Corporate | 31 July 2009 07:39
Muehlhan AG / Half Year Results/Miscellaneous
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PRESS RELEASE
Business stable despite economic crisis and customer insolvency
* Sales revenues of approximately EUR 100 million, slightly lower than
previous year
* EBIT of EUR 4.9 million same as prior-year level, despite big write-downs
* Expectations for 2009 adjusted
Hamburg, 31 July 2009 - In the first six months of the current fiscal year,
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated EUR 100.3 million
of sales revenues and EUR 2.1 million of net income. Despite allowances for
uncollectible accounts of EUR 2.3 million due to the Wadan Yards'
insolvency, earnings were slightly higher than in the previous year (first
half of 2008: EUR 2.0 million of net income). Sales revenues were around 4%
lower than the prior-year figure (EUR 104.5 million).
A geographic breakdown shows that sales revenues of EUR 8.7 million from
the U.S. operations were again lower than in the prior year (EUR 11.4
million). Revenues of EUR 76.6 million from the European operations were
likewise notably lower than the prior-year level (EUR 86.2 million).
However, the Group recorded significantly better sales at its locations in
the greater Asian division, which includes the Middle East: On the heels of
a 13% increase in sales for the first six months of the previous year
(sales revenues for the first half of 2008: EUR 6.8 million), revenues
doubled this year to EUR 14.2 million.
As for the business fields, Ship Newbuilding posted sales revenues of EUR
33.8 million through the end of June 2009, slightly lower than sales for
the same period last year (EUR 35.9 million). Europe, in particular, has
been impacted by cancellations and delayed deliveries of newbuildings.
During the first half of 2009, the Repair field was negatively affected
by a substantial drop in transport demand caused by the sharp downturn in
global trade. Here, too, revenues of EUR 20.4 million (previous year: EUR
23.1 million) were below the prior-year level.
In the Oil & Gas Offshore business field, Muehlhan's sales revenues
through the end of June 2009 totaled EUR 3.9 million (previous year: EUR
6.9 million). Overall, these activities got off to a slow start due to the
U.S.
operations, where business was at a virtual standstill, but began to pick
up speed again, posting around 75% of sales in the second quarter alone.
The fourth business field, Industry Services, is the only one reporting
growth. It generated total sales of EUR 41.3 million for the first half
(prior year: EUR 38.6 million). Thus, this business field grew by around
7 %. In particular, the growth trend in the fire-proofing coatings business
in the Middle East has been very positive.
Including the one-time expense, the Group's EBITDA (earnings before
interest, taxes, depreciation and amortization) stood at EUR 8.4 million on
30 June 2009 (previous year: EUR 8.5 million). EBIT (earnings before
interest and [income] taxes) amounted to EUR 4.9 million, the same level as
in the previous year.
Outlook
The Wadan Yards' insolvency, in particular, has also altered expectations
for the Muehlhan Group for the current fiscal year.
In a continuing volatile environment, the Executive Board expects the
Group's total sales revenues to be between EUR 185 million and EUR 205
million (previously: EUR 200 to EUR 220 million). The Executive Board has
also adjusted earnings, updating expected EBIT to EUR 7 million to EUR 10
million (previously: EUR 9 to EUR 12 million) and after-tax income to EUR 3
million to EUR 4 million (previously: EUR 4 to EUR 5 million).
For a closer look at business developments and prospects, the Executive
Board invites you to review the company's interim report for the first half
of 2009, which was published today.
Key figures (based on IFRS):
in kEUR 1st half
of 2009 1st half
of 2008
Sales 100,261 104,537
EBITDA* 8,433 8,460
EBIT** 4,902 4,917
EBT*** 3,505 3,782
Earnings per share (EUR) 0.11 0.10
Consolidated earnings after minority interests 2,105 2,019
Cash flow 8,713 7,843
Investments 3,642 4,414
Depreciation and amortization 3,531 3,543
in kEUR 30 June 2009 31 December 2008
Balance sheet total 122,993 131,286
Current assets 64,489 61,871
Fixed assets**** 55,014 65,455
Equity 64,860 62,999
1st half
of 2009 1st half
of 2008
Number of employees (average) 2,236 2,546
* EBITDA: Earnings before interest, taxes, depreciation and amortization
** EBIT: Operating income (Earnings before interest and taxes)
*** EBT: Earnings before income taxes
**** Fixed assets (IFRS): Total long-term assets minus 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 ?-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. For 2008 the company with its
more than 2,000 employees around the world generated sales revenue of more
than EUR 206 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
31.07.2009 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, München, Hamburg, Stuttgart; Entry
Standard in Frankfurt
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