No power train without Miba technology

Financial position and net worth
The balance sheet total rose slightly in 2009-2010 from EUR 341.0 to 343.9 million. This
resulted from the fact that the cash and cash equivalents released through the reduction
in working capital (particularly the reduction in inventories) were only partially used to
finance investments and repay financial liabilities.
The percentage of non-current assets in total assets fell from 57 percent to 52 percent
through a restrained investment policy. Investments in intangible assets and tangible fixed
assets totaled EUR 19.5 million (previous year EUR 43.1 million). 72 percent of investments
made in 2009-2010 went to the sites in the USA and China. These investments helped
Miba expand its position in these strategically significant markets.
The asset coverage ratio (ratio of share capital or net worth to total assets) increased to
120 percent, compared to 102 percent the previous year.
All sites started inventory reduction programs, reducing inventories from EUR 59.0 to
46.4 million, a decline of 21 percent.
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