EANS-Adhoc: Mühlbauer posts new record high in sales in 2012
Sales at the highest level in history of the company higher costs of sales
impact on operating income distribution of dividends of EUR 1 planned free
cashflow rose significantly ...
--------------------------------------------------------------------------------
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
Financial Figures/Balance Sheet/annual report
20.03.2013
Roding, 20th March 2013. The Mühlbauer technology group can look back at an
intense and demanding year marked by critical scrutiny of its own internal group
processes and the systematic, future-oriented alignment of workflows and
procedures. Even though the results produced during the reporting year may not
have met expectations, revenue did increase in spite of the many measures
initiated, and the foundation for a successful future has been laid. Based on
forecast market trends, the Mühlbauer technology group is anticipating a further
in-crease of sales and better results for the next two years in comparison to
the last year.
Sales and results. Based on the high order backlog from 2011, the solution
provider once again ramped up sales in the past year, despite the primarily
project-related decline of order income and, at EUR 237.1 million, achieved a
sales plus of EUR 23.9 million or 11.2% year-on-year (PY: EUR 213.2 million).
This represents a new record high in the more than thirty-year history of the
Group. This is a result of the increase of sales in the business lines Cards &
TECURITY® (+10.6%) and Semiconductor Related Products (+16.6%). Only the
business line Precision Parts & System was 1.5% lower than in the previous year
due to the clouding of the global economy in the past year and the increasing
price war. The depreciations-related rise in material costs and the higher
depreciations associated with continued investment activities resulted in
significant higher cost of sales in relation to sales. As a result, gross profit
at EUR 68.9 million clearly undershot the previous years' result (EUR 82,3
million), by EUR 13.4 million, so that with EUR 15.6 million the operating
income achieved by the Mühlbauer technology group within the year under review
was also considerably lower year-on-year (PY: EUR 28.1 million). Taking into
account a drop in financial result of EUR 0.5 million and a decline in income
tax expenditure of EUR 3.6 million, this results in earnings after tax of EUR
12.6 million (PY: EUR 22.0 million). Correspondingly, earnings per share fell
from EUR 1.51 in the previous year to EUR 0.84 in the year under review.
Cashflow. Despite the lower net income for the year, free cashflow rose to EUR
17.9 million, due in particular to the reduction of working capital and the
slight drop in outflows for investments - after a minus of EUR 4.6 million
year-on-year.
Order income and order backlog. The downturn in orders in the core business area
Cards & TECURITY® caused by the volatility typical of the project business, as
well as the decline in business in Precision Parts & Systems could not be fully
compensated by the strong order situation in Semiconductor Related Products.
Consequently, order income dropped from EUR 260.8 million in 2011, by EUR 14.1
million or 5.4% to EUR 246.7 million. As a result, at EUR 192.0 million, the
order backlog also declined slightly and was EUR 9.4 million or 4.7% under the
level of 2011 (PY: EUR 201.4 million).
Dividend proposal. Mühlbauer has conducted a reliable and sustainable dividend
policy since its IPO in 1998, from which it has not deviated even in difficult
times and does not intend to deviate from in future. Thus, the personally liable
shareholder and the Supervisory Board wish to once again extend their gratitude
to the shareholders who remained loyal to the Group despite the result achieved
in the past year, which did not quite meet the Group's expectations. They will
therefore propose the distribution of a dividend of EUR 1.00 (PY: EUR 1.00) per
no-par value in respect of the 2012 financial year to the Annual General
Meeting.
Outlook. Based on forecast market trends, the Mühlbauer technology group is
anticipating revenue that will continue to increase over the next two years. The
measures already taken in the previous year to break away from the beaten path,
to embark on new pathways, and to increase efficiency in order to get the
company into good shape for a successful future will continue to be pursued with
diligence. For this year, we are anticipating better results than in the fiscal
year just passed and for the following year we are expecting further growth. We
believe risks capable of having a negative impact on our expectations may be
present in particular in the uncertainties traditionally inherent in doing
business with governments together with the heavy dependence on projects in this
area, as well as in gloomy industrial and/or economic prospects outlooks.
Investment spending will be somewhere between EUR 15 and 20 million in the
coming year.
Further inquiry note:
Benedikt Geißler
Investor Relations
Tel.: +49 9461 952 - 1653
E-Mail: investor-relations@muehlbauer.de
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Mühlbauer Holding AG & Co.KGaA
Josef-Mühlbauer-Platz 1
D-93426 Roding
phone: +49(0)9461-952-1653
FAX: +49(0)9461-952-8520
mail: investor-relations@muehlbauer.de
WWW: http://www.muehlbauer.de
sector: Machine Manufacturing
ISIN: DE0006627201
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English