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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 













Earnings from operations before depreciation
and amortization (EBITDA)




Earnings from operations (EBIT)




Earnings before income taxes (EBT)




Consolidated income attributable to shareholders
of Muehlhan AG




Earnings per share from continuing operations

in EUR



Cash flow from operating activities




Investments in property, plant and equipment
(not incl. leases)








Balance sheet


June 30, 2023

December 31, 2022

Total assets




Fixed assets1








Equity ratio

in %









1st half of 2023

1st half of 2022 

Employees (annual average)




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 

Contact: Muehlhan AG; phone: +49 40 75271-0; e-mail: