euro adhoc: ElringKlinger AG / Earnings Forecast / ElringKlinger adjusts annual forecast for 2008 due to significant deterioration in economic conditions

Geschrieben am 19-10-2008

Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.


Dettingen/Erms, October 19, 2008 +++ The significant deterioration
currently witnessed in the economic arena and the lack of tangible
signs that market conditions will improve in the short term within
the fourth quarter of 2008 have prompted ElringKlinger AG to
downgrade its sales and earnings outlook for fiscal 2008 despite the
standard cautionary deductions already factored into its forecast and
a business performance that is considerably better than that of the
market as a whole. The decision is to be seen against the backdrop of
a concurrent significant decline in vehicle production in North
America and Europe as well as the recent fall in the volume of OE
customer call-offs as part of their delivery schedules, a downward
trend which has been significantly more severe than the usual
fluctuations seen within this area. Additional downsizing of
production output by vehicle manufacturers cannot be ruled out, a
factor that has been accounted for in ElringKlinger's adjusted
business plans. Both the Aftermarket and the Engineered Plastics
(PTFE/Moldflon) segments continue to display solid growth rates.

In 2008 organic sales at Group level are forecast to again achieve
last year's figure of EUR 607.8 million. Until recently,
ElringKlinger had anticipated organic growth of 5.0 to 7.0%. For 2008
as a whole - including contributions from the recent acquisition of
the SEVEX Group, Switzerland, and the expansion of the company's
ownership interest in ElringKlinger Marusan - total Group sales are
expected to rise by 9.0 to 10.0 %.

For 2008, ElringKlinger also anticipates additional costs of EUR 10
million attributable to long-term commodity price hedging of
high-grade steel alloy surcharges (EUR 14 mn for 2008 as a whole),
which will be accounted for as provisions. While these costs have an
adverse effect on current earnings, they will guarantee more
favorable procurement prices in the medium term. For 2009, the
company anticipates that there will no longer be any significant
hedging costs. Taking into account the SEVEX group and ElringKlinger
Marusan acquisitions, which are currently displaying a weaker
earnings performance, the operating Group margin adjusted for
non-recurring items (excluding purchase price allocations and added
value of the expansion in the ownership interest in Marusan) is to
reach 13.0 to 14.0% in 2008. Excluding the costs associated with
long-term commodity price hedging, the operating margin adjusted for
non-recurring items is expected to come in at 15.0 to 16.0%. The
Group´s consolidated net income adjusted for non-recurring effects
(after minority interests) for 2008 is thus expected to reach EUR
55.0 mn to EUR 56.0 mn compared to EUR 67.2 mn a year ago. In 2007,
exceptional income of EUR 3.2 million after taxes from insurance
reimbursements in connection with a fire at the company's plant in
Runkel, Germany, as well as one-time income from the revaluation of
deferred tax items in an amount of EUR 5.5 million had contributed to
consolidated net income (after minority interests) on a non-recurring
basis. Until now, ElringKlinger had anticipated a more pronounced
rise in consolidated net income (after minority interests) adjusted
for one-offs in relation to organic growth in Group sales.

For the fiscal year 2008 the Management Board has planned an
unchanged dividend payout at last year´s level of EUR 0.47 per share.

The production processes and cost structures within the Group - where
necessary - will be adjusted immediately, with the express purpose of
maintaining earnings performance at a consistent level. Committed to
retaining a strong position in research and development, the company
will continue to direct its investments at new business fields in a
sustained manner.

ElringKlinger does not anticipate a significant improvement in the
general economic and market climate in 2009, particularly with regard
to the first half of the year, and is preparing itself for continued
market weakness in North America and Europe as well as less
pronounced growth in vehicle sales within the emerging markets.
However, given the significant scale of product ramp-ups equivalent
to approx. EUR 70 million, mainly in the United States and Asia, as
well as higher contributions by the acquired SEVEX Group and
ElringKlinger Marusan, ElringKlinger believes it can offset
protracted market weakness in 2009.

Based on the assumption of a further downturn in the international
vehicle markets, ElringKlinger for the Group as a whole expects to
slightly exceed fiscal 2008 sales and consolidated net income (after
minority interests) adjusted for non-recurring items in 2009. The
Group´s operating margin, adjusted for non-recurring effects, is
expected to reach or slightly exceed 14.0% in 2009.

Offering a portfolio of products which can contribute substantially
to lower fuel consumption and CO2 reduction, the ElringKlinger Group
considers itself well positioned when it comes to returning to
achieve annual organic growth rates of a minimum of 5 to 7% per annum
in subsequent years. Within this context, the company will be buoyed
among other factors by its extensive technology pipeline centered
around fuel cell components, a diesel particulate filter concept that
is currently in preparation and the new, injection-moldable PTFE
material Moldflon.

end of announcement euro adhoc

ots Originaltext: ElringKlinger AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Stephan Haas

Telefon: +49(0)7123 724 631

E-Mail: stephan.haas@elringklinger.de

Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: 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


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