Miba AG, headquartered in Laakirchen, Austria, has reported that consolidated revenue in its first quarter of 2015–2016 (February 1 to April 30) amounted to EUR 190.4 million, equating to an increase of EUR 26.9 million compared to the first quarter of 2014–2015. EBIT amounted to EUR 24.6 million, up EUR 5.3 million on the previous year.
Miba stated that it 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% (after having been 11.8% 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,” stated Chairman of the Management Board, F Peter Mitterbauer.
“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,” added Mitterbauer. In the first three months of the fiscal year, Miba invested EUR 17.4 million in the expansion of capacity and in measures to improve productivity.
Miba stated that its order book at the start of the second quarter of fiscal year 2015–2016 was still characterised by high order volumes from the automotive sector. For capital goods sales, the comapny 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.