Müller Weingarten AG
Müller Weingarten AG: Interim report as of June 30, 2006
Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Weingarten, September 26, 2006. The Müller Weingarten Group’s interim
report as of June 30, 2006 has been based on the International Finance
Reporting Standards (IFRS) for the first time. On this basis, the Müller
Weingarten Group posted sales of € 147 million in the first half of 2006,
compared to € 189 million in the same period of the previous year. Against
a background of very muted order intake in the first half of 2006, total
output fell to € 155 million (previous year: € 196 million). The pre-tax
loss in the first half of 2006 amounted to € -18.9 million, much higher
than the previous year’s figure of € -4.1 million, but still in line with
expectations. Compared to the previous year, the result was burdened in
particular by a substantial increase in provisions in the Tool and Die
Fabrication Division, including operative losses and one-off reorganisation
expenses, as well as the follow-on effects of falling employment in the
Machine Building Division.
As a result of continued investment restraint on the part of automotive
manufacturers, the order intake amounted to an unsatisfactory € 125 million
(previous year: € 151 million). Major contributing factors to this were the
crisis in the North American car manufacturing industry and project
postponements in Europe. Orders in China, a key market for Müller
Weingarten, are not expected to be awarded until the end of the year.
However, developments in the other divisions were largely as planned.
Overall, the fall in capacity utilisation at forming technology
manufacturers in Europe exerted further pressure to maintain profit
margins. The order backlog rose to € 298 million, as against € 295 million
in the previous year. The company still expects an order intake approaching
€ 370 million for the year as a whole. Additional positive effects are
expected in the Service Division following the acquisition of drawing
rights from former American press manufacturers. The emergency collective
wage agreement and the realignment of the range of products and services in
the Tool and Die Fabrication Division will create the basis for this
division’s economic recovery in the second half of the year.
Capacity utilisation in the first half of the year remained satisfactory.
In view of the postponed order intake, the existing collective agreements
and business arrangements relating to more flexible working hours will be
applied consistently to safeguard results in the second half of the year.
As a result of the implementation of the added-value concept introduced in
2003, the workforce was trimmed by 1.6 % as planned, giving a total of 2304
employees as of June 30, 2006 (previous year 2342).
For the year as a whole, the company is projecting sales in excess of € 340
million (previous year € 403 million). Following the cost-cutting measures
implemented and higher service sales, the Müller Weingarten Group will
improve its pre-tax result in the second half of the year. Nevertheless a
pre-tax loss of around € 15 million is expected due to the incalculability
of the order intake. The positive effects of the already commenced
strategic realignment will however lead to a clear improvement in results
in fiscal year 2007.
Contact:
Detlef Sieverdingbeck
Director Corporate Communication
Müller Weingarten AG
Schussenstraße 11
D-88250 Weingarten
Tel: +49 751 401-2183
Fax: +49 751 401-2714
E-Mail: detlef.sieverdingbeck@mwag.de
(c)DGAP 26.09.2006
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Language: English
Issuer: Müller Weingarten AG
Schussenstr. 11
88250 Weingarten Deutschland
Phone: 0751-401-2900
Fax: 0751-401-2644
E-mail: martina.herder@mwag.de
WWW: www.mwag.de
ISIN: DE0006579006, DE0006579022
WKN: 657900, 657902
Indices:
Listed: Amtlicher Markt in München, Stuttgart
End of News DGAP News-Service
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