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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.

 

Disclaimer
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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ElringKlinger AG: Preliminary announcement of the publication of quarterly reports and quarterly/interim statements

ElringKlinger AG / Preliminary announcement on the disclosure of financial statements
09.04.2020 / 10:54
Preliminary announcement of the publication of quarterly reports and quarterly/interim statements 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: Quarterly financial report within the 1st half-year (Q1)

Language: German
Date of disclosure: May 07, 2020
Address: https://www.elringklinger.de/investor/2020-q1-de.pdf

Language: English
Date of disclosure: May 07, 2020
Address: https://www.elringklinger.de/investor/2020-q1-en.pdf


09.04.2020 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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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
09.04.2020 / 10:42
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:Chairman of the Supervisory Board

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
share purchase;joint share deposit Klaus and Lydia Eberhardt

c) Price(s) and volume(s)
Price(s)Volume(s)
4.10EUR20500.00EUR

d) Aggregated information
PriceAggregated volume
4.1000EUR20500.0000EUR

e) Date of the transaction
2020-04-06; UTC+2

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



09.04.2020 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 records strong operating free cash flow in FY 2019

  • Revenue up by 1.6% to EUR 1,727 million in 2019 contrary to market trend
  • EBIT before purchase price allocation at EUR 63.2 million; steady improvement over course of the year
  • Measures aimed at raising efficiency levels lead to marked improvement in operating free cash flow; net debt scaled back
  • Dividend suspended to strengthen internal financing
  • Group refrains from giving outlook at present for the current year due to the strong dynamics of the coronavirus pandemic 

 

Dettingen/Erms (Germany), March 30, 2020  +++ Market conditions within the automotive industry were far from favorable even before the coronavirus pandemic. Global automobile production contracted by 5.6% in the 2019 financial year. Operating against this challenging backdrop, the ElringKlinger Group managed to expand its revenue by 1.6% to EUR 1,727 million in total (2018: EUR 1,699 million). Without the effects of currencies and acquisitions, revenue was up by 0.5%. Thus, the Group clear-ly achieved its goal of outperforming the market by 2 to 4 percentage points in terms of organic growth. This was driven primarily by the region comprising North America, which saw revenue expand by 25.1%. Revenue generated from sales in the Asia-Pacific region, by contrast, was down just slightly year on year at -1.4%. However, this market as a whole was significantly weaker at -8.2%. In Germany and the Rest of Eu-rope revenue was also lower at -7.8% and -4.2% respectively. 

As Dr. Stefan Wolf, CEO of ElringKlinger AG, points out, "Market conditions as a whole were not favorable in 2019, but we continued to grow with the help of our innovative products. At the same time, we implemented a package of measures to raise efficiency levels, which led to a noticeable improvement in our key financial indicators. Thanks in particular to the substantial increase in cash flow, we were able to significantly reduce net financial debt and strengthen the Group for the future.

Implementation of measures to raise efficiency levels
In addition to a disciplined approach to capital expenditure, the package of measures primarily included improvements in net working capital. Receivables were scaled back, payment terms for liabilities extended, and inventories optimized. The Group made targeted investments in property, plant, and equipment and investment property, as a result of which the ratio of 5.3% of revenue was significantly lower than the prior-year figure of 9.6%  Investments included the new technology center for battery and fuel cell technology in Dettingen/Erms and the establishment of series production for com-plete battery systems at the site in Thale, Saxony-Anhalt. The success of these compre-hensive measures was illustrated by the particularly favorable direction taken by operating free cash flow in 2019, which improved by EUR 262 million to EUR 176 million (2018: EUR -86 million).

The program aimed at delivering efficiency gains also began to show its first positive effects with regard to earnings. Additional charges attributable to elevated commodity prices, US anti-dumping and countervailing duties, and higher staff costs were coun-teracted by the Group with the help of cost savings made from the beginning of 2019 onward. In addition to reductions in non-personnel costs, management focused on optimization at the sites in North America, which had recorded particularly high levels of capacity utilization. As a result, earnings margins were gradually increased over the course of the year from 1.6% in the first quarter to 5.9% in the fourth quarter of 2019. This includes the sale of an industrial park in Hungary, which resulted in other operating income of EUR 8.6 million in the fourth quarter. 

In total, EBIT before purchase price allocation amounted to EUR 63.2 million (2018: EUR 100.2 million), while the margin stood at 3.7% (2018: 5.9%), which was at the lower end of the target range of around 4 to 5%. In this context, however, the prior-year figure had included proceeds from the sale of two subsidiaries. Due to the reduc-tion in the net finance result by EUR 5 million, earnings before taxes fell to EUR 41.7 million (2018: EUR 81.4 million). In conjunction with slightly higher taxes on income, net income declined to EUR 5.0 million (2018: EUR 47.9 million). Net income attribut-able to shareholders amounted to EUR 4.1 million in total (2018: EUR 43.8 million). Correspondingly, earnings per share were down sharply year on year at EUR 0.06 (2018: EUR 0.69).

Suspension of dividend
Against the background of the Group's earnings performance in 2019 and the econom-ic impact of the coronavirus crisis, the dividend has been suspended for the 2019 financial year. In taking this approach, the Group is also looking to strengthen its inter-nal financing for the ongoing transformation process.

Robust financial position
The optimization measures aimed at improving operating free cash flow had a positive impact on the financial position as a whole. In the fourth quarter, the Group was able to reduce net debt for the third time in succession to EUR 595 million (2018: EUR 724 million). At the end of the first quarter, net debt had stood at EUR 796 million. The equity ratio of 42% (2018: 43%) also reflects the robust condition of the balance sheet and is within the long-term target range of 40 to 50%.

Outlook for 2020
Even without current developments relating to the coronavirus pandemic, 2020 had been expected to be a challenging year due to the general slowdown in the economy. The situation has deteriorated as a result of the far-reaching measures taken by gov-ernments around the world to contain and slow down the spread of the virus, and the pandemic will have a significant economic impact, particularly in the automotive indus-try.

As Dr. Wolf explains: "The coronavirus has Germany, Europe, and the world fully in its grip and continues to spread dramatically. The protection of our employees and their families is our top priority. We drew up comprehensive preventive measures at an early stage. Employee protection also includes job security. With customers closing many of their plants around the globe, we have been forced to take the same approach and adapt our production in line with demand. Our goal remains to cushion the eco-nomic impact as far as possible."

The duration of plant closures by automobile manufacturers cannot be predicted at present. The same applies to potentially more extensive measures in the ensuing weeks – also from a political perspective. In view of these considerable uncertainties and significant dynamics, the economic effects on ElringKlinger cannot currently be determined with sufficient reliability and accuracy. Therefore, the Group is temporarily refraining from issuing specific revenue and earnings guidance for the 2020 financial year. 

Unlocking potential for the future
Regardless of the current crisis surrounding the coronavirus, ElringKlinger is continu-ing to drive forward its development efforts within the area of new drive technologies in order to help shape the process of transformation with innovative products and ideas. Given the results of ElringKlinger's development work and the orders already received in the areas of battery and fuel cell technology and the electric drivetrain, there is an opportunity for the Group to exploit the tremendous potential of new drive technologies.

EUR millionFY 2019FY 2018∆ abs.∆ rel.Q4 2019Q4 2018∆ abs.∆ rel.
Order intake1,737.21,735.3+1.9+0.1%381.5390.7-9.2-2.4%
Order backlog1,030.31,020.1+10.2+1.0%1,030.31,020.1+10.2+1.0%
Revenue1,727.01,699.0+28.0+1.6%419.9431.8-11.9-2.8%
of which FX effects  +25.1+1.5%  +5.3+1.2%
of which M&A  -6.2-0.4%  +0.0+0.0%
of which organic  +9.1+0.5%  -17.2-4.0%
EBITDA181.0196.6-15.6-7.9%57.437.8+19.6+51.9%
EBIT before PPA63.2100.2-37.0-36.9%24. Aug11. Aug+13.0> +100%
EBIT margin before PPA (in %)03. Jul05. Sep-2.2PP 05. Sep02. Jul+3.2PP 
PPA01. Sep4.0-2.1-52.5%0.401. Feb-0.8-66.7%
EBIT61.296.2-35.0-36.4%24. Mär10. Jun+13.7> +100%
Net finance cost-19.6-14.7-4.9-33.3%-4.9-3.3-1.6-48.5%
EBT41.781.4-39.7-48.8%19. Mai07. Feb+12.3> +100%
Income taxes36.633.5+3.1+9.3%11. Aug07. Apr+4.4+59.5%
Effective tax rate (in %)88.041.2+46.8PP 60.7>100  
Net income (after non-controlling interests)04. Jan43.8-39.7-90.6%07. Mai-1.2+8.7> +100%
Earnings per share (in EUR)0.060.69-0.63-91.3%0.12-0.02+0.14> +100%
Investments (in property, plant, and equipment & investment property)92.2163.5-71.3-43.6%17. Apr41.9-24.5-58.5%
Operating free cash flow175.8-86.2+262.0< -100%65.702. Jun+63.1> +100%
Dividend per share (in EUR)0.000.00-0.00+0.0%    
ROCE (in %)03. Apr05. Mai-2.1PP     
Net working capital423.5568.0-144.5-25.4%    
Equity ratio (in %)41.542.8-1.3PP     
Net financial liabilities595.3723.5-128.2-17.7%    
Employees (as of Dec. 31)10,39310,429-36-0.3%    

The annual report for 2019 is available online at:
https://www.elringklinger.de/investor/2019-gb-de.pdf

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Ad-Hoc-Release

ElringKlinger adjusts production due to coronavirus pandemic

ElringKlinger AG / Key word(s): Market Report/Miscellaneous
ElringKlinger adjusts production due to coronavirus pandemic

23-March-2020 / 13:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


ElringKlinger adjusts production due to coronavirus pandemic

Dettingen/Erms (Germany), March 23, 2020 +++ As a result of the coronavirus pandemic, a large number of automobile manufacturers have suspended production at many of their sites or have announced such stoppages. In response, the Management Board of ElringKlinger AG, Dettingen/Erms (ISIN DE 0007856023/ WKN 785602), acting in consultation with the Group works council of ElringKlinger AG, has decided to adjust Group production in Germany in line with requirements directly as of today (March 23). Among the sites primarily affected are those in Europe and North America, but also the plant in India and that in Brazil. Production will either be scaled down - in Germany, for example, all necessary preparations for short-time work are now being made - or halted temporarily. This package of measures does not include the Chinese plants, which have resumed operations following the temporary closures. At present, the sites in other regions of the world, such as South Africa, will also continue production without being affected by these measures.

It is impossible to predict the duration of plant closures by manufacturers. The same applies to potentially more extensive measures in the coming weeks - also from a political perspective. In view of these considerable uncertainties and significant dynamics, the economic effects on the Group cannot currently be determined with sufficient reliability and accuracy.

For further information, please contact:
ElringKlinger AG
Dr. Jens Winter | Strategic Communications
Max-Eyth-Straße 2 | D-72581 Dettingen/Erms
Phone: +49 7123 724-88335 | Fax: +49 7123 724-85 8335
E-mail: jens.winter[at]elringklinger.com | www.elringklinger.com

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to its customers - with a firm commitment to shaping the future of mobility. Whether optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive system. ElringKlinger's lightweighting concepts help to reduce the overall weight of vehicles. As a result, vehicles powered by combustion engines consume less fuel and emit less CO2, while those equipped with alternative propulsion systems benefit from an extended range. In response to increasingly complex combustion engine technology, the Group also continues to refine and evolve its offering within the area of seals and gaskets in order to meet the highest possible standards. This is complemented by solutions centered around thermal and acoustic shielding technology. Additionally, the Group's portfolio includes products made of the high-performance plastic PTFE, which is also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 10,000 people at 45 ElringKlinger Group locations around the globe.


23-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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