DGAP-News: Muehlhan AG: Publishing of Annual Report 2012
(firmenpresse) - DGAP-News: Muehlhan AG / Key word(s): Final Results
Muehlhan AG: Publishing of Annual Report 2012
03.04.2013 / 17:32
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PRESS RELEASE
Muehlhan releases 2012 figures
- Corporate turnover and EBIT were increased significantly
- Corporate result shows a small surplus
Hamburg, 3 April 2013 - With an increase of 8.1 percent in turnover to EUR
186.2m (2011: EUR 172.3m), Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
reported significantly better Earnings before Interest and Tax than in the
previous year. The EBIT improved by EUR 5.8m from EUR -1.3m to its current
level of EUR 4.5m. Due to a very high income tax burden, the corporate
surplus amounted to EUR 148k (2011: EUR -3.9m).
The improved income data confirm that the Group's strategic reorientation
of placing greater emphasis on industrial corrosion protection in the gas
and oil sectors, industry and other services is the correct step to
compensate for the decline in the maritime sector and to lead Muehlhan
sustainably back into the profit zone.
As in the previous year, Europe was the primary driver as regards turnover
and EBIT. At EUR 151m, turnover was increased by 11.9 percent as compared
with the previous year (EUR 135m). A significant increase was also recorded
in the EBIT to EUR 10.7m as compared with EUR 9.5m in the previous year.
As expected, the turnover of EUR 16.3m in North America remained below the
previous year's turnover of EUR 20.0m. The main reason for this was the
termination of activities in the US Gulf Coast since the building of new
ships has almost come to a complete standstill in this region. The closure
of the Canadian subsidiary company, Muehlhan Canada, also had a negative
effect on the result in terms of one-off costs so that a loss of EUR -0.6m
(previous year: EUR -3.1m) had to be recorded in this region.
In Asia and Middle East Muehlhan was able to increase turnover from EUR
16.0m to EUR 18.8m. At an EBIT of EUR -1.5m, although this region is still
recording a loss, a significant improvement was also recorded here as
compared with the previous year (EUR -2.5m).
As expected, the Ship Newbuilding business sector continued to suffer from
the structural changes in this market in 2012. As expected, the turnover in
the financial year declined further to EUR 25.8m. Although the EBIT was
still negative at EUR -1.7m, it reflects a positive trend as compared with
the previous year's value of EUR -3.6m.
Fortunately, turnover recovered more rapidly in the Ship Repair sector than
anticipated - despite the continuing low freight rates and the entire
sector's associated strained liquidity situation.
At EUR 42.8m the sector recorded growth of 9.1m as compared with 2011 (EUR
33.7m) which is equivalent to an increase of 27 percent. Here, the EBIT of
EUR 2.8m increased even more significantly (previous year: EUR 0.6m).
The Industry business also recorded significant growth. Turnover increased
by almost 35 percent from EUR 26.9mto EUR 36.2m. Simultaneously, the EBIT
contribution of EUR 2.7m almost doubled in comparison with the previous
year (EUR 1.4m). Here, as in the previous year, the main driver was the US
bridge sector.
With a turnover of EUR 42.2m, activities for customers in the oil and gas,
petrochemical and renewable energies sectors as summarised in the Energy
business sector also record an increase as compared with the previous year
(EUR 39.7m).The slightly negative result of EUR -0.1m (previous year: EUR
0.7m) is a result of the costs incurred by the closure of the Canadian
subsidiary company.
Those business sectors summarised under the collective term, Other
Services, also demonstrated positive development. Here, turnover increased
from EUR 34.4m to EUR 39.0m. At EUR 4.9m, the EBIT lies at the previous
year's level. In particular, the scaffolding construction located in
Hamburg profited from a continuing high demand from civil engineering and
from the construction of foundations for offshore wind energy plants.
In contrast to developments in previous years, the terms of both the bond
and the working capital financings were fulfilled at all times. In order to
ensure the future stable financing of the company and to reduce the
disproportionately high interest cost to market levels, negotiations were
initiated with several banks towards the end of the previous year with a
view to restructuring the company's banking relationship.
Muehlhan refers to the Annual Report published on 3nd April 2013 for all
further information concerning the financial year 2012 and the outlook for
2013.
The most important company key values are recorded in the following table:
In EUR million Financial year 2012 Financial year 2011About Muehlhan:
Sales 186.2 172.3
EBITDA 10.7 6.4
EBIT 4.5 -1.3
Net loss/profit for the year 0.1 -3.9
Cash flow 9.9 6.1
Fixed assets 42.4 44.9
Equity 57.8 57.1
Equity ratio in % 51 51
Balance sheet total 113.5 112.2
Employees (annual average) 2,266 2,131
Worldwide, the Muehlhan Group is a reliable partner for 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 standard 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 fields: Ship Newbuilding,
Ship Repair, Energy, Industry and Other Services. With our workforce of
over 2,200 employees we generated a turnover of EUR 186m in about 30
locations worldwide in 2012. We intend to use this stable foundation to
further expand our business in the coming years and to continue to move our
company forward through our proximity to our customers in the global
market.
More information at www.muehlhan.com.
Press contact: Jochen Springer, Muehlhan AG; Tel: +49 40 75271-156; E-Mail:
springer(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, Düsseldorf, Hamburg, München,
Stuttgart; Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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194801 03.04.2013
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Datum: 03.04.2013 - 17:32 Uhr
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News-ID 245658
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