Muehlhan AG: Muehlhan AG publishes third quarter 2018 results
Muehlhan AG publishes third quarter 2018 results
- Business performance within forecast range
- Sales revenue amounted to EUR199.2 million and EBIT to EUR6.8 million
- Executive Board confirms sales revenue and income forecast
Hamburg, November 8, 2018-From January through September 2018, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated sales revenues of EUR199.2 million (previous year: EUR185.8 million) and profit from operations (EBIT) of EUR6.8 million (previous year: EUR7.2 million). The decline was mainly due to project delays at the Polish subsidiary and start-up losses from the scaffolding business in Denmark. Earnings attributable to the investors of Muehlhan AG increased by EUR0.3 million to EUR3.5 million. Cash flow from operating activities amounted to EUR4.0 million (previous year: EUR7.6 million).
A geographic review shows a clear EUR13.1 million increase in sales revenue in Europe against the prior-year period to EUR157.3 million. This increase was primarily due to the "fabric maintenance" contract signed with Maersk Oil in March 2017. While sales revenue was only generated from this contract in the second quarter of the previous year, sales revenue was generated throughout the entire reporting period this year. In the period under review, sales revenue in the Middle East rose by EUR1.9 million to EUR16.8 million against the previous year. In North America, the Muehlhan Group generated sales revenue of EUR16.3 million, as in the prior-year period. Sales revenue generated in the Rest of the World declined by EUR0.6 million to EUR8.7 million.
A market-based review shows that sales revenue in the Ship business segment has remained virtually constant year-on-year at EUR41.1 million (previous year: EUR42.3 million). In the Oil & Gas segment, sales revenue has developed positively due to the contract with Maersk Oil. It climbed by EUR6.6 million to EUR62.5 million against the prior-year period. In the Renewables segment, sales revenue declined by EUR2.5 million to EUR23.6 million for project-related reasons. Industry/Infrastructure business generated sales revenue of EUR71.9 million from January to the end of September 2018, following EUR61.5 million in the same period of the previous year. This increase was mainly due to the expansion of scaffolding activities in Denmark and the Netherlands.
Taking into account predictable influences, the Executive Board confirms its forecast for the 2018 financial year and projects constant sales revenue of around EUR250 million, with EBIT improving slightly to between EUR8.5 million and EUR9.5 million compared with the same period last year. The company's key performance indicators are shown in the following table:
in EUR million First nine months of 2018 First nine months of 2017 Results Sales revenues 199.2 185.8 EBITDA1 12.9 12.8 EBIT2 6.8 7.2 EBT3 5.6 5.9 Consolidated income after non-controlling interests 3.5 3.2 Earnings per share from continuing operations in EUR 0.18 0.17 Cash inflow from operating activities 4.0 7.6 Investment for property, plant and equipment 7.4 5.7 Balance sheet 9/30/2018 12/31/2017 Total assets 160.0 145.5 Fixed assets4 64.1 61.7 Group equity 67.1 65.2 Consolidated equity ratio in % 41.9 44.9 Employees 9/30/2018 12/31/2017 Employees (annual average) number 3,021 2,906
1 EBITDA: Earnings before interest, taxes, depreciation and amortization2 EBIT: Profit from operations3 EBT: Earnings before taxes4 Fixed assets: Total non-current assets less deferred tax assets
About Muehlhan: Worldwide, Muehlhan Group is a reliable partner in industrial services. 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@example.com
08.11.2018 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.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, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service