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Press Release

ElringKlinger posts solid first-half figures across the board

  • Revenue up markedly in second quarter (+56%) and first half of 2021 (+26%)
  • EBIT at EUR 23.0 million in second quarter and EUR 71.4 million in first half of 2021 despite challenging environment; EBIT margin at 5.9% and 8.7% respectively
  • Operating free cash flow again widened to EUR 65.6 million in first half; net debt reduced by further EUR 216.6 million to now EUR 363.3 million
  • Existing syndicated loan facility expanded by EUR 100 million to EUR 450 million and extended until early 2026
  • Outlook for 2021 financial year confirmed

 

Dettingen/Erms (Germany), August 5, 2021 +++ ElringKlinger continued its strong start to the year in the second quarter of 2021. The Group generated revenue of EUR 393.6 million, an increase of EUR 141.4 million or 56.1% compared to the same period last year. If exchange rates had remained unchanged, the figure would have been up by EUR 146.3 million or 58.0%. According to data presented by industry service provider IHS, global automobile production grew by 48.6% in the same period. The Group also made strong gains in the first half of 2021 as a whole, with revenue expanding by EUR 169.2 million to EUR 817.6 million when compared to the first six months of the previous year (EUR 648.8 million). Without currency effects, revenue would have been up by an additional EUR 19.4 million.

After a sharp pandemic-induced drop in revenue in the previous year, there were signs of recovery in all regions. In Germany, Group revenue increased by 37% year on year in the second quarter of 2021 and by 92% in the region encompassing the Rest of Europe. Revenue from sales in North America also expanded strongly with an increase of 67%. In the Asia-Pacific region, meanwhile, growth was more modest at 20%, as the first quarter of the previous year in particular had been affected by closures and a decline in revenues in China.

Marked improvement in orders
The global recovery is also reflected in the Group's order books: the positive trend seen in the first three months continued in the second quarter of 2021 with incoming orders of EUR 429.5 million. Overall, this represents a significant increase compared to the second quarter of 2020, when the Group had recorded incoming orders worth EUR 192.6 million against the backdrop of lockdown measures.

As a result, the Group's order backlog also increased. After EUR 1,186 million as of March 31, 2021, the order book was expanded once again in the period under review, taking the figure to EUR 1,222 million at the end of the first half. A year earlier, under the impact of the pandemic, the figure had stood at EUR 929.4 million. This translates into a gain of 31.4%.

Earnings visibly stronger
After the slump in revenue last year, the Group managed to improve its earnings performance noticeably, benefiting in part from the successful continuation of its efficiency enhancement program. In the second quarter of 2021, it generated earnings before interest and taxes (EBIT) of EUR 23.0 million, up EUR 55.4 million on the prior-year figure (EUR -32.4 million). As a result, earnings per share attributable to the shareholders of ElringKlinger AG amounted to EUR 0.13 in the second quarter and EUR 0.72 in the first six months.

Asked to comment on the Group's performance, Dr. Stefan Wolf, CEO of ElringKlinger AG, said: "Our quarterly results confirm that we are fully on track. Our global efficiency enhancement program continues to take effect, on the back of which the Group's key financial indicators have improved noticeably both in terms of revenue and earnings as well as in respect of cash flow. At 5.9% in the quarter, our EBIT margin is within the targeted range of around 5 to 6% for the full 2021 financial year. In addition, we generated substantial operating free cash flow in the first six months, allowing us to further reduce our net financial liabilities. From a financial perspective, this puts us in an even more robust position than before - in support of the ongoing transformation process and our future endeavors."

Financial strength further cemented
The Group maintained its disciplined investment approach in the quarter under review and was able to further optimize net working capital. Its ratio (in % of Group revenue) improved from 27.8% a year ago to 25.0% at the end of the reporting period. Overall, the Group generated operating free cash flow of EUR 37.0 million in the second quarter of 2021 and EUR 65.6 million in the first half of the year. Net debt was slashed by EUR 216.6 million, down from EUR 579.9 million as of June 30, 2020, to EUR 363.3 million. Upon introduction of the efficiency enhancement program at the end of the first quarter of 2019 net debt had amounted to EUR 795.5 million. Since then, ElringKlinger has significantly reduced its net debt ratio (net debt in relation to EBITDA) - from 3.8 to 1.4 in the past twelve months alone.

Expansion of syndicated loan
In order to provide additional room for maneuver in financial terms, ElringKlinger agreed an extension to the financing framework with the existing partners of the syndicated loan concluded in 2019. As part of this new arrangement agreed after the first-half reporting period in July 2021, the syndicate banks will make a further EUR 100 million available to the Group. Additionally, the term of the entire borrowing facility of now EUR 450 million was extended by two years until early 2026.

Guidance confirmed
Despite the persistently high risk of infection associated with the coronavirus pandemic, global economic activity has been recovering visibly. Fundamentally, this is also evident in the automotive industry, although markets around the globe continue to be exposed to major uncertainties. The situation within commodity markets is tense, and bottlenecks in the semiconductor industry may have a regional or global impact on vehicle production output. In addition, there are concerns over the possibility of new waves of covid-19 infection later in the year, which could again have an impact on economic activity.

Against this backdrop, ElringKlinger continues to anticipate a level of organic revenue growth that is likely to roughly match the rate of expansion in global automobile production. In terms of consolidated earnings, ElringKlinger again anticipates an EBIT margin of around 5 to 6% calculated in relation to Group revenue. The outlook for the other key financial indicators also remains unchanged.

Key financials for the second quarter and first half of 2021

in EUR mH1
2021
H1
2020
∆ abs.∆ rel.Q2
2021
Q2
2020
∆ abs.∆ rel.
Order intake1,006.1547.5+458.6+83.8%429.5192.6+236.9+>100%
Order backlog1,221.6929.4+292.2+31.4%1,221.6929.4+292.2+31.4%
Revenue817,6648.4+169.2+26.1%393.6252.2+141.4+56.1%
of which curency  -19.4-3.0%  -4.9-2.0%
of which M&A  +0.0+0.0%  +0.0+0.0%
of which organic  +188.6+29.1%  +146.3+58.0%
EBITDA127.644.9+82.7+>100%50.4-0.9+51.4->100%
EBIT71.4-16.4+87.8->100%23.0-32.4+55.4->100%
EBIT margin (in %)8.7-2.5+11.2PP-5.9-12.8+18.7PP-
Net finance cost-3.5-16.1+12.6-78.1%-4.6-6.3 +1.7-27.5%
Profit before taxes67.9-32.5+100.4->100%18.5-38.757.2->100%
Taxes on income-22.9-1.4-21.5+>100%-12.03.1-15.1->100%
Net income (after non-controlling interests)45.8-33.5+79.3->100%7.9-35.5+43.4->100%
Earnings per share (in EUR)0.72-0.53+1.25->100%0.13-0.56+0.69->100%
Investments (in property, plant, and
equipment and investment property)
22.522.7-0.2-0.9%10.910.4+0.5+4.8%
Operating free cash flow65.623.6+42.0+>100%37.025.8+11.2+43.4%
Net working capital413.0417.4-4.4-1.1%    
Equity ratio (in %)46.040.5+5.5PP-    
Net financial debt363.3579.9-216.6-37.4%    
Employees (as of June 30)9,6089,991-383-3.8%    
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ElringKlinger AG: Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act]

ElringKlinger AG / Preliminary announcement on the disclosure of financial statements
04.08.2021 / 08:29
Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act] transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

ElringKlinger AG hereby announces that the following financial reports shall be disclosed:

Report Type: Financial report (half-year/Q2)

Language: German
Date of disclosure: August 05, 2021
Address: https://elringklinger.de/investor/2021-q2-de.pdf

Language: English
Date of disclosure: August 05, 2021
Address: https://elringklinger.de/investor/2021-q2-en.pdf


04.08.2021 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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Press Release

ElringKlinger: high turnout at second virtual Annual General Meeting

  • 63.2% of voting share capital represented at meeting
  • All proposed resolutions approved by significant majority in each case
  • CEO Dr. Stefan Wolf looks back on challenging year in which the company charted important routes for the future

 

Dettingen/Erms (Germany), May 18, 2021 +++ At today's 116th Annual General Meeting, which was again held in a virtual format due to the pandemic, the shareholders of ElringKlinger AG approved all items on the agenda by a large majority. A total of 63.2% of the voting share capital were represented. At last year's Annual General Meeting, which was also held in a virtual format, this figure had stood at 60.4%. Turnout was expected to be high, as 2,364 shareholders had registered prior to the specified deadline - 237 or 11% more than in the previous year.

2020 financial year
In his speech, CEO Dr. Stefan Wolf looked back on an extraordinary and challenging year in which the coronavirus had impacted heavily on the automotive industry: "Despite the pandemic-induced decline in revenue, we were able to achieve a solid bottom-line result overall, in addition to further optimizing net working capital and reducing debt by a significant margin." Special thanks were extended to the employees of the Group, whose commitment, dedication, and flexibility had been key contributors to this performance, especially in the 2020 year of the coronavirus.

The CEO also focused on the future of the Group. Alongside its operational accomplishments, the company also laid important strategic groundwork in 2020, as Dr. Wolf emphasized: "Both the strategic partnership with Airbus and the strategic alliance with Plastic Omnium clearly illustrate that ElringKlinger is on track. This is complemented by the financial achievements of our efficiency enhancement program, which again allowed us to sustainably increase our financial clout in 2020 - despite the coronavirus." As ElringKlinger's CEO pointed out, the start to 2021 had been very encouraging not only due to the program aimed at raising efficiency levels. In addition to recording a buoyant first quarter in financial terms, the Group secured a high-volume order for battery components in the mid-triple-digit million euro range. Furthermore, ElringKlinger was one of only eleven companies to receive government funding for the establishment of a European battery value chain. Drawing on its innovative cell housing design, ElringKlinger helps to reduce the CO2 footprint in manufacturing by up to 40% by using less material.

Approval of all items on the agenda
In addition to the submission of the approved annual financial statements, the agenda also included the resolution on a new compensation system for the Management Board, which was passed by the Annual General Meeting and is applicable as from January 1, 2021. It focuses on the performance-based remuneration of the Management Board with regard to their contribution to the sustainable and long-term development of the company. Alongside core financial performance indicators, the key performance criteria defined for this purpose also take into account the achievement of sustainability goals for the very first time.

The shareholders also approved the compensation system for the Supervisory Board and the associated amendment to the Articles of Association. In addition, they approved the actions of the Management Board and the Supervisory Board with 98% and 97% of the votes respectively. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, was appointed as auditor. Due to the company's earnings performance in the 2020 financial year, ElringKlinger had already announced the suspension of its dividend in March 2021 in order to further strengthen the Group in support of its ongoing transformation process.

A detailed summary of the individual voting results and the speech of the CEO for viewing and reading can be found on the homepage of ElringKlinger AG (http://www.elringklinger.com) - in the Investor Relations section under the heading "Annual General Meeting."

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Press Release

EKPO Fuel Cell Technologies secures high-volume series production contract for fuel cell stacks

  • Subsidiary of ElringKlinger and Plastic Omnium receives series production order covering a projected total volume in the high double-digit million euro range
  • Contract with AE Driven Solutions for exclusive, multi-year supply of NM5-evo fuel cell stacks from 2022 onward
  • AE Driven Solutions equips delivery vehicles for urban spaces with fuel cell systems

 

Dettingen/Erms (Germany), May 17, 2021 +++ The order pipeline of EKPO Fuel Cell Technologies GmbH (EKPO), the joint venture between ElringKlinger (60%) and Plastic Omnium (40%), is continuing to fill up: Aachen-based mobility company AE Driven Solutions GmbH (AEDS) has awarded EKPO an exclusive, multi-year contract to supply fuel cell stacks of the type NM5-evo. The order covers a planned volume in the high double-digit million euro range. The stacks are designed to meet AEDS's key criteria of performance, durability, and smooth operation and are to be fitted to delivery vehicles as part of the company's system integration efforts, the aim being to offer environmentally friendly drive technology in urban spaces. Series production of the stacks is scheduled to commence in the first half of 2022.

The NM5-evo stack is the newest addition to EKPO's stack portfolio. Alongside high power density of up to 4.6 kW/l in the cell block, it meets the customer's exacting standards in respect of durable, compact fuel cell stack design. In addition to the comparatively low weight, this includes a high power spectrum of up to 76 kW in pressure mode. Furthermore, the stack design offers the best possible basis when it comes to scaling and modularization, thus allowing the end customer to design its usage application with maximum flexibility and efficiency.

Like EKPO, AEDS has geared its business to next-generation mobility. The Aachen-based company equips vehicles for inner-city transport with eco-friendly fuel cell systems. In this context, the AEDS team can draw on its extensive expertise in the field of e-mobility. Following the successful development of the Streetscooter as a battery-powered delivery vehicle by the company's core team and its launch as a series application, AEDS is now using its experience to deploy fuel-cell-powered vehicles in conjunction with new mobility concepts in urban regions. In addition to CEO Tobias Reil, a former member of the executive board and head of production at Streetscooter GmbH, the AEDS team includes the shareholders Prof. Achim Kampker, one of the founders of Streetscooter GmbH, and Stefanie and Alexander Peters, managing partners of the NEUMAN & ESSER GROUP, which covers the entire value chain from the generation, compression, production and storage of hydrogen as well as green gases. In collaboration with other companies and institutions such as TÜV Rheinland, the PEM Group, and RWTH Aachen University, a next-generation mobility cluster centered around battery and hydrogen technologies is currently being created at the AEDS site in Aachen.

When it comes to evolving climate-friendly mobility, AEDS sees, similar to EKPO, the significant benefits associated with hydrogen-based technologies. In those cases in which the requisite hydrogen is produced by wind, solar, or water power, the drive system that relies on such fuel cell technology can be considered completely CO2-neutral. In the field of mobility, the advantages of hydrogen come to the fore wherever idle time is costly. In addition to long-distance transport, this applies above all to the area of last-mile delivery, i.e., applications with a long range or cyclical operation. Areas of use for vehicles include commercial and delivery vehicles as well as buses, but also industrial applications in the mobile sector such as special vehicles and materials handling equipment. In addition, hydrogen-based fuel cell drives are suitable for trains, ships, or aircraft.

Through its parent company ElringKlinger, EKPO has been actively pursuing fuel cell research and development for around 20 years. The compact stacks are based on proton-exchange membrane (PEM) technology and convert chemical into electrical energy using hydrogen and oxygen. EKPO offers stacks in various configurations for integration into customer systems. Stacks with peripheral components and system functionalities integrated into the media module are also available as an option. These features enable considerable simplification and cost reduction with regard to the fuel cell system. Drawing on the system solutions of its parent company Plastic Omnium, EKPO can cover the entire value chain of a hydrogen-based fuel cell drive. EKPO has an initial production capacity of up to 10,000 stacks per year, which will be gradually expanded in line with its order intake.

About EKPO Fuel Cell Technologies
EKPO Fuel Cell Technologies (EKPO), headquartered in Dettingen/Erms (Germany), is a leading joint venture in the development and large-scale production of fuel cell stacks for CO2-neutral mobility. The company is a full-service supplier for fuel cell stacks and components used in passenger cars, light commercial vehicles, trucks, buses, as well as in train and marine applications. Within this context, the company is building on the industrialization expertise of two established international automotive suppliers - ElringKlinger and Plastic Omnium.

The aim of the joint venture is to develop and mass-produce high-performance fuel cell stacks in order to further advance CO2-neutral mobility - whether on the road, rail, water or off-road.

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EKPO Fuel Cell Technologies secures high-volume series production contract for fuel cell stacks
Press Release

EKPO will supply fuel cell stacks to GCK for their high power Fuel Cell system

Dettingen/Erms, May 10, 2021 +++ EKPO Fuel Cell Technologies (EKPO), a joint venture between ElringKlinger AG and Plastic Omnium, has been selected by GCK as stack supplier for their high power fuel cell system. With this award, EKPO will launch their “NM12 Twin Stack” which boasts a market leading power of over 200kW, and is specially designed for applications with high output requirements.

This system will be adapted by GCK to a range of industrial applications, making its first outing on their hydrogen-powered vehicle that will compete in the 2023 Dakar Rally.

"The specific racing conditions are a uniquely tough proving ground for our products, and the best demonstrator for EKPO and GCK technology. The fact our Fuel cell stacks were chosen by GCK makes us very proud," says Julien Etienne, Chief Commercial Officer at EKPO Fuel Cell Technologies.

The decisive reasons for choosing EKPO's stacks were not only their market benchmark power density combined with a compact design and low weight, but above all their mature and already industrialized technology. "EKPO offers a unique product range and already has serial production capacity in place, which makes us a reliable partner from day one", Etienne explains.

Successful launch of EKPO
This award has been granted shortly after EKPO started operations in March 2021. The company site in Dettingen/Erms, Germany, is already able to produce up to 10,000 fuel cell stacks per year according to automotive industrial standards as well as key components of a stack, such as bipolar plates or media modules.

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EKPO will supply fuel cell stacks to GCK for their high power Fuel Cell system
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Annual General Meeting

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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