euro adhoc: ElringKlinger AG / Financial Figures/Balance Sheet / ElringKlinger with Double-digit Revenue and Earnings Growth after First Nine Months of 2006
Geschrieben am 07-11-2006 |
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
07.11.2006
> Consolidated net income after minorities grows by 22% > Operating result up by 20% > Net cash from operating activities increases by 29% > Order intake improves by 16% year on year
Dettingen/Erms, November 7, 2006 - - - The ElringKlinger Group lifted its consolidated sales revenue by 10.6% to EUR 398.0 (360.0) million in the first nine months of 2006. The third quarter of 2006 also proved favorable in terms of revenue growth. Despite sluggish vehicle production in the US, Japan and Europe, ElringKlinger increased Group sales revenue to EUR 128.7 (120.0) million. Growth was driven in particular by the Asian markets, the NAFTA region and South America. New product ramp-ups, growing demand for diesel engines and increasingly stricter emission limits worldwide supported this trend.
Serving passenger and commercial vehicle manufacturers, the OEM segment phased in additional production activities, thus propelling sales revenue beyond the average growth rates recorded in the Group as a whole. In the first nine months of 2006, sales revenue generated in this segment increased by 12.5% to EUR 280.3 (249.1) million. In the third quarter, ElringKlinger lifted OEM sales revenue to EUR 88.0 (82.3) million. The Shielding Technology division yet again recorded significant growth.
Sales revenue generated in the Aftermarket segment rose by 2.5% to EUR 64.4 (62.8) million in the period from January to September 2006. At plus 5.4%, third-quarter growth was significantly higher than in the same period a year ago. The Middle East and Eastern Europe in particular were responsible for solid gains. Revenue growth within the Western European market for spare parts was more moderate.
The Engineered Plastics segment also continued on its path of growth. In the first nine months of 2006, this segment managed to drive sales revenue generated with PTFE-based products by 11.3% to EUR 44.8 (40.3) million. Sales revenue for the third quarter rose by 12.0%. In addition to extending its R&D activities, the division stepped up its efforts to accelerate growth in the international arena.
The increase in cost of sales was less pronounced than growth recorded in sales revenue. In the first nine months of 2006, cost of sales increased by 9.1% to EUR 257.6 (236.1) million, while the figure for Q3 2006 stood at EUR 83.0 (78.5) million. Higher prices for raw materials and spiraling energy costs had an adverse effect within this area. However, an ongoing efficiency drive and improvements in productivity levels contributed to a slight increase in the gross margin. In the third quarter, the gross margin reached 35.5% (34.6%). The number of employees grew at a slower rate in relation to sales revenue. As of September 30, 2006, the ElringKlinger Group employed 3,218 people, compared with 3,029 a year earlier.
Benefiting from high capacity utilization, ongoing cost-reduction measures and the increased proportion of new products, ElringKlinger was able to improve its operating result from EUR 59.1 million to EUR 70.8 million in the period from January to September 2006. At 19.8%, growth within this area outpaced the gain made in sales revenue. In the third quarter of 2006, ElringKlinger recorded an operating result of EUR 22.8 (19.4) million. The operating margin in the third quarter stood at 17.7%, compared with 16.2% a year ago.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 13.3% to EUR 103.1 (90.9) million in the first nine months of 2006, having accounted for negative foreign currency effects amounting to EUR 1.9 million. In the third quarter, EBITDA stood at EUR 36.0 (30.6) million, which includes the positive exchange rate effects of EUR 0.3 million. Earnings before interest and taxes (EBIT), including the negative exchange rate effects outlined above, increased by 12.2% to EUR 68.9 (61.4) million in the first nine months of 2006. In the third quarter, ElringKlinger increased EBIT to EUR 23.1 (20.4) million, with the corresponding EBIT margin reaching 17.9% (17.0%).
Earnings before taxes rose from EUR 57.0 million in the first nine months of 2005 to EUR 65.2 million in the same period this year. This represents year-on-year growth of 14.4%. In the third quarter, earnings before taxes increased by 14.2%, from EUR 19.0 million in Q3 2005 to EUR 21.7 million in the period under review.
The decrease in the tax rate at Group level to 35.6% (38.4%) resulted in a disproportionately high increase in consolidated net income by 19.7% to EUR 42.0 (35.1) million in the first nine months of 2006. The level of growth recorded in the third quarter was similar. ElringKlinger increased its consolidated net income by 19.8% to EUR 13.9 (11.6) million. After deduction of minority interests amounting to EUR 3.2 (3.3) million, consolidated net income stood at EUR 38.8 (31.8) million in the first nine months of 2006. Compared with the same period a year ago, this constitutes an increase of 22.2%. In the third quarter, consolidated net income after minority interests increased by 20.8% to EUR 12.7 (10.5) million.
Earnings per share calculated in accordance with IFRS were up from EUR 1.66 to EUR 2.02 in the first nine months of 2006. In the third quarter, ElringKlinger increased earnings per share by from EUR 0.55 a year ago to EUR 0.66 in the period under review.
Investments in property, plant and equipment, intangible assets, and investment property totaled EUR 33.0 (35.8) million in the first nine months of 2006. They were financed fully on the basis of net cash from operating activities, which increased from EUR 48.7 million in the first nine months of 2005 to EUR 62.7 million in the first nine months of 2006.
Order intake and order backlog developed encouragingly. Order intake increased by 15.7% to EUR 423.3 (365.8) million in the first nine months. At the end of the third quarter of 2006, order backlog stood at EUR 203.0 (168.6) million, i.e. 20.4% higher than a year ago. The Company is confident - on the basis of planned growth in sales revenue of 5 to 7% and an increase in net income of between 10 and 12% - that it can clearly reach or exceed the upper end of the guidance range for the full 2006 financial year.
end of announcement euro adhoc 07.11.2006 07:36:06 --------------------------------------------------------------------------------
ots Originaltext: ElringKlinger AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note: Stephan Haas Investor Relations Manager Telefon: +49(0)7123 724-137 E-Mail: stephan.haas@elringklinger.de
Branche: Automotive Equipment ISIN: DE0007856023 WKN: 785602 Index: SDAX, CDAX, Classic All Share, Prime All Share Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard Börse Berlin-Bremen / free trade Börse Düsseldorf / free trade Bayerische Börse / free trade Baden-Württembergische Wertpapierbörse / official dealing
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