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DGAP-News News vom 17.05.2018

Mayr-Melnhof Karton AG: Results for the 1st Quarter of 2018

DGAP-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results/Quarter Results

17.05.2018 / 07:57
The issuer is solely responsible for the content of this announcement.


- Sales and profit increase
- High capacity utilization in both divisions
- Significant improvement in results at MM Karton 
- Margin of MM Packaging under cost pressure

The Mayr-Melnhof Group was able to exploit the sustained positive momentum on the European main markets in the first quarter of 2018. Both divisions still operated at good capacity utilization.
The increasing operating profit of the Group followed the good level of the third and fourth quarter of the previous year, and was thus significantly above the comparative value of 2017, which was impacted by a sharp rise in recovered paper prices.

The cartonboard division benefited in particular from price increases. Higher material costs, especially for cartonboard and packaging, but also transport costs weigh on the margin of the packaging division. Accordingly, first priority here is to pass on the costs through higher selling prices.

GROUP KEY INDICATORS - IFRS
in millions of EUR                                1Q/2018            1Q/2017            +/-
                                                          
Sales                                                       592.1             584.5               +1.3 %
Operating Profit                                         57.1               50.6             +12.8 %
Operating margin (in %)                              9.6 %             8.7 %             
Profit before tax                                         55.6               49.2              +13.0 %
Income tax expense                                 (13.9)             (12.3)              
Profit for the period                                    41.7                36.9             +13.0 %
Earnings per share (in EUR)                       2.08                 1.84                


The Group's consolidated sales went up to EUR 592.1 million and were thus 1.3 % above the com-parative figure of the previous year (1Q 2017: EUR 584.5 million). The slight increase results from both divisions.

Operating profit at EUR 57.1 million was 12.8 % or EUR 6.5 million above the previous year's value (1Q 2017: EUR 50.6 million). A rise at the cartonboard division contrasted with a decline at the pack-aging division. The Group's operating margin reached 9.6 %, following 8.7 % in the first three months of 2017.

Financial income amounted to EUR 0.3 million (1Q 2017: EUR 0.8 million), financial expenses to EUR -1.5 million (1Q 2017: EUR -1.4 million).

Profit before tax rose by 13.0 % to EUR 55.6 million (1Q 2017: EUR 49.2 million). Income tax expense totaled EUR 13.9 million (1Q 2017: EUR 12.3 million), resulting in an effective Group tax rate of 25.0 % (1Q 2017: 25.0 %).

Profit for the period went up accordingly by 13.0 % to EUR 41.7 million (1Q 2017: EUR 36.9 million).


OUTLOOK

European main markets still show a solid utilization for both divisions, but without any new impulses.  The sustainability, however, remains difficult to assess.

Despite good demand the competitive situation on the markets is characterized by an ongoing inten-sity. Due to demand-related price increases for many input factors a consequent price policy stays in our focus. Measures to increase efficiency through specialization and rationalization will be further pursued. Thereby the quality of the Group's results should be maintained at a good level, with the aim of closing also the interim results of the first half of 2018 above the previous year.


Please find the detailed Press Release and the Interim Report for the 1st Quarter of 2018 on our homepage http://www.mayr-melnhof.com.


Forthcoming Results:
August 14,  2018  Half-Year Results 2018


For further information, please contact:
Stephan Sweerts-Sporck
Investor Relations
Mayr-Melnhof Karton AG
Brahmsplatz 6
 A-1040 Vienna
Tel.: +43 1 501 36-91180
Fax: +43 1 501 36-191195
E-Mail: [email protected]
Website: http://www.mayr-melnhof.com

 



17.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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