Mayr-Melnhof Holz: Deep in the red in 2012

Last year's balance sheet of the Mayr-Melnhof AG, Leoben/AT, is a document of financial disaster: Results from ordinary business activities amounted to € -55.4 million. With the loss carryforward from 2011, the net loss in 2012 even came to € 87.5 million. That brought Austria's largest wood processing industry to the brink of insolvency. It could only be averted by the deferral of investment loans to the end of 2015 by the main banks, a shareholder's short-term capital grant of € 8 million and a capital increase of € 45 million as part of participation rights. The measures should be sufficient to secure the expected liquidity for the financial year 2013, said a spokesperson.

In 2012, turnover dropped by 7% to € 528 million. Particularly results from the domestic business plunged, suffering a 18% decrease in sales to € 102 million. The number of employees decreased by 8% to 1703. But the main reason for the devastating figures can be seen in non-scheduled depreciation at the operations in Reuthe/AT, Frankenmarkt/AT and of the subsidiary company in Russia Efimovsky, amounting to € 19.2 million.