PRESS RELEASE
PRESS RELEASE
M.J.MAILLIS GROUP: Q1 2013 Financial Results
(for the period 01.01.2013 – 31.03.2013)
May 30, 2013. 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 2013 ended March 31, 2013.
Highlights:
During the first quarter of 2013 the Group turnover was negatively affected by the slowdown in the European economies. However, the improvement in the gross profit margin along with the strict control on operating expenses resulted to an increased operating EBITDA.
The highlights of the 1st quarter performance vs same period last year were:
- · 1st quarter sales decreased marginally by 1.4%
- · Gross Profit Margin increased by 0.4 percentage points
- · Operating EBITDA increased by 12.3%
Key figures for Q1 2013:
|
|
31.3.2013 |
31.3.2012 |
Difference |
|
Sales |
66,960 |
67,918 |
-1.41% |
|
Gross Profit |
12,781 |
12,664 |
0.92% |
|
Gross Margin |
19.09% |
18.65% |
0.44 pp |
|
Operating EBITDA |
3,119 |
2,778 |
12.26% |
|
EBITDA |
2,284 |
2,206 |
3.50% |
|
Losses before Taxes |
(6,129) |
(3,315) |
84.85% |
|
Losses After Taxes |
(8,057) |
(3,654) |
120.50% |
* 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 66.96 m€ in the first quarter of 2013, lower by 1.4% versus last year, as a result of the decrease in demand of durable goods due to the European economic recession.
The gross margin at 19.1% was higher by 0.4 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, inventory and receivables provisions as well as restructuring costs, the operating EBITDA for 2013 was 3.1 m€ (vs. operating EBITDA for 2012 of 2.8 m€) mainly due to operating expenses reduction besides the increase in gross profit margin. Total EBITDA at 2.3 m€ (vs. 2.2 m€ in 2012).
Net losses before tax at 6.1 m€ vs. 3.3 m€ in 2012 while net losses after tax were 8.0 m€ vs. 3.7 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 the industrial activity of Eurozone. Emphasis will continue to be put on top line growth, further optimization of production costs, the control of expenses and ensuring sufficient liquidity to implement its goals.
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