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Muehlhan AG: Muehlhan AG publishes results for financial year 2020

DGAP-News: Muehlhan AG / Key word(s): Annual Report Muehlhan AG: Muehlhan AG publishes results for financial year 2020 (news with additional features) 01.04.2021 / 08:23 The issuer is solely responsible for the content of this announcement. PRESS RELEASE

Muehlhan AG publishes results for financial year 2020

- Performance seriously hit by COVID-19 pandemic

- Revenues of €260.4 million, EBIT of €3.0 million

- Dividend of €0.12 per share proposed

- Orders on hand of €272 million

- Revenues and EBIT for 2021 dependent on progression of pandemic

Hamburg, April 1, 2021-For Muehlhan AG (Open Market; ISIN DE000A0KD0F7), the year 2020 was dominated by the COVID-19 pandemic and its impact on business. Early action taken at all levels and some major projects that continued during the pandemic under more difficult conditions were able to prevent a loss in this exceptionally negative year. Revenues fell by 11.8% to €260.4 million. EBIT went down by 75.5% from €12.4 million to €3.0 million and the EBIT margin contracted accordingly from 4.2% to 1.2%. Consolidated income dropped by 79.6% to €1.3 million, compared with €6.3 million in the previous year. After deducting minority interests, income of €0.3 million is attributable to Muehlhan's shareholders. Cash flow from operating activities of €11.8 million was gratifying by contrast.

A business-segment-based review shows that sales revenues in the Ship business segment declined slightly by €3.8 million to €65.6 million. EBIT in the segment fell by half to €3.6 million. The Oil & Gas segment had serious problems as a result of the COVID-19 pandemic as well as low oil prices, and reported a fall in revenues of €18.0 million to €60.4 million. EBIT of €0.3 million was still positive. In the Renewables business segment, revenues increased year-over-year by €17.9 million to €63.5 million, primarily due to the expansion of business in the area of wind turbine maintenance. EBIT came to €6.1 million following a negative figure in the previous year. The Industry/Infrastructure business suffered worst from the effects of the COVID-19 pandemic. Project interruptions and postponements due to numerous restrictions caused revenues to fall by €31.1 million to €71.0 million. EBIT of €-4.2 million was significantly negative (previous year: €3.8 million).