MIFA Mitteldeutsche Fahrradwerke AG

  • WKN: A0B95Y
  • ISIN: DE000A0B95Y8
  • Land: Deutschland

Nachricht vom 18.09.2014 | 11:07

MIFA: Publication of 2014 Q1 results

MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Quarter Results

18.09.2014 / 11:07

MIFA: Publication of 2014 Q1 results

  • Sales revenue down 5.0 % to EUR 34.2 million (Q1 previous year: EUR 36.0 million)
  • Slightly positive EBIT of EUR 0.5 million (Q1 previous year: EUR -2.9 million); consolidated net loss of EUR -0.6 million (Q1 previous year: EUR -3.5 million)
  • Negative operating result for second quarter of 2014 expected; FY 2014 forecast confirmed

Sangerhausen, 18 September 2014 - MIFA Mitteldeutsche Fahrradwerke AG (WKN A0B95Y, ISIN DE000A0B95Y8), Germany's largest manufacturer of bicycles in terms of sales, generated EUR 34.2 million of sales revenue in the first quarter of 2014. As a consequence, sales revenue was 5.0 % below the restated sales revenue reported for the first three months of the 2013 financial year (EUR 36.0 million). Due to some erroneous reporting of stocks in past financial years, valuation corrections were applied to corresponding balance sheet and income statement items in the current set of accounts, which are already included in the amounts reported for the previous-year period. MIFA again generated most of its sale revenue (EUR 29.8 million; Q1 previous year: EUR 28.3 million) in its main sales market of Germany, equivalent to 87.1 % of total consolidated revenue (Q1 previous year: 78.7 %). Over the same period, total operating revenue (revenue plus changes in inventory plus other own work capitalised) fell by 5.5 % to EUR 34.1 million (Q1 previous year: EUR 36.0 million).

The cost of materials fell by 18.0 % to EUR 23.1 million (Q1 previous year: EUR 28.2 million) in the period under review. Personnel expenses, too, registered a decrease by 17.0 % to EUR 4.3 million (Q1 previous year: EUR 5.2 million). Accordingly, the cost of materials ratio amounted to 67.6 % of the first quarter of 2014 (Q1 previous year: 78.3 %), and the personnel expense ratio stood at 12.5 % (Q1 previous year: 14.3 %). These lower expense ratios fed through to a positive result before interest, tax, depreciation and amortisation (EBITDA) in the period under review. EBITDA amounted to EUR 1.2 million, compared with a loss of EUR -2.0 million in the prior-year period. This is equivalent to a 3.6 % EBITDA margin. The level of depreciation and amortisation (EUR 0.7 million) returned to a normal operating level during the first three months (Q1 previous year: EUR 0.9 million). The operating result (EBIT) rose as a consequence to a slightly positive figure of EUR 0.5 million (Q1 previous year: EUR -2.9 million), with the corresponding EBIT margin standing at 1.6 %. After deducting the negative net financial result of EUR 0.7 million (Q1 previous year: EUR 0.4 million) - where this increase is primarily attributable to deferred interest for the corporate bond that was issued in the 2013 financial year - and income taxes of EUR 0.4 million (Q1 previous year: EUR 0.1 million), the Group generated a net loss of EUR -0.6 million in the first quarter of 2014 (Q1 previous year EUR -3.5 million).

On the basis of the results of the first quarter and the first findings of the business development within the second quarter of the current 2014 financial year, MIFA's CEO, Hans-Peter Barth, confirms his estimate for the further course of the year: "In the light of the situation that I found when I assumed office on 20 March of this year, the 2014 business year is clearly one of restructuring. After the slightly positive first quarter we expect a negative operating result for the second quarter. Among other things, we sold parts of existing stocks below market value. Hence, we still anticipate a decline in revenue and a negative result for the current year. However, in view of the consolidation measures that we have largely already launched, we are confident that we will return to the profitability zone in the coming 2015 financial year."

MIFA's report on the first quarter of 2014 can be downloaded from today from the company's website at www.mifa.de within the Investor Relations area.

About the company:

MIFA Mitteldeutsche Fahrradwerke AG, headquartered in Sangerhausen (Saxony-Anhalt), is Germany's largest manufacturer of bicycles in terms of sales. The company offers a comprehensive range of bicycle models spanning entry price through to premium end. The components included in bicycle production are sourced from renowned suppliers and assembled at the company's sole production site in Sangerhausen, Germany. Business in this context focuses on product-related order production for major retail chains and OEM (Original Equipment Manufacturer) customers. E-bikes have also been manufactured since 2011. MIFA produces e-bikes for automotive manufacturer smart, manufactures for the Deutsche Post bicycle fleet, and supplies communal lending systems with multi-user vehicles, among other customers. In 2012, MIFA acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult bicycle forging company Steppenwolf, thereby intensifying its sales activities via specialist dealers. MIFA sells its bicycles predominately on its domestic German market. Further sales markets are located mainly in Western Europe. Both the operating business and administration and logistics are managed at the company's sole production location in Sangerhausen.

MIFA has been a listed company since May 2004. Its shares are traded in the Prime Standard of the Regulated Market of the Frankfurt Stock Exchange. MIFA's corporate bond is listed in the Entry Standard for bonds on the Frankfurt Stock Exchange.


Mark Appoh
cometis AG
Unter den Eichen 7
65195 Wiesbaden
Tel.: +49 (611) 205855-21
Fax: +49 (611) 205855-66
E-Mail: appoh@cometis.de


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287571  18.09.2014


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