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 |
|
-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 |
|
-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 |
|
49 |
1,170 |
|
|
|
|
|
|
Balance sheet |
|
June 30, 2023 |
December 31, 2022 |
|
Total assets |
|
54,355 |
78,458 |
|
Fixed assets1 |
|
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: investorrelations@muehlhan.com