DGAP-News ElringKlinger reports strong surge in earnings for first quarter of 2021
DGAP-News: ElringKlinger AG / Key word(s): Quarterly / Interim Statement
ElringKlinger reports strong surge in earnings for first quarter of 2021
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- Group revenue up by 7.0% to EUR 424.1 million in first quarter, organically by 10.7%
- Significant improvement in earnings: EBIT of EUR 48.4 million up EUR 32.4 million on prior-year figure; EBIT margin at 11.4%
- Net debt again down markedly by more than EUR 200 million to EUR 400.2 million in last twelve months; net debt/EBITDA at 1.9
- Strong position in terms of orders, including very good order intake and high order backlog
Dettingen/Erms (Germany), May 6, 2021 +++ ElringKlinger AG (ISIN DE 0007856023 / WKN 785602) has published its full results for the first quarter of the current financial year. In commenting on the Group's performance, Dr. Stefan Wolf, CEO of ElringKlinger AG, said, "The positive trajectory seen in previous quarters was maintained at the beginning of 2021. We upscaled our revenue in the first quarter and achieved a significant improvement in earnings. The marked reduction in net debt, among other aspects, is a testament to the sustained impact of our efficiency enhancement program. Overall, this has put us in a very solid position for the rest of the year, which will remain challenging against the backdrop of elevated commodity prices and continued distortions within the supply chain."
Significant growth in revenue
Despite the headwind caused by currency effects, Group revenue rose by EUR 27.8 million or 7.0% to EUR 424.1 million (Q1 2020: EUR 396.2 million). If exchange rates had remained unchanged, revenues generated by the Group would have been EUR 14.4 million higher. On this basis, organic revenue growth amounted to EUR 42.3 million or 10.7%. This was primarily due to the direction taken by the US dollar, but also the Brazilian real, the Mexican peso, and the Turkish lira. No revenue from acquired or divested companies was accounted for in the reporting period.