M.J.MAILLIS GROUP – Full Year 2012 Financial Results

PRESS RELEASE

March 29, 2013. Athens, Greece The M.J. Maillis Group, a global leader in the field of secondary packaging listed on the Athens Stock Exchange (ATHEX: MAIK), announces its results for the period from 1 January to 31 December 2012.

Highlights:

The Group’s turnover continued to be affected by the decrease in the demand of consumables and machines for industrial packaging as a result of the European recession and the reduced industrial activity in Europe. However, the improvement in the gross profit margin and the decrease of administrative and selling expenses resulted in the increase of EBITDA compared to 2011.

-Compared with financial year 2011:

  • Sales at -4.5%.
  • Gross Profit Margin +0.4 pp.
  • Operating EBITDA +25.3%
  • ΕΒΙΤDA +38.6%.

- Key figures for the period ending 31 December 2012:

2012

2011

Difference

Sales

266,689

279,339

-4.5%

Gross Profit

50,022

51,185

-2.3%

Gross Margin

18.76%

18.32%

0.4 pp

Operating EBITDA

11,112

8,867

25.3%

EBITDA

9,571

6,908

38.5%

-Financial Performance 2012:

Turnover for the M. J. Maillis Group reached €266.7 million, -4.5% vs. 2012, as a result of the European economic recession and the decrease in the demand of durable goods.

Gross margin at 18.76% of sales, improved by 0.43 pp in comparison to previous year as a result of better margin management, improved product mix and lower depreciation.

Excluding one-off income and expenses as a result of exchange differences, provisions as well as restructuring costs, the operating EBITDA of 2012 was up by 25.3%, at 11.1 m€ (vs. 8.9 m€ in 2011).

Total EBITDA reached 9.6 m€ compared to 6.9 m€ in 2011 as a result of improved gross profit margin by 0.4 percentage points and the decrease in administrative and selling expenses by 7.7%.

Losses before tax amounted to 33.9 m€ compared to profit of 1.8 m€ in 2011 while losses after tax amounted to 49.2 m€ compared to profit of 1.7 m€ in 2011. Losses of this year are due to higher impairment of goodwill compared to 2011 by 6.4 m€, write off of deferred tax asset of the Parent company and lower income from exchange differences. Also, the profitability of 2011 was mainly the result of one off income due to debt restructuring amounting to 42.5 m€.

The adjusted result is analyzed below:

In th €

2012

2011

Profit/(Loss) for the year

(49,247)

1,670

Loss on impairment of goodwill and investments

(16,085)

(9,730)

Gain on the extinguishment of financial liabilities by the issue of common equity shares

-

42,457

Write off of Deferred Tax Asset

(7,872)

-

Adjusted Profit/(Loss)

(25,291)

(31,058)

-Outlook:

During 2013 the Group’s performance is expected to continue being affected by the slowdown in the industrial activity. Emphasis will continue to be put on top line growth, further optimization of production costs, the control of expenses and the improvement of liquidity.

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, Nestl?, 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