DGAP-News: Mayr-Melnhof Karton AG: RESULTS FOR THE FIRST THREE QUARTERS 2013
(firmenpresse) - DGAP-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results
Mayr-Melnhof Karton AG: RESULTS FOR THE FIRST THREE QUARTERS 2013
14.11.2013 / 08:00
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- Sales and profit for the period above the previous year
- Solid capacity utilization
- Lower average prices weigh on operating profit
- Course of expansion continued
The Mayr-Melnhof Group was able to stand up firmly during the first three
quarters of 2013 despite of unaltered restrained private consumption and
increased competition in the main market Europe. At EUR 92.8 million, the
profit for the period was slightly above the comparative value of the
previous year (1-3Q 2012: EUR 91.5 million), whereby a negative goodwill
from the acquisition of the pulp mill MMK FollaCell, Norway, had to be
recorded as non-recurring income in the third quarter. With high capacity
utilization MM Karton as well as MM Packaging succeeded in increasing
volumes and sales.
The most current agreement on the acquisition of two folding carton sites
in Russia and a high-performance plant in Germany opens up further
expansion with attractive value creation potential.
There are still no signs for a recovery of demand. Hence, short-term
planning of our customers and persistent price pressure can be expected
also in the following months. The MM Group's focus remains on the
continuation of a sustainably profitable development.
GROUP KEY INDICATORS - IFRS
consolidated, in millions of EUR Q1-3/2013 Q1-3/2012 +/-
Sales 1,497.1 1,467.2 +2.0 %
Operating profit 130.2 133.2 -2.3 %
Operating margin (in %) 8.7 % 9.1 %
Profit before tax 122.2 125.0 -2.2 %
Profit for the period 92.8 91.5 +1.4 %
Earnings per share (in EUR) 4.62 4.56
The Group's consolidated sales totalled EUR 1,497.1 million and thus were
2.0 % or EUR 29.9 million above the value for the previous year (1-3Q 2012:
EUR 1,467.2 million). This rise mainly results from increased volumes in
both divisions.
At EUR 130.2 million, an operating profit of 2.3 % or EUR 3.0 million below
the previous year's value (1-3Q 2012: EUR 133.2 million) was achieved. As a
result of first-time consolidation of the Norwegian pulp producer MMK
FollaCell, a preliminary negative goodwill of around EUR 10 million had to
be recognized as a non-recurring income. Thus, the Group achieved an
operating margin of 8.7 % (1-3Q 2012: 9.1 %).
In line with the decreased interest level, financial income went down to
EUR 1.0 million (1-3Q 2012: EUR 2.2 million) and financial expenses to EUR
-2.8 million (1-3Q 2012: EUR -4.2 million).
Profit before tax totalled EUR 122.2 million after EUR 125.0 million in the
first three quarters of the previous year. Income tax expense decreased
from EUR 33.5 million to EUR 29.4 million, which resulted in an effective
Group tax rate of 24.1 % (1-3Q 2012: 26.8 %).
Profit for the period rose slightly by 1.4 % to EUR 92.8 million (1-3Q
2012: EUR 91.5 million).
DEVELOPMENT IN THE THIRD QUARTER
Despite a continuing lack of stimulus from the economy as a whole, the MM
Group was able to maintain its position successfully with a solid
development in volume and income throughout the third quarter.
MM Karton succeeded in improving average prices as well as sales volumes
compared to the second quarter. Capacity utilization reached 99 % (3Q 2012:
99 %), subsequent to full capacity utilization already in the first two
quarters of the year. At the same time the largely stable development on
the input markets continued.
The operating margin of MM Karton including the non-recurring income from
the acquisition MMK FollaCell amounted to 10.3 % following 6.5 % in the
second quarter 2013 and 8.7 % in the third quarter 2012.
With good capacity utilization, MM Packaging achieved an operating margin
of 9.2 % (2Q 2013: 8.6 %; 3Q 2012: 11.1 %).
At EUR 52.7 million, the Group's operating profit was above the value of
the second quarter 2013 (EUR 39.1 million) and above the previous year's
value (3Q 2012: EUR 51.9 million). The Group's operating margin amounted to
10.2 % (2Q 2013: 8.1 %; 3Q 2012: 10.5 %).
The profit for the period reached EUR 38.1 million (2Q 2013: EUR 27.7
million; 3Q 2012: EUR 39.9 million).
OUTLOOK
Recent forecasts confirm our mid-year outlook. General conditions in our
main European markets for cartonboard and folding cartons will continue to
be marked by, at best, a constant level of demand for fast-moving consumer
goods in the coming months. Accordingly, customer planning and visibility
can be expected to continue on a short-term level.
At the same time, indicators also point out continuity on the raw material
markets for the foreseeable future, especially for recovered paper. Hence,
intensified competitive pressure will remain a significant challenge.
Continuous efficiency improvements and market development are therefore
directed at increasing and/or maintaining our margins and market shares as
best as possible. Our growth strategy will be consistently further pursued.
The detailed Interim Report for the first three quarters of 2013 is
available on our website http://www.mayr-melnhof.com.
For further information, please contact:
Stephan Sweerts-Sporck
Investor Relations
Mayr-Melnhof Karton AG
Brahmsplatz 6
A-1041 Vienna
Phone: +43 1 50136 - 91180
Fax: +43 1 50136 - 91195
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; Frankfurt in
Open Market ; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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239817 14.11.2013
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Datum: 14.11.2013 - 08:00 Uhr
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