Mayr-Melnhof 2Q 20 - Impairments mask better than expected earnings & margins
Similar to 1Q (EUR 8.6 mn termination payment to former CEO), also in 2Q MM Group digested sizeable negative one-offs (impairment of EUR 20.9 mn) that masked an otherwise better than expected earnings generation. The company guides for FY 20 EBIT down yoy on the account of more one-off costs in 2H. We think the latter has a somewhat dampening effect on an otherwise encouraging quarterly performance.Mayr-Melnhof Karton and its subsidiaries are primarily engaged in manufacturing and selling cartonboard and folding cartons with a focus on Europe. Co.'s business segments include: Mayr-Melnhof Karton, which is engaged in the manufactures and markets numerous grades of cartonboard, concentrating on coated cartonboard produced predominantly from recovered paper as well as virgin fiber-based cartonboard; and Mayr-Melnhof Packaging, which is engaged in converts cartonboard into industrial printed folding cartons mainly for the food industry, other consumer goods industries, and into cigarette packaging as well as confectionary packaging.
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