Mayr-Melnhof Karton AG — Earnings Release 2003

Mar 10, 2004

News Details

Ad-hoc | 10 March 2004 08:20

Mayr-Melnhof Group: Preliminary consolidated results 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Consolidated Results reached a new record level Preliminary US GAAP consolidated results for 2003: consolidated in EUR millions 2003 2002 +/- Sales 1,320 1,265.7 +4.3% Operating profit 136 135.7 +0.2% Net income 90 83.3 +8.0% Despite a weak economic environment the Mayr-Melnhof Group closed the financial year 2003 with another record result. According to preliminary figures, net income increased 8 % to EUR 90 million. Consolidated sales rose by 4.3 % to EUR 1,320 million. At EUR 136 million, operating profit was slightly above the previous year’s level. These improvements mainly resulted from the first full- year consolidation of the 2002 acquisitions. The effective Group corporate tax rate decreased from approximately 37 % to 30 %. This reduction resulted from an optimization of the company structure within the Mayr-Melnhof Group and the utilization of tax loss carry forwards. Outlook High capacity utilization since the beginning of this year might affirm a sustainable improvement in demand if this trend continues into the second quarter. In this case, pricing pressure still prevailing in the European cartonboard and folding carton industries could slow down. The situation in the non-European cartonboard markets will remain highly competitive. Programs to improve cost efficiency will, therefore, constitute a prime focus also in 2004 within the whole MM-Group. The recovered paper markets already reflect the positive trend in demand, as no more exceptional price reductions are granted as they were in the previous year. Due to the current lack of visibility, initial estimates for the current year seem possible during the second quarter at the earliest. Acquisition plans are pursued in all three segments. end of ad-hoc-announcement (c)DGAP 10.03.2004 ——————————————————————————– WKN: 093820; ISIN: AT0000938204; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin-Bremen, Frankfurt, Hamburg, München und Stuttgart 100820 Mär 04