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Muehlhan AG
Earnings Release • Mar 31, 2017
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Earnings Release
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Corporate | 31 March 2017 08:53
Muehlhan AG: Muehlhan AG publishes results for fiscal year 2016
DGAP-News: Muehlhan AG / Key word(s): Final Results
31.03.2017 / 08:53
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Muehlhan AG publishes results for fiscal year 2016
– Group successfully continued its process of transformation
– EUR254.3 million of sales revenues and EUR6.9 million of EBIT at upper end of expectations
– Dividend of EUR0.06 per share is proposed
Hamburg, 31 March 2017 – In 2016, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) successfully proceeded with its transformation process and was able to maintain the upward trend of recent years that was interrupted in 2015. While sales revenues increased 6.4% to EUR254.3 mil-lion, EBIT jumped 32% to EUR6.9 million and consolidated net income rose 35% to EUR2.8 million.
On a geographic basis, sales revenues in Europe declined 1% year on year to EUR186.2 million. By contrast, EBIT increased by EUR1.8 million to EUR4.9 million. In the Middle East , Muehlhan benefited from passive fire protection projects and scaffolding projects and managed to boost sales revenues by a substantial amount (EUR13.1 million) to EUR29.9 million. Because of special effects, EBIT dropped to EUR0.5 million (previous year: EUR1.7 million). In North America, a major project caused sales revenues and EBIT to increase to EUR26.8 million and EUR1.3 million, respectively (previous year:
EUR23.1 million and EUR0.4 million, respectively). The business trend in the Rest of the World was also positive, with EUR11.4 million of sales revenues and EUR1.6 million of EBIT.
In the Ship business segment, sales revenues decreased, as expected, from EUR82.9 million in the previous year to EUR63.5 million. Thanks to various measures, EBIT increased from EUR3.8 million to EUR5.0 million. Despite a tough market environment, the Oil & Gas business segment managed to increase sales by EUR10.2 million to EUR63.2 million and EBIT by EUR2.3 million to EUR6.5 million. In the Renewables business segment, sales revenues rose to EUR34.0 million (previous year: EUR23.7 million), but project losses caused EBIT to stagnate at EUR -2.5 million. These projects were completed in the year under review. Although major projects in the Industry/Infrastructure segment boosted sales revenues by EUR14.3 million to EUR93.6 million, special effects caused EBIT to decrease by EUR0.9 million to EUR3.3 million.
With the Supervisory Board’s agreement, the Executive Board will recommend to the Annual General Meeting that a dividend of EUR0.06 per share be distributed for fiscal year 2016 (previous year: EUR0.04 per share).
Muehlhan is confident that the Group’s upward trend will continue in the future, despite the difficult conditions that still prevail in some markets. Expanding our service portfolio in different markets will also contribute to this trend. Muehlhan expects again profitability to improve in 2017. The company expects sales revenues to remain constant at around EUR250 million, with EBIT increasing slightly to between EUR6.5 million and EUR8.5 million.
For additional information on fiscal year 2016 and details on the outlook for 2017, please consult the Muehlhan Annual Report published on 31 March 2017.
The company’s key performance indicators are shown in the following table:
| In EUR million | 2016 | 2015 |
| Results | ||
| Sales revenues | 254.3 | 239.0 |
| EBITDA 1 | 14.2 | 12.0 |
| EBIT 2 | 6.9 | 5.2 |
| EBT 3 | 5.4 | 3.3 |
| Consolidated earnings after non-controlling interests | 2.0 | 1.4 |
| Earnings per share from continuing operations (in EUR) | 0.09 | 0.05 |
| Cash flow from operating activities | 8.9 | 12.7 |
| Capital expenditures for fixed assets | 9.2 | 10.8 |
| In EUR million | 31.12.2016 | 31.12.2015 |
| Balance sheet | ||
| Balance sheet total | 146.5 | 137.9 |
| Fixed assets 4 | 53.7 | 53.1 |
| Group equity | 68.1 | 65.9 |
| Equity ratio in % | 46.5 | 47.8 |
| Employees | 2016 | 2015 |
| Number of employees (annual average) |
2,881 | 2,844 |
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: 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: [email protected]
31.03.2017 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.
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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: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Basic Board) in Frankfurt |
| End of News | DGAP News Service |