euro adhoc: ElringKlinger AG
Financial Figures/Balance Sheet
ElringKlinger
records double-digit growth in sales and earnings for 2007
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
20.03.2008
Dettingen/Erms (Germany), March 20, 2008 +++ The ElringKlinger Group again succeeded in generating double-digit growth in both sales and earnings over the course of the 2007 financial year. Group sales rose by 15.0% to EUR 607.8 (528.4) million, while net income increased by 29.7% to EUR 80.3 (61.9) million.
Earnings performance was influenced to a large extent by spiraling raw-material prices and higher energy costs. However, buoyed by the higher proportion of new products within the overall portfolio, EBIT (earnings before interest and taxes), having accounted for negative foreign currency effects, rose by 29.6% to EUR 121.0 (93.3) million. After deducting one-time gains of EUR 5.0 million from insurance pay-outs in connection with the fire at an ElringKlinger production plant in Germany, the year-on-year increase in EBIT stood at 24.3%.
The corporate tax reform enacted by the German government necessitated a revaluation of deferred tax assets and deferred tax liabilities in Germany. This led to tax income of EUR 5.5 million, which was offset with income tax expense. As a result, the Group's income tax rate was 30.1% (29.4%). Within this context, it should be noted that - also as a result of the corporate tax reform - a corporation tax credit of EUR 5.3 million had already had a tax-reducing effect in 2006.
Consolidated net income rose by 29.7% to EUR 80.3 (61.9) million. Adjusted for the one-time gain from insurance pay-outs in connection with the fire at the Runkel plant (EUR 3.2 million after taxes) and non-recurring income from the revaluation of deferred tax items (EUR 5.5 million), consolidated net income increased to EUR 71.5 (56.6) million, thus exceeding the previous year's figure - also adjusted for one-time tax effects - by 26.3%.
After deducting minority interests, profit attributable to the shareholders of ElringKlinger AG stood at EUR 75.9 (57.8) million, i.e. 31.4% higher than a year ago. Adjusted for one-off effects, profit attributable to shareholders of ElringKlinger AG rose by 28.0%. Earnings per share were up from EUR 3.01 to EUR 3.95. The management board and the supervisory board have decided to propose an increased dividend payout of 1.40 (1.25) Euro per share at the annual general meeting.
ElringKlinger will present its complete financial results for 2007 as well as its outlook for 2008 at the financial press conference, followed by an analysts' meeting, on March 27, 2008.
end of announcement euro adhoc
Further inquiry note:
Stephan Haas
Head IR
Phone: +49 (0)7123-724-640 / 137
E-mail: stephan.haas@elringklinger.de
Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Börse Stuttgart / regulated dealing