EANS-Adhoc: Miba Aktiengesellschaft Miba AG: Positive revenue and earnings
performance in the first half of the year Current market trends dampen growth
expectations
--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------
Mid Year Results/6-month report
02.09.2015
Laakirchen, September 2, 2015. Miba AG, which is a listed company, recorded a
positive revenue and earnings performance in the first half of 2015-2016 due to
favorable currency translation effects and strong demand from the automotive
sector. However, the momentum from the first quarter did not continue to the
same extent in the second quarter. A further downturn in growth is expected for
the second half of the year.
Revenue in the first half of 2015-2016 (February to July) rose by 14.0 percent
to EUR 375.2 million. Most of this revenue growth was based on foreign currency
effects and company acquisitions; the share of organic growth however declined
from the first to the second quarter. Earnings before interest and tax (EBIT)
improved to EUR 49.7 million (after EUR 41.9 million), which equated to an EBIT
margin of 13.3 percent (previous year: 12.7 percent). The positive earnings
performance was strongly supported by currency translation effects.
Demand from the automotive sector, which was still strong, contrasted with a
marked slow-down in the capital goods sector at a global level. In Europe, Miba
benefited from the positive performance of the passenger vehicle industry.
Business in America had been satisfactory, but revenue growth was almost
exclusively based on currency translation effects. In Asia, Miba felt the sharp
downturn in trucks, construction machinery and agricultural equipment while it
was still possible to compensate for the markedly declining passenger vehicle
market; the currency situation which was more favorable for Miba also had a
supporting effect.
Investments in property, plant and equipment and intangible assets amounted to
EUR 32.9 million in the first half of 2015-2016 (previous year: EUR 24.8
million).
Group equity as of the end of July was EUR 449.2 million (January 31, 2015: EUR
422.0 million). At 56.9 percent, the equity ratio as of July 31, 2015, remained
unchanged from the January 31, 2015, level (56.9 percent).
As of the July 31, 2015, reporting date, the Miba Group employed 5,385 members
of staff (including agency staff) globally, which corresponds to a year-on-year
increase of over 300 employees.
The persistent downturn in the capital goods industry will lead to a further
slowdown in Miba's growth in the second half of 2015-2016. Growth will primarily
be sustained by the automotive industry; Miba expects demand in most other
sectors to stagnate. Geopolitical uncertainties, the volatile situation in the
financial markets and the current weakness of China make it difficult to
accurately predict medium-term performance. Overall, Miba regards its target of
up to 5 percent organic growth as achievable for the full year despite the
economic downturn. Miba is expecting a slight improvement in earnings quality
for the full year due to more favorable currency trends.
end of ad-hoc-announcement
================================================================================
The Miba Group
Miba AG, which is a listed company (WKN 872002), is one of Austria's leading
industrial and technology companies. Formed in Laakirchen in Upper Austria in
1927, the high-tech group today develops and manufactures its products at 22
sites in eleven countries. Miba products can be found in the passenger vehicles,
trucks, construction machinery, trains, ships, aircraft and power plants made or
built by the respective leading global manufacturers. The Company specializes in
engine bearings, friction materials, sintered components and coatings. In
addition, Miba manufactures passive electronic components such as resistors and
cooling systems which are needed, among other things, in power transmission
systems. Moreover, the Company develops and manufactures special machinery for
high-precision machining of large components. Miba employs more than 5,000
members of staff. Revenue in fiscal year 2014-2015 amounted to EUR 669.3
million, while profit before interest and tax (EBIT) was EUR 81.9 million.
Further inquiry note:
Mag. Valerie Weixlbaumer-Pekari
Head of Corporate Communications & Marketing Services
Tel.: +43/664/5416364
mailto:valerie.weixlbaumer@miba.com
Investoren/Analysten
MMag. Markus Hofer
CFO
Tel.: +43/7613/2541-1138
mailto:markus.hofer@miba.com
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Miba Aktiengesellschaft
Dr.Mitterbauer-Straße 3
A-4663 Laakirchen
phone: 07613/2541-0
FAX: 07613/2541-1010
mail: info@miba.com
WWW: www.miba.com
sector: Industrial Components
ISIN: AT0000734835
indexes: Standard Market Auction
stockmarkets: official market: Wien
language: English