euro adhoc: ElringKlinger AG / Financial Figures/Balance Sheet / ElringKlinger records 14% growth in sales in first nine months, while net income after minorities before non-recurring charges is down

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quaterly report

05.11.2008

Dettingen/Erms, November 5, 2008 +++ In the first nine months of
2008, the ElringKlinger Group lifted sales by 13.9% to EUR 524.0
(460.0) million. Within this context, the recently acquired SEVEX
Group, based in Switzerland, as well as the 50% interest held in
ElringKlinger Marusan Corp., Japan, made a significant contribution
to sales growth. Operating against the backdrop of steadily
deteriorating automobile markets, ElringKlinger managed to grow sales
revenue by 15.9% to EUR 173.8 (150.0) million in the third quarter.

The strongest impetus for ElringKlinger came from the Asian markets,
into which the company has channeled considerable investments,
particularly in China, India and Japan. In this region, sales for the
first nine months rose by 33.6% to EUR 57.6 (43.1) million. The
recently acquired SEVEX Group, whose earnings performance as yet
remains relatively weak, and the ElringKlinger MARUSAN holding
contributed approx. EUR 45 million to sales and around EUR 3.4
million to earnings before taxes.

Operating result impacted by exceptional charges The requisite
allocation of the cost of purchase to the acquired order backlog had
an adverse effect of around EUR 2.5 million on the operating result
for the first nine months. This accounting-specific factor will no
longer be of relevance during the fourth quarter. 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. The latter was recognized in the second quarter of 2008.

High energy costs and elevated commodity prices continued to have a
detrimental effect. In the first nine months in 2008 costs incurred
for the purpose of hedging the price of high-grade steel by means of
commodity-based hedging instruments amounted to EUR 11.1 million in
total (EUR 7.0 million in Q3). Provisions were recognized for this
amount, and other operating expenses increased as a result. Within
this context, it should be noted that the second quarter of 2007 had
included exceptional income of EUR 4.7 million from insurance
benefits relating to fire damage at the company's plant in Runkel,
Germany, which had contributed to earnings on a non-recurring basis.
In the first nine months of 2008, the company recorded further
exceptional income of EUR 0.7 million in connection with this
incident.

The significant rise in capital expenditure and the measures relating
to the purchase price allocation led to an increase in depreciation
and amortization expense of EUR 11.5 million during the first nine
months of 2008

In the first nine months of 2008, EBIT fell by 14.5% to EUR 78.0
(91.2) million. Adjusted for the non-recurring effects associated
with insurance income and the added value from the increased stake in
MARUSAN, EBIT before purchase price allocation fell by 14.4%. In the
third quarter, the ElringKlinger Group recorded EBIT of EUR 17.6
(29.1) million. Adjusted for non-recurring effects, EBIT before
purchase price allocation stood at EUR 19.0 million, which
corresponds to an EBIT margin of 10.9%. Eliminating the additional
expenses asso-ciated with according to IFRS requisite provisions for
commodity price hedging the EBIT margin would have reached 15.0%.

As a result of higher interest costs attributable to externally
financed acquisitions as well as negative foreign-currency effects,
net finance costs rose by EUR 3.4 million to EUR 8.4 (5.0) million in
the first nine months of 2008. In the third quarter of 2008, net
finance costs amounted to EUR 3.3 million, compared to EUR 2.1
million in the same period a year ago. As a result, earnings before
taxes for the first nine months of 2008 declined by 19.9% year on
year to EUR 69.8 (87.1) million. Excluding non-recurring effects and
purchase price allocation, earnings before taxes were 20.1% down on
the figure recorded in the same period a year ago. In the third
quarter, earnings before taxes amounted to EUR 14.2 (27.4) million.
Excluding non-recurring effects, earnings before taxes and before
purchase price allocation amounted to EUR 15.6 million. Before costs
attributable to provisions for com-modity price hedging, pre-tax
profit amounted to EUR 22.7 million in the third quarter of 2008,
which was 17.3% down on last year's third-quarter figure.

Consolidated net income after minority interests (profit attributable
to the shareholders of ElringKlinger AG) totaled EUR 46.8 (58.9)
million in the first nine months, which corre-sponds to a
year-on-year fall of 20.6%. Within this context, however, it should
be noted that the third quarter of 2007 had included a one-time tax
benefit of EUR 5.9 million due to the mandatory remeasurement of
deferred taxes under Germany's corporate tax reform. The tax rate in
the third quarter of 2008 was 31.7%, compared to just 14.6% in the
same period a year ago. Before purchase price allocation and
excluding non-recurring effects, the El-ringKlinger Group recorded
consolidated net income after minority interests of EUR 44.7 million
in the first nine months of 2008, compared to EUR 50.1 million in the
same period a year ago. In the third quarter of 2008, consolidated
net income after minority interests fell from EUR 22.5 million to EUR
8.6 million. This year-on-year reduction was attributable primarily
to the costs for nickel price hedging incurred in the quarter under
review as well as the tax benefit recorded in the third quarter of
2007. On a like-for-like basis, consoli-dated net income after
minority interests and before purchase price allocation and
non-recurring effects would have been EUR 9.9 million. Excluding also
the expenses attribut-able to provisions for commodity price hedging,
consolidated net income after minority interests would have been EUR
14.8 million, i.e. 11.1% down on last year's figure for the third
quarter.

In the first nine months of 2008 earnings per share contracted from
EUR 1.02 to 0.81. Ad-justed for non-recurring effects, earnings per
share before purchase price allocation stood at EUR 0.78 (0.87), down
10.7% on the figure posted for the same period a year ago. In the
third quarter of 2008, earnings per share stood at EUR 0.15 (0.39).
Adjusted for non-recurring effects, earnings per share amounted to
EUR 0.17 (0.29).

Order intake affected by industry weakness, order backlog exceeds
last year's figure In the third quarter the marked slump in the
number of vehicles sold by a large segment of the automobile industry
in both the US and Europe was reflected in order intake. Having said
that, the downward trend was offset by the contribution made by
acquisitions. At EUR 160.1 (160.4) million, order intake during this
period was 0.2 percentage points down on the same period a year ago.
Order backlog at the end of the third quarter stood at EUR 274.5
(234.4) million, which was 17.1% up on last year's third-quarter
figure.

Acquisitions set to contribute to higher sales The target for 2008 as
a whole is to achieve organic Group sales at a level comparable to
last year's annual figure. For 2008 as a whole - including
contributions from the recent ac-quisition of the SEVEX Group,
Switzerland, and the expansion of the company's ownership interest in
ElringKlinger Marusan - Group sales are expected to rise at a rate of
9.0 to 10.0%. This is subject to the proviso that there are no
further significant production cut-backs beyond the output reductions
and extended plant vacations already announced by vehicle
manufacturers. Adjusted for non-recurring effects (excl. purchase
price allocation and the added value from the increased stake in
Marusan), the Group's operating margin for 2008 is expected to reach
13.0 to 14.0%, having factored in the SEVEX Group and ElringKlinger
Marusan, whose earnings performances as yet remain significantly
below par.

In view of the severe crisis to have engulfed the world's automobile
markets and the uncer-tainties among customers and consumers as to
the future direction of the economy, an overall assessment of future
market development should be viewed against the backdrop of more
significant risk, which in turn reduces the accuracy of projections
concerning the volume of components requested by customers as part of
their delivery schedules. Facing these risks, ElringKlinger's target
for 2009 is to achieve figures that slightly exceed sales in fiscal
2008. The goal is to match or slightly exceed an operating margin,
adjusted for non-recurring effects, of 14.0%.

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

Further inquiry note:

Lena Landenberger

Telefon: +49(0)7123 724 631

E-Mail: lena.landenberger@elringklinger.de

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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