Miba reports stable financial year despite global slowdown
May 15, 2020
Miba AG, Laakirchen, Austria, reports it has demonstrated stable development in the fiscal year 2019–2020 (1 February 2019 to 31 January 2020), despite a significant slow-down of global economic growth and a pronounced decline in some markets, such as the automotive sector. The company’s annual revenue was €977 million, a decline of 0.8% compared to its record figure of €985 million in the previous year.
The company states that it generated 53% of its revenue in the industrial goods business and 47% in the automotive sector. F Peter Mitterbauer, Miba CEO, commented, “The past business year once again has clearly shown that the market risk is less for Miba with its broad product portfolio than for companies catering to only one customer segment.”
Financial independence creates security during COVID-19 crisis
According to Miba, the traditionally high equity ratio is an important enabler for Miba’s financial stability. It was 49% in the past fiscal year. Mitterbauer added, “This provides us with the financial independence and security which make it possible for us to steer the company on a steady course and with a sure hand, also in hard times. Thus we are well-positioned to successfully master the challenges that we will have to face in the coming months.”
Mitterbauer explains that it is also making use of the Austrian short-time work scheme to cope with the situation. “This scheme ensures our flexibility to respond to sales shortfalls by reducing working hours, while at the same time allowing us to continue production for existing customer orders.”
Additionally, Mitterbauer states that providing financial support to employees in need during COVID-19 is a priority. “We as the Miba family proprietors set up a Mitterbauer Emergency Fund endowed with €500,000 for the benefit of employees who have lost income and are in serious financial difficulties as a result of the COVID-19 crisis. Employees will not have to repay this financial relief.”
The stable and sustainable development of Miba over the past few years has reportedly not only put the company in a position to successfully master the challenges ahead, it has also prepared the ground for its long-term development.
Mitterbauer concluded, “Decarbonisation and digitisation – these two megatrends will stay with us also after the coronavirus crisis. We intend to make a proactive contribution to shaping these megatrends with our technologies contributing to sustainable, CO2-reduced production, transmission, storage and use of energy. By developing new digital products and services we will provide our customers with true added value.”
