Miba announces record capital expenditure of over €110 million
April 27, 2016
Miba AG has reported that consolidated revenue climbed by 7% to €719.1 million in its last fiscal year (February 1, 2015, to January 31, 2016). Investments in property, plant and equipment reached a new all-time high of almost €80 million and those in research and development a record €31.8 million. The number of employees also continued to rise. As of January 31, 2016, Miba had 5,397 members of staff working at 22 sites worldwide.
The past fiscal year showed Miba’s main fields to be running at two different speeds. While the automotive industry performed strongly, as it had done in the previous year, Miba faced weak to downward trends in segments of the capital goods market. “The past fiscal year has proven once again how important our diversified business model is, especially in volatile times, and that flexibility and continuous development are the watchwords,” said CEO F. Peter Mitterbauer.
Global demand for construction machinery, mining equipment and ships fell again in 2015. The truck market turned in a satisfactory performance in the US and Europe, but in China declined sharply, particularly from the second half of the year onwards. The markets for tractors and locomotive applications were on a stable trend, while demand for power electronics components for energy transmission showed a slightly positive trend.
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, coatings, power electronics components and special machinery.
Consolidated revenue climbed by EUR 49.8 million year on year to EUR 719.1 million. Earnings before interest and tax (EBIT) amounted to EUR 82.9 million (2014/2015: EUR 81.9 million). “The earnings performance reflects the challenging market environment,” Mitterbauer explained.
Miba stated that it intends to grow organically and through acquisitions. “In addition to expanding our established lines of business, we also intend to broaden our product portfolio through acquisitions. With our expertise in technologically sophisticated components, we are also able to create added value in other areas around the megatrends mobility and energy efficiency,” Mitterbauer added.
“The dynamic environment we are operating in at present and rapid technological progress demand an even sharper focus on innovation and technology. Only in this way can we offset any sustained market weakness through an appropriate increase in new product launches and thus continue to extend our technology and product leadership,” Mitterbauer concluded.