19.11.2013
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG: Quarterly Results Q3 - 2013
DGAP-News: Muehlhan AG / Key word(s): Quarter Results
Muehlhan AG: Quarterly Results Q3 - 2013
19.11.2013 / 08:18
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PRESS RELEASE
Muehlhan AG publishes figures for first nine months of 2013
- Sales and EBIT improved
- Outlook affected by restructuring costs in Asia
Hamburg, 19 November 2013 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first three quarters of 2013 with sales of EUR 152.5 million
(prior year: EUR 137.8 million) and earnings before interest and taxes
(EBIT) of EUR 5.0 million (prior year: EUR 4.2 million). Earnings after
taxes, at EUR 2.1 million, were much higher than for the same period of
2012 (EUR 1.1 million). The third quarter of 2013 also delivered pleasing
results, with sales of EUR 56.3 million (prior year: EUR 47.9 million) and
EBIT of EUR 2.7 million (prior year: EUR 2.3 million).
Viewed regionally, the trends varied in sales and in earnings (EBIT):
In Europe, sales reached EUR 122.4 million, a considerable increase on the
prior year (EUR 110.4 million). With EBIT of EUR 6.7 million, earnings fell
below the level of the prior year (EUR 9.8 million). The reasons for this
were the no-fly order for certain transport helicopters over the North Sea
and a very lucrative repair order in 2012. In North America, however, the
Group achieved significant increases in both sales, which reached EUR 15.2
million (prior year: EUR 13.0 million), and EBIT, which reached EUR 2.0
million (prior year: EUR -0.8 million). Earnings improved substantially as
a result of the cessation of loss-making operations in Canada and Texas.
However, the trend in Asia remained generally unpleasing. In the region,
the Group did manage to push up sales to EUR 14.5 million and EBIT to EUR
-0.8 million, each representing an increase of EUR 0.3 million. However,
the situation in China and Qatar is unsatisfactory. For this reason, the
decision was taken in July to withdraw from the shipyard operations in
these locations, with the initiation of appropriate restructuring measures.
This restructuring is expected to affect earnings in the fourth quarter of
2013. The main items involved will be non-cash depreciation of fixed assets
and impairment of goodwill. The amount cannot yet be quantified finally.
In the business segments, with sales of EUR 20.4 million, Ship Newbuilding
remained only just below the level of the prior year (EUR 20.8 million). In
Europe, sales in fact increased slightly. In Ship Repair, Muehlhan
generated sales of EUR 29.7 million (prior year: EUR 31.4 million). Despite
this decline, taking into account the major repair order in 2012 mentioned
above, recovery can be seen in this sector. In the Energy segment, sales
reached a total of EUR 35.4 million compared with EUR 33.3 million in the
prior year. This included significant increases in sales in the offshore
oil and gas subdivision. The Industry segment managed to push up sales by
more than 50%, to EUR 37.8 million (prior year: EUR 24.9 million). This
increase is largely due to the expansion of the bridge coating business.
Sales in Other Services amounted to EUR 28.7 million, an increase of EUR
1.4 million on the same period of the prior year (EUR 27.3 million). This
improvement comes as a result of increased scaffolding sales.
Outlook: Taking into account all influencing factors, the Executive Board
reaffirms its forecast as set out in its interim report for the first six
months of 2013, albeit within a somewhat reduced range. For 2013, it
anticipates total sales of between EUR 195 million and EUR 200 million and
earnings before interest and taxes (EBIT) in the range EUR 3.0 million to
EUR 4.5 million.
The following table contains the company's key figures:
in kEUR 9 Month 9 Month 3rd 3rd
2013 2012 quarter quarter
2013 2012
Sales 152,544 137,838 56,321 47,913
EBITDA 9,109 8,805 4,103 3,791
EBIT 4,970 4,153 2,708 2,321
EBT 3,510 2,470 2,212 1,810
Earnings per share (in EUR) 0.12 0.06 0.07 0.06
Consolidated earnings after non- 2,332 1,177 1,298 1,042
controlling interests
Cash flow 8,844 8,307 3,918 3,202
Investments for fixed assets 4,412 3,831 1,093 1,165
Depreciation 4,139 4,652 1,395 1,470
30. September 2013 31. December 2012
Fixed assets 42,377 42,369
Equity 59,251 57,761
Balance sheet total 111,058 113,547
Headcount (average) 2,273 2,266
About 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: Muehlhan AG; Tel: +49 40 75271-150; E-Mail:
[email protected]
End of Corporate News
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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)
End of News DGAP News-Service
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