12.12.2008
Miba was Well Positioned in the First Three Quarters of 2008-09- Sales up 4 percent (12 percent after adjustments); big gain in earnings before taxes
- Definite slowdown noticeable since the summer
Miba, a strategic partner to the international engine and automotive industry, saw healthy growth in the first three quarters (February 1, 2008, to October 31, 2008) despite an increasingly weaker global economic environment. Sales rose by 4 percent year on year, to 298 million euros. Earnings before interest and taxes (EBIT) increased from 18 million to 32.4 million euros during the reporting period, an unusually large gain.
"In the first three quarters, we profited from our strength as a technology leader in clearly defined market segments, although we have noticed a slowdown in economic activity since the summer," says CEO Peter Mitterbauer. After adjustment for lost sales due to disposal of the Spanish sintering plant, sales growth in the first three quarters totaled 12 percent. All three business segments played a significant role in this increase. Miba Bearing Group accounted for the largest portion of group sales with 40.6 percent, followed by Miba Sinter Group with 37.9 percent and Miba Friction Group with 20.3 percent. The EBIT margin during the reporting period was 10.9 percent and was in line with the group target.
Capital Expenditures Financed Internally
Capital investment in plants and equipment totaled 32.8 million euros, a substantially higher amount than in the previous year, and was intended primarily for optimizing and expanding production and logistics processes in all three business segments. The Austrian sites accounted for 21 million euros of that amount. Capital expenditures in the first three quarters were again wholly financed by cash flow from operations, which totaled 52.3 million euros. The employee headcount stood at 2,932 as of October 31, 2008. This represents an increase of 326 employees or 12.5 percent over the previous year. A total of 188 new jobs were created in Austria. Miba had 1,723 employees at its Austrian sites at the end of October.
Outlook: Miba is Well Prepared for the New Market Environment
The Management Board of Miba AG expects difficult months ahead for the industrialized countries. The effects of this trend have been felt at Miba since the summer in the form of fewer new orders, order cancellations and the resulting lower level of capacity utilization. Miba has already taken an active approach to the changed market environment by instituting short-term plant shutdowns and reducing overtime and the number of temporary workers.
In addition, Miba continues to pursue its cost discipline strategy systematically in all segments. With its R&D focus on the development of economical and energy-efficient components and modules, Miba has recognized market needs early on and is positioned for applications in all innovative and future-oriented systems. "It is precisely at times like these that the Miba Group’s philosophy of maintaining and expanding a strong liquidity position and a conservative financing structure stands it in good stead," notes Mitterbauer.
- Definite slowdown noticeable since the summer
Miba, a strategic partner to the international engine and automotive industry, saw healthy growth in the first three quarters (February 1, 2008, to October 31, 2008) despite an increasingly weaker global economic environment. Sales rose by 4 percent year on year, to 298 million euros. Earnings before interest and taxes (EBIT) increased from 18 million to 32.4 million euros during the reporting period, an unusually large gain.
"In the first three quarters, we profited from our strength as a technology leader in clearly defined market segments, although we have noticed a slowdown in economic activity since the summer," says CEO Peter Mitterbauer. After adjustment for lost sales due to disposal of the Spanish sintering plant, sales growth in the first three quarters totaled 12 percent. All three business segments played a significant role in this increase. Miba Bearing Group accounted for the largest portion of group sales with 40.6 percent, followed by Miba Sinter Group with 37.9 percent and Miba Friction Group with 20.3 percent. The EBIT margin during the reporting period was 10.9 percent and was in line with the group target.
Capital Expenditures Financed Internally
Capital investment in plants and equipment totaled 32.8 million euros, a substantially higher amount than in the previous year, and was intended primarily for optimizing and expanding production and logistics processes in all three business segments. The Austrian sites accounted for 21 million euros of that amount. Capital expenditures in the first three quarters were again wholly financed by cash flow from operations, which totaled 52.3 million euros. The employee headcount stood at 2,932 as of October 31, 2008. This represents an increase of 326 employees or 12.5 percent over the previous year. A total of 188 new jobs were created in Austria. Miba had 1,723 employees at its Austrian sites at the end of October.
| Key Miba Figures (in millions of euros) | Q1-Q3 2008-2009 | Q1-Q3 2007-2008 |
| Sales | 298.0 | 286.8 |
| Earnings before interest and taxes (EBIT) | 32.4 | 18.0 |
| Capital investment | 32.8 | 25.7 |
| Cash flow from operations | 52.3 | 43.2 |
Outlook: Miba is Well Prepared for the New Market Environment
The Management Board of Miba AG expects difficult months ahead for the industrialized countries. The effects of this trend have been felt at Miba since the summer in the form of fewer new orders, order cancellations and the resulting lower level of capacity utilization. Miba has already taken an active approach to the changed market environment by instituting short-term plant shutdowns and reducing overtime and the number of temporary workers.
In addition, Miba continues to pursue its cost discipline strategy systematically in all segments. With its R&D focus on the development of economical and energy-efficient components and modules, Miba has recognized market needs early on and is positioned for applications in all innovative and future-oriented systems. "It is precisely at times like these that the Miba Group’s philosophy of maintaining and expanding a strong liquidity position and a conservative financing structure stands it in good stead," notes Mitterbauer.
15.10.2008
Miba AG Completes Share Buyback Program- Volume bought back: 30,000 shares
- Average price: 122.95 euros
Miba AG has successfully completed its share buyback program. Between August 8, 2008 and October 15, 2008 30,000 own shares, i.e. 2.3077% of the capital stock, were bought back at an average price of 122.95 euros. In total Miba AG invested 3.7 million euros in the program.
- Average price: 122.95 euros
Miba AG has successfully completed its share buyback program. Between August 8, 2008 and October 15, 2008 30,000 own shares, i.e. 2.3077% of the capital stock, were bought back at an average price of 122.95 euros. In total Miba AG invested 3.7 million euros in the program.
11.09.2008
First Half of 2008-2009: Miba Grows Profitably- Sales up 2 percent (14 percent after adjustments), EBIT doubled
- 25.9 million euros invested
- 200 new jobs created in Austria
Miba, a strategic partner to the international engine and automotive industry, has experienced healthy growth in the first half of 2008-2009 (February 1 to July 31, 2008) despite the challenging market environment. Sales rose by 2 percent to 199.7 million euros. During the reporting period, earnings before interest and taxes (EBIT) increased from 12.0 million to 23.6 million euros in comparison to the previous year.
After adjustment for the sales loss due to disposal of the Spanish sintering plant, sales growth totaled 14 percent in the first half of the year. "This level of growth, which clearly surpasses the market as a whole, is due to our strategic positioning and concentration on technologically sophisticated products," says CEO Peter Mitterbauer. Miba profits from its focus on clearly defined market segments not only in the automotive industry but also in the non-automotive sector, which accounts for 60 percent of group sales.
The EBIT margin in the period under review was 11.8 percent. "The improvement in performance was substantially supported by the sale of the sintering plant in Spain and is a precondition for future investments and for expansion of our technology leadership," says Mitterbauer.
Capital Investment Financed from Own Funds
Investments in plants and equipment for capacity expansion in all three business areas totaled 25.9 million euros and form the basis for the continuing systematic optimization of production and logistics processes. Capital expenditures in the first six months of the year were again financed exclusively by cash flow from operations, which totaled 31.6 million euros.
The total number of employees in the Miba Group as of July 31, 2008, was 2,854. After adjustment for changes in headcount resulting from the sale of the Spanish site, this represents an increase of 14 percent or 352 employees over the previous year. Around 200 new jobs were created in Austria. A total of 1,655 employees were working there as of the end of July 2008.
Outlook
The Miba AG Management Board confirms its forecast of stable growth in fiscal year 2008- 2009 despite the rising cost of energy and raw materials and the sustained high pressure on prices that is exerted by customers. The continuous productivity increases and the optimum utilization of installed plant capacity provide the basis for ensuring a high level of operational performance by all three Miba business areas.
- 25.9 million euros invested
- 200 new jobs created in Austria
Miba, a strategic partner to the international engine and automotive industry, has experienced healthy growth in the first half of 2008-2009 (February 1 to July 31, 2008) despite the challenging market environment. Sales rose by 2 percent to 199.7 million euros. During the reporting period, earnings before interest and taxes (EBIT) increased from 12.0 million to 23.6 million euros in comparison to the previous year.
After adjustment for the sales loss due to disposal of the Spanish sintering plant, sales growth totaled 14 percent in the first half of the year. "This level of growth, which clearly surpasses the market as a whole, is due to our strategic positioning and concentration on technologically sophisticated products," says CEO Peter Mitterbauer. Miba profits from its focus on clearly defined market segments not only in the automotive industry but also in the non-automotive sector, which accounts for 60 percent of group sales.
The EBIT margin in the period under review was 11.8 percent. "The improvement in performance was substantially supported by the sale of the sintering plant in Spain and is a precondition for future investments and for expansion of our technology leadership," says Mitterbauer.
Capital Investment Financed from Own Funds
Investments in plants and equipment for capacity expansion in all three business areas totaled 25.9 million euros and form the basis for the continuing systematic optimization of production and logistics processes. Capital expenditures in the first six months of the year were again financed exclusively by cash flow from operations, which totaled 31.6 million euros.
The total number of employees in the Miba Group as of July 31, 2008, was 2,854. After adjustment for changes in headcount resulting from the sale of the Spanish site, this represents an increase of 14 percent or 352 employees over the previous year. Around 200 new jobs were created in Austria. A total of 1,655 employees were working there as of the end of July 2008.
| 1st half-year 2008-09 | 1st half-year 2007-08 | |
| Sales (in million €)/td> | 199.7 | 196.3 |
| EBIT (in million €) | 23.6 | 12.0 |
| EBT (in million €) | 22.6 | 11.4 |
| Capital expenditures (in million €) | 25.9 | 18.2 |
| Number of employees (as of July 31) | 2,854 | 2,878 |
Outlook
The Miba AG Management Board confirms its forecast of stable growth in fiscal year 2008- 2009 despite the rising cost of energy and raw materials and the sustained high pressure on prices that is exerted by customers. The continuous productivity increases and the optimum utilization of installed plant capacity provide the basis for ensuring a high level of operational performance by all three Miba business areas.
01.08.2008
Miba AG Completes Share Buyback Program- Volume bought back: 30,000 shares
- Average price: 126.82 euros
Miba AG has successfully completed its share buyback program. Between July 23, 2007 and July 31, 2008 30,000 own shares, i.e. 2.3077% of the capital stock, were bought back at an average price of 126.82 euros. In total Miba AG invested 3.8 million euros in the program.
- Average price: 126.82 euros
Miba AG has successfully completed its share buyback program. Between July 23, 2007 and July 31, 2008 30,000 own shares, i.e. 2.3077% of the capital stock, were bought back at an average price of 126.82 euros. In total Miba AG invested 3.8 million euros in the program.