EANS-News

Mayr-Melnhof Karton AG / Results for the first quarter of 2021

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Quarterly Report

Vienna -

* Ongoing good demand and capacity utilization
* Sales and result slightly below previous year
* Significant increase in input prices weighs on profit of MM Karton
* Price increases in both divisions in implementation
* Result of the 2nd quarter expected below 1st quarter


The Mayr-Melnhof Group recorded overall high capacity utilization with robust
demand for cartonboard packaging in the 1st quarter of 2021. Sales and operating
profit were slightly below the previous year's level. An increase in result in
the packaging division was offset by a significant decline in the cartonboard
division.

In the cartonboard division, the drastically rising prices of recovered paper
over the last few months, but also higher prices for energy, pulp, chemicals and
logistics, led to a significant cost inflation after last year's cost deflation.
For this reason, MM Karton has already increased the prices for recycled fiber-
based cartonboard in two steps, effective in the 2nd quarter and again in the
middle of the year. In the case of virgin fiber-based cartonboard, prices are
also to be increased in the middle of the year where there is no longer-term
validity. The cost increases for cartonboard, paper, inks and varnishes, which
are clearly noticeable by MM Packaging in the 2nd quarter, will mainly be passed
on from the middle of the year onwards.

The objective is to return in the second half of the year 2021 to the earnings
level of the 1st quarter in the Group's current business after an expected
decline in result in the 2nd quarter.

Group Key indicators - IFRS

Consolidated, in millions of EUR 1Q/2021 1Q/2020 +/-
Sales 641.3 646.6 -0.8 %
EBITDA 92.7 98.9 -6.3 %
Operating profit 61.2 64.6 -5.2 %
Operating margin (in %) 9.6 % 10.0 % -44 bp
Profit before tax 58.6 62.8 -6.7 %
Profit for the period 43.9 45.1 -2.8 %
Earnings per share (in EUR) 2.18 2.25


Consolidated sales of the Group amounted to EUR 641.3 million in the first three
months of 2021, almost reaching the previous year's level (1Q 2020: EUR 646.6
million).

At EUR 61.2 million, the operating profit was 5.2 % or EUR 3.4 million below the
comparative value of the previous year (1Q 2020: EUR 64.6 million). An increase
in the packaging division was contrasted by a decline in the cartonboard