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Muehlhan AG: publishes first quarter 2015 results

DGAP-News: Muehlhan AG / Key word(s): Quarter Results/Development of
Sales
Muehlhan AG: publishes first quarter 2015 results

07.05.2015 / 07:09

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PRESS RELEASE

Muehlhan AG publishes first quarter 2015 results

- Sales up 8.8%; EBIT stable

- Business performance within expected range

Hamburg, 7 May 2015 - From January to March, Muehlhan AG (Entry Standard;
ISIN DE000A0KD0F7) reported sales of EUR55.3 million (previous year:
EUR50.8 million) and earnings before interest and taxes (EBIT) of EUR -0.1
million (previous year: EUR0.3 million). Earnings after taxes amounted to
EUR -0.3 million (previous year: EUR -0.4 million). The results for the
normally weak first quarter were therefore within our expected range. The
quarterly results already include the acquisition of the Norwegian offshore
oil & gas company Maritime Service International AS.
The purchase price for 60% of the shares totaled EUR2.4 million.

A geographic breakdown of sales and earnings (EBIT) provides a mixed
picture:
The core region of Europe posted sales revenues of EUR45.7 million - once
again significantly higher than in the previous year (EUR41.6 million). At
the European companies, EBIT reached
EUR1.3 million (previous year: EUR1.5 million).
The North American operations managed to increase sales from EUR2.8 million
to EUR4.0 million. By contrast, EBIT of EUR -0.2 million was slightly lower
than in the prior-year period (EUR -0.0 million).
In the Middle East and Asia, sales declined slightly, from EUR6.4 million
in the previous year to EUR5.6 million. This decrease was primarily
attributable to special items in the previous year, including the
completion of a major contract for fire protection work at the new National
Museum of Qatar and the sale of the Chinese subsidiary. EBIT stood at
EUR0.3 million, compared to
EUR0.6 million in the previous year. Because it operates in international
waters, the new
MSI acquisition is also assigned to this region.

In reviewing the breakdown by business segment, it should be noted that
this was changed slightly at the beginning of 2015: the "Energy" segment is
now subdivided into the segments
"Oil & Gas" and "Wind Energy".
In the Ship segment, sales increased to EUR25.4 million during the period
from January to March (previous year: EUR21.6 million).