29.03.2018
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG: Muehlhan publishes results for financial year 2017
DGAP-News: Muehlhan AG / Key word(s): Final Results/Final Results
Muehlhan AG: Muehlhan publishes results for financial year 2017
29.03.2018 / 08:14
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Muehlhan AG publishes results for financial year 2017
- Muehlhan Group continues steady upward trend of the past few years
- EUR247.7 million of sales revenues and EUR8.5 million of EBIT at upper end
of expectations
- Dividend of EUR0.08 per share proposed
Hamburg, 29 March 2018 - In 2017, Muehlhan AG (Open Market; ISIN
DE000A0KDF7) successfully continued its upward trend of the past few years.
As expected, sales revenues decreased slightly to EUR247.7 million while
EBIT increased by 24 % to EUR8.5 million. Thus, the EBIT margin improved
from 2.7 % to 3.4 %. Consolidated annual net income increased by 64 % to
EUR4.6 million. After minority interests, the Group generated net income
allocable to equity holders of EUR4.1 million in reporting year 2017, more
than twice the prior-year figure.
Cash flow from operating activities also showed a positive trend, increasing
from EUR8.9 million in the previous year to EUR15.4 million.
A geographic review shows that sales revenues in Europe increased by 3 % to
EUR192.5 million in the reporting year. Despite damage caused by a supplier
in the Netherlands, EBIT increased disproportionately from EUR4.9 million in
the previous year to EUR7.5 million in the reporting year.
In the Middle East, there was a steep EUR9.0 million drop in sales revenues
to EUR20.8 million, mainly due to the fact that the Emirate of Qatar is
being blockaded by neighboring countries. By contrast, this region's EBIT
almost tripled to EUR1.3 million.
In North America, business lagged behind the previous year, with sales
revenues declining by EUR5.8 million to EUR21.1 million. By contrast, EBIT
rose by EUR0.8 million to EUR2.1 million.
In the Rest of the World, oil and gas projects generated EUR13.2 million of
sales revenues and EUR1.4 million of EBIT.
In the Ship business segment, sales revenues decreased, as expected, by
EUR7.3 million to
EUR56.2 million. Due to more selective criteria for screening follow-up
projects as part of the strict risk management approach, profitability
increased, as demonstrated by the increase in EBIT to EUR5.7 million.
The Oil & Gas business segment managed to increase sales revenues from
EUR63.2 million in 2016 to EUR73.3 million in 2017 thanks to a slightly
improved market environment. High pressure on margins in the industry, the
negative impact of the mentioned damage suffered in the Netherlands and
negative foreign currency effects result in a significant EUR4.5 million
decrease in EBIT to EUR2.0 million.
In the Renewables business segment, sales revenues decreased slightly by
EUR1.4 million to
EUR32.6 million. However, due to operating improvements - among other things
- EBIT increased by
EUR5.5 million to EUR3.0 million.
The Industry/Infrastructure business segment reported an EUR8.1 million
decrease in sales revenues to EUR85.5 million. EBIT dropped from EUR3.3
million in the previous year to EUR2.3 million due to project-related
reasons.
With the Supervisory Board's approval, the Executive Board will propose to
the Annual General Meeting that for financial year 2017, a dividend of
EUR0.08 per share (previous year: EUR0.06 per share) be distributed.
Muehlhan is confident that the Group's upward trend will continue and
profitability can be improved further. The company expects sales revenues to
remain constant at around EUR250 million, with EBIT increasing slightly to
between EUR8.5 million and EUR9.5 million.
For additional information on the financial year 2017 and details on the
outlook for 2018, please consult the Muehlhan Annual Report published on 29
March 2018.
The company's key performance indicators are shown in the following table:
in EUR million Financial Financial
year 2017 year 2016
Results
Sales revenues 247.7 254.3
EBITDA1 16.0 14.2
EBIT2 8.5 6.9
EBT3 6.4 5.4
Consolidated earnings after 4.1 2.0
non-controlling interests
Earnings per share from continuing in 0.22 0.09
operations EUR
Cash flow from operating activities 15.4 8.9
Investment for property, plant and 13.2 9.2
equipment
Balance sheet 31/12/2017 31/12/2016
Total assets 145.5 146.5
Fixed assets4 61.7 53.4
Equity 65.3 63.7*
Equity ratio in % 44.9 43.5*
Employees 2017 2016
Employees (annual average) numb- 2,929 2,881
er
* adjusted in accordance with IAS 8.41 et seq.
1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Profit from operations (Earnings before interest and taxes)
3 EBT: Earnings before taxes
4 Fixed assets: Total non-current assets less deferred tax assets
About Muehlhan: Worldwide, 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. Muehlhan AG is a listed company and is traded on
the Open Market under ISIN DE000A0KD0F7.
For more information, visit www.muehlhan.com
Contact: Muehlhan AG; phone: +49-40-752-7115-0 e-mail:
[email protected]
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29.03.2018 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.
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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,
Frankfurt (Basic Board), Hamburg, Munich, Stuttgart,
Tradegate Exchange
End of News DGAP News Service
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670211 29.03.2018
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