Muehlhan AG published third quarter results for 2019

  • Business performance within forecast range
  • €218.0 million of sales revenue, €8.6 million of EBIT
  • Executive Board confirms sales revenue and income forecast

Hamburg, November 9, 2019 — From January through September 2019, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated sales revenue of €218.0 million (previous year: €199.2 million) and earnings before interest and taxes (EBIT) of €8.6 million (previous year: €6.8 million). Therefore results are within our range of expectations. Cash flow from operating activities was negative at €-2.8 million (previous year: € 4.0 million) due to revenue growth and temporary special effects.

A geographic review shows that sales revenue increased year-on-year in all regions. Sales revenue grew significantly in Europe by €12.1 million to €169.4 million. In the Middle East, sales revenue grew slightly by € 0.9 million and amounted to €17.7 million after the first nine months of 2019. The business performance in North America was also pleasing with a €2.4 million increase in sales revenue to €18.7 million. In the Rest of the World sales revenue growth amounted to €3.5 million year-on-year, with sales revenue for the end of the period amounting to €12.2 million.

In the Ship business segment, sales revenue increased by €9.5 million to €50.6 million compared to the prior-year period. In the Oil & Gas segment, sales revenue was at €57.8 million down by €4.7 million. The Renewables business segment was able to significantly increase sales revenue by €10.3 million to €33.9 million due to the expansion of wind park services and the start-up of production in Cuxhaven. With €76.0 million, the Industry/Infrastructure business posted €4.1 million higher sales revenue than in the prior-year period as well.

The Executive Board stands by the forecast given for the 2019 financial year and still expects that the Group’s upward trend will continue with a slow but steady increase in profitability. With marginally increased sales revenue of approximately €280 million, the company also expects EBIT to increase to an amount at the upper end of the expected range of between €10.0 million and €11.0 million.

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

in € millionFirst nine months of 2019First nine months of 2018
Sales revenues218.0199.2
Consolidated income after non-controlling interests3.93.5
Earnings per share from continuing operationsin €0.210.18
Cash inflow from operating activities-2.84.0
Investment for property, plant and equipment5.27.4
Balance sheet9/30/201912/31/2018
Total assets175.3151.1
Fixed assets466.762.9
Group equity71.068.3
Consolidated equity ratioin %40.545.2
Employees (annual average)number3.0873.021

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.

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Contact: Muehlhan AG; phone: +49-40-752-7115-0; e-mail: investorrelations(at)