02.04.2015
Muehlhan AG DE000A0KD0F7
DGAP-News: Muehlhan AG: Muehlhan publishes results for fiscal year 2014
DGAP-News: Muehlhan AG / Key word(s): Final Results
Muehlhan AG: Muehlhan publishes results for fiscal year 2014
02.04.2015 / 11:07
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PRESS RELEASE
Muehlhan publishes results for fiscal year 2014
- Group forges ahead with restructuring
- Consolidated sales and EBIT increased
- Conservative outlook
Hamburg, 2 April 2015 - In fiscal year 2014, the Muehlhan Group (Entry
Standard; ISIN DE000A0KD0F7) continued its upward trend in a persistently
tough maritime market environment. Despite a mixed sales performance, the
Group posted EUR 2.3 million of net income. The Group's EBIT rose by EUR
0.9 million to EUR 6.0 million based on consolidated sales of EUR 218
million (+5%).
Three consecutive years of improved earnings highlight the necessity and
effectiveness of the strategy adopted by the Executive Board and the
Supervisory Board to compensate for the decline in the Ship segment by
turning toward the Oil & Gas and Industry segments. The positive earnings
trend is due not least to management's indefatigable work in many critical
operating areas.
A regional breakdown shows that sales again rose significantly in Europe,
increasing by 7.8% to EUR 180.7 million. EBIT increased by EUR 0.4 million
to EUR 10.2 million.
In America, sales totaled EUR 18.2 million, EUR 1.0 million lower than in
the previous year. EBIT dropped by EUR 2.2 million to EUR 0.7 million.
However, the previous year's figures included EUR 2.3 million income from
Settlements of two pending lawsuits.
In Asia, sales decreased from EUR 20.4 million to EUR 19.0 million. This
decrease reflected the sale of the subsidiary in China and the
disappointing business performance in Singapore. The order situation did
not improve, as forecasted by the customer, but in fact deteriorated. In
addition to operating losses totaling EUR 1.5 million, EBIT was negatively
affected by EUR 0.8 million of impairment losses to goodwill. In the Middle
East, by contrast, Muehlhan's fire protection business benefited from the
construction boom in the United Arab Emirates. For Asia as a whole, EBIT
totaled to EUR -0.4 million, compared to EUR -4.7 million in the previous
year.
Despite the still crisis-stricken maritime markets, the Ship Newbuilding
business segment managed to significantly increase sales revenues by
expanding its market share. Overall, the segment reported a profit of
EUR 0.5 million on sales of EUR 35.5 million. The Ship Repair segment again
posted lower sales and earnings figures. Ship Newbuilding and Ship Repair
together comprised only 30% of consolidated sales and contributed EUR 0.0
million to earnings.
The Energy business segment posted the biggest increase in sales, which
improved by EUR 10.0 million to EUR 60.2 million. Earnings remained
virtually unchanged at EUR 2.6 million.
In the Industry business sales improved again, increasing by 5.6% in 2014
to EUR 52.5 million. Earnings rose by EUR 2.8 million to EUR 3.4 million.
Both of the businesses included in the Other Services segment, Scaffolding
and Steel Construction, reported stable sales and earnings, contributing
EUR 40.1 million to consolidated sales and EUR 4.5 million to Group EBIT.
The Executive Board expects the Group's upward trend to continue.
Management intends to accelerate this process by acquisitions in the Oil &
Gas and Industry growth segments, assuming that suitable acquisitions
targets are available. Nevertheless, the Executive Board's outlook for 2015
is conservative. The decline in the oil price, which has resulted in a
subdued investment and maintenance policy on the part of oil and gas
customers, could have a negative impact on the company's business.
For additional information on fiscal year 2014 and details on the outlook
for 2015, please consult the Muehlhan Annual Report published on 2 April
2015.
The Company's key financial indicators are shown in the following table:
in EUR million Fiscal year 2014 Fiscal year 2013 Sales 218.0 207.8 EBITDA 11.9 13.4 EBIT 6.0 5.2 Net profit for the year 2.3 1.5 Cash flow 11.6 12.6 Fixed assets 47.6 39.7 Equity 61.3 58.3 Equity ratio in % 52 52 Total assets 118.5 112.7 Employees (annual average) 2.675 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 2,600 employees at over 30 locations worldwide, we generated sales revenues of EUR 218 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] --------------------------------------------------------------------- 02.04.2015 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 --------------------------------------------------------------------- 340959 02.04.2015
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