euro adhoc: Miba Aktiengesellschaft
quarterly or semiannual financial
statement
First Half of 2008-2009: Miba Grows Profitably
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6-month report
11.09.2008
- Sales up 2 percent (14 percent after adjustments), EBIT doubled - 25.9 million euros invested - 200 new jobs created in Austria
Laakirchen. Miba, a strategic partner to the international engine and automotive industry, has experienced healthy growth in the first half of 2008- 2009 (February 1 to July 31, 2008) despite the challenging market environment. Sales rose by 2 percent to 199.7 million euros. During the reporting period, earnings before interest and taxes (EBIT) increased from 12.0 million to 23.6 million euros in comparison to the previous year.
After adjustment for the sales loss due to disposal of the Spanish sintering plant, sales growth totaled 14 percent in the first half of the year. "This level of growth, which clearly surpasses the market as a whole, is due to our strategic positioning and concentration on technologically sophisticated products," says CEO Peter Mitterbauer. Miba profits from its focus on clearly defined market segments not only in the automotive industry but also in the non- automotive sector, which accounts for 60 percent of group sales.
The EBIT margin in the period under review was 11.8 percent. "The improvement in performance was substantially supported by the sale of the sintering plant in Spain and is a precondition for future investments and for expansion of our technology leadership," says Mitterbauer.
Capital Investment Financed from Own Funds Investments in plants and equipment for capacity expansion in all three business areas totaled 25.9 million euros and form the basis for the continuing systematic optimization of production and logistics processes. Capital expenditures in the first six months of the year were again financed exclusively by cash flow from operations, which totaled 31.6 million euros.
The total number of employees in the Miba Group as of July 31, 2008, was 2,854. After adjustment for changes in headcount resulting from the sale of the Spanish site, this represents an increase of 14 percent or 352 employees over the previous year. Around 200 new jobs were created in Austria. A total of 1,655 employees were working there as of the end of July 2008.
| |1st half-year |1st half-year | | |2008-09 |2007-08 | |Sales (in million E) |199.7 |196.3 | |EBIT (in million E) |23.6 |12.0 | |EBT (in million E) |22.6 |11.4 | |Capital expenditures (in million |25.9 |18.2 | |E) | | | |Number of employees (as of July |2,854 |2,878 | |31) | | |
Outlook
The Miba AG Management Board confirms its forecast of stable growth in fiscal year 2008-2009 despite the rising cost of energy and raw materials and the sustained high pressure on prices that is exerted by customers. The continuous productivity increases and the optimum utilization of installed plant capacity provide the basis for ensuring a high level of operational performance by all three Miba business areas.
Miba Group With headquarters in Laakirchen, Upper Austria, Miba is a strategic partner to the international engine and automotive industry. At eleven sites around the world, it manufactures sintered components, engine bearings and friction materials for vehicles, trains, ships, aircraft and power plants. Miba's products make vehicles more efficient, safer and more environmentally friendly. The group has around 2,800 employees, more than half of whom work at its Austrian sites in Laakirchen, Vorchdorf and Roitham. In the 2007-2008 business year, the sales of the listed company amounted to 387.7 million euros with earnings before interest and taxes (EBIT) of 27.6 million euros.
For detailed information please visit www.miba.com to download the interim financial report.
end of announcement euro adhoc
Further inquiry note:
Press
Susanne Dickstein
Head of Corporate Communications
Tel.: +43/7613/2541-1117
mailto:susanne.dickstein@miba.com
Investors/Analysts
Mag. Hannes Moser
Vice President Corporate Finance
Tel.: +43/7613/2541-1138
mailto:hannes.moser@miba.com
Branche: Industrial Components
ISIN: AT0000734835
WKN: 872002
Index: Standard Market Auction
Börsen: Wiener Börse AG / official market