- Slight decline in sales and earnings
- Restrained development of past months continues unabated
- Investments planned at same level as previous year
The Upper Austrian technology group held its ground in the first quarter of 2013–2014 despite the highly challenging market environment. Consolidated sales in the first quarter of 2013–2014 (February 1 to April 30) equaled EUR 153.5 million, which corresponds to a decline of EUR 7.4 million, or 4.6 percent, when compared to the very good first quarter of 2012–2013. EBIT (earnings before interest and taxes) equaled EUR 17.8 million, which was below the previous year’s figure by EUR 2.4 million.
“Through our broad product portfolio for various end applications – like passenger vehicles, trucks, construction equipment, ships and aircraft – and our global network, we can reduce market risks and, fortunately, better compensate for downturns in individual industries,” as Chairman of the Management Board Peter Mitterbauer explains the merely slight deterioration in sales and earnings despite the partly considerable decline in demand in individual industries. In the first three months of the business year, Miba invested almost EUR 8 million (previous year: EUR 14.8 million). These investments went into capacity expansions and measures to improve productivity at all sites. The investment volume for the year as a whole is planned to be kept at least at the same level as in the previous year (EUR 51 million).
Flexibility through financial independence
Miba benefits from its solid liquidity base and its financial independence reflected in the consistently high equity ratio (April 30, 2013: 52.6 percent). “Our focus on financial independence, which we have additionally strengthened through the issuance of the corporate bond in 2012, pays off particularly in economically difficult situations. Nonetheless, we are flexible enough to be able to invest in the further growth of Miba,” Mitterbauer affirms.
As of the reporting date on April 30, 2013, Miba had 4,451 employees worldwide (including leased staff), 2,200 of which work at the Austrian sites. Since the first quarter of the previous year, Miba has taken on many of the leased employees on a full-time basis at the Austrian sites. The Group created other new jobs primarily at the sites in China and the USA.
More than 4,400 employees worldwide
“We have also purposely expanded and strengthened our workforce over the past few months,” says Mitterbauer. “We continue to invest in the training and further education of our employees, thus securing our technology leadership and preparing ourselves for further growth.”
Despite the cautiously optimistic outlook of the International Monetary Fund, which anticipates global economic growth of 3.3 percent in 2013, the development in Miba’s sales markets is difficult to predict in the medium term.
Recovery trends discernible in the longer term
Therefore, Miba does not rely on further growth for the 2013–2014 business year as a whole, but expects a noticeable recovery in the longer term, particularly in the USA and China. Miba will invest more than EUR 30 million in additional production capacities at the site in China over the next few years. In the USA, the Company is preparing for another major order from the North American construction equipment industry. Investments are also planned for the sites in Austria, for example in a new input stock production line for bearings in Aurachkirchen.
Sales (in million EUR)
Overview of key figures
1st quarter 2013–2014 153.5
1st quarter 2012–2013 160.9
1st quarter 2011–2012 138.7
EBIT (in million EUR)
1st quarter 2013–2014 17.8
1st quarter 2012–2013 20.2
1st quarter 2011–2012 13.6
Investments (in million EUR)
1st quarter 2013–2014 8.0
1st quarter 2012–2013 14.8
1st quarter 2011–2012 9.9
Number of employees (including leased employees)
1st quarter 2013–2014 4,451
1st quarter 2012–2013 4,403
1st quarter 2011–2012 3,870