DGAP-News: Masterflex AG: Annual General Meeting 2011
(firmenpresse) - DGAP-News: Masterflex AG / Key word(s): AGM/EGM
Masterflex AG: Annual General Meeting 2011
28.06.2011 / 15:03
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- Forecasts for 2011 with revenue growth of 8-10% to over EUR50 million
confirmed
- Sustained good revenue and earnings development after 5 months
- All General Meeting resolutions passed with a large majority
Gelsenkirchen, 28 June 2011 - Masterflex AG confirmed its revenue and
earnings forecasts for 2011 at today's Annual General Meeting in
Gelsenkirchen. The Executive Board is anticipating a revenue upturn of
between 8% and 10% to between EUR50 million and EUR51 million and EBIT of
around EUR7.0 million in 2011. This will result in an EBIT margin of 14%
for the year.
In the first three months of 2011, Masterflex significantly exceeded these
forecasts with revenue growth of 24% to EUR13.9 million and EBIT growth of
74.5% to EUR2.4 million. The EBIT margin for the first quarter amounted to
17%. The positive revenue and earnings development also continued in April
and May 2011 according to CEO Dr. Andreas Bastin in his speech at the
Annual General Meeting. 'We have successfully completed the three-year
restructuring phase. This is proven by the good results for the fourth
quarter of 2010 and the first five months of 2011. We are now concentrating
solely on our core business of high-tech hose systems and connector systems
and are recording stronger growth than the market due to our innovative
strength and internationalisation.'
Following the restructuring, the shareholders of Masterflex AG approved the
proposed profit transfer agreements with the two subsidiaries in the area
of high-tech hose systems, M&T Verwaltungsgesellschaft and Novoplast
Schlauchtechnik. Dr. Andreas Bastin: 'In our core business, we remained
profitable even during the crisis. The profit transfer agreements will now
allow us to use the accumulated tax loss carryforwards at Masterflex AG for
tax purposes.'
The Annual General Meeting also resolved an amendment to the company's
authorised capital based on the significant cash capital increase
implemented by Masterflex in 2010, meaning that authorised capital was
required to be adjusted to reflect the substantially higher share capital.
'In good time for the Annual General Meeting, we were able to confirm the
completion of the combination of our new shares from 2010 with the existing
shares in the General Standard in Frankfurt as previously announced,'
commented Mark Becks, CFO of Masterflex AG. After the German Federal
Financial Supervisory Authority (BaFin) approved the necessary securities
prospectus on 15 June, the listing conversion took place on 17 June 2011.
The shareholders also approved the Executive Board's proposal for the share
buy-back programme. However, the Executive Board stressed that this
resolution was solely intended as a contingency after new shares were
issued in 2010. 'We are not currently considering a share buy-back.
Instead, we are focusing on the possibility of being able to pay a dividend
in due course. In terms of capitalisation, Masterflex AG is already on a
good path,' commented Dr. Andreas Bastin. In the first quarter of 2011, the
equity ratio was increased to above 20% again, and the company is seeking
to approach the target of 30% in the near future.
Further resolutions by the Annual General Meeting, all of which were
approved with a large majority, related to the approval of the actions of
the members of the Executive Board and Supervisory Board, the election of
the auditor and the remuneration system for the Executive Board.
For further information contact: Masterflex AG, Investor Relations,
Willy-Brandt-Allee 300,
D-45891 Gelsenkirchen, ir(at)masterflex.de, Tel. +49 209 97077 12
End of Corporate News
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28.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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129985 28.06.2011
Datum: 28.06.2011 - 15:03 Uhr
Sprache: Deutsch
News-ID 34483
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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