DGAP-News: MIFA achieves highest half-yearly revenue since IPO in 2004
(firmenpresse) - DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Half
Year Results
MIFA achieves highest half-yearly revenue since IPO in 2004
15.08.2012 / 08:13
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MIFA achieves highest half-yearly revenue since IPO in 2004
- Revenue up 3.7% to EUR 80.0 million
- 9.8% EBITDA margin before extraordinary items
- Start-up of smart e-bike production
Sangerhausen, 15 August 2012 - MIFA Mitteldeutsche Fahrradwerke AG (WKN
A0B95Y, ISIN DE000A0B95Y8), Germany's largest manufacturer bicycles in
terms of sales, grew its revenue to EUR 80.0 million in the first half of
2012, 3.7% ahead of the strong prior-year period. This is the highest level
of half-yearly revenue since the IPO in 2004. At the same time, the number
of bicycles sold fell, as expected; at 442,000 units, they were down by
around 8.9% compared with the previous year's figure (H1 2011: 485,000
units). This was mainly due to the fact that, in the first six months of
2012, MIFA significantly expanded its sales of high quality e-bikes, as
planned: With EUR 21.2 million, their share of total revenue stood at
26.5%, almost twice as high as in the prior-year period. The absolute
number of the e-bikes sold was up by more than 68% to around 37,000 units
(H1 2011: 22,000 units), thereby already significantly ahead of the figure
for the full 2011 year. In this context, the average sales prices of
e-bikes were approximately four times as high as those achieved with
conventional bicycles.
The revenue which the Berlin-based e-bike manufacturer GRACE generated
before MIFA's takeover on 27 March 2012 is not included in consolidated
sales. The GRACE acquisition exerted some one-off effects on MIFA's
earnings, by contrast. Firstly, a EUR 0.9 million other operating expense
was incurred for the relocation of operations to Sangerhausen, and for the
integration of GRACE. MIFA aims to leverage synergies through amalgamating
production, thereby retaining the benefits of its tried and tested
one-location strategy. The company also incurred one-off start-up costs for
the production of the smart e-bike, which will be delivered from this
summer. GRACE's customer relationships with Daimler were also capitalised
among intangible assets as part of the acquisition, as a consequence of
which EUR 0.2 million higher amortisation charges are incurred as a result
of GRACE.
The gross profit margin nevertheless improved by 1.5 percentage points to
32.2% in the first half of 2012 (H1 2011: 30.7%). EBITDA, the earnings
figure which MIFA's management utilises for steering purposes, amounted to
EUR 7.0 million, and to EUR 7.9 million when adjusted to reflect the
aforementioned special factors (H1 2011: EUR 7.5 million). At 9.8%, the
adjusted margin was at the previous year's level. The corresponding
adjusted EBIT, at EUR 6.4 million, also exceeds the previous year's EUR 6.2
million by 3.3%, representing an 8.0% adjusted EBIT margin (H1 2011: 8.1%).
Unadjusted EBIT amounts to EUR 5.4 million. The negative net financial
result of EUR 1.3 million also proved burdensome; it was EUR 0.4 million
higher than in the first half of 2011. While the balance of expenses and
interest income was around the previous year's level, losses on the
measurement through profit or loss of currency and interest-rate hedging
transactions were incurred, which could not be compensated by currency
exchange-rate gains. As a consequence, net income adjusted for
extraordinary items amounted to EUR 4.0 million (H1 2011: EUR 3.9 million).
At EUR 1.9 million, investments in the period under review
were significantly ahead of the prior-year period (H1 2011: EUR 0.4
million), and primarily relate to further efficiency improvements to the
fully automated wheel lacing facility.
Peter Wicht, MIFA's CEO, expressed his satisfaction with the consolidated
results: 'Our strategy is to consistently and significantly expand our
sales of high quality e-bikes - while retaining our strong core business
with conventional bicycles. Revenue in the first half of 2012 shows that
this approach is already proving its worth. We are also now already
negotiating contracts for the coming bicycle season with our major
customers.' Peter Wicht went on to comment about the successful relocation
of GRACE production to Sangerhausen: 'Although the half-yearly results
still reflect special factors arising from the relocation of operations,
and the production start-up for smart, such expenses in the first half of
the year will be increasingly offset by revenue and earnings in the third
and fourth quarters. Such steps will also generate long-term synergy
effects which should sustainably enhance our profitability.'
MIFA aims to consistently continue on its growth path: 'A few days ago, we
launched 'Veturilo', Warsaw's first public bicycle lending system, with the
company nextbike. We are continuously acquiring customers among specialist
wholesalers and retailers, particularly with regard to the GRACE e-bikes.
Otherwise, we are also constantly on the lookout for meaningful and
profitable additions to our regular business,' as Peter Wicht went on to
comment.
About the company:
MIFA Mitteldeutsche Fahrradwerke AG, which is based in Sangerhausen
(Saxony-Anhalt / Germany), is Germany's largest manufacturers of bicycles
in terms of sales. The company produces bicycles from supplied components,
whereby the focus is on project-related order production for large retail
chains. E-bikes have also been produced since 2011. MIFA also acquired the
majority of Berlin-based e-bike manufacturer GRACE GmbH&Co. SG in March
2012, which mainly produces premium-segment e-bikes. Among other customers,
GRACE produces the e-bike for automotive manufacturer Daimler (for the
smart brand). Outside Germany, MIFA sells its bicycles mainly in Western
Europe; in this context, both the operating business and administration and
logistics are managed at the company's sole production location in
Sangerhausen.
MIFA sold around 644,000 bicycles in 2011 (previous year: around 593,000).
In doing so, the company generated EUR 100.5 million of sales revenue,
representing a 31.4% increase compared with the previous year (EUR 76.5
million). On this revenue, the company achieved operating profit (EBIT) of
EUR 4.6 million (previous year: EUR 2.0 million), and net income stood at
EUR 2.0 million (previous year: EUR 0.3 million). Its shares are traded in
the Prime Standard on the Frankfurt Stock Exchange since July 17.
Contact:
Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
E-mail: appoh(at)cometis.de
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: b.mirau(at)mifa.de
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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181699 15.08.2012
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