euro adhoc: ElringKlinger AG
Annual Reports
ElringKlinger
achieves new record sales revenue and earnings in 2004
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
29.03.2005
The ElringKlinger Group substantially improved its sales revenue and earnings in fiscal 2004. Net sales rose by 8.8 percent from 416.8 million to 453.5 million Euro. Net income in 2004 rose by 56.6 percent from 27.2 million to 42.6 million Euro. The global automotive components supplier specializing in cylinder head gaskets, special-purpose gaskets, housing modules and shielding components for powertrain applications also significantly increased its operating and pretax profit. Operating profit rose by 31.4 percent to 70.7 million Euro (previous year: 53.8 million). Pretax profit in the year under review totaled 67.2 million Euro, up 33.1 percent on the previous year (50.5 million Euro). The ElringKlinger Group generated sales of 280.2 million Euro, or 61.8 percent of its total, outside Germany. Capital investments in the year under review decreased significantly as planned, from 58.0 to 41.7 million Euro. In 2003 the company had had to procure additional manufacturing equipment and machinery because of its high levels of capacity utilization. The purchase of a license for a new cylinder head gasket technology resulted in a one-off charge. A depressive factor in 2004 was the high steel price. ElringKlinger was able to limit its impact, however, by signing long-term framework contracts involving price safeguards. Cost of materials rose by 10.4 percent to 170.2 million Euro. The increase in the ratio of cost of materials to overall output from 35.5 percent to 36.0 percent was modest. At December 31, 2004 ElringKlinger employed 3,114 people worldwide, 29 fewer than in the previous year. The slight decrease resulted from the expiry of limited-term employment contracts. Personnel costs increased by 2.5 percent to 135.0 million Euro. The personnel cost ratio fell from 30.4 to 28.5 percent. The equity ratio of 39.0 percent was well above the previous year's level of 33.0 percent, and just below the company's 40 percent target. ElringKlinger's equity capitalization increased by 21.8 percent to 137.9 million Euro (previous year: 113.2 million Euro). The Group's total consolidated balance sheet assets rose by 3.0 percent to 353.4 million Euro. ElringKlinger forecasts continued profitable growth in 2005, despite still difficult economic conditions.
~ Table: in million EUR 2004 2003 Change (%) Sales 453.5 416.8 +8.8 Overall output 472.8 433.8 +9.0 Operating profit 70.7 53.8 +31.4 Operating margin (%) 15.6 12.9 +20.9 Pretax profit 67.2 50.5 +33.1 Net income 42.6 27.2 +56.6 Equity capitalization 137.9 113.2 +21.8 Equity ratio (%) 39.0 33.0 +18.2 Balance sheet assets 353.4 343.2 +3.0 Employees 3,114 3,143 -0.9 ~
end of announcement euro adhoc 29.03.2005 09:35:00
Further inquiry note:
Stefan Wolf
Spokesman of the board
+49(0)7123 723-264
stefan.wolf@elringklinger.de
Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: SDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen: Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Baden-Württembergische Wertpapierbörse / official dealing
Frankfurter Wertpapierbörse / official dealing
Original content of: ElringKlinger AG, transmitted by news aktuell