Annual Report 2007 - Muehlhan AG

The Muehlhan Group is an international specialist in marine surface protection –
and especially in the protection of ships’ steel surfaces from corrosion.
With 2,396 employees at 36 locations our 2007 sales totaled about EUR 196 million.
Our four divisions Ship Newbuilding, Ship Repair, Oil & Gas Offshore and Industry
Services enable us to serve the market successfully on a broad basis. A high quality
of service, more than 125 years of experience and an exacting standard of technical
know-how are our distinguishing features.
Key Figures
in kEUR 2007 2006 Change in %
Results
Sales 196,092 184,389 6.3
EBITDA 1 9,362 13,878 -32.5
EBIT 2 2,861 8,104 -64.7
EBT 3 1,101 6,333 -82.6
Net earnings per share in EUR 0.00 0.23 -100.0
Consolidated earnings after minority interests -73 3,646 -102.0
Cash flow 9,365 13,930 -32.8
Investments for fixed assets 12,531 7,795 60.8
Depreciation 6,501 5,774 12.6
Balance sheet
Balance sheet total 128,319 122,767 4.5
Current assets 58,695 73,555 -20.2
Fixed assets 4 65,392 46,745 39.9
Equity 59,714 59,287 0.7
Employees
Annual average headcount people 2,396 2,318 3.4
1 EBITDA: Profit from operations and depreciation
2 EBIT: Profit from operations
3 EBT: Earnings before taxes
4 Fixed assets: Total of non-current assets less deferred tax assets