Arbon, August 17th 2017. EDAG, leading independent engineering services provider to the global automotive industry has published its figures for the first half year 2017, today. Revenues in the first six months of the business year were at 351.4 million Euros after 362.6 million Euros in the previous year. The adjusted EBIT levelled at 14.2 million Euros (previous year: 22.5 million Euros). Decisive for the moderate development were delayed order placements and persisting pricing pressure. Earnings were burdened by special effects, especially the realignment of the personnel structure and increased ramp-up costs for projects in Mexico.
Cash-flow, on the other hand, showed a very positive trend. The operating cash-flow was at 4.7 million Euros, after -9.0 million Euros in the previous year. The free cash-flow could also be improved from -25.5 million Euros to -9.7 million Euros. Net financial debt could be reduced to 131.0 million Euros at June 30, 2017 (previous year: 143.1 million Euros). The EDAG Group employed 8,178 people as of the balance sheet date (previous year: 8,267 employees).
CEO Joerg Ohlsen is optimistic about the further development of the Group: "We consistently adjust EDAG towards the new requirements in the automotive world. In addition to e-mobility, driving assistance systems, connectivity and digitization play a key role in this respect. With exciting projects in these new fields, EDAG is a globally attractive employer and also a provider of know-how for the entire industry. We will once again present our capabilities on this year's IAA in Frankfurt to the public world."
For the full year, a positive revenue development is expected. The recent acquisitions in Sweden and the USA will also contribute to this. In addition, the order backlog of 361.3 million Euros, well above the previous year figure of 339.4 million Euros, also indicates this. Against this background, the company expects a growth in revenues of up to 5% and an adjusted EBIT-margin of 4-6% for the full year.
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 2016, the company generated revenues of EUR 715 million and an adjusted EBIT of EUR 43.8 million. As at 31 December 2016, 8,270 employees (including apprentices) worked for EDAG in 19 countries.
End of Media Release
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|