04.08.2016
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger records organic growth of 5.6% in second quarter of 2016
DGAP-News: ElringKlinger AG / Key word(s): Half Year Results/Quarter Results
ElringKlinger records organic growth of 5.6% in second quarter of 2016
04.08.2016 / 07:37
The issuer is solely responsible for the content of this announcement.
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ElringKlinger records organic growth of 5.6% in second quarter of 2016
- Revenue up by 2.9% to EUR 391 million, organically by as much as 5.6%
- EBIT before purchase price allocation down by EUR 3.4 million or 8.6%
quarter on quarter to EUR 36.2 million
- This figure includes trailing exceptional costs of EUR 4 million in the
Original Equipment segment
- Guidance for FY 2016: 5 to 7% organic revenue growth and EBIT pre PPA
of EUR 140 to 150 million expected
Dettingen/Erms (Germany), August 4, 2016 +++ The ElringKlinger Group
maintained its trajectory of revenue growth in the second quarter. Revenues
increased by EUR 11.2 million or 2.9% compared to the same quarter a year
ago, taking the figure to EUR 390.9 (379.7) million. In this context,
currency translation - primarily with regard to the Mexican peso, Swiss
franc, and Chinese yuan - had an adverse effect on figures for the
reporting quarter equivalent to EUR 11.7 million or 3.1%. Additionally,
revenues include a contribution of EUR 1.6 million from COdiNOx Beheer
B.V., which has been fully consolidated within the Group since April 11,
2016. Taking into account the aforementioned factors relating to foreign
exchange rates and the corporate acquisition, revenue showed organic growth
of EUR 21.3 million or 5.6%.
"Our growth in revenue in particular is indicative of the success of recent
efforts to internationalize our business," says Dr. Stefan Wolf, Chief
Executive Officer of ElringKlinger AG. "We have continued to invest in
Germany, while also expanding our network of sites worldwide. This is a key
factor in strategic terms, as our global presence in particular has allowed
us to evolve into a partner for pioneering supply-side projects, as
evidenced by the recent order we received for door module carriers."
The situation in terms of ElringKlinger's order books also remains
encouraging. In the second quarter, the Group recorded incoming orders
encompassing a volume of EUR 441.2 million. Thus, order intake rose by EUR
6.1 million or 1.4% compared to the prior-year figure. FX-adjusted, order
intake was up by as much as EUR 16.4 million or 3.8%. Order backlog
improved by 12.6% to EUR 885.2 (786.2) million. Taking into account the
effects of foreign exchange rates, order backlog increased by 15.8% to EUR
910.2 million. This provides the foundation for further organic growth in
the future.
In the second quarter, Group EBIT before purchase price allocation amounted
to EUR 36.2 (39.6) million, up EUR 4.2 million on the figure posted for the
first quarter of 2016 (EUR 32.0 million). However, it was EUR 3.4 million
or 8.6% lower compared to the second quarter of 2015. At EUR 4 million, the
additional costs associated with the business unit impacted by capacity
constraints in 2015 were only slightly above the figure of around EUR 3
million originally anticipated. However, the improvements in earnings seen
at the Swiss site during the first quarter failed to progress as planned in
the second quarter. As a result, EBIT for the first half as a whole fell
well short of original expectations.
By contrast, compared to the prior-year figure (EUR 31.8 million), earnings
before taxes (EBT) were slightly better in the second quarter at EUR 32.6
million. This was attributable primarily to the significant reduction in
net finance cost to EUR 2.6 (6.5) million, an item influenced favorably by
foreign exchange gains. As a consequence, earnings per share stood at EUR
0.36, slightly up on the prior-year figure of EUR 0.33.
The Group's other key performance indicators also proved slightly more
positive. Operating free cash flow improved by EUR 4.4 million to EUR -6.6
(-11.0) million, while investments in property, plant, and equipment fell
by EUR 4.6 million to EUR 36.1 (40.7) million. Net working capital rose
only marginally by 3.4% to EUR 541.6 million, which was due in part to the
slight reduction in inventories by the Group.
ElringKlinger anticipates moderate growth of 2 to 3% within the global
automobile market in the current financial year. As the Group had fallen
short of expectations in terms of earnings in the first two quarters, the
outlook for the full fiscal year was adjusted towards the end of July.
While a figure of 5 to 7% in organic revenue growth was reaffirmed by the
Group, its guidance for EBIT before purchase price allocation currently
stands at EUR 140 to 150 million (previously: EUR 160 to 170 million).
EUR million H1 2016 H1 2015 ∆ abs. ∆ rel.
Order intake 865.2 849.1 +16.1 +1.9%
Order backlog 885.2 786.2 +99.0 +12.6%
Revenue 776.1 751.1 +25.0 +3.3%
of which FX effects -23.4 -3.1%
of which acquisitions +6.5 +0.9%
of which organic +41.9 +5.6%
EBITDA 111.6 115.9 -4.3 -3.7%
EBIT before purchase 68.2 76.3 -8.1 -10.6%
price allocation
EBIT margin before 8.8 10.2 -1.4PP -
purchase price allocation (in %)
Purchase price allocation 2.3 2.6 -0.3 -
EBIT 66.0 73.7 -7.7 -10.4%
Net finance cost -8.9 -3.0 -5.9 +>100%
EBT 57.0 70.7 -13.7 -19.4%
Taxes on income 15.6 19.5 -3.9 -20.0%
Effective tax rate (in %) 27.4 27.5 -0.1PP -
Net income (after 39.8 49.2 -9.4 -19.1%
non-controlling interests)
Earnings per share (in EUR) 0.63 0.78 -0.15 -19.2%
Investments (in property, 73.6 75.9 -2.3 -3.0%
plant, and equipment)
Operating free cash flow -5.9 -22.3 +16.4 +73.5%
Net working capital 541.6 523.6 +18.0 +3.4%
Equity ratio (in %) 46.3 47.0 -0.7PP -
Net financial liabilities 532.1 442.6 +89.5 +20.2%
Employees (as of June 30) 8,283 7,595 +688 +9.1%
EUR million Q2 2016 Q2 2015 ∆ abs. ∆ rel.
Order intake 441.2 435.1 +6.1 +1.4%
Order backlog 885.2 786.2 +99.0 +12.6%
Revenue 390.9 379.7 +11.2 +2.9%
of which FX effects -11.7 -3.1%
of which acquisitions +1.6 +0.4%
of which organic +21.3 +5.6%
EBITDA 58.5 59.8 -1.3 -2.2%
EBIT before purchase 36.2 39.6 -3.4 -8.6%
price allocation
EBIT margin before 9.3 10.4 -1.1PP -
purchase price allocation (in %)
Purchase price allocation 1.0 1.3 -0.3 -
EBIT 35.2 38.3 -3.1 -8.1%
Net finance cost -2.6 -6.5 +3.9 +60.0%
EBT 32.6 31.8 +0.8 +2.5%
Taxes on income 9.1 9.8 -0.7 -7.1%
Effective tax rate (in %) 27.9 30.8 -2.9PP -
Net income (after 22.6 21.0 +1.6 +7.6%
non-controlling interests)
Earnings per share (in EUR) 0.36 0.33 +0.03 +9.1%
Investments (in property, 36.1 40.7 -4.6 -11.3%
plant, and equipment)
Operating free cash flow -6.6 -11.0 +4.4 +40.0%
The full quarterly report can be accessed from the ElringKlinger website at
http://www.elringklinger.de/investor/2016-q2-en.pdf
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
Max-Eyth-Straße 2
D-72581 Dettingen/Erms
Germany
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 more than 8,200 people at 45
ElringKlinger Group locations around the globe.
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04.08.2016 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.
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Financial/Corporate News and Press Releases.
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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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