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Press Release

Annual General Meeting of ElringKlinger AG approves all agenda items by clear majority

  • 63.5 % of voting share capital represented at meeting
  • Proposed resolutions approved by large majority in each case
  • Total dividend payout of EUR 9.5 million confirmed, equivalent to a dividend of EUR 0.15 per share
  • CEO Dr. Stefan Wolf looks back on financial year that was successful overall amid difficult conditions


Dettingen/Erms (Germany), May 19, 2022 +++ At today's 117th Annual General Meeting the shareholders of ElringKlinger AG approved all items on the agenda by a large majority. The event was again held in a virtual format. In consultation with the Supervisory Board, the Management Board had decided in favor of this approach at the beginning of February, given the heightened levels of uncertainty as to whether and how an in-person event could be held against the backdrop of the pandemic. 63.5 % of the voting share capital was represented at the Annual General Meeting.

In addition to the presentation of ElringKlinger's approved annual financial statements, the agenda also included a replacement election to the Supervisory Board. The proposal submitted by the Supervisory Board for the election of Ingeborg Guggolz as a shareholder representative onto the Supervisory Board of ElringKlinger AG was approved by a clear majority. The previous Supervisory Board member Rita Forst had resigned from her post effective from May 19, 2022.

In view of the distributable profit generated by ElringKlinger, the company was in a position to pay a dividend again in respect of the financial year just ended. The Management Board and the Supervisory Board had jointly decided to take a balanced approach with regard to the company's dividend policy. While shareholders are to benefit from the company's profitability, there is also a commitment to further strengthening ElringKlinger AG's position in support of the far-reaching process of transformation within the industry. The proposed dividend of EUR 0.15 per share was approved by a large majority of 99.9%.

The other proposals for resolutions put to the vote were also adopted by a large majority of the shareholders. In addition, the Annual General Meeting approved the actions of the Management Board and the Supervisory Board with 99.2 or rather 96.5 % of the votes and approved the compensation report. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, was appointed as auditor. Furthermore, the creation of new Authorized Capital, including the authorization to exclude subscription rights and an amendment to the Articles of Association, was approved with 92.8 % of the votes.

2021 financial year
In his speech, CEO Dr. Stefan Wolf looked back on a financial year that was considered successful overall: "Fiscal 2021 was dominated by shortages of raw materials, disrupted supply chains, availability constraints with regard to semiconductors, and the repercussions of the coronavirus pandemic. Taking these underlying conditions into account, our performance was more than satisfactory in 2021. Despite the external adversities outlined above, we were able to increase revenue by 9.7% to EUR 1,624 million. Organically, growth was actually in excess of 10%. Compared to the direction taken by global car production, which saw a change of 3.5%, our revenue growth can be considered very solid. In a nutshell: ElringKlinger's products are in demand around the globe."

Complex situation in the short term – strong position in the long term
Looking to the future of the Group, the CEO highlighted a number of major milestones achieved in 2021, particularly in the area of new drive technologies. On March 1, 2021, for instance, EKPO Fuel Cell Technologies GmbH (EKPO) commenced operations at the Group's headquarters in Dettingen/Erms, the aim being to unlock the market's significant potential for fuel cell components and stacks. In addition, Battery Technology moved into its new premises at the center of excellence in Neuffen. Dr. Wolf also noted that several high-volume orders in the rapidly expanding E-Mobility business unit had cemented the company's position as a series supplier and system provider.

With regard to the current financial year, Dr. Wolf pointed to the significant uncertainties still remaining: "Given the fact that the present situation is challenging, difficult to gauge, and at the same time complex, we will have to take a safe and targeted approach when it comes to navigating through this environment in the short term. The armed conflict between Russia and Ukraine continues. As evidenced by developments in China, the pandemic is far from over. Supply chain bottlenecks have led to spiraling prices. Commodity prices continue to rise, as do transport and energy costs." At the same time, ElringKlinger's CEO took a confident stance with regard to the company's medium and long-term future: "Despite all the risks, we remain on course when it comes to pursuing the considerable opportunities that lie ahead. The process of transformation in the automotive sector is entering the next phase, and ElringKlinger is very well positioned in this respect."

A detailed summary of the individual voting results and a transcript of the speech given by the CEO can be found on the homepage of ElringKlinger AG ( – in the Investor Relations section under the heading "Annual General Meeting."

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Press Release

ElringKlinger records revenue growth in first quarter of 2022

  • Group revenue up by 2.5% to EUR 434.6 million in first quarter despite difficult economic environment (Q1 2021: EUR 424.1 million)
  • EBIT of EUR 14.1 million down year on year mainly due to higher material-related prices (Q1 2021: EUR 48.4 million)
  • Net debt of EUR 387.4 million below prior-year level (Q1 2021: EUR 400.2 million)
  • Order backlog at record level of EUR 1,530 million
  • Contract of CEO Dr. Stefan Wolf extended ahead of schedule until January 31, 2027


Dettingen/Erms (Germany), May 5, 2022 +++ ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) has confirmed its preliminary results with the publication of its definitive figures for the first quarter of 2022. Asked to comment on the Group's quarterly results, Dr. Stefan Wolf, CEO of ElringKlinger AG, said, "The wider automotive industry is currently exposed to particularly challenging conditions. In spite of this, we can be satisfied with our performance in the first quarter. The year-on-year increase in revenue and our brimming order books clearly illustrate that we are entirely on track when it comes to our strategic market positioning."

Revenue growth amid challenging fundamentals
Despite the adversities afflicting the industry as a whole, such as semiconductor bottlenecks and supply chain volatility, and against the backdrop of the armed conflict between Russia and Ukraine, with all its repercussions, the Group saw revenue expand by EUR 10.5 million or 2.5% to EUR 434.6 million in the first quarter of 2022. In the same period of the previous year, the Group had generated revenue of EUR 424.1 million.

Revenue was boosted slightly by exchange rate movements. Excluding the effects of currencies, revenue decreased slightly by EUR 0.4 million or 0.1% and thus remained largely unchanged year on year. Thus, ElringKlinger once again outperformed global automobile production, which contracted by 4.5% in the first three months, according to IHS data.

In the first three months, revenue from sales generated abroad increased in all regions. The Rest of Europe, which is the region generating the highest revenue within the Group, recorded growth of 2.6%, which was roughly in line with the Group average (2.5%). Revenues in this region increased by EUR 3.3 million to EUR 134.5 million (Q1 2021: EUR 131.2 million). Adjusted for currency effects, growth would have been higher. In the Asia-Pacific region, meanwhile, the effects of the most recent wave of the coronavirus pandemic in parts of China were not yet apparent in the first quarter of 2022: with revenue totaling EUR 85.9 million (Q1 2021: EUR 81.8 million), this region was 5.0% or EUR 4.1 million up on the prior-year figure. In the region comprising North America, revenue grew by 3.5% or EUR 3.5 million to EUR 103.7 million in the first quarter of 2022. In the previous year, it had amounted to EUR 100.2 million in the period from January to March. Here, as in the Asia-Pacific region and region comprising South America and the Rest of the World, exchange rate effects had a beneficial effect.

Brimming order book
Orders remained buoyant at ElringKlinger as it entered fiscal 2022: in the first quarter of the current financial year, the Group's order intake of EUR 578.3 million exceeded the previous year's figure (Q1 2021: EUR 576.6 million) by a further EUR 1.7 million or 0.3%. This also translated into an expansion in the Group's order backlog. After EUR 1,185.6 million as of March 31, 2021, and EUR 1,386.2 million at the end of 2021, order backlog as of March 31, 2022, totaled EUR 1,529.9 million. This represents an increase of 29.0% and 10.4% respectively.

EBIT influenced by exceptional factors
Against the backdrop of consistent cost discipline, the direction taken by material-related prices in particular as well as higher staff costs had an adverse effect on Group earnings in the first three months of 2022. In this context, earnings before interest and taxes (EBIT) fell to EUR 14.1 million. Thus, the Group was able to improve EBIT compared to the preceding quarter (Q4 2021: EUR 3.6 million).

The first quarter of 2021, in which the Group had posted EBIT of EUR 48.4 million, had included the gain on disposal of the Austrian subsidiary of EUR 10.9 million as well as positive non-recurring effects from the pandemic amounting to EUR 3.1 million. The quarter just ended also included exceptional items: provisions for contingent losses in the Original Equipment segment as well as one-off effects within the area of personnel, such as the staff bonus, amounted to EUR 8.7 million, as a result of which adjusted EBIT stood at EUR 22.8 million for the first three months of 2022. This corresponds to an EBIT margin of 3.3% (Q1 2021: 11.4%). Excluding exceptional items, the adjusted EBIT margin was 5.2% in the reporting quarter and 8.1% in the first quarter of 2021.

Net working capital ratio below previous year – Cash flow influenced by difficult business environment
In order to ensure the fulfillment of orders against the backdrop of volatile conditions currently seen within the procurement markets, inventories were expanded in alignment with the situation. Irrespective of this, inventory levels also expanded in view of the Group's solid order books – up by EUR 34.5 million to a carrying amount of EUR 388.8 million. Taking into account trade receivables and trade payables, net working capital amounted to EUR 449.2 million (Mar. 31, 2021: EUR 430.4 million). Expressed as a percentage of revenue, it stood at 27.5% (Q1 2021: 28.5%). In view of the aforementioned factors, underpinned by the continued commitment to a disciplined approach to investing activities, operating free cash flow amounted to EUR -19.8 million (Q1 2022: EUR +28.6 million).

Net debt down year on year
Net debt was scaled back further compared to the end of the first quarter of 2021, down by EUR 12.8 million to EUR 400.2 million as of March 31, 2021. The net debt/EBITDA ratio was 2.1 as of March 31, 2022, compared to 1.9 a year earlier.

Further contract extension for CEO Dr. Stefan Wolf
The contract of CEO Dr. Stefan Wolf, which had been scheduled to expire on January 31, 2023, was extended ahead of schedule by an additional four years until January 31, 2027. Dr. Wolf has been CEO of ElringKlinger AG since 2006. In taking this decision, the Supervisory Board has ensured continuity at the helm of the Group. Furthermore, Theo Becker's appointment as a member of the Management Board was revoked effective from March 31, 2022, after many years of service. Theo Becker had worked at ElringKlinger for a total of 28 years. He joined the company in 1994 and was appointed to the Management Board in 2006.

Significant uncertainties persist in difficult environment
The first quarter of 2022 saw a deterioration in economic conditions, fueled by persistent volatility within the markets for raw materials and primary products, continued shortages of semiconductors, and, in particular, the effects and uncertainties surrounding the armed conflict between Russia and Ukraine. This, too, has led to a hike in material, energy, and logistics costs. Vehicle production continues to be affected by supply chain bottlenecks. Despite the fact that the covid-19 pandemic is subsiding in Europe as well as in North and South America, it has not yet been overcome. China, which is pursuing a strict zero-covid policy, recorded new cases of infection in March, prompting complete lockdowns in regions that are of economic importance. Given the multitude of influencing factors, further effects in respect of revenue and earnings cannot be completely ruled out for the ElringKlinger Group over the course of the year. Overall, the degree of uncertainty is exceedingly high. Therefore, at this point in time, the Group is not in a position to provide a well-founded, reliable forecast for the 2022 financial year. The Management Board of ElringKlinger AG will closely monitor further developments and provide an outlook as soon as the general political and economic situation allows.

Key financials for Q1 2022

in EUR mQ1 2022Q1 2021∆ abs.∆ rel.
Order intake578.3576.6+1.70.3%
Order backlog1,529.91,185.6+344.329.0%
of which currency  +10.9+2.6%
of which M&A  +0.0+0.0%
of which organic  -0.4-0.1%
EBIT margin (in %)3.311.4-8.1-71.1%
Net finance cost-3.21.0-4.2-420.0%
Profit before taxes10.949.4-38.5-77.9%
Taxes on income-7.0-10.9+3.9-35.8%
Net income (after non-controlling interests)3.837.9-34.1-90.0%
Earnings per share (in EUR)0.060.60-0.54-90.0%
Investments (in property, plant, and equipment and investment property)112.811.6+1.210.3%
Operating free cash flow-19.828.6-48.4-169.2%
Net working capital449.2430.4+18.84.4%
Equity ratio (in %)46.345.0+1.32.9%
Net financial debt387.4400.2-12.8-3.2%
Net financial debt/EBITDA2.11.9+0.210.5%
Employees (as of March 31)9,4009,597-197-2.1%


This release contains forward-looking statements. These statements are based on expectations, market evaluations and forecasts by the Management Board and on information currently available to them. In particular, the forward-looking statements shall not be interpreted as a guarantee that the future events and results to which they refer will actually materialize. Whilst the Management Board is confident that the statements as well as the opinions and expectations on which they are based are realistic, the aforementioned statements rely on assumptions that may conceivably prove to be incorrect. Future results and circumstances depend on a multitude of factors, risks and imponderables that can alter the expectations and judgments that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy.

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Press Release

ElringKlinger signs Baden-Württemberg Climate Protection Agreement and charts route for CO2-neutral production as from 2030

ElringKlinger AG has recently signed the Climate Protection Agreement of the German state of Baden-Württemberg. As part of this climate alliance, the state and local companies will endeavor to jointly make a contribution to a more sustainable economy. The Climate Protection Agreement sets out specific measures on how corporate climate protection targets are to be achieved. In signing this voluntary agreement, ElringKlinger has committed itself to reducing greenhouse gas emissions and further improving efficiency levels in respect of energy consumption. The explicit goal is to achieve CO2 neutrality in net terms as from 2030.

Dettingen/Erms (Germany), April 27, 2022 +++ Acting sustainably is an integral element of ElringKlinger's DNA, and CO2 neutrality is one of the key parameters for meeting its social and environmental responsibilities. ElringKlinger has set itself a tight schedule to achieve CO2 neutrality in net terms within the Group by 2030. Production at all German sites has been CO2 neutral in net terms since 2021 (Scope 1 and 2). The plan is for all sites around the globe to be added to this list by 2030. In addition, the company is committed to scaling back emissions generated throughout the entire value chain (Scope 3).

Dr. Stefan Wolf, CEO of ElringKlinger AG, highlights the ambitious plans: "Our strategic orientation has always included a strong commitment to sustainable mobility and our entire product portfolio has been aligned to this vision. We are now determined to reach another milestone and pursue a steady reduction in our environmental footprint. Indeed, we consider it part of our corporate responsibility to drive forward decarbonization in industry in an effort to combat climate change. It is with this in mind that we have joined the Baden-Württemberg Climate Protection Alliance. This initiative is a key building block for sustainable business."

For ElringKlinger, sustainability means taking seriously its corporate responsibility for future generations. Alongside environmentally sound management and an out-and-out commitment to social interaction, this involves proactively embracing climate and environmental protection. To achieve the targets, CO2 emissions at the production sites will have to be reduced by at least 2.5 percent annually. ElringKlinger has therefore defined a number of measures that are being implemented throughout the Group worldwide. The first step involves raising energy efficiency levels of existing machinery and buildings. At the same time, ElringKlinger will examine the possibility of installing systems for the self-generation of renewable energy. In addition, electricity contracts across the Group are to be switched to electrical energy generated from renewable sources, such as water, sun, or wind. Unavoidable CO2 emissions will be offset by investments in climate protection projects. ElringKlinger has already implemented the first component of this action plan by converting its German production sites to green electricity as early as 2021. Thus, production is already CO2 neutral in net terms in respect of Scope 1 and Scope 2.

Furthermore, the agreement also covers the Group's target of channeling around one percent of annual investments into measures aimed at improving energy efficiency. This includes, among other things, the further expansion of photovoltaic systems, as already implemented at numerous sites, the purchase of energy-efficient lighting technology, the use of heat recovery systems in new buildings, and the investment in software for smart energy management. ElringKlinger's commitment to sustainable energy generation spans many years, and the company will continue to expand within this area. The Group covers part of its electricity requirements by operating its own combined heat and power units. For example, waste heat is used in the area of process cooling and air conditioning. At ElringKlinger's UK site in Redcar, a wind turbine supplies green electricity for on-site production.

The Climate Protection Agreement covers an initial period of ten years and can be extended by both alliance partners. In addition to an initial assessment and the annual recording of greenhouse gas emissions, ElringKlinger will submit a monitoring report after every five years. The monitoring report incorporated into the sustainability report will be publicly accessible on the website of the State of Baden-Württemberg.

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Press Release

Q1 2022: Earnings down markedly year on year

Dettingen/Erms (Germany), April 14, 2022 +++ Based on preliminary figures, ElringKlinger AG (ISIN DE0007856023 / WKN 785602) generated consolidated revenue of EUR 434.6 million (Q1 2021: EUR 424.1 million) and consolidated earnings before interest and taxes (EBIT) of EUR 14.1 million (Q1 2021: EUR 48.4 million) in the first quarter of 2022. This corresponds to an EBIT margin of 3.3% (Q1 2021: 11.4%). In order to counteract the effects of bottlenecks seen within global supply chains, inventory management was temporarily adjusted. As a result, operating free cash flow stood at EUR -19.8 million (Q1 2021: EUR 28.6 million).

Revenue slightly exceeded the previous year's level despite the effects of the Russia-Ukraine conflict, the volatile situation throughout the commodity markets, and persistent supply-side scarcity within the semiconductor industry. Adjusted for currency effects, revenue remained largely unchanged year on year.

Earnings, which had included the proceeds from the sale of the Austrian subsidiary in the amount of EUR 10.9 million in the buoyant first quarter of 2021, reflected above all the significant hike in the price of commodities, a trend that was exacerbated by the conflict in Ukraine.

In combination with higher energy and transport costs, these factors will, from today's perspective, also have a bearing on the Group's earnings performance in the financial year as a whole, although the extent of their impact remains uncertain and will also depend on the further course of the Russia-Ukraine conflict. In addition, the recent coronavirus lockdowns in China may have an impact on revenue and earnings.

The Group will publish its full quarterly results on May 5, 2022.

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Press Release

ElringKlinger concludes 2021 financial year with strong growth in revenue and earnings

  • Group revenue up 9.7% at EUR 1,624 million
  • EBIT expands significantly to EUR 102 million; EBIT margin at 6.3% (2020: EUR 27.7 million resp. 1.9%)
  • Dividend proposal of EUR 0.15 per share
  • 2021 sees further milestones in the field of e-mobility
  • Current financial year marked by fallout from Russia-Ukraine conflict and considerable uncertainty


Dettingen/Erms (Germany), March 29, 2022 +++ ElringKlinger AG's preliminary figures published on February 25, 2022, have been confirmed by its final audited results for the 2021 financial year. In the financial year just ended, the Group managed to propel revenue by 9.7% to EUR 1,624.4 million (2020: EUR 1,480.4 million). Compared to the direction taken by both global (+3.4% based on IHS data) and European light vehicle production (-5.5%), the company's growth in revenue proved much more buoyant. Furthermore, the Group saw earnings before interest and taxes (EBIT) rise to EUR 102.0 million (2020: EUR 27.7 million), which corresponds to a margin of 6.3% (2020: 1.9%).

Asked to comment, Dr. Stefan Wolf, CEO of ElringKlinger AG, said, "Against the backdrop of a year marked by pandemic-induced restrictions, supply chain difficulties, and raw material shortages, ElringKlinger's 2021 financial results are more than satisfactory. The past year has shown that ElringKlinger holds a formidable position when it comes to pursuing the mega trend of electromobility and that the Group is very well placed for the next phase of the transformation process, both financially and in terms of products. This will allow us to continue to take advantage of the tremendous opportunities presented by the current transition and to maintain profitable growth in the medium term."

Significant revenue growth in the largest sales regions
ElringKlinger's largest sales region in terms of revenue, the Rest of Europe, posted strong revenue growth of EUR 65.4 million or 15.4%, taking the total to EUR 488.8 million in the 2021 financial year (2020: EUR 423.4 million). Revenue from sales in North America expanded by 7.1% or EUR 26.0 million to EUR 393.7 million in 2021 (2020: EUR 367.7 million). In the Asia-Pacific region, meanwhile, ElringKlinger generated revenue of EUR 325.4 million in the 2021 financial year (2020: EUR 274.8 million), which corresponds to growth of EUR 50.6 million or 18.4%. The Group recorded a slight dip in revenue by EUR 8.9 million or 2.5% to EUR 346.7 million (2020: EUR 355.6 million) in Germany due to production-related constraints at some car manufacturing plants.

Difficult underlying conditions
The value chain within the automotive sector was faced with a hike in prices during 2021 - with a significant upward trajectory in some cases. This was attributable not only to spiraling commodity prices but also to disruptions to supply chains in the wake of the pandemic as well as exceptional circumstances such as the torrential rain in July or the Suez Canal disaster in March. In addition, as a result of the reviving economy, staff cost, selling, and administrative expenses also trended higher again compared to 2020.

Despite these underlying conditions, the Group succeeded in further strengthening profitability with the help of its efficiency stimulus program; it posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of EUR 216.1 million (2020: EUR 181.5 million). Taking depreciation and amortization into account, the Group recorded earnings before interest and taxes (EBIT) of EUR 102.0 million (2020: EUR 27.7 million). Overall, the share of net income attributable to the shareholders of ElringKlinger AG thus amounted to EUR 55.7 million in 2021 (2020: EUR -40.8 million). As a result, earnings per share were also well above the prior-year level at EUR 0.88 (2020: EUR -0.64).

ElringKlinger has also established an extremely robust foundation with regard to its balance sheet: with earnings up, net debt was scaled back by a further EUR 90 million in 2021; the net debt ratio improved to 1.7 (Dec. 31, 2020: 2.5), while the equity ratio increased to 47.0% (Dec. 31, 2020: 41.4%).

Balanced dividend policy
Against the background of the distributable profit achieved on the one hand and the far-reaching transformation of the automotive industry on the other, the Management Board and the Supervisory Board have jointly decided in favor of a balanced approach when it comes to the company's dividend policy. They will therefore propose a dividend of EUR 0.15 to the Annual General Meeting. While shareholders are to benefit from the Group's profitability, there is also a commitment to strengthening the company in support of the next stages of transformation.

Virtual Annual General Meeting
In view of persistently high levels of infection and to ensure that all those involved remain protected, the Management Board, together with the Supervisory Board, has decided already in February to host this year's Annual General Meeting in a virtual format once again - on May 19, 2022. Even if it is to be expected that the infection situation could ease in May, there are still high uncertainties as to whether and how a face-to-face event can be held.

Milestones in new drive technologies
ElringKlinger recorded a number of milestones in the financial year just ended, particularly in its strategic fields of the future. On March 1, 2021, EKPO Fuel Cell Technologies GmbH (EKPO) commenced operations at the Group's headquarters in Dettingen/Erms, Germany, and is now set to tap into the tremendous opportunities presented by the market for fuel cell components and stacks. In addition, Battery Technology moved into its new center of excellence at the Neuffen site, where its activities are to be pooled to a greater extent.

The technological edge of ElringKlinger's products is underscored by several high-volume contracts that are of particular significance to the rapidly expanding E-Mobility business unit. In 2021, for example, ElringKlinger AG announced an order placed by a global battery manufacturer for cell contact systems with a total volume in the mid-triple-digit million euro range, while EKPO reported a high-volume series production order in the high double-digit million euro range for the supply of fuel cell stacks to a German mobility company. In addition, the Group will receive funding of a total of EUR 33.8 million until 2026 to develop a new cell cover design as part of the European "IPCEI Battery 2" project. Thus, ElringKlinger has become one of eleven German companies tasked to establish a European battery value chain as part of this initiative. Moreover, the German government has pre-selected ElringKlinger for the "IPCEI Hydrogen" program, which has yet to be confirmed by the European Commission.

Outlook 2022
Based on its 2021 financial results, the Group is entering the new fiscal year from a strengthened position, while also being exposed to persistently challenging conditions. The high degree of uncertainty, attributable primarily to the repercussions still being felt as a result of the pandemic as well as to ongoing semiconductor shortages and the difficult situation within the commodity markets, has been further exacerbated by the Russia-Ukraine conflict. In this context, the intensity of this conflict and the unpredictability with regard to its future course and possible global consequences are to be seen as key influencing factors. If the Russian-Ukrainian conflict continues to have a lasting impact on value chains within the automotive sector and if the dispute were to result in a significant loss in revenue contributions, it would be impossible to rule out further additional effects on earnings. With this in mind, the Group is suspending its forecast for the current 2022 financial year. ElringKlinger will issue a forecast for the 2022 financial year as soon as it is possible to make a sound, reliable assessment of the impact on the Group's key financials.

Overall, the Group has defined a short-term strategy of action in response to the challenging conditions seen at present. It will be focused primarily on managing the impact of the Russia-Ukraine conflict, the tense situation within the commodity markets, and the inflationary risks emanating from higher energy, transport, and wage costs. In the medium and long term, the industry as a whole will be shaped by the process of transformation seen within the field of mobility. Benefiting from its early focus and a product portfolio that has already undergone transformation, the Group is very well positioned.

Key financials for FY 2021 and Q4 2021

EUR millionFY 2021FY 2020∆ abs.∆ rel.Q4 2021Q4 2020∆ abs.∆ rel.
Order intake1,977.51,483.1+494.4+33.3%485.1512.0-26.9-5.3%
Order backlog1,386.21,033.1+353.1+34.2%1,386.21,033.1+353.1+34.2%
of which FX effects  -6.2-0.4%  +6.4+1.4%
of which M&A  +0.0+0.0%  +0.0+0.0%
of which organic  +150.2+10.1%  -51.1-11.3%
EBIT margin (in %)6.31.9+4.4PP-0.95.6-4.7PP-
Net finance cost-1.3-41.3+40.0>100%5.4-15.4+20.8>100%
Income taxes46.226.4+19.8+75.0%8.918.7-9.8-52.4%
Effektive tax rate (in %)45.8<-100.0--98.6>100.0--
Net income
(after minorities)
Earnings per share (in EUR)0.88-0.64+1.52>100%0.01-0.17+0.18>100%
Investments in PPE (payments)70.057.3+12.7+22.2%32.319.4+12.9+66.5%
Operating free cash flow72.0164.7-92.7-56.3%-1.762.4-64.1<-100%
Dividend per share (in EUR)0.15*0.00+0.15>100%    
ROCE (in %)6.41.7+4.7PP-    
Net Working Capital402.2402.8-0.6-0.1%    
Equity ratio (in %)47.041.4+5.6PP-    
Net financial debt369.2458.8-89.6-19.5%    
Employees (as at Dec. 31)9,4669,724-258.0-2,7%    


*Proposal to the annual general meeting 2022

The annual report for 2021 is available online at:

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