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Results for the first Half-Year 2017

  • Solid sales and volume
  • Results as expected still below previous year
  • Ordering situation is strengthening 

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.


Group Key Indicators - IFRS

consolidated, in millions of EUR, IFRS

1 HY/20172 HY/2016


Sales1,150.31,142.2+0.7 %
Operating profit102.1110.8-7.9 %
Operating margin (in %)8.9 %9.7% 
Profit before tax97.0108.9-10.9 %
Income tax expense(25.1)(28.5) 
Profit for the period71.980.4-10.6 %
Net profit margin (in %)6.3 %7.0 % 
Earnings per share (in EUR)3.584.01 
Capital expenditures (CAPEX)82.067.4 
Depreciation and amortization48.852.1 

 1) as of December 31, 2016


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 %).  



Ordering behavior on our European main markets is strengthening. As a result, on the one hand the generally high capacity utilization of the plants should continue, and on the other hand the main focus of both divisions will be on passing on increasing input prices as well as on improving cost efficiency. The target for 2017 remains to match the 2016 results as best possible. Our long-term growth course will be consistently pursued.


Development in the Divisions

MM Karton

in millions of EUR, IFRS

1 HY/20171 HY/2016


Sales1)524.2521.9   +0.4 %
Operating profit35.139.1-10.2 %
Operating margin (in %)6.7 %7.5 % 
Tonnage sold (in thousands of tons)844844+0.0 %
Tonnage produced (in thousands of tons)844839 +0.6 %

1) including interdivisional sales



Against the background of increasingly better demand on the European cartonboard market, the average order backlog of MM Karton in the first half of 2017 was around 76,000 tons, following 50,000 tons in the comparative period of the previous year. At around 98 % (1st half of 2016: 97 %) the division's capacities during the first six months of the year were almost fully utilized again.

A significant price increase of the strategic raw material recovered paper proved to be a special challenge that MM Karton successfully met with gradually improving cartonboard prices and a flexible sales policy. Recovered paper prices were in particular driven by strong demand from Asia as well as stockpiling for new European corrugated base paper plants and finally strengthening demand in Europe as well.

Both production and tonnage sold, each at 844,000 tons, were slightly above or matched the comparative figures of the previous year (1st half of 2016: 839,000 tons or 844,000 tons respectively). With a share in sales of approximately 79 % for Europe and 21 % for non-European markets (1st half of 2016: 82 % and 18 % respectively), slightly more was sold on markets outside of Europe.

Sales rose moderately to EUR 524.2 million (1st half of 2016: EUR 521.9 million) as the price increase for recycled cartonboard only began to take effect as of the second quarter. Operating profit, at EUR 35.1 million, was consequently below the comparative period of the previous year (1st half of 2016: EUR 39.1 million). The operating margin reached therefore 6.7 % (1st half of 2016: 7.5 %).


MM Packaging

in millions of EUR, IFRS

1 HY/20171 HY/2016


Sales1)674.6671.3+0.5 %
Operating profit67.071.7 -6.6 %  
Operating margin (in %)9.9%10.7% 
Tonnage processed (in thousands of tons)375380-1.3 %
Sheet equivalend (in millions)1,118.8


-0.8 %

1) including interdivisional sales


Demand on the European folding carton market was restrained throughout the first few months of the year, and started to show signs of improvement just at the end of the second quarter. The first half-year was therefore characterized by continued strong price competition due to sufficient production capacities as well as heterogeneous capacity utilization between our production sites, which, however, diminished.

In this challenging industry environment, MM Packaging succeeded in solidly maintaining its position due to the focus on cost leadership and by covering a wide spectrum of sectors and countries.

Sales recorded a slight increase from EUR 671.3 million to EUR 674.6 million. With operating profit totaling EUR 67.0 million, it was not possible to entirely match the strong figure set in the comparative period of the previous year related to a good product mix (1st half of 2016: EUR 71.7 million). Nevertheless, the operating margin, at 9.9 % (1st half of 2016: 10.7 %) stayed at a good level.

Tonnage processed, at 375,000 tons, remained almost unchanged (1st half of 2016: 380,000 tons), as did the sheet equivalent at 1,118.8 million (1st half of 2016: 1,128.0 million).

Expansion in Iran and Vietnam
The development and expansion of our sites in Tehran, Iran, and Ho Chi Minh City, Vietnam, continued with the extension of the machinery in technology and capacities focusing on high performance and quality. 

Broadening of production base in Jordan
In Jordan, capacities in Amman were extended as well as technologically enhanced in order to allow a further growth step with international customers. 

New set-up in Tunisia
In Tunisia, the production of MM Packaging was transferred to the local market leader, Société Tunisienne des Emballages Modernes, in return for a share of 45 % in that company in order to exploit synergies.  

consolidated, in millions of  EUR, IFRS



EBITDA80.383.672.977.274.8 73.8
EBITDA margin (in %)13.9 %14.8 %12.8 %13.8 %12.8 %13.0 %
Operating profit55.255.649.453.550.651.5
Operating margin (in %)9.6 %9.8 %8.6 %9.6 %8.7 %9.1 %
Profit before tax53.255.747.053.349.247.8
Income tax expense(13.8)(14.7)(11.9)(15.4)(12.3)(12.8)
Profit for the period39.441.035.137.936.935.0
Net profit  margin (in %)6.8 %7.2%6.1%6.8 %6.3 %6.2 %
Earnings per share (in EUR)1.962.051.751.911.841.74


in millions of EUR, IFRS



Operating profit20.218.915.313.715.919.2
Operating margin (in %)7.7 %7.3 %6.0 %5.6 %6.1 %7.3 %
Tonnage sold (in thousands of tons)427417414413426418
Tonnage produced (in thousands of tons)419420416414421423

1) inklusive Umsatzerlösen zwischen den Divisionen 


in millions of EUR, IFRS

Operating profit35.036.734.139.834.732.3
Operating margin (in %)10.3 %11.1 %10.0 %11.7 %10.1 %9.8 %
Tonnage processed (in thousands of tons)189191190191190185
Sheet equivalent (in millions) 562.2565.8561.3550.8569.9548.9

1)  including interdivisional sales


Forthcoming results:
November 15, 2017           results for the first three quaters of 2017


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