ElringKlinger Annual Report 2015

EUR k	Note	2015	2014
Sales revenue	(1)	1,507,253	1,325,834
Cost of sales	(2)	- 1,132,973	- 967,352
Gross profit		374,280	358,482

Selling expenses	(3)	- 115,992	- 93,418
General and administrative expenses	(4)	- 69,343	- 61,449
Research and development costs	(5)	- 61,438	- 57,253
Other operating income	(6)	20,132	18,727
Other operating expenses	(7)	- 12,391	- 11,086
Operating result		135,248	154,003

Finance income		25,394	18,492
Finance costs		- 31,886	- 19,401
Net finance costs	(8)	- 6,492	- 909

Earnings before taxes		128,756	153,094
Income tax expense	(9)	- 32,969	- 42,495
Net income		95,787	110,599

of which: attributable to non-controlling interests	(19)	4,211	4,851
of which: attributable to shareholders of ElringKlinger AG	(19)	91,576	105,748

Basic and diluted earnings per share in EUR	(10)	1.45	1.67

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EUR k	2015	2014
Net income	95,787	110,599
Currency translation difference	20,336	17,916
Gains and losses that can be reclassified to the income statement in future periods	20,336	17,916
Remeasurement of defined benefit plans, net	4,517	- 21,852
Gains and losses that cannot be reclassified to the income statement in future periods	4,517	- 21,852
Other comprehensive income after taxes	24,853	- 3,936
Total comprehensive income	120,640	106,663

of which: attributable to non-controlling interests	5,633	5,301
of which: attributable to shareholders of ElringKlinger AG	115,007	101,362

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EUR k	Note	Dec. 31, 2015	Dec. 31, 2014
Assets
Intangible assets	(11)	213,542	185,343
Property, plant and equipment	(12)	827,259	707,980
Investment property	(13)	14,242	11,712
Financial assets	(14)	1,255	1,728
Non-current income tax assets	(15)	875	1,553
Other non-current assets	(15)	3,218	6,568
Deferred tax assets	(9)	14,108	8,782
Non-current assets		1,074,499	923,666

Inventories	(16)	321,902	290,098
Trade receivables	(17)	287,229	245,084
Current income tax assets	(17)	2,507	4,294
Other current assets	(17)	30,731	26,944
Cash and cash equivalents	(18)	48,925	68,733
Current assets		691,294	635,153

		1,765,793	1,558,819

EUR k	Note	Dec. 31, 2015	Dec. 31, 2014
Liabilities and equity
Share capital		63,360	63,360
Capital reserves		118,238	118,238
Revenue reserves		628,933	572,205
Other reserves		11,098	- 10,283
Equity attributable to the shareholders of ElringKlinger AG	(19)	821,629	743,520
Non-controlling interest in equity	(20)	34,102	31,674
Equity		855,731	775,194

Provisions for pensions	(21)	118,744	124,090
Non-current provisions	(22)	12,340	16,638
Non-current financial liabilities	(23)	326,092	268,508
Deferred tax liabilities	(9)	25,114	23,930
Other non-current liabilities	(24)	3,829	6,219
Non-current liabilities		486,119	439,385

Current provisions	(22)	16,423	16,469
Trade payables	(24)	85,939	68,753
Current financial liabilities	(23)	209,597	148,532
Tax payable	(9)	18,702	16,773
Other current liabilities	(24)	93,282	93,713
Current liabilities		423,943	344,240
		1,765,793	1,558,819

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EUR k	Share capital	Capital reserves	Revenue reserves
Balance as of Dec, 31, 2014	63,360	118,238	498,137
Dividend distribution			- 31,680
Change in scope of consolidated financial statement
Total comprehensive income			105,748
Net income			105,748
Other comprehensive income
Balance as of Dec. 31, 2014 / Balance as of Jan. 1, 2015	63,360	118,238	572,205
Dividend distribution			- 31,680
Change in scope of consolidated financial statement
Total comprehensive income			91,576
Net income			91,576
Other comprehensive income
Balance as of Dec. 31, 2015	63,360	118,238	628,933

Other reserves
Remeasurement of defined benefit plans	Equity impact of controlling interests	Currency translation differences	Equity attributable to the shareholders of ElringKlinger AG	Non-controlling interests in equity	Group equity
- 15,989	2,033	8,059	673,838	27,507	701,345
			- 31,680	- 1,088	- 32,768
				- 46	- 46
- 21,360		16,974	101,362	5,301	106,663
			105,748	4,851	110,599
- 21,360		16,974	- 4,386	450	- 3,936
- 37,349	2,033	25,033	743,520	31,674	775,194
			-34,848	- 1,055	- 35,903
	- 2,050		- 2,050	- 2,150	- 4,200
4,364		19,067	115,007	5,633	120,640
			91,576	4,211	95,787
4,364		19,067	23,431	1,422	24,853
- 32,985	- 17	44,100	821,629	34,102	855,731

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EUR k	Note	2015	2014
Earnings before taxes		153,094	153,094
Depreciation/amortization (less write-ups) of non-current assets	(11) - (14)	87,514	79,227
Net interest	(8)	11,585	10,937
Change in provisions		- 7,775	1,290
Gains/losses on disposal of non-current assets		- 1	463
Change in inventories, trade receivables and other assets not resulting from financing and investing activities		- 51,832	- 39,725
Change in trade payables and other liabilities not resulting from financing and investing activities		5,887	8,939
Income taxes paid	(9)	- 39,353	- 42,508
Interest paid		- 9,752	- 8,433
Interest received		521	375
Other non-cash expenses		- 2,220	- 13,723
Net cash from operating activities		123,330	149,936

Proceeds from disposals of property, plant and equipment, intangible assets and investment property		753	543
Proceeds from disposals of financial assets		477	806
Payments for investments in intangible assets	(11)	- 13,663	- 16,115
Payments for investments in property, plant and equipment and investment property	(12), (13)	- 176,073	- 147,017
Payments for investments in financial assets	(14)	0	- 498
Payments for the acquisition of subsidiaries, less cash		- 24,151	- 5,708
Net cash from investing activities		- 212,657	- 167,989

Payments to non-controlling interests for the purchase of shares		- 4,200	0
Dividends paid to shareholders and to non-controlling interests		- 35,903	- 32,768
Proceeds from the addition of financial liabilities	(23)	162,503	99,783
Payments from the repayment of financial liabilities	(23)	- 57,111	- 46,934
Net cash from financing activities		65,289	20,081

Changes in cash		- 24,038	2,028
Effects of currency exchange rates on cash		4,230	3,756
Cash at beginning of period	(18)	68,733	62,949
Cash at end of period	(18)	48,925	68,733

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