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MAYR-MELNHOF KARTON AG

MAYR-MELNHOF KARTON AG. FINANCIAL RESULTS 2002 April 23, 2003. Key figures. Karton. Packaging. Graphia. Group. HIGHLIGHTS 2002. Previous year‘s record result outperformed once again Net income for the year increased 7% to EUR 83 million

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MAYR-MELNHOF KARTON AG

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  1. MAYR-MELNHOF KARTON AG • FINANCIAL RESULTS 2002 • April 23, 2003

  2. Key figures Karton Packaging Graphia Group HIGHLIGHTS 2002 • Previous year‘s record result outperformed once again Net income for the year increased 7% to EUR 83 million • Increase of dividend from 1.80 to 2.00 EUR / share • Successful expansion • Share price increased by 33 %

  3. Key figures Karton Packaging Graphia Group MM SHARES Relative Performance of MM Shares 2002 / 2003 Dec. 28, 2001 =100 MM MM ATX MSCI

  4. Key figures Karton Packaging Graphia Group MARKET POSITION - SEGMENTS • the worldwide leading producer of recycled fiber based cartonboard (1.6 million tons) • Europe’s largest manufacturer of folding cartons (330,000 t) • a leading European packaging producer for cigarettes and confectionary (85,000 t)

  5. Key figures Karton Packaging Graphia Group SITES MM-Karton 9 Mills in 6 countries MM-Packaging 15 Facilities in 7 countries MM-Graphia 5 Facilities in 2 countries Basis: 2003

  6. Key figures Karton Packaging Graphia Group STRATEGIC POSITION • Concentration on core competences (Cartonboard production and processing) • Market AND Cost Leadership • Long-term profit orientation • Expansion • - Karton, Packaging und Graphia • - Focus: Southern- &. Eastern Europe, Asia (China) • Increase of customer utility • Increase of the Company‘s value

  7. Key figures Karton Packaging Graphia Group 2002 FINANCIAL RESULTS

  8. Key figures Karton Packaging Graphia Group CONSOLIDATED RESULTS 2002 2002 2001 +/- Consolidated in EUR millions, US GAAP Sales 1,265.7 1,122.9 +12.7% 120.2 Operating profit 135.7 +12.9% 10.7% Operating margin 10.7% 123.2 Income before taxes 132.8 +7.7% 77.9 Net income 83.3 +6.9% 6.9% % of sales 6.6% 6.66 7.57 Earnings per share (in EUR) Cash earnings 174.7 159.7 +9.4% % of sales 13.8% 14.2%

  9. Key figures Karton Packaging Graphia Group SALES AND MARGINS In EUR millions % of sales

  10. Key figures Group Karton Packaging Graphia GROUP - QUARTERS

  11. Key figures Karton Packaging Graphia Group SALES AND OPERATING PROFIT BY DIVISION PACKAGING PACKAGING KARTON KARTON 17% 70% 54% 32% GRAPHIA 13% 14% 56% GRAPHIA Sales Operating profit (2002)

  12. Key figures Karton Packaging Graphia Group DIVISIONAL SALES BY REGION 70% 54% 56% MM-KARTON MM-PACKAGING MM-GRAPHIA

  13. Key figures Karton Packaging Graphia Group GROUP BALANCE SHEETS 31.12.2001 31.12.2002 Consolidated in EUR millions, US GAAP 498,6 518,2 Current assets 577,3 657,0 Non-current assets 1.075,9 1.175,2 Total assets 315,2 354,7 Current liabilities 233,5 240,2 Non-current liabilities 3,7 8,3 Minority interests 523,5 572,0 Stockholders‘ equity 1.075,9 1.175,2 Total liabilities and stockholders‘ equity Cash and cash equivalents + available-for-sale securities 225,5 247,0

  14. Key figures Group Karton Packaging Graphia CONSOLIDATED STATEMENTS OF CASH FLOWS 2002 2001 in Mio. EUR, US GAAP 179.7 Net cash provided by operating activities 173.8 (68.1) (119.1) Net cash used in investing activities (71.1) (112.8) Net cash used in financing activities 0.5 (0.5) Exchange rate changes Net increase in cash and cash equivalents (17.5) (0.7) Cash and cash equivalents at year-end 149.1 166.6 „Available-for-sale securities“ 76.4 80.4 Total resources available to the Group 247.0 225.5 247,0

  15. Key figures Group Karton Packaging Graphia DEVELOPMENT - ROE Defined: Net income / average stockholders‘ equity

  16. Key figures Group Karton Packaging Graphia DEVELOPMENT - ROCE Defined: Net income before minority interests, income taxes and net interest expense / average stockholders‘ equity, minority interests and net debt (only if the interest bearing liabilities are greater than cash and cash equivalents)

  17. Key figures Karton Packaging Graphia Group MAYR-MELNHOF KARTON

  18. Key figures Karton Packaging Graphia Group MM-KARTON - Overview 2002 • Strong demand in 1st half-year followed by weaker dynamics • in the second half-year • Successful increase of cartonboard prices after drastic • surge of waste paper prices • Capacity utilization clearly exceeded the previous year‘s level • despite selective production curtailments during 2nd HY • - 93% in 2002 after 89% in 2001 • - Significant increase in the non-European business

  19. Key figures Karton Packaging Graphia Group CARTONBOARD SOLD Tons 22% 15% 19% 17% 13% 78% 85% 81% 30% 83% 17% 87% 23% 25% 83% 77% 70% 75%

  20. Key figures Karton Packaging Graphia Group MM-KARTON: Results 2002 2002 2001 +/- In EUR millions, US GAAP Sales 778.7 724.1 +7.5% 90.4 Operating profit 94.4 +4.4% 12.5% Operating margin 12.1% 1,275 1,435 +12.5% Tonnage produced in 000‘s of tons 2,453 Employees 2,952 Capex 46.9 42.5

  21. Key figures Karton Packaging Graphia Group „Best in Business“ • COMPETENCE LEADER • Taylor-made cartonboard solutions • Co-operation with customers on the basis of state of the art • communications tools • High flexibility in production planning • Continuous exploitation of cost reduction potential • Expansion of the own sales organization

  22. Key figures Karton Packaging Graphia Group MAYR-MELNHOF PACKAGING

  23. Key figures Karton Packaging Graphia Group MM-PACKAGING: Overview 2002 • 15 facilities in 7 countries • Tonnage processed 324,000 tons • > 55 % multinational customers • Positive development of sales

  24. Key figures Packaging Group Karton Graphia MM-PACKAGING: Results 2002 2002 In EUR millions, US GAAP Sales 421.3 Operating profit 23.7 Operating margin 5.6% Tonnage converted in 000‘s of tons 324 Employees 2,652 Capex 12.7

  25. Key figures Karton Packaging Graphia Group DECESIVE FACTORS IN PACKAGING • Speed (“Time to Market“) • Individualization • Change of customer structure • Buying decision increasingly made at “Point of Sale“ (POS)

  26. Key figures Karton Packaging Graphia Group MMP – Solutions / Focus • European innovation-network • Creativity center • Integrated processes (supplier – customer) • Site optimization

  27. Key figures Karton Packaging Graphia Group MMP - Specialization Food Detergents Display / POS Microflute Display / P.O.S. Pet Food Pharma Multipack

  28. Key figures Karton Packaging Graphia Group MAYR-MELNHOF GRAPHIA

  29. Key figures Karton Packaging Graphia Group MM-GRAPHIA - Overview 2002 • Solid development of business • Integration according to schedule • Strong technological position • - Three technologies (Rotogravure, Offset, Flexo), • - Wide Know-how in high-grade finishing technologies • International customer base • Consequent further expansion • - Priority Eastern Europe

  30. Key figures Karton Packaging Graphia Group MM-GRAPHIA: Results 2002 2002 In EUR millions, US GAAP Sales 177.1 Operating profit 17.6 Operating margin 9.9% Tonnage converted in 000‘s of tons 59 Employees 1,182 Capex 8.3

  31. Key figures Group Karton Packaging Graphia 1st QUARTER 2003 • High utilization of capacities • MM-Karton continued to pursue best possible price stability • Healthy development of business at MM-Packaging • and MM-Graphia • Positive development of earnings Results will be released by May 12, 2003

  32. Key figures Group Karton Packaging Graphia OUTLOOK • Cartonboard business remains short-term • Pressures on cartonboard prices is increasing • - As in the past, MM-Karton will take selective downtime • Increasing raw material costs

  33. Key figures Karton Packaging Graphia Group MM-KARTON: Order Backlog 45,000

  34. Key figures Group Karton Packaging Graphia OUTLOOK • Consequent continuation of cost-cutting programs • Sustained positive development at MM-Packaging • and MM-Graphia • Unbroken investment activity

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