Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer Holding AG & Co.KGaA
Mühlbauer posts increase in orders in Q1 2012 - higher costs of sales and overhead costs as well as massive investments have a significant negative effect on operative result and free cashflow

  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, 15. May 2012 - The Mühlbauer Group has started the business year 2012
with an increase in orders. Main reasons for this were both an order for the
delivery of technological solutions and software for personalization of ID
cards, and the increased demand for semiconductor backend products at the
beginning of the year, which resulted in a 20.3% increase to EUR 58.0 million
(previous year EUR 48.2 million). At the same time, the Group achieved another
important milestone of its investment offensive, which started two years ago and
aims at pushing on modernization as well as expansion of existing and foundation
of new locations, by completing and moving into the new production facility in
Roding and equipping it with machines and installations in the quarter under

Development of sales in the business units. Consolidated sales before deduction
of reductions in earnings of EUR 0.1 million respectively slightly rose by 1.7%
year-on-year to EUR 50.4 million (previous year EUR 49.5 million). While the
business unit Cards & TECURITY® posted EUR 32.5 million, which was 8.8% up on
last year's EUR 29.9 million, sales in the business unit Semiconductor Related
Products went down due to the lower demand for semiconductor backend products in
the second half of 2011 which declined by 8.1% to EUR 11.0 million (PY: EUR 11.9
million). Also the business unit Precision Parts & Systems posted a negative
sales development.

Result development. Earnings before interest and taxes (EBIT) amounted to EUR
2.8 million, which was 71.4% lower than the EUR 9.8 million of the same quarter
of the prior year which had been promoted by a result-effective special effect
of EUR 1.2 million. This corresponds to an EBIT margin of 5.6% - after 19.9% in
the same quarter of the prior year. Main causes of this significantly reduced
result are, on the one hand, higher personnel costs and, due to investments,
higher depreciation which resulted in a 9.2% increase in cost of sales. On the
other hand, significantly higher costs of sales and general administration costs
in some areas as well as slightly higher research and development expenses had a
negative impact on the result. In consideration of a higher tax rate which is
due to deduction of losses, the company earned net EUR 1.1 million in the
reporting period, which is EUR 6.3 million less than in the same period of the
prior year (EUR 7.4 million). The profit per share is EUR 0.07 in the reporting
period - after EUR 0.51 in the same period of the prior year.
Cashflow. The lower annual surplus, the significant increase in working capital
and the essentially higher cash outflow due to investments resulted in a
decrease of the free cashflow by EUR 26.1 million to EUR -12.3 million EUR
(previous year EUR +13.8 million). Thus, the net liquidity of the Group at the
end of the quarter under review reduced to EUR 2.8 million. The shareholders'
equity rate dropped from 68.1% at the end of the previous year to 66.9% at the
end of the period under review.

Outlook. The fundamental trends in demand in the Cards & TECURITY® market still
exist as the strong interest of governments and government-related institutions
in offering more security as well as more mobility to people will have a
positive long-term influence on the demand for the latest technology and
software solutions for producing security-oriented identification systems in
card and passport format. The same applies to RFID based applications. Promoted
by multiple advantages in the application of RFID tags compared to normal
barcode labels as well as by continuous cost reductions in production, more and
more companies use the contactless technology especially in supply chain

Mühlbauer is the only system partner worldwide offering the entire technology
and market competence from one source on both markets. Thanks to the market
position and technological basis which have been achieved in the last 30 years
and enforced in the last two years by massive investments, the Mühlbauer Group
benefits more than others from this market potential and, in light of this
background and the order backlog of EUR 209.3 million at the close of the
reporting period, maintains its positive business expectations. The solution
provider sees risks that may have a negative influence on these expectations
primarily in the traditionally imponderable and project-laden nature of the
government business as well as in the deterioration of sector and/or economic

Investor Relations
Josef-Muehlbauer-Platz 1
93426 Roding, Germany
Phone:  +49 9461 952 - 1653
Fax: +49 9461 952 - 8520

Further inquiry note:
Herr Hubert Forster
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

Weitere Meldungen: Mühlbauer Holding AG

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