DGAP-News

Muehlhan AG: Release of financial statement 2015 (news with additional features)

DGAP-News: Muehlhan AG / Key word(s): Final Results
Muehlhan AG: Release of financial statement 2015 (news with additional
features)

05.04.2016 / 09:49
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE

Muehlhan publishes results for fiscal year 2015
- The Group continues to move forward with its process of transformation

- Results suffer from oil-price trend and losses in the project business

- Slightly positive outlook

- Dividend of EUR0.04 per share is proposed

Hamburg, 5 April 2016 - In fiscal year 2015, the Muehlhan Group (Entry
Standard; ISIN DE000A0KD0F7) successfully proceeded with its transformation
process but was unable to maintain the upward trend in earnings seen in
recent years to the extent intended. Sales revenues increased by 12%, to
EUR239 million, EBIT dropped by 30%, to EUR5.2 million, and consolidated
net income decreased slightly from the prior-year level, to EUR2.1 million.
The different performance at the two earnings levels reflected the separate
reporting for the businesses in Singapore that are currently being shut
down. Pursuant to IFRS 5 requirements, these figures are eliminated at the
accounts level and added back under operating income. After reporting EBIT
of EUR-1.5 million in the previous year, the Singapore operations managed
to generate EUR0.5 million of EBIT during the year under review in
connection with the disposal of assets as part of the closure.

The Group's unsatisfactory profitability - caused by the structural change
in the maritime segment and the drop in the price of oil - underscores the
necessity of the strategy adopted by management to further diversify
Muehlhan in order to make the Group more resilient to setbacks in
individual markets.

A regional review shows that sales in Europe increased by 4% to EUR188.4
million. By contrast, EBIT dropped sharply from EUR10.2 million to EUR3.1
million, in part because of declining margins in the offshore business in
Great Britain caused by the lower price of oil, but also because of project
losses in Germany and Scotland.

The business in America stabilized, with sales revenues increasing by
EUR4.9 million to EUR23.1 million, primarily because of a major contract
initiated during the reporting year and positive developments in the
refinery business. EBIT decreased slightly (by EUR0.3 million) to EUR0.4
million.

In the Middle East, on the other hand, the Group reported positive results
for the year under review: sales revenues rose by EUR2.6 million, to