Ad hoc disclosure in accordance with section 15 WpHG
Masterflex AG: Preliminary figures for the 2010 financial year – Masterflex exceeds own expectations
Gelsenkirchen, 29 March 2011. Masterflex AG is today reporting its preliminary figures for the 2010 financial year. The Group recorded operating earnings before interest and taxes (EBIT) of € 6.4 million in the year under review, up 63% on the previous year. Consolidated revenue rose by around 20% to € 46.1 million.
This does not include the figures for the Mobility unit. As the sale of this segment is planned for 2011, it is reported as discontinued operations in the consolidated financial statements. Irrespective of this, however, the unit again significantly exceeded the most recent forecasts.
All figures are subject to the findings of the external audit, which is currently still in progress. According to the Financial Calendar, the finalised single-entity and consolidated financial statements will be published on 28 April 2011.
Additional explanatory text:
In 2010, Masterflex AG successfully completed its comprehensive strategic reorientation. The key milestones implemented and achieved in 2010 were as follows:
- Completion of refocusing on core business, i.e. the development and marketing of high-tech hoses and connector systems, including the disposal of Surpro GmbH (Surface Technology), which had recorded substantial losses in the past. The Mobility unit, the Company’s last equity interest outside its core business area, is comparatively unimportant to the Masterflex Group from an economic perspective and is already reported as discontinued operations in the consolidated financial statements.
- The internationalisation strategy continued with the opening of two new locations in Russia and Brazil.
- The "MOVE" project, the aim of which was to comprehensively optimise the Company's processes and workflows and cut costs, was successfully concluded in 2010. This resulted in a number of significant earnings effects that will continue to have structural benefits for the Company in future.
- Another success in 2010 was securing Group finance for the long term. In combination with the cash capital increase implemented in December, this will provide solid foundations for the Company’s further development and planned growth. Future investment projects and the Company’s funding requirements are now sustainably secured.
The Executive Board succeeded in fully refocusing the Group on its core competency, which lies in the development of connector and hose systems using innovative high-tech plastics, as well as bringing about a fundamental improvement in the Company’s financial basis. The extremely good positioning of the existing product portfolio and the related innovations mean that additional potential will be permanently available to Masterflex.
The latest figures for 2010 show that the decisions taken were correct and are having the desired effect, thereby giving Masterflex AG scope for further development on a new footing from 2011 onwards.
This report contains forward-looking statements regarding future developments which are based on current assessments and planning of the management. Such forward-looking statements are characterised by words such as "expect", "would", "up to", "possible", "anticipate" and similar expressions. These statements are subject to risks and uncertainties. Should one of these factors of uncertainty or other imponderables occur or should the assumptions underlying the statements prove to be incorrect, the actual developments could differ significantly from the possible developments specified or implied in these statements. The Company does not intend to and assumes no obligation to update forward-looking statements on an ongoing basis, as these statements are based exclusively on the circumstances at the date of their publication.