Mayr-Melnhof Group Results for the First Half-Year 2017

The Mayr-Melnhof Group achieved overall high capacity utilization in the first six months of 2017 and was able to maintain the previous year’s level in sales and volume. As expected, results are still below the previous year. In the cartonboard division strongly increased recovered paper prices were just gradually compensated through higher cartonboard prices. In the packaging division last year’s second quarter earnings were supported by a favorable product mix.

The development of new organic growth opportunities in and outside Europe was consequently continued through ongoing investment activity.

The Group’s consolidated sales rose slightly from EUR 1,142.2 million to EUR 1,150.3 million. Both divisions contributed to this rise.

At EUR 102.1 million, operating profit was EUR 8.7 million or 7.9 % below the value for the first half of the previous year (EUR 110.8 million). Thus, the Group’s operating margin was at 8.9 %, following 9.7 % in the first six months of 2016.

Financial income of EUR 1.3 million (1st half of 2016: EUR 1.6 million) was offset by financial expenses of EUR -2.9 million (1st half of 2016: EUR -3.2 million). Owing to the deconsolidation of the Tunisian packaging companies, a one-off expenditure of EUR 2.3 million was incurred due to the accumulated foreign currency translation, which is reported under “Other financial result – net”.

As a result, profit before tax reached EUR 97.0 million (1st half of 2016: EUR 108.9 million). Income tax expense totaled EUR 25.1 million, following EUR 28.5 million in the first half of the previous year, resulting in an effective Group tax rate of 25.9 % (1st half of 2016: 26.2 %).

At EUR 71.9 million, the profit for the period was 10.6 % below the comparative figure for the previous year (1st half of 2016: EUR 80.4 million), representing 6.3 % of sales (1st half of 2016: 7.0 %).
more detail at:  http://www.mayr-melnhof.com/fileadmin/user_upload/Englisch/Kennzahlen_englisch/2017/MM_1st_Half-Year_2017_final.pdf

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