euro adhoc: Mühlbauer Holding AG & Co.KGaA
quarterly or semiannual financial
statement
'Ad-hoc message pursuant to § 15 WpHG'
Despite moderate start in Q1, Mühlbauer Group forecasts continuing positive
business development
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
3-month report
25.04.2007
Roding, April 26, 2007 - Mühlbauer Holding AG & Co. KGaA quoted on the Prime Standard and worldwide active independent advisor and manufacturer of innovative security solutions for the TECURITY® market, forecasts a continuation of the overall positive business development in the further course of the year despite the moderate start into 2007 and remains optimistic about its ability to top last years sales once again.
The technology groups sales decrease to EUR 34.6 million , corresponding to a decline of 7.5% as compared to the same quarter of the previous year (37.4), was largely attributable to numerous project postponements. Results were also impacted by the significant increase in production cost and investments made for the setting up of new locations abroad, where expenses are not set-off by earnings during the start-up phase. Therefore, the Mühlbauer technology group achieved earnings before interest and taxes (EBIT) of EUR 3.9 million in the reporting period, 4.0 million less than in the same quarter of the previous year (7.9). Earnings before taxes amounted to EUR 4.2 million and benefited from the positive financial result of EUR 0.2 million (0.6), however, they fell significantly short of the previous years value of EUR 8.5 million. In the first quarter, the profit margin came to 12.1% as compared to 22.8% in the previous year. Net earnings came to EUR 2.5 million (5.6), which corresponds to basic earnings of EUR 0.16 per share (0.39).
At EUR -0.1 million, free cashflow was EUR 1.6 million below the level of the previous year (+1.5), largely due to outflows for last years modernization and extension of the asset portfolio, as well as investments for the set-up of the new development and production location in Malaysia. At EUR 46.1 million, working capital virtually remained the same year-on-year (45.5). The equity ratio came to 80.2% and thus hovered at the level of the previous year (80.1%).
The order income of the Mühlbauer group amounted to EUR 33.7 million (37.8) in the first quarter, a decline of 10.6% in comparison to the previous years quarter. While Mühlbauer in its core business SmartID was able to benefit from the predominant interest in the Cards & TECURITY® sector and slightly expand its order income with EUR 17.8 million (17.6), the order income in the Semiconductor Related Products area amounted to EUR 7.7 million and thus remained below last year's level (12.2), which was characterized by the acquisition of numerous technology solutions. The area Traceability was not quite able to achieve the high order standard of the previous year (3.8), but noted a similar level at EUR 3.4 million. Meanwhile, the area Precision Parts & Systems further continued its positive development and generated an order income of EUR 4.8 million EUR (4.2). This corresponds to an strong plus of 15.3% as compared to the same period of the previous year. At the end of the reporting period, the order backlog was at EUR 75.8 million (80.8), 6.3% short of last year's value.
Due to the preparedness of many states to make major investments for the implementation of reliable technology and software solutions for the implementation of security-oriented ID systems Mühlbauer expects an increasing demand in its core area SmartID. Growth potential for RFID-Smart Labels is undisputed as well. With our mature technology solutions for the production of RFID Smart Labels, the company can see an opportunity to benefit strongly from the intensification of growth expected in this area. In the further course of the year, technology group expect the overall positive business development to continue. Subject to timely decision and prompt implementation of ID projects planned globally, Mühlbauer is optimistic about its ability to top last years sales based on our good positioning in the market.
Contact and additional information: Investor Relations, Tel.: +49 (0) 9461-952-1653, Fax: +49 (0) 9461-952-8520, investor-relations@muehlbauer.de, Mühlbauer Holding AG & Co. KGaA, Josef-Mühlbauer-Platz 1, 93426 Roding, Germany, www.muehlbauer.de.
end of announcement euro adhoc 26.04.2007 08:30:00
Further inquiry note:
Hubert Forster
CFO
+49(0)9461-952-1141
hubert.forster@muehlbauer.de
Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: Nemax 50, CDAX, Prime All Share, Technologie All Share
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