DGAP-News: Strong e-bike business drives further revenue growth at MIFA in FY 2012
(firmenpresse) - DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Final
Results
Strong e-bike business drives further revenue growth at MIFA in FY
2012
28.03.2013 / 07:59
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Strong e-bike business drives further revenue growth at MIFA in FY 2012
- Revenues up 10.7 % to EUR 111.3 million (previous year: EUR 100.5
million)
- E-bike share of total revenues grows to 30.0 % (previous year: 12.5 %)
- Service business grows to EUR 4.3 million (previous year: EUR 1.6
million)
- Extraordinary effects from successful takeovers burden results
Sangerhausen, 28 March 2013 - MIFA Mitteldeutsche Fahrradwerke AG (WKN
A0B95Y, ISIN DE000A0B95Y8), Germany's largest manufacturer of bicycles in
terms of sales, has published its financial figures for the 2012 financial
year.
Booming demand for electricity driven bikes boosted MIFA's revenues in the
2012 financial year. At 47,000 e-bikes, MIFA sold around 75.6 % more units
than in the previous year (27,000). At the same time, the average sales
price per e-bike increased by 52.2 % to EUR 711 (previous year: EUR 467).
Revenues generated with e-bikes consequently rose to EUR 33.4 million
(previous year: EUR 12.6 million), corresponding to an increase in its
share of total revenues to 30.0 %, compared with 12.5 % in the previous
year. The rising proportion of e-bikes sold also boosted the overall
average sales price per bicycle by more than 30 % to EUR 204 (previous
year: EUR 156). Despite the total drop in the number of bicycles sold -
546,000 in the 2012 financial year, compared with 644,000 in the previous
year - total revenues were up by 10.7 % to EUR 111.3 million (previous
year: EUR 100.5 million), with the international share standing at 21.1 %.
As far as sales of conventional bicycles are concerned - which fell in line
with expectations - MIFA sold a total of 499,000 units in 2012 (previous
year: 617,000), reflecting a 19.2 % decline. Firstly, this is due to weaker
demand for bicycles in Europe in the year under review due to weather
conditions. The number of bicycles sold in Germany 2012 lay below the four
million level for the first time since the year 2000, according to the
German Two-Wheeler Industry Association (ZIV). Secondly, the decline
results from MIFA's stronger focus on margins. Thanks to the higher average
sales prices also achieved for conventional bicycles, revenues in this area
consequently fell at a slower rate of 14.7 % to EUR 73.6 million (previous
year: EUR 86.3 million).
Along with the sale of e-bikes, MIFA's service business also contributed to
the revenue growth. MIFA operates the largest bicycle service network that
spans the whole of Germany, consisting of one call centre and numerous
local operations. The 'Service and replacement parts' area contributed EUR
4.3 million to total revenues in the year under review (previous year: EUR
1.6 million). MIFA aims to further expand its service business in the
future, as technological progress in bicycle construction is also making
aftersales service more important.
MIFA realised two successful acquisitions in the year under review, through
which it aims to further expand its high-margin business with e-bikes and
its own brands in the specialist dealer area: 'We regard 2012 as a year of
new beginnings when we made decisive strategic preparations for our future
growth,' commented Peter Wicht, MIFA's CEO. The acquisition of Berlin-based
e-bike manufacturer Grace in March was followed by the takeover of the
Bavaria-based cult bicycle forging company Steppenwolf in August 2012.
These corporate acquisitions fed through to extraordinary expenses which
were not yet offset by any notable revenue in the financial year elapsed.
Although the 32.7 % gross profit margin was slightly above the previous
year's 32.6 %, it was offset by extraordinary personnel expenses and other
operating expenses for the relocation of operations to Sangerhausen, and
the integration of Grace and Steppenwolf, which totalled EUR 2.0 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA)
consequently stood at EUR 4.2 million, compared with EUR 7.3 million in the
previous year.
After adjusting for extraordinary items, EBITDA amounted to EUR 6.3
million, and the adjusted EBITDA margin stood at 5.7 %, compared with 7.2 %
in the previous year. Expenses for depreciation, amortisation and
impairment charges were up year-on-year from EUR 2.6 million to EUR 3.4
million due to the first-time capitalisation of assets from both takeovers.
Adjusted operating earnings (EBIT) amounted to EUR 2.9 million accordingly
(previous year: EUR 4.6 million). Below the line, extraordinary items from
the acquisitions and year-on-year 32.7 % higher personnel expenses of EUR
15.9 million fed through to a EUR 1.0 million loss in MIFA's 2012 financial
year. When excluding extraordinary items, the Group generated adjusted net
profit of EUR 1.1 million (previous year: EUR 2.0 million).
With the inclusion of the GRACE and Steppenwolf specialist dealer brands
into its product range, MIFA is aiming for a significant revenue and margin
gains in the medium term: 'We aim to double our revenues to EUR 200 million
in the coming four to six years, and boost the EBIT margin to 7 to 9 %,' is
how Peter Wicht is pointing the way forward. 'GRACE and Steppenwolf are
already broadly represented among specialist dealers. We will become ever
more present in this high-margin sales channel in the future - also and
especially with e-bikes. In doing so, we will retain our core business, the
sale of bicycles to wholesalers and retailers, as an essential element of
our strategy. Our GRACE and Steppenwolf premium brands also benefit from
our production and logistics' advanced degree of automation through high
quality standards. In addition, volume effects in purchasing and production
impact all our brands positively.' MIFA also anticipates further growth
impulses from its business with industrial customers. The e-bike produced
by automotive manufacturer smart has already been manufactured at
Sangerhausen since September 2012.
Michael Hecken, Grace's co-founder and head of MIFA's marketing and
strategy areas since March 2012, has a clear message especially where the
e-bike market's potential for MIFA is concerned: 'The e-bike market is
currently where the mobile phone market was in 1995. As an integrated
vehicle builder, we aim to reach the design-conscious 'Apple Generation'
over the coming years.' Given these prospects, MIFA is also already
optimistic for the current financial year: 'We are currently assuming that
we will grow our revenues further in the 2013 financial year to between EUR
120 million and EUR 130 million, generating an EBIT margin between 4 and 5
%,' comments Peter Wicht.
MIFA's complete annual report will be published on 16 April 2013 at
www.mifa.de under the Investor Relations area.
About the company:
MIFA Mitteldeutsche Fahrradwerke AG, which is based at Sangerhausen in
Germany's Saxony-Anhalt region, is Germany's largest manufacturer of
bicycles in terms of sales. The company produces an extensive range of
bicycle models ranging from entry-price through to premium. The components
utilised in bicycle production are purchased from renowned suppliers and
assembled at the company's single production location in Sangerhausen.
Business here focuses on project-related manufacturing to order for large
retail chains and OEM (Original EquipmentManufacturer) customers. E-bikes
have also been produced since the 2011 financial year. MIFA produces the
e-bike for automotive manufacturer Smart, Deutsche Post's bicycle fleet,
and supplies municipal lending systems with multi-user vehicles. MIFA
acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult
bicycle forging company Steppenwolf in 2012, thereby intensifying its sales
activities with specialist dealers. MIFA sells its bicycles primarily in
its domestic market in Germany. Further sales markets are located mainly in
Western Europe. Both the operating business and administration and
logistics are managed from the single production site in Sangerhausen.
MIFA sold 546,000 bicycles in the 2012 financial year (previous year:
644,000), generating EUR 111.3 million of revenue, representing a 10.7 %
increase compared with 2011 (EUR 100.5 million). E bikes comprised 30.0 %
of total revenue (previous year: 12.5 %). After adjusting for acquisition
effects, the company generated adjusted operating earnings (EBIT) of EUR
2.9 million (previous year: EUR 4.6 million), and adjusted net income of
EUR 1.1 million (previous year: EUR 2.0 million). MIFA has been listed on
the stock market since May 2004. Its shares are traded in the Prime
Standard of the Regulated Market of the Frankfurt Stock Exchange.
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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205366 28.03.2013
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