Miba revenues up as company sees growth in automotive markets
December 3, 2014
Austria’s Miba AG has reported consolidated revenue of €498.3 million in the first three quarters of 2014–2015 (February 1 to October 31), up 8.3% compared to the first three quarters of 2013–2014. Earnings before interest and tax (EBIT) amounted to €62.9 million (previous year: €54.1 million).
“In the third quarter, we have again benefited from the positive performance in many of our sales markets and have exploited the resulting market opportunities well,” stated Chairman of the Management Board, F Peter Mitterbauer. From the beginning of the year the company stated that the automotive industry in Europe, USA and China, as well as the heavy truck market in Europe and USA were its growth drivers.
“At the same time we are, however, confronted by weaknesses in other markets that have already persisted for some time,” added Mitterbauer. Global demand for ships and mining equipment has continued to remain at historically low levels in recent months and the market for agricultural commercial vehicles declined.
“Thanks to our broad product portfolio, we were able to compensate for the weaknesses in some sectors with a strong performance in others. The range of products, from power electronics components to engine bearings and friction materials right through to sintered components stands us in good stead,” added Mitterbauer.
Miba reported that it is investing heavily in USA and China, where it sees the greatest opportunities for growth. In the first nine months of the fiscal year the company invested a total of €36.1 million in capacity expansions and in measures to improve productivity.
As of the October 31, 2014, Miba employed 5154 members of staff globally (including agency staff), an increase of more than 500 on the previous year. The increase in the number of employees is attributable to the initial consolidation of the Chinese company, EBG Shenzhen Ltd, in which the Miba Group holds 55% of the shares. Employees were also recruited at the Suzhou site in China as well as in Slovakia and Austria.
Expectations for the whole year results are stated as being mainly positive. “We are much more guarded and sceptical in our assessment of the next fiscal year,” stated Mitterbauer, pointing to among other things the weak investment climate especially in Europe and the effects of the geopolitical unrest which are difficult to predict. “For us, this means that we need to be even more vigilant and flexible because we want to continue to grow profitably in the future.”
