euro adhoc: ElringKlinger AG / Financial Figures/Balance Sheet / ElringKlinger increases revenue and earnings in first quarter of 2007
Geschrieben am 10-05-2007 |
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
3-month report
10.05.2007
> Operating result up by 13% > EBIT growth of 19% > Consolidated net income after minority interests grows by 21% > Order backlog up 12% on previous year
Dettingen/Erms (Germany), May 10, 2007 +++ The ElringKlinger Group succeeded in further improving both its revenue and earnings performance in the first quarter of 2007. Group sales revenues rose by 12.5% to EUR 153.0 (136.0) million. The automotive supplier recorded significant growth in North America, Asia and Eastern Europe. ElringKlinger benefited from the increasing share of diesel vehicles within the car market, together with new production ramp-ups as well as growing demand for specialty gaskets and shielding parts used in the exhaust tract.
Within the Original Equipment segment, sales revenues rose by 11.5% to EUR 106.8 (95.8) million in the first three months of 2007. Growth was particularly strong in the areas of shielding technology and specialty gaskets for the exhaust tract. Buoyed by more dynamic demand for spare parts in many markets - particularly in Eastern Europe and the Middle East - sales revenues within the After Market segment rose by 16.9% to EUR 25.9 (22.2) million. Within the area of Engineered Plastics, the main focus of which is on products made of high-performance PTFE, the ElringKlinger Group achieved revenue growth of 12.7%, taking the figure to EUR 17.2 (15.3) million.
Persistently high energy prices and another surge in raw material prices for high-grade steel in the first quarter had an adverse effect. The gross margin stood at 33.8%, after 34.9% at the end of the same period a year ago. Cost of sales amounted to EUR 101.3 (88.5) million, which represents a 14.5% increase on the first quarter of 2006. Selling as well as general and administrative expenses climbed at a slower rate than revenue. Research and development expenses amounted to EUR 7.6 million in the first three months of 2007, after EUR 7.1 million in the same period a year ago. In 2007, ElringKlinger will spend approximately EUR 3 million on start-up activities within its New Business Areas division, which is currently developing fuel cell components, as well as working on a new diesel particulate filter concept.
Due to the efficiency gains achieved within the Group, as well as higher capacity utilization and a favorable product mix for the quarter, EBITDA rose by 12.1% to EUR 37.4 (33.4) million in the first quarter of 2007. Depreciation and amortization expense was slightly lower.
The operating result increased by 12.7% to EUR 27.5 (24.4) million. EBIT, including EUR 0.5 million in negative exchange rate effects, increased by 18.9% to EUR 27.0 (22.7) million.
The financial result improved from minus EUR 2.7 million to minus 1.7 million. Consequently, earnings before taxes grew by 18.9% to EUR 25.8 (21.7) million, thus outpacing growth in operating profit.
The tax rate fell slightly to 35.3% (35.9%). Thus, consolidated net income rose by 20.1% to EUR 16.7 (13.9) million, while consolidated net income after minority interests increased by 20.6% to EUR 15.4 (12.7) million. Earnings per share amounted to EUR 0.80 (0.66).
At EUR 14.1 (7.0) million, the Group invested significantly more over the course of the first three months of 2007 than during the same period a year ago. The main focus was on preparations for product ramp-ups and the expansion of manufacturing capacity, in addition to projects aimed at operational streamlining. Within this context, ElringKlinger channeled a larger proportion of investments into its international subsidiaries and the high-growth Engineered Plastics segment, which focuses mainly on the development and processing of high-performance PTFE. As in the past, investments were covered fully by net cash from operating activities, which grew from EUR 16.2 million to EUR 17.3 million.
Order intake and backlog remained solid in the period under review. Order intake rose by 6.6% to EUR 154.1 (144.5) million. Order backlog increased by 12.4%, reaching a record high of EUR 209.3 (186.2) million. After the first quarter, ElringKlinger is well on track to reach the targets it has set itself for 2007. The company plans to generate revenue growth of 5 to 7% in the 2007 financial year. Consolidated net income after minority interests is expected to come in approximately 10% higher than the adjusted net income after minority interests in 2006 (adjusted for the one-off corporation tax effect that contributed EUR 5.3 million in 2006). Growth planned within these areas will be determined principally by new serial production ramp-ups and the start of production for newly developed parts and components.
end of announcement euro adhoc 10.05.2007 07:27:50 --------------------------------------------------------------------------------
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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