Mayr-melnhof Karton Ag · VIE:MMK
Mayr-melnhof Karton — H1 2011 Earnings Presentation
24 slides from Mayr-melnhof Karton's earnings presentation, Aug 17, 2011
Slide 1: Mayr-Melnhof Group 1st Half-Year Results 2011
Mayr-Melnhof Group 1st Half-Year Results 2011 August 17, 2011
Slide 2: MM Karton and MM Packaging
MM Karton MM Packaging World‘s largest producer of Europe‘s largest manufacturer recycled fiber based cartonboard of folding cartons with a rising position in virgin fiber based board
Slide 3: 37 Production Sites
37 Production Sites Cartonboard Mills (7) Packaging Plants (30) ~ 8,730 Employees
Slide 4: Highlights 1st Half-Year 2011
Highlights 1st Half-Year 2011 • Clear increase in results and sales • High capacity utilization • On-going cost increase – particular challenge • Stiff pricing policy • Expansion continued
Slide 5: Expansion Growth Regions
Expansion Growth Regions Majority interests considerably increased New packaging plant in Karaman currently built-up
Slide 6: Results 1st Half-Year 2011
RESULTS 1st Half-Year 2011
Slide 7: Consolidated Results 1st HY 2011
Consolidated Results 1st HY 2011 consolidated in millions of EUR, IFRS 1st HY/2011 1st HY/2010 +/- Sales 988.2 863.0 +14.5 % Operating profit 92.7 77.6 +19.5 % Operating margin (in %) 9.4 % 9.0 % Profit before tax 88.8 67.5 +31.6 % Income tax expense (24.8) (18.6) Profit for the period 64.0 48.9 +30
Slide 8: MM Group: Quarters
MM Group: Quarters Sales Operating margin % 500 16% 450 14% 400 350 12% 300 10% 250 8% 200 6% 150 4% 100 50 2% 0 0% 7 8 9 0 07 08 09 10 11 7 8 9 0 1 7 8 9 0 /0 /0 /0 /1 I/1 I/0 I/0 I/0 I/1 /0 /0 /0 /1 II/ II/ II/ II/ II/ III III III III in millions of EUR IV IV IV IV
Slide 9: Sales by Region
Sales by Region Western Europe 64% (68%) Eastern Europe 24% (24%) Other Asia 8% 4% (4%) (4%) (HY1 2011 / HY 1 2010) 8
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet consolidated in millions of EUR, IFRS Jun. 30, 2011 Dec. 31, 2010 Non-current assets 656.5 664.2 Current assets 863.4 856.7 Total assets 1,519.9 1,520.9 Equity 958.2 983.1 Liabilities 561.7 537.8 Total equity and liabilities 1,519.9 1,520.9 Total funds available to the Gro
Slide 11: MM Group: Key Figures 1st Half-Year 2011
MM Group: Key Figures 1st Half-Year 2011 • Net liquidity: EUR 150 million • Total equity to total assets: 63 %
Slide 12: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement consolidated in millions of EUR, IFRS 1st HY/2011 1st HY/2010 Cash flow from operating activities 51.3 64.2 Cash flow from investing activities (62.7) (37.3) Cash flow from financing activities (32.6) (104.9) Cash and cash equivalents beg. of the period 332.0 353.3 N
Slide 13: Mayr-Melnhof Karton
MAYR-MELNHOF KARTON
Slide 14: MM Karton: 1st Half-Year 2011
MM Karton: 1st Half-Year 2011 • Normalization and slow-down in demand dynamics • Customer stock again replenished • 99% capacity utilization in 1st HY 2011 (1st HY 2010: 97%) • Strong cost rise (recovered paper, further direct costs) • Sales prices could still compensate to large extend • Significan
Slide 15: MM Karton: Results 1st Half-Year 2011
MM Karton: Results 1st Half-Year 2011 in millions of EUR, IFRS 1st HY/2011 1st HY/2010 +/- Sales 492.5 427.3 +15.3 % Operating profit 43.3 25.2 +71.8 % Operating margin (in %) 8.8 % 5.9 % Tonnage sold (in thousands of tons) 803 802 +0.1 % Tonnage produced (in thousands of tons) 797 785 +1.5 %
Slide 16: MM Karton - Quarters
MM Karton - Quarters in millions of EUR, IFRS 1Q/2010 2Q/2010 3Q/2010 4Q/2010 1Q/2011 2Q/2011 Sales 219.9 207.4 225.0 227.4 243.4 249.1 Operating profit 12.2 13.0 19.8 20.1 24.3 19.0 Operating margin (in %) 5.5 % 6.3 % 8.8 % 8.8 % 10.0 % 7.6 % Tonnage sold (in thousands of tons) 415 387 392 370 399
Slide 17: Modernization Board Machine 3 Kolicevo (SLO)
Modernization Board Machine 3 Kolicevo (SLO) • “Swing Machine” for production of virgin as well as recycled fiber based board • Rebuild end of 2011 / commissioning start of 2012 • Development of new market potential
Slide 18: Mayr-Melnhof Packaging
|, EN aD MAYR-MELNHOF PACKAGING
Slide 19: MM Packaging: 1st Half-Year 2011
MM Packaging: 1st Half-Year 2011 • Generally stable business development • Recent cartonboard price increase passed on • On-going rise in further direct costs remains challenge
Slide 20: MM Packaging: Results 1st Half-Year 2011
MM Packaging: Results 1st Half-Year 2011 in millions of EUR, IFRS 1st HY/2011 1st HY/2010 +/- Sales 554.0 494.7 +12.0 % Operating profit 49.4 52.4 -5.7 % Operating margin (in %) 8.9 % 10.6 % Tonnage processed (in thousands of tons) 345 333 +3.6 %
Slide 21: MM Packaging - Quarters
MM Packaging - Quarters in millions of EUR, IFRS 1Q/2010 2Q/2010 3Q/2010 4Q/2010 1Q/2011 2Q/2011 Sales 249.6 245.1 260.5 265.5 281.2 272.8 Operating profit 28.0 24.4 25.9 18.9 25.7 23.7 Operating margin (in %) 11.2 % 10.0 % 9.9 % 7.1 % 9.1 % 8.7 % Tonnage processed (in thousands of tons) 170 163 171
Slide 22: Outlook
Outlook • Customers plan much more cautiously • Competition on markets intensifies • Raw material peak-price-levels hardly left • We aim at best possible price stability and cost efficiency • Selective downtime at MM Karton in 3Q • Increasing heterogeneity in utilization of MMP plants • Expansion wi
Slide 23: Appendix
APPENDIX
Slide 24: MM Group - Quarters
MM Group - Quarters consolidated in millions of EUR, IFRS 1Q/2010 2Q/2010 3Q/2010 4Q/2010 1Q/2011 2Q/2011 Sales 439.2 423.8 452.7 463.2 494.7 493.5 EBITDA 58.9 48.8 66.4 62.4 70.7 62.5 EBITDA margin (in %) 13.4 % 11.5 % 14.7 % 13.5 % 14.3 % 12.7 % Operating profit 40.2 37.4 45.7 39.0 50.0 42.7 Opera