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Annual Report 2018 of the Mayr-Melnhof Group

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Annual Report 2018 of the Mayr-Melnhof Group 2018 ANNUAL REPORT | MAYR-MELNHOF KARTON AG Key Indicators consolidated (in millions of EUR) 2018 2017 +/- Consolidated sales 2,337.7 2,336.8 + 0.0 % EBITDA 332.1 314.3 + 5.7 % Operating profit 217.1 215.0 + 1.0 % Profit before tax 217.9 205.5 + 6.0 % Profit for the year 164.2 155.0 + 5.9 % Cash earnings 269.7 257.1 + 4.9 % Return on equity 12.1 % 12.0 % Operating margin 9.3 % 9.2 % Return on capital employed 15.5 % 15.1 % Total equity 1,384.8 1,318.6 + 5.0 % Total assets 2,065.7 2,013.4 + 2.6 % Capital expenditures (CAPEX) 124.4 159.1 - 21.8 % Depreciation and amortization 107.3 99.7 + 7.6 % Employees 9,445 9,856 - 4.2 % Earnings per share (in EUR) 8.18 7.73 + 5.8 % Dividend per share (in EUR) 3.201) 3.10 + 3.2 % 1) proposed Please find the five year overview 2014 – 2018 at the end of the report. Strong Performance. Strong Assets. As the world’s largest producer of coated recycled fiber- based cartonboard with a significant production of virgin fiber-based cartonboard and as the largest European producer of folding cartons, the Mayr-Melnhof Group is strong positioned. High-performance facilities with state-of-the art technology and close to the customer are our industrial base, of which we show a selection in this report. Facts We focus sustainably on our core competence, the production and processing of cartonboard to packaging for consumer staples. We thus pursue a long-term attractive and balanced business with manageable cyclicality. Strategic Market position positioning MM Karton is the world’s largest producer of Consequent maintaining of market leadership coated recycled fiber-based cartonboard and in the core competence areas based on cost, an important manufacturer of virgin fiber-based technology and innovation leadership is the cartonboard in Europe. MM Packaging is the goal. The excellent industrial production using leading European producer of cartonboard economies of scale and exploiting new markets packaging and one of the largest worldwide. determines our course. Market Growth The market for cartonboard packaging is We grow organically and through acquisi- sustainable and correlates with private con- tions. The collaboration with strong custom- sumption. MM Karton sells blank cartonboard ers, maximum efficiency in production as well mainly to packaging producers. MM Packaging as unrestrained investment in technology and supplies a broad range of consumer goods expertise are the basis. Creation of value added industries with printed and variously finished characterizes the expansion course. cartonboard packages. Geographic positioning Financial targets The focus of our business lies on Europe. We pursue a sustainably high return on capital Cartonboard deliveries between continents employed (ROCE) and a continuous dividend are less important. Due to transport costs policy in accordance with profit dynamics. and service demands, cartonboard packaging Around 50 % of the generated cash earnings is defined as regional product. With produc- are invested in the long term, focusing on cost tion plants all over Europe and in emerging reduction and further growth. markets, MM Packaging supplies customers increasingly global. Figures 2018 2,337.7 Group sales in millions of EUR 8.18 3.20 Earnings per share Dividend per share in EUR in EUR (proposed) 15.5 % ROCE return on capital employed 269.7 2.7 % Cash earnings Dividend yield in millions of EUR 9.3 % Operating margin 9,445 124.4 Employees Capital expenditures in millions of EUR 25 years on the Stock Exchange Sales in millions of EUR 2,337.7 2,000 1,500 1,000 500 0 1994 2000 2006 2012 2018 Earnings and dividend per share in EUR 9 8.18 Earnings 6 3 3.20 Dividend (proposed) 0 1994 2000 2006 2012 2018 2004: incl. EUR 0.75 bonus 2013: incl. EUR 2.40 bonus Share price Mayr-Melnhof Karton AG in EUR 26.16 1994 1996 1998 2000 2002 2004 2006 1995 – 2005 Strong expansion Eastern Europe nd April 22 , 1994 2006 Initial listing Start expansion 1997 Packaging MENA Entry cigarette packaging Leading in consolidation of the European cartonboard packaging industry Our strategy has proved successful 825.2 Dividend payment • Focus on core business in millions of EUR (since IPO until year-end 2018) • Market leader based on cost, technology, and innovation leadership 470 % • Leading in consolidation of the Total shareholder return per share European cartonboard packaging industry (since IPO until year-end 2018) • International growth with strong customers • Consistent acquisition course 2,200 Market cap • Continuous dividend policy in millions of EUR (year-end 2018) • Long-term management 120 90 60 30 2008 2010 2012 2014 2016 2018 2019 0 2015 Entry pharma 2010 packaging Start expansion Packaging 2018 “MMK digital” – first digital Latin America sales and service channel in 2011 cartonboard industry Start expansion Packaging Far East 01/2019 Acquisition Tann-Group Business structure Both divisions, MM Karton and MM Packaging, are profit centers which carry out business transactions at market conditions. Market: Consumer goods producers approx. 1.5 million tons of fibers (p. a.) (approx. 74 % recycled fibers)1) approx. 193,000 tons of cartonboard from MMK to MMP approx. 1.7 million tons approx. 766,000 tons cartonboard produced (p. a.) tonnage processed (p. a.) approx. 573,000 tons of virgin and recycled fiber-based cartonboard procured externally Market: Folding carton producers 1) excl. rejects (Values 2018) A balanced portfolio MM Karton MM Packaging 41 % 59 % Group sales Group sales 44 % 56 % Group operating Group operating profit profit 16.1 % 15.1 % ROCE ROCE 79 % 79 % Recycled Multinational fiber-based customers cartonboard MM Karton MM Packaging 21 % 21 % Virgin fiber-based Local customers cartonboard (Values 2018) Content Company Shares & Strategy & Governance 10 Foreword 33 Mayr-Melnhof Shares 12 Management Board 38 Corporate Governance Report 26 Locations 47 Report of the Supervisory Board 28 Divisions Performance 2018 Service 49 Management Report 213 Glossary 215 Group Key Indicators 49 Positioning of the Mayr-Melnhof Group Five Year Overview 2014 – 2018 and the Divisions 216 Financial Calendar 2019 55 Development in the Year 2018 67 Research and Development 70 Risk Management 78 Disclosures according to Section 243 a Para. 1 of the Austrian Commercial Code 79 Non-Financial Statement according to Section 267 a of the Austrian Commercial Code 80 Outlook on the Financial Year 2019 81 Non-Financial Report 121 Consolidated Financial Statements 211 Statement of the Management Board 212 Development in the 4th Quarter 2018 Looking into the future, continuity and long-term orientation will remain our direction. FOREWORD I am pleased to report to you one more time in The total shareholder return over this period of a row on the continuing success course of your around 470 % underlines the long-term attrac- Company in 2018. We again succeeded in con- tiveness of our business and the validity of MM’s cluding the year with a record result. This was un- strategy in various and rapidly changing chal- derpinned by the initial economic-related robust lenges. We have so far succeeded in sustainably demand in Europe and a strong performance of maintaining market leadership in the core busi- the MM Karton division due to better prices and ness on basis of cost, technology, and innovation lower direct costs. In contrast, at MM Packaging leadership. Looking into the future, continuity and we have faced the challenge of passing on higher long-term orientation will therefore remain our input prices to customers, in particular for car- direction, always with the focus on value orien- tonboard. The implementation was effected with tation, use of state-of-the-art technologies, and a time lag, accompanied by consistent rational- sustainable development of our human resources. ization measures in the plants, thus pressure on margins could be absorbed. Organic growth and appropriate acquisitions will further determine our future course with the goal I would like to take this opportunity to express of sustainably creating value added while keeping my gratitude and high recognition to the entire risk manageable. The latest acquisition also fits MM team. Our employees once again have made well into this concept, offering attractive potential a major contribution to the success of your Com- through presence in new markets and cooperation pany with their performance, responsibility, and with existing and new customers. passion for our business. Their loyalty represents an important competitive advantage for the future. 2019 has started well and your Company holds a solid position. I would also like to thank you, our shareholders, for the trust you have placed in us over so many Accompany us further on! years. In accordance with profit growth and our continuous dividend policy, it is with great pleasure and satisfaction to recommend to the 25th Ordinary Shareholders’ Meeting another div- idend increase. This will be the ninth time in suc- cession in a steady upward development of profit Wilhelm Hörmanseder and dividend distribution over 25 years of listing Chairman of the Management Board on the Stock Exchange. February 28, 2019 MAYR-MELNHOF KARTON AG, ANNUAL REPORT 2018 11 MANAGEMENT BOARD Management Board Andreas Blaschke Member of the Management Board Wilhelm Hörmanseder Chairman of the Management Board MANAGEMENT BOARD Franz Hiesinger Member of the Management Board Franz Rappold Member of the Management Board Europe’s largest recycled board mill MM Karton Frohnleiten, Austria The Frohnleiten mill has the highest production capacity for recycled fiber-based cartonboard in Europe and is MM Karton’s main factory. The here located innovation and competence center for cartonboard packaging is the largest in Europe. MM Karton Frohnleiten is leading in the field of barrier cartonboard for opti- mum protection of packaged food.
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