EANS-Adhoc: Mühlbauer Holding AG & Co.KGaA / Mühlbauer posts increase in orders in Q1 2012 - higher costs of sales and overhead costs as well as massive investments have a significant negative effect

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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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quarterly report

15.05.2012

Roding, 15. May 2012 - The Mühlbauer Group has started the business
year 2012 with an increase in orders. Main reasons for this were both
an order for the delivery of technological solutions and software for
personalization of ID cards, and the increased demand for
semiconductor backend products at the beginning of the year, which
resulted in a 20.3% increase to EUR 58.0 million (previous year EUR
48.2 million). At the same time, the Group achieved another important
milestone of its investment offensive, which started two years ago
and aims at pushing on modernization as well as expansion of existing
and foundation of new locations, by completing and moving into the
new production facility in Roding and equipping it with machines and
installations in the quarter under review.

Development of sales in the business units. Consolidated sales before
deduction of reductions in earnings of EUR 0.1 million respectively
slightly rose by 1.7% year-on-year to EUR 50.4 million (previous year
EUR 49.5 million). While the business unit Cards & TECURITY® posted
EUR 32.5 million, which was 8.8% up on last year's EUR 29.9 million,
sales in the business unit Semiconductor Related Products went down
due to the lower demand for semiconductor backend products in the
second half of 2011 which declined by 8.1% to EUR 11.0 million (PY:
EUR 11.9 million). Also the business unit Precision Parts & Systems
posted a negative sales development.

Result development. Earnings before interest and taxes (EBIT)
amounted to EUR 2.8 million, which was 71.4% lower than the EUR 9.8
million of the same quarter of the prior year which had been promoted
by a result-effective special effect of EUR 1.2 million. This
corresponds to an EBIT margin of 5.6% - after 19.9% in the same
quarter of the prior year. Main causes of this significantly reduced
result are, on the one hand, higher personnel costs and, due to
investments, higher depreciation which resulted in a 9.2% increase in
cost of sales. On the other hand, significantly higher costs of sales
and general administration costs in some areas as well as slightly
higher research and development expenses had a negative impact on the
result. In consideration of a higher tax rate which is due to
deduction of losses, the company earned net EUR 1.1 million in the
reporting period, which is EUR 6.3 million less than in the same
period of the prior year (EUR 7.4 million). The profit per share is
EUR 0.07 in the reporting period - after EUR 0.51 in the same period
of the prior year.

Cashflow. The lower annual surplus, the significant increase in
working capital and the essentially higher cash outflow due to
investments resulted in a decrease of the free cashflow by EUR 26.1
million to EUR -12.3 million EUR (previous year EUR +13.8 million).
Thus, the net liquidity of the Group at the end of the quarter under
review reduced to EUR 2.8 million. The shareholders' equity rate
dropped from 68.1% at the end of the previous year to 66.9% at the
end of the period under review.

Outlook. The fundamental trends in demand in the Cards & TECURITY®
market still exist as the strong interest of governments and
government-related institutions in offering more security as well as
more mobility to people will have a positive long-term influence on
the demand for the latest technology and software solutions for
producing security-oriented identification systems in card and
passport format. The same applies to RFID based applications.
Promoted by multiple advantages in the application of RFID tags
compared to normal barcode labels as well as by continuous cost
reductions in production, more and more companies use the contactless
technology especially in supply chain management.

Mühlbauer is the only system partner worldwide offering the entire
technology and market competence from one source on both markets.
Thanks to the market position and technological basis which have been
achieved in the last 30 years and enforced in the last two years by
massive investments, the Mühlbauer Group benefits more than others
from this market potential and, in light of this background and the
order backlog of EUR 209.3 million at the close of the reporting
period, maintains its positive business expectations. The solution
provider sees risks that may have a negative influence on these
expectations primarily in the traditionally imponderable and
project-laden nature of the government business as well as in the
deterioration of sector and/or economic prospects.

MÜHLBAUER HOLDING AG & CO. KGaA
Investor Relations
Josef-Muehlbauer-Platz 1
93426 Roding, Germany
Phone: +49 9461 952 - 1653
Fax: +49 9461 952 - 8520
Investor-relations@muehlbauer.de
www.muehlbauer.de

Further inquiry note:
Herr Hubert Forster
Tel.: +49 9461 952 - 1653
E-Mail: investor-relations@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