Laakirchen

Half Year 2014–2015: Miba continues to grow

Interim financial statements satisfactory after first year under new management

  • Revenue and profit up
  • Global number of employees exceeds 5,000 for the first time
  • Positive outlook for the second half of the year


The Upper Austrian technology group’s growth trajectory continued in the first half of 2014–2015 (February 1 to July 31). Consolidated revenue amounted to EUR 329.0 million, which equates to an increase of EUR 20.8 million, or 6.8 percent, compared to the first half of 2013–2014. EBIT (earnings before interest and tax) amounted to EUR 41.9 million and was therefore EUR 6.2 million above the prior-year comparative.

“Many of our sales markets performed well in recent months, which of course is also reflected in our results,” said Chairman F. Peter Mitterbauer, who has been at the helm of Miba for a year. The automotive industry and the heavy truck market in particular had performed very positively in Europe, the USA and China during the whole of the first half of the year, with growth in these sectors compensating for persistently weak demand in other areas such as the shipbuilding or mining markets.

“Geographically speaking, we are experiencing the greatest growth in the USA and in China. That’s why we have expanded our sites there in recent months,” explained Mitterbauer. For example, the production area at the sintering site in McConnelsville, OH, USA, which only opened in 2010, was recently doubled. At the Chinese site in Suzhou, where Miba’s operations comprise engine bearings, sintered components and coatings, the production area has even been trebled in the past year.

A few weeks ago, Miba was also able to conclude an investment project in Upper Austria. Input stock production for engine bearings was separated out from the Laakirchen plant and moved to Aurachkirchen (Gmunden district). For some months now, the same site has also been home to all of Miba’s special machinery operations. Among other things, Miba Automation Systems is a specialist in mobile machining plants which are used globally in the construction of power plants. Miba has a total of almost 100 employees in Aurachkirchen.

In the first six months of the fiscal year, Miba invested a total of EUR 24.8 million in the expansion of capacity and in measures to improve productivity (previous year: EUR 25.6 million). Capital expenditure volumes for the whole year should at least be at or around the same level as in the previous year (EUR 68.1 million).


Number of employees exceeds 5,000 for the first time

As of the July 31, 2014, reporting date, Miba employed 5,037 members of staff globally (including agency staff), and thus almost 500 more people than a year ago. On the one hand, the increase in the number of employees is attributable to the initial consolidation of the Chinese company, EBG Shenzhen Ltd., in which the Miba Group holds 55 percent of the shares overall. On the other hand, employees were recruited mainly at the Suzhou (China) site and in Slovakia and Austria.


Outlook: growth despite external uncertainties

“Although we are not, for example, seeing any signs of recovery in shipbuilding, mining or in the South American automotive industry, we are expecting growth to continue in the second half of the year,” said Mitterbauer. Measures to further increase efficiency and quality are ongoing in the Company so as to be able to support this growth in the best possible way. “At the same time, we are working incessantly on our technology leadership. It is our clear aspiration to be able to offer our customers the most innovative and technologically demanding products in the world,” added Mitterbauer.


Overview of key figures

 

Half Year 2014–15

 
 

Half Year 2013–14

 
 

Half Year 2012–13

 
 

Half Year 2011–12

 
 

Revenue (in EUR million)

 
 

329.0

 
 

308.2

 
 

319.9

 
 

281.3

 
 

EBIT (in million EUR)

 
 

41.9

 
 

35.7

 
 

36.6

 
 

28.5

 
 

Capital expenditure (excl. financial assets) (in EUR million)

 
 

24.8

 
 

25.6

 
 

29.5

 
 

22.4

 
 

Number of employees (including agency staff)

 
 

5,037

 
 

4,540

 
 

4,516

 
 

4,024