Mondi is one that I teased you with earlier in the year with two posts here and here in case you missed them, although they won't be so much fun if you read them after reading this. Any way in today's interim management statement they say that they are trading in line with expectations.
The headlines were that they saw underlying operating profits up by 13% year on year (yoy) and 14% V Q4. Sales were flat yoy and up slightly v Q4 as there were some scheduled maintenance shut downs toward the end of the previous year.
Their net debt was down slightly in the period despite on going capital expenditure which should benefit their operations later in the year.
Selling prices saw some downward pressure and input prices were apparently up a bit. However, unlike some major international companies Mondi has actually benefited from currency movements this quarter given its operations in some emerging markets with weaker currencies, although this was partially offset by the impact of the weaker Russian rouble on the Group's more domestically focused Russian businesses. So it is worth remembering that this one has some Russian exposure, but on this and the outlook they said:
"While the Group remains vigilant of the ongoing political developments in the Ukraine, to date they have had no material impact on the Group's operations.
The trading environment remains mixed. As anticipated selling prices for a number of the Group's key paper grades are currently below those of the prior year. However, fundamentals in our core markets remain generally solid and price increases in certain grades are under discussion. Furthermore, the ongoing capital investment programme is already making an important contribution to the profitability of the Group, with further projects on track for completion over the course of this year. As such, we remain confident in the Group's ability to continue delivering an industry-leading performance."
This one is and has been quite dull since I wrote it up so it still looks quite good value on around 12x and around a 3.5% yield, although it has gone ex the final dividend since then.