EANS-Adhoc
ElringKlinger with double-digit growth in sales and EBIT in Q2
2012
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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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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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03.08.2012
Dettingen/Erms, August 3, 2012 +++ Unfazed by the anemic state
of western European car markets, the ElringKlinger Group managed
to propel sales and earnings forward significantly in the first
six months of 2012. The Group expanded its sales revenue
worldwide, up 14.2% to EUR 569.8 (498.9) million. In the second
quarter 2012 - operating from a higher comparative base than in
Q1 - ElringKlinger saw revenue increase by a solid 12.4% to EUR
286.0 (254.4) million. Despite the as yet tangibly weaker profit
margins recorded by its recently acquired entities, the
ElringKlinger Group posted a disproportionately large increase
in earnings before interest and taxes (EBIT) in the first half
of 2012, up 22.9% to EUR 75.6 (61.5) million. In the second
quarter EBIT rose by 29.4%, reaching EUR 38.3 (29.6) million.
Buoyed by solid demand for new vehicles in the emerging markets
and North America, together with product ramp-ups and the first-
time contributions made by acquisitions, sales in the Original
Equipment segment, which generates the largest share of revenue
for the Group, increased by 15.8% to EUR 458.0 (395.5) million.
Consolidation of acquired entities contributes EUR 16.9 million
to revenue
The inclusion of the acquired Hug Group, the Hummel-Formen Group
as well as Hug supplier ThaWa GmbH in the scope of consolidation
of the ElringKlinger Group contributed a total of EUR 16.9
million (EUR 7.7 million in Q2) to Group sales in the first half
of 2012. These entities had not been included in the scope of
consolidation in the first half of 2011 or had only been
consolidated on a pro-rata basis. At minus EUR 2.9 million
(minus EUR 0.7 million in Q2), their contribution to earnings
before taxes was negative in the first half of 2012, which was
mainly due to the earnings performance of the Hug Group.
Adjusted for the contributions by the consolidated entities,
organic revenue growth at Group level amounted to 10.8%.
In the first six months of 2012, Hug diluted earnings before
taxes by minus EUR 2.9 million, despite a gradual improvement in
its performance. By contrast, the earnings situation of the
former Freudenberg companies improved visibly. They had been
acquired effective from January 1, 2011, and had thus been
included fully in the scope of consolidation in the first half
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