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ElringKlinger AG

euro adhoc: ElringKlinger AG
Annual Reports
ElringKlinger achieves new record sales revenue and earnings in 2004

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
29.03.2005
The ElringKlinger Group substantially improved its sales revenue and
earnings in fiscal 2004. Net sales rose by 8.8 percent from 416.8
million to 453.5 million Euro. Net income in 2004 rose by 56.6
percent from 27.2 million to 42.6 million Euro.
The global automotive components supplier specializing in cylinder
head gaskets, special-purpose gaskets, housing modules and shielding
components for powertrain applications also significantly increased
its operating and pretax profit. Operating profit rose by 31.4
percent to 70.7 million Euro (previous year: 53.8 million). Pretax
profit in the year under review totaled 67.2 million Euro, up 33.1
percent on the previous year (50.5 million Euro). The ElringKlinger
Group generated sales of 280.2 million Euro, or 61.8 percent of its
total, outside Germany.
Capital investments in the year under review decreased significantly
as planned, from 58.0 to 41.7 million Euro. In 2003 the company had
had to procure additional  manufacturing equipment and machinery
because of its high levels of capacity utilization. The purchase of a
license for a new cylinder head gasket technology resulted in a
one-off charge.
A depressive factor in 2004 was the high steel price. ElringKlinger
was able to limit its impact, however, by signing long-term framework
contracts involving price safeguards. Cost of materials rose by 10.4
percent to 170.2 million Euro. The increase in the ratio of cost of
materials to overall output from 35.5 percent to 36.0 percent was
modest. 
At December 31, 2004 ElringKlinger employed 3,114 people worldwide,
29 fewer than in the previous year. The slight decrease resulted from
the expiry of limited-term employment contracts. Personnel costs
increased by 2.5 percent to 135.0 million Euro. The personnel cost
ratio fell from 30.4 to 28.5 percent. 
The equity ratio of 39.0 percent was well above the previous year's
level of 33.0 percent, and just below the company's 40 percent
target. ElringKlinger's equity capitalization increased by 21.8
percent to 137.9 million Euro (previous year: 113.2 million Euro).
The Group's total consolidated balance sheet assets rose by 3.0
percent to 353.4 million Euro. 
ElringKlinger forecasts continued profitable growth in 2005, despite
still difficult economic conditions.
~
Table:
in million EUR          2004  2003  Change (%)
Sales                   453.5 416.8 +8.8
Overall output          472.8 433.8 +9.0
Operating profit         70.7  53.8 +31.4
Operating margin (%)     15.6  12.9 +20.9
Pretax profit            67.2  50.5 +33.1
Net income               42.6  27.2 +56.6
Equity capitalization   137.9 113.2 +21.8
Equity ratio (%)         39.0  33.0 +18.2
Balance sheet assets    353.4 343.2 +3.0
Employees               3,114 3,143 -0.9
~
end of announcement                    euro adhoc 29.03.2005 09:35:00 

Further inquiry note:

Stefan Wolf
Spokesman of the board
+49(0)7123 723-264
stefan.wolf@elringklinger.de

Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: SDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen: Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Baden-Württembergische Wertpapierbörse / official dealing
Frankfurter Wertpapierbörse / official dealing

Original-Content von: ElringKlinger AG, übermittelt durch news aktuell

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