Masterflex AG / Interim Report/Quarter Results
14.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Masterflex AG reports figures for Q1 2009
Economic crisis impacts Group business development
Mitigation through rigorous cost adjustments
Positive EBITDA and EBIT
Significant positive cash flow
Continued business units (IFRS)
31.03.2009 31.03.2008 +/- in %
Revenue (EUR thou.) 18,583 21,722 -14.5%
EBITDA (EUR thou.) 857 3,226 -73.4%
EBIT (EUR thou.) 50 2,491 -98.0%
EBT (EUR thou.) -820 1,840 -144.6%
Group net income
after minority interests-667 1,901 -135.1%
Earnings per share (EUR)
From continued business units -0.15 0.29 -151.7%
From discontinued business units 0.00 0.13 -100.0%
From continued and
discontinued business units -0.15 0.42 -135.7%
EBIT margin 0.0% 11.5% -100.0%
Net profit margin -3.6% 8.8% -140.9%
Number of employees 736 769 -4.3%
31.03.2009 31.12.2008 +/- in %
Equity (EUR thou.) 14,237 14,840 -4.1%
Total assets (EUR thou.) 97,586 101,475 -3.8%
Equity ratio (%) 14.6% 14.6% 0.0%
Gelsenkirchen, 14 May 2009. The economic crisis intensified in the first
quarter of 2009 and left its mark on the Group business development of
Masterflex AG. Consolidated revenue decreased by 14.5% in comparison to the
equivalent quarter of the previous year to EUR 18.5 million. Consolidated
earnings before interest, taxes, depreciation and amortisation (EBITDA)
were positive, totalling EUR 0.9 million. Consolidated earnings before
interest and taxes (EBIT) totalled EUR 50 thousand. It is important to bear
in mind here that development of the refinancing concept entails a
significant increase in legal and consultancy fees, which then impacts
earnings performance.
In early 2009, as a result of the decline in demand in sub-segments of the
core High-Tech Hose Systems business unit, a few Group companies applied
for reduced working hours in order to avoid redundancies of qualified
employees as far as possible. The same applies to the Advanced Material
Design business unit. In order to reduce the effects of the crisis as far
as possible, all cost structures were carefully examined. Some measures
have already been introduced; others are under preparation and will be
rigorously implemented in the course of the year.
Despite the current difficult situation, the Executive Board sees good
opportunities for Masterflex AG to resume its success thanks to its
innovative product portfolio and the measures introduced. Masterflex AG is
expecting a decrease in consolidated revenue in 2009 as a result of the
economic crisis. However, despite the further restructuring costs which are
anticipated, the Executive Board is expecting positive consolidated
earnings before interest and taxes due to the cost adjustments introduced.
The Q1 2009 interim report is available for download at www.masterflex.de.
For further information: Masterflex AG, Investor Relations,
Willy-Brandt-Allee 300, D-45891 Gelsenkirchen, Germany, Tel. +49
(0)209-97077-44, Fax +49 (0)209-97077-20, stephanie.kniep@masterflex.de
Company information:
In its core High-Tech Hose Systems business, Masterflex AG is a specialist
for the worldwide development and production of high-quality connector and
hose systems using innovative high-tech plastics. Since its establishment
in 1987, the company has developed a high level of materials and processing
expertise. Masterflex deals with the entire process chain, from the
application of materials, through the development of its own manufacturing
processes with self-constructed machinery, right through to the production
and distribution of its products. With seven locations in Europe and the
USA, the company produces and distributes High-Tech Hose Systems for a wide
range of industrial applications, from the extraction of extremely abrasive
materials to suction of chemicals and hot air. Masterflex AG also operates
in the areas of Medical Technology, Fuel Cell Technology/Climate-Neutral
Mobility (Mobility) and Surface Technology (Advanced Material Design).
DGAP 14.05.2009
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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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DGAP-News: Masterflex AG reports figures for Q1 2009
| Source: EQS Group AG