thereby increasing the Group's effective
ownership from 51% to 100% with no changes in the Group's ownership of Mondi SCP, a.s. and Obaly SOLO, s.r.o.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-574": { "value": "
34 Events occurring after 31\u00a0December 2024
Aside from the final ordinary dividend proposed for 2024 (see note 10 ), there have been no material reportable events since
31\u00a0December 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-575": { "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\u00a0December 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\u00a0the 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\u00a0resulting difference between the amount by which the non-controlling interests are 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 7), 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\u00a0partial disposal of the non-euro operation.
Hyperinflation accounting (note 7)
The Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye and Lebanon, whose
functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Assets, liabilities,
the\u00a0financial 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\u00a0loss only on disposal or partial disposal of the non-euro operation.
Prior to translating the financial statements of the Turkish and Lebanese 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 (Turkish operations: T\u00dcFE, 2003=100; Lebanese operations: CPI 2013=100) published by the Turkish Statistical Institute (TURKSTAT)
and Central Administration of Statistics of the Lebanese Republic, respectively. Gains or losses resulting from the restatement of
non\u2011monetary assets and liabilities are recorded in the consolidated income statement as a net monetary gain or loss arising from
hyperinflationary economies. Comparative amounts presented in euro are not restated for subsequent changes in the price level
or\u00a0exchange rates. The results of the Turkish and Lebanese operations are restated to the index level at the end of the period, with
hyperinflationary gains and losses being reported in net monetary gain or loss arising from hyperinflationary economies.
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\u00a0the\u00a0consolidated financial statements, are based on the following fair value measurement hierarchy:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2013 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\u00a0prices) or indirectly (that is, derived from prices)
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
35 Accounting policies continued
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 15,
and certain assets acquired and liabilities assumed in a business combination (see note 26 ).
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) require a
degree of estimation and judgement and 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:
\u2013 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.
\u2013 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based
on\u00a0observable market data.
\u2013 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\u00a0identified 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\u00a0are presented on an underlying basis, excluding special items. The Group has presented certain non-IFRS measures (Alternative
Performance Measures), as defined on pages 216-218, 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 or receivable 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 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. Otherwise, these costs are capitalised and amortised on a basis consistent with the transfer
of\u00a0goods to the customer to which the asset relates.
Transport revenue
Transport revenue is recognised as a distinct performance obligation when the Group provides transport services after the point in time
after control of goods has\u00a0passed to the customer. In these cases, the transport revenue is recognised over time.
Other income
Sale of green energy credits and emission allowances (note 17)
In certain countries the Group is subject to the European Union Trading Scheme and receives emission allowances (CO2 certificates).
Allowances are received annually and the Group is required to surrender rights equal to its actual emissions. The CO2 certificates
received from a government are recorded at a nominal amount that is usually nil. A liability is recognised when the actual emissions
exceed the emission rights granted and still held. Where excess CO2 certificates are sold to the third parties, the income is recognised
within other net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Green energy credits (GECs) are earned through investments in green projects. GECs are accounted for as government grants and are
measured at their fair value at initial recognition. GECs are recorded in inventory and are subject to an assessment of net realisable value
at the end of each reporting period. When GECs are sold above or below their carrying value the gain or loss is recorded within other
net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Insurance reimbursements (note 11 )
Compensation for insurance reimbursements, including compensation for business interruptions and for the loss or impairment of property, plant
and equipment, is recognised within other net operating expenses in the consolidated income statement when receipt is virtually certain.
Gain on purchase of a business (note 26)
Any gain on purchase of a business is recognised within other net operating expenses in the consolidated income statement.
Fair value gains/(losses) from forestry assets (note 15)
Changes in the fair value of forestry assets are recognised within other net operating expenses in the consolidated income statement.
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 8)
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\u00a0a 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.\u00a0In 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\u00a0is 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
and does not give rise to equal taxable and deductible temporary differences.
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\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. 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\u00a0settle 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.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
Legislation in respect of the UK\u2019s adoption of OECD Pillar Two Multinational Top-up Tax was substantively enacted in 2023 and applies
to the Group from 1 January 2024. Other countries in which the Group operates have brought in, or may bring in, their own domestic
Pillar Two rules. The Group continues to monitor the potential impact of these rules. Currently the impact is expected to be immaterial
on\u00a0the Group\u2019s tax charge.
The Group applies the temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the amendments to IAS 12, 'Income Taxes' \u2013 International Tax Reform \u2013 Pillar Two Model Rules
issued in May 2023.
35 Accounting policies continued
Earnings per share (EPS) (note 9)
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. A share consolidation combined with a special dividend reduces the weighted average
number of ordinary shares in issue in the period when the transaction occurs from the date the special dividend is recognised.
EPS, if relevant, is presented separately for continuing operations and in total from continuing and discontinued operations on the face
of\u00a0the consolidated income statement.
Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets
Property, plant and equipment (note 11)
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. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
purchases of property, plant and equipment. 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 operating in the manner intended by management. 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.
Depreciation commences when the assets are ready for their intended use.
Residual values and useful lives are reviewed and adjusted, if appropriate, at least annually. 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.
Insurance reimbursements for the loss or impairment of property, plant and equipment are recognised within other net operating
expenses in the consolidated income statement when receipt is virtually certain.
Leases (note 12)
To the extent that a right of control exists over an identified asset subject to a lease, a right-of-use asset, representing the Group\u2019s right
to use the\u00a0underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position.
A\u00a0corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity
of\u00a0the 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\u00a0the 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\u00a0purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will
be\u00a0exercised.
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 14)
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\u00a0use, 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\u00a0the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount
that\u00a0would 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 15)
Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price,
less\u00a0costs 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\u00a0area under afforestation, the species, the geographic location, the 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\u00a0carrying 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 16)
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.
The Group\u2019s share of the profit or loss of joint ventures is recognised in net profit/(loss) from joint ventures. Any impairment is presented
adjacent to the share of the joint venture\u2019s results in impairment of investments in joint ventures in the consolidated income statement.
Non-current assets held for sale and discontinued operations (note 28)
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\u00a0fair 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\u00a0held 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\u00a0part of a single coordinated plan for disposal which satisfy the held for sale criteria. The discontinued operations' net profit or loss,
other comprehensive income or expense and cash flows for current and comparative periods 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. 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.
35 Accounting policies continued
Business combinations (note 26)
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. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
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 13)
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. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement (see note 26).
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 17)
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined primarily on weighted average
cost basis. 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 23)
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 10)
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 24)
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\u00a0expensed 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\u00a0vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any,
in\u00a0the\u00a0consolidated 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\u00a0added 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\u00a0the\u00a0consolidated income statement.
Cash and cash equivalents (note 27b)
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.
Trade receivables (note 18)
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 18)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0cash 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 19)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate
method.
Borrowings (note 22)
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\u00a0the 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\u00a0construction 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\u00a0the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending
on\u00a0the 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\u00a0of risk to which the derivative relates.
35 Accounting policies continued
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 is
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\u00a0do 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 or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the 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 25)
The Group operates post-retirement defined contribution plans, post-retirement defined benefit pension plans and post-retirement
medical plans for many of its employees.
Defined contribution plans
For defined contribution plans, the amount charged to the consolidated income statement is the contributions paid or payable during
the\u00a0financial 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 deducted 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\u00a0charged 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\u00a0recognised in other comprehensive income may be transferred within equity.
Provisions (note 20)
Provisions are recognised when the Group has a present obligation as a result of a past event, arising from a past event, and it is
probable that the obligation will need to be settled. Provisions are measured at management\u2019s best estimate of the expenditure
required\u00a0to settle the obligation at the reporting date. When the effect of discounting is material, provisions are discounted to present
value using country-specific discount rates for periods matching the duration of the underlying liability.
New accounting policies, early adoption and future requirements
Amendments to published standards effective during 2024
The following new amendments to standards have been adopted for the financial year beginning on 1 January 2024, and have had no
material impact on the Group\u2019s results:
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current
\u2013 Amendments to IFRS 16 \u2013 Leases \u2013 Lease Liability in a Sale and Leaseback
\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Statement of Cash Flows and Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements
Amendments to published standards effective for the financial year beginning on 1 January 2025
The following amendment was adopted and will be effective for the financial year beginning on 1 January 2025. The amendment is not
expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-576": { "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\u00a0December 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\u00a0the 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\u00a0resulting difference between the amount by which the non-controlling interests are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-577": { "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 7), 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\u00a0partial disposal of the non-euro operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-578": { "value": "
Hyperinflation accounting (note 7)
The Group has applied IAS 29, 'Financial Reporting in Hyperinflationary Economies', to its subsidiaries in T\u00fcrkiye and Lebanon, whose
functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years. Assets, liabilities,
the\u00a0financial 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\u00a0loss only on disposal or partial disposal of the non-euro operation.
Prior to translating the financial statements of the Turkish and Lebanese 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 (Turkish operations: T\u00dcFE, 2003=100; Lebanese operations: CPI 2013=100) published by the Turkish Statistical Institute (TURKSTAT)
and Central Administration of Statistics of the Lebanese Republic, respectively. Gains or losses resulting from the restatement of
non\u2011monetary assets and liabilities are recorded in the consolidated income statement as a net monetary gain or loss arising from
hyperinflationary economies. Comparative amounts presented in euro are not restated for subsequent changes in the price level
or\u00a0exchange rates. The results of the Turkish and Lebanese operations are restated to the index level at the end of the period, with
hyperinflationary gains and losses being reported in net monetary gain or loss arising from hyperinflationary economies.
", "dimensions": { "concept": "mondiplc:DescriptionOfAccountingPolicyForHyperinflationAccountingTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-579": { "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\u00a0the\u00a0consolidated financial statements, are based on the following fair value measurement hierarchy:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2013 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\u00a0prices) or indirectly (that is, derived from prices)
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
35 Accounting policies continued
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 15,
and certain assets acquired and liabilities assumed in a business combination (see note 26 ).
The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) require a
degree of estimation and judgement and 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:
\u2013 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.
\u2013 The fair values of the Group\u2019s commodity price derivatives are calculated as the present value of expected future cash flows based
on\u00a0observable market data.
\u2013 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-580": { "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\u00a0identified 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\u00a0are presented on an underlying basis, excluding special items. The Group has presented certain non-IFRS measures (Alternative
Performance Measures), as defined on pages 216-218, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-581": { "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 or receivable 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 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. Otherwise, these costs are capitalised and amortised on a basis consistent with the transfer
of\u00a0goods to the customer to which the asset relates.
Transport revenue
Transport revenue is recognised as a distinct performance obligation when the Group provides transport services after the point in time
after control of goods has\u00a0passed to the customer. In these cases, the transport revenue is recognised over time.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-582": { "value": "
Other income
Sale of green energy credits and emission allowances (note 17)
In certain countries the Group is subject to the European Union Trading Scheme and receives emission allowances (CO2 certificates).
Allowances are received annually and the Group is required to surrender rights equal to its actual emissions. The CO2 certificates
received from a government are recorded at a nominal amount that is usually nil. A liability is recognised when the actual emissions
exceed the emission rights granted and still held. Where excess CO2 certificates are sold to the third parties, the income is recognised
within other net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Green energy credits (GECs) are earned through investments in green projects. GECs are accounted for as government grants and are
measured at their fair value at initial recognition. GECs are recorded in inventory and are subject to an assessment of net realisable value
at the end of each reporting period. When GECs are sold above or below their carrying value the gain or loss is recorded within other
net operating expenses in the consolidated income statement when ownership rights pass to the buyer.
Insurance reimbursements (note 11 )
Compensation for insurance reimbursements, including compensation for business interruptions and for the loss or impairment of property, plant
and equipment, is recognised within other net operating expenses in the consolidated income statement when receipt is virtually certain.
Gain on purchase of a business (note 26)
Any gain on purchase of a business is recognised within other net operating expenses in the consolidated income statement.
Fair value gains/(losses) from forestry assets (note 15)
Changes in the fair value of forestry assets are recognised within other net operating expenses in the consolidated income statement.
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:DescriptionOfAccountingPolicyForOtherIncomeTextBlock", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-583": { "value": "
Taxation (note 8)
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\u00a0a 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.\u00a0In 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\u00a0is 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
and does not give rise to equal taxable and deductible temporary differences.
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\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. 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\u00a0settle 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.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
Legislation in respect of the UK\u2019s adoption of OECD Pillar Two Multinational Top-up Tax was substantively enacted in 2023 and applies
to the Group from 1 January 2024. Other countries in which the Group operates have brought in, or may bring in, their own domestic
Pillar Two rules. The Group continues to monitor the potential impact of these rules. Currently the impact is expected to be immaterial
on\u00a0the Group\u2019s tax charge.
The Group applies the temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the amendments to IAS 12, 'Income Taxes' \u2013 International Tax Reform \u2013 Pillar Two Model Rules
issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-584": { "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\u00a0is 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
and does not give rise to equal taxable and deductible temporary differences.
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\u00a0likelihood of the assets being recoverable within a reasonably foreseeable timeframe. 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\u00a0settle 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.\u00a0Deferred tax is not recognised
for\u00a0temporary differences relating to investment tax credits due to the availability of the initial recognition exemption.
Legislation in respect of the UK\u2019s adoption of OECD Pillar Two Multinational Top-up Tax was substantively enacted in 2023 and applies
to the Group from 1 January 2024. Other countries in which the Group operates have brought in, or may bring in, their own domestic
Pillar Two rules. The Group continues to monitor the potential impact of these rules. Currently the impact is expected to be immaterial
on\u00a0the Group\u2019s tax charge.
The Group applies the temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the amendments to IAS 12, 'Income Taxes' \u2013 International Tax Reform \u2013 Pillar Two Model Rules
issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-585": { "value": "
Earnings per share (EPS) (note 9)
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. A share consolidation combined with a special dividend reduces the weighted average
number of ordinary shares in issue in the period when the transaction occurs from the date the special dividend is recognised.
EPS, if relevant, is presented separately for continuing operations and in total from continuing and discontinued operations on the face
of\u00a0the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-586": { "value": "
Non-current non-financial assets excluding goodwill, deferred tax and net retirement benefit assets
Property, plant and equipment (note 11)
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. Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
purchases of property, plant and equipment. 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 operating in the manner intended by management. 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.
Depreciation commences when the assets are ready for their intended use.
Residual values and useful lives are reviewed and adjusted, if appropriate, at least annually. 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.
Insurance reimbursements for the loss or impairment of property, plant and equipment are recognised within other net operating
expenses in the consolidated income statement when receipt is virtually certain.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-587": { "value": "
Leases (note 12)
To the extent that a right of control exists over an identified asset subject to a lease, a right-of-use asset, representing the Group\u2019s right
to use the\u00a0underlying leased asset, is recognised within property, plant and equipment in the consolidated statement of financial position.
A\u00a0corresponding lease liability, representing the Group\u2019s obligation to make lease payments, is recognised, depending on the maturity
of\u00a0the 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\u00a0the 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\u00a0purchase option, the asset is written off over the useful life of the asset when it is reasonably certain that the purchase option will
be\u00a0exercised.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-588": { "value": "
Intangible assets and R&D expenditure (note 14)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-589": { "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\u00a0use, 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\u00a0the asset, or CGU, is increased to the revised estimate of its recoverable amount. Such a reversal is limited to the carrying amount
that\u00a0would 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-590": { "value": "
Agriculture \u2013 owned forestry assets (note 15)
Owned forestry assets are biological assets measured at fair value less costs to sell, calculated by applying the expected selling price,
less\u00a0costs 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\u00a0area under afforestation, the species, the geographic location, the 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\u00a0carrying 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-591": { "value": "
Investments in joint ventures (note 16)
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.
The Group\u2019s share of the profit or loss of joint ventures is recognised in net profit/(loss) from joint ventures. Any impairment is presented
adjacent to the share of the joint venture\u2019s results in impairment of investments in joint ventures in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-592": { "value": "
Non-current assets held for sale and discontinued operations (note 28)
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\u00a0fair 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\u00a0held 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\u00a0part of a single coordinated plan for disposal which satisfy the held for sale criteria. The discontinued operations' net profit or loss,
other comprehensive income or expense and cash flows for current and comparative periods 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. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-595": { "value": "
Business combinations (note 26)
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. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
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 13)
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. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement (see note 26).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-594": { "value": "
Business combinations (note 26)
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. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
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 13)
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. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement (see note 26).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-593": { "value": "
Business combinations (note 26)
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. If the initial accounting for assets and liabilities is incomplete by the end of
the reporting period in which the combination occurs, the Group reports provisional fair values. The measurement period ends no later
than 12 months from the acquisition date.
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 13)
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. Any gain on purchase is recognised within other net operating expenses
in the consolidated income statement (see note 26).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-596": { "value": "
Current non-financial assets
Inventories (note 17)
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined primarily on weighted average
cost basis. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-597": { "value": "
Own shares (note 23)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-598": { "value": "
Dividend payments (note 10)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-599": { "value": "
Share-based payments (note 24)
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\u00a0expensed 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\u00a0vest as a result of changes in non-market vesting conditions. It recognises the impact of the revision to original estimates, if any,
in\u00a0the\u00a0consolidated income statement, with a corresponding adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-600": { "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\u00a0added 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\u00a0the\u00a0consolidated income statement.
Cash and cash equivalents (note 27b)
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.
Trade receivables (note 18)
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 18)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0cash 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 19)
Trade payables are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest rate
method.
Borrowings (note 22)
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\u00a0the 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\u00a0construction 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\u00a0the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending
on\u00a0the 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\u00a0of risk to which the derivative relates.
35 Accounting policies continued
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 is
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\u00a0do 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 or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-601": { "value": "
Cash and cash equivalents (note 27b)
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-602": { "value": "
Trade receivables (note 18)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-603": { "value": "
Impairment of trade receivables (note 18)
A simplified lifetime expected credit loss (ECL) model is used to assess trade receivables for impairment. ECL is the present value of
all\u00a0cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-604": { "value": "
Trade payables (note 19)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-605": { "value": "
Borrowings (note 22)
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\u00a0the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-606": { "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\u00a0construction 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-608": { "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\u00a0the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending
on\u00a0the 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\u00a0of risk to which the derivative relates.
35 Accounting policies continued
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 is
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\u00a0do 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 or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-607": { "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\u00a0the consolidated statement of financial position within financial instruments, and are classified as current or non-current depending
on\u00a0the 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\u00a0of risk to which the derivative relates.
35 Accounting policies continued
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 is
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\u00a0do 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 or
exercised or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss deferred in equity remains in equity
until,\u00a0for a hedge of a transaction resulting in the recognition of a non-financial asset, it is included in the initial measurement of the
non-financial asset or, for other cash flow hedges, it is classified to the consolidated income statement in the same period or periods
as\u00a0the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-609": { "value": "
Retirement benefits (note 25)
The Group operates post-retirement defined contribution plans, post-retirement defined benefit pension plans and post-retirement
medical plans for many of its employees.
Defined contribution plans
For defined contribution plans, the amount charged to the consolidated income statement is the contributions paid or payable during
the\u00a0financial 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 deducted 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\u00a0charged 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\u00a0recognised in other comprehensive income may be transferred within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-610": { "value": "
Provisions (note 20)
Provisions are recognised when the Group has a present obligation as a result of a past event, arising from a past event, and it is
probable that the obligation will need to be settled. Provisions are measured at management\u2019s best estimate of the expenditure
required\u00a0to settle the obligation at the reporting date. When the effect of discounting is material, provisions are discounted to present
value using country-specific discount rates for periods matching the duration of the underlying liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-611": { "value": "
New accounting policies, early adoption and future requirements
Amendments to published standards effective during 2024
The following new amendments to standards have been adopted for the financial year beginning on 1 January 2024, and have had no
material impact on the Group\u2019s results:
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current
\u2013 Amendments to IFRS 16 \u2013 Leases \u2013 Lease Liability in a Sale and Leaseback
\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Statement of Cash Flows and Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements
Amendments to published standards effective for the financial year beginning on 1 January 2025
The following amendment was adopted and will be effective for the financial year beginning on 1 January 2025. The amendment is not
expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-612": { "value": "
Amendments to published standards effective during 2024
The following new amendments to standards have been adopted for the financial year beginning on 1 January 2024, and have had no
material impact on the Group\u2019s results:
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants
\u2013 Amendments to IAS 1 \u2013 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current
\u2013 Amendments to IFRS 16 \u2013 Leases \u2013 Lease Liability in a Sale and Leaseback
\u2013 Amendments to IAS 7 and IFRS 7 \u2013 Statement of Cash Flows and Financial Instruments: Disclosures \u2013 Supplier Finance Arrangements
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-613": { "value": "
Amendments to published standards effective for the financial year beginning on 1 January 2025
The following amendment was adopted and will be effective for the financial year beginning on 1 January 2025. The amendment is not
expected to have a material impact on the Group\u2019s results:
\u2013 Amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability
The Group is in the process of assessing the impact of IFRS 18, 'Presentation and Disclosure in Financial Statements', issued in April 2024,
which will become effective and be adopted for the financial year beginning on 1 January 2027.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LOZA69QFDC9N34", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }