DGAP-News: Masterflex SE / Key word(s): Final Results
Masterflex SE: Growth momentum again upwards in 2013 (news with
additional features)
28.03.2014 / 08:10
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Masterflex SE: Growth momentum again upwards in 2013
- Consolidated revenue EUR 57.9 million, EBIT margin 10.6%
- Consolidated net income of EUR 2.9 million, EpS EUR 0.32
- Series of product innovations launched onto the market
- Internationalisation pressing ahead
- Loss carryforward entirely settled in the financial statements
Gelsenkirchen, 28 March 2014 - Masterflex SE looks back on an overall
satisfactory financial year. "We were able to achieve almost all our
objectives", reports CEO Dr. Andreas Bastin at the presentation of the 2013
consolidated and individual financial statements. The listed company which
specialises in high-tech hoses and connecting systems achieved a turnover
of EUR 57.9 million (previous year EUR 55.0 million). "With a growth rate
of 5.3%, our performance is well above the general growth rates in Europe",
continues Bastin.
Yet a slight delay is noticeable in the growth of profitability. Earnings
from operational activities amount to EUR 6.1million which compared to the
previous year is a drop of 19.1%. "This reflects the upfront costs of our
internationalisation", says Bastin. "These costs - predominantly
personnel-related - have not yet been able to be fully offset through
additional turnover. Nevertheless, the profitability of our business model
with an EBIT margin of 10.6% is respectable even in years of expansion. In
the short term, it is essential to accept the upfront costs because in the
long run we want to continue to expand our business internationally. And
after completing the first stage of our workforce expansion, all processes
now need to be adjusted to a steady state. "The operational cash flow of
almost EUR 8 million is also notably higher than that of 2012".
In the long term, the company wants to become world leader in the
specialist hose market. The Masterflex Group not only introduced a series
of innovations onto the market in 2013, like Master-PUR performance(R),
DUOPART(R), or a protective hose for mobile filling systems. The Group also
continues to invest in its internationalisation. After the successful
launch of its last four sites in Russia, Brazil, Singapore and China, the
task now is to market its extensive product portfolio worldwide.
The financial result remained practically unchanged in 2013 at EUR -1.6
million (previous year EUR -1.6 million). With the newly agreed syndicated
loan which will run until 2018, more favourable terms were able to be
negotiated, which however were offset by expenses accrued for this contract
in 2013.
No non-operating expenses were incurred in 2013. In the previous year, the
one-off expense for the change of legal form into an SE was posted here.
2013 earnings from continuing operations amounted to EUR 3.2 million
(previous year EUR 4.9 million) and expenses from discontinued operations
EUR -0.1 million. Income tax expenses rose from EUR 0.9 million to EUR 1.4
million; this reflects the adjusted business plan for the next five years.
The consolidated net income attributable to shareholders amounts to EUR 2.9
million (previous year EUR 4.4 million). The earnings per share amounts to
EUR 0.32 (previous year EUR 0.50). The Masterflex Group will not pay any
dividend for 2013.
The Executive Board took the decision to withdraw an amount of EUR 9.0
million from the capital reserve recorded in the financial statements of
Masterflex SE (in accordance with the HGB, German Commercial Code) in order
to cover the remaining loss carryforward of EUR 9.0 million after
settlement of the annual profit for 2013. Thus, Masterflex SE will be
exempt from statutory distribution constraints at an earlier stage. With
regards to equity position, nothing has changed following this decision. At
the end of 2013, the equity ratio of the Group amounts to 42.9% owing to
the stable profitability (previous year 39.1%) and in the HGB single-entity
financial statements 56.3% (previous year 58.3%).
Looking forward, the Masterflex Group expects above-average growth to
continue in the high-tech hose business for 2014 as well as in subsequent
years. Bastin says: "We are investing in our growth which is based on
continued internationalisation and innovations. But hose business
acquisitions are also conceivable. Our prospects are very attractive
because we are following this value-orientated route promising long-term
success".
The figures for the 2013 financial year can be found below.
<pre>
31.12.2- 31.12.2- Change
013 012
Consolidated revenue (TEUR) 57,904 54,984 5.3%
EBITDA (TEUR) 8,769 10,171 -13.8%
EBIT (TEUR) 6,114 7,556 -19.1%
EBT (TEUR) 4,537 5,989 -24.2%
Consolidated earnings from 3,155 4,904 -35.7%
continued business units (TEUR)
Consolidated earnings from -80 -262 69.5%
discontinued business units (TEUR)
Consolidated net income (TEUR) 2,884 4,443 -35.1%
Group equity (TEUR) 23,023 20,524 12.2%
Group equity ratio 42.9% 39.1%
Group total assets (TEUR) 53,690 52,435 2.4%
Employees 550 501 9.8%
EBIT margin 10.6% 13.7%
Return on sales 5.5% 8.9%
EpS (EUR)
from continued business units 0.33 0.53 -37.7%
from discontinued business units aus -0.01 -0.03 66.7%
aufgegebenen Geschäftsbereichen
from continued and 0.32 0.50 -36.0%
discontinued business units aus fortgeführten
und aufgegebenen Geschäftsbereichen
</pre>
The Masterflex Group is a specialist in the development and manufacture of
sophisticated hose and connection systems. With 13 operational units in
Europe, America and Asia, the Group is represented almost everywhere in the
world. Internationalisation and innovation are the drivers for growth.
Contact: Dr. Annette Littmann, Tel. 49 209 970 77 44, Email:
annette.littmann@masterflex.de
End of Corporate News
+++++
Additional features:
Picture: http://newsfeed2.equitystory.com/masterflex/260165.html
Subtitle: Der innovative Master-PUR Perfomance Spiralschlauch ist
innen absolut nahtlos glatt und dennoch extrem robust - super für den
Transport von Schüttgut
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Language: English
Company: Masterflex SE
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Germany
Phone: +49 (0)209 97077-44
Fax: +49 (0)209 97077-20
E-mail: annette.littmann@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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260165 28.03.2014
DGAP-News: Masterflex SE: Growth momentum again upwards in 2013 (news with additional features)
| Quelle: EQS Group AG