Maillis to double dividend, plans aggressive expansion

Packaging group Maillis said yesterday it plans to propose a dividend of 0.08 euros (27 drachmas) to shareholders at the general assembly this year following a 14 percent hike in consolidated earnings before interest, tax, depreciation and amortization (EBITDA) in 2001. The group, noted for its aggressive expansion strategy in recent years which resulted in a series of acquisitions all over Europe, said the dividend payout is more than double the figure paid out in 2000. EBITDA for the group last year rose by 14 percent to 43.5 million euros (14.8 billion drachmas) from 38.3 million euros (13 billion drachmas) in 2000 on the back of an 18-percent hike in consolidated sales to 270.8 million euros (92.3 billion drachmas). Consolidated pretax profits however fell by 5.47 percent to 25.9 million euros (8.8 billion drachmas) from 27.4 million euros (9.3 billion drachmas). Maillis said consolidated sales in the last quarter of 2001 showed a significant improvement, which is expected to carry over to this year. It said the results recorded last year came against a background of a global economic slowdown and, when compared with its competitors, proved the wisdom of its strategy. Last year the group focused on consolidating its operations, after extensive acquisitions over a two-year period. Maillis’s decision to go on a spending spree in recent years is in line with its goal of creating a vertical integrated production capacity in all secondary packaging materials. It has manufacturing units in Greece, Spain, the UK, Italy, Germany, Poland and Romania. Affiliates are present in Bulgaria, Romania, the Czech Republic, Hungary, Poland, Spain, the UK, Italy, Austria, France, Sweden and Finland.