19.07.2010
Ad Hoc: Miba AG’s Management Board adopts share buyback programThe General Meeting of Shareholders of Miba Aktiengesellschaft of 6/19/2009 adopted a resolution to authorize the Management Board in accordance with Article 65, paragraph 1, line 8 and paragraphs 1a and 1b of the AktG (Austrian Companies Act) to acquire own shares (category “B” preferred shares) up to a maximum of 10% of the share capital of the company for a period of 30 months from the day said resolution was adopted, with the lowest nominal value to be paid for the buyback amounting to EUR 50.00 and the highest amounting to EUR 200.00, and to lay down the buyback conditions, provided that the Management Board publishes each of its resolutions as well as the respective buyback programs including their duration in accordance with the legal requirements. The authorization can be exercised entirely or in part as well as in several partial amounts and while pursuing one or several purposes by the company or for a third party on behalf of the company. Trading in own shares as the purpose of acquisition is excluded.
Furthermore, the Management Board was authorized to sell own shares (category “B” preferred shares) acquired on the basis of the above-mentioned resolution for the purpose of issuing the shares in return for the acquisition of companies, operations, independent divisions of enterprises or participations in one or more companies within or outside Austria in other ways than via stock markets or public offerings excluding the subscription right of the shareholders for a period of 5 years from the day the resolution was adopted, provided that the Supervisory Board gives its approval.
During its meeting on July 16, 2010, the Management Board decided to exercise its authorization to buy back company shares.
Details of the share buyback program:
Any modifications and any transactions performed in the context of the share buyback program will be published on the website of Miba Aktiengesellschaft under http://www.miba.com in accordance with Articles 6 and 7 of the Veröffentlichungsverordnung (Austrian Publication Regulation).
Furthermore, the Management Board was authorized to sell own shares (category “B” preferred shares) acquired on the basis of the above-mentioned resolution for the purpose of issuing the shares in return for the acquisition of companies, operations, independent divisions of enterprises or participations in one or more companies within or outside Austria in other ways than via stock markets or public offerings excluding the subscription right of the shareholders for a period of 5 years from the day the resolution was adopted, provided that the Supervisory Board gives its approval.
During its meeting on July 16, 2010, the Management Board decided to exercise its authorization to buy back company shares.
Details of the share buyback program:
| Duration: | August 1, 2010 to July 31, 2011 |
| Class of shares: | category “B” preferred shares |
| Intended volume: | up to 30,000 category “B” preferred shares (up to approximately 2.3% of the share capital) |
| Acquisition price: | between 50 euros and 200 euros |
| Acquisition method: | via the stock market |
| Intended purpose of the acquisition: | The buyback is carried out for any permitted purpose, in particular to use own shares for the purpose of issuing shares in return for the acquisition of companies, operations, independent divisions of enterprises or participations in one or more companies within or outside Austria. |
Any modifications and any transactions performed in the context of the share buyback program will be published on the website of Miba Aktiengesellschaft under http://www.miba.com in accordance with Articles 6 and 7 of the Veröffentlichungsverordnung (Austrian Publication Regulation).
30.06.2010
Miba opens new sinter site and engine bearing production line in the USA- Miba invested 30 million dollars in production sites in Ohio
- New sinter site for energy-efficient engine and transmission components
- New production line for high performance truck engine bearings
- Miba creates 80 new jobs in McConnelsville, Ohio, USA
Miba, strategic partner to the international engine and automotive industry, opened a new production site for sintered components in McConnelsville, Ohio, USA, on June 29. At the new site, about 60 employees will produce four million engine and transmission sintered components per year for use in passenger cars. USD 16 million have been invested in the new plant. At the same time, sister site Miba Bearings US is launching a new production line for high-performance engine bearings for trucks. Miba Bearings US employs 240 people; the investment was around USD 14 million.
“At the new Miba Sinter USA site we are producing energy-efficient engine and transmission components for the North American market. This means we are near the customer and are producing large volumes in the same place where they are distributed,” said Peter Mitterbauer, CEO of the Miba Group. Construction of the new site, which was built alongside the sister plant Miba Bearings US, began in 2009. At the first stage of expansion, Miba is running two production lines. 60 employees will produce an output of 4 million parts per year. The products being produced at the new sinter plant are high-precision, high-strength and technologically demanding components used in engines and transmissions for passenger cars. “These new technologies significantly reduce fuel consumption and emissions in passenger cars. The Miba Group was at the forefront in the development of powder metallurgy components for these uses. Now we are strengthening our market position in the USA through our local production site,” said Harald Neubert, CEO of the Miba Sinter Group.
Miba creates about 60 new jobs at the new site. Miba’s customers, internationally prominent engine and transmission manufacturers, are increasingly adopting new technologies for smaller power trains in more energy-efficient vehicles. Additional production lines have been planned for the next phase of expansion.
Synergies with Miba Bearings US and the valuable support of friendly local policies were key factors in Miba’s decision to build the new plant in McConnelsville. Miba has been producing in Michigan, USA, since 1989. The takeover of the engine bearings site Miba Bearings US in McConnelsville followed in 2001. Together with the new sinter site, a new production line for high-performance engine bearings is being opened, which also creates new job opportunities in McConnelsville.
New production line for high-performance engine bearings
Roughly USD 14 million have been invested in the new line, which produces lead-free engine bearings for use in a new generation of heavy-duty truck engines. Customers are producers of truck diesel engines in America. “Being located near the customer is considered an absolute competitive advantage. This bearing technology has been in development since 2004. Miba’s high-tech materials are what sold the client on us,” explained Wolfgang Litzlbauer, CEO Miba Bearing Group. The new production line has a yearly output of 4 million parts. In the future, about 70,000 engines per year will be equipped with main and conrod bearings from the new production site in the USA.
“Our clear strategic orientation is toward high technology. The two plants in McConnelsville with currently around 260 employees comprise an important production center for Miba and will further grow. These high-performance sites secure our long-term ability to provide high-quality products to our American customers,” said Peter Mitterbauer, Chairman of the Miba Management Board.
- New sinter site for energy-efficient engine and transmission components
- New production line for high performance truck engine bearings
- Miba creates 80 new jobs in McConnelsville, Ohio, USA
Miba, strategic partner to the international engine and automotive industry, opened a new production site for sintered components in McConnelsville, Ohio, USA, on June 29. At the new site, about 60 employees will produce four million engine and transmission sintered components per year for use in passenger cars. USD 16 million have been invested in the new plant. At the same time, sister site Miba Bearings US is launching a new production line for high-performance engine bearings for trucks. Miba Bearings US employs 240 people; the investment was around USD 14 million.
“At the new Miba Sinter USA site we are producing energy-efficient engine and transmission components for the North American market. This means we are near the customer and are producing large volumes in the same place where they are distributed,” said Peter Mitterbauer, CEO of the Miba Group. Construction of the new site, which was built alongside the sister plant Miba Bearings US, began in 2009. At the first stage of expansion, Miba is running two production lines. 60 employees will produce an output of 4 million parts per year. The products being produced at the new sinter plant are high-precision, high-strength and technologically demanding components used in engines and transmissions for passenger cars. “These new technologies significantly reduce fuel consumption and emissions in passenger cars. The Miba Group was at the forefront in the development of powder metallurgy components for these uses. Now we are strengthening our market position in the USA through our local production site,” said Harald Neubert, CEO of the Miba Sinter Group.
Miba creates about 60 new jobs at the new site. Miba’s customers, internationally prominent engine and transmission manufacturers, are increasingly adopting new technologies for smaller power trains in more energy-efficient vehicles. Additional production lines have been planned for the next phase of expansion.
Synergies with Miba Bearings US and the valuable support of friendly local policies were key factors in Miba’s decision to build the new plant in McConnelsville. Miba has been producing in Michigan, USA, since 1989. The takeover of the engine bearings site Miba Bearings US in McConnelsville followed in 2001. Together with the new sinter site, a new production line for high-performance engine bearings is being opened, which also creates new job opportunities in McConnelsville.
New production line for high-performance engine bearings
Roughly USD 14 million have been invested in the new line, which produces lead-free engine bearings for use in a new generation of heavy-duty truck engines. Customers are producers of truck diesel engines in America. “Being located near the customer is considered an absolute competitive advantage. This bearing technology has been in development since 2004. Miba’s high-tech materials are what sold the client on us,” explained Wolfgang Litzlbauer, CEO Miba Bearing Group. The new production line has a yearly output of 4 million parts. In the future, about 70,000 engines per year will be equipped with main and conrod bearings from the new production site in the USA.
“Our clear strategic orientation is toward high technology. The two plants in McConnelsville with currently around 260 employees comprise an important production center for Miba and will further grow. These high-performance sites secure our long-term ability to provide high-quality products to our American customers,” said Peter Mitterbauer, Chairman of the Miba Management Board.
25.06.2010
Miba Distributes EUR 2.50 Dividend per ShareThe General Meeting of Miba AG today decided to distribute a dividend of 2.50 Euros
per share (previous year 3.00 Euros) for the fiscal year 2009-10. Based on the share
price at the balance sheet date (January 31, 2010), this represents a dividend yield of
3.1 percent.
The 24rd Annual General Meeting held on June 25, 2010 decided to distribute a dividend of 2.50 Euros per common and preferred share for the fiscal year 2009-10 (as at January 31, 2010). By reducing the dividend from 3.00 to 2.50 Euros per share, Miba is taking the general economic situation into account. In addition, it underscores the company's continuity in paying dividends and gives shareholders an appropriate return on the capital they have invested. July 7, 2010 was set as the date of payment for the dividend.
The 24rd Annual General Meeting held on June 25, 2010 decided to distribute a dividend of 2.50 Euros per common and preferred share for the fiscal year 2009-10 (as at January 31, 2010). By reducing the dividend from 3.00 to 2.50 Euros per share, Miba is taking the general economic situation into account. In addition, it underscores the company's continuity in paying dividends and gives shareholders an appropriate return on the capital they have invested. July 7, 2010 was set as the date of payment for the dividend.
11.06.2010
First Quarter of 2010-2011: Miba Makes a Strong Start to the New Business Year- Sales increase by 31.9 percent to EUR 98.0 million
- Earnings before interest and taxes return to pre-crisis level
- Takeover of British coating specialist Teer Coatings Ltd. in April
- Opening of the new sinter production site and a new production line for highperformance engine bearings in the USA in June
Miba, strategic partner to the international engine and automotive industry, had a strong start to the new business year. Results and new orders significantly surpassed expectations in the first quarter. Group sales increased during the first quarter of 2010-2011 (February 1 to April 30) to EUR 98.0 million, a 31.9 percent rise from the same period the previous year. Sales have thus nearly returned to the level of the strong first quarter of 2008. Earnings before interest and taxes (EBIT) totaled EUR 13.5 million, considerably above the previous year’s level of EUR 1.2 million for the same period. The EBIT margin reached 13.7 percent, a very good level in industry comparison.
“Miba has emerged from the crisis even stronger than before thanks to our persistent focus on high technology and our strict cost management. We have a sound financial structure and we’re equipped for the challenges and opportunities the future will bring,” says Peter Mitterbauer, Chairman of the Miba Management Board. In April Miba took over Teer Coatings Ltd., Droitwich, UK. The know-how of this British coatings specialist will enable Miba to now offer its customers an even broader range of coating solutions. During the first quarter of 2010-2011, the Miba Group continued to focus its activities on strategic management of working capital and on strengthening liquidity. Miba’s earnings before taxes (EBT) totaled EUR 13.4 million, compared to EUR 0.6 million for the same period the previous year.
Investments in property, plant and equipment amounted to EUR 3.8 million in the first quarter of 2010-2011 and were once again financed entirely from operational cash flow (EUR 19.8 million). Free cash flow (cash flow from operations minus cash flow from investment activities) totaled EUR 11.2 million.
Sound financial structure ensures Miba’s independence
Net cash increased again to total EUR 18.9 million as of April 30, 2010 (EUR 7.1 million as of January 31, 2010). Group equity amounted to EUR 221.1 million as of April 30, 2010 (EUR 206.8 million as of January 31, 2010), an equity ratio of 59.5 percent. A sound financial structure and a solid equity base ensure the financial independence and autonomy of the Miba Group.
As of April 30, 2010, Miba had 2,720 employees worldwide. In comparison to the previous reporting date (January 31, 2010), this represents an increase of 3.8 percent or 100 employees. Adjusted for the employees of Teer Coatings Ltd., Droitwich, UK, who were included in the employee figure for the first time on April 30, 2010, the increase totaled 1.6 percent or 42 employees. The expansion of the Miba workforce took place primarily at the sites in Slovakia and China.
Solid progress in incoming orders
The Miba Group’s level of new orders also reflected the recovery in the company’s target markets. As of April 30, 2010, orders totaled EUR 160.3 million, 13.2 percent higher than the level at the end of the previous business year (EUR 141.6 million as of January 31, 2010). “The second half of this year will show whether this progress proves sustainable. We are confronted with strong fluctuations in customer call-offs of orders. This demands a high degree of flexibility on our part while making it more difficult for us to plan and to make reliable forecasts,” says Peter Mitterbauer, Chairman of the Miba Management Board.
Miba relies on a proven strategy
Under these challenging market conditions, Miba continues to count on technology leadership and competitive cost structures while making a solid liquidity base and a highly skilled team top priorities. With the opening in the USA of a new sinter site at the end of June 2010 and a new line for high-performance engine bearings, Miba is meeting the demand for energy-efficient high-performance transmission components and is therefore where the customer needs it.
- Earnings before interest and taxes return to pre-crisis level
- Takeover of British coating specialist Teer Coatings Ltd. in April
- Opening of the new sinter production site and a new production line for highperformance engine bearings in the USA in June
Miba, strategic partner to the international engine and automotive industry, had a strong start to the new business year. Results and new orders significantly surpassed expectations in the first quarter. Group sales increased during the first quarter of 2010-2011 (February 1 to April 30) to EUR 98.0 million, a 31.9 percent rise from the same period the previous year. Sales have thus nearly returned to the level of the strong first quarter of 2008. Earnings before interest and taxes (EBIT) totaled EUR 13.5 million, considerably above the previous year’s level of EUR 1.2 million for the same period. The EBIT margin reached 13.7 percent, a very good level in industry comparison.
“Miba has emerged from the crisis even stronger than before thanks to our persistent focus on high technology and our strict cost management. We have a sound financial structure and we’re equipped for the challenges and opportunities the future will bring,” says Peter Mitterbauer, Chairman of the Miba Management Board. In April Miba took over Teer Coatings Ltd., Droitwich, UK. The know-how of this British coatings specialist will enable Miba to now offer its customers an even broader range of coating solutions. During the first quarter of 2010-2011, the Miba Group continued to focus its activities on strategic management of working capital and on strengthening liquidity. Miba’s earnings before taxes (EBT) totaled EUR 13.4 million, compared to EUR 0.6 million for the same period the previous year.
Investments in property, plant and equipment amounted to EUR 3.8 million in the first quarter of 2010-2011 and were once again financed entirely from operational cash flow (EUR 19.8 million). Free cash flow (cash flow from operations minus cash flow from investment activities) totaled EUR 11.2 million.
Sound financial structure ensures Miba’s independence
Net cash increased again to total EUR 18.9 million as of April 30, 2010 (EUR 7.1 million as of January 31, 2010). Group equity amounted to EUR 221.1 million as of April 30, 2010 (EUR 206.8 million as of January 31, 2010), an equity ratio of 59.5 percent. A sound financial structure and a solid equity base ensure the financial independence and autonomy of the Miba Group.
| First Quarter 2010-11 | First Quarter 2009-10 | First Quarter 2008-09 | |
| Sales (in EUR million) | 98.0 | 74.3 | 102.2 |
| EBIT (in EUR million) | 13.5 | 1.2 | 13.3 |
| Investments (in EUR million) | 3.8 | 5.1 | 11.3 |
| Number of employees (as of April 30, 2010) | 2,720 | 2,633 | 2,813 |
As of April 30, 2010, Miba had 2,720 employees worldwide. In comparison to the previous reporting date (January 31, 2010), this represents an increase of 3.8 percent or 100 employees. Adjusted for the employees of Teer Coatings Ltd., Droitwich, UK, who were included in the employee figure for the first time on April 30, 2010, the increase totaled 1.6 percent or 42 employees. The expansion of the Miba workforce took place primarily at the sites in Slovakia and China.
Solid progress in incoming orders
The Miba Group’s level of new orders also reflected the recovery in the company’s target markets. As of April 30, 2010, orders totaled EUR 160.3 million, 13.2 percent higher than the level at the end of the previous business year (EUR 141.6 million as of January 31, 2010). “The second half of this year will show whether this progress proves sustainable. We are confronted with strong fluctuations in customer call-offs of orders. This demands a high degree of flexibility on our part while making it more difficult for us to plan and to make reliable forecasts,” says Peter Mitterbauer, Chairman of the Miba Management Board.
Miba relies on a proven strategy
Under these challenging market conditions, Miba continues to count on technology leadership and competitive cost structures while making a solid liquidity base and a highly skilled team top priorities. With the opening in the USA of a new sinter site at the end of June 2010 and a new line for high-performance engine bearings, Miba is meeting the demand for energy-efficient high-performance transmission components and is therefore where the customer needs it.