28.02.2017
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger announces preliminary results for fiscal 2016: revenue up, earnings before interest and taxes at prior-year level
DGAP-News: ElringKlinger AG / Key word(s): Preliminary Results
ElringKlinger announces preliminary results for fiscal 2016: revenue up,
earnings before interest and taxes at prior-year level
28.02.2017 / 07:29
The issuer is solely responsible for the content of this announcement.
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ElringKlinger announces preliminary results for fiscal 2016:
revenue up, earnings before interest and taxes at prior-year level
- Revenue up by 3.3% to EUR 1,557 million, organically by 4.7%
- EBIT before purchase price allocation on a par with previous year at
EUR 140.4 million
- Q4 2016: revenue improves by 4.4% to EUR 407 million, organically by
5.1%; EBIT before purchase price allocation stands at EUR 39.5 million
- Outlook for current financial year on March 30, 2017
Dettingen/Erms (Germany), February 28, 2017 +++ Based on unaudited,
preliminary data, the ElringKlinger Group generated revenue of EUR 1,557.4
(1,507.3) million in the 2016 financial year just ended, up 3.3% on the
previous year's figure. Taking into account the effects of foreign exchange
rates and acquisitions, growth was as much as EUR 71.1 million or 4.7% in
organic terms. The direction taken by exchange rates for the Mexican peso,
Chinese yuan, and the British pound in particular resulted in currency
translation losses of EUR 33.4 million in total, which is equivalent to
-2.2%. The two entities acquired in 2016 contributed EUR 12.4 million, or
0.8%, to growth. The Group had acquired the Dutch distribution company
COdiNOx Beheer B.V. in the first quarter; the latter was fully consolidated
effective from April 11, 2016, and was integrated within the Group as Hug
Engineering B.V. Additionally, certain assets of Maier Formenbau GmbH were
taken over effective from June 1, 2016, for the purpose of strengthening
ElringKlinger's tooling operations.
At EUR 140.4 (140.4) million, Group EBIT before purchase price allocation
was unchanged year on year. This includes exceptional charges of approx.
EUR 11 million from the first half of the year relating to the Original
Equipment segment. Overall, therefore, earnings were in line with
expectations, which had been adjusted by the Group in July 2016. The
Group's earnings guidance had been revised downward to between EUR 140 and
150 million mainly due to delays in the migration of manufacturing
operations to Hungary; this prevented the Swiss site of ElringKlinger from
recording improvements to its performance. On publishing its results for
the third quarter of 2016, the company had put in more precise terms its
earnings forecast for the annual period, specifying a figure at the lower
end of the aforementioned range. Based on its latest preliminary results,
this target has been met.
"After three relatively weak quarters when compared to others, annual
earnings were boosted by a particularly solid performance in the fourth
quarter," said Dr. Stefan Wolf, CEO of ElringKlinger AG. This was
attributable to a number of factors, including favorable market conditions,
the sale of real estate by the company, and first and foremost the steady
improvement in earnings at the Swiss subsidiary. "The improvement in our
performance in Switzerland had a visible impact on the fourth quarter in
particular. The same quarter last year had produced exceptional charges of
EUR 13 million, whereas we have now seen a return to more stable earnings,"
added CFO Thomas Jessulat. "Progress made within this area has further
strengthened our resolve to gradually streamline our site in Switzerland by
reducing the level of fixed operating costs over the coming three years."
ElringKlinger will publish its full and definitive results for the 2016
financial year on March 30, 2017, together with its outlook for 2017.
EUR million Q4 2016 Q4 2015 ∆ abs. ∆ rel.
Sales revenue 407.2 390.0 +17.2 +4.4%
of which FX effects -5.9 -1.5%
of which acquisitions +3.1 +0.8%
of which organic +20.0 +5.1%
EBIT before purchase price allocation 39.5 27.5 +12.0 +43.6%
EBIT margin before 9.7% 7.1% +2.6pp
purchase price allocation
Purchase price allocation 1.1 1.3 -0.2
EBIT 38.4 26.2 +12.2 +46.6%
EUR million FY 2016 FY 2015 ∆ abs. ∆ rel.
Sales revenue 1,557.4 1,507.3 +50.1 +3.3%
of which FX effects -33.4 -2.2%
of which acquisitions +12.4 +0.8%
of which organic +71.1 +4.7%
EBIT before purchase price allocation 140.4 140.4 +0.0 +0%
EBIT margin before 9.0% 9.3% -0.3pp
purchase price allocation
Purchase price allocation 4.8 5.2 -0.4
EBIT 135.6 135.2 +0.4 +0.3%
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations/Corporate PR
Max-Eyth-Straße 2
D-72581 Dettingen/Erms
Phone: +49 7123 724-88335
Fax: +49 7123 724-85 8335
E-mail: [email protected]
About ElringKlinger AG
ElringKlinger has focused its efforts on developing forward-looking green
technologies. These are designed not only to reduce CO2 emissions but also
to scale back the level of harmful nitrogen oxides, hydrocarbons, and soot
particles. ElringKlinger is one of the few automotive suppliers worldwide
with the capabilities of developing and producing high-tech components for
all types of drive system - whether for downsized combustion engines or for
electric vehicles driven by batteries or fuel cells. Drawing on its
expertise in lightweight engineering, ElringKlinger can make a decisive
contribution to efforts aimed at further reducing vehicle weight and thus
fuel consumption. The company's portfolio centered around emissions
reduction also includes particulate filters and end-to-end exhaust gas
purification systems used in ships, commercial vehicles, construction
machinery, and stationary engines as well as in power stations. This is
complemented by products made of the high-performance plastic PTFE supplied
by ElringKlinger Kunststofftechnik, which are marketed to a wide range of
industries - also to those operating beyond the vehicle manufacturing
sector. Applying its abilities as an innovator, ElringKlinger is committed
to sustainable mobility and earnings-driven growth. These efforts are
supported by a dedicated workforce of around 8,600 people at 47
ElringKlinger Group locations around the globe.
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28.02.2017 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.
Archive at www.dgap.de
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Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-0
Fax: 071 23 / 724-9006
E-mail: [email protected]
Internet: www.elringklinger.de
ISIN: DE0007856023
WKN: 785602
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Tradegate Exchange
End of News DGAP News Service
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548085 28.02.2017
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