Muehlhan AG publishes figures for the first nine months of 2015

Muehlhan AG publishes figures for the first nine months of 2015

  • 9.8% year-on-year increase in sales revenues
  • EBIT of €3.9 million for the first nine months
  • Executive Board confirms 2015 earnings forecast, albeit at the lower end of the expected range

Hamburg, 10 November 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) ended the first three quarters of 2015 with sales of €181.9 million (prior-year period: €165.7 million) and earnings before interest and taxes (EBIT) of €3.9 million (prior-year period: €5.9 million). After-tax earnings stood at €1.9 million, slightly lower than the prior-year figure of €2.2 million. During the third quarter, the company generated €63.5 million of sales and EBIT of €0.9 million. EBIT was heavily affected by lower prices and overcapacity in the oil and gas business in the North Sea and by project losses in Germany.

An analysis of sales revenues by geographic region shows the following picture: In Europe, sales revenues increased by 4.3% from €136.9 million in the first nine months of 2014 to €142.7 million in the first nine months of 2015. In North America, Muehlhan’s sales increased 26.9% to €16.5 million (prior-year period: €13.0 million). In the region covering Asia and the rest of the world, sales revenues rose by €7.0 million to €22.8 million. This figure includes €7.6 million in sales from Marine Service International AS (“MSI”), a company that was acquired during the fiscal year.

The company’s performance over the past nine months also looks satisfactory when sales are broken down by business segment. The Ship segment’s sales growth continued, with sales revenues rising from €64.6 million to €74.3 million over the period. The increase does not reflect a trend reversal, but instead is attributable to major current projects and increases in market share in a stagnating market that presumably will continue to decline.

The Oil & Gas segment managed to expand sales to €36.4 million (prior-year period: €35.3 million) despite weaker business in the North Sea. The main reason behind the increase is the addition of sales from MSI, due to the acquisition of the company.

In the Wind Energy segment, the increase in sales to €15.7 million (prior-year period: €11.5 million) was driven primarily by transformer platforms for offshore wind farms in Germany and Great Britain and the start-up of turbine production for the latest generation of offshore wind facilities in Denmark.

The Industry and Infrastructure business posted €55.4 million of sales revenues between January and the end of September 2015, compared with €54.3 million for the same period in 2014.

Considering foreseeable factors that may influence results, the Executive Board confirms its outlook for fiscal year 2015, forecasting earnings before interest and taxes (EBIT) at the lower end of the target range of €4.0 to €6.0 million.

The Company’s key financial indicators are shown in the following table:

in kEUR million9 months 20159 months 20143rd quarter 20153rd quarter 2014

Earnings per share (EUR)
Consolidated earnings after non-
controlling interests
Cash flow7,90510,8078764,944
Investments in fixed assets7,8219,8872,7194,828
September 30, 2015September 30, 2014
Balance sheet total139,153124,850
Fixed assets452,64746,169
Employees (on average)2,8232,661

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