Muehlhan AG: Muehlhan AG publishes first quarter 2017 results
Muehlhan AG publishes first quarter 2017 results
- Business performance within expected range
- EUR55.8 million of sales revenues, EUR1.2 million of EBIT
Hamburg, 4 May 2017 - From January to March 2017, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated EUR55.8 million in sales (previous year: EUR59.3 million) and earnings before interest and taxes (EBIT) of EUR1.2 million (previous year: EUR1.1 million). The results for the traditionally weak first quarter were therefore within our range of expectations. Cash flow from operating activities was strongly positive at EUR4.7 million (previous year: EUR-1.4 million).
On a geographic basis, sales revenues in Europe declined 6% year on year, as expected, to EUR41.1 million. In the Middle East, Muehlhan posted a slight increase of 2% in sales revenues, to EUR5.9 million. In North America, sales revenues decreased by EUR1.0 million to EUR4.7 million during the reporting period as a major long-term project was largely completed. In the Rest of the World, the business trend was positive, with sales revenues increasing by 5% to EUR4.1 million.
As expected, sales revenues in the Ship business segment decreased to EUR14.3 million, EUR2.7 million lower than in the prior year period. Due to continuing difficulties in the market environment, sales revenues in the Oil & Gas business segment decreased EUR2.2 million year on year to EUR15.1 million. As in the previous year, the Renewables business segment generated EUR7.6 million of sales. The Industry and Infrastructure business managed to boost sales revenues to EUR18.8 million, a 9% increase over the prior year figure.
In January 2017, Muehlhan took over the business operations of Degraform Bekistingen en Steigers BV, thereby strengthening its scaffolding business in the Netherlands. The results from Degraform's business activities are included in the quarterly results.
In March 2017, Muehlhan's Danish subsidiary signed a 5-year order with Maersk with a volume of EUR100 to EUR130 million. The contract covers stable, steady work volumes without any major risks. As a result, the contribution to the Muehlhan Group's earnings will be below average. Work for Maersk will begin in the second quarter of 2017.
Muehlhan expects profitability to continue to improve in 2017. The company expects sales revenues to remain constant at around EUR250 million, with EBIT increasing slightly year on year to between EUR6.5 million and EUR8.5 million.
The company's key performance indicators are shown in the following table:
in EUR million 1st quarter of 2017 1st quarter of 2016 Results Sales revenues 55.8 59.3 EBITDA1 3.2 2.8 EBIT2 1.2 1.1 EBT3 0.9 0.7 Consolidated earnings after non-controlling interests 0.3 0.2 Earnings per share from continuing operations (in EUR) 0.02 0.01 Cash flow from operating activities 4.7 -1.4 Capital expenditures 3.6 2.8
in EUR million 31.3.2017 31.12.2016 Balance sheet Balance sheet total 149.9 146.5 Fixed assets4 55.6 53.7 Group equity 68.4 68.1 Equity ratio in % 45.6 46.5
31.3.2017 31.12.2016 Employees Number of employees (annual average) 2,712 2,881
1 EBITDA: Earnings before interest, taxes, depreciation and amortization2 EBIT: Operating income (Earnings before interest and taxes)3 EBT: Earnings before taxes4 Fixed assets: Total of non-current assets less deferred tax assets
About 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. We have an established market presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas and Industry/Infrastructure. With our workforce of more than 2,800 employees at over 30 locations worldwide, we generated sales revenues of EUR254 million in 2016. 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.
04.05.2017 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. Archive at www.dgap.deLanguage: English
Company: Muehlhan AG Schlinckstrasse 3 21107 Hamburg
Germany Phone: +49 40 75271 0 Fax: +49 40 75271 130 E-mail: firstname.lastname@example.org Internet: www.muehlhan.com ISIN: DE000A0KD0F7 WKN: A0KD0F Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Basic Board) in Frankfurt End of News DGAP News Service