DGAP-News: Mayr-Melnhof Karton AG: Half-year results 2011
(firmenpresse) - DGAP-News: Mayr-Melnhof Karton AG / Key word(s): Half Year
Results/Half Year Results
Mayr-Melnhof Karton AG: Half-year results 2011
17.08.2011 / 08:00
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- Increase in results and sales
- Operating margin improved to 9.4 %
- Expansion continued
- Rise in direct costs and slow-down in incoming orders enhance pressure on
margins
Group Key Indicators IFRS
consolidated in millions of EUR 1st HY/2011 1st HY/2010 +/-
Sales 988.2 863.0 +14.5%
Operating profit 92.7 77.6 +19.5%
Operating margin (%) 9.4% 9.0%
Profit before tax 88.8 67.5 +31.6%
Profit for the period 64.0 48.9 +30.9%
thereof minority interests 0.4 1.2
Earnings per share (in EUR) 3.18 2.37
The Mayr-Melnhof Group was able to close the first half-year 2011 with a
significant increase of sales and results despite a normalization and the
successive slow-down in demand dynamics as well as an increase in raw
material costs. The Group's operating margin came up to 9.4 % (1st half of
2010: 9.0 %).
We succeeded in keeping business volumes at a high level in both segments,
despite an increasing running down of our customers' stocks due to
well-stocked supply chains. Largest direct challenge was dealing with the
continuous rise in costs, which besides fibers included to an increasing
extent other direct costs. While in the first quarter of 2011 we were still
able to achieve a sufficient compensation, in the second quarter this was
no longer possible to a full extent.
In Karaman, Central Anatolia, one of the important emerging regions in
Turkey, a new packaging site is currently established, which will start
production in the fourth quarter of 2011. Furthermore, the majority
interests in the MM Packaging subsidiaries in Russia, Turkey and Jordan
have been considerably increased.
Development in the second quarter
As already indicated along with the first quarter, the conditions in the
second quarter have progressively tightened. The well-stocked supply chain
led the customers to order more conservatively. Furthermore prices of input
factors such as fibers, transport and chemicals continued to increase.
Consequently, the pressure on margins in both divisions went up
considerably - as expected.
MM Karton managed to improve its average prices again and maintained its
capacity utilization with 99 % at a very high level (1Q 2011: 98 %; 2Q
2010: 98 %) due to an increase in non-European business, by which the
ongoing cost increase could however only be partly compensated. The
operating margin of MM Karton was at 7.6 % (1Q 2011: 10.0 %; 2Q 2010: 6.3
%).
With an operating margin of 8.7 %, MM Packaging was able to maintain
profitability close to previous quarter's level (1Q 2011: 9.1 %; 2Q 2010:
10.0 %) despite growing direct costs and slightly lower quantities.
Therefore, the Group's operating profit amounted to EUR 42.7 million (1Q
2011: EUR 50.0 million; 2Q 2010: EUR 37.4 million), resulting in an
operating margin of 8.7 % (1Q 2011: 10.1 %; 2Q 2010: 8.8 %).
The profit for the period totaled EUR 28.6 million (1Q 2011: EUR 35.4
million; 2Q 2010: EUR 21.1 million).
Outlook
Against the backdrop of our customers' high inventories and apparent
cyclical un-certainties, we expect our European buyer sectors to plan their
requirements much more cautiously in the next few months and the
competition on the markets to intensify significantly. At the same time, we
have currently no indication that raw material prices will decrease shortly
from their recently achieved peaks. Therefore we aim at price stability and
cost efficiency to the extent possible at any place in order to counteract
the increasing pressure on our margins best way. In pursuing this strategy,
we expect a further decrease in the order backlog of MM Karton during the
third quarter as well as selective short-term downtime. MM Packaging again
anticipates increasing heterogeneity in the utilization of individual
sites. Our expansion strategy will be continued risk consciously, taking
into consideration the growing global uncertainties.
The Half-year Financial Report of 2011 and the press release are available
on our homepage http://www.mayr-melnhof.com.
Forthcoming results:
November 15, 2011 Results for the first three quarters of 2011
For further information please contact:
Stephan Sweerts-Sporck, Investor Relations,
Mayr-Melnhof Karton AG, Brahmsplatz 6, A-1041 Vienna
Tel.: (+43/1) 50136, 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
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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