Group successfully continued its process of transformation
€254.3 million of sales revenues and €6.9 million of EBIT at upper end of expectations
Dividend of €0.06 per share is proposed
Hamburg, 31 March 2017 – In 2016, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) successfully proceeded with its transformation process and was able to maintain the upward trend of recent years that was interrupted in 2015. While sales revenues increased 6.4% to €254.3 mil-lion, EBIT jumped 32% to €6.9 million and consolidated net income rose 35% to €2.8 million.
On a geographic basis, sales revenues in Europe declined 1% year on year to €186.2 million. By contrast, EBIT increased by €1.8 million to €4.9 million. In the Middle East, Muehlhan benefited from passive fire protection projects and scaffolding projects and managed to boost sales revenues by a substantial amount (€13.1 million) to €29.9 million. Because of special effects, EBIT dropped to €0.5 million (previous year: €1.7 million). In North America, a major project caused sales revenues and EBIT to increase to €26.8 million and €1.3 million, respectively (previous year: €23.1 million and €0.4 million, respectively). The business trend in the Rest of the World was also positive, with €11.4 million of sales revenues and €1.6 million of EBIT.
In the Ship business segment, sales revenues decreased, as expected, from €82.9 million in the previous year to €63.5 million. Thanks to various measures, EBIT increased from €3.8 million to €5.0 million. Despite a tough market environment, the Oil & Gas business segment managed to increase sales by €10.2 million to €63.2 million and EBIT by €2.3 million to €6.5 million. In the Renewables business segment, sales revenues rose to €34.0 million (previous year: €23.7 million), but project losses caused EBIT to stagnate at € -2.5 million. These projects were completed in the year under review. Although major projects in the Industry/Infrastructure segment boosted sales revenues by €14.3 million to €93.6 million, special effects caused EBIT to decrease by €0.9 million to €3.3 million.
With the Supervisory Board's agreement, the Executive Board will recommend to the Annual General Meeting that a dividend of €0.06 per share be distributed for fiscal year 2016 (previous year: €0.04 per share).
Muehlhan is confident that the Group's upward trend will continue in the future, despite the difficult conditions that still prevail in some markets. Expanding our service portfolio in different markets will also contribute to this trend. Muehlhan expects again profitability to improve in 2017. The company expects sales revenues to remain constant at around €250 million, with EBIT increasing slightly to between €6.5 million and €8.5 million.
For additional information on fiscal year 2016 and details on the outlook for 2017, please consult the Muehlhan Annual Report published on 31 March 2017.
The company's key performance indicators are shown in the following table:
|in EUR million||2016||2015|
|Consolidated earnings after non-controlling interests||2.0||1.4|
Earnings per share from continuing operations (in €)
|Cash flow from operating activities||8.9||12.7|
|Capital expenditures for fixed assets||9.2||10.8|
|in EUR million||31.12.2016||31.12.2015|
|Balance sheet total||164.5||137.9|
|Equity ratio in %||46.5||47.8|
|Number of employees|
1 EBITDA: Profit from operations and depreciation
2 EBIT: Profit from operations
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets
About Muehlhan: Worldwide, the Muehlhan Group is a reliable partner in industrial services and high-quality surface protection. As one of the few full-service providers, we offer our customers a broad range of services designed to meet the exacting quality standards expected in professional industrial services. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors and our more than 130 years of experience.
We have an established market presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas and Industry/Infrastructure. With our workforce of more than 2,800 employees at over 30 locations worldwide, we generated sales revenues of €239 million in 2015. We intend to use this stable foundation to further expand our business in the coming years and to continue moving our Group forward through proximity to our customers in the global market.
For more information, visit www.muehlhan.com
Press contact: Muehlhan AG; Tel.: +49 40 75271-150; e-mail: investorrelations(at)muehlhan.com