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Muehlhan AG: Quarterly Results Q3 - 2013

DGAP-News: Muehlhan AG / Key word(s): Quarter Results
Muehlhan AG: Quarterly Results Q3 - 2013

19.11.2013 / 08:18

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PRESS RELEASE

Muehlhan AG publishes figures for first nine months of 2013

- Sales and EBIT improved

- Outlook affected by restructuring costs in Asia

Hamburg, 19 November 2013 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first three quarters of 2013 with sales of EUR 152.5 million
(prior year: EUR 137.8 million) and earnings before interest and taxes
(EBIT) of EUR 5.0 million (prior year: EUR 4.2 million). Earnings after
taxes, at EUR 2.1 million, were much higher than for the same period of
2012 (EUR 1.1 million). The third quarter of 2013 also delivered pleasing
results, with sales of EUR 56.3 million (prior year: EUR 47.9 million) and
EBIT of EUR 2.7 million (prior year: EUR 2.3 million).

Viewed regionally, the trends varied in sales and in earnings (EBIT):
In Europe, sales reached EUR 122.4 million, a considerable increase on the
prior year (EUR 110.4 million). With EBIT of EUR 6.7 million, earnings fell
below the level of the prior year (EUR 9.8 million). The reasons for this
were the no-fly order for certain transport helicopters over the North Sea
and a very lucrative repair order in 2012. In North America, however, the
Group achieved significant increases in both sales, which reached EUR 15.2
million (prior year: EUR 13.0 million), and EBIT, which reached EUR 2.0
million (prior year: EUR -0.8 million). Earnings improved substantially as
a result of the cessation of loss-making operations in Canada and Texas.
However, the trend in Asia remained generally unpleasing. In the region,
the Group did manage to push up sales to EUR 14.5 million and EBIT to EUR
-0.8 million, each representing an increase of EUR 0.3 million. However,
the situation in China and Qatar is unsatisfactory. For this reason, the
decision was taken in July to withdraw from the shipyard operations in
these locations, with the initiation of appropriate restructuring measures.
This restructuring is expected to affect earnings in the fourth quarter of
2013. The main items involved will be non-cash depreciation of fixed assets
and impairment of goodwill. The amount cannot yet be quantified finally.

In the business segments, with sales of EUR 20.4 million, Ship Newbuilding
remained only just below the level of the prior year (EUR 20.8 million). In
Europe, sales in fact increased slightly. In Ship Repair, Muehlhan