Muehlhan AG

Earnings Release • Feb 11, 2010

News Details

Corporate | 11 February 2010 08:05

Muehlhan AG releases preliminary results for 2009

Muehlhan AG / Final Results/Preliminary Results

11.02.2010 08:05

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PRESS RELEASE

Muehlhan AG releases preliminary results for 2009

* Sales and earnings within expected range
* Results affected by one-time charges

Hamburg, 11 February 2010 - According to preliminary figures, Muehlhan AG
(Entry Standard; ISIN DE000A0KD0F7) posted sales revenues of EUR 190
million for 2009, a number that is within the projected range published in
mid-2009 (EUR 185 to EUR 205 million). After-tax income is expected to be
at the upper end of the forecast (EUR 3 million to EUR 4 million). At the
same time, both the sales and earnings figures are lower than in the
previous year (EUR 206.5 million and EUR 4.3 million, respectively).

Nevertheless, the Muehlhan Group's performance was stable in 2009, despite
the macroeconomic situation. This was due primarily to the contribution
from the Industry Services segment, where sales revenues of just over EUR
80 million were virtually unchanged from the previous year. The other
business segments suffered declines, especially the Oil & Gas Offshore
segment, which reported sales of approximately EUR 10 million (2008: EUR
14.4 million). The two maritime segments, Ship Newbuilding and Ship Repair,
together posted sales of almost EUR 100 million, which represents a
decrease of around EUR 12 million from the previous year.

A geographic breakdown shows that, once again, the Middle East posted
significant increases, resulting in more than 40% growth for the Asia
region as a whole, to the current level of EUR 27 million. By contrast, the
European and American regions saw declines in sales of 12% and 21%,
respectively, to EUR 146 and EUR 17 million.

In particular, the crisis in the European shipbuilding industry had an
overall dampening effect. Already in the first half of the year, the
insolvency of a major German shipyard forced the company to record a bad
debt expense of approximately EUR 2.7 million. By contrast, the
administrative cost-cutting measures introduced in 2008 have had a
noticeably positive effect.

As usual, Muehlhan will discuss the prospects for fiscal year 2010 when it
publishes the final figures for 2009 on March 31, 2010.

About Muehlhan:
The Muehlhan Group is a leading world provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. They include steel surfaces of
ships and of oil and gas rigs and platforms. The Muehlhan Group is also
active in the Industry Services segment, which, besides scaffolding for
marine and industry customers, includes surface protection for wind
turbines, chemical production plants, and fuel storage depots, steel
bridges, cranes, and machinery. The company's patented technology
brand-named μ-jet(R) guarantees especially high quality and efficiency in
the removal of old coatings and rust, particularly in the open sea.
Muehlhan was established in Hamburg in 1881. For 2008 the company with its
some 2,500 employees around the world generated sales revenue of more than
EUR 206 million (IFRS). For further information visit
http://www.muehlhan.com

Press contact: Ties Kaiser c/o Muehlhan AG, Phone +49 40 752 71 156, email:
kaiser@muehlhan.com

11.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, München, Hamburg, Stuttgart; Entry
Standard in Frankfurt

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