06.05.2015
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger with strong organic revenue growth in Q1 2015
DGAP-News: ElringKlinger AG / Key word(s): Quarter Results
ElringKlinger with strong organic revenue growth in Q1 2015
06.05.2015 / 07:45
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ElringKlinger with strong organic revenue growth in Q1 2015
Dettingen/Erms (Germany), May 6, 2015 +++ The ElringKlinger Group has
confirmed its preliminary results for the first quarter of 2015, as
announced on April 29, 2015. The automotive supplier saw its revenue grow
by 14.6% in the first quarter of 2015, taking the figure to EUR 371.4
(324.0) million. Organically, i.e. excluding the effects of acquisitions
and foreign exchange gains, revenue expanded by 5.7%. Thus, the
ElringKlinger Group yet again managed to outpace the global vehicle markets
when it came to the rate of growth achieved. Earnings before interest and
taxes (EBIT), and before purchase price allocations, totaled EUR 36.7
(43.0) million. Net income after non-controlling interests totaled EUR 29.2
(29.3) million.
Strong revenue growth sustained in Q1 2015
Outperforming the global vehicle markets yet again in the first three
months of 2015, ElringKlinger recorded organic revenue growth of 5.7%. The
company benefited from a number of new product rollouts as well as
significant structural growth in many of the product groups targeted at CO2
reduction.
The first-time consolidation of former M&W Manufacturing Company, Inc.,
Warren/USA, contributed additional revenue of EUR 4.9 million.
ElringKlinger had acquired the specialist for transmission components in
February 2015. This entity, now trading as ElringKlinger Automotive
Manufacturing, has been included in the scope of consolidation of the
ElringKlinger Group since February 14, 2015.
The direction taken by the euro, particularly relative to the US dollar,
Swiss franc and many of the Asian currencies, boosted revenue by EUR 24.1
million. Total revenue generated by the ElringKlinger Group rose by 14.6%
to EUR 371.4 (324.0) million.
EBIT before purchase price allocation totals EUR 37 million
Earnings before interest, taxes, depreciation and amortization (EBITDA)
totaled EUR 56.1 (60.8) million in the first quarter of 2015. Depreciation
and amortization rose to EUR 20.7 (18.7) million. Group EBIT stood at EUR
35.4 (42.1) million. Before purchase price allocations (EUR 1.3 million),
EBIT amounted to EUR 36.7 (43.0) million, thus falling short of the
prior-year figure. The entity formerly known as M&W contributed EUR 0.6
million to Group EBIT.
Business in the Original Equipment segment of the ElringKlinger Group was
characterized by extremely high capacity utilization during the first
quarter of 2015. Individual divisions within this segment recorded a
disproportionately large surge in demand. This necessitated the
introduction of extra shifts and additional freight movements, thus pushing
the cost base up by around EUR 4 million. In addition, EBIT was diluted by
around EUR 2.5 million as a result of the sudden appreciation of the Swiss
franc against the euro. Additionally, the Group incurred start-up costs in
connection with the commencement of serial production - scheduled for the
second quarter of 2015 - of pioneering hybrid polymer-metal components.
What is more, the comparative base of the Exhaust Gas Purification division
(Hug) was very high in the first quarter of the previous financial year,
which has to be taken into account in a year-on-year comparison. In the
first quarter of 2014, Hug - buoyed by billings relating to two major
projects - had contributed earnings before interest and taxes of EUR 7.6
million on the back of revenue of EUR 20.7 million. In the first quarter of
2015, by contrast, Hug generated revenue of EUR 12.2 million. Against this
background and due to the strength of the Swiss franc, Hug made no
contribution to earnings in the first quarter of 2015.
The EBIT margin (before purchase price allocations) thus stood at just
under 10% (13.3%). In addition to being impacted by the factors outlined
above during the first quarter of 2015, the EBIT margin was diluted by the
full consolidation of ElringKlinger Marusan Corporation, Japan, (around 0.3
percentage points) as well as the persistently sluggish performance of the
E-Mobility division (around 0.6 percentage points).
Foreign exchange gains contribute to net finance income
The strong depreciation of the euro against key Group currencies produced
foreign exchange gains in connection with financing activities. These net
gains amounted to EUR 6.5 (0.1) million. In parallel, net interest costs
totaled EUR 3.0 (2.7) million. As a result, the Group recorded net finance
income of EUR 3.5 million in the first quarter of 2015, as opposed to net
finance cost of EUR 2.6 million a year ago.
Net income after non-controlling interests at EUR 28 million
Tax expenses fell to EUR 9.7 (10.2) million in the first quarter of 2015.
Correspondingly, the tax rate fell slightly to 24.9% (25.8%). Thus, at EUR
29.2 (29.3) million, net income for the ElringKlinger Group remained
largely unchanged year on year. Net income attributable to non-controlling
interests fell to EUR 1.0 (1.3) million as a result of the lower earnings
contribution made by the Hug Group. As a result, net income after
non-controlling interests rose to EUR 28.2 (27.9) million. On this basis,
basic and diluted earnings per share totaled EUR 0.45 (0.44) in the first
quarter of 2015.
Encouraging trend in order intake
Order intake rose significantly in the first quarter of 2015, up by 25.0%
to EUR 414.0 (331.2) million. On an organic basis, i.e. excluding the
entity formerly known as M&W, order intake increased by 22.9% to EUR 407.1
million. Order backlog as of March 31, 2015, thus totaled EUR 730.8 (602.6)
million.
Outlook 2015
ElringKlinger anticipates that global automobile production will expand by
around 2% in 2015. Based on this assumption, the Group is targeting organic
revenue growth of 5 to 7%. Additionally, the first-time consolidation of
ElringKlinger Automotive Manufacturing (M&W) will contribute around EUR 30
million to Group revenue in the financial year as a whole.
Against the backdrop of the Group's business performance in the first
quarter of 2015, ElringKlinger has already initiated measures aimed at
optimizing its earnings situation. The Group expects to achieve improved
earnings in the second half of 2015. Adjusted for non-recurring items, EBIT
before purchase price allocations is expected to reach around EUR 165
million in 2015 as a whole. The E-Mobility division is unlikely to see a
fundamental improvement in its performance.
The full report on the first quarter of 2015 can be accessed at
http://www.elringklinger.de/investor/2015-Q1-en.pdf
__________________________________________________________________________
For further information, please contact:
ElringKlinger AG
Sabrina Haufler
Corporate Communications / Investor Relations
Max-Eyth-Straße 2
72581 Dettingen
Tel.: +49 (0)7123-724-137
Fax: +49 (0)7123-724-85 137
E-mail: [email protected]
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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: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich
End of News DGAP News-Service
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