Corporate | 13 May 2008 09:07
Muehlhan AG / Quarter Results
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Muehlhan begins the 2008 fiscal year with good results:
• Sales increased from EUR 42.9 million in the previous year to
approximately EUR 50 million
• Net earnings improved by over EUR 2.5 million to EUR 800 thousand
• Executive Board confirmed goals for 2008
Hamburg, 13 May 2008 – In the first three months of the current fiscal year
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated sales of EUR 49.3
million. This is approximately 15 percent greater than in the first quarter
of 2007 (EUR 42.9 million). A significant improvement in earnings
accompanied the increase in sales. In comparison with the weak first
quarter of the previous year, Muehlhan was able to improve net earnings by
more than EUR 2.5 million to EUR 0.8 million (Q1/2007: EUR - 1.7 million).
The region of Europe delivered the bulk of sales with an increase of over
20 percent to EUR 40.2 million (Q1/2007: EUR 33.3 million). With EUR 3.4
million, Asia registered just less than the previous year (EUR 3.5
million), and with EUR 5.7 million the USA lagged somewhat behind the same
period of the previous year (EUR 6.0 million) as expected. In a review of
the segments, with EUR 18.4 million in the 1st quarter, not only did the
Ship Newbuilding division generate significantly higher sales than in the
previous year (EUR 15.8 million), but it also delivered the highest sales
revenues in newbuilding for the past twelve months. In doing so, our
traditional core business also surpassed the Industry Services division for
the first time in a long time. With EUR 18.2 million, it generated greater
sales than in the first quarter of 2007 (EUR 15.5 million).
In the Ship Repair division, with EUR 9.5 million the 1st quarter of the
current fiscal year clearly exceeded the previous year (EUR 8.5 million).
Finally, Muehlhan sales also increased appreciably in the Oil & Gas
Offshore division: In addition to the increase from North Sea business, our
US subsidiary Muehlhan Offshore experienced encouraging positive growth in
the first months of 2008. All in all, the contribution to sales in the 1st
quarter of 2008 was EUR 3.2 million (Q1/2007: EUR 2.5 million).
For the reporting period, EBITDA was EUR 3.7 million (Q1/2007: EUR 0.8
million), and EBIT amounted to EUR 1.9 million (Q1/2007: EUR - 0.7
million). 'We are quite pleased that we have been able to appreciably
increase both sales and earnings even in the seasonally weak first quarter.
After the difficult period of the previous year, EUR 800 thousand in net
revenues is a great success for the Muehlhan Group,' said Muehlhan's
Chairperson of the Executive Board Dr. Andreas Krüger.
Outlook
After a successful start to the fiscal year, similar sustained positive
general conditions are expected for all four fields of business for the
subsequent months, such that the Executive Board confirms the targets
published in the 2007 annual report in March (sales of EUR 200 to 215
million; EBIT of EUR 9 to 12 million; earnings after taxes of EUR 4 to 6
million).
Key figures:
In kEUR Q1/2008 (IFRS) Q1/2007 (IFRS)
Sales 49,366 42,865
EBITDA * 3,679 1,004
EBIT ** 1,900 -526
EBT 1,368 -897
Net Earnings per share*** 0.04 -0.09
Consolidated earnings after minority interests 805 -1,785
In kEUR 31 March 2008 31 December 2007
Fixed assets **** 63,821 65,393
Equity 59,509 59,714
* EBITDA: Consolidated net income plus taxes, interest, depreciation and
amortisation
** EBIT: Consolidated net income plus taxes and interest income
*** No dilutive effects as a result of the existing phantom shares program
**** Capital assets (IFRS): Long-term assets less deferred tax assets
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, besides scaffolding for
marine and industry customers, 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 employs some 2,400
employees around the world. In 2007 the company generated revenue of EUR
196 million (IFRS). For further information visit
www.muehlhan.com.
Ties Kaiser
Muehlhan AG
Phone: +49-40-75271-156
Email: kaiser@muehlhan.com
13.05.2008 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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