Masterflex AG / Final Results/Final Results
29.04.2010 10:33
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PRESS RELEASE
Masterflex AG announces 2009 figures
- Profitable High-Tech Hose Systems core business and
strict cost management cushion the blow of economic crisis
- Group restructuring impacts consolidated earnings,
but also forms the basis for positive future
- Net debt lowered by a further 20% and clearly positive
operating cash flow
Continued business units
(in accordance with IFRS in EUR thousand)
31 Dec. 2009 31 Dec. 2008 +/-
Consolidated revenue 55,193 73,380 -24.8%
Consolidated EBITDA 3,243 9,254 -65.0%
Consolidated EBIT -330 5,972 -105.5%
Consolidated EBT -3,911 3,062 -227.7%
Group net income -9,563 -7,610 25.7%
Earnings/share (EUR) -2.22 -1.76 26.1%
Consolidated EBIT margin -0.6% 8.1%
Consolidated
return on sales -17.3% -10.4%
Number of employees 537 675 -20.4%
Total equity 995 14,840 -93.3%
Total assets 69,298 101,274 -31.6%
Equity ratio 1.4% 14.7%
Gelsenkirchen, 29 April 2010. In the 2009 financial year, in the midst of
the financial and economic crisis, Masterflex AG made very successful
progress with its extensive restructuring programme.
The huge diversification strategy of the past led to a high level of debt
and had a significant impact on the balance sheet, meaning that refinancing
became the utmost, existential priority. The achievements made to date were
anything but a matter of course at the start of the 2009 financial year and
will now provide a solid basis for positive development in the future:
1. The systematic disposal of non-core activities and strict cost
management led to a further 20% reduction in net debt.
2. The Company pressed ahead with focusing its attentions on the
profitable High-Tech Hose Systems core business by selling the medical
subsidiary Angiokard GmbH & Co. KG and TechnoBochum GmbH. The disposal
of companies considerably improved the debt situation of Masterflex AG,
yet also led to high write-downs, even though the sales proceeds
generated were above-average in view of the economic crisis.
3. In 2009, arrangements were made for the extension of loans up to 30
June 2010. Based on the considerable success made in restructuring the
Group and reducing debt, the current talks about securing Group
financing in the long term are promising and are taking place on the
basis of much more trusting cooperation.
4. The internal reorganisation launched back in the 2008 financial year
was efficiently implemented by means of a strict course of action,
meaning that new structures have since been successfully developed. The
cost-cutting programme launched in 2009 will come into effect fully in
the 2010 financial year with expected additional cost savings of at
least EUR2.6 million in the 2010 financial year.
The Executive Board of Masterflex AG sees these measures as the basis for
the positive economic and strategic development of the Company and, with a
view to the future, is able to give a positive summary of 2009, despite the
renewed impact on earnings.
In its operating activities, the Company absorbed the negative impact of
the economic crisis through far-sighted and timely cost reductions.
Consolidated revenue fell by 24.8% to EUR55.2 million. Thanks to the broad
base of the High-Tech Hose Systems core business unit, the fall in revenue
here of 21.8% was somewhat more moderate.
It was a mixed picture as regards equity investments. In the Advanced
Material Design (surface technology) segment, it was still not possible to
absorb the huge slump in business of the last two years in 2009 despite a
rigorous restructuring programme. However, the Mobility business unit was
not affected by the economic crisis.
Consolidated earnings performance was impacted by the fall in revenue,
write-downs and non-recurring charges resulting from the restructuring.
In 2009, consolidated EBIT with non-recurring charges totalled EUR-7.6
million. Excluding these effects, operating EBIT on the basis of continuing
operations stood at EUR-0.3 million. Including the Medical Technology unit,
which was discontinued in 2009, positive EBIT of EUR0.7 million was
achieved, meaning that this was within our forecast range.
A promising start was made to the 2010 financial year. In the High-Tech
Hose Systems business unit, the significant positive development observed
since autumn 2009 in terms of revenue and incoming orders continued.
Masterflex AG will consistently press ahead with the rapid expansion of its
core business. This will be centred on further internationalisation and an
innovation offensive.
In the Surface Technology business unit, the restructuring programme is
gradually making an impact and operating losses have now been significantly
reined in. However, the Company is still faced with huge challenges.
Masterflex AG believes it is on track in the Mobility business unit, not
least due to the fact that the issue of environmentally friendly mobility
is growing increasingly important.
The Executive Board of Masterflex AG is convinced that the restructuring
policy focused on long-term performance, together with all the necessary
write-downs which it was possible to recognise on the balance sheet, was
the imperative and logical first step in restoring Masterflex AG to a
healthy, high-growth company. The starting situation has considerably
improved compared with the situation in 2008/2009. Despite all the ongoing
potential risks, the Executive Board of Masterflex AG is confident that it
will overcome any remaining challenges until it achieves all of its
objectives in full.
Providing that the economic recovery continues, the Company is aiming for
an increase in consolidated revenue of between 5% and 10% in 2010. As
restructuring is not yet complete, consolidated EBIT in 2010 will once
again be impacted by further non-recurring charges - primarily legal and
consulting costs arising from further potential sales as well as capital
measures. For reasons of precaution, losses from non-core business
activities have once again not been taken into consideration in planning.
Nevertheless, the Company is expecting a considerable improvement in
operating EBIT and a significant positive consolidated EBIT (including
non-recurring charges).
The full 2009 annual report is available to download on the Company's
homepage www.masterflex.de in the Investor Relations section.
Further information: Masterflex AG, Investor Relations, Willy-Brandt-Allee
300, D-45891 Gelsenkirchen, stephanie.kniep@masterflex.de, Tel.
+492099707744, Fax +492099707720
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. The Company produces and sells high-tech hose systems for a wide
range of industrial and medical applications at seven locations in Europe
and the USA. Masterflex AG also operates in the Mobility and Surface
Technology (Advanced Material Design) business units.
29.04.2010 10:33 Ad hoc announcement, Financial News and Media 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|]]]|]
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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 Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: Masterflex AG announces 2009 figures
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