Huhtamäki Oyj’s Results January 1-December 31, 2022: Strong performance in a volatile environment

Q4 2022 in brief:
Net sales increased 10% to EUR 1,104 million (EUR 999 million)
Adjusted EBIT was EUR 93 million (EUR 82 million); reported EBIT was EUR 78 million (EUR 84 million)
Adjusted EPS was EUR 0.65 (EUR 0.54); reported EPS was EUR 0.54 (EUR 0.56)
Comparable net sales growth at Group level was 9% and 6% in emerging markets
The impact of currency movements on the Group’s net sales was EUR 46 million and EUR 5 million on EBIT

Q1-Q4 2022 in brief
Net sales increased 25% to EUR 4,479 million (EUR 3,575 million)
Adjusted EBIT was EUR 395 million (EUR 315 million); reported EBIT was EUR 405 million (EUR 296 million)
Adjusted EPS was EUR 2.49 (EUR 2.07); reported EPS was EUR 2.65 (EUR 1.91)
Comparable net sales growth at Group level was 15 % and 16% in emerging markets
The impact of currency movements on the Group’s net sales was EUR 234 million and EUR 22 million on EBIT
Capital expenditure was EUR 318 million (EUR 259 million)
Free cash flow was EUR 11 million (EUR -26 million)
The Board of Directors proposes a dividend of EUR 1.00 (0.94) per share

President and CEO’s review
We continued to successfully execute the Huhtamaki 2030 growth strategy and despite facing a challenging operational environment, delivered a strong performance in 2022. Complexity, volatility, and uncertainty affected the business environment during the year, with geopolitical disruption and high inflation across the value chain. Whilst demand remained overall solid, the pressure of inflation on consumers started to erode the consumption growth across categories and geographies during the second half of the year. The year 2022 was most importantly marked by the war in Ukraine, which led to the decision to divest our operations in Russia. This was successfully completed in September.

In the fourth quarter, our business performance remained consistent with previous quarters, delivering solid revenue and profit growth. Our comparable net sales increased by 9% and adjusted EBIT by 14%. Free cash flow generated reached EUR 71.3 million, representing a significant improvement compared to previous quarters and last year. The positive cash flow was driven by a release of working capital, while we have continued to invest for growth and innovation.

For the full year 2022, our net sales increased to EUR 4.5 billion with comparable net sales growth of 15%. Despite continued high inflation, market headwinds and decreased sales volumes in the latter part of the year, adjusted EBIT improved by 25%. While the cash flow remained low, it improved during the second half of the year. Our solid performance in 2022 reflects the scale and strength of our global footprint, our key technologies and diverse portfolio, and importantly the resilience, agility and commitment of our people.
details at: https://www.huhtamaki.com/en/media/media/stock-exchange-release/2023/huhtamaki-oyjs-results-january-1-december-31-2022-strong-performance-in-a-volatile-environment/

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