Muehlhan AG: Muehlhan AG publishes results for first nine months of 2023

EQS-News: Muehlhan AG / Key word(s): 9 Month figures
Muehlhan AG: Muehlhan AG publishes results for first nine months of 2023

27.10.2023 / 08:54 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE

Muehlhan AG publishes results for first nine months of 2023

* Performance considerably behind expectations

* Revenues of EUR8.7 million, EBIT of EUR-3.1 million

* Withdrawal from stock market (delisting) announce

Hamburg, October 27, 2023-From January through September 2023, Muehlhan AG
(Open Market; ISIN DE000A0KD0F7; WKN A0KD0F) generated revenues of EUR8.7
million. Of this amount, EUR5.7 million was attributable to activities in
Russia and EUR2.5 million to the Middle East. EBIT (earnings before interest
and taxes) came out negative at EUR-3.1 million. The income attributable to
shareholders of Muehlhan AG after nine months was EUR-2.5 million. Cash flow
from operating activities nearly broke even at EUR-0.2 million thanks to a
positive special effect. A comparison with the prior-year results does not
make sense due to the sale of numerous subsidiaries at the end of 2022.

Following slightly positive results in the first few months of the year,
EBIT in Russia for the period January to September was then slightly
negative at EUR-0.2 million. The effects of the sanctions imposed due to
Russia's war of aggression against Ukraine led to lower revenues and, at the
same time, higher costs, for example, for the procurement of materials. In
the Middle East, EBIT of EUR-1.3 million was generated as a result of the
significant decline in revenues caused by project start-up costs and costs
for the resumption of activities. In the first half of 2023, Muehlhan AG
also incurred substantial non-recurring expenses in connection with the
settlement of the sale of key subsidiaries last year, the share buyback
program, and the provision set up for a legal dispute.

For the 2023 financial year as a whole, the Executive Board and Supervisory
Board expect to see revenues of between EUR10 million and EUR15 million and EBIT
of EUR-3.5 million to EUR-4.0 million.

Muehlhan AG has announced its withdrawal from the stock market (delisting).
The last trading day will be December 27, 2023.

With effect from October 31, 2023, Mr. Gautam Arya will step down as a
member of the Executive Board of Muehlhan AG.

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

  in kEUR                                    First 9        First 9
                                             months of      months of
                                             2023           2022

  Results
  Revenues                                           8,703       203,770
  Earnings from operations (EBIT)                   -3,121         9,317
  Consolidated income attributable to               -2,463         4,022
  shareholders of Muehlhan AG
  Earnings per share from continuing   in            -0.13          0.21
  operations*                          EUR
  Cash flow from operating activities                 -157         2,095

  Balance sheet                              September 30,  December 31,
                                                      2023          2022
  Total assets                                      42,616        78,458
  Equity                                            32,234        64,483
  Equity ratio                         in             75.6          82.2
                                       %

  Employees                                        First 9  First 9
                                                 months of  months of
                                                      2023  2022
  Employees (annual average)           num-            434         2,187
                                       ber

* Calculated on the basis of 19,500,000 shares, less treasury shares.

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


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27.10.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        Muehlhan AG
                   Schlinckstrasse 3
                   21107 Hamburg
                   Germany
   Phone:          +49 40 75271 0
   Fax:            +49 40 75271 130
   E-mail:         investorrelations@muehlhan.com
   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:    1755505

End of News EQS News Service
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1755505 27.10.2023 CET/CEST