DGAP-News ElringKlinger with preliminary results for fiscal 2020: success of efficiency program reflected in consistently strong cash flow
DGAP-News: ElringKlinger AG / Key word(s): Preliminary Results
ElringKlinger with preliminary results for fiscal 2020: success of efficiency program reflected in consistently strong cash flow
- Revenue at EUR 1,480 million - organic decline of 11.7% better than market performance (-16.2%)
- EBITDA of EUR 180.9 million despite sales decline comparable to prior-year figure (EUR 181.0 million)
- EBIT at EUR 27.2 million; EBIT margin at 1.8%
- Operating free cash flow for fourth quarter again visibly in positive territory - EUR 164.7 million on an annual basis
- Net financial liabilities scaled down by a further EUR 136 million in 2020; net debt/EBITDA at 2.5
Dettingen/Erms (Germany), February 23, 2021 +++ Based on preliminary, unaudited figures for the 2020 financial year, ElringKlinger AG recorded revenue of EUR 1,480.4 million for the period as a whole. Against the backdrop of general restrictions associated with the coronavirus pandemic, this corresponds to a year-on-year decline of 14.3%. According to data published by the information provider IHS, global automobile production, which encompasses so-called light vehicles, contracted by 16.2% in the same period.
Despite the pandemic-induced downturn in revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA), totaling EUR 180.9 million, were largely unchanged on the prior-year figure of EUR 181.0 million. Earnings before interest and taxes (EBIT) of EUR 27.2 million include, besides non-cash impairments in the mid-double-digit million euro range, proceeds of around EUR 25 million attributable to a fuel cell partnership. The EBIT margin stood at 1.8%.
In terms of both revenue and earnings, the Group thus remained within the guidance range it had adjusted in May 2020 in response to the first covid-19 lockdown. Revenue had been expected to decline by a slightly smaller percentage than the market as a whole. As for EBIT, excluding proceeds from the fuel cell partnership, the outlook had been for a margin that was noticeably lower than the prior-year figure of 3.5%.