Miko: Half-yearly Results 2013
Miko, the Euronext Brussels listed specialist in coffee service and plastic packaging, posted in the first half of 2013 a 3.9 % rise in turnover. The operating profit (EBIT), operating cash flow (EBITDA) and net profit rose by 1.5 %, 1.2 % and 0.8 % respectively. Discounting the one-off costs incurred by takeovers, EBIT, EBITDA and net profit would have risen by 10.7 %, 6.7 % and 9 % respectively.
The plastics sector accounted for EUR 39.7 million, i.e. an increase of 5.41 % compared with last year. This sector therefore accounts for 51.80 % of the total turnover. This rise was mainly down to additional sales made to new customers. These additional sales managed to offset some of the negative trends. Due to the very mediocre spring, the ice cream season had a late start. Ice cream tubs are part of plastic packaging’s core business.
EBIT and EBITDA for the plastic packaging business rose by 12.5 % and 1.5 % respectively. This rise is related to the increased turnover. The sharp fall in depreciation is the reason why the growth in EBIT was relatively stronger than that in EBITDA. Investments of EUR 5 million were made in this sector. These related to the building of additional production space for the plant in Poland and to the purchase of machines, moulds and other equipment. Major work is under way at the Polish plant where a new production hall is being built to handle the rapid growth. Last year the plant already started using a new warehouse.
“We are cautious about making any statements about the rest of 2013. Both the economic situation and raw material prices remain uncertain. However, this does not alter the fact that we are still carrying on investing in both our coffee service and plastic packaging businesses,” said Frans van Tilborg, the Miko Group’s general manager and CEO.
Miko’s plastics processing division produces high quality plastic packaging for the food and cosmetic industries, and has production plants in both Belgium and Poland. The customers are to a large extent big multinationals active in food and cosmetics.
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