ElringKlinger AGM approves dividend payment of EUR 0.55 per share
- Dividend for 2015 financial year remains stable at EUR 0.55 (0.55)
- Actions of Management Board and Supervisory Board approved by large majorities
- Broad shareholder support for other items on the agenda
Stuttgart, Dettingen/Erms (Germany), May 31, 2016 +++ Addressing an audience of close to 800 shareholders, shareholder representatives, and guests attending the 111th Annual General Meeting (AGM) of ElringKlinger AG, which was held at the Liederhalle Cultural and Congress Center in Stuttgart, CEO Dr. Stefan Wolf reviewed the 2015 financial year just ended: "We managed to increase revenue by almost 14%, thereby taking it to a figure in excess of EUR 1.5 billion for the very first time and maintaining our trajectory of growth." However, a disproportionately large surge in demand within the Original Equipment segment had a tangible impact on earnings before interest and taxes, which totaled EUR 135.2 (154.0) million. Net income attributable to ElringKlinger shareholders fell to EUR 91.6 (105.7) million.
Shareholders approve proposed resolutions by large majority
The AGM approved by a majority of 99.97 percent the proposal put forward by the Management Board and Supervisory Board for a dividend payment of EUR 0.55 (0.55) per share for fiscal 2015, unchanged on the previous financial year. Despite exceptional charges within the Original Equipment segment, the total payout remains stable year on year at EUR 34.8 (34.8) million. Calculated on the basis of earnings attributable to the shareholders of ElringKlinger AG, the dividend ratio has increased from 32.9% a year ago to 38.0%. This is in line with ElringKlinger's consistent dividend policy that reflects its long-term earnings performance and allows shareholders to participate appropriately in the company's success.
Shareholders also passed, by large majorities, all the other resolutions put forward. The actions of the Management Board and Supervisory Board were ratified with 99.93% and 97.25% of the votes respectively for the 2015 financial year. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, was appointed as the independent auditor for the 2016 financial year. The overall attendance figure was 82.23% of share capital.
Product portfolio reflects automotive megatrend of "efficient powertrain"
As part of a presentation in the foyer of the Cultural and Congress Center, shareholders and guests were able to explore first hand the latest product range of the ElringKlinger Group, the emphasis of which is on emissions and fuel reduction as well as alternative drive concepts. ElringKlinger is focusing on the automotive megatrend of "efficient powertrain", which looks set to propel the automobile industry forward in the coming years as emission standards, in particular, become increasingly stringent.
As Dr. Stefan Wolf explained, "Building on a product portfolio that is targeted fully at efficient mobility, ElringKlinger is well positioned within the market and will continue to benefit significantly from industry growth. We will draw on our technological expertise and process know-how in order to continue to develop innovative solutions in drive technology and lightweight construction and launch them successfully within the market."
Outlook for 2016
ElringKlinger anticipates moderate growth of around 2% within the global automobile market in 2016. Against this backdrop, the Group is targeting organic revenue growth of between 5% and 7%. Overall, ElringKlinger expects to generate adjusted EBIT before purchase price allocation of between EUR 160 and 170 million in 2016.
Reprinting free of charge. File copy requested.
For further information please contact:
Dr. Jens Winter
Phone +49 7123 724-88335
Fax +49 7123 724-85 8335