EDAG Engineering Group AG: On course

DGAP-Media / 2016-11-11 / 07:30

Arbon, November 11th 2016. EDAG, leading independent engineering services provider to the global automotive industry, shows a solid development in the first nine months of 2016. Revenues were more or less flat at previous year's level of about 534 million Euros. A particularly pleasing development was the further growth in the segments Vehicle Development and Production Solutions.

The adjusted EBIT levelled at 32.4 million Euros, compared to 54.8 million Euros in the previous-year. The adjusted EBIT-margin was at 6.1% (previous year: 10.3%). The margin has improved in the third quarter compared to the previous quarter. The same applies for the operative cash flow that has increased from -16.3 million Euros in the previous year to 10.3 million Euros. 8,337 people were employed at September 30th, 2016 (previous year: 8,063 employees).

The market for engineering services will continue to benefit from high investments into research and development by OEM and their suppliers. The dynamics are driven e.g. by trends like autonomous driving, e-mobility and digitalization. The current order intake indicates that the order backlog by the year end will be above the previous year's level. Against this background, the management is confident that the positive development of the company will continue.

For the full year, revenues at or slightly above previous year's level and an adjusted EBIT-margin of 6-8% is expected.

Fascinating jobs at an attractive employer
The increased number of staff is particularly based on a very successful start of the new training year. Overall, 208 young people decided to start their career in the exciting environment of an engineering service provider. At a central welcoming event in Fulda, the new trainees got to know the diverse career opportunities at the EDAG Group and could establish first contacts. Particularly pleasing is the training rate of EDAG being above 8% in Germany, again this year. This also reflects EDAG's high attractiveness as employer and the success of a sustainable human resources work.

Concepts for the mobility of tomorrow
From September 22nd to 29th the EDAG Group showed innovative concepts at the IAA for Commercial Vehicles in Hannover. In addition to samples for an intelligent independent wheel suspension integration and lightweight solutions for commercial vehicles, a modular battery system for electric buses caught the attention. In combination with a new battery management system and a solution for rapid charging, EDAG presented a complete electric solution for the future of transport in urban areas. "Our innovations once again show the potential of EDAG as technical partner for the automotive industry. It is our aim, to shape the technical change together with our clients and to contribute to a sustainable mobility with our concepts", said Joerg Ohlsen, CEO of the EDAG Group.

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 and new production technologies.

In financial year 2015, the company generated core revenues of EUR 722 million and an adjusted core EBIT of EUR 72.9 million. As at 31 December 2015, 8,139 employees (including apprentices) worked for EDAG in 19 countries.

Press contact:

Public Relations
Christoph Horvath
Press Officer EDAG Group
Phone:+49 (0) 661- 6000 570

Investor Relations
Sebastian Lehmann
Head of Investor Relations
Phone:+49 (0) 611- 7375 168


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

2016-11-11 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.
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