Corporate | 30 July 2014 08:53
Muehlhan AG / Key word(s): Half Year Results/Development of Sales 30.07.2014 08:53 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- PRESS RELEASE Muehlhan reports an increase in sales and earnings at the end of the first half of 2014 - Sales increase 11% in first half of 2014 - First-half EBIT of EUR 3.0 million - Executive Board maintains existing earnings forecast Hamburg, 30 July 2014 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) ended the first half of the year with net income attributable to the equity holders of EUR 1.0 million (previous year: also EUR 1.0 million). After a subdued first quarter, there was a significant upward trend in the second quarter. During the first three months of the fiscal year, the Group had reported a loss of approximately - EUR 0.2 million. Overall, the company generated sales revenues of EUR 106.7 million during the period from January to the end of June 2014. EBIT increased from EUR 2.3 million the previous year to EUR 3.0 million. As in previous years, the bulk of the sales revenues came from the European business, where Group sales totaled EUR 88.3 million, almost 15% higher than in the first half of 2013 (EUR 77.1 million). The main contributor to the improvement was the business in the North Sea oil & gas sector, which last year was severely affected by a flight ban on transport helicopters. Because a major project was winding down, the Muehlhan Group's North American businesses saw revenues decline from a solid EUR 9.8 million in the prior-year period to EUR 7.4 million. In the Asian region, including the Middle East, Muehlhan managed to increase revenues from EUR 9.3 million to EUR 10.9 million. With EBIT of EUR 0.5 million (first half of 2013: - EUR 0.7 million), the earnings situation improved considerably. The improvement was due both to the shutdown of loss-making businesses in Qatar and China and the cyclical upturn in the fire-protection business in the Middle East. The Ship Newbuilding segment experienced a (presumably temporary) recovery, reporting sales of EUR 19.1 million (first half of 2013: EUR 14.2 million). In the Ship Repair segment, sales of EUR 15.2 million did not quite reach the prior-year level of EUR 17.6 million. In the Energy segment, Muehlhan's work for customers in the wind energy, oil & gas offshore and petrochemical segments generated EUR 25.6 million of sales revenues (previous year: EUR 22.1 million). The Industry business segment encompasses bridge-coating, passive fire-proofing and other surface-protection services. During the first half of 2013, sales stood at EUR 26.0 million, a EUR 2.0 million increase over the prior-year period; this was primarily attributable to an increase in the fire-protection segment. The Other Services business segment, which consists mainly of steel construction work for maritime and industrial customers and scaffolding and access services, continued to improve. Altogether, sales revenues in this business segment totaled EUR 20.7 million and were therefore higher than sales revenues for the first half of 2013 (EUR 18.1 million). Outlook The Executive Board is standing by its published forecast for 2014, with earnings before interest and taxes (EBIT) of between EUR 3.5 and EUR 6.5 million. Important company figures:in kEUR 1st half 1st half of 2014 of 2013 Sales 106,670 96,223 EBITDA1 5,576 5,007 EBIT2 3,005 2,263 EBT3 2,133 1,299 Earnings per share (EUR) 0.06 0.05 Consolidated earnings after non-controlling interests 1,044 1,034 Cash flow 5,863 4,926 Investments for fixed assets 5,059 3,319 Depreciation and amortization 2,571 2,744in kEUR 30.06.2014 31.12.2013 Balance sheet total 115,343 112,744 Fixed assets4 42,229 39,749 Equity 59,367 58,303 Average number of employees 2,620 2,3901 EBITDA: Earnings before interest, taxes, depreciation and amortization 2 EBIT: Earnings before interest and taxes 3 EBT: Earnings before taxes 4 Fixed assets: Total of non-current assets less deferred tax assetsAbout Muehlhan: As one of the few full-service providers in its industry, the Muehlhan Group offers its customers a broad spectrum of industrial services and high- quality surface protection. Our very strong organizational skills, in-depth technical expertise and more than 130 years of experience enable us to satisfy our customers' exacting quality requirements. We offer top-rate solutions for surface protection, scaffolding and steel construction in our Ship Newbuilding, Ship Repair, Energy, Industry and Other Services business segments. With more than 2,300 employees at over 30 locations worldwide, we generated EUR 208 million of sales revenues in 2013. We will continue to focus our efforts on steadily improving our technologies and services while actively developing new markets in order to continue expanding our business going forward. For further information about the company visit the website at www.muehlhan.com. Contact information: Muehlhan AG; Tel: +49 40 75271-150; E-Mail: investorrelations@muehlhan.com30.07.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Muehlhan AG Schlinckstrasse 3 21107 Hamburg Germany 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, Düsseldorf, Hamburg, München, Stuttgart; Frankfurt in Open Market (Entry Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------