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Press Release

ElringKlinger postpones AGM due to coronavirus

The impact caused by the global spread of the coronavirus has prompted ElringKlinger to postpone its Annual General Meeting (AGM) originally scheduled for May 19, 2020, to the later date of July 7, 2020. This decision was made with a view to protecting the health of all concerned.

Dettingen/Erms (Germany), March 13, 2020 +++ The coronavirus is spreading around the globe. News headlines are changing daily and protective measures for the respective populations are becoming increasingly comprehensive in the affected countries. Sports events are being canceled, and in some states day-care centers and schools are facing closure. In the German state of Baden-Württemberg, the Ministry of Health this week decreed that events with more than 1,000 participants are to be canceled. It is impossible to rule out that this ban may be extended to events with fewer than 1,000 participants.

Against this background, the Management Board of ElringKlinger AG, in consultation with Chairman of the Supervisory Board Klaus Eberhardt, has decided to postpone the company's AGM, originally scheduled for May 19, 2020, to the later date of July 7, 2020.

"For us at ElringKlinger, commitment to health and responsible action are of paramount importance. With this in mind, we have decided to postpone the event until a date when, based on current knowledge, the period of heightened risk of infection has ended," says CEO of ElringKlinger AG, Dr. Stefan Wolf. "This was a difficult decision for us, but it serves to protect all parties involved. We came to the decision at an early stage in order to provide greater planning certainty for our shareholders as well as service providers and the media."

The International Congress Center Stuttgart in proximity to the airport will also be the venue for the AGM on July 7.

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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
09.03.2020 / 11:27
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: Annual financial report

Language: German
Date of disclosure: March 30, 2020
Address: https://www.elringklinger.de/investor/2019-gbag-de.pdf

Language: English
Date of disclosure: March 30, 2020
Address: https://www.elringklinger.de/investor/2019-gbag-en.pdf

Report Type: Annual financial report of the group

Language: German
Date of disclosure: March 30, 2020
Address: https://www.elringklinger.de/investor/2019-gb-de.pdf

Language: English
Date of disclosure: March 30, 2020
Address: https://www.elringklinger.de/investor/2019-gb-en.pdf

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

Language: German
Date of disclosure: August 11, 2020
Address: https://www.elringklinger.de/investor/2020-q2-de.pdf

Language: English
Date of disclosure: August 11, 2020
Address: https://www.elringklinger.de/investor/2020-q2-en.pdf


09.03.2020 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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Press Release

Thanks to ElringKlinger's fuel cell stack: snowmobile runs emission-free

Dettingen/Erms, March 3, 2020 +++ 

The Ski World Cup in Hinterstoder, Austria, provided the perfect setting for the presentation of a hydrogen-based product innovation for winter tourism. The "Lynx HySnow" of the engine manufacturer Rotax was presented. This is the first emission-free snow vehicle powered by an electric drive with fuel cell. ElringKlinger was one of the partner companies in this project and equipped the snowmobile with a fuel cell stack on the NM5 platform.

After several years of intensive research and development, the motorized sled was presented to the public for the first time as a concept vehicle. The basis was a conventional snow vehicle, as it has been used for years in various ski areas. The vehicle was completely modified and equipped with an electric drive including fuel cell.

Due to its emission-free drive, the Lynx HySnow is not only a showcase project in terms of sustainability – the required hydrogen is produced on site from solar power by means of electrolysis – but also has other convincing advantages: Thanks to the innovative drive system, the vehicle runs almost noiselessly and offers considerable advantages over purely electrically powered vehicles, especially at very low temperatures. In addition, it achieves longer ranges and better acceleration values than a conventional electric drive. The potential applications of the Lynx HySnow are primarily seen in winter tourism.

The NM5 PEM fuel cell stack developed and produced by ElringKlinger is one of three standardized stack platforms currently available with different performance ranges. The NM5 has an electrical output of 6 to a maximum of 70 kWel. It is therefore ideally suited for use in light commercial vehicles and comparable applications. The stack is operated with hydrogen and air; it is cooled by a commercial glycol-based coolant for fuel cells.

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Press Release

ElringKlinger presents preliminary results for FY 2019: considerable success from efficiency program

  • Revenue up by 1.6% to EUR 1,727 million, organically by 0.5%
  • EBIT before purchase price allocation (PPA) at EUR 63.2 million, EBIT margin before PPA at 3.7%
  • Operating free cash flow at EUR 175.8 million, net debt down substantially at EUR 595.3 million
  • Q4 2019: revenue down by 2.8% to EUR 419.9 million, organically -4.0%; EBIT before PPA at EUR 24.8 million, resulting in EBIT margin of 5.9%
  • 2020 outlook to be presented with publication of annual report at end of March

 

Dettingen/Erms (Germany), February 19, 2020 +++ The preliminary, unaudited results of the ElringKlinger Group for the 2019 financial year point to the positive impact of the efficiency program launched at the beginning of 2019: the Group's operating free cash flow totaled EUR 175.8 million, which represents a year-on-year improvement of EUR 262.0 million. At the heart of this is a disciplined approach to capital expenditure on property, plant, and equipment as well as investment property. As planned, at EUR 92.2 million, this figure was markedly lower than in the previous year (EUR 163.5 million). At the same time, inventory management was consistently optimized and payment terms for trade payables were extended. The partial use of financial instruments also made it possible to reduce trade receivables, with the result that net working capital was scaled back significantly to EUR 423.5 million or 24.5% of revenue. In the previous year this ratio had stood at 33.4%.

As a consequence of the Group's strong operating free cash flow, net financial liabilities were driven back for the third consecutive quarter to EUR 595.3 million. Without the effect of the first-time application of IFRS 16 in 2019, this figure would have been down by a further EUR 46.7 million as of December 31. At 3.3, the Group thus also has a significantly better net debt/EBITDA ratio. At the end of the first quarter of 2019, this ratio had stood at 4.7.

As Dr. Stefan Wolf, CEO of ElringKlinger AG, explains: "In implementing our efficiency program, we have set the right levers to make the Group sustainably fit for the future. Operating free cash flow is well within positive territory, net debt has been noticeably reduced, and earnings have stabilized over the course of the year. We will continue to pursue this path consistently in the future."

In terms of earnings, the Group further improved on the previous year's quarter with a solid fourth quarter in 2019. With EBIT before purchase price allocation (PPA) totaling EUR 24.8 million, the figure is EUR 13.0 million higher than in Q4 2018. This performance was supported to some extent by the sale of an industrial park in Hungary, which resulted in other operating income of EUR 8.6 million and a cash inflow of EUR 21.6 million. After a difficult start, ElringKlinger showed signs of gradual improvement in earnings over the course of the year. In total, the Group recorded EBIT before PPA of EUR 63.2 million, which corresponds to a margin of 3.7%. The Group had anticipated a figure of around 4 to 5%.

In response Dr. Wolf explains: "Overall, our earnings performance was not satisfactory, but the host of measures aimed at cost streamlining did prove effective. Among other things, we managed to reduce the follow-up costs resulting from persistently strong demand in North America. We expect to see discernible earnings potential here in the current year. However, it remains to be seen to what extent external effects, such as the economic consequences of the coronavirus in China, will impact on business.

At EUR 1,727.0 million, Group revenue grew by EUR 28.0 million or 1.6% year on year in 2019 despite challenging market conditions. The effects of currency translation - primarily relating to the US dollar, but also the Mexican peso and the Swiss franc - made a significant contribution of EUR 25.1 million or 1.5%. Additionally, the Group was faced with changes to the scope of consolidation as a result of M&A transactions (from the sale of Hug in 2018) totaling EUR -6.2 million or -0.4%. Eliminating the effects of foreign exchange rates and consolidation, the Group saw revenue expand by EUR 9.1 million or 0.5% organically. Calculated on the basis of global automobile production, which declined by close to 6% in 2019, the Group saw its revenue outpace the market as a whole by more than 6 percentage points. Thus, the company exceeded its target of outperforming market growth by 2 to 4 percentage points in terms of organic sales.

ElringKlinger will publish its full and definitive results for the 2019 financial year as well as its outlook for the current financial year on March 30, 2020.

Preliminary, unaudited figures for FY 2019 and Q4 2019

EUR millionFY
2019
FY
2018
∆ abs.∆ rel.Q4
2019
Q4
2018
∆ abs.∆ rel.
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 purchase price allocation (PPA)63.2100.2-37.0-36.9%24.811.8+13.0>+100%
EBIT margin before PPA
(in %)
3.75.9-2.2PP 5.92.7+3.2PP 
Purchase price allocation1.94.0-2.1-52.5%0.41.2-0.8-66.7%
EBIT61.296.2-35.0-36.4%24.310.6+13.7>+100%
Investments (in property, plant, equipment and investment property)92.2163.5-71.3-43.6%17.441.9-24.5-58.5%
Operating free cash flow175.8-86.2+262.0<-100%65.72.6+63.1>+100%
Net working capital423.5568.0-144.5-25.4%    
Net financial liabilities595.3723.5-128.2-17.7%    
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Press Release

ElringKlinger's fuel cell exceeds expectations in EU-funded 'GiantLeap' project

  • Successful completion of multi-year, EU-sponsored project to develop and test fuel-cell-powered range extender for electric buses under real conditions
  • Excellent laboratory results of the fuel cells fully confirmed in a bus of Dutch bus manufacturer VDL Bus & Coach
  • No impairment to performance and operating stability of the stacks even under adverse conditions until the end of the project

 

Dettingen/Erms (Germany), February 5, 2020 +++ Fuel cell stacks developed by ElringKlinger AG have achieved excellent results as part of the EU-sponsored "GiantLeap" project. The stacks were fitted to a full-electric bus of the Dutch bus manufacturer VDL Bus & Coach, tested under real traffic conditions, and, in the course of that, subjected to adverse conditions. The overall performance of the stacks was safeguarded in when they were exposed to detrimental operating conditions such as fuel starvation, elevated temperatures and over-pressure, emergency shutdowns of the system during the development period, and human error. The final report of the multi-year project states: "The overall performance of the system exceeded expectations. [...] ElringKlinger stacks used in GiantLeap displayed an excellent performance throughout the project. [...] Still, right to the end of the project, the stacks were in their specified power range."

Armin Diez, Head of the Fuel Cell Technology business unit at ElringKlinger, says: "We greatly appreciate the successful completion of the project. It again confirms the excellent testing results of our fuel cell stacks in a real application environment. The basis for the implementation of the stack technology used in this project are patented design features and high-precision manufacturing processes, which have been developed from existing products that have already been manufactured in series for decades. This know-how makes our fuel cells a high-performance, efficient, and sustainable solution for our customers on their way to zero-emission mobility."

As part of the "GiantLeap" project, a total of six corporations and institutions developed and established a fuel-cell-powered range extender for full-electric buses as partners. The range extender includes a system with two stacks. The fuel cells were used in a separate trailer for the bus and tested in real traffic. The project was sponsored by the EU via the Fuel Cell and Hydrogen Joint Undertaking (FCH JU). The objective of the FCH JU is to promote research, technological development, and demonstration of fuel cells and hydrogen technology in Europe.

ElringKlinger has been active in the research and development of fuel cells for around 20 years and operates in the market as a system and component supplier. The stacks are based on PEM technology and convert chemical energy into electrical energy and water using hydrogen and oxygen. They are particularly suitable for mobile applications with long-range operation. Applications include buses and cars, but also industrial applications, such as commercial vehicles and industrial trucks.

Stacks from ElringKlinger for integration into customer systems are available with an electrical output of 2 to 150 kW. These reduce the complexity as well as the costs of the full system through the takeover of system functionalities by integrated peripheral components.

About ElringKlinger AG
As an independent and globally positioned supplier, ElringKlinger is a powerful and reliable partner to the automotive industry. Be it passenger car or commercial vehicle, equipped with an optimized combustion engine, with hybrid technology, or with an all-electric motor - we offer innovative solutions for all types of drive system. In doing so, we are making a committed contribution to sustainable mobility. Our 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. Developing cutting-edge battery and fuel cell technology as well as electric drive units, we were among the frontrunners when it came to positioning ourselves as a specialist in the field of e-mobility. At the same time, we are committed to evolving our sealing technology for a wide range of applications. Our shielding systems are designed to ensure high-end temperature and acoustics management throughout the vehicle. Dynamic precision parts developed by ElringKlinger can be used in all types of drive system. Additionally, the Group's portfolio includes engineering services, tooling technology, and products made of high-performance plastics, which are 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.

About the FCH JU
The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a unique public private partnership supporting research, technological development and demonstration (RTD) activities in fuel cell and hydrogen energy technologies in Europe. Its aim is to accelerate the market introduction of these technologies, realising their potential as an instrument in achieving a carbon-lean energy system. The three members of the FCH JU are the European Commission, fuel cell and hydrogen industries represented by Hydrogen Europe and the research community represented by the research grouping Hydrogen Europe Research.

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