MIFA Mitteldeutsche Fahrradwerke AG

MIFA Mitteldeutsche Fahrradwerke AG, which is based at Sangerhausen in Germany’s Saxony-Anhalt region, is Germany’s largest manufacturer of bicycles in terms of sales. The company produces an extensive range of bicycle models ranging from entry-price through to premium. The components utilised in bicycle production are purchased from renowned suppliers and assembled at the company’s single production location in Sangerhausen. Business here focuses on project-related manufacturing to order for large retail chains and OEM (Original Equipment Manufacturer) customers. E-bikes have also been produced since the 2011 financial year. MIFA produces the e-bike for automotive manufacturer smart, Deutsche Post’s bicycle fleet, and supplies municipal lending systems with multi-user vehicles. MIFA acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult bicycle forging company Steppenwolf in 2012, thereby intensifying its sales activities with specialist dealers. MIFA sells its bicycles primarily in its domestic market in Germany. Further sales markets are located mainly in Western Europe. Both the operating business and administration and logistics are managed from the single production site in Sangerhausen.

MIFA sold 546,000 bicycles in the 2012 financial year (previous year: 644,000), generating EUR 111.3 million of revenue, representing a 10.7 % increase compared with 2011 (EUR 100.5 million). E bikes comprised 30.0 % of total revenue (previous year: 12.5 %). After adjusting for acquisition effects, the company generated adjusted operating earnings (EBIT) of EUR 2.9 million (previous year: EUR 4.6 million), and adjusted net income of EUR 1.1 million (previous year: EUR 2.0 million). MIFA has been listed on the stock market since May 2004. Its shares are traded in the Prime Standard of the Regulated Market of the Frankfurt Stock Exchange.