DETTINGEN / ERMS (dpa-AFX) – The automotive supplier ElringKlinger felt the consequences of the corona crisis in the past financial year despite a significant recovery in the final quarter. In 2020, sales fell by 14.3 percent year-on-year to 1.48 billion euros, as the company from Baden-Württemberg, which is listed in the SDAX small-cap index, announced on Tuesday in Dettingen an der Erms when it presented preliminary figures.
The earnings before interest and taxes (EBIT) even collapsed by more than half to 27.2 million euros. Among other things, impairments in the mid double-digit million euro range had a negative impact here.
The proceeds from a fuel cell partnership of around 25 million had a positive impact.
The ElringKlinger share was around 3.2 percent in the morning. This increased the losses in the current year to around 14 percent.
In the fourth quarter, on the other hand, ElringKlinger was able to increase sales clearly and EBIT slightly, and benefited from the fact that the automotive industry was up again after a weak first half of the year. Nevertheless, the supplier was unable to cope with the problems over the year. In view of the difficult conditions, CEO Stefan Wolf spoke of not an easy year. “Under these conditions, we are quite satisfied with the results,” he said.
He pointed out that in 2020, with an organic sales decline of 11.7 percent, the group performed better than the even more clearly declining market. In addition, the operating result improved by 47 million euros due to the global savings and efficiency program.
Analyst Jose Asumendi of the US bank JPMorgan (JPMorgan ChaseCo) spoke of better than expected preliminary figures. In particular, the free cash flow exceeded expectations both in the fourth quarter and in the full year, the expert emphasized.
As early as the third quarter, the slight recovery in the car markets brought ElringKlinger somewhat better business. After a loss-making first half of the year, the Baden-Württemberger had returned to the profit zone and generated a small surplus of 3.4 million euros attributable to the shareholders. ElringKlinger did not initially provide any information on net profit.
The supplier did not comment on incoming orders, the dividend or the outlook for the time being. ElringKlinger plans to announce a forecast for the current year 2021 with the publication of the complete business figures on March 30th.
ElringKlinger grew up primarily with components for classic combustion engines, but is now also heavily involved in the development of electric drives and fuel cells.
The cooperation with the Dutch vehicle manufacturer VDL Bus & Coach has the goal of developing fuel cell stacks and fuel cell systems and making them marketable, it was said at the time. In a fuel cell stack, a reaction between hydrogen and oxygen generates electrical energy.
Ultimately, this cooperation should lead to the planned joint venture between ElringKlinger and the French automotive supplier Plastic Omnium. A joint venture is created with Plastic Omnium, which is intended to advance the development, construction, production and marketing of fuel cell stacks.
In addition, ElringKlinger had already announced a collaboration with the aircraft manufacturer Airbus (Airbus SE (ex EADS)) for its fuel cell business. This cooperation aims to develop fuel cells for aviation.
According to the information, ElringKlinger has around 10,000 employees at 45 locations worldwide./eas/mne/fba
[ source link ]
ROUNDUP ElringKlinger feels consequences corona recovery final quarter