euro adhoc: ElringKlinger AG / quarterly or semiannual financial statement / ElringKlinger with 13 percent sales growth and 11 percent increase in adjusted consolidated net income after minority inter

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6-month report

07.08.2008

The ElringKlinger Group recorded further growth in sales and earnings
in the first six months of 2008. Despite sluggish automobile markets
in North America and Western Europe, sales at Group level increased
by 13.0% to EUR 350.2 (310.0) million. The recently acquired
Swiss-based SEVEX Group as well as the 50% holding in ElringKlinger
Marusan Corp., Japan, contributed to sales and earnings on a pro rata
basis for the first time as from the second quarter. In the second
quarter, ElringKlinger increased Group sales by 19.4% to EUR 187.4
(157.0) million.

The largest percentage gains were achieved in Asia. Demand for
products designed to assist with CO2 reduction and fuel efficiency
developed well. Growth rates were particularly solid within the
product groups of specialty gaskets for the exhaust tract,
lightweight plastic modules and thermal shielding components.

The acquisition of the Swiss-based SEVEX Group and the purchase of
the equity interest in MARUSAN contributed approx. EUR 22 million to
sales and around EUR 4.7 million to earnings before taxes. The
operating margin of SEVEX currently lies just within the double-digit
range and is to be lifted by the end of 2010 to the level generally
achieved within the Group. The allocation of the cost of purchase to
the acquired order backlog had an adverse effect of around EUR 1.2
million on the operating result for the second quarter. However, this
accounting-specific factor will no longer be of relevance from the
fourth quarter onward. By contrast, the purchase price for the
interests acquired in MARUSAN, which was lower than equity, resulted
in non-recurring other operating income of EUR 5.8 million.

High energy costs together with the surge in commodity prices
witnessed in the first half of 2008 had an adverse effect. Lower
prices for steel alloys used by the company had not yet been passed
on by suppliers. Consequently, cost of sales rose by 18.1% to EUR
240.8 (203.9) million. Selling as well as general and administrative
expenses rose at a slower rate than revenue. The ElringKlinger Group
expended EUR 16.5 (15.2) million on research and development in the
first half of 2008, a year-on-year increase of EUR 1.3 million. Other
operating expenses increased by an additional EUR 4.0 million as a
result of one-time provisions allocated for the purpose of hedging
the price of high-grade steel as well as due to a hedging contract
relating to raw materials.

Within this context, it should be noted that earnings for the second
quarter of 2007 had included non-recurring income from an insurance
payout in connection with fire damage of EUR 4.7 million for the fire
at one of the company's operating facilities and additional income
from the sale of a raw materials hedge. In the second quarter of
2008, the company accorded one-time income of EUR 0.8 million from
insurance payouts in connection with fire damage.

ElringKlinger increased EBITDA by 4.4% to EUR 87.5 (83.8) million in
the first half-year of 2008. Adjusted for the non-recurring effects
from insurance income, provisions for commodities hedging and added
value from the Marusan acquisition, EBITDA rose by 7.4% to EUR 84.9
(79.1) million. In the second quarter of 2008, EBITDA grew slightly
to EUR 47.0 (46.3) million. Adjusted for non-recurring effects,
EBITDA expanded by 6.7% to EUR 44.5 (41.6) million.

EBIT fell by 2.7% to EUR 60.4 (62.1) million in the first six months
of 2008. Excluding the non-recurring effects and purchase price
allocations, EBIT grew by 2.9% to EUR 59.1 (57.4) million. In the
second quarter, the ElringKlinger Group achieved EBIT of EUR 31.2
(35.1) million. Adjusted for the non-recurring effects outlined
above, EBIT before purchase price allocation reached EUR 29.9 (30.4)
million, having accounted for negative foreign currency effects
equivalent to EUR 0.5 million. The adjusted operating result before
purchase price allocation stood at EUR 30.4 million, which was
comparable to the figure posted for the same period a year ago. Due
mainly to external financing of corporate acquisitions, net finance
costs grew by EUR 2.5 million to EUR 3.7 (1.2) million in the second
quarter of 2008.

This led to a 6.9% decline in earnings before taxes for the first six
months of 2008, down to EUR 55.6 (59.7) million. Excluding
non-recurring effects and purchase price allocation, earnings before
taxes were 1.3% down on the figure recoded in the same period a year
ago. In the second quarter, earnings before taxes amounted to EUR
28.0 (33.9) million. Excluding non-recurring effects, earnings before
taxes and purchase price allocation totaled EUR 26.7 (29.2) million.

As a result of the reduction in the tax rate to 28.4% (34.7%)
consolidated net income after minority interests rose by 4.7% to EUR
38.1 (36.4) million in the first half of 2008. Adjusted for
non-recurring effects and excluding the allocation of the cost of
purchase, consolidated net income after minority interests (profit
attributable to the shareholders of ElringKlinger AG) rose by 11.1%
to EUR 37.2 (33.5) million. In the second quarter, consolidated net
income after minority interests fell by 8.6% to EUR 19.2 (21.0)
million. Excluding non-recurring effects and the allocation of the
cost of purchase, consolidated net income after minority interests
amounted to EUR 18.3 (18.1) million, which was 1.0% higher than in
the same quarter a year ago.

Earnings per share accounted for on the basis of IFRS rose from EUR
0.63 to EUR 0.66 in the first six months. Adjusted for non-recurring
effects, earnings per share before purchase price allocation stood at
EUR 0.65 (0.58), up 11.1% on the figure posted for the same period a
year ago. In the second quarter, earnings per share amounted to EUR
0.33 (0.37). Adjusted for non-recurring effects, earnings per share
rose slightly to EUR 0.32 (0.31).

Double-figure growth in order intake In the first six months order
intake increased by 9.0% to EUR 355.1 (325.8) million. In the second
quarter, the volume of incoming orders expanded by 10.7% to EUR 190.0
(171.7) million. At the end of the second quarter order backlog stood
at EUR 288.2 (224.0) million, which was 28.7% higher than the level
recorded at June 30, 2007. This figure includes the order backlog of
SEVEX for the second quarter of 2008.

Revenue and earnings growth for the annual period ElringKlinger is
targeting organic sales growth of 5 to 7% for the 2008 financial year
as a whole. This forecast is based on the assumption that what is
currently a sluggish automobile industry is not faced with a
significant deterioration in its economic outlook and that new
ramp-ups are executed in line with forecasts in the second half of
the year. Adjusted for non-recurring effects, net income after
minority interests (i.e. profit attributable to the shareholders of
ElringKlinger AG) is forecast to rise faster in relation to sales. In
2007, earnings had included one-time income of EUR 3.2 million after
taxes from insurance payouts following the fire at one of
ElringKlinger's operating facilities as well as non-recurring income
of EUR 5.5 million from the revaluation of deferred taxes, prompted
by the corporate tax reform in Germany.

This is supplemented by revenue and earnings attributable to
ElringKlinger Marusan Corp. as well as the SEVEX Group, which will
contribute to total sales and profit on a pro rata basis. To a large
extent, the expense items relating to the allocation of the cost of
purchase to the acquired order backlog, as required under IFRS, will
no longer apply as from the fourth quarter.

end of announcement euro adhoc
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ots Originaltext: ElringKlinger AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Stephan Haas

Telefon: +49(0)7123 724 137

Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
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