Conference Call
Results Q1 2014
May 8, 2014
 Group sales up 15.3%, organically 13.4 % at EUR 324.0 ( 281.0) mn solidly
outperforming world car production (+ 3.5 %)
...
20,9%
14,1%
7,2%
1,4%
-1,7%
-2,3%
-6,9%
-10% -5% 0% 5% 10% 15% 20% 25% 30%
India
Russia
Brazil
USA
Western Europe
China
Ja...
281.01
296.11
287.51 285.41
324.0
100
150
200
250
300
350
400
Q1 Q2 Q3 Q4
2013 2014
286.8
303.3
294.0 291.1
Sales by quart...
EBIT by quarter (=operating result as of 2014)
32.81
41.2
38.6
34.22
42.1
0
10
20
30
40
50
60
Q1 Q2 Q3 Q4
2013 2014
€ mn
5...
Q1 2014: OEM sales up 17.9% driven by core
business and strong performance at Hug
223.91
263.9
0
100
200
300
400
2013 2014...
Q1 2014: Aftermarket sales up 8.6%
30.1
32.7
0
10
20
30
40
50
2013 2014
EBIT +6.3%
6.8 (6.4)
€ mn
7
Q1 2014: Sales Engineered Plastics slightly up 3.4%
23.7 24.5
0
10
20
30
40
2013 2014
EBIT +6.5%
3.3 (3.1)
€ mn
8
Group Sales by segment Q1 2014 (py): OE share up
driven by structural growth and new product ramp-ups
Industrial Parks
0.3...
Group Sales by region Q1 2014 (py)
South America &
Others
3.8% (5.8%)
Rest of Europe
33.5% (31.7%)
Germany
29.9% (31.3%)
A...
Employees worldwide – 54.0% now outside Germany
AG
2,375 (2,064)
Domestic
subsidiaries
793 (853)
International
subsidiarie...
Q1 2014: Net cash from operating activities improved
17.8
18.8
0
10
20
30
2013 2014
€ mn
12
Q1 2014: Investments vs. depreciation
24.31
29.2
18.21 18.7
0
10
20
30
40
Q1 2013 Q1 2014
Investments in plant, property a...
Development cash flows Q1 2014
62.9
18.8
7.7
-29.2
60.2
0
20
40
60
80
100
120
140
Cash as at Dec.
31, 2013
Net cash from
o...
41.2 42.6
28.7 23.6
58.8 57.4
21.1 25.9
50.2 50.5
March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014
Balance shee...
16
Q1 2014: Sales and EBIT (=operating result)
in € mn
Q1
2014
Q1
2013
Change
in %
Sales 324.0 281.0 +15,3%
Cost of Sales ...
17
Q1 2014: Financial Result and Net Income
in € mn
Q1
2014
Q1
2013
Change
in %
Net finance cost -2.6 0.2 -
EBT 39.5 33.0 ...
18
Q1 2014: Strong performance of Exhaust Gas
Purification division
in € mn Hug Group
Q1
2014
Q1
2013
Q4
2013
∆ Q1
Sales 2...
 EK expects overall worldwide car production to increase by 2-3%
 Demand once again driven by China, ASEAN and to a less...
Outlook 2014: Financial performance
in € mn FY 2013
Guidance
FY 2014
Sales 1,175.2
5-7% organic growth
(plus 25 mn scope c...
Disclaimer – Forward-looking Statements and Predictions
This presentation contains statements about the future. These stat...
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Elringklinger - Conference Call Q1 2014 Presentation

  1. 1. Conference Call Results Q1 2014 May 8, 2014
  2. 2.  Group sales up 15.3%, organically 13.4 % at EUR 324.0 ( 281.0) mn solidly outperforming world car production (+ 3.5 %)  Negative impact from currency translation of EUR 8.6 mn (2.7 PP)  Retroactive at equity consolidation of EKMA (IFRS 11) over the quarters for 2013 (slightly lower sales and earnings basis); EKMA contributes an additional EUR 6.0 mn in sales in Q1 2014  Adverse earnings effect from pre-expenses and start-up losses in battery technology (EBIT EUR -2.2 mn)  Solid sales and earnings increase in the exhaust abatement division (EBIT EUR 7.7 mn)  EBIT(=operating result) up by 28.4 % to EUR 42.1 mn despite EUR 1.0 mn increase y-o-y in expenses for employee benefit scheme Q1 2014: Key developments 2
  3. 3. 20,9% 14,1% 7,2% 1,4% -1,7% -2,3% -6,9% -10% -5% 0% 5% 10% 15% 20% 25% 30% India Russia Brazil USA Western Europe China Japan Q1 2014: Western Europe recovers from 25-year low, yet still more than 20 % below peak – BRI markets shrink 3 New car registrations Q1 2014 (yoy change)
  4. 4. 281.01 296.11 287.51 285.41 324.0 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 2013 2014 286.8 303.3 294.0 291.1 Sales by quarter 1Previous year's figures adjusted due to retroactive application of IFRS 11; at equity treatment of ElringKlinger Marusan Corporation in 2013 € mn 4
  5. 5. EBIT by quarter (=operating result as of 2014) 32.81 41.2 38.6 34.22 42.1 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 2013 2014 € mn 5 1 Previous year's figure adjusted due to retroactive application of IFRS 11; at equity treatment of ElringKlinger Marusan Corporation 2 excl. EUR 17.6 mn one-time gain
  6. 6. Q1 2014: OEM sales up 17.9% driven by core business and strong performance at Hug 223.91 263.9 0 100 200 300 400 2013 2014 1Previous year's figures adjusted due to retroactive application of IFRS 11; at equity treatment of ElringKlinger Marusan Corporation (- EUR 5.8 mn) in Q1 2013 EBIT +40.2% 31.4 (22.4) € mn 6
  7. 7. Q1 2014: Aftermarket sales up 8.6% 30.1 32.7 0 10 20 30 40 50 2013 2014 EBIT +6.3% 6.8 (6.4) € mn 7
  8. 8. Q1 2014: Sales Engineered Plastics slightly up 3.4% 23.7 24.5 0 10 20 30 40 2013 2014 EBIT +6.5% 3.3 (3.1) € mn 8
  9. 9. Group Sales by segment Q1 2014 (py): OE share up driven by structural growth and new product ramp-ups Industrial Parks 0.3% (0.4%) Services 0.5% (0.8%) OEM 81.5 (79.7%) Engineered Plastics 7.6% (8.4%) Aftermarket 10.1% (10.7%) 9
  10. 10. Group Sales by region Q1 2014 (py) South America & Others 3.8% (5.8%) Rest of Europe 33.5% (31.7%) Germany 29.9% (31.3%) Asia-Pacific 16.5% (13.9%) incl. exports: ~25% of OE sales NAFTA 16.3% (17.4%) incl. exports: ~25% of OE sales 10
  11. 11. Employees worldwide – 54.0% now outside Germany AG 2,375 (2,064) Domestic subsidiaries 793 (853) International subsidiaries 3,720 (3,396) Group 6,888 (6,313) +9.1% Germany 3,168 (2,917) as of March 31, 2014 (py) 11
  12. 12. Q1 2014: Net cash from operating activities improved 17.8 18.8 0 10 20 30 2013 2014 € mn 12
  13. 13. Q1 2014: Investments vs. depreciation 24.31 29.2 18.21 18.7 0 10 20 30 40 Q1 2013 Q1 2014 Investments in plant, property and equipment, invest. prop. and intangible assets Depreciation 1 Previous year's figures adjusted due to retroactive application of IFRS 11, resulting from at equity consolidation of ElringKlinger Marusan Corporation in 2013 € mn 13
  14. 14. Development cash flows Q1 2014 62.9 18.8 7.7 -29.2 60.2 0 20 40 60 80 100 120 140 Cash as at Dec. 31, 2013 Net cash from operating activities Investments Change in financial liabilities Cash as at Mar. 31, 2014 14
  15. 15. 41.2 42.6 28.7 23.6 58.8 57.4 21.1 25.9 50.2 50.5 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 Balance sheet structure as at March 31, 2014 Equity Ratio above 50% Non-current liabilities Current liabilities Shareholder‘s equity Non-current assets Current assets Assets in % Liabilities and shareholder’s equity in % 15
  16. 16. 16 Q1 2014: Sales and EBIT (=operating result) in € mn Q1 2014 Q1 2013 Change in % Sales 324.0 281.0 +15,3% Cost of Sales 232.8 204.6 +13.8% EBITDA 60.8 51.0 +19.2% EBIT 42.1 32.8 +28.4% Previous year's figures adjusted due to retroactive application of IFRS 11, resulting from at equity consolidation of ElringKlinger Marusan Corporation in 2013
  17. 17. 17 Q1 2014: Financial Result and Net Income in € mn Q1 2014 Q1 2013 Change in % Net finance cost -2.6 0.2 - EBT 39.5 33.0 +19.7% Taxes 10.2 8.4 +21.4% Net income 29.3 24.6 19.1% Profit attrib. to EK shareholders 27.9 23.8 +17.2% EPS (in €) 0.44 0.37 +18.9% Previous year's figures adjusted due to retroactive application of IFRS 11, resulting from at equity consolidation of ElringKlinger Marusan Corporation in 2013
  18. 18. 18 Q1 2014: Strong performance of Exhaust Gas Purification division in € mn Hug Group Q1 2014 Q1 2013 Q4 2013 ∆ Q1 Sales 20.7 11.0 15.3 + 9.7 EBIT 7.7 1.1 6.0 + 6.6 PPA -0.3 -0.5 -0.3 -  Drivers: CARB retrofit, inland waterway vessels and exhaust gas purification systems for large natural gas engines  Project-related business implies higher sales/earnings volatility in the quarters
  19. 19.  EK expects overall worldwide car production to increase by 2-3%  Demand once again driven by China, ASEAN and to a lesser extent North America; Lower growth in percentage terms when compared to 2013  Europe – which is still more than 20% below 2007 highs – to pick up moderately in 2014, possibly a further pick-up in momentum in 2015  Mixed picture in BRI markets: Mid single-digit decline percentagewise in Brazil and Russia; India might recover from 2013 double-digit dip  Truck sales in Europe following Euro VI pre-buying better than feared; for the full year moderate decline; EK increases value sold-in  North American truck market continues to show solid growth and is expected to see an increase of almost 10% driven by economic recovery Outlook 2014: Markets 19
  20. 20. Outlook 2014: Financial performance in € mn FY 2013 Guidance FY 2014 Sales 1,175.2 5-7% organic growth (plus 25 mn scope change) 2 Adj. EBIT1 149.2 160 - 165 Investments 127.2 100 - 110 (+ up to 20 mn HFHT) 20  Full consolidation of JV ElringKlinger Marusan Corporation to add approx. EUR 25 mn in sales but 0.3 PP dilution to Group margin  Order intake Q1 up 0,6 % at 331.2 mn, backlog tops prior year by 20.7% (EUR 602.6 mn) 1 EBIT=operating result as is standard as from Dec. 31, 2013
  21. 21. Disclaimer – Forward-looking Statements and Predictions This presentation contains statements about the future. These statements are based on current expectations, market evaluations and predictions by the Management Board, and on information that is currently available to them. The statements about the future should not be interpreted as guarantees of the future developments and results that they refer to. Whilst the Management Board are convinced that the statements that have been made, and the convictions and expectations on which they are based, are realistic, they rely on suppositions that may conceivably prove to be incorrect; future results and developments are dependant on a multitude of factors, they involve various risks and imponderabilities that can affect whether the ongoing development deviates from the expectations that have been expressed. These factors include, for example, changes to the general economic and business situation, variations of exchange rates and interest rates, poor acceptance of new products and services, and changes to business strategy. 22
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