Annual Report - Miba

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22 In 2004/05, Miba Bearing Group as well as Miba Friction Group were affected by the drop in the USD’s exchange value against the Euro. In addition, Miba Friction Group, which supplies friction materials for clutches and brakes for agricultural tractors, construction machinery and trucks all over the world, was confronted with the strong increase in steel prices and the accompanying steel supply problems. Nevertheless, Miba Friction Group was able to consolidate and expand its market position in 2004/05.
Right on track in insecure times Sales and Performance Analysis Despite a volatile economic environment, Miba was able to hold up well in the 2004/05 fiscal year. The Group’s consolidated sales revenue amounted to 327.9 million EUR as compared to 294.4 million EUR in the comparable period of the previous year. The marked 11.4% growth in sales as compared to 2003/04 is, among other things, a result of Miba’s diversification in terms of its markets and customers. This diversification ensures that a decline in one segment can be overcompensated through an increase in another segment. Miba’s success is based on its strong foundation as a strategic partner of the international engine and automotive industry. Miba’s technological leadership position enables it to become involved in its customers’ development projects at an early stage, thereby securing its competitive edge. The increase in sales in the 2004/05 fiscal year should be evaluated particularly against the background of the marked drop in the Dollar exchange rate value against the Euro. At the average Dollar exchange rate of the 2003/04 fiscal year, sales in the previous fiscal year would have been 3.6 million EUR higher. As was the case in previous years, the distribution of sales takes place according to the business segments. Miba Sinter Group made up 49.1% of total sales in 2004/05. Miba Bearing Group contributed 34.3% to total sales. Miba Friction Group, the third and most recently formed business unit, made up 16.6% of sales. In 2004/05, the Group’s earnings before taxes (EBT) amounted to a sustained high level of 23.3 million EUR (21.6 million EUR in the previous year). The consolidated net income for the year reached 17.5 million EUR during the period under review and exceeded the amounted recorded the previous year by 2.6 million EUR. Sales volume by divisions Friction Group 16,6 % Bearing Group 34,3 % Sinter Group 49,1 % 23
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 26 and 27: 20 Miba Bearings US LLC, USA Miba H
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
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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
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84 3. Foreign Currency Translation
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86 On August 27, 2001, the bearing
Page 94 and 95:
88 Deferred taxes reflect timing di
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90 6. Estimates To a certain degree
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92 5. Depreciation in TEUR 2004/05
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94 10. Taxes on income and earnings
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96 in TEUR 01/31/2005 01/31/2004 Ac
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98 For the 2004/05 fiscal year, def
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100 17. Cash and cash equivalents i
Page 108 and 109:
102 Provisions for post-retirement
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104 Changes in accruals As at Forei
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106 E. Other information 30. Cash f
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108 The contracts are stated as of
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110 35. Earnings per share Accordin
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112 Miba Aktiengesellschaft, Laakir
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114 Changes in consolidated fixed a
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116 Segment Reports Appendix 2 to t
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118 Equity Interests as at January
Page 126 and 127:
120 Imprint Publisher Miba Aktienge
Page 128:
www.miba.com
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