Masterflex AG / Half Year Results/Miscellaneous
17.08.2010 08:03
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
PRESS RELEASE
Masterflex AG reports figures for H1 2010
- Masterflex emerges stronger from the crisis
- Consolidated revenue and earnings rise considerably
- Financing secured in the long term and extensive
balance sheet restructuring coming to a close
- Concentration on core business accelerated further
30 June 30 June
Continued business units (IFRS) 2010 2009 +/-
Revenue (EUR thou.) 24,911 23,095 7.9%
Consolidated-EBITDA (EUR thou.) 4,025 2,356 70.8%
Consolidated-EBIT (EUR thou.) 2,836 1,124 152.3%
Consolidated-EBT (EUR thou.) 345 -1,922
Consolidated net result from continued
business units 201 -1,440
Consolidated net result from discontinued
business units -5,082 -928
Consolidated net income/loss -4,974 -2,452
Earnings per share (EUR)
from continued business units 0.02 -0.35
from discontinued business units -1.16 -0.21
from continued and discontinued business
units -1.14 -0.56
Consolidated EBIT margin 11.4% 4.9% 132.7%
Number of employees 549 697 -21.2%
30 June 31 Dec +/- in
2010 2009 %
Consolidated equity (EUR thou.) -3,487 995
Consolidated total assets (EUR thou.) 68,616 69,298 -1.0%
Consolidated equity ratio (%) -5.1% 1.4%
Gelsenkirchen, 17 August 2010. Business development at Masterflex AG has
improved significantly in the first half of 2010 compared to the previous
year. The Executive Board states that this is due to the early
implementation of positive and sustainable measures for optimising costs as
part of the restructuring process. The economic recovery has also played a
major part. This has led to a significant improvement in earnings and
margins.
As expected, this positive development is primarily based on the core
High-Tech-Hose Systems business unit. Good progress has also been made in
leveraging promising potential in new industries and countries as set out
by the Executive Board.
Overall, consolidated revenue has risen by 7.9 % to EUR 24.9 million in the
first half of 2010. Masterflex AG's successful development is demonstrated
even more clearly by the almost 71 % surge in consolidated EBITDA to EUR
4.0 million and the even greater increase in consolidated EBIT of 152.3 %
from EUR 1.1 million to EUR 2.8 million. As announced, the consolidated
result in 2010 will again be negatively impacted by extraordinary expenses
in connection with refinancing and transaction costs. As of the coming
financial year, the Executive Board expects a further huge reduction of
these non-operating expenses.
The most important milestone in the first half of 2010 was the agreement of
a concept for the long-term restructuring of Group financing with the
financing partners. Even though the great complexity of the situation means
that it will be some months yet before the hoped-for conclusion is reached,
the Executive Board of Masterflex AG considers the key data achieved for
the target concept to be very positive and believes that they show great
promise for the company. The goal of significantly reducing debt includes
strengthening equity through a rights issue whose structure and overall
conditions will be explained and presented for approval at the Annual
General Meeting on 17 August 2010. Securing long-term financing from the
core banks of the future is linked to a State guarantee being granted. This
has already been applied for. The Executive Board is optimistic that a
definitive agreement will be reached and the concept implemented by the end
of the year.
A further milestone in terms of operational restructuring was achieved on
10 August 2010 with the signing of a contract to dispose of the subsidiary
SURPRO GmbH. The contract was concluded under the usual provisos. The
transaction is still set to be completed in the current financial year. The
sale of Surface Technology, which generates high losses, is another
important cornerstone in the process of concentrating Masterflex AG's
business activities on the successful High-Tech-Hose Systems core business.
With these measures, Masterflex AG has performed a true feat of strength in
the past two years - an extremely short time. However, targets have not yet
been reached in full. Nevertheless, the company believes it is once again
on the road to success. In view of the successful first half of 2010, the
Executive Board of Masterflex AG expects the 2010 financial year to be
significantly better with a revenue upturn of at least EUR 4.0 million and
consolidated operating EBIT also increasing by at least EUR 4.0 million.
The H1 2010 interim report is available for download at www.masterflex.de.
Further information: Masterflex AG, Investor Relations, Willy-Brandt-Allee
300, D-45891 Gelsenkirchen, stephanie.kniep@masterflex.de, Tel.
+492099707744, Fax +492099707720
Company information:
Masterflex AG is a specialist in the global development and production of
high-quality connector and hose systems from innovative high-tech polymers
in its core High-Tech Hose Systems business unit. Since it was founded in
1987, the Company has built up a high degree of materials and processing
expertise. Masterflex commands the entire process chain: from the use of
materials to the development of its own manufacturing processes using
self-developed facilities right up to the production and distribution of
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 area
of Mobility.
17.08.2010 08:03 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
---------------------------------------------------------------------------
Language: English
Company: 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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: Masterflex AG reports figures for H1 2010
| Source: EQS Group AG