MM Packaging Half-Year Report 2023
Half-Year Financial Report 2023 Mayr-Melnhof Karton AG
- Results below previous year as expected
- Growth in pharma packaging due to previous year’s acquisitions
- Inflation-related restraint in consumer spending weighs on end markets
- Strong decline in volumes at MM Board & Paper related to market demand and capex
- No recovery in 3Q foreseeable
- Profit and cash protection program initiated
- Adaptation of investment program: Kwidzyn project start postponed to 2024
- Margin improvement – central aim of the initiated measures
The Group’s consolidated sales of EUR 2,181.4 million were slightly below the previous year’s figure (1st half of 2022: EUR 2,218.5 million). A primarily volume-related decline in the division MM Board & Paper was offset by an acquisitionand price-related increase in the division MM Packaging.
Due to further market- and capex-related downtime in the division MM Board & Paper as well as weaker demand in some sales markets of MM Packaging, consolidated sales of EUR 1,059.3 million were below the 1st quarter of 2023 (EUR 1,122.1 million) as well as the previous year’s level (2Q 2022: EUR 1,158.1 million).
The Group’s operating profit decreased to EUR 42.4 million after EUR 61.6 million in the 1st quarter of 2023 and EUR 173.9 million in the 2nd quarter of the previous year. In addition to the extended modernization shutdown at the Neuss board mill, this was mainly attributable to the annual maintenance downtime at the Kwidzyn pulp mill. The operating margin came in at 4.0 % (1Q 2023: 5.5 %; 2Q 2022: 15.0 %). Profit for the period amounted to EUR 28.4 million (1Q 2023: EUR 34.9 million; 2Q 2022: EUR 126.3 million).
