- Performance considerably behind expectations
- Revenues of €8.7 million, EBIT of €-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 €8.7 million. Of this amount, €5.7 million was attributable to activities in Russia and €2.5 million to the Middle East. EBIT (earnings before interest and taxes) came out negative at €-3.1 million. The income attributable to shareholders of Muehlhan AG after nine months was €-2.5 million. Cash flow from operating activities nearly broke even at €-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 €-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 €-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 €10 million and €15 million and EBIT of €-3.5 million to €-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:
