EDAG Engineering Group AG: Third quarter 2019 with positive dynamics in the largest segments
Arbon, 07 November 2019. EDAG, leading independent engineering services provider to the global automotive industry, reported its figures as at September 30th of the current business year. Group Revenues after nine month were at EUR 584.3 million (previous year: EUR 588.1 million). The two largest segments Vehicle Engineering and Electrics/Electronics recorded a positive dynamic and were able to significantly increase their revenues by 3.5 percent and 12.4 percent respectively. On the other hand, the market environment in the Production Solutions segment remains challenging, with a 27.9 percent decline in sales.
Adjusted EBIT for the Group was at EUR 28.2 million (previous year: EUR 42.2 million); the adjusted EBIT-margin levelled at 4.8 percent (previous year: 7.2 percent). The segments Vehicle Engineering and Electrics/Electronics posted an adjusted EBIT-margin of 7.0 percent and 7.6 percent respectively; at Production Solutions, margin was at -9.4 percent.
A clear positive trend was in cash flow, which rose operationally in the third quarter to EUR 12.9 million (previous year: EUR 5.7 million). In the first nine month of the year, future-oriented investments amounting to EUR 18.1 million were made. The Capex-ratio was at 3.1% (previous year: 2.6%). As at September 30th 2019 the EDAG Group employed 8,623 people (previous year: 8,599 employees).
For the full year 2019, revenues are expected to be at previous year's level +/- round 1%. The adjusted EBIT-margin is forecasted in a range of round 4-5%. Earnings after tax are expected to be below 10 million Euros.
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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, digitalization, integral safety and new production technologies.
In financial year 2018, the company generated revenues of EUR 792 million and an adjusted EBIT of EUR 47.6 million. As at 31 December 2018, 8,641 employees (including apprentices) worked for EDAG all over the world.
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.
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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, Hamburg, Munich, Stuttgart|
|EQS News ID:||906025|
|End of News||DGAP Media|