PRESS RELEASE
M.J. MAILLIS GROUP: 1st half 2014 Financial Results
(for the period 01.01.2014 – 30.06.2014)
August 29, 2014. Athens, Greece The M.J. Maillis Group, a global leader in the field of secondary packaging listed on the Athens Exchange (ATHEX: MAIK), announces its results for the period from 1 January to 30 June 2014.
Highlights:
The increase in Gross Margin by about 2 percentage points, as a result of production improvement programs and the positive effect of exchange variances were the main factors that led to an increase EBITDA by 24% in the 1st half of 2014, despite the slight decrease of sales. In comparison to 1st half of 2013:
- Sales decreased by 8.1%
- Gross Profit Margin increased by 1.7 percentage points
- ΕΒΙΤDA increased by 24.4%
|
|
1st quarter 2014 |
2nd quarter 2014 |
1st half 2014 |
1st half 2013 |
Half-year difference |
|
Sales |
59,879 |
64,528 |
124,408 |
135,378 |
-8.10% |
|
Gross Profit |
12,353 |
14,143 |
26,496 |
26,488 |
0.03% |
|
Gross Margin |
20.63% |
21.92% |
21.30% |
19.57% |
1.73 pp |
|
Operating EBITDA |
2,769 |
4,024 |
6,793 |
7,436 |
-8.65% |
|
EBITDA |
2,541 |
4,676 |
7,217 |
5,804 |
24.35% |
Comparison of 1st and 2nd quarter 2014 performance
Group Sales in the 2nd quarter of 2014 increased by 7.8% while Gross Profit rose by 14.5%, which led to an increased EBITDA by €2.1 million.
Financial Performance:
Sales for the M. J. Maillis Group during the 1st half of 2014 reached €124.4 million, 8.1% lower compared to 2013, as a result of the decrease in the demand for packaging machines.
The gross margin at 21.3% was higher by 1.7 pp in comparison to previous year driven by an increase in gross profit margin of consumables.
Excluding one-off income and expenses as a result of exchange differences, as well as provisions and restructuring costs, the operating EBITDA for 1st Half 2014 was 6.79 m€ (vs. operating EBITDA for 2013 of 7.43 m€) as besides the positive Gross Profit Margin effect, it was affected by the reduction in sales. Total EBITDA reached 7.217 m€ compared to 5.804 m€ in 2013.
Net Losses before Tax at 8.3 m€ vs. 8.9 m€ in 2013 while Net Losses after tax were 10.6 m€ vs. 12.1 m€ in 2013. Despite the decrease in sales, the decrease in net losses is due to better margin, the positive effect of exchange variances and the lower income tax of subsidiaries in Canada and Italy due to lower sales compared to 2013.
Outlook:
Group Sales are expected to continue being affected by the slowdown of industrial activity and weak economies of the southern countries in Eurozone, but the enhanced liquidity and the continuing effort for further optimization of production costs and expense control are expected to contribute to further growth for the group.
About the M.J. Maillis Group
The M.J. Maillis Group is a leader in secondary packaging providing its clients globally with complete, high technology and cost effective packaging solutions (one-stop-shopping) that combine packaging equipment, packaging materials, service and support. The Group maintains physical presence in 18 countries in Europe and North America, while its products are sold in more than 80 countries worldwide. The Group's customer base extends to the food and beverage, aluminium, steel, construction, timber and bailing industries and it is the exclusive or preferred global supplier to an increasing number of major industrial and consumer products multinationals such as US Steel, Nestlé, Coca-Cola, P&G, Henkel, Pepsi, Mars, Lafarge, ArcelorMittal, Tata, Walmart, etc. The shares of the M.J. Maillis Group are listed on the Athens Stock Exchange under the ticker symbol "MAIK".
For more information please contact:
Company Contact:
Group's Investor Relations Department
Tel. +30-210-6285-000
E-mail investor.relations@maillis.gr