Muehlhan AG publishes results for first nine months of 2020

  • Performance seriously hit by COVID-19 pandemic
  • Revenues of €196.5 million, EBIT of €2.0 million
  • Orders on hand of €260 million
  • Revenues of around €250 million and slightly positive EBIT expected for 2020

Hamburg, October 30, 2020 — From January through September 2020, Muehlhan AG (Open Market; ISIN DE000A0KD0F7) generated revenues of €196.5 million (previous year: €218.0 million) and earnings before interest and taxes (EBIT) of €2.0 million (previous year: €8.6 million). The COVID-19 pandemic affected Muehlhan’s various regions and markets in very different ways. While the effects of the pandemic were and continue to be felt heavily in North America, the Middle East and the offshore business, the European subsidiaries – except for the offshore business – were able to continue their activities at the expected level, even exceeding expectations in some cases. Overall, with our industry having a lower fixed costs basis than others and due to resolutely and swiftly implemented cost reduction programs, it was possible to mitigate the economic effects of the pandemic on Muehlhan.

Cash flow from operating activities amounted to €12.5 million compared with €-2.8 million in the comparison period. The highly positive cash flow is mainly the result of an improvement in working capital due to lower receivables and fewer projects completed year-over-year. In addition, various measures were introduced in the course of the pandemic in order to protect liquidity.

A geographic review shows that despite the COVID-19 pandemic revenues in Europe increased by €8.6 million to €178.0 million. In the Middle East, however, revenues fell by €6.5 million to €11.2 million. In North America, revenues slumped by €14.9 million to €3.8 million year-over-year due to delays in the start of projects. In the Rest of the World, revenues were down €8.7 million at €3.5 million due to travel restrictions.

In the Ship business segment, revenues fell by €1.5 million to €49.1 million compared to the prior-year period. In the Oil & Gas segment, at €46.6 million revenues were down by €11.2 million. The Renewables business segment was able to confirm the positive trend reported in the first half of the year. Revenues rose by a significant €14.8 million to €48.7 million due to expanding activities and the relatively low impact of the COVID-19 pandemic. The pandemic really made its mark on the Industry/Infrastructure business. Revenues of €52.5 million were generated between January and the end of September 2020, compared with €76.0 million in the same period last year.

At €260 million, orders on hand were slightly below the previous year’s level of €268 million. Muehlhan’s British subsidiary has concluded a contract for offshore maintenance and scaffolding services for around €40 million over three years with a large customer in the North Sea. This was a major addition to the order book.

With the COVID-19 pandemic still in full swing, the Executive Board expects revenues for the financial year to come to around €250 million and EBIT to be slightly positive. This forecast is subject to great uncertainty, however, as it is still not clear how the pandemic will continue to play out. Situations arising due to the pandemic, such as a second lockdown, would have a significant impact on the Muehlhan Group.

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

in kEUR First 9 months of 2020 First 9 months of 2019
Revenues 196,464 218,009
Earnings from operations before depreciation and amortization (EBITDA) 10,281 14,478
Earnings from operations (EBIT) 2,031 8,558
Earnings before taxes (EBT) 884 7,473
Consolidated income attributable to shareholders of Muehlhan AG -553 3,922
Earnings per share from continuing operations in EUR -0.03 0.21
Cash inflow/outflow from operating activities 12,514 -2,807
Investments in property, plant and equipment (not incl. leases) 1,975 5,247
Balance sheet 09/30/2020 12/31/2019
Total assets 166,269 175,370
Fixed assets1 63,224 68,634
Equity 68,592 71,761
Equity ratio in % 41.3 40.9
Employees First 9 months of 2020 First 9 months of 2019
Employees (annual average) number 2,798 3,087

1 Fixed assets: total of 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 spectrum of industrial services with professional industrial quality standards. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors, and our more than 135 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)