Annual Report - Miba

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20 Miba Bearings US LLC, USA Miba HydraMechanica Corp., USA Mahle Metal Leve Miba Sinterizados Ltda., Brazil Miba Tyzack Ltd., Great Britain Miba France SARL, France Miba Sinter Spain S.A., Spain Miba Deutschland GmbH, Germany Miba Gleitlager GmbH Miba Automation Systems Ges.m.b.H. Miba Sinter Austria GmbH Miba Frictec GmbH Austria Miba Sinter Slovakia s.r.o., Slovakia Miba Sinter Italy S.r.l., Italy Miba Far East PTE Ltd., Singapore
Volatile markets, regional divergences and expensive commodities General Economic Setting High volatility and regionally highly divergent developments characterized Miba’s customer markets during the 2004/05 fiscal year. According to economists, the global economy grew at its fastest pace since 15 years. North America and Asia were the driving force for growth over the past year. For instance, the gross domestic product (GDP) grew by 4.3% in the US and by 9.5% in China. The strong foreign exchange value of the Euro against the Dollar impaired the economic recovery in Europe, particularly in the Euro zone. In the meantime, the Euro has risen above the 1.35 USD mark. Germany, the former motor of growth, sputtered and reached a modest 1.2% GDP increase in 2004. The Euro value and the massive price hikes on the international commodity markets, in particular for crude oil, steel and non-ferrous metals, slowed down growth. Over the previous year, the European automotive industry, one of Miba’s main markets, went through an economically difficult period. The consumers’ reticence to spend caused manufacturers to experience capacity utilization problems and resulted in pressure on the supply industry. Due to product innovation and the development of new fields of application, Miba Sinter Group managed to assert itself in this difficult market environment. Whereas European car production increased by 2.8% over the previous year, Miba Sinter Group was able to increase sales by 6.8% and gain additional market shares. Miba Bearing Group participated in market growth in the Far East and in the US. The market opportunities provided were used and turned into economic success. Strong demand was recorded in the railway business, in shipbuilding and in the commercial vehicle market. 21
Page 1 and 2: Innovation in Motion Annual Report
Page 3: Income Statement (in EUR million) 2
Page 7 and 8: Annual Report 2004/05 Innovation in
Page 9 and 10: Preface by the Chief Executive Offi
Page 11 and 12: DI DDr. h.c. Peter Mitterbauer, Cha
Page 13 and 14: Ing. Alfred Hörtenhuber, Chief Exe
Page 15: The Supervisory Board would like to
Page 19 and 20: Excellent performance The Miba Shar
Page 21: Development of the Miba stock in th
Page 24 and 25: 18 Highlights 2004/05 Highlights Fe
Page 28 and 29: 22 In 2004/05, Miba Bearing Group a
Page 30 and 31: 24 Sales volume by markets NAFTA 15
Page 33 and 34: Business Report 27
Page 35 and 36: One of the main pillars of Miba’s
Page 37 and 38: Miba Group Employees (yearly averag
Page 39 and 40: Technological leadership strengthen
Page 42 and 43: 36 At present, the West-European au
Page 44 and 45: 38 The product group gears showed c
Page 46 and 47: 40 In the past fiscal year 2004/05,
Page 48 and 49: 42 In Europe, Miba Bearing Group wa
Page 50 and 51: 44 2004/05 was a highly successful
Page 52 and 53: 46 In the preceding fiscal year, th
Page 54 and 55: 48 Risk Report Risk Report As a par
Page 57 and 58: Financial Statements 2004/05 of Mib
Page 59 and 60: A. Shareholders’ Equity: 01/31/20
Page 61 and 62: Miba Aktiengesellschaft, Laakirchen
Page 63 and 64: The annual financial statements wer
Page 65 and 66: Receivables and other Current Asset
Page 67 and 68: Sales Revenue Per region: IV Commen
Page 69 and 70: The members of the Management Board
Page 71 and 72: Acquisition and Depreciation Manufa
Page 73 and 74: Miba Aktiengesellschaft, Laakirchen
Page 75 and 76: "The accounting and the financial s
Page 77:
Consolidated Financial Statements 2
Page 80 and 81:
74 Miba Aktiengesellschaft, Laakirc
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
80 Notes on the Financial Statement
Page 88 and 89:
82 B. Principles of Consolidation w
Page 90 and 91:
84 3. Foreign Currency Translation
Page 92 and 93:
86 On August 27, 2001, the bearing
Page 94 and 95:
88 Deferred taxes reflect timing di
Page 96 and 97:
90 6. Estimates To a certain degree
Page 98 and 99:
92 5. Depreciation in TEUR 2004/05
Page 100 and 101:
94 10. Taxes on income and earnings
Page 102 and 103:
96 in TEUR 01/31/2005 01/31/2004 Ac
Page 104 and 105:
98 For the 2004/05 fiscal year, def
Page 106 and 107:
100 17. Cash and cash equivalents i
Page 108 and 109:
102 Provisions for post-retirement
Page 110 and 111:
104 Changes in accruals As at Forei
Page 112 and 113:
106 E. Other information 30. Cash f
Page 114 and 115:
108 The contracts are stated as of
Page 116 and 117:
110 35. Earnings per share Accordin
Page 118 and 119:
112 Miba Aktiengesellschaft, Laakir
Page 120 and 121:
114 Changes in consolidated fixed a
Page 122 and 123:
116 Segment Reports Appendix 2 to t
Page 124 and 125:
118 Equity Interests as at January
Page 126 and 127:
120 Imprint Publisher Miba Aktienge
Page 128:
www.miba.com
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