Mayr Melnhof Karton

Profit Statement 2013 2014 2015
Sales EUR mil 1,999 2,087 2,182
Gross Profit EUR mil 785 831 876
EBITDA EUR mil 255 274 299
EBIT EUR mil 165 180 200
Financing Cost EUR mil 9.08 9.21 9.24
Pre-Tax Profit EUR mil 156 171 191
Net Profit EUR mil 122 131 142
Dividends EUR mil 45.0 96.0 84.0
Balance Sheet 2013 2014 2015
Total Assets EUR mil 1,702 1,787 1,900
Non-Current Assets EUR mil 791 826 928
Current Assets EUR mil 911 961 972
Working Capital EUR mil 384 413 473
Shareholders' Equity EUR mil 1,112 1,102 1,144
Liabilities EUR mil 591 685 756
Total Debt EUR mil 170 266 288
Net Debt EUR mil -128 -54.2 32.9
Ratios 2013 2014 2015
ROE % 11.1 11.8 12.6
ROCE % 10.8 10.8 10.7
Gross Margin % 39.2 39.8 40.1
EBITDA Margin % 12.8 13.1 13.7
EBIT Margin % 8.27 8.63 9.16
Net Margin % 6.12 6.27 6.49
Net Debt/EBITDA -0.503 -0.198 0.110
Net Debt/Equity -0.115 -0.049 0.029
Cost of Financing % 5.55 4.23 3.34
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,481 2,082 2,772
Enterprise Value (EV) USD mil 2,304 2,016 2,812
Number Of Shares mil 20.0 20.0 20.0
Share Price EUR 90.0 86.0 115
EV/EBITDA 6.81 5.71 7.28
EV/Sales 0.868 0.749 1.000
Price/Earnings (P/E) 14.7 13.1 16.2
Price/Book Value (P/BV) 1.62 1.56 2.00
Dividend Yield % 2.50 5.58 3.67

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,601 1,779 1,960 1,952 1,999    
Gross Profit EUR mil                     588 630 678 689 785    
EBIT EUR mil                     148 162 170 162 165    
Net Profit EUR mil                     94.2 108 118 119 122    
ROE %                     10.0 11.1 11.9 11.4 11.1    
EBIT Margin %                     9.27 9.09 8.69 8.32 8.27    
Net Margin %                     5.88 6.08 6.03 6.10 6.12    
Employees ... ...                 8,176 8,168 8,746 8,772 9,477    
balance sheet                                  
Total Assets EUR mil                     1,392 1,521 1,567 1,627 1,702    
Non-Current Assets EUR mil                     606 664 695 735 791    
Current Assets EUR mil                     786 857 871 893 911    
Shareholders' Equity EUR mil                     964 983 1,006 1,089 1,112    
Liabilities EUR mil                     427 538 561 539 591    
Non-Current Liabilities EUR mil                     145 163 157 194 216    
Current Liabilities EUR mil                     282 375 404 345 374    
Net Debt/EBITDA                     -1.16 -0.831 -0.817 -0.695 -0.503    
Net Debt/Equity                     -0.296 -0.206 -0.207 -0.159 -0.115    
Cost of Financing % ...                   4.12 2.91 4.75 3.51 5.55    
cash flow                                  
Total Cash From Operations EUR mil ...                   207 143 197 165 147    
Total Cash From Investing EUR mil ...                   91.8 -114 -147 -157 -142    
Total Cash From Financing EUR mil ...                   -136 -50.5 -32.4 -26.3 -36.0    
Net Change In Cash EUR mil ...                   163 -21.2 16.8 -18.7 -30.9    
valuation                                  
Market Capitalisation USD mil                     2,190 2,318 1,697 2,133 2,481    
Number Of Shares mil                     21.2 20.1 20.0 20.0 20.0    
Share Price EUR                     72.0 87.1 65.5 80.9 90.0    
Earnings Per Share (EPS) EUR                     4.44 5.39 5.91 5.96 6.11    
Book Value Per Share EUR                     45.4 49.0 50.3 54.5 55.6    
Dividend Per Share EUR                     1.70 1.95 2.10 1.69 2.25    
Price/Earnings (P/E)                     16.2 16.2 11.1 13.6 14.7    
Price/Book Value (P/BV)                     1.58 1.78 1.30 1.48 1.62    
Dividend Yield %                     2.36 2.24 3.21 2.09 2.50    
Earnings Per Share Growth % ...                   1.31 21.4 9.78 0.746 2.63    
Book Value Per Share Growth % ...                   7.60 7.83 2.75 8.23 2.04    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     1,601 1,779 1,960 1,952 1,999    
Cost of Goods & Services EUR mil                     1,013 1,149 1,282 1,263 1,215    
Gross Profit EUR mil                     588 630 678 689 785    
Staff Cost EUR mil                     241 248 261 265 377    
Other Cost EUR mil                     101 138 162 176 152    
EBITDA EUR mil                     246 244 254 248 255    
Depreciation EUR mil                     97.8 81.8 84.2 85.8 89.6    
EBIT EUR mil                     148 162 170 162 165    
Financing Cost EUR mil                     4.63 2.88 6.42 5.24 9.08    
Extraordinary Cost EUR mil                     11.4 7.19 1.98 -3.01 0    
Pre-Tax Profit EUR mil                     132 152 162 160 156    
Tax EUR mil                     35.0 41.3 43.1 40.7 33.5    
Minorities EUR mil                     3.23 2.33 0.493 0.445 0.600    
Net Profit EUR mil                     94.2 108 118 119 122    
Dividends EUR mil                     36.1 39.1 42.0 33.8 45.0    
growth rates                                  
Total Revenue Growth % ...                   -7.49 11.1 10.2 -0.379 2.42    
Operating Cost Growth % ...                   -12.0 13.0 9.64 4.11 20.2    
EBITDA Growth % ...                   12.1 -1.07 4.48 -2.45 2.76    
EBIT Growth % ...                   9.09 8.99 5.24 -4.58 1.86    
Pre-Tax Profit Growth % ...                   -4.05 14.6 6.68 -0.999 -2.39    
Net Profit Growth % ...                   -0.621 14.8 9.32 0.749 2.70    
ratios                                  
ROE %                     10.0 11.1 11.9 11.4 11.1    
ROCE % ...                   10.5 11.7 11.8 11.2 10.8    
Gross Margin %                     36.7 35.4 34.6 35.3 39.2    
EBITDA Margin %                     15.4 13.7 13.0 12.7 12.8    
EBIT Margin %                     9.27 9.09 8.69 8.32 8.27    
Net Margin %                     5.88 6.08 6.03 6.10 6.12    
Payout Ratio %                     38.3 36.2 35.5 28.4 36.8    
Cost of Financing % ...                   4.12 2.91 4.75 3.51 5.55    
Net Debt/EBITDA                     -1.16 -0.831 -0.817 -0.695 -0.503    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     606 664 695 735 791    
Property, Plant & Equipment EUR mil                     525 564 595 624 664    
Intangible Assets EUR mil                     62.7 85.4 86.0 88.3 101    
Current Assets EUR mil                     786 857 871 893 911    
Inventories EUR mil                     209 258 245 260 278    
Receivables EUR mil                     185 228 236 254 278    
Cash & Cash Equivalents EUR mil                     353 332 349 330 298    
Total Assets EUR mil                     1,392 1,521 1,567 1,627 1,702    
Shareholders' Equity EUR mil                     964 983 1,006 1,089 1,112    
Of Which Minority Interest EUR mil                     22.7 25.4 11.8 6.01 10.1    
Liabilities EUR mil                     427 538 561 539 591    
Non-Current Liabilities EUR mil                     145 163 157 194 216    
Long-Term Debt EUR mil                     43.1 67.3 68.1 105 104    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 13.0    
Current Liabilities EUR mil                     282 375 404 345 374    
Short-Term Debt EUR mil                     24.8 62.4 72.8 52.4 65.4    
Trade Payables EUR mil                     129 168 147 154 172    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 23.3    
Equity And Liabilities EUR mil                     1,392 1,521 1,567 1,627 1,702    
growth rates                                  
Total Asset Growth % ...                   -2.39 9.28 3.00 3.88 4.61    
Shareholders' Equity Growth % ...                   5.55 1.95 2.32 8.23 2.11    
Net Debt Growth % ...                   772 -29.1 2.74 -16.9 -25.6    
Total Debt Growth % ...                   -56.8 91.3 8.64 11.7 7.70    
ratios                                  
Total Debt EUR mil                     67.8 130 141 157 170    
Net Debt EUR mil                     -285 -202 -208 -173 -128    
Working Capital EUR mil                     266 317 333 359 384    
Capital Employed EUR mil                     872 982 1,029 1,094 1,175    
Net Debt/Equity                     -0.296 -0.206 -0.207 -0.159 -0.115    
Cost of Financing % ...                   4.12 2.91 4.75 3.51 5.55    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     94.2 108 118 119 122    
Depreciation EUR mil                     97.8 81.8 84.2 85.8 89.6    
Non-Cash Items EUR mil ...                   -0.401 5.40 10.2 -14.6 -40.8    
Change in Working Capital EUR mil ...                   15.9 -51.8 -16.1 -25.6 -24.5    
Total Cash From Operations EUR mil ...                   207 143 197 165 147    
Capital Expenditures EUR mil ...                   -61.6 -86.6 -125 -103 -121    
Other Investments EUR mil ...                   153 -27.6 -22.1 -54.2 -20.9    
Total Cash From Investing EUR mil ...                   91.8 -114 -147 -157 -142    
Dividends Paid EUR mil                     -36.1 -39.1 -42.0 -33.8 -45.0    
Issuance Of Debt EUR mil ...                   -89.2 61.9 11.2 16.5 12.1    
Total Cash From Financing EUR mil ...                   -136 -50.5 -32.4 -26.3 -36.0    
Net Change In Cash EUR mil ...                   163 -21.2 16.8 -18.7 -30.9    
ratios                                  
Days Sales Outstanding days                     42.2 46.7 43.9 47.5 50.7    
Days Sales Of Inventory days                     75.4 81.9 69.6 75.0 83.6    
Days Payable Outstanding days                     46.5 53.4 41.8 44.6 51.7    
Cash Conversion Cycle days                     71.1 75.2 71.7 77.9 82.5    
Cash Earnings EUR mil                     192 190 202 205 212    
Cash Earnings Per Share EUR                     9.04 9.46 10.1 10.3 10.6    
Price/Cash Earnings (P/CE)                     7.96 9.20 6.47 7.89 8.49    
Free Cash Flow EUR mil ...                   299 29.3 49.2 7.65 5.06    
Free Cash Flow Yield % ...                   19.0 1.67 4.03 0.461 0.271    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     6.68 7.42 7.66 7.46 7.34    
Gross Margin %                     36.7 35.4 34.6 35.3 39.2    
Employees ... ...                 8,176 8,168 8,746 8,772 9,477    
Cost Per Employee USD per month ... ...                 3,411 3,347 3,458 3,230 4,403    
Cost Per Employee (Local Currency) EUR per month ... ...                 2,452 2,530 2,487 2,516 3,316    
Staff Cost (As % Of Total Cost) %                     16.6 15.3 14.6 14.8 20.6    
Effective Tax Rate %                     26.4 27.2 26.7 25.4 21.4    
Enterprise Value (EV) USD mil                     1,781 2,050 1,428 1,905 2,304    
EV/EBITDA                     5.20 6.36 4.04 5.98 6.81    
EV/Capital Employed                     1.43 1.57 1.07 1.32 1.42    
EV/Sales                     0.800 0.871 0.524 0.760 0.868    
EV/EBIT                     8.63 9.58 6.03 9.14 10.5    
Domestic Sales EUR mil                     80.0 82.0 85.0 71.0 67.1    
Capital Expenditures (As % of Sales) % ...                   3.85 4.87 6.39 5.26 6.04    
Revenues From Abroad EUR mil                     1,521 1,697 1,875 1,881 1,932    
Revenues From Abroad (As % Of Total) %                     95.0 95.4 95.7 96.4 96.6    
Sales of Karton Division EUR mil                     766 880 947 937 965    
Sales of Packaging Division EUR mil                     952 1,021 1,125 1,121 1,139    
EBIT from Karton Division EUR mil                     52.0 65.0 68.0 64.0 65.3    
EBIT from Packaging Division EUR mil                     98.0 97.0 102 102 100    
EBIT Margin - Karton Division %                     6.79 7.39 7.18 6.83 6.77    
EBIT Margin - Packaging Division %                     10.3 9.50 9.07 9.10 8.79    
Employees - Karton Division                     2,527 2,283 2,359 2,413 2,537    
Employees -PackagingDivision                     5,585 6,396 6,523 6,423 6,940    
Sales in Austria EUR mil                     80.0 82.0 85.0 71.0 67.1    
Sales in Germany EUR mil                     421 434 451 421 401    
Sales in the UK EUR mil                     185 205 212 214 202    
Sales in France EUR mil                     129 141 160 147 158    
Sales in Other Western European Countries EUR mil                     293 331 362 350 333    
Sales in Eastern European Countries EUR mil                     368 438 461 497 549    
Sales in the Asia EUR mil                     56.0 63.0 70.0 84.0 91.1    
Sales in the Latin America EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 75.0 85.0 102    
Sales in the Rest Of The World EUR mil                     69.0 85.0 83.0 84.0 95.9    
Packaging Division Tonnage processed (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 671    
Karton Division Tonnage sold (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,599    
Karton Division Tonnage produced (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,604    

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Apr 2016
Statistical Dossier
Mar 2014
Statistical Dossier

Mayr Melnhof Karton AG is an Austria-based holding company engaged in the production and sale of carton board and folding cartons. The Company is organized into two business segments: Mayr-Melnhof Karton (MM Karton) and Mayr-Melnhof Packaging (MM Packaging). The MM Karton segment manufactures and markets a range of carton board. The Division is composed of seven mills in Europe with a total annual production capacity of approximately 1.6 mil tonnes. The MM Packaging division converts carton board into industrial printed folding cartons mainly for the food industry, including cereals, dried foods, sugar, confectionary and baked products. At 33 locations more than 650,000 tons of cartonboard are converted into folding cartons per annum. Since 1994, Mayr-Melnhof has been listed on the Vienna Stock Exchange