Corporate | 14 May 2014 09:46

Muehlhan AG: Muehlhan AG publishes Q1 2014 results

Muehlhan AG / Key word(s): Quarter Results

14.05.2014 / 09:46

PRESS RELEASE

Muehlhan AG publishes Q1 2014 results

– Sales increase of 10.5%, EBIT stable

– Business trends within the scope of expectations

Hamburg, 14 May 2014 – Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) completed the first quarter with sales revenue of EUR 50.8 million (prior year: EUR 46.0 million) leading to earnings before interest and taxes (EBIT) of EUR 0.3 million (prior year: EUR 0.4 million). As in the prior year, earnings after taxes amounted to EUR -0.4 million. Our results thus meet our expectations for the traditionally weak first quarter.

A geographic analysis of sales revenue and earnings (EBIT) shows a differentiated picture:
thus, at EUR 41.6 million, sales in the Europe core region again distinctly increased as against the prior year (EUR 36.7 million). At EUR 1.5 million (prior year: EUR 0.5 million), EBIT in the European companies was therefore accordingly higher.
In North America, both sales and EBIT are below the amounts reported for the prior year since the New Oakland Bay Bridge project is nearing its end. Sales amounted to EUR 2.8 million (prior year: EUR 4.9 million), with EBIT of EUR 0.0 million (prior year: EUR 1.4 million). Follow-up orders will only run up in the summer. A one-time effect in the amount of approximately EUR 0.5 million resulting from the favorable outcome of a litigation was also taken into account in the result of the same period for the prior year.
In the Middle East and Asia regions, on the other hand, the Company was able significantly to raise sales, with a result of EUR 6.4 million (prior year: EUR 4.0 million). This result can primarily be attributed to an excellent order situation in the Middle East, in particular in the fire protection areas. In addition to the higher sales figures, the elimination of the loss generating ship building and repairing in the Middle East led to a significantly higher EBIT of EUR 0.6 million (prior year: EUR -0.6 million).

In the Business Segment classification, the maritime business aspects improved slightly to EUR 16.8 million (prior year: EUR 16.2 million). In the first quarter of 2014, the Ship Newbuilding segment was able to add EUR 1.9 million to the prior year’s performance to attain EUR 8.9 million, while at EUR 8.0 million the Ship Repair segment was some EUR 1.2 million below the prior year’s performance. The Energy business segment achieved 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 2014	1st quarter 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 interests	-240	-248
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

About Muehlhan: Worldwide, the Muehlhan Group is a reliable partner in industrial services and high-quality surface protection. As one of the few full-service providers, we offer our customers a broad range of services designed to meet the exacting quality standards expected in professional industrial services. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors and our more than 130 years of experience.
Our operations are divided into five business segments: Ship Newbuilding, Ship Repair, Energy, Industry and Other Services. With our workforce of more than 2,300 employees at over 30 locations worldwide, we generated sales revenues of EUR 208 million in 2013. We intend to use this stable foundation to further expand our business in the coming years and to continue moving our Group forward through proximity to our customers in the global market.
For more information, visit www.muehlhan.com.
Press contact: Muehlhan AG; Tel: +49 40 75271-150; e-mail: investorrelations@muehlhan.com

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Language:	English
Company:	Muehlhan AG
	Schlinckstrasse 3
	21107 Hamburg
	Germany
Phone:	+49 40 75271 0
Fax:	+49 40 75271 130
E-mail:	investorrelations@muehlhan.com
Internet:	www.muehlhan.com
ISIN:	DE000A0KD0F7
WKN:	A0KD0F
Listed:	Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Frankfurt in Open Market (Entry Standard)

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268320  14.05.2014