DGAP-News: Results for the first three quarters 2010
(firmenpresse) - Mayr-Melnhof Karton AG / Key word(s): Quarter Results
16.11.2010 08:00
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- Significant increase of results in the 3rd quarter
- Rise in cartonboard prices compensates recent cost surge
- High capacity utilization in both divisions
- Good prospects for the 4th quarter and the full year
Group Key Indicators IFRS
consolidated in millions of EUR 1-3 Q/2010 1-3 Q/2009 +/
Sales 1,315.7 1,186.5 +10.9%
Operating profit 123.3 110.1 +12.0%
Profit before tax 113.9 110.2 +3.4%
Profit for the period 83.2 80.3 +3.6%
thereof minority interests 2.1 1.9
As expected the Mayr-Melnhof Group managed to continue the positive
business development of the previous quarters also in the third quarter
2010 supported by the temporary economic recovery. Thus, it was possible to
improve sales and profits in the first three quarters of 2010 in comparison
to last year, both in cartonboard production as well as in the folding
carton business.
MM Karton primarily focused on passing on the massive increase in fiber
prices. Due to the fact that capacities were fully utilized in the third
quarter, the so far incurred cost burden could be passed on to a noticeable
extent and the margin recovered.
MM Packaging managed to sustain profitability at a high level particularly
due to growing sales and volumes. However, increasing cartonboard prices
remain a great challenge.
Although we have already passed this year's order peaks, we still started
the fourth quarter well booked. In line with the continuing positive order
situation, we do not expect any significant price decreases on the
procurement markets. In fact, the prices for chemicals and logistics are
going up considerably, which is why another cartonboard price increase has
been implemented since the beginning of October.
However, after last months' momentum, we expect a normalization in business
development in the next few quarters.
DEVELOPMENT IN THE THIRD QUARTER
Business development in the third quarter was characterized by continued
high utilization of capacities in both divisions as well as by a
significant adjustment of cartonboard prices to the increased cost level.
At 99 % MM Karton's capacities were fully utilized in the third quarter
following particularly high utilization rates already seen in the previous
quarters (1Q 2010: 97 %; 2Q 2010: 98 %; 3Q 2009: 90 %). Due to the
compensation of the increase in input factor costs so far incurred, the
operating margin significantly improved to 8.8 % (2Q 2010: 6.3 %; 3Q 2009:
7.1 %).
Based on a strong quantity and sales development, MM Packaging's operating
margin remained largely stable in the third quarter at 9.9 % (2Q 2010: 10.0
%; 3Q 2009: 10.5 %).
The operating profit of the Group registered a considerable increase to EUR
45.7 million (2Q 2010: EUR 37.4 million; 3Q 2009: EUR 39.9 million),
resulting in an operating margin of 10.1 % (2Q 2010: 8.8 %; 3Q 2009: 9.6
%).
With a profit for the period of EUR 34.3 million, the third quarter ended
with the highest historical period result.
OUTLOOK
Considering the current order situation, a good utilization of capacities
in both divisions can at least be expected until year-end. However, there
are rising indications that the dynamics of the current year will turn into
a normalization of business within the next few quarters.
While on procurement markets, the prices for recovered paper and pulp
should have stabilized at a high level, other cost factors particularly
logistics and chemicals are still rising. Therefore, at the beginning of
the fourth quarter, MM Karton once again adjusted its sales prices to the
increased cost level.
The margins of MM Packaging will likely be impacted by significantly higher
cartonboard prices. Therefore, the successive passing on of price increases
is a top priority in the packaging division.
Still, we expect continued positive development for the fourth quarter and
for the full year 2010.
High dedication is set on the continuation of our growth path. A strong
focus will however be maintained on responding adequately to possible
changes in the overall economic situation.
Please find our detailed press release and Interim Report on the 3rd
Quarter of 2010 on the Internet at http://www.mayr-melnhof.com.
For further information please contact:
Stephan Sweerts-Sporck, Investor Relations, Mayr-Melnhof Karton AG,
Brahmsplatz 6, A-1041 Vienna,
Tel.: +43 1 50136-91180, Fax: +43 1 50136 - 91195
E-mail: investor.relations(at)mm-karton.com, Website:
http://www.mayr-melnhof.com
16.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Mayr-Melnhof Karton AG
Brahmsplatz 6
1040 WienÖsterreich
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 München, Berlin, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien (Amtlicher Handel /
Official Market)
End of Announcement DGAP News-Service
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Datum: 16.11.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 32632
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