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MIFA Reports 20% Revenue Drop

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The Mitteldeutsche Fahrradwerke AG, better know as MIFA AG, saw its revenues drop 20.4% during the first six months of 2009. With this result the German manufacturer of

MIFA Reports 20% Revenue Drop

SANGERHAUSEN, Germany – The Mitteldeutsche Fahrradwerke AG, better know as MIFA AG, saw its revenues drop 20.4% during the first six months of 2009. With this result the German manufacturer of entry to mid level priced private label bikes scores on par with the current trend that the financial crisis is in particular harming the low end sector of the European bike industry.

MIFA ended the first half of the year with a total revenue of  € 52.4 million compared to € 65.9 million during the first half of 2008. Earnings before interest and taxes (EBIT) dropped 8.9% from € 5.6 million in 2008 to € 5.1 million in 2009.

Pre-tax earnings (EBT) stood in the first six months of 2009 at € 3.9 million compared to € 4.7 million in 2008. This resulted in a balance surplus drop of 28.2% from € 3.9 million in 2008 to € 2.8 million in 2009.

MIFA also reports an improvement in its equity ratio during the first half year of 1.5% to 38.17% (previous year 36.68%).

MIFA Mitteldeutsche Fahrradwerke AG: Financial Results

 

  Half year 2009   Half year 2008 +/- 
Total revenues € 52,426,589.65 € 65,899,943.04 – 20,4%
EBT € 3,863,537.74 € 4,713,527.88 – 18 0%
Equity € 27,358,210.26 € 27,328,477.97 + 0.1%
Balance sheet total € 71,679,189.68 € 81,147,274.59 – 11,7%
Equity quote 38.17% 36.68% + 1.5%
Number of employees 521 589

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