Miba delivers solid performance despite challenging conditions in 1st to 3rd Quarters 2012-2013
December 12, 2012
Austria’s Miba Group reports that it has delivered a solid performance in the first three quarters of 2012-2013 (February 1 to October 31). When compared to the same period last year, consolidated sales rose by 7.5% to €461.9 million, and EBIT advanced 7.9% to €54.2 million.
“Miba continued to perform quite well in the first three quarters despite facing an increasingly tough market environment,” explained Peter Mitterbauer, CEO of the Miba Group. The sales gain over the first three quarters of the business year equals a moderate 7.5%, however considerable declines experienced in the third quarter explain the reason for this adjustment. This affects almost all markets of relevance to Miba, especially for trucks, ships, construction machinery and industrial investment goods. The automotive industry, in which Miba generates approximately one-third of its total sales, continued to develop at a steady overall pace, despite the marked attenuation in Europe.
In the first nine months of the business year, Miba invested almost €40.0 million (previous year €34.4 million). Approximately half of the investments were directed to Miba’s locations abroad. “By making strategic investments in growth markets, we are also reinforcing our locations in Austria. Each euro that we invest internationally is, in fact, also a benefit to us here in Austria,” said Mitterbauer.
As of the October 31, 2012 reporting date, Miba employed 4,185 people (excluding leased employees) worldwide, 330 more employees than the previous year. Almost two-thirds of the growth in workforce numbers took place at the locations in China, the USA and Slovakia. In Austria, the workforce grew by 116 new employees.
“For the fourth quarter, we are anticipating further attenuation in all business divisions, which quite likely will last until well into the next business year,” stated Mitterbauer. For the 2012-2013 business year as a whole, Miba still expects to be able to keep up with the same level as the previous year.
Miba Sinter Group
At €159.9 million, sales of the Miba Sinter Group were slightly above previous year’s level, which equalled EUR 156.0 million. In comparison to the previous year, the quality of earnings deteriorated slightly due to special and one-time effects in production and logistics.
Miba Bearing Group
Despite the overall subdued market and a steadily declining level of utilization during the reporting period, Miba Bearing Group achieved a sales gain of 6.5% to €151.2 million compared to the previous year (€141.9 million).
Miba Friction Group
The Miba Friction Group achieved a 20.0% boost in sales, to €105.5 million; this figure represents a gain of €17.6 million compared to the previous year’s figure of €87.9 million. Almost one-third of this growth was organic; more than two-thirds was related to the takeover of the off-road business from a competitor. After integrating this acquisition in the previous year, the quality of earnings improved substantially when compared to the same period last year; nonetheless, the Group did not reach its target level.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]
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