Upload
aradia
View
41
Download
0
Embed Size (px)
DESCRIPTION
Kennzahlen. Karton. Packaging. Gruppe. MAYR-MELNHOF KARTON AG. 1 st HALF-YEAR 2002 August 28, 2002. Key figures. Cartonboard. Packaging. Group. Market Position in Europe. # 1 in recycled cartonboard Largest producer of folding cartons. MM GROUP (before Graphia acquisition). - PowerPoint PPT Presentation
Citation preview
Page 1
Gruppe Kennzahlen Karton Packaging
1st HALF-YEAR 2002 August 28, 2002
MAYR-MELNHOF KARTON AG
Page 2
# 1 in recycled cartonboard
Largest producer of folding cartons
Market Position in Europe
Group Key figures Cartonboard Packaging
Page 3
MM GROUP (before Graphia acquisition)
Mayr-Melnhof Group
MM-Karton 9 Mills in 6 Countries
MM-Packaging 21 Facilities in 8 Countries
Basis: 1. HJ 2002
Group Key figures Cartonboard Packaging
Page 4
Concentration on core business(Cartonboard, Packaging)
Market AND cost leadership
Long-term profit orientation
- Continuous increase of earnings and dividend per share
- Increasing net value-added
Strategy and Corporate Conception
Group Key figures Cartonboard Packaging
Page 5
245
282299 301
345364
0
100
200
300
400
1996 1997 1998 1999 2000 2001
Development: Net value-added
CAGR: ~ 8%
in EUR millions
Group Key figures Cartonboard Packaging
Page 6
Concentration on core business(Cartonboard, Packaging)
Market AND cost leadership
Long-term profit orientation
- Continuous increase of earnings and dividend per share
- Increasing net value-added
Transparent accounting - solid balance sheet
- No „off-balance sheet“ liabilities
- High equity ratio - currently no net debt
- Low share of intangible assets
Strategy and Corporate Conception
Group Key figures Cartonboard Packaging
Page 7
-60
40
140
240
340
440
540
640
740
1994 1995 1996 1997 1998 1999 2000 2001 1st HY 20020%
10%
20%
30%
40%
50%
60%
Shareholders' equity Net debt Equity to total assets
in EUR millions, US GAAPin EUR millions, US GAAPin EUR millions, US GAAP
High equity ratio - currently no net debt
% Total assets
Group Key figures Cartonboard Packaging
Page 8
0
200
400
600
800
1000
1200
1994 1995 1996 1997 1998 1999 2000 2001 1st HY 2002-1%
1%
2%
3%
4%
5%
6%
7%
Total assets Intangible assets % intangible assets
in EUR millionms, US GAAP
Low share of intangible assets- Low amortization risk
% Total assets
Group Key figures Cartonboard Packaging
Page 9
0
20
40
60
80
100
120
140
160
180
1999 2000 2001 1st HY 2001 1st HY 2002
Capex Depreciation Cash earnings
Capex - Depreciation
In EUR millions
Target: Capex ~ 50% CE
Group Key figures Cartonboard Packaging
Page 10
Best Practice in Corporate Governance- Transparent Company management and disclosure- Independent supervisory board (family shareholders not in management)- Independent auditors
(auditors no business consultants, max. 1/3 of advisory expenses for a single auditing company)
- Performance based compensation of management
Expansion will be continued Decentralized - lean organization - profit centers
Management has for long pursued the principles of the „honorable businessman“
Strategy and Corporate Conception
Group Key figures Cartonboard Packaging
Page 11
Increase of the Company‘s value
„A company‘s share price is justified on 10 to 20 years of value creating cash flow. Those who want to create value cannot only plan short-time. “
(Alfred Rappaport)
Strategy and Corporate Conception
Group Key figures Cartonboard Packaging
Page 12
MM GROUP (before Graphia acquisition)
New Management Board (since May 14, 2002)
Wilhelm Hörmanseder (48), CEO
Herbert Noichl (36), CFO
Andreas Blaschke (41), COO Consumer Packaging
Franz Rappold (49), Member of the Board
Group Key figures Cartonboard Packaging
Page 13
Very successful development of business
- High capacity utilization in both Divisions
- Sharp incraese of waste paper prices necessitated price increase for cartonboard and cartons
- As expected, half-year net income slightly below
the previous year‘s record level
- Expansion continued
Acquisition of the Graphia Folding Carton Group andthe Nikopol Board Mill
Overview 1st Half-year 2002
Group Key figures Cartonboard Packaging
Page 14
Consolidated Results 1st Half-year
In EUR millions, US GAAP 1-6/2002 1-6/2001 +/-
Sales 600.0 558.9 +7.4%
Operating profit 67.8 70.6 -4.0%Operating margin 11.3% 12.6%
Income before income taxesand minority interests 68.1 74.7 -8.8%
Net income 43.5 48.5 -10.3%in % of sales 7.3% 8.7%
Basic and diluted EPS (in EUR) 3.94 4.06
Cash earnings 85.8 86.5 -0.8%in % of sales 14.3% 15.5%
Group Key figures Cartonboard Packaging
Page 15
(1st HY 2002)
Sales
43%
Cartonboard
Packaging
57%
Operating Profit
26%
Packaging
Cartonboard
74%
Sales & Operating Profit by Division
Group Key figures Cartonboard Packaging
Page 16
Eastern Europe13.8%
Asia7.6%
Others10.0%
EU68.6%
EU79.6%
Others1.7%
Asia 2.6%
Eastern Europe 16.1%
CARTONBOARD PACKAGING
Divisional Sales by Region
Group Key figures Cartonboard Packaging
(1st HY 2002)
Page 17
MM GROUP: Quarters 2001/2002
Group Key figures Cartonboard Packaging
(consolidated in EUR millions) I/2001 II/2001 III/2001 IV/2001 I/2002 II/2002
Sales 277.8 281.1 287.6 276.4 294.4 305.6Operating profit 36.9 33.7 28.4 21.2 34.5 33.3Operating margin 13.3% 12.0% 9.9% 7.7% 11.7% 10.9%
Net interest expense (0.6) (0.5) (0.5) 0.1 (0.3) (0.2)Income before income taxes and minority interests 37.0 37.7 27.5 21.1 34.2 33.9
Income taxes (13.0) (12.6) (9.3) (9.3) (12.2) (12.2)Net income 23.6 24.9 18.0 11.4 21.9 21.6in % of sales 8.5% 8.9% 6.3% 4.1% 7.4% 7.1%Basic and diluted earnings per share (in EUR) 1.97 2.09 1.55 1.05 1.98 1.96
Page 18
0
40
80
120
160
200
240
280
I /99 II /99 II I /99 IV/99 I/00 II /00 II I /00 IV/00 I/01 II /01 II I /01 IV/01 I/02 II /020%
2%
4%
6%
8%
10%
12%
14%
Sales Operating margin
in EUR millions, US GAAP % of sales
MM GROUP: Quarters
Group Key figures Cartonboard Packaging
Page 19
consolidated in EUR millions, US GAAP Jun 30, 2002 Dec 31, 2001
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Minority interests
Sockholders‘ equity
487.0 498.6
621.9 577.3
1,108.9 1,075.9
336.8 315.2
227.5 233.5
3.3 3.7
523.5
1,108.9 1,075.9
541.3
Total liabilities and stockholders‘ equity
Group Balance Sheets
Liquid funds and securities 192 247
Group Key figures Cartonboard Packaging
Page 20
13.4%
9.9%
15.0%14.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
1999 2000 2001 1st HY 2002
Development ROE
Ø 13.7 %
Group Key figures Cartonboard Packaging
Defined: Net income / average stockholders‘ equity
Page 21
24.8% 24.3%
15.2%
19.4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
26%
1999 2000 2001 1st HY 2002
Development ROCE
Ø 20.9 %
Group Key figures Cartonboard Packaging
Defined: Net income before minority interests, income taxes and net interest expense / average stockholders‘ equity, minority interests and net debt
Page 22
CARTONBOARD - Overview 1st HY 2002
• Positive development of sales in Europe and overseas
• High capacity utilization
97 % in 1Q , 99 % in 2Q
• Decrease of average board price
Increased share of overseas business with structurally lower prices
• Sharp rise in waster paper prices in 2Q necessitated 10% cartonboard price increase
• Higher raw material prices only put pressure on end 2Q
Cartonboard price increase has become effective at the beginning of July
Group Key figures Cartonboard Packaging
Page 23
in EUR millions, US GAAP 1-6/2002 1-6/2001 +/-
Sales 396.7 359.0 +10.5%
Operating profit 50.1 54.6 -8.2%
Operating margin 12.6% 15.2%
Tonnage produced
(in 000‘s ) 742 619 +19.9%
CARTONBOARD: 1st Half-year 2002
Group Key figures Cartonboard Packaging
Page 24
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 1. HY2001
1. HY2002
Europe Overseas
CARTONBOARD: Tons soldTons
70%75%
77% 83%
87% 83%
85% 81%
30%
25% 23%
17%
13% 17%
15% 19%
79%
21%
82%
18%
+ 20.9%
Group Key figures Cartonboard Packaging
Page 25
0
30
60
90
120
150
180
210
I /99 II /99 II I /99 IV/99 I/00 II /00 II I /00 IV/00 I/01 II /01 II I /01 IV/01 I/02 II /020%
2%
4%
6%
8%
10%
12%
14%
16%
Sales Operating margin
in EUR millions, US GAAP % of sales
CARTONBOARD: Quarters
Group Key figures Cartonboard Packaging
Page 26
CARTONBOARD: Quarters 2001/2002
(in EUR millions) I/2001 II/2001 III/2001 IV/2001 I/2002 II/2002
Sales1) 177.5 181.5 185.5 179.6 189.5 207.2Operating profit 29.3 25.3 19.4 16.4 25.4 24.7Operating margin 16.5% 13.9% 10.5% 9.1% 13.4% 11.9%
Tonnage produced (in 000's) 311 308 335 321 362 3801) incl. interdivisional sales
Group Key figures Cartonboard Packaging
Page 27
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1.HY
2002
0
2
4
6
8
10
12
14
16# MachinesTons
CARTONBOARD: Production
1 Board machine built 15 Board machines acquired 7 Board machines closed
Group Key figures Cartonboard Packaging
Page 28
• 9 Mills in 6 Countries
• 14 Machines
• Capacity: approx. 1.5 million tons
• 91% Recycled fiber based board
• Worldwide sales organization
• 2,453 Employees (excl. Nikopol)
Basis: 1st HY 2002
CARTONBOARD: Mills
- Acquisition NIKOPOL mill
Group Key figures Cartonboard Packaging
Page 29
Acquisition MM - NIKOPOL, Bulgaria
• Mill in a growth market (Central Europe, Russia, Turkey)
• Machine with high potential (4,4m trim)• Daily tonnage 200 tons (FL 800, KK 440)
• 285 employees (number decreasing)
• Dynamic management
Further Steps:
Start-up of production (expected for Sept. 02) Production of European standard quality
Positive earnings contribution not before 2003
Group Key figures Cartonboard Packaging
Page 30
Source: EUWID
Development of waste paper price
0102030405060708090
100110120130140
Mixed waste paper in EUR / ton 2001 2002
Group Key figures Cartonboard Packaging
Page 31
Source: EUWID
Development of board price
300
350
400
450
500
550
600
650
700
750
800
850
900GD II in EUR/ Ton
2001 2002
Group Key figures Cartonboard Packaging
Page 32
MM PACKAGING - 1st Half-year 2002
• Stable demand
• Resulting from acquisitions, tonnage processed rose by 7,3 %
• Solid earnings development in „Consumer Packaging“ as well as in „Cigarette Packaging“
• Acquisition of the Graphia Group
• Site optimization continued
Production in the French facility Copacarton was ceased, as thecompany could not reach a profitable size - order volumes willbe transferred to more efficient MMP-facilities
Group Key figures Cartonboard Packaging
Page 33
in EUR millions, US GAAP 1-6/2002 1-6/2001 +/-
Sales 256.8 249.3 +3.0%
Operating profit 17.7 16.0 +10.6%
Operating margin 6.9% 6.4%
Tonnage processed
(in 1.000 t) 177 165 +7.3%
MM PACKAGING: 1st Half-year 2002
Group Key figures Cartonboard Packaging
Page 34
0
50
100
150
200
250
300
1993 1994 1995 1996 1997 1998 1999 2000 2001 1st HY2001
1st HY2002
MM PACKAGING: Tonnage processedin 1.000 t
177.000+ 7,3%
Group Key figures Cartonboard Packaging
Page 35
0
20
40
60
80
100
120
140
I /99 II /99 II I /99 IV/99 I/00 II /00 II I /00 IV/00 I/01 II /01 II I /01 IV/01 I/02 II /020%
2%
4%
6%
8%
10%
12%
Sales Operating margin
in EUR millions, US GAAP % of sales
MM PACKAGING: Quarters
Group Key figures Cartonboard Packaging
Page 36
MM PACKAGING: Quarters 2001/2002
(in EUR millions) I/2001 II/2001 III/2001 IV/2001 I/2002 II/2002
Sales1) 127.0 122.3 126.2 119.2 130.9 125.9Operating profit 7.6 8.4 9.0 4.8 9.1 8.6Operating margin 6.0% 6.9% 7.1% 4.0% 7.0% 6.8%
Tonnage processed (in 000's) 87 78 80 75 88 891) incl. interdivisional sales
Group Key figures Cartonboard Packaging
Page 37
• 21 Facilities in 8 Countries
• Tonnage processed 390.000 t
• approx. 4,000 employees
MM PACKAGING: Facilities
Basis: 1st HY 2002 Graphia
Incl. Graphia Group
- Closure of Copacarton
Group Key figures Cartonboard Packaging
Page 38
Integration of the Graphia Group
• Rotogravure, offset- and flexo printing technologies
- An ideal strategic expansion in connection with Mayr-Melnhof’s existing cigarette packaging business
• Integration process will last until the end of 2002
• Integration costs are expected to be entirely covered by the companies‘ earnings
• Included in MM‘s consolidated accounts as from 3Q- in 2001: Sales approx. EUR 150 million; Tonnage processed 50,000 tons- approx. 1,000 employees
Group Key figures Cartonboard Packaging
Page 39
Divisionalization: Consumer and Cigarette Packaging
15 Facilities A,GER,GB,F,PL,HUN,RO ~ 2,700 Employees
5 Facilities (incl. Graphia)
4 GER, 1 UKR ~ 1,300 Employees
Consumer Packaging Cigarette Packaging
Basis: 2002e
S e p a r a t e M a n a g e m e n t
Group Key figures Cartonboard Packaging
Page 40
OUTLOOK • Price increases will become effective for the Cartonboard as well as the Packaging Division during 3Q
• Far reaching compensation for the strong rise in raw material costs can already be expected for 3Q especially in the Cartonboard Division
• Waste paper prices - stable on a high level
• Economic environment remains uncertain
- Customers plan on a more cautious and short-term basis
- Order backlog of the Cartonboard Division points to a continued satisfactory utilization rate also in the month of August
Group Key figures Cartonboard Packaging
Page 41
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
Aug 9
7
Okt
97
Dez 9
7
Feb 9
8
Apr 9
8
Jun
98
Aug 9
8
Okt
98
Dez 9
8
Feb 9
9
Apr 9
9
Jun
99
Aug 9
9
Okt
99
Dez 9
9
Feb 0
0
Apr 0
0
Jun
00
Aug 0
0
Okt
00
Dez 0
0
Feb 0
1
Apr 0
1
Jun
01
Aug 0
1
Okt
01
Dez 0
1
Feb 0
2
Apr 0
2
Jun
02
Aug 0
2
Tons
CARTONBOARD: Order Backlog
60.000
Group Key figures Cartonboard Packaging
Page 42
OUTLOOK • Further development of business highly dependent
on the dynamics of private consumption
• MM will adjust production to demand, if necessary
• Current limitations to visibility allow us to expect a continuation of the positive business trend
first of all in the third quarter
Group Key figures Cartonboard Packaging