EDAG Engineering Group AG: Sales and earnings growth in the third quarter - outlook confirmed
Arbon, November 15th 2017. EDAG, leading independent engineering services provider to the global automotive industry, records positive business momentum in the third quarter of the current year. Compared with the same period of the previous year, sales revenues were 4.5 percent up to 178.6 million Euros. The adjusted EBIT increased disproportionately by 13.0 percent to 11.2 million Euros. Cumulative sales for the first nine months of the year are at 530 million Euros (previous year: 533.5 million Euros); the adjusted EBIT levels at 25.4 million Euros (previous year: 32.4 million Euros).
The pleasing development is also reflected in the operating cash flow, which amounted to 25.4 million Euros in the first nine months of the year (previous year: 10.3 million Euros). Free cash flow increased to 4.4 million Euros (previous year: -11.7 million Euros). Net financial debt amounted to EUR 119.5 million on September 30, and was thus EUR 12.4 million lower than the previous year's figure of EUR 131.9 million. The EDAG Group employed 8,312 people at September 30th, 2017 (previous year: 8,337 employees).
"In a market environment characterized by constant change, we were able to significantly improve our performance in the past quarter" Juergen Vogt, CEO of the EDAG Group points out. "The realignment of the company shows first signs of success. We were able to win a number of outstanding projects in the segment of advanced driver assistance systems, e-mobility and other alternative drive systems. We consistently align EDAG to the requirements of our customers and thereby position us as a strategic development partner for the global automotive industry. In this way, we can proactively assist the changes in the industry and take advantage of opportunities for further growth."
The overall market dynamics are intact, so the outlook for EDAG remains positive. The Executive Management does not see any reason to adjust the guidance for the financial year 2017.
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.
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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|