MASTERFLEX – Technische Schläuche & Verbindungen


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MASTERFLEX – Technische Schläuche & Verbindungen

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MASTERFLEX – Technische Schläuche & Verbindungen
MASTERFLEX – Technische Schläuche & Verbindungen

Quarterly Report 3/2010

Masterflex AG reports nine-month figures for 2010


- Further significant improvement in business performance

- Annual General Meeting resolves equity measure with overwhelming approval

- Aim to secure long-term Group financing and significantly strengthen equity base by end of year

- Group restructuring and refinancing almost completed

Continuing operations (IFRS)




Net sales (€ thousand)




Group EBITDA (€ thousand)




Group EBIT (€ thousand)




Group EBT (€k)




Group result from continuing operations




Net profit from discontinued operations




Group result




Earnings per share (€)




From continuing operations




From discontinued operations




From continuing and discontinued operations




Group EBIT margin




Number of employees







+/- in %

Group equity (€ thousand)




Group balance sheet total (€ thousand)




Group equity ratio (%)






Gelsenkirchen, November 03, 2010. In the third quarter of 2010, the overall economic development of Masterflex AG continued to improve significantly compared to the previous year. The programs of measures are paying off and are having a lasting effect. In addition, the sales side showed a pleasing development. In addition to a significant increase in sales, this led to a substantial improvement in earnings and margins.


The sales measures implemented and the economic recovery are reflected above all in Group sales. On the basis of continuing operations, sales rose by 11.4 percent from € 33.9 million to € 37.8 million in the first nine months of 2010.
The successful development of Masterflex AG is reflected even more clearly in the increase in operating earnings before interest, taxes, depreciation and amortization (EBITDA), before deconsolidation effects from the Surpro sale, which improved by around 76 percent to € 6.2 million (prior-year period: € 3.5 million). Operating earnings before interest and taxes (EBIT) rose by around 165 percent from € 1.7 million to € 4.4 million, thus clearly documenting the business successes - despite the still high extraordinary cost burdens.

Although, at Group level, the consolidated result is also burdened by the result from discontinued operations of € 5.6 million, this is - in view of the completion of the Group's restructuring and the restructuring of its financing - a clearly positive development from a long-term and strategic point of view.


As expected, the core High-tech Hose Systems business unit is the mainstay of the pleasing operating performance. In addition to a series of product innovations and industry-specific sales measures, a sales company was established in Brazil in the third quarter of 2010. Our previous market research and existing customer contacts in this region, which is growing at an impressive rate, indicate promising potential for our entire product portfolio in our core business. Immediately after the end of the reporting period, we were also able to implement a further internationalization activity. A joint venture was established with our partner ZAO SovPlym to develop the Russian market. From our headquarters in St. Petersburg and via currently seven further sales offices throughout Russia, we aim to successfully develop the Russian market for our high-tech hoses and systems.


In view of the continuing successful operating business development, the Executive Board is raising its previous earnings forecast for the current fiscal year. The previous operating EBIT target for the year was already achieved by the end of this third fiscal quarter. To this extent, the expected increase in operating EBIT by the end of the year has been raised to €5.2 million (previously: €3.7 million). In addition, the Management Board expects a further improvement in earnings and margins in the coming year, provided that the current favorable macroeconomic development continues.


For the current fourth quarter of 2010, the implementation of the targeted financing and equity measures is in preparation, on which the Executive Board will publish further information very shortly. If these measures are successfully implemented in accordance with the plan, it will be possible to report a significantly healthier equity ratio and more solid debt financing and indebtedness in the 2010 annual financial statements.



The nine-month report 2010 can be downloaded from the website<link></link>.



Further information:

Masterflex AG, Investor Relations, Willy-Brandt-Allee 300, D-45891 Gelsenkirchen,

e-mail: <link ir[at];ir[at],&lt;/link&gt; phone: +49 209 97077-0, fax: +49 209 97077-20



About the company:

In its core business of high-tech hose systems, Masterflex AG is a specialist in the worldwide development and manufacture of sophisticated connection and hose systems made of innovative high-tech plastics. Since its founding in 1987, the company has built up a high level of materials and processing expertise. Masterflex masters the entire process chain: from the use of materials and the development of its own manufacturing processes on self-produced equipment to the production and distribution of its products. The company produces and sells high-tech hose systems at various locations in Europe, the USA and Brazil for a wide range of industrial applications, from conveying extremely abrasive materials to extracting chemicals and hot air. Masterflex AG is also active in the Mobility segment - climate-neutral mobility solutions.