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ElringKlinger records strong revenue growth in third quarter of 2017

DGAP-News: ElringKlinger AG / Key word(s): Quarter Results/9-month figures

07.11.2017 / 07:29
The issuer is solely responsible for the content of this announcement.


ElringKlinger records strong revenue growth in third quarter of 2017

- Sizeable delivery schedule requests by customers prompt organic revenue growth of 10% in third quarter and 9% in financial year to date

- EBIT before purchase price allocation rises by EUR 2.2 million or 7% year on year to EUR 34.8 million in third quarter

- Schuldscheindarlehen covering EUR 200 million is issued in mid-July for the first time

- Revenue and earnings guidance for 2017 confirmed

Dettingen/Erms (Germany), November 7, 2017 +++ The ElringKlinger Group continued to see its business develop during the third quarter of 2017: revenue improved by 7.9% year on year to EUR 403.6 million and earnings (EBIT before purchase price allocation) by 6.7% to EUR 34.8 million. Due to the appreciation of the euro, currency effects - particularly relating to the Chinese yuan, US dollar, and Swiss franc - diluted revenue by EUR 10.9 million or 2.9%. At the same time, hofer powertrain products GmbH, which has been fully consolidated since February 2017, contributed EUR 1.4 million or 0.4% to revenue. As a result, organic growth stood at EUR 38.9 million or 10.4%.

The Group's substantial growth in revenue was driven primarily by a wide range of global product rollouts as well as by sizeable requests by customers in the NAFTA region for the delivery of components as part of their production scheduling. In fact, the American markets in general represent a strong growth region for ElringKlinger at present. In the NAFTA region alone the Group recorded revenue growth of 16.0% in the quarter just ended, while sales in South America expanded by an equally buoyant 14.3%. Group revenue growth in the Asia-Pacific region was slightly less pronounced at 6.1% but nevertheless perceptively strong. At 6.8% (Germany) and 4.0% (Rest of Europe), revenue generated in Europe also expanded at a significant rate.

"In addition to showing strong revenue growth, the Group's figures for the third quarter also point to an improvement in our performance at an operational level," says CEO Dr. Stefan Wolf. Despite the rise in commodity prices over the course of the year, ElringKlinger's gross profit margin rose to 25.7 (25.0)% in the third quarter and to as much as 25.9 (25.1)% in the first nine months. However, this positive performance was dampened in part by higher selling costs attributable to additional expenditure at sites having to respond to sizeable requests from customers as part of their production scheduling. In total, EBIT (before purchase price allocation) amounted to EUR 34.8 (32.6) million in the third quarter and EUR 111.1 (100.8) million in the first nine months, which corresponds to a margin of 8.6 (8.7)% and 8.9 (8.8)% respectively.

Similar to the situation in the second quarter, the strength of the euro led to exchange differences, the net result of which increased finance costs by EUR 4.2 (0.0) million. Additionally, higher income tax expenses of EUR 8.7 (7.8) million reduced earnings per share by 5 cents to EUR 0.25 (0.30) in the third quarter. In the first nine months, however, earnings per share rose slightly to EUR 0.94 (0.93).

In July 2017, ElringKlinger successfully issued a Schuldscheindarlehen (loan granted to the company against a form of promissory note) for the first time in its corporate history. The placement was heavily oversubscribed, as a result of which the volume originally planned by the company was doubled to EUR 200 million. With an average fixed interest rate of 1.23% and maturities of 5, 7, and 10 years, the Group secured attractive terms for the purpose of refinancing existing liabilities while also optimizing its maturity structure.

The Management Board has reaffirmed its guidance for sales and earnings in 2017. Having outpaced the expansion of global vehicle production by around 6 percentage points in the first nine months on the basis of organic revenue growth, ElringKlinger's market outlook for the fourth quarter is slightly more restrained. Against the backdrop of differing projections for the respective regions of the world, the Group remains confident that it can exceed the global market growth rate by 2 to 4 percentage points on the basis of organic growth in sales.

Assuming that the fourth quarter does not produce any macroeconomic turbulence, e.g., due to an escalation of the conflict in North Korea, and that the situation in Catalonia is not exacerbated, e.g., in the form of a general strike, the Group continues to anticipate that it will improve its operating result (EBIT before purchase price allocation) and achieve an EBIT margin (before purchase price allocation) of around 9 to 10% in the year as a whole.

For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
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

EUR million9M 20179M 2016 ∆ abs.∆ rel.Q3 2017Q3 2016 ∆ abs.∆ rel.
Order intake1,288.61,248.9+39.7+3.2%381.0383.7-2.7-0.7%
Order backlog976.5894.7+81.8+9.1%976.5894.7+81.8+9.1%
Revenue1,244.71,150.3+94.4+8.2%403.6374.2+29.4+7.9%
of which FX effects  -11.8-1.0%  -10.9-2.9%
of which acquisitions  +7.3+0.6%  +1.4+0.4%
of which organic  +98.9+8.6%  +38.9+10.4%
EBITDA182.5166.8+15.7+9.4%59.455.1+4.3+7.8%
EBIT before purchase price allocation111.1100.8+10.3+10.2%34.832.6+2.2+6.7%
EBIT margin before purchase price allocation (in %)8.98.8+0.1pp-8.68.7-0.1pp-
Purchase price allocation3.53.6-0.1-0.91.4-0.5-
EBIT107.797.2+10.5+10.8%33.931.2+2.7+8.7%
Net finance cost-19.2-12.5-6.7--8.0-3.6-4.4-
EBT88.484.7+3.7+4.4%25.927.6-1.7-6.2%
Taxes on income25.923.4+2.5+10.7%8.77.8+0.9+11.5%
Effective tax rate
(in %)
29.327.6+1.7pp-33.728.2+5.5pp-
Net income
(after non-controlling interests)
59.658.8+0.8+1.4%16.119.0-2.9-15.3%
Earnings per share (in EUR)0.940.93+0.01+1.1%0.250.30-0.05-16.7%
Investments (in property, plant, and equipment)114.1116.6-2.5-2.1%42.143.0-0.9-2.1%
Operating free cash flow-53.3-3.9-49.4<-100.0%-31.51.8-33.3<-100.0%
Net working capital595.7541.0+54.7+10.1%    
Equity ratio (in %)44.146.9-2.8pp-    
Net financial liabilities644.4528.9+115.5+21.8%    
Employees
(as of Sept. 30)
9,3768,433+943+11.2%    
 

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. 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 make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 9,300 people at 49 ElringKlinger Group locations around the globe.

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.



07.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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 makes further ground in second quarter of 2017

DGAP-News: ElringKlinger AG / Key word(s): Half Year Results/Quarter Results

07.08.2017 / 07:38
The issuer is solely responsible for the content of this announcement.


ElringKlinger makes further ground in second quarter of 2017

- Strong demand sees revenue expand by 4.3% in second quarter of 2017 and by 8.4% in first half of 2017

- EBIT before purchase price allocation up by 12% to EUR 76.3 million in first half; EBIT margin before purchase price allocation improves to 9.1%

- Guidance for 2017 confirmed

Dettingen/Erms (Germany), August 7, 2017 +++ After a strong start to the year ElringKlinger AG maintained its forward momentum in the second quarter of 2017. Despite automobile production stagnating at its prior-year level, the Group managed to increase sales revenue by 4.3% to EUR 407.8 (390.9) million. Asked to comment, CEO Dr. Stefan Wolf said, "The good situation in terms of orders and our sustained revenue growth at a high level are a reflection of the strong demand for our products. One of the most striking aspects is that we managed to expand especially in those markets that were generally in decline in the second quarter." In the NAFTA region, for instance, ElringKlinger lifted sales revenue by 8.5% year on year in the second quarter, while automobile production in this market was down by around 3%. The situation was similar in the Asia-Pacific region, where ElringKlinger recorded revenue growth of 12.6%. By contrast, China - as the most important market in Asia - was faced with a slight slowdown of around 1%.

The dynamic level of growth recorded by ElringKlinger was attributable to a number of new product rollouts. "These ramp-ups covered the entire product portfolio within the Original Equipment segment. We also saw solid growth in the other segments of our business during the second quarter, with Aftermarket expanding by 3.1% and Engineered Plastics by 3.6%," said Wolf.

Building on this positive performance, the Group recorded organic revenue growth of EUR 18.1 million, or 4.6%, in the second quarter just ended. There are revenue streams from acquisitions to be considered amounting to EUR 2.6 million, or 0.7%, contributed by hofer powertrain products GmbH, by the company formerly known as COdiNOx Beheer B.V., and by the business operations of Maier Formenbau GmbH. Currency effects - particularly with regard to the Chinese yuan, the Turkish lira, and the British pound - diluted revenue by EUR 3.8 million, or -1.0%, as a result of which reportable revenue of EUR 407.8 million for the quarter just ended was up EUR 16.9 million, or 4.3%, on the figure posted for the same period a year ago.

On the back of strong revenue growth, earnings before interest and taxes (EBIT) also expanded in the second quarter, although the improvement in earnings was affected slightly by several factors. First, the implementation of the Group-wide ERP system at the Swiss site effective from May 1, 2017, led to a slight delay in the scheduled improvement process. Secondly, the large volume of components requested by customers as part of their production scheduling temporarily led to additional selling expenses at some of the NAFTA sites. Furthermore, the volatile nature of project-driven business in the Exhaust Gas Purification division had an impact on earnings due to the fact that a strong fourth quarter in 2016 was now followed by two less buoyant quarters in 2017. In total, the Group recorded EBIT before purchase price allocation of EUR 37.2 (36.2) million in the second quarter, which corresponds to a margin of 9.1 (9.3)%. The year-on-year improvement was more noticeable in the first half as a whole, with the Group growing by EUR 8.1 million to EUR 76.3 (68.2) million, which translates into a margin of 9.1 (8.8)%.

ElringKlinger also remained on track with regard to its other performance indicators: at 5.4%, net working capital rose at a slower rate than revenue (+8.4%) in the first half of 2017. On a quarterly basis, investments in property, plant, and equipment and real estate increased by EUR 6.3 million to EUR 42.4 (36.1) million. In the first half of 2017 as whole, however, they were down by EUR 1.6 million year on year at EUR 72.0 (73.6) million. Correspondingly, the investment ratio fell to 8.6 (9.5)%. Additionally, strong revenue growth in the first two quarters and the associated temporary increase in inventories and trade receivables resulted in a decline in operating free cash flow to EUR -21.8 (-5.7) million; of this total, a figure of EUR -10.2 (-6.3) million was attributable to the second quarter.

Based on the current market climate, ElringKlinger has kept its forecast for global car production unchanged at 1 to 2% for 2017 as whole and continues to expect revenue to exceed this figure by around 2 to 4 percentage points. Provided that the Swiss site is able to sustain its positive performance, the Management Board can affirm its guidance for the annual period as a whole, the target being to achieve an EBIT margin before purchase price allocation of around 9 to 10%. ElringKlinger's medium-term revenue and earnings targets have also been confirmed.

For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
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

EUR millionH1 2017H1 2016∆ abs.∆ rel.Q2 2017Q2 2016∆ abs.∆ rel.
Order intake907.6865.2+ 42.4+4.9%413.3441.2-27.9-6.3%
Order backlog999.1885.2+113.9+12.9%999.1885.2+113.9+12.9%
Revenue841.1776.1+65.0+8.4%407.8390.9+16.9+4.3%
of which FX effects  -0.9-0.1%  -3.8-1.0%
of which acquisitions  +5.9+0.8%  +2.6+0.7%
of which organic  +60.0+7.7 %  +18.1+4.6%
EBITDA123.1111.6+11.5+10.3%60.558.5+2.0+3.4%
EBIT before purchase price allocation76.368.2+8.1+11.9%37.236.2+1.0+2.8%
EBIT margin before purchase price allocation (in %)9.18.8+0.3 PP-9.19.3-0.2 PP-
Purchase price allocation2.62.2+0.4-1.41.0+0.4-
EBIT73.766.0+7.7+11.7%35.835.2+0.6+1.7%
Net finance cost-11.2-9.0-2.2-24.4%-7.8-2.6-5.2-200.0%
EBT62.557.0+5.5+9.6%28.032.6-4.6-14.1%
Taxes on income17.215.6+1.6+10.3%8.79.1-0.4-4.4%
Effective tax rate (in %)27.527.4+0.1 PP-30.927.9+3.0 PP-
Net income
(after non-controlling interests)
43.539.8+3.7+9.3%18.422.6-4.2-18.6%
Earnings per share
(in EUR)
0.690.63+0.06+9.5%0.290.36-0.07-19.4%
Investments (in property, plant, and equipment)72.073.6-1.6-2.2%42.436.1+6.3+17.5%
Operating free cash flow-21.8-5.7-16.1< -100%-10.2-6.3-3.9-61.9%
Net working capital570.6541.6+29.0+5.4%    
Equity ratio (in %)44.446.3-1.9 PP-    
Net financial liabilities614.6532.0+82.6+15.5%    
Employees (as of June 30)9,0128,283+729+8.8%    
 

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. 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 make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 9,000 people at 49 ElringKlinger Group locations around the globe.

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.



07.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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 completes successful placement of Schuldscheindarlehen

DGAP-News: ElringKlinger AG / Key word(s): Financing

14.07.2017 / 13:10
The issuer is solely responsible for the content of this announcement.


ElringKlinger completes successful placement of Schuldscheindarlehen

- Strong demand from investors prompts significant oversubscription

- Volume of EUR 200 million with maturities of five, seven, and ten years

- Proceeds to be used for general corporate financing, particularly refinancing of existing Group liabilities

Dettingen/Erms (Germany), July 14, 2017 +++ ElringKlinger AG has completed its very first placement of a Schuldscheindarlehen (loan granted to a company against a form of promissory note). The overall Schuldschein volume of EUR 200 million is divided into three different tranches with maturities of five, seven, and ten years and bears interest of 1.23% on average. The funds from the loan will be used for the purpose of general corporate financing, in particular to refinance existing Group liabilities.

"In completing this private placement in the form of a Schuldscheindarlehen, we have utilized an additional financial instrument and diversified Group financing at good terms. The proceeds are to be used for the extinguishment of existing liabilities and will also provide financial room for maneuver when it comes to the strategic development of the Group," said Thomas Jessulat, CFO of ElringKlinger AG. "The tremendously positive response by investors illustrates the level of confidence in ElringKlinger's business model," Jessulat continued.

Strong demand among investors led to significant oversubscription, as a result of which the volume of EUR 100 million originally planned by the company was doubled to EUR 200 million. The promissory notes were taken up by regional banks within Germany's Genossenschaft (cooperative) and Sparkasse (savings bank) sector as well as by private banks in Germany and abroad. The issuance was managed by Landesbank Baden-Württemberg.

For further information, please contact:
ElringKlinger AG
Dr. Jens Winter
Investor Relations / Corporate PR
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

About ElringKlinger AG
As an automotive supplier, ElringKlinger has become a trusted partner to vehicle manufacturers - with a firm commitment to shaping the future of mobility. Be it optimized combustion engines, high-performance hybrids, or environmentally-friendly battery and fuel cell technology, ElringKlinger provides innovative solutions for all types of drive systems. 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 make refinements with regard to gaskets in order to meet the highest possible standards. Additional solutions include thermal and acoustic shielding components as well as particulate filters and end-to-end exhaust gas purification systems for engines used in stationary and mobile applications. The Group's portfolio is complemented by products made of the high-performance plastic PTFE which are also marketed to industries beyond the automotive sector. These efforts are supported by a dedicated workforce of more than 8,700 people at 49 ElringKlinger Group locations around the globe.



14.07.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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



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ElringKlinger AG: Preliminary announcement of the publication of financial reports according to Articles 37v, 37w, 37y of the WpHG [the German Securities Act]

ElringKlinger AG / Preliminary announcement on the disclosure of financialstatements08.06.2017 / 11:46Preliminary announcement of the publication of financial reports accordingto Articles 37v, 37w, 37y 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 reportsshallbe disclosed :Report: Financial report of the group (half-year/Q2)Date of disclosure / German: August 07, 2017Date of disclosure / English: August 07, 2017German: www.elringklinger.de/investor/2017-q2-de.pdfEnglish: www.elringklinger.de/investor/2017-q2-en.pdf---------------------------------------------------------------------------08.06.2017 The DGAP Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Archive at www.dgap.de---------------------------------------------------------------------------     Language:    English     Company:     ElringKlinger AG                  Max-Eyth-Straße 2                  72581 Dettingen/Erms                  Germany     Internet:    www.elringklinger.de     End of News    DGAP News Service
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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

22.05.2017 / 16:00
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:Thomas
Last name(s):Jessulat

2. Reason for the notification

a) Position / status
Position:Member of the managing 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
The shares were awarded by  ElringKlinger AG as part of the variable Executive Board compensation (Long Term Incentive II) with a three-year blocking period.

c) Price(s) and volume(s)
Price(s)Volume(s)
18.109EUR4581.577EUR

d) Aggregated information
PriceAggregated volume
18.1090EUR4581.5770EUR

e) Date of the transaction
2017-05-19; UTC+2

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



22.05.2017 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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