DGAP-News

ElringKlinger sustains strong revenue and earnings growth in third quarter of 2014

DGAP-News: ElringKlinger AG / Key word(s): 9-month figures/Quarter
Results
ElringKlinger sustains strong revenue and earnings growth in third
quarter of 2014

05.11.2014 / 07:42

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Dettingen/Erms, November 5, 2014 +++ The ElringKlinger Group recorded
another double-digit percentage increase in revenue in the third quarter of
2014. Group sales revenue rose by 13.9% to EUR 327.4 (287.5) million.
Earnings before interest and taxes (EBIT) improved by 7.6% to EUR 41.2
(38.3) million. Benefiting from foreign exchange gains, net income after
taxes and non-controlling interests grew at a faster rate than revenue in
the third quarter, up 44.0% to EUR 32.4 (22.5) million.

In the first nine months of 2014, revenue growth generated by the
ElringKlinger Group again exceeded the rate of expansion achieved by car
markets around the globe. This positive trend was fueled by robust demand
patterns in key sales markets of the United States and China as well as
an increase in the number of new vehicle registrations in Western Europe.
At the same time, ElringKlinger benefited from a number of new product
ramp-ups during the reporting period, complemented by structural growth in
many of its product groups.

Group revenue increased by 13.9% to EUR 985.0 (864.6) million in the first
nine months of 2014. Expressed in organic terms, i.e. without the effects
of consolidation and foreign exchange rates, revenue grew by 10.7% (8.5% in
the third quarter). In the third quarter, revenue also increased by 13.9%,
taking the figure to EUR 327.4 (287.5) million. Similar to the preceding
quarter, this included higher-than-average tooling revenue in preparation
for new lightweight engineering projects. The negative effect of
translating sales revenue into the Group currency - the euro - was
equivalent to EUR 13.3 million in the first nine months of 2014. By
contrast, at EUR 2.1 million, this effect was just within positive
territory in the third quarter.

Due to the retrospective application of IFRS 11 as regards the presentation
of comparative prior-year figures, the joint venture ElringKlinger Marusan
Corporation, Tokyo, Japan, was no longer accounted for on a proportionate
basis but rather in accordance with the equity method. As a result, the
Group revenue figure originally presented for the first nine months of 2013
was reduced to EUR 864.6 million (and by EUR 6.5 million to EUR 287.5
million in the third quarter), the difference being attributable to this