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.
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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.
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Issuer: EDAG Engineering Group AG
Key word(s): Services
|Company:||EDAG Engineering Group AG|
|Phone:||+41 71 54433-0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart|
|End of News||DGAP Media|