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Press Release

German government backs hydrogen - ElringKlinger on board with subsidiary EKPO Fuel Cell Technologies

  • German government selected 62 large-scale hydrogen projects, 12 of them from the mobility sector
  • Establishment of hydrogen technologies as a further step towards achieving climate neutrality
  • ElringKlinger submitted application for development and industrialization of a new generation of fuel cell stacks
  • Subsidiary EKPO Fuel Cell Technologies shall be responsible for realization

 

Dettingen/Erms (Germany), August 25, 2021 +++ The German government has recently made its selection to promote hydrogen technology as part of an "Important Project of Common European Interest" (IPCEI). ElringKlinger has applied to develop a new generation of fuel cell stacks for the commercial vehicle sector and has been pre-selected. The stacks will be used primarily in commercial vehicles, but also in buses and in maritime applications, on rail or as stationary units. In addition to development, series production of the innovative, high-performance fuel cell stacks is being targeted. Its subsidiary EKPO Fuel Cell Technologies shall be responsible for the realization of this project.

With this so-called hydrogen IPCEI, the German government is fully committed to developing hydrogen technology for mobility. Green hydrogen and fuel cells across all modes of transport are an important complement to battery-only vehicles, he said. This confirms ElringKlinger's view that both pure battery-electric drive and fuel cell technology represent decisive pillars for the future. Depending on the application, the most advantageous drive technology will be selected to make tomorrow's mobility climate-friendly.

The implementation of the IPCEI is part of the German government's National Hydrogen Strategy and aims to establish hydrogen technology competitively in Europe and especially in Germany. For Germany, the Federal government selected 62 out of 230 project outlines, 12 of which were from the mobility sector. The selected projects cover large parts of the hydrogen market's value chain. A total of more than EUR 8 billion will be made available for this purpose jointly by the German Federal Ministry of Economics and the German Federal Ministry of Transport, as well as the respective German states.

The aim is for the national proposals to be approved by the European Commission as regards state aid law before the end of the year. As part of the European initiative, cooperation between the respective nationally proposed companies is also to be promoted to build a European hydrogen economy. With its two parent companies from Germany and France, ElringKlinger and Plastic Omnium, EKPO already fully embodies this European idea. Thanks to Plastic Omnium's expertise in hydrogen storage as well as the know-how of its Austrian subsidiary for hydrogen system solutions, the two partners can provide a full response to the challenges of the entire European on-board value chain for hydrogen vehicles.

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Reportable securities transactions

DGAP-DD: ElringKlinger AG english


Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
05.08.2021 / 14:52
The issuer is solely responsible for the content of this announcement.

1. Details of the person discharging managerial responsibilities / person closely associated

a) Name
Title:
First name:Klaus
Last name(s):Eberhardt

2. Reason for the notification

a) Position / status
Position:Member of the administrative or supervisory body

b) Initial notification

3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) Name
ElringKlinger AG

b) LEI
529900QDISXXZ2D1Q489 

4. Details of the transaction(s)

a) Description of the financial instrument, type of instrument, identification code
Type:Share
ISIN:DE0007856023

b) Nature of the transaction
Acquisition

c) Price(s) and volume(s)
Price(s)Volume(s)
12.81539EUR51261.56EUR

d) Aggregated information
PriceAggregated volume
12.81539EUR51261.56EUR

e) Date of the transaction
2021-08-05; UTC+2

f) Place of the transaction
Name:Xetra
MIC:XETR



05.08.2021 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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Press Release

ElringKlinger posts solid first-half figures across the board

  • Revenue up markedly in second quarter (+56%) and first half of 2021 (+26%)
  • EBIT at EUR 23.0 million in second quarter and EUR 71.4 million in first half of 2021 despite challenging environment; EBIT margin at 5.9% and 8.7% respectively
  • Operating free cash flow again widened to EUR 65.6 million in first half; net debt reduced by further EUR 216.6 million to now EUR 363.3 million
  • Existing syndicated loan facility expanded by EUR 100 million to EUR 450 million and extended until early 2026
  • Outlook for 2021 financial year confirmed

 

Dettingen/Erms (Germany), August 5, 2021 +++ ElringKlinger continued its strong start to the year in the second quarter of 2021. The Group generated revenue of EUR 393.6 million, an increase of EUR 141.4 million or 56.1% compared to the same period last year. If exchange rates had remained unchanged, the figure would have been up by EUR 146.3 million or 58.0%. According to data presented by industry service provider IHS, global automobile production grew by 48.6% in the same period. The Group also made strong gains in the first half of 2021 as a whole, with revenue expanding by EUR 169.2 million to EUR 817.6 million when compared to the first six months of the previous year (EUR 648.8 million). Without currency effects, revenue would have been up by an additional EUR 19.4 million.

After a sharp pandemic-induced drop in revenue in the previous year, there were signs of recovery in all regions. In Germany, Group revenue increased by 37% year on year in the second quarter of 2021 and by 92% in the region encompassing the Rest of Europe. Revenue from sales in North America also expanded strongly with an increase of 67%. In the Asia-Pacific region, meanwhile, growth was more modest at 20%, as the first quarter of the previous year in particular had been affected by closures and a decline in revenues in China.

Marked improvement in orders
The global recovery is also reflected in the Group's order books: the positive trend seen in the first three months continued in the second quarter of 2021 with incoming orders of EUR 429.5 million. Overall, this represents a significant increase compared to the second quarter of 2020, when the Group had recorded incoming orders worth EUR 192.6 million against the backdrop of lockdown measures.

As a result, the Group's order backlog also increased. After EUR 1,186 million as of March 31, 2021, the order book was expanded once again in the period under review, taking the figure to EUR 1,222 million at the end of the first half. A year earlier, under the impact of the pandemic, the figure had stood at EUR 929.4 million. This translates into a gain of 31.4%.

Earnings visibly stronger
After the slump in revenue last year, the Group managed to improve its earnings performance noticeably, benefiting in part from the successful continuation of its efficiency enhancement program. In the second quarter of 2021, it generated earnings before interest and taxes (EBIT) of EUR 23.0 million, up EUR 55.4 million on the prior-year figure (EUR -32.4 million). As a result, earnings per share attributable to the shareholders of ElringKlinger AG amounted to EUR 0.13 in the second quarter and EUR 0.72 in the first six months.

Asked to comment on the Group's performance, Dr. Stefan Wolf, CEO of ElringKlinger AG, said: "Our quarterly results confirm that we are fully on track. Our global efficiency enhancement program continues to take effect, on the back of which the Group's key financial indicators have improved noticeably both in terms of revenue and earnings as well as in respect of cash flow. At 5.9% in the quarter, our EBIT margin is within the targeted range of around 5 to 6% for the full 2021 financial year. In addition, we generated substantial operating free cash flow in the first six months, allowing us to further reduce our net financial liabilities. From a financial perspective, this puts us in an even more robust position than before - in support of the ongoing transformation process and our future endeavors."

Financial strength further cemented
The Group maintained its disciplined investment approach in the quarter under review and was able to further optimize net working capital. Its ratio (in % of Group revenue) improved from 27.8% a year ago to 25.0% at the end of the reporting period. Overall, the Group generated operating free cash flow of EUR 37.0 million in the second quarter of 2021 and EUR 65.6 million in the first half of the year. Net debt was slashed by EUR 216.6 million, down from EUR 579.9 million as of June 30, 2020, to EUR 363.3 million. Upon introduction of the efficiency enhancement program at the end of the first quarter of 2019 net debt had amounted to EUR 795.5 million. Since then, ElringKlinger has significantly reduced its net debt ratio (net debt in relation to EBITDA) - from 3.8 to 1.4 in the past twelve months alone.

Expansion of syndicated loan
In order to provide additional room for maneuver in financial terms, ElringKlinger agreed an extension to the financing framework with the existing partners of the syndicated loan concluded in 2019. As part of this new arrangement agreed after the first-half reporting period in July 2021, the syndicate banks will make a further EUR 100 million available to the Group. Additionally, the term of the entire borrowing facility of now EUR 450 million was extended by two years until early 2026.

Guidance confirmed
Despite the persistently high risk of infection associated with the coronavirus pandemic, global economic activity has been recovering visibly. Fundamentally, this is also evident in the automotive industry, although markets around the globe continue to be exposed to major uncertainties. The situation within commodity markets is tense, and bottlenecks in the semiconductor industry may have a regional or global impact on vehicle production output. In addition, there are concerns over the possibility of new waves of covid-19 infection later in the year, which could again have an impact on economic activity.

Against this backdrop, ElringKlinger continues to anticipate a level of organic revenue growth that is likely to roughly match the rate of expansion in global automobile production. In terms of consolidated earnings, ElringKlinger again anticipates an EBIT margin of around 5 to 6% calculated in relation to Group revenue. The outlook for the other key financial indicators also remains unchanged.

Key financials for the second quarter and first half of 2021

in EUR mH1
2021
H1
2020
∆ abs.∆ rel.Q2
2021
Q2
2020
∆ abs.∆ rel.
Order intake1,006.1547.5+458.6+83.8%429.5192.6+236.9+>100%
Order backlog1,221.6929.4+292.2+31.4%1,221.6929.4+292.2+31.4%
Revenue817,6648.4+169.2+26.1%393.6252.2+141.4+56.1%
of which curency  -19.4-3.0%  -4.9-2.0%
of which M&A  +0.0+0.0%  +0.0+0.0%
of which organic  +188.6+29.1%  +146.3+58.0%
EBITDA127.644.9+82.7+>100%50.4-0.9+51.4->100%
EBIT71.4-16.4+87.8->100%23.0-32.4+55.4->100%
EBIT margin (in %)8.7-2.5+11.2PP-5.9-12.8+18.7PP-
Net finance cost-3.5-16.1+12.6-78.1%-4.6-6.3 +1.7-27.5%
Profit before taxes67.9-32.5+100.4->100%18.5-38.757.2->100%
Taxes on income-22.9-1.4-21.5+>100%-12.03.1-15.1->100%
Net income (after non-controlling interests)45.8-33.5+79.3->100%7.9-35.5+43.4->100%
Earnings per share (in EUR)0.72-0.53+1.25->100%0.13-0.56+0.69->100%
Investments (in property, plant, and
equipment and investment property)
22.522.7-0.2-0.9%10.910.4+0.5+4.8%
Operating free cash flow65.623.6+42.0+>100%37.025.8+11.2+43.4%
Net working capital413.0417.4-4.4-1.1%    
Equity ratio (in %)46.040.5+5.5PP-    
Net financial debt363.3579.9-216.6-37.4%    
Employees (as of June 30)9,6089,991-383-3.8%    
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ElringKlinger AG: Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act]

ElringKlinger AG / Preliminary announcement on the disclosure of financial statements
04.08.2021 / 08:29
Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act] transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

ElringKlinger AG hereby announces that the following financial reports shall be disclosed:

Report Type: Financial report (half-year/Q2)

Language: German
Date of disclosure: August 05, 2021
Address: https://elringklinger.de/investor/2021-q2-de.pdf

Language: English
Date of disclosure: August 05, 2021
Address: https://elringklinger.de/investor/2021-q2-en.pdf


04.08.2021 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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Press Release

ElringKlinger: high turnout at second virtual Annual General Meeting

  • 63.2% of voting share capital represented at meeting
  • All proposed resolutions approved by significant majority in each case
  • CEO Dr. Stefan Wolf looks back on challenging year in which the company charted important routes for the future

 

Dettingen/Erms (Germany), May 18, 2021 +++ At today's 116th Annual General Meeting, which was again held in a virtual format due to the pandemic, the shareholders of ElringKlinger AG approved all items on the agenda by a large majority. A total of 63.2% of the voting share capital were represented. At last year's Annual General Meeting, which was also held in a virtual format, this figure had stood at 60.4%. Turnout was expected to be high, as 2,364 shareholders had registered prior to the specified deadline - 237 or 11% more than in the previous year.

2020 financial year
In his speech, CEO Dr. Stefan Wolf looked back on an extraordinary and challenging year in which the coronavirus had impacted heavily on the automotive industry: "Despite the pandemic-induced decline in revenue, we were able to achieve a solid bottom-line result overall, in addition to further optimizing net working capital and reducing debt by a significant margin." Special thanks were extended to the employees of the Group, whose commitment, dedication, and flexibility had been key contributors to this performance, especially in the 2020 year of the coronavirus.

The CEO also focused on the future of the Group. Alongside its operational accomplishments, the company also laid important strategic groundwork in 2020, as Dr. Wolf emphasized: "Both the strategic partnership with Airbus and the strategic alliance with Plastic Omnium clearly illustrate that ElringKlinger is on track. This is complemented by the financial achievements of our efficiency enhancement program, which again allowed us to sustainably increase our financial clout in 2020 - despite the coronavirus." As ElringKlinger's CEO pointed out, the start to 2021 had been very encouraging not only due to the program aimed at raising efficiency levels. In addition to recording a buoyant first quarter in financial terms, the Group secured a high-volume order for battery components in the mid-triple-digit million euro range. Furthermore, ElringKlinger was one of only eleven companies to receive government funding for the establishment of a European battery value chain. Drawing on its innovative cell housing design, ElringKlinger helps to reduce the CO2 footprint in manufacturing by up to 40% by using less material.

Approval of all items on the agenda
In addition to the submission of the approved annual financial statements, the agenda also included the resolution on a new compensation system for the Management Board, which was passed by the Annual General Meeting and is applicable as from January 1, 2021. It focuses on the performance-based remuneration of the Management Board with regard to their contribution to the sustainable and long-term development of the company. Alongside core financial performance indicators, the key performance criteria defined for this purpose also take into account the achievement of sustainability goals for the very first time.

The shareholders also approved the compensation system for the Supervisory Board and the associated amendment to the Articles of Association. In addition, they approved the actions of the Management Board and the Supervisory Board with 98% and 97% of the votes respectively. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, was appointed as auditor. Due to the company's earnings performance in the 2020 financial year, ElringKlinger had already announced the suspension of its dividend in March 2021 in order to further strengthen the Group in support of its ongoing transformation process.

A detailed summary of the individual voting results and the speech of the CEO for viewing and reading can be found on the homepage of ElringKlinger AG (http://www.elringklinger.com) - in the Investor Relations section under the heading "Annual General Meeting."

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