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Muehlhan AG
Earnings Release • Jul 28, 2016
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Earnings Release
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Corporate | 28 July 2016 09:13
Muehlhan AG: Presse release half-year report 2016 (news with additional features)
DGAP-News: Muehlhan AG / Key word(s): Half Year Results/Interim Report
2016-07-28 / 09:13
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Muehlhan AG publishes results for the first half of 2016
– Business performance within upper third of expected range
– EUR127.4 million of sales revenues; EUR3.8 million of EBIT
Hamburg, 28 July 2016 – Between January and June of 2016, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated EUR127.4 million of sales revenues (previous year: EUR115.8 million) and earnings before interest and taxes (EBIT) of EUR3.8 million (previous year: EUR3.2 million). The after-tax earnings figure of EUR2.2 million (previous year: EUR1.6 million) includes the business in Singapore that is currently being discontinued. Due to the disposal of assets as part of the shutdown, the Singapore operations reported EBIT and after-tax income of EUR0.3 million each.
A geographic overview shows that in Europe, sales revenues remained stable at EUR94.6 million, while in America they increased from EUR9.3 million to EUR13.4 million. The Middle East benefited from the persistent increase in demand for passive fire protection and was able to nearly double sales from EUR7.0 million to EUR13.7 million. The business trend in the Rest of the World was also positive, with sales revenues increasing from EUR4.8 million to EUR5.7 million.
A breakdown by business segment shows that in the Ship segment the completion of some major projects and a more selective approach to choosing follow-up projects resulted, as expected, in a EUR19.0 million decrease in sales revenues to EUR32.5 million during the first half. The other business segments were able to increase sales. In the area of Oil & Gas , the company generated EUR33.9 million of sales – a significant increase over the prior-year figure of EUR24.2 million. The Renewables segment managed to more than double sales revenues to EUR18.4 million. The Industry/Infrastructure business also reported an increase in sales to EUR43.1 million for the first half of 2016 (previous year: EUR34.1 million).
Consistent sales and EBIT of between EUR5 million and EUR7 million are still expected for the full year 2016.
The company’s key performance indicators 1 are shown in the following table.
| in EUR million | 1st half of 2016 | 1st half of 2015 2 |
| Results | ||
| Sales | 127.4 | 115.8 |
| EBITDA 3 | 7.7 | 6.4 |
| EBIT 4 | 3.8 | 3.2 |
| EBT 5 | 3.0 | 2.3 |
| Income from continuing operations | 2.0 | 1.8 |
| Earnings per share from continuing operations (EUR) | 0.05 | 0.06 |
| Cash flow from/cash used in operating activities | -0.1 | -1.7 |
| Capital expenditures | 4.8 | 5.1 |
| in EUR million | 30.6.2016 | 31.12.2015 |
| Balance sheet | ||
| Balance sheet total | 143.4 | 137.9 |
| Fixed assets 6 | 53.2 | 53.1 |
| Equity | 66.9 | 65.9 |
| Equity ratio in % | 47 | 48 |
| Employees | 1st half of 2016 | 1st half of 2015 |
| Number of employees (annual average) |
2,931 | 2,757 |
1 Because of the closure of the Singapore division, the Second Interim Report pursuant to IFRS 5 is divided into results from continuing operations and results from discontinued operations.
2 Income Statement figures adjusted pursuant to IFRS 5
3 EBITDA: Operating income before interest, taxes, depreciation and amortization
4 EBIT: Operating income (Earnings before interest and taxes)
5 EBT: Earnings before taxes
6 Fixed assets: Total of non-current assets less deferred tax assets
About Muehlhan: Worldwide, the Muehlhan Group is a reliable partner in industrial services and high-quality surface protection. As one of the few full-service providers, we offer our customers a broad range of services designed to meet the exacting quality standards expected in professional industrial services. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors and our more than 130 years of experience.
We have an established market presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas and Industry/Infrastructure. With our workforce of more than 2,800 employees at over 30 locations worldwide, we generated sales revenues of EUR239 million in 2015. We intend to use this stable foundation to further expand our business in the coming years and to continue moving our Group forward through proximity to our customers in the global market.
For more information, visit www.muehlhan.com.
Press contact: Muehlhan AG; Tel.: +49 40 75271-150; e-mail: i [email protected]
Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=EBACFNIAWR
Document title: Muehlhan AG: Press release for half-year report 2016
2016-07-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| 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: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Entry Standard) in Frankfurt |
| End of News | DGAP News Service |