Miba AG, Laakirchen, Austria, has reported strong first half-year 2012-2013 (February 1 to July 31) results. Consolidated sales rose in comparison to same period in 2011 by 13.7% to EUR 319.9 million, earnings before interest and taxes (EBIT) were EUR 36.6 million.
“Despite initial weakening in a few of our industries and an overall tough market environment, Miba asserted itself quite well in the first half of the year,” stated Peter Mitterbauer, Chairman of the Management Board of the Miba Group. He explained that the increase in sales was primarily attributed to the broad positioning of the company in various industries and regions, and thus attributed to the consistent implementation of the corporate strategy. As a whole, the rates of growth did reflect a decline in the first six months.
Miba Sinter Group accounted for the largest share of consolidated sales at 35%, followed by Miba Bearing Group at 33% and Miba Friction Group at approximately 23%. Just under 8% of consolidated sales came from the New Technologies Group.
In the first six months of the business year, Miba invested almost EUR 29.5 million (previous year: EUR 22.4 million). The majority of the investment funds were placed in expansions to production capacity at the Austrian plants. Miba invested more than EUR 10million at its sites in Slovakia, the USA and China.
Miba’s outlook for the second half of the year is conservative. “The developments in our sales markets, and hence the projections for the second half of the year as well, are very difficult. We have to work even more on being able to respond flexibly and consistently to changing exogenous conditions – like the short-term nature of our industries, or the fluctuations in ordering patterns of our customers,” stated Mitterbauer. For the year as a whole, Miba is anticipating maintaining performance at least at the same level as 2011.
The strategic focus is on the consistent further development of the fourth division, New Technologies Group, and on the expansion of local production in the USA and China. “In the next few years, we will be investing a total of EUR 20 million in trebling the spatial dimensions of our Chinese plant,” explains Mitterbauer.
Sintered components and engine bearings are already being produced at the site in Suzhou. This build-out will allow for a marked expansion of the product portfolio. In the USA, Miba will double the area of its friction linings plant, to accommodate a large order from the North American construction equipment industry.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]