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Mühlbauer Holding AG

EANS-Adhoc: 'Ad-hoc message pursuant to § 15 WpHG' Mühlbauer takes stock of the first six months of this year: Growth in sales in core business cushions decline in industry business - special effect has a negative impact on earnings

  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.
6-month report
29.07.2009
Roding, 30 July 2009 - Despite the effects of the difficult market 
environment as a result of the declining economy, the Mühlbauer 
technology group, worldwide active independent consultant and 
manufacturer of innovative security solutions for the TECURITY® 
market, was able to considerably increase its sales in its core 
business area of Cards & TECURITY® due to the intensified call-off of
government orders and the successful implementation of an ID project 
with overall responsibility in the capturing, management and 
verification of biometric data and thus post its second-largest 
quarterly sales in the company´s history in Q2 2009.
Whereas Mühlbauer was thus able to almost completely compensate for 
the decline in sales in the industry business and consolidated sales 
at EUR 43.2 million were only just under the level of the previous 
year (EUR 44.4 million), earnings before interest and taxes (EBIT), 
adjusted for the special effect of the non-liquidity-related net 
allocations to provisions for legal fees in connection with another 
patent infringement suit, were substantially lower at EUR 4.1 million
than in the same period in the previous year (EUR 7.5 million) due to
the higher risk provisioning in inventories as a result of the 
economic situation. Taking into account the special effect of EUR 1.4
million that had a negative effect on earnings, the EBIT generated in
the reporting quarter amounts to EUR 2.7 million (PY: EUR 7.5 
million), which corresponds with an EBIT margin of 6.3% (PY: 16.9%). 
These developments in operating earnings as well as the financial 
earnings that were virtually unchanged in a quarterly comparison at 
EUR -0.1 million, resulted in an overall reduction in EBT of EUR 4.8 
million to EUR 2.6 million (PY: EUR 7.4 million). In consideration of
comparatively higher tax expenditures, the net earnings for the 
period amounted to EUR 1.8 million (PY: EUR 5.7 million), which 
corresponds with earnings per share of 0.12 EUR (PY: 0.39 EUR). In 
the half-year analysis, the sales of the Mühlbauer Group amounted to 
EUR 81.3 million (PY: EUR 87.6 million). The EBIT generated in the 
same period amounted to EUR 5.1 million (PY: EUR 14.6 million), 
taking into account of all special effects that had a negative impact
on earnings. Thus earnings per share have decreased from EUR 0.78 to 
EUR 0.24 for the same period.
At EUR +19.4 million, the cashflow from operating activities in the 
first half of the year was substantially above its level in the same 
period of the previous year (EUR +14.3 million), primarily due to 
higher net cash inflows from the acquisition and disposal of 
short-term securities and the adjusted working capital management in 
light of the current development. Considering higher scheduled 
payments in respect of the completion of the new technology centers 
in the USA and Slovakia free cashflow was, at EUR -4.8 million (PY: 
EUR +7.0), significantly lower year-on-year. The equity ratio slid 
from 77.5% at the end of previous year to 74.6%. The payment of 
dividends to shareholders and parallel distribution of profits to the
personally liable shareholder in the reporting period played a 
decisive role in this decline.
In Q2 2009, order income of the Mühlbauer Group was at EUR 31.1 
million (PY: EUR 54.2 million) 42.6% under the comparable quarter of 
the previous year due to the volatile project business in the 
government-related TECURITY® sector and the stagnation of the 
industry business as a result of the economic development. Overall, 
the order income of the Mühlbauer technology group totaled EUR 83.3 
million (PY: EUR 102.4 million) to the end of 1HY 2009, thus posting 
a decline of 18.7%. The order backlog at the end of the reporting 
period was EUR 80.2 million, thus dropping 15.3% against the value 
achieved to the end of Q1 2009 (EUR 94.7 million).
The Mühlbauer technology group is continuing to focus on the 
government-related TECURITY® business in its core business area Cards
& TECURITY®: Numerous government and public authorities are pushing 
ahead the implementation of innovative electronic passports and ID 
documents and targeting the introduction of new solutions, such as 
verification and border crossing systems, e.g. for accelerated border
crossing. While Mühlbauer´s core business area Cards & TECURITY, 
irrespective of natural fluctuations in the project business, still 
offers unbroken potential for development, it cannot be excluded at 
this point of time, that investment delays as a result of the current
economic situation will continue to impact the development in the 
industry-related product areas. If the government-related TECURITY® 
business diminishes against this background, it can be assumed that 
sales and earnings in 2009 will not match the level of the previous 
year.
Contact and additional information: Investor Relations, Tilo 
Rosenberger, 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, www.muehlbauer.de.
end of announcement                               euro adhoc

Further inquiry note:

Hubert Forster
CFO
+49(0)9461-952-1141
hubert.forster@muehlbauer.de

Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: Nemax 50, CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

Plus de actualités: Mühlbauer Holding AG
Plus de actualités: Mühlbauer Holding AG