Mayr-Melnhof Karton AG · VIE:MMK
Mayr-Melnhof Karton — Mayr-Melnhof Group — H1 2009 Earnings Presentation
24 slides from Mayr-Melnhof Karton's earnings presentation, Aug 19, 2009
Slide 1: Half-Year Results 2009
Mayr-Melnhof Group HALF-YEAR-RESULTS 2009 August 19, 2009
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
Slide 3: Production Sites
Production Sites MM Board Mills (8) MM Packaging Plants (28) ~ 8,000 Employees
Slide 4: Highlights 1st Half-Year 2009
Highlights 1st Half-Year 2009 • No surprises • Volume reduction in both divisions • 14 % sales decline • Profitability maintained
Slide 5: Results 1st Half-Year 2009
RESULTS 1st HALF-YEAR 2009
Slide 6: Consolidated Results 1st HY 2009
Consolidated Results 1st HY 2009 consolidated in millions of EUR, IFRS 1st HY/2009 1st HY/2008 +/- Sales 769.4 894.9 -14.0 % Operating profit 70.2 80.3 -12.6 % Operating margin 9.1 % 9.0 % Profit before tax 70.7 81.3 -13.0 % Income tax expense (18.8) (25.9) Profit for the period 51.9 55.4 -6.3 % % S
Slide 7: 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% in millions of EUR III/07 IV/07 I/08 II/08 III/08 IV/08 I/09 II/09
Slide 8: Sales by Region
Sales by Region Western Europe 72% (68%) Eastern Europe 22% Other Asia (24%) 4% 2% (4%) (4%) (HY1 2009 / 2008)
Slide 9: MM Group: Key Ratios 1st Half-Year 2009
MM Group: Key Ratios1st Half-Year 2009 • Net liquidity: EUR 203 million • Equity ratio: 65 %
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet consolidated in millions of EUR, IFRS Jun. 30, 2009 Jun. 30, 2008 Non-current assets 621.2 641.8 Current assets 797.5 784.1 Total assets 1,418.7 1,425.9 Equity 925.3 913.7 Liabilities 493.4 512.2 Total equity and liabilities 1,418.7 1,425.9 Total funds avaiable to the Grou
Slide 11: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement consolidated in millions of EUR, IFRS 1st HY/2009 1st HY/2008 Cash flow from operating activities 78.2 68.7 Cash flow from investing activities (24.6) (88.3) Cash flow from financing activities (65.1) (111.4) Cash and cash equivalents beg. of period 189.8 350.5 Net c
Slide 12: Mayr-Melnhof Karton
MAYR-MELNHOF KARTON
Slide 13: MM Karton: 1st Half-Year 2009
MM Karton: 1st Half-Year 2009 • Decline in demand and very short-term customers‘ planning • Planning horizon in production ~ 1 week • Defending of board prices and market shares • Capacity utilization 85% (HY 1, 08: 96%) • Increase in Operating margin - Improvement of cost structure (recovered paper
Slide 14: MM Karton: Results 1st HY 2009
MM Karton: Results 1st HY 2009 in millions of EUR, IFRS 1st HY/2009 1st HY/2008 +/- Sales 367.9 470.3 -21.8 % Operating profit 26.1 30.5 -14.4 % Operating margin 7.1 % 6.5 % Tonnage sold (in thousands of tons) 699 848 -17.6 % Tonnage produced (in thousands of tons) 717 857 -16.3 %
Slide 15: MM Karton - Quarters
MM Karton - Quarters Sales Operating Margin % 250 16% 14% 200 12% 150 10% 8% 100 6% 4% 50 2% 0 0% in Mio. EUR III/07 IV/07 I/08 II/08 III/08 IV/08 I/09 II/09
Slide 16: Mayr-Melnhof Packaging
L) ER oe MAYR-MELNHOF PACKAGING
Slide 17: MM Packaging: 1st Half-Year 2009
MM Packaging: 1st Half-Year 2009 • Heterogeneous picture of demand - Daily consumer goods not yet fully hit by the recession • Differing utilization of MMP plants • Strong volatility • Decrease in volume • Expansion Middle East continued (Iran)
Slide 18: MM Packaging: Quarters
MM Packaging: Quarters Sales Operating Margin % 250 16% 14% 200 12% 150 10% 8% 100 6% 4% 50 2% 0 0% in millions of EUR III/07 IV/07 I/08 II/08 III/08 IV/08 I/09 II/09
Slide 19: MM Packaging: Results 1st HY 2009
MM Packaging: Results 1st HY 2009 in millions of EUR, IFRS 1st HY/2009 1st HY/2008 +/- Sales 463.5 495.9 -6.5 % Operating profit 44.1 49.8 -11.4 % Operating margin 9.5 % 10.0 % Tonnage processed (in thousands of tons) 310 336 -7.7 %
Slide 20: Outlook
Outlook • Estimate for 2009 full-year not yet possible • No short-term recovery in private consumption and board / folding carton demand - negative development on the labor market • Improvement of plant utilization not in sight • At least temporary increases in fiber and energy prices expected • Ris
Slide 21: Appendix
APPENDIX
Slide 22: MM Group – Quarters
MM Group – Quarters consolidated in millions of EUR 1Q/2008 2Q/2009 3Q/2009 4Q/2009 1Q/2009 2Q/2009 Sales 452.9 442.0 443.9 392.4 384.0 385.4 Operating profit 44.4 35.9 30.6 26.0 35.7 34.5 Operating margin 9.8 % 8.1 % 6.9 % 6.6 % 9.3 % 9.0 % Profit before tax 42.4 38.9 32.4 24.3 36.2 34.5 Profit for
Slide 23: MM Karton - Quarters
MM Karton - Quarters (in millions of EUR) 1Q/2008 2Q/2009 3Q/2009 4Q/2009 1Q/2009 2Q/2009 Sales 240.0 230.3 216.9 189.5 182.7 185.2 Operating profit 18.4 12.1 4.3 4.3 11.6 14.5 Operating margin 7.7 % 5.3 % 2.0 % 2.3 % 6.3 % 7.8 % Tonnage sold (in thousands of tons) 427 421 392 307 334 365 Tonnage pr
Slide 24: MM Packaging: Quarters
MM Packaging: Quarters (in millions of EUR) 1Q/2008 2Q/2009 3Q/2009 4Q/2009 1Q/2009 2Q/2009 Sales 248.7 247.2 259.4 234.7 236.0 227.5 Operating profit 26.0 23.8 26.3 21.7 24.1 20.0 Operating margin 10.5 % 9.6 % 10.1 % 9.2 % 10.2 % 8.8 % Tonnage processed (in thousands of tons) 165 171 169 147 163 14