Ceepackaging

Corporate

Bulgarian closure hits M+M profits

The operating profit decreased with EUR 80.3 million by 6.1 % below the previous year’s
level (1st half of 2007: EUR 85.5 million). This difference resulted mainly from a lower profit
contribution from MM Karton due to increased cost and the lacking profit contribution from
the recovered paper companies sold.
Expenses for the closure of the Bulgarian board mill Nikopol, recorded in the first quarter,
amounted to EUR 22.6 million. Furthermore the divestment of the recovered paper company
Joh. Spiehs and the stake in the recovered paper companies “Papyrus Group” and Parek
resulted in a EUR 20.0 million gain from disposal of businesses.
Profit before tax reached EUR 81.3 million, compared to EUR 87.1 million in the reference
period of the previous year. Income tax expense amounted to EUR 25.9 million
(1st half of 2007: EUR 27.9 million). Therefore, the Group tax rate levels at 31.9 %
(1st half of 2007: 32.0 %). This minimal rate change, despite a lower German corporate tax
rate in 2008, results mainly from the taxation of non-recurring income from the sale of
businesses during the first quarter.
The profit for the period attained EUR 55.4 million, compared to EUR 59.2 million in the first
half-year 2007. With a basic weighted average of 21,857,118 shares outstanding, the
earnings per share amounted to EUR 2.49 (1st half of 2007: EUR 2.66).
Development