Mühlbauer Holding AG

EANS-Adhoc: Third quarter 2011: Huge investments in research and development impact earnings - Mühlbauer remains optimistic

  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.
quarterly report


Roding, 3 November 2011 - The globally active Mühlbauer technology group
continued to fill its order books in Q3 2011. At the same time, the solution
provider pushed ahead its market position and invested more in research and
development than ever before to gear up for the markets that are becoming
noticeably rougher.  Even though the company´s earning power was unable to
benefit equally as in the same period of the previous year, the company remains
optimistic and is still expecting to achieve total sales of approx. EUR 200

At EUR 53.3 million, the sales achieved by the solution provider during the
reporting period was virtually at the level of the previous year (PY: EUR 54.5
million), while gross profit dropped 11.1%, from EUR 22.0 million to EUR 19.6
million - also as a result of higher personnel costs due to project-related
recruitment. Based on sales, the gross profit margin therefore declined by 3.7%
points, dropping from 40.4% to 36.7%. The EUR 3.0 million rise in selling
expenses against Q3 2010 and the EUR 1.4 million personnel-related rise in
research and development expenses also impacted operating income negatively.
Based on the sales achieved during the quarter, this results in an EBIT margin
of 8.9% (PY: 20.9%). The statement of income for the period under review reports
net earnings of EUR 3.5 million, EUR 5.7 million less than for the same period
of the previous year (PY: EUR 9.2 million). During the reporting period,
earnings per share totals EUR 0.23, after EUR 0.63 year-on-year.

With a slight decline in sales and cost of sales to EUR 144.9 million (PY: EUR
147.5 million) in the nine-month comparison, gross profit was only slightly
lower year-on-year, at EUR 57.5 million (PY: EUR 58.3 million). This corresponds
to a gross profit margin of 39.8%, after 39.6% year-on-year. Cost increases
pertaining to selling and administrative expenses as well as in the research and
development area ultimately resulted in the fact that the EBIT of EUR 16.8
million, achieved in the first nine months of 2011, lagged the previous year´s
result of EUR 27.6 million significantly - by EUR 10.8 million. This corresponds
to an EBIT margin of 11.6%, after 18.7% year-on-year. If the income for the
comparative period is adjusted for special effects from legal disputes that have
since been finalized, this results in a downturn of EBIT by EUR 8.5 million. The
net earnings achieved in the nine-month period total EUR 12.8 million, after EUR
21.8 million in the first nine months of the previous year. Earnings per share
amount to EUR 0.87 (PY: EUR 1.50). 

In the first nine months of the current financial year, cashflow from operating
activities was EUR +26.1 million, which is EUR 10.7 million below the previous
year´s level (PY: EUR +36.8 million). Adjusted for cashflows from transactions
with short-term marketable securities and taking into consideration the outflows
from ongoing investments of EUR 20.2 million (PY: EUR 18.1 million), this
results in a free cashflow of minus EUR 6.3 million - after EUR 24.6 million

The consolidated order income of the worldwide system partner for ID solutions
totaled EUR 56.4 million in Q3 2011 and was thus 10.2% lower year-on-year (EUR
62.8 million). The reason for this decline was primarily the decrease in demand
for semiconductor back-end products in the second half of 2011, after the strong
growth experienced in the previous year. Based on the first nine months of 2011,
order income amounted to EUR 199.1 million, which corresponds to a decline of
15.6% against the order value of EUR 235.9 million achieved in the first nine
months of 2010.

The business model of the Mühlbauer Group is based on a solid groundwork that
has evolved for a period of thirty years. The high innovative strength and early
positioning of the company in promising emerging markets involving the
intelligent identification of people or flows of goods have turned Mühlbauer
into a globally leading partner of numerous governments and prestigious
industrial companies. Following the reinforcement of its investments of up to
EUR 30 million in the year under review and the distinct intensification of its
research and development activities, the company considers itself very well
positioned for further growth in the 2012 financial year, despite the clouding
of the overall economic outlook. 

Contact and additional information: Investor Relations, 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,

Further inquiry note:
Investor Relations

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: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, München 
language:   English

Weitere Meldungen: Mühlbauer Holding AG

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