Corporate | 13 November 2009 07:52
Muehlhan AG / Quarter Results/Miscellaneous
13.11.2009
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Muehlhan presents quarterly results for the period ending on 30 September
2000
* 8% decline in sales revenues
* Growth in industry Services business; shipbuilding weak
* 2009 targets still within reach
Hamburg, 13 November 2009 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
generated sales revenues of EUR 143.4 million in the first nine months of
the year, an 8% decline from the prior-year figure (EUR 156.1 million). Due
to non-recurring items, EBIT of EUR 6.0 million was almost EUR 2.0 million
lower than last year.
Because of the global economic crisis, the businesses in Europe and the USA
reported significantly lower sales revenues of EUR 109.8 million (previous
year: EUR 128.4 million) and EUR 12.9 million (previous year: EUR 16.6
million), respectively. By contrast, the business trend in the Asian
segment, particularly the Middle East, was again very positive, with sales
revenues nearly doubling to EUR 19.8 million (previous year: EUR 11.0
million).
A breakdown by business segment shows that Ship Newbuilding is suffering
from the almost total recent collapse of the German commercial shipbuilding
sector. Muehlhan continues to be well positioned in specialty shipbuilding.
Overall, though, the division's sales revenues of EUR 46.2 million through
the end of September 2009 were below the prior-year figure of EUR 53.4
million.
Significantly lower freight rates and underutilization of existing fleets
have resulted in a considerable slowdown in the Ship Repair market,
compared with the growth seen in previous years, causing sales revenues to
decrease from EUR 32.7 million in 2008 to EUR 28.6 million in 2009.
Muehlhan's subsidiaries in Europe and Singapore reported lower-than-normal
sales revenues. The relatively good order book in the USA was not able to
offset this decline.
In the Oil & Gas Offshore business segment, Muehlhan's sales revenues
through the end of the third quarter of 2009 totaled EUR 6.8 million
(previous year: EUR 10.7 million). At the same time, the third quarter was
considerably stronger than the first two quarters (First half of 2009: EUR
3.9 million). This business will further improve thanks to two new
customers in the North Sea business.
The Industry Services segment once again reported absolute growth, with
sales revenues rising from EUR 59.1 million in the previous year to EUR
61.0 million this year. Weaknesses in some areas, particularly wind energy
and steel construction, were offset by strong growth in the Middle East.
Non-recurring items, in particular the insolvency of the Wadan Yards,
resulted in a decline in EBITDA (earnings before interest, taxes,
depreciation and amortization) of approximately EUR 2.0 million, from EUR
13.3 million in the previous year to EUR 11.3 million for the period ending
on 30 September 2009. The third quarter contributed only EUR 2.9 million of
this amount. EBIT (earnings before interest and taxes) amounted to EUR 6.0
million, which was lower than the EUR 7.9 million reported in the
prior-year period. The Group did not quite match the EUR 3.4 million of
consolidated earnings after minority interests reported for the previous
year. Overall, the Muehlhan Group ended the first nine months with net
income of approximately EUR 2.7 million. Earnings per share stood at EUR
0.14 (Q3 2008: EUR 0.17).
Outlook
Thanks to the improved order book, no further declines are expected in
sales revenues. Therefore, the third quarter should - after adjusting for
seasonality - mark the peak of this crisis period. The strategic decisions
implemented in recent years, especially our expansion of the more
crisis-resistant Industry Services sector and the cost-cutting measures
taken during the last year, should provide for a continuing stable earnings
position.
Consequently, the Executive Board is sticking to its expectations for 2009
(total sales revenues of between EUR 185 million and EUR 205 million, EBIT
of EUR 7 million to EUR 10 million and after-tax income of EUR 3 million to
EUR 4 million); the Board does assume, however, that total revenues and
EBIT will end up at the lower end of the range.
Key figures (based on IFRS):
in kEUR First 9 months
of 2009 First 9 months
of 2008 Third quarter
of 2009 Third quarter
of 2008
Sales revenues 143,450 156,138 43,188 51,601
EBITDA1 11,312 13,273 2,879 4,813
EBIT2 6,033 7,924 1,131 3,007
EBT3 4,512 6,215 1,007 2,433
Earnings per share (EUR) 0.14 0.17 0.03 0.07
Consolidated earnings after minority interests 2,706 3,356 602 1,337
Cash flow 11,131 13,309 2,418 5,466
Investments 4,841 7,031 1,199 2,617
Depreciation and amortization 5,279 5,349 1,748 1,806
in kEUR 30 September 2009 31 December 2008
Balance sheet total 116,792 131,286
Current assets 59,703 61,871
Fixed assets4 53,998 65,455
Equity 65,389 62,999
Employees5 2,282 2,482
1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Operating income (Earnings before interest and taxes)
3 EBT: Earnings before income taxes
4 Fixed assets: Total of long-term assets less deferred tax assets
5 Average number of employees during the entire reporting period
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. For 2008 the company with its
some 2,500 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
13.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 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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