By Helgi Analytics - April 2, 2020
Mayr Melnhof Karton's total assets reached EUR 1,900 mil at the end of 2015, up 6.34% compared to the previous year. ...
| 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 |
Get all company financials in excel:
| 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 |
Get all company financials in excel:
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
Mayr Melnhof Karton has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.22% a year during that time to total of EUR 299 mil in 2015, or 13.7% of sales. That’s compared to 13.1% average margin seen in last five years.
The company netted EUR 142 mil in 2015 implying ROE of 12.6% and ROCE of 10.7%. Again, the average figures were 11.8% and 11.1%, respectively when looking at the previous 5 years.
Mayr Melnhof Karton’s net debt amounted to EUR 32.9 mil at the end of 2015, or 0.029 of equity. When compared to EBITDA, net debt was 0.110x, up when compared to average of -0.421x seen in the last 5 years.
Mayr Melnhof Karton stock traded at EUR 115 per share at the end of 2015 resulting in a market capitalization of USD 2,772 mil. Over the previous five years, stock price grew by 31.5% or 5.63% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.28x and price to earnings (PE) of 16.2x as of 2015.
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