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Press Release

ElringKlinger: 'Shielding Technology' business unit to be renamed 'Metal Forming & Assembly Technology'

  • New name reflects evolution of the business unit into a supplier of stamped and formed metal components and assemblies in the field of e-mobility
  • Extensive product range for new types of drive system
  • Demand in 2022 already centered predominantly on products for all-electric vehicles


Dettingen/Erms (Germany), January 3, 2023 +++ ElringKlinger AG has renamed its "Shielding Technology" business unit "Metal Forming & Assembly Technology." The new name reflects the broad positioning of the business unit, whose portfolio encompasses not only shielding products for combustion engines but increasingly also stamped and formed metal components as well as assemblies targeted at the e-mobility sector. In 2022, demand was already centered mainly on products beyond the market associated with combustion engines.

Asked to comment, Reiner Drews, COO of ElringKlinger AG, said, "The new name is a reflection of the route that ElringKlinger is consistently pursuing. We are helping to shape the process of transformation in the field of mobility and are evolving from a supplier of components used in vehicles with combustion engines into a global provider of e-mobility solutions. In this context, we can draw specifically on our core competencies, such as those relating to forming processes and toolmaking, for the purpose of developing, producing, and marketing components destined for the new generation of drive systems."

The Metal Forming & Assembly Technology business unit will develop and produce stamped and formed metal components and modules as well as assemblies of structural relevance. This will be complemented by established product groups for shielding applications, such as ElroShieldTM or ElroCousticTM. The product portfolio will continue to be consistently targeted at new types of drive systems and will include covers and housings for batteries and drive trains – from stamped parts to assemblies such as battery boxes, battery covers, module covers, module housings, adapter venting, and inverter covers. In addition, the portfolio includes shielding parts such as high-voltage connector caps, brake cover plates, and acoustic and thermal shielding parts.

ElringKlinger has many years of experience in the field of "Metal Forming & Assembly Technology" and has established itself as a full-range supplier at a global level. Drawing on its simulation, tooling, and process expertise developed over decades, the Group is in a position to offer tailor-made solutions for vehicles of all drive types – be it for the classic combustion engine or for hybrid or all-electric vehicles.

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Press Release

ElringKlinger sees revenue surge to record level in third quarter of 2022

  • Group revenue up by 15.9% in third quarter to EUR 464.1 million (Q3 2021: EUR 400.6 million) amidst economic and geopolitical volatility
  • EBIT at EUR 18.1 million in third quarter, EBIT margin at 3.9% (Q3 2021: EUR 27.0 million and 6.7%) – positive trend in each case compared to previous quarter
  • Order backlog up significantly on prior-year figure, expanding by EUR 157.8 million or 12.1% to EUR 1,465 million (Q3 2021: EUR 1,307 million)
  • Group confirms 2022 guidance


Dettingen/Erms (Germany), November 3, 2022 +++ ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) has published its results for the third quarter of 2022. In the period from July to September, the Group generated revenue of EUR 464.1 million. This is the highest quarterly revenue ever posted by ElringKlinger. Compared to the same period of the previous year (Q3 2021: EUR 400.6 million), the Group thus recorded growth of 15.9% or EUR 63.5 million. Aggregated with the previous quarters, which also saw a strong sales performance, revenue for the year to date totaled EUR 1,329.3 million (9M 2021: EUR 1,218.2 million), an increase of EUR 111.0 million or 9.1%.

This positive performance was underpinned to some extent by exchange rate movements over the past twelve months. Changes relating to the Chinese yuan, the US dollar, the Mexican peso, and the Brazilian real in particular provided a boost to sales revenue, while the Turkish lira had an opposite effect. Adjusted for exchange rate effects, revenue expanded by EUR 67.4 million or 5.5% year on year in the first nine months of 2022 and by EUR 45.9 million or 11.5% in the third quarter of 2022.

Dr. Stefan Wolf, CEO of ElringKlinger AG, commented as follows on the Group's performance in the quarter just ended: "The quarterly results are very satisfactory. We are still in a period dominated by high levels of uncertainty and risk due to more pronounced geopolitical conflicts and economic challenges. Despite these complexities, ElringKlinger is on track to meet its targets for the year. In this context, we are benefiting from the fact that we were quick off the mark in aligning our product portfolio with the transition toward electromobility as well as from our ability to draw on a strong market position in our long-standing fields of business."

Strong revenue growth in Asia-Pacific and North and South America
In the third quarter of 2022, sales revenue expanded across the board in regional terms, with Asia-Pacific, North America, and South America/Rest of the World recording the most buoyant growth. At 81.3%, the share of foreign sales in total Group revenue was slightly higher than in the same quarter of the previous year (Q3 2021: 79.0%). In the first nine months of 2022, 80.0% of revenue was generated abroad (9M 2021: 78.2%).

Order backlog up 12% on previous year
After the exceptionally strong previous quarters and a record order backlog, order intake decelerated slightly in the third quarter of 2022. Against the backdrop of buoyant revenue, the volume ordered as part of customer production scheduling in the period from July to September 2022 was well below the previous year's level of EUR 376.7 million (Q3 2021: EUR 486.3 million). In the first nine months of 2022, new orders totaled EUR 1,408.2 million, compared to EUR 1,492.4 million in the previous year.

Compared to the same period last year (Q3 2021: EUR 1,307.3 million), the Group's order backlog increased noticeably by EUR 157.8 million or 12.1% to EUR 1,465.1 million in the third quarter of 2022. Overall, the Group's order book benefited from the direction taken by exchange rates. Assuming stable exchange rates, however, growth compared to September 30, 2021, would still have been significant at EUR 100.9 million or 7.7%.

Earnings influenced by substantial raw material, energy, and logistics costs
Originally, a period of economic recovery had widely been anticipated following the severe constraints of the coronavirus pandemic. Instead, economic activity is being shaped not only by high volatility and broad-based cost inflation but also by geopolitical tensions such as the war in Ukraine. Due to the elevated cost base, especially in respect of raw materials, energy, and logistics, EBITDA (earnings before interest, taxes, depreciation, and amortization) was EUR 8.0 million or 14.5% below the previous year's figure (Q3 2021: EUR 55.0 million) at EUR 47.0 million in the third quarter of 2022. EBITDA totaled EUR 116.5 million in the first nine months (9M 2021: EUR 182.6 million).

Earnings before interest and taxes (EBIT) amounted to EUR 18.1 million in the third quarter (Q3 2021: EUR 27.0 million) and EUR -64.9 million in the first nine months of 2022 (9M 2021: EUR 98.5 million). This translates into an EBIT margin of 3.9% in the period from July to September 2022 (Q3 2021: 6.7%) and -4.9% in the financial year to date (9M 2021: 8.1%). Adjusting reported EBIT for the exceptional items recognized in the second quarter, operating EBIT for the first nine months stood at EUR 30.5 million, corresponding to an operating EBIT margin of 2.3%.

Net working capital influenced by prudent inventory management
Against the backdrop of more expansive revenue, both trade receivables and trade payables increased to an essentially similar extent over the past twelve months (EUR 56.5 million and EUR 46.3 million respectively). At the same time, inventories expanded by EUR 70.8 million, which was attributable primarily to the difficult economic environment. The tense situation within procurement markets, which was reflected in spiraling prices for materials, energy, and logistics as well as in persistent supply-side bottlenecks, necessitated a prudent approach to stockpiling in the Group in order to ensure the availability of raw materials and primary products in support of smooth manufacturing processes. Net working capital, which takes into account not only inventories but also trade receivables and payables, totaled EUR 505.4 million at the end of the third quarter of 2022 (Sept. 30, 2021: EUR 424.3 million). Accordingly, its share of revenue in the last twelve months was 29.1%, compared to 25.4% a year earlier.

The difficulties seen within the economic environment are also reflected in the Group's cash flow figures. Due in part to higher net working capital, but also to more substantial expenses, operating free cash flow amounted to EUR -10.2 million in the third quarter (Q3 2021: EUR 8.1 million) and to EUR -26.2 million in the first nine months of 2022 (9M 2021: EUR 73.7 million).

Net financial liabilities at EUR 411 million
The dynamic growth in revenue also had an impact on the financial items of the balance sheet. Current and non-current financial liabilities increased by EUR 55.4 million to EUR 555.7 million (Sept. 30, 2021: EUR 500.3 million). At the same time, the Group had cash and cash equivalents of EUR 131.6 million (Sept. 30, 2021: 126.4 million). In total, this translates into net financial liabilities of EUR 411.0 million (Sept. 30, 2021: EUR 360.8 million). In conjunction with EBITDA, which is affected by the general hike in raw material, energy, and logistics costs, this results in a debt ratio (net financial debt in relation to EBITDA) of 2.7. As of September 30, 2021, this figure had stood at 1.3, while at the end of 2021 it had been 1.7.

Guidance for 2022 confirmed
Confirming its guidance for the current 2022 financial year, the Group continues to expect organic revenue growth to be slightly above the global market level. According to its October estimates, industry service provider IHS Markit expects global light vehicle production to increase by 6.0% in 2022, with the year-end quarter likely to grow by 2.2% year on year.

With regard to earnings before interest and taxes (EBIT), the Group anticipates a margin of around -2% to -3%. Adjusted for the exceptional items of the second quarter of 2022, totaling EUR 95.4 million, this corresponds to an EBIT margin of around 2% to 3%. The Group's projections for its other key performance indicators also remain unchanged for the annual period as a whole.

Mid-term outlook
Faced with a complex economic and geopolitical market environment, ElringKlinger considers itself to be in an excellent position in the medium and long term. The company was quick off the mark in its efforts to structure its product portfolio in line with the transition toward electromobility and can also build on a first-class market position in its long-standing fields of business. With this in mind, ElringKlinger anticipates that it will continue to see its organic growth outpace that of global vehicle production in the future, provided that there are no abrupt and unexpected market developments against the backdrop of a general environment characterized by a high degree of uncertainty and, in some cases, considerable volatility. With regard to the earnings situation, the Group has again set itself the goal of gradually improving its EBIT margin in the medium term. The Group has also confirmed its other medium-term targets.

Key financials for the third quarter and the first nine months of 2022

in EUR m9M
∆ abs.∆ rel.Q3
∆ abs.∆ rel.
Order intake1,408.21,492.4-84.2-5.6%376.7486.3-109.6-22.5%
Order backlog1,465.11,307.3+157.8+12.1%1,465.11,307.3+157.8+12.1%
of which currency  +43.7+3.6%  +17.6+4.4%
of which M&A  +0.0+0.0%  +0.0+0.0%
of which organic  +67.4+5.5%  +45.9+11.5%
Operating EBIT30.598.5-68.0-69.0%18.127.0-8.9-33.0%
Operating EBIT margin (in %)2.38.1-5.8PP-3.96.7-2.8PP-
EBIT margin (in %)-4.98.1-13.0PP-3.96.7-2.8PP-
Net finance cost2.7-6.7+9.4--0.4-3.2+2.8+87.5%
Profit before taxes-62.291.7-153.9->100%17.723.8-6.1-25.6%
Taxes on income-24.2-37.3+13.1+35.1%-13.8-14.4+0.6+4.2%
Net income (after non-
controlling interests)
Earnings per share (in EUR)-1.370.86-2.23->100%0.050.14-0.09-64.3%
Investments (in property,
plant, and equipment and
investment property)
Operating free cash flow-26.273.7-99.9->100%-10.28.1-18.3->100%
Net working capital505.4424.3+81.1+19.1%    
Equity ratio (in %)42.746.7-4.0PP-    
Net financial debt411.0360.8+50.2+13.9%    
Employees (as of June 30)9,5259,554-29-0.3%    


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 AG honors its best supplier 2021 in the category "Components"

Dettingen/Erms, October 12, 2022 +++ ElringKlinger AG has honored its best supplier of the past year in the category "Components". The company Press Kogyo Sweden was convincing with an excellent performance during the whole year 2021. The award ceremony took place at ElringKlinger’s headquarters in Germany to also introduce & discuss future business possibilities in the E-mobility sector.

Press Kogyo Sweden is a company that is involved in the manufacturing of sheet metal products. The business relationship with ElringKlinger is existing for more than 10 years and has been increasing constantly in the past. The supplier was able to impress in 2021 with an overall supplier rating of more than 90% and was best performing in all different evaluation categories.

"This award honors the extraordinary performance of Press Kogyo Sweden in all aspects from Supply-Chain to Quality and Commercial requirements in a supplier-customer-relationship. We are looking forward to extending our reliable long-term business relationship with high-performing suppliers like PKS. The key target will be to focus together on innovative products for our e-mobility sector and deliver these under sustainable and cost competitive conditions.” says Pascal Stoll, Vice President Purchasing, describing the business relationship during the award ceremony in Dettingen/Erms.

ElringKlinger has long honored its best suppliers. The decisive factor for nomination is the assessment of various performance criteria by different company departments such as Quality Management, Supply Chain management and Purchasing. In total, ElringKlinger is supplied by over 1,000 companies for direct materials which have the chance to win this award.

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Press Release

EKPO has received an order from a major European OEM to develop and supply bipolar plates

  • Major European vehicle manufacturer has placed an order with EKPO for development and supply of bipolar plate prototypes
  • Bipolar plate intended for use in future stack generations
  • Development aimed at combining superior power density with compact design


Dettingen/Erms (Germany), September 20th, 2022 +++ EKPO Fuel Cell Technologies GmbH (EKPO) has received an order from one of European leading carmakers covering the development of a new bipolar plate. Under the terms of the contract, EKPO develops prototypes and supplies them to the vehicle manufacturer for planned use in a fuel cell vehicle. Taking pole position in a competitive field, EKPO had been awarded the contract in acknowledgement of the high power density and compact design delivered by its market-leading bipolar plates.

"This contract from a well-known European car manufacturer is a testimony to EKPO's first-class competence in fuel cell technology, as a supplier of stacks and individual components," says Julien Etienne, Chief Commercial Officer at EKPO. "Combining high performance and compact design, our product portfolio is a truly compelling proposition. In addition, customers trust EKPO's demonstrable industrialization skills and our ability to deliver stacks and components in automotive quality standard and high-volume quantities."

Another key factor when it came to securing the development contract was the long-standing spirit of collaboration between the two companies. EKPO can build on a proven track record of developing and researching fuel cell technology that spans more than 20 years, benefiting from the market leading metal forming competence of its parent company ElringKlinger. Operations surrounding the development and production of the prototypes to be supplied to the major OEM are based locally in Germany.

PEMFC metal bipolar plates offer tangible advantages with regard to costs and – an aspect that is particularly important for mobile applications – power density and the cold-start capability of fuel cells. Using high-precision, progressive die suited to volume production, EKPO manufactures bipolar plates in a fully automated, interlinked manufacturing process.

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Press Release

IAA TRANSPORTATION 2022: ElringKlinger showcases commercial vehicle expertise

Hanover, Dettingen/Erms (Germany), September 15, 2022 +++ "Transporting experiences" is the motto adopted by ElringKlinger for its presentation at this year's IAA TRANSPORTATION. The long-standing supplier and partner to the commercial vehicle industry will be focusing on the topics of electromobility and lightweight construction at the event. The world's leading trade fair for mobility, transport and logistics is scheduled to take place in Hanover from September 20 to 25, 2022. The ElringKlinger exhibition booth is located in Hall 12, C44. Visitors will also have the opportunity to experience ElringKlinger technologies for themselves during a test drive in Hall 11.

The highlight of ElringKlinger's appearance at this year's event is a show truck illustrating the Group's extensive portfolio for the commercial vehicle sector. These include innovations in the field of battery technology, such as a 60 volt module based on cylindrical lithium-ion cells for integration into a battery storage unit up to a total system voltage of 500 volts as well as numerous components.

ElringKlinger will also be showcasing a high-performance torque vectoring Electric Drive Unit (EDU), which consists of two identical EDUs that are controlled independently. This provides the basis for active torque vectoring. This EDU version is used primarily in high-power or all-wheel drive vehicles.

In future years, hydrogen mobility is set to play an important role in the commercial vehicle sector. In establishing the EKPO Fuel Cell Technologies joint venture, ElringKlinger, together with Plastic Omnium, took a decisive step forward when it comes to series production in the field of fuel cell technology. Various stack platforms will be presented at IAA Transportation 2022: they include the "NM12 Twin" low-temperature fuel cell stack module with 598 cells based on metallic bipolar plates – with a power rating of up to 205 kWel.

Every kilogram counts in pursuit of lower fuel consumption and CO2 emissions in conventional drives or an extended range in the case of electric vehicles, particularly with regard to the commercial sector. The solution is lightweighting, an area of engineering expertise that ElringKlinger will also be showcasing at its booth – including innovative underbody protection for battery storage units made of a thermoplastic composite material (vs. conventional underbody protection made of aluminum).

Last but not least, the company's presentation will include optimized products within the field of sealing and shielding technology.

ElringKlinger at IAA Transportation 2022
Hall 12 | Booth C44

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