MIFA Mitteldeutsche Fahrradwerke AG
Thomas Mayer appointed new CEO of MIFA from 1 October 2014 – Audit of 2013 annual financial statements about to be concluded
MIFA Mitteldeutsche Fahrradwerke AG / Key word(s): Change of Personnel/Final Results Thomas Mayer appointed new CEO of MIFA from 1 October 2014 – Audit of 2013 annual financial statements about to be concluded Sangerhausen, 18 September 2014 – The Supervisory Board of MIFA Mitteldeutsche Fahrradwerke AG (WKN A0B95Y, ISIN DE000A0B95Y8, “MIFA”) has appointed business and industry expert Thomas Mayer (56) to be a member of MIFA’s Management Board as well as its CEO for a three-year period with effect as of 1 October 2014. Mr. Mayer’s future Management Board responsibilities comprise the areas of strategy, sales and marketing, finance and controlling, legal, IT and human resources, and public relations. As a consequence, he is also assuming the Management Board responsibilities of former CEO Hans-Peter Barth, whom the Supervisory Board has today recalled from office. Future MIFA CEO Thomas Mayer holds a degree in business studies, and has extensive experience as a management board member and managing director of international operating companies in the areas of wholesaling, retailing and services as well as industrial companies. As part of numerous past mandates, he has reoriented both strategic business units and entire companies. Thanks to Mayer’s sales and financial expertise, and his business competences, the Supervisory Board expects this personnel decision to provide a further decisive impulse to lead MIFA onto a stable and sustainable growth path. With a look to the future orientation of its product range, MIFA can benefit particularly from Mayer’s rich experience in the marketing of consumer goods. As a consequence, the Supervisory Board regards Mayer’s appointment as an important step for the company’s future: “MIFA’s financial restructuring is proceeding well, and approaching its successful conclusion. A firm foundation consequently exists to successfully push ahead with our industrial reorganisation and realignment in a concentrated manner. We are optimistic Thomas Mayer will deliver important impulses to this end.” MIFA had already published its 2013 results on 17 September. These are being erroneously referred to overall as “subject to change and unaudited”. In fact, the 2013 separate annual financial statements and management report have been prepared on a finalised basis, and are being audited by the auditor of the annual financial statements Mittelrheinische Treuhand GmbH – Wirtschaftsprüfungsgesellschaft. “The Management and Supervisory boards are assuming that this audit will soon be concluded,” explains Management Board member Dr. Stefan Weniger, who is now managing the company’s business as sole Management Board member until Mr. Mayer assumes office. In addition, the Management and Supervisory boards have already decided to pass the matter of approving the annual financial statements on to the Shareholders’ General Meeting. The Supervisory Board regards this as a consistent measure that lies in the shareholders’ interests: “The Shareholders’ General Meeting is called upon to decide on important elements of the financial and financial accounting restructuring; for this reason, it should also approve the annual financial statements, based on positive and forward-looking decisions by the Shareholders’ General Meeting.”
MIFA Mitteldeutsche Fahrradwerke AG, headquartered in Sangerhausen (Saxony-Anhalt), is Germany’s largest manufacturer of bicycles in terms of sales. The company offers a comprehensive range of bicycle models spanning entry price through to premium end. The components included in bicycle production are sourced from renowned suppliers and assembled at the company’s sole production site in Sangerhausen, Germany. Business in this context focuses on product-related order production for major retail chains and OEM (Original Equipment Manufacturer) customers. E-bikes have also been manufactured since 2011. MIFA produces e-bikes for automotive manufacturer smart, manufactures for the Deutsche Post bicycle fleet, and supplies communal lending systems with multi-user vehicles, among other customers. In 2012, MIFA acquired Berlin-based e-bike manufacturer Grace and Bavaria-based cult bicycle forging company Steppenwolf, thereby intensifying its sales activities via specialist dealers. MIFA sells its bicycles predominately on its domestic German market. Further sales markets are located mainly in Western Europe. Both the operating business and administration and logistics are managed at the company’s sole production location in Sangerhausen. MIFA has been a listed company since May 2004. Its shares are traded in the Prime Standard of the Regulated Market of the Frankfurt Stock Exchange. MIFA’s corporate bond is listed in the Entry Standard for bonds on the Frankfurt Stock Exchange.
Mark Appoh
18.09.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | MIFA Mitteldeutsche Fahrradwerke AG | |
Kyselhäuser Straße 23 | ||
06526 Sangerhausen | ||
Germany | ||
Phone: | 03464-5370 | |
Fax: | 03464-537251 | |
E-mail: | b.mirau@mifa.de | |
Internet: | www.mifa.de | |
ISIN: | DE000A0B95Y8, DE000A1X25B5 | |
WKN: | A0B95Y, A1X25B | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart | |
End of News | DGAP News-Service |
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