euro adhoc: Mühlbauer Holding AG & Co.KGaA
Financial Figures/Balance Sheet /
'Ad-hoc message pursuant to § 15 WpHG'
Mühlbauer: Sales continue on seamlessly from previous quarters - non-recurrent
expenditure impacts earning
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9-month report
29.10.2008
Roding, 30 October 2008 - The Mühlbauer technology group, a globally active independent consultant and manufacturer of innovative security solutions for the TECURITY® market, has fared comparatively well, in view of the difficult economic environment. While order income for the reporting period declined year-on-year, due to the volatile project business, which is usual for such business areas, company sales continued on seamlessly from previous quarters and even exceeded the year-on-year sales slightly. Earnings before interest and taxes (EBIT) achieved in Q3 2008, were, however, significantly lower year-on-year mainly as a result of a one-time charge, while the EBIT achieved over the first nine months still considerably exceeded the value for the same period of the previous year.
Mühlbauer achieved sales of EUR 43.1 million (PY: EUR 41.5 million) in Q3 2008, 3.9% more year-on-year, due largely to an increase of 21.6% in its core business area Cards & TECURITY®. In contrast, the EBIT of EUR 1.5 million (PY: EUR 5.8 million), achieved in the quarter under review, was significantly lower year-on-year, primarily due to a non-recurrent expenditure for the formation of accruals in respect of the defense of legal proceedings, so that the EBIT ratio dropped to 3.6% (PY: 14.1%) in Q3 2008. EBT also totaled EUR 1.5 million (PY: EUR 6.0 million), while the net income for the period amounted to EUR 1.3 million (PY: EUR 5.0 million) after deducting tax expenses. This corresponds to earnings per share of EUR 0.09 (PY: EUR 0.37). In the nine month comparison, accumulated sales rose 22.5%, to EUR 130.8 million (PY: EUR 106.8 million) and the EBIT increased to EUR 16.1 million (PY: EUR 13.6 million). In the same period, earnings per share climbed 17.6%, from EUR 0.74 to EUR 0.87.
As a result of the extension of business, working capital rose EUR 7.4 million, to EUR 53.5 million, while free cashflow underwent a year-on-year upturn of 48.3%, amounting to EUR +4.3 million (PY: EUR +2.9 million), irrespective of the scheduled higher investment expenditure. The equity ratio dropped from 81.2% to 77.4%, due to the dividend distribution in Q2.
In Q3 2008, the order book of the Mühlbauer Group totaled EUR 40.5 million (PY: EUR 46.9 million) thus lagging the same quarter of the previous year by 13.6% - largely due to the usual volatility of the project business, in particular in the core business area Cards & TECURITY®. On a nine month comparison, the order income of the Mühlbauer Group exceeds the year-on-year value by 16.4% at EUR 142.9 million (PY: EUR 122.8 million). At the end of the reporting period, the order backlog was still high at EUR 78.8 million (PY: EUR 88.2 million).
Irrespective of the fact that Mühlbauer is anticipating an increase in sales and a positive trend in earnings for the total year 2008, it is difficult to predict to which extent the business trend will be negatively affected by the subsequent economic downturn. As a result of the unbroken interest in technology solutions from the core business area Cards & TECURITY® and Mühlbauer's excellent positioning, the company is currently at most assuming a temporary delay in demand. In the business area Semiconductor Related Products, it is Mühlbauer´s goal to further extend its technological lead and market position in industries that do not necessarily mirror the cyclicity of the general semiconductor market. Whereas demand for systems in the business area Traceability has settled down, it is to be expected that Precision Parts & Systems will at least retain its current level of business development in Q4.
Contact and additional information: Investor Relations, Tilo Rosenberger, 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
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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