Annual Report - Miba

Preface by the Chief Executive Officer
Ladies and Gentlemen!
Dear Shareholders!
Preface
The past fiscal year 2004/05 was a turbulent one for the global economy and for Miba. The
determining macro-economic influencing factors were the sustained strong economic
growth in the Far East, the exchange rate drop of the US Dollar against the Euro and the
marked price increases on the international commodity markets, especially for crude oil,
steel and non-ferrous metals. The European Union’s enlargement to 25 member states
formed a historic milestone in the previous year.
Miba stood its ground well in this dynamic and challenging economic environment. As a
supplier of the international engine and automotive industry, Miba gets approximately half
of its business from the automotive industry. We were able to strengthen our market
position in all three of our core business segments – Sintered Components, Engine
Bearings and Friction Materials – through consistent technological progress. In demanding
niches, such as the production of engine gear wheels, heavy duty engine bearings or
clutch linings, we were able to improve our market leader position.
In the past fiscal year, sales increased by 11% to 327.9 million EUR as compared to the
preceding year. At 23.3 million EUR, the operating result was 8% higher than that of the
previous year. Our employees are one of the main pillars of this success. On average,
Miba employed 2,586 people in the 2004/05 fiscal year. Our employees have once again
proven that they can meet high expectations and take on the opportunities provided. I
would especially like to thank them.
2004/05 was not only a successful year for Miba, but also an eventful one. One of the
highlights was the inauguration of our modern and architecturally sophisticated plant in
Roitham. Strategically, the decision to build a new plant in Slovakia as well as the Management
buyout at our Turin site deserve special mention. As of July 31, 2004, Miba has
parted with its manufacturing base in Turin.
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