Corporate | 30 April 2010 07:42
Muehlhan AG / Quarter Results/Interim Report
30.04.2010 07:42
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Modest start to the year at Muehlhan AG
* Sales and earnings within expected range
* Operating income on par with prior-year level
* Equity up by EUR 2.4 million
Hamburg, 30 April 2010 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the traditionally weak first quarter with sales revenues of EUR 43.5
million (Q1 2009: EUR 47.3 million), EBIT (earnings before interest and
taxes) of EUR 1.4 million (Q1 2009: EUR 2.4 million) and net income of EUR
0.7 million (Q1 2009: EUR 1.1 million). This performance was expected by
the company because of the unusually hard winter and the continuing
economic crisis. Muehlhan recorded non-recurring income of EUR 1.1 million
in the first quarter of 2009 resulting from a claim for damages; after
adjusting for this one-time effect, operating income in the first quarter
of 2010 is on a par with the prior-year level, despite lower sales
revenues.
The economic crisis has hit the shipyard and wind-turbine coating
businesses particularly hard. To a large extent, operations had to be
suspended at five shipyard locations in Germany and Greece in the second
half of 2009. This alone caused sales revenues until March 2010 to drop by
EUR 3.7 million, compared to first quarter of 2009. In the Group's
wind-turbine segment, the effects of the crisis were further exacerbated by
the shutdown of major portions of the production in Denmark. However,
unlike the shipyard business, this segment expects to see a substantial
recovery by the end of the second quarter.
By contrast, the trend in most of our other Industry Services businesses is
positive. The scaffolding business, for example, once again posted
increases in both sales and earnings. The same applies to our coating
services for gas liquefaction plants in Qatar.
An analysis of sales revenues by geographic region yields a mixed picture.
While sales dropped by a considerable 15% in Europe (from EUR 37.2 to 31.6
million), revenues were up 49% in the USA (from EUR 3.1 to 4.7 million) and
10% in Asia (from EUR 6.3 to 7.3 million).
Along with the net income of EUR 0.7 million, currency gains - which since
2008, because of the change in the Group's financing structure, have
predominantly not been recognized on the income statement but instead are
reported directly in equity - added a further EUR 1.7 million to
shareholders' equity, which now stands at EUR 68.4 million (equity ratio:
57.5%).
Important key figures:
In kEUR First Quarter 2010 First Quarter 2009
Sales 43,531 47,345
EBITDA 3,001 4,179
EBIT 1,355 2,398
EBT 932 1,870
Earnings per share in EUR 0.04 0.06
Consolidated earnings after minority interests 681 1,120
Net debt 7,719 23,975
Cash flow 3,106 4,295
31 March 2010 31 December 2009
Fixed assets 50,407 54,126
Equity 68,418 66,320
Balance sheet total 119,085 115,565
Employees 2,340 2,294
Muehlhan is sticking to its full-year 2010 forecast published in March
(sales revenues of between EUR 190 and 210 million, EBIT of between EUR 7
and 11 million and net income of between EUR 4 and 5 million). The end of
the hard winter and the economic recovery should together lead to improved
business performance as the year progresses.
About Muehlhan:
The Muehlhan Group is a world-wide leading provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. This includes 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 2009 the company with its
some 2,300 employees around the world generated sales revenue of more than
EUR 190 million (IFRS). For further information visit
http://www.muehlhan.com
Press contact: Ties Kaiser c/o Muehlhan AG, Phone +49 40 752 71 156, email:
kaiser@muehlhan.com
30.04.2010 Ad hoc announcement, Financial News and Media Release 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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