M.J. MAILLIS GROUP: Full Year 2013 Financial Results

(for the period 01.01.2013 – 31.12.2013)

March 31, 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 31 December 2013.

Highlights:

The Group turnover for 2013 was negatively affected by the reduced business activity mainly the result of the slowdown of the European economy. However, the improvement in the Gross Profit Margin and the tighter control on Operating Expenses resulted in sustaining the increased operating EBITDA. Highlights of the performance in comparison to 12month period of 2012:

• Sales marginally decreased by 2.4%
• Gross Profit Margin increased by 1.0 percentage point
• Operating ΕΒΙΤDA increased by 4%

Financial Performance:

Turnover for M. J. Maillis Group for the year of 2013 reached €260.3 million, marginally lower compared to 2012, as a result of the decrease in the demand of durable goods following the European economic recession.

The gross profit margin at 19.7% was higher by 1.0 pp in comparison to previous year, driven by the higher participation to the sales mix of packaging machines, products of higher profitability.  

Excluding one-off income and expenses as a result of exchange differences, as well as provisions and  restructuring costs, the operating EBITDA for 2013 was 11.6 m€ (vs. operating EBITDA for 2012 of 11.1 m€) mainly due to the higher gross profit margin. Respectively, total EBITDA reduced to 0.5 m€ compared to 10.6 m€ in 2012 because of the one-off expenses related to provisions for the implementation of the restructuring plans, which are expected to bring considerable reductions in expenses and overall cost structure in the foreseeable future.

Consequently Net Losses before Tax were at 27.2 m€ vs. 32.9 m€ in 2012 while Net Losses after tax were 30.0 m€ vs. 48.5 m€ in 2012.

Outlook:

The Group's performance is expected to continue being affected by the slowdown of industrial activity and weak economies of the southern countries in Eurozone with the Group focusing on sales growth and further optimization of production costs and expense control.

Since the lack of liquidity in the operations of the Group remains the major limiting factor for its growth, negotiations with major suppliers continue in an effort to improve the credit terms and ensure the necessary raw materials to support sales.

During the last two years, there are ongoing discussions between the Management of the Group and the Bondholders for the modification of the terms and conditions (extension of agreements / reduction of interest rates etc.) of the Bond Loans. The Lenders appear to respond positively since they have note proceeded with any adverse measures for the Group / Company, following the breach of covenants. 

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