General News
2 September 2010: Muehlhan takes over wind turbine coating location in Scotland
In early 2011, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7), a Hamburg company, will take over another production site for wind turbine tower coating on behalf of a long-term customer. The location, situated in Campbeltown, Scotland, will be the first production site in this specialty area outside of Denmark in which Muehlhan will invest in a production site together with one of its customers.
“This successfully completes the first major step for the globalization of this business model”, said Dr. Andreas Krüger, Chairman of the Board of Muehlhan AG. The company’s Danish subsidiary, Muehlhan A/S, has been working for Denmark’s largest manufacturer in the sector for a number of years now. Muehlhan expects that this new investment project will result in continued and significant growth potential. At least 1,200 offshore wind turbines are planned to be erected off the coast of Scotland over the next 10 years.
The new production site has an annual capacity of 500,000 m2. In addition to many years’ experience in offshore installations, Muehlhan will also be able to take advantage of the most recently self-developed robotics employed in automatic tower coating.
For Muehlhan, this development also represents a fundamental market recovery in this segment. A number of wind power projects worldwide have been delayed because of funding problems, also resulting in production cutbacks at Muehlhan in the first six months of this year. The new rise in demand is expected to mark the end of that fragile market situation.
30 July 2010: Muehlhan maintains stable net income despite lower sales revenues
In the first six months of the current fiscal year, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated EUR 85.2 million of sales revenues and EUR 2.2 million of net income. Although sales were lower than in the previous year (first half of 2009: EUR 100.3 million; net income: EUR 2.1 million), Muehlhan maintained a stable level of earnings. The number of employees has risen by 90 to now 2,324 overall, due to the increase of capacities in the Middle East.
12 May 2010: Muehlhan awarded contract for new German Navy shipbuilding project
The Muehlhan Group (Entry Standard; ISIN DE000A0KD0F7) has been awarded a new contract in the specialty shipbuilding sector. The company will soon start providing surface protection services for the German Navy’s supply ship BONN. This ship newbuilding project is expected to be completed by the end of 2012 at three different German shipyards. The scope of the surface protection work comprises some 200,000 m2 of blasting and coating work.
Supply ships take fuel, consumer goods, victuals and ammunition to other German Navy ships. They are equipped to enable transfer of such goods from one ship to the other while at sea. Two helicopters help transport personnel and equipment. In addition, supply vessels can also be converted to mobile hospital ships. With their length overall of 175 m and a crew of 239, supply ships are the largest vessels in the German Navy.
In a still challenging market, Muehlhan has succeeded in securing another contract in the specialty shipbuilding sector. Since the onset of the financial crisis in the autumn of 2008 and the subsequent numerous contract cancellations in the commercial shipbuilding segment, the remaining German shipyards have refocused almost exclusively on the specialty sector.
30 April 2010: Modest start to the year at Muehlhan AG
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) ended the traditionally weak first quarter with sales revenues of EUR 43.5 million (Q1 2009: EUR 47.3 million), EBIT (earnings before interest and taxes) of EUR 1.4 million (Q1 2009: EUR 2.4 million) and net income of EUR 0.7 million (Q1 2009: EUR 1.1 million). This performance was expected by the company because of the unusually hard winter and the continuing economic crisis. Muehlhan recorded non-recurring income of EUR 1.1 million in the first quarter of 2009 resulting from a claim for damages; after adjusting for this one-time effect, operating income in the first quarter of 2010 is on a par with the prior-year level, despite lower sales revenues.
31 March 2010: Muehlhan presents 2009 consolidated financial statements
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has confirmed the key figures for fiscal year 2009 that were published in mid-February. The company, which provides industrial and maritime surface protection services worldwide, reported sales revenues of EUR 190.8 million for the full year of 2009, compared with EUR 206.5 million the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled EUR 15.5 million (previous year: EUR 16.9 million), while earnings before interest and taxes (EBIT) amounted to EUR 8.4 million (2008: EUR 9.9 million). Overall, in light of the challenges faced in 2009, Muehlhan AG is satisfied with its performance for the year, which resulted in net income after minority interests of EUR 3.9 million (2008: EUR 4.3 million). At the General Shareholders’ Meeting that will be held on 18 May 2010, the Executive Board will propose that a dividend of 6 cents per share be paid. ...
8 March 2010: Muehlhan is awarded additional ship newbuilding contracts
Despite the continuing crisis in the shipping industry, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has managed to book two additional ship newbuilding contracts worth an estimated EUR 4 million.
In the USA, the company was awarded another contract for a U.S. Navy vessel totaling approximately USD 3.8 million (EUR 2.8 million). ...
4 March 2010: Muehlhan disposes of blasting and coating halls
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has sold all blasting and coating halls owned and located at a shipyard site in northern Germany. They were sold at their book value. The parties have agreed to keep the exact purchase price confidential.
The newest of the total of four halls was put into operations as recently as at the beginning of 2009. The investment costs back then were slightly higher than 2 million Euros. This reflects the impact on Muehlhan of the upheavals in the German shipbuilding market. Specifically, the recent virtual collapse in demand for cargo ships means that capacity at the site would not be utilized in the future.
11 February 2010: Muehlhan AG releases preliminary results for 2009
According to preliminary figures, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) posted sales revenues of EUR 190 million for 2009, a number that is within the projected range published in mid-2009 (EUR 185 to EUR 205 million). After-tax income is expected to be at the upper end of the forecast (EUR 3 million to EUR 4 million). At the same time, both the sales and earnings figures are lower than in the previous year (EUR 206.5 million and EUR 4.3 million, respectively). ...
05 February 2010: Muehlhan receives order for new US Navy vessel
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has been awarded a contract to coat a new naval vessel, the USS Arlington. The volume of this project is approximately USD 4.8 million. The US Navy expects the almost 210-meter-long amphibious transport dock to be completed by 2011.
18 December 2009: Muehlhan introduces new compensation system and reorganizes procurement
The Muehlhan Group (Entry Standard; ISIN DE000A0KD0F7) completed two major organizational changes at the end of 2009. With the beginning of 2010, new rules governing compensation of top executives will go into effect. The new compensation system will align the interests of the company, executives and shareholders with a sustainable increase in the value of the company. In addition, the company has set up a procurement platform that bundles purchases of consumables in Central Europe and which can serve as a basis for global implementation. ...
13 November 2009: Muehlhan presents quarterly results for the period ending on 30 September 2009
Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) generated sales revenues of EUR 143.4 million in the first nine months of the year, an 8% decline from the prior-year figure (EUR 156.1 million). Due to non-recurring items, EBIT of EUR 6.0 million was almost EUR 2.0 million lower than last year. ...
6 October 2009: Muehlhan initiates share buy-back program
Muehlhan AG (ISIN DE000A0KD0F7) will from today on begin repurchasing its own shares, which are listed in the Entry Standard segment. The company has engaged equinet AG of Frankfurt to carry out the share-buyback program.
The decision follows the authorization by the General Shareholders' Meeting on 19 May 2009 to repurchase up to 10% of Muehlhan AG's issued capital (up to 1,950,000 shares). The share-buyback program will expire on 31 October 2010. The purchase price per share may not be more than 10% above or below the average opening price on the Xetra trading system for the three preceding trading days. The shares may be used for any of the purposes enumerated in the authorization passed by the General Shareholders' Meeting.
For the full text of the resolution (German language), please visit the Company’s website at Share Buy-Back