DGAP-News: Muehlhan AG / Key word(s): Half Year Results Muehlhan AG: Muehlhan sees increase in sales at end of first half year, earnings remain constant 28.07.2015 / 07:25 --------------------------------------------------------------------- PRESS RELEASE Muehlhan sees increase in sales at end of first half year, earnings remain constant - Sales up 11% in first half of 2015 - Half-year EBIT of EUR3.0 million - Executive Board re-affirms earnings forecast Hamburg, July 28, 2015 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) ended the first six months of 2015 with net income attributable to the equity holders of EUR1.0 million (previous year: also EUR1.0 million). After reporting a loss of some EUR0.5 million in the first three months of the financial year, the Group saw a significant improvement in the second quarter, as expected. From January to the end of June 2015, the company generated total sales revenues of EUR118.4 million. EBIT reached the same level as in the previous year, at EUR3.0 million. As in the previous years, these sales revenues came largely from the company's European business operations. Total sales for the Group amounted to EUR95.1 million, an increase of 8% on the first half of 2014 (EUR88.3 million). The Muehlhan Group's North American operations generated revenues of EUR9.3 million, exceeding the previous year's level EUR7.4 million. In the region covering Asia and the rest of the world, Muehlhan managed to increase revenues from EUR10.9 million to EUR14.0 million. The company Marine Service International AS (MSI), acquired in the current financial year, is included in the figures, with sales of EUR4.8 million. In the Ship segment, the growth in sales that had begun once again in 2014 continued: at EUR51.4 million, there was a higher volume of business than in the first half of 2014 (EUR43.8 million). This growth, however, is not to be interpreted as signaling a change in the trend but as the result of current major projects and gains in market share in a stagnating market that will presumably continue to change. In the Oil & Gas segment, sales increased to EUR24.2 million compared with EUR19.6 million for the equivalent period of 2014. With weaker sales in the North Sea oil and gas business, this increase came mainly from the acquisition of MSI. In the Wind Energy segment, sales climbed to EUR8.8 million (previous year: EUR7.7 million). From January to the end of June 2015, Industry and Infrastructure operations generated sales of EUR34.1 million (first six months of 2014: EUR35.4 million). In 2014, our Scottish operation Muehlhan Industrial Services Ltd. was engaged in a major project. In the current financial year, the continually growing area of passive fire protection in Europe and the Middle East has filled this revenue gap. Outlook The Executive Board re-affirms its forecast for 2015, with earnings before interest and taxes (EBIT) of between EUR3.5 and EUR6.5 million. The Company's key financial indicators are shown in the following table:

in kEUR                                               1st half     1st half
                                                          2015         2014
Sales                                                  118,432      106,670
EBITDA1                                                  6,205        5,576
EBIT2                                                    2,967        3,005
EBT3                                                     2,066        2,133
Earnings per share (EUR)                                  0.05         0.06
Consolidated earnings after non-controlling
interests                                                  981        1,044
Cash flow                                                7,029        5.863
Investments in fixed assets                              5,102        5,059
Depreciation                                             3,238        2,571

                                  31 March 2015            31 December 2014
Balance sheet total                     140,810                     118,517
Fixed assets4                            51,932                      47,567
Equity                                   65,862                      61,268
Employees (on average)                    2,757                       2,675

1 EBITDA: Profit from operations and depreciation 2 EBIT: Profit from operations 3 EBT: Earnings before taxes 4 Fixed assets: Total of non-current assets less deferred tax assets 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] --------------------------------------------------------------------- 28.07.2015 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 --------------------------------------------------------------------- 381429 28.07.2015