DGAP-News: Mayr-Melnhof Karton AG: Results for the first quarter 2012
(firmenpresse) - DGAP-News: Mayr-Melnhof Karton AG / Key word(s): Quarter
Results/Quarter Results
Mayr-Melnhof Karton AG: Results for the first quarter 2012
15.05.2012 / 08:00
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- Sales held up on previous year's level
- Operating profit below last year's record value due to a sharp increase in
input prices
- Growing pressure from increasing demand volatility
- Expansion in Latin America continued
The Mayr-Melnhof Group recorded high capacity utilization in the first
quarter of 2012 in both divisions, although the previous quarters were
marked by a considerable slowdown in the order intake due to destocking at
our customers and seasonal influences. At EUR 494.9 million, sales reached
previous year's level, while the operating profit was below the historical
record value of the comparative period in 2011 due to a significant increase
in input costs but in line with precedent quarters. The operating margin of
the Group reached 8.5 % (1Q 2011: 10.1 %).
From today's point of view, the better volume development in the first three
months of this year probably only served the restocking of the emptied
supply chain. Thus, the volatility in demand again shows material increases
for both Cartonboard and Packaging, as consumers in Europe reduce their
expenditure and our customers plan accordingly in the short term.
In line with strategy, the expansion in Latin America has proceeded and a
20% participation in the largest Columbian folding carton manufacturer,
Gráficas Los Andes S.A., located in Santiago de Cali, was acquired. MM
Packaging holds an option right to the remaining share of 80 %. Gráficas Los
Andes S.A. currently generates annual sales of approximately EUR 17 million
with about 200 employees.
Group Key indicators (IFRS, unaudited)
consolidated in millions of EUR 1Q/2012 1Q/2011 +/-
Sales 494.9 494.7 +0.0%
Operating profit 42.1 50.0 -15.8%
Operating margin (in %) 8.5% 10.1%
Profit before tax 39.6 48.5 -18.4%
Profit for the period 28.5 35.4 -19.5%
thereof minority interests 0.2 0.2
Earnings per share (in EUR) 1.40 1.76
OUTLOOK
The economic forecasts are still gloomy, causing a lot of uncertainty and
insecurity on the economic climate. Thereby the stagnation in our main
market Europe remains more than evident, as the consumers restrict their
spending and the savings rate among private households rises again. In the
light of this, the improved quantity dynamics of the first quarter are
likely to be merely a reflection of the restocking of the supply chain. The
volatility in demand is gaining momentum both for Cartonboard and Packaging.
Therefore, our customers plan accordingly in the short term.
If the current volatility in demand remains unchanged, our input markets
will follow with the consequence that the challenges for price and cost
management will increase significantly.
However, it is still our goal to defend our margins as best possible in an
environment of intense competition and to resolutely push market penetration
and expansion.
Please find our detailed Interim Report for the 1st Quarter of 2012 on our
homepage http://www.mayr-melnhof.com.
Forfurther information, please contact:
Stephan Sweerts-Sporck,
Investor Relations,
Mayr-Melnhof Karton AG,
Brahmsplatz 6, A-1041 Wien
Tel.: +43 1 50136-91180,
Fax: +43 1 50136-191195
E-Mail: investor.relations(at)mm-karton.com,
Website: http://www.mayr-melnhof.com
End of Corporate News
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Language: English
Company: Mayr-Melnhof Karton AG
Brahmsplatz 6
1040 Wien
Austria
Phone: 0043 1 501 36 91180
Fax: 0043 1 501 36 91391
E-mail: investor.relations(at)mm-karton.com
Internet: www.mayr-melnhof.com
ISIN: AT0000938204
WKN: 93820
Indices: ATX
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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169864 15.05.2012
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Datum: 15.05.2012 - 08:00 Uhr
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News-ID 146337
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