Mondi: Update on Russian Business Activities

Mondi plc

(Incorporated in England and Wales) (Registration Number: 6209386)

LEI: 213800LOZA69QFDC9N34

LSE Share Code: MNDI


JSE share code: MNP

March 11, 2022

This announcement contains inside information.

Update on Russian Business Activities


As a world leader in packaging and paper, Mondi is present in more than 30 countries, generating a turnover of 7.7 billion euros and an underlying EBITDA of 1.5 billion euros in 2021.

As previously announced, Mondi’s operations in Russia accounted for approximately 12% of Group revenue by production location in 2021 and over the past three years generated approx. 20% of the Group’s underlying EBITDA. Mondi has been operating in Russia for over 22 years.

The largest facility is a wholly-owned integrated pulp, wrapping paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). The Group also has three processing plants in Russia. All of these facilities primarily serve the domestic market and have continued to operate during this period of heightened geopolitical tension. Mondi employs approximately 5,300 people in these operations.

In Ukraine, Mondi has a paper bag factory located in Lviv, in the west of the country, which employs around 100 people. Production is currently suspended.

Status Update

The Syktyvkar plant, which receives no direct funding from Mondi, operates an integrated power plant supplying part of the energy demand of the Komi Republic, and is the main source of heat and hot water for the district of Ezhva of Syktyvkar, which has a population of about 60,000 people. It also provides other local community services such as sewage treatment. The plant is legally bound by the Russian authorities to supply the energy supply.

Syktyvkar is currently operating, but the plant is beginning to encounter a number of operational constraints, including the import of process chemicals, spare parts and other essential supplies. Although it is difficult to assess the ramifications in what remains a rapidly changing situation, it can have a significant impact on the operation of the plant.

Assessing options for Russian operations

Mondi is deeply concerned about the unfolding crisis in Ukraine and is shocked by the humanitarian impact. We express our deepest sympathy to all those affected by the ongoing hostilities, adding our voice to those calling for an urgent cessation.

Recognizing its corporate values ​​and expanded responsibilities to stakeholders, the Board is evaluating all options for the Group’s interests in Russia, including any form of legal separation. This does not mean or imply that Mondi is planning or initiating liquidation or bankruptcy proceedings with respect to any of its Russian subsidiaries or assets.

Support for the humanitarian relief effort

In addition to the Group’s direct support to colleagues in Ukraine, Mondi recently pledged €1 million to support the United Nations World Food Program emergency operation to provide food aid to people affected by the conflict.



Clara Valera

+44 193 282 6357

Head of Strategy and Investor Relations Mondi Group


Sara Sizer

+44 193 282 6320

Mondi Group Communication & Marketing Director

Richard Mountain (FTI Council)

+44 790 968 4466

About Mondi

Mondi is a global packaging and paper leader, contributing to a better world by creating innovative packaging and paper solutions that are sustainable by design. Our business is integrated across the entire value chain – from forest management, to the production of pulp, paper and plastic films, to the development and manufacture of industrial packaging solutions and efficient consumption. Sustainability is central to our strategy and intrinsic to the way we do business. We lead the industry with our customer-centric approach, EcoSolutions, where we ask the right questions to find the most sustainable solution. In 2021, Mondi achieved a turnover of 7.7 billion euros and an underlying EBITDA of 1.5 billion euros.

Mondi has a premium listing on the London Stock Exchange (MNDI) and a secondary listing on JSE Limited (MNP). Mondi is a constituent of the FTSE 100 and has been part of the FTSE4Good Index Series since 2008 and the FTSE/JSE Responsible Investing Index Series since 2007.

Sponsor in South Africa: Merrill Lynch South Africa Proprietary Limited trading as BofA Securities.