DGAP-Adhoc: Masterflex AG announces its 2008 financial figures

Masterflex AG / Final Results/Final Results

20.04.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc disclosure in accordance with section 15 of the German Securities
Trading Act (WpHG)

Masterflex AG announces its 2008 financial figures 

  - Substantial impairments and non-recurring effects

  - Significant positive free cash flow

  - Revenue at the level of the previous year

  - Rigorous continuation of strategic realignment in 2009 

Gelsenkirchen, 20 April 2009. The 2008 financial year for Masterflex AG was
dominated by the strategic realignment and restructuring of the Group. At
the end of the year, further necessary value adjustments were made
following the write-downs carried out during the year. At the same time,
our operating business - particularly the core business unit High-Tech Hose
Systems - continued to post stable and profitable performance, which
allowed us to generate a significant positive free cash flow.

The extensive impairment tests were carried out on projects and goodwill in
order to remove all unsuccessful and unprofitable business from the Company
and to adjust goodwill to current performance. These measures are designed
to ensure that the Company remains sustainable in the future and to protect
the Group from possible risks. The consolidated financial statements were
produced for continued operating activities in accordance with IFRS
guidelines, and therefore did not include DICOTA GmbH, which was sold in
December 2008.

In the 2008 financial year, despite the difficult economic environment,
consolidated revenue decreased only slightly from EUR 88.9 million to EUR
88.3.
The write-downs of the past year and other non-recurring charges, which
amounted to EUR 13.3 million, had a considerable impact on the balance
sheet.
As a result, in 2008, we posted consolidated income before taxes and
interest (EBIT) from continued business units totalling EUR 7.0 million.
With
the EUR 7.7 million loss from the discontinuation of the Mobile Office
Systems segment and the above non-recurring effects, a consolidated net
loss after minority interests of EUR -15.7 million was recognised. At the
Annual General Meeting on 11 August 2009, in order to secure our business
performance, the Executive Board and the Supervisory Board of Masterflex AG
will propose that a dividend should not be paid for 2008.

In 2008, primarily as a result of non-recurring effects and losses from the
de-consolidation of DICOTA GmbH, consolidated equity decreased by EUR 19.9
million from EUR 34.7 million to EUR 14.8million. As a result of the high
financial liabilities totalling EUR 69.1 million assumed as a result of the
substantial expansion of operating activities in recent years, clear
distortions in the capital structure were recognised in the balance sheet
as at 31 December 2008. In 2008, in order to improve the ability of
Masterflex AG to continue operating and to expand its successful core
business, the Group began to develop a sustainable plan for restructuring
Group financing in conjunction with banks and advisers. In 2009,
optimisation of the capital structure will remain our top priority.

The Executive Board of Masterflex AG does not expect 2009 to be an easy
year. However, it foresees a range of opportunities, largely because the
necessary conditions for these were created in the 2008 financial year. The
market launch of a range of high-value hose innovations has been planned
for the current 2009 financial year. In March 2009, also a new sales
company was set up in Sweden as part of the further internationalisation of
the Group.

The complete, audited 2008 financial statements will be published on 30
April 2009.

Further information: Masterflex AG, Investor Relations, Willy-Brandt-Allee
300,

D-45891 Gelsenkirchen, stephanie.kniep@masterflex.de, Tel. +49 209 97077 44
DGAP 20.04.2009 
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Language:     English
Issuer:       Masterflex AG
              Willy-Brandt-Allee 300
              45891 Gelsenkirchen
              Deutschland
Phone:        +49 (0)2099 70 77-44
Fax:          +49 (0)2099 70 77-20
E-mail:       stephanie.kniep@masterflex.de
Internet:     www.masterflex.de
ISIN:         DE0005492938
WKN:          549 293
Indices:      Prime all share
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News                                     DGAP News-Service
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