ESPOO, Finland – Huhtamäki Oyj reported Q4 and full year results for 2023 reflecting strong cash flow and margin improvement. Charles Héaulmé, President and CEO, stated: “We are pleased with the many achievements during the year and energized by the plans going forward.
In line with the previous years, we have proven our ability to deliver results in a volatile market environment, thanks to our diverse portfolio and the agility of our organization.
Our investments for growth started to yield benefits, and we have made progress towards our profitability ambition by driving initiatives to improve our competitiveness.”
Huhtamäki Oyj Q4 2023 in brief
- Net sales decreased 6% to EUR 1,033 million (EUR 1,104 million)
- Adjusted EBIT was EUR 108 million (EUR 93 million); reported EBIT was EUR 146 million (EUR 78 million)
- Adjusted EPS was EUR 0.68 (EUR 0.65); reported EPS was EUR 0.83 (EUR 0.54)
- Comparable net sales growth at Group level was -3% and -5% in emerging markets
- The impact of currency movements on the Group’s net sales was EUR -44 million and EUR -5 million on EBIT
Huhtamäki Oyj Q1-Q4 2023 in brief
- Net sales decreased 7% to EUR 4,169 million (EUR 4,479 million)
- Adjusted EBIT was EUR 393 million (EUR 395 million); reported EBIT was EUR 381 million (EUR 405 million)
- Adjusted EPS was EUR 2.32 (EUR 2.49); reported EPS was EUR 1.97 (EUR 2.65)
- Comparable net sales growth at Group level was -2% and -4% in emerging markets
- The impact of currency movements on the Group’s net sales was EUR -153 million and EUR -15 million on EBIT
- Capital expenditure was EUR 319 million (EUR 318 million)
- Free cash flow was EUR 321 million (EUR 11 million)
- The Board of Directors proposes a dividend of EUR 1.05 (1.00) per share
Outlook for 2024
The Group’s trading conditions are expected to improve compared to 2023. Volatility in the operating environment is expected to continue, while Huhtamaki’s diversified product portfolio provides resilience. The company’s initiatives, which include the ongoing savings and efficiency program are expected to support the company’s performance. The Group’s good financial position enables addressing profitable growth opportunities.
Dividend proposal
On December 31, 2023 Huhtamäki Oyj’s distributable funds were EUR 836 million (EUR 908 million). The Board of Directors will propose to the Annual General Meeting that a dividend of EUR 1.05 (EUR 1.00) per share be paid.
