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MAYR-MELNHOF KARTON AG. Mayr-Melnhof Group 1 st Half-Year 2003. Key figures. Karton. Packaging. Graphia. Group. SEGMENTS. the worldwide leading producer of recycled fiber based cartonboard (1.6 million tons) - PowerPoint PPT Presentation
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Page 1
MAYR-MELNHOF KARTON AG
Mayr-Melnhof Group 1st Half-Year 2003
Page 2
Group Key figures Karton Packaging Graphia
SEGMENTS
the worldwide leading producer of recycled fiber based cartonboard (1.6 million tons)
Europe’s largest manufacturer of folding cartons (330,000 tons)
a leading European packaging producer for cigarettes and confectionery (85,000 tons)
Page 3
SITES
MM-Karton 9 Mills in 6 countries MM-Packaging 15 Facilities in 7 countries MM-Graphia 5 Facilities in 2 countries
Basis: 2003
Group Key figures Karton Packaging Graphia
Page 4
OVERVIEW 1st HALF-YEAR 2003
Mayr-Melnhof remained strong also during 1st HY 2003
Ongoing high-level earnings despite weak economic climate
As expected, market-related downtime at MM-Karton in Q2 followed high utilization in Q1
Positive development of business in the folding carton sector continued
Group Key figures Karton Packaging Graphia
Page 5
1st HY 2003 1st HY 2002 +/-
Sales 660.1 600.0 +10.0%
Operating profit 70.5 +4.0%Operating margin 10.7%
Income before taxes 66.5 -2.3%
Net income 38.9 -10.6%
% of salesEarnings per share (in EUR) 3.53
Cash earnings 83.6 -2.6%% of sales 12.7%
67.811.3%
68.1
43.5
3.94
85.814.3%
Income taxes (26.3) (24.4)
Consolidated in EUR millions, US GAAP
Net interest expenseOther - net
(0.7) (0.5)(3.2) 0.4
5.9% 7.3%
GROUP RESULTS 1st HALF-YEAR 2003
Group Key figures Karton Packaging Graphia
Page 6
MM GROUP - QUARTERS
Karton Packaging Graphia
0
40
80
120
160
200
240
280
320
I/99 II/99 III/99 IV/99 I/00 II/00 III/00 IV/00 I/01 II/01 III/01 IV/01 I/02 II/02 III/02 IV/02 I/03 II/030%
2%
4%
6%
8%
10%
12%
14%
Sales Operating margin
in EUR millions, US GAAP % Sales
Group Key figures
Page 7
(1st HY / 2003)
56%
18%
PACKAGING
62%GRAPHIA20%
PACKAGING
CARTONBOARD
GRAPHIA
31%51%
18%
SALES AND OPERATING PROFIT BY DIVISION
Sales Operating profit
Karton Packaging GraphiaGroup Key figures
CARTONBOARD
Page 8
56%
70%
SALES BY REGION
EU
73%
54%
5%
17%
5%
Eastern Europe
Asia
Others
Karton Packaging GraphiaGroup Key figures
(1st HY / 2003)
Page 9
30.06.2003 31.12.2002Consolidated in EUR millions, US GAAP
Current assetsNon-current assets
Total assets
Current liabilities
Non-current liabilities
Minority interests
Stockholders‘ equity
Total liabilities and stockholders‘ equity
GROUP BALANCE SHEET
Cash and cash equivalents + available-for-sale securities
Karton Packaging GraphiaGroup Key figures
535.3653.3
1,188.6
364.6
228.2
8.8
1,188.6
587.0
231.7 225.5
518.2
657.0
1,175.2
354.7
240.2
8.3
1,175.2
572.0
Page 10
1st HY 2003 1st HY 2002 2002
CONSOLIDATED STATEMENTSOF CASH FLOWSCONSOLIDATED STATEMENTSOF CASH FLOWS
In EUR millions, US GAAP
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
Exchange rate changes
Net increase in cash and cash equivalents
Total resources available to the Group
Cash and cash equivalents at year-end
„Available-for-sale securities“
Karton Packaging GraphiaGroup Key figures
70.9 68.7
(50.0) (76.0)
(32.8) (46.3)
(1.1) (0.4)
(13.0) (54.0)
136.1 112.6
79.295.6
191.8231.7
173.8
(119.1)
(71.7)
(0.5)
(17.5)
149.1
76.4
225.5
Page 11
MAYR-MELNHOF KARTON
Group Key figures Karton Packaging Graphia
Page 12
• Average sales price fairly flat during 1st HY 03 and above 1st HY 02 level
• Capacity utilization 1st HY 03: 88 % (1st HY 02: 98 %)
• Apart from a short-term hike in the waste paper price at the beginning of Q2 raw material prices remained almost unchanged
MM-KARTON: 1st Half-Year 2003
Group Key figures Karton Packaging Graphia
Page 13
Q1/2003 Q2/2003 +/-
MM-KARTON: 1st Half-Year 2003
1st HY 2003 1st HY 2002In EUR millions, US GAAP
Sales
Operating profitOperating margin
Tonnage producedin 000‘s of tons
Group Key figures Karton Packaging Graphia
203.4 182.0 -2.8%
25.9 -12.8%12.7%
373 -3.5%
17.89.8%
343
385.4
43.711.3%
716
396.7
50.112.6%
742
Page 14
MM-KARTON - QUARTERS
11.9%
10.5%
13.9%
16.5%
9.1%
13.4%
9.8%
12.7%12.0%
11.2%
0
50
100
150
200
I/01 II/01 III/01 IV/01 I/02 II/02 III/02 IV/02 I/03 II/030%
2%
4%
6%
8%
10%
12%
14%
16%
Sales Operating margin
in EUR millions, US GAAP % Sales
Group Key figures Karton Packaging Graphia
Page 15
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1994 1995 1996 1997 1998 1999 2000 2001 2002 1st HY2002
1st HY2003
Europe Rest of world
Tons
70%75%
77% 83%
87% 83%85% 81%
30% 25% 23%
17%
13% 17% 15% 19%
78%
22%
CARTONBOARD SOLD
21% 20%
79% 80%
- 3.5 %
Group Key figures Karton Packaging Graphia
Page 16
MAYR-MELNHOF PACKAGING
Karton Packaging GraphiaGroup Key figures
Page 17
MMP – SPEZIALIZATION
FOOD
PHARMA
DETERGENTS
MICROFLUTEPET FOOD
MULTIPACK
Karton Packaging GraphiaGroup Key figures
Page 18
MAYR-MELNHOF GRAPHIA
Karton Packaging GraphiaGroup Key figures
Page 19
CIGARETTE PACKAGING
Karton Packaging GraphiaGroup Key figures
Page 20
HIGH-GRADE CONFECTIONERY PACKAGING
Karton Packaging GraphiaGroup Key figures
Page 21
MM-PACKAGING / MM-GRAPHIA: 1stHY 2003
Positive development of business continued Market position strengthened
• Relatively stable demand due to products very close to consumption
• MM-Packaging: Successful cost management and new customers
• MM-Graphia: - Integration was terminated in Q1
- Stable development of sales in cigarette as well as confectionary packaging
- Success expansion on Eastern European markets
Karton Packaging GraphiaGroup Key figures
Page 22
Q1/2003 Q2/2003
MM-PACKAGING: 1st Half-Year 2003
1st HY 2003In EUR millions, US GAAP
Sales
Operating profitOperating margin
Tonnage convertedin 000‘s of tons
Karton Packaging GraphiaGroup Key figures
101.9 98.3
5.75.6%
79
6.76.8%
74
200.2
12.46.2%
153
Page 23
Q1/2003 Q2/2003
MM-GRAPHIA: 1st HALF-YEAR 2003
1st HY 2003In EUR millions, US GAAP
Sales
Operating profitOperating margin
Tonnage convertedin 000‘s of tons
Karton Packaging GraphiaGroup Key figures
58.9 63.0
7.813.2%
23
6.610.5%
22
121.9
14.411.8%
45
Page 24
OUTLOOK
Group Key figures Karton Packaging Graphia
• Forecast horizon still extremely short-term
• Positive development at MM-Packaging and MM-Graphia should also continue in the 3rd quarter
• Cartonboard business to remain short-term As in the past, MM-Karton will adjust production to market conditions
by taking selective downtime. (satisfactory development in July expected to be followed by capacity utilization exceeding Q2 level (83 %) also in the month of August)
The target of keeping prices will be maintained
• Stability on waste paper markets in line with current assumption on demand
Stay confident for the overall 2003 financial year