Corporate | 28 February 2007 07:35
Muehlhan AG / Final Results
Release of a Corporate-announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------
PRESS RELEASE
Muehlhan AG announces interim figures for 2006
• Sales development in 2006 reaffirms strong previous year’s level
• Overall result influenced by special effects, losses in project business
and weakness of dollar
Hamburg, 28 February 2007 – Muehlhan AG (Entry Standard; ISIN
DE000A0KD0F7), a company specialized in marine surface protection around
the world, reports interim revenues of approx. € 183 million. Higher volume
of business on a wide basis led last year to sustained revenues almost
unchanged on the previous year (2005: € 184 million), which benefited from
a large US Navy contract worth € 14 million. As usual, first-time coating
of newbuildings accounted for the lion’s share of revenues. Pleasantly,
especially the strategically important business unit oil & gas offshore was
able to raise its turnover significantly.
For 2006, profitabilty will not reach previous year’s level. After business
development went ahead largely according to plan in the first three
quarters, the fourth quarter was influenced, in addition to the scheduled
one-off cost of going public and issuing a senior note (adding up to appx.
€ 4 million), by unforeseen losses in project management in the United
States and Norway. Furthermore, pre-production costs in connection with an
upcoming order to coat three offshore rigs in the North Sea, the
development of our business in Middle East and the continued mediocre
development of the US dollar exchange rate, which is important in
international business, burdened the result. The Executive Board has
decided to make additional provisions for these circumstances.
Additionally, and as far as is known at present, these factors impose a
burden of around € 5 million on the results.
Muehlhan therefore anticipates an EBIT of roughly € 3 million on almost
unchanged revenues in financial year 2006. The result for the year would be
a slight profit accordingly.
For 2007 major restructuring projects within the Group have been concluded
and Muehlhan foresees a promising market situation. The difficulty of
gaining access to the industrial market in the Middle East has been
surmounted early in the financial year. All told, the Executive Board
accordingly sees the preconditions as good for boosting revenues lastingly
by around double-digit percentage on 2006 and improving the earnings
position significantly.
About Muehlhan:
The Muehlhan Group is a leading world provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. They include steel surfaces of
ships and of oil and gas rigs and platforms. The Muehlhan Group is also
active in the Industry Services segment, which includes surface protection
for wind turbines, chemical production plants and fuel storage depots,
steel bridges, cranes and machinery. A patented technology brand-named
μ-jet that guarantees especially high quality and efficiency in the
removal of old coatings and rust is in use all over the world. For further
information visit www.muehlhan.com
Media contact:
Ties Kaiser
Muehlhan AG
Tel: +49 40 75271-156
E-mail: kaiser@muehlhan.com
DGAP 28.02.2007
----------------------------------------------------------------------
Language: English
Issuer: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
WWW: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Indices:
Listed: Freiverkehr in Berlin-Bremen, Hamburg, München, Stuttgart;
Entry Standard in Frankfurt
End of News DGAP News-Service
---------------------------------------------------------------------------