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Mühlbauer Holding AG

euro adhoc: Mühlbauer Holding AG & Co.KGaA
Quarterly or Semiannual Financial Statements
Mühlbauer announces Third Quarter Results - significant increase in earnings and liquidity - (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Roding, November 04, 2003 - Mühlbauer Holding AG & Co. KGaA ,
worldwide supplier of innovative technology solutions for security
industries, again could confirm its profitability considerably in the
third quarter of 2003 and increase it’s earnings before interests and
taxes (EBIT) by 23.9 % to EUR 2.1m (1.7).
Earnings before taxes (EBT) even increased EUR 166.3 % to 2.3m (0.9),
due to a positive interest result. Profit margin reached 9.9 % (3.9)
in Q3. Net earnings enlarged by 174.2 % to EUR 1.7m (0.6). Earnings
per share (EPS) amounted to EUR 0.10 (0.06). Compared to 9M 2002,
Mühlbauer could not only increase its EBIT by 81.5 % to EUR 5.1m
(2.8), but has also already exceeded the entire 2002 ordinary net
income by more than 30 %. EBT could be tripled to EUR 5.4m (1.6), EPS
more than doubled to EUR 0.24 (0.11) compared to 9M 2002.
Based on consistently reduced Working Capital - a decrease of 12.5 %
to EUR 44.8m (51.2) compared to September 30, 2002 - the Free Cash
Flow was improved to EUR 5.2m, despite planned investments of EUR
3.4m (2.2) for the first nine months of 2003. Despite a considerable
increase in sales, Working Capital was reduced by approximately EUR
14.4m since December 31, 2001. Gross cash position as of September
30, 2003 totalled EUR 22.8m (14.7).
Order income increased by 3.5 % to EUR 22.4m (21.7) in the third
quarter, totalling an increase of 18.2 % to EUR 73.3m (62.0) for the
first nine months of 2003. Order backlog, as of September 30, 2003,
generated EUR 31.5m (37.8). Sales grew by 4.8 % to EUR 23.1m (22.1)
in the third quarter. On the nine month basis, sales increased by 9.6
% to EUR 69.8m (63.7).
End of ad-hoc-announcement
As the world-wide demands for chip-based, security orientated
ID-solutions are growing, Mühlbauer technology group continues its
strategy to become a world-wide leading supplier of complete
solutions for the whole value chain of the Smart Card and Smart Label
production. This will be achieved without neglecting the companies
growing offer spectrum in related branches.
With the planned expansion of the world-wide distribution channels,
Mühlbauer continues to increase and accelerate it’s future market
penetration. Meantime, by the increase in development speed for new
technologies, the company possesses a wide basis of innovative and
flexible production systems. Mühlbauer sees itself technologically
very well set up to continue its profitable growth and to open up
further world-wide growth potential.
Mühlbauer is a leading supplier of innovative and mature
technological ID-solutions for security industries with 19 branches
worldwide. Mühlbauer develops and manufactures machinery to produce
smart cards (multi application chip cards) and smart labels
(intelligent labels) and is the only company in the world that offers
a full range of turn-key solutions from the chipbonding process to
the personalization process.
The complete quarterly report Q3/2003 is available at
http://www.muehlbauer.de. Further information:
Investor Relations, Tel.: +49 (0) 9461-952-653, Fax: +49 (0)
9461-952-8520,  investor-relations@muehlbauer.de, Muehlbauer Holding
AG & Co. KGaA, Werner-von-Siemens-Str. 3, D-93426 Roding,
www.muehlbauer.de.
end of announcement        euro adhoc 04.11.2003

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Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: CDAX, Nemax 50, Prime All Share, Prime Standard, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
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