Miba: revenue and profit up in Quarter 1, 2015–2016

  • Positive influences from special effects
  • Good sales performance in the automotive sector
  • Weak demand for capital goods


The Upper Austrian technology group Miba continued its positive performance from the previous year in the first quarter of 2015–2016 (February 1 to April 30). Consolidated revenue amounted to EUR 190.4 million, which equates to an increase of EUR 26.9 million compared to the first quarter of 2014–2015. EBIT (earnings before interest and tax) amounted to EUR 24.6 million and was therefore EUR 5.3 million above the prior-year figure.

In terms of revenue and profit, Miba benefited from positive one-off effects from exchange-rate trends in the first quarter of 2015–2016. Organic revenue growth adjusted for these effects amounted to 7.4 percentage points and was therefore slightly below the comparative figures from previous periods. EBIT was also driven by these special effects; the EBIT margin rose to 12.9 percent (after having been 11.8 percent in the comparative prior-year quarter).

In terms of the market, Miba was still able to benefit from the good performance of the automotive industry and the strong demand for trucks and locomotives, particularly in the US. This was contrasted by weaker order intakes from the construction machinery, agricultural equipment, ship engines and truck sectors in China.

“The first quarter’s result was a high point for Miba. However, success does have its limits. The global capital goods industry, Miba’s largest sales area, continues to lose momentum, which is why we are now already bracing ourselves for a marked slow-down in the second half of 2015–2016,” said Chairman of the Management Board, F. Peter Mitterbauer.

Miba’s strategic goal to continue to grow in the medium term remains unchanged despite the expected cyclical downturn. “We are planning to expand our traditional areas and to broaden our product portfolio further through acquisitions. One key to this is targeted investment in technologically advanced projects which we often bring to fruition in close coordination with our customers,” said Mitterbauer. In the first three months of the fiscal year, Miba therefore invested EUR 17.4 million in the expansion of capacity and in measures to improve productivity (previous year: EUR 12.3 million).

As of the April 30, 2015, reporting date, Miba employed 5,252 members of staff globally (including agency staff), and thus 500 more employees than a year ago.



Outlook

Miba’s order book at the start of the second quarter of fiscal year 2015–2016 was still characterized by high order volumes from the automotive sector. For capital goods sales, Miba is increasingly bracing itself for a very weak order book. From the second half of 2015–2016 onwards, profit margins are therefore expected to be lower overall than in the first quarter. Exceptional peaks in revenue as in the first quarter of 2015–2016 can in all probability no longer be expected from the second half of the year onwards. For the whole of 2015–2016 and also for subsequent years, Miba is therefore expecting a return to profit margins of earlier years.


Overview of key figures

 

Quarter 1 2015–16

 
 

Quarter 1 2014–15

 
 

Quarter 1 2013–14

 
 

Quarter 1 2012–13

 
 

Revenue (in EUR million)

 
 

190.4

 
 

163.5

 
 

153.5

 
 

160.9

 
 

EBIT (in EUR million)

 
 

24.6

 
 

19.3

 
 

17.8

 
 

20.2

 
 

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

 
 

17.4

 
 

12.3

 
 

8.0

 
 

14.8

 
 

Number of employees (including agency staff)

 
 

5,252

 
 

4,752

 
 

4,451

 
 

4,403