08.11.2016
ElringKlinger AG DE0007856023
DGAP-News: ElringKlinger sees growth in revenues and orders in third quarter
DGAP-News: ElringKlinger AG / Key word(s): Quarter Results/9-month figures
ElringKlinger sees growth in revenues and orders in third quarter
08.11.2016 / 07:29
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
ElringKlinger sees growth in revenues and orders in third quarter
- Revenue up by 2.2% to EUR 374.2 million and by 2.5% in organic terms
- EBIT before purchase price allocation down year on year at EUR 32.6
million
- Favorable business conditions reflected in substantial order intake
(+14.0%) and comfortable order backlog (+18.2%)
- Outlook for FY 2016 put in more precise terms: EBIT pre PPA more likely
to be at the lower end of the EUR 140 to 150 million range targeted by
the Group
Dettingen/Erms (Germany), November 8, 2016 +++ ElringKlinger remained on
track for growth in the third quarter of 2016. Despite a downturn in
production output in the core European markets of Germany, France, and
Spain, the Group succeeded in expanding its sales revenue by EUR 8.1
million, or 2.2%, to EUR 374.2 (366.1) million. In this context, foreign
currency translation - primarily attributable to the Mexican peso, the
Chinese yuan, and the Swiss franc - had a dilutive effect on the overall
volume of sales revenue. Excluding currency effects, revenue growth was as
high as EUR 12.2 million or 3.3%. Fully consolidated since 2016, Hug
Engineering B.V. and Maier Formenbau GmbH contributed a total of EUR 2.8
million, or 0.8%, to this expansion in revenue.
"Our performance in terms of revenue growth was visibly better than that of
the market in general within our principal core regions," said Dr. Stefan
Wolf, CEO of ElringKlinger AG. "The buoyancy in orders illustrates that
ElringKlinger products continue to be in high demand." The Group managed to
secure new orders worth EUR 383.7 million in the third quarter, which
corresponds to growth of EUR 47.1 million, or 14.0%. FX adjusted, growth
within this area was as much as 17.1%. This increase was also reflected in
order backlog, which was up EUR 138.0 million, or 18.2%, year on year at
EUR 894.7 (756.7) million. Accounting for currency effects, the increase in
order backlog was as much as 19.4%.
Group EBIT before purchase price allocation amounted to EUR 32.6 (36.7)
million in the third quarter, which was down 11.2% on the figure for the
same period a year ago. Alongside higher depreciation/amortization, this
was attributable mainly to the substantial fixed operating costs recorded
by the Swiss entity faced with capacity constraints. Over the course of the
year, improvements seen during the first quarter were eroded to some extent
by delays in transferring machinery to the new site in Hungary. While
progress was made in the third quarter, the measures put in place have not
yet led to a tangible improvement in cost structures. If the migration of
manufacturing operations to Hungary is completed by the end of the year to
the extent planned by ElringKlinger, the Group will be in a position to
exploit its new maneuvering room at the Swiss facility for the purpose of
improving cost structures. Exceptional costs, e.g., for external sorting
inspections, were scaled back as planned to a negligible level, having
previously amounted to as much as approx. EUR 11 million in the first half
of the financial year.
The net finance result for the third quarter was slightly better (EUR +2.0
million) than for the same period a year ago, while tax expenses were
marginally lower (EUR -1.3 million). As a consequence, earnings per share
stood at EUR 0.30, only slightly down on the prior-year figure of EUR 0.32.
ElringKlinger remained largely on track with regard to its other key
financial indicators. Although the Group continued to use funds for the
purpose of financing its growth and global positioning, capital expenditure
(on property, plant, and equipment) in the third quarter was EUR 5.7
million, or 11.7%, down on the figure recorded in the same period a year
ago. The figure for the annual period as a whole is still expected to be on
a par with the previous year's level. Net working capital rose by EUR 9.8
million, or 1.8%, to EUR 541.1 million. At EUR 1.8 million, the Group
generated positive operating free cash flow again in the third quarter. As
a result, at EUR -4.1 million, the figure for the first nine months was
just slightly negative. It is still expected to be just marginally into
negative territory - at a low to mid-double-digit figure in the million
euro range - in the financial year as a whole.
Associations representing the automobile industry and economic research
institutes anticipate that global vehicle markets will grow by 2 to 3%. On
this basis, ElringKlinger continues to see organic revenue growth for the
Group at 5 to 7% in the current financial year. Due in particular to the
situation at the Swiss-based entity faced with capacity constraints, it
would appear unlikely that EBIT before purchase price allocation for the
annual period as a whole will move noticeably above the prior-year level.
Instead, it is expected to be positioned toward the lower end of the
guidance range of EUR 140 to 150 million.
EUR million Q3 2016 Q3 2015 ∆ abs. ∆ rel.
Order intake 383.7 336.6 +47.1 +14.0%
Order backlog 894.7 756.7 +138.0 +18.2%
Revenue 374.2 366.1 +8.1 +2.2%
of which FX effects -4.1 -1.1%
of which acquisitions +2.8 +0.8%
of which organic +9.4 +2.5%
EBITDA 55.1 56.7 -1.6 -2.8%
EBIT before purchase price allocation 32.6 36.7 -4.1 -11.2%
EBIT margin before 8.7 10.0 -1.3PP -
purchase price allocation (in %)
Purchase price allocation 1.4 1.3 +0.1 -
EBIT 31.2 35.4 -4.2 -11.9%
Net finance cost -3.6 -5.6 +2.0 +35.7%
EBT 27.6 29.8 -2.2 -7.4%
Income tax expense 7.8 9.1 -1.3 -14.3%
Effective tax rate (in %) 28.2 30.4 -2.2PP -
Net income (after 19.0 20.0 -1.0 -5.0%
non-controlling interests)
Earnings per share (in EUR) 0.30 0.32 -0.02 -6.3%
Investments (in property, 43.0 48.7 -5.7 -11.7%
plant, and equipment)
Operating free cash flow 1.8 -18.1 +19.9 +109.9%
Net working capital 541.1 531.3 +9.8 +1.8%
Equity ratio (in %) 46.9 46.7 +0.2PP -
Net financial liabilities 528.8 461.0 +67.8 +14.7%
Employees (as of Sept. 30) 8,433 7,742 +691 +8.9%
EUR million 9M 2016 9M 2015 ∆ abs. ∆ rel.
Order intake 1,248.9 1,185.7 +63.2 +5.3%
Order backlog - - - -
Revenue 1,150.3 1,117.2 +33.1 +3.0%
of which FX effects -27.5 -2.5%
of which acquisitions +9.3 +0.8%
of which organic +51.3 +4.7%
EBITDA 166.8 172.6 -5.8 -3.4%
EBIT before purchase price allocation 100.8 112.9 -12.1 -10.7%
EBIT margin before 8.8 10.1 -1.3PP -
purchase price allocation (in %)
Purchase price allocation 3.6 3.9 -0.3 -
EBIT 97.2 109.0 -11.8 -10.8%
Net finance cost -12.5 -8.6 -3.9 -45.3%
EBT 84.7 100.5 -15.8 -15.7%
Income tax expense 23.4 28.5 -5.1 -17.9%
Effective tax rate (in %) 27.6 28.4 -0.8PP -
Net income (after 58.8 69.2 -10.4 -15.0%
non-controlling interests)
Earnings per share (in EUR) 0.93 1.09 -0.16 -14.7%
Investments (in property, 116.6 124.6 -8.0 -6.4%
plant, and equipment)
Operating free cash flow -4.1 -40.4 +36.3 +89.9%
The full quarterly report can be accessed from the ElringKlinger website at
http://www.elringklinger.de/investor/2016-Q3-en.pdf
For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
Max-Eyth-Straße 2
D-72581 Dettingen/Erms
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 its
expertise in lightweight engineering, ElringKlinger 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 its abilities as an innovator, ElringKlinger is committed
to sustainable mobility and earnings-driven growth. These efforts are
supported by a dedicated workforce of more than 8,400 people at 45
ElringKlinger Group locations around the globe.
---------------------------------------------------------------------------
08.11.2016 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.
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: [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
---------------------------------------------------------------------------
518251 08.11.2016
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
ElringKlinger AG ISIN: DE0007856023 können Sie bei EQS abrufen
Automobilzulieferer , 785602 , ZIL2 , XETR:ZIL2