No power train without Miba technology

4
Ladies and Gentlemen,
dear Shareholders.
The 2009-2010 business year was one of the most challenging in the history of our
company. In the first two quarters, Miba saw a significant decline in demand in our
target markets. Thanks to the rapid action taken by the management and our employees’
strong commitment to performance, Miba was able to post a positive result in every
quarter. The use of our capacities was quickly adjusted to market conditions and to our
customers’ changed call-off volumes, and was made even more flexible.
Through a broad range of measures, we adjusted the company cost structure and
strengthened liquidity. Although capital investment was scaled back, Miba remained
constant in its commitment to strategic projects for the future, such as building and
expanding our sites in the USA and China. A comprehensive series of measures made it
possible for us to reach our goal of retaining our qualified core staff. At the end of January
2010, we ended reduced working hours at all sites.
Miba possesses great financial strength. Investment has traditionally been financed
through cash flow, and the strengthening of liquidity is a top priority. A solid financing
structure with an equity ratio of 60 percent and Miba’s orientation toward the long term
are decisive factors in our success. Our focus on research and development as well as our
constant striving on behalf of our customers has helped Miba to emerge from the crisis
even stronger.