- Group sales with EUR 437.2 million significantly above pre-crisis level
- Increases primarily in core business
- EUR 50 million to be invested toward future growth in 2011-2012
In the past business year, Miba – strategic partner of the international engine and automotive industry – has generated Group sales of EUR 437.2 million and thus clearly exceeded pre-crisis level. Growth is primarily derived from Miba’s core business. A new division has been tapped through acquisitions. Over EUR 50 million will be invested into added capacity and future growth; more than half of it into Austrian sites.
“One year after the economic crisis, Miba is in a better position than ever. In a challenging market environment, we were able to achieve significant market share gains in our core segments. Moreover, we made some strategic acquisitions,” says Peter Mitterbauer, Chairman of the Miba Management Board. All this comes as a result of a clear strategic positioning for technological leadership. In the past business year, five percent of sales were again invested into research and development.
Miba has seen an increase in its Group sales 2010-2011 of 40 percent from the previous year to EUR 437.2 million. Thirty-four percent of this growth comes from its core segments of sintered components, engine bearings and friction materials. Another six percent (about EUR 19.1 million) can be attributed to new acquisitions: In April 2010, Miba took over the British coatings specialist Teer Coatings; in September, the Styrian power electronics manufacturers EBG and DAU were acquired. Also in September, Miba took over the friction materials business of the Swiss-based Hoerbiger Group. Along with this takeover, Miba also purchased an Indian site in January 2011: Miba Drivetec India is the first Miba production site in the emerging market India.
Miba taps new division
With the acquisition of EBG and DAU, Miba has entered the field of energy technology and has established a new division, the New Technologies Group. “Power electronics is a key to more efficient drives and plays a decisive role in the area of renewable energies such as wind power,” says Mitterbauer. CEO Norbert Schrüfer, until now CEO of Miba Friction Group, is in charge of the New Technologies Group. F. Peter Mitterbauer has succeeded him in the Miba Friction Group and has been representing this division since February 1, 2011, at the Miba Group Management Board as well.
The growth of the past business year is also reflected in the Group’s earnings before interests and taxes (EBIT), which has increased to EUR 54.5 million (2009-2010: EUR 16.4 million). This profitable growth can be attributed, on the one hand, to Miba’s leading position in technologically sophisticated and economically attractive market niches. On the other hand, measures are implemented at all sites to increase cost-efficiency in a consistent and sustainable manner.
The Group’s equity ratio has reached 54.9 percent and is an expression of Miba Group’s solid capital and financial structure. Cash flow from operations amounted to EUR 65.8 million, which Miba again used to finance its investments in tangible assets entirely from its own means. These investments amounted to EUR 34.3 million (previous year: EUR 19.3 million); approximately one third of it went into further development of the Austrian sites.
As of the balance sheet date of January 31, 2011, Miba had about 3,300 employees at 20 sites worldwide. This is an increase of slightly more than 25 percent compared with the previous year. The buildup of employees is a result of increased post-crisis demand in Miba’s sales markets as well as of new business acquisitions. In late March 2011, Miba already employed as many as 3,600 people; more than half of them work at the Austrian Miba sites. Miba is an attractive employer who offers interesting career opportunities, among other things, through professional apprenticeships. As of January 31, 2011, 118 apprentices were employed at the Austrian and 36 apprentices at the Slovakian sites. “Our employees are the engine of our success. With their dedication, innovative energy and their understanding of quality and service, they contribute significantly to Miba’s growth,” says Mitterbauer.
One quarter more employees
Outlook: Sales of over EUR 500 million
“We have made a crucial step toward our vision ‘No power train without Miba technology’ and we will continue on our path of profitable growth,” states Mitterbauer. In the first quarter of the current business year, vigorous ongoing growth was registered in all markets. Miba expects that this growth will lead to sales of more than half a billion euro based on satisfactory earnings.
Sales (in million €)
EBIT (in million €)
Investments in tangible assets (in million €)
Investments in R&D (in million €)
Number of employees (as of 31.1.)