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ElringKlinger with strong organic revenue growth in Q1 2015

DGAP-News: ElringKlinger AG / Key word(s): Quarter Results
ElringKlinger with strong organic revenue growth in Q1 2015

06.05.2015 / 07:45

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ElringKlinger with strong organic revenue growth in Q1 2015

Dettingen/Erms (Germany), May 6, 2015 +++ The ElringKlinger Group has
confirmed its preliminary results for the first quarter of 2015, as
announced on April 29, 2015. The automotive supplier saw its revenue grow
by 14.6% in the first quarter of 2015, taking the figure to EUR 371.4
(324.0) million. Organically, i.e. excluding the effects of acquisitions
and foreign exchange gains, revenue expanded by 5.7%. Thus, the
ElringKlinger Group yet again managed to outpace the global vehicle markets
when it came to the rate of growth achieved. Earnings before interest and
taxes (EBIT), and before purchase price allocations, totaled EUR 36.7
(43.0) million. Net income after non-controlling interests totaled EUR 29.2
(29.3) million.

Strong revenue growth sustained in Q1 2015
Outperforming the global vehicle markets yet again in the first three
months of 2015, ElringKlinger recorded organic revenue growth of 5.7%. The
company benefited from a number of new product rollouts as well as
significant structural growth in many of the product groups targeted at CO2
reduction.
The first-time consolidation of former M&W Manufacturing Company, Inc.,
Warren/USA, contributed additional revenue of EUR 4.9 million.
ElringKlinger had acquired the specialist for transmission components in
February 2015. This entity, now trading as ElringKlinger Automotive
Manufacturing, has been included in the scope of consolidation of the
ElringKlinger Group since February 14, 2015.
The direction taken by the euro, particularly relative to the US dollar,
Swiss franc and many of the Asian currencies, boosted revenue by EUR 24.1
million. Total revenue generated by the ElringKlinger Group rose by 14.6%
to EUR 371.4 (324.0) million.

EBIT before purchase price allocation totals EUR 37 million
Earnings before interest, taxes, depreciation and amortization (EBITDA)
totaled EUR 56.1 (60.8) million in the first quarter of 2015. Depreciation
and amortization rose to EUR 20.7 (18.7) million. Group EBIT stood at EUR
35.4 (42.1) million. Before purchase price allocations (EUR 1.3 million),
EBIT amounted to EUR 36.7 (43.0) million, thus falling short of the