Q4 sales ease 7% on Covid-19 impacts / Food service in Europe and Asia worst hit / Only fibre packaging segment posts growth
Packaging giant Huhtamaki (Espoo / Finland; said fourth-quarter sales dipped 7% to EUR 813m, partly due to currency swings and lower demand for foodservice packaging on account of Covid-19. Adjusted EBIT at EUR 73m fell 2 % on cost cuts. Profit eased by more than one-third at EUR 32m.

For 2020, revenues contracted 3% to EUR 3.3 bn as acquisitions partly offset the pandemic and currency headwinds. Adjusted EBIT rose 3% to EUR 302m. Profit at EUR 184m declined 7.5%.

With more people eating at home due to the pandemic, the fibre packaging segment – which makes recycled and natural fibres used for packaging of eggs, fruits and other fresh products – was the only of the four business segments to show growth. Revenue jumped 12% to EUR 85.4m and adjusted EBIT ballooned 70% to EUR 12.7m .

The foodservice business in Europe, Asia, and Oceana was the worst hit segment, with sales down 13% to EUR 214m and adjusted EBIT off 26% at EUR 15.5m. The segment supplies paper and plastic disposable tableware to fast food outlets and coffee shops.

Revenues plummeted 10% to EUR 274m in North America, and for flexible packaging they shrank 2% to EUR 251m. Adjusted EBIT for the units fell 3% and 5%, respectively.

Last year, the Finnish packaging giant said it used recycled plastics in its flexible tubes for the first time (see of 19.08.2020).
03.03.2021 [247026-0]
Published on 03.03.2021
Huhtamaki: Verpackungskonzern kommt mit blauem Auge davonGerman version of this article...

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