Mayr-Melnhof Group Reports Results for the 3rd quarter of 2020

In the third quarter, the Mayr-Melnhof Group was able to continue the steady business development in 2020 with solid volume and cash flow development. The concentration on system-relevant products, cardboard and cardboard packaging for everyday goods, shows a certain resilience despite the challenging framework conditions. The sharp rise in orders at the beginning of the pandemic at the beginning of the 2nd quarter was followed by a largely normalization of demand over the course of the year.

While sales in the first three quarters almost reached the previous year’s level, the earnings figures are, as expected, lower than in the previous year due to one-off effects, mainly from adjustments necessary for market and structural reasons. This burdened the cumulative operating result at the end of September 2020 with EUR 57.5 million, a large part of which is attributable to depreciation of long-term assets.

In the cartonboard division, advantageous raw material costs and a consistent pricing policy in particular contributed to a positive development in ongoing business. The packaging division proved to be robust, primarily due to the overall good volume development.

At EUR 1,903.5 million, the Group’s consolidated sales almost reached the previous year’s level (1-3Q 2019: EUR 1,924.3 million).

At EUR 169.3 million, the operating result was 13.4% or EUR 26.3 million below the previous year’s figure (1-3Q 2019: EUR 195.6 million). This includes one-time expenses of EUR 57.5 million from adjustments necessary for market and structural reasons as well as the termination agreement with the former CEO. Of this, EUR 38.5 million are attributable to the cartonboard division and EUR 19.0 million to the packaging division. As a result, depreciation rose from EUR 101.6 million to EUR 137.8 million.

The Group’s operating margin was 8.9% (1-3Q 2019: 10.2%).
details at: https://www.mayr-melnhof.com/newsroom/presseaussendungen/ergebnisse-zum-3-quartal-2020/

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