Annual Report 2007 - Muehlhan AG

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2 Foreword In recent years, we were under way at high speed in our markets. At the same time, we carefully reviewed our options for how to take advantage of the market. This required a lot of flexibility and adaptability. This was particularly true for the past year: In addition to good results and improvements, we also had to overcome a series of challenges. However, experiences – especially those that are less than good – are important capital for the future. And the markets are still waiting for us. With our strengths, we have the substance to achieve our goal: To become the market leader in marine surface protection. As such, the next step is to concentrate strengths and build profitability.
ManageMent divisions share Group ManaGeMent report Group Consolidated FinanCial stateMents about one year ago, Muehlhan aG published its first annual report after the initial public offering. Several events that shaped our activities, and above all our profits for the 2007 fiscal year, were already casting their shadows at that time. over the course of the past twelve months, many of those circumstances have developed into tangible operational challenges for our Group, and therefore had to be addressed. Considerable organizational cuts were required in the uSa. by the middle of the year, we initiated measures with which we reduced costs and reset our course back to productivity and profitability. as a result of the experience, we have also introduced improved management and control mechanisms throughout the Group. in the future, they will contribute to increased efficiency for operational processes, and in principle will also make strategic adjustments easier. initial positive effects were already measurable in 2007: after months of losses, we were able to post balanced operational results for the uSa again in the second half of the year for the first time. using new internal financing structures, starting in 2008 we will be able to significantly reduce the extent of currency effects, which significantly reduced profit in 2007 as a result of the weak uS dollar in particular. We already see that the measures are working in the trend of our numbers. Muehlhan was able to stop the negative income trend by the middle of the year, and the company had pre-tax profit of Eur 0.4 million as of the 3rd quarter. in the last quarter of 2007, income considered separately was again more than Eur 1 million after taxes. C. Ennemann, dr a. C. Krüger, b. Janssen (f. l. t. r.) 3
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Page 3 and 4: The Group is represented locally in
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Page 25 and 26: The marine markets are interconnect
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ManaGeMent divisions share Group Ma
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3. FINANCIAL ASSETS ManaGeMent divi
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sand (previous year: Eur 13,053 tho
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other provisions developed as follo
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eakdown by divisions: ManaGeMent di
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Statement of the Auditors´ Report
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ussia Muehlhan Morflot OOO 198035 S
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Contacts and Financial Calendar mue
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Annual Report 2007 - Muehlhan AG

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