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Huhtamäki Oyj’s Interim Report January 1–March 31, 2022: Strong start to the year



Huhtamäki Oyj’s Interim Report January 1–March 31, 2022: Strong start to the year

Q1 2022 in brief:

  • Net sales increased 31% to EUR 1,050 million (EUR 802 million)
  • Adjusted EBIT was EUR 98 million (EUR 77 million); reported EBIT was EUR 94 million (EUR 72 million)
  • Adjusted EPS was EUR 0.63 (EUR 0.49); reported EPS was EUR 0.63 (EUR 0.45)
  • Comparable net sales growth was 19% at Group level and 19% in emerging markets
  • The impact of currency movements was EUR 35 million on the Group’s net sales and EUR 3 million on EBIT

Key figures

EUR millionQ1 2022Q1 2021Change2021
Net sales1,049.7802.131%3,574.9
Comparable net sales growth19%-0%7%
Adjusted EBITDA1146.6117.724%488.4
Adjusted EBIT297.577.027%315.3
Adjusted EPS30.630.4929%2.07
EPS, EUR0.630.4540%1.91
Adjusted ROI211.2%11.7%11.3%
Adjusted ROE315.4%14.9%15.1%
Capital expenditure76.433.0>100%259.4
Free Cash Flow-45.76.6<-100%-26.1
1 Excluding IAC of-2.0-3.0-18.7
2 Excluding IAC of-4.0-5.3-19.3
3 Excluding IAC of0.3-4.1-17.1

Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2021. Figures of return on investment (ROI), return on equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA presented in this report are calculated on a 12-month rolling basis.

The figures in the tables are exact figures and consequently the sum of individual figures may deviate from the sum presented. Key figures have been calculated using exact figures.

Charles Héaulmé, President and CEO

“Huhtamaki had a strong start to the year, despite challenging market conditions. Overall, the demand was strong, in an operating environment affected by continued supply chain tensions and very high inflation across the board. The geopolitical development with the war in Ukraine and continued COVID-19 pandemic added complexity.

Net sales increased by 31% against the same period 2021, and by 19% in comparable terms. It was driven by both improved pricing and increased sales volumes. We have continued to mitigate impact of inflation, which is visible in all our major input costs, including raw materials, freight costs, energy and labor. The volume growth improved operational efficiency and actions to mitigate inflation had a positive impact on profitability, with the adjusted EBIT increasing by 27%, broadly in line with net sales. While we have been able to handle the impact of inflation, it continues to put pressure on the business performance.

The first quarter has been dominated by geopolitical tensions and the war in Ukraine. We condemn the war in the strongest possible terms and stopped all our investments to Russia immediately after the Russian invasion of Ukraine. We consider that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of our growth strategy and ambitions in the country. As a consequence, we have decided to initiate the divestiture process of our operations in Russia. We will continue to prioritize investments that capture the significant growth opportunities in the rest of the world, in line with our global ambitions and 2030 Strategy.

As a result of focus on our 2030 strategy, we have taken several steps on our sustainability journey, with the intent to reach carbon-neutral production by 2030 while optimizing usage of resources, including energy, water, and waste. During the first quarter, we signed a Virtual Power Purchase Agreement in the United States, covering 30% of our local electricity usage. We also installed the first solar panel arrays at our factories in Guangzhou and Shanghai in China, covering an initial 10% of the two factories’ energy use. In addition, we continue investments into innovative, sustainable products and business expansion. For instance, we are stepping up production of advanced smooth molded fiber packaging in Alf, Germany, to provide plastic free packaging solutions.

Our strong performance highlights the resilience of our diversified portfolio and global presence. It also underlines the ability of our company to manage adverse conditions. I want to thank our entire team for their great work in demanding times and during my absence in the first quarter. I am confident that we will continue to successfully deliver on our long-term ambition.”

Financial review Q1 2022

Net sales by business segment

EUR millionQ1 2022Q1 2021Change
Foodservice Europe-Asia-Oceania254.7207.523%
North America337.5256.132%
Flexible Packaging377.7267.141%
Fiber Packaging90.978.616%
Elimination of internal sales-11.1-7.1

Comparable net sales growth by business segment

Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Foodservice Europe-Asia-Oceania18%12%2%40%-2%
North America24%11%5%9%-2%
Flexible Packaging18%12%7%6%0%
Fiber Packaging8%2%2%1%4%

The Group’s net sales increased 31% to EUR 1,050 million (EUR 802 million) during the quarter, supported by the Elif acquisition. Comparable net sales growth was 19%. Demand for foodservice products continued to recover and demand for food on-the-shelf was solid. Comparable growth was strongest in the North America segment, followed by Foodservice Europe-Asia-Oceania and Flexible Packaging. Comparable sales growth in emerging markets was 19%. Foreign currency translation impact on the Group’s net sales was EUR 35 million (EUR -46 million) compared to 2021 exchange rates.

Adjusted EBIT by business segment

Items affecting comparability
EUR millionQ1 2022Q1 2021ChangeQ1 2022Q1 2021
Foodservice Europe-Asia-Oceania25.617.645%-0.0-4.2
North America38.831.225%-0.0-
Flexible Packaging29.421.735%-2.8-1.1
Fiber Packaging7.59.5-21%-0.00.0
Other activities-3.8-3.0-1.1-0.0

Adjusted EBIT margin by business segment

Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021
Foodservice Europe-Asia-Oceania10.0%7.7%8.5%8.4%8.5%
North America11.5%10.8%12.2%13.0%12.2%
Flexible Packaging7.8%7.1%6.0%6.1%8.1%
Fiber Packaging8.2%11.7%9.5%10.3%12.1%

The Group’s adjusted EBIT increased to EUR 98 million (EUR 77 million) and reported EBIT was EUR 94 million (EUR 72 million). Adjusted EBIT improved following growth in sales volumes, a favorable sales mix and continued focus on operational efficiency. The Group’s adjusted EBIT margin decreased and was 9.3% (9.6%). Foreign currency translation impact on the Group’s earnings was EUR 3 million (EUR -5 million).

Adjusted EBIT excludes EUR -4.0 million (EUR -5.3 million) of items affecting comparability (IAC).

Adjusted EBIT and IAC

EUR millionQ1 2022Q1 2021
Adjusted EBIT97.577.0
Acquisition related costs-0.6-0.3
Restructuring gains and losses, including writedowns of related assets-1.4-5.0
PPA amortization-1.9-
Settlement and legal fees of disputes-0.1-0.0

Net financial expenses were EUR 3 million (EUR 9 million), positively impacted by an one-off IAC item. Tax expense was EUR 22 million (EUR 15 million). The corresponding tax rate was 24% (23%). Profit for the first quarter was EUR 69 million (EUR 48 million). Adjusted earnings per share (EPS) was EUR 0.63 (EUR 0.49) and reported EPS EUR 0.63 (EUR 0.45). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR 0.3 million (EUR -4.1 million) of IAC.

Adjusted profit and IAC

EUR millionQ1 2022Q1 2021
Adjusted profit for the period attributable to equity holders of the parent company65.751.1
IAC in EBIT-4.0-5.3
IAC in Financial items4.4-
Taxes relating to IAC-0.11.2
Profit for the period attributable to equity holders of the parent company66.047.0

Significant events after the reporting period

Huhtamaki to initiate a divestiture process for its Russian operations

Huhtamaki has decided to initiate the process to divest its operations in Russia. This follows an earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine. Huhtamaki considers that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of its growth strategy and long-term ambitions in the country. Huhtamaki will continue to prioritize investments that capture the significant growth opportunities in the rest of the world, in line with its global ambitions and 2030 Strategy.

Huhtamaki will explore the market for potential buyers and will maintain its operations during this transitional period, subject to supply chain availability, to meet its contractual and regulatory obligations and to safeguard employees and customers.

Huhtamaki has operations in both Ukraine and Russia. In Ukraine, the company has one factory, which has mostly served the local market. The factory has been temporarily closed since the war started. Net sales in 2021 had only a minor contribution to the Group level net sales.

Huhtamaki has four manufacturing units in Russia, employing approximately 700 people. The net sales in Russia amounted to EUR 99.5 million in 2021, representing less than 3% of the Group’s total net sales. Non-current assets in the country was EUR 59.0 million at the end of March 2022. The factories in Russia have mostly served the local market, with a minor part of production exported.

Huhtamaki signed a EUR 250 million term loan facility

On April 8, 2022 Huhtamäki Oyj signed a EUR 250 million term loan facility agreement with a maturity of two (2) years. The facility has a one-year extension option at the discretion of the lenders. The facility will be used for refinancing and general corporate purposes of the Group.

Outlook for 2022 (unchanged)

The Group’s trading conditions are expected to improve compared to 2021, however with continued volatility in the operating environment. Huhtamaki's diversified product portfolio provides resilience and the Group’s good financial position enables addressing profitable growth opportunities.

Annual General Meeting 2022

The Annual General Meeting of Shareholders (AGM) will be held on Wednesday, April 27, 2022 with exceptional meeting procedures based on the Finnish temporary legislative act (375/2021). The AGM will be held without the presence of shareholders or their representatives in order to ensure the health and safety of the Company‘s shareholders, personnel and other stakeholders. After the AGM, shareholders will be provided with an opportunity to follow a webcast where the Chairman of the Board and other Company’s representatives will address topical themes of the Company.

Financial reporting in 2022

In 2022, Huhtamaki will publish financial information as follows:

Half-yearly Report, January 1 − June 30, 2022        July 21

Interim Report, January 1 − September 30, 2022        October 21

This is a summary of Huhtamäki Oyj's Interim Report January 1 - March 31, 2022. The complete report is attached to this release and is also available at the company website at

For further information, please contact:
Kristian Tammela, VP, Investor Relations, tel. +358 10 686 7058

Global Communications

About Huhtamaki

Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, enabling wellbeing and convenience. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.

We are a participant in the UN Global Compact and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science-Based Targets initiative.

With 100 years of history and a strong Nordic heritage we operate in 38 countries and 114 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of 19,800 employees make a difference where it matters. Our 2021 net sales totaled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at


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