14.11.2014
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG: Muehlhan AG publishes 2014 nine-month figures
DGAP-News: Muehlhan AG / Key word(s): 9-month figures
Muehlhan AG: Muehlhan AG publishes 2014 nine-month figures
14.11.2014 / 11:19
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PRESS RELEASE
Muehlhan AG publishes 2014 nine-month figures
- Improved sales revenues and EBIT
- Outlook reaffirmed
Hamburg, 14 November 2014 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
has concluded the first three quarters of 2014 with sales revenues
amounting to EUR 165.7 million (previous year: EUR 152.5 million) and
earnings before interest and taxes (EBIT) of EUR 5.9 million (previous
year: EUR 5.0 million). Results after tax, amounting to EUR 2.2 million,
are slightly above the previous year's equivalent figure of EUR 2.1
million. These include the one-off financing costs of EUR 0.6 million
arising from the redemption of the existing bond, carried out as part of
the successful refinancing in the third quarter of 2014. A tranche of the
refinancing has been reserved for the strategic investments which already
began in the third quarter of 2014 (Q3 2014: investments in fixed assets of
EUR 4.8 million, compared to the previous year's EUR 1.1 million).
The third quarter showed pleasing operational results. These included sales
of EUR 59.0 million (previous year: EUR 56.3 million), and an EBIT of EUR
2.8 million (previous year: EUR 2.7 million).
A geographical consideration of these sales revenues and results (EBIT)
reveals a varying picture. The position in Europe has clearly improved in
this respect, with sales revenues of EUR 136.9 million, compared to the
previous year's figure of EUR 122.4 million. From an earnings standpoint,
EBIT of EUR 10.5 million likewise represented an improvement over the
previous year's figure of EUR 6.7 million. This was due to a considerable
extent to business transactions involving the North Sea oil and gas sector,
which had continued to be seriously affected in the previous year by a ban
on the flying of transport helicopters. The Group's results In North
America were meanwhile, due to the end of a major project, well below those
of the previous year, in terms of sales of EUR 13.0 million (previous year:
EUR 15.2 million) and also EBIT of - EUR 0.1 million (previous year: EUR
2.0 million). Developments in the Asia region were considerably more
positive in this respect, with sales revenues up by EUR 1.3 million to EUR
15.8 million and EBIT up by EUR 1.7 million to EUR 0.9 million; both
compared to their respective figures from the previous year. This was due
to the closure in the previous year of loss-making activities in Qatar und
China, as well as to the recovery, based on general improvements in the
economy, of the fire-protection sector in the Middle East.
In terms of business segments, the maritime divisions of Ship Newbuilding
and Ship Repair delivered sales revenues of EUR 50.5 million, which were at
the same level as the previous year's EUR 50.1 million. The Energy segment
generated total sales of EUR 44.1 million, compared to the previous year's
EUR 35.4 million. Clear increases were achieved in the offshore oil and gas
subsegment in this respect. The Industry segment was able to deliver sales
revenues of EUR 39.9 million (previous year: EUR 37.8 million). This
included reduced sales revenues in the US bridge coating business, which
were nevertheless more than compensated for by increased sales in the
fire-protection subsegment. Sales revenues from Other services amounted to
EUR 31.2 million, an increase of EUR 2.5 million with respect to the
previous year's figure (EUR 28.7 million). Scaffolding and steel
construction were likewise both able to generate higher sales revenues.
After taking all the influencing factors into account, the Executive Board
can affirm its adjusted outlook for 2014 issued on 29 September of the same
year. Earnings before interest and tax (EBIT) for 2014 are expected to
total between EUR 5.0 million and EUR 7.0 million.
The important company figures are included in the following table:
in kEUR 9 months 9 months 3rd 3rd 2014 2013 quarter quarter 2014 2013 Sales 165,702 152,544 59,032 56,321 EBITDA 9,595 9,109 4,019 4,103 EBIT 5,851 4,970 2,846 2,708 EBT 3,960 3,510 1,827 2,212 Earnings per share (EUR) 0.09 0.12 0.03 0.07 Consolidated earnings after non- 1,607 2,332 564 1,298 controlling interests Cash flow 10,807 8,844 4,944 3,918 Investments in fixed assets 9,887 4,412 4,828 1,093 Depreciation 3,743 4,139 1,172 1,395 30 September 2014 31 December 2013 Fixed assets 46,169 39,749 Equity 61,981 58,303 Balance sheet total 124,850 112,744 Employees (on average) 2,661 2,390About 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 five business segments: Ship Newbuilding, Ship Repair, Energy, Industry and Other Services. With our workforce of more than 2,300 employees at over 30 locations worldwide, we generated sales revenues of EUR 208 million in 2013. 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] --------------------------------------------------------------------- 14.11.2014 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: Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Frankfurt in Open Market (Entry Standard) End of News DGAP News-Service --------------------------------------------------------------------- 297250 14.11.2014
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