Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer registers a growth in turnover in the second quarter of 2012 - order income persists at a high level - free cashflow with significant increase - gross earnings margin dropped due to the adjustment of the risk provision - outlook ...

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6-month report/Mühlbauer with enormous increase in sales

09.08.2012

Roding, 09 August 2012 - Overall, the globally active Mühlbauer technology group
asserted itself well within an ever harsher market environment and managed to
keep order income at a high level - with the support of the booming Tablet PC
and Smartphone market, as well as the strong demand for technology solutions for
the production of RFID Smart Labels. In parallel, sales rose considerably, as a
result of continually clearing the order backlog.

Sales. The consolidated sales achieved by the Mühlbauer Group in Q2 2012
recorded tremendous growth year-on-year, with a plus of EUR 19.6 million or 46.5
%, to EUR 61.5 million (PY: EUR 41.9 million). This marked increase is due both
to the company's core area Cards & TECURITY®, which raised its share in sales by
EUR 13,9 million or 67.2 % to EUR 34.5 million (PY: EUR 20.6 million) and
Semiconductor Related Products, which also developed positively with an increase
in sales of EUR 5.7 million or 39,9 % to EUR 20.0 million (PY: EUR 14.3
million). This massive growth can primarily be attributed to the semiconductor
backend business. Precision Parts & Systems proved stable: As in Q2 2011, sales
totaled EUR 7.0 million.

Earnings development. Due to the liquidity neutral adjustment of the risk
provision in inventory assets to the current market and economic environment,
the gross earnings margin dropped from 38.3% to 25,6%. Against this background,
earnings before interest and taxes (EBIT) amounted to EUR 1.3 million, after EUR
2.3 million for the same quarter of the previous year. This corresponds to an
EBIT margin of 2.1%, after 5.4% year-on-year. During the reporting period, the
share of profit applicable to each share totals EUR 0.16, after EUR 0.13
year-on-year.

Cashflow. The liquidation of stocks as well as higher downpayments in respect of
ID projects led to a significant reduction of the working capital by EUR 8.6
million and to an operativ Cashflow of plus EUR 19.8 million in the first half
of 2012 (PY: +EUR 15.3 million). After the deduction of planned expenditures on
investments amounting to EUR 18.8 million (PY: EUR 12.9 million), the free
cashflow generated by the solutions provider in the first six months is up to
plus EUR 0.9 million - after minus EUR 2.6 million in the same period of the
previous year. The equity ratio is 61.4% at the end of the quarter, compared to
68.1% on December 31, 2011.

Order income and order backlog. At EUR 78.3 million, consolidated order income
is 17.1 % lower, however, compared with the second-highest value in the Group's
history of EUR 94.5 million, achieved during the same quarter of the previous
year, it is still at a high level. In this context, Semiconductor Related
Products compensates for more than half of the decline in orders in the core
area Cards & TECURITY® through the concentration of further govern-ment orders
worth approx. EUR 45 million - also issued to a group company and insofar
in-cluded on a pro-rata basis - at the beginning of July. At EUR 226.0 million,
consolidated or-der backlog was 9.0 % higher year-on-year (PY: EUR 207.3
million), thus marking a new record in corporate history.

Outlook. Global economic prospects deteriorated even further in Q2 2012. In
Europe, in particular, the debt crisis is increasingly slowing down the economy.
In addition, the competitive pressure from Asia and the recent distinct downward
trend of the semiconductor industry have prompted the company to act more
cautiously overall, in order to stably pilot the business, which is based on
sustainability, through increasingly difficult waters. While sales de-velopment
is meant to pick up speed during the second half of the year and ensure that
total annual sales are higher year-on-year, operating income will not reach the
original goal, namely a year-on-year increase of earnings - irrespective of the
expected boost in 2HY 2012 against 1HY 2012. This boost is to be derived from
the adjustment of the risk evaluation to the current environment. The company is
now expecting to achieve an operating margin in the middle to upper single-digit
percent range in respect of the entire year.

The medium- and long-term prospects on the markets relevant to Mühlbauer,
however, remain positive, overall. Mühlbauer therefore intends to ramp up its
efforts considerably in order to benefit strongly from this situation and to
improve its 2013 earnings situation significantly.


Further inquiry note:
Benedikt Geißler
Investor Relations
Tel.: +49 9461 952 - 1653
E-Mail: benedikt.geissler@muehlbauer.de

end of announcement                               euro adhoc 
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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
 



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