11.11.2013
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DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG publishes preliminary nine-month results: consolidated revenue at the previous year's level and marked operating earnings growth
DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s):
Preliminary Results
MIFA Mitteldeutsche Fahrradwerke AG publishes preliminary nine-month
results: consolidated revenue at the previous year's level and marked
operating earnings growth
11.11.2013 / 07:59
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Sangerhausen, November 11, 2013 - MIFA Mitteldeutsche Fahrradwerke AG (WKN
share: A0B95Y, ISIN share: DE000A0B95Y8), Germany's largest manufacturer of
bicycles in terms of sales, reports consolidated revenue (IFRS) of EUR 97.7
million for the first nine months of the current financial year, thereby
reaching the previous year's level (9M previous year: EUR 97.6 million).
Year-on-year revenue decline for the third quarter amounted to 14.5 %. 'Our
sales revenues in the summer quarter were not as high as expected due to a
customer-specific acceptance delay. In view of the current new order
intake, however, we anticipate acceleration during the fourth quarter,'
comments MIFA CEO Peter Wicht.
The number of bicycles sold was down by 7.6 % to 462,000 units during the
nine-month period of 2013 (9M previous year: 500,000 units), while the
average sales price rose by 8.2 % from EUR 195 in the prior-year period to
currently EUR 211. The sale of e-bikes remains the decisive driver of sales
revenues. MIFA generated EUR 30.1 million with e-bikes during the first
nine months, up 16.2 % compared with the previous-year period (EUR 25.9
million), with their share of total consolidated revenue advancing to 30.8
% (9M previous year: 26.5 %). As the share of high-priced e-bikes continued
to rise, the average sales price reported a marked increase of 20.7 % to
EUR 745 (9M previous year: EUR 617), offsetting by far the slight decline
in the number of e-bikes sold, which decreased to 40,000 units (9M previous
year: 42,000 units). The average sales price of conventional bicycles
increased by 2.6 % to EUR 158 (9M previous year: EUR 154). Overall, MIFA
sold 422,000 bicycles without electronic motors during the first nine
months of the current financial year (9M previous year: 458,000 units).
Revenue generated with conventional bicycles declined by 5.1 % to EUR 67.0
million (9M previous year: EUR 72.2 million).
Including significantly higher year-on-year inventory changes of EUR 10.0
million (9M previous year: EUR 2.5 million), total operating revenue grew
by 7.7 % to EUR 107.8 million (9M previous year: EUR 100.1 million). The
corresponding gross profit margin of 33.4 % is significantly higher than in
the previous year (9M previous year: 31.5 %). This change arises from the
focus on sales of high-margin bicycle models.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose
from EUR 4.2 million in the prior-year period to EUR 7.5 million. In the
prior-year period the Group generated EUR 6.9 million of adjusted EBITDA
after adjusting the previous year's figures to reflect extraordinary items
arising from the migration of the Grace and Steppenwolf operations to the
Sangerhausen site. The EBITDA margin on revenue amounted to 7.7 % (9M
previous year: 4.3 %; adjusted figure: 7.1 %) - despite the rise in the
personnel expenses ratio (expressed in relation to total operating revenue)
from 12.2 % to 12.6 %. In the previous-year period, the additional
personnel expenses due to the acquisitions realised in the 2012 financial
year were reported only pro rata temporis. The increase in personnel
expenses is also due to the further boosting of staff qualification levels.
The number of employees as of the reporting date rose slightly to 655 (9M
previous year: 641 employees).
Depreciation and amortisation were up slightly year-on-year to reach EUR
2.7 million (9M previous year: EUR 2.5 million). This increase arises
mainly from the high level of investments in the previous year, when MIFA
acquired principally production plants, customer relationships and
industrial property rights from Grace and Steppenwolf as part of the
acquisitions. Operating earnings (EBIT) of EUR 4.7 million were higher than
the previous year's result (9M previous year: EUR 1.7 million; adjusted
figure: EUR 4.4 million), and the EBIT margin stood at 4.9 % (9M previous
year: 1.7 %; adjusted figure: 4.5 %). At EUR 1.4 million, compared with EUR
2.4 million in the previous-year period, the level of capital investments
returned to the Group's long-run average. After deducting the net financial
result of EUR -1.5 million (9M previous year EUR -1.8 million) and
corporation taxes on income of EUR 0.9 million (9M previous year: EUR 0.0
million), the Group generated EUR 2.3 million of net income during the
first nine months of the year (9M previous year: EUR -0.1 million; adjusted
figure: EUR 2.6 million). Earnings per share stood at EUR 0.24 (9M previous
year: EUR -0.01), whereby the weighted average number of ordinary shares
outstanding as of the balance sheet date was up by around 0.2 million
shares year-on-year due to the capital measures realised in the fourth
quarter of 2012.
CEO Peter Wicht expressed his overall satisfaction with the results as
follows: 'The clear improvement in our operating earnings shows that our
'From volumes to margins' strategy is bearing fruit. And EUROBIKE also
proved very successful for us: specialist dealers are ordering GRACE and
Steppenwolf bikes, which is why we expect our sales revenue to resume
year-on-year growth during the final quarter. Given this, I continue to
regard the lower end of our 2013 revenue target range as achievable.' MIFA
aims to generate between EUR 120 million and EUR 130 million of sales
revenue in the 2013 financial year, and an EBIT margin between 4 and 5 %.
The 9-month report for the 2013 financial year will be available from 15
November on MIFA's website (under the Investor Relations heading).
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About the company:
MIFA Mitteldeutsche Fahrradwerke AG, headquartered in Sangerhausen
(Saxony-Anhalt), is Germany's largest manufacturer of bicycles in terms of
sales. The company offers a comprehensive range of bicycle models spanning
entry price through to premium end. The components included in bicycle
production are sourced from renowned suppliers and assembled at the
company's sole production site in Sangerhausen, Germany. Business in this
context focuses on product-related order production for major retail chains
and OEM (Original Equipment Manufacturer) customers. E-bikes have also been
manufactured since 2011. MIFA produces e-bikes for automotive manufacturer
Smart, manufactures for the Deutsche Post bicycle fleet, and supplies
communal lending systems with multi-user vehicles, among other customers.
In 2012, MIFA acquired Berlin-based e-bike manufacturer Grace and
Bavaria-based cult bicycle forging company Steppenwolf, thereby
intensifying its sales activities via specialist dealers. MIFA sells its
bicycles predominately on its domestic German market. Further sales markets
are located mainly in Western Europe. Both the operating business and
administration and logistics are managed at the company's sole production
location in Sangerhausen.
MIFA sold around 546,000 bicycles in 2012 (previous year: around 644,000).
The company generated EUR 111.3 million of sales revenue, up 10.7 %
compared with the previous year (EUR 100.5 million). E-bikes represented
30.0 % of total revenue (previous year: 12.5 %). On this revenue base, the
company achieved operating profit (EBIT) adjusted for acquisition effects
of EUR 2.9 million (previous year: EUR 4.6 million), and correspondingly
adjusted net income stood at EUR 1.1 million (previous year: EUR 2.0
million). MIFA has been a listed company since May 2004. Its shares are
traded in the Prime Standard of the Regulated Market of the Frankfurt Stock
Exchange. MIFA's corporate bond is listed in the Entry Standard for bonds
on the Frankfurt Stock Exchange.
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Contact:
Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
E-Mail: [email protected]
End of Corporate News
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Language: English
Company: MIFA Mitteldeutsche Fahrradwerke AG
Kyselhäuser Straße 23
06526 Sangerhausen
Germany
Phone: 03464-5370
Fax: 03464-537251
E-mail: [email protected]
Internet: www.mifa.de
ISIN: DE000A0B95Y8
WKN: A0B95Y
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München (m:access),
Stuttgart
End of News DGAP News-Service
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238910 11.11.2013
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