Download Annual Report 2003 - Mühlbauer Group

The Precision Parts & Systems business area, the manufacturer
of high precision single parts and assemblies for
technical security sensitive branches once again achieved
a record turnover with 14.7 million EUR and exceeded
the turnover of 19.4% achieved in the previous year
(12.1 million EUR) by a further 21.5%.
The graphic presentation alongside shows the turnover
spread by regions and clearly reveals the shift in the
shares of the different markets, last but not least due to
the overall economic framework conditions: Although
Europe, despite a reduced year in turnover of 5.3% from
a total 66.5 million EUR was also a regional focal point in
sales although both the business year (70.2 million EUR)
and in the sector the turnover outside Germany obviously
slackened off from 26.8 million EUR by 21.0% to 21.2
million EUR. On the other hand the Asian area was able
to profit from the first signs of a lively semiconductor
market and the increasing demand for allied semiconductor
product which was able to book a growth in turnover
from 29.3% to 21.7 million EUR (previous year: 16.8
million EUR). The yield in turnover in North and South
America at 4.6 million EUR was 9.0% higher than the figure
for the same period in the previous year (4.2 million
EUR). Clearly higher turnover yields were realized in the
report period which were the result of the project business.
The increase in share by 0.3 million EURO to 2.4
million EUR and this growth was particularly due to the
turnover in Africa which increased from 0.2 million EUR in
the previous year to 2.4 million EUR in the year 2003.
INCOMING ORDERS AND ORDER BACKLOG
Incoming orders increased by 15.6%
The consolidated booked order income of the
Mühlbauer group reveal a positive development. These
orders to a value of 99.3 million EUR reflect the positive
development and exceeded the figures achieved in the
two preceding business years by 15.6% (2002) and 6.1%
(2001), respectively.
Whereas the Smart Identification sector could make up
ground with 41.1 million EUR in the comparable period
of the previous year (43.7 million EUR) the Semiconductor
Related Products area profited from the increase in
demand for semiconductor product solutions and achieved
a volume of 39.3 million EUR in the report period.
Compared with the previous year (22.7 million EUR) this
was equivalent to an increase of 73.3%. The orders
booked for the Traceability sector at 4.3 million EUR were
47.9% under the high previous year figures of 8.3 million
EUR. On the other hand the Precision Parts & Systems
sector showed a very positive development compared
with the year 2002 and the incoming orders of 11.2 million
EUR reflected an increase in the report year compared
with the previous year of 30.8% to 14.6 million EUR.
The outstanding order backlog recorded to the December
31, 2003 at 27.8 million EUR were 4 million EUR less
than to the December 31 of the previous year (31.8 million
EUR).
RESULTS, ASSETS AND FINANCIAL POSITION
Earnings per share more than doubled – gross
cash position further extended
In the report year the Mühlbauer Group brought in earnings
before income taxes (EBT) to the amount of 9.5
million EUR and as a result almost doubled the previous
year earnings of 4.8 million EUR. Consolidated by the
special effects of the share-oriented and compensation
programs the EBT increased even by 108.9 %. The
achieved sales yield before taxes achieved in the report
year amounted to 10.0 % (previous year: 5.2 %). Contributing
to this is a higher productivity and a clearly positive
interest result to the amount of +0.9 million EUR compared
with the previous year (-1.2 million EUR).
Moreover, there were expenditure reducing effects as a
result of the abolishment of the accruals formed for process
risks in the previous year. The earnings after income
taxes (EAT) increased in the group to 6.5 million
EUR following 3.5 million EUR in the previous year. Consolidated
by the extraordinary gain in the earnings after
income taxes of the previous year from the initial consolidation
of the TEMA GmbH, this is reflected in a growth of
123.2 %.
The growth in sales of 4.3 % is against an under proportional
increase of the cost of sales of 61.4 million EUR in
the previous year by 2.7 % to 63.0 million EUR in the report
year. The sales, general and administration costs at
16.6 million EUR are almost constant compared with the
previous year (16.7 million EUR). Although the sales
Development Sales versus Working Capital
Development Basic Earnings per Share in EUR
Sales
Working Capital
2001
2002
2003
120%
0.45
0.40
0.35
100%
0.30
0.25
0.20
80%
0.15
0.10
60%
2001 2002 2003
0.05
0.00
0.35
0.2
0.41
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