PRESS RELEASE
PRESS RELEASE
M.J.MAILLIS GROUP: Q1 2012 Financial Results
(for the period 01.01.2012 – 31.03.2012)
May 21, 2012. Athens, Greece – The M.J. Maillis Group, a global leader in secondary packaging listed on the Athens Exchange (ATHEX: MAIK), announces today its results for the first quarter of 2012 ended March 31, 2012.
Highlights:
The Group's turnover during the first quarter of 2012 was negatively affected by the slowdown in the European economy. However, the improvement in the gross profit margin along with the strict control of operating expenses resulted in an increased EBITDA.
- · 1st quarter sales decreased by 7.1% vs. 1st quarter 2011
- · Gross Profit Margin increased by 0.6 percentage points compared to 2011
- · Total EBITDA increased by 15.6%
Key figures for Q1 2012:
|
|
31.3.2012 |
31.3.2011 |
Difference |
|
Sales |
67,918 |
73,097 |
-7.09% |
|
Gross Profit |
12,664 |
13,174 |
-3.87% |
|
Gross Margin |
18.65% |
18.02% |
0.62 pp |
|
Operating EBITDA |
2,772 |
2,382 |
16.38% |
|
EBITDA |
2,206 |
1,910 |
15.55% |
* Operating EBITDA does not include non-recurring expenses, FX differences and restructuring costs that adjust the EBITDA
Financial Performance:
The group consolidated sales amounted to 67.9 m€ in the first quarter of 2012, lower by 7.1% versus last year, as a result of the European economic recession and the decrease in the demand of durable goods.
The gross margin at 18.65% was higher by 0.62 pp in comparison to previous year as a result of better margin management.
Excluding one-off income and expenses as a result of exchange differences, inventory and receivables provisions as well as restructuring costs, the operating EBITDA for 2012 was 2.8 m€ (vs. operating EBITDA for 2011 of 2.4 m€) mainly due to operating expenses reduction. Total EBITDA at 2.2 m€ (vs. 1.9 m€ in 2011).
Net losses before tax at 3.3 m€ vs. 1.7 m€ in 2011 while net losses after tax were 3.7 m€ vs. 2.3 m€ in 2011. The increase in net losses is due to lower income from exchange differences compared to 2011.
Outlook:
2012 will be a difficult year due to the on-going recession in the European economy coupled with the domestic financial, politics and economic crisis, which among others, intensifies the liquidity problems. Nonetheless, the Group continues the efforts to further improve its performance through the restructuring of its cost base and the recovery of market shares in selected key markets.
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