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Mayr-Melnhof Well Positioned for Growth

Mayr Melnhof © photocase.com/ondrasch

© photocase.com/ondrasch

October 15, 2008

Mid-year results were down only slightly from last year, board mill in Bulgaria has been closed down.

The Austrian cardboard and packaging company, Mayr-Melnhof Group , reported a 6 percent drop in the first six months to June 2008. Operating profits came in at 55.4 million euros (75.4 million dollars), as the economic slowdown and rising prices took their toll.

This decrease was mainly caused by cardboard production, a segment that was strongly affected by the negative development of the market. The packaging segment, on the other hand, managed to sustain its strong position by enlarging its market share and increasing productivity.

For the closure of the Bulgarian board mill Nikopol, Mayr-Melnhof reported expenses adding up to 22.6 million euros (30.7 million dollars). However, this was offset by a gain of 20 million euros (27.2 million dollars) proceeding from the sale of the paper recycling unit Joh. Spiehs and the stakes in “Papyrus Group” and Parek.

With an average amount of 21,857,118 shares in circulation, earnings per share resulted in 2.49 euros (3.39 dollars).

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