DGAP-Adhoc: Mühlbauer Holding AG & Co. KGaA : Mühlbauer with cautious start in 2013

Mühlbauer Holding AG & Co. KGaA / Key word(s): Interim Report

07.05.2013 08:03

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Decline of order income and sales in the first quarter - higher
manufacturing costs impact on result - free cashflow with significant
increase - sales expectancy adjusted

Roding, 07 May 2013. Driven by the positive development of the RFID market,
the Mühlbauer technology group recorded tremendous increases of order
income in Semiconductor Related Products during the first three months of
2013. This was contrasted by a project-related decline of order income in
Cards & TECURITY and a weaker demand for mechanical components from
Precision Parts & Systems, which was not fully compensated by the good
order situation in Semiconductor Related Products. In parallel with order
income, sales were also comparatively lower while the operative result
disproportionately declined because of the economies of scale resulting
from the decrease in sales. However, based on the mediocre start in 2013,
the company feels obligated to revise its sales expectancy slightly
downwards for the entire year whereby the management considers an increase
in result still possible.

Order income and order backlog. After the project-related increase of
orders by 20.3% in Q1 2012 to EUR 58.0 million, order income for the first
three months of 2013 was EUR 5.1 million or 8.7% lower year-on-year, at EUR
52.9 million. The good order situation in Semiconductor Related Products
was unable to fully compensate for the decline in Cards & TECURITY and
Precision Parts & Systems.
At the end of the first quarter 2013, the consolidated order backlog was
EUR 200.2 million and is thus EUR 9.1 million or 4.3% lower year-on-year,
due to the continuous processing of backlogs.

Sales. In the past quarter, the sales of the Group developed in line with
order income. While Semiconductor Related Products recorded strong growth,
sales in the company's core area Cards & TECURITY and in Precision Parts
& Systems turned down, due to customer-related delays in processing
projects. Overall, this led to the fact that the technology group's
consolidated sales were EUR 5.1 million or 10.2% lower year-on-year, at EUR
45.3 million (PY: EUR 50.4 million).

Earnings development. The Mühlbauer Technology Group's pre-interest and
pre-tax profit (EBIT) of EUR 0.3 EUR for the quarter under review was
significant less than the EUR 2,8 million for the same period in the
previous year. This represents an EBIT margin of 0.6% - after 5.6% in the
same quarter of the previous year. Responsible for the decline of the
results are the economies of scale resulting from the decrease in sales.
For the quarter under review, the company earned EUR 0.6 million after tax
- after EUR 1.1 million in the same quarter of the previous year. The
earnings per share for the quarter under review amounted to 0.03 EUR -
following 0.07 EUR in the same quarter of the previous year.

Cashflow. Thanks to the reduction in the outflow of funds for supplies as
well as the higher inflow from the decrease in receivables and other
assets, at EUR +5.8 million, the free cash flow showed an EUR 18.1 million
improvement over the EUR -12.3 million for the comparable quarter of the
previous year.

Outlook. The Mühlbauer technology group still assumes that over the medium
and longer term, the primarily government-driven Cards & TECURITY business
sector will profit from the strong interest to offer people both
increased security and mobility. In the Semiconductor Related Products
area, the company sees also good opportunities to continue its positive
development.

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Language: English
Company: Mühlbauer Holding AG & Co. KGaA
Josef-Mühlbauer-Platz 1
93426 Roding
Germany
Phone: +49 (9461) 952 - 0
Fax: +49 (9461) 952 - 1101
E-mail: info@muehlbauer.de
Internet: www.muehlbauer.de
ISIN: DE0006627201
WKN: 662720
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart

End of Announcement DGAP News-Service

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