EANS-Adhoc: Mühlbauer Holding AG & Co.KGaA /

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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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annual report/Mühlbauer further extends sales in 2011 - operating
income impacted by higher selling expenses as well as research and
development expenses - dividend payment of EUR 1.00 planned

26.04.2012

Roding, 26 April 2012 - "In the 2011 financial year, the Mühlbauer
technology group held up well overall, in view of an increasingly
harsh market environment, and succeeded in winning over further
governments and government-related institutions as a fully
responsible and reliable system partner for innovative ID
applications," comments Josef Mühlbauer, the founder and personally
liable shareholder of the company.

At EUR 260.8 million (PY: EUR 301.6 million), order income was unable
to attain the level of the previous year as a result of the natural
fluctuation common to the project business and the ease in demand for
semiconductor backend products that commenced in the second half of
the year. Based on the high order backlog to the end of the previous
year as well as the government projects, machine and component orders
acquired in the reporting period, Mühlbauer, however, succeeded in
further boosting sales slightly, by 3.3% against the previous year in
which it achieved an increase of almost 30%, to EUR 207.5 million.
The sales of EUR 214.4 million marked a new record high in the
group's history. Although the operating income was unable to keep
pace with this development, the company's positioning on growth
markets was further reinforced by massive investments in
infrastructure as well as research and development and the
restructure of the group pushed ahead in order to increase the
autonomy and independence of its business areas.

Development of sales in the business areas. At EUR 124.3 million, the
sales achieved in the core business area Cards & TECURITY® in the
year under review are 2.0% down, year-on-year (PY: EUR 126.9
million). This slight decline is due to project-related differences
with regard to the provision of services and booking of earnings,
whereby sales in the reporting period were largely fed by the
progressive implementation of government projects, which increasingly
comprise the entire process chain from data collection through to the
personalization of ID documents. Semiconductor Related Products
continued the upwards trend of the past two years. Sales were again
raised by 6.6%, to EUR 62.8 million (PY: EUR 58.9 million). While
sales in the year under review were largely driven by the high level
of demand for automation solutions for the production of RFID Smart
Labels and the interest for semiconductor backend solutions, which
persisted until mid-year, it is also the first time that sales
benefited from an order placed by the solar industry in the previous
year. The record year of the German mechanical engineering sector is
also reflected in Precision Parts & Systems. The high level of demand
from different industries for highly precise parts and components of
high quality led to a further sales increase of 25.8% to EUR 27.3
million, after a bold plus of 70.8% to EUR 21.7 million in the
previous year.

Earnings development. While gross profit remained at virtually the
same level, at EUR 82.3 million (PY: EUR 82.4 million), the
significant rise of selling expenses as well as research and
development expenses reduced EBIT by 26.4%, to EUR 28.1 million (PY:
EUR 38.2 million). With a financial result of EUR 0.3 million,
earnings before tax amounted to EUR 28.4 million (PY: EUR 38.6
million), corresponding to a return on sales of 13.3% - after 18.6%
in the previous year. Taking into account a tax expense of EUR 6.4
million, consolidated net earnings for the year dropped to EUR 22.0
million (PY: EUR 30.3 million). This corresponds to earnings per
share of EUR 1.51 (PY: EUR 2.09).

Cashflow. Due to the lower net earnings for the year and the
simultaneous increase of working capital, the cashflow from operating
activities decreased by EUR 10.9 million, to EUR 37.0 million. At EUR
28.3 million (PY: EUR 27.9 million) the outflows from investment
activities were EUR 0.4 million higher year-on-year - as a result of
the sustained high level of investments in respect of the
modernization and extension of the technological base. Due to this
development, the free cashflow for the year under review was
significantly lower at minus EUR 4.6 million than for the same period
of the previous year (plus EUR 25.9 million). Shareholder's equity
dropped from 73.5% at the end of the previous year to 68.1% to the
end of the reporting period. At the same time, net liquidity
decreased to EUR 15.2 million - from EUR 38.4 million.

Dividend proposal. This year, again, the personally liable
shareholder and the Supervisory Board want their shareholders to
participate adequately in the company's earnings and will therefore
propose the payment of a dividend of EUR 1.00 (PY: EUR 1.30) per
no-par value share in respect of the 2011 financial year to the
Annual General Meeting.

Outlook. The trends on the Cards & TECURITY® market, which are, on
principle, positive, still endure: The strong interest in offering
both greater security and more mobility to people will have a
positive effect on the demand for state-of-the-art technology and
software solutions for the production of safety-oriented ID systems
in card and passport format - long term. The same applies to
RFID-based applications. Driven by a wealth of application benefits
that RFID tags hold against conventional barcode labels, as well as
continual cost reductions related to their production, an increasing
number of companies are following the example set by the retail giant
Walmart, which holds a leading position with regard to the use of
RFID tags for the labeling of goods, and are utilizing the
contactless technology, particularly in supply chain management.

On both markets, the Mühlbauer technology group is the only system
partner worldwide who can offer the complete technology and market
competence as a one-stop provider and considers itself to be in a
good strategic position to benefit strongly from this market
potential - as a result of the future-oriented investments it made in
past years. Against this background, Mühlbauer upholds its long-term
strategy of growth and is expecting to increase sales and earnings
year-on-year in 2012 and further growth for 2013. This expectation is
also based on the company's order backlog of EUR 201.4 million at the
beginning of 2012.

Further inquiry note:
Herr Karl Kompe
Tel.: +49 9461 952 - 1653
E-Mail: karl.kompe@muehlbauer.de

end of announcement euro adhoc
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issuer: Mühlbauer Holding AG & Co.KGaA
Josef-Mühlbauer-Platz 1
D-93426 Roding
phone: +49(0)9461-952-1653
FAX: +49(0)9461-952-8520
mail: investor-relations@muehlbauer.de
WWW: http://www.muehlbauer.de
sector: Machine Manufacturing
ISIN: DE0006627201
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English