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v Introduction

Indicators Contents 3 Preface by the Chief Executive Officer 4 Management Board 6 Supervisory Board 8 2015–2016 Global network 10 Miba 2020 12

Innovation in Motion – Technologies for a Cleaner Planet Income Statement (in EUR million) 2015-16 2014-15 2013-14 Product portfolio 14 Revenue 719.1 669.3 610.2 Innovation and energy 16 EBIT 82.9 81.9 70.2 Sustainable approach to solutions 18 EBT 74.3 76.8 66.7 Profit after tax 53.3 57.0 50.1

Balance Sheet (in EUR million) Total assets 807.8 741.9 640.1 Non-current assets 419.6 353.4 313.4 Debt 345.8 319.9 290.5 Equity 462.0 422.0 349.6 Moving forward together – Equity as % of total capital 57.2 56.9 54.6 interviews with customers KTR Brake Systems 20

Cash Flow and Capital Expenditure (in EUR million) MTU 24 PSA Peugeot Citroën 28 Cash flow from operating activities 120.4 109.8 103.2 Siemens, Energy Management Division 32 Capital expenditure (excluding financial assets) 79.2 53.4 68.1 Depreciation, amortization and write-downs 46.2 41.0 38.6

Employees Average number of employees for the year 5,005 4,753 4,294 Management Report 36–71 Personnel expenses (in EUR million) 224.9 203.8 185.3

2015–2016 Consolidated Financial Statements in accordance with IFRS 72–187

3 Milada Roman Simon Mark Axel Klaus Roman Hermann Walter Andreas Muhammet Günther Gerhard Thomas Gerald Christian Kim Anh Christine Siavasch Gisela Siegfried Walter Franz Mário Martin Nick Ladislav Zuzana Ľuboš Róbert Ivan Stanislav Rastislav Vladimír Beáta Viktor Peter Soň Mário Tomáš Pavel Jaroslav Ľubomír Anna Peter Miroslava Martin Peter Hilda Siew Guat Xiangbin Cuiying Steven Xiaopeng Jincheng Xudong Yanjiao Ting Richard Thomas Guizhen Jingxian Liping Qin Zhenhua Hongwu Yongcong Wei Peter Zhixiu Shixia Fande Zhijun Yuanxiu Na Bixia Zhigang Shoujie Henrieta Stanislav Ondrej Ivan Jaroslav Alojz Juraj Ján Ján Stanislav Ivan Dominik Pavol Dušan Jozef Milan Slavko Peter Agneša Rudolf Jakub Tomáš Jakub Róbert Michal Jakub Ladislav Ladislav Tomáš Matej Jozef Tomáš Ivana Marek Stanislav Matej Peter Maroš Štefa n David Ján Martin Lea Ján Hamid Ingrid Albert Thomas Sopheap Christian Milan Sabine Andreas Sigfried Alexander Nihad Johann Franz Sothavuth Varin Hubert Günter Miroslav Philipp Alexandra Georg Roland Anton Christian Christine Markus Jo hannes Hermann Hans Jürgen Thomas Rupert Franz Johann Gerhard Christian Reinhold Radenko Maximilian Robert Irmgard Predrag Margarethe Sebastián Kunjie Kai Qiang Zongzheng Fan Chao Chen Changming Taotao Lichuan Lu Guoqing Haitao Binbin Cuiping Bin Tingting Jinglong Mingweiby Hui Xinghua the Shouhai HaizhenChief Wenchuan Qiang Executive Officer

The fiscal year 2015–2016 moved at different speeds. While similar to the year before, the automotive point of attraction and a hub for modern types of collaboration and innovation. Aside from being used as a industry put up a strong performance, we were confronted by weak or even declining market trends in customer, technology and learning center, the Miba Forum will also be a new home for a large portion of the capital goods industry. We nonetheless generated record revenue of EUR 719.3 million, which came our international management team. out to a 7 percent improvement over 2014–2015. In addition to the slight organic growth, the remaining revenue growth was primarily attributable to positive currency effects. The fact that profit improved only Our Miba 2020 strategy sets the right priorities for our ambitious path into the future. I am convinced marginally from EUR 81.9 million in 2014–2015 to EUR 82.9 million in the past fiscal year is a reflection of that, together with our highly qualified and motivated employees at all Miba locations, we will continue to the challenging market environment. achieve even greater things. I would like to express my particular gratitude and appreciation to them, as they move Miba ahead every day. The past fiscal year has proven once again how important our diversified business model is, especially in volatile times, and that flexibility and continuous development are the watchwords. To this effect, we After 29 years, Miba left the Vienna Stock Exchange in December 2015 and is now entirely family owned. have stepped up our investing activities in the past year more than ever before. Almost EUR 80 million The family had an intensive discussion regarding the pros and cons of delisting and came to the conclusion went into property, plant and equipment in order to support our new projects. We also invested more than that this would offer a better path to realizing Miba’s long-term plans for growth and its successful EUR 30 million in research and development. This ensures that Miba’s innovative strength and technology performance. The Management Board of Miba AG fully supported this decision. After just a few months, we leadership are reinforced, thus laying the foundations for profitable growth in the future. have already seen the creation of a new vision for Miba.

We are sticking to our growth forecasts despite our expectation that the capital goods industry will not see I would like to thank our former shareholders, who remained loyal to us for years, and in particular our a sustainable improvement in the short term. We operate in markets driven by the megatrends of mobility customers as well as all our partners and companions for your interest and, above all, your trust in Miba. and energy and therefore expect a stable to positive performance in the long term. I also have no doubt that the US and China, as in the past, will continue to drive the growth of our business. We are well equipped for further growth given our financial independence and stability, which we could again improve in the past year. In addition to expanding our established lines of business, we also intend to continue broadening our product portfolio through acquisitions. With our expertise in technologically sophisticated components, we are also able to create added value in other areas. In doing so, we are driven by our “Innovation in Motion – Technologies for a Cleaner Planet” mission. Sincerely,

When it comes to this mission, our most important messengers are our employees. This is one of the reasons why we are constantly striving to further improve their working environment and to establish general conditions for even better and less complicated collaboration across departments, locations, divisions and countries. These include, for example, the construction of the Miba Forum in Laakirchen. The new building, which will combine architectural tradition and modernity, is expected to become a F. Peter Mitterbauer

4 5 n arti e M ta leri an Va Sam evin ert a K erb nit r H nz A the Fra ün ris ja G Do Tan ven an Ne olk kob ilo V s Ja Th hia rian att Flo id M ald Dav Har as ne dre roli An Ka tian as bas hom Se r T cas ego Lu Gr lipp ias Phi atth aul M k P ver tric Oli l Pa fan ae Ste ich an ro M ili nd axim f Sa M dol ael Ru ich us a M ark Lis n M an rsti tef jad Ke id S r Zi oph av rne rist o D We Ch Nic arko an fer s D ogd nni arku rg B s Je io M eo rku Mar ik G Ma ibe nna min er Has rt A Do and ana rbe ana lex ldij a He ord el A ir A tjan r G pha Sem k Ta ete Ra rian ran P ka Flo ed F Len ner ttfri ch r Ta Go dri alte rald Frie a W Ha es etr ich nn ian P a Er oha ast ari J Seb ef M nes Jos han ranz d Jo is F olan Alo ka R artin roni a M n Ve artin rge r M s-Jü nde Han lexa atrin rit A er K s Ge Öm rea lvia And n Si kan tefa Tur as S mas dre Tho s An ed E

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Our new customer, technology and learning center, the Maria Djen elga an Ge Eva H rnot argit Miba Forum, isR iccurrentlya being built in Laakirchen. The offices na M rdo R ar An enate agm Jose elga D combined with the conference,f Ma meeting and training rooms lga H ria M ika O arian Mon ne C uela will take up 4,000 m² of floor space.hri s ta a Man Ma Mari ria Da Birgit vid M ark D avid A ron G The name says it all. This is where ale J ames Ther esa D locations for meetings and dialog ustin Core are being created, in which Miba’s employees can better develop their creative potential. Once we have moved into the Forum in the spring of 2017, we will set the standard for our new models of working. Here, we will overcome outdated hierarchical spatial concepts and focus on what really F. Peter Mitterbauer counts: determining Miba’s future in Chairman of the Management Board of Miba AG an open-minded, solutions-oriented Regional responsibility for Miba Europe way – together, as a successful team. Our goals as members of the Management Board and Harald Neubert also responsible for the Miba Power Electronics those of our Company’s employees are to innovate not just with regard to technology, but also Member of the Management Board of Miba AG Group, Communications, Management Accounting, to put this innovation into practice in our collaboration and to boldly take charge of the future. Regional responsibility for Miba Americas Human Capital, Strategy, Innovation & Technology This also fits in with our understanding of “moving forward together.” also responsible for the Miba Sinter Group, the Miba and Internal Audit Equipment Manufacturing Group and Quality

Markus Hofer Wolfgang Litzlbauer CFO Miba AG Vice Chairman of Miba AG Miba Shared Services Regional responsibility for Miba Asia also responsible for Corporate Finance, also responsible for the Miba Bearing Group, IT and Business Excellence the Miba Friction Group, the Miba Coating Group and Purchasing

6 7 Supervisory Board of Miba AG

Dkfm. Dr. Wolfgang C. Berndt (Chairman of the Supervisory Board), Hermann Aigner former president and CEO of Global Fabric and Home Care, The Procter & Gamble Company; Member of the Supervisory Board of Miba AG since 1994; member of the Audit Committee since 2009 first elected on June 27, 2008; Chairman of the Supervisory Board of Miba AG since 2013, with term ending at the 2019 Annual General Meeting; member of the Remuneration Committee Johann Forstner Member of the Supervisory Board of Miba AG since 2009 Positions on other supervisory boards: GfK AG, OMV AG, BAST AG, Mitterbauer Beteiligungs-AG (Chair since June 28, 2013)

Dipl.-Bw. Alfred Heinzel (Vice Chairman), independent; CEO of Heinzel Holding GmbH; first elected on July 4, 2003; Vice Chairman of the Supervisory Board of Miba AG since 2005, with term ending at the 2019 Annual General Meeting; S ylvia Anna ella J a b d via Isa o l e member of the Audit Committee Si h ate i a en r R f n a l s n

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Positions on other supervisory boards: Mitterbauer Beteiligungs-AG, Wilfried Heinzel AG (Chair), a

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10 11 Our Mission Our Strategy Innovation in Motion – Strive for technology leadership in demanding, Technologies for a Cleaner Planet financially attractive market segments Dynamic Evolution as the overarching guiding concept Our Vision supported by three main pillars: Global Growth, Miba 2020 No power train without Miba technology Innovation and Technology, People Our Goals Our Values • Profitable growth to over EUR 1 billion • Technology Leadership • Lifelong Learning As a technology leader and global company, we are making an active contribution to technical • Increase in revenue from core business • Entrepreneurship progress and global economic growth. Global population growth, climate change and the scarcity and through M&A • Passion for Success of resources demand innovative solutions. We are preparing for these tasks and have defined our • Global number 1 in our market segments priorities for the next few years. Change always means new possibilities and opportunities to be exploited. With Miba 2020, we are heading into the future with confidence, a clear vision, strategy and ambitious targets.

d a A s n Erkan ir d M r is M e lo i a A r n s a ja nh a M n na i a a F r M K Kat in us ad u urat har r B tafa dz M a Ne r Go f a b rdana n t k Karl-Heinz E l Gu cu z e R ric m el A e d St olfgang Ia An s it at manu b ru ep W d ja Jo hy P n h s Ad a Sola an b u nan r Ru e a Ob Ozan n Kl k n r us a M a S ti ra irosl im s a Ma av M o ri l wel o ne Ch e a Derya id K rkus M l ha P C M a a a ue ka hr r r M n ic n n ist i o ita va n ia l n M Jo n m in A erbert a artin M E e H D M n or l H h arko anu t st Manue o el Erd u ü J al H m è el m r ü d M n s A i

n n n a l e i il D a im n x ja a o M B n e rg ü J n a ti s ri h C

12 13 Power electronics components, engine bearings and friction materials for aircraft

Miba sintered components Miba sintered components are used in engines, transmissions and steering systems of passenger vehicles. Their sophisticated design, which integrates several functions into one component, as well as their high precision, durability and lightweight structure set them apart from the competition. Thus, Miba technology is contributing to greater efficiency and helping save on fuel consumption.

Miba engine bearings Sintered components, coatings, Engine bearings are crucial components that significantly affect engine function friction materials and power electronics and service life. They help position crank- and camshafts, minimize friction during components for passenger vehicles operation and protect the engine from damage and breakdown. They are used Friction materials and power electronics in diesel and gas engines in ships, heavy-duty vehicles, locomotives and power components for wind turbines plants. The bearings produced by the Miba Bearing Group withstand higher ignition pressures, thus increasing engine efficiency.

Miba friction materials Friction materials are the decisive performance elements in vehicle clutches and brakes, optimizing speed and power. Miba Friction Group components reduce Engine bearings, friction materials weight and the size of transmissions and axles. They are used in construction and power electronics machinery, tractors, passenger vehicles, trucks, high-speed trains, motorcycles, components for ships aircraft and wind power plants. Engine bearings and friction Friction materials for agricultural materials for trucks and buses commercial vehicles Miba power electronics components Resistors are among the Miba power electronics components. They are used in the conversion and transmission of energy. Miba resistors can be found, for instance, in the power electronics of frequency converters in wind turbines or in high- speed trains. Heat sinks and heat pipes are other examples of power electronics components. They protect electronic components from overheating and are used, for instance, in drive train control units, converters for electric motors and wind power plants.

Miba coatings Miba develops customized coating solutions for refining functional surfaces. Among its core technologies are polymer and low-friction coatings for functional surfaces, electroplated overlays and PVD coatings. These coatings ensure maximum service life and optimum functionality. Miba coatings are used in Engine bearings, friction materials Friction materials, coatings and components for engines and transmissions of passenger vehicles, trucks and and power electronics components for power electronics components Formula 1 race cars, as well as in other high-performance applications. trains and locomotives for industrial applications Special machinery Miba special machinery Miba’s special machinery is used for high-precision and efficient machining of small to very large components. Miba Automation Systems is a leader in engine bearing technology, robotics and automation, as well as stationary and mobile special machinery which is mainly used in the construction of power plants.

Michael Vanna Jürgen Florian Mario Tibor-Stefan Wolfgang Slobodan Rolf Christian Slavoljub Klaus Martin Hasudin Wolfgang Klaus-Jürgen Menekse Christine Ahmet Hermann Marko Klaus Zinad Radovan Wolfgang Helmut Damir Ernst Milica Markus Maximilian Sandra Karl Heinz Erich Josef Sophorn Franz Sedat Markus Ludwig Sinisa Herbert Hajran Sokunthea Johann Hermann Goran Bruno Helga Johann Herbert Günther Klaus Beniamin Helmut Josef Chan Momcilo Dragan Pavel Daniel Gordana Friedrich Kurt Dragomir Helga Markus Kurt Vasile Rudolf Barbara Alois Ernst Sophak Sigrid Redzep Rupert Helmut Helmut Ernst Harald Roland Herbert Mehmet Rosalinde Andreas Jürgen Florian Irmgard Alfonc Sieglinde Marieluise Christopher Marco Roland Michael Stefan Lukas Dominik Franz Heang Franz Laci-Marian Herbert You Long Herbert Peter Anton Friedrich Manfred Josef Christian Gerhard Jürgen Adigüzel Krstana Hasib Helmut Dieter Christoph Karl Daniel Ljubica Josef Johannes Hase Günter Maria Andreas Michaela Michael Michael Johannes Rudolf Gerhard Johann David Harald Gerhard Josef Josef Jovo Ernst-Georg Werner Marin ko Thomas Ramazan Oliver Rudolf Martin Roland Roland Hans-Jürgen Anton Robert Birgit Felix Klaus Josef Michael Karl Rainer Hubert Daniel Karl Walter Alexander Rene Daniel Hermann Bernhard Anel Gerhard Johannes Ernst Anton Daniel Georg Bernhard Josef Josef Marco Alexander Christian Albin Erwin Manfred Stefan Peter Kvetoslava Lukáš Andrea Štefan Tomáš Veronika Mate Dávid Roman Anna Marcel Alena Lukáš Peter Diana Peter Pavol Róbert Miroslav Ján Peter Monika Marek Michal Viktor Maura Yangchang Silvia Branislav Ján Peter Dana Martin Tomáš Jozef Ladislav Štefan Jakub Martin Katarína Juraj Božena Katarína Tomáš Barbora Milan Andrej Mária Ľubomír Dana Ján Viktor Róbert Ivana Martin Matej Roman Jozef Andrea Roman Matúš Monika Juraj Peter Július Tivadar Miloslav Daniel Martin Lucia Mária Martin Mária Miroslav Milan Jozef František Elena Ladislav Beata Lukáš Marek Alena Ján Viola Marta Jozef Roman Anežka Matej Milan Ivan Jakub Dušan Juraj Miroslava Miloš Juraj Mária Silver Marek František Tibor Milan Marek Csaba Nora Silvester Miroslava Martin Mária Miroslav Jozef Ján Adriana Marek Dušan Ján Richard Peter Peter Mária Miroslav Alec Radovan Juraj Robert Peter Mária Milan Tomáš Róbert Peter Peter Jana Martin Marián Rastislav Igor Katarína Margita Karol Vladimír Jaroslav Johny Matúš Patrik Matúš Richard Kristína Pavol Ján Erik Slavomír Martin Rastislav Karol Tomáš Adriana František Marek Katarína Michal Martin Zoltán Veronika Kamil Martin Klára Lucia Mário Jozef Dušan Jozef Kristián Michaela Martin Milan Peter Matúš Martin Jozef Adam Gabriel Qinxue Jing Yan Dušan Roman Tomáš Štefan Milan Magdaléna Jaroslav Vladimír Martin František Marek Elena Branislav Jaroslav Ľubomír Peter Dušan Scott Jozef Peter Lukáš Mária Martin Jozefína Anton Peter Marta Charles Slavka Ivana Miroslav Zuzana Ľubica Ladislav Ladislav Róbert Veronika Vladimír Marek Bystrík Mário Simona Ján Jozef Juraj Róbert Štefan Štefan Attila Pavol Lukáš Filip Robert Monika Martina Ivan Zuzana Ľuboš Katarína Peter Monika Eva Jozef Jozef Igor Marek Jozef Marianna Juraj Jitka Miroslava Alexandra Dominik Branislav Tibor Helena Erika Dušan Martina Pavel Katarína Ľubomír Milan Eva Peter Miroslav Imrich Pavel Milan Matej Mike Vladimír Ivan Juraj Miroslav Fred Jaroslav Steve Marian Nicolas Mário Qinhua Shaoyong Kun Zhengdong Feng Zongjian Liming Hua Xianqiong Kun Yuezhong Mengqiang Boyuan Ming‘an Ya‘nan Wenjiang Dongxu Fen Xionghui Yuping Lei Hongling Haojie Ailan Jianjun Yafeng Di Hao Yingke Yunda Rui Tingting Songfeng Xiang Ding Gan Weike Xiuting Kailong Ying Yaoyong Houkai Xiping Qingming Yali Fang Feixiang Zhenhui Nengyin Yunxiang Xiaotian Yiming Lei Suzhen Qizhen Lingyang Zhiliang Long Chengxing Yan Longsai Xiaoyan Xiuqi Yuchen Long Fei Qiuwen Qiang Pengpeng Bo Rongmeng Wei Yike Xiaojun Ye Xiaoyu Jingfang Pingyong Peiqi Guozheng Jun Chuang Mengjie Zhonghao Bin Yiping Bingbing Bo Weijie Zhili Yuqiong Chao Hanqing Jizhen Jieli Suqin Yafei Peng Ting Zengshan Chen Xiaoling Mengjie Chao Hui Fengqiu Hongjie Haishen Jinling Xinguang Yongxue Feipeng Hang Qianli Bin Chao Yueming Hongfu Hongchang Erqiang Shisen Xinhuan Hongjing Zunpeng Yinshen Dongdong Chuankun Weiwei Zhangli Caifeng Guoliang Hongli Deqiong Jiafei Zijie Qingsong Congcong Wenbin Juhua Xiu Zhigui Long Xiaofeng Jiezhi Yueying Jianhua Hongjin Dehui Mei Jinfang Xiang Wen Xiaoming Zhongyang Suoting Fei Jinbo Long Leilei Feihu Shujiao Zhen Zhihai Xiaodong Songtao Liangliang Kaifeng Gang Xiujun Wenke Enliang Chao Quan Wei Jungang Chengying Huanhuan Siwen Zhixiong Feng Yingtian Yuqin Tao Kai Erwen Dan Weikang Peng Zibin Wanxiang Zongyuan Xiaofeng Xiaodong Yingda Chen Wei Yue Jianwei Maojie Chunlei Zhenbin Zhijun Zhihao Liqun Zhenzhen Bo Hua Yanming Haifeng Hao Chunyu Lun Yanli Weiwei Qingyuan Sanping TechnologiesYuhu Yuanliang Qin Zongtao Huijuan Daoqiu Rongzheng Yongqi for a Cleaner Planet

Miba is an international group producing high-performance and technologically demanding power train components. We support our customers worldwide from development to implementation of individual solutions. Miba technology enables resource-efficient mobility.

14 15 Because technological leadership does not appear out of nowhere, but rather through a wave of

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Zheng Xinxuan Hui Ying Guodian Yangwu Chuanbang Mingfei Zhaojin Qing Huizhen Jianhua Peter Fei Piao Lin H ongwu Xinchao Juan Weiwei Weiwei Yanhong Yong Yong Xinli Weijie Wei Jie Zhiwen Tao Xinxing Zhu Zhen Pinwu Dong Xiangshu Yang Shiyong Hao Siyu Yu Markus Yusheng Xing Qifang Xiaojun Hang LiJun Lijun Fan Bingrui Mingzhen Binrui Hefei Natascha Jianzong Hongguang Huihui Mingyang Tongjun Jiuya Yongxiang Xiaobing Fenglei Peng Xueliang L ongfei Bo Fengyong Yongzhong Jingjing Guangbi Chao Wei Zhiqiang Damin Dong Shisong Linglei Yuanming Hui Jianshe Fuqiang Chengyong Haijun Shengli Long Guanbiao Liming Huizhi Jie Qingdong Weihua Songchao Qingjiu Guangqun Jingwei Jiaming Jing Qinbing Peipei Houdong Jianghai Josef Hermann Ambros Martin Rithy Alexandra Michael Wilh elm Christoph Helmut Gottfried Franz Herbert Gertrude Keziban Christian Arnold Ali Slavisa Helmut Alois Otto Dragan Joachim Fikret Rizah Branko Klaus Renato Christian Peter Gerhard Djulaga Gerhard Egon Savas Mario Milomir Gerhard Reinhold Franz Regina Thomas Lavy Franz Stefan Mario Marco Günter Jürgen Florian Peter Christoph Andreas Josef Stefan Wolfgang Roland Ernst Christoph Stefan Adalbert Manuel Werner Manfred Jürgen Florian Sascha Thomas Sabine Monika Martina Gerald Sonja Rene Thomas Sieglinde Stefan Mile Thomas Kurt Florian Boban Klaus Harald Christoph Markus Robert Walter Valentin Peter Gerhard Nijaz Erdal Oktay Manfred Johann Sabine Franz Hasan Christian Rainer Wiland Rudolf Helmut Helmut Franz Bogdan Radovan Günter Martin Ronald Helmut Renate Wolfgang Alexander Miodrag Franz Siegfried and energy.

Product developments are neither the results of flashes of inspiration nor of happy coincidences. They as well as extensive training and continuing education programs, lays the foundation for a sustainable require an inventive mind, together with strategic and conceptual planning skills and a high level of service climate of innovation. In the past fiscal year, for example, 20 new patents were registered with the help capabilities, and are the key to success for intelligent product ideas perfectly tailored to customer needs. of our strong R&D team made up of more than 230 employees.

This requires a high degree of empathy, which motivates us to try to think laterally in our search for Miba has always been a strong, reliable partner to its customers. The following pages attest to this the ideal solution. This vision, combined with continuous internal improvement and change processes collective spirit of innovation.

16 17 PROCESS OPTIMIZATION INTELLIGENT DATA MANAGEMENT

INDUSTRY 4.0

CO2 REDUCTION

ALTERNATIVE DRIVE CONCEPTS

RENEWABLE ENERGY SOURCES

Because customer satisfaction does not happen by chance, but is characterized by a joint

Gerhard Gyula Helmut-Michael Marina Michael Peter Hans-Peter Christian Mehmet Savuth Mico Gerhard Karl Gheorghe Friederike Stefan Harald Marco Günter Peter Günter Andreas Franz Hannes Jürgen Martin Thomaseffort Oliver Rudolf Josefto Karl come Gerhard Alois Wolfgang up Brigitte with Sulejman Peter innovative Josef Kim Sorn Mark Josef Peter Christian Andrea Tülay Günther Norbert Günther Peter Wiltrud Ursula Johannes Manuel Gerhard Robert Jürgen Alexander Ahmet Yavuz Josef Evelin Dusan Wolfgang Günther Helmut Trivun Martin Friedrich Franz Andreas Johann Alfred Manfred Herbert Rade Gerold Milena Alfred Dejan Alexander Herbert Peter Josef Van Thay Herbert Phalla Adelheid Günter Michael Josef Mirsad Wolfgang Martin Beatrix Manfred Anton Hüseyin Wilfried Karin Peter Noy Karl Almin Erwin Johann Mirsad Johann Andreas Harald Josef Wolfgang Helmut Andreas Maria Goran Darko Robert Vehid Engelbert Gerhard Edeltraud Josef Andreas Manfred Harald Abdija Christoph Christian Dezsö Sebastian Dusan Ernst Ronald Andreas Josef Helmut Berthold Erwin Johann Wolfgang Andreas Simo Wolfgang Alexander Daniel Harald Thomas Franz Josef Christoph Markus Peter Manuel Roland Bernhard Johann Günter Savas Andreas Heinz Michael Patrick Thomas Wolfgang Christoph Thomas Claudia Andreas Andreas Stefan Mario Marko Michael Wolfgang Wolfgang Roland Thomas Christian Günter Andreas Roland Robert Martin Thomas Hannes Christian Michael Marina Roland Gerold Herbert Herbert Tina Karl Irene Roland Michael Irmgard Günter Peter Karl Karl Eva-Maria Raimund Patricia Stefan Hubert Alois Helmut Rudolf Martin Elfriede Regina Anton Robert Hubert Guenter Elisabeth Susanne Clemens Leopold Siegfried Johannes Johann Alfred Birgit Thomas Andrea Johann Josef Martin Ilse Rainer Waltraud Martin Robert Monika Klaus Alfred Herbert Judith Hannes Norbert Herbert Petra Enrica Karina Friedrich Walter Tamara Silvia Michael Regina Veronika Johannes Friedrich Karl Heinz Rainer Josef Simon Gerald Christian Thomas Horst Stefan Klaus Peter Eduard Franz Stefan Markus Andreas Karoline Franz Raimund Siegfried Ernst Johannes Bruno Peter Dietmar Helmut Gerlinde Birgit Maria Friedrich Harald Nicole Franz Johann Doris Gerald Alfred Sylvia Franz-Otto Anita Klaus-Peter Hubert Kurt Slavoljub Martin Christian Andreas Gerhard Gabriele Franz Guenter Helmut Joachim Manfred Karl Martin Volker Monika Dietmar Leopoldine Leopold Wolfgang Herbert Gerhard Elfriede Andreas Josef Stefan Peter Thomas Angelika Gabriele Matthias Brigitte Christoph Helmut Gerhard Gertraud Helga Karl Franz Thomas Erich Adelheid Martin Jürgen Sabine Eva-Maria Wolfgang Walter Christa Mirela Maria Hilde Michael Maria Georg Alexander Doris Helga Alois Christina Birgit Maria Margot Romana Tanja Roland Jakob Anita Iris Karl Thomas Anita David Franz Karin Manuela Zisis Waltraud Thomas Cornelia Martin Nicole Eva Gerold Daniela Walter Karl Gerhard Rosa Gerhard Bernhard Andrea Doris Josef Herbert Albert Klaus Hubert Gerhard Mario Peter Manfred Elke Martina Thomas Horst Christian Thomas Hans Peter Herbert Michael Doris Bekir Christian Natascha Stefan Manuel Alfred Roland Christoph Christian Susanne Anna Birgit Michael Karl Sonja Georg Wolfgang Brigitta Patrik Vladimir Slobodan Susanne Reinhold Gerald Beate Christina Dietmar Sandra Michael Helmut Natalie Georg Andreas Christoph Michael Florian Daniel Helmut Christoph Herbert Christoph Walter Christian Roman Judith Stefan Andreas Michael Robert Klaus Jürgen Michael Stefan Christoph Vahdet Hannelore Andreas Harald Muzaffer Regina Wolfgang Jürgen Emre Zlatko Peter Bettina Michaela Bernhard Jasmin Marcel Alexander Helmut Ronald Muny Josef Necmi Janko Josef Franz Andreas Oliver Beatrice Amir Martin Pierre Verena Gotthard Gerhard Florian Andreas Robert Dominik Christian Florian Benjamin Daniel Stanislaus Laszlo Gabriele Katrin Michaela Karin David Bojan Christian Almir Alexander Adem Anita Florian Yusuf Adnen Helmut Günther Alexandra Markus Irene Andrea Zeljko Harald Claudia Emin Nay Kri Sabine Markus Georg Klaus Franz Nicolae Ivica Manuel Michael Christian Martin Claudia Seang Tek Stefan Monika Ernst Süleyman Valentin Stefan Elke Emilie Sebastian Andrea Thomas Alexander Falko Birgit Thomas Johannes Wolfgang Patrick Christoph Milos Eyüb Daniel Daniel Aaron Jürgen Bernhard Christian Daniel Florian Martin Patrick Stefa David Christa Florian Christian Marie-Christin Hans Christoph Jürgen Miki Norbert Martina Matthias Arsim Mile Jürgen Andrea Anna Maria Zoran Walter Sanel Michael Christoph Johannes Franz Anita Astrid Phearum Daniel Daniel Amer Thomas Ala Thomas Manuel Elisabeth Gerhard Eva Peter Manuel Petra Serkan Johann Jadranko Orhan Martin August Gerhard Kurt Brigitte Petra Alex Milos Johann Elvin Miroslav Christian Dragoslav Monika Andrea Norbert Corinna Claudia Harald Martin Slobodan Andreas Julia Christian Alexander Aldin Erwin Martin Yücel Gerhard Robert Aurel Irmela Mario Daniel Thomas Florian Dominik Harald Bernhard Anna Gunter Manuel Oleg Jozef Miroslav Ján Miroslav Mária Ján Monika Pavol Juraj František Katarína Stanislav Mária Marián Jaroslav Zuzana Ľudmila Vladimír Ľubomír Jozef Mária Juraj Štefan Ambróz Róbert Jozef Pavol Luther Ján Dave Miroslav Juraj Marcel Vladimír Mária Slavomír Peter Rastislav Marta Peter Jozef Janka Helena Raymond Martin Ján Ľudovít Matthew Ján Alena Jozef Már a Anna Miroslav Jarolím Jozef Marta Ján Marek Milan Jaroslava Zlatko Monika Iveta Jozef Vladimír Anna Marko Cyril Margita Pavol Pavol Katarína Stephanie Marek Ján Ivan Jaroslav Miroslav Janka Róbert Guobing Guang Jian Eng Wah Jialin Hui Gang Nyuk Kwee Yun Dan Seng Hai Jianwei Minggang Gangqiang Abd Aziz Barbara Jinbao Adam Hui Mingfu Mingfu Bingquan Bernhard Baomin William Shi Bradley Charles Michael Biao Wilbert Yuping Weiwei Li Xiaoming Jun Ernest Zhongyi Ke Ji Matthew William Baoqin Danyan Lei Qingfeng Yajuan Miroslava Ján George Juraj Joe Tomáš Ľubomír Marek Marek Miroslav Peter Milan Martin Miroslav Dominika Mária Tomáš Michal Pavol Peter Dávid Darina Sue Michal Juraj Vladimír Thomas Miroslav František Milan Milan Michal Marek Jaroslav Milena Vojtech Mária Robert Lukáš Marcel Jozef Erik Erika Marián Peter Katarína Slávka Margita Alena Jaroslav Daniel Igor Martin Mária Ivan Jozef Martina Jozef Helena Pavel Ivan Terézia Filip Milan Lídia Jozef Ladislav Andrej Ľubica Peter Aladá Tatiana Pavel Gabriel Martin Michal Ladislav Martin Miroslav Peter Branislav Hedviga Peter Patrik Denisa Juraj Marta Lukáš Radoslav Vojtech Tomáš Juraj Pavol Mária Michaela Vladimír Roman Rupert Frank Radoslav Erik Ronald Mariana Anna Marek Martin Jana Pavol Boris Ján Rastislav Slavomír Ján Peter Barney Juraj Jakub Jozef Katarína Micha Michal Michal Štefan Roman Matej Petra Petra Arthur Roman Roman Roman Filip Ján Ján Ján Miroslav Gabriela Mária Viera Denis Ernest Miroslav Gabriela Michal Róbert Ladislav Ľubomír Jaroslav Zuzana Ľuboš Ignác Peter Patrik Peter František Milan Peter Boris Martin Zuzana Erich Dominik Miroslav Milan Róbert Štefan Peter Peter Diana Avol Marek Veronika Miroslav Vladimír Peter Vladimír Mária Martin Miroslav Roman Ľubomír Dagmar Richard Juraj Andrea Karol Zuzana Mária Elena Juraj Ján Katarína Miroslav Michaela Matúš Mária Svetozár Jana Miroslav Michal Roman Jakub Jakub Michal Matúš Magdaléna Lívia Martin Martin Martin Juraj Ján Katarína Michal Michal Janka Michael Peter Lukáš Ondrej Juraj Dominik Pavel Daniel Maroš Andrew John Maros Maroš Erik Martin Anton Peter Andrej Jeffrey Eva Boris Patrik Lucia Peter Edward Michaela Jana Yvette Peter Martin Michal Tomáš Richard Siong Sing Rastislav Rastislav Ľubomír Andrew Marcel Michaela Robert Matej Emil Veronika Marcela Michal Katarína Miroslav Crist Jana Michal Michal Janka Ján Cuifeng Miroslav Martin Milan Zuzana Li Liqin Erik Jozef Katarína Zdenka Ján Marek Trevor Peter Peter Jie Ying Angela Stanislav Ľubomír Felix Konstantin Feng Shengjun Zhenyi Jianzhao Lichao Aijun Jingjing Hailing Ping Danghui Zhong Ling Mun Dongcai Lijuan Larry Jeffery Choong Nan Shanying Zhiying Rong Lilin Jing Jinying Zhijie James Qiong Joseph Minfang Shiwei Chui Lam Qingliang Lanfen Kenneth Jianzong Yaowu Huamin Kimberly Yiding Zi Fong Chin Jianhua Min Li Liankun Ye Hong Marco Johann Martin Stefan Markus Shuyang Harold Baochun Wei Xisi Jun Xiaopan Miaomiao Xin Yuan Richard Yu Petro Ronald Canfang Eva Eduard William Tomáš Nadežda Pavol Lucia Marián Zuzana Juraj Branko Juraj Peter Pavol Dušan Viera Mária Zuzana Jaromír Víťazoslav Zdenka Darina Peter Milada Miroslav Žofia Anna Milan Jozef Alena Beata Peter Juraj Jozef Ivan Jozef Juraj Alexander Ivan Martin Mariana Tomáš Martin Jozef Tibor Ondrej Helena Jozef Andrea Peter Jana Mária Miloš Jaroslav Blanka Ivan Stanislav Alena Juraj Gabriel Marek Michal Juraj Matej Aneta Marián Klára Peter Miroslav Roman Matej Martin Vladimír Martin Mária Stephen Calvin Vijay Sanjay Nitin Nishikant Mahendra Naseem Vinayak Swapnil Amol Pandurang Tushar Shailesh Sharad Avinash Amol Madhukar Shakti Kumar Pravin Swapnil Amol Mayur Vishal Harish Shivaji Petra Sanjay Mohan Pandurang Suraj Sagar Sachin Abhay Eknath Prakash Sushil Ramesh Popat Suresh Nilesh Sandip Anil Abhijit Abhijeet Dnaneshwar Nitish Katherine Leslie Jason Peter Luther Anthony Sally Calvin Tom Jim James Kathy Peter Luther Anthony Arthur Matthew Catia Betty Louise Luther Amy Anthony Arthur Serkan Johann Franz Hafize Dragica Nicole Sabine Orhan Sandra Regina Markus Dragoslav Claudia Zaklina Elisabeth Christine Marko Dragan Viktoria Leopold Nahid Stojko Nathalie Johann Janko Nenad Amir Sebastian Sasa Monika Thomas Hannes Petra Daniela Mirko Werner Bernhard Werner Norbert Hasibe Julia Jasmin Havva Isabell Natasa Ayfer Claudia Petra Milka Nina Dragana Heidemarie Michaela Susan Petra Daniela Snezana Theresia Natascha Martina Demal Goran Slavko Veroljub Petra Petra Stefan Enver Bojan Larissa Mustafa Rosemarie Vedrana Sandra Tugrul Martina Ionut Jürgen Nuri Benjamin Milan Ahmed Sutki Daniel Luka Manuel Sezai Daniela Christina Karin Martin Nenad Christian Semih Pet Rene Miomir Tatjan Marica Ibrahim Christine Werner Alexander Bernd Renova Haci Imre Jovan Hajrudin Florian Manfred Andrei Helmut Mehmed Nahid Alexander Kay Melanie Mehmet Karina Milos Mehmed Richard Fatma Martina Georg Isad Gordana Kemal Konrad Josef Manuel Mustafa Dzejlan Halit Slavoljub Martina Amir Andreas Zorica Sabrina Martin Sinisa Edis Elisabeth Lukasz Johannes Sylvia Erdogdu Anita Aleksandar Hans-Peter Alexander Alexander Werner Dusica Jasmina Enikö Mathias Suat Daniel David Andreas Dragan Bahtiyar Andreas Marcel Alois Peter Salih Nebojsa Dieter Anton Josef Tarik Gerhard Natali Atif Nail Selma David Claudia Nejla Ivan Wolfgang Stefan Stefan Ksenija Gökhan Wolfgang Sheraz Ferenc Babrak Dejan Azra Claudia Dragan Johannes Dejan Gabriele Hermine Kadrije Simone Gulfam Selcuk Andreas Akif Sonja Smail Ayhan Sara Elisabeth Dejan Özcan Ali Can Dieter Silvia Gerhard Nikola Salih Lovas Nuray Sylvia Ayfer Dragan Michaela Sahin Havva Hasan Philipp Markus Sim Herbert Jennifer Mohamed Günter Florian Hans Peter Andreas Abdullah Jasmin Aldina Stefanie Birgit Mirko Martin Bianca Mikael Mensud Elias-Mirel Dominic Baki Mustafa Lisa Ayse Günther Asim Snjezana Lisa Teresa Dejan Lukas Steve Markus Katinka Alexandra-Florina Zuljko Jasmin Janko Kurt Akgün Mirel Claudia Andreas Alexander Marek Dzevad Dora Katharina Gerald

Reducing CO2 emissions, increasing the efficiency of existing drive concepts and keeping pace with In line with customer satisfaction, for us moving forward together means going to great lengths to the trend toward new alternative energy sources, intelligent networking and data management offer our employees a professional home in which they can develop and contribute their skills. We present us with challenges, which we tackle with knowledge and ambition. The “Dynamic know that the success of customer projects is due to the people who created these products and Evolution” motto stated in our Miba 2020 strategy and our “Innovation in Motion – Technologies for solutions. a Cleaner Planet” mission have provided us with the tools needed to take a relevant and sustainable approach to solutions together with our customers, namely in product development as well as in process optimization.

18 19 Miba Coating Group Miba Power Electronics Group Miba Friction Group Miba Bearing Group Miba Sinter Group

Josef Agardy, KTR Brake Systems He is the technical head of KTR Brake Systems, developing electromechanical brakes for the wind power sector. F lo ri a

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N Brakes for powerful rotors, like those used in wind turbines, perform an important task. They play a

l significant safety role, for example, by preventing rotor overspeed or by decelerating and stopping a

C the rotor when maintenance work needs to be done. Depending on the turbine’s drive concept, active

s brake systems controlled by hydraulic pressure are used. KTR Brake Systems GmbH specializes in the

a n production of hydraulic and electromechanical brakes. Companies have always relied on

y b Miba’s innovative products when it comes to brake linings. Josef Agardy, Head of Engineering

M at KTR Brake Systems, gives us a glimpse into this exciting technology.

M KTR Brake Systems

20 21

s Efficient brakes for powerful rotors: Josef Agardy, Head of Engineering at KTR Brake Systems, at the company’s own Competence Center for Brake Systems in Schloss Holte-Stukenbrock.

Interview

Mr. Agardy, what can you tell us about KTR Brake Systems and the collaboration with Miba? We are a young and high-performing company. We develop and produce hydraulic and electromechanical brake systems. Our strengths lie in our distinct flexibility, which we put

F into practice every day, as well as our high quality and our proximity to our customers. This lo r ia

M is only possible with strong partners like Miba, who aspire to the same standard. Miba was It holds on tight a t t hi already present in the wind turbine sector back when the first new types of brakes were being as

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I l r C quality friction materials, also helps us clarify questions and needs specific to each customer, in the fact that brakes, as used in wind The brake systems developed by KTR

e n PROJECT CONTRIBUTIONS:

N for example through in-house test series and fast sample deliveries. In this regard, we share the turbines, perform important functions: Brake Systems combined with Miba i high-performance pressed and sintered k

a u same passion for technological challenges, which is also confirmed by our KTR Competence The rotor blades are designed for Frictec’s innovative friction materials friction materials running against mating

C materials made of steel, cast iron and h r Center in Schloss Holte-Stukenbrock. Our open and cooperative collaboration with Miba has maximum speed. When the speed limits impress with high reliability and feature i

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enabled us to continuously improve our products. are reached, for example in a storm, an extremely long service life.

l l powerful brake systems are used to Together with low operating costs and e

l e stop the rotation and prevent damage. highest-possible equipment safety,

D Can you give us a glimpse into the future? The same applies to maintenance work: the result is a successful partnership a

l KTR Brake Systems will continue to develop its entrepreneurial future together with Miba. We Safe standstill of the rotor blades is seeking even more innovative solutions

i e also want to sell our products in other markets and take advantage of existing synergies in the an important factor here, as well. KTR in their continuous optimization process.

o future. There is considerable potential and by constantly sharing experiences we will make use Brake Systems is the newest company

of the global sales organizations of both companies. of the KTR Group. It was founded

n in 2014 with the intent of one day

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F Frictec, which contributes high-strength

t h 22 23

s Miba Coating Group Miba Power Electronics Group Miba Friction Group Miba Bearing Group Miba Sinter Group

Dr.-Ing. Martin Kurreck, MTU He heads the development of special engines and systems and is thus responsible for continuously improving the design of the engines. Getting the bearings on ideal solutions

MTU is a proud brand of Rolls Royce Power Systems. It is also the technology driver in diesel engines. The power units work under high pressure in the truest sense of the word: the newly revised 4000 series even beyond the 200-bar cylinder peak pressure. In this context, the development departments of MTU and Miba also work under high pressure. Together they develop new solutions for even more efficient engines. For these, Miba develops especially efficient bearings. Dr.-Ing. Martin Kurreck gives us a glimpse into the partnership between the two companies, which dates back many years.

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a n a Large engines require the highest degree of precision down to the smallest detail: Martin Kurreck in a discussion with his colleague Norbert Walter on the production floor.

Interview

v Mirosla R as Mr. Kurreck, what were your main motives for the ti sl av S la n J collaboration with Miba? vo mír Peter Mariá án m lasta Jozef Ľubo M ír harles Jozef V a Miroslav Alena C re k M MTU had always been the technological leader in diesel engines. One important key iro s l a

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u J e r o g a u l J roslav A optimizing the engine itself without any additives or exhaust gas aftertreatment. Miba already as well as commercial, civil and military other to do their best. This successful ozef Matej Marek closely collaborated with us during development and testing. Miba also supplied the main ships, and are also used in mining and collaboration will also continue in the

bearings, connecting rod bearings, crankshaft axial bearings and support bearings as well railway vehicles. They have been doing future, for example when it comes to AN OVERVIEW OF MIBA’S as camshaft bearings. We especially valued the structured development process, the quick so since 1996 and are constantly being other applications of the 4000 series. PROJECT CONTRIBUTIONS: response times as well as the international setup and collaboration. improved, of course. Lower weight Customer demands should be met main bearings and connecting rod bearings, support bearings, crankshaft and volume, easier maintenance and even faster in the future by further axial bearings and camshaft bearings. minimized fuel consumption all mean strengthening synchronization of the Miba is committed to the idea of “Technologies for a lower operating costs. Not to mention development processes. Cleaner Planet.” To what extent does this project live up the many benefits for the environment. to this standard? Naturally, this can only be done if all We also have similar goals in this area. This is confirmed by the stated modification of the of the key components are perfectly “4000 series Tier 4 final.” By reducing emissions, we are making a significant contribution to harmonized.

Miba’s stated standards for NOx and particle emissions. We are lowering CO2 emissions by making our power units more and more economical and efficient. Miba contributes the high-performance engine bearings for the further development of the “4000 series Tier 4 final.” This is an important task given the

26 27 Miba Coating Group Miba Power Electronics Group Miba Friction Group Miba Bearing Group Miba Sinter Group

Strength Jin hui Zhe nhu a M in xi a Xu ey an Ji jin Ying Xuemei Dah C ua Xuyan hun bi We lies in i C hua nl i S h Duš u an D q ani u el P Ga n

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J Rodolphe Cazenave, PSA Peugeot Citroen M V š in F i y r lia á a in a m m Miba worked closely with PSA Peugeot Citroën to develop a key component for a new engine ox n o He is one of the lead developers of the new io t Martin T

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e generation with just three cylinders. Smooth-running power units that are particularly efficient

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n n and economical. We asked Rodolphe Cazenave, product engineer at PSA, how these technical

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28 29 Rodolphe Cazenave in a lively discussion with Philippe Molinarie, Key Account Manager at Miba France.

Interview

Mr. Cazenave, what can you tell us about the joint project? PSA was looking for innovative solutions for main bearing caps – the new components had to be compact and cost-efficient. We also needed a gear specialist for the balancer shafts of the new three-cylinder Puretech engines. Miba hit the marks in terms of technical expertise and All good things fast response. We also found Miba to have a deep understanding of our needs and concerns. Another factor beyond Miba’s enormous technical expertise is its dedicated team. come in threes

Jin hui Zhe Today, three-cylinder engines are true high- were then placed in 2009 for components nhu a M in Where, in particular, is your focus in the development process? tech power units. They are highly efficient and for the mass balance system as well as the xi a Xu ey In hindsight, I personally found it to be one of the most interesting experiences I’ve had in a agile. All the fun with none of the remorse, crankshaft toothed belt sprocket. This marked an Ji jin development cooperation. It was also a very pleasant partnership with high-quality technical as the newest generation of engines also the start of a history of success. Ying Xuemei Dahua Xuyan Ch unbi W ei C discussions. Miba offered us strong support throughout the duration of the project, especially brings maximum savings. PSA Peugeot The company decided very early on, namely hua nl i S h with its development-oriented solutions and innovative ideas. One concern that we have in Citroën recognized this long ago and designed in 2010, to include Miba in the development Duš u an D q ani u el P Ga n particular is reducing operating noise and vibration of our new Puretech power units. Noise exceptional engines. Miba offered support by of the new three-cylinder turbocharge engine.

a bor Baihua Marcel Irnes F

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i reduction proved especially challenging as far as the balancer shaft design and the decoupled contributing key components. In doing so, PSA managed to significantly o

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M a gear are concerned. reduce annoying operating noise and AN OVERVIEW OF MIBA’S n

Q PROJECT CONTRIBUTIONS:

i n Maximum efficiency, low consumption and vibrations. At the same time, the fatigue life

g Together with PSA, the development

n minimal emissions, and in doing so, refusing could be optimized, as well.

team at Miba Sinter Austria worked

Y to compromise on driving performance and This was made possible by the unbridled a meticulously on the best solution. n

Y o Is sustainability a key issue in your developments? u z h i

Q i d o n g i A g n i p A g n a i Q n a i x u J u o y e Z

J V š The centerpiece was a crank drive M in F i PSA is strongly involved in making ever cleaner cars and engines, especially when it comes comfort. Doesn’t that almost sound like a desire on the part of both development y r lia á a in a m m ox n o with improved positioning io t Martin T

ng iš to lowering consumption and harmful emissions. That’s why we are continuously reducing fairytale? Yet it’s already a reality today thanks partners to forge a new technological path.

M e of the crankshaft.

i o k X

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j the weight of power trains. Downsizing is also a major issue for us, as is the development of to innovative technologies. This is achieved This requires a great deal of passion for

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la n systems. engine, rewarded engine of the year 2015 in engineers to peak performance. This is the t

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30 31 Miba Coating Group Miba Power Electronics Group Miba Friction Group Miba Bearing Group Miba Sinter Group

Ingo Euler, Siemens, Energy Management Division He is the development engineer and primary innovator in the Energy Management Division. He had Greatest degree already been involved in numerous patent developments in this role for Siemens. of efficiency with resistance

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P It is much more efficient to generate wind power at sea than on land. This is especially due to the fact

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a that offshore wind is both stronger and, on top of that, more constant than on land. These are ideal a

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n t power. Yet offshore locations make high demands on the technologies used. This is where EBG comes into

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t a play. It has been part of the Miba Group since 2010 and develops custom-made high-power and Š Tomm

J high-voltage resistors for Siemens. Ingo Euler, Development Engineer at Siemens in the field of o

r z Pete e M f Technology & Innovation for Transmission Solutions in the Energy Management Division, a r M ián

r lets us get a glimpse of the future.

arina J KA a da n m a

Miroslav Ľud M mi il r a Pet o e r Ant HAelmuts on J n l oz d a ef P re v ete a r J sP oze e f Ju t ra Vladimír Beáta Štefane Štefan Miroslav A j r ndrej Vladimír Ján

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Jozef JP án a Maroš Jana Mi v r Micha oslav Viera e o Jo l zef Mari l án Mári K a Johannes Pavol K a arol Má r ria D o avid To David Jl ohannes bia Stefan Maximilian Karina Thomas Milan Tom Milan Matej Ľubomír s

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n Andreas Zenkner, Siemens Team Leader at the SVC PLUS testing facility for reactive power compensation: His team works on developing power electronics components for HVDC PLUS and SVC PLUS applications.

Interview

án J

D r Mr. Euler, how did this collaboration come about?

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e i d In 2005, Siemens decided to start manufacturing multilevel voltage source converters for high- P

I An exciting dialog: Ingo Euler, Siemens, and Christian Lindner, EBG, n v

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t voltage direct current (HVDC) transmission. We have worked very closely with EBG since then. r a with the power module for high-voltage direct current transmission. a

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d e direct core competencies are mastered. One example that comes to mind is the ULX series t Tom a Always a live wire Š Devon m

J cable, which is tailored to our needs. M o a z r r e ián te Our time is characterized by efficiency a very special approach. It goes without TPe f r am ina M ah Gr a thinking. We are more careful with our saying that this innovation is being

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d am wisJ How was the collaboration? resources and we apply increasingly developed together with Siemens.

e a arin aT L K rin n a a Reliability of the components used is very important to us. Offshore wind farms, after all, are intelligent energy generation processes. It is interesting to note that the two

M MAinroslav Ľud mi il d r a Pet r o e not exactly around the corner. If a converter part fails, for example, this always means costly The use of wind power is the best companies have development and ea r Ant Donald sHelmus t on J G l oz r a ef P eg v ete maintenance work and lost time. Both are frustrating. Moreover, the weather at sea can example. production departments in very close o r J P ry oze e f Ju t ra sometimes be rough and repairs are often not possible for a while. In addition to a partner proximity to one another – an essential Vladimír Beáta Štefane Štefan Miroslav A j r ndrej Vladimír Ján

O liv V and its products being reliable, passion on its part is also important. I mean passion for solving The strategies for utilizing wind in prerequisite for good collaboration e i Jean r e

R a a problems. A desire to take new technological approaches. That is also what sets EBG apart. offshore areas are developed by between these two very important d J

o o v Mark Oa sman z n e I believe it connects us. Any potential deviations are analyzed quickly. Improvement measures inventive minds and accompanied by business areas. The short distances G f

a M AN OVERVIEW OF MIBA’S ry T a ensure that only components which have actually met the challenges are used. EBG’s quality considerable success. This is not least mean faster response times, not to h r PROJECT CONTRIBUTIONS: o i m á

a n s and development departments cooperate perfectly. Any complications that arise are met with confirmed by the collaboration between mention the very special team spirit. development of UPT and ULX series K are M nn Ariaá flat resistors, which play a major role in tin r the best support. It is very straightforward – a genuine partnership with the absolute focus on Siemens and EBG in the field of high- This is how innovation plays out. This, at i Bah a high-voltage direct current transmission.

Jozef Ján MP a M a roš Jana Mirosla the project and the customer and ample scope to facilitate extraordinary results. voltage direct current transmission, or in turn, fits with Siemens and with ichael v v Viera Joze

o f Marián M l ári a Pa HVDC. This collaboration is supported Miba: Never stand still. The limits of Joh K vo annes l Karol a Mária D r avid o Tobias by a fascinating technology full of what is feasible and what is possible David Johanl nes Stefa

n Maximilian Karina Thomas Milan Tom Milan Matej Ľubomír M

ká possibilities. It also has a number of are always being pushed forward step ic r Er i as a m Tho M “Technologies for a Cleaner Planet” is a key topic for Miba applications in other areas than offshore by step.

w a n ha r S i ej á as a whole. How does Siemens deal with this? wind farms. Siemens has achieved Always with the needs of future at n

AM nd H re e Our very field of work shows that this is an extremely important issue for us. We have set much in this regard. The company has generations in mind, this being another

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o u rg ourselves the target of transmitting the energy generated offshore over long distances to the been using multilevel voltage source strong driver for both development

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on mainland. As efficiently as possible, i.e., with as low losses as possible. For me, that is the converters (VSC) for more than ten partners. h H d L p r uk sto e i a hasr epitome of sustainable power generation, combined with the responsible use of available years. EBG offers high-power and C L s a ur D

ie a resources. In this case, moving forward together refers to innovative technologies, on the one high-voltage resistors custom-made for

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á 34 35

i á Christian Petra Carina David Marcel Sabrina Christoph Hannes Ayfer Thomas Angelika Mario Lukas Dominic Christian Philipp Ronald Felix Angelika Stefan Michael Patrick Markus Jakob Daniel Norbert Markus Wolfgang Martin Markus Andrea Alexander Christopher Stefan Martin Mario Ivana Manuel Thomas Katharina Afrim Thomas Gertrude Michael Sabine Ramazan Bernhard Gertrude Andreas Dominik Lisa Hans Michael Friedrich Petar Leopold Daniel Johann Ulrike Mark Daniel Katja René Romana Stefan Dietmar David Matthias Xenia Maximilian Daniel Werner Ramazan Stefan Senija Denise Kemal Martin Gertrude Friedrich Moritz Sebastian Stefan Nina Georg Matthias Sabrina Philipp Stefan Thomas Peter Alexander Johannes Michaela Michaela Stefan Sybille Karin Gerd Jochen Jasmina Radislav Ali Martin Martin Katarina Michael Karin Stefan Simo Steven Andre Armend Elena-Ädina Murat Fikret Bahrija Elisabeth Sylvia Nikola Markus Melanie Herbert Philipp Rene Michael Martin Ramazan Markus Patrick Stefan Andreas Chungkhim Renate D usan Philipp Felix Christoph Dominik Richard Bekir Markus Stefan Johannes Zdenko Vladimir Zvezdan Lenka Philipp Bernhard Barbara Hubert Isabella David Bartlomiej Roland Verena Natalia Wolfgang Georg Martina Lena Alexander Sabrina Christian Florian Ma tthias Matthias Thomas Thomas René Helene Neda Peter Tamas Bruno Mladen-Mateo Oliver Oliver Julia Simone Manuel Tobias Frank Martin Friedrich Karl David Oliver Oskar Leopoldine Lukas Elfriede Florian Thomas Gerhard Alois Beatrix Yili Gerhard Jutta Leopoldine Thomas David Philippe Romain Hugo Jane Josef Gunnar Oliver Bernhard Ralph Roland Jason Susan Joanne Wayne Joanne Andrew Timothy Angela Mark Shicai Jason Kevin Anthony Gareth Andrew Dorothy David Stuart Alexander Xiaoling Neda Spenc er Andrew David David Anthony Ammina Parnia Alastair Dmitrij Beverly Steven David Jevon Adam Karen Paul Daniel Andrew Caroline David Peter Stephen Michael Robert Matthias Hailin Redd Maximilian Tanja Ingolf Wilfried Friedrich Wilhelm Frank Denise Emil Volker Debbie Philipp Reinhard Charles Viktoria Heinrich Albert Robert Nils Michael Walter Sonja Silvester Richard Hilde Albert Deborah Michelle Robert Michael Nicole Madeline Richard Jack Judith Andrea Nick Nicolas Andrew Judy Joe Sue Eve Elena Stephani e Yvette Angela Alec Brianna Fred Frederick Erica Alice Stephen Anita Elizabeth Steve Eileen Trevor Alexander Jeff Jeffrey John Brian Lois Mike Ellen Allan Bill Helena Julia William Calvin Melissa Sally Jim Stan Thomas Elaine Erick Tom Stefanie Karen Tammy Mi chael Cheryl Christal Celeste Monique Rebecca Juergen Arian Laurie Christopher Robert Shelley Boone Victor David Jeffrey Shawn Andreas Engelbert Harald Alexander Daniela Harald Martin Nathalie Herbert Josef Peter Peter Robert Josef Hermine Petty Markus Judith Bernhard Daniel Tobias Gerald Bernhard Fabian Lei Mingquan Minghao Ran Xiao Kecai Xuan Junying Mingjin Xucong Tao Bingbing Wanmu Haiwei Haiyan Jinrong Taotao Jikai Bingbing Niu Hui Haibo Cheng Xiujin Wenbiao Shaoning Xuefeng Jian Shoujie Yang Qinglei Xuping Shuwei Gengen Libo Jiacheng Minghai Jianping Erhong Kehong Chunhua Qibin Guangyong Lishuai Jinyu Yanghui Yu Yunping Ping Ruiying Bo Yanfeng Zhenyang Yang Qingsong Niuniu Qingyuan Wansong Rui Wei Wei Chongyang Zhen Zujin Yongtao Mingming sfdsfds Mark Xuebi Zongjian Hongguang Lixin Han Botao Wei Ka Shenzhen Zhuangzi Qiujin Tinghui Zengwei Mei Yaling Yajie Xiuying Huimin Qiquan Weixing Xiancha Cang Congjun Baiqing Lixin Dejie Junli Yan Zhonghua Xuequan Wanli Xingwen Hui Changx ing Zhongjun Jun Maobiao Guohua Guoqing Qiong Haili Yuhua Miaojuan Huaxian Li Honge Yinhuan Juan Meihu Yuanjian Jingwen Taixian Guangjing Xinhu Fengfang Yiqin Xuebing Guoqiang Chaoying Weihua Yugui You Xiaoai Xiaoli Xiufang Suying Dongxia Sulan

Lixin Dejie Junli Yan Zhonghua Xuequan Wanli Xingwen Hui Changx ing Zhongjun Jun Maobiao Guohua Guoqing Qiong Haili Yuhua Miaojuan Huaxian Li Honge Yinhuan Juan Meihu Yuanjian Jingwen Taixian Guangjing Xinhu Fengfang Yiqin Xuebing Guoqiang Chaoying Weihua Yugui You Xiaoai Xiaoli Xiufang Suying Dongxia Sulan Report Management Maoyin g Mei Hu Zhengqiang Yuqin Meiying Yongzhi Xueying Shunlan Shuangying Guixiang Xiaohui Chengfeng Dongfang Zhifang Yingxia Yinghong Yingchun Guijun Congmei Xueqin Nana Wencheng Maoyou Gonghua Xiaoyan Yuanqiong Caixia Qunrong Jihui Wenbo Jun Zhenjiao Moda Jennifer Mohamed Günter Florian Hans Peter Andreas Abdullah Jasmin Aldina Stefanie Birgit Mirko Martin Bianca Mikael Mensud Elias-Mirel Dominic Baki Mustafa Lisa Ayse Günther Asim Snjezana Lisa Teresa Dejan Lukas Steve Markus Katinka Alex andra-Florina Zuljko Jasmin Janko Kurt Akgün Mirel Claudia Andreas Alexander Marek Dzevad Dora Katharina Gerald Jürgen Elif Sebastian Rudolf Serpil Cansu Boris Sandra Dusan Mustafa Gerhard Maximilian Harald Christian Melissa Christoph Elvis Risto Pet er Driton Hakan Philip Stefan Jason Yusuf Marcel Irnes Gabor Marko Igor Mario Daniel Manuel Jack Hanna Dajana Silvester Viliam Martin František Ron Tomáš Juraj František Soňa Miroslav Tibor Dušan Daniel Štefan Pavol Martin Miroslav Rastislav Slavomír Mir oslav Alena Charles Jozef Vlasta Jozef Ľubomír Peter Marián Ján Marek Marián Mária Miroslav Štefan Robert Jozef Anna Pavol Jaroslav Anna Helena Michal Jozef Marek Miroslav Terézia Margaréta Slavomír Roman Michal Vladimír Jaroslav Agneša Ivan Juraj Martin Milan Jana Jakub Jozef Milan Pavol Peter Juraj Bill Vladimír Dana Catia Daniela Miloš Peter Miroslav Štefan Peter Peter Ján Peter Milan Ján Pavol Vladimír Ľubica Miroslav Peter William Juraj Allan Ján Ján Miloš Mária Ľuboš Titus Anna Peter Deborah Alžbeta Tomáš Michal Ivan Peter Alojz Jarmila Erika Ivan Viliam Peter Agneša Miroslav Ľudmila Peter Anton Martin Jozef Igor Miroslav Pavol Miroslav Ivan Jozef Juraj Ľubomír Matej Marek Ondrej Jaroslav Vladimír Jozef Peter Jozef Juraj Dušan Beáta Štefan Štefan Miroslav Andrej Albert Augustín Adela Hana Martina František Peter Adriana Katarína Jozef Martin Jakub Terézia Andrej Augustín Dagmar Jozef Marián Lukáš Alexander Jarolím Štefan Martin Andrej Jozef Michal Jana Michal Vladimír Igor Blažej Mária Fridrich Milan Tom Milan Matej Jean Ľubomír Pe ter Štefan Ján Marián Radoslav Vincent Ľudovít Tomáš Peter Dušan Ľudovít Iveta Adam Jozef Ján Peter Maroš Jana Miroslav Viera Jozef Marián Mária Pavol Karol Mária Marián Peter Mária Karol Jana Ján Viktor Marek Lukáš Ľubomír Mária Helena Stanislav Peter Zuzan a František Miroslav Ján Paul Marek Pavol Patrik Ľubomír Zaokrúhlenie Zaokrúhlenie Ján Mark Vladimír Ján Stanislav Dáša Ján Marián Róbert Erika Peter Jozef Ján Martin Anton Rudolf Jozef Maroš Agneša Milan Jozef Martina Ján Katarína Peter Katarína Katarína Marti n Peter Jozef Martina Róbert Marek Vladimír Michal Lenka Martin James Peter Anthony Peter Štefan Štefan Karol Ján Milan Jozef Štefan Jana Miloslava Pavol Martin Michal Jozef Andrej Peter Michal Ľubomír Marek Ondrej Ľuboslava Tomáš Ján Peter Denisa Peter Marián Peter Rastislav Martin Dušan Miroslav Robin Jana Marek Ivana Margita Kevin Jaroslav Vladimír Terézia Miroslav Juraj Peter Stanislav Michal Ján Matej Milan Dušan Ľudmila Róbert Simon Ján Michal Anna Lukáš Tomáš Emil Milan Michal Ľuboš Beáta Ladislav E dward Miroslav Pavol Elena Andrej Enrik Róbert Jozef Vladimír Pavol Jeff Služobná Maroš Katarína Janka Zdenko Juraj Miroslav Juraj Matej Roman Martin Dana Terézia Erika Stanislav Peter Peter Matúš Ľuboš Matej Marek Pavol Samuel Thomas Štefan Ľubica Igor Tom áš Martin Vladimír Daniel Marta Ján Andrej Ivan Branislav Martin Magdaléna Pavol Martin Ľubomíra Anton Michael Roman Ján Mária Mária Oleg Jozef Miroslav Ján Miroslav Mária Ján Monika Pavol Juraj František Katarína Stanislav Mária Marián Jaroslav Zuzana Ľud mila Vladimír Ľubomír Jozef Mária Juraj Štefan Ambróz Róbert Jozef Pavol Luther Ján Dave Miroslav Juraj Marcel Vladimír Mária Slavomír Peter Rastislav Marta Peter Jozef Janka Helena Raymond Martin Ján Ľudovít Matthew Ján Alena Jozef Mária Anna Miroslav Ja rolím Jozef Marta Ján Marek Milan Jaroslava Zlatko Monika Iveta Jozef Vladimír Anna Marko Cyril Margita Pavol Pavol Katarína Stephanie Marek Ján Ivan Jaroslav Miroslav Janka Róbert Guobing Guang Jian Eng Wah Jialin Hui Gang Nyuk Kwee Yun Dan Seng Hai Jianwei Minggang Gangqiang Abd Aziz Barbara Jinbao Adam Hui Mingfu Mingfu Bingquan Bernhard Baomin William Shi Bradley Charles Michael Biao Wilbert Yuping Weiwei Li Xiaoming Jun Ernest Zhongyi Ke Ji Matthew William Baoqin Danyan Lei Qingfeng Yajuan Mirosla va Ján George Juraj Joe Tomáš Ľubomír Marek Marek Miroslav Peter Milan Martin Miroslav Dominika Mária Tomáš Michal Pavol Peter Dávid Darina Sue Michal Juraj Vladimír Thomas Miroslav František Milan Milan Michal Marek Jaroslav Milena Vojtech Mária Rober t Lukáš Marcel Jozef Erik Erika Marián Peter Katarína Slávka Margita Alena Jaroslav Daniel Igor Martin Mária Ivan Jozef Martina Jozef Helena Pavel Ivan Terézia Filip Milan Lídia Jozef Ladislav Andrej Ľubica Peter Aladár Tatiana Pavel Gabriel Martin Michal Ladislav Martin Miroslav Gerold Daniela Walter Karl Gerhard Rosa Gerhard Bernhard Andrea Doris Josef Herbert Albert Klaus Hubert Gerhard Mario Peter Manfred Elke Martina Thomas Horst Christian Thomas Hans Peter Herbert Michael Doris Bekir Christian Natascha Stefan Manuel Alfred Roland Christoph Christian Susanne Anna Birgit Michael Karl Sonja Georg Wolfgang Brigitta Patrik Vladimir Slobodan Susanne Reinhold Gerald Beate Christina Dietmar Sandra Michael Helmut Natalie Georg Andreas Christoph Michael Florian Daniel Helmut Christ oph Herbert Christoph Walter Christian Roman Judith Stefan Andreas Michael Robert Klaus Jürgen Michael Stefan Christoph Vahdet Hannelore Andreas Harald Muzaffer Regina Wolfgang Jürgen Emre Zlatko Peter Bettina Michaela Bernhard Jasmin Marcel Alexander Helm t Ronald Muny Josef Necmi Janko Josef Franz Andreas Oliver Beatrice Amir Martin Pierre Verena Gotthard Gerhard Florian Andreas Robert Dominik Christian Florian Benjamin Daniel Stanislaus Laszlo Gabriele Katrin Michaela Karin David Bojan Christian Almir Alexander Adem Anita Florian Yusuf Adnen Helmut Günther Alexandra Markus Irene Andrea Zeljko Harald Claudia Emin Nay Kri Sabine Markus Georg Klaus Franz Nicolae Ivica Manuel Michael Christian Martin Claudia Seang Tek Stefan Monika Ernst Süleyman Valentin Stefan E lke Emilie Sebastian Andrea Thomas Alexander Falko Birgit Thomas Johannes Wolfgang Patrick Christoph Milos Eyüb Daniel Daniel Aaron Jürgen Bernhard Christian Daniel Florian Martin Patrick Stefan David Christa Florian Christian Marie-Christin Hans Christoph Jürgen Miki Norbert Martina Matthias Arsim Mile Jürgen Andrea Anna Maria Zoran Walter Sanel Michael Christoph Johannes Franz Anita Astrid Phearum Daniel Daniel Amer Thomas Ala Thomas Manuel Elisabeth Gerhard Eva Peter Manuel Petra Serkan Johann Jadranko Orhan Martin August Gerhard Kurt Brigitte Petra Alex Milos Johann Elvin Miroslav Christian Dragoslav Monika Andrea Norbert Corinna Claudia Harald Martin Slobodan Andreas Julia Christian Alexander Aldin Erwin Martin Yücel Gerhard Robert Aurel Irmela Mario Daniel Thomas Florian Dominik Harald Bernhard Anna Gunter Manuel Martin Milorad Stephan Christoph Martin Daniel Christian Ozren Michael Saldin Andreas Thomas Tina Cihan Christina Salih Samathara Alen Sabine Nenad Leopold Hannes Oliver Martin Tomica Martin Patrick Caroline Alfred Rudolf Hasib Slobodan Sabine Mark Peter Hans-Peter Bahtiyar Milodrag Manuel Goran Günter Michael Coskun Markus Edita Andreas Karl Hafize Rusmir Sandra-Sovanna Stefan Jakob Carina-Elisabeth Nicolae Evelyn Michael Dieter-Erwin Günter Elisa Bojan Mile Dominik Petra Sasa Jürgen Florian Stefan Romana Daniel Sabine Emil-Sandor Klaus Wolfgang Patrick Renè Michael Bernd Gerald Susanne Markus Margarethe Renè Karin Ilyas Mehira Goran Stefan Rudolf Nathalie Mitchell Florian Nicole Petra Sasa Sasa Petra Hüsnü Onur Zaklina Karola Dejan Murat Goran Adis Nicolae-Valentin Erdal Gunter Theresia Manfred Peter Dominik Sonja Harald Robert Rusmir Elmin Samir Milomir Dejan Aliriza Franz Peter Dijana Fritz Christian Mirza Djordje Michael Paul Gerald Andreas Markus Elfriede Dejan Johann Andreas Michael Wolfgang Marianne Heidemarie Johann Nesic Zoran Gerald Andrea Pia Richard Philipp Tomislav Norbert Rakesh Stefan Filip-Kristian Martina Ursula Sandra Haktan Martin Jürgen Michael Patrick Andreas Stefan Johannes Martin Richard Stefan Dominic Florian Daniel Sascha Christopher Michael Rene Michael Christoph Benjamin Roland Peter Christian Patrick Erdem Daniel Richard Mario Wolfgang Daniel Martin Alen Zlatko Andreas Klaus Michael Ahmo Gerhard Manfred Manuel Manfred Goran Erwin Bernhard Karlheinz Gerhard Sebastian Sorita Matthias Manfred Josef Martin Martin Dejan Helga Regina Phireak Mato Patrick Boris Lisa Nihad Manuel Petra Thomas Karin Margarete Thomas Adis Gabriel-Alin Roland Martin Andreas Robert Johannes Ernst Thomas Klaus Ernestine Nenad Martin Bernhard Matthias Sylvia Gerhard Stefan Heinrich Peter Georg Günter Alfred Harald Volker Caroline Barbara Udo Heidemarie Melanie Walter Bernhard Florian Manuel Oguzhan Jessica Christian Alexander Michael Keven Benjamin Daniel Manfred Jasmin Michaela Kübra Carina Fabian Harald Milenko Michael Stefan Lisa Maria Lazar Tanja Bernhard Martin Bettina Martin Andreas Regina Lukas Peter Michael Ernst Christian Michael Johannes Petra Hubert Siegfried Edith Harald Margareta Bettina Maria Falk Martin Johannes Peter Gordana Dominik Georg Bogdan Christoph Kerstin Markus Rudolf Sandro Michael Patrick Paul Philipp Lucas Sebastian Andreas David Matthias Jakob Neven Doris Franz Anita Kevin

T ddin ho se m An em ja T el S as n h icha G fa om n M er e a ilia ha t s H axim rd S a M k nn fan M a es O Ste ar h nes io Is liv han A er Jo n h Fl avid dr p or s D ea o ia ia s B t n A ob e s s T a rn ri nd rea g a r nd l d h ea a A e e C s n tt D Kari H e n a t v u l a K id lm ti ur He e is t a r M h h an c C u i e in l D R M t r r av te os r a id Pe e w e tin t M F a hris it l lo jan ita C ha a n ria o ja An ja n B Tan M W nfa e M stea a l u r D ic der M rg ku e ha t M xan Jü a n u i Ale s a el m do ilos ko M h j V el M M r M c o ilan a e i in H a M l ea B z r rk old M a r a r e i u Arn n n d r M n m s a la i n z rin li e ti te G E S atha i n C n l im K m E n A i e u e na i v ge d u on s An ax a ür h d -P ru an edrea G r y s s M n An K M e n J is u an M nes a n ti t A n u S n an ro ia rl ar o a la el al ti te H li st i s D i r na n i n p H K a h a Re e r d h C a rk A a M h e za M a o M jalm C H re S t n Pa an d ar H ar el e h n i e m a w k r and ku u e g o e n e ks n l d T ri le g h l D a a Ale s a g l s m r h p e v s A raa t A o ry o n M a ia a T e a J ita D e t M n S s r l n h H u u G S iro a d s D e s i e ic a - n la t f ie l o n a i v is a a S g K m M r f e h y ara h in H y r d i c e C t i n m i at lv e r i r s h ia S d N a c a ü a la M h M ie M n B e an ic r C H a d D h ic e i a s n v ia a o c i a o at R tor e l G h s e ad ik l G e C h a e k b V e r u n R a e e ic e u a lf on rh h r l L R m im a ri E R h s S r s T e t d t r o e 36 S i b n 37 l O n e a i e a e c l a b a J edomir Tiv r i m h in d C l hom v o h ic har as t r e o Leon O Gert S I e M s gen raud l a e M e Jür r Alfr t a M n ic dra ed e C e h f San e Ma f R a aria d delen a m n e a M e N a n l Ann n athal n i a a iana a ie K r z rist t Ch x O le a A K > Management Report > Miba investor relations

Miba investor relations

Miba preferred shares: delisting from the Vienna Stock Exchange on December 3, 2015 Vienna Stock Exchange. Miba AG is therefore no longer a listed company within the meaning of section 3 of the Austrian Stock Corporation Act (AktG). On July 14, 2015, the Management Board of Miba AG was informed by Miba AG’s majority shareholder, Mitterbauer Beteiligungs-Aktiengesellschaft (MBAG), about a takeover offer to free float shareholders. At the Some of the shareholders who were squeezed out requested a review of the cash settlement under section 6 same time, MBAG asked Miba AG to carry out a shareholder squeeze-out procedure in accordance with section of the Austrian Shareholder Squeeze-out Act (GesAusG) by the deadline. As a result, proceedings are currently 1 of the Austrian Shareholder Squeeze-out Act (GesAusG). MBAG’s aim was for a squeeze-out and a delisting of ongoing before the Wels regional court to review the cash settlement in accordance with section 6 of the Miba AG preferred shares from the Vienna Stock Exchange. Austrian Shareholder Squeeze-out Act (GesAusG) in conjunction with sections 225c ff of the Austrian Stock Corporation Act (AktG). Due to those requests for a review of the cash settlement, the original cash settlement MBAG made a voluntary public offer to the other shareholders of Miba AG under sections 4ff of the Austrian of EUR 540 per share was paid out rather than the conditional increase in the cash settlement offered by Takeover Act (ÜbG) to purchase all category B no-par value preferred bearer shares of Miba AG (ISIN: MBAG at the General Meeting on October 12, 2015. The outcome of the proceedings to review the amount of AT0000734835). Those shares already held by the bidder, legal entities acting in concert or Miba AG itself were the cash settlement remains to be seen, but in any case has no impact on the legal validity of the squeeze-out excluded. The offer therefore related to 121,233 category B preferred shares, or 9.33 percent of the target of the non-controlling interest shareholders and the delisting. company’s total share capital. The offer price was initially EUR 550 per preferred share. Management Report Management The offer was published on July 30, 2015. The offer period was three weeks and ended on August 20, 2015. On Buyback of own shares August 21, 2015, MBAG announced that a total of 40,224 shares had been submitted for sale within the offer period. The squeeze-out threshold of 90 percent was therefore exceeded, meaning that it was possible to At the 27th Annual General Meeting of Miba Aktiengesellschaft on June 28, 2013, the Company was authorized accept the offer within the statutory three-month extension. in accordance with section 65(1) number 8 of the Austrian Stock Corporation Act (AktG) to carry out a general buyback of own shares (category B preferred shares) up to a maximum of 10 percent of the Company’s share On September 18, 2015, MBAG announced an increase in the price offered to Miba AG preferred shareholders capital for a period of 30 months from July 1, 2013. The Management Board has not made use of this to EUR 565 per share, with this price also being paid to those shareholders who had already accepted the offer authorization. Due to the shareholder squeeze-out entered on December 3, 2015, this authorization is now void. during the original acceptance period ending August 20, 2015. The extended period for accepting the voluntary takeover offer ended on November 26, 2015. A total of 86,688 shares were submitted under the voluntary Therefore, 0 shares were repurchased under the share buyback program in the past fiscal year. Consequently, takeover offer, an acceptance rate of 71.5 percent. Miba AG held 97,979 treasury shares as of the reporting date, January 31, 2016. This equates to around 7.5 percent of the share capital. On October 12, 2015, Miba AG held an Extraordinary General Meeting. On the agenda at the General Meeting was the request to carry out a squeeze-out of the non-controlling interest shareholders in accordance with section 1(1) of the Austrian Shareholder Squeeze-out Act (GesAusG) and to transfer their shares to the principal Corporate bond provides an attractive investment opportunity for investors shareholder, MBAG, in return for an appropriate cash settlement in accordance with section 2 of the Austrian Shareholder Squeeze-out Act (GesAusG) in the amount of EUR 540 per share. At the General Meeting, MBAG On February 27, 2012, Miba issued a seven-year bullet bond in the principal amount of EUR 75 million bearing a also requested a conditional increase in the cash settlement from EUR 540 per share to EUR 565 per share. coupon of 4.5 percent p.a. By doing so, Miba has provided its investors with an attractive investment The increase in the cash settlement was subject to three conditions required to be met cumulatively, firstly that opportunity, which, at EUR 108.50 on January 31, 2016, was trading at a price significantly above the issue no objection to the general meeting resolution be recorded, secondly that no action for rescission or annulment price. of the general meeting resolution be filed, and thirdly that no request be made for a review of the cash settlement under section 6 of the Austrian Shareholder Squeeze-out Act (GesAusG). The General Meeting unanimously approved the squeeze-out of the non-controlling interest shareholders by transferring their shares in return for an appropriate cash settlement in accordance with MBAG’s amended request.

On December 3, 2015, the squeeze-out of the non-controlling interest shareholders was entered in the commercial register of the Wels regional court; as a result, all non-controlling interest shareholders’ shares not yet sold in the course of the takeover offer were transferred to MBAG and the Company was delisted from the

38 39 > Management Report > Economic conditions Economic conditions

Global economy1 commercial vehicles (vans) produced in 2015.7

The global economy continued to lose momentum in 2015. While the rate of expansion in 2014 was still Although the global truck market as a whole delivered a satisfactory performance over the year, the Chinese 3.4 percent, growth last year fell to 3.1 percent. This was due primarily to the weaker economic trend in market’s performance was very weak throughout the year and sharp declines were also observed in other emerging and developing nations. China especially, long considered the engine of global growth, continued to countries starting in the second half of the year. In the European Union, demand for heavy trucks (over 16 tons) lose momentum. Growth slowed from 7.3 percent in 2014 to 6.9 percent in 2015 and is expected to fall further recovered significantly in 2015. Almost 20 percent more heavy trucks were registered than in the year before.8 in the coming years. One of the biggest uncertainties for future economic performance are the falls in By contrast, the heavy truck market in China contracted dramatically: 28 percent fewer vehicles were produced commodity prices, some of them dramatic, which continue to have a negative impact on the investment than in 2014.9 climate, not only in oil-exporting countries. The global market for agricultural commercial vehicles failed to overcome the downturn again in 2015. Demand Compared with 2014, growth in the eurozone countries was slightly stronger last year at 1.5 percent (compared for machinery remains at a low level, particularly in the US and Brazil.10 The markets for high-speed diesel and with 0.9 percent in 2014). The world’s leading economy, the US, delivered an even more encouraging gas engines were subdued due to the low oil price. The US market for locomotive applications declined performance. Following economic growth of 2.4 percent in 2014, the US continued to expand last year, dramatically last year, above all in the final months. The large engine market – mainly in shipping – was likewise

recording GDP growth of 2.5 percent. According to the latest forecasts from the IMF, it is set to grow by in decline. Demand for mining equipment and construction machinery also suffered as a result of the restrained Report Management 2.6 percent in 2016. investment climate last year.

Among the most ailing in 2015 were Brazil and Russia, where the economy contracted by 3.8 percent and The weak state of the industrial sector was also noticeable in the market for power electronics components, 3.7 percent respectively in 2015. In Brazil, the recession is primarily attributable to political uncertainty and the due in particular to a significant fall in demand in the oil, gas and mining business. On the other hand, the high- ongoing problem of government spending, which could yet lead to a government crisis. Russia was mainly voltage direct current (HVDC) transmission segment showed the first signs of recovery after an extremely weak affected by western sanctions in the Ukraine crisis and the fall in the oil price. 2014. The global wind power industry continued to grow in 2015. Global capacity has already reached 435 gigawatts. Just under 64 gigawatts of this were installed in 2015 – most of it in China, which now Trends in emerging economies such as China and Brazil in particular mean that the global economy is unlikely to contributes half of global capacity.11 grow as strongly in 2016 as was still being forecast in fall 2015.

Sector performance

Performance in Miba’s sales markets remained mixed in 2015. Once again, Miba benefited from its broad positioning, which allows it to cushion weakness in many sectors with satisfactory performance in other areas.

The global automotive industry continued to grow in 2015, recording an increase in production of 1.2 percent to 68.6 million passenger vehicles.2 In Europe, the number of passenger vehicles produced rose by as much as 3.3 percent compared with 2014 and the number of registrations by 9.2 percent.3 As was also the case in 2014, the negative trend in Eastern Europe was offset by higher growth rates in the rest of Europe. The North American market also grew. The number of passenger vehicles and light commercial vehicles (vans) produced rose by 3.3 percent to 17.7 million vehicles; new registrations increased by 5.5 percent.4 By contrast, the Brazilian automotive industry continued to contract in 2015. Production figures dropped by 23 percent and the number of registrations by almost 27 percent.5 China produced 23.7 million passenger and light commercial vehicles (vans) in 2015. This represents an increase of around 5 percent compared with 2014 and a sharp slowdown in growth – in 2014, production figures climbed by more than 8 percent compared with 2013.6 The Indian automotive market recorded an encouraging increase of 5 percent in the number of passenger and light

1 cf. International Monetary Fund (IMF): World Economic Outlook Update, January 2016 7 cf. LMC Automotive, January 2016 2 cf. Organisation Internationale des Constructeurs d’Automobiles (OICA): World Motor Vehicle Production by Country and Type 2014–2015, Cars: 8 cf. European Automobile Manufacturers’ Association (ACEA): Commercial Vehicle Registrations in the EU: http://www.acea.be/press- http://www.oica.net/wp-content/uploads//Cars-2015-Q4.pdf, retrieval date: March 20, 2016 releases/article/commercial-vehicle-registrations-12.4-in-2015-14.8-in-december, retrieval date: March 25, 2016 3 cf. LMC Automotive, January 2016 9 cf. LMC Automotive, January 2016 4 cf. Automotive News, February 1, 2016 10 cf. Agrievolution: Agritech Business Barometer, September 2015, http://www.agrievolution.com/PDF/2015-09-Agritech-Business-Barometer.pdf, 5 cf. www.anfavea.com.br/January2016, retrieval date: March 20, 2016 retrieval date: March 20, 2016 6 cf. LMC Automotive, January 2016 11 cf. http://www.wwindea.org/the-world-sets-new-wind-installations-record-637-gw-new-capacity-in-2015/; retrieval date: March 20, 2016 40 41 > Management Report > Income statement and balance sheet analysis

IncomeIncome statementstatement and balancebalance sheetsheet analysis STABLE MARKET POSITION IN A DIFFICULT ENVIRONMENT STABLE MARKET POSITION IN A DIFFICULT ENVIRONMENT

Revenue and income position Earnings quality in fiscal year 2015–2016 failed to improve in line with revenue performance. Consolidated profit Revenue and income position before interest and tax (EBIT) reached EUR 82.9 million, an increase of just 1.2 percent compared with the As a strategic partner to the international engine manufacturing and automotive industries, Miba was able to previous year (EUR 81.9 million). At 11.5 percent, the reported EBIT margin for the past fiscal year fell short of As a strategic partner to the international engine manufacturing and automotive industries, Miba was able to maintain its market position in its core markets again in the past fiscal year. However, revenue and earnings the prior-year level (12.2 percent) and remained significantly below the target of 13 percent. Following an maintain its market position in its core markets again in the past fiscal year. However, revenue and earnings performance was severely impacted by the restrained investment climate in most sectors. In this challenging encouraging first six months, sharply declining markets had a significant adverse effect on profit for 2015–2016, performance was severely impacted by the restrained investment climate in most sectors. In this challenging market environment, the Company nevertheless chalked up another record year in terms of revenue and EBIT. which was also impacted by write-downs of EUR 4.3 million required on underutilized plant. market environment, the Company nevertheless chalked up another record year in terms of revenue and EBIT.

The Miba Group generated revenue of EUR 719.1 million in fiscal year 2015–2016, an increase of Consolidated profit before tax (EBT) was down on the previous year (EUR 76.8 million) to EUR 74.3 million. The Miba Group generated revenue of EUR 719.1 million in fiscal year 2015–2016, an increase of EUR 49.8 million, or 7.4 percent, compared with the previous year. Most of this growth was due to positive After deducting income tax expenses of EUR 20.9 million, consolidated profit after tax (EAT) amounted to EUR 49.8 million, or 7.4 percent, compared with the previous year. Most of this growth was due to positive exchange rate effects (4.7 percentage points). Only 1.9 percentage points came from organic growth. EUR 53.3 million (previous year: EUR 57.0 million). exchange rate effects (4.7 percentage points). Only 1.9 percentage points came from organic growth.

Miba segments Net assets and financial position Miba segments Management Report Management

Share of revenue by The Miba Europe segment achieved growth of 3.2 percent, while the Miba Americas segment grew by Total assets rose sharply in the past fiscal year, from EUR 741.9 million to EUR 807.8 million. As in previous Share of revenue by The Miba Europe segment achieved growth of 3.2 percent, while the Miba Americas segment grew by production plant region production plant region 14.514.5 percent. percent. The The largest largest share share of of totaltotal growthgrowth camecame from the Miba Asia segment, wherewhere revenuerevenue rose rose by by years, the main driver of this increase was capital expenditure, which sharply exceeded the level of depreciation 23.123.1 percent. percent. The The increases increases in in revenue revenue inin MibaMiba AmericasAmericas are purely attributable toto currencycurrency translationtranslation effects. effects. (property, plant and equipment increased by EUR 35.2 million). Non-current assets thus rose by Miba Asia In the Miba Asia segment, 14.2 percentage points of the growth came from currency translation effects and EUR 33.4 million, or 8.6 percent, to EUR 419.6 million. Non-current assets as a percentage of total assets Miba Asia In the Miba Asia segment, 14.2 percentage points of the growth came from currency translation effects and 13.3% Miba Europe 13.3% Miba Europe 6.6 percentage points from effects from the initial consolidation of EBG Shenzhen. declined from 52.1 percent to 51.9 percent. The asset cover ratio (equity as a proportion of non-current assets 68.6% 6.6 percentage points from effects from the initial consolidation of EBG Shenzhen. 68.6% less deferred tax assets) increased from 109.9 percent to 110.4 percent. TheThe Miba Miba Europe Europe segment segment – – taken taken toto meanmean allall consolidatedconsolidated production plants inin EuropeEurope –– generatedgenerated revenue revenue of of EUREUR 493.6 493.6 million, million, or or 68.6 68.6 percent percent ofof consolidatedconsolidated revenue,revenue, in the past fiscal year. TheThe MibaMiba AmericasAmericas segment segment Investments in intangible assets and property, plant and equipment amounted to EUR 79.2 million – –taken taken to to mean mean all all consolidated consolidated production production plantsplants inin AmericaAmerica – generated revenue ofof EUREUR 130.0130.0 million.million. This This (previous year: EUR 53.4 million). This includes non-cash capital expenditure from finance leases of equatesequates to to 18.1 18.1 percent percent of of consolidated consolidated revenue.revenue. RevenueRevenue in the Miba Asia segment –– takentaken toto meanmean all all EUR 2.0 million. consolidatedconsolidated production production plants plants in in Asia Asia –– amountedamounted toto EUREUR 95.5 million in the pastpast fiscalfiscal year,year, contributingcontributing 13.313.3 percent percent to to consolidated consolidated revenue. revenue. Miba’s financial independence was strengthened further in fiscal year 2015–2016. The Group continues to have a very high level of liquidity in particular and financial assets in general. Cash and cash equivalents were MibaMiba Americas Americas EUR 160.9 million (previous year: EUR 133.5 million); total financial assets were EUR 239.2 million (previous 18.1%18.1% year: EUR 208.0 million). As of January 31, 2016, the Miba Group reported an excess of financial assets over debt (net liquidity plus (current and non-current) financial assets, excluding securities to cover pension provisions) of EUR 117.9 million (January 31, 2015: EUR 90.4 million). The main contributor to the improvement in the excess of financial assets over debt was the satisfactory cash flow from operating activities.

Group equity (including non-controlling interests) increased by 9.5 percent, or EUR 40.1 million, to EUR 462.0 million in the past fiscal year (previous year: EUR 422.0 million). Treasury shares amounting to EUR 16.3 million (previous year: EUR 16.3 million) were recognized directly in equity. The increase in group equity was mainly the result of consolidated profit after tax (EAT) of EUR 53.3 million, which was partly offset by dividend payments in the amount of EUR 11.6 million.

The equity ratio is 57.2 percent, an increase of 0.3 percentage points compared with the previous year (56.9 percent).

42 43 > Management Report > Disclosures in accordance with section 243a(1) of the Austrian Commercial Code (UGB) Disclosures in accordance with section 243a(1) of the Austrian Commercial Code (UGB)

Cash flow from operating activities amounted to EUR 120.4 million (previous year: EUR 109.8 million). Free cash Section 243a(1) number 1 of the UGB flow (cash flow from operating activities less cash flow from investments in property, plant and equipment and Miba AG’s share capital is EUR 9.5 million. The share capital is divided into 1,300,000 no-par value shares. Of intangible assets, taking account of the acquisition of newly consolidated companies) amounted to these, 870,000 are ordinary shares (66.9 percent of the share capital), 130,000 are category A preferred shares EUR 51.6 million, or 7.2 percent of revenue, in the past fiscal year. with no voting rights but with a right to be converted into ordinary shares upon relinquishment of preferential rights (10.0 percent of the share capital), and 300,000 are category B preferred shares with no voting rights and no right to be converted into ordinary shares (23.1 percent of the share capital). Each no-par value voting share entitles the holder to one vote at the Annual General Meeting. As of January 31, 2016, Miba AG held in EUR million 2015–16 2014–15 97,979 treasury shares (previous year: 97,979). Revenue 719.1 669.3 EBIT 82.9 81.9 Cash flow from operating activities 120.4 109.8 Section 243a(1) number 2 of the UGB There are no restrictions on voting rights except those restrictions attached to the aforementioned preferred Equity 462.0 422.0 shares. In particular, no such restrictions are set out in Miba AG’s Articles of Incorporation. The Management Equity ratio in % 57.2 56.9

Board is not aware of any agreements with and/or between shareholders or with and/or between third parties. Report Management The same goes for restrictions relating to the transfer of shares.

Section 243a(1) number 3 of the UGB As of January 31, 2016, Mitterbauer Beteiligungs-AG held a direct interest of 92.46 percent in Miba AG. As of the reporting date, Miba AG’s holding of treasury shares amounted to 7.54 percent of the share capital.

Section 243a(1) number 4 of the UGB There are no Miba shares with special rights of control.

Section 243a(1) number 5 of the UGB There is no employee equity participation at Miba AG.

Section 243a(1) number 6 of the UGB There are no provisions in the Articles of Incorporation that go beyond the legal provisions concerning the appointment of the Management Board and Supervisory Board or amendments to the Articles of Incorporation.

Section 243a(1) number 7 of the UGB As of January 31, 2016, Miba AG’s Management Board had authorization to buy back own shares and, with the approval of the Supervisory Board, to resolve a type of sale other than via the stock exchange or through a public offer and any disapplication of shareholder repurchase rights (preemptive rights). The Management Board has not made use of this authorization. Due to the shareholder squeeze-out entered on December 3, 2015, this authorization is now void.

44 45 > Management Report > Risk report

Risk report

Section 243a(1) number 8 of the UGB As an international company, Miba serves different industrial sales markets and customers and is exposed to There are no significant agreements to which Miba AG is a party and which would become effective, change or general and sector-specific risks in its daily business. end in the event of a change of control at Miba AG as a result of a takeover bid. Proven risk management instruments are used to deal with these risks, their main objective being to recognize emerging risks early on in order to initiate countermeasures quickly and effectively. Section 243a(1) number 9 of the UGB There are no compensation arrangements between Miba AG and the members of its Management Board and The Management Board has overall responsibility for risk management and receives regular information on the Supervisory Board or employees for the event of a public takeover bid. risk position from the Group Management Accounting and Corporate Finance departments. Risk management is further integrated into the management structure via the planning system and via detailed reporting and information systems with the appropriate delegation of authority. Branches No branches were maintained in the reporting period. Significant risks and uncertainties Management Report Management The following risks have been identified as significant risks for Miba (this list is not exhaustive):

Economic risk

The Miba Group product groups with the strongest revenue develop and manufacture components that are mainly used in power trains for motor vehicles, trucks, ships, trains, wind power plants, construction machinery and agricultural equipment. Demand for Miba Group products therefore depends to a large extent on the demand for these products, which can be strongly cyclical. Another relevant factor is the ongoing fragile situation in the global financial markets.

The current situation is one of upturns and downturns occurring in parallel in different submarkets. These may emerge very quickly and be sharper than those during the crisis years of 2008–2009, highlighting the volatility risk associated with Miba’s business model. As a result, orders by customers at short notice continue to necessitate a high degree of organizational flexibility so as to be able to meet demand.

The components developed and produced by Miba companies are critical to the functionality of customer systems and are characterized by an ever-increasing degree of complexity and shorter development cycles. This creates further economic risk for Miba.

Competition and portfolio risk

Miba is pursuing the long-term strategy of significantly reducing its dependence on individual sectors by broadening its product portfolio. On the one hand, this has happened as a result of expanding the product groups in which Miba operates: Following its entry into the power electronics components product group, the Company has, since 2010–2011, been opening up and developing new lines of business which are primarily relevant to end applications for power generation, storage and transmission. On the other hand, the aim within

46 47 > Management Report > Risk report

the individual product groups is to develop new areas of application. However, the sustained weakness in of exceptions, mostly due to geographical considerations). In this connection, the creditworthiness of new and capital goods markets has again resulted in a relative strengthening of the automotive sector within the Miba existing customers is also reviewed on an ongoing basis. In addition to standard futures contracts, derivative portfolio. financial instruments are also used to manage and limit interest rate and currency risk.

The Miba Group has branches and subsidiaries in countries outside the eurozone, in particular in the US, China, Product and quality risk the United Kingdom, Brazil and India. A considerable proportion of revenue and costs is invoiced not in euros but in the currencies of the respective national companies. Currency fluctuations may result in exchange rate Miba Group products require a high level of knowledge of the materials being used, as well expertise in losses in the consolidated financial statements (transaction risk). Furthermore, risks arise from the translation of application and process engineering. Throughout the Group, Miba operates a uniform, systematic quality foreign single-entity financial statements into the Group currency, the euro (translation risk). The foreign management system, which is embedded in the Group-wide Business Excellence and Zero Defect initiatives. In currency risk within the Group is primarily concentrated on the euro/US dollar and euro/RMB exchange rates, fiscal year 2014–2015, Miba started implementing a standardized quality management system, which is now although the gradual expansion of the production sites in China and North America is resulting in an increased being continuously improved and complemented. Cases of liability cannot be entirely ruled out even with natural hedge. systematic and efficient organization. Defective product and component design or defects in the materials

used, the use of unsuitable material or production errors may result in compensation payments or product Report Management liability claims against Miba Group companies. The globalization of customer programs mentioned earlier Risk of losses (“global platform strategy”) increases the potential level of liability risk in individual cases. Miba mainly operates as a component supplier; in most cases, it does not bear any responsibility for the design of the systems into The assets of the individual companies are insured across the Group under uniform Group policies. Losses that which the components are incorporated. Miba has comprehensive insurance cover in place that is customary in may arise as a result of business interruption after natural disasters are also covered. In addition to this the sector, although a residual risk remains with regard to the level of insurance cover and claims that are not insurance, the remaining risks are largely covered by Group-wide liability and goods-in-transit insurance. covered by insurance.

Overall risk Personnel risk The Miba Group’s identified risks are manageable and are hedged appropriately. From today’s perspective, there The success of the Miba Group is largely dependent on key individuals with long-standing experience in the are no risks to the continued existence of the Company as a going concern. Miba Group’s product groups. Systematic personnel development at management level and for skilled staff and a performance-linked remuneration system are important means for retaining qualified and motivated employees in the Group. Internal programs to promote and develop key personnel, such as the Miba Significant characteristics of the accounting-related internal control and risk management system Management Academy, the Miba Leadership Academy or the apprenticeship training program, ensure that the expertise of our employees is preserved and increased. Periodically conducted employee surveys are used to Under section 82 of the Austrian Stock Corporation Act (AktG), the Management Board is responsible for identify potential for improvement. Flexible organizational structures and appropriate working time models are establishing and designing an internal control and risk management system for the financial reporting process needed in order to meet changing market conditions. which is appropriate to the Company’s requirements.

Financial risk General principles

Cost-effectively ensuring adequate liquidity and the associated financial independence has always been a core The following statements apply equally to the single-entity and the consolidated financial statements of strategy of the Miba Group and has proven to provide a competitive advantage, especially in the last few years Miba AG. of increasing volatility in the financial markets. Miba’s focus here is mainly on internal financing and therefore on sufficient liquidity reserves. To strengthen its liquidity, Miba issued a seven-year bullet bond in the total amount Miba’s accounting-related internal control and risk management system serves to ensure proper and reliable of EUR 75 million in February 2012. Credit risk, which is already manageable as a result of the good financial reporting. creditworthiness profile of Miba’s customers, is generally limited by taking out credit insurance (with a couple

48 49 > Management Report > Risk report

In order to better meet the increased demands on the internal control and risk management system, Miba In order to ensure that material financial statement items are complete, an ongoing exchange of information established its own Internal Audit unit in fiscal year 2012–2013. This unit reports directly to the Chairman of the takes place with the relevant departments responsible. If required, external experts are consulted so as to avoid Management Board and the Chairman of the Audit Committee, and supports the Management Board and the errors of judgment. Managing Directors of the individual companies in their efforts to take adequate account of the demands on the internal control system (ICS). The Management Board, the Supervisory Board and management are responsible for the Company-wide monitoring of the financial reporting function. Control measures range from the review of the periodic income The Management Board and the Audit Committee established by the Supervisory Board are provided with statements and financial reports provided on a monthly and quarterly basis by Management Accounting and information about the accounting-related internal control and risk management system on a regular basis. In Corporate Finance, to the critical evaluation by the Management Board and the Supervisory Board of this context, a Group-wide accounting-related risk management and ICS report is submitted to the documents intended for publication. Management Board each quarter and to the Audit Committee at least once a year.

If significant control weaknesses are identified and the resulting effects on the consolidated financial statements are material, they are presented in the Group report. Management Report Management

Organization of financial reporting

The Finance department in Laakirchen reports directly to the Chief Financial Officer and is responsible for the consolidated financial statements of the Miba Group. The financial statements of the individual companies are consolidated in Laakirchen; the IFRS financial statements of the foreign subsidiaries are audited in the respective countries and then transmitted to Group headquarters. Established consolidation software is used by the central Corporate Finance department to perform the consolidation and to prepare the consolidated financial statement data for external reporting.

Uniform Group-wide specifications, such as the compulsory financial reporting timetable, a Group-wide accounting manual, signature regulations, regulations on the segregation of functions, etc., are prescribed centrally by Miba AG. Implementation is decentralized and is carried out by those with local responsibility. The Service Center North America was set up to increase the quality of the local financial statements and is gradually taking over responsibility for the financial reporting of all North American sites.

The consolidated financial statements of the Miba Group are prepared in accordance with IFRSs and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) which have been adopted by the European Commission for application in the EU by the end of the reporting period and the application of which is mandatory as of the reporting date. Employees responsible for the application and implementation of current IFRSs attend IFRS training courses and updates during the course of the year so as to ensure IFRS-compliant reporting.

All material companies that are consolidated prepare their single-entity financial statements in the centrally- maintained Group SAP accounting system, taking account of uniform organizational specifications. The automated and manual specifications and controls which, by means of this system, are integrated throughout the Group ensure that transactions are already being recorded and documented at the individual company level in full, in a timely manner, correctly and in the period in which they arise.

50 51 > Management Report > Research & development Research & development

ACHIEVING PRODUCT LEADERSHIP WITH TECHNOLOGIES FOR THE FUTURE

With our technologies for the future, we are striving to achieve product leadership in our divisions. Our Systematic development of sintering technology innovation focuses on energy efficiency as well as on increasing the precision and comfort of our customers’ end products. We are developing Technologies for a Cleaner Planet. We foster a spirit and culture of innovation, The Miba Sinter Group is a development partner to the international automotive industry. The trend towards For more information nurture global technological collaboration and promote the exchange of knowledge across the Group. efficient power trains and the global availability of all developed solutions resulting from customers’ global on Miba sintered components, please refer Innovation and Technology are among Miba’s success factors. platform strategies were once again among the factors driving development work in the Miba Sinter Group in to page 15. the past fiscal year. In addition, the R&D teams face ever shorter development times and constantly increasing Miba invested EUR 31.8 million in research and development in fiscal year 2015–2016. This equates to requirements for noise reduction, comfort and running smoothness. 4.4 percent of total revenue. A total of 238 employees (FTE) were employed in this area throughout the Group. The development outcomes were protected by way of 20 new patent applications in the past fiscal year. The In 2015–2016, some of the concepts that had been developed in past years were implemented in actual Miba Group currently holds 252 valid patents. In-house R&D work is supplemented by cooperation with customer projects. Of particular note are the low-noise gear drives for use in new three-cylinder and four- universities and research institutions. cylinder engines and synchronization systems for modern manual transmissions and on-demand all-wheel drives which help significantly to reduce fuel consumption.

In addition, electric motors containing Miba sintered components were developed and tested under volume

Global development activities Report Management production conditions for the first time. By systematically developing existing technologies and new approaches, the Miba Sinter Group’s R&D team also chalked up its first achievements in the field of powder Research and development activities currently take place mostly in Europe. Miba’s research centers are located metallurgy components for hybrid applications. at the main plants in Austria. There is also a center for coatings in Droitwich (UK). The Slovakian sites are taking on more and more development responsibility.

Friction materials to meet exacting requirements Adaptation of development outcomes to specific customer requirements then takes place in collaboration with the application engineering departments at the various sites across the world. Application-related development The Miba Friction Group develops and manufactures technologically sophisticated clutch and brake For more information work at the plants in the US and China increased in the past fiscal year. components. In doing so, the R&D team focuses on developing components that are as small and light as on Miba friction materials, please refer to page 15. possible, capable of delivering better and better performance and are highly efficient at the same time. Through its development work, the Miba Friction Group is responding to growing demands in relation to driving New approaches to materials manufacturing and production of engine bearings dynamics and safety, increasing comfort requirements for clutches and rising pressure to reduce CO2 emissions in passenger vehicles and work machinery. For more information Manufacturers of high-performance diesel and gas engines face increasing environmental requirements, the on Miba engine bearings, use of alternative fuels and more efficient combustion systems. In addition, increased price pressure in the please refer to page 15. One focus of development work in the past fiscal year was to complete development and industrialization in engine segment not only necessitates new production methods for bearing designs that have already been preparation for the market launch of a new powder-sintered friction material. Powder sintering technology is introduced, but also requires completely new approaches to materials manufacturing and production. As an famous for achieving the greatest power density of all current friction material technologies. At the same time, engine bearings specialist, the Miba Bearing Group partners with engine manufacturers on topics ranging from the new friction material now meets the exacting requirements with regard to control response and noise bearing design and materials development to application engineering. behavior in new power train solutions for work machinery such as tractors.

With an eye toward increased efforts in the truck segment and requirements in potential new areas of business, The R&D team also devoted attention to successfully developing and commissioning a loss test rig which, for the Miba Bearing Group developed new approaches in the field of technical consulting services and new basic technologies for bearing applications in the past fiscal year. the first time, is able to measure online torque loss depending on the main system parameters. This tool enables design decisions to be taken in the virtual project phase based on actual data while making optimum Another focus was on conducting pilot studies for the development of new production methods with the aim of use of all the latitude available. The use of the test rig resulted in a significant improvement in the quality of the optimizing costs. data on which component development at Miba and system development at the customers’ end are based.

52 53 > Management Report > Research & development

Power electronics components increase operational reliability Special machinery for broad areas of application

Power electronics components play an important role in more efficient power trains and in the ever-increasing Miba Automation Systems is a specialist in special machinery for the high-precision and fast machining of small use of renewable energy sources. Passive electronic components, such as high-power resistors and cooling to very large components. Each system is developed and constructed based on a specific order and in close components for power electronics, serve to increase the performance and operational reliability of these cooperation with the customer. Miba Automation Systems is the technology leader in mobile CNC-controlled applications. machining equipment. This allows components to be worked on directly at their final destination. By applying this concept, Miba not only saves its customers high transportation costs and the otherwise necessary For more information One focus in the area of resistors was on the market launch of the first generation of maximum-precision refinishing of components, but also valuable time. on Miba power electronics, resistors and, building on that, on the development of measurement resistors for HVDC12 applications among please refer to page 15. others. In addition, development work was completed on the first generation of maximum--power resistors In the past year, Miba Automation Systems also devoted greater attention to developing system designs for the with a maximum rating of up to 2,000 W. automotive supply industry.

Development efforts in the area of cooling components centered on enhancing the molding technology for heat

sinks with tubes made from non-corroding materials, thereby enabling lake water, for example, to also be used Report Management as a coolant in future. In addition, 2015–2016 saw the market launch and first volume deliveries of vacuum- soldered heat sinks in now three generations of technology developed in past years. They are used in converters for HVDC power transmission systems and traction and wind power applications, for example.

Coating solutions for more efficiency

The Miba Coating Group specializes in innovative coating solutions. The goal is to achieve maximum service life and optimum functionality of the coated parts while consuming a small amount of raw materials and conserving resources.

Constantly increasing requirements for CO2 reduction and comfort are the drivers of R&D activities in the Miba Coating Group. In the past fiscal year, it therefore pressed ahead with its work to develop friction-reducing coatings, the wear protection of lightweight components, coatings to optimize NVH performance and coating solutions in the hydrogen economy.

In addition, the product portfolio was expanded by adding GripCoat® technology. This friction-increasing diamond-component direct coating enables the transmission of high torque and gravitational force and therefore efficient designs with high power density.

12 High-voltage direct current

54 55 > Management Report > Employees

EmployeesEmployees

SETTINGSETTING CHALLENGES CHALLENGES A NDAND PROVIDING PROVIDING SUPPORT SUPPORT

PicturePicture your your career career with with vision: vision: This This expression expression summarizes summarizes what what makes makes Miba Miba unique unique as asan anemployer. employer. Alongside Miba’s Austrian sites, the Slovakian production plants have also been training their own apprentices MibaMiba has has an anambitious ambitious corporate corporate culture: culture: Anyone Anyone joining joining Miba Miba will will be be challenged challenged and and supported supported on on a personal a personal for some years now. Here, a new dual vocational training law entered into force in September 2015, which Miba basis.basis. They They can can use use their their freedom freedom to toexplore explore autonomously autonomously and and thus thus help help to toshape shape Miba Miba and and bring bring about about things things Steeltec in Vráble had played a key role in shaping as a pilot plant. This new legal framework modeled along theythey can can be be proud proud of. of. Austrian lines has now been implemented at Miba Sinter Slovakia in Dolný Kubín, too. More than 80 young people in total are undergoing training at Miba’s Slovakian sites. To be able to meet future requirements for Worldwide,Worldwide, we we offer offer our our employees employees the the freedom freedom to tothink think outside outside their their box box and, and, in doingin doing so, so, to topush push the the highly-qualified skilled personnel across the board, Miba is also working to introduce dual vocational training boundariesboundaries of ofwhat what is possible,is possible, for for they they are are the the basis basis of ofour our success success as asa leading a leading strategic strategic partner partner to tothe the models in China and the US. At the McConnelsville site (Ohio), this is scheduled to start in September 2017. internationalinternational engine engine manufacturing manufacturing and and automotive automotive industries. industries. We We encourage encourage and and expect expect an anEntrepreneurial Entrepreneurial Approach,Approach, Lifelong Lifelong Learning, Learning, Passion Passion for for Success Success and and Technology Technology Leadership. Leadership. Besides training young people, Miba has since last year been relying on mature student apprenticeships as a way of upskilling existing employees. This tailored training program is aimed at employees from production or

MibaMiba global global headcount headcount production-related areas, regardless of their previous school or training qualifications. In the first intake, twelve as ofas January of January 31, 31, 2016: 2016: 5,0705,070 employees employees IncreaseIncrease in inpersonnel personnel in inSlovakia, Slovakia, Austria, Austria, the the US US and and China China participants are undertaking the metal worker apprenticeship. The next intake is scheduled to start in the current fiscal year.

AustriaAustria In In2015–2016, 2015–2016, the the Miba Miba Group Group employed employed 5,005 5,005 people people on on average average at atover over 20 20 production production sites sites worldwide worldwide (2013– (2013– Report Management 2,2272,227 SlovakiaSlovakia Miba as an employer 1,3181,318 2014:2014: 4,753 4,753 employees). employees). In Inaddition, addition, the the Company Company employed employed an anaverage average of of274 274 temporary temporary staff staff during during the the year. year. AsAs of ofthe the reporting reporting date, date, January January 31, 31, 2016, 2016, the the number number of ofemployees employees stood stood at at5,070, 5,070, and and thus thus 2.7 2.7 percent, percent, or or Executive development with a global perspective Further information on Miba as an employer 134134 employees, employees, above above the the prior-year prior-year headcount headcount of of4,936. 4,936. can be found at Alongside skilled personnel development, a further focus of human resources work in fiscal year 2015–2016 www.miba.com/freiraum In Inthe the past past fiscal fiscal year, year, the the increase increase in personnelin personnel once once again again took took place place across across all allregions regions of ofstrategic strategic relevance relevance was on further professionalizing global executive development. to toMiba Miba (China, (China, the the US, US, Austria Austria and and Slovakia). Slovakia). In Ineach each of ofthese these countries, countries, Miba Miba employed employed over over 30 30 people people more more thanthan it didit did at atthe the end end of offiscal fiscal year year 2014–2015. 2014–2015. Following the relaunch of the Miba Leadership Academy (MLA), Miba’s tailored executive development program, the next intake of the 18-month program started early in the past fiscal year due to strong internal USAUSA AlmostAlmost 11 11percent percent of ofMiba’s Miba’s employees employees are are college college or oruniversity university graduates, graduates, and and almost almost 25 25 percent percent are are women. women. demand. Since 2014, training modules have been delivered in the US and China as well as in Austria in order to 682682 TheThe average average Miba Miba employee employee is 37.2is 37.2 years years old old and and has has been been employed employed by bythe the Company Company for for about about eight eight years. years. prepare the participating executives in an even more targeted manner for the challenges arising in the course of Miba’s continued global growth. ChinaChina 698698 At AtEUR EUR 224.9 224.9 million, million, personnel personnel expenses expenses for for the the past past fiscal fiscal year year were were 10.3 10.3 percent percent above above those those for for the the

UnitedUnited Kingdom Kingdom previousprevious year year (EUR (EUR 203.8 203.8 million). million). Personnel Personnel expenses expenses as asa percentage a percentage of ofrevenue revenue were were therefore therefore up up on on the the The expected global growth is also being addressed through the introduction of the Miba Global Graduate 47 47 prior-yearprior-year level level (30.4 (30.4 percent) percent) to to31.3 31.3 percent. percent. The The ongoing ongoing rise rise in inthe the percentage percentage of ofpersonnel personnel expenses expenses Program. This international trainee program is aimed at graduates of technical or economics disciplines from

IndiaIndia presentspresents a challenge a challenge in termsin terms of ofefficiency efficiency for for all allof ofMiba’s Miba’s functional functional areas. areas. Austria, Slovakia, the US and China. Each year, Miba admits one person from each of these countries to the 48 48 program, which takes the “Miba Globalites” to different countries in three six-month stints. The first Miba

SingaporeSingapore UnderUnder its itscore core value value of ofLifelong Lifelong Learning, Learning, Miba Miba offers offers all allemployees employees extensive extensive training training and and continuing continuing education education Globalites started their training program in October 2015. 33 33 arrangementsarrangements regardless regardless of oftheir their education education or orhierarchical hierarchical level. level. Training Training and and continuing continuing education education expenses expenses acrossacross Miba Miba totaled totaled EUR EUR 2.0 2.0 million million in fiscalin fiscal year year 2015–2016 2015–2016 (previous (previous year: year: EUR EUR 1.7 1.7 million). million). OtherOther 17 17 Professional succession and career planning

A highly-qualifiedA highly-qualified skilled skilled workforce workforce is theis the key key to tosuccess success Following the preparations made in previous years, the Human Capital team has since 2015–2016 been working with a new Group-wide tool for succession and career planning. This both further professionalizes individual MibaMiba continued continued to toexpand expand its itsin-house in-house apprenticeship apprenticeship training training in thein the past past fiscal fiscal year, year, when when with with 229 229 young young career planning throughout the entire Miba Group and improves risk management in terms of ensuring that key peoplepeople in trainingin training overall, overall, the the number number of ofvocational vocational trainees trainees once once again again reached reached a new a new high high (previous (previous year: year: 205). 205). positions continue to be filled. Existing human resources tools such as the employee review and the TheThe Company Company is trainingis training the the next next generation generation of ofskilled skilled personnel personnel by byapplying applying teaching teaching content content that that is gearedis geared management development dialog were also incorporated into the new system. exactlyexactly to toMiba’s Miba’s needs needs and and offering offering an anextensive extensive range range of ofadditional additional qualifications. qualifications.

56 57 > Management Report > Corporate social responsibility Corporate social responsibility

TAKING A FORWARD-LOOKING APPROACH

Outlook for 2016–2017 For us, corporate social responsibility means that the pursuit of financial success goes hand in hand with environmentally friendly conduct and an awareness of our responsibilities towards our employees and society. An employee survey will be conducted at all Miba sites in the spring of 2016. The survey results are scheduled Sustainable and forward-looking thought and action is firmly established in our corporate culture. Since our to be presented in the summer and will provide an important basis for improvement measures at the employee, Company was formed over 85 years ago, our concern has been to ensure that we organize our work in such a departmental and organizational level. way that subsequent generations can also benefit from it.

In addition to continuing the executive development activities, the work of the Human Capital team in fiscal year 2016–2017 will also focus on greater integration of diversity-related aspects into personnel development The mission: Technologies for a Cleaner Planet programs and human resources decisions and on promoting new forms of collaboration. This is to be achieved, firstly, through the introduction of an intranet and, secondly, by implementing new forms of work in the Miba Miba products improve the performance of motor vehicles, trains, ships, aircraft and power plants across the Forum, Miba’s future headquarters building. world and make them more efficient and environmentally friendly. In all our activities, we keep a keen eye on the developments of the future: Megatrends such as population growth, climate change and the scarcity of The Miba 2020 strategy, where People are defined as one of the three pillars, will again be at the center of all resources will play an important role in the coming years. Our mission is to contribute to a clean planet.

the activities in the current fiscal year – also to demonstrate that we are aware of the role played by our Report Management employees: They are the drivers of our success – now and in the future. For instance, power electronics components such as Miba resistors and Miba heat sinks are the key to more efficient use of renewable energy sources. Miba friction materials are used in every other wind turbine worldwide; in construction machinery and tractors, for example, they help to reduce drag losses and therefore fuel consumption, too.

We also enable reduced consumption and lower CO2 emissions by developing direct coatings for connecting rods: In passenger vehicle engines, these can replace bearing shells, resulting in reductions in space and weight among other things.

When it comes to downsizing, weight reduction, vibrations (NHV), fuel efficiency and driving comfort, Miba sintered components are a large part of positive end-to-end solutions. We also devote attention to technologies for the future such as the electrification or hybridization of vehicle drives.

Active environmental management as an innovative factor

Starting in production, active environmental management is the critical factor in improving ecological and economic efficiency. We focus on optimizing the use of energy and other resources, reducing emissions and using environment-friendly materials and equipment.

Environmental activities in the past fiscal year centered on energy efficiency. The Company invested EUR 1.8 million in measures to improve both buildings and processes. For example, buildings were renovated and insulated, more efficient lighting systems implemented or systems for waste heat use introduced, enabling a total of 5 GWh of primary energy or costs of more than EUR 270,000 to be saved each year. Through measures such as these, Miba is also responding to new legal requirements under the Federal Energy Efficiency Act (EEG).

58 59 > Management Report > Segments

Miba Europe

UNCERTAIN MARKET ENVIRONMENT PUTS A BRAKE ON GROWTH

Our employees: the firm cornerstone According to the IMF, the eurozone economy grew by 1.5 percent in 2015. This growth rate represents progress An overview over 2014, when the economy expanded by just 0.9 percent.13 This slight upward trend was noticeable at least of all Miba Group sites by segment is presented on With their commitment, expertise, ideas and suggestions, employees are the cornerstone of Miba’s success. in the automotive industry and the heavy truck market. 18.7 million passenger vehicles were produced in pages 10 and 11. As a responsible employer, the Company not only encourages its employees to develop their professional and Europe in 2015, 3.3 percent more than in 2014. Registration numbers rose at an even faster pace (up personal skills; it also makes every effort to provide a pleasant and healthy working environment. 9.2 percent on 2014).14 The difference was driven by lower export sales from Europe, which were due mainly to a slight slowdown in sales of premium vehicles in China. In the EU alone, 19.4 percent more heavy trucks were In the past fiscal year, Miba once again took numerous measures to promote health in the workplace. registered in 2015 than in the year before.15 Like the capital goods industry, the other end customer markets of Alongside ergonomics workshops, events dealing with stress and burnout prevention and smoking cessation relevance to Miba, such as for construction machinery, mining equipment, agricultural commercial vehicles, courses, Miba also supports its employees’ sports activities. At the Upper Austria sites alone, for example, ships and plant, showed an increasingly negative trend in the course of the year. While, in the first half of the Miba paid the entry fee to three large runs in the region for more than 200 keen runners in its workforce. In year, the industrial goods markets were on a moderately positive trend, the last two quarters and the months of China, employees have set up a basketball team, which is supported by the Company. Through activities such November 2015 to January 2016 in particular brought some marked slowdowns. as these, Miba is taking important steps to promote health and prevent illness. From the fourth quarter onwards, this presented major challenges in downturn management, especially for the

Where possible, Miba also helps to improve work-life balance. The in-house day care center in Laakirchen, engine bearings plant in Laakirchen (Austria), but also for the friction materials sites in Roitham (Austria) and Report Management which looks after employees’ children between the ages of one and three, has been part of everyday workplace Vráble (Slovakia). On the revenue side, declines were offset by growth in the automotive industry and new life for almost three years now. Similar care options are currently being planned for Miba Sinter Slovakia in product launches, also mainly for this sector. With regard to the production of its components, Miba pursues a Dolný Kubín. “local-to-local” approach in all the regions in which it operates. The production sites in Austria, Slovakia, the Czech Republic, Slovenia and the United Kingdom mostly supply the European market but also play an important role internationally because they assist and support Miba’s performance in the US and China. Support for charitable organizations and educational initiatives Miba Europe generated revenue of EUR 493.6 million in the past year and thus remains the Miba region with Miba’s social responsibility ranges from the quality and eco-friendliness of its products to supporting the highest revenue. This equates to an increase of 3.2 percent compared with the previous year educational and technology projects. For a number of years now, Miba has been a partner in the “Kinder (EUR 478.2 million). erleben Technik” (KET – Children experience technology) project, which encourages children from four to six years old to take an interest in technology with a mobile and innovative offering. The OTELO (Offenes Miba Europe invested EUR 44.5 million in capacity expansion and in new plant and machinery during the past Technologielabor – Open technology laboratory) association, which Miba also supports with monetary donations fiscal year (previous year: EUR 29.2 million). For example, both Miba sites in Vorchdorf – Miba Sinter Austria and donations in kind, is the KET sponsor. GmbH and High Tech Coatings GmbH – were renovated and expanded. At the sinter site, the administrative building was renovated and extended, thereby also taking into account the growth in the automotive industry Each year, Miba also supports charitable projects and initiatives such as the KaKiHe association for the provision and thus in this segment, too. At the neighboring coatings site, Miba prepared the way for future growth by of drinking water in Cambodia, which was set up by two Miba employees from Laakirchen. Moreover, every doubling the production and administration space. In power electronics, a second site for the manufacturing of year, instead of giving Christmas gifts to customers and business partners, Miba supports a social project in resistors was opened in St. Stefan (Styria). This has since carried out the first stages in the production of EBG one of the countries in which it operates. In 2015, Miba launched an aid initiative for refugees being housed in resistors, resulting in an improvement in production space at the original site in Kirchbach. Further stages of Laakirchen. In addition to donating money to be spent on second-hand bicycles, Miba organizes German production will be moved to St. Stefan during the current fiscal year in order to further optimize the workflow in courses at the Company and arranges regular meetings for refugees and Miba employees, thereby helping to Kirchbach. better integrate refugees into the community.

13 cf. IMF: World Economic Outlook Update, January 2016 14 cf. LMC, January 2016 15 cf. ACEA, New Commercial Vehicle Registrations, February 2016

60 61 > Management Report > Segments

Miba Americas

AUTOMOTIVE INDUSTRY IS A DRIVER

Outlook As was the case back in 2014, growth in the US once again outpaced that in the eurozone in 2015, reaching 2.5 percent. In contrast to the US, Brazil marked the start of a sharp recession by recording a fall in growth of It is difficult to estimate market trends for fiscal year 2016–2017, especially in the industrial goods sector. It is 3.8 percent in the face of the economic crisis.16 This was also reflected in the automotive industry in particular. anticipated that demand in the market for agricultural commercial vehicles and in the high-speed diesel and gas Almost 23 percent fewer passenger and light commercial vehicles (vans) were produced last year. Compared engines segment will remain at a low level and neither the shipping industry nor the market for construction with 2013, the decline was as much as 34.5 percent.17 In the US, the growth in the automotive industry, where machinery and mining equipment will recover. Conversely, there are slight signs of recovery in the wind power 3.3 percent more passenger and light commercial vehicles (vans) were produced than in 2014, was generation and power transmission sectors. A stable trend is expected in the automotive industry. accompanied by a very positive performance from the heavy truck market, above all in the first half of the year. 18 Over the year as a whole, growth there was 13 percent.19 In the other sectors, the US is also battling persistently low to falling demand. Due to the low oil price, the last few months of the fiscal year in particular brought some sharp downturns in the markets that are heavily dependent on the oil and gas industry (above all

in the compressor and locomotive segments). 2015–16 2014–15 Revenue in EUR million 493.6 478.2 Miba Americas – taken to mean all consolidated production sites in America – more than offset the downturn in Capital expenditure in EUR million 44.5 29.2 the capital goods industry thanks to the strength of the automotive industry, including with regard to new Report Management Average number of employees for the year 3,433 3,382 product launches. It generated revenue of EUR 130.0 million in fiscal year 2015–2016, 14.5 percent more than in 2014–2015 (previous year: EUR 113.5 million). The growth came purely from currency translation effects. This segment contributed 18.1 percent to the Miba Group’s total revenue.

Capital expenditure in the Miba Americas segment amounted to EUR 19.1 million (previous year: EUR 11.8 million). Most of the capital expenditure related to capacity expansion at Miba Sinter USA, where Miba has created additional production capacity due to strong demand from the US automotive industry. Meanwhile, Miba HydraMechanica in Sterling Heights invested in improvements to the IT systems and, by connecting to SAP, took an important step for the site’s future development.

16 cf. IMF: World Economic Outlook Update, January 2016 17 cf. www.anfavea.com.br/January 2016 and 2015 18 cf. Automotive News, February 1, 2016 19 cf. WardsAuto, January 2016

62 63 > Management Report > Segments

Miba Asia

SLOW GROWTH POSES A CHALLENGE

Outlook Growth in Asia’s emerging markets slowed again in 2015. After 6.8 percent in 2014, the rate of expansion last year was just 6.6 percent. While China also lost speed year on year, recording economic growth of just The IMF forecasts economic growth of 2.6 percent for the US in 2016, seeing risks in the low oil price and the 6.9 percent compared with 7.3 percent previously, India remained at least on a par with 2014 with growth of end of the Federal Reserve’s policy of cheap money. Brazil is expected to contract by a further 3.5 percent.20 7.3 percent.21

Miba anticipates that the automotive industry will stabilize or grow slightly compared with 2015. In the heavy Despite the general market downturn, China produced 20 million passenger vehicles, an increase of 5 percent truck market, the downward movement seen in the second half of 2015 is expected to continue. Miba on 2014. In the world’s largest heavy truck market, on the other hand, the number of units produced fell by estimates that the industrial sectors will remain weak or turn down, in some cases sharply. 28 percent.22 The trend in the construction machinery market in China remains very subdued. The Indian automotive market expanded by 5 percent compared with 2014; in total, 3.7 million passenger and light commercial vehicles (vans) were produced.23 The overall Asian market for shipbuilding and ship requirements remains at an extremely low level.

2015–16 2014–15 Despite the sometimes sluggish performance in the sales markets, Miba was able to lift its revenue in Asia. Revenue in EUR million 130.0 113.5

With its consolidated production sites in China and India, Miba Asia recorded revenue of EUR 95.5 million in Report Management Capital expenditure in EUR million 19.1 11.8 fiscal year 2015–2016 (previous year: EUR 77.5 million), an increase of 23.1 percent in just one year. This growth Average number of employees for the year 670 628 is due mainly to three factors. Firstly, the increase in revenue was buoyed by currency translation effects, without which organic growth would have been just 2.4 percent. In addition, the full-year effect of the

acquisition of EBG Shenzhen contributed EUR 5.1 million to revenue. Lastly, growth from the automotive sector in China also had a positive impact.

Miba Asia’s capital expenditure amounted to EUR 10.9 million in fiscal year 2015–2016 (previous year: EUR 12.9 million). Most of the capital expenditure related to new projects and capacity expansion for the sinter section of the plant in Suzhou.

20 cf. IMF: World Economic Outlook Update, January 2016 21 cf. IMF: World Economic Outlook Update, January 2016 22 cf. LMC Automotive, January 2016 23 cf. LMC Automotive, January 2016

64 65 > Management Report > Segments

Miba Shared Services

USING SYNERGY EFFECTS INTELLIGENTLY

Outlook The Miba Shared Services segment comprises all Miba Group companies that provide internal (management) services to all or to a number of segments. These companies therefore do not generate any external revenue. Overall, Miba expects a further decline in growth in Asia generally and in China especially. The IMF forecasts GDP growth of 6.3 percent and 6.2 percent for Asia’s emerging markets in 2016 and 2017 respectively. China is (Intragroup) revenue in this segment was EUR 42.7 million in fiscal year 2015–2016 (previous year: also expected to grow by 6.3 percent in 2016 but by just 6.0 percent in the following year.24 EUR 37.9 million).

Mid-single digit growth is anticipated in the passenger vehicles market due to a temporary tax incentive for Capital expenditure in the Miba Shared Services segment amounted to EUR 4.5 million in fiscal year 2015–2016 smaller vehicles and strong demand for (local) SUV models. Following the sharp declines in the truck market in (previous year: EUR 1.3 million) and, as in the previous year, related to construction measures and IT 2015, manufacturers expect a slight increase again in the current year, although the market went into the year applications. The largest capital expenditure project in this segment is the construction of the Miba Forum at the still in sharp decline. No recovery is expected in the construction machinery and ship segments. headquarters site in Laakirchen. This building will be a customer, technology and learning center to enable new models of working, learning, gathering and collaborating. Office, conference, meeting and training rooms are being constructed across an area of almost 4,000 m².

2015–16 2014–15 Report Management Revenue in EUR million 95.5 77.5 Capital expenditure in EUR million 10.9 12.9 2015–16 2014–15 Average number of employees for the year 773 629 Capital expenditure in EUR million 4.5 1.3 Average number of employees for the year 130 115

24 cf. IMF: World Economic Outlook Update, January 2016

66 67 > Management Report > Product groups

Miba product groups

TECHNOLOGIES FOR A CLEANER PLANET

Miba sintered components Miba power electronics components

An overview Miba sintered components are high-precision, high-strength components that have been developed and Miba develops and produces passive electronic components such as resistors and cooling systems for power An overview of R&D work by product of all product groups is produced in-house and are mainly used in passenger vehicle engines and transmissions. High-volume electronics. Miba resistors regulate the voltage in modern medical equipment, for example, or in the power group can be found starting presented on manufacturing of sintered components is a very cost-effective technology. It also conserves resources, as electronics of frequency converters, e.g., for wind power plants. Miba heat sinks and heat pipes cool electronic pages 14 and 15. on page 52. materials are put to maximum use and little energy is consumed. components in drive train control units, power supply units, power transmission systems or wind power plants; component service life is increased as a result of their efficient performance. Thanks to the good performance from the automotive industry in Miba’s main sales markets, and supported by new projects in Europe, North America and Asia, the sintered components business grew again in fiscal year Performance in the power electronics market was merely weak again in fiscal year 2015–2016. Once again, this 2015–2016. Globally, Miba generated revenue of EUR 293.6 million from sintered components, an increase of was due largely to investment decisions not being taken in industry. Globally, Miba generated revenue of EUR 42.1 million, or 16.7 percent, compared with the previous year (EUR 251.5 million). All sites contributed to EUR 52.2 million from power electronics components. This represents an increase of 13.5 percent compared the rise in revenue. with 2014–2015 (previous year: EUR 46.0 million) that is solely attributable to positive exchange rate effects and full-year effects from initial consolidations. Management Report Management Miba engine bearings Miba coatings Engine bearings are crucial components that significantly affect combustion engine function and service life. They help hold crank- and camshafts in place, minimize friction during operation and protect the engine against Miba develops and produces innovative coating solutions such as polymer and low-friction coatings, damage and breakdown. By constantly developing new types of bearings, the Miba Bearing Group ensures that electroplated overlays and PVD coatings. Components coated by Miba are incorporated into vehicle power modern engines are able to deliver maximum performance efficiently and in an environmentally-friendly manner trains and, among other things, help to ensure that build space is gained and weight and costs are reduced. In even under extreme conditions. addition, they minimize power train friction and improve the efficiency of modern combustion engines.

The core engine bearings markets were largely marked by sharp falls in demand, particularly from the second The economic environment for the coatings segment was satisfactory due to the positive trend in the half of the past fiscal year onwards. This trend is reflected in low revenue growth year on year, which was automotive industry. However, the regional relocation of production resulted in a loss of orders that was not driven entirely by exchange rate effects. entirely offset in the past fiscal year. Miba generated revenue of EUR 17.6 million from coatings in 2015–2016 and was therefore on a par with the previous year (previous year: EUR 17.6 million). Globally, Miba generated revenue of EUR 212.7 million from engine bearings, just EUR 7.1 million, or 3.4 percent, more than in 2014–2015 (previous year: EUR 205.6 million). Miba special machinery

Miba friction materials Miba develops and builds special machinery for the high-precision and fast machining of small to very large components, with special focus on the development of mobile CNC machining units. Ever larger components Miba friction materials are the element that determines performance in clutches and brakes. They make a and increasingly complex applications, as well as increased requirements for machining accuracy call for significant contribution to efficiency improvements. Miba is a long-standing development partner and high- specifically designed equipment. Special machinery is used, for example, to build wind towers, for the overhaul performance friction materials supplier to the international vehicle and machinery industry. of power station turbines or in engine bearings production.

In the past fiscal year, there was again no sign of recovery in the core friction materials markets such as the The extremely subdued investment climate in the industrial sector, above all in Europe, is reflected in revenue markets for tractors, construction machinery and mining equipment. The declines in sales markets such as performance in this segment, too. A large order cancelled in the energy segment and the delayed these were offset mainly by healthy demand from the automotive industry. implementation of another large project also contributed to the sharp decline in revenue. Special machinery revenue was EUR 4.7 million in fiscal year 2015–2016 (previous year: EUR 9.3 million). Globally, Miba recorded revenue of EUR 138.3 million in the friction materials segment, roughly on a par with 2014–2015 (previous year: EUR 139.3 million). Miba power electronics components

Miba develops and produces passive electronic components such as resistors and cooling systems for power An overview of R&D work by product electronics. Miba resistors regulate the voltage in modern medical equipment, for example, or in the power group can be found starting electronics of frequency converters, e.g., for wind power plants. Miba heat sinks and heat pipes cool electronic on page 52. components in drive train control units, power supply units, power transmission systems or wind power plants; 68 component service life is increased as a result of their efficient performance. 69

Performance in the power electronics market was merely weak again in fiscal year 2015–2016. Once again, this was due largely to investment decisions not being taken in industry. Globally, Miba generated revenue of EUR 52.2 million from power electronics components. This represents an increase of 13.5 percent compared with 2014–2015 (previous year: EUR 46.0 million) that is solely attributable to positive exchange rate effects and full-year effects from initial consolidations.

Miba coatings

Miba develops and produces innovative coating solutions such as polymer and low-friction coatings, electroplated overlays and PVD coatings. Components coated by Miba are incorporated into vehicle power trains and, among other things, help to ensure that build space is gained and weight and costs are reduced. In addition, they minimize power train friction and improve the efficiency of modern combustion engines.

The economic environment for the coatings segment was satisfactory due to the positive trend in the automotive industry. However, the regional relocation of production resulted in a loss of orders that was not entirely offset in the past fiscal year. Miba generated revenue of EUR 17.6 million from coatings in 2015–2016 and was therefore on a par with the previous year (previous year: EUR 17.6 million).

> Management Report > Outlook

Outlook

FOCUS ON MIBA 2020

Although growth forecasts for the global economy in the coming years are slightly higher than growth in 2015, disclosed under IAS 10, have been reflected in the accompanying consolidated financial statements or are not they have had to be revised down significantly from forecasts made previously. The IMF now expects global known. economic growth of just 3.4 percent in 2016 and 3.6 percent in 2017, in each case a downward revision of 0.2 percentage points from the IMF’s forecasts in October 2015. This is primarily attributable to weaker performance in emerging markets, first and foremost in Brazil. However, the stable trend in the US, for which a faster pace of growth had previously been forecast, also contributed to this revision. The IMF is forecasting Laakirchen onon AprilApril 29,29, 20162016 growth of 2.6 percent for the US in 2016, a downward adjustment of 0.2 percentage points. In the eurozone, The ManagementManagement BoardBoard of of Miba Miba AG AG growth of 1.7 percent is expected in 2016, 0.1 percentage points more than forecast in October 2015. Emerging markets are expected to grow by 4.3 percent overall in 2016, which also represents a downward adjustment of 0.2 percentage points. The pace of expansion in China continues to slow – following growth of 6.9 percent in 2015, it is expected to be just 6.3 percent in 2016 and 6.0 percent in 2017. This is primarily attributable to China’s endeavors to transform itself from an industrial into a service economy. The forecasts for India, on the other

hand, are slightly better – the GDP growth forecast for 2016 and 2017 remains unchanged at 7.5 percent.

Estimating a much worse performance from Brazil than it did in October 2015, the IMF revised the GDP growth DI F.F. PeterPeter Mitterbauer, Mitterbauer, MBA MBA Dr. Wolfgang Litzlbauer Litzlbauer Report Management forecast for 2016 down by 2.5 percentage points to –3.5 percent.25 Chairman ofof thethe ManagementManagement Board, Board, Vice Chairman ofof thethe ManagementManagement Board, Board, Regional responsibilityresponsibility forfor MibaMiba Europe, Europe, Regional responsibility forfor MibaMiba Asia, Asia, also responsible forfor thethe Miba Miba Power Power Electronics Electronics also responsible forfor thethe Miba Miba Bearing Bearing Group, Group, the the As a result of these forecasts, we do not expect the situation in the capital goods industry to improve in 2016. Group, Communications, Management Miba Friction Group, the Miba Coating Group and Group, Communications, Management Miba Friction Group, the Miba Coating Group and The extent to which the significant downturn in certain submarkets (e.g., compressors, locomotives, large Accounting, Human Capital, Strategy, Innovation & Purchasing Accounting, Human Capital, Strategy, Innovation & Purchasing Technology and Internal Audit engines) in the final months of 2015 will also be evident throughout 2016 is difficult to predict, but there is very Technology and Internal Audit little to suggest that some submarkets at least will recover in the near term. It is anticipated that demand in the European commercial vehicles market and in the high-speed diesel and gas engines segment will remain at a low level. We expect the weak trend in the markets for agricultural commercial vehicles, construction machinery and mining equipment to continue. Neither is a recovery predicted for the shipping industry. By contrast, the energy sector seems to be gathering some momentum, particularly in the wind power generation and power transmission segments. In the automotive industry, a stable trend is expected with slight global growth. Dr.-Ing.Dr.-Ing. HaraldHarald Neubert Neubert MMag. MarkusMarkus Hofer Hofer Miba is holding to its broad regional and sector positioning and, as in the past, will take measures to offset Member ofof thethe ManagementManagement Board, Board, Member ofof thethe ManagementManagement Board, Board, Regional responsibility for Miba Americas, Chief Financial Officer, sustained market weakness through increased efforts in growing markets and through new product launches. Regional responsibility for Miba Americas, Chief Financial Officer, also responsible forfor thethe Miba Miba Sinter Sinter Group, Group, the the Miba Shared Services,Services, The objectives set out in the Miba 2020 strategy remain unchanged, as does the focus on the three main Miba Equipment Manufacturing Group and Quality also responsible for Corporate Finance, IT and Miba Equipment Manufacturing Group and Quality also responsible for Corporate Finance, IT and thrusts Global Growth, Innovation and Technology, and People. Business Excellence Business Excellence

Events after the reporting date

Events after the reporting date which are significant to measurement as of the reporting date, such as ongoing litigation or claims for damages as well as other obligations or expected losses which must be recognized or

25 IMF: World Economic Outlook Update, January 2016

70 71 tia s n H a as b im e T ho S m

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e i

h t C u la u m IFRS CONSOLIDATED FINANCIAL STATEMENTS Finance leases 104 Commodity price risk 142 Standards and interpretations required to be d t ia r a Si FOR FISCAL YEAR 2015-2016 76 applied for the first time in the consolidated lv H i Operating leases 105 Market risk 143 157 a

Information on the company 84 financial statements for the period ended January Investments in associates 106 Capital management 144 31, 2016 Basis of preparation of the financial statements 84 Financial assets 108 Segment reporting 144 Published standards and interpretations which are Changes to the consolidated group in fiscal year 158 85 only required to be applied in later fiscal years 2015-2016 Deferred taxes 109 Miba Europe 146 Consolidation 160 Inclusion of Miba Engineering Center India PVT. Inventories 111 Miba Americas 146 85 Consolidation principles 160 LTD. Trade receivables 112 Miba Asia 146 Basis of consolidation 161 Inclusion of Shenzhen Rui Xi Si Te Industry Co. Ltd. 85 Long-term construction contracts 113 Miba Shared Services 147 Currency translation 162 Reorganization of Miba Gleitlager GmbH 85 Other assets 114 Segment information by region 148 Accounting policies 163 Increase in shareholding in High Tech Coatings Current financial assets 114 Information about product groups in accordance 85 148 GmbH with IFRS 8.32 Revenue and expense recognition 163 Cash and cash equivalents 114 Management judgements, estimation uncertainties Information about geographical areas in Revenue 163 86 Group equity 115 150 and assumptions accordance with IFRS 8.33 Income Share capital 163 Changes in the reporting 88 115 Events after the reporting date 150 Research and development expenses 164 Change in the reporting of income from the Capital reserves 115 88 Business relationships with related parties 151 reversal of provisions Dividends 164 Treasury shares 115 Business relationships under IAS 24 with Interest Change in the reporting of financial assets and Miba AG squeeze-out associates, unconsolidated affiliated companies, 164 88 116 151 cash joint operations, the parent company and other Income taxes 164 Retained earnings 117 Change in the reporting of other assets and related entities Earnings per share 89 Non-controlling interests 165 liabilities 118 Business relationships under IAS 24 with menbers Non-current assets 166 Change in the reporting of current provisions 89 Termination benefit and pension provisions 120 of the management board and the supervisory 153 board, as well as key management personnel Goodwill 166 Change in the reporting of tax provisions 90 Termination benefit provisions 120 Remuneration of the management board, Intangible assets and property, plant and Change in the reporting of financing expenses Pension provisions 121 154 168 supervisory board and key management equipment attributable to limited partnership minority 91 Financial liabilities 123 shareholders Disclosures on governing bodies and employees 155 Leases 169 Other non-current liabilities 124 Members of the management board in the year Associates Revenue 93 155 169 Provisions 124 under review Other operating income 93 Current assets 169 Trade payables 125 DI F. Peter Mitterbauer, MBA 155 Cost of materials and other manufacturing services Inventories 169 93 purchased Current financial liabilities 125 Dr. Wolfgang Litzlbauer 155 Trade receivables 169 Personnel expenses 94 Other current liabilities 126 Dr.-Ing. Harald Neubert 155 Tax receivables 170 Termination benefit expenses and direct Contingent liabilities and other financial obligations 127 MMag. Markus Hofer 155 94 Employee benefits 170 retirement contributions Other 127 Members of the supervisory board in the year 155 Provisions 171 Other operating expenses 95 under review Consolidated cash flow statement 127 Financial assets and liablities 171 Depreciation, amortization and impairment losses 96 Dkfm. Dr. Wolfgang C. Berndt 155

Financial instruments 127 IFRSs to According Financial Statements Consolidated Loans and receivables 171 Depreciation and amortization 96 Dipl.-Bw. Alfred Heinzel 155 Fair value measurement 132 Available for sale 172 Impairment losses 96 DI DDr. h. c. Peter Mitterbauer 155 Offset 133 Held to maturity 172 Share of profits and losses of associates 97 MMag. Peter Oswald 155 Net income 133 Financial assets at fair value through profit or Net interest income 97 Prof. KR Ing. Siegfried Wolf 155 172 Derivatives not subject to hedge accounting 134 loss Other financial result 98 Hermann Aigner 155 Financial risk management 136 Financial liabilities at amortized cost 172 Income taxes Johann Forstner 155 98 Financial liabilities at fair value through profit Credit risk 136 172 Intangible assets 100 Number of employees 156 or loss Liquidity risk 137 Patents and licenses, customer relationships and Earnings per share 156 Hedge accounting 173 101 Market risk 139 other rights Proposed appropriation of net profit 157 Fair value measurement 173 Currency risk Goodwill 101 140 New accounting pronouncements 157 Trade payables 173 Property, plant and equipment 102 Interest rate risk 141 Approval by the management board 174

74 75 > Consolidated financial statements 2015–2016 > Consolidated statement of > Consolidated financial statements 2015–2016 > Consolidated statement of

> Consolidated financial statements 2015-2016 > Consolidated statement of comprehensive income

IFRS consolidated income statement IFRS consolidated statement of IFRS for consolidated fiscal year 2015–2016 income statement comprehensive income for fiscal for fiscal year 2015–2016 year 2015–2016

in TEUR Note 2015–16 2014–15 in TEUR Note 2015–16 2014–15 Revenue (6) 719,102 669,302 Profitin TEUR after tax (EAT) Note 2015–1653,339 2014–1556,951 Changes in inventories of finished goods and work in CurrencyProfit after translation tax (EAT) gains/losses 53,3391,651 27,00256,951 inprogress TEUR Note 2015–163,138 2014–15509 Gains/lossesCurrency translation on available-for-sale gains/losses financial assets (36) 1,65119 27,00235 RevenueOwn work capitalized (6) 719,1025,368 669,3024,056 Gains/lossesAttributable on deferredavailable-for-sale taxes financial assets (36) 19–5 35–9 ChangesGross operating in inventories revenue of finished goods and work in 727,607 673,867 ShareAttributable of other comprehensive deferred taxes income of equity-accounted –5 –9 Otherprogress operating income26 (5) (7) 25,0953,138 25,820509 companiesShare of other comprehensive income of equity-accounted –723 30 CostOwn ofwork materials capitalized and other manufacturing services 5,368 4,056 Totalcompanies other comprehensive income for items which may –723 30 Grosspurchased operating revenue (8) –293,308727,607 –270,156673,867 beTotal reclassified other comprehensive subsequently income to profit for or items loss which may 942 27,058 be reclassified subsequently to profit or loss 942 27,058 OtherPersonnel operating expenses income 26 (5) (7)(9) –224,88625,095 –203,79425,820 Actuarial gains/losses (27) 1,163 –6,488 26 Actuarial gains/losses (27) 1,163 –6,488 CostOther of operating materials expenses and other manufacturing services (5) (10) –101,183 –101,971 Attributable deferred taxes –291 1,622 Profitpurchased before interest, tax, depreciation and amortization (8) –293,308 –270,156 TotalAttributable other comprehensive deferred taxes income for items which will –291 1,622 Personnel(EBITDA) expenses (9) –224,886133,325 –203,794123,766 notTotal be other reclassified comprehensive subsequently income to forprofit items or losswhich will 873 –4,866 not be reclassified subsequently to profit or loss 873 –4,866 OtherDepreciation operating and expenses amortization26 (5) (10)(11) –101,183–46,166 –101,971–40,998 Total comprehensive income 55,154 79,143 Total comprehensive income 55,154 79,143 ProfitImpairment before losses interest, tax, depreciation and amortization (11) –4,267 –897 of which attributable to Profit(EBITDA) before interest and tax (EBIT) 133,32582,892 123,76681,871 of whichShareholders attributable of Miba to Aktiengesellschaft 52,216 75,619 ShareDepreciation of profits and and amortization losses of associates (12)(11) –46,166–2,230 –40,998299 Non-controllingShareholders of interests Miba Aktiengesellschaft (26) 52,2162,938 75,6193,524 FinancingImpairment costs losses for LP minority shareholders26 (11)(5) –1,752–4,267 –3,673–897 Non-controlling interests (26) 2,938 3,524 NetProfit interest before income interest and tax (EBIT) (13) (36) 82,892–4,034 81,871–4,430 OtherShare financialof profits result and losses of associates (14)(12) –2,230–619 2,743299

FinancialFinancing resultcosts for LP minority shareholders26 (5) –8,635–1,752 –5,062–3,673 ProfitNet interest before income tax (EBT) (13) (36) 74,258–4,034 76,809–4,430 IncomeOther financial tax expense result (15)(14) –20,918–619 –19,8582,743 ProfitFinancial after result tax (EAT) 53,339–8,635 56,951–5,062 ofProfit which before attributable tax (EBT) to 74,258 76,809 IncomeShareholders tax expense of Miba Aktiengesellschaft (15) –20,91850,316 –19,85854,938 ProfitNon-controlling after tax (EAT) interests (26) 53,3393,023 56,9512,013 of which attributable to WeightedShareholders average of number Miba Aktiengesellschaft of shares issued (26) (43) 1,202,02150,316 1,203,85754,938 EarningsNon-controlling per share ininterests EUR (43)(26) 41.863,023 45.642,013

Diluted earnings per share in EUR = basic earnings per share IFRSs to According Financial Statements Consolidated Weightedin EUR average number of shares issued (26) (43) 1,202,02141.86 1,203,85745.64 Dividend proposed or paid per share in EUR (44) 41.60 8.00 Earnings per share in EUR (43) 41.86 45.64 Diluted earnings per share in EUR = basic earnings per share in EUR (43) 41.86 45.64 Dividend proposed or paid per share in EUR (44) 41.60 8.00

26 Prior-year comparatives have been adjusted. See note (5) Changes in the reporting in the notes to the consolidated financial statements.

76 77 > Consolidated financial statements 2015-2016 > Consolidated balance sheet

IFRS consolidated balance sheet as of January 31, 2016 January 31, 2016

in TEUR Note 1/31/2016 1/31/2015 in TEUR Note 1/31/2016 1/31/2015 Assetsin TEUR Note 1/31/2016 1/31/2015 Equity and liabilities Non-currentAssets assets Group equity IntangibleNon-current assets assets (16) 39,016 45,149 Share capital (26) 9,500 9,500 Property,Intangible plant assets and equipment (17)(16) 300,92639,016 265,70745,149 Capital reserves (26) 18,089 18,089 InvestmentsProperty, plant in andassociates equipment (18)(17) 300,926202 265,7073,155 Treasury shares (26) –16,305 –16,305 FinancialInvestments assets in associates26 (5) (19) (36)(18) 78,324202 69,9563,155 Retained earnings (26) 439,936 397,836 26 DeferredFinancial assetstax assets (5) (19) (36)(20) 78,3241,110 69,9562,260 Non-controlling interests (26) 10,810 12,856 Deferred tax assets (20) 419,5771,110 386,2272,260 462,029 421,975 419,577 386,227 Current assets Non-current liabilities InventoriesCurrent assets (21) 100,521 93,084 Termination benefit and pension provisions (27) 28,937 29,951 TradeInventories receivables (22)(21) 100,52191,534 97,10793,084 Deferred tax liabilities (20) 7,665 5,946 OtherTrade receivablesassets26 (5) (23)(22) 20,28791,534 19,53897,107 Other non-current provisions (30) 2,266 1,833 26 CurrentOther assets financial assets26 (5) (24)(5) (36)(23) 14,99920,287 12,41919,538 Financial liabilities (28) (36) 121,452 112,428 26 CashCurrent and financial cash equivalents assets 26 (5) (25)(24) (36) 160,87614,999 133,49212,419 Other non-current liabilities (29) 6,568 6,417 26 Cash and cash equivalents (5) (25) (36) 388,217160,876 355,640133,492 166,888 156,575 Total assets 807,793388,217 741,867355,640 Total assets 807,793 741,867 Current liabilities Current provisions26 (5) (30) (36) 13,701 18,854 Tax provisions26 (5) 3,322 3,126

Trade payables (31) 85,433 61,250

26 Current financial liabilities (5) (32) (36) 23,741 27,436 Income tax liabilities26 (5) 12,684 13,609 Other current liabilities26 (5) (33) 39,994 39,041 178,876 163,316 Total equity and liabilities 807,793 741,867

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

26 Prior-year comparatives have been adjusted. See note (5) Changes in the reporting in the notes to the consolidated financial statements. 26 Prior-year comparatives have been adjusted. See note (5) Changes in the reporting in the notes to the consolidated financial statements.

78 79 > Consolidated financial statements 2015-2016 > Consolidated statement of changes in equity

IFRS consolidated statement of changes IFRS in consolidatedequity for fiscal statem year ent2015–2016 of changes in equity for fiscal year 2015–2016

Retained earnings

Foreign Available- Attributable currency for-sale Actuarial Equity- Other to Non- Capital Treasury translation financial + gains/ accounted retained shareholders controlling in TEUR Share capital reserves shares reserve assets – losses companies earnings of Miba AG interests Total equity Balance 2/1/2014 9,500 18,089 –14,221 –2,316 0 –4,673 –532 340,117 345,964 3,606 349,569 Capital Treasury in TEUR Share capital reserves shares Profit after tax (EAT) 0 0 0 0 0 0 0 54,938 54,938 2,013 56,951 Balance 2/1/2014 9,500 18,089 –14,221 Other comprehensive income 0 0 0 25,468 26 –4,843 30 0 20,681 1,511 22,191

Currency translation gains/losses 0 0 0 25,468 0 0 30 0 25,497 1,534 27,031 Profit after tax (EAT) 0 0 0 Actuarial gains/losses 0 0 0 0 0 –4,843 0 0 –4,843 –23 –4,866 Other comprehensive income 0 0 0 Gains/losses on available-for-sale financial assets 0 0 0 0 26 0 0 0 26 0 26 Currency translation gains/losses 0 0 0 Total comprehensive income for the period 0 0 0 25,468 26 –4,843 30 54,938 75,619 3,524 79,143 Actuarial gains/losses 0 0 0 Dividends 0 0 0 0 0 0 0 –9,616 –9,616 –131 –9,747 Gains/losses on available-for-sale financial assets 0 0 0 Change in treasury shares 0 0 –2,084 0 0 0 0 0 –2,084 0 –2,084 Total comprehensive income for the period 0 0 0 Additions/disposals of non-controlling interests 0 0 0 10 0 0 0 –773 –764 5,858 5,094 Dividends 0 0 0 Transactions with shareholders 0 0 –2,084 10 0 0 0 –10,389 –12,464 5,727 –6,737 Change in treasury shares 0 0 –2,084 Balance 1/31/2015 = balance 2/1/2015 9,500 18,089 –16,305 23,162 26 –9,516 –502 384,666 409,119 12,856 421,975 Additions/disposals of non-controlling interests 0 0 0

Transactions with shareholders 0 0 –2,084 Profit after tax (EAT) 0 0 0 0 0 0 0 50,316 50,316 3,023 53,339 Balance 1/31/2015 = balance 2/1/2015 9,500 18,089 –16,305 Other comprehensive income 0 0 0 1,736 15 873 –723 0 1,900 –86 1,814

Currency translation gains/losses 0 0 0 1,736 0 0 –864 0 872 –86 786 Profit after tax (EAT) 0 0 0 Actuarial gains/losses 0 0 0 0 0 873 0 0 873 0 873 Other comprehensive income 0 0 0 Gains/losses from hedging 0 0 0 0 0 0 141 0 141 0 141 Currency translation gains/losses 0 0 0 Gains/losses on available-for-sale financial assets 0 0 0 0 15 0 0 0 15 0 15 Actuarial gains/losses 0 0 0 Total comprehensive income for the period 0 0 0 1,736 15 873 –723 50,316 52,216 2,938 55,154 Gains/losses from hedging 0 0 0 Dividends 0 0 0 0 0 0 0 –9,616 –9,616 –2,013 –11,629 Gains/losses on available-for-sale financial assets 0 0 0 Change in treasury shares 0 0 0 0 0 0 0 0 0 0 0 Total comprehensive income for the period 0 0 0 Additions/disposals of non-controlling interests 0 0 0 49 0 –57 0 –495 –503 –2,971 –3,474

Dividends 0 0 0 IFRSs to According Financial Statements Consolidated Other 0 0 0 0 0 0 0 4 4 0 4 Change in treasury shares 0 0 0 Transactions with shareholders 0 0 0 49 0 –57 0 –10,107 –10,116 –4,984 –15,100 Additions/disposals of non-controlling interests 0 0 0

Other 0 0 0 Balance 1/31/2016 9,500 18,089 –16,305 24,946 41 –8,700 –1,226 424,875 451,219 10.810 462.029 Transactions with shareholders 0 0 0

Balance 1/31/2016 9,500 18,089 –16,305

80 81 > Consolidated financial statements 2015-2016 > Consolidated cash flow statement

Consolidated cash flow statement for fiscal year 2015–2016

in TEUR Note 2015–16 2014–15 in TEUR 2015–16 2014–15 in TEUR Note 2015–16 2014–15 1. Consolidated cash flow from operating activities 3. Consolidated cash flow from financing activities 1. Consolidated cash flow26 from operating activities Profit before tax (EBT) (5) 74,258 76,809 – Group parent dividend –9,616 –9,616 26 Profit before tax26 (EBT) (5) 74,258 76,809 + (–) Financial result (5) 8,635 5,062 – Dividends relating to non-controlling interests –2,013 –131 + (–) Financial result26 (5) 8,635 5,062 = Profit before interest and tax (EBIT) 82,892 81,871 + Proceeds from loans and long-term borrowing (28) (32) 18,200 20,642 = Profit before interest and tax (EBIT) 82,892 81,871 + (–) Depreciation, amortization and impairment losses 50,433 41,895 – Repayment of loans, long-term borrowing and + (–) Depreciation,Increase (decrease) amortization in non-current and impairment provisions losses (27) (30) 50,433–224 41,895–1,889 finance lease liabilities (28) (32) –10,769 –20,033 –+ (+) (–) IncreaseGains (losses) (decrease) from thein non-current disposal of provisionsnon-current assets (27) (30) –224343 –1,8891,850 – Purchase of treasury shares 0 –2,084 26 –= (+) GainsConsolidated (losses) fromcash theflow disposal from profit of non-current assets 133,444343 123,7261,850 + (–) Change in other financial liabilities (5) –2,182 –2,799 –= (+) ConsolidatedIncrease (decrease) cash inflow inventories from profit (21) 133,444–6,744 123,726–5,763 – Interest paid –4,905 –4,999 – (+) Increase (decrease) in tradeinventories receivables, group receivables (21) –6,744 –5,763 – Acquisition of non-controlling interests (46) –3,474 –1,116 – (+) andIncrease other (decrease) assets26 in trade receivables, group receivables (5) (22) (23) 4,925 –1,004 = Consolidated cash flow from financing activities26 (5) –14,759 –20,136 26 + (–) Increaseand other (decrease) assets in trade payables, group liabilities (5) (22) (23) 4,925 –1,004 + (–) andIncrease other (decrease) liabilities in trade payables, group liabilities (28) (29) (31) 23,528 9,674 + (–) Consolidated cash flow from operating activities26 (5) 120,409 109,802 and other liabilities (28) (29) (31) 23,528 9,674 – Change in outstanding capital expenditure liabilities –11,131 0 + (–) Consolidated cash flow from investing activities26 (5) –79,000 –84,785 – Change in outstanding capital expenditure26 liabilities –11,131 0 + (–) Increase (decrease) in current provisions (5) (30) –5,197 –5,045 26 26 + (–) Consolidated cash flow from financing activities (5) –14,759 –20,136 –+ (+) (–) IncreaseCurrency (decrease)translation inand current other provisionsnon-cash changes (5) (30) –5,197–1,009 –5,0452,422 = Change in cash and cash equivalents26 (5) 26,649 4,881 +– (+) CurrencyDividends translation from associates and other non-cash changes –1,0090 2,422967 + (–) Change due to currency translation 735 8,149 + DividendsInterest received from associates 1,6830 1,563967 + (–) Change due to changes in the basis of consolidation 0 939 –+ InterestTax paid received –19,0911,683 –16,7391,563 + Opening balance of cash and cash equivalents 133,492 119,523 =– TaxConsolidated paid cash flow from operating activities26 (5) 120,409–19,091 109,802–16,739 = Closing balance of cash and cash equivalents26 (5) 160,876 133,492 = Consolidated cash flow from operating activities26 (5) 120,409 109,802

2. Consolidated cash flow from investing activities –2. ConsolidatedInvestments in cash property, flow plantfrom and investing equipment, activities and intangible – Investmentsassets in property, plant and equipment, and intangible (16) (17) –79,233 –51,437 + assetsChange in outstanding capital expenditure liabilities (16) (17) –79,23311,131 –51,4370 +– ChangeInvestments in outstanding in financial capital assets expenditure (excluding equityliabilities interests)26 (5) (19) (23) –14,15511,131 –30,1110 26 +– InvestmentsProceeds from in salesfinancial of financialassets (excluding assets equity interests) (5) (19) (23) –14,1555,000 –30,1110 +– ProceedsAcquisition from of subsidiaries sales of financial and contingent assets consideration from 5,000 0 – Acquisitioncompany acquisitions of subsidiaries and contingent consideration from –2,475 –3,951 + companyProceeds acquisitionsfrom disposals of investments –2,475732 –3,951714 Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated =+ ProceedsConsolidated from cashdisposals flow offrom investments investing activities26 (5) –79,000732 –84,785714 = Consolidated cash flow from investing activities26 (5) –79,000 –84,785

82 83 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Notes to the consolidated financial N otes statements to the consolidated of Miba Akti financialengesellschaft, Laakirchen, statements for offiscal Miba year Akti 2015–2016engesellschaft, Laakirchen, for fiscal year 2015–2016

(1) INFORMATION ON THE COMPANY (3) CHANGES TO THE CONSOLIDATED GROUP IN FISCAL YEAR 2015–2016

Miba(1) INFORMATION Aktiengesellschaft ON THE (in short: COMPANY “Miba AG” or “Company”) is an international Group domiciled in Austria. The Group’s head office is located at Dr.-Mitterbauer-Strasse 3, 4663 Laakirchen, Austria. The Company is registered INCLUSION OF MIBA ENGINEERING CENTER INDIA PVT. LTD. atMiba the Aktiengesellschaft Wels regional and (incommercial short: “Miba court AG” (Landes- or “Company”) als Handelsgericht is an international Wels) under Group number domiciled FN 107386 in Austria. x. The Group’s head office is located at Dr.-Mitterbauer-Strasse 3, 4663 Laakirchen, Austria. The Company is registered Miba Engineering Center India Pvt. Ltd., Pune, India, has been included in Miba AG’s consolidated group from Theat the main Wels regions regional where and commercialthe Miba Group court has (Landes- a presence als Handelsgericht are Europe, America Wels) under and Asia. number Business FN 107386 activities x. February 1, 2015. The company was formed on January 21, 2015, as a service center for research and mainly encompass sintered components (sinter products), engine bearings (bearing products), friction materials development activities and the provision of IT support to the whole Miba Group. Miba Engineering Center India (frictionThe main products), regions where power the electronics Miba Group components, has a presence coatings are (coating Europe, processes)America and and Asia. special Business machinery activities Pvt. Ltd. is being consolidated and is allocated to the Shared Services segment. (equipmentmainly encompass manufacturing). sintered components (sinter products), engine bearings (bearing products), friction materials (friction products), power electronics components, coatings (coating processes) and special machinery The(equipment Company manufacturing). is a member of the consolidated group of Mitterbauer Beteiligungs-Aktiengesellschaft, INCLUSION OF SHENZHEN RUI XI SI TE INDUSTRY CO. LTD. Laakirchen, Austria, which prepares consolidated financial statements as the Group parent. The Company is a member of the consolidated group of Mitterbauer Beteiligungs-Aktiengesellschaft, Shenzhen Rui Xi Si Te Industry Co. Ltd., Shenzhen, China, has been included in Miba AG’s consolidated group Laakirchen, Austria, which prepares consolidated financial statements as the Group parent. from February 1, 2015. Shenzhen Rui Xi Si Te Industry Co. Ltd. was acquired in the previous year as part of the step acquisition of EBG Shenzhen Ltd. Shenzhen Rui Xi Si Te Industry Co. Ltd. is a pure intermediate holding (2) BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS company and does not undertake any operating activities. Shenzhen Rui Xi Si Te Industry Co. Ltd. is allocated to the Asia segment and is being consolidated. The initial consolidation of Shenzhen Rui Xi Si Te Industry Co. The(2) BASIS accompanying OF PREPARATION consolidated OF financial THE FINANCIAL statements STATEMENTS of Miba AG for fiscal year 2015–2016 (February 1, 2015, to resulted in expenses of TEUR 9. January 31, 2016) have been prepared in accordance with the International Financial Reporting Standards (IFRSs)The accompanying and Interpretations consolidated issued financial by the Internationalstatements of Financial Miba AG Reporting for fiscal Interpretationsyear 2015–2016 Committee (February 1,(IFRIC), 2015, toas adoptedJanuary 31,by the2016) European have been Union prepared (EU) and in accordanceapplicable at with the thereporting International date, in Financial compliance Reporting with section Standards 245a of REORGANIZATION OF MIBA GLEITLAGER GMBH the(IFRSs) Austrian and Interpretations Commercial Code issued (UGB) by theunder International the responsibility Financial of Reporting the Management Interpretations Board. Committee (IFRIC), as adopted by the European Union (EU) and applicable at the reporting date, in compliance with section 245a of On June 2, 2015, the bearings manufacturing partial operation in Laakirchen, Austria, and the input stock Forthe clarity,Austrian all Commercial amounts are Code generally (UGB) reported under the in thousandsresponsibility of eurosof the (TEUR).Management Rounding Board. differences may arise production partial operation in Aurachkirchen, Austria, were hived off into newly formed companies, Miba when adding rounded amounts and percentages due to the use of accounting software. Gleitlager Austria GmbH and Miba Bearings Materials GmbH, with retroactive effect as of February 1, 2015. The For clarity, all amounts are generally reported in thousands of euros (TEUR). Rounding differences may arise two manufacturing companies, Miba Gleitlager Austria GmbH and Miba Bearings Materials GmbH, are reported Thewhen reporting adding roundeddate for associatesamounts and included percentages in the consolidateddue to the use financial of accounting statements software. is January 31 of each year, under the Europe segment. with two exceptions (reporting date of December 31 for one company and March 31 for one company) for whichThe reporting no interim date financial for associates statements included were in prepared. the consolidated These variations financial arisestatements from national is January legislation 31 of each or articles year, At the same time, Miba Gleitlager GmbH was renamed Miba Bearings Holding GmbH. Miba Bearings Holding ofwith incorporation two exceptions and are(reporting immaterial date overall. of December 31 for one company and March 31 for one company) for GmbH will in future purely carry out holding company activities. Investments in domestic and foreign which no interim financial statements were prepared. These variations arise from national legislation or articles subsidiaries as well as the Laakirchen properties remain as assets in Miba Bearings Holding GmbH. of incorporation and are immaterial overall. Miba Bearings Holding GmbH is reported under the Miba Shared Services segment. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

All companies are being consolidated.

INCREASE IN SHAREHOLDING IN HIGH TECH COATINGS GMBH

On December 21, 2015 (signing and settlement date), Miba AG, Laakirchen, Austria, acquired the remaining 49.9 percent of High Tech Coatings GmbH, Vorchdorf, Austria. Miba AG already owned 50.1 percent of the shares. Under the Miba 2020 strategy, the coatings business is to be developed into a core area for the

84 85 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Miba Group, which is why Miba’s Management Board was eager to increase the holding in High Tech Coatings . Other provisions: Estimates and assumptions about the level and probability of future events in relation to GmbH to 100 percent. The shares were acquired at a purchase price of TEUR 3,474. The purchase price was the recognition of other provisions are made based on past experience or external opinions. This applies in based on an external opinion of the objectified value of the company (objektiver Unternehmenswert). The value particular to provisions for guarantees and warranties, provisions for expected losses and provisions for of the company was determined using a discounting procedure, assuming the company would continue as a litigation. Changes in these parameters can result in cost deviations (see Provisions in note (47) Accounting going concern. It was an acquisition which did not change the company’s status (increase in shareholding). This policies). resulted in a decline in non-controlling interests of TEUR 2,971. The difference of TEUR 503 resulting from the transaction was offset against retained earnings. The company continues to be consolidated. The shares were . Valuation allowances: Assumptions about credit risk such as, for example, customer credit ratings or maturity purchased from Dr. Maria Theresia Niss. This was a related party transaction. Dr. Niss is a member of the structure, on the basis of which valuation allowances for doubtful debts are established. As of January 31, Management Board of Mitterbauer Beteiligungs-Aktiengesellschaft. Mitterbauer Beteiligungs- 2016, valuation allowances for trade receivables and long-term construction contracts amounted to Aktiengesellschaft holds all the shares in Miba AG except for the treasury shares held in Miba AG. TEUR 2,814 (previous year: TEUR 2,731) (see note (22) Trade receivables).

. Income taxes: Tax matters are subject to an element of uncertainty in terms of their assessment by the tax (4) MANAGEMENT JUDGMENTS, ESTIMATION UNCERTAINTIES AND ASSUMPTIONS authorities. Even if the Miba Group is convinced that it has presented tax matters correctly and in compliance with the law, it is possible that the tax authorities will reach a different conclusion in individual cases. As part Preparation of the consolidated financial statements requires management to make certain management of the assessment of the recoverability of deferred tax assets, assumptions are made about the future judgments, estimates and assumptions which affect the recognition and value of assets and liabilities, the generation of sufficient taxable income to be able to utilize existing loss carryforwards in those periods in disclosure of other obligations as of the reporting date, the reporting of income and expenses during the which temporary differences are deductible. If the taxable income generated is insufficient, deferred tax reporting period, cash flows and the amounts disclosed in the notes. The true and fair view principle has also assets may not be recognized (see note (20) Deferred taxes). been complied with in full when applying management judgments, estimates and assumptions. The following significant management judgments were made for the Miba Group when applying accounting The management judgments, estimation uncertainties and assumptions are based on underlying assumptions policies: that reflect the state of knowledge available at the time when the annual financial statements or the consolidated financial statements are prepared. Actual amounts recognized at a later date may deviate from . In Miba AG’s consolidated financial statements, management judgments have been made about the original estimates due to developments that are unforeseen and outside of management’s influence. Changes existence of control, significant influence, joint ventures, etc., taking account of IFRS 10, IFRS 11 and IAS 28. are taken into account when better information is available and assumptions are adjusted accordingly. Detailed information on the Miba Group is provided under Basis of consolidation in note (46) Consolidation.

The Miba Group’s most important management judgments, estimation uncertainties and assumptions where . Management judgments were made when reporting non-controlling interests in Austrian limited partnerships there is a considerable risk that they could, in future periods, lead to a material adjustment to assets, liabilities, with reference to IAS 32. Details about Miba Energy Holding GmbH & Co KG are provided under financial position, and profit or loss – and particularly the carrying amounts of assets and liabilities – are as Consolidation principles in note (46) Consolidation. follows: . When derecognizing receivables as part of the factoring agreement, management judgment is exercised . Impairment losses: As part of impairment tests, assumptions must be made about estimated future cash about the existence of the derecognition conditions, taking account of IAS 39. Further disclosures on surpluses, discount rates and other parameters for determining the amounts recoverable. A change in the factoring are provided in note (22) Trade receivables. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated underlying assumptions can lead to other impairment losses or reversals of impairment losses (see Non- current assets in Note (47) Accounting policies). . When examining whether a reverse factoring agreement leads to the derecognition of trade payables and the recognition of a new financial liability, management judgment is exercised about the existence of the . Employee benefits: Assumptions have been made about interest rates and future salary and pension derecognition conditions within the meaning of IAS 39. Further information on this is provided in detail in increases for the measurement of existing social capital obligations (pension plans, termination benefit and note (31) Trade payables and note (47) Accounting policies. jubilee benefit provisions). The complexity of measurement and the long duration result in the obligations being sensitive to changes in parameters. Note (27) Termination benefit and pension provisions contains . When examining whether the transfer of a bill of exchange leads to the derecognition of the bill of exchange further disclosures. receivable, Miba exercises management judgment when assessing whether the significant rewards and risks

86 87 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(particularly credit risk) have been transferred. Further information is provided in detail in note (22) Trade CHANGE IN THE REPORTING OF OTHER ASSETS AND LIABILITIES receivables and note (47) Accounting policies. In the previous consolidated financial statements, current and non-current financial assets were presented under other assets, with a reference to the financial character or the maturity of the assets being provided in (5) CHANGES IN THE REPORTING the notes. The accounts concerned are now being shown in the corresponding balance sheet line item in financial assets or in current financial assets. As required by IAS 1, other operating income was reclassified retrospectively to other operating expenses, current financial assets and cash and cash equivalents to non-current financial assets, other assets or liabilities 1/31/2015 to current and non-current financial assets or liabilities, current provisions to current financial liabilities and tax in TEUR Reclassifi- provisions to income tax liabilities in the current fiscal year. Details are listed in the tables below. cation Reclassification of other assets Financial assets 3,176 CHANGE IN THE REPORTING OF INCOME FROM THE REVERSAL OF PROVISIONS Other assets –4,175 Current financial assets 999 In the previous year, income from the reversal of provisions was presented under other operating income. In

future, this will be offset against other operating expenses.

Furthermore, financial liabilities included in other current liabilities are now being presented in the 1/31/2015 corresponding balance sheet line item. in TEUR Reclassifi- cation 1/31/2015 Reclassification of income from the reversal of provisions in TEUR Reclassifi- Other operating income –1,004 cation Other operating expenses 1,004 Reclassification of other liabilities Current financial liabilities 7,674 Other current liabilities –7,674

CHANGE IN THE REPORTING OF FINANCIAL ASSETS AND CASH

Due to the present investment strategy for financial assets, assets presented in the previous year under current CHANGE IN THE REPORTING OF CURRENT PROVISIONS financial assets and cash and cash equivalents are now being reported under non-current financial assets.

Negative fair values of derivative financial instruments were previously reported in current provisions. In future, 1/31/2015 they will be presented in current financial liabilities.

in TEUR Reclassifi- IFRSs to According Financial Statements Consolidated cation 1/31/2015 Reclassification of financial assets and cash and cash equivalents in TEUR Reclassifi- Financial assets 29,670 cation Current financial assets –25,031 Reclassification of current provisions Cash and cash equivalents –4,640 Current provisions –449 Current financial liabilities 449

88 89 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

CHANGE IN THE REPORTING OF TAX PROVISIONS 1/31/2015 in TEUR Reported Income tax expenses were previously shown in the tax provisions balance sheet line item. These are now being in Previous reported under income tax liabilities. previous year year Reclassification adjusted Income statement items 1/31/2015 Other operating income 26,824 –1,004 25,820 in TEUR Reclassifi- cation Other operating expenses –102,975 1,004 –101,971 Reclassification of tax provisions Balance sheet items Tax provisions –13,609 Financial assets 37,110 32,846 69,956 Income tax liabilities 13,609 Other assets 23,712 –4,175 19,538 Current financial assets 36,451 –24,032 12,419 Cash and cash equivalents 138,132 –4,640 133,492 The changes in the reporting are summarized in the table below. The comparative period has been adjusted Current provisions 19,303 –449 18,854 retroactively. Group equity, consolidated profit for the year, earnings per share and total assets were not Tax provisions 16,734 –13,609 3,126 affected. Current financial liabilities 19,313 8,123 27,436 Income tax liabilities 0 13,609 13,609 Other current liabilities 46,716 –7,674 39,041

CHANGE IN THE REPORTING OF FINANCING EXPENSES ATTRIBUTABLE TO LIMITED PARTNERSHIP MINORITY SHAREHOLDERS

Non-controlling interests in Austrian limited partnerships do not meet the IAS 32 conditions for being reported in equity since limited partners have a statutory right to offer their shares to the general partner. Interests in Miba Energy Holding GmbH & Co KG and its subsidiaries are therefore recognized in other liabilities as “liabilities from limited partnership non-controlling interests”, as these interests are held by higher-tier Group companies.

The “financing expense” arising from the appropriation of profit to these limited partnership minority shareholders was until the first quarter of 2015–2016 reported separately after profit after tax (EAT) as “financing costs for limited partnership minority shareholders”. To improve clarity of presentation, this share of profits or losses is being reported separately in financial result as “financing costs for limited partnership IFRSs to According Financial Statements Consolidated minority shareholders” from the first half of 2015–2016 onwards. Financing costs for LP minority shareholders in the amount of TEUR 1,752 (previous year: TEUR 3,673) are being reported in the current fiscal year. Prior-year disclosures have been adjusted accordingly in accordance with IAS 1.41. The adjustments were as outlined below.

Condensed consolidated income statement for the year ended January 31, 2016, as reported in the version up to Quarter 1, 2015–2016:

90 91 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

in TEUR 2015–16 2014–15 (6) REVENUE Profit before interest and tax (EBIT) 82,892 81,871 Share of profits and losses of associates –2,230 299 Revenue for fiscal year 2015–2016 includes income from long-term construction contracts of TEUR 1,495 Net interest income –4,034 –4,430 (previous year: TEUR 4,990). Other financial result –619 2,743 Financial result –6,883 –1,389 For a breakdown of revenue by segment, country and product, please refer to segment reporting. Profit before tax (EBT) 76,010 80,483 Income tax expense –20,918 –19,858 (7) OTHER OPERATING INCOME Profit after tax (EAT) 55,091 60,625

Financing costs for LP minority shareholders –1,752 –3,673 in TEUR 2015–16 2014–15 Profit after tax and financing costs attributable to LP minority Government grants 3,030 5,181 shareholders (EAT after LPMS) 53,339 56,951 Income from the disposal of and reversal of impairment losses to non-current of which attributable to assets excluding financial assets 132 136 Shareholders of Miba Aktiengesellschaft 50,316 54,938 Insurance claims 7,682 757 Non-controlling interests 3,023 2,013 Realized and unrealized exchange rate gains 1,973 8,669 Other income 12,277 11,077 To t a l 25,095 25,820 Condensed consolidated income statement for the year ended January 31, 2016, as reported in the version from the first half of 2015–2016 onwards:

Disclosures on changes in reporting are provided under Note (5) Changes in the reporting. in TEUR 2015–16 2014–15 Profit before interest and tax (EBIT) 82,892 81,871

Share of profits and losses of associates –2,230 299 (8) COST OF MATERIALS AND OTHER MANUFACTURING SERVICES PURCHASED Financing costs for LP minority shareholders –1,752 –3,673 Net interest income –4,034 –4,430 in TEUR 2015–16 2014–15 Other financial result –619 2,743 Cost of materials 211,659 199,345 Financial result –8,635 –5,062 Cost of other manufacturing services purchased 81,650 70,811 Profit before tax (EBT) 74,258 76,809 To t a l 293,308 270,156 Income tax expense –20,918 –19,858 Profit after tax (EAT) 53,339 56,951 of which attributable to Cost of materials comprises the cost of raw materials, consumables and supplies, and of purchased Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Shareholders of Miba Aktiengesellschaft 50,316 54,938 merchandise. Non-controlling interests 3,023 2,013 Cost of other manufacturing services purchased primarily includes costs for the third-party machining of

production parts.

92 93 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(9) PERSONNEL EXPENSES (10) OTHER OPERATING EXPENSES

in TEUR 2015–16 2014–15 in TEUR 2015–16 2014–15 Wages 95,759 89,509 Taxes not included under income tax expenses 2,385 1,291 Salaries 75,975 67,860 Temporary staff 14,025 10,164 Termination benefit expenses and contributions to betriebliche Repairs, maintenance and maintenance contracts 18,918 18,766 Mitarbeitervorsorgekassen (Austrian occupational pension funds) 2,278 2,072 Freight and warehousing 10,817 9,078 of which contributions to betriebliche Mitarbeitervorsorgekassen 1,036 959 Advisory services 12,485 9,400 Defined benefit contributions 2,812 2,286 Rent and leasing 7,974 7,808 Social security contributions required by law as well as remuneration- Travel costs 6,395 5,259 dependent levies and mandatory contributions 38,695 36,512 Commissions 1,930 1,664 Other social welfare expenses 9,366 5,556 Insurance 2,351 2,467 To t a l 224,886 203,794 Realized and unrealized exchange rate losses 2,160 1,203 Office costs, postage and telephone 1,898 1,687 Training courses 1,895 1,666 Defined contribution pension benefit expenses recognized in the income statement were TEUR 2,711 (previous year: TEUR 1,770). Liability charges and commissions 335 472 Subscriptions 449 484 Advertising and corporate hospitality expenses 1,689 1,888 TERMINATION BENEFIT EXPENSES AND DIRECT RETIREMENT CONTRIBUTIONS Contingent consideration from company acquisitions 0 2,495 Other 15,477 26,178 Termination benefit expenses and contributions to betriebliche Mitarbeitervorsorgekassen (Austrian To t a l 101,183 101,971 occupational pension funds), and direct retirement contributions comprised the following:

Disclosures on changes in reporting are provided under Note (5) Changes in the reporting. 2015–16 2014–15 Termination Termination Audit fees for the Group auditor for the fiscal year totaled TEUR 229 (previous year: TEUR 238), of which benefits and benefits and contributions contributions TEUR 187 (previous year: TEUR 180) related to the audit of the consolidated financial statements (including the to betriebliche to betriebliche single-entity financial statements of individual affiliates), TEUR 5 (previous year: TEUR 37) to other assurance Mitarbeiter- Mitarbeiter- services and TEUR 37 (previous year: TEUR 21) to other advisory services. vorsorgekassen vorsorgekassen (Austrian (Austrian

occupational Defined benefit occupational Defined benefit IFRSs to According Financial Statements Consolidated in TEUR pension funds) contributions pension funds) contributions Members of the Supervisory Board 0 401 0 404 Members of the Management Board 27 88 144 89 Key management personnel 82 246 463 152 Other employees 2,169 2,077 1,465 1,641 To t a l 2,278 2,812 2,072 2,286

Pension payments to former members of the Management Board, managing directors, key management personnel and their surviving dependents amounted to TEUR 59 (previous year: TEUR 111).

94 95 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(11) DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES loss needed to be increased. In the 2015–2016 reporting period, a write-down to fair value less costs to sell in the amount of TEUR 166 (previous year: TEUR 897) was recognized. The expense is attributable to the Miba Shared Services segment. DEPRECIATION AND AMORTIZATION

in TEUR 2015–16 2014–15 (12) SHARE OF PROFITS AND LOSSES OF ASSOCIATES Intangible assets 7,307 6,909 Property, plant and equipment 38,859 34,089 in TEUR 2015–16 2014–15 To t a l 46,166 40,998 Share of profits and losses –2,230 666 EBG Shenzhen step acquisition 0 1,355 Impairment losses 0 –1,722 To t a l –2,230 299 IMPAIRMENT LOSSES

Significant negative deviations from budget in fiscal year 2015–2016 led to indications of an impairment loss In the previous year, a reduction in the Mahle Metal Leve Miba Sinterizados Ltda., Brazil, cash-generating unit’s under IAS 36.8 for the non-current assets of Miba HydraMechanica Corp., USA. At DAU Thermal Solutions value in use led to an impairment loss for the equity-accounted investment in the amount of TEUR 1,722. This North America Inc., USA, changes in the order situation led to indications of an impairment loss for non-current was attributable to the market environment in Brazil, or rather Latin America in general, where the associate assets. In both cases, all non-current assets of the respective production sites were affected by the operates, which was characterized by a marked decline. A quick recovery in the market was and is not currently impairment. expected.

Fair value less costs to sell was used for the impairment, as this is the higher of value in use determined using a discounted cash flow (DCF) calculation and fair value less costs to sell. Details about the DCF calculation are (13) NET INTEREST INCOME provided in note (47) Accounting policies. Fair value less costs to sell was established using external opinions as well as management estimates. External opinions based on the comparable value method were prepared for in TEUR 2015–16 2014–15 around 60 percent of Miba HydraMechanica Corp.’s non-current assets and approximately 50 percent of DAU Other interest and similar income 1,650 1,567 Thermal Solutions North America Inc.’s non-current assets. The factors determining the value of the objects of which from affiliated companies 20 0 being measured were identified for the measurement, appropriate comparable objects were determined from Interest expenses on bonds –3,375 –3,375 current prices on offer and observable purchase and sales transactions and any differences were taken into Interest and similar expenses –1,576 –1,630 account by applying appropriate premiums and discounts to the comparable prices. This measurement Interest on social capital –733 –993 corresponds to level 2 in the fair value hierarchy. To t a l –4,034 –4,430 The other non-current assets were measured on the basis of local management estimates based on observable of which from affiliated companies 20 0

purchase and sales transactions, as well as from derived historical data. This corresponds to level 3 in the fair IFRSs to According Financial Statements Consolidated value hierarchy.

Fair value less costs to sell was TEUR 4,278 for Miba HydraMechanica Corp. and TEUR 503 for DAU Thermal Solutions North America Inc. This resulted in an impairment loss of TEUR 3,738 for Miba HydraMechanica Corp and an impairment loss of TEUR 363 for DAU Thermal Solutions North America Inc. Both impairment losses are attributable to the Miba Americas segment.

A change in the future use of a property within Miba AG’s property, plant and equipment led to an impairment loss under IAS 36.8 in the previous year. In the current fiscal year, there were indications that the impairment

96 97 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(14) OTHER FINANCIAL RESULT in TEUR 2015–16 2014–15 Profit before tax 74,258 76,809 in TEUR 2015–16 2014–15 of which 25% (previous year: 25%) calculated income tax expense 18,564 19,202 Realized and unrealized exchange rate differences in financial result 414 2,481 Effect from foreign tax rates –1,010 46 Income from the reversal of impairment losses on financial assets 121 262 Tax incentives and tax-exempt income –1,816 –1,755 Expenses for financial assets –58 0 Tax effects from loss carryforwards 2,017 265 Other financial expenses –1,095 0 Change in valuation allowance on other deferred tax assets 874 –37 To t a l –619 2,743 Tax credits or additional charges from prior periods –4 303 Non-tax deductible expenses 930 757 Share of profits and losses of investments in associates 558 433 Non-deductible withholding taxes 75 0 (15) INCOME TAXES Tax effects from consolidation 441 848 Other items 288 –204 in TEUR 2015–16 2014–15 Income tax expense for period 20,918 19,858 Current year 18,426 19,645 Group tax rate in % 28.17 25.85 Adjustment for prior periods –4 303

Current tax expense 18,422 19,948 Origination or reversal of temporary differences 275 1,612 The change in the valuation allowance on deferred tax assets for tax loss carryforwards and deductible Change in tax loss carryforwards recognized 1,347 –1,665 temporary differences resulted in a negative effect of TEUR 2,891 in the reporting period (previous year: Change due to the write-down, or the reversal of an earlier TEUR 228). The changes primarily concern Miba HydraMechanica Corp., Michigan, USA, which suffered a tax write-down, of a deferred tax asset 874 –37 loss of TEUR 2,340 in the reporting period. As a result, the Management Board adjusted its estimates of future Movement in deferred tax balance 2,496 –90 taxable profits. Based on the five-year taxable profit forecast, no taxable profits are expected for this company. To t a l 20,918 19,858 Furthermore, there are no substantial indications that the deferred tax assets will be utilized in future. The company’s previous deferred tax assets for tax loss carryforwards and deductible temporary differences were therefore no longer recognized. The difference between the calculated income tax expense (profit before tax multiplied by the national tax rate of 25 percent) and the income tax expense for fiscal year 2015–2016 as reported in the consolidated income There was no effect in the reporting period from the recognition of previously unrecognized deferred tax assets statement is explained as follows: for tax loss carryforwards and deductible temporary differences from an earlier period (previous year: no effect).

As in the previous year, there was no effect from a change in tax rates in the reporting period. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

98 99 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(16) INTANGIBLE ASSETS PATENTS AND LICENSES, CUSTOMER RELATIONSHIPS AND OTHER RIGHTS

Customer In addition to goodwill, intangible assets mainly comprise patents and licenses, customer relationships and Patents and relation- other rights. Additions in fiscal year 2015–2016 all related to patents and licenses. in TEUR licenses ships Other rights Goodwill Total Cost 30,993 51,126 0 7,048 89,168 Accumulated amortization GOODWILL and impairment losses –18,926 –29,715 0 –255 –48,895 Carrying amount 1/31/2014 12,067 21,412 0 6,793 40,272 As of January 31, 2016, total goodwill amounted to TEUR 10,331 (previous year: TEUR 10,091), of which the Cost 29,192 56,317 7,940 10,395 103,844 following amounts were attributable to the respective cash-generating units (CGU): Accumulated amortization and impairment losses –20,024 –38,177 –190 –304 –58,695 in TEUR 1/31/2016 1/31/2015 Carrying amount 1/31/2015 9,168 18,140 7,750 10,091 45,149 Miba Bearings US LLC/Americas 7,919 7,649 EBG Shenzhen Ltd./Asia 1,997 2,030 Cost 29,766 57,074 7,811 10,331 104,981 Miba Frictec GmbH/Europe 316 316 Accumulated amortization and impairment losses –21,906 –43,499 –560 0 –65,966 EBG Resistors LLC/Americas 92 89 Carrying amount 1/31/2016 7,859 13,575 7,250 10,331 39,016 EBG LLC/Americas 7 6 Changes in the carrying amounts of intangible assets were as follows: To t a l 10,331 10,091

The goodwill of Miba Bearings US LLC arises from the sales opportunities from its locomotive engine bearing Customer Patents and relation- bushings and half shells in the North American market and its promising development partnerships with its in TEUR licenses ships Other rights Goodwill Total customers for locomotive applications. Carrying amount 1/31/2014 12,067 21,412 0 6,793 40,272 Changes in consolidated The goodwill of EBG Shenzhen Ltd. results from the opportunity to market the Chinese-produced “High Voltage group 90 0 7,940 1,736 9,766 Low Cost Line” globally and from the R&D expertise of the local employees. Additions 1,028 0 0 0 1,028 Disposals –2,066 0 0 0 –2,066 To determine whether an impairment loss needs to be recognized, the goodwill is allocated to those cash-generating units (CGU) which will benefit in future from the expected synergy potential of the business Reclassifications 21 0 0 0 21 combination. In the Miba AG Group, the lowest level of management reporting each forms a CGU. Amortization and impairment losses –2,483 –4,257 –165 0 –6,905 For goodwill, an impairment test is performed in accordance with IAS 36. This test is performed at least once a Foreign currency difference 511 986 –24 1,561 3,034 year or if there are internal or external indications of impairment. For more detailed disclosures on the IFRSs to According Financial Statements Consolidated Carrying amount 1/31/2015 = carrying amount 2/1/2015 9,168 18,140 7,750 10,091 45,149 performance of impairment tests, see the Goodwill section in note (47) Accounting policies. Additions 1,009 0 0 0 1,009

Disposals –15 0 0 0 –15 Reclassifications 73 0 0 0 73 Amortization and impairment losses –2,372 –4,550 –385 0 –7,307 Foreign currency difference –4 –15 –115 240 106 Carrying amount 1/31/2016 7,859 13,575 7,250 10,331 39,016

100 101 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(17) PROPERTY, PLANT AND EQUIPMENT Changes in the carrying amounts of property, plant and equipment were as follows:

Other Advance Other Advance equipment, payments equipment, payments operating and assets operating and assets Land and Technical and office under Land and Technical and office under in TEUR buildings equipment equipment construction Total in TEUR buildings equipment equipment construction Total Cost 92,163 371,178 37,262 41,882 542,485 Carrying amount 1/31/2014 51,151 130,103 12,046 41,817 235,117 Accumulated depreciation Changes in consolidated and impairment losses –41,012 –241,075 –25,216 –65 –307,368 group 207 2,004 350 259 2,820 Carrying amount 1/31/2014 51,151 130,103 12,046 41,817 235,117 Additions 8,658 25,621 3,909 14,229 52,417 Cost 119,388 428,465 42,269 26,381 616,503 Disposals –9 –237 –85 –1,613 –1,944 Accumulated depreciation Reclassifications 14,831 16,789 724 –32,365 –21 and impairment losses –47,200 –275,244 –28,319 –33 –350,796 Depreciation and impairment Carrying amount 1/31/2015 72,188 153,221 13,949 26,348 265,707 losses –4,325 –27,650 –3,015 0 –34,990 Cost 124,389 471,314 45,336 44,460 685,499 Foreign currency difference 1,674 6,591 20 4,022 12,307 Accumulated depreciation Carrying amount 1/31/2015 and impairment losses –51,276 –303,537 –29,525 –236 –384,573 = carrying amount 2/1/2015 72,188 153,221 13,949 26,348 265,707 Carrying amount 1/31/2016 73,113 167,777 15,811 44,224 300,926 Additions 4,393 30,920 4,918 37,993 78,224 Disposals –119 –783 –122 –47 –1,071 Reclassifications 938 18,042 823 –19,877 –73 Reversal of impairment losses 0 0 0 11 11 Depreciation and impairment losses –4,473 –34,668 –3,774 –212 –43,126 Foreign currency difference 185 1,044 18 7 1,254 Carrying amount 1/31/2016 73,113 167,777 15,811 44,224 300,926

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

102 103 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

FINANCE LEASES Finance lease obligations as of January 31, 2016, and January 31, 2015, were as follows:

The carrying amounts of property, plant and equipment that is subject to finance leases are as follows: Present value of minimum Minimum lease payments lease payments Other in TEUR 1/31/2016 1/31/2015 1/31/2016 1/31/2015 equipment, Remaining term of less than 1 year 1,828 1,806 1,526 1,470 operating Remaining term of 1 to 5 years 6,361 7,355 5,508 6,384 Land and Technical and office in TEUR buildings equipment equipment Total Remaining term of more than 5 years 6,657 7,221 5,804 6,229 Cost 14,465 332 1,069 15,866 14,846 16,382 12,837 14,083 Accumulated depreciation and impairment Less losses –4,324 –3 –36 –4,362 Future financing costs –2,008 –2,299 0 0 Carrying amount 1/31/2014 10,141 329 1,034 11,504 Present value of minimum lease payments 12,837 14,083 12,837 14,083 Cost 21,082 0 1,069 22,151 of which accounted for as liabilities under Accumulated depreciation and impairment current lease liabilities 1,526 1,470 losses –5,152 0 –77 –5,229 non-current lease liabilities 11,312 12,613 Carrying amount 1/31/2015 15,930 0 992 16,922

Cost 22,095 0 1,069 23,164 Accumulated depreciation and impairment losses –6,139 0 –149 –6,288 OPERATING LEASES Carrying amount 1/31/2016 15,956 0 921 16,876

In addition to finance leases, there are operating lease commitments for property, plant and equipment which is not reported in the balance sheet. Finance leases for land and buildings relate, on the one hand, to a property lease for Miba Steeltec s.r.o. for a building that is being used for operational purposes – with the option to purchase the property at the end of the Use of this property, plant and equipment which is not reported in the balance sheet resulted in expenses of twelve-year term. The current remaining term of this lease is three years. The lease is based on an interest rate TEUR 7,393 in the past fiscal year (previous year: TEUR 6,944). of 2.73 percent p.a.

On the other hand, they include property leases for Miba Sinter USA LLC for a building that is being used for Leasing and rental commitments in the coming years for buildings and machinery are as follows: operational purposes. There is an option to purchase the property at the end of the term. These leases have remaining terms of between 14 and 28 years and are based on interest rates of between 1.00 and 3.00 percent in TEUR 1/31/2016 1/31/2015 p.a. Term of up to 1 year 4,597 5,987 Term of between 1 and 5 years 12,341 13,356 Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Term of over 5 years 11,360 12,607

Commitments to acquire items of property, plant and equipment amounted to TEUR 22,844 as of January 31, 2016 (previous year: TEUR 19,239).

Property, plant and equipment amounting to TEUR 63,963 (previous year: TEUR 59,661) was pledged as collateral for liabilities. There are no restrictions on right of use.

104 105 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(18) INVESTMENTS IN ASSOCIATES Summary financial information for the associates is presented in the table below. The following disclosures each relate to 100 percent of the companies. The “of which” notes show the Miba Group’s share. Changes in equity-accounted investments were as follows: Company Mahle Metal Leve Miba in TEUR 2015–16 2014–15 Sinterizados Ltda. Sintercom India Pvt. Ltd. Balance 2/1 3,155 9,438 12/31/2015 12/31/2014 3/31/20016 3/31/2015 Disposal due to EBG Shenzen Ltd. step acquisition 0 –2,039 Shareholdings in % 40.0 40.0 26.0 26.0 Disposal due to full consolidation of EDMS d.o.o. 0 –430 Disposal due to proportionate consolidaton of ABM Advanced Bearing in TEUR Materials LLC 0 –1,679 Revenue 27,160 32,688 8,785 6,178 Mahle Metal Leve Miba Sinterizados Ltda. impairment loss 0 –1,722 Profit after tax (EAT) –5,575 –3,532 116 5 Share of profits and losses –2,230 679 Other comprehensive income 353 129 0 0 Currency translation (outside profit or loss) –723 30 Total comprehensive income –5,223 –3,403 116 5 Dividend 0 –1,122 of which attributable to the Group –2,089 –1,361 30 1 Balance 1/31 202 3,155 Non-current assets 13,022 17,760 10,529 10,060 Current assets 7,947 9,070 4,276 4,664 In fiscal year 2015–2016, Mahle Metal Leve Miba Sinterizados Ltda., São Paulo, Brazil, and Sintercom India Pvt. Non-current liabilities –13,924 –10,341 –2,619 –2,548 Ltd., Pune, India, were included in the consolidated financial statements using the equity method. EBG Current liabilities –6,541 –8,603 –5,934 –5,710 Shenzhen Ltd., Shenzhen, China, was consolidated in the previous year from August 1, 2014. EDMS d.o.o., Net assets 504 7,887 6,251 6,466 Šentjernej, Slovenia, has been consolidated in full since February 1, 2014, and ABM Advanced Bearing Materials of which attributable to the Group 202 3,155 1,625 1,681 LLC, Greensburg, USA, has been proportionately consolidated in Miba AG’s consolidated financial statements

since February 1, 2014. of which goodwill 1,722 1,722 0 0 Mahle Metal Leve Miba Sinterizados Ltda. is a strategic partner in the production, sale, import and export of of which impairment losses –1,722 –1,722 –1,681 –1,681 sintered components and other metal commodities and in the provision of services. The company’s principal Carrying amount 1/31 202 3,155 0 0 place of business is São Paulo, Brazil. Control over the net assets of Mahle Metal Leve Miba Sinterizados Ltda is limited to the extent that share transfers are restricted by a mutual right of preemption.

Sintercom India Pvt. Ltd., with its principal place of business in Pune, India, is a sintering research and development partnership. Control over the net assets of Sintercom India Pvt. Ltd. is limited to the extent that Miba AG has a tender obligation in relation to the other shareholders in the event of an intention to sell. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

Impairments of associates are explained in note (12) Share of profits and losses of associates.

Since there are no guarantees or obligations to provide additional funding, losses in the reporting period in the amount of TEUR 56, or, in the aggregate, TEUR 56, in Sintercom India Pvt. Ltd. have not been recognized (carrying amount: TEUR 0).

106 107 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(19) FINANCIAL ASSETS (20) DEFERRED TAXES

The items presented in financial assets and associated carrying amounts are outlined below: The measurement differences between the tax accounts and the IFRS consolidated balance sheet arise from the following differences and/or have the following effect on deferred taxes: in TEUR 1/31/2016 1/31/2015 Investments in affiliated companies (unconsolidated) 512 582 Other equity investments 659 659 Loans 29,130 26,690 Recog- nized in Loans to proportionately consolidated affiliated companies 987 742 Recog- other Securities 43,333 38,108 nized in comprehen Foreign profit or sive currency Other financial receivables 3,703 3,176 in TEUR 1/31/2015 loss income differences 1/31/2016 To t a l 78,324 69,956 Deferred tax assets

Intangible assets 573 102 0 18 693 Property, plant and equipment 2,237 7 0 –1 2,243 Loans mainly include term deposits and debt securities with Austrian banks with terms of between three and Financial assets 1,097 –113 0 7 991 five years. Securities mainly comprise a held-to-maturity fund which invests in corporate bonds and was entered into as a long-term investment, further bond funds for long-term investment and securities which are Inventories 1,395 189 0 22 1,607 managed and measured on the basis of fair value and also serve as a long-term investment. Other financial Receivables and other current assets 1,342 521 0 46 1,910 receivables mainly include security deposits associated with operating lease agreements with terms of over one year. Provisions 4,862 –321 –291 19 4,269 Liabilities 1,720 –848 0 25 897 Loss carryforwards 4,330 671 0 136 5,137 Gross deferred tax assets before valuation allowances 17,556 209 –291 273 17,747 Valuation allowances loss carryforwards –452 –2,017 0 0 –2,469 Valuation allowances other deferred tax assets –21 –874 0 –1 –896 Deferred tax assets after valuation allowances 17,083 –2,683 –291 272 14,382

Offset –14,824 0 0 0 –13,272 Net deferred tax assets 2,260 –2,683 –291 272 1,110 IFRSs to According Financial Statements Consolidated

108 109 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Recog- Under the Austrian Corporate Income Tax Act (KStG), tax-deductible investment write-downs and losses arising nized in from the disposal of investments must be claimed by being spread over a period of seven years. The financial Recog- other assets item in deferred tax assets includes deferred taxes relating to outstanding one-seventh write-downs nized in compre- Foreign profit or hensive currency amounting to TEUR 991 (previous year: TEUR 769). Deferred tax assets were recognized for all outstanding one- in TEUR 1/31/2015 loss income differences 1/31/2016 seventh write-downs under section 12 of the Austrian Corporate Income Tax Act (KStG). Deferred tax liabilities Intangible assets –7,789 684 0 –8 –7,113 In compliance with IAS 12.39, no deferred tax liabilities were recognized for temporary differences from investments in subsidiaries, joint ventures or associates in the amount of TEUR 272,776 (previous year: Property, plant and equipment –11,080 1,231 0 –335 –10,184 TEUR 251,074), as the temporary differences were not expected to reverse in the foreseeable future. The Financial assets –170 –1,096 –5 –5 –1,276 temporary differences are undistributed shares of profit which are not intended for distribution and which will Receivables and other current assets –1,039 –166 0 –1 –1,206 not be subject to tax for the foreseeable future. Special tax allowances –529 48 0 0 –481 Provisions –162 –349 0 1 –510

Liabilities –1 –165 0 0 –166 (21) INVENTORIES Gross deferred tax liabilities –20,770 186 –5 –348 –20,936 Offset 14,824 0 0 0 13,272 in TEUR 1/31/2016 1/31/2015 Net deferred tax liabilities –5,946 186 –5 –348 –7,665 Raw materials, consumables and supplies 30,144 29,969 Work in progress 33,326 29,327 Finished goods 20,732 20,497 Tax loss carryforwards amounted to a total of TEUR 16,900 (previous year: TEUR 13,706) and were attributable Merchandise 13,875 13,077 to foreign companies. Advance payments for inventories 1,142 214 Advance payments to proportionately consolidated affiliated companies 1,304 0 For companies which reported a loss in the previous year or in the current period, a deferred tax asset of To t a l 100,521 93,084 TEUR 2,664 (previous year: TEUR 3,872) was recognized because, based on the expected reversal of deferred

tax liabilities and the taxable profit forecast, the recovery of the tax asset is probable.

Inventories include accumulated write-downs in the amount of TEUR 5,956 (previous year: TEUR 6,447). The Deferred tax assets were not recognized for tax loss carryforwards amounting to TEUR 9,050 (previous year: carrying amount of inventories after write-downs was TEUR 26,622 (previous year: TEUR 21,934). The current TEUR 2,302), as the tax assets are not expected to be recovered in the foreseeable future. The vast majority of year write-down is included in cost of materials in the consolidated income statement and amounted to these loss carryforwards are attributable to Miba HydraMechanica Corp., Michigan, USA. The unrecognized tax TEUR 174 in fiscal year 2015–2016 (previous year: TEUR 297). No inventories were assigned as collateral. loss carryforwards expire as follows:

TEUR Expiry date

Will expire 1,640 2020-21 IFRSs to According Financial Statements Consolidated 5,047 2034-36 Will not expire 2,363 -

Loss carryforwards of TEUR 1,294 (previous year: TEUR 0) relating to deferred tax assets of TEUR 410 (previous year: TEUR 0) were utilized in fiscal year 2015–2016.

110 111 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(22) TRADE RECEIVABLES LONG-TERM CONSTRUCTION CONTRACTS

in TEUR 1/31/2016 1/31/2015 Long-term construction contracts in TEUR 1/31/2016 1/31/2015 Trade receivables 91,316 93,963 For all contracts not invoiced as of the balance sheet date Receivables from long-term construction contracts 3,317 5,423 Income from contracts for the period reported as revenue 1,495 4,990 Payments on account received in respect of receivables from long-term contract costs incurred up to the balance sheet date 952 4,226 construction contracts –3,132 –3,177 profit/(losses) incurred up to the balance sheet date 543 764 Receivables from unconsolidated affiliated companies 12 88 Advances and part payments received 3,450 3,646 Receivables from proportionately consolidated affiliated companies 20 810 To t a l 91,534 97,107 The carrying amounts of trade receivables and receivables from long-term construction contracts as of January 31, 2016, and January 31, 2015, were as follows: As a means of securing liquidity, an agreement to assign customer receivables was entered into with an Austrian bank in fiscal year 2012–2013. Under this agreement, trade receivables, which are insured on a Trade receivables and receivables from long-term construction contracts monthly revolving basis, are sold at their principal amount up to a maximum volume of TEUR 17,000. As of the in TEUR 1/31/2016 1/31/2015 reporting date, receivables with a carrying amount of TEUR 14,985 (previous year: TEUR 12,196) had been Neither impaired nor past due as of the reporting date 75,081 81,559 assigned and derecognized. Trade receivables were due within one year as of January 31, 2016, and Not impaired as of the reporting date and past due in the following time January 31, 2015. bands less than 60 days past due 12,661 9,964 Miba AG undertook to obtain credit insurance for the receivables sold and to take on the debtor management. between 60 and 180 days past due 2,725 4,026 The insurance deductible still has to be borne by Miba AG. The maximum loss exposure from the insurance between 180 and 360 days past due 102 814 deductible (aggregate first loss) applies to all insured receivables, i.e., also to those which have not been sold, more than 360 days past due 158 61 and, as of the reporting date, amounted to TEUR 250 in relation to insured receivables of TEUR 80,070 (previous Receivables for which specific allowances for impairment have been year: TEUR 76,345). The bank has the right to transfer receivables back to Miba AG for procedural reasons in the recognized 806 683 event of a legal dispute. This does not, however, result in the credit risk being transferred back. Any cash To t a l 91,534 97,107 outflows resulting from the buy-back would – if at all – take place at short notice, i.e., in 2016.

Furthermore, the Chinese subsidiaries transfer trade receivables (bill of exchange receivables). The carrying With regard to the balance of trade receivables and receivables from long-term construction contracts which amount of receivables transferred and derecognized as of the reporting date was TEUR 0 (previous year: are neither impaired nor past due, there were no indications as of the reporting date that the debtors will not TEUR 1,833). The carrying amount of receivables transferred and not derecognized was TEUR 0 as of the meet their payment obligations. reporting date (previous year: TEUR 4,087). Secured bank loans were recognized in financial liabilities (transfer

to banks) and trade payables not derecognized (transfer to suppliers) in the same amount. In the previous year,

the receivables were due within a maximum of one year. Miba will only incur a loss if the issuer or endorser of IFRSs to According Financial Statements Consolidated Valuation allowances for trade receivables changed as follows in fiscal years 2015–2016 and 2014–2015: the bill of exchange actually defaults. Miba’s expected loss is TEUR 0 (previous year: TEUR 0).

in TEUR 2015–16 2014–15 Balance 2/1 2,731 2,537 Reversal/utilization –388 –559 Increase in valuation allowances 470 753 Balance 1/31 2,814 2,731

112 113 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Expenses for fully derecognized trade receivables amounted to TEUR 50 (previous year: TEUR 214) in fiscal year (26) GROUP EQUITY 2015–2016.

SHARE CAPITAL (23) OTHER ASSETS The share capital of Miba AG was TEUR 9,500 as of January 31, 2016. It is divided into 1,300,000 no-par value in TEUR 1/31/2016 1/31/2015 shares. Of these, 870,000 are ordinary shares, 130,000 are category A preferred shares with no voting rights Other receivables and assets 17,118 17,088 but with a right to be converted into ordinary shares upon relinquishment of preferential rights, and 300,000 are Prepaid expenses 3,169 2,450 category B preferred shares with no voting rights and no right to be converted into ordinary shares. The holders To t a l 20,287 19,538 of preferred shares receive a preference dividend from the net retained profit of each fiscal year equating to 8 percent of the part of the share capital attributable to the preferred shares. If the company is dissolved, the

preferred shareholders receive any outstanding share of profit from the dissolution proceeds once the company’s creditors have been satisfied or protected. All shares issued are also fully paid up. There is no Other receivables and assets include non-current receivables amounting to TEUR 232 (previous year: TEUR 0). authorized capital in addition to the shares issued.

Miba category B preferred shares were listed in the “Standard Market Auction” segment of the Vienna Stock (24) CURRENT FINANCIAL ASSETS Exchange until the entry in the commercial register on December 3, 2015, of the squeeze-out of the non- controlling interest shareholders and the subsequent delisting. in TEUR 1/31/2016 1/31/2015 Securities 7,381 6,988 Current investments 5,495 4,432 CAPITAL RESERVES Other financial receivables 2,123 999 To t a l 14,999 12,419 Capital reserves solely comprised allocated capital reserves (premium) and remained unchanged at TEUR 18,089.

Securities mainly comprise bonds and bond funds with Austrian banks with maturities of up to twelve months. Current investments mainly include term deposits with domestic and foreign banks with maturities of between TREASURY SHARES three and twelve months. Other financial receivables primarily comprise financial receivables due from customers. No shares were bought back during the reporting period. As of the reporting date, January 31, 2016, Miba AG therefore held 97,979 treasury shares, which equates to around 7.5 percent of the share capital.

(25) CASH AND CASH EQUIVALENTS As of the reporting date, none of the treasury shares had been used as authorized by the Annual General Meeting. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated This item mainly includes cash-in-hand, bank balances and highly liquid investments (term deposits) and securities with maximum maturities of three months. There were no restrictions on the amounts included in The share buyback program that had commenced in 2013 was terminated by the resolution passed at the 29th this item in terms of right of use as of the reporting date. Annual General Meeting on June 25, 2015. At the same time, the Management Board of Miba AG was authorized by the Annual General Meeting to start a new share buyback program. The Management Board has not made use of this authorization. The shareholder squeeze-out entered in the commercial register on December 3, 2015, now invalidates this authorization.

114 115 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Number of Number of Number of On October 12, 2015, Miba AG held an Extraordinary General Meeting. On the agenda at the General Meeting Number of preferred shares preferred shares treasury shares was the request to carry out a squeeze-out of the non-controlling interest shareholders in accordance with ordinary shares (category A) (category B) (category B) section 1(1) of the Austrian Shareholder Squeeze-out Act (GesAusG) and to transfer their shares to the principal Balance 2/1/2014 870,000 130,000 207,556 92,444 shareholder, MBAG, in return for an appropriate cash settlement in accordance with section 2 of the Austrian Repurchased 0 0 –5,535 5,535 Shareholder Squeeze-out Act (GesAusG) in the amount of EUR 540 per share. At the General Meeting, MBAG Balance 1/31/2015 870,000 130,000 202,021 97,979 also requested a conditional increase in the cash settlement from EUR 540 per share to EUR 565 per share. The increase in the cash settlement was subject to three conditions required to be met cumulatively, firstly that no objection to the general meeting resolution be recorded, secondly that no action for rescission or annulment Number of Number of Number of of the general meeting resolution be filed, and thirdly that no request be made for a review of the cash Number of preferred shares preferred shares treasury shares settlement under section 6 of the Austrian Shareholder Squeeze-out Act (GesAusG). The General Meeting ordinary shares (category A) (category B) (category B) unanimously approved the squeeze-out of the non-controlling interest shareholders by transferring their shares Balance 2/1/2015 870,000 130,000 202,021 97,979 in return for an appropriate cash settlement in accordance with MBAG’s amended request. Repurchased 0 0 0 0 Balance 1/31/2016 870,000 130,000 202,021 97,979 On December 3, 2015, the squeeze-out of the non-controlling interest shareholders was entered in the commercial register of the Wels regional and commercial court (Landes- als Handelsgericht Wels); as a result, all non-controlling interest shareholders’ shares not yet sold in the course of the takeover offer were transferred to MBAG and the Company was delisted from the Vienna Stock Exchange. Miba AG is therefore no longer a MIBA AG SQUEEZE-OUT listed company within the meaning of section 3 of the Austrian Stock Corporation Act (AktG).

On July 14, 2015, the Management Board of Miba AG was informed by Miba AG’s majority shareholder, Some of the shareholders who were squeezed out requested a review of the cash settlement under section 6 Mitterbauer Beteiligungs-Aktiengesellschaft (MBAG), about a takeover offer to free float shareholders. At the of the Austrian Shareholder Squeeze-out Act (GesAusG) by the deadline. As a result, proceedings are currently same time, MBAG asked Miba AG to carry out a shareholder squeeze-out procedure in accordance with section ongoing before the Wels regional court to review the cash settlement in accordance with section 6 of the 1 of the Austrian Shareholder Squeeze-out Act (GesAusG). MBAG’s aim was for a squeeze-out and a delisting of Austrian Shareholder Squeeze-out Act (GesAusG) in conjunction with sections 225c ff of the Austrian Stock Miba AG preferred shares from the Vienna Stock Exchange. Corporation Act (AktG). Due to those requests for a review of the cash settlement, the original cash settlement of EUR 540 per share was paid out rather than the conditional increase in the cash settlement offered by MBAG made a voluntary public offer to the other shareholders of Miba AG under sections 4ff of the Austrian MBAG at the General Meeting on October 12, 2015. The outcome of the proceedings to review the amount of Takeover Act (ÜbG) to purchase all category B no-par value preferred bearer shares of Miba AG (ISIN: the cash settlement remains to be seen, but in any case has no impact on the legal validity of the squeeze-out AT0000734835). Those shares already held by the bidder, legal entities acting in concert or Miba AG itself were of the non-controlling interest shareholders and the delisting. excluded. The offer therefore related to 121,233 category B preferred shares, or 9.33 percent of the target company’s total share capital. The offer price was initially EUR 550 per preferred share. RETAINED EARNINGS The offer was published on July 30, 2015. The offer period was three weeks and ended on August 20, 2015. On August 21, 2015, MBAG announced that a total of 40,224 shares had been submitted for sale within the offer Retained earnings include the items described below: Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated period. The squeeze-out threshold of 90 percent was therefore exceeded, meaning that it was possible to accept the offer within the statutory three-month extension. Foreign currency translation reserve, which serves to recognize differences arising from the translation of foreign subsidiary financial statements. On September 18, 2015, MBAG announced an increase in the price offered to Miba AG preferred shareholders to EUR 565 per share, with this price also being paid to those shareholders who had already accepted the offer The available-for-sale financial assets item reports the changes in fair value of financial assets classified as during the original acceptance period ending August 20, 2015. The extended period for accepting the voluntary “available for sale”, after taking account of attributable deferred taxes. takeover offer ended on November 26, 2015. A total of 86,688 shares were submitted under the voluntary takeover offer, an acceptance rate of 71.5 percent. The actuarial gains and losses item results from the measurement of termination benefit and pension provisions, after taking account of attributable deferred taxes.

116 117 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

The share of other comprehensive income of equity-accounted companies is reported under equity-accounted Subsidiaries related to High Tech Coatings companies. Miba Energy Holding GmbH and related Company GmbH & Co KG subsidiaries 27 Profit after tax less dividend payments and less profit attributable to non-controlling interests is recognized in 1/31/2016 1/31/2015 1/31/2016 1/31/2015 other retained earnings. Non-controlling interests in % 51.0 51.0 49.9 49.9

in TEUR NON-CONTROLLING INTERESTS Revenue 21,890 13,780 16,320 16,420 Profit after tax 6,202 3,075 636 1,403 Non-controlling interests relate to third-party interests in consolidated Group companies. This concerns material of which attributable to non-controlling direct non-controlling interests held by Miba AG and, as a result, material indirect non-controlling interests in interests 2,706 1,311 317 702 their subsidiaries. Other comprehensive income –414 3,716 –11 78 Total comprehensive income 5,788 6,791 624 1,481 There are direct non-controlling interests in the subsidiaries of Miba Energy Holding GmbH & Co KG. There are of which attributable to non-controlling direct non-controlling interests of 45 percent in EBG Shenzhen Ltd., China, 30 percent in EBG Resistors LLC, interests 2,632 2,794 306 729 Middletown, USA, and 51 percent in EDMS d.o.o., Šentjernej, Slovenia. One owner of non-controlling interests

has an option to sell his non-controlling interest to the Miba Group. From Miba’s perspective, this written put Non-current assets 10,847 11,596 13,707 8,555 option has a positive fair value as of the reporting date. The option was not recognized in the financial Current assets 18,915 17,500 4,514 6,136 statements, as it is not currently expected to be exercised. Non-current liabilities 1,088 1,427 7,316 4,134

Until December 21, 2015, there was a direct non-controlling interest of 49.9 percent in High Tech Coatings Current liabilities 1,870 2,031 4,478 4,751 GmbH, Laakirchen, Austria, and, as a result, indirect non-controlling interests in its subsidiaries. On Net assets 26,804 25,638 6,427 5,807 December 21, 2015, Miba AG acquired this non-controlling interest of 49.9 percent. Details on the acquisition of which attributable to non-controlling are provided under note (3) Changes to the consolidated group in fiscal year 2015–2016. The amounts presented interests 11,591 10,972 0 2,665 below for the coatings division therefore include the amounts for fiscal year 2015–2016 up to the increase in the shareholding. High Tech Coatings GmbH’s direct and indirect subsidiaries comprise Miba Coatings Trading Cash flow from operating activities 2,428 1,698 1,706 3,449 (Suzhou) Ltd., China, shares in Miba China Holding GmbH, Laakirchen, Austria, and shares in Miba Precision Cash flow from investing activities –139 –154 –5,607 –3,433 Components (China) Co. Ltd., Suzhou, China. Cash flow from financing activities –773 –850 3,239 172 of which dividends to non-controlling The companies’ financial information is summarized below. In order to present a true and fair view of the non- interests 2,013 0 0 0 controlling interests, the indirect non-controlling interests in the subsidiaries have also been taken into account. Change in cash and cash equivalents 1,516 694 –662 188 The disclosures on non-controlling interests presented in the following table cannot therefore be calculated

from the direct non-controlling interests. This information is stated before intragroup eliminations. Intragroup Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated eliminations are only carried out between the companies included in the consolidation.

118 119 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(27) TERMINATION BENEFIT AND PENSION PROVISIONS Changes deemed possible as of the reporting date, applying prudent judgment, in one of the material actuarial assumptions while keeping other assumptions constant would have influenced defined benefit obligations by The most important actuarial assumptions used as of the reporting date are listed below in percent. the following amounts:

Actuarial assumptions – in % 1/31/2016 1/31/2015 Effect as of 1/31/2016, in TEUR Increase Decrease Discount rate (termination benefit provision) 2.00 1.70 Discount rate (1% change) –2,924 3,509 Discount rate (pension provision) 1.80 1.70 Future wage or salary increases (0.5% change) 1,658 –1,528 Future wage or salary increases (termination benefit provision) 2.40 2.40

Effect as of 1/31/2015, in TEUR Increase Decrease Assumptions about future mortality are based on the Rechnungsgrundlagen für die Pensionsversicherung AVÖ- Discount rate (1% change) –3,157 3,814 P08 GEM (AVÖ-P08 GEM calculation principles for pension insurance). Taking transitional regulations into Future wage or salary increases (0.5% change) 1,793 –1,648 account, the earliest possible date of entitlement to a retirement pension was taken as a basis for the assumed retirement age. A company-specific deduction for staff turnover was applied.

PENSION PROVISIONS TERMINATION BENEFIT PROVISIONS in TEUR 1/31/2016 1/31/2015 in TEUR 1/31/2016 1/31/2015 Present value of pension obligations (DBO) = opening balance 8,941 7,687 Present value of termination benefit obligations (DBO) = opening Interest expense 150 260 balance 26,579 21,981 Pension payments from plan assets –401 –401 Current service cost 1,186 1,020 Employer pension payments –144 –144 Interest expense 549 757 Actuarial gains (–)/losses (+) from changes in financial assumptions –71 1,438 Termination benefit payments –1,500 –2,176 Actuarial gains (–)/losses (+) from changes in experience assumptions 37 101 Actuarial gains (–)/losses (+) from changes in financial assumptions –975 4,268 Present value of pension obligations (DBO) = closing balance 8,512 8,941 Actuarial gains (–)/losses (+) from changes in experience assumptions –19 731 Value of plan assets (pension liabilities insurance) –5,395 –5,570 Present value of termination benefit obligations (DBO) = closing balance 25,820 26,579 Pension provisions 3,117 3,371

Expected payments from termination benefit obligations for fiscal year 2016–2017 are TEUR 749 (previous year: There is an individual agreement which provides for an annual consumer price index-related pension adjustment TEUR 654). for the material pension benefit to a former member of the Management Board included in pension obligations. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated The weighted average duration of defined benefit obligations as of January 31, 2016, was 12.6 years (previous year: 13.3 years).

27 Up to increase in shareholding

120 121 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Changes deemed possible as of the reporting date, applying prudent judgment, in one of the material actuarial Changes deemed possible as of the reporting date, applying prudent judgment, in one of the material actuarial assumptions while keeping other assumptions constant would have influenced defined benefit obligations by assumptions while keeping other assumptions constant would have influenced defined benefit obligations by the following amounts: the following amounts:

Effect as of 1/31/2016, in TEUR Increase Decrease Effect as of 1/31/2016, in TEUR Increase Decrease Future pension adjustments (0.5% change) 423 –393 Discount rate (1 % change) –786 927

Effect as of 1/31/2015, in TEUR Increase Decrease Effect as of 1/31/2015, in TEUR Increase Decrease Future pension adjustments (0.5% change) 464 –430 Discount rate (1 % change) –806 953

Plan assets include two insurance contracts which were entered into to cover this direct pension commitment. (28) FINANCIAL LIABILITIES

There is also another individual agreement which provides for an increase of 1.0 percentage point per year for This item includes all interest-bearing liabilities with a remaining maturity of more than one year. another pension. None of the other pension obligations provide for any further pension adjustments. in TEUR 1/31/2016 1/31/2015 The movement in the fair value of plan assets is presented in the following table: Bond 74,833 74,783 Liabilities to banks 32,110 22,205 in TEUR 1/31/2016 1/31/2015 of which with a remaining maturity of more than 5 years 9,866 0 Value of plan assets at beginning of fiscal year 5,570 5,728 Liabilities to non-banks (loans) 3,197 2,827 Interest income from plan assets 91 193 of which with a remaining maturity of more than 5 years 145 0 Income from plan assets (excluding interest income) 135 49 Liabilities under finance leases 11,312 12,613 Pension payments from plan assets –401 –401 of which with a remaining maturity of more than 5 years 5,804 6,229 Value of plan assets at end of fiscal year 5,395 5,570 To t a l 121,452 112,428 of which with a remaining maturity of more than 5 years 15,815 6,229

Expected payments from pension obligations for fiscal year 2016–2017 amount to TEUR 549 (previous year: TEUR 548). On February 27, 2012, Miba AG issued a seven-year bullet bond with a principal amount of EUR 75,000,000.00 (ISIN AT0000A0T8M1). The bond comprises 150,000 notes with a principal amount of EUR 500.00 each. The The weighted average duration of defined benefit obligations as of January 31, 2016, was 10.2 years (previous interest rate is 4.5 percent p.a. Interest is payable annually in arrears on February 27. year: 10.4 years). Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Transaction costs that are directly attributable to the issue have been added to the bond in accordance with IAS 39.43 and are recognized over the term using the effective interest method.

The Miba Group had sufficient unused approved credit lines available as of the reporting date. There are no restrictions on the use of the credit lines.

122 123 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(29) OTHER NON-CURRENT LIABILITIES (31) TRADE PAYABLES

This item includes other non-current liabilities with a remaining maturity of more than one year. in TEUR 1/31/2016 1/31/2015 Trade payables due to third parties 83,783 59,164 in TEUR 1/31/2016 1/31/2015 Liabilities to unconsolidated affiliated companies 1,271 1,638 Personnel obligations 6,519 6,109 Liabilities to proportionately consolidated affiliated companies 380 449 of which with a remaining maturity of more than 5 years 6,519 6,109 To t a l 85,433 61,250 Payments on account received in respect of orders 31 283 Investment subsidies 18 25 To t a l 6,568 6,417 Since fiscal year 2014–2015, the Miba Group has been using reverse factoring as part of its working capital of which with a remaining maturity of more than 5 years 6,519 6,109 financing. In cooperation with Austrian banks, suppliers’ Miba Group receivables are bought by the banks. This gives suppliers the opportunity to discount their receivables before the payment period expires. The Miba Group settles the liability as it falls due by payment to the banks. As of January 31, 2016, trade payables in the (30) PROVISIONS amount of TEUR 25,640 (previous year: TEUR 8,093) were subject to reverse factoring. As the criteria for the derecognition of trade payables and the recognition as new financial liabilities do not apply, the original trade payables continue to be reported as such. Details on this are provided in note (47) Accounting policies. Foreign Alloca- exchange tion to Balance differ- pro- Balance in TEUR 2/1/2015 ences Utilized Reversals visions 1/31/2016 (32) CURRENT FINANCIAL LIABILITIES Other non-current personnel provisions 1,833 0 0 0 433 2,266 This item includes all interest-bearing liabilities with a remaining maturity of less than one year. Other personnel provisions 7,150 61 5,861 4 6,433 7,778

Other provisions 11,704 –3 8,188 570 2,981 5,923 in TEUR 1/31/2016 1/31/2015 Liabilities to banks 15,544 17,139 Other loans 943 704 Other non-current personnel provisions relate to long-term oriented remuneration components for members of Liabilities under finance leases 1,526 1,470 the Management Board. Other financial liabilities 5,728 8,123

After the initial allocation, one version of this variable remuneration component changes in line with the To t a l 23,741 27,436 performance of equity as of each reporting date. After a holding period of three years, the beneficiaries have the option of a cash settlement.

A new version of long-term oriented remuneration entitles the owner to a cash settlement at the expected date IFRSs to According Financial Statements Consolidated of retirement. The amount paid out also depends on the change in group equity.

Other personnel provisions mostly consist of variable remuneration components and will become due for payment within one year.

Other provisions mainly comprise provisions for onerous contracts and warranties. It is assumed that payment will become due within one year.

124 125 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(33) OTHER CURRENT LIABILITIES in TEUR 1/31/2016 1/31/2015 Carrying amount 2/1 12,471 6,980 in TEUR 1/31/2016 1/31/2015 Change in consolidated group 0 234 Payments on account received in respect of orders 1,746 626 Share of profit/loss for the year 1,752 3,673 Other liabilities 1,467 7,165 Currency translation 28 1,585 Other personnel-related liabilities 16,047 11,394 Carrying amount 1/31 14,251 12,471 Other liabilities from non-controlling interests in limited partnerships 14,251 12,471 Other liabilities to tax authorities 2,306 3,149 Other liabilities from social obligations 3,660 3,611 (34) CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS Deferred income 516 624 To t a l 39,994 39,041 Contingent liabilities were as follows:

in TEUR 1/31/2016 1/31/2015 Other liabilities from non-controlling interests in limited partnerships include the direct and indirect non- Guarantees 5,666 5,702 controlling interests in Miba Energy Holding GmbH & Co KG and its subsidiaries. The direct non-controlling interest in Miba Energy Holding GmbH & Co KG is held by the higher-tier affiliated company, Mitterbauer Beteiligungs-Aktiengesellschaft. OTHER This is reported in other liabilities because the non-controlling interests in Austrian limited partnerships do not meet the IAS 32 conditions for being reported in equity since limited partners have a statutory right to offer Management considers the probability of a negative impact from current litigation to be low. their shares to the general partner. There are no other obligations or risks which have not been reported appropriately in the accompanying Miba Energy Holding GmbH & Co KG’s principal place of business is in Laakirchen, Austria. The direct non- consolidated financial statements or in the disclosures. controlling interest in Miba Energy Holding GmbH & Co KG is 51.0 percent. The direct non-controlling interest in Miba Energy Holding GmbH & Co KG is held by the higher-tier affiliated company, Mitterbauer Beteiligungs- Aktiengesellschaft. Miba Energy Holding GmbH & Co KG’s direct and indirect subsidiaries include EBG (35) CONSOLIDATED CASH FLOW STATEMENT Elektronische Bauelemente GmbH, EBG & DAU Kühlerentwicklung GmbH, EBG Shenzhen Ltd., EBG LLC, EBG Resistors LLC, EDMS d.o.o., DAU GmbH & Co KG, Dau GmbH, DAU Thermal Solutions North America Inc., The consolidated cash flow statement has been prepared using the indirect method. Cash and cash equivalents Miba Energy Holding LLC, Miba Asia Holding Pte. Ltd. and shares in Miba China Holding GmbH. comprise cash-in-hand, checks, cash at banks and short-term available-for-sale securities with a remaining maturity of up to three months. Income taxes paid as well as interest and dividends received have been Other liabilities from non-controlling interests in limited partnerships changed as follows: classified as operating activities. Interest and dividends paid are classified as financing activities. The effects from currency translation and changes to the basis of consolidation have been eliminated from the respective items in the three classification areas. IFRSs to According Financial Statements Consolidated

(36) FINANCIAL INSTRUMENTS

The carrying amounts (classified according to IAS 39 measurement categories) and fair values (classified into the fair value hierarchy, see explanation below) of financial assets and financial liabilities as of January 31, 2016, and January 31, 2015, were as follows:

126 127 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

IAS 39 measurement category Fair value hierarchy At fair Carrying Total value amount carrying through Loans and Other Total fair under IAS 39 amount profit or Held to receiv- Available financial value as of January 31, 2016, in TEUR at Balance sheet item 1/31/2016 loss maturity ables for sale liabilities 1/31/2016 Level 1 Level 2 Level 3 Financial assets recognized at fair value Securities (held for trading) FV Financial and current financial assets 3,981 3,981 0 0 0 0 3,981 3,981 0 0 Securities (fair value option) FV Financial assets 18,699 18,699 0 0 0 0 18,699 18,699 0 0 Securities (available for sale) FV Financial and current financial assets 18,034 0 0 0 18,034 0 18,034 18,034 0 0 40,714 22,680 0 0 18,034 0 Financial assets not recognized at fair value Investments in affiliated companies (unconsolidated) and C Financial assets other equity investments 1,171 0 0 0 1,171 0 0 0 0 0 Securities (held to maturity) AC Financial assets 10,000 0 10,000 0 0 0 10,493 10,493 0 0 Loans AC Financial assets 30,117 0 0 30,117 0 0 30,338 0 0 30,338 Trade receivables AC Trade receivables 91,348 0 0 91,348 0 0 0 0 0 0 Receivables from long-term construction contracts N/A Trade receivables 185 0 0 185 0 0 0 0 0 0 Other financial receivables AC Financial and current financial assets 5,826 0 0 5,826 0 0 0 0 0 0 Current investments AC Current financial assets 5,495 0 0 5,495 0 0 0 0 0 0 Cash and cash equivalents AC Cash and cash equivalents 160,876 0 0 160,876 0 0 0 0 0 0 305,019 0 10,000 293,848 1,171 0 Financial liabilities recognized at fair value Derivatives with negative fair values not in hedging FV Current financial liabilities relationships 1,373 1,373 0 0 0 0 1,373 0 1,373 0 1,373 1,373 0 0 0 0 Financial liabilities not recognized at fair value Financial liabilities AC Financial and current financial liabilities 126,627 0 0 0 0 126,627 126,776 0 0 126,776

Liabilities under finance leases N/A Financial and current financial IFRSs to According Financial Statements Consolidated liabilities 12,837 0 0 0 0 12,837 12,837 0 0 12,837 Other financial liabilities AC Current financial liabilities 4,356 0 0 0 0 4,356 0 0 0 0 Trade payables AC Trade payables 85,433 0 0 0 0 85,433 0 0 0 0 229,253 0 0 0 0 229,253

FV = fair value C = cost AC = amortized cost

128 129 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

IAS 39 measurement category Fair value hierarchy At fair Carrying Total value amount carrying through Loans and Other Total fair under IAS 39 amount profit or Held to receiv- Available financial value as of January 31, 2015, in TEUR at Balance sheet item 1/31/2015 loss maturity ables for sale liabilities 1/31/2015 Level 1 Level 2 Level 3 Financial assets recognized at fair value Securities (held for trading) FV Financial and current financial assets 3,635 3,635 0 0 0 0 3,635 3,635 0 0 Securities (fair value option) FV Financial assets 13,442 13,442 0 0 0 0 13,442 13,442 0 0 Securities (available for sale) FV Financial and current financial assets 18,018 0 0 0 18,018 0 18,018 18,018 0 0 35,095 17,077 0 0 18,018 0 Financial assets not recognized at fair value Investments in affiliated companies (unconsolidated) and C Financial assets other equity investments 1,241 0 0 0 1,241 0 0 0 0 0 Securities (held to maturity) AC Financial assets 10,000 0 10,000 0 0 0 10,901 10,901 0 0 Loans AC Financial assets 27,432 0 0 27,432 0 0 27,606 0 0 27,606 Trade receivables AC Trade receivables 94,861 0 0 94,861 0 0 0 0 0 0 Receivables from long-term construction contracts N/A Trade receivables 2,246 0 0 2,246 0 0 0 0 0 0 Other financial receivables AC Financial and current financial assets 4,175 0 0 4,175 0 0 0 0 0 0 Current investments AC Current financial assets 4,432 0 0 4,432 0 0 0 0 0 0 Cash and cash equivalents AC Cash and cash equivalents 133,492 0 0 133,492 0 0 0 0 0 0 277,879 0 10,000 266,638 1,241 0 Financial liabilities recognized at fair value Derivatives with negative fair values not in hedging FV Current financial liabilities relationships 449 449 0 0 0 0 449 0 449 0 449 449 0 0 0 0 Financial liabilities not recognized at fair value Financial liabilities AC Financial and current financial liabilities 117,659 0 0 0 0 117,659 117,989 0 0 117,989

Liabilities under finance leases N/A Financial and current financial IFRSs to According Financial Statements Consolidated liabilities 14,083 0 0 0 0 14,083 14,083 0 0 14,083 Other financial liabilities AC Current financial liabilities 7,674 0 0 0 0 7,674 0 0 0 0 Trade payables AC Trade payables 61,250 0 0 0 0 61,250 0 0 0 0

200,666 0 0 0 0 200,666

FV = fair value C = cost AC = amortized cost

130 131 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

FAIR VALUE MEASUREMENT OFFSET

Fair values of financial assets and liabilities are classified into levels 1 to 3 depending on how observable their Financial assets and liabilities are generally reported gross. They are only offset if Miba AG currently has a fair value is: legally enforceable right and intends to set off the amounts. There are also master netting agreements within the Miba Group which allow for derivative-related offsetting. The IFRS 7 disclosures have not been provided, as . Level 1: Market prices quoted in active markets for identical financial assets and liabilities. there were no amounts requiring offset as of the reporting date. . Level 2: Fair values determined using quoted prices or measurement methods for which the inputs that are important for determining value are based on observable market data. . Level 3: Fair values calculated using models in which the inputs that are important for determining value are NET INCOME based on non-observable data. Net income from financial instruments, broken down by the IAS 39 measurement categories, was as follows in Trade receivables and payables, receivables from long-term construction contracts and from current fiscal year 2015–2016 and 2014–2015: investments, other financial receivables and liabilities and cash and cash equivalents are financial assets and liabilities which are not recognized at fair value and have predominantly short remaining maturities. Their From subsequent measurement carrying amounts equate approximately to fair value as of the reporting date. at fair at fair value value Allowance for The fair value of securities (with the exception of other equity investments) is based on current prices and through outside From profit or profit or impair- From equates to the market value as of the reporting date. Fiscal year 2015–16 in TEUR interest loss loss ment disposals Total Loans and receivables 1,271 0 0 –37 –50 1,184 Investments in (unconsolidated) affiliated companies and other equity investments in companies include Held to maturity 360 0 0 0 0 360 unquoted equity instruments whose fair value cannot be reliably determined and which are recognized at cost. Financial assets at fair value No disposals are planned in the foreseeable future. through profit or loss (held for trading) 19 –45 0 0 0 –26 The fair value of loans to third parties equates, if material, to the present value of the payments associated with Financial assets at fair value the assets, taking the respective current, observable market parameters (interest rates and currencies) and through profit or loss (fair value unobservable parameters (credit ratings of counterparties) into account. option) 0 110 0 0 0 110 Available for sale 0 0 19 –3 0 16 The fair values of derivative financial instruments are measured using recognized actuarial techniques (DCF Financial liabilities at amortized method) which are based on observable market parameters (yield curves, exchange rates, quoted copper cost –4,517 0 0 0 0 –4,517 prices) and unobservable parameters (credit ratings and counterparty credit risk). In addition, as of the reporting Financial liabilities at fair value date, market prices established by banks are used and adjustments made taking account of the credit risk through profit or loss –71 –1,095 0 0 0 –1,166 (credit/debit value adjustments) if these adjustments are material. To t a l –2,937 –1,029 19 –40 –50 –4,038

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Fair values of financial liabilities are, if material, calculated as present values of the payments associated with the liabilities, based on current observable market parameters (yield curves and exchange rates) and unobservable parameters (Miba AG’s credit rating).

Liabilities under finance leases are recognized at the present value of future lease payments because they bear variable interest.

132 133 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

From subsequent measurement In order to hedge the planned adjustment to lease payments provided for in the lease agreements of a number at fair at fair of Group companies, whereby lease payments will be brought into line with the performance of short-term value value Allowance interest rates, two interest rate swaps (five and seven years) were entered into in fiscal year 2013–2014 as through outside for hedging instruments, in which Miba AG, who pays fixed interest and receives variable interest, is transferring From profit or profit or impair- From variable payments into fixed payments in order to hedge against rising interest rates. Fiscal year 2014–15 in TEUR interest loss loss ment disposals Total Loans and receivables 1,169 0 0 20 –214 975 The Company has power purchase agreements with minimum purchase obligations that generally meet the Held to maturity 360 0 0 0 0 360 definition of a derivative. Previously, the electricity purchased had only been for own use and had therefore not Financial assets at fair value been accounted for as a derivative (own use exemption). Price optimization was applied to parts of the through profit or loss (held for electricity purchased in the past fiscal year, as a result of which the exemption provisions could no longer be trading) 10 112 0 0 0 122 utilized and measurement is now at fair value. The maximum remaining term of the minimum purchase Financial assets at fair value through profit or loss (fair value obligation is eleven months. option) 0 150 0 0 0 150 Available for sale 29 0 35 0 0 64 Net losses of TEUR 1,166 (previous year: TEUR 416) from derivative financial instruments not included in a Financial liabilities at amortized hedging relationship that are designated as financial liabilities at fair value through profit or loss have been cost –4,626 0 0 0 0 –4,626 recognized in the consolidated income statement. Financial liabilities at fair value through profit or loss –55 –406 0 0 45 –416 The level of outstanding derivative financial instruments was as follows: To t a l –3,114 –144 35 20 –169 –3,372 1/31/2016 1/31/2015 Notional Notional amount amount The loans and receivables category includes interest income, allowances for impairment and expenses from the in TUSD in TUSD derecognition of trade receivables. The held to maturity category comprises interest income. Financial assets at (copper)/ (copper)/ fair value through profit or loss include dividend income as well as expenses from impairment losses and in TEUR Positive fair Negative fair in TEUR Positive fair Negative fair income from the reversal of impairment losses. The available for sale category includes interest income, income (interest value in value in (interest value in value in rate) TEUR TEUR rate) TEUR TEUR from the reversal of impairment losses, income from the disposal of financial assets and expenses from impairment losses. Financial liabilities at amortized cost comprise interest expenses. Financial liabilities at fair Commodity price hedge (copper) 2,559 0 –342 1,306 0 –187 value through profit or loss include expenses from the measurement of derivatives not in hedging relationships, Interest rate hedge 6,500 0 –288 6,500 0 –262 interest expenses and income from the disposal of derivatives. Energy price hedge (electricity) 2,461 0 –743 0 0 0

DERIVATIVES NOT SUBJECT TO HEDGE ACCOUNTING Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated All derivative financial instruments which do not meet the hedge accounting criteria of IAS 39 and have been classified as held for trading are recognized at fair value. Derivative financial instruments with positive fair values are reported under current financial assets, while those with negative fair values are reported under current financial liabilities.

A multiple settlement commodity swap based on the “LME Copper Cash” index was entered into during the fiscal year. The hedged item was the future purchase of copper as a raw material. This hedging transaction is intended to reduce the risk of rising copper prices by transferring variable purchase costs for a basic purchase volume into fixed (commodity swap) purchase costs. The maximum remaining maturity of the commodity hedges is five months.

134 135 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(37) FINANCIAL RISK MANAGEMENT LIQUIDITY RISK

As a global business, the Miba Group is exposed to certain general and sector-specific risks. Liquidity safeguarding must ensure the Group’s solvency at all times. The Group’s liquidity is managed via a central treasury department which is responsible for the administration of internal and external cash flows, for It is corporate policy to identify emerging risks at an early stage through the close monitoring of existing managing and minimizing financial risks and for the provision and investment of capital at the best possible exposures and market developments, and to take countermeasures quickly. terms. Solvency is ensured through appropriate liquidity planning at the start of the year, by having sufficient cash and cash equivalents during the year and by means of short-term borrowing. The annual evaluation of Group companies did not reveal any material new or previously unrecognized risks. In addition, based on the information currently available, there are no individual risks to the continued existence of Together with the additional financing available, the current excess of available financial assets over financial the Miba Group as a going concern which might have a material, detrimental effect on the assets, liabilities, liabilities represents an adequate liquidity buffer. This results in an excess of financial assets over debt of financial position and profit or loss. TEUR 117,946 as of January 31, 2016 (previous year: TEUR 90,366).

Financial instruments represent an important area when hedging risks. Financial instruments such as trade Current cash and cash equivalents are managed centrally via a cash reporting system, which allows negative receivables and trade payables, as well as financial assets and liabilities are included under IAS 32. The carrying developments to be recognized early and to be reacted to quickly. If required, a rolling short-term liquidity amount of the primary financial instruments reported in the consolidated balance sheet mainly equates to forecast is also prepared. market value or fair value. The contractually agreed (undiscounted) payments of interest and principal for primary financial liabilities as well as for derivative financial liabilities with negative fair values comprised the following as of January 31, 2016, and CREDIT RISK January 31, 2015:

The risk of delayed payments or payment defaults affects both customers and banks for which the Group holds receivables in the form of trade receivables or invested funds.

Credit ratings of new and existing customers are monitored continually as part of an extensive credit insurance policy for trade receivables. As of the reporting date, the largest customer made up 4.0 percent (previous year: 4.8 percent) of outstanding receivables.

For banks, an internal credit assessment is performed continually using various key performance indicators. Investment volume limits are issued for each bank. According to internal guidelines, investments may only be placed with banks that have an excellent credit rating. Furthermore, rating and/or risk is discussed with the most important investment partners at least once a year.

As the majority (87.5 percent) of trade receivables are insured, their risk of default is regarded as low. The Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated carrying amounts of receivables and other financial assets represent the maximum credit or default risk as of the reporting date.

A risk analysis of trade receivables outstanding as of the reporting date is presented under note (22) Trade receivables.

136 137 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Carrying Cash flows 2017–18 Cash flows from Carrying Cash flows 2016–17 Cash flows from amount Cash flows 2016–17 to 2020–21 2021–22 amount Cashflows 2015–16 to 2019–20 2020–21 in TEUR 1/31/2016 Interest Principal Interest Principal Interest Principal in TEUR 1/31/2015 Interest Principal Interest Principal Interest Principal Nonderivative Nonderivative financial liabilities financial liabilities Interest-bearing Interest-bearing liabilities 126,627 4,339 16,487 11,883 100,297 70 10,011 liabilities 117,659 4,661 17,843 14,252 100,032 0 0 Liabilities under Liabilities under finance leases 12,837 302 1,526 853 5,508 853 5,804 finance leases 14,083 336 1,470 971 6,384 992 6,229 Other financial Other financial liabilities 4,356 0 4,356 0 0 0 0 liabilities 7,674 0 7,674 0 0 0 0 Trade payables 85,433 0 85,433 0 0 0 0 Trade payables 61,250 0 61,250 0 0 0 0 To t a l 229,253 4,641 107,801 12,736 105,805 923 15,815 To t a l 200,666 4,997 88,238 15,223 106,416 992 6,229

Derivative financial Derivative financial liabilities liabilities Derivatives with Derivatives with negative fair values negative fair values not in hedging not in hedging relationships 1,373 288 0 0 0 0 0 relationships 449 262 0 0 0 0 0 To t a l 1,373 288 0 0 0 0 0 To t a l 449 262 0 0 0 0 0

All financial instruments held as of the reporting date and for which payments had already been contractually agreed have been included. Projected figures for future new liabilities are not included. Amounts denominated in foreign currencies have been translated at the closing rate. Variable interest payments for financial instruments were determined based on the last interest rates fixed before the reporting date. Financial liabilities that are repayable at any time are always allocated to the earliest maturity banding.

MARKET RISK

Market risks which are material to the Miba Group and related sensitivity analyses are presented below. The

financial instrument holdings affected as of the reporting date were used as the basis for determining the IFRSs to According Financial Statements Consolidated effects from hypothetical changes to the risk variables. In doing so, it was assumed that the respective risk as of the reporting date for the most part represents the risk during the fiscal year. The Austrian corporate income tax rate of 25 percent was used uniformly as the tax rate.

138 139 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Currency risk If the euro had appreciated against the US dollar or the renminbi yuan by 10 percent as of the reporting date, Transactions which are not in the local (functional) currency of a Group company can lead to currency risk. In then profit and equity would have changed by the following amounts: other words, Group companies in the USD currency area are, for example, subject to currency risk when engaging in EUR transactions, and vice versa. 1/31/2016 1/31/2015 Effect on Effect on There are three main currency areas within the Miba Group (euro, US dollar and renminbi yuan) which reflect profit (after Effect on profit (after Effect on the majority of transactions, cash flows, financial assets and liabilities (including trade receivables and Appreciation of EUR by 10% in TEUR tax) equity tax) equity payables). Currency risk is reduced through natural hedges when production sites are located in these currency EUR-USD –4,543 –4,543 –2,510 –2,510 areas and customers are supplied locally. EUR-CNY –2,600 –2,600 –1,002 –1,002

Currency risks on the asset side of the balance sheet mainly relate to the US dollar and result from trade receivables from international customers as well as cash balances and investments. On the equity and liabilities If the euro had depreciated against the US dollar or the renminbi yuan by 10 percent as of the reporting date, side, there are no notable currency risks except in relation to trade payables, since the ongoing financing of then profit and equity would have changed by the following amounts: operations by Group companies takes place in the respective local (functional) currency. 1/31/2016 1/31/2015 . Sensitivity analysis for currency risk Effect on Effect on profit (after Effect on profit (after Effect on The following table shows the material net risk exposure in euros, US dollars and renminbi yuan which existed Devaluation of EUR by 10% in TEUR tax) equity tax) equity in Group companies in the three currency areas as foreign currency items as of the reporting date. Since Group EUR-USD 5,552 5,552 3,068 3,068 companies in the USD and CNY currency areas also report EUR foreign currency items, foreign currency risks EUR-CNY 3,178 3,178 1,224 1,224 can also arise in euro.

1/31/2016 1/31/2015 It has been assumed in this analysis that all other variables, particularly interest rates, remain constant. Foreign in thousand EUR USD CNY EUR USD CNY currency effects from intra-Group receivables and liabilities (transaction effects) were taken into account in the Financial assets (incl. trade calculation. Foreign currency effects from the translation of the financial statements of foreign subsidiaries into receivables) 252 67,976 42,043 219 42,371 120 the euro, the Group currency (translation effects), have not been taken into account. Financial liabilities( incl. trade payables) –38,794 –1,787 –496 –25,375 –12,865 –666 Interest rate risk Net risk exposure –38,543 66,189 41,547 –25,155 29,507 –546 Interest rate risk exists when rising or falling interest rates result in a higher interest expense or in lower interest income.

Interest rate risk is limited by the 4.5 percent fixed interest bond, which represents more than half of the interest-bearing liabilities, as well as by further fixed interest loans. In addition, an interest rate swap has been Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated entered into to reduce the risk from interest rate changes which arises from lease agreements.

On the asset side of the balance sheet, cash balances and, assuming reinvestment, variable interest and short- term investments are subject to interest rate risk. The risk of falling interest rates is very limited due to the prevailing low level of interest rates in both major currency areas (USD and EUR). Rising interest rates would lead to significantly higher interest income.

140 141 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

. Sensitivity analysis for interest rate risk profit of the Group. These effects are partly reduced by derivative financial instruments used to hedge commodity prices (copper price hedge). Variable interest-bearing assets and liabilities that are exposed to interest rate risk are presented in the following table: Copper purchasing volumes in fiscal year 2015–2016 amounted to 3,330 tons (previous year: 2,951 tons), of which a total of 680 tons (previous year: 700 tons) were hedged by financial instruments (680 tons by forward in TEUR 1/31/2016 1/31/2015 transactions and 0 by option contracts). Price escalator clauses in customer contracts are a further hedge. Variable interest-bearing assets 159,533 193,024 Variable interest-bearing liabilities –51,424 –53,721 . Sensitivity analysis for commodity price risk Interest rate hedges (interest rate swaps) 6,500 6,500 As of the reporting date of January 31, 2016, 480 tons (previous year: 200 tons) of copper were hedged by To t a l 114,609 145,804 forward transactions. If the copper price as of the reporting date had been 20 percent lower, then the profit

(after tax) from commodity derivatives would have declined by TEUR 294 (previous year: TEUR 154). An increase of 20 percent in the copper price would have improved the profit (after tax) accordingly. Equity would have been An increase in the market interest rate by 100 basis points as of the reporting date would have the following affected in the same way. effect on profit and group equity:

No option contracts were entered into to hedge commodity prices in fiscal year 2015–2016. In fiscal year 1/31/2016 1/31/2015 2014–2015, there were still option contracts in place which cap the risk of rising commodity prices and limit Effect on Effect on participation in falling prices (zero cost collar option). A volume of 80 tons was hedged in this way and neither Increase in market interest rate by 100 basis profit (after Effect on profit (after Effect on points, in TEUR tax) equity tax) equity the cap nor the floor of this derivative was reached. As a result, there were no compensatory payments in the previous year and profit and equity were unaffected. Variable interest-bearing assets and liabilities 811 811 1,045 1,045 Interest rate hedges (interest rate swaps) 49 49 49 49 Market risk To t a l 860 860 1,094 1,094 Securities traded in the market are exposed to the risk of fluctuating prices. Quoted securities (debt instruments) that are subject to market risk are held primarily for investment purposes. The volume of securities recognized at fair value as of the reporting date was TEUR 40,714. Risk is managed in accordance with a The derivative financial instruments used to hedge interest rates (interest rate swaps) transfer variable documented risk management strategy. payments into fixed payments. As the variable interest rate recipient, an increase in the market interest rate of 100 basis points would result in an increase in profit and equity by the amounts presented in the above table, as . Sensitivity analysis for market risk the fixed payments are not affected by interest rate changes. The quoted securities which are subject to market risk comprise the held-for-trading and fair value option At present, a reduction in the market interest rate by 100 basis points as of the reporting date would securities recognized at fair value (both through profit or loss) and the available-for-sale securities (outside of theoretically result in negative interest, which is precluded in the case of most investments. A lower reduction profit or loss). in the market interest rate would largely have an aliquot effect, but with a reversed plus or minus sign, on profit Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated and on group equity. A 5 percent rise in market prices would result in an increase in profit (after tax) of TEUR 851 (previous year: TEUR 640) and equity of TEUR 1,527 (previous year: TEUR 1,316). A 5 percent decline in market prices would It was assumed in this analysis that all other variables, particularly exchange rates, remain constant. The result in a reduction in profit (after tax) and equity by the same amounts. sensitivity of group equity was solely affected by profit (after tax). Moreover, only the cash flow risk was taken into account since fair value risk is not material. It was assumed in this analysis that all other variables remain constant.

Commodity price risk Miba AG uses various commodities for its products which are subject to price fluctuations. Copper is material to the Company in addition to various types of steel. Changes in commodity prices can have an effect on the

142 143 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(38) CAPITAL MANAGEMENT specifications. The segments are managed independently. The classification corresponds to the internal organization and management structure of the Group. The central operating profit control metric is the IFRS Miba AG’s Articles of Incorporation do not specify any minimum capital requirements. The primary objective of EBIT. the Miba Group’s capital management is to ensure the financial independence of the Group as well as the availability of the liquidity that is necessary to operate. The segments are as follows:

Financial independence is managed using two key performance indicators: . Miba Europe . Equity ratio, measured against group equity and group total assets, and Miba Europe comprises all consolidated production plants and trading branches of the Miba Group which are domiciled in Europe. This segment encompasses the manufacture and sale of sintered components (sinter . Excess of debt over financial assets, or excess of financial assets over debt, measured as net liquidity plus products), engine bearings (bearing products), friction materials (friction products), power electronics (current and non-current) financial assets, excluding securities to cover pension provisions. components, coatings (coating processes) and special machinery (equipment manufacturing).

The company does not have specific targets for the group equity ratio or the excess of debt over financial . Miba Americas assets. Miba Americas comprises all consolidated production plants and trading branches of the Miba Group which are The equity ratio has remained constantly above 50 percent in the last few years and was 57.2 percent as of the domiciled in North or South America. This segment also includes Miba Energy Holding LLC, McConnelsville, reporting date (previous year: 56.9 percent). Ohio, USA, which also serves as the North America service center in addition to its holding company function. There are currently no consolidated companies in South America. The Miba Americas segment encompasses Since the middle of fiscal year 2012–2013, the Miba Group has been operating with an excess of financial the manufacture and sale of sintered components (sinter products), engine bearings (bearing products), friction assets over debt. Having an excess of financial assets over financial liabilities in the Miba Group is not a cast- materials (friction products) and power electronics components. iron target; however, the solid performance in the last few years has ensured that this has continued to be achieved. As of January 31, 2016, the excess of financial assets over debt was TEUR 117,946 (previous year: . Miba Asia TEUR 90,366). Miba Asia comprises all consolidated production plants and trading branches of the Miba Group which are 1/31/2016 1/31/2015 domiciled in Asia. This segment also includes Miba Asia Holding Pte. Ltd., Singapore, which serves as a holding Group equity in TEUR 462,029 421,975 company for the Asia region. The Miba Asia segment encompasses the manufacture and sale of sintered Group total assets in TEUR 807,793 741,867 components (sinter products), engine bearings (bearing products), friction materials (friction products), power Group equity ratio in % 57.2 56.9 electronics components and coatings (coating processes). . Miba Shared Services (39) SEGMENT REPORTING The Miba Shared Services segment comprises all companies which serve as holding companies for or provide Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated services to more than one region. Operating segments are reported in accordance with IFRS 8. The accounting policies of the segments correspond to those of the Group. Intersegment sales are transacted at standard market prices, with prices

generally equating to prices used in transactions with third parties.

For the purpose of corporate management, the Miba Group’s business activities are classified into three regions (Miba Europe, Miba Americas and Miba Asia) and one global service area (Miba Shared Services). In line with its strategy, Miba has therefore focused its management structure on a local-to-local approach for supplying and supporting customers. Each region represents a strategic unit whose objective is to largely be able to offer the whole Miba portfolio to regional customers with local production and local product

144 145 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

MIBA EUROPE Miba Asia’s capital expenditure amounted to EUR 10.9 million in fiscal year 2015–2016 (previous year: EUR 12.9 million). Most of the capital expenditure related to new projects and capacity expansion for the sinter Miba Europe generated revenue of EUR 493.6 million in the past year and thus remains the Miba region with section of the plant in Suzhou. the highest revenue. This equates to an increase of 3.2 percent compared with the previous year (EUR 478.2 million). MIBA SHARED SERVICES Miba Europe invested EUR 44.5 million in capacity expansion and in new plant and machinery during the past fiscal year (previous year: EUR 29.2 million). For example, both Miba sites in Vorchdorf – Miba Sinter Austria The Miba Shared Services segment comprises all Miba Group companies that provide internal (management) GmbH and High Tech Coatings GmbH – were renovated and expanded. At the sinter site, the administrative services to all or to a number of segments. These companies therefore do not generate any external revenue. building was renovated and extended, thereby also taking into account the growth in the automotive industry and thus in this segment, too. At the neighboring coatings site, Miba prepared the way for future growth by (Intragroup) revenue in this segment was EUR 42.7 million in fiscal year 2015–2016 (previous year: doubling the production and administration space. In power electronics, a second site for the manufacturing of EUR 37.9 million). resistors was opened in St. Stefan (Styria). This has since carried out the first stages in the production of EBG resistors, resulting in an improvement in production space at the original site in Kirchbach. Further stages of Capital expenditure in the Miba Shared Services segment amounted to EUR 4.5 million in fiscal year 2015–2016 production will be moved to St. Stefan during the current fiscal year in order to further optimize the workflow in (previous year: EUR 1.3 million) and, as in the previous year, related to construction measures and IT Kirchbach. applications. The largest capital expenditure project in this segment is the construction of the Miba Forum at the headquarters site in Laakirchen, Austria. This building will be a customer, technology and learning center to enable new models of working, learning, gathering and collaborating. Office, conference, meeting and training MIBA AMERICAS rooms are being constructed across an area of almost 4,000 m2.

Miba Americas – taken to mean all consolidated production sites in America – more than offset the downturn in the capital goods industry thanks to the strength of the automotive industry, including with regard to new product launches. It generated revenue of EUR 130.0 million in fiscal year 2015–2016, 14.5 percent more than in 2014–2015 (previous year: EUR 113.5 million). The growth came purely from currency translation effects. This segment contributed 18.1 percent to the Miba Group’s total revenue.

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated MIBA ASIA

Despite the sometimes sluggish performance in the sales markets, Miba was able to lift its revenue in Asia. With its consolidated production sites in China and India, Miba Asia recorded revenue of EUR 95.5 million in fiscal year 2015–2016 (previous year: EUR 77.5 million), an increase of 23.1 percent in just one year. This growth is due mainly to three factors. Firstly, the increase in revenue was buoyed by currency translation effects, without which organic growth would have been just 2.4 percent. In addition, the full-year effect of the acquisition of EBG Shenzhen contributed EUR 5.1 million to revenue. Lastly, growth from the automotive sector in China also had a positive impact.

146 147 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

SEGMENT INFORMATION BY REGION

The following table shows revenue on the basis of Group company location:

Miba Europe Miba Americas Miba Asia Miba Shared Services Consolidation Group in TEUR 2015–16 2014–15 2015–16 2014–15 2015–16 2014–15 2015–16 2014–15 2015–16 2014–15 2015–16 2014–15 Revenue 516,004 500,538 134,120 118,246 97,558 78,073 42,680 37,863 –71,261 –65,418 719,102 669,302 of which intersegment revenue 22,363 22,312 4,142 4,711 2,075 532 42,680 37,863 –71,261 –65,418 0 0 of which external revenue 493,641 478,226 129,979 113,535 95,483 77,542 0 0 0 0 719,102 669,302 Depreciation, amortization and impairment losses 29,718 30,390 12,580 6,492 6,887 3,755 1,784 1,781 –536 –523 50,433 41,895 EBIT 57,231 43,102 3,260 13,956 10,558 14,914 11,435 12,202 410 –2,302 82,892 81,871 Investment income from equity-accounted investees 0 0 0 2,030 0 0 0 0 –2,230 –1,731 –2,230 299 Assets 405,015 422,923 195,925 171,307 137,251 128,794 387,027 315,086 –317,424 –296,244 807,793 741,867 of which investments in associates 0 0 –1,641 –1,641 0 0 6,706 6,706 –4,864 –1,911 202 3,155 Debt 193,164 203,497 83,147 62,566 63,039 51,594 119,843 119,990 –113,430 –117,754 345,764 319,892 Capital expenditure (excluding financial assets) 44,536 29,215 19,063 11,792 10,950 12,930 4,517 1,254 167 –1,747 79,233 53,444 Other non-cash income (–) and expenses (+) 4,557 2,498 3,220 1,472 238 912 2,949 1,297 0 0 10,964 6,179 Average number of employees 3,433 3,382 670 628 773 629 130 115 0 0 5,005 4,753 Employees as of the reporting date 3,471 3,429 682 651 774 742 143 114 0 0 5,070 4,936

INFORMATION ABOUT PRODUCT GROUPS IN ACCORDANCE WITH IFRS 8.32

The Miba Group generated external revenue of TEUR 293,550 (previous year: TEUR 251,521) from sintered components, TEUR 212,748 (previous year: TEUR 205,645) from engine bearings, TEUR 138,287 (previous year: TEUR 139,262) from friction materials, TEUR 52,246 (previous year: TEUR 45,992) from power electronics, TEUR 17,616 (previous year: TEUR 17,600) from coatings and TEUR 4,655 (previous year: TEUR 9,281) from

special machinery.

IFRSs to According Financial Statements Consolidated

148 149 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

INFORMATION ABOUT GEOGRAPHICAL AREAS IN ACCORDANCE WITH IFRS 8.33 (41) BUSINESS RELATIONSHIPS WITH RELATED PARTIES

The geographical information below shows external revenue and non-current assets analyzed by country. Related entities include members of the same group, Mitterbauer Beteiligungs-Aktiengesellschaft and Revenue has been analyzed in line with the geographical domicile of customers, segment assets on the basis Mitterbauer Privatstiftung. Related persons include managing directors, members of the Management Board of the geographical location of the assets. and Supervisory Board, and close members of their families.

External revenue in TEUR 2015–16 2014–15 Related party transactions are conducted at arm’s length. Austria 51,510 48,048 Germany 193,870 193,996 USA 134,155 110,491 BUSINESS RELATIONSHIPS UNDER IAS 24 WITH ASSOCIATES, UNCONSOLIDATED AFFILIATED COMPANIES, JOINT OPERATIONS, THE PARENT COMPANY AND OTHER RELATED ENTITIES People’s Republic of China 68,504 47,830 Other 271,062 268,938 Unconsoli- Mitterbauer To t a l 719,102 669,302 Equity- dated Beteiligungs- accounted Joint affiliated Aktien- Mitterbauer in TEUR companies operations companies gesellschaft Privatstiftung Non-current assets in TEUR 1/31/2016 1/31/2015 Amount of transactions in fiscal year 2015–16 Austria 129,640 121,028 Other income 510 736 55 82 141 USA 77,904 69,261 interest income 0 40 0 0 0 People’s Republic of China 59,957 56,302

Slovakia 65,178 56,615 Material costs 0 –12,120 0 0 0 Other 8,410 9,525 Other expenses –4 0 –2,187 –729 –633 Consolidation –1,147 –1,875 Tax allocation 0 0 0 –697 0 To t a l 339,941 310,856

Balances outstanding as of 1/31/2016 (40) EVENTS AFTER THE REPORTING DATE Loans 0 1,975 0 0 0 Trade receivables 48 40 0 7 0 Events after the reporting date which are significant to measurement as of the reporting date, such as ongoing litigation or claims for damages and other obligations or expected losses which must be recognized or Other receivables 0 0 0 5 0 disclosed under IAS 10, have been reflected in the accompanying consolidated financial statements or are not known. Trade payables –62 –759 –331 –238 0

Tax allocation liabilities 0 0 0 –702 0 IFRSs to According Financial Statements Consolidated

150 151 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Unconsoli- Mitterbauer For repeated clarification, the explanations about the takeover offer to non-controlling interests in relation to Equity- dated Beteiligungs- business relationships and the identity of governing bodies between Miba AG and Mitterbauer Beteiligungs- accounted Joint affiliated Aktien- Mitterbauer Aktiengesellschaft (MBAG) are cited here again. in TEUR companies operations companies gesellschaft Privatstiftung Amount of transactions in In terms of the takeover offer to Miba AG’s non-controlling interests, MBAG is the acquirer and Miba AG the fiscal year 2014–15 target company. MBAG is the majority shareholder of Miba AG. The target company and the acquirer maintain Revenue 38 0 0 0 0 business relationships; these are limited to the recharge of services rendered, particularly consulting projects. Other income 42 662 0 76 0

The following members of the acquirer’s governing bodies are members of Miba AG’s Supervisory Board or Material costs 0 –14,525 0 0 0 Management Board: Other expenses –28 0 –2,562 –790 –312 Tax allocation 0 0 0 –832 0  DI F. Peter Mitterbauer, MBA, is Chairman of the Management Board of Miba AG and has an interest in the share capital of the acquirer. Balances outstanding as of  DI DDr. h.c. Peter Mitterbauer is a member of the Supervisory Board and the Management Board of 1/31/2015 the target company and has an interest in the share capital of the acquirer. Loans 0 3,098 71 0 0  Dkfm. Dr. Wolfgang C. Berndt is Chairman of the Supervisory Board of the target company and is also Trade receivables 120 6 88 9 0 Chairman of the Supervisory Board of the acquirer.  Dipl.-Bw. Alfred Heinzel is Vice Chairman of the Supervisory Board of the target company and also Vice Chairman of the Supervisory Board of the acquirer. Trade payables –62 –897 –449 –264 0  Prof. KR Ing. Siegfried Wolf is a member of the Supervisory Board of the target company and also a Tax allocation liabilities 0 0 0 –832 0 member of the Supervisory Board of the acquirer. Other liabilities 0 0 0 0 –49

On December 21, 2015, Miba AG acquired shares in High Tech Coatings GmbH from Dr. Maria-Theresia Niss, member of the Management Board of Mitterbauer Beteiligungs-Aktiengesellschaft. Disclosures on the increase Mitterbauer Beteiligungs-Aktiengesellschaft, Laakirchen, Austria, is the majority shareholder of Miba AG. in the shareholding in High Tech Coatings GmbH through the acquisition of the shares held by Dr. Maria- Mitterbauer Privatstiftung, Laakirchen, Austria, is the majority shareholder of Mitterbauer Beteiligungs- Theresia Niss are provided under note (3) Changes to the consolidated group in fiscal year 2015–2016. Aktiengesellschaft.

There are lease agreements at arm’s length terms between Mitterbauer Privatstiftung and three consolidated BUSINESS RELATIONSHIPS UNDER IAS 24 WITH MEMBERS OF THE MANAGEMENT BOARD AND THE subsidiaries (Miba Automation Systems Ges.m.b.H, Miba Bearings Materials GmbH, EBG Elektronische SUPERVISORY BOARD, AS WELL AS KEY MANAGEMENT PERSONNEL Bauelemente GmbH) for the rental of production facilities and offices. Rental expenses for the past fiscal year were TEUR 633 (previous year: TEUR 312). Outstanding liabilities under these agreements as of the Remuneration of the Management Board, the Supervisory Board and key management personnel is shown in January 31, 2016, reporting date were TEUR 0 (previous year: TEUR 49). the note on governing bodies and employees below. There are no other business relationships with the Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Management Board, the Supervisory Board or key management personnel. There are also no business In addition to the obligations under the above rental and lease agreements, there were outstanding contractual relationships with close family members of this group of persons and their companies, or business obligations with related entities for the acquisition of property, plant and equipment in the amount of TEUR 0 relationships with any companies which are subject to the control or significant influence of this group of (previous year: TEUR 0). persons or are under joint control.

152 153 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

REMUNERATION OF THE MANAGEMENT BOARD, SUPERVISORY BOARD AND KEY MANAGEMENT In the past fiscal year, remuneration totaling TEUR 95 (previous year: TEUR 95) was paid to members of the PERSONNEL Supervisory Board for their services. As of January 31, 2016, there were outstanding items in the amount of TEUR 95 (previous year: TEUR 95). The objective of the Management Board remuneration system is to provide remuneration to members of the Management Board and key management personnel which is appropriate in terms of their duties and areas of The managing directors earned remuneration in the amount of TEUR 4,963 in the past fiscal year (previous year: responsibility as well as competitive both nationally and internationally. A significant component of this is the TEUR 5,562), with outstanding items as of the January 31, 2016, reporting date being TEUR 1,356 (previous highly variable portion, which consists of individual and earnings-oriented targets. year: TEUR 1,471).

In addition, long-term oriented remuneration components were agreed for members of the Management Board. (42) DISCLOSURES ON GOVERNING BODIES AND EMPLOYEES

Management Board members have individual pension arrangements under which the Company pays predetermined amounts to a pension fund. There is also a long-term oriented incentive agreement which allows MEMBERS OF THE MANAGEMENT BOARD IN THE YEAR UNDER REVIEW the holder to receive a cash settlement at the expected date of retirement. DI F. Peter Mitterbauer, MBA, Chairman of the Management Board, regional responsibility for Miba Europe, The former Chairman of the Management Board and current member of the Supervisory Board has a pension also responsible for the Miba Power Electronics Group, Communications, Management Accounting, Human arrangement which provides for a fixed, guaranteed level of pension. This obligation is covered by pension Capital, Strategy, Innovation & Technology and Internal Audit liabilities insurance. Dr. Wolfgang Litzlbauer, Vice Chairman of the Management Board, regional responsibility for Miba Asia, also responsible for the Miba Bearing Group, the Miba Friction Group, the Miba Coating Group and Purchasing Management Board remuneration during the fiscal year was TEUR 2,952 (previous year: TEUR 2,767), which Dr.-Ing. Harald Neubert, regional responsibility for Miba Americas, also responsible for the Miba Sinter Group, was attributable to: the Miba Equipment Manufacturing Group and Quality MMag. Markus Hofer, regional responsibility for Miba Shared Services, Chief Financial Officer, also responsible in TEUR 1/31/2016 1/31/2015 for Corporate Finance, IT and Business Excellence Short-term benefits payable to members of the Management Board 1,582 1,577 Post-employment benefits 150 231 Other long-term benefits payable to members of the Management Board 1,220 959 MEMBERS OF THE SUPERVISORY BOARD IN THE YEAR UNDER REVIEW To t a l 2,952 2,767 Dkfm. Dr. Wolfgang C. Berndt, Seewalchen am Attersee, Austria (Chairman)

Dipl.-Bw. Alfred Heinzel, Vorchdorf, Austria (Vice Chairman) DI DDr. h. c. Peter Mitterbauer, Gmunden, Austria Post-employment benefits include direct retirement contributions for members of the Management Board in MMag. Peter Oswald, Vienna, Austria, until June 25, 2015 the amount of TEUR 88 (previous year: TEUR 89). Prof. KR Ing. Siegfried Wolf, Weikersdorf, Austria, from June 25, 2015 Hermann Aigner, Vorchdorf, Austria (delegated by the Works Council)

As of the January 31, 2016, reporting date, there were outstanding items for variable Management Board IFRSs to According Financial Statements Consolidated Johann Forstner, Pinsdorf, Austria (delegated by the Works Council) remuneration (variable and short-term phantom shares) in the amount of TEUR 2,039 (previous year: TEUR 1,219) which must be allocated to short-term benefits. In addition, there were outstanding items for long- term remuneration in the amount of TEUR 2,725 (previous year: TEUR 2,301).

Remuneration paid to a former member of the Management Board and current member of the Supervisory Board amounted to TEUR 45 (previous year: TEUR 45).

154 155 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

NUMBER OF EMPLOYEES (44) PROPOSED APPROPRIATION OF NET PROFIT

The number of employees changed as follows during fiscal year 2015–2016: Under the provisions of the Austrian Stock Corporation Act (AktG), dividend payments are based on the single- entity financial statements of Miba AG, prepared in accordance with Austrian GAAP, for the year ended 1/31/2016 2015–16 1/31/2015 2014–15 January 31, 2016. The net retained profit reported in these annual financial statements is TEUR 93,932. Reporting date Average Reporting date Average Wage earners 3,556 3,524 3,489 3,361 The Management Board proposes to pay a dividend of around EUR 41.60 per share (previous year: EUR 8.00 Salaried employees 1,514 1,482 1,447 1,392 per share) to preferred and ordinary shareholders, as follows: To t a l 5,070 5,005 4,936 4,753 in TEUR Category A preferred shareholders 5,408 Category B preferred shareholders 8,403 (43) EARNINGS PER SHARE Ordinary shareholders 36,189 Under IAS 33 (Earnings per Share), basic earnings per share are calculated by dividing the profit or loss for the To t a l 50,000 period attributable to ordinary equity holders (consolidated net income for the year) by the weighted average number of ordinary shares outstanding during the period. Preferred shares are not counted as ordinary shares. Since earnings per preferred share in the periods shown equate to earnings per ordinary share, the calculation The dividend payment to category B preferred shareholders is calculated by deducting treasury shares which is presented in one table. have no dividend entitlement and amounted to 97,979 shares as of January 31, 2016.

The holders of preferred shares receive a preference dividend from the net retained profit of each fiscal year equating to 8 percent of the part of the share capital attributable to the preferred shares (this being calculated (45) NEW ACCOUNTING PRONOUNCEMENTS by dividing share capital by the number of no-par value shares and then multiplying the result by the number of preferred shares). This equates to EUR 0.59 per share. The Annual General Meeting decides on the appropriation of the remaining net retained profit between ordinary shares and preferred shares. STANDARDS AND INTERPRETATIONS REQUIRED TO BE APPLIED FOR THE FIRST TIME IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JANUARY 31, 2016 Category A preferred shares which could be converted into ordinary shares upon relinquishment of preferential rights must not be taken into account when calculating diluted earnings per share, as conversion would not The IASB (International Accounting Standards Board) and IFRIC (International Financial Reporting Interpretations have a dilutive effect. Committee) published the following amendments to existing IFRSs as well as a few new IFRSs and IFRICs which have also already been adopted by the European Commission: 2015–16 2014–15 Profit after tax (EAT) in TEUR 53,339 56,951 Profit attributable to ordinary and preferred shareholders in TEUR 50,316 54,938

Weighted average number of ordinary and preferred shares Number of IFRSs to According Financial Statements Consolidated issued shares 1,202,021 1,203,857 Basic earnings per share28 in EUR/share 41.86 45.64 Diluted earnings per share28 in EUR/share 41.86 45.64

28 For ordinary and preferred shares

156 157 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Applies to fiscal Applies to fiscal Applies to fiscal Applies to fiscal years beginning on years beginning on years beginning on years beginning on or after the date or after the date or after the date or after the date specified (according Endorsed specified (according specified (according Endorsed specified (according to the IASB) by the EU? to EU endorsement) to the IASB) by the EU? to EU endorsement) Annual Improvements to IFRSs 2010–2012 IFRS 9 Financial Instruments 1/1/2018 No Cycle 7/1/2014 Yes 2/1/2015 IFRS 10, IFRS 12 and IAS 28:Investment Annual Improvements to IFRSs 2011–2013 Entities – Applying the Consolidation Exception 1/1/2016 No Cycle 7/1/2014 Yes 1/1/2015 IFRS 11 Accounting for Acquisitions of Interests Amendments to IAS 19 Employee Benefits – in Joint Operations 1/1/2016 Yes 1/1/2016 Defined Benefit Plans: Employee Contributions 7/1/2014 Yes 2/1/2015 IFRS 14 Regulatory Deferral Accounts 1/1/2016 No IFRIC 21 Levies 1/1/2014 Yes 6/17/2014 IFRS 15 Revenue from Contracts with Customers 1/1/2018 No IFRS 16 Leases 1/1/2019 No The Annual Improvements to IFRSs 2010–2012 Cycle resulted in enhanced notes disclosures for segment Annual Improvements to IFRSs 2012–2014 reporting. The other amendments do not affect Miba AG’s financial statements. Cycle 1/1/2016 Yes 1/1/2016 IAS 1 Disclosure Initiative 1/1/2016 Yes 1/1/2016 The Annual Improvements to IFRSs 2011–2013 Cycle and the amendments to IAS 19 do not affect Miba AG’s IAS 16 and IAS 38: Clarification of Acceptable financial statements. Methods of Depreciation and Amortization 1/1/2016 Yes 1/1/2016 IAS 16 and IAS 41: Agriculture: Bearer Plants 1/1/2016 Yes 1/1/2016 IFRIC Interpretation 21 contains rules on the accounting for liabilities to pay statutory levies which are not levies IAS 27 Equity Method in Separate Financial within the meaning of IAS 12. The interpretation does not affect Miba AG’s financial statements. Statements 1/1/2016 Yes 1/1/2016

IFRS 9 Financial Instruments sets out changes in the classification and measurement of financial instruments, impairment of financial assets and hedge accounting rules. From today’s perspective, the Miba Group is PUBLISHED STANDARDS AND INTERPRETATIONS WHICH ARE ONLY REQUIRED TO BE APPLIED IN expecting the application of IFRS 9 to primarily affect financial assets (especially classification and, in individual LATER FISCAL YEARS cases, measurement). As a result of converting to a uniform expected credit loss model, there will be a tendency to recognize impairments of financial instruments (particularly for trade receivables) earlier than has The new standards and interpretations listed in the following table have not been applied early. been the case thus far. The hedge accounting rules are simplifications, the effects of which are still being

examined. From a current perspective, however, they will not result in any change for the Miba Group as the criteria for hedge accounting are not currently being met. IFRS 7 (Financial instruments: Disclosures), which was revised as part of IFRS 9, will lead to amended or enhanced note disclosures, specifically in relation to

impairment allowances and the classification of financial instruments. IFRSs to According Financial Statements Consolidated

IFRS 10, IFRS 12 and IAS 28 Investment Entities: These deal with the application of the consolidation exception for investment entities. The standard will not affect the consolidated financial statements of Miba AG.

IFRS 11 Accounting for Acquisitions of Interests in Joint Operations serves to clarify how to account for acquisitions of interests which constitute a business. The effects on the consolidated financial statements of Miba AG are currently being examined.

IFRS 14, which allows regulatory deferral accounts for first-time adopters of IFRSs, does not apply to Miba AG.

158 159 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

IFRS 15 replaces the current revenue recognition requirements in IAS 11 and IAS 18 as well as the associated Changes in the percentage of shares held which do not lead to a loss of control over the subsidiary are treated interpretations. IFRS 15 sets out whether, in what amount and at what point in time revenue must be as equity transactions. recognized. The new standard provides for a five-tier revenue recognition model which must generally be applied to all customer contracts. In addition, the note disclosures are extensively enhanced. The Miba Group Non-controlling interests represent the share of profit or loss and net assets that is not attributable to Miba expects the standard to have an effect on transactions involving a number of partial services and on revenue AG’s shareholders. Both in the income statement and in the statement of comprehensive income, the profit or recognition according to the stage of completion in plant engineering. The effects have not yet been fully loss attributable to these interests is presented separately from the profit or loss attributable to the examined. shareholders of the parent company. In the balance sheet, non-controlling interests are reported as part of equity, but separate from equity that is attributable to the shareholders of the parent company. IFRS 16 Leases: As a result of the changes, all leases and the associated contractual rights and obligations must generally be recognized in the lessee’s balance sheet. The precise effects still need to be analyzed; Non-controlling interests in Austrian limited partnerships do not meet the IAS 32 conditions for being reported however, it can be assumed that total assets will increase. The Miba Group is not currently planning to apply in equity (since limited partners have a statutory right to offer their shares to the general partner). These this standard early. interests are recognized in other liabilities as “liabilities to affiliated companies”, as these interests are held by higher-tier Group companies. The “financing expense” arising from the appropriation of profit to these limited IAS 1 Disclosure Initiative: In the first instance, this deals with clarifications concerning materiality, presentation partnership minority shareholders is reported separately. in the income statement and in other comprehensive income, and disclosure requirements. The effects on the consolidated financial statements of Miba AG are currently being examined. If there is a joint operation, the entities are proportionately consolidated in Miba AG’s consolidated financial statements. This requires contractually agreed joint control and the right to the attributable assets, liabilities and The amendments to IAS 16 and IAS 38 clarify which methods of depreciating property, plant and equipment provisions of the company. and amortizing intangible assets are acceptable. The amendments do not affect the consolidated financial statements of Miba AG. Associates, i.e., interests where the Company can exercise significant influence over financial and operating policies, but which it does not control, are accounted for under the equity method. This generally applies where IAS 16 and IAS 41, Agriculture – Bearer Plants: These amendments clarify the scope of IAS 16. The standard the percentage of voting rights is between 20 and 50 percent. Only the recognized investments and receivables does not affect the consolidated financial statements of Miba AG. from and liabilities to these investees are reported in the consolidated balance sheet. The consolidated income statement includes the share of the companies’ profit or loss for the year. If the Group’s share of losses IAS 27 allows future investments in subsidiaries, joint ventures and associates to be accounted for in IFRS equates to or exceeds its interest in the associate, the recognition of losses is discontinued unless the Group is separate financial statements using the equity method. The standard will not affect the consolidated financial liable for the associate’s losses. statements of Miba AG. Intragroup receivables and liabilities, income and expenses, and intercompany profits are eliminated during the preparation of the consolidated financial statements as part of the consolidation. (46) CONSOLIDATION The necessary deferred tax debits and credits are applied to temporary differences arising from the consolidation. CONSOLIDATION PRINCIPLES Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

Under IFRS 3, subsidiaries acquired are accounted for under the acquisition method. Under this method, the consideration – plus, if applicable, the fair value of shares already held and the amount of non-controlling BASIS OF CONSOLIDATION interests – is compared with the subsidiary’s remeasured assets and liabilities. Consideration includes contingent consideration at the expected amount. Incidental acquisition costs are expensed. Any remaining Appendix 1 to the notes lists an overview of the companies that are included in the Miba AG Group and the excess of cost of acquisition over net assets acquired is recognized as goodwill, tested for impairment annually consolidation method applied. and only written down if impaired. The excess of net assets acquired over cost of acquisition is recognized in profit or loss in the consolidated income statement in the year of acquisition after a further review of the amounts.

160 161 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

The basis of consolidation has been determined in accordance with the principles of IFRS 10, resulting in Foreign exchange differences arising from using the closing rate in the consolidated balance sheet and the 17 (previous year: 15) Austrian and 24 (previous year: 22) foreign subsidiaries in which Miba AG directly or average rate in the consolidated income statement are presented in other comprehensive income, as are indirectly holds the majority of voting rights being consolidated (100 percent) in the consolidated Group. translation differences arising from adjustments to equity compared to initial consolidation.

Miba Energy Holding GmbH & Co KG, Laakirchen, Austria, and the companies held by Miba Energy Holding Movements in the foreign currencies used in the Group were as follows: GmbH & Co KG in which the indirect share of capital is 49 percent or less are also controlled and consolidated, as Miba Energy Holding GmbH, the managing general partner, is a wholly owned subsidiary of Miba AG. Miba Exchange rate as of the Energy Holding GmbH as the only partner has the right to manage Miba Energy Holding GmbH & Co KG. The Currencies in EUR reporting date Annual average rate Miba Group therefore controls Miba Energy Holding GmbH & Co KG and its subsidiaries via Miba Energy 1/31/2016 1/31/2015 2015-–16 2014–15 Holding GmbH, as it has the ability to use its power to affect variable returns. Brazilian real (BRL) 4.4507 3.0045 3.8016 3.1046 British pound (GBP) 0.7641 0.7511 0.7247 0.8011 One (previous year: one) company has been proportionately consolidated in Miba AG’s consolidated financial Indian rupee (INR) 73.9500 70.2100 71.2330 80.0390 statements. 50 percent of the shares of ABM Advanced Bearing Materials LLC, with its principal place of Renminbi yuan (CNY) 7.1810 7.0639 6.9655 8.1021 business in Greensburg, Indiana, USA, are owned by Miba Bearings US LLC, McConnelsville, Ohio, USA; this is Singapore dollar (SGD) 1.5550 1.5292 1.5255 1.6674 a strategic partnership for the input stock production of engine bearings. Control over the net assets of the Czech koruna (CZK) 27.0260 27.7970 27.2087 27.5699 company is limited to the extent that the second shareholder has tender rights if a transfer is desired. The joint US dollar (USD) 1.0920 1.1305 1.1033 1.3119 arrangement was classified as a joint operation, as the parties have a contractual right to all the economic benefits.

Furthermore, two (previous year: two) investments in associates have been accounted for under the equity (47) ACCOUNTING POLICIES method.

The five (previous year: nine) unconsolidated subsidiaries and the two (previous year: two) associates that were REVENUE AND EXPENSE RECOGNITION not accounted for under the equity method are also not material in the aggregate. The consolidated income statement is presented using the total cost (nature of expense) method. Miba AG’s consolidated group includes a special fund (held-to-maturity fund) which is classified as a structured entity. Fund assets are controlled on the basis of comprehensive codetermination rights and therefore Revenue consolidated. The fund invests in corporate bonds and serves as a long-term investment vehicle. The significant Revenue includes all revenue arising from the typical business activities of the Miba Group. risks are credit risk and market risk. Miba AG does not intend to provide financial support or any other assistance to the fund. Revenue from the sale of goods and merchandise is recognized at the time when the risks and rewards are transferred to the buyer. The legal terms arising from statutory, contractual and general terms and conditions, and primarily from the Incoterms, are significant for the transfer of risk. CURRENCY TRANSLATION Income from long-term construction contracts is accounted for based on the stage of completion in IFRSs to According Financial Statements Consolidated Foreign financial statements are translated in accordance with IAS 21 using the functional currency concept. accordance with IAS 11. The percentage of completion is determined by the proportion that contract costs This is the respective national currency for all companies since the companies operate independently from a incurred up to the reporting date bear to estimated total contract costs. financial, economic and organizational perspective. Income Assets and liabilities are therefore translated at the mid-market rate on the reporting date (closing rate). Income Expenditure-related government grants for research and development and for measures to promote the and expenses are translated at annual average exchange rates. labor market have been recognized in profit or loss. These grants are recognized when there is sufficient assurance that the associated conditions will be met and the grants will be awarded.

162 163 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Research and development expenses  temporary differences arising from the initial recognition of assets or liabilities in a transaction which is not According to IAS 38, research is original and planned investigation undertaken with the prospect of gaining new a business combination and which affects neither the accounting profit before tax nor the taxable profit, scientific or technical knowledge and understanding. In compliance with IAS 38.54, research expenses are not  temporary differences associated with interests in subsidiaries, associates and jointly controlled entities if capitalized. the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future, and Development is the application of research findings with the aim of improving and innovating materials,  taxable temporary differences arising from the initial recognition of goodwill. devices, products and processes. The Miba Group’s development expenses do not meet all the criteria listed in IAS 38.57 and are therefore not capitalized. In fiscal year 2015–2016, research and development costs A deferred tax asset is recognized for unused tax losses, unused tax credits and deductible temporary amounting to EUR 31.8 million (previous year: EUR 27.9 million) were expensed. differences to the extent that it is probable that future taxable profits will be available against which they can be utilized. Future taxable profits must be determined on the basis of the individual business plans of the Dividends subsidiaries. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no Dividends are reported when the right to receive payment is established. longer probable that the associated tax benefit will be recovered; write-downs are reversed if the probability of future taxable profits has increased. Interest Interest income is recognized on a time proportion basis using the effective interest method under IAS 39. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it is probable that future taxable profit will allow recovery. Income taxes Tax expense is the total of current and deferred tax expense. Current tax and deferred tax are recognized in Deferred taxes are measured using the tax rates that are expected to apply to temporary differences when they profit or loss, except to the extent that they relate to a business combination or an item recognized directly in reverse, using the tax rates enacted or announced as of the reporting date. equity or in other comprehensive income. The measurement of deferred taxes reflects the tax consequences that follow from the manner in which the Current tax is the expected tax liability or tax receivable on the taxable income or taxable loss for the fiscal Group expects to recover or settle the carrying amount of its assets and liabilities as of the reporting date. year, based on tax rates which apply as of the reporting date or will apply shortly, as well as all adjustments to the tax liability for earlier years. The amount of the expected tax liability or tax receivable reflects the amount Deferred tax assets and deferred tax liabilities are offset when certain conditions are met. that represents the best estimate, taking account of any tax uncertainties, if they exist. Current tax assets and liabilities are only offset under certain conditions. Earnings per share Earnings per share (basic and diluted) are determined by dividing the profit or loss for the period by the Miba Aktiengesellschaft, as a tax group parent, forms a tax group under section 9 of the Austrian Corporate weighted average number of shares issued. Income Tax Act 1988 (KStG) in which the taxable profit of all material Austrian subsidiaries and the losses of a few foreign subsidiaries are combined. Future tax obligations from the offset of the losses of foreign subsidiaries are recognized in the consolidated financial statements.

The tax allocation is determined by the tax group parent. If the tax group member attributes positive income Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated within the meaning of section 9(6) no. 1 of the Austrian Corporate Income Tax Act (KStG), taking account of section 9(6) no. 4 of the Austrian Corporate Income Tax Act (KStG), to the tax group parent, the positive tax allocation from the tax group member to the tax group parent amounts to 25 percent. If negative income within the meaning of section 9(6) no. 1 of the Austrian Corporate Income Tax Act (KStG) is attributed to the tax group parent, the tax group member receives a negative tax allocation of 25 percent.

Deferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities for group accounting purposes and the amounts used for tax purposes. Deferred taxes are not recognized for

164 165 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

NON-CURRENT ASSETS The DCF calculations performed in fiscal year 2015–2016 were based on the cost of capital (WACC) after tax and growth rates for the second detailed planning phase and perpetual bonds listed in the following table. Goodwill Goodwill is not amortized. An IAS 36 impairment test is performed at least once a year or if there are internal Weighted average Second detailed or external indicators of impairment. cost of capital planning phase Perpetual bond Fiscal year 2015–16 in % (WACC) after tax growth rate growth rate

The carrying amount of each cash-generating unit to which goodwill has been assigned is compared, inclusive Miba Europe of goodwill, with the recoverable amount for this unit. In the Miba Group, goodwill has always been assigned to Austria 7.9 1.0 0.0 a legally independent entity. Recoverable amount is defined as the higher of fair value less costs to sell and Miba Americas value in use. Fair value is the amount achievable in a sales transaction conducted at arm’s length. Value in use is USA 8.6 0.9 0.0 determined using a discounted cash flow (DCF) calculation. If the recoverable amount does not cover the Brazil 14.6 2.5 0.0 carrying amount, impairment losses are recognized in profit or loss in accordance with the requirements of IAS Miba Asia 36. The impairment loss is first allocated to the goodwill of the cash-generating unit. An impairment loss in People’s Republic of China 9.2 1.2 0.0 excess of the amount of goodwill is allocated to the CGU’s other assets. If there is an indication that an

impairment no longer exists, the need to reverse the impairment loss in full or in part is examined.

The DCF calculations performed in the previous year were based on the cost of capital (WACC) after tax and The discount rate used in the DCF calculation equates to the interest rate after tax which reflects current growth rates listed in the following table. market assessments of the time value of money and the specific risks of the assets for each country in which a branch is located. This is calculated based on the weighted average cost of capital (WACC) for the company’s Weighted average Second detailed equity and debt, using current market information. Cost of equity is determined based on the capital asset cost of capital planning phase Perpetual bond pricing model (CAPM), taking account of a country risk premium adapted for each country in which a branch is Fiscal year 2014–15 in % (WACC) after tax growth rate growth rate located. Borrowing costs consist of a country-specific base rate plus a premium determined using credit Miba Europe spreads, also including the prevailing corporate income tax rate of the respective country in which the branch is Austria 8.3 0.9 0.0 located (tax shield). The beta factors used in the CAPM, the credit spread and the capital structure on which the Miba Americas weighting of equity and debt is based arise from comparisons with peer group companies (market perspective). USA 9.2 1.0 0.0 The country-specific WACC after tax is recalculated at least once a year. Brazil 14.9 2.6 2.6

To determine cash flows, a detailed annual budget for the following fiscal year is prepared and approved. The Miba Asia financial information for the calculation of the cash flows for the subsequent two years is taken from the People’s Republic of China 10.3 1.4 0.0 medium-term planning. The assumptions on which the budget and medium-term planning (first detailed planning phase) are based are established separately for revenue and cost trends. Revenue planning is based on reported customer demand at the individual part level and on general economic forecasts; planning of cost No impairment losses had to be recognized for goodwill as a result of the impairment tests performed during of goods sold (COGS) is based on product contributions while also taking account of developments in fiscal year 2015–2016 (previous year: TEUR 0). Even a possible change, after prudent judgment, in these key Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated commodity markets and collective agreements on wage or salary increases. Sales, general and administration assumptions would not result in a requirement to recognize an impairment loss. costs are determined using zero-based budgeting. For the subsequent fourth year (second detailed planning phase), the projected planning is adapted based on a growth rate depending on the country where the branch is located. Growth rates here equate to 50 percent of the average of the rates of inflation forecast by the IMF for 2016 and 2020.29 For the period after the two detailed planning phases, a nil perpetual bond growth rate was used in fiscal year 2015–2016 based on the assumptions for the second detailed planning phase.

29cf. International Monetary Fund (IMF), World Economic Outlook: Adjusting to Lower Commodity Prices, October 2015.

166 167 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Intangible assets and property, plant and equipment Leases Intangible assets with finite useful lives are measured at cost less straight-line amortization and impairment Leased property, plant and equipment for which substantially all risks and rewards incidental to the ownership losses in accordance with IAS 38. of the asset are transferred to the Miba Group (finance lease) is recognized at fair value or at the lower present value of minimum lease payments at inception of the lease and depreciated over the expected useful life or the Under IAS 16, property, plant and equipment is carried at cost less straight-line depreciation or at the lower shorter lease term in accordance with IAS 17. recoverable amount. No borrowing costs were incurred for property, plant and equipment manufactured or acquired over a longer period of time. Assets covered by all other lease agreements are treated as operating leases and thus attributed to the lessor.

If these assets show evidence of impairment, e.g., external or internal information which indicates a potential Associates loss in value, they are written down to the lower recoverable amount. The latter amount equates to the higher The carrying amount of an interest in an associate is tested for impairment if there are indications when of the asset’s value in use determined from the discounted cash flow (DCF) calculation and fair value less costs applying IAS 39 that the interest might be impaired. When determining the present value in use of investments to sell. As part of the DCF calculation – for general details on the DCF calculation and the necessary parameters in associates, the future cash flows expected to be generated by the associate, including the cash flows from for this, see also Goodwill in note (47) Accounting policies – assets are combined at the lowest level for which the operations of the associate as well as the proceeds from the ultimate disposal of the investment, are separate cash flows can be identified. If cash flows are not separately identifiable for an asset, the impairment discounted. test is based on the cash-generating unit (CGU) to which the asset belongs. Determination of fair value less costs to sell is based on observable purchase and sales transactions of identical or comparable assets and, if the former are not available, on management’s estimates of the amounts. Further disclosures on impairment CURRENT ASSETS losses recognized in fiscal year 2015–2016 for intangible assets and property, plant and equipment are outlined in note (11) Depreciation, amortization and impairment losses. If the reasons for previously recognized Inventories impairment losses no longer apply, the impairment losses are reversed. Inventories are measured at the lower of cost and net realizable value as of the reporting date. Deductions are generally taken into account if the potential for recovery is limited. The cost formula being used is the moving The production cost for internally generated plant and equipment includes a share of fixed and variable weighted average cost formula. production overheads as well as costs that are directly attributable to the production units. These production overheads also include a share of the cost of occupational pensions and voluntary social benefits. Production costs include all direct expenses as well as a share of variable and fixed production overheads, which also include a share of the cost of occupational pensions and voluntary social benefits. Borrowing costs Straight-line amortization and depreciation is based mainly on the following useful lives: are not capitalized, as the IAS 23 conditions are not met.

Asset category Useful life (in years) Trade receivables Patents and licenses 3 to 20 In the Group, bills of exchange are transferred to banks and suppliers by means of endorsement. When Customer relationships 5 to 15 transferring a bill of exchange, it is checked whether the derecognition rules of IAS 39 have been met. The right Other rights 3 to 20 to receive cash flows is always transferred here; therefore, in the event of a transfer, Miba checks whether the material risks and rewards from the financial asset have also been transferred. Credit risk is the most significant Buildings 10 to 40 risk here. The bill of exchange receivable is only derecognized if credit risk has been transferred; otherwise the

Technical equipment 4 to 10 IFRSs to According Financial Statements Consolidated bill of exchange receivable is not derecognized and a liability is recognized for the bill of exchange as soon as Other equipment, operating and office equipment 3 to 10 the transfer takes place. In this case, Miba continues to be liable to the holder of the bill of exchange if other endorsers or the issuer who is jointly and severally liable cannot meet their payment obligations.

Investment subsidies are recognized as liability items and reversed in accordance with the useful life of the For accounting policies relating to trade receivables, please refer to the section on “Financial assets and asset. They relate exclusively to property, plant and equipment. liabilities”.

168 169 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Tax receivables In addition, long-term oriented remuneration components were agreed for members of the Management Tax receivables are offset against tax liabilities if they involve the same tax authority and there is a right and an Board. One version of this remuneration entitles the holder to a cash settlement after three years. The amount intention to offset. paid out depends on the change in group equity as of each reporting date. The Group accounts for these obligations from entitlements which have not yet been paid out under other current and non-current personnel provisions. EMPLOYEE BENEFITS A new version of long-term oriented remuneration entitles the holder to a cash settlement at his or her Austrian Group companies recognize appropriate provisions for future termination benefit obligations since expected date of retirement. The amount paid out also depends on the change in group equity. This version is there is a statutory obligation for employers to pay employees a one-off termination benefit on termination of reported under other non-current personnel provisions. employment by the employer or on retirement. The amount of the termination benefit depends on the length of employment and the relevant remuneration when the termination benefit is triggered. PROVISIONS A defined contribution system is used for employees with Austrian contracts of employment whose employment commenced after January 1, 2003. A legally prescribed amount equating to 1.53 percent of gross Provisions are reported under other current or non-current liabilities and comprise all legal or constructive remuneration must be paid to a Mitarbeitervorsorgekasse (Austrian occupational pension fund); this is obligations to third parties resulting from past events that are identifiable up to the preparation of the financial recognized in personnel expenses. statements, insofar as they will in future lead to a probable outflow of funds and can be established reliably. The amount recognized is established on the basis of the best possible estimate. Provisions for termination benefits and jubilee benefits for employees with an Austrian employment contract are determined in accordance with the projected unit credit method as of the reporting date based on actuarial assumptions, using a discount rate of 2.00 percent p.a. (previous year: 1.70 percent) and including a wage and FINANCIAL ASSETS AND LIABILITIES salary increase rate of 2.40 percent p.a. for salaried employees and wage earners (previous year: 2.40 percent). Taking transitional regulations into account, the earliest possible date of entitlement to a retirement pension Financial assets and liabilities are recognized on the respective settlement date. Financial assets and was taken as a basis for the assumed retirement age. A company-specific deduction for staff turnover was liabilities are derecognized when rights to payments from the investment have terminated or been transferred applied. and the Miba Group has transferred substantially all risks and rewards associated with ownership.

The Rechnungsgrundlagen für die Pensionsversicherung AVÖ–P08 ANG (AVÖ–P08 ANG calculation principles Under IAS 39, financial assets are classified as either loans and receivables, available for sale, held to maturity for pension insurance) were used to calculate provisions. or financial assets at fair value through profit or loss, with the latter also being subdivided into held for trading and fair value option. Financial liabilities are classified as financial liabilities at amortized cost or financial liabilities at fair value through profit or loss. Pension provisions must be established for Austrian Group companies and are calculated in accordance with recognized actuarial principles using the projected unit credit method based on a discount rate of 1.80 percent Loans and receivables p.a. (previous year: 1.70 percent). In the Miba Group, trade receivables, loans, current investments, other financial receivables and cash and cash equivalents are classified as loans and receivables. Financial instruments in this category are recognized at Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated The Rechnungsgrundlagen für die Pensionsversicherung AVÖ–P08 ANG (AVÖ–P08 ANG calculation principles amortized cost, using the effective interest method if applicable. for pension insurance) were used to calculate provisions. If there are doubts concerning collectability, the financial assets in this category are recognized at the lower Actuarial gains or losses arising from changes in actuarial parameters (demographic, financial and experience recoverable amount. Payment delays or defaults by a debtor (credit risk) are indications of an impairment. The assumptions) are recognized in other comprehensive income in the year in which they arise. conclusion of insolvency proceedings results in the derecognition of the respective item. Valuation allowances are applied to trade receivables by using allowance accounts. Impairment losses are recognized in the income Defined contribution pension benefits are granted by eight Austrian and six foreign subsidiaries, whereby the statement under other operating expenses. employer pays contributions to external funds. The contributions to the funds are a current period expense.

170 171 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

Available for sale Hedge accounting Securities comprising bonds and bond funds (debt instruments) are classified as available for sale and If a derivative financial instrument forms part of an effective hedging relationship in accordance with IAS 39, the recognized at fair value. Changes in fair value are presented in other comprehensive income, taking account of IAS 39 hedge accounting provisions are applied. The effective portion of the change in value of the hedging deferred tax. Recycling to profit or loss for the period of the amounts recognized in other comprehensive instrument is recognized in other comprehensive income (hedging provision) until the gain or loss from the income only takes place on the date of disposal or in the event of a material or permanent impairment of the hedged item is recognized; the ineffective portion of the change in value of the hedging instrument is corresponding financial assets between cost and fair value. In addition to measuring the change in fair value, recognized in profit or loss. Reversal to profit or loss takes place when the hedged item is realized. the debtor’s credit risk is evaluated on a regular basis. If the causes of the impairment loss no longer exist, it is reversed through profit or loss. The Miba Group does not currently use hedge accounting, as the IAS 39 criteria are not being met.

Investments in affiliated (unconsolidated) companies and other equity investments are generally classified as Fair value measurement available for sale. As there are no active markets for these equity instruments and there are significant margins Fair values of financial assets and liabilities generally equate to market prices as of the reporting date. If prices of fluctuation for possible fair values, they are reported at cost. in active markets are not directly available, fair values are – if they are not immaterial – calculated using recognized actuarial valuation techniques and current market parameters (especially interest rates, exchange Held to maturity rates and credit ratings of counterparties). Financial instrument cash flows are discounted to the reporting date. Securities categorized as held to maturity are measured at amortized cost, taking account of impairments if Detailed information on fair value measurements of individual financial instruments is presented under note (36) relevant. Financial instruments.

Financial assets at fair value through profit or loss Fair values of financial assets and liabilities are classified into levels 1 to 3 depending on how observable the In the Miba Group, securities comprising bonds and bond funds (debt instruments) that are held for trading are inputs used to determine fair value are or how material they are to the measurement. Financial assets and classified as financial assets at fair value through profit or loss. In addition, securities which mainly comprise liabilities recognized at fair value have not been transferred between levels of the fair value hierarchy. Transfers bonds (debt instruments) and which meet the IAS 39 criteria are allocated to this category on initial recognition between the levels are applied at the end of the reporting period in which a change has taken place. Further (fair value option). These are securities which are managed and reported on the basis of fair value while details are presented under note (36) Financial instruments. complying with a documented risk management strategy. They are accounted for at fair value at the date of acquisition and in subsequent periods. Changes in fair value, if material, are recognized in the income statement. TRADE PAYABLES

Positive fair values (if available) of derivative financial instruments for which the Miba Group does not use hedge For liabilities which are part of a reverse factoring agreement, it is examined whether the original trade payable accounting are classified into this category (held for trading). They are reported under current financial assets. must continue to be reported or whether it must be derecognized because of the agreement and a new financial liability recognized. First, it is examined whether the Group has been released from its original Financial liabilities at amortized cost obligation and, for example, an obligation to the bank must now be reported based on an acknowledgment of Trade payables and all non-current and current financial liabilities (with the exception of liabilities under finance debt. If the Group was not released from its original obligation, it is further examined whether the Group has, leases) are classified into this category and are measured at amortized cost, using the effective interest method through the reverse factoring agreement, entered into a new obligation to the bank which must be recognized if applicable. Liabilities under finance leases are generally recognized as a liability at the present value of future in addition to the trade payable. If this is not the case either, it is examined whether the reverse factoring Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated lease payments. agreement has resulted in material changes to the contract terms for the trade payable which result in the derecognition of the trade payable and the recognition of a new financial liability within the meaning of IAS Financial liabilities at fair value through profit or loss 30.40, IAS 39.AG62. A present value test is performed in this regard. The trade payable is derecognized if the Negative fair values of derivative financial instruments for which the Miba Group does not use hedge present value of the trade payable changes by 10 percent or more, or where the deviation is less than 10 accounting are classified into this category (held for trading). These comprise commodity price hedges, interest percent, if qualitative criteria, such as, e.g., waiver of plea, interest payments between contract parties, make rate hedges and energy price hedges. They are reported under current financial liabilities. derecognition necessary. The difference is immediately recognized through profit or loss in the income statement.

172 173 > Consolidated financial statements 2015-2016 > Notes to the consolidated financial statements

(48) APPROVAL BY THE MANAGEMENT BOARD

We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties the Group faces.

The Management Board of Miba AG approved the consolidated financial statements for submission to the Supervisory Board on April 29, 2016.

LaakirchenLaakirchen, onApril April 29, 29, 2016 2016 The ManagementManagement BoardBoard ofof MibaMiba AG AG

DI F. Peter Mitterbauer, MBA Dr. Wolfgang Litzlbauer ChairmanDI F. Peter of theMitterbauer, Management MBA Board, Vice Chairman of the Management Board, RegionalChairman responsibility of the Management for Miba Europe, Board, regional Regional responsibility for Miba Asia, alsoresponsibility responsible for for Miba the Miba Europe, Power also Electronics responsible alsoDr. Wolfgang responsible Litzlbauer for the Miba Bearing Group, the Group,for the Communications, Miba Power Electronics Management Group, MibaVice ChairmanFriction Group, of the the Management Miba Coating Board, Group regional and Accounting,Communications, Human ManagementCapital, Strategy, Accounting, Innovation & Purchasingresponsibility for Miba Asia, also responsible for TechnologyHuman Capital, and Internal Strategy, Audit Innovation & Technology the Miba Bearing Group, the Miba Friction Group, and Internal Audit the Miba Coating Group and Purchasing

IFRSs to According Financial Statements Consolidated

Dr.-Ing. Harald Neubert MMag. Markus Hofer Dr.-Ing. Harald Neubert MMag. Markus Hofer Member of the Management Board, Member of the Management Board, RegionalMember responsibility of the Management for Miba Board,Americas, regional ChiefMember Financial of the Officer, Management Board, regional responsibility for Miba Americas, also responsible responsibility for Miba Shared Services, Chief also responsible for the Miba Sinter Group, the Miba Shared Services, for the Miba Sinter Group, the Miba Equipment Financial Officer, responsible for Corporate Miba Equipment Manufacturing Group and Quality also responsible for Corporate Finance, IT and Manufacturing Group and Quality Finance, IT and Business Excellence Business Excellence

Appendix 1 to the notes: Investees

174 175 > Consolidated financial statements 2015-2016 > Appendices – Investees

Investees as of January 31, 2016

Appendix 1/2 Appendix 1/1 Direct Overall, equity interests were held in 51 companies. Of these, 7 companies have not been included in the and consolidated financial statements on grounds of immateriality. The following list contains the parent company, Nominal indirect Type of holding 41 consolidated subsidiaries, 1 proportionately consolidated company, 2 associates as well as 5 unconsolidated capital in consoli- Company Company domicile thousand Currency % dation subsidiaries and 2 associates not accounted for under the equity method: Miba Europe

Direct Miba Sinter Austria GmbH Laakirchen, AUT 8,400 EUR 100.00 C and Miba Sinter Slovakia s.r.o. Dolný Kubín, SVK 3,699 EUR 100.00 C Nominal indirect Type of Miba Deutschland GmbH Stuttgart, DEU 26 EUR 100.00 NC capital in holding consoli- Miba France SARL Paris, FRA 20 EUR 100.00 NC Company Company domicile thousand Currency % dation Miba Italia S.r.l. Turin, ITA 20 EUR 100.00 NC Affiliated company Miba Gleitlager Austria GmbH Laakirchen, AUT 35 EUR 100.00 C Miba Aktiengesellschaft Laakirchen, AUT 9,500 EUR C Miba Bearings Materials GmbH Laakirchen, AUT 35 EUR 100.00 C Miba Shared Services Miba Frictec GmbH Laakirchen, AUT 40 EUR 100.00 C Miba Sinter Holding GmbH Laakirchen, AUT 35 EUR 100.00 C Miba Steeltec s.r.o. Vráble, SVK 5,163 EUR 100.00 C Miba Sinter Holding GmbH & Co KG Laakirchen, AUT 110 EUR 100.00 C Fibertec Steti s.r.o. Štětí, CZE 200 CZK 100.00 C Miba Bearings Holding GmbH Laakirchen, AUT 8,750 EUR 100.00 C High Tech Coatings GmbH Laakirchen, AUT 1,000 EUR 100.00 C Miba Friction Holding GmbH Laakirchen, AUT 35 EUR 100.00 C Teer Coatings Ltd. Droitwich, GBR 1 GBP 100.00 C Miba Energy Holding GmbH Laakirchen, AUT 35 EUR 100.00 C EBG Elektronische Bauelemente GmbH Laakirchen, AUT 364 EUR 49.00 C Miba Energy Holding GmbH & Co KG Laakirchen, AUT 10 EUR 49.00 C DAU GmbH & Co KG Laakirchen, AUT 291 EUR 49.00 C Miba Engineering Center India Dau GmbH Laakirchen, AUT 36 EUR 49.00 C 2 Pvt. Ltd. Pune, IND 100 INR 97.45 C EBG & DAU Kühlerentwicklung GmbH Laakirchen, AUT 40 EUR 49.00 C EDMS d.o.o.1) Šentjernej, SVN 13 EUR 24.01 C Direct and indirect equity interests have been calculated from a Group perspective. Miba Automation Systems Ges.m.b.H. Laakirchen, AUT 45 EUR 100.00 C Miba Kantinen GmbH1) Laakirchen, AUT 116 EUR 100.00 NC Miba China Holding GmbH Laakirchen, AUT 4,706 EUR 97.45 C

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated Direct and indirect equity interests have been calculated from a Group perspective.

C = consolidation C = consolidation 2 Reporting date: March 31, 2016 NC = not consolidated 1 Reporting date: December 31, 2015

176 177 > Consolidated financial statements 2015-2016 > Appendices – Investees

Appendix 1/3 Appendix 1/4

Direct Direct and and Nominal indirect Type of Nominal indirect Type of capital in holding consoli- capital in holding consoli- Company Company domicile thousand Currency % dation Company Company domicile thousand Currency % dation Miba Americas Miba Asia McConnelsville, Miba Precision Components Suzhou, Miba Sinter USA LLC Ohio, USA 12,000 USD 100.00 C (China) Co. Ltd.1) Industrial Park, CHN 115,802 CNY 97.45 C McConnelsville, Sintercom India Pvt. Ltd. 2) Pune, IND 191,868 INR 26.00 EM Miba Sinter Sales Corp. Ohio, USA 10 USD 100.00 C Miba Far East Pte. Ltd. Singapore, SGP 1,075 SGD 100.00 C Metalaxis Precision Machining McConnelsville, Miba Drivetec India Pvt. Ltd.2 Pune, IND 20,002 INR 100.00 C LLC Ohio, USA 1 USD 100.00 C Miba Coatings Trading (Suzhou) Suzhou, Mahle Metal Leve Miba Ltd.1) Industrial Park, CHN 349 CNY 100.00 C Sinterizados Ltda.1) São Paulo, BRA 100 BRL 40.00 EM Dong Guang ART – Teer Coating McConnelsville, Techn. Co.°Ltd.1) Hong Kong, CHN 1,500 HKD 35.00 NC Miba Bearings US LLC Ohio, USA 29,000 USD 100.00 C Hangzhou Hui – Teer Surface McConnelsville, Advanced Coatings Ltd. 1) Linan, CHN 10,321 CNY 41.00 NC Miba Bearings Sales Corp. Ohio, USA 10 USD 100.00 C EBG Shenzhen Ltd.1) Shenzhen, CHN 10,860 CNY 41.49 C ABM Advanced Bearing Materials Greensburg, Indiana, LLC1) USA 4,540 USD 50.00 PC Shenzhen Rui Xi Si Te Industry Co. Ltd.1 Shenzhen, CHN 3,000 CNY 97.45 C Sterling Heights, Miba HydraMechanica Corp. Michigan, USA 0 USD 100.00 C Miba Asia Holding Pte. Ltd. Singapore, SGP 0 SGD 97.45 C McConnelsville, Miba Energy Holding LLC Ohio, USA 100 USD 49.00 C Middletown, Direct and indirect equity interests have been calculated from a Group perspective. EBG Resistors LLC Pennsylvania, USA 40 USD 34.30 C Middletown, EBG LLC Pennsylvania, USA 10 USD 49.00 C DAU Thermal Solutions North Middletown, America Inc. Pennsylvania, USA 10 USD 49.00 C

Direct and indirect equity interests have been calculated from a Group perspective. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

C = consolidation C = consolidation PC = proportionate consolidation EM = equity method EM = equity method NC = not consolidated 1 Reporting date: December 31, 2015 1 Reporting date: December 31, 2015 2 Reporting date: March 31, 2016

178 179 > Consolidated financial statements 2015-2016 > Appendices – Investees

Investees as of January 31, 2015

Appendix 1/5 Appendix 1/6

Overall, equity interests were held in 51 companies. Of these, 11 companies have not been included in the Direct consolidated financial statements on grounds of immateriality. The following list contains the parent company, and indirect 37 consolidated subsidiaries, 1 proportionately consolidated company, 2 associates as well as 9 unconsolidated Nominal Type of capital in holding consoli- subsidiaries and 2 associates not accounted for under the equity method: Company Company domicile thousand Currency % dation Miba Europe Direct and Miba Sinter Austria GmbH Laakirchen, AUT 8,400 EUR 100.00 C Nominal indirect Type of Miba Sinter Slovakia s.r.o. Dolný Kubín, SVK 3,699 EUR 100.00 C holding capital in consoli- Miba Deutschland GmbH Stuttgart, DEU 26 EUR 100.00 NC Company Company domicile thousand Currency % dation Miba France SARL Paris, FRA 20 EUR 100.00 NC Affiliated company Miba Italia S.r.l. Turin, ITA 20 EUR 100.00 NC Miba Aktiengesellschaft Laakirchen, AUT 9,500 EUR C Miba Gleitlager GmbH Laakirchen, AUT 8,750 EUR 100.00 C Miba Shared Services Miba Bearings Materials GmbH Laakirchen, AUT 35 EUR 100.00 NC Miba Sinter Holding GmbH Laakirchen, AUT 35 EUR 100.00 C Miba Bearings Austria GmbH Laakirchen, AUT 35 EUR 100.00 NC Miba Sinter Holding GmbH & Co KG Laakirchen, AUT 110 EUR 100.00 C Miba Frictec GmbH Laakirchen, AUT 40 EUR 100.00 C Miba Friction Holding GmbH Laakirchen, AUT 35 EUR 100.00 C Miba Steeltec s.r.o. Vráble, SVK 5,163 EUR 100.00 C Miba Energy Holding GmbH Laakirchen, AUT 35 EUR 100.00 C Fibertec Steti s.r.o. Štětí, CZE 200 CZK 100.00 C Miba Energy Holding High Tech Coatings GmbH Laakirchen, AUT 1,000 EUR 50.10 C GmbH & Co KG Laakirchen, AUT 10 EUR 49.00 C Teer Coatings Ltd. Droitwich, GBR 1 GBP 100.00 C EBG Elektronische Bauelemente GmbH Laakirchen, AUT 364 EUR 49.00 C Direct and indirect equity interests have been calculated from a Group perspective. DAU GmbH & Co KG Laakirchen, AUT 291 EUR 49.00 C Dau GmbH Laakirchen, AUT 36 EUR 49.00 C EBG & DAU Kühlerentwicklung GmbH Laakirchen, AUT 40 EUR 49.00 C EDMS d.o.o.1 Šentjernej, SVN 13 EUR 24.01 C Miba Automation Systems Ges.m.b.H. Laakirchen, AUT 45 EUR 100.00 C Miba Kantinen GmbH1 Laakirchen, AUT 116 EUR 100.00 NC Miba China Holding GmbH Laakirchen, AUT 4,706 EUR 94.96 C

IFRSs to According Financial Statements Consolidated

Direct and indirect equity interests have been calculated from a Group perspective.

C = consolidation C = consolidation NC = not consolidated 1 Reporting date: December 31, 2014

180 181 > Consolidated financial statements 2015-2016 > Appendices – Investees

Appendix 1/7 Appendix 1/8

Direct Direct and and Nominal indirect Type of Nominal indirect Type of capital in holding consoli- capital in holding consoli- Company Company domicile thousand Currency % dation Company Company domicile thousand Currency % dation Miba Americas Miba Asia McConnelsville, Miba Precision Components Suzhou, Industrial Miba Sinter USA LLC Ohio, USA 12,000 USD 100.00 C (China) Co. Ltd.1 Park, CHN 115,802 CNY 94.96 C McConnelsville, Miba Engineering Center India Miba Sinter Sales Corp. Ohio, USA 10 USD 100.00 C Pvt. Ltd.2 Pune, IND 100 INR 94.96 NC Metalaxis Precision Machining McConnelsville, Sintercom India Pvt. Ltd.2 Pune, IND 191,868 INR 26.00 EM LLC Ohio, USA 1 USD 100.00 C Miba Far East Pte. Ltd. Singapore, SGP 1,075 SGD 100.00 C Mahle Metal Leve Miba Miba Drivetec India Pvt. Ltd.2 Pune, IND 20,002 INR 100.00 C Sinterizados Ltda.1 São Paulo, BRA 100 BRL 40.00 EM Miba Coatings Trading (Suzhou) Suzhou, Industrial McConnelsville, Ltd.1 Park, CHN 349 CNY 50.10 C Miba Bearings US LLC Ohio, USA 29,000 USD 100.00 C Dong Guang ART – Teer Coating McConnelsville, Techn. Co. Ltd.1 Hongkong, CHN 1,500 HKD 35.00 NC Miba Bearings Sales Corp. Ohio, USA 10 USD 100.00 C Hangzhou Hui – Teer Surface ABM Advanced Bearing Materials Greensburg, Indiana, Advanced Coatings Ltd.1 Linan, CHN 10,321 CNY 41.00 NC LLC1 USA 4,540 USD 50.00 PC EBG Shenzhen Ltd.1 Shenzhen, CHN 10,860 CNY 40.74 C Sterling Heights, Miba HydraMechanica Corp. Michigan, USA 8,284 USD 100.00 C Shenzhen Rui Xi Si Te Industry Co. Ltd.1 Shenzhen, CHN 3,000 CNY 94.96 NC McConnelsville, Miba Energy Holding LLC Ohio, USA 100 USD 49.00 C Miba Asia Holding Pte. Ltd. Singapore, SGP 0 SGD 94.96 C Middletown, EBG Resistors LLC Pennsylvania, USA 40 USD 34.30 C Middletown, Direct and indirect equity interests have been calculated from a Group perspective. EBG LLC Pennsylvania, USA 10 USD 49.00 C DAU Thermal Solutions North Middletown, America Inc. Pennsylvania, USA 10 USD 49.00 C

Direct and indirect equity interests have been calculated from a Group perspective. Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

C = consolidation C = consolidation PC = proportionate consolidation EM = equity method EM = equity method NC = not consolidated 1 Reporting date: December 31, 2014 1 Reporting date: December 31, 2014 2 Reporting date: March 31, 2015

182 183 > Consolidated financial statements 2015-2016 > Auditor‘s report

Auditor’s report

REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

We have audited the accompanying consolidated financial statements of Miba Aktiengesellschaft, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis Laakirchen, Austria, which comprise the consolidated balance sheet as of January 31, 2016, the consolidated for our audit opinion. income statement/consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the fiscal year ending on this reporting date, and the Opinion notes to the consolidated financial statements. Our audit did not give rise to any objections. In our opinion, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of January 31, 2016, Management’s responsibility for the consolidated financial statements and of its financial performance and its cash flows for the fiscal year then ended in accordance with The Company’s management is responsible for the preparation and fair presentation of these consolidated International Financial Reporting Standards as adopted by the EU. financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the additional requirements under section 245a of the Austrian Commercial Code (UGB), and for such Comments on the management report for the Group internal control as management determines is necessary to enable the preparation of consolidated financial Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is statements that are free from material misstatement, whether due to fraud or error. consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the Group’s position. The auditor’s report also has to contain a statement as to Auditor’s responsibility whether the management report for the Group is consistent with the consolidated financial statements and Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We whether the disclosures pursuant to section 243a of the Austrian Commercial Code (UGB) are appropriate. conducted our audit of the financial statements in accordance with Austrian generally accepted standards for the audit of financial statements. These standards require the application of the International Standards on In our opinion, the management report for the Group is consistent with the consolidated financial statements. Auditing (ISAs). Under these standards, we must comply with professional ethical requirements and plan and The disclosures pursuant to section 243a of the Austrian Commercial Code (UGB) are appropriate. perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. Linz, on April 29, 2016 KPMG Austria GmbH An audit involves performing audit procedures to obtain audit evidence about the amounts and other Wirtschaftsprüfungs- und Steuerberatungsgesellschaft disclosures in the consolidated financial statements. The audit procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the consolidated financial Dr. Helge Löffler statements, whether due to fraud or error. When assessing these risks, the auditor considers internal control Austrian Certified Public Accountant relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Consolidated Financial Statements According to IFRSs to According Financial Statements Consolidated

184 185 > Consolidated financial statements 2015-2016 > Supervisory Board report

Report of Report of the Supervisory Board the Supervisory Board of Miba Aktiengesellschaft of Miba Aktiengesellschaft

During the past fiscal year, the Supervisory Board performed the duties required of it under Austrian law and the The Supervisory Board approved the annual financial statements, which are thereby deemed to have been Articles of Incorporation. Good cooperation within the Supervisory Board, the availability of high-quality adopted in accordance with section 96(4) of the Austrian Stock Corporation Act (AktG). The management report, informationDuring the past and fiscalcompliance year, the with Supervisory the Austrian Board Code performed of Corporate the dutiesGovernance required constitute of it under the Austrian framework law for and the consolidated financial statements and Group management report were approved after due examination. On advisingArticles of the Incorporation. Management Good Board cooperation on a regular within basis the on Supervisoryimportant matters Board, that the areavailability relevant of to high-quality the development completing its own examination, the Supervisory Board agreed with the Management Board’s proposed profit ofinformation the business, and complianceas well as for with the the careful Austrian monitoring Code of of Corporate its activity. Governance constitute the framework for appropriation. advising the Management Board on a regular basis on important matters that are relevant to the development Theof the Management business, as Board well asprovided for the thecareful Supervisory monitoring Board of its with activity. written and oral regular, timely and The Supervisory Board would like to take this opportunity to acknowledge and thank the Management Board comprehensive information on all relevant questions concerning the development of the business, including the and all employees for their personal commitment and dedication to the work carried out during this challenging riskThe positionManagement and risk Board management provided the in the Supervisory Company Board and the with material written Group and oral companies. regular, timely The agreement and of the fiscal year. Supervisorycomprehensive Board information was obtained on all for relevant those questionstransactions concerning where this the was development required under of the the business, provisions including of the the Articlesrisk position of Incorporation. and risk management in the Company and the material Group companies. The agreement of the Supervisory Board was obtained for those transactions where this was required under the provisions of the Laakirchen, April 2016 FiveArticles Supervisory of Incorporation. Board meetings were held during the fiscal year. No Supervisory Board member attended Dr. Wolfgang Berndt fewer than half of the meetings. Chairman Five Supervisory Board meetings were held during the fiscal year. No Supervisory Board member attended Thefewer composition than half of of the the meetings. Supervisory Board changed as follows:

MMag. Peter Oswald retired from the Supervisory Board on June 25, 2015. Prof.The composition KR Ing. Siegfried of the Wolf Supervisory was newly Board elected changed to the as Supervisory follows: Board at the Annual General Meeting on June

25,MMag. 2015. Peter Oswald retired from the Supervisory Board on June 25, 2015. WeProf. would KR Ing. like Siegfried to thank Wolf MMag. was Peter newly Oswald elected for to his the valuable Supervisory contribution Board at and the look Annual forward General to continuing Meeting on the June productive25, 2015. collaboration with Prof. KR. Ing. Siegfried Wolf. We would like to thank MMag. Peter Oswald for his valuable contribution and look forward to continuing the Inproductive open discussions collaboration at the with Supervisory Prof. KR. Ing.Board Siegfried meetings, Wolf. the members of the Management Board and the Supervisory Board came to a consensus on essential questions, particularly in relation to the strategic direction ofIn openthe Company. discussions The at Management the Supervisory Board Board and meetings,the Chairman the ofmembers the Supervisory of the Management Board also regularly Board and discussed the specificSupervisory current Board topics. came to a consensus on essential questions, particularly in relation to the strategic direction of the Company. The Management Board and the Chairman of the Supervisory Board also regularly discussed Thespecific Supervisory current topics. Board set up two subcommittees: The Audit Committee discharges the legal duties in relation to the monitoring of the accounting function and the examination and preparation of the adoption of the annual financialThe Supervisory statements, Board the set proposal up two forsubcommittees: the appropriation The ofAudit profit Committee and the management discharges the report, legal as duties well inas relationthe examinationto the monitoring and preparation of the accounting of the adoptionfunction ofand the the consolidated examination financial and preparation statements of the and adoption the Group of the annual managementfinancial statements, report. Thethe Remunerationproposal for the Committee appropriation deals of withprofit the and content the management of the contracts report, of as employment well as the of theexamination members and of thepreparation Management of the Board adoption and of with the remuneration consolidated matters.financial Thestatements Audit Committee and the Group met twice duringmanagement the past report. year; Thethe Remuneration Committee helddeals four with meetings. the content of the contracts of employment of the members of the Management Board and with remuneration matters. The Audit Committee met twice Theduring annual the past financial year; statements the Remuneration including Committee notes and held management four meetings. report as well as the consolidated annual

financial statements including notes and management report were audited by KPMG Austria GmbH, Linz, IFRSs to According Financial Statements Consolidated Austria.The annual The financial final audit statements findings did including not give notes rise toand any management objections and report unqualified as well asauditor’s the consolidated reports were annual issued forfinancial the respective statements annual including financial notes statements. and management report were audited by KPMG Austria GmbH, Linz, Austria. The final audit findings did not give rise to any objections and unqualified auditor’s reports were issued Auditfor the firm respective representatives annual financial participated statements. in the Audit Committee meeting and in the meeting of the Supervisory Board which dealt with the annual financial statements, and provided explanations. Audit firm representatives participated in the Audit Committee meeting and in the meeting of the Supervisory Board which dealt with the annual financial statements, and provided explanations.

186 187 Editorial details

Publisher Miba Aktiengesellschaft Dr.-Mitterbauer-Straße 3 4663 Laakirchen, Österreich www.miba.com

Editor Miba Aktiengesellschaft, Laakirchen, Austria

Image sources Miba Aktiengesellschaft, Laakirchen, Austria Frank Lübke, Munich, Germany Christian Schneider, Salzburg, Austria

Design & layout SPS MARKETING GmbH, Linz, Austria

Financial reporting system g n o This annual report was produced in-house with FIRE.sys. c g n o Y

u Translation & language services w g n ASI GmbH, Vienna, Austria o H

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