Letter to Sharholders In Conversation Combined Management Report
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EUR k Note 2014 2013*
Sales revenue (1) 1,325,834 1,150,083
Cost of sales (2) - 967,352 - 824,473
Gross profit   358,482 325,610
       
Selling expenses (3) - 93,418 - 81,470
General and administrative expenses (4) - 61,449 - 45,998
Research and development costs (5) - 57,253 - 56,708
Other operating income (6) 18,727 32,993
Other operating expenses (7) - 11,086 - 10,271
Operating result   154,003 164,156
       
Finance income   18,492 9,358
Finance costs   - 19,401 - 24,614
Net finance costs (8) - 909 - 15,256
       
Earnings before taxes   153,094 148,900
Income tax expense (9) - 42,495 - 37,697
Net income   110,599 111,203
       
of which: attributable to non-controlling interests (21) 4,851 5,785
of which: attributable to shareholders of ElringKlinger AG (21) 105,748 105,418
       
Basic and diluted earnings per share in EUR (10) 1.67 1.66

* Prior-year figures restated, see comments in the notes to the consolidated financial statements

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EUR k Note 2014 2013*
Net income   110,599 111,203
Currency translation difference   17,916 - 15,583
Currency translation losses attributable to investments accounted for at equity   0 - 4,726
Gains and losses that can be reclassified to the income statement in future periods 17,916 - 20,309
Remeasurement of defined benefit plans, net   - 21,852 5,991
Gains and losses that cannot be reclassified to the income statement in future periods   - 21,852 5,991
Other comprehensive income after taxes   - 3,936 - 14,318
Total comprehensive income   106,663 96,885
       
of which: attributable to non-controlling interests   5,301 5,141
of which: attributable to shareholders of ElringKlinger AG   101,362 91,744

* Prior-year figures restated, see comments in the notes to the consolidated financial statements

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EUR k Note Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013*
Assets        
Intangible assets (11) 185,343 176,710 133,061
Property, plant and equipment (12) 707,980 612,108 557,266
Investment property (13) 11,712 12,747 13,329
Financial assets (14) 1,728 1,980 1,615
Investments accounted for using the equity method (15) 0 0 25,951
Non-current income tax assets (16) 1,553 2,189 2,830
Other non-current assets (16) 6,568 3,001 2,619
Deferred tax assets (9) 8,782 10,751* 29,932
Non-current assets   923,666 819,486 766,603
         
Inventories (17) 290,098 257,387 227,313
Trade receivables (18) 245,084 207,453 181,331
Current income tax assets (18) 4,294 3,986 2,208
Other current assets (18) 26,944 40,820* 39,082
Cash and cash equivalents (19) 68,733 62,949 46,475
Current assets   635,153 572,595 496,409
         
Non-current assets held for sale (20) 0 0 249
    1,558,819 1,392,081 1,263,261

* Prior-year figures restated, see comments in the notes to the consolidated financial statements

EUR k Note Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013*
Liabilities and equity        
Share capital   63,360 63,360 63,360
Capital reserves   118,238 118,238 118,238
Revenue reserves   572,205 498,137* 421,231
Other reserves   - 10,283 - 5,897 4,911
Equity attributable to the shareholders of ElringKlinger AG (21) 743,520 673,838 607,740
Non-controlling interest in equity (22) 31,674 27,507 29,825
Equity   775,194 701,345 637,565
         
Provisions for pensions (23) 124,090 92,323 98,531
Non-current provisions (24) 16,638 10,345 11,066
Non-current financial liabilities (25) 268,508 237,346 135,370
Deferred tax liabilities (9) 23,930 32,528 46,638
Other non-current liabilities (26) 6,219 6,504 10,145
Non-current liabilities   439,385 379,046 301,750
         
Current provisions (24) 16,469 19,472 18,059
Trade payables (26) 68,753 68,574 56,887
Current financial liabilities (25) 148,532 120,883 182,487
Tax payable (9) 16,773 14,696 11,116
Other current liabilities (26) 93,713 88,065 55,397
Current liabilities   344,240 311,690 323,946
    1,558,819 1,392,081 1,263,261
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EUR k Share
capital
 Capital
reserves
 Revenue
reserves*
Balance as of Dec, 31, 2012 63,360 118,238 424,440
Adjustments for IAS 8, IFRS 11*     - 3,209
Balance as of Jan. 1, 2013 63,360 118,238 421,231
Dividend distribution     - 28,512
Change in scope of consolidated financial statement      
Puchase of shares from controlling interests      
Total comprehensive income     105,418
Net income     105,418
Other comprehensive income*      
Balance as of Dec. 31, 2013 63,360 118,238 498,137
Balance as of Dec. 31, 2013 / Balance as of Jan. 1, 2014 63,360 118,238 498,137
Dividend distribution     - 31,680
Change in scope of consolidated financial statement      
Total comprehensive income     105,748
Net income     105,748
Other comprehensive income      
Balance as of Dec. 31, 2014 63,360 118,238 572,205

* Prior-year figures restated, see comments in the notes to the consolidated financial statements

Other reserves
  Remeasurement
of defined
benefit plans*		 Equity impact of
controlling
interests		 Currency
translation
differences*		 Equity
attributable to the
shareholders of
ElringKlinger AG*		 Non-controlling
interests
in equity*		 Group equity*
  - 22,003 - 833 27,747 610,949 31,268 642,217
        - 3,209 - 1,443 - 4,652
  - 22,003 - 833 27,747 607,740 29,825 637,565
        - 28,512 - 1,138 - 29,650
          2,440 2,440
    2,866   2,866 - 8,761 - 5,895
  6,014   - 19,688 91,744 5,141 96,885
        105,418 5,785 111,203
  6,014   - 19,688 - 13,674 - 644 - 14,318
  - 15,989 2,033 8,059 673,838 27,507 701,345
  - 15,989 2,033 8,059 673,838 27,507 701,345
        - 31,680 - 1,088 - 32,768
          - 46 - 46
  - 21,360   16,974 101,362 5,301 106,663
        105,748 4,851 110,599
  - 21,360   16,974 - 4,386 450 - 3,936
  - 37,349 2,033 25,033 743,520 31,674 775,194
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EUR k Note 2014 2013*

Earnings before taxes

   153,094 148,900
Depreciation/amortization (less write-ups)
of non-current assets 		(11) - (14) 79,227 74,394
Net interest (8) 10,937 11,167
Change in provisions   1,290 - 1,159
Gains/losses on disposal
of non-current assets		   463 - 475
Profit/loss from investment accounted for using the equity method   0 - 269
Distributions from investment accounted for using the equity method   0 40
Change in inventories, trade receivables and
other assets not resulting from financing and investing activities		 - 39,725 - 49,348
Change in trade payables and other liabilities
not resulting from financing and investing activities		   8,939 - 4,506
Income taxes paid (9) - 42,508 - 37,213
Interest paid   - 8,433 - 8,468
Interest received   375 313
Other non-cash expenses   - 13,723 - 14,345
Net cash from operating activities   149,936 119,031
       
Proceeds from disposals of property, plant and equipment, intangible
assets and investment property		 543 2,599
Proceeds from disposals of financial assets   806 791
Payments for investments in intangible assets (11) - 16,115 - 11,626
Payments for investments in property, plant
and equipment and investment property		 (12), (13) - 147,017 - 114,021
Payments for investments in financial assets (14) - 498 - 971
Payments for the acquisition of subsidiaries, less cash   - 5,708 - 3,151
Net cash from investing activities   - 167,989 - 126,379
       
Payments to non-controlling interests for the purchase of shares   0 - 5,896
Dividends paid to shareholders and to non-controlling interests - 32,768 - 29,650
Proceeds from the addition of financial liabilities (25) 99,783 151,947
Payments from the repayment of financial liabilities (25) - 46,934 - 101,690
Net cash from financing activities   20,081 14,711
       
Changes in cash   2,028 7,363
Effects of currency exchange rates on cash   3,756 - 1,568
Cash inflow from acquisitions 0 10,679
Cash at beginning of period (19) 62,949 46,475
Cash at end of period (19) 68,733 62,949

* Prior-year figures restated, see comments in the notes to the consolidated financial statements

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