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Press Release

EKPO: Carole Brinati appointed Managing Director

Dettingen/Erms, May 11, 2023 +++ Carole Brinati has joined the executive team of EKPO Fuel Cell Technologies GmbH (EKPO), taking up her new role with effect from March 1, 2023. She succeeds Julien Etienne, who decided to leave the company end of 2022.

Carole Brinati can draw on many years of managerial experience and has been with EKPO's French parent company, Plastic Omnium, since 2001. She holds a Master's degree in Chemistry and an MBA from IAE University of Caen. She began her professional career in various roles centered around purchasing. Having held management positions in France, North America, and Asia, she moved to sales, an area in which she was responsible for major international OEMs. In her most recent position as Director Sales and Programs at Plastic Omnium Automotive Exteriors in Munich, she oversaw business dealings with Mercedes-Benz.

Carole Brinati's responsibilities include Sales, Marketing, and Programs at EKPO. She thus joins the executive team consisting of Dr. Gernot Stellberger, who is responsible for Strategy, Finance, Purchasing, Human Resources, and Advanced Development, and Stefan Schmid, who oversees Production, Product Engineering, IT, and Quality and Sustainability Management.

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Press Release

ElringKlinger makes successful start to 2023 financial year

  • Group revenue up substantially by EUR 53.1 million or 12.2% to EUR 487.7 million in first quarter of 2023 (Q1 2022: EUR 434.6 million)
  • Year-on-year improvement in adjusted EBIT at EUR 26.4 million and adjusted EBIT margin at 5.4% (Q1 2022: EUR 15.0 million and 3.5 %)
  • Solid financial position and cash flows: equity ratio of 44.4%, net financial liabilities down year on year at EUR 372.3 million (Q1 2022: EUR 387.4 million) 

 

Dettingen/Erms (Germany), May 9, 2023 +++ ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) has published its results for the first quarter of 2023. The Group generated revenue of EUR 487.7 million (Q1 2022: EUR 434.6 million), which represents a year-on-year increase of 12.2%. The effects of currency translation were negligible at EUR 0.4 million or 0.1%.

Commenting on the quarterly results, Dr. Stefan Wolf, CEO of ElringKlinger AG, said, "We are delighted to have once again generated record sales revenue in the first three months of 2023. At the same time, we managed to increase the Group's EBIT and EBIT margin despite the economic challenges and persistently high commodity prices. ElringKlinger is right on track with its determined and early focus on electromobility, underpinned by a strong position in its long-standing fields of business. This is illustrated not least by the high-volume order placed by the BMW Group for cell contact systems, as announced at the end of last week."

Strong revenue growth in Europe and North America
Revenue expanded significantly in the first quarter of 2023, particularly in the two strongest sales regions of the Group. The Rest of Europe accounted for growth of 18.3%, which was in excess of the Group average of 12.2%. Revenue in this region increased by EUR 24.6 million to EUR 159.1 million (Q1 2022: EUR 134.5 million). The region encompassing North America saw revenue grow by 23.1% or EUR 24.0 million to EUR 127.7 million in the first quarter of 2023 (Q1 2022: EUR 103.7 million). Revenue also trended higher in Germany, up by EUR 6.6 million or 7.3% to EUR 97.2 million (Q1 2022: EUR 90.6 million).

Adjusted EBIT margin at 5.4%
Against the backdrop of buoyant revenue growth and elevated material prices in the first quarter of 2023, the Group managed to propel earnings before interest, taxes, depreciation, and amortization (EBITDA) by EUR 10.8 million to EUR 53.6 million (Q1 2022: EUR 42.8 million). At EUR 27.5 million, depreciation and amortization were slightly below the previous year's level (Q1 2022: EUR 28.6 million). In total, the Group generated adjusted earnings before interest and taxes (adjusted EBIT) of EUR 26.4 million (Q1 2022: EUR 15.0 million), which corresponds to an adjusted EBIT margin of 5.4% (Q1 2022: 3.5%).

Equity ratio remains stable within target range of 40 to 50%, net financial liabilities down
The ElringKlinger Group's financial position and cash flows remained solid at the end of the first quarter of 2023. At the end of the quarter, the Group's equity ratio stood at 44.4% (Dec. 31, 2022: 43.8 %) and net financial liabilities at EUR 372.3 million. The latter were thus below the comparable figure of EUR 387.4 million posted for the same quarter last year. The net debt ratio (net financial liabilities in relation to EBITDA) was scaled back from 2.1 to 2.0. As regards cash flows in the first quarter, the substantial funds committed to net working capital in particular resulted in negative operating free cash flow of EUR -20.3 million (Q1 2022: EUR -19.8 million).

Net working capital influenced by several factors
The ElringKlinger Group saw net working capital increase to EUR 518.5 million at the end of the quarter under review, up from EUR 454.7 million at the end of 2022 and up from EUR 449.2 million twelve months earlier. The expansion in net working capital was driven by several factors. The noticeable upturn in revenue in the first quarter led to higher trade receivables. As of March 31, 2023, the latter amounted to EUR 291.5 million (Dec. 31, 2022: EUR 264.9 million). In addition, persistently high material prices and tensions still afflicting some of the procurement markets, coupled with solid order books and factors relating to upcoming series production ramp-ups, propelled inventories upward to EUR 435.9 million (Dec. 31, 2022: EUR 414.0 million). Trade payables, which have a dilutive effect on net working capital, totaled EUR 209,0 million as of the quarter-end (Dec. 31, 2022: EUR 224,1 milion).

Slight increase in headcount
Whereas the ElringKlinger Group employed 9,396 people at the end of the first quarter of 2022, this figure had risen by 2.5% to 9,635 by March 31, 2023. In particular, the Group expanded its workforce in Asia-Pacific and Germany. In Germany, upstaffing was centered around fuel cell technology, an area of strategic importance to the future.

Guidance for 2023 confirmed
Confirming its guidance for the current 2023 financial year, the Group continues to expect organic revenue growth to be substantially above the global market level. According to its latest projections, industry service provider S&P Global Mobility estimates that global light vehicle production will expand by 3.8% in 2023. In addition, ElringKlinger expects to further improve its earnings situation in the current financial year thanks to its strict cost discipline and the anticipated increase in revenue. Overall, the Group is forecasting adjusted EBIT of around 5% of its revenue for 2023.

Medium-term forecast
ElringKlinger considers itself to be in an excellent strategic 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. In the medium term, the Group anticipates disproportionately high organic growth compared to global automotive production levels and continues to expect to improve its adjusted EBIT margin gradually over this period.

Key financials for Q1 2023

in EUR millionQ1 2023Q1 2022∆ abs.∆ rel.
Order intake474.9578.3-103.4-17.9 %
Order backlog1,449.01,529.9-80.9-5.3 %
Revenue487.7434.6+53.1+12.2 %
of which FX effects  +0.4+0.1 %
of which M&A  ±0.0±0.0 %
of which organic  +52.7+12.1 %
EBITDA53.642.8+10.8+25.2 %
Adjusted EBIT26.415.0+11.4+76.0 %
Adjusted EBIT margin (in %)5.43.5+1.9 PP-
EBIT26.014.1+11.9+84.4 %
EBIT margin (in %)5.33.3+2.0 PP-
Net finance cost-9.4-3.3-6.1->100 %
EBT16.610.9+5.7+52.3 %
Income taxes12.27.0+5.2+74.3 %
Net income (after minorities)6.74.0+2.7+67.5 %
Earnings per share (in EUR)0.110.06+0.05+83.3 %
Investments in PPE (payments)12.312.8-0.5-3.9 %
Operating free cash flow-20.3-19.8-0.5-2.5 %
ROCE (in %)6.63.4+3.2 PP-
Net working capital518.5449.2+69.3+15.4 %
Equity ratio (in %)44.446.3-1.9 PP-
Net financial debt372.3387.4-15.1-3.9 %
Net financial debt / EBITDA2.02.1-0.1-4.8 %
Employees (as at March 31)9,6359,396+239+2.5 %

 

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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Press Release

ElringKlinger secures large-scale series production contract from BMW Group for cell contact systems

  • High-volume order for E-Mobility business unit covering period of several years
  • Supply of cell contact systems of the latest generation for BMW Group's "NEUE KLASSE"
  • ElringKlinger to invest an amount in the double-digit million euro range in new production machinery and infrastructure measures by the start of production in 2025

 

Dettingen/Erms (Germany), May 05, 2023 +++ ElringKlinger AG, a leading automotive supplier with a global presence and a broad range of products tailored to the e-mobility market, has been awarded a new high-volume series production contract covering a period of several years. Headquartered in Dettingen/Erms, Germany, ElringKlinger will supply the BMW Group with cell contact systems for the new series of "NEUE KLASSE" electric models.

Asked to comment, Dr. Stefan Wolf, CEO of ElringKlinger AG, said, "We are delighted to have been awarded this contract, which marks another milestone on the road to transformation for ElringKlinger. It will contribute toward propelling revenue beyond the EUR 3 billion mark in 2030. It is orders like these in the areas of electromobility and lightweighting, our strategic fields of the future, that will help us in our pursuit of profitable growth until the end of the decade."

In securing this contract, the E-Mobility business unit has won another high-volume series production order for battery components. As Jürgen Weingärtner, Senior Vice President Electric Drive and Battery Technology, explains, "Our cell contact system meets the most exacting standards in respect of technology and quality. The development and production process for cell contact systems is based on ElringKlinger's core capabilities, and it is precisely this aspect that allows us to achieve a high proportion of value creation within the Group itself. Overall, the order bears testimony to ElringKlinger's extensive expertise in battery technology."

Cell contact systems form an integral part of ElringKlinger's broad product portfolio for the next generation of mobility and have been in series production for more than ten years. They are precisely tailored to customer requirements and are fitted directly onto the cell combination. In addition to performing the functional tasks of voltage tapping, they also include voltage and temperature sensors, thus boasting a high degree of integration.

The machinery used in the series production of cell contact systems is fully automated and all processes are set up to meet the latest standards. The European start of production (SOP) for this order is scheduled for 2025 in Neuffen, Baden-Württemberg. This is to be followed by production and delivery for the Asian market. In the run-up to SOP, ElringKlinger will invest an amount in the double-digit million euro range in new production machinery and infrastructure measures.

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Press Release

ElringKlinger celebrates its 30th anniversary in China with innovations for all drive types

Shanghai, China, Dettingen/Erms, Germany, April 18, 2023 +++ At this year's AUTO SHANGHAI, ElringKlinger is celebrating its 30th anniversary in China and will be showcasing various innovations from the fields of battery and fuel cell technology, lightweight construction as well as from its classic business areas relating to gasket technology at its exhibition booth (Hall 1.2, Booth 1BH008).

With its motto "#transformationpioneer", ElringKlinger underscores its early focus on alternative drive technologies as well as its good starting position for the ongoing transformation of the automotive and supplier industry. The company has built an intelligent product portfolio that is based on several pillars. "ElringKlinger is in an excellent position with regard to the megatrend of electromobility. We will be using one of the world's largest mobility platform to present our comprehensive portfolio," says Humphrey Chen, General Manager of  ElringKlinger China Ltd.

A range of zero-emission mobility products will be installed in a demonstrator vehicle, demonstrating the Group's leading position in providing solutions for current and future generations of vehicles.

ElringKlinger has made a name for itself in the field of battery technology in recent years. For example, the company supplied cell contact systems for the purely battery-electric BMW i3 vehicle. This key component takes over the current conduction as well as voltage and temperature monitoring. ElringKlinger has extensive knowledge in designing and manufacturing large plastic parts, so that we can offer cell contact systems also for cell-to-pack applications. At AUTO SHANGHAI the company will present a cell contact system for prismatic cells using a flexible printed circuit-based signal carrier.

ElringKlinger will also be presenting the ElroSafeTM underbody shield for protecting the battery system, which is made of a thermoplastic sandwich material with glass fiber reinforcement.

The shielding system offers excellent impact behavior as well as thermal and acoustic insulation for battery systems of electric vehicles and ensures a high degree of strength and stiffness combined with low density.

In addition, components for electric drive units (EDU) are showcasted. In an EDU, seals and other components are used in various areas: Electric motor, gearbox and inverter. Different requirements necessiate different, high-end solutions. ElringKlinger offers an extensive portfolio in this segment that will be presented at AUTO SHANGHAI.

Innovative fuel cell technology from EKPO
In 2021 EKPO Fuel Cell Technologies (EKPO), the joint venture between ElringKlinger (60%) and Plastic Omnium (40%), was founded. The company now strengthens its hydrogen business in China more and more. EKPO installed a fuel cell test bench in its Suzhou test lab. A semi-automated fuel cell stack assembly line followed by the end of 2022. The first locally produced stack has already left the factory premises.

“We thus underline our ambitions on the Chinese market with product solutions for various applications. Both the test lab and the assembly line represent milestones in EKPO’s localization strategy in the Asian region, especially in China.” says Humphrey Chen, also General Manager of EKPO Fuel Cell (Suzhou) Co.,Ltd.

EKPO has further strengthened its commitment in China with the establishment of a Chinese subsidiary. Furthermore a joint investment and funding agreement was signed between EKPO and the local government.

At AUTO SHANGHAI EKPO showcases three differenct low temperature fuel cell stack modules (PEMFC) with integrated system functionalities.

The NM5-EVO fuel cell stack module consists of 335 cells and is based on metallic bipolar plates with an electric output of up to 76 kWel. This stack module ist designed for high volume automotive applications.

The NM12 Single fuel cell stack module consists of 359 cells and is based on metallic bipolar plates with an electric output of up to 123 kWel. This stack module ist designed for applications with high power requirements (>100 kW) in the automotive sector (passenger cars and light commercial vehicles).

The NM12 Twin fuel cell stack module consists of 598 cells (2 x 299 cells) and is based on metallic bipolar plates with an electric output of up to 205 kWel. This stack module is designed for applications with high power requirements (>150 kW) in the heavy duty sector.

China is a key market for ElringKlinger
This year ElringKlinger celebrates it 30th anniversary in China. In 1993 the founding of the joint venture, Changchun Elring Gaskets Co. Ltd. took place. ElringKlinger today operates four plants in China – Changchun, Suzhou, Qingdao and Chongqing – employing 1,400 employees and which account for sales of EUR 184 million in 2022.

“There is no doubt that China, the world's largest vehicle market, remains a key market for us. We are continuing to systematically pursue the strategy of strengthening our core businesses and growing in the area of alternative drive technologies, thereby precisely addressing trends and changes in mobility”, says Dr. Stefan Wolf, Global CEO of the ElringKlinger Group

ElringKlinger and EKPO @ AUTO SHANGHAI 2023 | Hall 1.2, Booth 1BH008

Press conference on April 19, 2023 | 2 PM

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Press Release

Dr. Stefan Wolf set to leave ElringKlinger at the end of June 2023

Dettingen/Erms (Germany), April 6, 2023 +++ The Supervisory Board and the Chairman of the Management Board (CEO) of ElringKlinger AG, Dr. Stefan Wolf, have agreed by mutual consent to terminate Dr. Wolf's contract as of June 30, 2023.

Dr. Wolf was with ElringKlinger AG for a total of 26 years, during which time he held the position of CEO for 17 years.

Klaus Eberhardt, Chairman of the Supervisory Board of ElringKlinger AG: "On behalf of the Supervisory Board, I would like to thank Dr. Stefan Wolf for his successful and long-standing track record at ElringKlinger AG. Of particular merit are his achievements in establishing and evolving the areas of fuel cell and battery technology, which he identified and promoted at an early stage and with great foresight as foundations for ElringKlinger AG in pursuit of the transformation currently taking place in the automobile and automotive supply industry. These are to be seen as key milestones for the company."

Dr. Wolf's duties will be performed on an interim basis by Mr. Thomas Jessulat, Chief Financial Officer, as from July 1, 2023. Mr. Jessulat will also temporarily assume the role of Spokesperson of the Management Board. At the same time, the Supervisory Board has begun the process of appointing a successor.

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