Annual Results for 2011-2012: Miba Continues Extraordinarily Strong Growth

  • Powerful growth in all divisions
  • 2012-2013: Extensive investments in USA and China

Miba, strategic partner to the international engine and automotive industry, increased its consolidated sales in the previous business year by 35.6 percent, to EUR 592.6 million. This growth primarily originates from the core business. Miba intends to capitalize on this momentum and plans EUR 70 million in investments for the coming year, 40 percent of which is dedicated to developing the sites in the USA and China.

“2011-2012 was the best business year to date in the history of Miba. We experienced tremendous growth, and succeeded in consolidating and expanding our position in technologically demanding niches,” says Peter Mitterbauer, CEO of Miba. He explained that this success is attributed most of all to the Group’s solid financial basis, its courage to innovate and its sustainable business strategy.Miba’s consolidated sales in 2011-2012 soared to EUR 592.6 million, which represents a 35.6 percent leap ahead of the previous year. Two thirds of these gains are considered organic growth; the remainder are attributable to acquisitions from the year before.

This growth is also reflected in consolidated earnings before interest and taxes (EBIT) which rose to EUR 67.0 million (2010-2011: EUR 54.5 million). The foundations of the sustained quality of earnings are the strategic focus on technologically demanding products and the successful integration of acquisitions from the previous two business years.

Sustainability through solid capital and finance structure

The continuous high equity ratio of 54.6 percent is an expression of the solid capital and financial structure of Miba, and guarantee of its financial independence. Cash flow from operations equaled EUR 48.3 million, allowing Miba once again to finance its investments fully through the Group’s own capital resources. Investments totaled EUR 47.3 million (previous year: EUR 34.3 million) and were mainly applied for the capacity expansion at the Austrian sites. In order to finance additional growth, Miba issued a seven year loan in the amount of EUR 75 million in February 2012. “With this kind of corporate financing, we are additionally securing our long-term independence from volatile developments in the financial markets, and thus enabling ourselves to sustain our mobility and our flexibility,” explains Mitterbauer. The major interest in the loan from both private and institutional investors became evident in an almost fourfold oversubscription.

A quarter more employees

As of January 31, 2012, Miba had almost 4,300 employees worldwide at its 20 locations, of which nine percent are leasing employees. In contrast to the previous year, the level of employees has risen by just under one quarter. The growth in personnel is mostly attributed to capacity expansions in all divisions.

With 154 apprentices at the Austrian and Slovakian sites, Miba achieved a new peak level. As of January 31, 2012, there were 124 apprentices being trained at the Austrian and 30 apprentices at the Slovakian sites.

“Every employee is a part of our success. Our recipe for success is embedded in our ambitious corporate culture. We cultivate and promote our own employees, give them the freedom and the opportunity to share in shaping Miba,” says Mitterbauer. To secure and expand its technology leadership on a sustainable basis, Miba will invest more than EUR 30 million in training and continuing education, as well as research and development in the current business year.

Outlook: Miba continues international course of growth

Despite lower growth expectations for the world economy, the 2012-2013 business year showed an encouraging start: The level of orders in the first quarter reached a satisfactory high level. For the remaining business year, Miba is anticipating a more moderate pace of growth compared to the previous years.

Miba is continuing on its international course of growth. In doing so, the strategic focus for the coming years will be on China, India and the USA, where substantial investments are planned. For companies such as Miba, having production in close proximity to customers in the world’s growth centers is paramount to its future survival. “Each euro that we invest abroad simultaneously contributes to the long-term success of the Austrian sites,” explains Mitterbauer confidently.

Sales (in EUR million)

2011-12   592.6
2010-11   437.2
EBIT (in EUR million)
2011-12   67.0
2010-11   54.5
Investments in fixed assets (in EUR million)
2011-12   43.7
2010-11   34.3
Investments in R&D (in EUR million)

2011-12   31.3
2010-11   22.6
Employees (including leased employees) (as of the reporting date, January 31)
2011-12   4,299
2010-11   3,463