DGAP-News: MIFA boosts total operating revenue in Q1 2013 - sales revenue and earnings down year-on-year due to long winter
(firmenpresse) - DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Quarter
Results
MIFA boosts total operating revenue in Q1 2013 - sales revenue and
earnings down year-on-year due to long winter
15.05.2013 / 08:00
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MIFA boosts total operating revenue in Q1 2013 - sales revenue and earnings
down year-on-year due to long winter
- Weather-related 6.0 % revenue decline to EUR 36.0 million (Q1 previous
year: EUR 38.3 million)
- Slight fall in EBIT margin from 7.7 % to 7.1 %
- Booming production for self-service retailers, OEM customers and
specialist dealers
- FY 2013 guidance confirmed
Sangerhausen, 15 May 2013. MIFA Mitteldeutsche Fahrradwerke AG (WKN/German
Securities Number A0B95Y, ISIN DE000A0B95Y8), Germany's largest bicycle
manufacturer in terms of sales, generated EUR 36.0 million of sales revenue
in the first quarter of 2013, down 6.0 % compared with the prior-year
period (EUR 38.3 million). At the same time, total operating revenue
(revenue plus changes in inventory and other own work capitalised) grew by
5.4 % to EUR 43.0 million (Q1 previous year: EUR 40.8 million). This
divergence between revenue and total operating revenue arises from the long
winter of 2012/13: some major MIFA customers delayed the planned delivery
of bicycles produced during the winter beyond the 31 March reporting date
because of winter weather lasting into April. The number of bicycles
produced fell by 13.1 % to 205,000 units (Q1 previous year: 236,000), while
the number of bicycles sold was down by 9.1 % to 190,000 units (Q1 previous
year: 209,000). The value of changes in inventories almost trebled to EUR
7.1 million (Q1 previous year: EUR 2.5 million); at EUR 84.7 million,
inventories stood at a record level as of 31 March (previous year: EUR 57.4
million).
'As long as it's freezing and snowing outside, nobody buys a new bicycle.
For this reason, some of our customers have delayed their sales campaigns
until the summer months from April/May on, so we will not achieve our
planned sales revenues until after the quarter-end,' explained Peter Wicht,
MIFA's CEO. 'But this is just a matter of the realisation of sales revenue
over the course of the year: most of our sales volumes for 2013 are subject
to fixed agreements, and will be shipped over the course of the year. So it
makes no difference to our 2013 sales planning.'
The revenue share of e-bikes fell to 22.0 % in the first quarter of 2013
(Q1 previous year: 25.8 %). Although MIFA shipped fewer e-bikes (13,000
units) than in the first quarter of the previous year (19,000 units), the
average price per e-bike reported a significant rise of 16.5 % to EUR 607
(Q1 previous year: EUR 521). The average price for conventional bicycles
stood at EUR 157, slightly above the previous year's level (Q1 previous
year: EUR 148); the number of conventional bicycles sold fell 6.8 % to
177,000 units (Q1 previous year: 190,000). The regional distribution of
revenue hardly changed: while MIFA achieved 80.1 % of its revenue in
Germany in the prior-year period, the figure amounted to 78.6 % this year.
The gross profit margin of 31.0 % was significantly ahead of the prior-year
period's 28.9 %. Earnings before interest, tax, depreciation and
amortisation (EBITDA) fell slightly to EUR 3.5 million (Q1 previous year:
EUR 3.6 million), in line with a minor drop in the EBITDA margin to 9.5 %
(Q1 previous year: 9.6 %) - especially because personnel costs have risen
in structural terms since the takeovers of Grace (March 2012) and
Steppenwolf (August 2012) as the result of the know-how transfer. The first
quarter of 2012 did not yet include the personnel expenditure for both of
these companies. At EUR 5.2 million, personnel expenses were 25.0 % higher
than in the first three months of 2012 (Q1 previous year: EUR 4.1 million);
the personnel expense ratio increased from 10.8 % to 14.3 %. The average
number of employees also rose significantly to 1,020 individuals due to the
higher business volume (Q1 previous year: 976). Other operating expenses of
EUR 4.8 million (Q1 previous year: EUR 4.2 million) primarily comprise
freight and handling costs, service expenditure, and rental and lease
expenses.
Operating earnings (EBIT) of EUR 2.6 million were also 10.3 % lower than in
the previous year's quarter (EUR 2.9 million) - primarily because, at EUR
0.9 million (Q1 previous year: EUR 0.7 million), higher depreciation and
amortisation charges were incurred than in the previous year's quarter.
This increase arises mainly from the high level of investments realised in
the 2012 financial year (EUR 4.4 million) - predominantly in production
plants, and in the customer relationships and industrial property rights of
Grace and Steppenwolf. At 7.1 %, the EBIT margin (EBIT in relation to sales
revenue) was a little lower than in the prior-year period (Q1 previous
year: 7.7 %). After deducting the negative net financial result of EUR 0.4
million (Q1 previous year: EUR 0.0 million) and corporation taxes on income
of EUR 0.6 million (Q1 previous year: EUR 0.8 million), the Group generated
EUR 1.5 million of consolidated net income (Q1 previous year: EUR 2.1
million). The equity ratio of 33.0 % as of 31 March 2013 was significantly
higher than a year previously (25.8 %). This is primarily attributable to
the capital increase in July 2012.
CEO Peter Wicht takes an optimistic view of the full 2013 year: 'We are
making daily advances with our strategic reorientation. Production is
booming for smart and for our GRACE and Steppenwolf specialist dealer
brands. We continue to assume that we will boost our 2013 revenue to
between EUR 120 million and EUR 130 million, achieving a 4 to 5 % EBIT
margin.'
MIFA's report on the first quarter of 2013 can be downloaded as of today
from the company's website at www.mifa.de within 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 Equipment Manufacturer) 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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211078 15.05.2013
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Unternehmensinformation / Kurzprofil:
Datum: 15.05.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 260106
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