Corporate | 2 March 2009 08:45
Muehlhan AG / Preliminary Results/Final Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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PRESS RELEASE
Muehlhan AG releases preliminary results for 2008
* Sales and earnings figures at the upper end of expectations
* Profitability has increased substantially
* Well prepared for the crisis
Hamburg, 2 March 2009 - According to preliminary figures, Muehlhan AG
(Entry Standard; ISIN DE000A0KD0F7), which provides surface protection for
steel structures worldwide, posted sales revenues of around EUR 206 million
in 2008. This means that the company surpassed its most recent forecast of
EUR 200 million which was published in November 2008. The company believes
that earnings will be at the top end of the most recent forecast (EBIT of
EUR 9 to 10 million). Publication of the final results is expected on 31
March 2009.
According to these figures, the positive earnings trend continued in the
fourth quarter, despite the economic downturn. Sales revenues rose 5.3% and
earnings before interest, taxes, depreciation and amortization (EBITDA)
increased around 80% from the prior year, to just under EUR 17 million
(prior year: EUR 9.4 million). The key factors behind these improvements
were the successful restructuring of the U.S. business and stable business
in Europe. Overall, the Asian operations managed to break even despite
losses in the Ship Repair business in Singapore.
Broken down by business segment, the Industry Services division reported
the strongest growth rate (over 10.0%) and with more than EUR 80 million in
sales segment (prior year: EUR 71.5 million) continues to be the biggest
contributor to total sales. The second-strongest segment, Ship Newbuilding,
also posted strong gains, with sales revenues of just under EUR 70 million
(prior year: EUR 65.7 million). With sales of EUR 42 million (prior year:
45.1 million), the Ship Repair division did not quite match the prior-year
level. The fourth division, Oil & Gas Offshore, reported EUR 14 million in
sales - slightly more than in the previous year (EUR 13.6 million).
Despite the economic crisis, Muehlhan believes that it is well prepared for
2009. The company's expansion into new business segments and geographic
regions in recent years means that it is now considerably less dependent on
the maritime divisions. Specifically, the bridge renovation business in the
USA and coatings for industrial facilities in Qatar and infrastructure
projects in the United Arab Emirates seem to be areas that will not be
affected by
the current global economic situation.
Muehlhan will discuss the prospects for fiscal year 2009 when it publishes
the final figures for 2008 at the end of March.
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(R) 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 2,500
employees around the world. For 2008 the company generated revenues of EUR
200 million (IFRS). For further information visit
www.muehlhan.com.
Press contact: Ties Kaiser c/o Muehlhan AG, Phone +49 40 752 71 156, email:
kaiser@muehlhan.com
02.03.2009 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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