CEO Peter Mitterbauer has been honoured by the University of Graz for his outstanding technical and economic efforts.

Peter Mitterbauer, born in 1942, has been studying mechanical engineering and business administration at the Universities of Graz and Vienna. After studies in the US, Mitterbauer joined Miba in 1969 - heading the company now for more than twenty years. Since then he has formed Miba into a technological leader and strategic partner of the international engine and vehicle industry.

Miba, a strategic partner to the international engine and automotive industry, lends a helping hand to the victims of the flood catastrophe in South-East Asia. A total of 50,000 Euros was donated for the reconstruction work in the region affected. The lion's share was given to children in need. One of the projects supported by Miba is the SOS Children's Villages in Indonesia.

The Austrian Miba group, strategic partner and supplier to the international engine and vehicle industry, increased its sales in the first three quarters of the fiscal year 2004/05 (February to October) by nine percent in comparison to the previous year to € 244.46 million. The earnings before tax (EBT) of the group which operates at global level and has its headquarters in Laakirchen increased in the same period from € 16.6 to 17.3 million.

The most important markets for Miba proved to be stable. However, no perceptible recovery was recorded by the markets nor, in particular, by the European automobile industry. 50.1% of the group sales were accounted for by Miba’s largest division, the Sinter Group. Despite selling the site in Turin as of 31.7, the Sinter Group was able to raise its sales in the third quarter by 7%. This increase in market share can be explained by the opening up of new markets for new applications based on sintering technology. The strongest growth was recorded by the second largest division of Miba, the Bearings Group. In the engine bearings business, Miba was able to increase its sales in the third quarter alone by 22 percent. The US market in particular developed quite significantly. The two largest American engine manufacturers for locomotives will exclusively use engine bearings from Miba as of 2005. The third division of Miba, the Friction Group, was also able to record increases: in the friction linings sector sales in the third quarter were slightly above the previous year’s level (plus 2%). The export business of the Friction Group in the USA was impaired by the decline in the US dollar.

The Miba group with its headquarters in Laakirchen, Austria, is the strategic technological partner of the international engine and vehicle industry. Sintered components, engine bearings and friction linings are produced in nine sites around the globe. Miba’s technologies make vehicles, trains, ships, aircraft and power stations more powerful, safer and more environmentally-friendly. Miba employs around 2,500 employees half of whom work in the three Austrian sites in Laakirchen, Vorchdorf and Roitham. The sales of the quoted company last totaled € 294.4 million, with earnings before tax (EBT) of € 21.6 million.

Ramon Marcet is the new Site Manager of Miba Sinter Spain in Ripollet as of November 2004. Marcet has a wealth of experience in industry last serving as Managing Director for a German company. He is a trained technician and speaks both Spanish and English.

Miba is optimising its site concept for the production of steel lamellas to further extend its market position in Europe. To this end a new plant is being built in Vráble in Slovakia. Following the start-up, production at Miba Tyzack in Sheffield is to be discontinued. „The construction of a new and highly efficient site will secure the long-term supply of high-quality products to our customers”, the Chairman of the Board, Peter Mitterbauer, comments. Last week the Supervisory Board of Miba approved the construction of a modern production plant for steel lamellas in Vráble which is 100 kilometres from Bratislava. The steel lamellas for couplers and brake linings are used in heavy-duty vehicles such as in trucks, tractors and construction machines. The plan is for the new factory in Slovakia, which will employ a staff of 150, to be running to full capacity by the end of 2006. The Miba Tyzack site in Sheffield will then be closed down. The closure of Miba Tyzack can be explained by the constant fluctuations in the exchange rate in Great Britain which have a negative impact on business. The limited possibilities for expansion at the 200 year old site, located at the centre of Sheffield, are another reason for this decision. The members of staff affected at the Sheffield site have been informed of the company’s plans. A social plan is currently being prepared for them.

The Miba group, with its headquarters in Laakirchen, was able to considerably increase its sales in the first half of 2004/05. Sales increased quite considerably compared to the given period in the preceding year by around ten percent to € 166.6 million. The profit on ordinary activities rose in the first half of the year from € 12.6 to 15.9 million. The Miba group benefited from the recovery in the economy which had an impact on all the markets in which the group sells its products. The greatest demand came from the Far East. In Europe there were signs of recovery amongst automobile manufacturers in the first half of the year. On the other hand, the weak US dollar in comparison to the preceding year, and the tense situation with regard to markets for raw materials were negative factors.

The Miba group, which is listed on the Stock Exchange, is a strategic partner and supplier to the international engine and vehicle industry with nine sites around the globe. In the first half of the year around half of the sales (50.9 %) were generated by the Sinter Group in comparison to 32.7 by the Bearings Group and 16.4% by the Friction Group. On the reporting date (31 July 2004) the Miba group employed a staff of 2,577 half of whom work at the three Austrian sites in Laakirchen, Vorchdorf and Roitham.

Gabriele Schwarzer (41) is the new Vice President Human Capital at Miba Group. Schwarzer studied communication sciences and gained many years of experience in the field of personnel management working for an international pharmaceuticals company. She commenced her activities on behalf of the Miba group as of August of this year. She is responsible for the implementation of the HC concept for the group as a whole and for the further development of HC activities at all Miba sites.

As of 31 July 2004 the Miba group will sell its site in Turin to Giovanni Malvassora who is currently managing director of the Miba subsidiary in Italy, Merisinter. „Thus we are pursuing our strategy in the sintering field with persistence, to concentrate on large series and complex parts“, Peter Mitterbauer, company chairman, comments.

The share of sales affected by this management buy-out accounts for some two percent of the group sales of Miba. The share of employees amounts to around five percent whereby the staff of Mersinter will be taken over by Malvassora almost in their entirety. Both parties have agreed to observe silence regarding the sum of the transaction.

The Miba site in Turin, which belongs to the sintered components division, specialises in the production of small parts and series. The strategic focus of the Miba Sinter group is, however, on large series and complex parts for the European automobile industry of a technological standard constantly on the rise.

The Miba group, with its headquarters in Laakirchen, is a strategic partner and supplier to the international engine and vehicle industry. In ten different sites around the globe around 2500 employees produce sintered components, engine bearings and friction materials. In the fiscal year under review (as of 31.1.2004) the Miba group recorded annual sales of € 294.4 million and earnings before tax (EBT) of € 21.6 million.

This year again the Upper-Austrian Economic Chamber honoured the best industrial apprentices in Upper-Austria. This year’s winners include Michael Krös from Miba Gleitlager GmbH in Laakirchen. He was successful in the professional category for production technicians. Another apprentice from Miba, Daniel Zauner, also emerged a winner in this category. In all 634 apprentices from 100 industrial companies took part in the competition.

Of the 22 apprentices of the Miba group who demonstrated their skills at the apprentice competition eight were awarded the mark „very good“ and twelve „good“. With an average overall number of points of 83, the Miba group is clearly above the average for the province as a whole and is thus one of the most successful companies in Upper-Austria offering apprentice training. „The marks obtained by the apprentices from Miba demonstrate that we can completely rely on the next generation. Our young employees are on the right track and will, without a doubt, make an important contribution towards the success of our company in the future“, Stefan Walther, manager for training, comments.

The Miba group, with its headquarters in Laakirchen, is a strategic partner and supplier to the international engine and vehicle industry. At ten different sites around the globe around 2500 employees produce sintered components, engine bearings and friction materials.

The Miba Group got off to a good start in the new business year 2004/05 with an increase in sales of almost six percent. In the first quarter group sales totalled (from 1 February to 30 April) around € 81 million. The increase was even clearer with regard to the profit on ordinary activities which rose from € 6.2 to 7.5 million. The cash-flow from operations rose from € 10.3 to 14.2 million. This positive development can be explained by the perceptible recovery in the markets of most importance to the global supplier of the vehicle and engine industry.

„The production figures of the European automobile industry increased in the first quarter of the ongoing business year for the first time for more than two years. And at the same time many other markets such as the heavy-duty vehicle, truck and construction machinery industry are beginning to show signs of a recovery“, Peter Mitterbauer, the Chairman of Miba AG, comments. The group, which is listed on the Stock Exchange, made more than 50% of its turnover in branches other than the automobile industry. The Miba Sinter Group is the group division with the highest sales with a share of 51% followed by the engine bearing specialists, the Miba Bearing Group, with 31%. The Miba Friction Group, which officially opened its new factory in Roitham, Upper-Austria, in May, accounts for around 17%.

Changes at managerial level Resolutions were passed at yesterday’s meeting of the Supervisory Board with regard to changes at managerial level within the Miba group which had been planned for some time. As of 15 June Dr. Norbert Schrüfer assumed the function of Chief Executive Officer (CEO) of Miba Sinter Holding GmbH. He is taking over from Siegfried Dapoz, who can now concentrate fully on his task as Chief Financial Officer (CFO) of the Miba group. Schrüfer’s previous function as CEO of the Miba Bearing Group has now been assigned to Dr. Wolfgang Litzlbauer who is now also a member of the Board of Miba AG.

Miba Sinter Group – increases in sales despite the difficult situation on the market Despite current difficulties in the market, the Miba Sinter Group was able to increase its sales by around 5% in comparison to the period under review in the preceding year. On the one hand this can be explained by the group’s greater market presence as a result of the new organisational structure and on the other hand by the series start of new product developments. In the first four months of 2004, production in the automobile industry in Europe rose compared to the previous year by around 1.7%. Production in Western Europe fell by some 2% whereas production in Central East Europe rose quite considerably.

Miba Bearing Group – going strong in the Far East The Miba Bearing Group recorded sales slightly higher than the figures targeted and quite clearly higher than in the previous year. The greatest increases were recorded by Miba Far East. In the Far East business developed even better than had been anticipated by Miba Far East in Singapore. The Chinese market grew in accordance with expectations.

Miba Friction Group – an excellent start in the new business year In the first quarter of this business year the Miba Friction Group was able to record very good sales figures. These were above target and substantially higher than the figures for the same period in the preceding business year. Despite the weakness of the US dollar it was possible to improve sales in the NAFTA area quite considerably. Greater demand was also perceptible in the Far East. The new site in Roitham has been operating fully since the beginning of the year. Substantial product optimisations have been realised thanks to the new organisation of production as a whole and the new process-oriented organisation of the company.

Forecast – upswing expected In the current business year the Miba group expects the positive trend to continue and thus anticipates a further upswing in the markets in which it operates. Even if the US dollar exchange rate continues to be unfavourable, Miba will, as in the past, still be able to record solid growth. At the current moment in time the Miba group anticipates an increase in sales of at least five percent. It is still difficult to judge how the price of start materials will develop. The medium-term - and very ambitious - investment programme will be continued in the ongoing business year totalling more than € 30 million. The introduction of new technologies, the series start of new parts and last but not least the excellent members of staff all give the group a solid basis to meet the challenges of the business year 2004/2005.

As of 1 June 2004 Susanne Dickstein (29 years old) has been in charge of corporate communications at Miba AG with its headquarters in Laakirchen. She succeeds Katharina Turski who was responsible for corporate communications at the global suppliers to the international engine and vehicle industry for the last two years.

After studying international trade at the Johannes Kepler University in Linz, Susanne Dickstein worked for the Austrian newspaper “Oberösterreichische Nachrichten” for six years in the editorial office for economic affairs. At Miba AG Ms Dickstein, who comes from Linz, is responsible for external and internal communications. Her work will focus on intensifying communication with and between the ten international sites of the Miba Group.

The opening of the new factory of Miba Frictec GmbH in Roitham marks the beginning of a new chapter in the history of this, the youngest business division of Miba. Technological leadership, giving utmost importance to the wishes and needs of customers, highly motivated and committed members of staff and an amazing performance in terms of the building work, all paved the way for this. „In our new production and development centre we have left nothing to chance. We did not simply erect a new factory in the open countryside but rather one of the major considerations was to create the strongest possible link between production, research and development as well as sales. The transparent method of construction guarantees optimum communication between these different areas. This in turn creates an enormous potential for each and every employee to be better informed thus it promotes autonomy and the awareness of how important each individual employee is in the process as a whole“, Peter Mitterbauer, Chairman of the Board of Miba AG, explains.

Miba Frictec in Roitham is a clear indication of the goals which the friction material experts from the Miba group have set themselves for the years to come. „In the past we invested enormously in the research and development of new products thereby achieving an important technological advantage over our competitors. Now we are called upon to maintain this and build on it. We are definitely on the right track and this is demonstrated by the fact that the new production lines, which were purchased only six months ago, are already being used to capacity and in the course of the last months we have taken on around 40 additional members of staff in Roitham“, Alfred Hörtenhuber, CEO of the Miba Friction Group, explains.

Carbon composite friction materials, which withstand extremely high loads and, therefore, have a much longer service life and above all guarantee quiet running at a very high level, are one of the many innovations to have emerged in the recent past. Leading manufacturers of luxury off-the-road vehicles trust in the products of the Miba Friction Group when it comes to their all-wheel technology. The brakes in the fastest trains in the world – such as the ICE in Germany – operate gently and reliably with Miba friction materials from Upper-Austria. Miba friction materials are, however, also used in a host of other applications such as in the landing flaps of Boing and Airbus planes or in construction machines and tractors, brakes for wind driven power stations and gearings in yachts.

The new factory of the Miba Friction Group in Roitham was constructed in a record time of around eleven months. The new production facility and adjacent technology centre span around 40.000 m² of land for the friction materials division. Space for further growth, i.e. expansion, was taken into consideration when selecting the site and designing the building which currently embraces an area of 12,800 m2. The production hall can, however, be extended without any difficulty. All in all, the Miba Friction Group invested some € 12.7 million in the construction of these new premises. In addition new machines and plants were started up last year with a value of around € 5 million. The Roitham plant currently employs a staff of 213.

„We have the enormous efforts and amazing commitment of our employees to thank for the fact that we were able to realise this highly promising and above all ultramodern production and technology centre so quickly. The newly designed process organisation and just-in-time manufacturing system have set new standards in the industrial development and production of friction materials. The courage and far-sightedness of the entrepreneur, Peter Mitterbauer, who decided to build a factory with over 200 employees in Upper-Austria in difficult economic times cannot be emphasised enough. The new factory has prepared us well to meet the challenges of global competition“, Alfred Hörtenhuber comments.

Of the 19 apprentices employed by the Miba Group, who recently concluded their final examinations, eight – and that is as much as 42 percent – passed with flying colours. Apprentices at Miba Sintermetall GmbH and Miba Gleitlager GmbH were able to increase the number of distinctions by 9 percent and 25% respectively. More than a quarter of the young skilled workers received distinctions both in the final examinations for apprentices and at vocational school. All of the others passed their examination with success. This excellent result is proof yet again of the excellent work performed by the Miba group when it comes to the training of apprentices. Apprentice training is moreover being extended to Miba Frictec GmbH in Roitham this year.

The Chairman of the Board, Peter Mitterbauer, praised the young skilled workers for their achievements and underlined Miba’s clear declaration of belief in continuous further and vocational training: „I am extremely proud of the excellent skilled workers produced by Miba’s apprentice training centre. More than a quarter of all of the 1,300 members of staff employed today in Austria started their career at Miba as apprentices. Together they represent a strong foundation on which Miba was and is able to build. I would like to give you an important piece of advice for your future career: your training is not yet over, you have concluded the first important chapter but at the same time a new chapter is now opening up. Make the most of the opportunities which Miba offers you.“ All of the apprentices who completed their training at Miba will have a place of work at Miba in the future. They are already integrated in various departments and considered valuable members of staff. „It is not a matter of course that apprentices stay with a company when they have finished their training or indeed that the company continues to employ them. Our satisfactory results demonstrate the excellent quality of apprentice training at Miba and underline the high professional qualifications of our young skilled workers“, Hubert Holzleithner from Miba’s apprentice training centre explains.

The Miba Group, with locations and operations around the globe, commenced an ambitious medium-term investment programme in the preceding business year, which will total € 100 million in all. The first strong signal came with the erection of the production and compentence centre for friction materials in Roitham, Upper-Austria, and this underlines the group’s commitment to its Austrian sites.

The investment programme will, however, not only affect the locations in Austria. It will also have an impact on many of the Miba sites around the globe. „In the preceding business year we introduced a number of important measures to be prepared for the great challenges which await us in the future. The new factory in Roitham marked the beginning of an extensive programme of investment which will help us to build on our innovative strength and technological leadership to be well equipped for the challenges of the future. Likewise in the field of further and vocational training we have stepped up our efforts yet again. For example we set up the Miba Leadership@cademy – an international programme of further training to develop the strengths and potential of our future executives and reinforce our future orientation and growth initiatives. In the same way a strong network aims at promoting the promising, young and ambitious "people behind Miba" around the world.

We recorded a solid performance in the business year 2003/04. Despite the difficult situation in the international vehicle and engine sector we were able to uphold our sales at the high level of the previous years“, Peter Mitterbauer, the Chairman of the Board of Miba AG, explains.

Details of our results (All of the figures indicated for the fiscal year 2003/04 are of a provisional nature)

In the preceding business year the Miba group recorded sales of € 294 million thus remaining at the level of the previous year despite the economic difficulties. The weak dollar had a negative impact on group sales. On the basis of the average exchange rate in the preceding year, sales in the year under review would have been around € 10 million higher. At around € 2 million the profit on ordinary activities was influenced in a negative way by the dollar and equalled € 21.6 million in 2003/04.

All in all, one can speak of stable operating results at a satisfactory level.

„These results demonstrate that the Miba group has given a respectable performance against a difficult economic backdrop. As in the past, however, we will not rest on our laurels but rather will continue to do everthing in our power to optimise production procedures, reduce costs and remain the ultimate technological leader”, Mr Mitterbauer emphasises.

The profit for the year (after tax) reached a value of € 14.2 million in the period under review and was thus € 2.7 million below the previous year’s value. The difference can be explained both by the unfavourable US-Dollar/Euro ratio as well as by the extraordinary depreciation in the fixed assets of around € 2.2 million which took effect in the preceding fiscal year. The extraordinary depreciation affects first and foremost the sintering sector in terms of the newly devised product and site strategy and the exchange of old plants for products being newly introduced.

A very good cash-flow from operations was recorded at € 28.5 million. It was possible to increase this by € 600,000 compared to the value for the preceding year. This testifies to the high earning power of the Miba group. „Miba has a healthy financial structure which is expressed by the fact that the equity ratio was increased yet again and now equals around 52%. This is something we have just cause to be proud of“, Mr Mitterbauer comments.

Despite its international character the Miba group has strong roots in Austria. Mr Mitterbauer explains the decision in favour of the investment programme regarding the site in Roitham, which is a clear vote of confidence in the group’s Austrian sites, above all by the great know-how and unbelievable commitment of Miba’s employees.

Miba is also taking care to ensure it has the best members of staff at its international sites with a series of new programmes and initiatives: „The new Human Capital philosophy is beginning to bear fruit. The Miba Leadership@cademy in particular is proving to be very successful and is motivating ambitious employees to come up with new innovations and ideas which will promote growth. Thanks to the good orders level and continuous growth, Miba was able to take on new members of staff despite the difficult economic situation“, Mr Mitterbauer commented. One factor of importance to success is, however, Miba’s unconditional proximity to customers: „This is undoubtedly a basic pre-requisite and the only way in which we can truly support our partners with the development of their products. Our global presence is the most obvious proof of our close proximity to customers. We can be found wherever our customers need our help. In a branch characterised by fierce competition our presence on the site is an important factor for success“, Peter Mitterbauer explains. Sales within the Miba group divide as follows:

 Miba Bearing Group 32%  Miba Sinter Group 51%  Miba Friction Group 17%

Mitterbauer: „the Friction Group and Bearing Group suffered most from the deterioration in the relation of the USD/EUR.“

Within the period covered by the business year of the Miba group, around 1.6% fewer cars were produced in Europe than in the same period in the preceding year. Naturally the decline in the production of cars had a snowball effect on the supply industry to which the Miba Sinter Group also belongs. Customer markets developed differently and some regions in Europe even recorded increases. It was possible to increase sales within the Miba Sinter Group by around 4.5% as a result of the commencement of the series production of newly developed products.

Once again the markets for the Miba Bearing Group developed in an extremely inconsistent manner. Sales within the Miba Bearing Group were around 5% behind the figures for the preceding year as a result of the weak US dollar. A rigid cost management programme made it possible to record a slight improvement in the results at a high level.

The Miba Friction Group was able to acknowledge a stabilisation of the markets which it supplies. In this respect one third of the sales were recorded in the US dollar region. In view of the current development in the exchange rate, the business division was, therefore, under enormous pressure to adjust costs to reach its target figures as a result of making constant improvements to internal processes. Despite the weakness of the dollar, it was possible to uphold sales in comparison to the preceding year. Significant orders were acquired with newly developed composite friction materials with large OEM’s. In this respect the Miba Friction Group was able to assert itself very well vis-à-vis the competition.

Prospects for the coming business year are very positive for those responsible within the Miba group: „A ray of sunshine awaits the Miba group when it comes to the development of the international economy“, Mitterbauer continues.

The high level of order intake recorded in the last few months gives us reason to hope that the Miba group will be able to record the usual solid growth rate in the current fiscal year. „We anticipate an increase in sales of at least five percent – even with the continuance of the unfavourable US dollar exchange rate. We cannot yet fully judge what effect the expected significant increase in the price of start materials will have. One thing is, however, definite and that is that we will continue with our ambitious investment programme with over € 30 million in the ongoing business year alone. The introduction of new technologies, the start of the series production of new parts and last but not least our excellent employees mean that we are well prepared to face the challenges of the fiscal year 2004/2005“, Peter Mitterbauer adds.

As of 1 March 2004, Michael Niedersüß took over as manager of the engine parts division in the Miba Sinter Group which accounts for 50% of the sales of the Miba Sinter Group and thus around a quarter of the overall sales of the Miba group.

The 33 year old manager studied business economics at the University in Vienna. After gathering experience as a consultant and in the automobile supply industry, he completed a postgraduate course at INSEAD in Fontainebleau, graduating with a „Master of Business Administration“.

Mr Niedersüß, who was born in Wels, joined the Miba Sinter Group in 2002 as divisional manager for engine parts for the USA, Germany and Scandinavia. In his new function he will assume responsibility for the sale and development of engine parts for the international automobile industry.

According to our self-definition as a learning organisation, the Miba Group continuously adjusts its structures to the demands of the business environment, plans ahead for the future and proves its flexibility. With the new Columbus organization, the Miba Sinter Group has set another distinct mark towards an even stronger customer orientation.

To be able to provide our partners with sustained management structures and a long-lasting company-customer relationship a future-oriented management team was set up:

Since February 1st, 2004, Norbert Schrüfer is a member of the board of Miba Sinter Holding GmbH. He will take over the function of Chief Executive Officer (CEO) from Siegfried Dapoz as of June 15th, 2004. Siegfried Dapoz will remain a member of the board of Miba Sinter Holding GmbH until January 31st, 2005. Further on, he will continue to serve as Chief Financial Officer (CFO) of the whole Miba Group.

Dr. Norbert Schrüfer has been working for Miba for 7 years, lately in the position as member of the board of Miba AG. Up to now, he was also CEO of the Miba Bearing Group.

Werner Freilinger – member of the board of Miba Sinter Holding GmbH and Line of Business (LoB) Manager Engine Parts – has left the company at the end of February on his own desire. By this means, we would like to thank him once again for his outstanding contribution to the success of the Miba Sinter Group.

Michael Niedersüß has been designated as his successor and took over this position on March 1st, 2004 on. Mr. Niedersüß has been working for Miba for 2 years. In his former function he was responsible for the Solution Team Germany/USA/Scandinavia.

The profit participation certificates(profit participation rights in accordance with § 174 Stock Corporation Law) of Miba Aktiengesellschaft quoted in the official commercial transactions of the Viennese Stock Exchange under ISIN AT0000734868 and the Xetra contraction “MBKS” have been called in by the issuer with due adherence to a period of notice of three months taking effect as of 29.2.2004 (call date).

The profit participation certificates were vested in a global certificate on the occasion of their issue and deposited at the Österreichische Kontrollbank AG in Vienna. Since the profit participation certificates will no longer be quoted on the Viennese Stock Exchange as of 29.2.2004, the deposited assets of the bearers will be called in according to the balance as of Friday 27.2.2004 once trading has ended.

The indemnity to which the bearers of profit participation certificates are entitled in accordance with § 7 of the conditions for profit participation certificates is calculated in accordance with the arithmetic average of the closing price for the preferred stock of the company without any conversion rights into common stock (ISIN AT000734835, Xetra contraction "MBV") in the three months before the call date of EUR 89.60 and an indemnity for the profit participation rights of EUR 2.71 in accordance with § 7 par. 4 of the conditions governing profit participation certificates (corresponds to 13/12 of the last paid profit share). Thus the bearers of the profit participation certificates shall receive an amount of EUR 92.31 for each profit participation certificate. Payment shall be made on the value date of 10 March 2004.

Payment of the indemnity amount shall be performed by the depositary banks via the Oberbank AG as the appointed paying agent. The bearers of the called in profit participation certificates do not have to organise anything with regard to the call-in of their profit participation certificates respectively the payment of the indemnity amount. Within Austria the call-in of the profit participation certificates and the credit entry for the indemnity amount is performed free of commissions and charges. The depositary banks are asked to contact Oberbank AG (Ms Beranek, 0732/7802-7299) after payment of the indemnity amount has been made with regard to the refunding of the customer commission.

The end of dangerous waste materials from exhaust air purification, no more emissions of solvents and a reduction in the risk of fires and explosions. This comes with a vast improvement in work place conditions and savings with regard to ongoing costs. Miba Sintermetall GmbH was able to make a significant contribution towards environmental protection as a result of exchanging solvent cleaners for cleaning detergents on a plant basis and won the Prize for the Environment and Nature 2003 of the Province of Upper-Austria.

Miba Sintermetall GmbH operates five purification plants to purify metallic work pieces. New laws and stipulations presented the competent members of staff with the decision either to purchase expensive new exhaust air purification plants with ongoing operating costs or to find new solutions themselves. They decided in favour of the latter: to find a way to be able to replace the solvent cleaning detergents in the long-term.

They came up with two approaches: on the one hand to operate the pressing tools without the use of oil and fat which turned out to be undoable after a relatively short period of time. The second project focused on replacing the solvents in use to date with detergents on a plant basis. Following a series of extensive tests, the project team came up with the ideal mixture from a selection of thirty different detergents. A solution which was also agreeable to the sealings. "This innovation makes it possible to do without 6,000 litres of solvent-based detergents every year. This is great progress for the environment and last but not least for our members of staff on the site", Erich Birgmayer, the agent responsible for the environment at Miba Sintermetall GmbH speaks with enthusiasm about the successful implementation of an idea inspired by the in-house system for suggestions at Miba. The Province of Upper-Austria agreed and awarded Miba Sintermetall GmbH the Prize for the Environment and Nature 2003 of the Province of Upper-Austria.

Laakirchen. Every year the leader in the international market in the field of ships’ engines and decentralized power station solutions, the Finnish machine construction group, Wärtsilä, elects the ”Supplier of the Year” from its network of suppliers consisting of more than several hundred partner companies from all over the world. To date the prize has only been awarded once – to a company in Finland, the home country of Wärtsilä. This year for the first time the award goes to an international company, to Miba Gleitlager GmbH. For this explicit reason a delegation from Wärtsilä Corporation, led by the Chairman of the Board, Ole Johansson, traveled to Laakirchen.

Miba Gleitlager GmbH supplies almost 50% of the bearing parts the group requires and is thus the largest supplier of bearings to Wärtsilä. The most important reasons why Miba was elected as Supplier of the Year 2003 include the excellent technical know-how, the high status given to Research & Development within the Miba group, the quick response to customer demands and the flexible and precise agreement of the products supplied to the rapid change in demands. „The reliability of supply has continuously improved since the commencement of co-operation and the quality of the bearing parts supplied by Miba is 100%“ the Chairman of the Board of Wärtsilä Corporation, Ole Johansson, comments.

Wärtsilä is an important customer of the Miba group. Every year some 122,000 bearing parts are supplied. „This award means a lot to us. It is confirmation of the excellent co-operation we enjoy with Wärtsilä and above all it underlines the high quality of our products“, Wolfgang Litzlbauer, the MD of Miba Gleitlager GmbH, explains with delight „at the same time we naturally hope that this signals plans to intensify our business relations.“

Wärtsilä Corporation is a machine construction company with operations around the globe. Its headquarters are in Helsinki. The group has existed since 1884 and is the world’s largest supplier of integrated solutions for ships’ power plants and for turn-key power stations. It employs a total of 12,110 co-workers. Apart from offering support services to the ships and power stations, Wärtsilä runs its own steel company together with Imatra Steel and thus supplies the automobile and machine construction industry.