Muehlhan AG

Earnings Release • Mar 31, 2010

News Details

Corporate | 31 March 2010 07:39

Muehlhan AG presents 2009 consolidated financial statements

Muehlhan AG / Final Results/Miscellaneous

31.03.2010 07:39

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

---

Muehlhan AG presents 2009 consolidated financial statements

* Preliminary sales and earnings figures confirmed
* Net debt reduced by more than 70%

Hamburg, 31 March 2010 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)
has confirmed the key figures for fiscal year 2009 that were published in
mid-February. The company, which provides industrial and maritime surface
protection services worldwide, reported sales revenues of EUR 190.8 million
for the full year of 2009, compared with EUR 206.5 million the previous
year. Earnings before interest, taxes, depreciation and amortization
(EBITDA) totaled EUR 15.5 million (previous year: EUR 16.9 million), while
earnings before interest and taxes (EBIT) amounted to EUR 8.4 million
(2008: EUR 9.9 million). Overall, in light of the challenges faced in 2009,
Muehlhan AG is satisfied with its performance for the year, which resulted
in net income after minority interests of EUR 3.9 million (2008: EUR 4.3
million). At the General Shareholders' Meeting that will be held on 18 May
2010, the Executive Board will propose that a dividend of 6 cents per share
be paid.

During the year under review, the Group's European businesses were
primarily affected by the weakness in the maritime markets. Shipyard
insolvencies, postponement of major repair work and low transport capacity
utilization resulted in a sharp decline in sales revenues and earnings. The
write-off required by the insolvency of a German shipyard customer alone
resulted in a EUR 2.7 million charge against Group earnings. In its
European region, the Group posted total sales revenues of EUR 145.9 million
(previous year: EUR 165.8 million).

In Asia, Muehlhan continued to benefit from the positive development of the
Industry Services business in the Middle East, where sales revenues of EUR
26.6 million were significantly higher than the prior-year figure (EUR 18.8
million).

In the USA, Muehlhan once again posted a decrease in sales, this time to
EUR 17.4 million (2008: EUR 21.8 million). Toward the end of the year, a
recovery in the Ship Newbuilding segment was offset by the Oil & Gas
Offshore segment, which had come to a standstill.

Particularly gratifying was the trend in the Group's cash position.
Although the company made an unscheduled bond repayment of EUR 15 million
at mid-year - EUR 5 million of which was paid from free cash flow and EUR
10 million in securities - it nevertheless managed to expand its liquidity
position by another EUR 4.5 million by the end of 2009. This reduced net
debt (financial liabilities less available cash and cash equivalents) by
70%, to the current level of EUR 8.4 million (2008: EUR 28.0 million). The
equity ratio increased from 48% to 57%.

The Company's most important financial key figures are contained in the
following table:
in kEUR Fiscal year 2009 Fiscal year 2008
Sales 190,815 206,508
Ship Newbuilding 63,044 69,165
Ship Repair 36,386 42,164
Oil & Gas Offshore 9,599 14,434
Industry Services 80,868 80,709
EBITDA 15,528 16,908
EBIT 8,382 9,891
Consolidated earnings after minority interests
3,898 4,325
Net debt 8,376 28,034
Cash flow 15,619 14,858
Fixed assets 54,126 65,455
Equity 66,320 62,999
Balance sheet total 115,565 131,286
Employees 2,294 2,468

Prospects for fiscal year 2010
Muehlhan has implemented major strategic measures in recent years to reduce
its dependence on the maritime markets. The cost reduction measures carried
out in 2008 and 2009 will additionally increase the company's
competitiveness.
Therefore, although it is still difficult to forecast global trends with
any clarity, Muehlhan expects to achieve sales revenues of between EUR 190
million and EUR 210 million and EBIT of between EUR 7 million and EUR 11
million. As a result, consolidated after-tax income should be between EUR 4
and 5 million.

For further information, please refer to the 2009 annual report, which will
be published and made available for download on the company's website
today.

About Muehlhan:
The Muehlhan Group is a world-wide leading provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. This includes 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 2009 the company with its
some 2,300 employees around the world generated sales revenue of more than
EUR 190 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

31.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

---

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

End of News DGAP News-Service

---