Muehlhan AG publishes first quarter 2019 results

  • Business performance within expected range
  • €67.6 million of sales revenue, €1.2 million of EBIT

    Hamburg, May 6, 2019—From January through March 2019, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated a sales revenue of €67.6 million (previous year: €55.9 million) and earnings before interest and taxes (EBIT) of €1.2 million (previous year: €0.9 million). As expected, the results for the traditionally weak first quarter were therefore within our range of expectations. Cash flow from operating activities was negative at €-3.3 million due to revenue growth (previous year: €-0.8 million).

    A geographic review shows that sales revenue in Europe decidedly increased year-on-year by €11.4 million to €53.9 million. In the Middle East, sales revenue increased by €1.0 million to €6.1 million. In North America, sales revenue for the reporting period remained stable at €4.7 million compared to the previous year. In the Rest of the World, the business trend for the first quarter decreased slightly, with sales revenue reducing by € 0.5 million to € 3.0 million.

    In the Ship business segment, sales revenue increased for project related reasons by €4.1 million to €16.8 million compared to the prior-year period. In the Oil & Gas segment, sales revenue was at €17.4 million, down by €1.0 million. The Renewables segment was able to increase sales revenue by €4.0 million to €8.5 million. With €24.9 million, the Industry/Infrastructure business posted €4.6 million more of sales revenue than in the prior-year period as well.

    Muehlhan is confident that the Group’s upward trend will continue and profitability can be improved further. With sales revenue of approximately €280 million and thus marginally increasing, the company expects EBIT to increase slightly to between €10.0 million and €11.0 million.

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

    in € Mio.1st quarter of 20191st quarter of 2018
    Sales revenues67.655.9
    Consolidated earnings after non-controlling interests0.40.3
    Earnings per share from continuing operations in €0.020.02
    Cash flow from operating activities-3.3-0.8
    Investment for property, plant and equipment1.22.4
    Balance sheet3/31/2019


    Total assets160.5151.1
    Fixed assets462.362.9
    Group equity69.468.3
    Consolidated equity ratioin %43.145.2
    Employees (annual average)number3,0522,884

    1 EBITDA: Earnings before interest, taxes, depreciation and amortization
    2 EBIT: Operating income (Earnings before interest and taxes)
    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 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. 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)