10.06.2011
1st Quarter 2011-2012: Miba continues its growth course- Sales soar by 41.5 percent to EUR 138.7 million
- Level of orders reaches peak level of EUR 260 million
- Growth investments at all sites
Miba, strategic partner to the international engine and automotive industry, got an excellent start in the new business year. First quarter sales and level of orders showed very encouraging progress. Consolidated sales in the first quarter 2011-2012 (February 1 to April 30) soared by 41.5 percent in comparison to the same period last year, to EUR 138.7 million. Despite the rise in productivity, earnings before interest and taxes (EBIT) of EUR 13.6 million was only slightly above the level reported in the previous year (EUR 13.5 million).
“Thanks to the positive development of our target markets and our orientation toward high technology, we are able to report tremendous growth in sales in the first quarter. The majority stems from the organic growth, but our new companies have also contributed to sales growth by a third already,” says Peter Mitterbauer, Chairman of the Management Board of the Miba Group. Miba Sinter Group accounted for the largest proportion of Group sales at 38 percent, followed by Miba Bearing Group with 32 percent. Miba Friction Group contributed approximately 20 percent to consolidated sales. Almost ten percent came from the newly established New Technologies Group.
Despite the rise in productivity, EBIT of EUR 13.6 million was only slightly above the level reported in the previous year (EUR 13.5 million). Increasing prices of energy and raw materials as well as currency translation losses had an effect on earnings in the first quarter.
In the first three months of the new business year, Miba invested approximately ten million euro (previous year: EUR 3.8 million). A substantial part of these investments were dedicated to the expansion of production capacities at all sites. As in the past, Miba financed these investments entirely from cash flow from operations and thus from Miba’s own capital resources. Cash flow from operations stood at EUR 12.6 million (previous year: EUR 19.8 million).
Miba secured its financial independence and autonomy through a solid financial structure and its sustained high equity ratio of 54.2 percent (balance sheet date: 54.9 percent).
Peak level in order book
As of April 30, 2011, the level of orders reached a new peak level of EUR 260.0 million, which is almost EUR 40 million higher than the figure reported at the end of the past business year. “Miba is benefitting tremendously from the global upturn. For the business year as a whole, we anticipate consistently strong demand and corresponding full capacity utilization at all of our plants. The challenge is to take the short-term customer requests with a high degree of flexibility,” says Mitterbauer.
More than 280 new employees
As of the April 30, 2011, reporting date, Miba employed 3,580 employees worldwide, 1,800 of which at the Austrian sites. In comparison to the balance sheet date at the end of January, Miba has added 282 new employees to its roster. Approximately half of the personnel build-up took place at the Miba sites in Slovakia. Now, more than 1,000 Mibarians work there. At the Austrian sites, there were almost 80 new jobs created in the first quarter. Miba promotes junior staff from within its own ranks and continuously invests in apprentice training. More than 30 young men and women will start their training in September at the Austrian sites and approximately 15 youth in Slovakia.
Miba relies on proven strategy
In the current year, more than EUR 50 million will be invested in capacity expansion and future growth; of this figure, approximately half is dedicated to the Austrian sites. Miba is present in the growth markets of the USA, China, India and Brazil, and continues to expand its international network. The Company consistently pursues its path of growth, and continues to count on the strategy of maintaining and expanding its leading position in economically attractive, technologically demanding market segments.
- Level of orders reaches peak level of EUR 260 million
- Growth investments at all sites
Miba, strategic partner to the international engine and automotive industry, got an excellent start in the new business year. First quarter sales and level of orders showed very encouraging progress. Consolidated sales in the first quarter 2011-2012 (February 1 to April 30) soared by 41.5 percent in comparison to the same period last year, to EUR 138.7 million. Despite the rise in productivity, earnings before interest and taxes (EBIT) of EUR 13.6 million was only slightly above the level reported in the previous year (EUR 13.5 million).
“Thanks to the positive development of our target markets and our orientation toward high technology, we are able to report tremendous growth in sales in the first quarter. The majority stems from the organic growth, but our new companies have also contributed to sales growth by a third already,” says Peter Mitterbauer, Chairman of the Management Board of the Miba Group. Miba Sinter Group accounted for the largest proportion of Group sales at 38 percent, followed by Miba Bearing Group with 32 percent. Miba Friction Group contributed approximately 20 percent to consolidated sales. Almost ten percent came from the newly established New Technologies Group.
Despite the rise in productivity, EBIT of EUR 13.6 million was only slightly above the level reported in the previous year (EUR 13.5 million). Increasing prices of energy and raw materials as well as currency translation losses had an effect on earnings in the first quarter.
In the first three months of the new business year, Miba invested approximately ten million euro (previous year: EUR 3.8 million). A substantial part of these investments were dedicated to the expansion of production capacities at all sites. As in the past, Miba financed these investments entirely from cash flow from operations and thus from Miba’s own capital resources. Cash flow from operations stood at EUR 12.6 million (previous year: EUR 19.8 million).
Miba secured its financial independence and autonomy through a solid financial structure and its sustained high equity ratio of 54.2 percent (balance sheet date: 54.9 percent).
Peak level in order book
As of April 30, 2011, the level of orders reached a new peak level of EUR 260.0 million, which is almost EUR 40 million higher than the figure reported at the end of the past business year. “Miba is benefitting tremendously from the global upturn. For the business year as a whole, we anticipate consistently strong demand and corresponding full capacity utilization at all of our plants. The challenge is to take the short-term customer requests with a high degree of flexibility,” says Mitterbauer.
| Q1 2011-12 | Q1 2010-11 | Q1 2009-10 | |
| Sales (in EUR million) | 138.7 | 98.0 | 74.3 |
| EBIT (in EUR million) | 13.6 | 13.5 | 1.2 |
| Investments (in EUR million) | 9.9 | 3.8 | 5.1 |
| Number of employees (as of April 30, 2011) | 3,580 | 2,720 | 2,633 |
More than 280 new employees
As of the April 30, 2011, reporting date, Miba employed 3,580 employees worldwide, 1,800 of which at the Austrian sites. In comparison to the balance sheet date at the end of January, Miba has added 282 new employees to its roster. Approximately half of the personnel build-up took place at the Miba sites in Slovakia. Now, more than 1,000 Mibarians work there. At the Austrian sites, there were almost 80 new jobs created in the first quarter. Miba promotes junior staff from within its own ranks and continuously invests in apprentice training. More than 30 young men and women will start their training in September at the Austrian sites and approximately 15 youth in Slovakia.
Miba relies on proven strategy
In the current year, more than EUR 50 million will be invested in capacity expansion and future growth; of this figure, approximately half is dedicated to the Austrian sites. Miba is present in the growth markets of the USA, China, India and Brazil, and continues to expand its international network. The Company consistently pursues its path of growth, and continues to count on the strategy of maintaining and expanding its leading position in economically attractive, technologically demanding market segments.
05.05.2011
Annual Results for 2010-2011: Miba Engine Running at Full Speed- Group sales with EUR 437.2 million significantly above pre-crisis level
- Increases primarily in core business
- EUR 50 million to be invested toward future growth in 2011-2012
In the past business year, Miba – strategic partner of the international engine and automotive industry – has generated Group sales of EUR 437.2 million and thus clearly exceeded pre-crisis level. Growth is primarily derived from Miba’s core business. A new division has been tapped through acquisitions. Over EUR 50 million will be invested into added capacity and future growth; more than half of it into Austrian sites.
“One year after the economic crisis, Miba is in a better position than ever. In a challenging market environment, we were able to achieve significant market share gains in our core segments. Moreover, we made some strategic acquisitions,” says Peter Mitterbauer, Chairman of the Miba Management Board. All this comes as a result of a clear strategic positioning for technological leadership. In the past business year, five percent of sales were again invested into research and development.
Miba has seen an increase in its Group sales 2010-2011 of 40 percent from the previous year to EUR 437.2 million. Thirty-four percent of this growth comes from its core segments of sintered components, engine bearings and friction materials. Another six percent (about EUR 19.1 million) can be attributed to new acquisitions: In April 2010, Miba took over the British coatings specialist Teer Coatings; in September, the Styrian power electronics manufacturers EBG and DAU were acquired. Also in September, Miba took over the friction materials business of the Swiss-based Hoerbiger Group. Along with this takeover, Miba also purchased an Indian site in January 2011: Miba Drivetec India is the first Miba production site in the emerging market India.
Miba taps new division
With the acquisition of EBG and DAU, Miba has entered the field of energy technology and has established a new division, the New Technologies Group. “Power electronics is a key to more efficient drives and plays a decisive role in the area of renewable energies such as wind power,” says Mitterbauer. CEO Norbert Schrüfer, until now CEO of Miba Friction Group, is in charge of the New Technologies Group. F. Peter Mitterbauer has succeeded him in the Miba Friction Group and has been representing this division since February 1, 2011, at the Miba Group Management Board as well.
Profitable growth
The growth of the past business year is also reflected in the Group’s earnings before interests and taxes (EBIT), which has increased to EUR 54.5 million (2009-2010: EUR 16.4 million). This profitable growth can be attributed, on the one hand, to Miba’s leading position in technologically sophisticated and economically attractive market niches. On the other hand, measures are implemented at all sites to increase cost-efficiency in a consistent and sustainable manner.
The Group’s equity ratio has reached 54.9 percent and is an expression of Miba Group’s solid capital and financial structure. Cash flow from operations amounted to EUR 65.8 million, which Miba again used to finance its investments in tangible assets entirely from its own means. These investments amounted to EUR 34.3 million (previous year: EUR 19.3 million); approximately one third of it went into further development of the Austrian sites.
One quarter more employees
As of the balance sheet date of January 31, 2011, Miba had about 3,300 employees at 20 sites worldwide. This is an increase of slightly more than 25 percent compared with the previous year. The buildup of employees is a result of increased post-crisis demand in Miba’s sales markets as well as of new business acquisitions. In late March 2011, Miba already employed as many as 3,600 people; more than half of them work at the Austrian Miba sites. Miba is an attractive employer who offers interesting career opportunities, among other things, through professional apprenticeships. As of January 31, 2011, 118 apprentices were employed at the Austrian and 36 apprentices at the Slovakian sites. “Our employees are the engine of our success. With their dedication, innovative energy and their understanding of quality and service, they contribute significantly to Miba’s growth,” says Mitterbauer.
Outlook: Sales of over EUR 500 million
“We have made a crucial step toward our vision ‘No power train without Miba technology’ and we will continue on our path of profitable growth,” states Mitterbauer. In the first quarter of the current business year, vigorous ongoing growth was registered in all markets. Miba expects that this growth will lead to sales of more than half a billion euro based on satisfactory earnings.
- Increases primarily in core business
- EUR 50 million to be invested toward future growth in 2011-2012
In the past business year, Miba – strategic partner of the international engine and automotive industry – has generated Group sales of EUR 437.2 million and thus clearly exceeded pre-crisis level. Growth is primarily derived from Miba’s core business. A new division has been tapped through acquisitions. Over EUR 50 million will be invested into added capacity and future growth; more than half of it into Austrian sites.
“One year after the economic crisis, Miba is in a better position than ever. In a challenging market environment, we were able to achieve significant market share gains in our core segments. Moreover, we made some strategic acquisitions,” says Peter Mitterbauer, Chairman of the Miba Management Board. All this comes as a result of a clear strategic positioning for technological leadership. In the past business year, five percent of sales were again invested into research and development.
Miba has seen an increase in its Group sales 2010-2011 of 40 percent from the previous year to EUR 437.2 million. Thirty-four percent of this growth comes from its core segments of sintered components, engine bearings and friction materials. Another six percent (about EUR 19.1 million) can be attributed to new acquisitions: In April 2010, Miba took over the British coatings specialist Teer Coatings; in September, the Styrian power electronics manufacturers EBG and DAU were acquired. Also in September, Miba took over the friction materials business of the Swiss-based Hoerbiger Group. Along with this takeover, Miba also purchased an Indian site in January 2011: Miba Drivetec India is the first Miba production site in the emerging market India.
Miba taps new division
With the acquisition of EBG and DAU, Miba has entered the field of energy technology and has established a new division, the New Technologies Group. “Power electronics is a key to more efficient drives and plays a decisive role in the area of renewable energies such as wind power,” says Mitterbauer. CEO Norbert Schrüfer, until now CEO of Miba Friction Group, is in charge of the New Technologies Group. F. Peter Mitterbauer has succeeded him in the Miba Friction Group and has been representing this division since February 1, 2011, at the Miba Group Management Board as well.
Profitable growth
The growth of the past business year is also reflected in the Group’s earnings before interests and taxes (EBIT), which has increased to EUR 54.5 million (2009-2010: EUR 16.4 million). This profitable growth can be attributed, on the one hand, to Miba’s leading position in technologically sophisticated and economically attractive market niches. On the other hand, measures are implemented at all sites to increase cost-efficiency in a consistent and sustainable manner.
The Group’s equity ratio has reached 54.9 percent and is an expression of Miba Group’s solid capital and financial structure. Cash flow from operations amounted to EUR 65.8 million, which Miba again used to finance its investments in tangible assets entirely from its own means. These investments amounted to EUR 34.3 million (previous year: EUR 19.3 million); approximately one third of it went into further development of the Austrian sites.
One quarter more employees
As of the balance sheet date of January 31, 2011, Miba had about 3,300 employees at 20 sites worldwide. This is an increase of slightly more than 25 percent compared with the previous year. The buildup of employees is a result of increased post-crisis demand in Miba’s sales markets as well as of new business acquisitions. In late March 2011, Miba already employed as many as 3,600 people; more than half of them work at the Austrian Miba sites. Miba is an attractive employer who offers interesting career opportunities, among other things, through professional apprenticeships. As of January 31, 2011, 118 apprentices were employed at the Austrian and 36 apprentices at the Slovakian sites. “Our employees are the engine of our success. With their dedication, innovative energy and their understanding of quality and service, they contribute significantly to Miba’s growth,” says Mitterbauer.
Outlook: Sales of over EUR 500 million
“We have made a crucial step toward our vision ‘No power train without Miba technology’ and we will continue on our path of profitable growth,” states Mitterbauer. In the first quarter of the current business year, vigorous ongoing growth was registered in all markets. Miba expects that this growth will lead to sales of more than half a billion euro based on satisfactory earnings.
| 2010-11 | 2009-10 | |
| Sales (in million €) | 437.2 | 311.8 |
| EBIT (in million €) | 54.5 | 16.4 |
| Investments in tangible assets (in million €) | 34.3 | 19.3 |
| Investments in R&D (in million €) | 22.6 | 18.7 |
| Number of employees (as of 31.1.) | 3,298 | 2,620 |
01.02.2011
Miba AG expands Management Board - Norbert Schrüfer will be appointed CEO of the new Miba division, New Technologies Group as of February 1, 2011
- F. Peter Mitterbauer, Jr., will take over the position of CEO of the Miba Friction Group and will move up to the Management Board of Miba AG
- With the beginning of the 2011/12 business year, the Miba AG Management Board will consist of five persons
As of February 1, 2011, Norbert Schrüfer will be appointed CEO of Miba‘s new division, New Technologies Group. With the takeover of the Styrian manufacturers of performance electronics components, EBG and DAU, Miba has entered a new technology field and has established an additional division. The New Technologies Group will be the center of excellence for the further development of new technologies and business fields of Miba.
Concurrently, F. Peter Mitterbauer moves up to the Management Board of Miba AG. He will become CEO of the Miba Friction Group. Born in 1975, he is the grandson of company founder Franz Mitterbauer and has studied mechanical engineering and economics in Vienna. Following several professional stations at an automotive supplier and a producer of consumer goods, he accomplished an MBA program at Insead Business School in Fontainebleau and Singapore. In 2006 he began to work in the family company, where initially he was in charge of the creation and development of the Asian market on behalf of Miba in China. In 2008, he returned to Austria as Managing Director Sales & Marketing of the Miba Friction Group.
With the beginning of the 2011/12 business year, the Miba AG Management Board will consist of five persons. Peter Mitterbauer, Sr., will remain Chairman of the Management Board and CFO. Wolfgang Litzlbauer will continue to represent the Miba Bearing Group and the Coatings Division at the Board. Harald Neubert is CEO of the Miba Sinter Group. Norbert Schrüfer represents the new division, New Technologies Group, at the Board, and F. Peter Mitterbauer is the newly appointed CEO of the Miba Friction Group.
- F. Peter Mitterbauer, Jr., will take over the position of CEO of the Miba Friction Group and will move up to the Management Board of Miba AG
- With the beginning of the 2011/12 business year, the Miba AG Management Board will consist of five persons
As of February 1, 2011, Norbert Schrüfer will be appointed CEO of Miba‘s new division, New Technologies Group. With the takeover of the Styrian manufacturers of performance electronics components, EBG and DAU, Miba has entered a new technology field and has established an additional division. The New Technologies Group will be the center of excellence for the further development of new technologies and business fields of Miba.
Concurrently, F. Peter Mitterbauer moves up to the Management Board of Miba AG. He will become CEO of the Miba Friction Group. Born in 1975, he is the grandson of company founder Franz Mitterbauer and has studied mechanical engineering and economics in Vienna. Following several professional stations at an automotive supplier and a producer of consumer goods, he accomplished an MBA program at Insead Business School in Fontainebleau and Singapore. In 2006 he began to work in the family company, where initially he was in charge of the creation and development of the Asian market on behalf of Miba in China. In 2008, he returned to Austria as Managing Director Sales & Marketing of the Miba Friction Group.
With the beginning of the 2011/12 business year, the Miba AG Management Board will consist of five persons. Peter Mitterbauer, Sr., will remain Chairman of the Management Board and CFO. Wolfgang Litzlbauer will continue to represent the Miba Bearing Group and the Coatings Division at the Board. Harald Neubert is CEO of the Miba Sinter Group. Norbert Schrüfer represents the new division, New Technologies Group, at the Board, and F. Peter Mitterbauer is the newly appointed CEO of the Miba Friction Group.
01.02.2011
Miba enters into a Joint Venture with an Indian Sintered Components Manufacturer - Miba Sinter Group expands its global network with a manufacturing facility in India.
- The Joint Venture between Miba and Maxtech Sintered Product Pvt. Ltd. will provide Indian and International Car Manufacturers and Suppliers with high-tech sintered components.
- Miba’s advanced powder metal technology and expertise is now available in India.
Miba, a strategic development partner of the international engine and automotive industry based in Laakirchen, Upper Austria, is taking a minority share in the Sintered Components Manufacturer, Maxtech Sintered Product Pvt. Ltd. (MSPPL) in Pune, India effective February 1, 2011.
Maxtech Sintered Product Pvt. Ltd. Located in Pune, India employs 80 people and produces sintered components for automotive engines and transmissions as well as stainless steel components for exhaust applications.
“The cooperation in India expands our global network and provides our customers with Miba’s technology and best possible support through local product development and production. With this investment, we want to foster our strength in innovation and competitiveness of our customers,” says Harald Neubert, CEO of the Miba Sinter Group.
Miba will transfer its latest powder metal technology to Maxtech Sintered Product and will localize production of components currently imported to India from Europe. The first technology transfer and localization projects are already underway.
Miba will provide global sales and engineering support for MPSSL’s stainless steel products, which are used in high-performance exhaust systems.
Growth Market India
India is a fast growing automotive market. More than 3 million new cars were sold in India last year; most of them produced locally. The market is forecasted for double-digit growth in the coming years.
Miba enters this growth market with a local production site close to its largest global customers, who are already producing engines and transmissions in India, or plan to do so shortly. Customers of MSPPL will benefit from Miba technology made available locally.
With manufacturing sites in Austria, Slovakia, China, USA, Brazil and India, Miba Sinter Group is a global development partner to the automotive industry, and is the technology leader in Powder Metal applications. Sintered components from Miba are high-precision, high-strength components produced using the most advanced process technology. They are used in passenger car engines, transmissions, steering and exhaust systems.
“Together with the technology leader Miba, we are able to provide our customers with even more competitive solutions in powder metal,” says Jignesh Raval, Managing Director of MSPPL.
- The Joint Venture between Miba and Maxtech Sintered Product Pvt. Ltd. will provide Indian and International Car Manufacturers and Suppliers with high-tech sintered components.
- Miba’s advanced powder metal technology and expertise is now available in India.
Miba, a strategic development partner of the international engine and automotive industry based in Laakirchen, Upper Austria, is taking a minority share in the Sintered Components Manufacturer, Maxtech Sintered Product Pvt. Ltd. (MSPPL) in Pune, India effective February 1, 2011.
Maxtech Sintered Product Pvt. Ltd. Located in Pune, India employs 80 people and produces sintered components for automotive engines and transmissions as well as stainless steel components for exhaust applications.
“The cooperation in India expands our global network and provides our customers with Miba’s technology and best possible support through local product development and production. With this investment, we want to foster our strength in innovation and competitiveness of our customers,” says Harald Neubert, CEO of the Miba Sinter Group.
Miba will transfer its latest powder metal technology to Maxtech Sintered Product and will localize production of components currently imported to India from Europe. The first technology transfer and localization projects are already underway.
Miba will provide global sales and engineering support for MPSSL’s stainless steel products, which are used in high-performance exhaust systems.
Growth Market India
India is a fast growing automotive market. More than 3 million new cars were sold in India last year; most of them produced locally. The market is forecasted for double-digit growth in the coming years.
Miba enters this growth market with a local production site close to its largest global customers, who are already producing engines and transmissions in India, or plan to do so shortly. Customers of MSPPL will benefit from Miba technology made available locally.
With manufacturing sites in Austria, Slovakia, China, USA, Brazil and India, Miba Sinter Group is a global development partner to the automotive industry, and is the technology leader in Powder Metal applications. Sintered components from Miba are high-precision, high-strength components produced using the most advanced process technology. They are used in passenger car engines, transmissions, steering and exhaust systems.
“Together with the technology leader Miba, we are able to provide our customers with even more competitive solutions in powder metal,” says Jignesh Raval, Managing Director of MSPPL.
10.12.2010
Miba increases both sales and earnings in the first three quarters of the year- At EUR 313.7 million, 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
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 also represented a new record, which is 35.8 percent higher than the figure as of the end of the previous business year.
Number of employees jumps by 20 percent
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”.
- Earnings before interest and taxes (EBIT) rise to EUR 41.1 million
- Number of employees of the Miba Group up by 20 percent
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 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 (in EUR million) | 22.1 | 10.8 |
| Number of employees (as of October 31) | 3,148 | 2,621 |
Number of employees jumps by 20 percent
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”.
14.09.2010
Miba takes over business division Off-road of HOERBIGER - Miba continues to focus on its expansion strategy and takes over HOERBIGER Drive Technology’s friction lining business for off-road vehicles
- Miba strengthens its global presence in friction linings, a strategic core segment
- Miba Friction Group grows by more than half and reaches a global leading market position in the segment Off-road
- Incremental relocation of production to Miba sites is to begin in early 2011 and creates more than 100 new jobs
Miba and HOERBIGER agreed to gradually transfer the off-road vehicle business of HOERBIGER Drive Technology to Miba beginning January 1, 2011. Over the course of the 2011 business year, production of friction discs for off-road vehicles is to be handed over from Schongau, Germany to Miba sites in Austria and Slovakia step by step. Miba takes over HOERBIGER Drive Technology Pvt. Ltd. in Pune, India, on January 1, 2011.
“With the takeover of HOERBIGER’s friction lining production, Miba is continuing its successful expansion. We are growing in one of our strategic core areas, friction, and we are joining together the activities of two experienced partners. The new site in India expands Miba’s global network, providing our customers with the best possible support through local production,” says Peter Mitterbauer, Miba CEO. Miba Friction Group grows by more than half and reaches a global leading market position in the strategic segment Off-road.
For more than 30 years, Miba Friction Group has been a development partner and supplier of high-performance friction linings for the international motor vehicle and machinery industry. Friction linings are the decisive factor in the performance of vehicle clutches and brakes, and serve to optimize speed and power. In the area of off-road vehicles, friction linings are used in clutch and brake systems in construction machinery, tractors, marine vessels and special-purpose vehicles. Miba Friction Group operates four sites, located in Roitham, Austria; Vráble, Slovakia; Sterling Heights, Michigan, USA; and Pune, India.
The takeover of HOERBIGER Drive Technology machinery and equipment as well as their relocation from Schongau, Germany, to the Miba sites in Roitham and Vráble, is to take place gradually beginning in January 2011. In the medium term, Miba creates more than 100 new jobs on the two sites. The Miba Friction Group presently has 560 employees.
“A professional relocation project being carried out by two experienced and reliable companies will ensure that our customers are continuously provided with technologically sophisticated friction systems,” says Peter Mitterbauer. Miba and HOERBIGER share the same high standards of quality and supply capacity. By bringing together the know-how as well as development and production skills of two longstanding successful companies in the area of friction systems, Miba offers its customers an even more comprehensive global service in the future.
- Miba strengthens its global presence in friction linings, a strategic core segment
- Miba Friction Group grows by more than half and reaches a global leading market position in the segment Off-road
- Incremental relocation of production to Miba sites is to begin in early 2011 and creates more than 100 new jobs
Miba and HOERBIGER agreed to gradually transfer the off-road vehicle business of HOERBIGER Drive Technology to Miba beginning January 1, 2011. Over the course of the 2011 business year, production of friction discs for off-road vehicles is to be handed over from Schongau, Germany to Miba sites in Austria and Slovakia step by step. Miba takes over HOERBIGER Drive Technology Pvt. Ltd. in Pune, India, on January 1, 2011.
“With the takeover of HOERBIGER’s friction lining production, Miba is continuing its successful expansion. We are growing in one of our strategic core areas, friction, and we are joining together the activities of two experienced partners. The new site in India expands Miba’s global network, providing our customers with the best possible support through local production,” says Peter Mitterbauer, Miba CEO. Miba Friction Group grows by more than half and reaches a global leading market position in the strategic segment Off-road.
For more than 30 years, Miba Friction Group has been a development partner and supplier of high-performance friction linings for the international motor vehicle and machinery industry. Friction linings are the decisive factor in the performance of vehicle clutches and brakes, and serve to optimize speed and power. In the area of off-road vehicles, friction linings are used in clutch and brake systems in construction machinery, tractors, marine vessels and special-purpose vehicles. Miba Friction Group operates four sites, located in Roitham, Austria; Vráble, Slovakia; Sterling Heights, Michigan, USA; and Pune, India.
The takeover of HOERBIGER Drive Technology machinery and equipment as well as their relocation from Schongau, Germany, to the Miba sites in Roitham and Vráble, is to take place gradually beginning in January 2011. In the medium term, Miba creates more than 100 new jobs on the two sites. The Miba Friction Group presently has 560 employees.
“A professional relocation project being carried out by two experienced and reliable companies will ensure that our customers are continuously provided with technologically sophisticated friction systems,” says Peter Mitterbauer. Miba and HOERBIGER share the same high standards of quality and supply capacity. By bringing together the know-how as well as development and production skills of two longstanding successful companies in the area of friction systems, Miba offers its customers an even more comprehensive global service in the future.