DGAP-News: Muehlhan AG: Return to profitability in first half of 2011
(firmenpresse) - DGAP-News: Muehlhan AG / Key word(s): Half Year Results/Interim Report
Muehlhan AG: Return to profitability in first half of 2011
29.07.2011 / 07:54
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PRESS RELEASE
Muehlhan returns to profitability in the first half of 2011
* Pre-tax income of EUR 1.5 million despite negative results from Asian
operations
* European and U.S. businesses return to growth
* Market uncertainty remains
Hamburg, 29 July 2011 - In the first six months of the current fiscal year,
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated EUR 80.8 million
of sales revenues and EUR 0.5 million of net income after non-controlling
interests. Despite posting lower sales and earnings than the year before
(first half of 2010: sales: EUR 85.2 million; net income: EUR 2.2 million),
Muehlhan continued the positive trend toward recovery that began in the
first quarter, leaving behind the poor results of the second half of 2010.
In the second quarter of 2011 alone, consolidated net income improved to
EUR 0.8 million.
The lion's share of sales revenues (EUR 64.6 million) was again generated
by the European business. For the first time since the onset of the
financial and economic crisis, the Group managed to increase business
volumes in Europe, posting an increase of 2% (first half of 2010: EUR 63.3
million). The North American businesses, which began showing signs of
stabilizing in the first quarter, continued this positive trend with good
sales figures through the end of June 2011. Sales of EUR 9.6 million were
higher than the prior-year figure of EUR 9.0 million.
The only area where sales were down was the Asian region, including the
Middle East, where sales dropped significantly. There, revenues fell by
more than 50%, from EUR 13.1 million the previous year to just EUR 6.4
million this year.
In the Ship Newbuilding business, there was another substantial decline in
sales, as expected, to EUR 21.9 million, compared to EUR 30.8 million the
previous year (a decline of more than 28%). Business was negatively
affected by the shift of shipbuilding to Asia in general, as well as by the
cancellation last year of a large-scale production order in the USA and by
the spring flooding in the Mississippi delta, two issues that impacted
Muehlhan directly.
In the Ship Repair division, the continued deep reluctance on the part of
shipowners to undertake maintenance work caused sales revenues to drop by
another 10% to EUR 14.0 million (prior year: EUR 15.6 million). However, if
freight rates and charter rates increase again, this could herald a
sustainable upswing.
The Energy division, which encompasses the wind-energy, Oil&Gas Offshore
and petrochemical businesses, generated total sales of EUR 16.7 million in
the first half of 2011 (previous year: EUR 16.8 million). The refinery
business in Qatar, which declined substantially due to project delays, was
offset by substantial growth in the Oil&Gas Offshore business in Europe.
The Industry business, which includes the bridge-coating, passive
fire-proofing and other surface-protection services, recorded EUR 12.9
million of sales during the first half of 2011, compared to EUR 12.7 for
the prior-year period. While sales in the fire-proofing sector were again
significantly lower than the previous year, the bridge division, in
particular, posted positive figures and will generate significantly more
business for Muehlhan's local subsidiary there than a year ago.
The Other Services activities generates sales revenues from steel
construction work and from scaffolding and access technology services. Both
business fields significantly exceeded expectations in the first quarter.
Overall, the Other Services division posted total sales of EUR 14.9
million, above previous year's EUR 9.2 million.
Outlook
Muehlhan currently believes that it will come in at the lower end of the
projected range published in the spring (sales revenues of between EUR 150
and 165 million; EBIT of between EUR 4 and 7 million; and net earnings
after non-controlling interests of between EUR 1 and 3 million).
Important company figures:
in kEUR 1st half
of 2011 1st half
of 2010
Sales 80,750 85,197
EBITDA1 5,302 7,046
EBIT2 2,376 3,768
EBT3 1,472 3,081
Earnings per share (EUR) 0.03 0.11
Consolidated earnings after non-controlling interests 524 2,155
Cash flow 4,344 6,886
Capital expenditures 2,309 2,472
Depreciation and amortization 2,926 3,278
in kEUR 30 June 2011 31 December 2010
Balance sheet total 106,885 108,328
Fixed assets4 44,499 45,916
Equity 60,055 61,258
Average number of employees 2,074 2,324
1 EBITDA: Profit from operations, plus depreciation
2 EBIT: Profit from operations
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets
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 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
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, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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133666 29.07.2011
Datum: 29.07.2011 - 07:54 Uhr
Sprache: Deutsch
News-ID 39278
Anzahl Zeichen: 0
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Kategorie:
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