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ElringKlinger preliminary results point to revenue growth of 5% in third quarter despite foreign exchange losses

ElringKlinger AG  / Key word(s): Preliminary Results/Quarter Results25.10.2013 07:50Dissemination 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.---------------------------------------------------------------------------Dettingen/Erms, October 25, 2013  +++  Despite the severe weaknessafflicting car markets throughout Western Europe, the ElringKlinger Groupmanaged to drive sales forward by 5.1% to EUR 294.0 (279.8) million in thethird quarter of 2013. The Group's forward momentum in revenue growth wasrestricted to some extent by the effects of foreign currency translation,with the euro appreciating against a number of currencies. Expanding by5.8% to EUR 38.6 (36.5) million, ElringKlinger's operating result moved upat a slightly faster pace compared to sales revenue. Earnings beforeinterest and taxes (EBIT), which - unlike the operating result - includethe effects of foreign exchange gains and losses, were adversely affectedby foreign exchange losses of EUR 3.5 million as well as a non-recurringexceptional charge of EUR 1.5 million in the third quarter and stood at EUR35.1 (36.0) million.Adverse foreign exchange effectsBenefiting from new product launches, more dynamic business in NorthAmerica and continued buoyancy in demand for foreign vehicles in Asia,ElringKlinger was able to compensate for the anemic condition of WesternEuropean automotive markets. By contrast, the direction taken in particularby the US dollar, the Brazilian real and several Asian currencies exerteddownward pressure on sales revenue within the context of foreign currencytranslation. ElringKlinger generates around 40% of its sales revenueoutside the eurozone. If foreign exchange rates had remained unchanged,sales revenue would have been up by 8.6% to EUR 303.8 million, i.e. at arate that is well in excess of growth achieved by the automotive markets.Integration of Hug and Freudenberg bears fruitSales generated by exhaust specialist Hug, in which ElringKlinger now holdsan interest of 93.7%, rose to EUR 13.1 (7.2) million in the third quarter2013, driven in particular by strong demand within the US retrofit marketfor trucks and buses as well as new projects relating to inland shippingand exhaust gas purification for stationary, gas-fired power plants.Earnings before taxes rose from minus EUR 0.7 million to EUR 2.2 million.Despite the continued weakness of the French automotive market and adownturn in sales at the site operated by the former Freudenberg companyElringKlinger Meillor SAS, Nantiat, earnings before taxes generated by theformer Freudenberg plants improved to EUR 0.9 (0.5) million, with revenuestagnating at EUR 11.5 million.Operating result up by 5.8% - EBIT restricted by foreign exchange effectsIn the third quarter, the Group's operating result was influenced to someextent by a non-recurring exceptional charge of EUR 1.5 million associatedwith efforts to unlock new markets in the Aftermarket segment as well assignificant start-up costs in the area of E-Mobility, where severallarge-scale projects are about to be taken forward to the serial productionlevel. Against this backdrop, ElringKlinger recorded an operating result ofEUR 38.6 (36.5) million, which corresponds to growth of 5.8%. On thisbasis, the operating margin in the third quarter of 2013 edged up slightlyyear on year to 13.1% (13.0%). Earnings before interest and taxes (EBIT),which - unlike the operating result - include foreign exchange gains andlosses, were adversely affected by foreign exchange losses of EUR 3.5(-0.5) million and stood at EUR 35.1 (36.0) million.These transactional foreign exchange losses were the key factor behind theyear-on-year increase in net finance costs to EUR 6.3 (3.6) million. Whilenet interest expenses were scaled down to EUR 2.8 (3.1) million, the netresult of foreign exchange gains and losses was considerably weaker than inthe same quarter a year ago at minus EUR 3.5 (-0.5) million. Thus, at EUR32.3 (33.0) million, earnings before taxes were slightly lower than in thethird quarter of 2012.At 30.5% (26.0%), the income tax rate in the third quarter exceeded theprevious year's figure, as a result of which net income afternon-controlling interests contracted slightly to EUR 22.5 (23.3) million.On this basis, earnings per share for the third quarter of 2013 amounted toEUR 0.36 (0.37).Order intake remains strong The Group maintained its high level of order intake. Having alreadyexpanded by 11.0% in the second quarter of 2013 compared to the same perioda year ago, incoming orders rose by 11.5% to EUR 298.2 (267.5) million inthe third quarter. As of September 30, 2013, the value of order backlogstood at EUR 578.1 (472.8) million, up 22.3% on the equivalent figure forthe previous year.Revenue and earnings growth also expected for the financial year as a wholeThe Group anticipates that automobile production at a global level willexpand only slightly in the year as a whole. While the Western Europe carmarket appears to have reached its nadir, there are as yet no clear signsof a fundamental recovery. The Group's operating margin for 2013 will bereduced to some extent by the as yet below-average aggregate profit marginof the entities acquired from Freudenberg. However, the dilutive effectsare expected to be less pronounced compared to the previous year. At thesame time, the E-Mobility division is facing substantial up-front expensesand start-up costs. Several serial production projects are scheduled tocommence within this area at the end of the year.Against this background, the ElringKlinger Group plans to increase salesrevenue by 5 to 7% in 2013 in terms of organic growth. Consequently,ElringKlinger anticipates that EBIT adjusted for non-recurring items willgrow at a more pronounced percentage rate compared to sales revenue in2013, taking the estimated figure to between EUR 150 and 155 million (EUR136.0 million in 2012). Looking forward to the remainder of the financialyear, revenue and EBIT growth may be positioned at the lower end of theseranges if the euro continues to appreciate significantly against othercurrencies that are of relevance to the Group.The announcement of preliminary results for the third quarter 2013 will beaccompanied by a conference call today, October 25th, 2013, at 10:00 a.m.CEST. The full announcement of the results for the third quarter and firstnine months 2013 is scheduled for November 6th, 2013.25.10.2013 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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ElringKlinger AG: ElringKlinger posts 6% revenue growth in second quarter despite Europe's sluggish car markets

ElringKlinger AG  / Key word(s): Half Year Results09.08.2013 07:50Dissemination 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.---------------------------------------------------------------------------Dettingen/Erms, August 9, 2013  +++  Despite the continued weakness shownby car markets throughout Europe, the ElringKlinger Group succeeded inmaintaining its forward momentum in consolidated sales and EBIT over thecourse of the second quarter of 2013. Sales revenue increased by 6.0% toEUR 303.3 (286.0) million. Earnings before interest and taxes (EBIT) roseby 2.6% to EUR 39.3 (38.3) million. Net income after non-controllinginterests edged up to EUR 26.2 (25.3) million during the same period.Buoyant sales in AsiaFueled in particular by important new product launches and an expansion inbusiness by almost 20% in Asia, ElringKlinger managed to offset the adverseeffects of a 20-year low in Western European vehicle sales and a 5%downturn in car production in the first six months. In the first half of2013, the Group generated well in excess of half its Original Equipmentrevenue - including exports - from sales in Asia as well as North and SouthAmerica. Thus, ElringKlinger was able to expand its consolidated revenue by3.6% in total during the first half of the year, taking the figure to EUR590.1 (569.8) million.Swing in earnings at exhaust specialist Hug Benefiting from strong demand in the US retrofit sector as well as newprojects relating to inland vessels and exhaust gas purification systemsfor stationary, natural-gas-fired power plants, underpinned by the use ofstate-of-the-art production technology, the Hug Group managed to increaseits revenues and earnings before taxes by a substantial margin. In thesecond quarter of 2013, sales revenues more than doubled to EUR 18.2 (8.4)million, up from EUR 11.0 (7.0) million in the first quarter of 2013. Whilethe Hug Group had incurred a loss of EUR 0.9 million before taxes in thesecond quarter of 2012, it posted positive pre-tax earnings of EUR 3.8million in the second three months of 2013. At the same time, the companymanaged to improve its earnings performance compared to the first quarterof 2013 (EUR 1.0 million).By contrast, the ongoing slump in France's vehicle market, where new carregistrations were down a further 11.2% in the first half of 2013, also hadan impact on capacity utilization at former Freudenberg Group companyElringKlinger Meillor SAS, France. At EUR 26.3 (27.0) million in the firsthalf of 2013, revenue generated by the three former Freudenberg sites as awhole was down on the previous year. ElringKlinger implementedrestructuring measures in France for the purpose of adapting local capacitylevels to the protracted weakness in demand. These measures producedcharges of EUR 1.8 million in the first quarter. All together, withfirst-quarter sales at EUR 13.4 (13.7) million, the three formerFreudenberg sites posted earnings before taxes of minus EUR 1.5 (0.2)million, which includes one-time restructuring costs. Second-quarterrevenue stood at EUR 12.9 (13.3) million, with sequentially improvedpre-tax earnings of EUR 0.3 (0.3) million.Operating result up 9.9% in second quarterAt EUR 74.5 (76.5) million, the Group's operating result for the first sixmonths of 2013 was slightly down on the figure recorded for the same perioda year ago. The ongoing purchase price allocations relating to HugEngineering AG and the Hummel-Formen Group had a negative effect of EUR 0.8(-1.2) million in total. Business relating to truck components still provedsluggish. Additionally, the second quarter in particular saw morepronounced start-up costs within the E-Mobility division relating to serialproduction projects that are scheduled for ramp-up towards the end of 2013.At the same time, compared to the same period a year ago, the Aftermarketsegment put in a lower earnings contribution as additional sales expenseswere allocated for the purpose of driving market expansion forward inFrance and North America. Having contracted by 14.6% in the first quarter,the Group's earnings at an operating level grew significantly in the secondquarter of 2013. In this period, the ElringKlinger Group saw its operatingresult improve by 9.9%, taking the figure to EUR 41.2 (37.5) million. Inthis context, the swing in earnings at Hug Engineering AG made a majorcontribution to the group's operating margin. It stood at 13.6% (13.1%) atthe end of the second quarter of 2013.Earnings before interest and taxes (EBIT) - in contrast to the operatingresult, this indicator includes foreign exchange gains and losses - totaledEUR 75.1 (75.6) million in the first six months of 2013. Whereas EBIT hadbenefited from foreign exchange gains of EUR 2.5 million in the firstquarter, it was impacted by foreign exchange losses of EUR 1.9 million inthe second quarter. Nevertheless, compared to the preceding quarter, EBITexpanded by EUR 3.5 million to EUR 39.3 (38.3) million in the secondquarter of 2013.The Group's EBIT margin in the first half of 2013 stood at 12.7% (13.3%).In the second quarter, the EBIT margin rose by 0.5 percentage pointsquarter on quarter to 13.0% (13.4%). Adjusted for the dilutive effectsattributable to the acquisitions of the former Freudenberg companies andthe Hummel-Formen Group, the EBIT margin for the ElringKlinger Group as awhole reached 13.4% in the second quarter - despite substantial start-upcosts in the E-Mobility division.In the first half of 2013, net finance costs fell by EUR 2.1 million yearon year to EUR 5.2 (7.3) million, primarily as a result of positive foreignexchange effects in the first quarter. In the second quarter, foreignexchange losses contributed to a quarter-on-quarter increase in net financecosts. Having stood at EUR 0.3 (5.0) million in the first quarter, netfinance costs totaled EUR 4.9 (2.3) million in the second quarter. Whileearnings before taxes for the first half as a whole matched the previousyear's figure precisely (EUR 69.3 million), the second quarter saw pre-taxearnings rise by 2.8% to EUR 36.3 (35.3) million.Net income after minorities up 3.6% in second quarter Benefiting from a lower tax rate, the ElringKlinger Group managed to liftnet income by 5.1% year on year in the first six months of 2013, taking thefigure to EUR 53.2 (50.6) million. The significant increase in earningscontributed by Swiss-based Hug Engineering AG, however, took net incomeattributable to non-controlling interests to EUR 3.3 (1.1) million. On thisbasis, net income attributable to shareholders of ElringKlinger AG stood atEUR 50.0 (49.5) million at the end of the first half of 2013. In the secondquarter, net income after non-controlling interests was up 3.6% at EUR 26.2(25.3) million. Earnings per share rose to EUR 0.79 (0.78) in the first sixmonths of 2013. In the second quarter earnings per share totaled EUR 0.41(0.40).Further growth in order intake Following on from an increase in the volume of new orders in the firstquarter to EUR 333.9 (269.4) million, order intake in the second quarter of2013 stood at EUR 374.1 (337.1) million, up 11.0% on the same period in2012. As of June 30, 2013, the value of order backlog stood at EUR 573.8(485.1) million, up 18.3% on the equivalent figure for the previous year.Annual forecast confirmed: revenue and earnings growth for annual period ElringKlinger has confirmed its forecast for the annual period as a whole.At best, the Group anticipates that the automobile industry as a whole willexpand slightly over the course of the year. Against this background, theGroup will be looking to generate organic revenue growth of 5 to 7% in2013. Should global car production merely stagnate in 2013, revenue growthis more likely to be positioned at the lower end of this range. Theoperating margin attributable to ElringKlinger's core business is likely tobe diluted slightly in 2013 as a result of the as yet below-averageaggregated profit margin of the acquired entities and the associatedpurchase price allocations. However, the dilutive effects in 2013 areexpected to be less pronounced compared to the previous year. Additionally,the substantial up-front expenses and start-up costs incurred in theE-Mobility division, which will be ramping up a number of serial productionprojects during the second half of the year, also have to be taken intoaccount. Despite these factors, however, ElringKlinger believes that itwill be in a position to expand its earnings before interest and taxes,adjusted for one-time charges, at a faster percentage rate relative torevenue growth. Adjusted EBIT for the financial year 2013 as a whole isthus expected to range from EUR 150 to 155 million (EUR 136.0 million in2012).09.08.2013 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 / 724-636Fax:          071 23 / 724-459E-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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ElringKlinger defies market weakness with revenue growth in first quarter

ElringKlinger AG  / Key word(s): Interim Report08.05.2013 07:51Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------Dettingen/Erms (Germany), May 8, 2013  +++  The ElringKlinger Group managedto drive consolidated revenue forward in the first quarter of 2013 despitethe marked slump witnessed throughout Europe's car markets. Sales revenueincreased by 1.1% to EUR 286.8 (283.8) million. At EUR 35.8 (37.3) million,earnings before interest and taxes (EBIT) fell 4.0% short of the Group'sbuoyant earnings performance recorded in the previous year.  Net incomeafter non-controlling interests totaled EUR 23.8 (24.2) million.Dynamic business in Asia compensates for downturn in Western EuropeSupported by new product ramp-ups and an increase in revenue from sales inAsia in excess of 20 %, ElringKlinger managed to compensate for the morethan 10 % decline in car production figures over the course of the firstthree months of 2013 in Western Europe. Including exports, the Groupgenerated almost half of its Original Equipment revenue in Asia as well asNorth and South America in the first quarter.Performance of acquired companies - Successful turnaround at exhaustspecialist HugBenefiting from the increase in sales, the restructuring measures alreadyimplemented and the deployment of state-of-the-art production technology,the Hug Group has seen a gradual improvement in its earnings performance.While the first quarter of the previous year had produced a pre-tax loss ofEUR 2.0 million, earnings before taxes were already showing a steadyimprovement over the course of 2012. In the first quarter of 2013, salesrevenue increased to EUR 11.0 (7.0) million, while earnings before taxesimproved year on year to EUR 1.0 million.By contrast, the protracted malaise afflicting car markets in WesternEurope also took its toll on capacity utilization levels at the formerFreudenberg company ElringKlinger Meillor SAS, France. Whereas the earningscontributions of the two former Freudenberg sites in Gelting (Germany) andSettimo Torinese (Italy) were well within positive territory, the earningsperformance of ElringKlinger Meillor was negative. ElringKlinger iscurrently implementing restructuring measures at this site for the purposeof adapting capacity levels to persistently low demand within the market.In this context, other liabilities of EUR 1.8 million were recognized asearly as the first quarter of 2013, which had a one-time impact onearnings. At the same time, processes are being further automated andsmall-scale serial production is being introduced for the aftermarket lineof business. In total, the former Freudenberg sites acquired in 2011produced revenue of EUR 13.4 (13.7) million in the first quarter of 2013and earnings before taxes of minus EUR 1.5 (0.2) million.Slight contraction in EBITEarnings before interest, taxes, depreciation and amortization (EBITDA)stood at EUR 54.3 (57.0) million. At EUR 18.5 (19.8) million,depreciation/amortization was slightly lower in the first quarter of 2013.The ongoing purchase price allocations relating to Hug Engineering AG andthe Hummel-Formen Group had a negative effect of EUR 0.6 (-0.6) million intotal. Despite the negative aggregate earnings contribution made by theacquired entities and the significant up-front costs associated with theE-Mobility division, the Group's operating result stood at EUR 33.3 (39.0)million. This corresponds to a 14.6% decline compared to the figurerecorded in the same quarter a year ago. However, the operating result wasup considerably on the figure posted in the fourth quarter of 2012 (EUR25.8 million). The staff profit-sharing bonus of EUR 1,300 (1,150) peremployee for members of the ElringKlinger AG, ElringKlingerKunststofftechnik GmbH and Elring Klinger Motortechnik GmbH workforce, asagreed for the financial year 2012, has already been accounted for in otherliabilities and resulted in additional staff costs of EUR 3.7 (3.3) millionin the first quarter of 2013. While the non-recurring restructuringexpenses of EUR 1.8 million attributable to the French site in Nantiat hadan adverse effect on earnings, the transition to full consolidation of thenewly acquired Korean joint venture ElringKlinger Korea Co., Ltd, Changwon,produced positive one-time income of EUR 1.4 million.Earnings before interest and taxes, which in contrast to the operatingresult include foreign exchange gains and losses, fell by 4.0% to EUR 35.8(37.3) million. Foreign exchange gains of EUR 2.5 (-1.7) million had apositive effect on Group EBIT in the first quarter of 2013. The as yetnegative impact on Group EBIT from contributions made by the acquired HugGroup, Hummel-Formen Group and former Freudenberg companies was equivalentto EUR 0.6 (-0.6) million in total. The EBIT margin was 12.5% (13.1%).Adjusted for the dilutive effects attributable to the as yet lessprofitable acquisitions, the EBIT margin within the Group's core businesswould have reached 14.0%, despite the significant up-front costs associatedwith E-Mobility.Net finance costs down due to foreign exchange effectsNet finance costs were reined back by EUR 4.7 million year on year to EUR0.3 (5.0) million, primarily as a result of significant foreign exchangegains, but also due to lower market interest rates. In total, the Grouprecorded foreign exchange gains of EUR 2.5 (-1.7) million. At EUR 33.0(34.0) million, earnings before taxes were down 2.9% compared to theprevious year.Net income remains stable year on year Benefiting from a lower tax rate, the ElringKlinger Group was able to matchlast year's first-quarter performance by again posting net income of EUR24.6 (24.6) million in the first quarter of 2013. Net income attributableto non-controlling interests rose to EUR 0.8 (0.4) million, primarily as aresult of the significant improvement in earnings contributed by HugEngineering AG, Switzerland. Correspondingly, net income attributable tothe shareholders of ElringKlinger AG fell by 1.7% to EUR 23.8 (24.2)million.Positive order intakeIncoming orders were up significantly compared to the fourth quarter of2012, when order intake had totaled EUR 260.8 million. In the first threemonths of 2013 order intake increased by 23.9% year on year to EUR 333.9(269.4) million. As of March 31, 2013, order backlog for the ElringKlingerGroup stood at EUR 503.1 (434.0) million, up 15.9% on the figure recorded ayear before. Thus, the ElringKlinger Group is supported by a solid orderbacklog when it comes to achieving sales growth targeted for the annualperiod as a whole.Forecast for the full year confirmedThe company confirms its forecast for the full year. For 2013 ElringKlingerstill expects global auto industry to rather stagnate or to see modestgrowth at best. Against this backdrop the ElringKlinger Group plans toincrease sales revenue by 5 to 7% in 2013 in terms of organic growth.Should global car production merely stagnate in 2013, revenue growth ismore likely to be positioned at the lower end of this range. The operatingmargin attributable to ElringKlinger's core business will still be dilutedin 2013 as a result of the as yet below-average aggregated profit marginsof the acquired entities and the associated purchase price allocations.However, the dilutive effects in 2013 are expected to be less pronouncedcompared to the previous year. Additionally, the substantial up-frontexpenses and start-up costs incurred in the E-Mobility division, which willbe working on several projects as they progress through the start-up phaseduring the second half of the year, also have to be taken into account.Despite these factors, however, ElringKlinger believes that it will be in aposition to expand its earnings before interest and taxes (EBIT), adjustedfor one-time charges, at a faster rate relative to revenue growth. AdjustedEBIT for the financial year 2013 as a whole is expected to be in the rangefrom EUR 150 to 155 million (EUR 136.0 million in 2012).08.05.2013 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 / 724-636Fax:          071 23 / 724-459E-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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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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