DGAP-News

Muehlhan AG ends first half of the year with small profits in a continuing difficult environment

DGAP-News: Muehlhan AG / Key word(s): Half Year Results/Change in
Forecast
Muehlhan AG ends first half of the year with small profits in a
continuing difficult environment

30.07.2013 / 07:11

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PRESS RELEASE

Muehlhan ends first half of the year with small profits in a continuing
difficult environment

- Group profits for the first six months EUR1.0 million further to a good
Q2.

- Outlook downgraded due to restructuring costs in China and Qatar

Hamburg, July 30, 2013 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first half of the year with a surplus returned to investors of
EUR1.0 million (prior year: EUR0.1 million). After a difficult first
quarter, Q2 brought a distinct upward trend. For the first three months of
the fiscal year, the Group had recorded a deficit of approximately EUR0.4
million. In total, from January to the end of June, 2013 the Company
achieved sales amounting to EUR96.2 million.

This sales revenue was primarily generated by Europe business. In total, at
EUR77.4 million within this region, the Group increased sales by almost 6%
as compared to the first half of 2012 (EUR64.6 million). This continued the
trend that had already become apparent last year. With revenues of EUR9.8
million, the North American business of the Muehlhan Group exceeded the
prior year's results of EUR8.6 million. In the Asia including the Middle
East region, Muehlhan was able to raise revenues from EUR8.4 million to
EUR9.3 million. Results, however, remain in the deficit range because of
the complex market situation in China and Qatar.

In both countries, Muehlhan is withdrawing from the shipbuilding sector,
reducing its business to sustainably profitable areas. As a result of these
measures, one-time expenditures will become necessary, but they cannot
accurately be estimated at this point in time.

The Ship Newbuilding segment once more yielded to the trend that has been
affecting it for years, realizing only EUR14.2 million (first half of 2012:
EUR14.7 million). In the Ship Repair segment, last year certain large
projects were responsible for excellent sales of EUR20.6 million. In the
current year, sales in this area stabilized at EUR17.6 million. When
adjusted for this special effect, the figures nonetheless demonstrate a
slight upward trend.
In the Energy Division, with work carried out for customers in the Wind
Energy, Oil & Gas Offshore and Petrochemicals segments, Muehlhan realized
sales of EUR22.1 million (prior year: EUR21.6 million).With these
contracts, and despite the no-fly order for certain types of transport