DGAP-News: Muehlhan AG publishes first quarter 2011 report
(firmenpresse) - DGAP-News: Muehlhan AG / Key word(s): Quarter Results/Miscellaneous
Muehlhan AG publishes first quarter 2011 report
13.05.2011 / 07:42
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PRESS RELEASE
Muehlhan AG publishes first quarter 2011 report
* Sales decrease of just under 9%; net loss of EUR 0.2 million
* European operations once again see slight initial growth
* Undercapacities in Asia
Hamburg, 13 May 2011 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the traditionally weak first quarter with sales revenues of EUR 39.7
million (Q1 2010: EUR 43.5 million), EBIT (earnings before interest and
taxes) of EUR 0.2 million (Q1 2010: EUR 1.4 million) and a slight net loss
of EUR 0.2 million (Q1 2010: net income of EUR 0.7 million).
An analysis of sales revenues by geographic region yields a mixed picture.
Muehlhan's European businesses, which formerly concentrated primarily on
maritime business sectors and consequently incurred substantial losses in
past years, put a stop to that trend and reported 4% higher sales in the
first quarter of 2011 (from EUR 31.6 to EUR 32.8 million). Earnings before
interest and taxes totaled EUR 1.8 million (Q1 2010 EBIT: EUR 2.1 million).
In the USA, sales declined by 15% (from EUR 4.7 to EUR 3.9 million), but
EBIT rose by more than EUR 1.0 million (from EUR -0.6 to EUR 0.5 million).
In the Asian region, sales revenues were 65% below the prior-year level
(dropping from EUR 7.3 to EUR 2.6 million) on account of low capacity
utilization at the Qatar and Singapore sites. This resulted in a EUR 0.9
million loss, compared to EUR 0.8 million of earnings for the first quarter
of 2010.
In the first quarter of 2011, Muehlhan for the first time began reporting
business field information for its newly reorganized business fields, which
were reconfigured to reflect the continuing shift in revenues from its
maritime to its industrial businesses. In the Ship Newbuilding sector, the
company generated sales revenues of EUR 12.9 million in the first quarter
of 2011 (previous year: EUR 17.4 million). In Europe, sales remained
relatively stable, despite the transfer of new orders to the Far East.
Figures for the U.S. Ship Newbuilding business were negatively affected by
the 2010 cancellation of a major order from a Philadelphia shipyard.
The Ship Repair activities were compelled to post declines at virtually
every location. Here, sales dropped from EUR 7.9 million to EUR 5.7
million. The continuing reluctance of ship owners to pay for maintenance
work had a strong impact on this business.
The newly defined Energy sector combines the wind-energy business with the
formerly independent Oil&Gas Offshore field and the industrial activities
in the petrochemical markets. In the first quarter of 2011, it had total
sales revenues of EUR 8.3 million. In the prior-year period, the businesses
now included in this division generated around EUR 7.7 million in sales.
The renewable energy and Oil&Gas Offshore businesses, in particular, saw
increases. However, due to the postponement of orders in the Middle East,
the Group saw only half the level of revenues booked last year from orders
in the petrochemical industry.
Following the transfer of the wind-energy business to the Energy division,
the Industry activity now encompasses primarily the bridge-coating (new
construction) and passive fire-proofing business fields. From January to
the end of March2011, revenues totaled EUR 4.8 million. The previous year,
these sectors had sales of EUR 6.2 million. While the bridge business
posted only a slight decline, sales in the fire-proofing markets were
substantially lower than in the previous year.
In the future, sales revenues from the Other Services fields will make it a
significant contributor to the reorganized Group. In addition to steel
construction work for maritime and industrial customers, this business also
includes scaffolding and access technology services. Both business fields
significantly exceeded expectations in the first quarter, posting combined
revenues of EUR 7.7 million - considerably higher than in the previous year
(first quarter of 2010: EUR 4.2 million).
The Company's most important financial highlights are contained in the
following table:
in kEUR 1st quarter of 2011 1st quarter of 2010
Sales 39,683 43,531
EBITDA 1,694 3,001
EBIT 213 1,355
EBT -213 932
Earnings per share (EUR) -0.01 0.04
Consolidated earnings after non-controlling interests -248 681
Cash flow 973 3,106
31 March 2011 31 December 2010
Fixed assets 44,559 45,916
Equity 59,539 61,258
Balance sheet total 106,494 108,328
Number of employees (average) 2,042 2,281
Despite the modest start to the year, Muehlhan is sticking to its full-year
2011 forecast published in March (sales revenues of between EUR 150 and 175
million; EBIT of between EUR 4 and 7 million and net income of between EUR
1 and 4 million). We expect both sales and earnings to increase
considerably, particularly in the second half of the year.
About Muehlhan:
The Muehlhan Group is a global specialist in high-quality surface
protection and industrial services. Our business divisions - Ship
Newbuilding, Ship Repair, Energy, Industry and Other Services - enable us
to provide a broad range of professional services to our maritime and
industrial markets. The excellent quality of our service, our high degree
of organization, our technical expertise and almost 130 years of experience
are what set us apart.
With our workforce of around 2,300 employees at more than 30 locations
worldwide, we generated preliminary sales revenues of EUR 165.0 million in
2010. In the years to come, we will utilize our market position as a stable
foundation for further expanding our business.
Press contact: Ties Kaiser, Muehlhan AG; Tel: +49 40 75271 -156 10 640,
e-mail: kaiser(at)muehlhan.com
End of Corporate News
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Language: English
Company: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
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, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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124529 13.05.2011
Datum: 13.05.2011 - 07:42 Uhr
Sprache: Deutsch
News-ID 34090
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Kategorie:
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