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Press Release

ElringKlinger completes successful placement of Schuldscheindarlehen

DGAP-News: ElringKlinger AG / Key word(s): Financing

14.07.2017 / 13:10
The issuer is solely responsible for the content of this announcement.


ElringKlinger completes successful placement of Schuldscheindarlehen

- Strong demand from investors prompts significant oversubscription

- Volume of EUR 200 million with maturities of five, seven, and ten years

- Proceeds to be used for general corporate financing, particularly refinancing of existing Group liabilities

Dettingen/Erms (Germany), July 14, 2017 +++ ElringKlinger AG has completed its very first placement of a Schuldscheindarlehen (loan granted to a company against a form of promissory note). The overall Schuldschein volume of EUR 200 million is divided into three different tranches with maturities of five, seven, and ten years and bears interest of 1.23% on average. The funds from the loan will be used for the purpose of general corporate financing, in particular to refinance existing Group liabilities.

"In completing this private placement in the form of a Schuldscheindarlehen, we have utilized an additional financial instrument and diversified Group financing at good terms. The proceeds are to be used for the extinguishment of existing liabilities and will also provide financial room for maneuver when it comes to the strategic development of the Group," said Thomas Jessulat, CFO of ElringKlinger AG. "The tremendously positive response by investors illustrates the level of confidence in ElringKlinger's business model," Jessulat continued.

Strong demand among investors led to significant oversubscription, as a result of which the volume of EUR 100 million originally planned by the company was doubled to EUR 200 million. The promissory notes were taken up by regional banks within Germany's Genossenschaft (cooperative) and Sparkasse (savings bank) sector as well as by private banks in Germany and abroad. The issuance was managed by Landesbank Baden-Württemberg.

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: jens.winter[at]elringklinger.com

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 8,700 people at 49 ElringKlinger Group locations around the globe.



14.07.2017 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



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Press Release

ElringKlinger AG: Annual General Meeting approves dividend of EUR 0.50 per share - Klaus Eberhardt becomes new Chairman of the Supervisory Board

DGAP-News: ElringKlinger AG / Key word(s): AGM/EGM

16.05.2017 / 16:59
The issuer is solely responsible for the content of this announcement.


Annual General Meeting approves dividend of EUR 0.50 per share - Klaus Eberhardt becomes new Chairman of the Supervisory Board

- Dividend resolution will lead to payout of EUR 31.7 million, equivalent to dividend ratio of 40.3%

- Andreas Wilhelm Kraut elected as new member of the Supervisory Board; broad consensus also on all other items on the agenda

- Klaus Eberhardt succeeds Walter H. Lechler as Chairman of the Supervisory Board

- Walter H. Lechler elected as Honorary Chairman of the Supervisory Board

Dettingen/Erms (Germany), May 16, 2017 +++ The 112th Annual General Meeting of ElringKlinger AG was attended by around 900 shareholders, shareholder representatives, and guests at the Liederhalle congress center in Stuttgart. In his speech CEO Dr. Stefan Wolf presented a review of the financial year just ended, while also outlining the process of transformation currently driving the automobile industry: "Recording sales revenue of EUR 1,557.4 million and organic growth of 4.7%, ElringKlinger made considerable ground in 2016 and again outpaced the global markets in terms of forward momentum. This is attributable to the Group's innovative and broadly diversified product portfolio that provides an excellent vantage point when it comes to tackling the industry's dynamic transition towards alternative drive systems."

ElringKlinger generated earnings before interest and taxes of EUR 135.6 (135.2) million in fiscal 2016, thus emulating its performance in the previous year. While growth in revenue had a favorable impact on earnings, these positive contributions to profit were offset by charges relating to the Swiss subsidiary affected by capacity constraints. As a result, net income attributable to shareholders fell to EUR 78.6 (91.6) million.

The Annual General Meeting (AGM) approved by a majority of 99.96% the proposal put forward by the Management Board and Supervisory Board for a dividend payment of EUR 0.50 (0.55) per share for fiscal 2016. The total dividend payment will amount to EUR 31.7 (34.8) million. On this basis, the dividend ratio will rise to 40.3 (38.0)%, which lies at the upper range of the long-term dividend policy adopted by the company. It stipulates a dividend payment equivalent to between 30 to 40% of Group net income for the purpose of ensuring that shareholders receive an appropriate and sustainable return on their investment.

ElringKlinger AG shareholders elected Andreas Wilhelm Kraut, Chairman and CEO of Bizerba SE & Co. KG, as a new member of the Supervisory Board of ElringKlinger AG. He takes the place of board member Walter H. Lechler, who stepped down as Chairman of the Supervisory Board of ElringKlinger AG at the end of the AGM for reasons of age and left the Supervisory Board.

Shareholders also passed, by large majorities, all the other resolutions put forward. The actions of the Management Board and Supervisory Board were ratified with 99.88% and 96.50% of the votes respectively for the 2016 financial year. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft was appointed as the auditor for the financial year 2017. Additionally, a resolution on the cancellation of existing and the creation of new Authorized Capital, including the authorization to exclude subscription rights and an amendment to the Articles of Association, was approved by 89.22%. The overall attendance figure was 78.10% of share capital.

At the Supervisory Board meeting convened subsequent to the AGM the members of the Supervisory Board elected Klaus Eberhardt as their new Chairman. Eberhardt has been a member of the Supervisory Board of ElringKlinger AG since May 2013. He also acts as chairperson of the supervisory boards at Dürr AG and MTU Aero Engines AG. He has a mandate as Supervisory Board member of ElringKlinger AG until May 2020. At the same meeting, the Supervisory Board elected Walter H. Lechler as its Honorary Chairman.

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: jens.winter[at]elringklinger.com

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 8,700 people at 47 ElringKlinger Group locations around the globe.



16.05.2017 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



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Press Release

ElringKlinger records successful start to 2017

DGAP-News: ElringKlinger AG / Key word(s): Quarter Results

09.05.2017 / 07:27
The issuer is solely responsible for the content of this announcement.


ElringKlinger records successful start to 2017

- Revenue up by 12.5% in first quarter; organic growth of 10.9%

- EBIT margin before purchase price allocation rises to 9.0%; EBIT before purchase price allocation increases by 22% to EUR 39.1 million

- Cash flow includes payments for acquisition of equity stake in hofer Group

- Guidance for 2017 confirmed

Dettingen/Erms (Germany), May 9, 2017 +++ Maintaining its solid momentum from the final quarter of 2016, ElringKlinger AG recorded a significant increase in sales in the first quarter of 2017. Compared with the first quarter of 2016, the Group managed to lift sales revenue by 12.5% or EUR 48.1 million, taking the figure to EUR 433.3 (385.2) million. Chief Executive Officer Dr. Stefan Wolf said: "ElringKlinger made significant ground in all segments and regions during the first quarter. In addition to benefiting from a larger number of working days, we received fresh impetus from the positive direction taken by the global automotive markets and from the introduction of several new products. Based on this quarterly performance, we are well on track when it comes to meeting our growth targets."

The Group's organic revenue growth of EUR 41.9 million or 10.9% was complemented by positive currency effects - primarily with regard to the Brazilian real, the Swiss franc, and the US dollar - equivalent to EUR 2.9 million or 0.7% as well as revenue contributions relating to changes to the scope of consolidation compared to the first quarter of 2016. Acquired entities added EUR 3.3 million, i.e., +0.9%, to revenue in total; hofer powertrain products GmbH (hpp), included as of February 6, 2017, for the first time, was among the contributors.

The significant increase in revenue also proved favorable with regard to earnings. EBIT before purchase price allocation rose by EUR 7.1 million or 22.2% year on year to EUR 39.1 million. As a result, the EBIT margin improved to 9.0%, up 0.7 percentage points on the figure recorded for the same period a year ago. Alongside the increase in revenue, earnings growth was also driven by steady progress made at the Swiss plant affected by capacity constraints. These two aspects will also prove to be key factors when it comes to improving margins and achieving the earnings target in the financial year as a whole.

Net cash used in investing activities includes an outflow for equity interests acquired in the hofer Group; these transactions were closed in February (hpp) and March (hofer AG). Operating free cash flow, which does not include payments for acquired equity interests, fell by EUR 12.2 million year on year to EUR -11.6 (0.6) million. This decline is attributable primarily to higher net working capital, as receivables in particular were up at the end of the quarter due to buoyant sales in March. At EUR 29.6 (37.5) million, investments in property, plant, and equipment and real estate were down year on year.

Despite a number of political and economic uncertainties, ElringKlinger anticipates that the market as a whole will remain solid in 2017. Overall, the Group estimates that global automobile production will grow by 1 to 2%; it expects to exceed this figure by around 2 to 4 percentage points in 2017. On this basis, and assuming that the site in Switzerland continues to develop favorably, the Management Board has reaffirmed its guidance for earnings in 2017. The Group's EBIT margin before purchase price allocation is expected to be around 9 to 10%. ElringKlinger's medium-term revenue and earnings targets have also been confirmed.

EUR millionQ1 2017Q1 2016∆ abs.∆ rel.
Order intake494.3424.0+ 70.3+ 16.6 %
Order backlog993.5835.0+ 158.5+ 19.0 %
Revenue433.3385.2+ 48.1+ 12.5 %
of which FX effects  + 2.9+ 0.7 %
of which acquisitions  + 3.3+ 0.9 %
of which organic  + 41.9+ 10.9 %
EBIT before purchase price allocation39.132.0+ 7.1+ 22.2 %
EBIT margin before
purchase price allocation (in %)
9.08.3+ 0.7 PP-
Purchase price allocation1.21.2+ 0.0+ 0.0 %
EBIT37.930.8+ 7.1+ 23.1 %
Net finance cost/income- 3.4- 6.3+ 2.9+ 46.0 %
EBT34.524.4+ 10.1+ 41.4 %
Taxes on income- 8.5- 6.5- 2.0- 30.8 %
Effective tax rate (in %)24.726.6- 1.9 PP-
Net income (after
non-controlling interests)
25.117.2+ 7.9+ 45.9 %
Earnings per share (in EUR)0.400.27+ 0.13+ 48.1 %
Investments (in property,
plant, and equipment)
29.637.5- 7.9- 21.1 %
Operating free cash flow- 11.60.6- 12.2< - 100.0 %
Net working capital572.9529.1+ 43.8+ 8.3 %
Equity ratio (in %)46.347.8- 1.5 PP-
Net financial liabilities581.1481.9+ 99.2+ 20.6 %
Employees (as of March 31)8,7388,126+ 612+ 7.5 %
 

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: jens.winter[at]elringklinger.com

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 8,700 people at 47 ElringKlinger Group locations around the globe.



09.05.2017 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



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Press Release

ElringKlinger concludes 2016 financial year with strong final quarter

DGAP-News: ElringKlinger AG / Key word(s): Final Results

30.03.2017 / 09:26
The issuer is solely responsible for the content of this announcement.


ElringKlinger concludes 2016 financial year with strong final quarter

- Revenue up by 3.3% to EUR 1,557 million and by 4.7% in organic terms

- EBIT before purchase price allocation on a par with previous year at EUR 140 million

- Proposed dividend of EUR 0.50 per share corresponds to payout ratio of 40%

- Marked improvement in operating free cash flow

- Guidance for 2017: organic revenue growth of 2 to 4 percentage points above global market growth, EBIT margin before purchase price allocation around 9 to 10%

Dettingen/Erms (Germany), March 30, 2017 +++ The ElringKlinger Group completed fiscal 2016 with a powerful sprint to the finish. Sales revenue for the annual period was expanded by 3.3% year on year, taking the figure to EUR 1,557.4 (1,507.3) million. This was fueled by the Group's performance in the fourth quarter, which saw sales revenue grow by 4.4%.

Had foreign exchange rates remained unchanged, growth would have been as much as 5.5% or EUR 83.5 million. Accounting for portfolio effects - e.g., by the acquisition of Hug Engineering B.V. or the asset deal relating to Maier Formenbau GmbH - totaling EUR 12.4 million, organic growth stood at EUR 71.1 million or 4.7%. Global automobile production expanded by around 3% over the same period.

Growth primarily in Asia and Europe (excluding Germany)
ElringKlinger saw revenue improve in almost all sales regions over the course of 2016. While business in the home market of Germany picked up only slightly, sales performance in the rest of Europe proved much more favorable. Here, revenue increased by EUR 18.8 million or 4.0% to EUR 489.1 (470.3) million, as a result of which this region accounted for 31% (31%) of total sales. Growth generated in the Asia-Pacific region was much more pronounced, with revenue expanding by EUR 28.3 million or 10.5% to EUR 299.0 million. As a result, this region now accounts for 19% (18%) of total sales revenue generated by the Group.

Earnings dampened by capacity constraints in Swiss entity
The Group recorded EBIT of EUR 140.4 (140.4) million before purchase price allocation in 2016 as a whole, which was on a par with the previous year. While growth in revenue had a favorable impact on earnings, these positive contributions to profit were offset by charges relating to the Swiss subsidiary affected by capacity constraints. Trailing additional costs of around EUR 11 million in the first half of the year, together with a fundamentally higher level of fixed operating costs and the delayed impact of optimization measures due to the absence of customer approvals for the migration of manufacturing operations exerted downward pressure on the Group's earnings performance. Against this backdrop, figures for the first three quarters of 2016 in each case lagged behind those recorded in the previous year. It took until the fourth quarter for anticipated benefits to materialize, with EBIT before purchase price allocation rising by EUR 12.0 million, or 44%, year on year to EUR 39.5 (27.5) million. This improvement in performance was attributable primarily to measures aimed at remedying capacity constraints. In parallel, solid market conditions and the sale of real estate for a figure at the very low end of the single-digit million euro range proved advantageous.

The following two factors in particular had an impact on the rest of the income statement: First, a year-on-year decline in the Group's net foreign exchange gain and an increase in interest expenses were reflected in its net finance result. Secondly, various tax-related effects translated into higher income taxes in the fourth quarter. As a result, the tax rate stood at 46% in the fourth quarter and at 33% for the annual period as a whole. Despite EBIT being on a par with the prior-year figure, the Group thus saw its net income (after non-controlling interests) fall to EUR 78.6 (91.6) million. Correspondingly, earnings per share stood at EUR 1.24, down on the prior-year figure of EUR 1.45.

High payout ratio in line with long-term dividend policy
Against the background of lower earnings per share, the Management Board and Supervisory Board will submit a joint proposal to the Annual General Meeting on May 16, 2017, for a dividend payment of EUR 0.50 per share. On this basis, the dividend ratio has risen to 40% (38%) and thus lies at the upper range of the long-term policy adopted by the Group, which stipulates that around 30 to 40% of earnings per share should be distributed to shareholders.

Financial position remains strong
ElringKlinger's balance sheet continues to be robust. At the end of the financial year just ended the Group's equity ratio stood at 47.2% (48.5%), which was still well within the upper half of the target range of 40 to 50% of total assets.

Investments scaled back, operating free cash flow improved markedly
Once again, the Group carried out focused investments in its future growth. At EUR 171.3 million, representing 11.0% of revenue, capital expenditure directed at property, plant, and equipment as well as real estate was slightly lower than in the previous year (EUR 176.1 million or 11.7%). Among the major projects in Germany was a new logistics center at the Group headquarters in Dettingen/Erms, construction work on which commenced in July 2016. Additionally, relatively substantial investments were made at the sites in Gelting, Ergenzingen, Langenzenn, and Bietigheim-Bissingen. At an international level, alongside more substantial measures in Switzerland and the United States, key investments included the start of construction work on a facility in Kecskemét, Hungary, as well as new plants in Turkey and China. Additionally, the two US sites in Warren and Roseville were brought together at a new plant in neighboring Southfield in 2016.

Measures targeted at net working capital proved beneficial, with this key financial indicator remaining largely unchanged at EUR 524.6 (523.2) million despite growth in revenue. Overall, this led to a visible improvement in operating free cash flow; it stood at EUR -3.8 million, compared to EUR -65.2 million in the previous year.

Outlook: ElringKlinger looks forward with confidence to 2017
ElringKlinger anticipates that demand within the area of personal mobility will continue to grow irrespective of the type of drive system deployed. Technology surrounding combustion engines will still be of relevance in the short to medium term. In the medium to long term, however, the key impetus is expected to come entirely from new drive technologies. As CEO Dr. Stefan Wolf explains, "Building on a broad product portfolio and diversified customer base, ElringKlinger is very well prepared for this process of transition. Thanks to gaskets and near-engine shielding parts and plastic modules, we have gained a strong foothold when it comes to conventional combustion engine technology. At the same time, innovative structural components as well as parts used in alternative drive systems are among the key contributors to growth."

Overall, the Group expects to be able to exceed global market growth by 2 to 4 percentage points per annum in the short to medium term. For 2017, industry experts have forecast market growth of 1 to 2%. In the medium term, the market is likely to expand by an annual average of 2% at a global level.

The growth in revenue targeted by the Group will also translate into improved earnings in 2017. Furthermore, operational measures - primarily the transfer of additional sections of production from Switzerland to Hungary - will have a positive impact on the Group's earnings situation. Against this background, the Group anticipates that its EBIT margin before purchase price allocation will stand at around 9 to 10%. The figure targeted for the medium term is around 13%.

EUR millionFY 2016FY 2015∆ abs.∆ rel.
Order intake1,693.71,615.3+78.4+4.9%
Order backlog932.5796.2+136.3+17.1%
Revenue1,557.41,507.3+50.1+3.3%
of which FX effects  -33.4-2.2%
of which acquisitions  +12.4+0.8%
of which organic  +71.1+4.7%
EBITDA231.2222.8+8.4+3.8%
EBIT before purchase price allocation140.4140.4+0.0+0%
EBIT margin before
purchase price allocation (in %)
9.0%9.3%-0.3PP-
Purchase price allocation4.85.2-0.4-
EBIT135.6135.2+0.4+0.3%
Net finance result-11.5-6.5-5.0-76.9%
EBT124.1128.8-4.7-3.8%
Income taxes41.533.0+8.5+25.8%
Effective tax rate (in %)33.425.6+7.8PP-
Net income (after
non-controlling interests)
78.691.6-13.0-14.2%
Earnings per share (in EUR)1.241.45-0.21-14.5%
Dividend per share (in EUR)0.50*0.55-0.05-9.1%
Investments (in property,
plant, and equipment)
171.3176.1-4.8-2.7%
Operating free cash flow-3.8-65.2+61.4+94.2%
ROCE (in %)8.79.5-0.8PP-
Net working capital524.6523.2+1.4+0.3%
Equity ratio (in %)47.248.5-1.3PP-
Net financial liabilities538.8486.8+52.0+10.7%
Employees (as of Dec. 31)8,5917,912+679+8.6%
     
EUR millionQ4 2016Q4 2015∆ abs.∆ rel.
Order intake444.9429.6+15.3+3.6%
Order backlog932.5796.2+136.3+17.1%
Revenue407.2390.0+17.2+4.4%
of which FX effects  -5.9-1.5%
of which acquisitions  +3.1+0.8%
of which organic  +20.0+5.1%
EBITDA64.550.2+14.3+28.5%
EBIT before purchase price allocation39.527.5+12.0+43.6%
EBIT margin before
purchase price allocation (in %)
9.7%7.1%+2.6PP-
Purchase price allocation1.11.3-0.2-
EBIT38.426.2+12.2+46.6%
Net finance result1.02.1-1.1-52.4%
EBT39.428.3+11.1+39.2%
Income taxes18.1-4.5+22.6>100%
Effective tax rate (in %)45.915.7+30.2PP-
Net income (after
non-controlling interests)
19.722.4-2.7-12.1%
Earnings per share (in EUR)0.310.35-0.04-11.4%
 

* Proposal to 2017 AGM

For further information, please contact:

ElringKlinger AG
Dr. Jens Winter
Investor Relations and Corporate PR
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: +49 7123 724-88335
Fax: +49 7123 724-85 8335
E-mail: jens.winter[at]elringklinger.com
 

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 8,600 people at 47 ElringKlinger Group locations around the globe.



30.03.2017 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



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Press Release

Change at the helm of the Supervisory Board of ElringKlinger

DGAP-News: ElringKlinger AG / Key word(s): Change of Personnel

24.03.2017 / 14:16
The issuer is solely responsible for the content of this announcement.


Change at the helm of the Supervisory Board of ElringKlinger

- Walter H. Lechler, long-standing Chairman of the Supervisory Board, to step down from his post at the end of the Annual General Meeting on May 16 and vacate the Supervisory Board

- Klaus Eberhardt nominated as new Chairman of the Supervisory Board

- Proposal for Bizerba CEO Andreas Wilhelm Kraut to join the Supervisory Board as a replacement member

- Contracts of Management Board members Dr. Stefan Wolf and Theo Becker extended by five years

Dettingen/Erms (Germany), March 24, 2017 +++ The Supervisory Board of ElringKlinger charted an important course for the future at its meeting convened on March 24, 2017. Having held leading positions at ElringKlinger AG and its predecessor companies over a period spanning 45 years in total, Chairman of the Supervisory Board Walter H. Lechler informed his fellow board members that he would be standing down from his post at the end of the Annual General Meeting on May 16, 2017, and would thus be vacating the Supervisory Board. In doing so, he is following the standard practice embraced by the family of principal shareholders not to occupy key positions beyond the age of 75. In 1972, Lechler became a member of the shareholder committee of the company formerly known as Elring GmbH. As from 1976, he was a member of the supervisory board of ZWL Grundbesitz- und Beteiligungs-AG, which together with ElringKlinger GmbH was merged into ElringKlinger AG in the year 2000. At that point, he became a member of the company's Supervisory Board, before being appointed its Chairman on May 16, 2012.

Deputy Chairman of the Supervisory Board, Markus Siegers, acknowledged Lechler's accomplishments: "In his supervisory roles, Walter H. Lechler was instrumental in shaping the Group's fortunes in terms of growth and market success. The Supervisory Board as a whole would like to thank him for his tremendous personal dedication, a sentiment also expressed at today's meeting."

In Klaus Eberhardt, an experienced manager and business leader has been nominated as a successor to Lechler. The election will take place during the Supervisory Board meeting to be convened on completion of the upcoming Annual General Meeting. Eberhardt can draw on many years of professional experience and has held senior managerial posts at various companies, which also includes the role of CEO at Rheinmetall AG for a period of 13 years. Aged 69, the degree-educated mathematician has been a member of the Supervisory Board of ElringKlinger AG since May 2013. In addition, he chairs the supervisory boards of Dürr AG and MTU Aero Engines AG.

The Supervisory Board will propose to the Annual General Meeting that Andreas Wilhelm Kraut be appointed to fill the vacant seat on the board. The 43-year-old manager, who holds a degree in business, is head of weighing technology specialist Bizerba SE & Co. KG, Germany. The fifth-generation family company employs some 4,000 people worldwide and generates annual sales of around EUR 650 million. "In Andreas Wilhelm Kraut, we have attracted to our Supervisory Board a young, dynamic, and - at the same time - successful executive of a global family-run group of companies. All of these credentials represent a perfect match for ElringKlinger," says departing Chairman of the Supervisory Board Lechler.

In addition, at today's meeting the Supervisory Board agreed to extend by five years, i.e., up to January 31, 2023, the contracts with Management Board members Stefan Wolf and Theo Becker, which were scheduled to end at the beginning of 2018. In taking this approach, it has ensured that the company will benefit at an early stage from managerial continuity at the most senior level. Dr. Wolf has held a seat on the Management Board since January 2005 and was appointed its Chairman/CEO in March 2006. Becker joined the Management Board in January 2006 and is responsible for operations.


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: jens.winter[at]elringklinger.com


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 around 8,600 people at 47 ElringKlinger Group locations around the globe.



24.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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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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