DGAP-News

Muehlhan AG: Muehlhan AG publishes Q1 2014 results - Seite 2

total sales of EUR 11.8 million (prior year: EUR 10.0 million). A
substantial contribution to the improvement was provided by the Offshore
business, which last year had been impacted by the restrictions or flight
bans for transport helicopters over the North Sea.
The Industrial Business, which also includes infrastructure projects,
recorded total sales of EUR 12.3 million in the first quarter of 2014
(prior year: EUR 10.6 million), thus also contributing to improved results.
Receding income in the American bridge business was more than compensated
by higher sales in the Fire Protection segment in the Middle East. The
Other Services segment, which in addition to steel construction work for
maritime and industrial customers also comprises Scaffolding and Access
Technology services, once again showed stable contributions to sales in the
current reporting period. At EUR 9.8 million, sales were EUR 1.2 million
above those of the previous year (EUR 8.6 million).

Overall, and in spite of the usually expected mixed start into the new
financial year, a profit of EUR 0.3 million was achieved in the first
quarter of 2014 (prior year: EUR 0.4 million).
On this basis, as well as taking into account all known impacting factors,
the Board confirms its forecast for 2014 with earnings before interest and
taxes (EBIT) of between EUR 3.5 million and EUR 6.5 million as of the end
of the year.

The most significant corporate key figures are set forth in the following
table:

                                              1st quarter    1st quarter

                                              2014           2013

Sales                                         50,815         45,996

EBITDA                                        1,583          1,762

EBIT                                          305            420

EBT                                           -192           -115

Earnings per share in EUR                     -0.01          -0.01

Consolidated earnings after non-controlling   -240           -248

interests

Cash flow                                     1,673          1,992

                                              March 31, 2014 December 31,

                                                             2013

Fixed assets                                  40,560         39,748

Equity                                        57,926         58,262

Balance sheet total                           111,116        112,744

Headcount (average)                           2,491          2,390