EANS-Adhoc

ElringKlinger with double-digit growth in sales and EBIT in Q2 2012 - Seite 2

of 2011. Having recorded a loss in the fourth quarter of 2011,
the former Freudenberg companies contributed EUR 27.0 million
(EUR 13.3 million in Q2) to revenue and EUR 0.5 million (EUR 0.3
million in Q2) to earnings before taxes at Group level, despite
the difficult sales climate within the French automotive market.

EBIT up 22.9% in first half

Higher staff costs were offset to a large extent by Group-wide
measures currently being introduced for the purpose of raising
efficiency levels as well as by more favorable market prices in
some commodity categories. At +11.6%, the cost of sales
increased at a slower rate than revenue in the first half of
2012. Thus, the gross profit margin improved year on year,
rising to 29.3% (27.6%) in the first half. In the first six
months of 2012, the ElringKlinger Group spent EUR 6.2 million
more on research and development, taking the overall figure to
EUR 30.4 (24.2) million. As a result, the R&D ratio increased to
5.3% (4.9%). Alongside a number of development projects for new
applications and products within the Group's core business, the
focus was on strengthening the E-Mobility division in
particular. Within this area, the company secured several
development projects and prototype contracts for cell contact
systems used in lithium-ion batteries. Recording substantial
outlays, this area generated revenue of EUR 3.8 million in the
first six months of 2012.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) rose by EUR 10.0 million year on year, taking the total
to EUR 115.4 (105.4) million in the first half of 2012. In the
second quarter of 2012, EBITDA was up EUR 1.3 million on the
figure posted in the first quarter, reaching EUR 58.3 million.
Despite the negative earnings contribution made by the acquired
entities in aggregate as well as substantial outlays with regard
to battery technology, the ElringKlinger Group managed to expand
its operating result by 15.9% to EUR 76.5 (66.0) million in the
first half of 2012. Of this total, an amount of EUR 37.5 (33.3)
million was attributable to the second quarter. The contribution
made by the aforementioned acquisitions, including the former
Freudenberg companies, diluted the Group's operating result by
minus EUR 1.9 million in the first half of 2012 and by minus EUR
0.6 million in the second quarter. The purchase price
allocations gave rise to a negative effect in the first half of
2012, equivalent to minus EUR 1.2 million (minus EUR 0.6 million
in Q2). Earnings before interest and taxes (EBIT) - in contrast
to the operating result, this indicator includes foreign
exchange gains and losses - rose by 22.9% to EUR 75.6 (61.5)