1st to 3rd Quarter 2012-2013: Miba Delivers Solid Performance Despite Challenging Market Environment

Moderate sales gain in first three quarters

  • Moderate sales gain in first three quarters
  • Considerable declines in third quarter
  • Developments for coming months difficult to estimate

Miba – strategic partner to the international engine and automotive industry – delivered a solid performance in the first three quarters of 2012-2013 (February 1 to October 31). When compared to the same period last year, consolidated sales rose by 7.5 percent to EUR 461.9 million, and EBIT (earnings before interest and taxes) advanced 7.9 percent to EUR 54.2 million.

“Miba continued to perform quite well in the first three quarters despite facing an increasingly tough market environment,” explained Peter Mitterbauer, CEO of the Miba Group. The sales gain over the first three quarters of the business year equals a moderate 7.5 percent; the considerable declines experienced in the third quarter explain the reason for this adjustment. This affects almost all markets of relevance to Miba, especially for trucks, ships, construction machinery and industrial investment goods. The automotive industry, in which Miba generates approximately one-third of its total sales, continued to develop at a steady overall pace, despite the marked attenuation in Europe.

In the first nine months of the business year, Miba invested almost EUR 40.0 million (previous year: EUR 34.4 million). Roughly half of the investments were directed to Miba’s locations abroad. “By making strategic investments in growth markets, we are also reinforcing our locations in Austria. Each euro that we invest internationally is, in fact, also a benefit to us here in Austria,” said Mitterbauer.

330 more employees

As of the October 31, 2012 reporting date, Miba employed 4,185 people (excluding leased employees) worldwide, and thus 330 more employees than the previous year (3,855). Almost two-thirds of the growth in workforce numbers took place at the locations in China, the USA and Slovakia. In Austria, the workforce grew by 116 new employees.

With 161 young adults in training, the company reached a new peak level: Currently, 123 apprentices are completing their education at the Austrian sites, and 38 in Slovakia.

Focus on competitiveness

Even in a challenging market environment, Miba benefits from its extensive product portfolio and its global network. “This enables us to offset regional or industry-based fluctuations. The broad positioning and targeted investments – in strategic business sectors as well as in growth markets – safeguard our competitive edge,” explains Mitterbauer confidently. With all measures securing its ability to compete, Miba is building upon a robust equity ratio of 49.2 percent, which guarantees Miba’s long-term financial independence.

Outlook: duration and intensity of downturn uncertain

The duration and intensity of the downturn are difficult to estimate. “For the fourth quarter, we are anticipating further attenuation in all business divisions, which quite likely will last until well into the next business year,” stated Mitterbauer. For the 2012-2013 business year as a whole, Miba still expects to be able to keep up with the same level as the previous year.

Miba is responding to unforeseen developments through comprehensive measures to improve flexibility, expand cost reductions and impose stringent controls over working capital in all divisions. Moreover, the company indicates that it needs to respond swiftly and flexibly to changes. “Now more than ever, we need the overall regional economic policy required for this,” Mitterbauer challenged.

Overview of key figures

Sales (in EUR million)
Q1-Q3 2012-13   461.9
Q1-Q3 2011-12   429.7
Q1-Q3 2010-11   313.7
EBIT (in EUR million)
Q1-Q3 2012-13  54.2
Q1-Q3 2011-12   50.2
Q1-Q3 2010-11   41.1
Investments (in EUR million)
Q1-Q3 2012-13   40.4
Q1-Q3 2011-12   34.4
Q1-Q3 2010-11   22.1
Employees (excluding leased employees)
Q1-Q3 2012-13   4,185
Q1-Q3 2011-12   3,855
Q1-Q3 2010-11   3,148
Employees (including leased employees)
Q1-Q3 2012-13   4,385
Q1-Q3 2011-12   4,254
Q1-Q3 2010-11   3,359