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Miba Aktiengesellschaft

EANS-Adhoc: Miba Aktiengesellschaft
Financial Year 2008/2009: Miba Holds Its Own in a Year of Extremes

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
07.05.2009
-       Organic sales growth despite sharp decline in demand in the fourth
quarter
-       EBIT margin increases to 9.2% from 7.1%
-       Focus is on strengthening sales and R&D activities in 2009-2010
Miba, a strategic partner to the international engine and automotive industry,
generated consolidated sales of 374.6 million euros in 2008-2009. This
represents a 2.1 percent increase over the previous year in comparable terms -
after adjustment for the sales loss resulting from the disposal of the Spanish
site - despite a sharp drop in demand in the fourth quarter. Earnings before
interest and taxes (EBIT) rose by 25% to 34.5 million euros, substantially
outstripping the sales increase.
"The 2008-2009 business year will be remembered as a year of 
extraordinary change," notes Peter Mitterbauer, Miba´s Chairman and 
CEO. "New orders reached record levels up through late summer. But 
when the financial crisis spread to the real economy in the fourth 
quarter, Miba´s target markets declined with unprecedented intensity 
and speed."
Miba responded to this trend early on by positioning itself clearly 
and strategically as a supplier of technologically sophisticated 
products and by insisting on cost efficiency in all areas. As a 
result of these quick actions, the company was able to improve its 
performance in 2008-2009 in spite of economic developments. The EBIT 
margin increased to 9.2%, up from 7.1% a year earlier. Approximately 
19 million euros was spent on research and development in order to 
maintain and expand Miba´s technology leadership.
Investments at a Record Level A total of 43.1 million euros was 
invested within the Miba Group in production capacity and product 
quality (compared with 36 million euros in 2007-2008). Of this 
amount, 30 million euros was invested in Miba´s Austrian facilities.
2008-09 2007-08
Sales   374.6   387.7
EBIT (in million EUR)   34.5    27.6
EBT (in million EUR)    30.9    24.6
Investments in fixed assets (in million EUR)    43.1    36.0
Number of employees (yearly average)    2,855   2,706
Cash flow from operations rose to 61.4 million euros, up from 53.6 
million euros a year earlier. This is essentially the result of an 
increase in operating income. This meant that investments could again
be fully financed out of the company´s own capital resources. The 
57.9% equity ratio underscores Miba´s solid capital structure and 
guarantees financial independence.
Miba had an average of 2,855 employees worldwide in 2008-2009, 
compared with 2,706 the previous year. As of January 31, 2009, the 
reporting date, the headcount totaled 2,825 (up from 2,730 on January
31, 2008). The increase in personnel was chiefly the result of 
capacity expansion measures in the first quarter and affected Miba´s 
Austrian sites primarily. The pronounced deterioration in the 
economic climate that began in the fall of 2008 made it necessary to 
adjust capacities to the market environment very quickly. 
Comprehensive human resources adjustments ranged from the systematic 
reduction of vacation and overtime credits to workforce reduction 
focusing specifically on temporary workers. Short-time working hours 
were subsequently introduced at the plants in Vorchdorf and Roitham, 
although this occurred after the reporting date.
Miba Bearing Group: The Leading Business Unit for the First Time Miba
Bearing Group finished the business year with another record sales 
figure totaling 160.4 million euros. It generated 42.6% of total Miba
Group sales and was therefore the leading business unit for the first
time ever. In target sectors such as heavy-duty commercial vehicles 
and ships, the order levels reached all-time highs due to the huge 
demand for transport capacities. Capacity bottlenecks at all of Miba 
Bearing Group´s sites were a defining feature in 2008 2009. To 
counter this trend, capital investment increased to 20.8 million 
euros from 11.9 million the previous year.
Miba Sinter Group Feels Impact of Slowdown in Automotive Industry In 
accordance with the general economic trend, Miba Sinter Group 
experienced very encouraging growth on into the late summer, posting 
higher figures up to that point than in the same period a year 
earlier. But with the slowdown in the automotive industry in the 
fall, customer call-offs began to decline significantly. Because of 
the sharp drop in demand in the fourth quarter, Miba Sinter Group 
sales in 2008-2009 totaled 135.4 million euros, falling below the 
prior-year level (160 million euros) and accounting for 36% of total 
Miba Group sales revenues. After adjustment for the sintering plant 
in Spain, which was sold in business year 2007-2008, the sales 
deficit was approximately 3%. The drop in demand that began in the 
fall led immediately to the implementation of comprehensive action 
plans at all sintering locations. This primarily involved adjusting 
production capacities through temporary plant shutdowns.
Miba Friction Group Boosts Sales by 9% In spite of a weak fourth 
quarter, Miba Friction Group sales rose to 76.5 million euros, an 
increase of about 9%. This business unit thus generated 20.2% percent
of total Miba sales. Although there was healthy growth in demand in 
the agricultural equipment sector throughout the year, sharp declines
were posted in the automotive and construction equipment segments as 
the year drew to a close.
Outlook: Surviving the Crisis with Permanent Staff Given the current 
economic conditions, the beginning of 2009-2010 has proved to be a 
challenge for Miba. Despite the billions in economic stimulus 
packages in the industrialized countries, Miba´s core markets are not
yet reinvigorated. Current call-off volumes are significantly below 
the prior-year level, depending on the target market and customer, 
and indicate that the sales level will be 25% lower than in 
2008-2009. It is not possible from today´s perspective to give a 
reliable estimate of growth during the current fiscal year. In 
addition, the tendency towards short-term call-offs on the part of 
Miba´s customers increases the complexity of corporate planning. Miba
assumes that there will not be a substantial improvement until 2010 
at the earliest.
Miba has made early preparations in all business units for a 
demanding market environment. Competitive cost structures, a solid 
liquidity base, and highly qualified employees are the crucial 
factors that will enable the company emerge from this recession in 
stronger shape. The goal is to be able to retain most of the 
permanent staff through flexible work schedules and salary models.
The focus in 2009-2010 will be on strengthening sales and R&D 
activities in order to safeguard Miba´s product and technology 
leadership in its core sectors over the long term. With its research 
focus on high-performance, safe and environmentally friendly power 
train technologies, Miba is effectively geared to its customers´ 
requirements.
end of ad-hoc-announcement ==========================================
====================================== The Miba Group With 
headquarters in Laakirchen, Upper Austria, Miba is a strategic 
partner to the international engine and automotive industry. Sintered
components, engine bearings and friction materials for motor 
vehicles, railways, ships, aircraft and power stations are produced 
at eleven sites worldwide. Miba products make vehicles more 
efficient, safer and more environmentally friendly. Miba has around 
2,700 employees, over half of whom work at the Austrian sites in 
Laakirchen, Vorchdorf and Roitham. In the 2008-2009 business year, 
the sales of the listed company amounted to 374.6 million euros with 
earnings before interest and taxes (EBIT) of 34.5 million euros.
end of announcement                               euro adhoc

Further inquiry note:

Susanne Dickstein
Head of Corporate Communications
Tel.: +43/7613/2541-1117
mailto:susanne.dickstein@miba.com

Investoren/Analysten
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

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