DGAP-News: Muehlhan AG: Publishing Half Year Results 2012
(firmenpresse) - DGAP-News: Muehlhan AG / Key word(s): Half Year Results/Quarter
Results
Muehlhan AG: Publishing Half Year Results 2012
15.05.2012 / 07:26
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PRESS RELEASE
Muehlhan AG publishes first quarter 2012 results
- Total sales increase of just under 9%
- Previous year's growth trend in the European operations continues in Q1
2012
- Sales in Asia significantly higher than in prior-year period
Hamburg, 15 May 2012 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the traditionally weak first quarter with sales revenues of EUR 43.2
million (Q1 2011: EUR 39.7 million), EBIT (earnings before interest and
taxes) of EUR -0.1 million (Q1 2011: EUR 0.2 million) and earnings
attributable to equity investors of EUR -0.8 million (Q1 2011: EUR -0.2
million). Nevertheless, the Company exceeded its own projections for the
beginning of the year.
An analysis of sales revenues by geographic region yields a mixed picture.
The European operations, which because of their concentration on maritime
segments have been problematic for Muehlhan in recent years, posted an
overall positive trend for 2011 which continued during the first quarter of
2012, with sales revenues rising to EUR 35.5 million, an 8% increase over
the prior-year period (EUR 32.8 million). Earnings also increased, from EUR
1.8 million in Q1 2011 to EUR 2.1 million.
In North America, sales declined slightly, from EUR 3.9 million to EUR 3.6
million. Muehlhan's North American operations also reported a sizable EUR
1.1 million decrease in EBIT, from almost EUR 0.5 million in Q1 2011 to EUR
-0.6 million in Q1 2012.
Since the weak prior-year quarter (Q1 2011: EUR 2.6 million), Muehlhan has
managed to expand its business in the Asian region, generating EUR 4.1
million in sales, almost 60% higher than at the beginning of 2011. Still,
earnings remained relatively weak. Although Muehlhan's results were better
than the EUR -0.9 million posted the year before, it still reported a loss
of EUR -0.3 million.
A breakdown of sales revenues by business sectors shows that the Ship
Newbuilding activities generated EUR 6.9 million of sales in the first
quarter of 2012 (previous year: EUR 12.9 million), thereby continuing the
negative trend caused by the structural decline of the Newbuilding sector.
At European shipyards, Muehlhan's sales dropped to around half the level
posted in 2011, while we had no ship newbuilding orders in the USA. The
only sites where Muehlhan reported improvements over the prior-year quarter
were in Asia, and specifically in the Middle East.
This trend has not affected all the maritime activities equally, as
demonstrated by the performance of the maintenance segment: the Ship Repair
sector reported significant growth in Europe and Asia, including a doubling
of business volume in some cases. Although business declined slightly in
North America, total sales revenues increased from EUR 5.7 million to EUR
10.2 million.
During the first quarter of 2012, the Energy activities had total sales of
EUR 10.7 million. In the prior-year period, the businesses now included in
this division generated around EUR 8.3 million in sales. The offshore
businesses, in particular, posted substantial increases. The Group also
reported a slight increase in sales relating to petrochemical orders.
Contracts with customers in the renewable energy business generated the
same level of salesrevenues as at the beginning of 2011. By contrast,
start-up problems at the new wind-energy site in Canada had a negative
impact on earnings.
In the Industry sector, which includes bridge-coating and passive
fire-proofing orders, sales improved significantly from EUR 4.8 million in
Q1 2011 to EUR 7.2 million for the period from January through the end of
March 2012. Fortunately, this upward trend was visible in every part of the
Industry business.
A significant portion of Muehlhan's sales revenues are generated by the
Other Services field. In addition to steel construction work for maritime
and industrial customers, this business sector also includes scaffolding
and access technology services. It posted combined revenues of EUR 8.2
million - considerably higher than in the previous year (first quarter of
2011: EUR 7.7 million). In particular, there was a strong increase in steel
construction services.
Contributions from the scaffolding segment, by contrast, remained flat. The
importance of reliable, safe scaffolding services and access technologies
to the Muehlhan Group will increase over time: with its majority equity
stake in the company Maritime Scaffolding Ltd., Muehlhan will also expand
its international expertise and expects to achieve synergies in the
offshore market mainly by working with other subsidiaries.
Despite the fact that Muehlhan's overall sales trend was positive, this was
not reflected in the bottom line.
The Executive Board continues to stand by its projections, as
published in the Annual Report, of total sales revenues of between EUR 165
million and 175 million and earnings before interest and taxes (EBIT) of
between EUR 3.0 and 5.0 million for 2012.
The Company's most important financial highlights are contained in the
following table:
in kEUR 1st quarter of 1st quarter ofAbout Muehlhan:
2012 2011
Sales 43,232 39,683
EBITDA 1,479 1,694
EBIT -114 213
EBT -700 -213
Earnings per share in EUR -0.04 -0.01
Consolidated earnings after non- -836 -248
controlling interests
Cash flow 1,572 973
31 March 2012 31 December
2011
Fixed assets 44,710 44,908
Equity 56,314 57,062
Balance sheet total 109,704 112,243
Employees (average) 2,128 2,131
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, the technical expertise that
differentiates us from our competitors and our more than 130 years of
experience.
Our operations are divided into five business segments: Ship Newbuilding,
Ship Repair, Energy, Industry and Other Services. With our workforce of
more than 2,100 employees at around 40 locations worldwide, we generated
sales revenues of EUR 172 million in 2011.
We intend to use this stable foundation to further expand our business in
the coming years and to continue moving our company forward through
proximity to our customers in the global market.
For more information, please visit www.muehlhan.com
Press contact: Ties Kaiser, Muehlhan AG; Tel: +49 40 75271 -156, e-mail:
kaiser(at)muehlhan.com
End of Corporate News
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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(at)muehlhan.com
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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169869 15.05.2012
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Datum: 15.05.2012 - 07:26 Uhr
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