PRESS RELEASE

Muehlhan AG publishes results for financial year 2018
 

- Muehlhan Group continues steady upward trend of the past few years

- EUR267.8 million of sales revenue and EUR10.1 million of EBIT at upper end of  
  expectations

- Dividend of EUR0.10 per share proposed

Hamburg, March 29, 2019-Muehlhan AG (Open Market; ISIN DE000A0KDF7) fulfilled and partly exceeded internal expectations for financial year 2018: Sales revenue rose by 8.1% to EUR267.8 million. EBIT went up by 18.0% from EUR8.5 million to EUR10.1 million and the EBIT margin improved accordingly from 3.4% to 3.8%. Consolidated profit increased to EUR5.5 million (previous year: EUR4.7 million). Muehlhan investors are due an income of EUR5.0 million. Cash flow from operating activities of EUR11.4 million was satisfactory, given the revenue growth.

A geographic review shows that sales revenue in Europe increased by EUR19.6 million to EUR212.1 million compared to the prior-year period. EBIT increased from EUR7.5 million in the previous year to EUR10.3 million in the reporting year.
In the Middle East, sales revenue increased by EUR2.0 million to EUR22.8 million. The region's EBIT increased from EUR1.3 million to EUR1.9 million.
In North America, business improved year on year, with sales revenue up by EUR 1.0 million to EUR22.1 million in the reporting year. EBIT fell by EUR0.3 million to EUR1.8 million for project-related reasons.
In the Rest of the World, oil and gas projects generated EUR10.8 million of sales revenue (previous year: EUR13.2 million) and EUR1.2 million of EBIT (previous year: EUR1.4 million).

A market-based review shows that sales revenue in the Ship business segment declined by EUR1.9 million to EUR54.3 million. EBIT fell by EUR1.7 million to EUR4.1 million.
The Oil & Gas business segment managed to increase sales revenue significantly from EUR 73.3 million to EUR 83.5 million. EBIT for the reporting year more than doubled from EUR2.0 million to EUR5.2 million.
In the Renewables business segment, sales revenue went up by EUR 1.0 million to EUR 33.6 million. EBIT increased by EUR 0.7 million to EUR3.7 million.
The Industry/Infrastructure business reported an increase in sales revenue by EUR10.8 million to EUR96.3 million. EBIT gained EUR0.2 million and increased to EUR2.5 million.

With the Supervisory Board's approval, the Executive Board will propose to the Annual General Meeting that for financial year 2018, a dividend of EUR0.10 per share (previous year: EUR0.08 per share) be distributed.

Muehlhan is confident that the Group's upward trend will continue and profitability can be improved further. The company expects sales EBIT increasing slightly to between EUR10.0 million and EUR11.0 million with a minor increase in sales revenue of around EUR280 million.

For additional information on the financial year 2018 and details on the outlook for 2019, please consult the Muehlhan Annual Report published on March 29, 2019.

The company's key performance indicators are shown in the following table:
 

¹ EBITDA: Earnings before interest, taxes, depreciation and amortization
² EBIT: Profit from operations
³ EBT: Earnings before taxes
⁴ Fixed assets: Total non-current assets less deferred tax assets

About Muehlhan: Worldwide, Muehlhan Group is a reliable partner in industrial services. 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. We have an established market presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas, and Industry/Infrastructure. Muehlhan AG is a listed company and is traded on the Open Market under ISIN DE000A0KD0F7.

For more information, visit www.muehlhan.com

Contact: Muehlhan AG; phone: +49-40-752-7115-0; e-mail: [email protected]