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Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer Holding AG & Co.KGaA
Strong core business generates an increase in order income in Q3 - Outlook for the total year adjusted due to special effects affecting earnings and the cyclical weakness in demand of the industry business

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
9-month report
29.10.2009
Roding, 29 October 2009 - In Q3 2009, the globally active Mühlbauer 
technology group, quoted on the Prime standard, continued to benefit 
from its equally attractive and advantageous business model in its 
core business area Cards & TECURITY®, and increased order income and 
sales significantly in this area year-on-year. At the same time, the 
technology leader exceeded the consolidated order income of the same 
quarter of the previous year and virtually compensated the 
economy-related sales decline in the industry business.
While Mühlbauer achieved sales of EUR 41.7 million (PY: EUR 43.1 
million) in Q3 2009, earnings before interest and taxes (EBIT), which
amounted to EUR 4.2 million, adjusted for special effect from further
net allocations to provisions for legal fees in connection with 
patent infringement suits that do not impact liquidity was 6.7% lower
than the EBIT for the same period of the previous year (EUR 4.5 
million), which was also adjusted due to such special effect. In 
relation to sales, the adjusted EBIT margin was thus 10.1%, after 
adjusted 10.4% in the same period of the previous year. Including the
above mentioned special effect, the EBIT achieved during the 
reporting period totals EUR 2.4 million (PY: EUR 1.5 million), 
whereas higher risk provisions of EUR 1.0 million made with regard to
future usability of individual development results in the reporting 
period had additionally negative effects to the earnings. Taking into
account the financial result, which improved slightly year-on-year by
EUR 0.1 million and a considerably higher tax rate of 27.0% against 
the same quarter of the previous year (12.3%), the increase of which 
is primarily due to the value adjustment in respect of capitalized 
deferred taxes on loss carryovers of EUR 0.5 million effecting during
the reporting period, net earnings for the period under review 
amounted to EUR 1.8 million (PY: EUR 1.3 million). This corresponds 
to earnings per share of  EUR 0.12 (PY: EUR 0.09). On a nine month 
comparison, sales totaled EUR 123.0 million (PY: EUR 130.6 million) 
and the EBIT achieved, taking into account all special effects 
affecting earnings, amounted to EUR 7.5 million (PY: EUR 16.1 
million). Earnings per share thus dropped from EUR 0.87 to EUR 0.36.
While the free cashflow of EUR +7.9 million, achieved alone in the 
quarter under review, ensured a significant increase of net liquidity
to EUR 25.2 million, the nine month comparison of cashflow from 
operating activities was significantly higher year-on-year at EUR 
+35.3 million (PY: EUR 16.4 million). This is largely due to higher 
net inflows from the acquisition and disposal of short-term 
securities and a further optimization of working capital. Taking into
account the higher investments in fixed assets for the completion of 
the new technology centers in the USA and Slovakia effected in the 
first half of the year, free cashflow was EUR 1.1 million lower 
year-on-year, at EUR +3.2 million (PY: EUR +4.3 million). The equity 
ratio declined slightly, from 77.5% to 75.1%, due primarily to the 
dividend payment to shareholders in Q2 2009 and the distribution of 
profits to the personally liable shareholder effected in parallel.
Based on the increase of orders in the core area Cards & TECURITY® 
and in Semiconductor Related Products order income of the Mühlbauer 
technology group rose 10.6%, to EUR 44.8 million in Q3 2009 (PY: EUR 
40.5 million). On a nine-month comparison order income amounted to 
EUR 128.1 million (PY: EUR 142.9 million) so that the discrepancy to 
the same period of the previous year declined to -10.4%. To the end 
of the reporting period the order backlog recorded a 4.6% increase, 
totaling EUR 82.4 million (PY: EUR 78.8 million).
For the remaining financial year, Mühlbauer anticipates a 
perpetuation of the positive trend, particularly in the TECURITY® 
area, while the industry business, which is slack as a result of the 
current economic trend, is providing only minor stimuli, the 
sustainability of which cannot as yet be estimated. Even though the 
company thus no longer expects to achieve its ambitious goal for the 
overall financial year of retaining the same level of sales and 
earnings as in the previous financial year - against the background 
of the recovery trend in the industry-related sectors that is 
affected by economic risk and the special effects affecting earnings 
reported in the year under review - Mühlbauer considers itself 
excellently positioned to benefit strongly from an acceleration in 
demand.
Contact and additional information: Investor Relations, Tilo 
Rosenberger, Tel.: +49 (0) 9461-952-1653, Fax: +49 (0) 9461-952-8520, 
investor-relations@muehlbauer.de, Mühlbauer Holding AG & Co. KGaA, 
Josef-Mühlbauer-Platz 1, 93426 Roding, Germany, www.muehlbauer.de.

Further inquiry note:

Hubert Forster
CFO
+49(0)9461-952-1141
hubert.forster@muehlbauer.de

Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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