• FY 19A record year despite slower market dynamics: This increase was mainly from M&A in the Packaging division and supported overall good capacity utilisation across both segments. Group EBITDA margin of 15.3% expanded by 140bps y/y helping ROCE increase by 40bps to 15.4%.
  • Key financial metrics: Sales: +8.8%; EBITDA: +20.1%, EPS: +16.0% and DPS: +13%. Cartonboard segment benefitted from largely stable average prices and cost reductions. Packaging segment bolstered by the Tann-Group acquisition, which performed in line with management expectations.
  • Market dynamics traditionally slowed towards the end of Q4 but remained overall more solid y/y. This was supported by a noticeable reduction in stocks along the supply chain.
  • The Group’s cartonboard and packaging production facilities have overall been highly utilized since the beginning of 2020. However, European economies are showing low momentum. Encouragingly, private consumption continues to show stable development – this has provided an underpin for cartonboard packaging demand. Sales markets, however, remain characterized by intense competition due to sufficient capacities. On this basis, MM Karton will continue to focus on maintaining price levels.
  • After a good start to 2020, MM sees the challenges in the course of the year increasing. Their risk-conscious global acquisition strategy continues.

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