DGAP-News

ElringKlinger reports strong surge in earnings for first quarter of 2021 - Seite 3

The Group was thus able to continue to pursue its approach of consistently scaling back net debt. In the first quarter, net financial liabilities were reduced by a further EUR 58.6 million compared to the level reported at the end of 2020, taking the total to EUR 400.2 million. Net debt has been cut by more than EUR 200 million in the past twelve months and by almost EUR 400 million in the last two years. The net debt ratio (net debt in relation to EBITDA) was 1.9 at the end of the reporting period, having stood at 3.1 twelve months ago and at 4.7 two years ago.

Impressive order books
The sustained demand for ElringKlinger's products around the globe is reflected in the Group's strong position with regard to orders: at EUR 576.6 million, order intake was up EUR 221.7 million or 62.5% on the same period of the previous year. This also resulted in a surge in the Group's order backlog by EUR 196.6 million or 19.9% to EUR 1,185.6 million.

Outlook under challenging conditions
Upon publishing its preliminary quarterly results on April 16, 2021, ElringKlinger had already confirmed its revenue guidance for the current financial year and had slightly revised upward its earnings outlook. The Group continues to expect growth at a level roughly in line with the expansion in global car production, while the EBIT margin is likely to be within a range of around 5 to 6%. In this context, it should be taken into account that the uncertainties with regard to the remainder of the year are significant and that general conditions continue to be very challenging and difficult.

Key financials for Q1 2021

in EUR million	Q1 2021	Q1 2020	∆ abs.	∆ rel.
Order intake	576.6	354.9	+221.7	+62.5%
Order backlog	1,185.6	989.0	+196.6	+19.9%
Revenue	424.1	396.2	+27.8	+7.0%
of which FX effects			-14.4	-3.7%
of which M&A			+0.0	+0.0%
of which organic			+42.3	+10.7%
EBITDA	77.2	45.8	+31.4	+68.6%
EBIT	48.4	16.0	+32.4	+202.5%
EBIT margin (in %)	11.4	4.0	+7.4 PP	-
Net finance income	1.0	-9.8	+10.8	<-100%
EBT	49.4	6.2	+43.2	>+100%
Taxes on income	-10.9	-4.5	-6.4	>+100%
Net income (after non-controlling interests)	37.9	2.0	+35.9	>+100%
Earnings per share (in EUR)	0.60	0.03	+0.57	>+100%
Investments (in property, plant, and equipment and investment property)	11.6	12.3	-0.7	-5.7%
Operating free cash flow	28.6	-2.2	+30.8	<-100%
Net working capital	430.4	452.8	-22.4	-4.9%
Equity ratio (in %)	45.0	41.7	+3.3 PP	-
Net financial debt	400.2	603.1	-202.9	-33.6%
Net financial debt/EBITDA	1.9	3.1	-1.2	-
Employees (as of March 31)	9,597	10,373	-776	-7.5%