- Revenue and profit roughly at prior-year level
- Performance of sales markets inconsistent
- Adherence to long-term growth and investment policies
Despite significant reductions in demand in some of its sales markets, the Upper Austrian technology group was, in the first half of 2013–2014 (February 1 to July 31), able to maintain its group revenue and profit roughly at prior-year levels.
Consolidated revenue amounted to EUR 308.2 million, which equates to a reduction of 3.7 percent compared to the first half of 2012–2013. EBIT (earnings before interest and tax) amounted to EUR 35.7 million and was thus only EUR 0.9 million lower than the prior-year comparative. The main contributors to the result, which is pleasing given the market environment, were the non-Austrian sites, to which two-thirds of earnings before interest and tax is attributable. In the first half of 2012–2013 it was 55 percent.
Demand for Miba products is still very variable in sales markets such as the automotive, truck, shipbuilding or construction and agricultural machinery industries. While for example the shipbuilding market or the market for mining equipment are operating at historically low levels, the passenger vehicle and truck markets are showing early signs of recovery. “Overall, we can speak of stabilization at a lower level, which continues to be below the level reported in the prior-year comparative period,” the new Chairman of the Management Board, F. Peter Mitterbauer, summarized.
Despite these early positive signs, Miba remains on alert in some markets. “The overall environment is and remains challenging. Our customers are increasingly planning and trading on a short-term basis, regardless of current demand. We have to adapt to this with even greater flexibility and shorter reaction times,” says Mitterbauer.
More than 4,500 employees worldwide
In addition to having a strong focus on training and continuing education for all employees, the work-life balance is also very important to Miba, which is why the Company will open its own Miba nursery in Laakirchen in the fall. A maximum of twelve Miba employee children will be looked after there. “For some years, we have been thinking about providing childcare facilities, and I am proud that we are now in a position to make this idea a reality,” enthuses Mitterbauer. “This facility, will not only provide better conditions for working parents, but it will also make the whole team even more effective – also for our growth plans.”
On course for further growth
Medium to long-term forecasts for Miba’s sales markets point to a sustainable upturn which, geographically speaking, will occur mainly outside Europe. “I’m convinced that we can and will increase our share of the pie,” states Mitterbauer when discussing his plans for Miba’s future. Miba is thus sticking to its expansive investment policy, even in the current environment. In the first six months of the fiscal year, Miba invested EUR 25.6 million (previous year: EUR 29.5 million) in the expansion of capacity and in measures to improve productivity at all sites. For example, the work to expand the Chinese site has been completed. Miba has already been manufacturing engine bearings and sintered components at this site since 2007. In the next few months, production will commence in the new manufacturing halls. Capital expenditure volumes for the whole year should at least be at or around the same level as in the previous year (EUR 51 million).
Overview of key figures
|
1st half-year 2013–14 |
1st half-year 2012–13 |
1st half-year 2011–12 |
|
|
Revenue (in EUR million) |
308.2 |
319.9 |
281.3 |
|
EBIT (in EUR million) |
35.7 |
36.6 |
28.5 |
|
Capital expenditure (in EUR million) |
25.6 |
29.5 |
22.4 |
|
Number of employees as of July 31 |
4,540 |
4,516 |
4,024 |
