LONDON (dpa-AFX) - Mondi plc (MNDI.L) reported that the Group delivered a robust performance, in line with expectations, during the first quarter of 2020. Underlying EBITDA was 385 million euros, 18% below prior year period, driven mainly by lower pricing across key paper grades mitigated by lower input cost and ongoing cost reduction programmes.
For 2020, Mondi plc now projects capital expenditure of around 600 million euros (previously 700 million euros to 800 million euros).
Mondi noted that it currently has a strong liquidity position of around 1.5 billion euros, comprising 705 million euros undrawn committed debt facilities and cash of approximately 800 million euros.
The Board has decided it is prudent to no longer propose a final dividend for the year ended 31 December 2019 at the AGM. The AGM on 7 May 2020 will now be convened with the minimum quorum of two shareholders facilitated by Mondi. The Group advised shareholders to submit their votes by proxy.
Copyright RTT News/dpa-AFX