Muehlhan AG publishes results for first nine months of 2021

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Muehlhan AG publishes results for first nine months of 2021

Business running more like normal

Revenues of €225.3 million, EBIT of €8.2 million

Revenue and EBIT forecast for 2021 still dependent on pandemic plus deconsolidation
result


Hamburg, October 29, 2021—Muehlhan AG (Open Market; ISIN DE000A0KD0F7) recorded a
broad return to normality for the remainder of the year up to the end of September 2021 following a
weak first quarter as a result of the pandemic. Revenues from January through September 2021
rose by €28.8 million year-over-year to €225.3 million. EBIT recovered and came to €8.2 million
following €2.0 million the previous year. The EBIT margin improved accordingly from 1.0% to 3.6%,
but did not quite attain the level seen before the pandemic. The consolidated income attributable to
the investors of Muehlhan AG after the first nine months increased by €4.1 million to €3.6 million.
Cash flow from operating activities amounted to €30.9 million. This was positively impacted by the
receipt of a payment relating to the sale of Gerüstbau Muehlhan GmbH. Without this payment,
cash flow would have been significantly lower than the previous year’s figure of €12.5 million.



The Ship business segment saw a decline in the reporting period. Revenues fell from €49.1 million
to €41.4 million. In the Oil & Gas segment, business recovered from the effects of the COVID-19
pandemic. Revenues rose by €13.5 million to €60.1 million and thus reached pre-pandemic levels.
In the Renewables segment, revenues again increased significantly by €19.4 million to
€68.1 million. Revenues have thus doubled within two years. In the Construction/Infrastructure
business, lower levels of activity in the Middle East had an impact. At €55.5 million, revenues were
only up €3.0 million on the previous pandemic-impacted year.


In the Marine & Construction segment, revenues fell by €2.5 million to €106.1 million, partly due
to project delays as a result of the pandemic. The Energy segment continues to grow. Revenues
grew significantly year-over-year from €87.7 million to €119.1 million.


The sale of Gerüstbau Muehlhan GmbH was completed on October 1, 2021. The deconsolidation
result will therefore be recorded in the fourth quarter of 2021.



The forecast for the operating business in 2021 still depends to a large extent on the further
course of the pandemic. The Executive Board and the Supervisory Board of Muehlhan AG expect
revenues of approximately €290 million for the 2021 financial year unless the restrictions that have
currently been largely lifted become necessary again in the short term. EBIT from operations is
expected to be between €7.5 million and €10.0 million. On top of this is the deconsolidation result
of around €18 million to €20 million from the sale of Gerüstbau Muehlhan GmbH, which will be
recognized in Q4 2021.


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-
tim e delivery, the technical expertise that differentiates us from our competitors, and our m ore than 135 years of experience. We have an established
m arket presence in the four business segments in which we operate: Ship, Renewables, Oil & Gas and Construction/Infrastructure. Muehlhan AG is a
listed company and is traded on the Open Market under ISIN DE000A0KD0F7.


You can find additional information at
www.muehlhan.com

Contact: Muehlhan AG; phone: +49 40 75271-166; e -m ail:
investorrelations@muehlhan.com