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Muehlhan AG: Muehlhan AG publishes results for first nine months of 2021

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DGAP-News: Muehlhan AG / Key word(s): 9 Month figures
29.10.2021 / 08:25
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

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.

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

in kEUR

 

First 9 months of 2021

First 9 months of 2020

Results

 

 

 

Revenues

 

225,257

196,464

Earnings from operations before depreciation and amortization (EBITDA)

 

15,946

10,281

Earnings from operations (EBIT)

 

8,201

2,031

Earnings before taxes (EBT)

 

6,991

884

Consolidated income attributable to shareholders of Muehlhan AG

 

3,560

-553

Earnings per share from continuing operations

in EUR

0.18

-0.03

Cash flow from operating activities

 

30,853

12,514

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

 

3,433

1,975

 

 

 

 

Balance sheet

 

09/30/2021

12/31/2020

Total assets

 

202,794

161,596

Fixed assets1

 

59,286

63,490

Equity

 

72,726

69,164

Equity ratio

in %

35.9

42.8

 

 

 

 

Employees

 

First 9 months of 2021

First 9 months of 2020

Employees (annual average)

number

2,831

2,798

 

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 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-mail: investorrelations@muehlhan.com


29.10.2021 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:

1244524


 

End of News

DGAP News Service

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