Elring Klinger AG Elringklinger Is Thesis

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That core operation accounted for 94.5% of the group's profits in 2007. This compares with 93.3% in 2006; 90.9% in 2005; and 89.1% in 2004. In 2007, the ErlingKlinger AG subsidiary accounted for 58.6% of the group's revenues. All told, the AG subsidiary's net margin was 21.2%, compared with 13.2% for the group. Exclusive of AG, the group's net margin was only 1.7%. Thus we can extrapolate that the core AG business is the main profit driver for the ErlingKlinger Group. The remaining subsidiaries contribute little in the way of profit to the company.

The statement of cash flows reveals that ErlingKlinger has continued to grow its operations in the past year. Growth in cash from operating activities was 10.4%. The company made significant investments in property, plant & equipment and investment properties. These investments increased 94.6% in 2007, driving growth in total cash outlay for investments to 117.1%.

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The aforementioned shift in debt from long-term to current is reflected in the financing activities portion of the cash flow statement, with cash flows from financing moving from a reduction of €41.7 million to an addition of €4.4 million. All told, the company had 35.75 more cash at the end of fiscal 2007 than it did at the end of fiscal 2006.

Overall, ErlingKlinger is a financially strong company. They are liquid and have demonstrated strong revenue growth. Profit growth has been even stronger still, reflecting the company's ability to control costs. The deterioration in liquidity in this past year is unlikely to have a long-term impact on the company, since it merely represents debt that will in all likelihood be retired. The company's gross margin has grown slightly, as have research and development expenses, but the.....

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