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Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer increases sales and earnings to a record high - earnings forecast for total year raised

  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
29.07.2010
Roding, 29 July 2010 - Based on its strong government business and 
the progressive intensification of its industry business, the 
globally active Mühlbauer technology group was able to build on its 
positive start to the financial year in Q2 2010. While incoming 
orders almost doubled compared to the same period of the previous 
year, sales and earnings climbed to a historic quarterly record high 
and significantly exceeded the values for the same quarter of the 
previous year. Based on the extremely positive development in sales 
and earnings recorded in Q2 2010, and the high order backlog to the 
end of the quarter under review, the Mühlbauer Group raises its 
earnings forecast issued for the total year and is now expecting to 
achieve an EBIT of at least EUR 25 million in the 2010 financial 
year.
While quarterly sales were significantly higher year-on-year, at EUR 
63.3 million (PY: EUR 43.2 million) and up 46.5% due to growth in all
business areas, earnings before interest and taxes (EBIT) for the 
quarter under review rose more than five-fold against the same period
of the previous year, at EUR 14.4 million (PY: EUR 2.7 million). 
Compared with the EBIT, adjusted for special effects, of the previous
year (EUR 4.1 million), this amounts to a 251.2% increase. This 
corresponds to a significantly higher EBIT margin of 22.7%, after 
6.3% or adjusted 9.5% year-on-year. Due to a slight improvement of 
financial result by EUR 0.2 million earnings before taxes rose to EUR
14.5 million (PY: EUR 2.6 million), while net earnings were 
considerably higher year-on-year, at EUR 10.5 million (PY: EUR 1.8 
million) due to a lower income tax rate. Referring to the earnings 
per share, this means a sixfold increase compared to the same period 
of the previous year (EUR 0.73; PY: 0.12 EUR).
On a half-yearly comparison, sales increased from EUR 81.3 million to
EUR 92.8 million, which is equivalent to a growth in sales by 14.1%. 
Adjusted for special effects from legal disputes with an effect on 
the income statement, which have, however, since been settled, the 
EBIT of EUR 14.2 million, achieved in 1HY 2010, almost doubled 
year-on-year (PY: EUR 7.6 million). Taking into account these special
effects, the EBIT achieved in 1HY 2010 totals EUR 16.2 million, which
amounts to more than triple the EBIT achieved in the same period of 
the previous year (EUR 5.1 million). This corresponds to an EBIT 
margin of 17.5%, after 6.3% year-on-year. At the same time earnings 
per share increased from EUR 0.24 to EUR 0.87.
In 1HY 2010, at EUR 24.9 million, cashflow from operating activities,
adjusted for cashflows from transactions with short-term marketable 
securities, was EUR 18.5 million above the level for the same period 
of the previous year (EUR 6.4 million). The reason for this distinct 
rise are primarily the higher net earnings and inflows of liquidity 
from the reduction of working capital. Taking into consideration the 
outflow from investment activities, which is at EUR 10.6 million (PY:
EUR 11.1 million) only slightly under the level of the previous year,
the technology group Mühlbauer records a free cashflow of EUR +14.2 
million, which represents a EUR +19.0 million year-on-year increase 
(PY: EUR -4.8 million). The equity ratio dropped from 77.9% at the 
end of the previous year to 74.1% at the end of the quarter under 
review due to the payment of dividends of EUR 1.00 per no par share 
to shareholders and the distribution of profits to the personally 
liable shareholder.
Significant increases of order income in all business areas of the 
Mühlbauer technology group resulted in a total order income of EUR 
59.2 million in Q2 2010 and thus to an upturn of 90.4% against the 
same period of the previous year (EUR 31.1 million). While the order 
book in the company´s core business area Cards & TECURITY® rose 
74.3%, to EUR 33.3 million, due largely to government orders for the 
implementation of ID projects, the order volume in Semiconductor 
Related Products in fact more than doubled year-on-year, from EUR 8.5
million to EUR 17.7 million. In Traceability, orders increased from 
EUR 1.0 million to EUR 2.5 million year-on-year, which represents 
growth of 150.0%. At EUR 5.7 million (PY: EUR 2.5 million), Precision
Parts & Systems recorded an increase of orders of 128.0% for the same
period. In the first half of 2010, the high growth of order income of
the Mühlbauer technology group led to a cumulated order income of EUR
173.1 million, thereby doubling incoming orders compared to same 
period in the previous year (EUR 83.3 million). To the end of the 
reporting period order backlog totaled EUR 149.5 million and thus 
lagging only slightly behind the Q1 2010 figure (EUR 154.6 million).
end of announcement                               euro adhoc

Further inquiry note:

Tilo Rosenberger
Investor Relations
+49(0)9461-952-1653
tilo.rosenberger@muehlbauer.de

Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: CDAX, Prime All Share, Technology 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