DGAP-News: MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Quarter
Results/Interim Report
MIFA sells 70% more e-bikes
09.11.2012 / 08:00
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MIFA sells 70% more e-bikes
- Revenue up 4.5% to EUR 97.6 million in the first nine months of 2012
- Integration of GRACE and Steppenwolf progressing as planned
- Annual revenue expected to double in the coming years
Sangerhausen, 9 November 2012 - MIFA Mitteldeutsche Fahrradwerke AG (WKN
A0B95Y, ISIN DE000A0B95Y8), Germany's largest bicycle manufacturer in terms
of sales, increased its revenue to EUR 97.6 million in the first nine
months of 2012, 4.5% up on the prior-year period.
The increased revenue was achieved with a lower number of sold bicycles;
this was around 500,000 units, which is 17.7% down on the previous year
figure (30 September 2011: 608,000 units). This development came on the
back of MIFA substantially expanding sales of high value e-bikes as
planned: At EUR 25.9 million, their share of total revenue stood at 26.5%,
almost twice as high as in the prior-year period. The absolute number of
e-bikes sold rose by almost 70% to around 42,000 (30 September 2011: 25,000
units) and therefore already clearly exceeded the sales for the entire 2011
year (27,000 units). With e-bikes, the company is able to achieve sales
prices almost four times higher on average than those of conventional
bicycles. Across the entire product range, the average price per bicycle
was around 27% higher than in the previous year. The gross margin rose by
1.0 percent points to 32.6% (30 September 2011: 31.6%).
As expected, the earnings figures were impacted by extraordinary effects.
On the one hand, these effects relate to the acquisitions made during the
course of the year: In March 2012, MIFA acquired Berlin-based e-bike
manufacturer GRACE and took over Munich-based bicycle producer Steppenwolf
in August 2012. The production of both brands was completely transferred to
Sangerhausen. In addition, MIFA developed a technologically outstanding
production facility for its OEM customers, which is linked with a quality
management system. Extraordinary expenses for these outlays totalled EUR
2.7 million. On the other hand, the up-listing into the Prime Standard from
July 2012 also led to one-off costs of EUR 0.5 million.
Adjusted for these extraordinary factors, EBITDA came in at EUR 7.4 million
and was therefore on a par with the previous year. This represents an
adjusted EBITDA margin of 7.6% (30 September 2011: 8.0%). In addition, MIFA
invested heavily during the reporting period, particularly in customer
relations and the property rights of Steppenwolf as well as in other
efficiency improvements at the fully automated wheel lacing facility. At
EUR 2.4 million, the investments were almost four times higher than in the
previous year (30 September 2011: EUR 0.6 million). Therefore, due to
higher depreciation and amortisation, the adjusted EBIT figure of EUR 4.9
million is down on the previous year, with a margin of 5.0% (30 September
2011: 5.9%). The unadjusted EBIT figure came in at EUR 1.3 million. At EUR
1.8 million, the negative net financial result was somewhat higher than in
the first three quarters of 2011. Net profit for the period was posted at
EUR 2.5 million before extraordinary effects (30 September 2011: EUR 2.9
million).
Peter Wicht, Chief Executive Officer of MIFA, comments on the business
development in the first nine months of 2012: 'The substantial increase in
revenue underlines that our strategy is working. We are systematically
expanding sales of high quality e-bikes and bicycles for specialist
retailers, but also maintaining our 'bread and butter business' with
retailing as a strong basis. As part of this, revenue takes precedence over
unit numbers. During the course of the year so far, we have set a number of
milestones, which may result in extraordinary costs today, but will
translate into a positive impact on revenue and income in the medium term:
We have made two successful acquisitions in the premium segment, which have
given us powerful brands and a broad sales network in specialist retailers
as well as specialist know-how in marketing and development.' Orders from
the automotive industry are also an important element in the MIFA strategy
according to Michael Hecken, Head of Marketing and Strategy: 'The facility
which we developed this summer for the production of our premium e-bikes
sets new standards in the bicycle industry. And it also opens up completely
new opportunities - more and more industry customers are now approaching us
with OEM orders.'
According to Peter Wicht, 2012 represents a clear watershed year for MIFA:
'Over the first nine months of the year, we have completely realigned our
business and in doing so have paved the way for sustainable and profitable
growth in the years ahead. Based on this, we are cautiously making a medium
term forecast for the future - for the first time in MIFA's recent history:
We are aiming to double our annual revenue in the coming four to six years
to EUR 200 million compared to 2011. On the back of this, we are striving
to increase the EBIT margin to between 7% and 9%.'
MIFA's nine-month report will be published on 15 November 2012 on the MIFA
website (www.mifa.de) in the 'Investor Relations' section.
About the company:
MIFA Mitteldeutsche Fahrradwerke AG, which is based in Sangerhausen
(Saxony-Anhalt / Germany), is Germany's largest bicycle manufacturer in
terms of sales. The company produces bicycles from supplied components,
whereby the focus lies 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). MIFA also acquired all of the significant assets of the
Munich-based bicycle producer Steppenwolf in August 2012. Steppenwolf
offers its bikes only through qualified independent bicycle dealers.
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).
Thereby, the company generated EUR 100.5 million of sales revenue,
representing a 31.4% increase compared to the previous year (EUR 76.5
million). With this revenue, the company achieved an operating profit
(EBIT) of EUR 4.6 million (previous year: EUR 2.0 million), and a net
income of 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,
2012.
Contact:
Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Telephone: 0611-205855-21
Fax: 0611-205855-66
E-mail: appoh@cometis.de
End of Corporate News
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Language: English
Company: MIFA Mitteldeutsche Fahrradwerke AG
Kyselhäuser StraÃe 23
06526 Sangerhausen
Germany
Phone: 03464-5370
Fax: 03464-537251
E-mail: b.mirau@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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192350 09.11.2012
DGAP-News: MIFA sells 70% more e-bikes
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