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ElringKlinger: Business performance affected by high capacity utilization
Ad-hoc-Announcement pursuant to Section 15 WpHG - ISIN DE0007856023
As anticipated on the basis of developments in the first half of the 2015 financial year, business in the Original Equipment segment has continued to be driven by high levels of capacity utilization in the third quarter to date. Individual divisions within this segment recorded a sustained surge in demand. The additional costs associated with increased demand, e.g. for extra shifts and additional freight movements, have thus had an impact on the company's cost base for July and August; it rose by around EUR 6 million as a result of these factors. Measures already initiated for the purpose of improving the company's cost structures have yet to take full effect. With this in mind, ElringKlinger no longer anticipates that it will be able to achieve the guidance figure previously targeted for the current fiscal year.
The ElringKlinger Group is still looking to generate organic revenue growth of 5 to 7% for the 2015 fiscal year as a whole. Additionally, the consolidation of ElringKlinger Automotive Manufacturing Inc. (formerly M&W) will contribute around EUR 30 million to Group revenue in the financial year as a whole.
The special charges outlined above, earnings contributions from acquired entities that are as yet below the Group average and sluggish demand in the E-Mobility division will have a dampening effect on ElringKlinger Group earnings in 2015. The company anticipates that the measures initiated for the purpose of addressing the issue of capacity utilization will not take full effect until the end of the year. ElringKlinger is likely to incur additional exceptional charges of around EUR 20 to 30 million (first half: EUR 9 million) over the course of the second half of 2015 as a whole as a result of the fact that specific divisions are operating at their upper capacity limits. Against this backdrop, EBIT adjusted for non-recurring items and before purchase price allocation is expected to be within a corridor of EUR 135 to 145 million (previous target: around EUR 165 million) for the 2015 financial year.
An explanatory conference call has been scheduled for Monday, September 21 (9 a.m. CET) in connection with this announcement
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