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Muehlhan AG: Muehlhan AG publishes Q1 2014 results

DGAP-News: Muehlhan AG / Key word(s): Quarter Results
Muehlhan AG: Muehlhan AG publishes Q1 2014 results

14.05.2014 / 09:46

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PRESS RELEASE

Muehlhan AG publishes Q1 2014 results

- Sales increase of 10.5%, EBIT stable

- Business trends within the scope of expectations

Hamburg, 14 May 2014 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
completed the first quarter with sales revenue of EUR 50.8 million (prior
year: EUR 46.0 million) leading to earnings before interest and taxes
(EBIT) of EUR 0.3 million (prior year: EUR 0.4 million). As in the prior
year, earnings after taxes amounted to EUR -0.4 million. Our results thus
meet our expectations for the traditionally weak first quarter.

A geographic analysis of sales revenue and earnings (EBIT) shows a
differentiated picture:
thus, at EUR 41.6 million, sales in the Europe core region again distinctly
increased as against the prior year (EUR 36.7 million). At EUR 1.5 million
(prior year: EUR 0.5 million), EBIT in the European companies was therefore
accordingly higher.
In North America, both sales and EBIT are below the amounts reported for
the prior year since the New Oakland Bay Bridge project is nearing its end.
Sales amounted to EUR 2.8 million (prior year: EUR 4.9 million), with EBIT
of EUR 0.0 million (prior year: EUR 1.4 million). Follow-up orders will
only run up in the summer. A one-time effect in the amount of approximately
EUR 0.5 million resulting from the favorable outcome of a litigation was
also taken into account in the result of the same period for the prior
year.
In the Middle East and Asia regions, on the other hand, the Company was
able significantly to raise sales, with a result of EUR 6.4 million (prior
year: EUR 4.0 million). This result can primarily be attributed to an
excellent order situation in the Middle East, in particular in the fire
protection areas. In addition to the higher sales figures, the elimination
of the loss generating ship building and repairing in the Middle East led
to a significantly higher EBIT of EUR 0.6 million (prior year: EUR -0.6
million).

In the Business Segment classification, the maritime business aspects
improved slightly to EUR 16.8 million (prior year: EUR 16.2 million). In
the first quarter of 2014, the Ship Newbuilding segment was able to add EUR
1.9 million to the prior year's performance to attain EUR 8.9 million,
while at EUR 8.0 million the Ship Repair segment was some EUR 1.2 million
below the prior year's performance. The Energy business segment achieved