Mayr-Melnhof Karton AG — Earnings Release 2002

May 13, 2002

News Details

Ad-hoc | 13 May 2002 08:28

Mayr-Melnhof Karton AG english

Results for the first quarter of 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Results for the first quarter of 2002 High capacity utilization in both Divisions; Good earnings development – EUR 21.9 million net income as expected below last year’s record level; Rising waste paper prices – increase of cartonboard price in the 2nd quarter; Positive outlook for the 2002 1st half-year Group Key Indicators, US GAAP, unaudited Consolidated in EUR millions 1-3/2002 1-3/2001 +/- Sales 294.4 277.8 +6.0% Operating profit 34.5 36.9 -6.5% Income before income taxes and minority interests 34.2 37.0 -7.6% Net income 21.9 23.6 -7.2% The Mayr-Melnhof Group remained strong during the first quarter of 2002. Due to a significant expansion of non-European cartonboard sales as well as better than expected demand in Europe, a high level of capacity utilization was experienced by both the Cartonboard and Packaging Divisions. At EUR 34.5 million, the operating profit nearly reached the previous year’s record level. However, the Group’s operating margin declined to 11.7% (Q1 2001: 13.3%) principally resulting from the lower profitability in the Cartonboard Division’s overseas business. OUTLOOK: In line with good demand from Europe and overseas, on-going satisfactory capacity utilization can also be expected in the second quarter of 2002 for both Divisions. At the beginning of May, the Cartonboard Division’s order backlog was at approximately 120,000 tons. Waste paper prices have considerably risen since the beginning of April 2002 due to higher requirements and demand in Europe as well as increased exports to Asia. An end to this upward trend is not yet foreseeable. In order to compensate for this rise in costs up until now, a 10% cartonboard price increase was necessary for all orders as of May 17, 2002 and all customers were notified. The implementation of the necessary price increases will represent the Cartonboard and Packaging Divisions’ primary objective in the coming months. From a current perspective, and despite a positive outlook regarding capacity utilization in both Divisions, the Group’s result for the first half-year of 2002 is expected to fall below last year’s level due to lower profitability of the overseas business and higher raw material prices. end of ad-hoc-announcement (c)DGAP 13.05.2002 ——————————————————————————– WKN: 093820; ISIN: AT0000938204; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München und Stuttgart 130828 Mai 02