EQS-News

Mayr-Melnhof Karton AG: MM reports Annual Results 2023

EQS-News: Mayr-Melnhof Karton AG / Key word(s): Annual Results Mayr-Melnhof Karton AG: MM reports Annual Results 2023 12.03.2024 / 07:58 CET/CEST The issuer is solely responsible for the content of this announcement. Earnings as expected below previous year’s record level

• Sharp decline in demand and significant market- and capex-related downtime at MM Board & Paper weigh on results
• Strong profit performance at MM Packaging
• Comprehensive modernisation programme to increase competitiveness of MM Board & Paper implemented
• Successful integration of last year’s acquisitions in the resilient area of pharmaceutical packaging
• Profit & cash protection plan proves effective
• Dividend of EUR 1.50 proposed in line with long-standing dividend policy
• Positive volume trend for MM Board & Paper at beginning of 2024, however pressure on margins is continuing

Group Key indicators - IFRS

Consolidated, in millions of EUR	2023	2022	+/-
Sales	4,164.4	4,682.1	-11.1 %
Adjusted EBITDA	450.2	769.0	-41.5 %
Adjusted operating profit	229.2	562.4	-59.2 %
Operating margin (in %)	5.5 %	12.0 %	-651 bp
Profit before tax	136.7	467.0	-70.7 %
Profit for the year	89.1	345.3	-74.2 %
Earnings per share (in EUR)	4.36	17.19
Cash flow from operating activities	786.2	299.7	+162.3 %
Free cash flow	369.8	(19.7)	+1,975.1 %

Peter Oswald, MM CEO, comments: “After the record result of the previous year, the MM Group faced a significantly lower demand in the paper and cartonboard industry as well as increasing price pressure in 2023. In addition to destocking in the supply chain, inflation-related changes in consumer behaviour which led to lower consumption of everyday goods and the overall economic slowdown in our European main markets were the main causes.