euro adhoc: Mühlbauer Holding AG & Co.KGaA
quarterly or semiannual financial
statement
'Ad-hoc message pursuant to § 15 WpHG'
Mühlbauer sets out to regain lost ground - rise of order income and sales
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
9-month report
29.10.2007
Roding, 30 October 2007 - In Q3 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, set out to regain lost ground and achieved significant growth of order income and sales.
Based on a high order backlog and a strong year-on-year increase in order income of 27.1%, the Mühlbauer Group boosted sales in Q3 - as expected - and achieved a volume of EUR 41.5 million (PY: EUR 37.2 million). This corresponds to a growth of 11.5%. In so doing, the significant increase of sales in the SmartID area - which was borne not only by the predominant interest in systems for the production of security-oriented ID applications for the governments of different countries but, in particular, also by the rise in demand for Smart Label solutions - provided a positive impact. Although EBIT in Q3 did not reach the year-on-year level of EUR 8.6 million, due to higher operating costs, however, at EUR 5.8 million, a continual upwards trend over the rest of the year is discernible. This corresponds to an EBIT margin of 14.1% (PY: 23.0%). EBT was EUR 6.0 million, after EUR 10.2 million in the same period of the previous year. After deduction of tax expenses, which were reduced by special earnings of EUR 1.1 million as a result of the German Corporate Tax Reform 2008, net income for Q3 totaled EUR 5.0 million (PY: EUR 6.8 million). This corresponds to earnings per share of EUR 0.37 (PY: EUR 0.47). On a nine-month comparison, the difference in consolidated sales of the Mühlbauer Group (EUR 106.8 million; PY: EUR 115.0 million) dropped to 7.1%. Over the same period of time, Mühlbauer achieved an EBIT of EUR 13.6 million (PY: EUR 24.9 million), while earnings per share amounted to EUR 0.74 (PY: EUR 1.28).
The unfavorable development of working capital was also arrested. While an increase of EUR 16.9 million was recorded over the first nine months of the previous year, in Q3 working capital rose by a mere EUR 4.2, to EUR 49.7 million. Compared to the previous year, this positive development supported the climb of free cashflow to a value of EUR +2.9 million (PY: EUR-0.5 million). As a result of the distribution of profits in April of the year under review the equity ratio declined slightly, at 79.6% (PY: 80.1%). In the same period, net financial assets dropped from EUR 44.7 million to EUR 31.0 million, largely due to the investments made and the distribution of profits.
The upswing recorded in the course of the year so far, in respect of order income was perpetuated in Q3. Order income of the international system supplier Mühlbauer climbed to EUR 46.9 million, thus exceeding the year-on-year value (PY: 36.9) by 27.1%. On a nine-month view, the accumulated order income totaled EUR 122.8 million and thus lagged the previous year´s result (PY: 125.1) by 1.8%. At 1.0%, the order backlog of the international Mühlbauer Group was only slightly lower year-on-year (PY: 89.1) and amounted to EUR 88.2 million on 30 September 2007.
The continuation of the plans of many states and public authorities to introduce new security-oriented ID systems in Smart Card and passport formats globally, is of particular significance to the further development of the Mühlbauer Group. The additional conversion of conventional payment transaction cards to chips and the rising demand for GSM cards opens up further opportunities for growth. With its comprehensive range of solutions in the Cards & TECURITY® area, consisting of innovative technology systems and user-oriented software solutions, Mühlbauer is in an ideal position to continue to benefit from this growth market. Global demand for intelligent radio labels is set to increase on the RFID market as well. Alongside many other areas, an intensification of the RFID technology is in particular discernible in logistics processes and in ticketing. Mühlbauer is well prepared to meet demand and can offer innovative technology solutions for the production of Smart Labels and for the processing of self-adhesive labels or tickets. The international expansion of the Group is being driven ahead: alongside the development of the technology site in Malaysia and the development site in Slovakia, Mühlbauer intends to fit its branch in the USA with a modern customer relations center to reinforce its position on this market.
Please find the complete quarterly report on the Internet at www.muehlbauer.de.
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 30.10.2007 07:30:00
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
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
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