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ElringKlinger records boost in revenue and earnings in Q1 2014

DGAP-News: ElringKlinger AG / Key word(s): Quarter Results08.05.2014 / 07:39---------------------------------------------------------------------Dettingen/Erms, May 8, 2014  +++  Despite the adverse effects of foreigncurrency translation, the ElringKlinger Group managed to expand Grouprevenue by 15.3% to EUR 324.0 (281.0) million in the first quarter of 2014.Earnings before interest and taxes (EBIT = operating result) rose by 28.4%to EUR 42.1 (32.8) million. Net income after non-controlling interestsstood at EUR 27.9 (23.8) million.In the first three months of 2014 the ElringKlinger Group once againoutperformed the global car markets in terms of revenue growth. An upturnin the number of new vehicle registrations in Western Europe as well asconsistently solid demand from Asia and North America in conjunction withthe introduction of new products resulted in organic revenue growth - i.e.without scope changes and foreign exchange effects - of 13.4%.Due to the necessary retrospective application of IFRS 11 as regards thepresentation of comparative prior-year figures, the joint ventureElringKlinger Marusan Corporation, Tokyo, Japan, was no longer accountedfor on a proportionate basis but rather in accordance with the equitymethod. As a result, the Group revenue figure originally presented for thefirst quarter of 2013 was reduced to EUR 281.0 million, the differencebeing attributable to this subsidiary's revenue contribution (EUR 5.8million) formerly included at a proportionate rate of 50%. In the firstquarter of 2014, by contrast, the entity was fully consolidated as a resultof the assumption of control effective from December 31, 2013, and wasaccounted for with its total revenue of EUR 11.9 million. The additionalrevenue contribution in the first quarter of 2014 thus stood at EUR 6.0million. When determining organic revenue growth, the joint venture wasaccounted for as if the entity had remained subject to proportionateconsolidation, as was originally the case.The strength of the euro had a dilutive effect on Group revenue in thefirst quarter of 2014 given the fact that ElringKlinger generates around40% of its sales revenue outside the eurozone. The negative effect onconsolidated sales of translating revenues into the Group currency - euro -was equivalent to EUR 8.6 million.EBIT rises to EUR 42.1 million - Marked improvement in earnings for ExhaustGas Purification divisionEarnings before interest, taxes, depreciation and amortization (EBITDA)increased to EUR 60.8 (51.0) million. Depreciation and amortization rose toEUR 18.7 (18.2) million in the first quarter of 2014. This included anegative earnings effect of EUR 0.9 million in total relating to thepurchase price allocation for Hug Engineering AG, Switzerland, (EUR 0.3million) and ElringKlinger Marusan Corporation (EUR 0.6 million).Despite the as yet negative earnings contribution made by the E-Mobilitydivision (minus EUR 2.2 million), earnings before interest and taxes (EBIT)rose to EUR 42.1 (32.8) million in the first quarter of 2014. The staffprofit-sharing bonus of EUR 1,450 (1,300) per employee for the workforce ofElringKlinger AG, ElringKlinger Kunststofftechnik GmbH and Elring KlingerMotortechnik GmbH, as agreed for the financial year 2013, was accounted forin other liabilities and resulted in additional staff costs of EUR 4.7(3.7) million in the first quarter of 2014. In spite of this, EBIT rose by28.4%, i.e. at a more pronounced rate than sales revenue. In addition tobenefiting from revenue growth in all areas of the Original Equipmentsegment, EBIT was fueled in particular by the improvement in earningscontributed by the Exhaust Gas Purification division. Consistently strongdemand in its US retrofitting business for heavy trucks as well as newprojects for inland waterway vessels and business centered around exhaustgas purification systems for natural gas power plants prompted growth inrevenue contributed by the Hug Group in the first three months of 2014,taking the figure to EUR 20.7 (11.0) million. At the same time, EBIT forthe Hug Group rose to EUR 7.7 (1.1) million. By contrast, earningscontributed by ElringKlinger Meillor SAS, France, which are now in positiveterritory but still well below the Group average, had a dilutive effect onthe Group's margin equivalent to around 0.2 percentage points.Additionally, full consolidation of ElringKlinger Marusan Corporationdiluted the Group's EBIT margin by around 0.3 percentage points.Eliminating the effects of purchase price allocation, EBIT in the firstquarter of 2014 stood at EUR 43.0 million, while the corresponding EBITmargin was 13.3%.For the purpose of improved comparability, as from January 1, 2014,ElringKlinger no longer includes foreign exchange effects, which are mainlyattributable to financing activities, in the financial indicator EBIT.Thus, as is standard, EBIT corresponds to the company's operating resultreported in the income statement. Applying the former method ofcalculation, EBIT - which in contrast to the operating result includedforeign exchange gains and losses from financing activities - would haveamounted to EUR 42.2 (35.8) million in the first quarter of 2014.Net finance costs up due to foreign exchange effectsNet finance costs rose by EUR 2.8 million to minus EUR 2.6 (plus 0.2)million. The figure previously reported for the first quarter of 2013 hadbeen minus EUR 0.3 million. The difference in the figure reported now isattributable to income contributed by ElringKlinger Marusan Corporation,which until December 31, 2013, had been accounted for on the basis ofproportionate consolidation and, under the provisions of IFRS 11, has nowbeen consolidated retrospectively using the equity method. The year-on-yearincrease in net finance costs was mainly due to the foreign exchange gainsof EUR 2.5 (Q1 2014: 0.1) million recorded in the first quarter of 2013.Net income after non-controlling interests up by 18% Earnings before taxes rose by EUR 6.5 million, reaching EUR 39.5 (33.0)million. Due to the increase in earnings before taxes, the Group was alsofaced with higher tax expenses in the first quarter of 2014. The latteramounted to EUR 10.2 (8.4) million. The Group's tax rate increased slightlyto 25.8% (25.5%). The ElringKlinger Group managed to exceed net income forthe first quarter of the previous year by 19.1%. Net income for the firstthree months of 2014 thus stood at EUR 29.3 (24.6) million. Net incomeattributable to non-controlling interests rose to EUR 1.3 (0.8) million,primarily as a result of the significant improvement in earningscontributed by the Hug Group. Therefore, net income attributable to theshareholders of ElringKlinger AG stood at EUR 27.9 (23.8) million, anincrease of 17.6%. On this basis, basic and diluted earnings per sharetotaled EUR 0.44 (0.37) in the first quarter of 2014.Order intake remains positive - Order backlog at record levelOrder intake in the first quarter of 2014 edged up by 0.6% to EUR 331.2million, starting from a high prior-year base of EUR 329.2 million. TheElringKlinger Group is supported by a solid order backlog when it comes toachieving sales growth targeted for 2014. As of March 31, 2014, orderbacklog stood at EUR 602.6 (499.1) million in total. This corresponds to ayear-on-year increase of 20.7%.Forecast for the full year confirmed - Further growth in revenue andearnings in 2014The company has confirmed its forecast for the annual period as a whole.For 2014, ElringKlinger anticipates that production output in the globalcar market will expand by 2 to 3%. Against this backdrop, the ElringKlingerGroup has forecast that - on the back of revenue totaling EUR 1,175.2million in the 2013 financial year (ElringKlinger Marusan Corporation wasincluded in this figure on a proportionate basis) - its revenue will growby 5 to 7% organically in 2014, thus outpacing the market as a whole interms of percentage growth. The full consolidation of ElringKlinger MarusanCorporation, Japan, will additionally contribute around EUR 25 million toGroup revenue. Full inclusion of this lower-margin subsidiary within thescope of consolidation will have a slightly dilutive effect on the EBITmargin of the ElringKlinger Group in 2014 (approx. minus 0.3 percentagepoints). At the same time, the introduction of Euro VI is likely to lead tohigher capacity utilization in the truck category over the course of theyear. Additionally, revenue streams attributable to battery technology areexpected to expand and the level of organic growth projected for Grouprevenue will be accompanied by earnings contributions. In total, thesefactors will provide a slight improvement to the Group's EBIT margin.Adjusted for non-recurring items, EBIT is to rise to a level of EUR 160 to165 million.__________________________________________________________________________Contact:For further information, please contact:ElringKlinger AG - Investor Relations/Corporate PRStephan HaasMax-Eyth-Straße 272581 Dettingen/ErmsTel.: +49 (0)7123-724-137E-Mail: stephan.haas@elringklinger.com End of Corporate News---------------------------------------------------------------------08.05.2014 Dissemination of a Corporate News, transmitted by DGAP - acompany of EQS Group AG.The issuer is solely responsible for the content of this announcement.DGAP's 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:      stephan.haas@elringklinger.de                           Internet:    www.elringklinger.de                                    ISIN:        DE0007856023                                            WKN:         785602                                                  Indices:     MDAX                                                    Listed:      Regulierter Markt in Frankfurt (Prime Standard),                     Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg,               Hannover, München                                         End of News    DGAP News-Service  ---------------------------------------------------------------------  267138 08.05.2014                                                      
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Notifications of voting rights

ElringKlinger AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

ElringKlinger AG 29.04.2014 13:48Dissemination of a Voting Rights Announcement, transmitted byDGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------On April 29, 2014, Betal Netherland Holding B.V., Rotterdam, Niederlandehas informed us according to Article 21, Section 1 of the WpHG that viashares its Voting Rights on ElringKlinger AG, Dettingen/Erms, Deutschland,have fallen below the 3% threshold of the Voting Rights on January 23, 2014and on that day amounted to 2.56% (this corresponds to 1621940 VotingRights).29.04.2014 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      ElringKlinger AG              Max-Eyth-Straße 2              72581 Dettingen/Erms              GermanyInternet:     www.elringklinger.de End of Announcement                             DGAP News-Service ---------------------------------------------------------------------------
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ElringKlinger AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

ElringKlinger AG 03.04.2014 10:52Dissemination of a Voting Rights Announcement, transmitted byDGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------On April 02, 2014, Alken Fund SICAV, Luxembourg , Luxembourg has informedus according to Article 21, Section 1 of the WpHG that via shares itsVoting Rights on ElringKlinger AG, Dettingen/Erms, Deutschland, have fallenbelow the 3% threshold of the Voting Rights on March 28, 2014 and on thatday amounted to 2.96% (this corresponds to 1876211 Voting Rights).03.04.2014 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      ElringKlinger AG              Max-Eyth-Straße 2              72581 Dettingen/Erms              GermanyInternet:     www.elringklinger.de End of Announcement                             DGAP News-Service ---------------------------------------------------------------------------
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Notifications of voting rights

ElringKlinger AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

ElringKlinger AG 03.04.2014 10:38Dissemination of a Voting Rights Announcement, transmitted byDGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------On April 02, 2014, Alken Luxembourg S.A. , Luxembourg, Luxembourg hasinformed us according to Article 21, Section 1 of the WpHG that via sharesits Voting Rights on ElringKlinger AG, Dettingen/Erms, Deutschland, havefallen below the 3% threshold of the Voting Rights on March 28, 2014 and onthat day amounted to 2.96% (this corresponds to 1876211 Voting Rights).2.96% of Voting Rights (this corresponds to 1876211 Voting Rights) areattributed to the company in accordance with Article 22, Section 1,Sentence 1, No. 6 of the WpHG (German Securities Trading Act). 03.04.2014 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      ElringKlinger AG              Max-Eyth-Straße 2              72581 Dettingen/Erms              GermanyInternet:     www.elringklinger.de End of Announcement                             DGAP News-Service ---------------------------------------------------------------------------
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Ad-Hoc-Release

ElringKlinger AG: After record performance in 2013, ElringKlinger anticipates further growth in revenue and earnings: major order for new lightweight components

ElringKlinger AG  / Key word(s): Final Results28.03.2014 07:30Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------After record performance in 2013, ElringKlinger anticipates further growthin revenue and earnings: major order for new lightweight componentsDettingen/Erms (Germany), March 28, 2014 +++ Despite difficult marketconditions and unfavorable foreign exchange effects, the ElringKlingerGroup set a new record in revenue and earnings in the financial year 2013.Sales rose by 4.3% to EUR 1,175.2 (1,127.2) million. At an organic level,growth stood at 6.0%, which was almost twice as much as the expansion inglobal vehicle production. Earnings before interest and taxes (EBIT)reached EUR 160.4 (135.8) million. Adjusted for one-time effects, EBIT roseby 6.6% to EUR 144.7 million and included foreign exchange losses of EUR4.6 million. Net income after non-controlling interests amounted to EUR105.4 (85.7) million.Despite the protracted weakness of the European vehicle markets, thenoticeable downturn in car sales in the BRIC states of Brazil, Russia andIndia as well as the negative effects of foreign currency translationequivalent to EUR 24.7 million, the ElringKlinger Group managed to propelits sales revenue to a new annual record in 2013. Growth was fueled by afavorable performance in Asia, significant export-driven demand and anumber of new product rollouts within the Original Equipment segment.Control obtained over Marusan joint venture as part of expansion in AsiaThe assumption of control over the 50:50 Japanese joint ventureElringKlinger Marusan Corporation effective from December 31, 2013,produced a one-off gain of EUR 17.6 million (EUR 12.7 million after taxes)for the ElringKlinger Group. By contrast, there was as yet no revenueeffect in 2013. Having previously been included in the Group's scope ofconsolidation at a proportionate rate of 50%, the joint venture was fullyconsolidated as from December 31, 2013. As a result, Group sales revenuewill increase by around EUR 25 million in 2014 compared to the precedingfinancial year, while proportionate earnings before taxes will expand byapprox. EUR 1.5 million year on year. Amortization of intangible assetsresulting from purchase price allocation and amounting to an estimatedfigure of EUR 2.2 million will have a contrary effect in 2014.Improved earnings performance of acquired companies: successful turnaroundat HugThe companies acquired in 2011 - the Swiss Hug Group and the formerFreudenberg enterprises - saw an improvement in their earnings performancein 2013. Exhaust abatement specialist Hug, in particular, has beenbenefiting from extremely buoyant demand for exhaust gas purificationsystems within the US retrofit market for heavy trucks as well as withinthe area of inland shipping. As a result, sales surged to EUR 57.6 (36.6)million. Having been faced with a loss before taxes of EUR 3.5 million inthe preceding year, Hug generated earnings before taxes of EUR 12.9 millionin 2013. The former Freudenberg enterprises in total also made a largerearnings contribution. Whereas the German and Italian sites achievedearnings that were well within positive territory, the French subsidiarywas again under par with a loss of EUR 2.5 million due to restructuringmeasures.Adjusted operating result up 8% - EBIT impacted by foreign exchange lossesThe ElringKlinger Group's operating result rose by 19.0% to EUR 164.9(138.6) million in 2013. This included non-recurring restructuring expensesfor the French site in Nantiat (EUR 1.8 million) and one-time expenses inrelation to market penetration measures in the aftermarket business (EUR1.5 million). By contrast, non-recurring income from the step acquisitionof the Korean joint venture ElringKlinger Korea Co., Ltd. (EUR 1.4 million)and, as detailed above, income from the assumption of control ofElringKlinger Marusan Corporation (EUR 17.6 million) had a positive impact.The adjusted operating result increased by 7.6% to EUR 149.2 (138.6)million, while the adjusted operating margin was up at 12.7% (12.3%). Inthis context, the operating result was burdened by considerable up-frontcosts still associated with the E-Mobility division and poor capacityutilization at the new plant in Dettingen, Germany, which was built inparticular for plastic housing modules used in the truck industry. Thenegative contribution made by the French subsidiary also had an adverseeffect.Adjusted EBIT rises to EUR 144.7 million Earnings before interest and taxes (EBIT) includes the effects ofsubstantial foreign exchange losses of EUR 4.6 (2.9) million, which wereattributable primarily to the appreciation of the euro against theBrazilian real and a number of Asian currencies. As a result, EBIT laggedbehind the operating result at EUR 160.4 (135.8) million. Adjusted EBITbefore non-recurring items stood at EUR 144.7 (135.8) million and thereforegrew at a faster rate than sales in percentage terms.New record for net incomeThe Group managed to expand earnings before taxes to EUR 149.2 (123.6)million. Eliminating the effects associated with the assumption of controlover ElringKlinger Marsuan Corporation, earnings before taxes still rose by6.5% to EUR 131.6 million. Overall, the ElringKlinger Group's tax rate fellslightly to 25.5% (27.8%) in 2013. On this basis, the ElringKlinger Group'snet income after non-controlling interests climbed to EUR 105.4 (85.7)million. After adjusting for the non-recurring contribution to earningsfrom the assumption of control at ElringKlinger Marusan Corporation, netincome for the period, after non-controlling interests, was up 8.2% at EUR92.7 (85.7) million. Thus, earnings per share stood at EUR 1.66 (1.35) pershare, adjusted for the assumption of control at ElringKlinger Marusan atEUR 1.46.Strong growth in order intakeOrder intake for the ElringKlinger Group rose by a significant 15.4% to EUR1,309.8 (1,134.8) million in the financial year just ended. On this basis,the increase in incoming orders was well above revenue growth.Correspondingly, order backlog as of December 31, 2013, was up by 30.6% toEUR 595.4 (456.0) million.Embracing lightweight design for vehicle body and chassis parts with newhydroforming hybrid technologyIn addition, ElringKlinger announced that it had secured a contract from aGerman vehicle producer for the supply of innovative lightweight componentsmade from metal-plastic materials. For the first time, the company willcombine the method of metal hydroforming with injection-molding for thepurpose of achieving significant weight savings. This will giveElringKlinger a foothold in the rapidly growing and technologicallyadvanced market for lightweight body and chassis components. In thiscontext, the company has benefited from the expertise of the Hummel Group,an acknowledged tooling specialist in the field of lightweight plasticconstruction and now fully integrated within the ElringKlinger Group.Serial production is scheduled to commence in 2015, and projected salesover a six-year period are expected to be EUR 120 to 130 million in total.Further revenue and earnings growth expected for 2014Based on the assumption that global car production will expand by 2 to 3%,the ElringKlinger Group anticipates that its revenue will grow by 5 to 7%organically, thus outpacing the market as a whole. Full consolidation ofElringKlinger Marusan Corporation will additionally contribute around EUR25 million to revenue in 2014. Adjusted for non-recurring items, EBIT for2014 is expected to reach a level of EUR 160 to 165 (144.7) million. Forthe purpose of improved comparability, the financial indicator EBIT will infuture no longer be reported inclusive of foreign exchange effects, whichare almost fully attributable to financing activities. Thus, as isstandard, EBIT will correspond to the operating result reported in theGroup income statement. In total, the Group's EBIT margin is expected toimprove slightly compared to 2013.For further information, please contact:ElringKlinger AG - Investor Relations/Corporate PRStephan HaasMax-Eyth-Straße 272581 Dettingen/ErmsTel.: +49 (0)7123-724-137E-Mail: stephan.haas@elringklinger.com 28.03.2014 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      ElringKlinger AG              Max-Eyth-Straße 2              72581 Dettingen/Erms              GermanyPhone:        071 23 / 724-0Fax:          071 23 / 724-9006E-mail:       stephan.haas@elringklinger.deInternet:     www.elringklinger.deISIN:         DE0007856023WKN:          785602Indices:      MDAXListed:       Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;              Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München End of Announcement                             DGAP News-Service ---------------------------------------------------------------------------
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The 118th Annual General Meeting of ElringKlinger AG took place on May 16, 2023 as a virtual Annual General Meeting at the ICS International Congress Center Stuttgart, Messepiazza, 70629 Stuttgart, Germany.

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