DGAP-News: Masterflex AG: Q1 results and Annual Report publication 2010
(firmenpresse) - DGAP-News: Masterflex AG / Key word(s): Quarter Results/Final Results
Masterflex AG: Q1 results and Annual Report publication 2010
28.04.2011 / 11:11
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Q1 results and Annual Report publication 2010
With strong growth in the first quarter of 2011, Masterflex AG follows on
from the positive trend of 2010
- Financial year 2010: revenue up by approximately 20% to EUR 46.1 million
- First quarter 2011: considerable increase in revenue and profitability
- Outlook 2011: further revenue momentum and EBIT margin of 14% expected
Gelsenkirchen, 28 April 2011 - Masterflex AG, Gelsenkirchen, a globally
operating specialist for the development and production of innovative
high-quality connector and hose systems using high-tech plastics, started
into 2011 with a very successful first quarter. In the first three months,
Masterflex increased consolidated revenue from
EUR 11.2 million to EUR 13.9 million. EBIT increased by 74.5% to EUR 2.4
million. As a result, the EBIT margin was extended to 17%. Consolidated net
income improved from minus EUR 0.4 million to EUR 0.9 million. The equity
ratio was pushed over the 20% mark.
At the same time, at today's accounts press conference, Masterflex AG
confirmed the provisional figures already reported for 2010. Masterflex
increased consolidated revenue from EUR 38.4 million in the previous year
to EUR 46.1 million in 2010. EBIT from continued operations improved by
approximately 76% year-on-year from EUR 3.7 million to EUR 6.4 million.
Even though it remained negative, consolidated net income improved
significantly from minus EUR 13.6 million to minus EUR 2.3 million.
Masterflex AG reduced net debt by EUR 23.6 million. In combination with the
successful rights issue in December 2010, the company improved its equity
ratio considerably to 18.7%. Earnings per share from continued operations
achieved the turn around, moving from minus
EUR 0.24 to EUR 1.67.
Dr Andreas Bastin, Chief Executive Officer at Masterflex AG: 'We are
gradually beginning to harvest the fruits of our very hard restructuring
between 2008 and 2010. Already at the end of 2010, we recognised that our
measures impacted more quickly that we had anticipated in some cases. We
started strongly into 2011 and have now created an excellent basis for a
good development in 2011.'
Masterflex AG also made progress in its strategy of concentrating fully on
its core business with strong margins. After disposing of numerous non-core
areas since 2008, the last remaining units which were not part of the core
business have now been sold. Within the Mobility segment, which was
reported as a discontinued operation in 2010, Masterflex AG sold its 51%
stake in Clean Air Bike GmbH, Berlin and its 100% stake in Velo Drive GmbH,
Herten. The activities of the Mobility segment remaining in the Masterflex
Group relate only to fuel cell technology. For this segment, Masterflex is
also planning a disposal or transfer into a partnership with a strong
partner.
For 2011, Masterflex AG anticipates that the business trend will remain
positive. The Executive Board is anticipating a revenue upturn of between
8% and 10% to between EUR 50 million and EUR 51 million and an EBIT of
approximately EUR 7.0 million. At the same time, the company plans to
improve further its equity structure rapidly and move closer to the target
ratio it has set itself of atleast 30%. Dr Andreas Bastin: 'With a time
horizon of one year, we are targeting an EBIT margin of 14%. For a
technology and industrial company which has just emerged from
restructuring, I consider this is an excellent figure.'
In 2011, growth will be driven by internationalisation and innovations. In
2010/2011, Masterflex started in Russia and Brazil. New country markets are
being accessed in a targeted fashion, where it is considered there is
above-average potential for our product solutions. At the same time, on the
basis of innovations Masterflex is expanding its application spectrum to
industries and segments, some of which have not been accessed before. An
example of this is the heated templine(R) hoses launched in January.
Continued business units
(according to IFRS in EUR thousand)
31.12.2010 31.12.2009 +/-
Consolidated revenue 46,057 38,409 19.9%
Consolidated EBITDA 9,114 6,124 48.8%
Consolidated EBIT 6,445 3,656 76.3%
Consolidated EBT 3,104 445 597.5%
Consolidated net income/loss 8,100 -932
Consolidated earnings per share (EUR) 1.67 -0.24
Consolidated EBIT margin 14.0% 9.5%
Consolidated return on sales 17.6% -2.4%
Number of employees 397 384 3.4%
Total equity 12,213 995 1127.4%
Total assets 65,416 69.298 -5.6%
Equity ratio % 18.7% 1.4%
End of Corporate News
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Language: English
Company: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Deutschland
Phone: +49 (0)209 97077-12
Fax: +49 (0)209 97077-20
E-mail: ir(at)masterflex.de
Internet: www.masterflex.de
ISIN: DE0005492938
WKN: 549 293
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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121832 28.04.2011
Datum: 28.04.2011 - 11:11 Uhr
Sprache: Deutsch
News-ID 33890
Anzahl Zeichen: 0
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Kategorie:
Business News
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