1st Quarter 2011-2012: Miba continues its growth course

Sales soar by 41.5 percent to EUR 138.7 million

  • 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.

Sales (in EUR million)

Q1 2011-12   138.7
Q1 2010-11   98.0
Q1 2009-10   74.3
EBIT (in EUR million)
Q1 2011-12   13.6
Q1 2010-11   13.5
Q1 2009-10   1.2
Investments (in EUR million)
Q1 2011-12   9.9
Q1 2010-11   3.8
Q1 2009-10   5.1
Number of employees (as of April 30, 2011)
Q1 2011-12   3,580
Q1 2010-11   2,720
Q1 2009-10   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.