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Abonner ElringKlinger AG

ElringKlinger AG

euro adhoc: ElringKlinger AG
quarterly or semiannual financial statement / ElringKlinger with 13 percent sales growth and 11 percent increase in adjusted consolidated net income after minority interests in first half-year of 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
07.08.2008
The ElringKlinger Group recorded further growth in sales and earnings
in the first six months of 2008. Despite sluggish automobile markets 
in North America and Western Europe, sales at Group level increased 
by 13.0% to EUR 350.2 (310.0) million. The recently acquired 
Swiss-based SEVEX Group as well as the 50% holding in ElringKlinger 
Marusan Corp., Japan, contributed to sales and earnings on a pro rata
basis for the first time as from the second quarter. In the second 
quarter, ElringKlinger increased Group sales by 19.4% to EUR 187.4 
(157.0) million.
The largest percentage gains were achieved in Asia. Demand for 
products designed to assist with CO2 reduction and fuel efficiency 
developed well. Growth rates were particularly solid within the 
product groups of specialty gaskets for the exhaust tract, 
lightweight plastic modules and thermal shielding components.
The acquisition of the Swiss-based SEVEX Group and the purchase of 
the equity interest in MARUSAN contributed approx. EUR 22 million to 
sales and around EUR 4.7 million to earnings before taxes. The 
operating margin of SEVEX currently lies just within the double-digit
range and is to be lifted by the end of 2010 to the level generally 
achieved within the Group. The allocation of the cost of purchase to 
the acquired order backlog had an adverse effect of around EUR 1.2 
million on the operating result for the second quarter. However, this
accounting-specific factor will no longer be of relevance from the 
fourth quarter onward. 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.
High energy costs together with the surge in commodity prices 
witnessed in the first half of 2008 had an adverse effect. Lower 
prices for steel alloys used by the company had not yet been passed 
on by suppliers. Consequently, cost of sales rose by 18.1% to EUR 
240.8 (203.9) million. Selling as well as general and administrative 
expenses rose at a slower rate than revenue. The ElringKlinger Group 
expended EUR 16.5 (15.2) million on research and development in the 
first half of 2008, a year-on-year increase of EUR 1.3 million. Other
operating expenses increased by an additional EUR 4.0 million as a 
result of one-time provisions allocated for the purpose of hedging 
the price of high-grade steel as well as due to a hedging contract 
relating to raw materials.
Within this context, it should be noted that earnings for the second 
quarter of 2007 had included non-recurring income from an insurance 
payout in connection with fire damage of EUR 4.7 million for the fire
at one of the company's operating facilities and additional income 
from the sale of a raw materials hedge. In the second quarter of 
2008, the company accorded one-time income of EUR 0.8 million from 
insurance payouts in connection with fire damage.
ElringKlinger increased EBITDA by 4.4% to EUR 87.5 (83.8) million in 
the first half-year of 2008. Adjusted for the non-recurring effects 
from insurance income, provisions for commodities hedging and added 
value from the Marusan acquisition, EBITDA rose by 7.4% to EUR 84.9 
(79.1) million. In the second quarter of 2008, EBITDA grew slightly 
to EUR 47.0 (46.3) million. Adjusted for non-recurring effects, 
EBITDA expanded by 6.7% to EUR 44.5 (41.6) million.
EBIT fell by 2.7% to EUR 60.4 (62.1) million in the first six months 
of 2008. Excluding the non-recurring effects and purchase price 
allocations, EBIT grew by 2.9% to EUR 59.1 (57.4) million. In the 
second quarter, the ElringKlinger Group achieved EBIT of EUR 31.2 
(35.1) million. Adjusted for the non-recurring effects outlined 
above, EBIT before purchase price allocation reached EUR 29.9 (30.4) 
million, having accounted for negative foreign currency effects 
equivalent to EUR 0.5 million. The adjusted operating result before 
purchase price allocation stood at EUR 30.4 million, which was 
comparable to the figure posted for the same period a year ago. Due 
mainly to external financing of corporate acquisitions, net finance 
costs grew by EUR 2.5 million to EUR 3.7 (1.2) million in the second 
quarter of 2008.
This led to a 6.9% decline in earnings before taxes for the first six
months of 2008, down to EUR 55.6 (59.7) million. Excluding 
non-recurring effects and purchase price allocation, earnings before 
taxes were 1.3% down on the figure recoded in the same period a year 
ago. In the second quarter, earnings before taxes amounted to EUR 
28.0 (33.9) million. Excluding non-recurring effects, earnings before
taxes and purchase price allocation totaled EUR 26.7 (29.2) million.
As a result of the reduction in the tax rate to 28.4% (34.7%) 
consolidated net income after minority interests rose by 4.7% to EUR 
38.1 (36.4) million in the first half of 2008. Adjusted for 
non-recurring effects and excluding the allocation of the cost of 
purchase, consolidated net income after minority interests (profit 
attributable to the shareholders of ElringKlinger AG) rose by 11.1% 
to EUR 37.2 (33.5) million. In the second quarter, consolidated net 
income after minority interests fell by 8.6% to EUR 19.2 (21.0) 
million. Excluding non-recurring effects and the allocation of the 
cost of purchase, consolidated net income after minority interests 
amounted to EUR 18.3 (18.1) million, which was 1.0% higher than in 
the same quarter a year ago.
Earnings per share accounted for on the basis of IFRS rose from EUR 
0.63 to EUR 0.66 in the first six months. Adjusted for non-recurring 
effects, earnings per share before purchase price allocation stood at
EUR 0.65 (0.58), up 11.1% on the figure posted for the same period a 
year ago. In the second quarter, earnings per share amounted to EUR 
0.33 (0.37). Adjusted for non-recurring effects, earnings per share 
rose slightly to EUR 0.32 (0.31).
Double-figure growth in order intake In the first six months order 
intake increased by 9.0% to EUR 355.1 (325.8) million. In the second 
quarter, the volume of incoming orders expanded by 10.7% to EUR 190.0
(171.7) million. At the end of the second quarter order backlog stood
at EUR 288.2 (224.0) million, which was 28.7% higher than the level 
recorded at June 30, 2007. This figure includes the order backlog of 
SEVEX for the second quarter of 2008.
Revenue and earnings growth for the annual period ElringKlinger is 
targeting organic sales growth of 5 to 7% for the 2008 financial year
as a whole. This forecast is based on the assumption that what is 
currently a sluggish automobile industry is not faced with a 
significant deterioration in its economic outlook and that new 
ramp-ups are executed in line with forecasts in the second half of 
the year. Adjusted for non-recurring effects, net income after 
minority interests (i.e. profit attributable to the shareholders of 
ElringKlinger AG) is forecast to rise faster in relation to sales. In
2007, earnings had included one-time income of EUR 3.2 million after 
taxes from insurance payouts following the fire at one of 
ElringKlinger's operating facilities as well as non-recurring income 
of EUR 5.5 million from the revaluation of deferred taxes, prompted 
by the corporate tax reform in Germany.
This is supplemented by revenue and earnings attributable to 
ElringKlinger Marusan Corp. as well as the SEVEX Group, which will 
contribute to total sales and profit on a pro rata basis. To a large 
extent, the expense items relating to the allocation of the cost of 
purchase to the acquired order backlog, as required under IFRS, will 
no longer apply as from the fourth quarter.
end of announcement                               euro adhoc

Further inquiry note:

Stephan Haas
Telefon: +49(0)7123 724 137

Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Börse Stuttgart / regulated dealing

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