10.11.2015
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG publishes figures for the first nine months of 2015 - erratum publishing date
DGAP-News: Muehlhan AG / Key word(s): 9-month figures/Quarter Results
Muehlhan AG publishes figures for the first nine months of 2015 -
erratum publishing date
10.11.2015 / 09:38
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PRESS RELEASE
Muehlhan AG publishes figures for the first nine months of 2015
- 9.8% year-on-year increase in sales revenues
- EBIT of EUR3.9 million for the first nine months
- Executive Board confirms 2015 earnings forecast, albeit at the lower
end of the expected range
Hamburg, 10 November 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first three quarters of 2015 with sales of EUR181.9 million
(prior-year period: EUR165.7 million) and earnings before interest and
taxes (EBIT) of EUR3.9 million (prior-year period: EUR5.9 million).
After-tax earnings stood at EUR1.9 million, slightly lower than the
prior-year figure of EUR2.2 million. During the third quarter, the company
generated EUR63.5 million of sales and EBIT of EUR0.9 million. EBIT was
heavily affected by lower prices and overcapacity in the oil and gas
business in the North Sea and by project losses in Germany.
An analysis of sales revenues by geographic region shows the following
picture. In Europe, sales revenues increased by 4.3% from EUR136.9 million
in the first nine months of 2014 to EUR142.7 million in the first nine
months of 2015. In North America, Muehlhan's sales increased 26.9% to
EUR16.5 million (prior-year period: EUR13.0 million). In the region
covering Asia and the rest of the world, sales revenues rose by EUR7.0
million to EUR22.8 million. This figure includes EUR7.6 million in sales
from Marine Service International AS ("MSI"), a company that was acquired
during the fiscal year.
The company's performance over the past nine months also looks satisfactory
when sales are broken down by business segment. The Ship segment's sales
growth continued, with sales revenues rising from EUR64.6 million to
EUR74.3 million over the period. The increase does not reflect a trend
reversal, but instead is attributable to major current projects and
increases in market share in a stagnating market that presumably will
continue to decline.
The Oil & Gas segment managed to expand sales to EUR36.4 million
(prior-year period: EUR35.3 million) despite weaker business in the North
Sea. The main reason behind the increase is the addition of sales from MSI,
due to the acquisition of the company.
In the Wind Energy segment, the increase in sales to EUR15.7 million
(prior-year period: EUR11.5 million) was driven primarily by transformer
platforms for offshore wind farms in Germany and Great Britain and the
start-up of turbine production for the latest generation of offshore wind
facilities in Denmark.
The Industry and Infrastructure business posted EUR55.4 million of sales
revenues between January and the end of September 2015, compared with
EUR54.3 million for the same period in 2014.
Outlook
Considering foreseeable factors that may influence results, the Executive
Board confirms its outlook for fiscal year 2015, forecasting earnings
before interest and taxes (EBIT) at the lower end of the target range of
EUR4.0 to EUR6.0 million.
The Company's key financial indicators are shown in the following table:
in kEUR 9 months 9 months 3rd 3rd 2015 2014 quarter quarter 2015 2014 Sales 181,928 165,702 63,496 59,032 EBITDA1 8,897 9,595 2,692 4,019 EBIT2 3,861 5,851 894 2,846 EBT3 2,446 3,960 380 1,827 Earnings per share (EUR) 0.06 0.09 0.01 0.03 Consolidated earnings after non- 1,190 1,607 209 564 controlling interests Cash flow 7,905 10,807 876 4,944 Investments in fixed assets 7,821 9,887 2,719 4,828 Depreciation 5,036 3,743 1,798 1,172 September 30, 2015 September 30, 2014 Balance sheet total 139,153 124,850 Fixed assets4 52,647 46,169 Equity 64,654 61,981 Employees (on average) 2,823 2,6611 EBITDA: Profit from operations and 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: 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. Our operations are divided into four business segments: Ship, Wind, Oil & Gas and Industry. With our workforce of more than 2,600 employees at over 30 locations worldwide, we generated sales revenues of EUR218 million in 2014. 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] --------------------------------------------------------------------- 10.11.2015 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. 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: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News Service --------------------------------------------------------------------- 410795 10.11.2015
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