DGAP-News: Muehlhan AG / Key word(s): Quarter Results/Development of Sales Muehlhan AG: publishes first quarter 2015 results 07.05.2015 / 07:09 --------------------------------------------------------------------- PRESS RELEASE Muehlhan AG publishes first quarter 2015 results - Sales up 8.8%; EBIT stable - Business performance within expected range Hamburg, 7 May 2015 - From January to March, Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) reported sales of EUR55.3 million (previous year: EUR50.8 million) and earnings before interest and taxes (EBIT) of EUR -0.1 million (previous year: EUR0.3 million). Earnings after taxes amounted to EUR -0.3 million (previous year: EUR -0.4 million). The results for the normally weak first quarter were therefore within our expected range. The quarterly results already include the acquisition of the Norwegian offshore oil & gas company Maritime Service International AS. The purchase price for 60% of the shares totaled EUR2.4 million. A geographic breakdown of sales and earnings (EBIT) provides a mixed picture: The core region of Europe posted sales revenues of EUR45.7 million - once again significantly higher than in the previous year (EUR41.6 million). At the European companies, EBIT reached EUR1.3 million (previous year: EUR1.5 million). The North American operations managed to increase sales from EUR2.8 million to EUR4.0 million. By contrast, EBIT of EUR -0.2 million was slightly lower than in the prior-year period (EUR -0.0 million). In the Middle East and Asia, sales declined slightly, from EUR6.4 million in the previous year to EUR5.6 million. This decrease was primarily attributable to special items in the previous year, including the completion of a major contract for fire protection work at the new National Museum of Qatar and the sale of the Chinese subsidiary. EBIT stood at EUR0.3 million, compared to EUR0.6 million in the previous year. Because it operates in international waters, the new MSI acquisition is also assigned to this region. In reviewing the breakdown by business segment, it should be noted that this was changed slightly at the beginning of 2015: the "Energy" segment is now subdivided into the segments "Oil & Gas" and "Wind Energy". In the Ship segment, sales increased to EUR25.4 million during the period from January to March (previous year: EUR21.6 million). In the Oil & Gas business segment, the company achieved total sales of EUR12.0 million, considerably higher than the prior-year figure of EUR9.3 million. At EUR3.8 million, the Wind segment's sales were also higher (by EUR0.5 million) than in the prior-year period. The Industry and Infrastructure business reported total sales of EUR14.1 million in the first quarter of 2015 (previous year: EUR16.6 million). Overall, following an expected modest start to the year, Muehlhan posted a slight loss of EUR -0.1 million (previous year: EUR0.3 million). Taking into account all known factors affecting income, the Executive Board confirms its 2015 forecast of earnings before interest and taxes (EBIT) of between EUR4 million and EUR6 million for the full year. The Company's key financial indicators are shown in the following table:

in kEUR                                        1st Quarter    1st Quarter
                                               2015           2014
Sales                                          55,291         50,815
EBITDA                                         1,481          1,583
EBIT                                           -90            305
EBT                                            -513           -192
Earnings per share (EUR)                       -0.02          -0.01
Consolidated earnings after non-controlling    -450           -240
interests
Cash flow                                      2,562          1,673
                                               31 March 2015  31 December
                                                              2014
Fixed assets                                   51,345         47,567
Equity                                         64,888         61,268
Balance sheet total                            135,135        118,517
Employees (on average)                         2,682          2,675

About Muehlhan: Worldwide, the Muehlhan Group is a reliable partner in industrial services and high-quality surface protection. As one of the few full-service providers, we offer our customers a broad range of services designed to meet the exacting quality standards expected in professional industrial services. Our customers benefit from our exceptional organizational skills, on-time delivery, the technical expertise that differentiates us from our competitors and our more than 130 years of experience. Our operations are divided into four business segments: Ship, Wind, Oil & Gas and Industry. With our workforce of more than 2,600 employees at over 30 locations worldwide, we generated sales revenues of EUR218 million in 2014. We intend to use this stable foundation to further expand our business in the coming years and to continue moving our Group forward through proximity to our customers in the global market. For more information, visit www.muehlhan.com. Press contact: Muehlhan AG; Tel: +49 40 75271-150; e-mail: [email protected] --------------------------------------------------------------------- 07.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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, Hamburg, Munich, Stuttgart; Open Market (Entry Standard) in Frankfurt End of News DGAP News-Service --------------------------------------------------------------------- 354213 07.05.2015