DGAP-News: Muehlhan AG ends first half of the year with small profits in a continuing difficult environment
(firmenpresse) - DGAP-News: Muehlhan AG / Key word(s): Half Year Results/Change in
Forecast
Muehlhan AG ends first half of the year with small profits in a
continuing difficult environment
30.07.2013 / 07:11
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PRESS RELEASE
Muehlhan ends first half of the year with small profits in a continuing
difficult environment
- Group profits for the first six months EUR1.0 million further to a good
Q2.
- Outlook downgraded due to restructuring costs in China and Qatar
Hamburg, July 30, 2013 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first half of the year with a surplus returned to investors of
EUR1.0 million (prior year: EUR0.1 million). After a difficult first
quarter, Q2 brought a distinct upward trend. For the first three months of
the fiscal year, the Group had recorded a deficit of approximately EUR0.4
million. In total, from January to the end of June, 2013 the Company
achieved sales amounting to EUR96.2 million.
This sales revenue was primarily generated by Europe business. In total, at
EUR77.4 million within this region, the Group increased sales by almost 6%
as compared to the first half of 2012 (EUR64.6 million). This continued the
trend that had already become apparent last year. With revenues of EUR9.8
million, the North American business of the Muehlhan Group exceeded the
prior year's results of EUR8.6 million. In the Asia including the Middle
East region, Muehlhan was able to raise revenues from EUR8.4 million to
EUR9.3 million. Results, however, remain in the deficit range because of
the complex market situation in China and Qatar.
In both countries, Muehlhan is withdrawing from the shipbuilding sector,
reducing its business to sustainably profitable areas. As a result of these
measures, one-time expenditures will become necessary, but they cannot
accurately be estimated at this point in time.
The Ship Newbuilding segment once more yielded to the trend that has been
affecting it for years, realizing only EUR14.2 million (first half of 2012:
EUR14.7 million). In the Ship Repair segment, last year certain large
projects were responsible for excellent sales of EUR20.6 million. In the
current year, sales in this area stabilized at EUR17.6 million. When
adjusted for this special effect, the figures nonetheless demonstrate a
slight upward trend.
In the Energy Division, with work carried out for customers in the Wind
Energy, Oil&Gas Offshore and Petrochemicals segments, Muehlhan realized
sales of EUR22.1 million (prior year: EUR21.6 million).With these
contracts, and despite the no-fly order for certain types of transport
helicopters over the North Sea, lasting for months, and the related sales
shortfall, it was possible still to record an increase.
The Industry business comprises the Bridge Coating, Passive Fire Proofing
and other surface protection services business segments.
Sales in the first half of 2013 amounted to EUR24.0 million and were thus
EUR8.9 million higher than in the same period last year; the improvement
was essentially due to increases in the Bridge Coating segment.
The Other Services Division, which consists primarily of the Steel
Construction for maritime and industrial customers and Scaffolding and
Access Services segments, was able to stabilize at a high level. Overall,
sales in this Division amounted to EUR18.1 million and were thus above the
figures for the first half of 2012 (EUR17.8 million).
Outlook
The Board is reducing its forecast for 2013 because of the one-time
expenditures in connection with the restructuring of the China and Qatar
business to earnings before interest and taxes (EBIT) of now between EUR2.0
million and EUR4.5 million.
Group Key Figures:
in kEUR 1st half 1st half
2013 2012
Sales 96,223 89,924
EBITDA1 5,007 5,013
EBIT2 2,263 1,831
EBT3 1,299 661
Earnings per share (in EUR) 0.05 0.01
Consolidated earnings after non-controlling
interests 1,034 135
Cash flow 4,926 5,105
Investments for fixed assets 3,319 2,666
Depreciation 2,744 3,182
in kEUR 30.06.2013 31.12.20121 EBITDA: Profit from operations and depreciation
Balance sheet total 112,047 113,547
Fixed assets 4 42,783 42,369
Equity 58,247 57,761
Number of employees 5 2,271 2,266
2 EBIT: Profit from operations
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets
5 Refers to average number of employees, not the specific number as of the
reporting date
Avout Muehlhan:End of Corporate News
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 2,200 employees at over 30 locations worldwide, we
generated EUR186 million of sales revenues in 2012. 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(at)muehlhan.com
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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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223288 30.07.2013
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