30.09.2005 30.09.2004 +/-
Revenue (EURthou) 60,526 53,609 +13.0%
EBITDA (EURthou) 9,739 9,654 +0.9%
EBIT (EURthou) 8,087 7,685 +5.2%
EBT (EURthou) 6,723 6,886 -2.4%
Net profit (EURthou) 4,480 4,297 +4.3%
IAS-EPS (EUR) 1.00 0.95 +5.3%
EBIT margin 13.4% 14.3%
Gelsenkirchen, November 9, 2005. Masterflex AG (ISIN DE0005492938), a technology leader in specialty plastics processing, again increased its revenue in the first nine months of 2005.
Consolidated revenue rose by 13.0% to EUR 60.5 million, while earnings before interest and taxes (EBIT) grew by 5.2% year-on-year, thus failing to meet our expectations. Net profit increased by 4.3% to EUR 4.5 million, lifting earnings per share from EUR 0.95 to EUR 1.00 EUR (+ 5.3%). At 13.4%, the EBIT margin remains one of the best among listed German public companies.
The year-on-year slowdown in earnings growth is due in particular to a weak third quarter in the Mobile Office Equipment area, part of the Fuel Cell Technology business unit. Although the subsidiary DICOTA GmbH substantially lifted its revenue, its EBIT declined.
These effects at DICOTA GmbH were no more than offset by performance in the hose business, earnings contributions from Medical Technology and the initial contribution by the SURPRO Group. DICOTA GmbH has now largely finished establishing its international presence, and therefore the Board of Masterflex AG is expecting high growth rates for revenue and EBIT in the future.
With regard to the Company's expected performance for full-year 2005, the fourth quarter looks set to be strong, as is traditionally the case. Masterflex will continue to grow its revenue and earnings in fiscal year 2005.
The Board of Masterflex AG regards the Company's earnings development in the third quarter as temporary. The Board of Masterflex AG is therefore reiterating the revenue growth forecast and setting it at +15% to +17%. The fourth quarter is not expected to do more than offset the weak earnings development in the third quarter by the end of the year. We are therefore revising our annual EBIT forecast to an increase of 5% to 12% (previously +15% to +25%).
The Board of Masterflex AG is firmly convinced that the Company will continue to grow more strongly in 2006 and that it will achieve disproportionately high double-digit earnings growth. The positive assessment is based on the outstanding market position and innovative products in forward-looking business areas. In addition, our international markets in particular still offer substantial growth potential.
The whole quarterly report 3/2005 will be published on November 11, 2005 and can be downloaded from our website.