DGAP-News

Muehlhan AG: Muehlhan sees increase in sales at end of first half year, earnings remain constant

DGAP-News: Muehlhan AG / Key word(s): Half Year Results
Muehlhan AG: Muehlhan sees increase in sales at end of first half
year, earnings remain constant

28.07.2015 / 07:25

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PRESS RELEASE

Muehlhan sees increase in sales at end of first half year, earnings remain
constant

- Sales up 11% in first half of 2015

- Half-year EBIT of EUR3.0 million

- Executive Board re-affirms earnings forecast

Hamburg, July 28, 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first six months of 2015 with net income attributable to the
equity holders of EUR1.0 million (previous year: also EUR1.0 million).
After reporting a loss of some EUR0.5 million in the first three months of
the financial year, the Group saw a significant improvement in the second
quarter, as expected. From January to the end of June 2015, the company
generated total sales revenues of EUR118.4 million. EBIT reached the same
level as in the previous year, at EUR3.0 million.

As in the previous years, these sales revenues came largely from the
company's European business operations. Total sales for the Group amounted
to EUR95.1 million, an increase of 8% on the first half of 2014 (EUR88.3
million). The Muehlhan Group's North American operations generated revenues
of EUR9.3 million, exceeding the previous year's level EUR7.4 million. In
the region covering Asia and the rest of the world, Muehlhan managed to
increase revenues from EUR10.9 million to EUR14.0 million. The company
Marine Service International AS (MSI), acquired in the current financial
year, is included in the figures, with sales of EUR4.8 million.

In the Ship segment, the growth in sales that had begun once again in 2014
continued: at EUR51.4 million, there was a higher volume of business than
in the first half of 2014 (EUR43.8 million). This growth, however, is not
to be interpreted as signaling a change in the trend but as the result of
current major projects and gains in market share in a stagnating market
that will presumably continue to change.

In the Oil & Gas segment, sales increased to EUR24.2 million compared with
EUR19.6 million for the equivalent period of 2014. With weaker sales in the
North Sea oil and gas business, this increase came mainly from the
acquisition of MSI.

In the Wind Energy segment, sales climbed to EUR8.8 million (previous year:
EUR7.7 million).

From January to the end of June 2015, Industry and Infrastructure
operations generated sales of EUR34.1 million (first six months of 2014:
EUR35.4 million). In 2014, our Scottish operation Muehlhan Industrial