Annual Report - Miba

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46 In the preceding fiscal year, the Roitham site was audited according to ISO-TS2, the highest quality standard in the automotive industry. The fall was characterized by the change-over of the IT operating system to SAP. After extensive preparatory work and due to the employees’ great commitment, “Go Live” took place in an exemplary manner. An additional milestone reached in the 2004/05 fiscal year was Miba Friction Group’s decision to invest in a new location in Slovakia. In the third quarter, Miba AG’s Supervisory Board gave the go-ahead for the construction of a modern production plant for steel plates in Vráble, 100 kilometers to the east of Bratislava. In the medium term, total capital expenditure will amount to approximately 20 million EUR. The new plant in Slovakia with 150 new jobs will be working at full capacity by the end of 2006. Miba Friction Group’s existing site in Sheffield will have to be closed down subsequently. A social compensation plan for the employees concerned is currently being negotiated with the trade union. 2004/05 2003/04 Sales (in EUR million) 54.4 48.6 Investments (in EUR million) 2.0 5.5 Employees (yearly average) 380 350
Cautiously optimistic Outlook Miba’s prospects for the 2005/06 fiscal year vary according to the business segment concerned. Miba Sinter Group, which primarily caters to the European automotive industry, has some reservations. Most of the European car manufacturers can feel the consumers’ reticence to spend and do not expect any increases in production figures for the current year. In 2005/06, Miba Sinter Group’s economic environment is characterized by further production relocations by car manufacturers to Central and East European countries and increased cost pressure. Miba Bearing Group, on the other hand, was able to carry the momentum gained in the previous fiscal year over into the first months of the current year. Demand from Asia remains high. Business activity in the US does not show any sign of weakening either. Incoming orders developed favorably during the first months of the 2005/06 fiscal year. In 2005/06, Miba Friction Group’s growth will mainly stem from its original equipment. The main focus is clearly on enlarging its market share in this field. For the current year, a number of series introductions of new linings are planned. In general, the forecasts for 2005/06 by our main customers and therefore of Miba Friction Group are cautiously optimistic. In a nutshell, it can be stated that Miba’s business development in 2005/06 will be influenced by the further developments in the Euro-Dollar exchange rate and the prolonged strained supply situation on the international commodity markets. Furthermore, price hikes for raw materials and energy are expected to take place in all three business segments and must be compensated by increased productivity. In light of the present situation, Miba AG’s Management Board believes that a constant earnings situation along with a moderate sales increase seems realistic for the 2004/05 fiscal year. 47
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 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 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 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
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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
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108 The contracts are stated as of
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110 35. Earnings per share Accordin
Page 118 and 119:
112 Miba Aktiengesellschaft, Laakir
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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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Annual Report - Miba

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