Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer registers growth in order income and sales in the third quarter - higher manufacturing costs impact on result - Free Cashflow higher year on year despite higher investment expenditure - operating margin for the entire year ...


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  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.
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quarterly report

08.11.2012

Roding, 08 November 2012. Overall, the Mühlbauer technology group successfully
managed to counter the difficult market environment resulting from the European
financial and debt crisis and the decline of growth in newly industrializing and
developing countries, and to step up its order income against the corresponding
quarter of the previous year. Sales also climbed in the quarter under review -
as expected - and the company is still assuming it will achieve a year-on-year
increase in sales for the entire year.

Sales. In the past quarter, the technology group achieved sales of EUR 65,0
million, thus recording a plus of EUR 11.6 million or 21.9% against the
corresponding quarter of the previous year (PY: EUR 53.4 million). This rise is
due to increases in all three business areas. While Cards & TECURITY® recorded a
slight upturn by EUR 1.7 million or 5.2%, from EUR 31.6 million in Q3 2011 to
EUR 33.3 million in the third quarter of this year, Semiconductor Related
Products reported a significant sales increase: In the past quarter the company
posted sales of EUR 24.8 million, which corresponds to a EUR 8.7 million or a
54.3% rise against the same quarter of the previous year (PY: EUR 16.1 million).
The reason for this tremendous increase was first and foremost the semiconductor
backend business, which almost achieved a seven-fold increase in sales against
Q3 2011, thanks in particular to the constant high demand for smartphones and
tablet PCs. At EUR 6.9 million (PY: EUR 5.7 million), Precision Parts & Systems
also achieved a sales rise and grew EUR 1.2 million or 21.0% year-on-year.

Earnings development. Earnings before interest and taxes (EBIT) in respect of
the quarter under review, dropped by EUR 1.7 million against Q3 2011, to EUR 3.0
million (PY: EUR 4.7 million). This development is the result of a further rise
of cost-of-production ratio to the current 78.6%, after 63.3% year-on-year. The
significant rise of costs of goods sold is due in particular to higher
investment-related depreciations and value adjustments on inventory assets. The
latter is the result of the sustained bad news in respect of the global economy
and the intensification of competition from price-aggressive providers, in
particular from Asia. Based on the sales of EUR 65.0 million achieved in the
period under review, the operating result corresponds to an EBIT margin of 4.5%
- after 8.9% year-on-year. During the reporting period, the share of profit
applicable to each share totals EUR 0.21, after EUR 0.23 year-on-year.

Cashflow. Despite a comparatively higher investment expenditure by EUR 1,9
million, at EUR 6.7 million, the adjusted free cashflow was EUR 13.0 million
higher year-on-year (PY: minus EUR 6.3 million) as a result of the EUR 11.1
million lower working capital (PY: minus EUR 2.3 million).

Order income and order backlog. In Q3 2012, at EUR 61.1 million, the
consolidated order income of the Mühlbauer Group was EUR 4.7 million or 8.3%
higher year-on-year (PY: EUR 56.4 million).  Cause of this increase was the
company's core business area Cards & TECURITY®, which also compensated for the
decline in Semiconductor Related Products - caused by an investment stop on the
semiconductor market and a hesitant attitude on the RFID market.  Despite the
economic insecurity caused by the European debt crisis, Precision Parts &
Systems proved stable and the year-on-year values were in fact slightly
exceeded. 
On 30 September 2012, at EUR 212.7 million, the consolidated backlog of the
globally active technology group was EUR 1.1 million or 0.5% under last year's
value (EUR 213.8 million). 

Outlook. The management is increasingly exercising caution and further raising
its risk provisions, due to the continuous bad news in respect of the global
economy and the intensification of competition from price-aggressive providers,
in particular from Asia. Against this background, the company is expecting to
achieve an operating margin for the entire year that is in the middle
single-digit percentage range and thus at the bottom end of the bandwidth
forecast so far.  Even though experts do not believe that the global economy is
likely to improve significantly in the next financial year, Mühlbauer still
considers itself well positioned medium to long-term, due to its worldwide
unique solution orientation. The company will therefore reinforce its attempts
to benefit strongly from this.


Further inquiry note:
MÜHLBAUER HOLDING AG & CO. KGaA 
Corporate Communications
Benedikt Geißler
Josef-Muehlbauer-Platz 1
93426 Roding, Germany
Phone: +49 9461 952 - 1653
Fax: +49 9461 952 - 8520
Investor-relations@muehlbauer.de
www.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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