14.05.2018
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger records organic growth of 5.4% in first quarter
DGAP-News: ElringKlinger AG / Key word(s): Quarter Results
ElringKlinger records organic growth of 5.4% in first quarter
14.05.2018 / 07:29
The issuer is solely responsible for the content of this announcement.
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ElringKlinger records organic growth of 5.4% in first quarter
- First-quarter revenue down 0.6% year on year in 2018 at EUR 431 million
due to
currency effects but up 5.4% in organic terms
- EBIT margin of 8.9% before purchase price allocation
- Earnings figures include gain on disposal of Hug Group, which was
deconsolidated effective from March 1, 2018
- Guidance for 2018 confirmed
Dettingen/Erms (Germany), May 14, 2018 +++ ElringKlinger AG matched its
prior-year performance with regard to both revenue and earnings in the first
quarter of 2018. At EUR 430.7 million, revenue was slightly lower than in
the same quarter a year ago. However, this was influenced to some extent by
the absence of revenue from the Hug Group in March 2018, an entity that was
deconsolidated effective from March 1, 2018. As regards the scope of
consolidation, revenue contributions from the subsidiary hofer powertrain
products GmbH, included in the consolidated group for the first time in
February 2017, also have to be taken into consideration. In total, the
effects on revenue from changes to the scope of consolidation were
equivalent to EUR -4.2 million.
Additionally, the direction taken by foreign exchange rates had a dilutive
effect on revenue, primarily in respect of the US dollar, the Swiss franc,
and the Brazilian real. Calculated on the basis of stable exchange rates and
taking into account the above-mentioned changes in the scope of
consolidation, the Group saw revenue grow by 5.4% or EUR 23.2 million. On
the basis of organic revenue growth, therefore, ElringKlinger significantly
outperformed the automotive industry in terms of global vehicle production,
which trended sideways to slightly lower year on year.
"The Group's strong revenue growth again illustrates how innovative and
marketable our products are," concludes Dr. Stefan Wolf, CEO of
ElringKlinger AG. "The same applies to our order book situation, taking
currency effects into account: our order intake has grown yet again. Our
order backlog is actually up by as much as 8.9% compared to the first
quarter of 2017, and at more than EUR 1 billion it has reached a new
all-time high."
Quarterly earnings reported by ElringKlinger also include a EUR 21.1 million
gain on disposal of the Hug Group. This positive effect on profit was offset
to some extent by several internal and external influencing factors: the
rise in prices for key commodities such as aluminum and steel had a dilutive
effect on earnings, as did the follow-on costs associated with unexpectedly
high volumes ordered by customers in the NAFTA region as part of their
production scheduling. In Switzerland, meanwhile, operational relocations
largely progressed as planned. While finance costs rose to EUR 5.3 million,
influenced to some extent by currency effects, net income for the period
(after non-controlling interests) and earnings per share were both slightly
up on the prior-year figures at EUR 25.7 (25.1) million and EUR 0.41 (0.40)
respectively.
Given its solid order intake and backlog, the Group remains confident that
it can outpace the expansion in global automobile production by 2 to 4
percentage points in terms of organic revenue growth. Turning to earnings,
the first quarter of 2018 has seen no improvement in regard to exogenous
factors influencing the current financial year. Commodity prices continue to
rise and will again exert downward pressure on Group earnings in the current
financial year. Additionally, it is impossible to rule out higher costs
attributable to the introduction of tariffs. At the same time, the Group is
committed to implementing optimization measures at its Swiss site as planned
and streamlining cost structures associated with the sizeable volumes
ordered by customers in the NAFTA region as part of their production
scheduling. Taking these factors into consideration, too, the Group at
present continues to anticipate that it will achieve an EBIT margin (before
purchase price allocation) of around 9% in the current financial year,
despite the fact that general conditions as a whole remain challenging.
EUR million Q1 2018 Q1 ∆ ∆ rel.
2017 abs.
Order intake 474.2 494.3 -20.1 -4.1%
Order backlog 1,027.2 993.5 +33.7 +3.4%
Revenue 430.7 433.3 -2.6 -0.6%
of which FX effects -21.6 -5.0%
of which acquisitions -4.2 -1.0%
of which organic +23.2 +5.4%
EBIT before purchase price allocation 38.4* 39.1 -0.7 -1.8%
EBIT margin before purchase price 8.9* 9.0 -0.1P- -
allocation (in %) P
Purchase price allocation 1.0 1.2 -0.2 -
EBIT 37.4* 37.9 -0.5 -1.3%
Net finance cost -5.3 -3.4 -1.9 -55.9 %
EBT 32.1 34.5 -2.4 -7.0%
Taxes on income -5.7 -8.5 +2.8 +32.9%
Effective tax rate (in %) 17.9 24.7 -6.8P- -
P
Net income (after non-controlling 25.7 25.1 +0.6 +2.4%
interests)
Earnings per share (in EUR) 0.41 0.40 +0.01 -
Investments (in property, plant, and 29.4 29.6 -0.2 -0.7%
equipment)
Operating free cash flow -23.3 -11.6 -11.7 >-100.0%
Net working capital 583.4 572.9 +10.5 +1.8%
Equity ratio (in %) 44.9 46.3 -1.4P- -
P
Net financial liabilities 625.1 581.1 +44.0 +7.6%
Employees (as of March 31) 9,618 8,738 +880 +10.1%
* Incl. gain from sale of Hug subgroup
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Strategic Communications
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: +49 7123 724-88335
Fax: +49 7123 724-85 8335
E-mail: [email protected]
About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to its
customers - with a firm commitment to shaping the future of mobility. Be it
optimized combustion engines, high-performance hybrids, or
environmentally-friendly battery and fuel cell technology, ElringKlinger
provides innovative solutions for all types of drive systems.
ElringKlinger's lightweighting concepts help to reduce the overall weight of
vehicles. As a result, vehicles powered by combustion engines consume less
fuel and emit less CO2, while those equipped with alternative propulsion
systems benefit from an extended range. In response to increasingly complex
combustion engine technology, the Group also continues to make refinements
with regard to gaskets in order to meet the highest possible standards. This
is complemented by solutions centered around thermal and acoustic shielding
technology. Additionally, the Group's portfolio includes products made of
the high-performance plastic PTFE which are also marketed to industries
beyond the automotive sector. These efforts are supported by a dedicated
workforce of more than 9,600 employees at 45 ElringKlinger Group locations
around the globe.
Disclaimer
This release contains forward-looking statements. These statements are based
on expectations, market evaluations and forecasts by the Management Board
and on information currently available to them. In particular, the
forward-looking statements shall not be interpreted as a guarantee that the
future events and results to which they refer will actually materialize.
Whilst the Management Board is confident that the statements as well as the
opinions and expectations on which they are based are realistic, the
aforementioned statements rely on assumptions that may conceivably prove to
be incorrect. Future results and circumstances depend on a multitude of
factors, risks and imponderables that can alter the expectations and
judgments that have been expressed. These factors include, for example,
changes to the general economic and business situation, variations of
exchange rates and interest rates, poor acceptance of new products and
services, and changes to business strategy.
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14.05.2018 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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685179 14.05.2018
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