07.08.2018 ElringKlinger AG  DE0007856023

DGAP-News: ElringKlinger sees strong expansion in revenue during second quarter of 2018


 
DGAP-News: ElringKlinger AG / Key word(s): Half Year Results/Quarter Results ElringKlinger sees strong expansion in revenue during second quarter of 2018 07.08.2018 / 07:34 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- ElringKlinger sees strong expansion in revenue during second quarter of 2018 - Organic revenue growth of 8.4% in first half and as much as 11.6% in second quarter - EBIT margin before purchase price allocation of 7.5% in first half - Order backlog of EUR 1,038 million at record level Dettingen/Erms (Germany), August 7, 2018 +++ Automotive supplier ElringKlinger recorded strong revenue growth in the second quarter of 2018. Compared to the same quarter a year ago, revenue was expanded by EUR 23.0 million, or 5.6%, to EUR 430.8 (407.8) million. This includes a dilution of revenue by EUR 10.9 million, or 2.7 percentage points, due to the disposal of Hug. Revenue was also dampened by currency effects equivalent to EUR 13.6 million or 3.3 percentage points. In this context, the direction taken by the Swiss franc, the Mexican peso, and the US dollar was a key factor. Adjusted for the effects of currency translation and the sale of Hug, revenue in the reporting quarter was up by EUR 47.5 million or 11.6% in organic terms. Thus, the Group outpaced growth in global automobile production (+6.6%) by 5 percentage points. Revenue growth was evident in all sales regions covered by the Group. In South America and Rest of the World, for instance, ElringKlinger managed to expand its business by 9.4% in the second quarter of 2018, while it grew by 5.6% in its core market of Europe (incl. Germany). The Asia-Pacific region also recorded slight growth of 0.8%. ElringKlinger's sales performance in the NAFTA region was particularly striking. Here, Group revenue rose by a vigorous 9.4% year on year in the second quarter of 2018, despite the fact that vehicle production in this region was down slightly (-0.8%) during the same period. Calculated on the basis of revenue growth in the NAFTA region, ElringKlinger outperformed general market expansion by more than 10 percentage points. "We are advancing in all core segments, which clearly illustrates the strong demand for our products worldwide," said Dr. Stefan Wolf, Chief Executive Officer of ElringKlinger AG. "This buoyant demand is also reflected in our order book situation. We have received new orders amounting to EUR 459 million, which takes us to a level that is up 11% on the prior-year figure. In addition, our order backlog in excess of EUR 1 billion represents a new record for ElringKlinger." Despite the strong demand, the persistently high levels of capacity utilization and the increased commodity prices, the Group managed to limit the impact on earnings in the second quarter when compared with the first three months of the financial year. In total, the Group recorded an EBIT figure of EUR 26.3 (37.2) million before purchase price allocation in the period from April to June. Adjusted for one-off proceeds from the sale of Hug, the EBIT margin before purchase price allocation improved from 4.0% in the first three months to 6.1% (9.1%) in the second quarter. In the first half the margin stood at 7.5% (9.1%). ElringKlinger's growth trajectory is also reflected in other key financial indicators. Compared to the end of 2017, net working capital, for example, rose by 9.5% to EUR 605.9 million as of June 30, 2018. This was attributable mainly to a revenue-driven increase in trade receivables. The Group's disciplined approach to investment spending in property, plant, and equipment and investment property proved beneficial. It amounted to EUR 67.7 (72.0) million in the first half, down EUR 4.3 million on the prior-year figure. The investment ratio stood at 7.9%. Due to payments scheduled for the second half, however, it is expected to be within a range of around 9 to 10% in respect of the annual period as a whole. Operating free cash flow totaled EUR -42.2 (-21.8) million in the first half of 2018. After a three-month period in which the automotive industry delivered a strong performance, the second half of the year will see more pronounced economic and political uncertainties. The business-related effects associated with the WLTP certification process for new vehicles may also have an impact on ElringKlinger. At the same time, it is impossible to predict the future direction taken by international trade tariffs and the extent to which these tariffs will influence key corporate financials in general. Operating within this increasingly ambivalent business environment, ElringKlinger at present still anticipates that global automobile production will expand by 2 to 3% in 2018 and remains confident that it can exceed this figure by around 2 to 4 percentage points in terms of revenue growth. Additionally, the Group can confirm its 2018 EBIT margin target of around 7%, before purchase price allocation, as revised in June. ElringKlinger has positioned itself very well in strategic terms to engage in the process of transition within the global automotive industry. In view of its highly sought-after and technologically advanced products, the Group remains confident that it can continue to expand faster in the medium term than automobile production, calculated on the basis of its revenue growth, and that it can gradually improve profitability levels in terms of its EBIT margin before purchase price allocation. 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: jens.winter@elringklinger.com Key Financials for Q2 and H1 of 2018 EUR million H1 2018 H1 ∆ ∆ Q2 2018 Q2 ∆ ∆ 2017 abs- rel- 2017 abs. rel- . . . Order intake 932.8 907.6 +25- +2.- 458.6 413.3 45.3 +11- .2 8 % .0 % Order backlog 1,038.2 999.1 +39- +3.- 1,038.2 999.1 +39.- +3.- .1 9 % 1 9 % Revenue 861.5 841.1 +20- +2.- 430.8 407.8 +23.- +5.- .4 4 % 0 6 % of which FX -35- -4.- -13.- -3.- effects .2 2 % 6 3 % of which -15- -1.- -10.- -2.- acquisitions .1 8 % 9 7 % of which +70- +8.- +47.- +11- organic .7 4 % 5 .6 % EBITDA 110.4 123.1 -12- -10- 49.3 60.5 -11.- -18- .7 .3% 2 .5% EBIT before 64.6* 76.3 -11- -15- 26.3 37.2 -10.- -29- purchase price .7 .3 9 .3 allocation % % EBIT margin 7.5* 9.1 -1.- - 6.1 9.1 -3.0 - before purchase 6 PP price PP allocation (in %) Purchase price 1.9 2.6 -0.- - 1.0 1.4 - - allocation 7 0.4 EBIT 62.7* 73.7 -11- -14- 25.3 35.8 -10.- -29- .0 .9 5 .3 % % Net finance -10.3 -11.2 +0.- +8.- -5.0 -7.8 +2.8 +35- cost 9 0 % .9 % EBT 52.4* 62.5 -10- -16- 20.3 28.0 -7.7 -27- .1 .2 .5 % % Taxes on income 16.7 17.2 -0.- -2.- 10.9 8.7 +2.2 +25- 5 9 % .3 % Effective tax 31.9 27.5 +4.- - 53.7 30.9 +22.- - rate (in %) 4 8 PP PP Net income 34.2* 43.5 -9.- -21- 8.5 18.4 -9.9 -53- (after 3 .4 .8 non-controlling % % interests) Earnings per 0.54* 0.69 -0.- -21- 0.13 0.29 -0.1- -55- share (in EUR) 15 .7 6 .2 % % Investments (in 67.7 72.0 -4.- -6.- 38.4 42.4 -4.0 -9.- property, 3 0% 4 % plant, and equipment) Operating free -42.2 -21.8 -20- -93- -19.0 -10.2 -8.8 -86- cash flow .4 .6 .3 % % Net working 605.9 570.6 +35- +6.- capital .3 2 % Equity ratio 42.8 44.4 -1.- - (in %) 6 PP Net financial 682.6 614.6 +68- +11- liabilities .0 .1 % Employees (as 9,954 9,012 +94- +10- of June 30) 2 .5 % * Incl. gain from sale of Hug subgroup 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 almost 10,000 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. --------------------------------------------------------------------------- 07.08.2018 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 --------------------------------------------------------------------------- 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: jens.winter@elringklinger.com 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 --------------------------------------------------------------------------- 711393 07.08.2018


Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 2020e
Umsatzerlöse1 1.175,23 1.325,83 1.507,25 1.557,44 1.664,04 1.699,00 1.727,03 0,00
EBITDA1,2 236,30 233,40 222,80 231,25 238,39 196,65 180,91 0,00
EBITDA-Marge3 20,11 17,60 14,78 14,85 14,33 11,57 10,48 0,00
EBIT1,4 164,93 154,00 135,25 135,59 137,32 96,18 61,23 0,00
EBIT-Marge5 14,03 11,62 8,97 8,71 8,25 5,66 3,55 0,00
Jahresüberschuss1 111,20 110,60 95,79 82,62 73,78 47,90 5,01 0,00
Netto-Marge6 9,46 8,34 6,36 5,30 4,43 2,82 0,29 0,00
Cashflow1,7 119,98 149,94 123,33 175,74 95,48 91,55 277,58 0,00
Ergebnis je Aktie8 1,66 1,67 1,45 1,24 1,10 0,69 0,06 0,04
Dividende8 0,50 0,55 0,55 0,50 0,50 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
©boersengefluester.de
ElringKlinger
WKN Kurs in € Einschätzung Börsenwert in Mio. €
785602 6,630 Verkaufen 420,08
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
23,68 15,51 1,526 6,23
KBV KCV KUV EV/EBITDA
0,49 1,51 0,24 6,432
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
Hauptversammlung
0,00 0,00 0,00 07.07.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
07.05.2020 11.08.2020 10.11.2020 30.03.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
14,33% 13,53% -18,75% 6,42%
    
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Automobilzulieferer , 785602 , ZIL2 , XETR:ZIL2