Muehlhan AG publishes first quarter 2015 results

Muehlhan AG publishes first quarter 2015 results

• Sales up 8.8%; EBIT stable
• Business performance within expected range

Hamburg, 7 May 2015 - From January to March, Muehlhan AG (Entry Standard;
ISIN DE000A0KD0F7) reported sales of €55.3 million (previous year: €50.8 million) and earnings before interest and taxes (EBIT) of € -0.1 million (previous year: €0.3 million). Earnings after taxes amounted to € -0.3 million (previous year: € -0.4 million). The results for the normally weak first quarter were therefore within our expected range. The quarterly results already include the acquisition of the Norwegian offshore oil & gas company Maritime Service International AS. 
The purchase price for 60% of the shares totaled €2.4 million.

geographic breakdown of sales and earnings (EBIT) provides a mixed picture:
The core region of Europe posted sales revenues of €45.7 million – once again significantly higher than in the previous year (€41.6 million). At the European companies, EBIT reached
€1.3 million (previous year: €1.5 million). 
The North American operations managed to increase sales from €2.8 million to €4.0 million. By contrast, EBIT of € -0.2 million was slightly lower than in the prior-year period (€ -0.0 million).
In the Middle East and Asia, sales declined slightly, from €6.4 million in the previous year to €5.6 million. This decrease was primarily attributable to special items in the previous year, including the completion of a major contract for fire protection work at the new National Museum of Qatar and the sale of the Chinese subsidiary. EBIT stood at €0.3 million, compared to
€0.6 million in the previous year. Because it operates in international waters, the new
MSI acquisition is also assigned to this region.

In reviewing the breakdown by business segment, it should be noted that this was changed slightly at the beginning of 2015: the “Energy” segment is now subdivided into the segments
“Oil & Gas” and “Wind Energy”.
In the Ship segment, sales increased to €25.4 million during the period from January to March (previous year: €21.6 million). 
In the Oil & Gas business segment, the company achieved total sales of €12.0 million, considerably higher than the prior-year figure of €9.3 million.
At €3.8 million, the Wind segment’s sales were also higher (by €0.5 million) than in the prior-year period.
The Industry and Infrastructure business reported total sales of €14.1 million in the first quarter of 2015 (previous year: €16.6 million).

Overall, following an expected modest start to the year, Muehlhan posted a slight loss of
€ -0.1 million (previous year: €0.3 million). Taking into account all known factors affecting income, the Executive Board confirms its 2015 forecast of earnings before interest and taxes (EBIT) of between €4 million and €6 million for the full year. 

The Company’s key financial indicators are shown in the following table:


in kEUR million1st Quarter 20151st Quarter 2014
Earnings per share (EUR)-0.02-0.01
Consolidated earnings after non-
controlling interests
Cash flow2,5621,673
Equity ratio in %5252
31 March 201531 December 2014
Fixed assets51,34547,567
Balance sheet total135,135118,517
Employees (on average)2,6822,675