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Muehlhan AG: Muehlhan AG publishes its results for the first quarter of 2021 (news with additional features)

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DGAP-News: Muehlhan AG / Key word(s): Quarter Results
30.04.2021 / 08:15
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Muehlhan AG publishes its results for the first quarter of 2021

- Performance seriously hit by COVID-19 pandemic

- Revenues of €60.9 million, EBIT of €-0.6 million

- Orders on hand of €277 million

- Revenues and EBIT for 2021 dependent on progression of pandemic

Hamburg, April 30, 2021-For Muehlhan AG (Open Market; ISIN DE000A0KD0F7), the first quarter of 2021 was still dominated by the COVID-19 pandemic and its impact on business. This becomes clear when compared to the results of the same quarter in 2020, which was not yet affected by the pandemic. Revenues decreased by €9.3 million to €60.9 million. EBIT (earnings before interest, taxes, depreciation and amortization) decreased by €1.4 million from €0.8 million to €-0.6 million. Consolidated income decreased to €-1.1 million, compared to €0.3 million in the previous year. In view of the difficulties in project execution under COVID-19 conditions and the weak start to the year consistently seen in previous years, the result is in line with expectations. Cash flow from operating activities of €6.5 million (previous year: €5.4 million) was gratifying by contrast.

A breakdown by business segment shows that revenues decreased in most areas as a result of the COVID-19 pandemic. In the Ship business segment, revenues decreased by €6.1 million to €16.0 million and in the Oil & Gas business, revenues fell by €4.7 million to €15.3 million. The Renewables segment continues to be hardly affected by the pandemic and was able to increase revenues by €5.1 million to €17.3 million compared to the same quarter of the previous year. In the Construction and Infrastructure segment (previously: Industry/Infrastructure), revenues decreased by €5.0 million to €15.9 million due to project interruptions and postponements caused by the numerous restrictions.

In the Energy segment, revenues increased slightly by €1.0 million to €29.6 million compared with the prior-year quarter. In the Marine & Construction segment, revenues decreased by €10.0 million to €31.6 million. The prior-year quarter was not yet impacted by the effects of the COVID-19 pandemic.

The forecast for 2021 depends to a large extent on the further course of the pandemic. The Executive Board and Supervisory Board of Muehlhan are expecting revenues and earnings for 2021 to be similar to 2020 if there is no significant improvement in the status of the pandemic. It will no longer be possible to achieve the revenues and results of 2019, as almost four months have already elapsed under lockdown conditions and the pandemic-related restrictions may not be lifted in the near future.

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

in kEUR

 

Q1 2021

Q1 2020

Results

 

 

 

Revenues

 

60,903

70,213

Earnings from operations before depreciation and amortization (EBITDA)

 

1,985

3,494

Earnings from operations (EBIT)

 

-617

833

Earnings before taxes (EBT)

 

-987

478

Consolidated income attributable to shareholders of Muehlhan AG

 

-984

399

Earnings per share from continuing operations

in EUR

-0.05

0.01

Cash flow from operating activities

 

6,493

5,354

Investments in property, plant and equipment (not incl. leases)

 

713

802

 

 

 

 

Balance sheet

 

03/31/2021

12/30/2020

Total assets

 

161,333

161,596

Fixed assets1

 

62,291

63,490

Equity

 

69,249

69,164

Equity ratio

in %

42.9

42.8

 

 

 

 

Employees

 

Q1 2021

Q1 2020

Employees (annual average)

number

2,754

2,976

 

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.

You can find additional information at www.muehlhan.com

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

Additional features:

File: Muehlhan AG_Press release_First quarter results 2021

30.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Muehlhan AG

Schlinckstrasse 3

21107 Hamburg

Germany

Phone:

+49 40 75271 0

Fax:

+49 40 75271 130

E-mail:

investorrelations@muehlhan.com

Internet:

www.muehlhan.com

ISIN:

DE000A0KD0F7

WKN:

A0KD0F

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1190923


 

End of News

DGAP News Service

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