DGAP-News: Annual Result 2009
(firmenpresse) - Mayr-Melnhof Karton AG / Final Results/Final Results
17.03.2010 08:01
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- Operating profit +9.5 %
- Profit for the year of EUR 97.4 million above previous year
- Dividend at 1.70 EUR / share maintained at last year's level
Start 2010:
- Good capacity utilization since the beginning of the year
- Sharp increase of recovered paper prices
The Mayr-Melnhof Group managed to hold its ground in the financial year
2009, despite the continuing global recession which affected the
cartonboard and folding carton industries with high volatility in the
customers' demand behavior. Due to a considerable decline, particularly in
variable costs, we managed to improve our results in comparison to last
year's figures, despite reduced sales. Both cartonboard production and
processing were responsible for the improved earning power of the Group.
The generation of a high cash flow reinforced the stable high equity
financing power of the MM Group, thus facilitating dividends at last year's
level.
Group Key indicators IFRS
in millions of EUR 2009 2008 +/-
Sales 1,601.5 1,731.2 -7.5%
Operating profit 149.9 136.9 +9.5%
Operating margin (%) 9.4% 7.9%
Profit before tax 132.4 138.0 -4.1%
Income tax expense (35.0) (41.1)
Profit for the year 97.4 96.9 +0.5%
thereof minority interests 3.2 2.2
Earnings per share (in EUR) 4.44 4.38
The Group's consolidated sales reached EUR 1,601.5 million and were thus
7.5 % or EUR 129.7 million below last year's level (2008: EUR 1,731.2
million). This decline was mainly attributable to lower quantities in both
divisions and also to lower average prices for cartonboard.
Operating profit amounted to EUR 149.9 million (2008: EUR 136.9 million),
up 9.5 % or EUR 13.0 million. This increase was mainly attributable to
improved results in cartonboard production. In folding carton production,
we managed to match last year's high results once again. Therefore, the
Group's operating margin leaped up from 7.9 % to 9.4 %. Return on capital
employed amounted to 16.9 % (2008: 16.1 %).
Impairment expenses for tangible fixed assets at the Swiss cartonboard mill
Deisswil amounted to EUR 14.2 million. This is due to a massive burden on
future cash flows by the sharp increase of emission levies.
Financial income of EUR 7.1 million (2008: EUR 14.7 million) was
counterbalanced by financial expenses of EUR -4.6 million (2008: EUR -8.1
million).
Profit before tax amounted to EUR 132.4 million, compared to EUR 138.0
million in the previous year.
The profit for the year of the Mayr-Melnhof Group went up from EUR 96.9
million to EUR 97.4 million.
OUTLOOK
The current economic development is still subject to a high degree of
uncertainty. Private consumption, so far the very pillar of and the main
influencing factor on the consumption of cartonboard and folding cartons,
is expected to continue to suffer from the increase in unemployment figures
and decline in transfer payments.
Taking this into account, the combat for market shares intensified
markedly. Permanent price pressure on consumer goods markets affects the
cartonboard processing companies, which in turn try to pass on the price
pressure to the cartonboard suppliers. Customers still only plan in the
short term and keep their inventories at a low level.
Under these circumstances, the industry-wide cartonboard price increase
announced for the first quarter of 2010 is slow-going in Europe, despite
the fact that price inflation on the recovered paper markets showed a
significant rise, with the low stocking quantities in the consumer
industries as well as the continuing Asian demand being the main price
boosters.
We are able to maintain our shares in the highly competitive markets for
the carton-board and folding carton businesses. The utilization of the
divisions is currently as positive as it was in the second half of last
year. However, we cannot be certain that the situation will continue as it
is.
Therefore, just as was the case in the previous year, we will continue to
focus our investing activities on projects with short-term payback and
measures to increase cost efficiency and quality.
Overall, we expect an increase in pressure on the margins in both divisions
resulting from the aggravated situation on the procurement and sales
markets. Due to the short-term nature of the business, as of today we
cannot forecast the results of the current year.
Sufficient liquidity and financing facilities in connection with the focus
on a leading position as to costs continue to form a solid basis for us to
proceed in strengthening our leading competitive and market position within
the industry. New growth steps are being prepared and will be implemented
in a risk-sensitive manner.
The press release is available on the internet under www.mayr-melnhof.com.
The Annual Report 2009 will be available on April 6, 2010.
Forthcoming Results:
May 18, 2010 Results for the first quarters of 2010
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
17.03.2010 08:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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 Berlin, München, Stuttgart; Open Market inFrankfurt; Foreign Exchange(s) Wien
End of News DGAP News-Service
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