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Muehlhan AG
Earnings Release • Jul 28, 2023
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Earnings Release
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Corporate | 28 July 2023 08:45
Muehlhan AG: Muehlhan AG publishes its results for the first half of 2023
EQS-News: Muehlhan AG / Key word(s): Half Year Report/Share Buyback
Muehlhan AG: Muehlhan AG publishes its results for the first half of 2023
28.07.2023 / 08:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Muehlhan AG publishes its results for the first half of 2023
- Performance falls considerably short of expectations
- Revenues of €5.8 million, EBIT of €-2.0 million
- Share buyback offer to run until beginning of September 2023
Hamburg, July 28, 2023— Muehlhan AG (Open Market; ISIN DE000A0KD0F7; WKN A0KD0F) (the “company”) generated revenues of €5.8 million and EBIT of €-2.0 million in the first half of 2023. Consolidated income after taxes after the first six months amounted to €-1.7 million. Cash flow from operating activities is in positive territory at €1.7 million due to a special effect. A comparison with the prior-year results does not make sense due to the sale of numerous subsidiaries at the 2022 year-end.
The results fall well short of expectations. The results can be traced back to unexpectedly lower business activity in the Middle East, and a heavier strain on Russian operations due to Russia’s war of aggression in Ukraine and sanctions imposed in connection with this. There were also substantial non-recurring expenses in connection with the settlement of the sale of key subsidiaries last year, the share buyback program that is currently underway and the provision set up for a legal dispute.
In Russia, revenues of €3.5 million were achieved in the first half of 2023 as against €4.5 million in the same period of the previous year. Despite the difficulties, an EBIT break-even was achieved, compared to €0.3 million in the previous year. In the Middle East, revenues dropped significantly year-over-year from €3.4 million to €1.7 million. EBIT deteriorated from €-0.3 million to €-0.7 million due to the significant decline in revenues, project start-up costs and costs for the resumption of activities.
For the 2023 financial year as a whole, the Executive Board and Supervisory Board expect to see revenues of between €10 million and €15 million and EBIT of €-2.0 million to €-2.5 million.
Muehlhan AG launched a share buyback program on June 28, 2023. Up until September 6, 2023, shareholders of Muehlhan AG have the opportunity to sell their shares for €1.75 per share before the company then withdraws from the stock market. Shareholders who have sold their shares by August 2, 2023, will receive their money only a few days later. The buyback program has been well received so far.
The company’s key performance indicators are shown in the following table:
| in kEUR | 1st half of 2023 | 1st half of 2022 | |
| Results | |||
| Revenues | 5,796 | 121,539 | |
| Earnings from operations before depreciation and amortization (EBITDA) | -1,981 | 7,111 | |
| Earnings from operations (EBIT) | -2,022 | 4,152 | |
| Earnings before income taxes (EBT) | -1,656 | 3,487 | |
| Consolidated income attributable to shareholders of Muehlhan AG | -1,644 | 1,375 | |
| Earnings per share from continuing operations | in EUR | -0.09 | 0.12 |
| Cash flow from operating activities | 1,693 | -1,690 | |
| Investments in property, plant and equipment (not incl. leases) | 49 | 1,170 | |
| Balance sheet | June 30, 2023 | December 31, 2022 | |
| Total assets | 54,355 | 78,458 | |
| Fixed assets 1 | 845 | 897 | |
| Equity | 42,748 | 64,483 | |
| Equity ratio | in % | 78.6 | 82.2 |
| Employees | 1st half of 2023 | 1st half of 2022 | |
| Employees (annual average) | number | 389 | 2,087 |
1 Fixed assets: total of non-current assets less deferred tax assets
About Muehlhan: Muehlhan AG is a listed corporation traded on the Open Market of the Frankfurt Stock Exchange (ISIN: DE000A0KD0F7 / WKN A0KD0F).
You can find additional information at www.muehlhan-ag.com
Contact: Muehlhan AG; phone: +49 40 75271-0; e-mail: [email protected]
28.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
| Language: | English |
| Company: | Muehlhan AG |
| Schlinckstrasse 3 | |
| 21107 Hamburg | |
| Germany | |
| Phone: | +49 40 75271 0 |
| Fax: | +49 40 75271 130 |
| E-mail: | [email protected] |
| 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: | 1689965 |
| End of News | EQS News Service |