Corporate | 5 April 2016 09:49
Muehlhan AG: Release of financial statement 2015 (news with additional features)
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DGAP-News: Muehlhan AG / Key word(s): Final Results
PRESS RELEASE Muehlhan publishes results for fiscal year 2015 – The Group continues to move forward with its process of transformation – Results suffer from oil-price trend and losses in the project business – Slightly positive outlook – Dividend of EUR0.04 per share is proposed Hamburg, 5 April 2016 – In fiscal year 2015, the Muehlhan Group (Entry Standard; ISIN DE000A0KD0F7) successfully proceeded with its transformation process but was unable to maintain the upward trend in earnings seen in recent years to the extent intended. Sales revenues increased by 12%, to EUR239 million, EBIT dropped by 30%, to EUR5.2 million, and consolidated net income decreased slightly from the prior-year level, to EUR2.1 million. The different performance at the two earnings levels reflected the separate reporting for the businesses in Singapore that are currently being shut down. Pursuant to IFRS 5 requirements, these figures are eliminated at the accounts level and added back under operating income. After reporting EBIT of EUR-1.5 million in the previous year, the Singapore operations managed to generate EUR0.5 million of EBIT during the year under review in connection with the disposal of assets as part of the closure. The Group’s unsatisfactory profitability – caused by the structural change in the maritime segment and the drop in the price of oil – underscores the necessity of the strategy adopted by management to further diversify Muehlhan in order to make the Group more resilient to setbacks in individual markets. A regional review shows that sales in Europe increased by 4% to EUR188.4 million. By contrast, EBIT dropped sharply from EUR10.2 million to EUR3.1 million, in part because of declining margins in the offshore business in Great Britain caused by the lower price of oil, but also because of project losses in Germany and Scotland. The business in America stabilized, with sales revenues increasing by EUR4.9 million to EUR23.1 million, primarily because of a major contract initiated during the reporting year and positive developments in the refinery business. EBIT decreased slightly (by EUR0.3 million) to EUR0.4 million. In the Middle East , on the other hand, the Group reported positive results for the year under review: sales revenues rose by EUR2.6 million, to EUR16.8 million; EBIT amounted to EUR1.7 million. Thanks to several big orders, the Ship business segment managed to increase sales by EUR4.1 million to EUR82.9 million and EBIT by EUR1.5 million to EUR3.8 million. This increase was due not to any generally positive trend in the ship newbuilding market, but rather to large orders with time limits. In the Renewables segment, sales revenues increased by EUR8.9 million, to EUR23.7 million. By contrast, EBIT decreased from EUR0.9 million to EUR-2.5 million due to the closure of a site in Denmark and project losses in Germany and Scotland. The Oil & Gas business segment managed to increase sales revenues from EUR48.1 million in 2014 to EUR53.0 million in 2015 by acquiring the MSI Group. Also because of the MSI acquisition, EBIT rose by EUR0.6 million, to EUR4.2 million. The Industry/Infrastructure business increased sales revenues by EUR8.1 million to EUR79.3 million. Due to the completion of a big, profitable contract in Qatar and the absence of follow-up contracts, EBIT declined by EUR2.1 million from the prior-year level to EUR4.2 million. With the Supervisory Board’s agreement, the Executive Board will recommend to the Annual General Meeting that a dividend of EUR0.04 per share be distributed for 2015. The Executive Board will continue to implement the transformation process in 2016 with a strategic focus on markets outside of the shipping industry and on business segments beyond the traditional core area of surface protection. In operations, project management improvements have been adopted that should significantly improve results from future projects. In 2016, management expects sales revenues to remain constant and EBIT to improve to between EUR5.0 million and EUR7.0 million. For additional information on fiscal year 2015 and details on the outlook for 2016, please consult the Muehlhan Annual Report published on 5 April 2016. The company’s key performance indicators are shown in the following table. The figures for 2015 and 2014 are presented in accordance with the requirements of IFRS 5.
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EBITDA: Earnings before interest, taxes, depreciation and amortization
About Muehlhan:
Worldwide, the Muehlhan Group is a reliable partner in industrial services and high-quality surface protection. As one of the few full-service providers, we offer our customers a broad range of services designed to meet the exacting quality standards expected in professional industrial services. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors and our more than 130 years of experience.
For more information, visit www.muehlhan.com. Press contact: Muehlhan AG; Tel.: +49 40 75271-150; e-mail: investorrelations@muehlhan.c om +++++ Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=GOKIMIMMTO Document title: Muehlhan AG: press release final results 2015
2016-04-05 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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| 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: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt | |
| End of News | DGAP News Service |