Muehlhan AG

Legal Proceedings Report • Jun 9, 2009

News Details

Corporate | 9 June 2009 08:09

Muehlhan AG: Insolvency of the Wadan Yards Group affects Muehlhan

Muehlhan AG / Miscellaneous/Development of Sales

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

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PRESS RELEASE

Insolvency of the Wadan Yards Group affects Muehlhan

* Outstanding accounts receivable of around EUR 3 million in jeopardy
* Earnings targets for 2009 no longer attainable

Hamburg, 9 June 2009 - The insolvency of the Wadan Group will also have a
significant impact on Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7). The
outstanding receivable claims of EUR 3 million against the Wadan Yards in
Rostock-Warnemünde, for which Muehlhan has been providing
surface-protection services for over 20 years, are now in serious jeopardy
due to last Friday's insolvency filing. This occurred after the
shareholders refused to honor their own financing and purchase commitments,
despite extensive support provided by the Federal government and the State
of Mecklenburg-Pomerania.
Within the next few days, a decision will be made as to whether the jumbo
ferries under construction will be completed and therefore whether the
shipyard will continue operating over the short term under the supervision
of the insolvency administrator.
Consequently, Muehlhan AG's Executive Board no longer considers the
earnings targets for 2009 (EBIT of EUR 9 to 12 million) to be realistic. To
what extent the bad-debt provisions and the production downtime will affect
profitability will only become clear once the insolvency proceedings are
underway. The Executive Board expects to issue an adjusted earnings
forecast with the publication on 7 August 2009 of the results for the first
half.

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
www.muehlhan.com

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

09.06.2009 Financial News transmitted by DGAP

Language: English
Issuer: 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, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt

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