Corporate | 3 March 2011 07:33
Muehlhan AG / Key word(s): Preliminary Results/Final Results
03.03.2011 / 07:33
Muehlhan AG releases preliminary results for 2010
* Significant losses in the fourth quarter
* Goodwill impairment and bad debt loss
* Overcapacity plagues wind-energy segment
Hamburg, 3 March 2011- Based on preliminary figures, Muehlhan AG (Entry
Standard; ISIN DE000A0KD0F7) will post a loss before interest and taxes of
EUR 2.5 million for 2010 (2009 EBIT: +EUR 8.4 million) on EUR 165.0 million
of sales (2009: EUR 190.8 million). The net loss for the year is expected
to total around EUR 4.4 million. The company's results were thus
significantly below the 2010 forecast last updated in the fall (sales of
EUR 190 million and EBIT of EUR 7 million), as we had warned in the report
for the nine-month period ending on 30 September 2010.
Around EUR 6 million in write-downs of goodwill and receivables had a
significant negative impact on fourth-quarter earnings. The bankruptcy of a
Danish wind-energy customer alone accounted for more than EUR 2 million of
that amount. In addition, goodwill impairment losses of around EUR 3
million had to be recognized due to the inadequate profitability of the
operations in the USA and Singapore.
The wind-energy business (Industry Services sector) had a very negative
impact on operating income. Along with the entire wind-energy industry,
this business field suffered from very low capacity utilization due to the
financing difficulties caused by the financial crisis. In aggregate, the
Industry Services business generated EUR 70 million of sales in 2010 (2009:
EUR 80 million).
The Ship Newbuilding and Ship Repair segments also showed substantial
declines. Together, they generated sales revenues of EUR 85 million, around
EUR 14 million lower than in the previous year. Only the Oil & Gas Offshore
segment managed to increase sales revenues slightly, to approximately EUR
10 million (2009: EUR 9.6 million).
A breakdown by geographic area shows that neither Europe nor Asia managed
to match prior-year sales. For Asia as a whole, the company reported sales
of just under EUR 20 million, or 25% less than in 2009. Europe's sales were
a good 14% lower, at EUR 125 million. Only the American region managed to
post improved sales revenues of just under EUR 20 million, an increase of
around 14%.
The unsatisfactory business developments in 2010 and the year-end
write-downs meant that the company was no longer in compliance with the
covenants for the EUR 20 million bond and the financing for its working
capital requirements. An interim arrangement that expires on 31 March 2011
was reached with the company's financing partners before year-end. We are
currently negotiating a new agreement for continued financing.
The Company's most important financial key figures are contained in the
following table:
in kEUR Fiscal year 2010e Fiscal year 2009
Sales 165.004 190.815
EBITDA 7,003 15,528
EBIT -2,481 8,382
Consolidated earnings
after minority interests -4,368 3,898
Net debt 10,015 8,376
Cash flow 5,923 15,619
Fixed assets 45,916 54,126
Equity 61,258 66,320
Balance sheet total 108,328 115,565
Employees 2,281 2,294
Muehlhan will provide its initial forecast for fiscal year 2011 when the
final 2010 figures are published on 31 March 2011.
About Muehlhan:
The Muehlhan Group is a global specialist in high-quality surface
protection and industrial services. Our business divisions - Ship
Newbuilding, Ship Repair, Energy, Industry Services and Other Services -
enable us to provide a broad range of professional services to our maritime
and industrial markets. The excellent quality of our service, our high
degree of organization, our technical expertise and almost 130 years of
experience are what set us apart.
With our workforce of around 2,300 employees at more than 30 locations
worldwide, we generated preliminary sales revenues of EUR 165.0 million in
2010. In the years to come, we will utilize our market position as a stable
foundation for further expanding our business.
Press contact: Ties Kaiser, Muehlhan AG; Tel: +49 40 75271 -156 10 640,
e-mail: kaiser@muehlhan.com
End of Corporate News
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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, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
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