Muehlbauer Holding AG & Co. KGaA reported audited consolidated earnings results for the full year ended December 31, 2011. For the year, the company reported sales of EUR 213.23 million compared to EUR 207.25 million a year ago. EBIT was EUR 28.07 million compared to EUR 38.19 million a year ago. Net earnings were EUR 21.97 million or EUR 1.51 per basic and diluted share, compared to EUR 30.29 million or EUR 2.09 per basic and diluted share, a year ago. Cash provided by operating activities was EUR 36.98 million compared to EUR 47.9 million a year ago. Negative free cash flow was EUR 4.6 million compared to free cash flow of EUR 25.88 million a year ago. EBITDA was EUR 41.02 million compared to EUR 46.42 million a year ago. EBT was EUR 28.38 million compared to EUR 38.63 million a year ago. Ordinary income net of tax was EUR 21.97 million compared to EUR 30.29 million a year ago. Return on equity (before tax) was 17.7% compared to 24.6% a year ago. Return on capital employed was 19.7% compared to 33.2% a year ago.