14.05.2013
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG publishes Q1 2013 interim results
DGAP-News: Muehlhan AG / Key word(s): Quarter Results
Muehlhan AG publishes Q1 2013 interim results
14.05.2013 / 17:36
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PRESS RELEASE
Muehlhan AG publishes Q1 2013 interim results
- Sales increase of 6.4%, EBIT improved by EUR 0.5 million
- After consolidation, North America once again driving earnings
Hamburg, 14 May 2013 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
completed the first quarter with sales revenue of EUR 46.0 million (prior
year: EUR 43.2 million) with earnings before interest and taxes (EBIT) of
EUR 0.4 million (prior year: EUR -0.1 million). Owing to high interest
expense resulting from corporate bond and continued above average tax
expense, earnings after taxes amounted to EUR -0.4 million.
As is the case with many other companies in the industry, the extremely
long winter led to distinct additional expenditures that impacted first
quarter earnings. Nonetheless, in the traditionally weak first quarter,
EBIT significantly increased as compared to the negative start to the prior
year.
A geographic analysis of sales revenue and earnings (EBIT) shows a
differentiated picture:
Europe, with an around 80% share in the Group's core region sales, was able
virtually to reach the budgeted sales targets, even recording a slight
increase at EUR 36.7 million as compared to the prior year (EUR 35.5
million). The earnings side, however, felt the extremely long winter, which
required additional expenditures in almost all European Muehlhan companies,
leading to the corresponding impact on earnings. At EUR 0.5 million (prior
year: EUR 2.1 million), EBIT in the European companies was therefore
accordingly low.
In North America, on the other hand, the Group made distinct progress both
in regard to sales at EUR 4.9 million (prior year: EUR 3.6 million) and
EBIT at EUR 1.4 million (prior year: EUR -0.6 million). A one-time effect
of some EUR 0.5 million resulting from the favorable outcome of a
litigation also contributed to a higher EBIT. However, earnings to date
have distinctly improved even without this one-time effect.
In the Middle East and Asia regions, on the other hand, because of order
postponements (Middle East) and weakness in the industry (China), sales
continued to trend below expectations at EUR 4.0 million (prior year: EUR
4.1 million). Accordingly, at EUR -0.6 million (prior year: EUR -0.3
million), EBIT was also distinctly disappointing.
In the business segments, with sales of EUR 7.0 million in the first
quarter of 2013 the shrinking Ship Newbuilding segment, which has faced
difficulties since the financial crisis, remained at the same level as last
year (EUR 6.9 million). However, because of two large orders in Germany
that impacted earnings, at EUR -1.3 million the EBIT figure is below the
even earnings of last year (EUR 0.0 million).
The opposite applies in the Ship Repair segment. In this area, in spite of
the continuing repair backlog and the associated decline in sales to EUR
9.2 million (prior year: EUR 10.2 million), Muehlhan's earnings rose to EUR
1.1 million (prior year: EUR 0.1 million).
In the Energy segment, sales in the first quarter of 2013 amounted to a
total of EUR 10.0 million as compared to EUR 10.7 million in the previous
year. EBIT amounts to EUR -0.2 million, (previous year: EUR -0.1 million).
In addition to the long winter, this segment was affected by extraordinary
events in the North Sea oil and gas business. A no-fly order for supply
helicopters of a specific type as a result of an emergency water landing as
well as a leak on a North Sea platform significantly reduced the activities
of our offshore personnel.
The Industrial segment business, which also includes infrastructure
projects, performed better in the first quarter as concerns both sales and
earnings. Sales rose to EUR 10.6 million (prior year: EUR 7.2 million),
EBIT improved to reach EUR 1.0 million as compared to EUR 0.4 million in
the prior year. A substantial part of this growth was due to our successful
participation in the key New Oakland Bay Bridge project.
The Other Services segment delivered a stable sales and earnings
contribution also in the first quarter of 2013. In addition to steel
construction work for maritime and industrial customers, this business
segment also includes scaffolding and access technology services. At EUR
8.6 million, sales were EUR 0.3 million above those of the previous year
(EUR 8.3 million). However, and mostly due to weather conditions, earnings
decreased from EUR 0.9 million to EUR 0.7 million. Order postponements were
seen especially in the scaffolding construction in the high margin civil
engineering and industrial construction segments.
In spite of the usual mixed start into the new financial year, a profit of
EUR 0.4 million was achieved in the first quarter of 2013 (prior year: EUR
-0.1 million). While taking all influencing factors into account, the Board
maintains its forecast for 2013. For 2013, earnings before interest and
taxes (EBIT) of between EUR 3.0 million and EUR 6.0 million are expected
based on a total sales volume of between EUR 180 million and EUR 200
million.
The most significant corporate key figures are set forth in the following
table:
In EUR '000s 1. 1st quarter 1. 1st quarter 2013 2012 Sales revenue 45,996 43,232 EBITDA 1,762 1,479 EBIT 420 -114 EBT -115 -700 Earnings per share in EUR -0.01 -0.04 Consolidated earnings after non-controlling -248 -836 interests Cash flow 1,992 1,572 31. March 2013 31. December 2012 Fixed assets 42,604 42,369 Equity 57,603 57,761 Balance sheet total 109,425 113,547 Headcount (average) 2,304 2,266About Muehlhan: Worldwide, the Muehlhan Group is a reliable partner for 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 standard expected in professional industrial services. Our customers benefit from our exceptional organizational skills, the technical expertise that differentiates us from our competitors and our more than 130 years of experience. Our operations are divided into five business fields: Ship Newbuilding, Ship Repair, Energy, Industry and Other Services. With our workforce of over 2,200 employees we generated a turnover of EUR 186m in about 30 locations worldwide in 2012. We intend to use this stable foundation to further expand our business in the coming years and to continue to move our company forward through our proximity to our customers in the global market. More information at www.muehlhan.com. Press contact: Jochen Springer, Muehlhan AG; Tel: +49 40 75271-156; E-Mail: [email protected] End of Corporate News --------------------------------------------------------------------- 14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and 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: Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Frankfurt in Open Market (Entry Standard) End of News DGAP News-Service --------------------------------------------------------------------- 211086 14.05.2013
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