04.05.2016
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger remains on growth trajectory in first quarter of 2016
DGAP-News: ElringKlinger AG / Key word(s): Quarter Results
ElringKlinger remains on growth trajectory in first quarter of 2016
04.05.2016 / 07:38
The issuer is solely responsible for the content of this announcement.
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ElringKlinger remains on growth trajectory in first quarter of 2016
- Revenue up 3.7% to EUR 385 million; organic revenue growth of 5.5%
- Adjusted EBIT before purchase price allocation totals EUR 32.0 million
- This figure includes trailing costs of EUR 7 million in the Original
Equipment segment as well as provisions of EUR 2.6 million for a
Management Board member who left the company
- Guidance for current financial year confirmed
Dettingen/Erms (Germany), May 4, 2016 +++ The ElringKlinger Group made a
solid start to the new financial year. Group revenue increased by 3.7% or
EUR 13.8 million in total in the first quarter of 2016, taking the figure
to EUR 385.2 (371.4) million, despite the fact that currency translation
had a dilutive effect of EUR 11.7 million or 3.2% on the figures for the
reporting period. This was mainly attributable to the Mexican peso,
Brazilian real, and Swiss franc. As another influencing factor,
ElringKlinger Automotive Manufacturing, Inc. (formerly: M&W), an entity
acquired in 2015, was fully consolidated for the first time in mid-Q1 2015.
Therefore, its revenue in the first approximately six weeks of 2016,
amounting to EUR 4.9 million, represents acquisition-induced growth. Taking
into account the aforementioned factors relating to foreign exchange rates
and the corporate acquisition, revenue showed organic growth of EUR 20.6
million or 5.5%.
At EUR 32.0 million, adjusted Group EBIT before purchase price allocation
was down EUR 4.7 million on the prior-year quarter. This was due partly to
exceptional charges within the Original Equipment segment. At EUR 7
million, they were higher than in the same quarter a year ago (EUR 4
million). However, the Group had been expecting a figure of up to EUR 10
million in the first quarter of 2016. Additionally, the resignation of
Management Board member Karl Schmauder on February 23, 2016, produced an
expense item in the form of a provision of EUR 2.6 million; this covers
compensation outstanding up to the end of the contract in January 2018. The
Group had net finance costs of EUR 6.3 million in the first quarter of
2016, a negative swing of EUR 9.8 million. This year-on-year change was
also due to FX effects. In total, earnings per share were down EUR 0.18 to
EUR 0.27.
The Group's other key performance indicators also developed in line with
expectations. Operating free cash flow improved by EUR 11.8 million. At EUR
0.6 (-11.2) million, it was just within positive territory. At EUR 37.5
(35.2) million, investments in property, plant, and equipment were slightly
higher than in the previous year. Net working capital was comparable to the
prior-year figure at EUR 529.1 million, a year-on-year change of EUR 6.3
million or 1.2%. The Group's situation in terms of orders received was also
encouraging. Despite the adverse effects of foreign exchange rates
equivalent to EUR 28.1 million, incoming orders were up EUR 10.0 million or
2.4% on the figure for the same period a year ago. As a result, order
intake amounted to EUR 424.0 million.
"We remain well on track and are implementing our agenda step by step with
a view to returning the Group to greater profitability," says Dr. Stefan
Wolf, CEO of ElringKlinger AG. "We took a determined approach to addressing
the issue of capacity and logistical constraints. In pressing ahead with
improvements at the site in question and establishing a new production
facility in Hungary, we took the opportunity to energize the entire
division and put it on a firm footing for a bright future."
ElringKlinger continues to anticipate moderate growth of around 2% within
the global automobile market in the current financial year. Against this
backdrop, the Group has confirmed its guidance of organic revenue growth of
between 5% and 7% in 2016, while adjusted EBIT before purchase price
allocation is expected to lie between EUR 160 and 170 million.
EUR million Q1 2016 Q1 2015 Dif. abs. Dif. rel.
Order intake 424.0 414.0 + 10.0 + 2.4%
Order backlog 835.0 730.8 + 104.2 + 14.3%
Revenue 385.2 371.4 + 13.8 + 3.7%
of which FX effects - 11.7 - 3.2%
of which acquisitions + 4.9 + 1.3%
of which organic + 20.6 + 5.5%
Adjusted EBIT before 32.0 36.7 - 4.7 - 12.8%
purchase price allocation
Adjusted EBIT margin before 8.3 9.9 - 1.6 PP -
purchase price allocation (in %)
Purchase price allocation 1.2 1.3 - 0.1 - 7.7%
EBIT 30.8 35.4 - 4.6 - 13.0%
Net finance cost/income - 6.3 3.5 - 9.8 > - 100%
EBT 24.4 38.9 - 14.5 - 37.3%
Taxes on income - 6.5 - 9.7 - 3.2 - 33.0%
Effective tax rate (in %) 26.6 24.9 - 1.7 PP -
Net income (after non- 17.2 28.2 - 11.0 - 39.0%
controlling interests)
Earnings per share (in EUR) 0.27 0.45 - 0.18 - 40.0 %
Investments (in property, 37.5 35.2 + 2.3 + 6.5%
plant, and equipment)
Operating free cash flow 0.6 - 11.2 + 11.8 > + 100%
Net working capital 529.1 522.8 + 6.3 + 1.2%
Equity ratio (in %) 47.8 48.9 - 1.1 PP -
Net financial liabilities 481.9 396.2 + 85.7 + 21.6%
Employees (as of March 31) 8,126 7,492 + 634 + 8.5%
The full quarterly report can be accessed from the ElringKlinger website at
http://www.elringklinger.de/investor/2016-Q1-en.pdf
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
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
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 our
expertise in lightweight engineering, we 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 our abilities as an innovator, we are committed to
sustainable mobility and earnings-driven growth. These efforts are
supported by our dedicated workforce of more than 8,000 people at 45
ElringKlinger Group locations around the globe.
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04.05.2016 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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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; Terminbörse EUREX
End of News DGAP News Service
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