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Mühlbauer Holding AG

EANS-Adhoc: Mühlbauer Holding AG & Co.KGaA
Strong core business achieves new record high in order income - earnings impacted by special influences - high order backlog generates positive basis for current financial year

  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.
3-month report
27.04.2009
Roding, 28 April 2009 - Irrespective of the further aggravation of 
the worldwide financial and economic crisis, the Mühlbauer technology
group recorded a positive start to the 2009 financial year. While 
earnings before interest and taxes (EBIT) was significantly lower 
year-on-year, largely due to the higher depreciation of inventories 
and further allocations to provisions for legal fees, the new record 
high in order income achieved in the company´s core business area 
Cards & TECURITY® confirms the excellent positioning and sustained 
attractiveness as a leading global system partner for the entire 
transfer of technology and expertise for the production of electronic
ID documents. Furthermore, the order backlog to the end of the 
reporting period is a good starting point for the current financial 
year.
Consolidated sales of the Mühlbauer technology group recorded EUR 
38.1 million (PY: EUR 43.2 million) in Q1 2009, thus lagging the same
quarter of the previous year by 11.7%, despite the sales increase in 
its core business area Cards & TECURITY®. Including the special 
charges from the depreciation of inventories and the additions to 
accruals for legal fees, which impacted the result and were effected 
in connection with patent infringement suits, earnings before 
interest and taxes (EBIT) amounted to EUR 2.4 million (PY: EUR 7.1 
million). This corresponds to a reduction of the EBIT margin from 
16.4% to 6.3%. The regrouping of the securities portfolio to 
securities with lower risk and thus lower return, effected in the 
course of the global financial crisis and the significant decline in 
interest rates for demand deposits largely resulted in the fact that 
the financial result dropped from EUR 0.5 million to EUR 0.1 million 
year-on-year. This results in a pre-tax profit of EUR 2.4 million 
(PY: EUR 7.6 million) and, after deducting tax expenses, net earnings
for the period of EUR 1.8 million - after EUR 5.7 million for the 
same period of the previous year. Earnings per share consequently 
dropped to EUR 0.12 (PY: EUR 0.39).
Due to the adjustment of the working capital management to the 
current development, working capital declined by EUR 2.8 million to 
EUR 50.9 million in the first quarter, while free cashflow was EUR 
-2.7 million lower year-on-year, at EUR -0.4 million (PY: EUR +2.3 
million) as a result of the scheduled payments made during the 
reporting period in respect of the completion of the new technology 
centers in the USA and Slovakia. The equity ratio dropped from 77.5% 
to 76.5% and was only slightly below the previous year´s value.
Irrespective of the difficult economic market environment the 
Mühlbauer technology group succeeded due to a significant increase in
orders in the company´s core business area Cards & TECURITY® in fully
compensating for the decline in orders in the other business areas, 
caused primarily by the current economic trend. At the same time, the
high reference value of the previous year (EUR 48.2 million) climbed 
8.3% to EUR 52.2 million.
While the investments in the core business area Cards & TECURITY® in 
respect of the implementation of the strategic development goal from 
a technology supplier to a system partner for the entire transfer of 
technology and expertise for the production of electronic ID 
documents were acknowledged with a distinct increase of order income 
of 36.7% to EUR 40.6 million (PY: EUR 29.7 million), the remaining 
industry-related areas lagged behind year-on-year: Thus, order income
of Semiconductor Related Products was moderately lower year-on-year, 
at EUR 7.6 million (PY: EUR 7.9 million) irrespective of the 
noticeable rise in interest for Smart Label production lines, while 
severe declines in order were recorded in Traceability (EUR 0.8 
million; PY: EUR 4.6 million) and Precision Parts & Systems (EUR 3.2 
million; PY: EUR 6.0 million). The order backlog recorded at the end 
of Q1 2009 climbed to EUR 94.7 million (PY: EUR 76.9 million) and 
thus underwent a significant increase of 23.1%.
Mühlbauer's ambitious goal to achieve a stable development of sales 
and earnings in the 2009 financial year, represents a growing 
challenge, in view of the aggravation of the economic crisis. Due to 
the distinct cyclical decline of the majority of the industrial 
business, it is to be expected that the ongoing business development 
will be strongly characterized by the government-related TECURITY® 
business. In this area, Mühlbauer is therefore focusing on qualifying
for further ID projects and on providing the complete technology and 
entire expertise for the production of electronic ID documents as a 
worldwide leading system partner without disregading previous efforts
of intensifying the market diversification in order to generate more 
business in the other areas. In so doing, the company benefits, in 
particular, from the rising demand for innovative security-oriented 
ID documents in Smart Card and passport formats and the resultant 
high demand for system solutions.
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.
end of announcement                               euro adhoc

Further inquiry note:

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

Branche: Machine Manufacturing
ISIN: DE0006627201
WKN: 662720
Index: Nemax 50, CDAX, Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
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Börse München / free trade

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