EANS-Adhoc: Preliminary results 2011: ElringKlinger propels net income by 42.3%
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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12.03.2012
Dettingen/Erms, March 12, 2012 +++ Generating significant
growth, the ElringKlinger Group managed to outpace the global
vehicle markets by a considerable margin in 2011. Based on
preliminary figures, the Group saw its sales revenue expand by
29.8% to EUR 1,032.8 (795.7) million. The Group's operating
result stood at EUR 151.1 (116.0) million, thus exceeding the
previous year's figure by 30.3%. Net income after minority
interests rose at a more pronounced rate, up 44.7% to EUR 94.9
(65.6) million.
Tangible effect of acquisitions and sale of industrial park
Alongside market growth and the introduction of new products,
acquisitions transacted in 2011, which included the purchase of
the metal flat gaskets business from the Freudenberg Group as
well as the Swiss exhaust treatment specialist Hug Engineering
AG and the Hummel-Formen Group, contributed EUR 83.6 million in
total to sales revenue. At minus EUR 5.0 million, earnings
before taxes contributed by the acquired entities were as yet in
negative territory. This figure included EUR 2.1 million
relating to purchase price allocations. The non-recurring
negative purchase price allocation attributable to Hummel in the
fourth quarter amounted to EUR 0.5 million.
In parallel, however, ElringKlinger AG disposed of its
Ludwigsburg industrial park in 2011,as it no longer formed an integral part of
the automotive supplier's core business. The sale resulted in a one-time gain
of EUR 22.7 million, which was accounted for in other operating
income.
Significant R&D costs for new products and E-Mobility
At EUR 49.9 (40.6) million, ElringKlinger's research and
development expenditure continued to rise. Newly established in
2010, the E-Mobility division was further expanded over the
course of 2011 in response to development contracts for cell
contact systems used in lithium-ion batteries. Whereas general
and administrative expenses as well as selling expenses rose at
a slower rate than sales, other operating expenses surged by
107.1% to EUR 11.6 (5.6) million. Of this total, an amount of
EUR 9.1 million alone was attributable to the fourth quarter.
One-time write-downs in fourth quarter
On the back of significant investments within the Group,
depreciation, amortization and write-downs rose to EUR 96.8
(82.2) million. Depreciation of assets categorized as property,
plant and equipment, included a one-time impairment loss of EUR
1.7 million recognized in the fourth quarter in connection with
merger surpluses. This was attributable to the merger of Elring
Klinger GmbH into the parent company ZWL Grundbesitz- und
Beteiligungs-AG back in the year 2000. Additionally, losses on
the disposal of assets and write-downs attributable to
receivables accounted for a total of EUR 4.1 million.
In the context of the extension of Management Board contracts
finalized in December 2011, pension provisions were raised in
the fourth quarter. This resulted in a one-time effect on
general and administrative expenses of EUR 0.8 million. More
extensive flexitime accounts as a result of higher capacity
utilization necessitated an increase in provisions in the fourth
quarter.
The Group's operating result rose by EUR 35.1 million year on
year to EUR 151.1 (116.0) million in fiscal 2011. This figure
included the above-mentioned income from the sale of the
industrial park. Without this item, the operating result
including the write-downs in connection with purchase price
allocations would have been EUR 128.4 million.
Adjusted EBIT up by 18.1%
Earnings before interest and taxes (EBIT), which in contrast to
the operating result takes account of foreign exchange gains and
losses, were adversely affected by net foreign exchange losses
of EUR 2.4 million in 2011. Thus, EBIT rose by 39.4% to EUR
148.7 (106.7) million. Adjusted for the one-time gain, Group
EBIT rose by 18.1% to EUR 126.0 million. This figure includes
the negative effect of EUR 2.1 million attributable to the
purchase price allocation for the acquisitions. Adjusted EBIT
before purchase price allocation stood at EUR 128.1 million.
Despite foreign exchange losses of EUR 2.4 million, net finance
costs fell to EUR 14.5 (22.1) million. As a result, earnings
before taxes for the ElringKlinger Group amounted to EUR 136.6
(94.0) million. Compared to the previous financial year, this
represented an increase of 45.3%. The tax rate rose to 28.6%
(27.0%).
Net income at EUR 97.6 million
Net income rose by 42.3% year on year to EUR 97.6 (68.6)
million. As a result of the additional ownership interests
acquired by ElringKlinger AG in 2011, minority interests were
scaled back. Therefore, net income after minority interests
(i.e. profit attributable to the shareholders of ElringKlinger
AG) increased by 44.7% to EUR 94.9 (65.6) million.
Correspondingly, earnings per share stood at EUR 1.50 (1.11) in
2011, based on the higher figure of 63,359,990 shares
outstanding.
Order intake remains buoyant
As regards its order books, the Group's business remains robust.
Order intake rose by 22.8% to EUR 1,089.0 (886.6) million in
2011. At EUR 272.6 (227.3) million, order intake for the fourth
quarter of 2011 was also well up on the figure recorded in the
buoyant final quarter of 2010. As at December 31, 2011, order
backlog for the ElringKlinger Group totaled EUR 448.4 (333.1)
million, which corresponds to year-on-year growth of 34.6%.
Additional revenue and adjusted earnings growth planned for 2012
Based on the assumption that global vehicle production will
continue to expand slightly, the ElringKlinger Group anticipates
organic revenue growth of 5 to 7% in 2012. Within this context,
it should be noted that the level of revenue growth achieved in
fiscal 2011 was significantly higher than originally forecast.
The Group also expects to see an additional revenue contribution
of around EUR 20 million from the consolidation of recently
acquired Hug Engineering AG and Hummel-Formen Group, which in
2012 will be included in the consolidated group for a full
annual period for the very first time.
The consolidated entities acquired will see an improvement in
their overall earnings situation in 2012, having contributed
negative aggregate earnings in 2011. However, the EBIT margin
of the Group's core business will nevertheless be diluted to
some extent in 2012 as a result of the as yet weaker margins
recorded by the acquired entities and the purchase price
allocations associated with these acquisitions as well as the
lead costs incurred in the field of battery technology. Despite
these effects, ElringKlinger anticipates that earnings before
interest and taxes, adjusted for non-recurring items, will
expand at a faster rate than sales revenue. Adjusted earnings
before interest and taxes for the Group as a whole (EUR 126.0
million in fiscal 2011) are expected to be in a range of EUR 145
to 150 million.
Preliminary and un-audited results for fiscal 2011 and the
fourth quarter 2011
EUR mn Q4 FY
2011 2010 Change in % 2011 2010 Change in %
Sales revenue 269.6 209.5 + 28.7% 1,032.8 795.7 + 29.8%
Gross profit 78.2 58.8 + 33.0% 288.7 238.6** + 21.0%
Selling expenses 19.0 14.6 + 30.1% 67.4 54.3 + 24.1%
General and administrative
expenses 14.9 12.8 + 16.4% 43.4 33.7** + 28.8%
Research and development
costs 12.9 8.8 + 46.6% 49.9 40.6** + 22.9%
Other operating income 4.9 3.6 + 36.1% 34.7* 11.6 + 199.1%
Other operating expenses 9.1 1.8 + 405.6% 11.6 5.6 + 107.1%
Operating result 27.2 24.4 + 11.5% 151.1* 116.0 + 30.3%
Net finance costs 2.9 6.6 - 56.1% 14.5 22.1 - 34.4%
Earnings
before taxes 24.3 17.9 + 35.8% 136.6* 94.0 + 45.3%
Net income 14.6 12.2 + 19.7% 97.6 68.6 + 42.3%
Profit attributable to
shareholders of
ElringKlinger AG 14.3 11.7 + 22.2% 94.9 65.6 + 44.7%
Earnings per share(in EUR) 0.23 0.17 + 35.3% 1.50 1,11 + 35.1%
EBITDA 58.0 44.1 + 31.5% 245.5* 188.9 + 30.0%
Depreciation and
amortization 31.0 23.1 + 34.2% 96.8 82.2 + 17.8%
EBIT 27.0 21.0 + 28.6% 148.7* 106.7 + 39.4%
*Incl. one-time gain of EUR 22.7 mn due to sale of industrial park
**Allocation to R&D costs adjusted
The announcement of full results for fiscal 2011 is scheduled for March 29,
2012.
Further inquiry note:
ElringKlinger AG
Investor Relations / Corporate Communications
Stephan Haas
Max-Eyth-Straße 2
72581 Dettingen
Fon: +49 (0)7123-724-137
E-Mail:stephan.haas@elringklinger.com
end of announcement euro adhoc
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issuer: ElringKlinger AG
Max-Eyth-Straße 2
D-72581 Dettingen/Erms
phone: +49(0)7123 724-0
FAX: +49(0)7123-7249000
mail: info@elringklinger.com
WWW: http://www.elringklinger.com
sector: Automotive Equipment
ISIN: DE0007856023
indexes: MDAX, CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Düsseldorf, regulated dealing:
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English
Original content of: ElringKlinger AG, transmitted by news aktuell