Annual Report 2007 - Muehlhan AG

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38 in the field of coatings for industrial facilities, we likewise see a very large potential for growth. in particular, the entry into the market in Qatar as well as the wind turbine business allow us to look to the future with great optimism. the same is true for the scaffolding business, which is constantly growing, and which we see as part of the industrial segment despite a strong focus on the maritime business, because it is not directly attributable to surface protection. Offshore Oil & Gas will rebound Surface protection for offshore steel structures in the oil and gas production industry was not capable of fulfilling our high expectations in the past fiscal year. However, we assume that we will be able to strengthen sales and earnings in the field again in 2008. the reasons for our confidence are the unchanged high level of oil prices and the associated demand for our services so that existing production facilities can be operated beyond their original service life. for the oil platform maintenance contract in the northern North Sea that was signed last year, and which has not yet been profitable, we were able to achieve changes to the terms and conditions in the context of subsequent negotiations, as a result of which we once again will be profitable in this field in 2008. in addition to the high level of quality of our work, the particular basis for the subsequent negotiations was our exemplarily low accident rate which is significantly lower than our competitors’ in this field. Expansion efforts initially focused on core markets during the past fiscal year, we completed comprehensive market analyses in various geographic regions. the conclusion from the analyses was that there are in fact sufficient market prospects in africa in particular, but that at the present time they were not justified by the risks associated with development of the market. this is especially true for the general political conditions in Nigeria and South africa. for this reason, we will continue to concentrate the geographic focus of our corporate Group on the markets in Europe, the Middle East, the far East and North america. Continued advancement of project and risk management Given the operational experiences of 2006 and <strong>2007</strong>, we will continue to expand the project management and the risk management in 2008. through the introduction of the technical review as well as important management tools (such as the Nod system, a system for recording concurrent contract costing), we already markedly advanced the Group’s risk control instruments during the past fiscal year. during the course of this year we will have integrated the instruments closely into the processes. together with the strategic adjustments, we will continue to advance our Group’s successes. Positive outlook 2008 the Executive board assumes that the steps taken, along with the unchanged positive market environment in 2008, will lead to a noticeable increase in earnings potential in 2008. the Executive board therefore assumes that sales 2008 will be in a range of between Eur 200 and 215 million. We expect Ebitda in a range of Eur 16 to 19 million, and Ebit between Eur 9 and 12 million. the Executive board expects after-tax profits to fall in a range between Eur 4 and 6 million. as a result of seasonal growth, significant portions of earnings will be generated in the second and third quarters. Hamburg, 26 March 2008 the Executive board dr andreas C. Krüger bernd Janssen Carsten Ennemann
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents Group Consolidated Financial Statements consolidated balance sheet consolidated incoMe stateMent stateMent oF changes in group equity consolidated cash Flow stateMent Fixed assets MoveMents schedule notes to the group consolidated Financial stateMents I. General comments II. Significant consolidation, accounting and valuation principles III. Notes to the balance sheet IV. Segment reporting V. Notes to the income statement VI. Other disclosures 39
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Page 5 and 6: Content 2 ManageMent 2 Foreword 5 E
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Annual Report 2007 - Muehlhan AG

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