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DGAP-Media / 2018-08-22 / 07:30
*EDAG Engineering Group AG: Very strong first half of 2018 - Significant
increase in sales and earnings - Strategic growth program "REinvent"
presented*
*Arbon, 22 August 2018.* EDAG, a leading independent engineering services
provider to the global automotive industry, published the figures for the
first half of 2018, today. Revenues amounted to 391.1 million Euros, around
11% higher than the previous year's figure of 352.7 million Euros. Adjusted
EBIT amounted to 22.7 million Euros, an increase of more than 50% compared
to 2017 (15.1 million Euros). The international business in particular
contributed to the strong growth in the first half of the year.
The other key figures of the EDAG Group also developed positively. Free cash
flow increased significantly from -9.7 million Euros to 10.4 million Euros.
Net financial debt decreased to EUR 116.1 million Euros as of June 30, 2018
(previous year: 131.0 million Euros). In addition, order intake rose by
13.7% to 433.6 million Euros in the first half of the year (previous year:
381.5 million Euros). As of the reporting date, EDAG had 8,393 employees
(previous year: 8,178 employees).
Against the background of the positive development in the first half of the
year and the intact market environment, management had already raised its
forecast for the full year 2018 on July 12. For the current year, sales
growth of 6-8% and an adjusted EBIT margin of around 5-7% are now expected.
*"REinvent" to get EDAG on a sustainable growth course*
CEO Cosimo De Carlo will present the new strategic growth programme
"REinvent" at an analysts' meeting, today. It identifies market potential
for Engineering Services Provider and explains EDAG's strategic measures.
The declared goal is to transform EDAG into the leading engineering and
production specialist for the mobility of the future. Based on comprehensive
packages of measures, the company is to grow sustainably and profitably. The
aim is to achieve sales growth above the market average and a gradual
improvement in adjusted EBIT in the direction of former average figures.
EDAG will continue to communicate an annual guidance for sales and earnings
targets.
EDAG CEO Cosimo De Carlo is optimistic about the development: "We had a very
strong start into 2018. The entire market environment is dynamic and offers
excellent opportunities for further growth thanks to very high expenditure
on research and development and new automotive start-ups. In order to make
optimum use of this potential, we have launched our strategic growth
programme "REinvent". We are committed to the systematic further development
of our three segments Vehicle Engineering, Production Solutions and
Electrics/Electronics and aim to become the leading engineering and
production specialist for the mobility of the future".
Georg Denoke, who was elected Chairman of the Board of Directors yesterday,
emphasizes: "The "REinvent" program presented today by Cosimo De Carlo sets
the right priorities for growth and competitiveness in order to shape the
dynamic change in the automotive industry together with our customers in the
coming years. Thanks to its great employees, EDAG stands for innovation,
engineering skills and reliability. Our investors also need exactly this
reliability. Step by step we want to earn this trust."
*About EDAG *
EDAG is an independent engineering services provider to the global
automotive industry. The company serves leading domestic and international
vehicle OEMs and sophisticated automotive suppliers through a global network
of about 60 sites in major automotive centres of the world.
EDAG offers complementary engineering services across its Vehicle
Engineering, Electrics/Electronics and Production Solutions businesses.
Based on these extensive capabilities, EDAG can support clients across the
entire value chain from the original design idea to product development and
prototype construction all the way to the delivery of turnkey production
systems. As a technology and innovation leader, EDAG also operates
established centres of excellence that design landmark technologies for
future applications in the automotive industry: lightweight construction,
electric mobility, car IT, integral safety and new production technologies.
In financial year 2017, the company generated revenues of EUR 717 million
and an adjusted EBIT of EUR 32.6 million. As at 31 December 2017, 8,404
employees (including apprentices) worked for EDAG in 19 countries.
*Press contacts:*
*Public Relations*
Christoph Horvath
Press Officer EDAG Group
Phone:+49 (0) 661- 6000 570
Mail: pr@edag.de
www.edag.de
*Investor Relations*
Sebastian Lehmann
Head of Investor Relations
Phone:+49 (0) 611- 7375 168
Mail: ir@edag-group.ag
ir.edag.de
*Forward-looking statements*
This release contains forward-looking statements. These statements are based
on current estimates and projections of EDAG Executive Board and currently
available information. They are not guarantees of future performance,
involve certain risks and uncertainties that are difficult to predict, and
are based upon assumptions as to future events that may not be accurate.
Many factors could cause the actual results, performance or achievements of
EDAG to be materially different from those that may be expressed or implied
by such statements. EDAG does not assume any obligation to update the
forward-looking statements contained in this release.
End of Media Release
Issuer: EDAG Engineering Group AG
Key word(s): Services
2018-08-22 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.dgap.de
Language: English
Company: EDAG Engineering Group AG
Schlossgasse 2
9320 Arbon
Switzerland
Phone: +41 71 54433-0
E-mail: ir@edag-group.ag
Internet: www.edag.com
ISIN: CH0303692047
WKN: A143NB
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of News DGAP Media
716129 2018-08-22
(END) Dow Jones Newswires
August 22, 2018 01:30 ET (05:30 GMT)
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