DGAP-News: Masterflex AG: Quarterly Financial Report 3/2010
ID: 32477
(firmenpresse) - Masterflex AG / Key word(s): Quarter Results
03.11.2010 11:46
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PRESS RELEASE
Masterflex AG reports nine-month figures for 2010
- Further significant improvement in business development
- Annual General Meeting resolves equity measure with overwhelming
majority
- Efforts to secure long-term Group financing and substantially
strengthen equity base by end of year
- Group restructuring and refinancing almost complete
30 Sept. 30 Sept.Gelsenkirchen, 3 November 2010. In the third quarter of 2010, Masterflex AG
Continued Business Units (IFRS) 2010 2009 +/-
Consolidated revenue (EUR thou.) 37,774 33,920 11.4%
Consolidated-EBITDA (EUR thou.) 6,175 3,500 76.4%
Consolidated-EBIT (EUR thou.) 4,386 1,659 164.4%
Consolidated-EBT (EUR thou.) 172 -2,875
Consolidated earnings from continued
business units (EUR thou.) -140 -1,967 92.9%
Consolidated earnings from discontinued -
business units (EUR thou.) -5,628 -1,361 313.5%
Consolidated net income -5,876 -3,426 -71.5%
Earnings per share (EUR)
from continued business units -0.06 -0.47 87.2%
-
from discontinued business units -1.29 -0.31 316.1%
from continued and discontinued business
units -1.35 -0.78 -73.1%
Consolidated EBIT-Margin 11.6% 4.9% 136.7%
Number of employees 397 387 2.6%
30 Sept. 30 Sept. +/- in
2010 2009 %
Consolidated equity (EUR thou.) -4,645 995
Consolidated total assets (EUR thou.) 61,695 69,298 -11.0%
Consolidated equity ratio (%) -7.5% 1.4%
again significantly improved its overall economic performance as against
the previous year. The programme of measures is paying off and having a
sustainable impact. There was also a positive performance in terms of
sales. In addition to considerable revenue growth, this also led to a
substantial improvement in earnings and margins.
The sales measures implemented and the economic recovery are reflected
primarily in consolidated revenue, which increased by 11.4 % in the first
nine months of 2010, from
EUR 33.9 million to EUR 37.8 million. Masterflex AG enjoyed even more
successful development in terms of operating EBITDA before deconsolidation
effects from the sale of Surpro, which improved by around 76 % to EUR 6.2
million (previous year: EUR 3.5 million). Operating EBIT increased by
around 165 %, from EUR 1.7 million to EUR 4.4 million, thereby clearly
documenting the company's business success despite the sustained high level
of extraordinary expenses.
Although consolidated net income was affected by discontinued operations in
the amount of EUR 5.6 million, this is an important and positive measure in
terms of long-term strategy in light of the completion of the Group's
restructuring and the reorientation of its financing.
As anticipated, this positive operating performance is primarily based on
our core High-Tech-Hose Systems business unit. In addition to a range of
product innovations and industry-specific sales measures, a sales company
was formed in Brazil in the third quarter of 2010. Our prior market
research and existing customer contacts in this region, which is enjoying
impressive growth, identified promising potential for our entire core
product range. We also launched an additional internationalisation measure
immediately after the end of the reporting period, forming a joint venture
with our partner ZAO SovPlym with the aim of developing the Russian market.
We intend to successfully tap the Russian market for our high-tech hoses
and systems from the company's head office in St. Petersburg and its seven
sales offices throughout Russia at present.
In light of the consistently successful operating business performance, the
Executive Board is raising its prior earnings forecast for the current
financial year. The previous target for operating EBIT for the year has
already been achieved. Thus, operating EBIT is now expected to climb to EUR
5.2 million by the end of the year (previously: EUR 3.7 million). The
Executive Board also expects the earnings and margin situation to continue
to improve in the coming financial year provided that overall economic
development remains as positive as it is at present.
Preparations are underway for the implementation of the intended financing
and equity measures in the current fourth quarter of 2010, on which the
Executive Board will be publishing further information very shortly. If
these are successfully implemented according to planning, the annual
financial statements for 2010 are expected to report a significantly more
healthy equity ratio and a more solid debt situation in future.
The nine-month report for 2010 is available for download on the homepage
www.masterflex.de.
Further information:
Masterflex AG, Investor Relations, Willy-Brandt-Allee 300, D-45891
Gelsenkirchen,
E-Mail: ir(at)masterflex.de, Fon +49 209 97077-0, Fax +49 209 97077-20
The Company
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. With several locations in Europe, the USA and in Brazil the
company produces and distributes High-Tech-Hose Systems for a wide range of
industrial applications, from the extraction of extremely abrasive
materials to suction of chemicals and hot air. Masterflex AG also operates
in the Mobility business unit.
Masterflex AG, Investor Relations, Phone: +49 (0) 209 97077-0
03.11.2010 11:46 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Deutschland
Phone: +49 (0)2099 70 77-66
Fax: +49 (0)2099 70 77-20
E-mail: kerstin.wippich(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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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Datum: 03.11.2010 - 11:46 Uhr
Sprache: Deutsch
News-ID 32477
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