Corporate | 28 February 2008 07:40
Muehlhan AG / Preliminary Results
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Muehlhan AG releases preliminary financial figures for 2007
• Sales target achieved for 2007 with 197 million Euros
• Reorganization of US operations successful
• Positive trend also continued into the 4th quarter
Hamburg, February 28, 2008 – Based on preliminary figures, Muehlhan AG,
active throughout the world in the field of maritime surface protection
(Entry Standard; ISIN DE000A0KD0F7), had sales of approximately 197 million
Euros in the year 2007, and in doing so met the forecast published in the
spring of 2007 (185 to 205 million Euros). Earnings before taxes, interest,
depreciation and amortization (EBITDA), as most recently expected to be
around 9 million Euros, will come in at the lower end of the forecast (10
to 13 million Euros). Slightly negative consolidated earnings will be
achieved with EBIT of nearly 3 million Euros. The fourth quarter had a
positive effect on earnings with an after-tax profit of well over 1 million
Euros.
The reorganization of US operations, mostly complete by now, allowed us to
reduce the loss of 4 million Euros in the first half of the year in this
territory to zero in the second half of the year. Currency losses,
primarily due to the weak US dollar, reduced net profit for the year by
over 2 million Euros. In addition, the delayed entry into the business of
maintaining drilling platforms in the North Sea reduced earnings by over 1
million Euros as a result of expenditures for training and initial
operations.
Initial coatings for new ship construction contributed its traditionally
high share of sales, followed by repair business. The industry services
division, which was able to profit during the course of the year primarily
from greater demand from maritime customers with its scaffolding and steel
construction services, delivered the strongest sales overall. The business
segment Oil & Gas – Offshore picked up most strongly after the delayed
entry into the North during the year.
Muehlhan completed major restructurings within the group for sustained
positive development, and significantly reduced currency risks due to
modified financial structures. At the same time, the group sees promising
market conditions in its market segments, which will provide the company
with a good regional position and a powerful corporate structure. The
board of directors therefore assumes that in 2008, sales will lie within a
range of between 200 and 215 million Euros. EBITDA is expected to be found
in a range of 16 to 19 million Euros, and EBIT is expected to be between 9
and 12 million Euros. The board of directors sees after-tax earnings in the
range between 4 and 6 million Euros. Due to the seasonal trend, significant
portions of earnings will be accounted for during the second and third
quarters.
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. The company’s patented technology
brand-named μ-jet® guarantees especially high quality and efficiency
in the removal of old coatings and rust, particularly in the open sea.
Muehlhan was established in Hamburg in 1881 and today employs some 2,300
people in over 30 subsidiaries around the world. In 2006 the company
generated revenues of EUR 184 million (IFRS). For further information visit
www.muehlhan.com
Press contact:
Ties Kaiser c/o Muehlhan AG
phone: +49-40-75271-156
email: kaiser@muehlhan.com
28.02.2008 Financial News transmitted by DGAP
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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
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
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