02.03.2015
ElringKlinger AG DE0007856023
DGAP-Adhoc: ElringKlinger AG: Preliminary annual result for 2014: ElringKlinger records organic revenue growth of 11.2%
ElringKlinger AG / Key word(s): Preliminary Results
02.03.2015 07:39
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Revenue increases by 15.3% - organically by 11.2% - to EUR 1,325.8
million
- Adjusted EBIT before purchase price allocation (EUR 3.4 million) at
EUR 162.3 million
- Outlook for 2015: organic revenue growth of 5 to 7% plus acquisitions;
EBIT before purchase price allocation projected at between
EUR 170 and 180 million
Dettingen/ Erms (Germany), March 2, 2015 +++ Based on preliminary data,
the ElringKlinger Group recorded sales revenue of EUR 1,325.8 (1,150.1)
million in the 2014 financial year. Organically, i.e. eliminating the
effects of foreign currency translation and changes in the scope of
consolidation, sales revenue increased by 11.2%, despite the malaise
afflicting vehicle markets in both Brazil and Russia. ElringKlinger
benefited from strong structural growth in many of its product groups aimed
at CO2 reduction and expanded at a percentage rate that was well in excess
of growth in terms of global vehicle production. The full consolidation of
ElringKlinger Marusan Corporation contributed EUR 23.1 million to Group
revenue in 2014.*
It should be noted that ElringKlinger had generated a one-time gain of EUR
17.6 million in 2013 following the assumption of control of the 50:50 joint
venture ElringKlinger Marusan Corporation effective from December 31, 2013.
The operating result rose to EUR 154.0 million in 2014. Adjusted for the
one-time gain of EUR 17.6 million from the assumption of control of
Marusan, the comparative prior-year figure was EUR 146.6 million (including
one-time gain: EUR 164.2 million).
Group EBIT, adjusted for non-recurring items and before purchase price
allocation, stood at EUR 162.3 (149.8) million, up 8.3% on the previous
year; this corresponds to a margin of 12.2%. Due to current demand
patterns, the new E-Mobility division fell well short of the original
target and recorded a loss of EUR 8.1 (loss of 7.3) million. In total,
one-off exceptional charges of EUR 4.9 million had a dampening effect: as
part of the plant relocation to the newly constructed site in Gumi, the
subsidiary ElringKlinger Korea Co., Ltd. had to carry out inventory
corrections and adjustments of EUR 2.0 million. A warranty incident
attributable to the parent company, ElringKlinger AG, and dating back to
2008 was definitively settled in the reporting period and there are no
longer any risks associated with this matter. In this context, a sum of EUR
1.5 million in receivables had to be derecognized, which was accounted for
in profit/loss. At the same time, ElringKlinger received cash of EUR 8.5
million as a result of the insurance payment. As part of the amendments to
Management Board contracts of service, a one-time amount of EUR 1.4 million
had to be allocated to provisions in respect of long-term variable
incentive components of compensation (LTI II) that are attributable in
economic terms to the two previous years.
Compared to the prior-year figure, adjusted for the one-time gain from the
assumption of control of Marusan, earnings before taxes rose by 16.6% to
EUR 153.1 million (EUR 131.3 million, including one-time gain: EUR 148.9
million). This was driven largely - primarily as a result of foreign
exchange gains - by lower net finance costs of EUR 0.9 (15.3) million.
Order backlog 15.6% up on previous year
ElringKlinger saw its order intake expand by 10.5%, or 8.3% organically, in
2014. In absolute terms, order intake rose to EUR 1,418.6 (1,284.4)
million, which was well in excess of sales revenue. As of December 31,
2014, order backlog exceeded the previous year's figure by 15.6%, taking it
to EUR 688.2 (595.4) million.
Further revenue and earnings growth planned for 2015
ElringKlinger anticipates that global car production will expand by around
2% in 2015 as a whole. Based on this assumption, the Group is targeting
organic revenue growth of 5 to 7%. Additionally, the consolidation of
recently acquired M&W Manufacturing Inc., USA (in future "ElringKlinger
Automotive Manufacturing Inc.") will contribute around EUR 30 million to
Group revenue in the financial year as a whole.
Due to the greater relevance of acquired entities, adjusted EBIT will in
future be presented before the effects of purchase price allocation.
Adjusted for non-recurring items, EBIT before purchase price allocation is
expected to be between EUR 170 and 180 million in 2015. Due to current
demand patterns, from today's perspective, the E-Mobility division is not
likely to see a fundamental improvement in its earnings performance in
2015.
________________________________________________________________________
With regard to the publication of preliminaries for fiscal 2014 a
conference call will be held today, March 2, 2015, at 10:00 CET. The full
announcement of the definitive, audited results for fiscal 2014 is
scheduled for March 31, 2015.
*Due to the necessary retrospective application of IFRS 11 as regards the
presentation of comparative prior-year figures (2013), the joint venture
ElringKlinger Marusan Corporation was no longer accounted for on a
proportionate basis but rather in accordance with the equity method. As a
result, the Group revenue figure originally presented for 2013 was
retrospectively reduced to EUR 1,150.1 million, the difference being
attributable to the entity's revenue contribution (EUR 25.1 million)
formerly included at a proportionate rate of 50%. Thus, EBIT presented here
was EUR 0.7 million lower retrospectively, while earnings before taxes were
EUR 0.3 million lower retrospectively. In the fourth quarter of 2013, Group
revenue was thus reduced retrospectively by EUR 5.7 million to EUR 285.4
million.
For further information, please contact:
ElringKlinger AG - Investor Relations/Corporate PR
Stephan Haas
Max-Eyth-Straße 2
72581 Dettingen/Erms
Tel.: +49 (0)7123-724-137
E-Mail: [email protected]
02.03.2015 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: 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: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Munich
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
ElringKlinger AG ISIN: DE0007856023 können Sie bei EQS abrufen
Automobilzulieferer , 785602 , ZIL2 , XETR:ZIL2