DGAP-News

ElringKlinger records organic growth of 5.6% in second quarter of 2016 - Seite 2

effects of foreign exchange rates, order backlog increased by 15.8% to EUR
910.2 million. This provides the foundation for further organic growth in
the future.

In the second quarter, Group EBIT before purchase price allocation amounted
to EUR 36.2 (39.6) million, up EUR 4.2 million on the figure posted for the
first quarter of 2016 (EUR 32.0 million). However, it was EUR 3.4 million
or 8.6% lower compared to the second quarter of 2015. At EUR 4 million, the
additional costs associated with the business unit impacted by capacity
constraints in 2015 were only slightly above the figure of around EUR 3
million originally anticipated. However, the improvements in earnings seen
at the Swiss site during the first quarter failed to progress as planned in
the second quarter. As a result, EBIT for the first half as a whole fell
well short of original expectations.

By contrast, compared to the prior-year figure (EUR 31.8 million), earnings
before taxes (EBT) were slightly better in the second quarter at EUR 32.6
million. This was attributable primarily to the significant reduction in
net finance cost to EUR 2.6 (6.5) million, an item influenced favorably by
foreign exchange gains. As a consequence, earnings per share stood at EUR
0.36, slightly up on the prior-year figure of EUR 0.33.

The Group's other key performance indicators also proved slightly more
positive. Operating free cash flow improved by EUR 4.4 million to EUR -6.6
(-11.0) million, while investments in property, plant, and equipment fell
by EUR 4.6 million to EUR 36.1 (40.7) million. Net working capital rose
only marginally by 3.4% to EUR 541.6 million, which was due in part to the
slight reduction in inventories by the Group.

ElringKlinger anticipates moderate growth of 2 to 3% within the global
automobile market in the current financial year. As the Group had fallen
short of expectations in terms of earnings in the first two quarters, the
outlook for the full fiscal year was adjusted towards the end of July.
While a figure of 5 to 7% in organic revenue growth was reaffirmed by the
Group, its guidance for EBIT before purchase price allocation currently
stands at EUR 140 to 150 million (previously: EUR 160 to 170 million).


EUR million H1 2016 H1 2015 ∆ abs. ∆ rel.
Order intake 865.2 849.1 +16.1 +1.9%
Order backlog 885.2 786.2 +99.0 +12.6%
Revenue 776.1 751.1 +25.0 +3.3%
of which FX effects -23.4 -3.1%
of which acquisitions +6.5 +0.9%
of which organic +41.9 +5.6%
EBITDA 111.6 115.9 -4.3 -3.7%
EBIT before purchase 68.2 76.3 -8.1 -10.6%