EANS-Adhoc: 'Ad-hoc message pursuant to § 15 WpHG' Mühlbauer takes stock of the first six months of this year: Growth in sales in core business cushions decline in industry business - special effect

--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------

6-month report

29.07.2009

Roding, 30 July 2009 - Despite the effects of the difficult market
environment as a result of the declining economy, the Mühlbauer
technology group, worldwide active independent consultant and
manufacturer of innovative security solutions for the TECURITY®
market, was able to considerably increase its sales in its core
business area of Cards & TECURITY® due to the intensified call-off of
government orders and the successful implementation of an ID project
with overall responsibility in the capturing, management and
verification of biometric data and thus post its second-largest
quarterly sales in the company´s history in Q2 2009.

Whereas Mühlbauer was thus able to almost completely compensate for
the decline in sales in the industry business and consolidated sales
at EUR 43.2 million were only just under the level of the previous
year (EUR 44.4 million), earnings before interest and taxes (EBIT),
adjusted for the special effect of the non-liquidity-related net
allocations to provisions for legal fees in connection with another
patent infringement suit, were substantially lower at EUR 4.1 million
than in the same period in the previous year (EUR 7.5 million) due to
the higher risk provisioning in inventories as a result of the
economic situation. Taking into account the special effect of EUR 1.4
million that had a negative effect on earnings, the EBIT generated in
the reporting quarter amounts to EUR 2.7 million (PY: EUR 7.5
million), which corresponds with an EBIT margin of 6.3% (PY: 16.9%).
These developments in operating earnings as well as the financial
earnings that were virtually unchanged in a quarterly comparison at
EUR -0.1 million, resulted in an overall reduction in EBT of EUR 4.8
million to EUR 2.6 million (PY: EUR 7.4 million). In consideration of
comparatively higher tax expenditures, the net earnings for the
period amounted to EUR 1.8 million (PY: EUR 5.7 million), which
corresponds with earnings per share of 0.12 EUR (PY: 0.39 EUR). In
the half-year analysis, the sales of the Mühlbauer Group amounted to
EUR 81.3 million (PY: EUR 87.6 million). The EBIT generated in the
same period amounted to EUR 5.1 million (PY: EUR 14.6 million),
taking into account of all special effects that had a negative impact
on earnings. Thus earnings per share have decreased from EUR 0.78 to
EUR 0.24 for the same period.

At EUR +19.4 million, the cashflow from operating activities in the
first half of the year was substantially above its level in the same
period of the previous year (EUR +14.3 million), primarily due to
higher net cash inflows from the acquisition and disposal of
short-term securities and the adjusted working capital management in
light of the current development. Considering higher scheduled
payments in respect of the completion of the new technology centers
in the USA and Slovakia free cashflow was, at EUR -4.8 million (PY:
EUR +7.0), significantly lower year-on-year. The equity ratio slid
from 77.5% at the end of previous year to 74.6%. The payment of
dividends to shareholders and parallel distribution of profits to the
personally liable shareholder in the reporting period played a
decisive role in this decline.

In Q2 2009, order income of the Mühlbauer Group was at EUR 31.1
million (PY: EUR 54.2 million) 42.6% under the comparable quarter of
the previous year due to the volatile project business in the
government-related TECURITY® sector and the stagnation of the
industry business as a result of the economic development. Overall,
the order income of the Mühlbauer technology group totaled EUR 83.3
million (PY: EUR 102.4 million) to the end of 1HY 2009, thus posting
a decline of 18.7%. The order backlog at the end of the reporting
period was EUR 80.2 million, thus dropping 15.3% against the value
achieved to the end of Q1 2009 (EUR 94.7 million).

The Mühlbauer technology group is continuing to focus on the
government-related TECURITY® business in its core business area Cards
& TECURITY®: Numerous government and public authorities are pushing
ahead the implementation of innovative electronic passports and ID
documents and targeting the introduction of new solutions, such as
verification and border crossing systems, e.g. for accelerated border
crossing. While Mühlbauer´s core business area Cards & TECURITY,
irrespective of natural fluctuations in the project business, still
offers unbroken potential for development, it cannot be excluded at
this point of time, that investment delays as a result of the current
economic situation will continue to impact the development in the
industry-related product areas. If the government-related TECURITY®
business diminishes against this background, it can be assumed that
sales and earnings in 2009 will not match the level of the previous
year.

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
--------------------------------------------------------------------------------

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
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade