Miba financial statements 2013–2014: record levels of investment in the future

New CEO, F. Peter Mitterbauer, is focusing on training, innovation and global growth

  • Revenue and profit slightly above previous year
  • Investment in the future of almost EUR 100 million for training, innovation & technology and global growth
  • Focus on apprentice training
  • Outlook: further growth in China and in the USA

Miba AG’s group revenue rose slightly in the past fiscal year (February 1, 2013, to January 31, 2014) to EUR 610.2 million; EBIT rose to EUR 70.2 million. At almost EUR 100 million, investments reached a new high in the past year. CEO F. Peter Mitterbauer views commitment to research and development, as well as training, as the most important foundation for the technology group’s future and for further growth.

Overall, Miba’s performance in fiscal year 2013–2014 was in line with expectations, although performance in the various submarkets was quite varied. While demand in shipbuilding and mining was weak, the market for agricultural commercial vehicles was stable. Heavy trucks showed signs of recovery in the last months of the fiscal year and the demand trend for the global automotive industry (passenger vehicles) was above average. Miba is an important partner to all renowned manufacturers in the above market segments with its development and production of engine bearings, sintered components, friction materials, power electronics components and special machinery. This broad range of services is the reason why Miba can continue to grow. “Our versatility allows us to compensate every year for the unavoidable fluctuations in one sector by growing in other areas or by launching new products,” explains CEO F. Peter Mitterbauer, who since last July has been heading up the Company and its employees, of which there are now in excess of 4,600.

Revenue and profit slightly above prior-year level

“Our business is becoming less predictable, which makes planning increasingly difficult. At the same time, however, our customers’ demands in relation to our products and technologies, as well as our service provision, continue to increase,” explains Mitterbauer. That Miba was, against this background, able to increase both revenue and profit, was a tribute to the commitment and motivation of the Company’s employees throughout the world.

Group revenue for 2013–2014 rose year-on-year by EUR 3.6 million to EUR 610.2 million. Earnings before interest and tax (EBIT) amounted to EUR 70.2 million (2012–2013: EUR 69.9 million).

Investments in the future reach an all-time high

The Company invested EUR 96.3 million in total, and thus 20 percent more than in the previous year, spending EUR 68.1 million on the global expansion of capacity, EUR 26.7 million on research & development and EUR 1.5 million on training and continuing education. The majority of the investment was used to expand premises and capacities at the sites in China, the USA and Slovakia.

In China, the production area was trebled in recent years so as to also be able to meet the rising demand for our components in the future. In the medium term, it is the intention to employ up to 1,000 members of staff at the Suzhou site (January 31, 2014: 383 employees). Also in the USA and in Slovakia, Miba expanded its production capacity for sintered components which are above all being used in passenger vehicle engines and transmissions. “With these investments, we are setting the foundation for the expected growth,” said Mitterbauer, once again confirming the technology group’s plans for expansion. Mitterbauer also announced further substantial investment in the current fiscal year.

Global growth: focus on training, innovation & technology

As far as training and continuing education are concerned, Miba will in future lay greater emphasis on its global personnel development offering for skilled personnel and executives from all areas, in addition to its apprentice training. Furthermore, innovation & technology activities will be intensified – for example, by establishing technology teams at foreign sites or searching for new areas of application for Miba products. “It is our aspiration to grow globally and profitably. This involves a lot of hard work and to achieve this, we need employees across the world who have had the best possible training. Apart from that, we need to extend our technology leadership even further,” describes Mitterbauer his focal points for the future.

Skilled personnel in training – also a record

With a total of 177 young people in training (over three-quarters of which in Austria), Miba was able to continue to increase the number of apprentices even in times of skilled personnel shortages. With a customized training program and a comprehensive range of additional qualifications on offer, Miba is training its apprentices to become specialists in their respective fields. “We offer all apprentices who complete their apprenticeships the opportunity to further their career at Miba and are thus counteracting the shortage of skilled personnel,” said Mitterbauer, emphasizing Miba’s commitment to high-quality in-house apprentice training. Miba’s commitment to promoting a better work-life balance – Miba’s new nursery opened at the start of 2014 – is also contributing to the fact that the family-owned company in Upper Austria is regarded as an attractive employer.

Including agency staff, Miba employed a total of 4,670 members of staff globally at over 20 sites as of January 31, 2014. This equates to an increase year-on-year of 284 employees. As in the previous year, the largest increase in the number of employees took place at the Chinese site in Suzhou, although the number of employees in Austria also rose.

Outlook: continuing drive for growth

Miba is expecting further growth despite a persistently volatile market environment. “We are very well prepared for this with our state-of-the-art machinery, our leading technological components and, not least, our highly qualified team,” states Mitterbauer with conviction.

China and the USA are still regarded as the markets of the future for Miba’s products and technologies, which is why the Company is continuing to strengthen its activities in these regions. “We are investing, growing and manufacturing where our customers need us. Our sites in Austria are also benefiting quite significantly from this,” says Mitterbauer in conclusion.

Details on the 2013–2014 financial statements can be found at: