EANS-Adhoc: Miba Aktiengesellschaft / Annual Results for 2009-2010: Miba´s Strategy Stands the Test in the Crisis

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Miba Annual Results for 2009-2010

05.05.2010

Annual Results for 2009-2010: Miba´s Strategy Stands the Test in the
Crisis

- Miba focuses on technologically sophisticated key components for future
generations of drives
- Positive EBIT of EUR 16.4 million despite sharp decline in demand
- Equity ratio rises to 60.1 percent
- Miba gains market share and invests in new business segments

Miba, a strategic partner to the international engine and automotive industry,
generated consolidated sales of EUR 311.8 million in the 2009-2010 business
year. With earnings before interest and taxes (EBIT) of EUR 16.4 million, Miba´s
performance was excellent in comparison to other companies in its sector. The
new business year is off to a strong start:
- Miba takes over the British coatings specialist Teer Coatings Ltd. in
April
- Miba Sinter Group opens a new site in McConnelsville, Ohio, USA in June
- Miba Bearing Group starts production of high-performance engine bearings
for trucks in the USA

"The business year 2009-2010 was one of the most challenging in the
history of Miba," says Miba CEO Peter Mitterbauer. "We have proven
that we can hold our own in hard times - Miba posted positive results
in every quarter. At the beginning of the year we concentrated on the
right things: quickly adjusting our cost structure to our customers´
call-off volumes and securing our liquidity for the long term. Our
clear strategic orientation to technologically sophisticated products
and technologies for the future is proving its worth."

The first three quarters of 2009-2010 were marked by the global
recession. The fourth quarter, on the other hand, showed signs of an
improving economic situation. In the 2009-2010 business year Miba
generated group sales totaling EUR 311.8 million, a 16.8 percent
decline from the previous year. Miba performed well in comparison to
others in its industry. Thanks to quick and resolute action at the
beginning of the business year, in 2009-2010, Miba was able to
generate positive earnings before interest and taxes (EBIT) of EUR
16.4 million. The EBIT margin stands at 5.3 percent. Earnings before
interest, taxes, depreciation and amortization (EBITDA) totaled EUR
45.6 million.

Liquidity Secures Independence In 2009-2010, Miba particularly
focused on strengthening liquidity for the long term. At EUR 50.8
million, cash and cash equivalents were significantly up from the
previous year´s figure of EUR 24.6 million. Successful liquidity
management is also reflected in Miba´s net cash of EUR 7.1 million as
of the reporting date January 31, 2010. In comparison, the Miba Group
posted net debt of EUR 19.3 million as of January 31, 2009. The
equity ratio rose further, reaching 60.1 percent. This ratio
underscores Miba´s robust capital structure and secures the company´s
financial independence.

Growth Through Technology Expenditures to secure and expand our
technology leadership remained high. In the 2009-2010 business year,
Miba invested EUR 18.7 million in R&D despite a decrease in revenue.
This represents a research budget of approximately six percent of the
total sales volume. Miba focuses on the development of components for
high-performance, efficient and alternative drives:

? Miba Bearing Group´s heavy-duty and fully lead-free engine bearing
solutions are used in modern and fuel-efficient diesel motors for trucks. The
features of new materials make it possible for future generations of bearings to
meet stricter environmental regulations. Beyond combustion engines, the area of
wind power stations offers major potential for the application of Miba engine
bearings technology; the first patents are pending.
? Miba is a strong technological partner in the development of smaller,
economical and energy-efficient motors and transmissions. Miba Sinter Group
components for double-clutch transmissions and servo synchronizers make a
crucial difference in increasing shifting comfort and fuel economy.
? Miba Friction Group scores with its developmental know-how in the area
of wind turbines. A new friction material with a higher energy load rating
contributes to the improved performance of wind power stations.
? The consistent further development of functional component coatings for
minimized friction also brings Miba a step closer to fulfilling our vision: No
power train without Miba technology.

Strategically Targeted Investments A total of EUR 19.5 million was
invested within the Miba Group in production capacity and product
quality (compared with EUR 43.1 million the previous year). About 72
percent of investments in the past year went to the sites in the USA
and China. These investments serve the further expansion of Miba´s
position in these strategically significant markets.

Cash flow from operations fell to EUR 48.1 million, down from EUR
51.6 million a year earlier. This is essentially due to the decrease
in operating income. Once again, Miba fully financed its capital
investments out of the company´s own capital resources.

2009-2010 2008-2009
Sales (in million EUR) 311.8 374.6
EBIT (in million EUR) 16.4 34.5
EBT (in million EUR) 15.5 30.9
Investments in fixed assets (in million EUR) 19.5 43.1
Number of employees (yearly average) 2,613 2,855

Miba Holds Onto its Core Staff

In 2009-2010, Miba had an average of 2,613 employees worldwide,
compared with 2,855 the previous year. As of the reporting date of
January 31, 2010, the headcount totaled 2,620 (compared with 2,825 on
January 31, 2009). Staff cuts resulted from capacity adjustment
measures. Personnel expenses in 2009-2010 totaled EUR 108.8 million,
an 11 percent decrease from the previous year (EUR 121.7 million).

In the past five years, Miba has created approximately 750 new jobs.
As a responsible employer, Miba set itself the declared goal of
holding onto its qualified core staff despite the difficult months.
The company reacted to the reduction in orders with a broad range of
personnel policies such as reduced overtime and vacation time,
educational leaves, reduced working hours and the introduction of new
models for working hours. Reduced working hours were ended at the end
of January 2010. Apprentice training remains highly significant: In
2009, 28 young men and women began their training as production
technicians at Miba.

Miba Bearing Group Expands Sites in China and the USA Miba Bearing
Group generated revenues of EUR 132.6 million in the past year. It
thus accounted for 42.4 percent of total Miba Group sales, making it
the leading business unit. Targeted capital investments in research
and development, the retention of qualified core staff, and the
unwavering commitment to continuing strategic projects were key
reasons why expenditures did not decrease to the same extent as
revenue. In 2009-2010, earnings before interest, taxes, depreciation
and amortization (EBITDA) totaled EUR 24.1 million (compared to EUR
33.4 million the previous year). As a leading development partner for
engine bearings, the Miba Bearing Group is there where the customer
needs it. Series production of large bearings for boats and
high-speed ferries started successfully in China in summer 2009.
Production of high-performance engine bearings for diesel truck
motors starts this June in McConnelsville, Ohio, USA.

Miba Sinter Group Raises Profitability At the end of the 2008-2009
business year, Miba Sinter Group became the first business unit hit
by the effects of the financial and economic crisis. The economic
stabilization measures introduced in many countries around the world
(such as "cash for clunkers" programs), along with a series of new
projects, made it possible for Miba Sinter Group, with revenues of
EUR 125.7 million (compared to EUR 135.4 million the previous year),
to post a decrease of only seven percent, relatively low in industry
comparison. The consistent implementation of measures introduced
ahead of schedule, such as the temporary shutdown of systems, led to
an increase in profitability despite declining revenue. EBITDA
improved from EUR 18.6 to 19.7 million. Miba Sinter Group is opening
a new site in McConnelsville, Ohio, in June. The USA is a future
market for Miba technology in the area of energy-efficient and
low-emissions motors and transmissions.

Miba Friction Group Increases Research Budget The revenue of the Miba
Friction Group totaled EUR 51.1 million in 2009-2010, a 33 percent
decrease from the previous year. This business unit thus generated
16.2 percent of total Miba sales. The decline in revenue was in part
responsible for a negative EBITDA of EUR 0.5 million (compared to
positive EBITDA of EUR 9.2 million the previous year). Despite the
turbulent economic conditions, the Friction Group consistently
invested in R&D. Investment accounted for seven percent of revenue in
the past year.

Outlook: New Opportunities for Miba Miba had a strong start in the
2010-2011 business year. In some segments the volume of new orders
nearly reached pre-recession levels. Customers´ call-off volumes,
however, are subject to major fluctuations, and the planning horizon
remains very limited. "We have a good overview of the first half of
the year, but at the moment it is difficult to foresee how the second
half will develop," says CEO Peter Mitterbauer. Customer
cancellations on short notice increase the complexity of planning and
require a high level of flexibility from the company.

"Miba is well equipped for the challenges and opportunities it
confronts. A high level of technological skills, a solid liquidity
base and qualified employees are the crucial factors that will enable
the company to emerge from this recession in stronger shape,"
Mitterbauer says. The situation on the markets abroad is positive,
also in the USA. Markets such as China, India and Brazil also show
major growth potential. Strategic investments in building and
expanding the sites in China and the USA further strengthen Miba´s
market position as a technology leader. In the area of coatings, the
April takeover of the coatings specialist Teer Coatings in Droitwich,
UK, has expanded Miba´s expertise and product portfolio.

In the current business year we are focusing on the topics of
quality, flexibility and health. Activities in the area of Business
Excellence reflect our constant efforts for high business quality.
"One of Miba´s strengths is our good reputation with our customers.
Customer satisfaction is a high priority and stands at the center of
our relentless striving for the highest quality and reliability,"
Mitterbauer concludes.

end of ad-hoc-announcement ==========================================
====================================== The Miba Group With
headquarters in Laakirchen, Upper Austria, Miba is a strategic
partner to the international engine and automotive industry. Sintered
components, engine bearings and friction materials for motor
vehicles, railways, ships, aircraft and power stations are produced
at eleven sites worldwide. Miba products make vehicles more
efficient, safer and more environmentally friendly. Miba has around
2,600 employees, over half of whom work at the Austrian sites in
Laakirchen, Vorchdorf and Roitham. In the 2009-10 business year,
sales of the listed company totaled 311.8 million euros with an
operating result (EBIT) of 16.4 million euros.

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

Further inquiry note:

Press

Eva Almhofer-Amering

Corporate Communications

T: +43/7613/2541-1117

M: +43/664/3402108

eva.almhofer@miba.com

Investors/Analysts

Hannes Moser

Vice President Corporate Finance

T: +43/7613/2541-1471

hannes.moser@miba.com

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