PRESS RELEASE
PRESS RELEASE
M.J. MAILLIS GROUP: 3rd Quarter 2012 Financial Results
(for the period 01.01.2012 – 30.09.2012)
November 29, 2012. 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 September 2012.
-Highlights:
The Group's turnover continued to be affected by the decrease in the demand of consumables and machines for industrial packaging as a result of the European recession and the reduced industrial activity in Europe. However, the improvement in the gross profit margin, the control of administrative and selling expenses and the positive effect of foreign exchange variances kept EBITDA at par with 2011.
-Compared with nine months of 2011:
- Sales at -5.7%.
- Gross Profit Margin increased by +0.6 percentage points.
- Operating EBITDA up by +6.5%
- ΕΒΙΤDA at -0.7%.
- Key figures for the period ending 30 September 2012:
|
|
3rd quarter 2012 |
3rd quarter 2011 |
Nine Months 2012 |
Nine Months 2011 |
% |
|
Sales |
64,415 |
68,807 |
201,823 |
214,033 |
-5.70% |
|
Gross Profit |
12,286 |
12,561 |
38,682 |
39,689 |
-2.54% |
|
Gross Margin |
19.07% |
18.26% |
19.17% |
18.54% |
0.62 pp |
|
Operating EBITDA |
3,303 |
2,761 |
9,293 |
8,723 |
6.53% |
|
EBITDA |
2,799 |
3,262 |
8,247 |
8,304 |
-0.69% |
- Compared with Q3 2011
Group sales in the 3rd quarter of 2012 decreased by -6.4% while gross profit decreased by -2.2%. Margin was up by +0.82 pp, to 19.1% and operating EBITDA up by 19.6% to 3.3 m€. Pre-tax profit, interest and depreciation (EBITDA) decreased by €0,463 million.
-Financial Performance YTD:
Turnover for the M. J. Maillis Group during the nine months period reached €201.8 million, -5.7% vs. 2011, as a result of the European economic recession and the decrease in the demand of durable goods.
Gross margin at 19.17% of sales, improved by 0.62 pp in comparison to previous year as a result of better margin management, improved product mix and lower depreciation.
Excluding one-off income and expenses as a result of exchange differences, provisions as well as restructuring costs, the operating EBITDA for the nine months of 2012 was up 6.5%, 9.293 m€ vs. 8.723 m€ in 2011.Total EBITDA reached 8.247 m€ compared to 8.304 m€ in 2011.
Net losses before tax decreased by -18.2% at -12.3 m€ vs. -15.1 m€ in 2011 while net losses after tax were -13.3 m€ vs. -14.6 m€ in 2011. The decrease in net losses is due to positive exchange differences and lower financial expenses compared to 2011.
-Outlook:
The 4th quarter of 2012, the Group's performance will continue to be affected by the slowdown in the industrial activity and the European recession. The Group continuous its focus on ongoing market penetration, production optimization, cost control and cash flow improvement.
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