Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer Holding AG & Co. KGaA records significant increases in sales and result in Q3 - Forecast once more revised upwards

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quarterly report

02.11.2010

Roding, 2 November 2010 - In Q3 2010, the globally active Mühlbauer technology group continued the positive business development it has recorded in all business areas since the beginning of the year and benefited from the sustained high demand for ID- and RFID-based system solutions as well as industry-based technology products. The result is a significant year-on-year sales and earnings increase. Based on a high order backlog and a gratifying outlook in all business areas, the Mühlbauer Group has again adjusted its forecast for the  total year notably upwards.

The main reason for the extremely positive quarterly result is the distinct growth in sales of 30.7% to EUR 54.5 million (PY: EUR 41.7 million), with a comparatively lower cost-of-production ratio. Due to this gratifying development, gross profit for the reporting period totals EUR 22.0 million, which is EUR 7.1 million or 47.5% higher than the gross profit of EUR 14.9 million achieved in the same quarter of the previous year. Minus the remaining overheads, earnings before interest and taxes (EBIT) amounts to EUR 11.4 million and is thus 171.4% higher than the Q3 2009 result (EUR 4.2 million), which was adjusted for a special effect. This corresponds to a doubling of the EBIT margin to 20.9% - after adjusted 10.1% year-on-year. Taking into account the special effect, the EBIT margin in fact rose by a total of 15.2% points. While earnings before taxes (EBT) climbed to EUR 11.5 million (PY: EUR 2.4 million), taking into consideration the slight improvement of financial result by EUR 0.1 million, net earnings also benefited from the drop of the income tax rate to 19.9% (PY: 27.0%) and grew strongly - to EUR 9.2 million (PY: EUR 1.8 million). With regard to earnings per share, this amounts to a rise from EUR 0.12 to EUR 0.63 year-on-year. On a nine-month comparison, sales total EUR 147.3 million (PY: EUR 123.0 million), while EBIT adjusted for special effects affecting income amounts to EUR 25.3 million (PY: EUR 11.7 million). Based on sales this corresponds to an EBIT margin of 17.2% - after 9.5% year-on-year. Taking into account all special effects, the EBIT achieved in the first nine months of 2010 totals EUR 27.6 million, thus exceeding the EBIT of EUR 7.5 million, achieved in the same period of the previous year, by more than three and a half-fold. This corresponds to an EBIT margin of 18.7% - after 6.1% year-on-year. Earnings per share have therefore improved from EUR 0.36 to EUR 1.50.

Adjusted for external cashflows from transactions with short-term marketable securities (reporting period: EUR -5.9 million; PY: EUR +18.1 million), cashflow from operating activities for the first nine months of the current financial year is EUR +25.5 million higher year-on-year, at EUR +42.7 million (PY: EUR +17.2 million). Despite higher investments (EUR 18.1 million; PY: EUR 14.0 million), free cashflow for the first nine months of 2010 is thus at an extremely positive level of EUR +24.6 million, which is EUR +21.4 million higher year-on-year (PY: EUR +3.2 million).

As expected, the significant extension of business recorded in the first nine months led to a 14.4% higher balance sheet total of EUR 201.4 million (PY: EUR 176.1 million). As a result of this development the equity ratio dropped 4.6% points, to 73.3% - irrespective of the absolute increase of shareholders´ equity by EUR 10.5 million.

Due to substantial growth in all business areas of the Mühlbauer technology group order income in Q3 2010 rose 40.2% to a total of EUR 62.8 million (PY: EUR 44.8 million). On a nine-month comparison, the high increases in orders of preceding quarters led to a new record high in the company´s order book. At EUR 235.9 million, order income was 84.2% higher year-on-year. The order backlog to the end of the reporting period amounted to EUR 155.6 million and was thus 88.8% higher than the value for the same quarter of the previous year (PY: EUR 82.4 million).

Even though the further development of the economy is subject to certain imponderabilities as a result of recent events, the Mühlbauer technology group is again adjusting its outlook for the whole of 2010 upwards, against the background of the strong order situation recorded in the first nine months of 2010. It is now expecting to achieve sales of at least EUR 195 million and an EBIT rate of approx. 18%. Based on the positive business development and the principally positive expectation of the market, Mühlbauer has initiated investments to streamline the organization, increase flexibility and position itself even better for the future. Mühlbauer is planning investments of approx. EUR 28 million for the year as a whole, of which EUR 15.9 million were already completed to the end of the reporting period.

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ots Originaltext: Mühlbauer Holding AG & Co.KGaA
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Ramona Bemmerl
Investor Relations
+49(0)9461-952-1653
ramona.bemmerl@muehlbauer.de

Branche: Machine Manufacturing
ISIN:      DE0006627201
WKN:        662720
Index:    CDAX, Prime All Share, Technology All Share
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / free trade



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