DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG: MIFA reports at AGM on 2012 - year of new beginnings
(firmenpresse) - DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): AGM/EGM
MIFA Mitteldeutsche Fahrradwerke AG: MIFA reports at AGM on 2012 -
year of new beginnings
28.05.2013 / 12:54
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MIFA reports at AGM on 2012 - year of new beginnings
Sangerhausen, May 28, 2013 - All agenda items were approved with large
majorities at today's Ordinary AGM of MIFA Mitteldeutsche Fahrradwerke AG
(WKN A0B95Y, ISIN DE000A0B95Y8), which was held in Sömmerda, Thuringia,
Germany. A total of 62.15 % of the share capital was present. Germany's
largest manufacturer of bicycles in terms of sales took positive stock of
its past 2012 financial year, and adopts an optimistic view of the future.
Management Board member Peter Wicht and all Supervisory Board members who
held office during the 2012 financial year were discharged. The EUR 5.3
million of unappropriated retained earnings for the 2012 financial year
were carried forward to a new account in order to continue to invest in
MIFA's growth. The AGM also authorised MIFA to repurchase its own shares up
to 10 % of its current share capital over the next five years. As part of
an advance resolution, the approved capital was increased from previously
EUR 2,201,074 to EUR 4,899,463 and consequently to 50 % of the current
share capital, in order to create the scope for MIFA to realize strategic
acquisitions.
Peter Wicht explained MIFA's business model and medium-term strategy to
shareholders. Wicht took positive stock of recent business trends in this
context: '2012 was a year of new beginnings for MIFA, when we took a
decisive step forward on our transition from volume to brand manufacturer.
We have also been making inroads into the high-margin specialist dealer
business since the current bicycle season with our GRACE and Steppenwolf
premium brands, and we anticipate tangible impulses for as early as 2013.'
Wicht also confirmed the outlook for the 2013 financial year: 'We are
confident that we can achieve sales revenue of between EUR 120 million and
EUR 130 million, and an EBIT margin between 4 and 5 %.'
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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28.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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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