DGAP-News: Masterflex AG: Positive start to 2010 financial year
(firmenpresse) - Masterflex AG / Quarter Results/Miscellaneous
12.05.2010 08:30
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PRESS RELEASE
Masterflex AG: Positive start to 2010 financial year
- Return to profitability
- Strong development in core business
- Negative development in Surface Technology halted
- Cash flow remains stable despite considerable financing costs
- Long-term financing concept in progress
Continued business units
(IFRS in EUR thou.) 31.03.2010 31.03.2009 +/-
Consolidated revenue 14,775 14,792 -0.1%
Consolidated EBITDA 1,523 1,022 49,0%
Consolidated EBIT 361 -182
Consolidated EBT -500 -1,005 50,2%
Consolidated
net income -390 -749 47,9%
Earnings pershare (EUR) -0.09 -0.18 50,0%
Consolidated EBIT
margin 0,1% 0,0%
Staff 531 736 -27.9%
31.03.2010 31.12.2009 +/-
Equity 922 995 -7.3%
Total assets 70,905 69,298 2.3%
Equity ratio 1.3% 1.4%
Gelsenkirchen, 12 May 2010. After two very difficult financial years,
Masterflex AG has made a promising start to 2010 successfully by having
returned to profitability. Operating consolidated EBIT increased from EUR
0.2 million in the same quarter of the previous year to EUR 0.8 million.
EBIT including extraordinary expenses also improved to EUR 0.4 million,
after still having been negative in the previous year at EUR -0.2 million.
The extensive programmes of measures implemented over the two previous
years are paying off. In particular, the core High-Tech Hose Systems
business unit has shown significantly positive development. Hose sales
increased on a significant basis by 13.1% compared with the previous year.
Following the end of the period under review, this development continued in
April, meaning that the Company is optimistic that the core business will
show positive development on a sustained basis, especially as marketing and
sales activities have further been strengthened. The core business unit
provided evidence of sustained profitability, with operating cash flow of
EUR 0.7 million.
The Mobility segment made a cautious start, as demand for electric bicycles
has not yet picked up due to the harsh winter. For this reason,
consolidated revenue remained at the same level as the previous year in the
first quarter of 2010, totalling EUR 14.8 million. In the Surface
Technology segment, which was hit hard by the economic crisis, the negative
trend ongoing since 2008 has now been halted. This will also be
increasingly reflected in results as the year goes on.
The unsatisfactory equity ratio of 1.3% and the current extension of loans
until summer mean that financial restructuring has still utmost priority.
The forecast for the 2010 financial year carries a degree of uncertainty as
to how sustainable general economic recovery will be. The Executive Board
of Masterflex AG is currently expecting an increase in consolidated revenue
of between 5% and 10% in 2010. Consolidated EBIT in 2010 will once again be
impacted with further extraordinary charges - primarily legal and
consulting costs arising from further potential sales as well as capital
measures. For reasons of precaution, once again losses from non-core
business activities have been provided for. Nevertheless, the Executive
Board of Masterflex AG is expecting a considerable improvement in operating
EBIT and a significant positive consolidated EBIT (including extraordinary
expenses).
The quarterly report 1/2010 is available to download on the Company's
homepage www.masterflex.de in the Investor Relations section.
Further information: Masterflex AG, Investor Relations, Willy-Brandt-Allee
300, D-45891 Gelsenkirchen, stephanie.kniep(at)masterflex.de, Tel.
+492099707744, Fax +492099707720
Masterflex AG is a specialist in the global development and production of
high-quality connector and hose systems from innovative high-tech polymers
in its core High-Tech Hose Systems business unit. Since it was founded in
1987, the Company has built up a high degree of materials and processing
expertise. Masterflex commands the entire process chain: from the use of
materials to the development of its own manufacturing processes using
self-developed facilities right up to the production and distribution of
products. The Company produces and sells high-tech hose systems for a wide
range of industrial and medical applications at seven locations in Europe
and the USA. Masterflex AG also operates in the Mobility and Surface
Technology (Advanced Material Design) business units.
12.05.2010 08:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Deutschland
Phone: +49 (0)2099 70 77-44
Fax: +49 (0)2099 70 77-20
E-mail: stephanie.kniep(at)masterflex.de
Internet: www.masterflex.de
ISIN: DE0005492938
WKN: 549 293
Indices: Prime all share
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 12.05.2010 - 08:30 Uhr
Sprache: Deutsch
News-ID 20747
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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