EANS-Adhoc: Miba Aktiengesellschaft / Miba achieves positive earnings in the first three quarters

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9-month report

11.12.2009

December 11, 2009

Miba achieves positive earnings in the first three quarters

- Sales down 23.4 percent; EBIT nonetheless positive
- Tentative leveling-out of markets discernible in the third quarter
- Peak level of 140 apprentices in training at Miba

LAAKIRCHEN. Miba, a strategic partner to the international engine and
automotive industry, faced a worldwide decline in demand in its core
markets in the first three quarters of 2009-2010 (February 1 to
October 31, 2009): Sales totaled EUR 228.3 million, down 23.4 percent
from the same period the previous year. As measures to increase
efficiency and productivity proceeded full speed ahead, Miba achieved
group-wide positive earnings before interest and taxes (EBIT) of EUR
5.4 million.

"We are noticing a slight leveling-out, albeit at a very low level.
Miba has held its ground well up to now but we have to continue
working intensely to master the crisis," says Peter Mitterbauer,
Chairman of the Board of Miba. Miba continues to place a strong
emphasis on sustainable strengthening of liquidity.

Strong Liquidity The success of intensive working capital management
can be seen in reduction of inventories. Inventories were lowered by
15.6 percent in comparison to the balance sheet date (January 31,
2009). A solid equity ratio of 55.7 percent ensures Miba´s financial
independence. Net indebtedness was also reduced in the first nine
months, totaling EUR 3.5 million as of October 31, 2009 (compared to
EUR 19.3 million on the balance sheet date, January 31, 2009).

At EUR 29.4 million, operative cash flow lies well below the previous
year´s figure (EUR 52.3 million), but is a positive sign in view of
the drop in earnings. Capital expenditures (excluding financial
investments) in the first three quarters of 2009-2010 totaled EUR
10.8 million and focused in large part on the development of the
sinter site in the USA.

Q1-Q3 2009-2010 Q1-Q3 2008-2009
Sales (in million EUR) 228.3 298.0
EBIT (in million EUR) 5.4 32.4

Capital expenditures (excluding financial investments) (in million
EUR) 10.8 32.8 Number of employees (as of October 31) 2,621 2,932

As of October 31, 2009, Miba had 2,621 employees worldwide. This
figure represents a reduction of 10.6 percent or 311 employees in
comparison to the previous year. The number of employees was reduced
largely through expiration of temporary employment contracts at sites
in Slovakia and non-replacement of departing employees.

At Miba sites in Austria personnel measures such as reduced working
hours and educational leave were systematically continued in the
third quarter. As of the reporting date there were 1,577 employees at
the Austrian production and technology sites, a figure that
represents 60 percent of Miba staff worldwide.

As a responsible long-term employer Miba is committed to training
young people, even in economically challenging times. We place great
importance on apprentice training, which we develop systematically.
By investing in the qualified specialists of tomorrow, the company
ensures junior staff from within its own ranks. As of October 31,
2009, Miba reported a new peak of 140 apprentices in training
(compared to 131 apprentices the previous year).

Miba Bearing Group As a development partner and supplier to the
international heavy-duty engine market, Miba Bearing Group continues
to face declining demand in its markets. Miba Bearing Group sales for
the reporting period totaled EUR 100 million, down 17.4 percent or
EUR 21.0 million from the same period the previous year. Demand is
expected to drop further as the economic recession belatedly arrives
in specific subdivisions of this segment. Capital expenditures
totaled EUR 1.9 million, well below the previous year's level, and
are being used primarily for the expansion of the sites in China and
the USA.

Miba Sinter Group As a supplier to the automotive industry the Miba
Sinter Group is strongly affected by the worldwide economic crisis.
Sales in the first nine months totaled EUR 89.9 million, down 20.4
percent from the same period in 2008-2009. This segment has shown
slight tendencies towards recovery in recent months, with third
quarter sales returning to the previous year´s level. It remains to
be seen, however, whether this development will prove sustainable. As
government programs such as "cash for clunkers" incentives come to an
end, demand will presumably decline again. The establishment of the
US sinter site headquartered in McConnelsville, Ohio is forging ahead
quickly. The capital expenditures of the Miba Sinter Group, totaling
EUR 7.5 million (EUR 14.6 million the previous year), focused
primarily on this site.

Miba Friction Group Miba Friction Group is the segment confronted
with the most severe decline in demand. There is not yet any evidence
of stabilization in its target markets. Sales totaled EUR 35.7
million, down 41.0 percent from the same period the previous year.
Negative earnings before interest and taxes (EBIT) of EUR -7.5
million resulted primarily from a massive decline in sales.
Additionally, earnings were adversely affected by goodwill
amortization of EUR 1.4 million in accordance with IAS 36 in the
Slovak and American subsidiaries. This was necessary due to the
continuing poor general economic conditions. Capital expenditures
totaling EUR 1.1 million (EUR 2.9 million in the previous year)
primarily financed measures to improve productivity.

Tentative leveling-out discernible Although some sectors and
countries show a slight leveling-out, a sustainable recovery cannot
yet be assumed. Call-offs at short notice by major customers reflect
the ongoing, prevailing uncertainty in Miba's target markets and make
it difficult to reliably forecast the further economic development of
Miba Group.

The Miba Management Board continues to assume that group sales for
the current business year will lie about 20 to 25 percent below sales
for business year 2008-2009. Nonetheless, a rapid and goal-oriented
structural adaptation to quickly changing business conditions enabled
Miba to perform comparatively well.

The Miba Group With headquarters in Laakirchen, Upper Austria, Miba
is a strategic partner to the international engine and automotive
industry. At eleven sites around the world, it manufactures sintered
components, engine bearings, friction materials and coatings for
vehicles, trains, ships, aircraft and power plants. Miba products
make vehicles more efficient, safer and more environmentally
friendly. Miba has around 2,600 employees, more than half of whom
work at its Austrian sites in Laakirchen, Vorchdorf and Roitham. In
the 2008-2009 business year, the sales of the listed company amounted
to EUR 374.6 million with earnings before interest and taxes (EBIT)
of EUR 34.5 million.

end of announcement euro adhoc
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ots Originaltext: Miba Aktiengesellschaft
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Mag. Eva Almhofer-Amering

Corporate Communications

Tel.: +43/7613/2541-1117

mailto:eva.almhofer@miba.com

Investoren/Analysten

Mag. Hannes Moser

Vice President Corporate Finance

Tel.: +43/7613/2541-1138

mailto:hannes.moser@miba.com

Branche: Industrial Components
ISIN: AT0000734835
WKN: 872002
Index: Standard Market Auction
Börsen: Wien / official market