DGAP-News

ElringKlinger sustains strong revenue and earnings growth in third quarter of 2014 - Seite 3

calculation, EBIT would have amounted to EUR 48.0 (35.5) million in the
third quarter.


Net finance costs impacted by foreign exchange gains

Due to positive foreign exchange effects equivalent to EUR 8.0 (-2.3)
million, net finance costs fell sharply to EUR 1.0 (10.9) million in the
period from January to September 2014. The improvement was attributable
primarily to the appreciation of the US dollar and the Chinese renminbi
against the euro, as accounted for at the end of the reporting period. In
the third quarter of 2014, the Group recorded net finance income of EUR 3.7
million, as opposed to net finance costs of EUR 5.6 million for the same
period a year ago. The difference of EUR 0.7 million between the net
finance costs originally reported for the third quarter of 2013 (EUR 6.3
million) and the figure now disclosed for that period is due to the
earnings contribution made by ElringKlinger Marusan Corporation, which
until December 31, 2013, had been accounted for on the basis of
proportionate consolidation and, under the provisions of IFRS 11, has now
been consolidated retrospectively using the equity method. Correspondingly,
earnings before taxes rose by a disproportionately large amount in the
first nine months of 2014, up by 22.5% to EUR 123.8 (101.1) million. In the
third quarter, the ElringKlinger Group saw its earnings before taxes rise
by 37.3% to EUR 44.9 (32.7) million.


Net income after non-controlling interests grows by 44% in third quarter

The significant increase in earnings before taxes resulted in higher income
tax expenses for the Group. The Group's tax rate in the first nine months
remained largely unchanged at 25.0% (25.1%). Net income attributable to the
shareholders of ElringKlinger AG rose by 22.5% to EUR 88.8 (72.5) million.
In the third quarter of 2014, net income after non-controlling interests
exceeded the previous year's third-quarter figure by 44.0% and rose to EUR
32.4 (22.5) million.

On this basis, earnings per share amounted to EUR 1.40 (1.14) in the first
nine months. In the third quarter of 2014, earnings per share stood at EUR
0.51 (0.36).


Order backlog remains at record level, while order intake rises markedly

In the third quarter of 2014 order intake rose by 13.9% to EUR 330.3
(289.9) million compared with the same period a year ago. Thus, the
ElringKlinger Group is supported by a solid order backlog when it comes to
achieving revenue growth targeted for both 2014 and 2015. At the end of the
third quarter, order backlog amounted to EUR 651.9 (572.4) million, i.e.