Earnings Release • Jul 30, 2014
Earnings Release
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Corporate | 30 July 2014 08:53
Muehlhan AG: Muehlhan reports an increase in sales and earnings at the end of the first half of 2014
Muehlhan AG / Key word(s): Half Year Results/Development of Sales
30.07.2014 08:53
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Group AG.
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PRESS RELEASE
Muehlhan reports an increase in sales and earnings at the end of the first
half of 2014
Sales increase 11% in first half of 2014
First-half EBIT of EUR 3.0 million
Executive Board maintains existing earnings forecast
Hamburg, 30 July 2014 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first half of the year with net income attributable to the equity
holders of EUR 1.0 million (previous year: also EUR 1.0 million). After a
subdued first quarter, there was a significant upward trend in the second
quarter. During the first three months of the fiscal year, the Group had
reported a loss of approximately - EUR 0.2 million. Overall, the company
generated sales revenues of EUR 106.7 million during the period from
January to the end of June 2014. EBIT increased from EUR 2.3 million the
previous year to EUR 3.0 million.
As in previous years, the bulk of the sales revenues came from the European
business, where Group sales totaled EUR 88.3 million, almost 15% higher
than in the first half of 2013 (EUR 77.1 million). The main contributor to
the improvement was the business in the North Sea oil & gas sector, which
last year was severely affected by a flight ban on transport helicopters.
Because a major project was winding down, the Muehlhan Group's North
American businesses saw revenues decline from a solid EUR 9.8 million in
the prior-year period to EUR 7.4 million. In the Asian region, including
the Middle East, Muehlhan managed to increase revenues from EUR 9.3 million
to EUR 10.9 million. With EBIT of EUR 0.5 million (first half of 2013: -
EUR 0.7 million), the earnings situation improved considerably. The
improvement was due both to the shutdown of loss-making businesses in Qatar
and China and the cyclical upturn in the fire-protection business in the
Middle East.
The Ship Newbuilding segment experienced a (presumably temporary) recovery,
reporting sales of EUR 19.1 million (first half of 2013: EUR 14.2 million).
In the Ship Repair segment, sales of EUR 15.2 million did not quite reach
the prior-year level of EUR 17.6 million. In the Energy segment, Muehlhan's
work for customers in the wind energy, oil & gas offshore and petrochemical
segments generated EUR 25.6 million of sales revenues (previous year: EUR
22.1 million). The Industry business segment encompasses bridge-coating,
passive fire-proofing and other surface-protection services. During the
first half of 2013, sales stood at EUR 26.0 million, a EUR 2.0 million
increase over the prior-year period; this was primarily attributable to an
increase in the fire-protection segment. The Other Services business
segment, which consists mainly of steel construction work for maritime and
industrial customers and scaffolding and access services, continued to
improve. Altogether, sales revenues in this business segment totaled EUR
20.7 million and were therefore higher than sales revenues for the first
half of 2013 (EUR 18.1 million).
Outlook
The Executive Board is standing by its published forecast for 2014, with
earnings before interest and taxes (EBIT) of between EUR 3.5 and EUR 6.5
million.
Important company figures:
in kEUR 1st half 1st half
of 2014 of 2013
Sales 106,670 96,223
EBITDA1 5,576 5,007
EBIT2 3,005 2,263
EBT3 2,133 1,299
Earnings per share (EUR) 0.06 0.05
Consolidated earnings after non-controlling interests 1,044 1,034
Cash flow 5,863 4,926
Investments for fixed assets 5,059 3,319
Depreciation and amortization 2,571 2,744
in kEUR 30.06.2014 31.12.2013
Balance sheet total 115,343 112,744
Fixed assets4 42,229 39,749
Equity 59,367 58,303
Average number of employees 2,620 2,390
1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Earnings before interest and taxes
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets
About Muehlhan:
As one of the few full-service providers in its industry, the Muehlhan
Group
offers its customers a broad spectrum of industrial services and high-
quality surface protection. Our very strong organizational skills, in-depth
technical expertise and more than 130 years of experience enable us to
satisfy our customers' exacting quality requirements. We offer top-rate
solutions for surface protection, scaffolding and steel construction in our
Ship Newbuilding, Ship Repair, Energy, Industry and Other Services business
segments. With more than 2,300 employees at over 30 locations worldwide, we
generated EUR 208 million of sales revenues in 2013. We will continue to
focus our efforts on steadily improving our technologies and services while
actively developing new markets in order to continue expanding our business
going forward.
For further information about the company visit the website at
www.muehlhan.com.
Contact information: Muehlhan AG; Tel: +49 40 75271-150; E-Mail:
[email protected]
30.07.2014 The DGAP Distribution Services include Regulatory Announcements,
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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: [email protected]
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Frankfurt in Open Market (Entry Standard)
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