DGAP-News

Muehlhan AG publishes figures for the first nine months of 2015 - erratum publishing date

DGAP-News: Muehlhan AG / Key word(s): 9-month figures/Quarter Results
Muehlhan AG publishes figures for the first nine months of 2015 -
erratum publishing date

10.11.2015 / 09:38

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PRESS RELEASE

Muehlhan AG publishes figures for the first nine months of 2015

- 9.8% year-on-year increase in sales revenues

- EBIT of EUR3.9 million for the first nine months

- Executive Board confirms 2015 earnings forecast, albeit at the lower
end of the expected range

Hamburg, 10 November 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
ended the first three quarters of 2015 with sales of EUR181.9 million
(prior-year period: EUR165.7 million) and earnings before interest and
taxes (EBIT) of EUR3.9 million (prior-year period: EUR5.9 million).
After-tax earnings stood at EUR1.9 million, slightly lower than the
prior-year figure of EUR2.2 million. During the third quarter, the company
generated EUR63.5 million of sales and EBIT of EUR0.9 million. EBIT was
heavily affected by lower prices and overcapacity in the oil and gas
business in the North Sea and by project losses in Germany.

An analysis of sales revenues by geographic region shows the following
picture. In Europe, sales revenues increased by 4.3% from EUR136.9 million
in the first nine months of 2014 to EUR142.7 million in the first nine
months of 2015. In North America, Muehlhan's sales increased 26.9% to
EUR16.5 million (prior-year period: EUR13.0 million). In the region
covering Asia and the rest of the world, sales revenues rose by EUR7.0
million to EUR22.8 million. This figure includes EUR7.6 million in sales
from Marine Service International AS ("MSI"), a company that was acquired
during the fiscal year.

The company's performance over the past nine months also looks satisfactory
when sales are broken down by business segment. The Ship segment's sales
growth continued, with sales revenues rising from EUR64.6 million to
EUR74.3 million over the period. The increase does not reflect a trend
reversal, but instead is attributable to major current projects and
increases in market share in a stagnating market that presumably will
continue to decline.

The Oil & Gas segment managed to expand sales to EUR36.4 million
(prior-year period: EUR35.3 million) despite weaker business in the North
Sea. The main reason behind the increase is the addition of sales from MSI,
due to the acquisition of the company.

In the Wind Energy segment, the increase in sales to EUR15.7 million