- The stability and financial security are assured during the coronavirus crisis by our financial independence and high equity ratio of 49%.
- Annual revenue remains stable in a highly challenging market environment – slight decline of 0.8 percent to EUR 977 million.
- 500,000 euro relief fund for Miba employees who find themselves in serious financial difficulties due to the Covid-19 epidemic
- Miba intends to stride ahead with its forward-looking investment plans and will contribute pro-actively to shaping the megatrends of decarbonization and digitization with lasting effect.
Laakirchen, 15 May 2020. The Austrian Miba Group considers itself well prepared for the challenges of the Covid-19 pandemic. Not only has the company always stood for financial independence, stability and long-term growth, it also demonstrated stable development in the past fiscal year 2019/2020 (1 February 2019 to 31 January 2020). The company was able to defend – and in some cases even consolidate – its position in the most important customer segments despite a significant slow-down of global economic growth and a pronounced decline in some markets, such as the automotive sector. The annual revenue amounted to EUR 977 million which is a slight decline of 0.8 percent compared to the record figure of EUR 985 million in the previous year. The group of companies generated 53 percent of its revenue in the industrial goods business and 47 percent in the automotive sector. “The past business year once again has clearly shown that the market risk is less for Miba with its broad product portfolio than for companies catering to only one customer segment”, Miba CEO F. Peter Mitterbauer says.
Financial independence creates security during the coronavirus crisis
The traditionally high equity ratio is an important enabler for Miba’s financial stability. It was 49 percent in the past fiscal year. “This provides us with the financial independence and security which make it possible for us to steer the company on a steady course and with a sure hand, also in hard times”, Mitterbauer assures. “Thus we are well positioned to successfully master the challenges that we will have to face in the coming months.” The company also makes use of the Austrian short-time work scheme to cope with the difficult situation. “This scheme ensures our flexibility to respond to sales shortfalls by reducing working hours, while at the same time allowing us to continue production for existing customer orders”, the Miba CEO explains.
EUR 500,000 relief fund for employees in financial difficulties
Providing financial support to employees in need is a priority for the Miba CEO. “We as the Miba family proprietors set up a Mitterbauer Emergency Fund endowed with 500,000 euros for the benefit of employees who have lost income and are in serious financial difficulties as a result of the Covid-19 crisis. Employees will not have to repay this financial relief”, Mitterbauer says.
The megatrends of decarbonization and digitization are here to stay also after the Covid-19 pandemic
The stable and sustainable development of Miba over the past few years has not only put the company in a position to successfully master the enormous challenges lying ahead, it has also prepared the ground for the long-term development of the company. “Decarbonization and digitization – these two megatrends will stay with us also after the coronavirus crisis”, F. Peter Mitterbauer is convinced. “We intend to make a pro-active contribution to shaping these megatrends with our technologies contributing to sustainable, CO2-reduced production, transmission, storage and use of energy. By developing new digital products and services we will provide our customers with true added value.”
Almost 400 patents, 54 new ones in the past fiscal year alone
The enormous innovative strength of Miba is a vital factor that will open these new business opportunities for the company. The company filed 54 new patents in the past financial year 2019/2020 alone; it holds 373 patents in total. Miba’s broad investment base is another sound foundation for future growth: In 2019/2020, the company invested around EUR 115 million in its future: more than EUR 70 million in fixed assets, EUR 40 million in research and development, and EUR 2.7 million in the (continued) training and qualification of Miba employees.