Corporate | 11 August 2009 08:30
Masterflex AG / Half Year Results/Miscellaneous
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
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PRESS RELEASE
Masterflex AG reports figures for H1 2009
- Focus on High-Tech Hose Systems - Group restructuring proceeding well
- Economic crisis cushioned through early cost savings
- Earnings impacted by restructuring costs, positive operating EBIT
- Significant positive cash flow
- Debt financing secured
30 Jun. 30 Jun.
Continued business units (IFRS) 2009 2008 +/-
Revenue (EUR thou.) 36,586 45,563 -19.7%
Consolidated EBITDA (EUR thou.) 1,821 5,834 -68.8%
Consolidated EBIT (EUR thou.)
excluding restructuring costs 72 2,380 -97.0%
including restructuring costs -1,455 2,318
Consolidated EBT (EUR thou.) -3,251 -5,015 -35.2%
Consolidated net income
after minority interests (EUR thou.) -2,452 -2,469 -0.7%
Earnings per share (EUR)
From continued business units -0.56 -0.82 -31.7%
From discontinued business units 0.00 0.26
From continued and discontinued
business units -0.56 -0.56
Consolidated EBIT margin
excluding restructuring costs 0.0% 5.2%
including restructuring costs -4.0% 5.1%
Consolidated return on sales -6.7% -5.4%
Number of employees 697 758 -8.0%
30 Jun. 31 Dec.
2009 2008 +/- in %
Consolidated equity (EUR thou.) 12,441 14,840 -16.2%
Consolidated total assets (EUR thou.) 96,114 101,475 -5.3%
Consolidated equity ratio (%) 12.9% 14.6% -11.6%
Gelsenkirchen, 11 August 2009. Masterflex AG's business development in the
first half of 2009 was dominated by its ongoing restructuring process and
the economic crisis. Consolidated revenue decreased by 19.7% year-on-year
to EUR36.6 million. Revenue in the core High-Tech Hose Systems business
unit
remained at the level recorded in the first quarter of 2009, albeit down on
the previous year. While the Medical Technology and Mobility business units
recorded largely stable revenue development, Surface Technology again
reported a significant decline.
As Masterflex AG started to implement extensive cost-cutting measures in
late 2008, the Company has succeeded in protecting its operations from
substantial negative earnings consequences to a large extent. However, the
costs of the successful ongoing restructuring process and, in particular,
to secure the Company's continued debt financing were unexpectedly high.
Despite this, Masterflex AG again succeeded in breaking even in terms of
operating EBIT. Consolidated earnings before interest, taxes, depreciation
and amortisation (EBITDA) were positive at EUR1.8 million, while
consolidated
earnings before interest and taxes (EBIT) totalled EUR72.0 thousand. After
restructuring effects, EBIT amounted to EUR-1.5 million. This includes a
EUR1.2
million reduction in inventories, which had a positive liquidity effect,
and legal and consultancy fees in the amount of EUR1.5 million.
In the first half of 2009, Masterflex AG generated an operating cash flow
of EUR2.7 million and further reduced its debt. The loan extension by the
financing banks until 30 June 2010 means that the Company can focus on the
orderly restructuring of its debt finance and the expansion of its core
High-Tech Hose Systems business unit.
Despite the difficult environment at present, the Executive Board believes
that Masterflex AG is well positioned for the future thanks to its
innovative product range and the comprehensive measures implemented with a
view to cushioning the impact of the economic crisis. Consolidated revenue
is expected to decline in the 2009 financial year as a result of the
economic situation. Further significant restructuring costs are expected on
the earnings side. In light of the cost savings initiated to date, however,
the Executive Board cautiously expects Masterflex AG to be able to generate
moderately positive consolidated operating earnings before interest and
taxes, albeit with the proviso that the Company is exposed to some risks
that are difficult to assess. This development could be tempered by an
economic upturn in the second half of the year.
The H1 2009 interim report is available for download at www.masterflex.de.
For further information: Masterflex AG, Investor Relations,
Willy-Brandt-Allee 300, D-45891
Gelsenkirchen, Germany, stephanie.kniep@masterflex.de, Tel. +492099707744,
Fax +492099707720
Company information:
In its core High-Tech Hose Systems business, Masterflex AG is a specialist
for the worldwide development and production of high-quality connector and
hose systems using innovative high-tech plastics. Since its establishment
in 1987, the company has developed a high level of materials and processing
expertise. Masterflex deals with the entire process chain, from the
application of materials, through the development of its own manufacturing
processes with self-constructed machinery, right through to the production
and distribution of its products. With seven locations in Europe and the
USA, the company produces and distributes High-Tech Hose Systems for a wide
range of industrial applications, from the extraction of extremely abrasive
materials to suction of chemicals and hot air. Masterflex AG also operates
in the areas of Mobility, Medical Technology and Surface Technology
(Advanced Material Design).
11.08.2009 Financial News transmitted by DGAP
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Language: English
Issuer: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Deutschland
Phone: +49 (0)2099 70 77-44
Fax: +49 (0)2099 70 77-20
E-mail: stephanie.kniep@masterflex.de
Internet: www.masterflex.de
ISIN: DE0005492938
WKN: 549 293
Indices: Prime all share
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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