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Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer Holding AG & Co. KGaA records significant increases in sales and result in Q3 - Forecast once more revised upwards

  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
02.11.2010
Roding, 2 November 2010 - In Q3 2010, the globally active Mühlbauer 
technology group continued the positive business development it has 
recorded in all business areas since the beginning of the year and 
benefited from the sustained high demand for ID- and RFID-based 
system solutions as well as industry-based technology products. The 
result is a significant year-on-year sales and earnings increase. 
Based on a high order backlog and a gratifying outlook in all 
business areas, the Mühlbauer Group has again adjusted its forecast 
for the  total year notably upwards.
The main reason for the extremely positive quarterly result is the 
distinct growth in sales of 30.7% to EUR 54.5 million (PY: EUR 41.7 
million), with a comparatively lower cost-of-production ratio. Due to
this gratifying development, gross profit for the reporting period 
totals EUR 22.0 million, which is EUR 7.1 million or 47.5% higher 
than the gross profit of EUR 14.9 million achieved in the same 
quarter of the previous year. Minus the remaining overheads, earnings
before interest and taxes (EBIT) amounts to EUR 11.4 million and is 
thus 171.4% higher than the Q3 2009 result (EUR 4.2 million), which 
was adjusted for a special effect. This corresponds to a doubling of 
the EBIT margin to 20.9% - after adjusted 10.1% year-on-year. Taking 
into account the special effect, the EBIT margin in fact rose by a 
total of 15.2% points. While earnings before taxes (EBT) climbed to 
EUR 11.5 million (PY: EUR 2.4 million), taking into consideration the
slight improvement of financial result by EUR 0.1 million, net 
earnings also benefited from the drop of the income tax rate to 19.9%
(PY: 27.0%) and grew strongly - to EUR 9.2 million (PY: EUR 1.8 
million). With regard to earnings per share, this amounts to a rise 
from EUR 0.12 to EUR 0.63 year-on-year. On a nine-month comparison, 
sales total EUR 147.3 million (PY: EUR 123.0 million), while EBIT 
adjusted for special effects affecting income amounts to EUR 25.3 
million (PY: EUR 11.7 million). Based on sales this corresponds to an
EBIT margin of 17.2% - after 9.5% year-on-year. Taking into account 
all special effects, the EBIT achieved in the first nine months of 
2010 totals EUR 27.6 million, thus exceeding the EBIT of EUR 7.5 
million, achieved in the same period of the previous year, by more 
than three and a half-fold. This corresponds to an EBIT margin of 
18.7% - after 6.1% year-on-year. Earnings per share have therefore 
improved from EUR 0.36 to EUR 1.50.
Adjusted for external cashflows from transactions with short-term 
marketable securities (reporting period: EUR -5.9 million; PY: EUR 
+18.1 million), cashflow from operating activities for the first nine
months of the current financial year is EUR +25.5 million higher 
year-on-year, at EUR +42.7 million (PY: EUR +17.2 million). Despite 
higher investments (EUR 18.1 million; PY: EUR 14.0 million), free 
cashflow for the first nine months of 2010 is thus at an extremely 
positive level of EUR +24.6 million, which is EUR +21.4 million 
higher year-on-year (PY: EUR +3.2 million).
As expected, the significant extension of business recorded in the 
first nine months led to a 14.4% higher balance sheet total of EUR 
201.4 million (PY: EUR 176.1 million). As a result of this 
development the equity ratio dropped 4.6% points, to 73.3% - 
irrespective of the absolute increase of shareholders´ equity by EUR 
10.5 million.
Due to substantial growth in all business areas of the Mühlbauer 
technology group order income in Q3 2010 rose 40.2% to a total of EUR
62.8 million (PY: EUR 44.8 million). On a nine-month comparison, the 
high increases in orders of preceding quarters led to a new record 
high in the company´s order book. At EUR 235.9 million, order income 
was 84.2% higher year-on-year. The order backlog to the end of the 
reporting period amounted to EUR 155.6 million and was thus 88.8% 
higher than the value for the same quarter of the previous year (PY: 
EUR 82.4 million).
Even though the further development of the economy is subject to 
certain imponderabilities as a result of recent events, the Mühlbauer
technology group is again adjusting its outlook for the whole of 2010
upwards, against the background of the strong order situation 
recorded in the first nine months of 2010. It is now expecting to 
achieve sales of at least EUR 195 million and an EBIT rate of approx.
18%. Based on the positive business development and the principally 
positive expectation of the market, Mühlbauer has initiated 
investments to streamline the organization, increase flexibility and 
position itself even better for the future. Mühlbauer is planning 
investments of approx. EUR 28 million for the year as a whole, of 
which EUR 15.9 million were already completed to the end of the 
reporting period.
end of announcement                               euro adhoc

Further inquiry note:

Ramona Bemmerl
Investor Relations
+49(0)9461-952-1653
ramona.bemmerl@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