Miba Aktiengesellschaft

EANS-Adhoc: Miba Aktiengesellschaft
Miba increases both sales and earnings in the first three quarters of the year

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9-month report

10.12.2010

Miba increases both sales and earnings in the first three quarters of the year

@@start.t2@@- At EUR 313.7 million, half-year revenue is up 37 percent from the previous
         year
      - Earnings before interest and taxes (EBIT) rise to EUR 41.1 million
      - Number of employees of the Miba Group up by 20 percent@@end@@

In the first three quarters of the current business year 2010-2011 (February 1 to October 31), Miba, strategic partner to the international engine and automotive industry, generated Group sales in the amount of EUR 313.7 million. This means an increase of 37.4 percent compared to the same period in the previous year. Earnings before interest and taxes (EBIT) also reflected the economic upturn, totaling EUR 41.1 million (compared to EUR 5.4 million in the previous year). At 13.1 percent, the EBIT margin stands well above the industry average.

Miba has  emerged  from  the  crisis  stronger  than  before  and   continues  to consistently implement its growth strategy. After the takeover  of  the  British coatings specialist Teer Coatings (TCL) in the  first  quarter,  in  the  third quarter, Miba entered the technology field of  power  electronics  by  acquiring the Styrian companies EBG and DAU. The takeover of Hoerbiger´s  friction  lining business for off-highway applications as of January 1, 2011,  will   mean  growth for Miba in the strategic core segment  of  friction.   "Our  corporate  goal  is profitable growth, and we have utilized the opportunities  on  the  markets  to achieve it. Miba is growing both in its core  segments  and  in  new  technology fields. Our engines are on full speed ahead," says Peter  Mitterbauer,  Chairman and CEO of Miba.

Last year´s total sales volume has already been surpassed Sales and earnings during the first  nine  months  of  the  year  reflected   the positive economic development in Miba´s target markets. At  EUR   313.7  million, sales were 37.4 percent or EUR 85.4 million higher than the same period  in  the previous year. Thus, sales during  the first  three  quarters  of  the  current business year have already topped last year´s total annual  sales.  Compared  to 2008, the year prior to the economic crisis, Group sales  revenue  rose  by  EUR 15.7 million or 5.3 percent.

At EUR 41.1 million, earnings before interest and taxes (EBIT) reached the  best value in the company´s history. All Miba business segments contributed  to  this increase. The EBIT margin of 13.1 percent was well above the industry average.

As of the reporting date October 31, 2010, the order level of EUR 192.3  million

@@start.t3@@also represented a new record, which is 35.8 percent higher than the  figure  as of the end of the previous business year.


|                                            |Q1-Q3 2010-11                |Q1-Q3 2009-10            |
|Sales (in EUR million)         |313.7                            |228.3                         |
|EBIT (in EUR million)          |41.1                              |5.4                            |
|Investments in fixed assets |22.1                              |10.8                          |
|(in EUR million)                  |                                    |                                 |
|Number of employees (as of  |3,148                            |2,621                         |
|October 31)                          |                                    |                                 |

Number of employees jumps by 20 percent@@end@@

As of the reporting date of October 31, 2010, employee headcount  for the  Miba Group worldwide was 3,148. This figure represents an increase  of  20.2  percent or  527  employees  in  comparison  to   the  previous  year.  Adjusted  for  the acquisitions, the increase in staff took place largely at Miba´s foreign  sites, above all in Slovakia.

For many years, Miba has been a reliable provider of apprenticeship training  in the region. The training center at company headquarters in  Laakirchen  is  not the only place where Miba is training young people.  Miba  has  had  a  training program in Slovakia for a   number  of  years.  By  investing  in  the  qualified specialists of tomorrow, the company will be able  to  draw  junior  staff  from within its own ranks. As  of  October  31,  2010,  149  apprentices   were  being trained  in  the  Miba  Group  (140  in  the  previous   year).  Currently,    114 apprentices are being trained at Austrian sites, while at  Slovakian  sites,  35 young people are undergoing training.

Investments financed from Miba´s own capital resources In the first three quarters, capital expenditures in property, plant and equipment came to EUR 22.1 million (previous year: EUR 10.8 million) and were funded entirely through cash flow from operations (EUR 66.9 million).

Free cash flow (cash flow from operations minus cash flow from investment activities) totaled EUR 17.3 million or 5.5 percent of sales and contributed to the increase of net cash.

Net cash went up since the last reporting date on January 31, 2010, by EUR  14.3 million to EUR 21.4 million. Group equity rose since the last reporting date  on January 31, 2010, by EUR 32.2 million to EUR 239.0  million.  Thus,  the  equity ratio was at 55.2 percent.   Together  with  a  robust  financing  structure,  it ensures the financial autonomy and independence of the Miba Group.

Managing the economic recovery and shaping our future

We anticipate a stable and high production level in all segments  for the  rest of the year. However, customers´ order call-offs can be at very  short  notice, and cost pressure is mounting. "As quickly as the markets went into a  tailspin, so rapid is the recovery now. We now need to manage this  uptrend  successfully, retaining as much flexibility as possible in order to be able to  react  in  the short term  to  customers´  requirements,"  explains  Chairman  and  CEO   Peter Mitterbauer.

In the coming months, continuing integration of  the  newly  acquired companies EBG and DAU into the Miba Group will be particularly important.    Miba  Friction Group is working hard on the preparations for  the  takeover  of  the  friction lining business from Hoerbiger. Machinery and equipment will be  relocated  from Hoerbiger in Germany to Miba sites  in  Roitham  and  Vráble,  which  will  mean significant growth for both sites.

Miba is future-oriented. Expansion into new  business  fields  is   complementing growth in our core segments  and  is  helping  Miba  to achieve  the  ambitious targets set forth in the corporate vision statement "Miba 2015".

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@@start.t4@@================================================================================ The Miba Group

With headquarters in Laakirchen, Upper Austria, Miba is a strategic partner to@@end@@

the international engine and automotive industry. Sintered components, engine bearings, friction materials, coatings and power electronics components for motor vehicles, railways, ships, aircraft and power stations are produced at 16 sites worldwide. Miba products make vehicles more efficient, safer and more environmentally friendly. Miba has around 3.000 employees, over half of whom work at the Austrian sites in Laakirchen, Vorchdorf and Roitham. In the 2009- 2010 business year, sales of the listed company totaled EUR 311.8 million with an operating result (EBIT) of EUR16.4 million.

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Further inquiry note: Mag. Eva Almhofer-Amering Corporate Communications Tel.: +43/7613/2541-1117 mailto: eva.almhofer@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:  Wien / official market



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