PRESS RELEASE
PRESS RELEASE
M.J. MAILLIS GROUP: 1st half 2013 Financial Results
(for the period 01.01.2013 – 30.06.2013)
August 30, 2013. 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 2013.
Highlights:
During the first semester of 2013 the Group turnover was negatively affected by the slowdown in the industrial activity as they were affected by the European economic recession. However, the improvement in the Gross Profit Margin and the tighter control on Operating Expenses resulted in an increased operating EBITDA. Highlights of the performance in comparison to 1st half of 2012:
- Sales marginally decreased by 1.0%
- Gross Profit Margin increased by 1.0 percentage point
- Operating ΕΒΙΤDA increased by 28.3%
|
|
1st quarter 2013 |
2nd quarter 2013 |
1st Half 2013 |
1st Half 2012 |
Half-year difference |
|
Sales |
66,960 |
69,027 |
135,987 |
137,408 |
-1.03% |
|
Gross Profit |
12,781 |
14,651 |
27,432 |
26,396 |
3.93% |
|
Gross Margin |
19.09% |
21.23% |
20.17% |
19.21% |
0.96 pp |
|
Operating EBITDA |
3,119 |
4,568 |
7,687 |
5,990 |
28.33% |
|
EBITDA |
2,284 |
3,730 |
6,013 |
5,448 |
10.39% |
Comparison of 1st and 2nd quarter 2013 performance
Group Sales in the 2nd quarter of 2013 increased by 3.1% while Gross Profit rose by 14.6% which led to an increased EBITDA by €1.45 million.
Financial Performance:
Sales for the M. J. Maillis Group during the 1st half of 2013 reached €136.0 million, 1.0% lower compared to 2012, as a result of the decrease in the demand of durable goods following the European economic recession.
The gross margin at 20.71% was higher by 1.0 pp in comparison to previous year driven by an increase in gross profit margin and higher participation to the sales mix of packaging machines.
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 2013 was 7.69 m€ (vs. operating EBITDA for 2012 of 5.99 m€) as besides the positive Gross Profit Margin effect, there was a reduction in operating expenses. Total EBITDA reached 6.013 m€ compared to 5.448 m€ in 2012.
Net Losses before Tax at 8.9 m€ vs. 9.4 m€ in 2012 while Net Losses after tax were 12.1 m€ vs. 9.8 m€ in 2012 as a result of exchange losses and higher deferred tax compared to 2012.
Outlook:
During 2013 the Group's performance is expected to continue being affected by the slowdown in orders and weak Eurozone economies. Emphasis will continue to be placed on sales growth, further optimization of production costs, the control of expenses and ensuring sufficient liquidity to implement its goals.
Additionally, the continuous pressure from major suppliers through decrease of credit limits and payment terms due to the financial position of the Group is expected to negatively affect the sales and liquidity of 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