Muehlhan AG publishes results for first quarter of 2016

  • Business development in the context of forecasts
  • Sales total €59.3 million, with EBIT of €1.1 million.

Hamburg (Germany), 6th May 2016 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) achieved sales revenues amounting to €59.3 million (previous year: €55.3 million) between January and March 2016, with earnings before interest and taxes (EBIT) of €1.1 million (previous year: € -0.1 million). Earnings after taxes were €0.5 million (previous year: € -0.3 million). The results for a usually rather weak first quarter therefore exceeded expectations. These quarterly results were affected by the closure process of the activities in Singapore. Sales revenues there came to €0.5 million, with EBIT and after-tax earnings of €0.2 million; the latter influenced by the disposal of assets in the course of closure. In geographical terms, Europe has suffered a 4% decline in sales from €45.7 million to €43.9 million. Sales in America increased from €4 million to €5.7 million. The Middle East benefited from the growing demand for passive fire protection, and was able to more than double sales from €2.5 million to €5.8 million. Business in the Rest of world likewise saw positive developments, with a growth in sales revenues from €3.1 million to €3.9 million. A breakdown by business field reveals a reduction of revenues in the Ship segment to €17 million (previous year: €25.4 million) as a consequence of the completion of large projects. The remaining business segments were able to increase their sales. In the area of Oil & Gas, the group achieved sales of €17.3 million, which significantly exceeded the previous year’s €12 million. The Renewables segment managed to double its sales to €7.7 million. Industry/Infrastructure activities likewise saw increased sales in the first quarter of 2016, achieving a figure of €17.3 million (previous year: €14.1 million). Consistent sales and EBIT of between €5 million and €7 million are still expected for the year 2016. The company's key performance indicators are shown in the following table. Due to reasons of materiality no separation of the figures by continuing and discontinued operations according to IFRS 5 has been made.

 

in EUR million1st quarter 20161st quarter 2015
Results  
Sales59,355,3
EBITDA12,81,5
EBIT21,1-0,1
EBT30,7-0,5
Consolidated earnings after non-
controlling interests
0,2-0,5
Earnings per share (EUR)0,01-0,02
Cash flow from operating activities-1,4-5,9
Capital expenditures2,82,7
   
in EUR million31.3.201631.12.2015
Balance sheet  
Fixed assets453,753,1
Equity66,366,0
Equity ratio in %4748
Balance sheet total142,4138,0
   
Employees31.3.201631.12.2015
Number of employees
(annual average)
3.0872.844

1 EBITDA: Earnings before interest, taxes, depreciation and amortization
2 EBIT: Operating income (Earnings before interest and taxes)
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets