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Press Release

First virtual ElringKlinger AGM: Strong support for all items on the agenda

  • Around 60 % of voting share capital was represented at first virtual AGM
  • CEO Dr. Stefan Wolf: "We took important steps in 2019 - in a very challenging environment."
  • All proposed resolutions approved by significant majority
  • Helmut P. Merch new member of the Supervisory Board


Dettingen/Erms (Germany), July 7, 2020 +++ A total of 60.4 % of the company's voting share capital was represented at the first virtual Annual General Meeting (AGM) hosted by ElringKlinger AG. Against the backdrop of the coronavirus pandemic and as a consequence of associated regulations, ElringKlinger had decided against a physical meeting. Instead, the 115th AGM was to be convened as a virtual meeting.

2019 financial year
In his speech, which, as in previous years, could be followed on the Internet by all interested parties, CEO Dr. Stefan Wolf outlined key developments relating to the financial year just ended: "2019 was not an easy year, but we took important steps - and in a very challenging environment. As regards sales revenue, ElringKlinger managed to grow by 1.6% to EUR 1.727 billion despite a global market downturn of 5.6%. In the trendsetting areas of E-Mobility and Lightweighting/Elastomer Technology, we increased our revenues by more than 9% in each case. This clearly illustrates the demand for our products."

In terms of earnings performance in 2019, Dr. Wolf went on to explain that the Management Board's program to raise efficiency levels within the Group had been successful. The Group's EBIT margin had gradually improved over the course of the year. In addition, significant progress had been made in optimizing net working capital and operating free cash flow, so that financial liabilities had been scaled back by a significant margin.

Looking ahead to the current year, Dr. Wolf highlighted the inconsistent performance due to the coronavirus pandemic: while demand in Europe was still sluggish at present, production in China had returned to pre-crisis levels several weeks ago. Nevertheless, the market slump would also have an impact on ElringKlinger's revenues and earnings, particularly in the second quarter. However, the Group was in a sufficiently robust financial position to overcome the COVID-19 crisis.

The CEO also emphasized how well positioned ElringKlinger was in fundamental terms: "With its strong market position, its extensive product and process expertise, and its promising portfolio within the field of battery and fuel cell technology, ElringKlinger is one of those companies that is capable of seizing opportunities despite all - even significant - challenges.

In each case, the proposals for resolutions put to the vote were accepted by the shareholders with a large majority. The AGM approved the actions of the Management Board and Supervisory Board with 97% of the votes. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, was appointed as auditor. The Group had already announced in March that the dividend for the 2019 financial year would be suspended in view of the earnings situation and the COVID-19 crisis.

Elections to the Supervisory Board
The AGM also included the scheduled election of new Supervisory Board members appointed by the shareholders. In this context, Helmut P. Merch succeeds Prof. Hans Ulrich Sachs, who left the Supervisory Board. Mr. Merch has been a member of Rheinmetall AG's Management Board since 2013. All other shareholder representatives were re-elected by a clear majority.

The company's shareholders also approved the Supervisory Board's new remuneration system, which conforms to the recommendations of the German Corporate Governance Code. All other proposed resolutions on amendments to the Articles of Association and the renewed authorization to repurchase treasury shares were also approved by a clear majority.

A detailed overview of the individual voting results as well as the speech by the CEO for viewing and reading 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

Early extension of contract with COO Reiner Drews

The contract of Management Board member Reiner Drews has been extended earlier than scheduled by the Supervisory Board by five years until the end of March 2026. Reiner Drews has been part of the Management Board of ElringKlinger AG since April 1, 2018, and has overall responsibility for the area of production.

Dettingen/Erms (Germany), June 15, 2020 +++ At its meeting in May 2020, the Supervisory Board of ElringKlinger AG extended the contract of Management Board member Reiner Drews earlier than originally scheduled - by five years to March 31, 2026. His current mandate runs until March 31, 2021.

"We look forward to continuing our excellent and successful cooperation with Reiner Drews," commented Supervisory Board Chairman Klaus Eberhardt on the board's decision. "His entrepreneurial expertise and many years of experience in the field of production are of great benefit to ElringKlinger and help to strengthen trust and confidence in the Group among employees, suppliers, and customers."

Reiner Drews has been a member of the Management Board of ElringKlinger AG since April 1, 2018. In this role, he is responsible for manufacturing operations, the German plants, and the area of quality assurance. Prior to this, he worked for the Group for 12 years in a senior position as a business unit manager.

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Press Release

Q1 2020: ElringKlinger with strong growth in earnings despite lower revenue

  • Group revenue falls by 10.2% between January and March to EUR 396.2 million due to economic slowdown in Europe and effects of coronavirus in Asia
  • Global automobile production down by 23% in first quarter
  • Measures aimed at raising efficiency levels take effect: EBIT up from EUR 6.4 million to EUR 16.0 million
  • Net debt scaled back by almost EUR 200 million within twelve months
  • Guidance for 2020 amid persistently poor visibility


Dettingen/Erms (Germany), May 7, 2020 +++ ElringKlinger AG felt the effects of economic cooling and the initial fallout from the coronavirus pandemic in its revenues over the course of the first quarter of 2020, which fell by 10.2% to EUR 396 million. The organic change in revenue, i.e., adjusted for currency effects and M&A activities, amounted to -9.8%. This was far better than the performance of the global vehicle industry as a whole, which saw production output fall by 23% during the same period. On the back of strong growth recorded during fiscal 2019, the Group managed to expand its revenue by a further 4.1% in North America in the period from January to March 2020, whereas Europe saw revenue fall by EUR 30 million or 12.4% year on year as a result of a more lethargic economy. Revenue generated from sales in Asia-Pacific, where the economic effects of the coronavirus pandemic were already palpable during the first quarter, contracted by 21.7%.

Operating profit with strong start to year
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to EUR 45.8 million in the first quarter of 2020 (Q1 2019: EUR 34.8 million), which was up markedly on the prior-year figure. Earnings before interest and taxes (EBIT) also improved, expanding by EUR 9.6 million to EUR 16.0 million. Successful optimization measures at the North American site, which had been adversely affected by capacity bottlenecks in the previous year, had a strong bearing on earnings performance. In addition, the Group-wide program implemented by the Management Board for the purpose of raising efficiency levels had a positive impact on the cost of sales as well as selling and general and administrative expenses. This more than compensated for the negative effects on earnings that were attributable to restrictions to production in Asia during the first quarter as a result of the coronavirus pandemic. The Group's Aftermarket business benefited from an increase in volumes requested by customers as part of their production scheduling, which was due to the demand-side optimization of inventories in response to the imminent crisis. Thus, in particular, earnings relating to the Aftermarket segment rose by EUR 5.5 million in total year on year.

Net finance costs, which increased by EUR 8.8 million to EUR -9.8 million, were impacted primarily by the direction taken by the Mexican peso during the first quarter of 2020. By contrast, income tax expenses fell by EUR 2.0 million to EUR 4.5 million. Having deducted this item, net income for the period from January to March 2020 stood at EUR 1.6 million (Q1 2019: EUR -1.1 million). This corresponds to earnings per share of EUR 0.03, compared with EUR -0.02 in the previous year.


Continued focus on cash flow optimization
ElringKlinger maintained its disciplined approach to capital expenditure between January and March 2020, as a result of which the ratio of investments in property, plant, and equipment and investment property totaled 3.1% of Group revenue - well below the prior-year figure (6.5%). With the help of targeted optimization measures, net working capital was also scaled back substantially year on year by EUR 154.3 million. As a result, operating free cash flow improved from EUR -19.3 million in the first quarter of 2019 to EUR -2.2 million in the quarter under review. The direction taken by cash flow in recent quarters had a positive impact on the Group's financial situation. Net debt, for instance, was reined back by almost EUR 200 million in just twelve months, taking the figure to EUR 603.1 million as of March 31, 2020.

Order intake and order backlog down markedly
The interruptions to production, first in Asia and later in Europe as well as North and South America and South Africa, were reflected in the order situation in the first quarter, as was the slowdown in the economy as a whole. Order intake fell by 28.8% compared to the same quarter a year ago, while order backlog dipped by 8.2%.

Guidance for 2020
Having adjusted output at its plants in line with demand at the end of March, the ElringKlinger Group began to ramp up production again step by step in Germany and at its other European sites towards the end of April. North America and Brazil will follow with a time lag. With the exception of India, the Asian plants continued to stabilize and put in a positive performance.

"The true scale of the economic impact caused by the coronavirus pandemic is impossible to predict in concrete terms. It will be seen primarily in the second and probably also in the third quarter of 2020. What is crucial is how quickly economic activity in the key industrial nations will resume and how sustainable demand will be in the coming quarters," says Dr. Stefan Wolf, CEO of ElringKlinger AG. "We responded swiftly to the downturn in demand by embracing greater cost discipline, and yet we still have to assume that the anticipated shortfalls in revenue will also have an impact on earnings."

Operating against this backdrop and emphasizing the many uncertainties that exist, the Group anticipates a change in organic revenue that will be slightly more favorable compared to that relating to global automobile production (currently expected to be -22%). Despite the measures implemented to streamline costs, it can be assumed from the current perspective that it will not be possible to fully offset the expected revenue shortfalls. Therefore, the Group anticipates that its EBIT margin will be visibly lower compared to the previous year. As a result, the net debt/EBITDA ratio is likely to be above the prior-year figure at the end of 2020. ElringKlinger remains committed to its disciplined approach to capital expenditure and will continue to optimize net working capital, on the basis of which the Group expects to achieve positive operating free cash flow in 2020 as a whole.

Key financials for Q1 2020

EUR millionQ1 2020Q1 2019∆ abs.∆ rel.
Order intake354.9498.3-143.4-28.8%
Order backlog989.01,077.3-88.3-8.2%
of which FX effects  -0.5-0.1%
of which M&A  -1.1-0.3%
of which organic  -43.3-9.8%
Net finance cost-9.8-1.0-8.8-<100%
Taxes on income-4.5-6.5+2.0+30.8%
Net income (after non-controlling interests)2.0-1.5+3.5+>100%
Earnings per share (in EUR)0.03-0.02+0.05+>100%
Investments (in property, plant, and equipment
and investment property)
Operating free cash flow-2.2-19.3+17.1+88.6%
Net working capital452.8607.1-154.3-25.4%
Equity ratio (in %)41.740.9+0.8PP-
Net financial liabilities603.1*795.5-192.4-24.2%
Employees (as of March 31)10,37310,485-112-1.1%

* Less current time deposits and securities totaling EUR 10.2 million

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Press Release

ElringKlinger hosts annual general meeting virtually

Due to the ongoing coronavirus pandemic, ElringKlinger AG has decided to host the upcoming Annual General Meeting on July 7, 2020 virtually, as protecting the health of shareholders, employees and service providers is a top priority for the Group. This is also in line with the contact restrictions and the resulting ban on major events, which is to apply until at least 31 August 2020.

Dettingen/Erms (Germany), April 23, 2020 +++ In the wake of the coronavirus pandemic, ElringKlinger AG decided early in March to postpone the Annual General Meeting, originally scheduled for May 19, 2020, to the later date of July 7, 2020. In mid-April, the Federal Government agreed with the state governments to extend the ban on major events until at least August 31, 2020. In addition, with the law on COVID-19 measures, the legislator made it possible for annual general meetings to be held virtually at short notice.

In order to protect the health of shareholders, employees and involved service providers, and in accordance with the state regulation, ElringKlinger AG will therefore refrain from the physical presence of shareholders and their proxies and hold the Annual General Meeting on July 7, 2020 as a purely virtual event. After registering in due time, shareholders can participate in the Annual General Meeting via the Internet and exercise their voting rights by proxy designated by the company or by postal vote. Questions regarding the agenda can be submitted in advance.

Further details will be included in the invitation to the Annual General Meeting, which will be published in the electronic Federal Gazette no later than May 29, 2020.

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Press Release

ElringKlinger records revenue shortfalls and improved earnings in first quarter of 2020

Dettingen/Erms (Germany), April 17, 2020 +++ Based on the preliminary results, Group revenue generated by ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) was lower in the first quarter of 2020. At EUR 396 million, revenues were noticeably down on the figure of EUR 441 million posted for the first quarter of 2019. The decline by EUR 45 million or 10 % is attributable primarily to the economic downturn in Europe and the impact of the coronavirus pandemic in Asia, where the Chinese plants, in particular, were affected by the extended New Year vacation and state-ordered closures.

Earnings before interest and taxes (EBIT) for the ElringKlinger Group appear to have remained unaffected by the impact of the global coronavirus pandemic in the first quarter of 2020. At EUR 16 million, the figure is well above the prior-year total of EUR 6.4 million. Based on an initial analysis, the reason for this is that the measures implemented by the Management Board to raise efficiency levels at the North American and European plants are taking effect. This more than compensated for the negative earnings effects of the coronavirus pandemic in Asia. It should also be noted that the result for the first quarter of 2019 had been affected by charges attributable to US countervailing and anti-dumping duties.

Although the performance of the first quarter of 2020 illustrates that the Group as a whole is on the right track, it must be assumed that Group revenues and earnings will be significantly impacted in the second quarter of 2020 due to the current interruptions to production in Europe and North America. Substantial charges are expected.

The detailed results and the report on the first quarter will be published as planned on May 7, 2020.


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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