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 c

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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.
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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
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ots Originaltext: Mühlbauer Holding AG
Im Internet recherchierbar: http://www.presseportal.de

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
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