Muehlhan AG publishes results for financial year 2022

• Operating performance positive and within expected range
• Revenues above forecast at €288.3 million
• EBIT of €12.7 million; EBIT from operations of €8.8 million
• Participation in sale of main subsidiaries through proposed dividend (€1.00) and share buyback program
• Withdrawal from stock market announced

 

Hamburg, April 14, 2023—2022 was a watershed year for Muehlhan AG (Open Market; ISIN DE000A0KD0F7; WKN A0KD0F) (the “company”) as the main subsidiaries, trademark rights and other assets were sold at the end of the year. In the future, the company will offer services in Russia and the Middle East, mainly in the field of passive fire protection.

The Executive Board and the Supervisory Board are proposing a dividend of €1.00 per share to the 2023 Annual General Meeting. The Executive Board and the Supervisory Board also propose giving shareholders the opportunity to sell their shares to the company as part of the Muehlhan AG share buyback program (“capital reduction by way of buyback and cancellation of the shares to be acquired”) before the company begins its withdrawal from the stock market. With the dividend and share buyback program, the shareholders can benefit from the income from company sales, as announced. Further information will be published in the invitation to the 2023 Annual General Meeting.

The operating business performed well in the 2022 financial year. Revenues fell by 3.4% year-over-year in the reporting year to €288.3 million. Comparing revenues with the previous year after adjusting for the company disposals, revenues grew by €78.8 million or 37.6%. EBIT fell from €16.7 million to €12.7 million. Both years have to be adjusted for special and non-recurring effects to enable a comparison, however. Taking these effects into account, adjusted EBIT for 2021 came to €7.7 million compared with an adjusted or operating EBIT in the reporting year of €8.8 million. The EBIT margin for the operating business contracted from 3.7% to 3.1%. Consolidated income decreased by €3.4 million to €6.4 million. After deducting minority interests, earnings of €3.6 million are attributable to Muehlhan’s shareholders, compared with €8.3 million the previous year. Cash flow from operating activities was positive at €5.2 million, mainly because factoring/sale of certain receivables was started in the year under review to strengthen liquidity.

 

The Executive Board and Supervisory Board are planning revenues of €15 million to €20 million and EBIT break-even for 2023. Cash flow from operating activities is expected to break even. We must bear in mind that the war in Ukraine may have an adverse effect, particularly on the activities of Muehlhan’s Russian company.

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

in kEUR   2022 2021         Results       Revenues   288,275 298,516 Earnings from operations before depreciation and amortization (EBITDA)   17,858 27,205 Earnings from operations (EBIT)   12,739 16,742 Earnings before income taxes (EBT)   11,004 14,884 Consolidated income attributable to shareholders of Muehlhan AG   3,555 8,270 Earnings per share  in EUR 0.18 0.43 Cash flow from operating activities   5,197 -5,019 Investments in property, plant and equipment (not incl. leases)   2,886 4,232         Balance sheet   December 31, 2022 December 31, 2021 Total assets   78,458 147,948 Fixed assets¹   896 38,357 Equity   64,483 77,336 Equity ratio  in % 82.2 52.3         Employees   2022 2021 Employees (annual average) number 2,103 2,818

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 Frankfurt Stock Exchange (ISIN: DE000A0KD0F7 / WKN A0KD0F). The Muehlhan Group offers its customers a broad spectrum of industrial services: wind turbine services, surface protection, steel services, passive fire protection, scaffolding and insulation works. Muehlhan combines strong organizational skills and technical expertise, 140 years of experience and rigorous quality standards into cost effective industrial service offerings that satisfy the highest quality demands of its customers.

 

You can find additional information at www.muehlhan-ag.com

 

Contact: Muehlhan AG; phone: +49 40 75271-0; e-mail: investorrelations@muehlhan.com