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DGAP-News: Mayr-Melnhof Karton AG
/ Key word(s): Quarter Results
The Mayr-Melnhof Group was able to close the first quarter of 2020 with a positive development of results, despite increasingly challenging conditions due to the Covid-19 pandemic. As a manufacturer of system-relevant products, cartonboard and cartonboard packaging for consumer staples, we recorded an overall good utilization and have been able to maintain production to a large extent. Sales                                                           646.6                  642.9              +0.6 % EBITDA increased by 8.8 % to EUR 98.9 million (1Q 2019: EUR 90.9 million). The operating profit rose by 12.9 % or EUR 7.4 million to EUR 64.6 million (1Q 2019: EUR 57.2 million) and includes a liability recognized as expenses for the termination agreement with the former CEO in the amount of EUR -8.6 million, which was booked in equal shares in the divisions.  In the first quarter of the previous year, one-off acquisition effects from the initial consolidation of the Tann-Group due to the recognition of the order backlog and inventory valuation were recorded in the amount of around EUR -7 million. The Group's operating margin increased to 10.0 % after 8.9 % in the comparable period. Financial income totaling EUR 0.4 million (1Q 2019: EUR 0.4 million) contrasted with financial expenses of EUR -2.1 million (1Q 2019: EUR -2.0 million). The "Other financial result - net" amounted to EUR -0.1 million after EUR 2.5 million, whereby the previous year's figure was increased primarily by foreign currency gains. Profit before taxes rose by 8.1 % to EUR 62.8 million (1Q 2019: EUR 58.1 million). Income tax expense amounted to EUR 17.7 million (1Q 2019: EUR 14.4 million). This results in an increase of the effective Group tax rate to 28.2 % (1Q 2019: 24.8 %), which is mainly due to the tax effect of the liability for the termination agreement. OUTLOOK The macroeconomic consequences of the Covid-19 pandemic and the associated impact on our business remain difficult to assess. For certain, a recession is imminent whose extent, duration and development cannot be predicted. Even if the demand for our products, cartonboard and cartonboard packaging for consumer staples, has a certain resilience and is currently doing well overall, it is difficult for us to assess how much is attributable to end-consumption or stockpiling. On the cost side, we are facing price increases for the important raw material of recovered paper, which we are countering with higher prices for recycled fiber-based cartonboard. Please find the detailed Press Release and the Report for the 1st Quarter of 2020 on our homepage .
For further information, please contact: Stephan Sweerts-Sporck
14.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| 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: | |
| Internet: | -melnhof.com |
| ISIN: | AT0000938204 |
| WKN: | 93820 |
| Indices: | ATX |
| Listed: | Regulated Unofficial Market in Berlin, Frankfurt (Basic Board), Munich, Stuttgart; Vienna Stock Exchange (Official Market) |
| EQS News ID: | 1044209 |
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| End of News | DGAP News Service |
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1044209Â Â 14.05.2020Â
