ElringKlinger has posted 2016 sales revenue up 3.3% to EUR1.6bn (US$1.7bn), fuelled by the Group's performance in the fourth quarter, which saw sales revenue grow by 4.4%.
Had foreign exchange rates remained unchanged, growth would have been as much as 5.5% or EUR83.5m.
ElringKlinger saw revenue improve in almost all sales regions during 2016. While business in the home market of Germany picked up only slightly, sales performance in the rest of Europe proved more favourable.
Here, revenue increased by EUR18.8m or 4% to EUR489.1m, as a result of which the region accounted for 31% of total sales.
Growth generated in the Asia-Pacific region was more pronounced, with revenue expanding by EUR28.3m or 10.5% to EUR299m. As a result, the region now accounts for 19% of total sales revenue generated by the Group.
ElringKlinger anticipates demand within the area of personal mobility will continue to grow irrespective of the type of drive system deployed. Technology surrounding combustion engines will still be of relevance in the short to medium term.
In the medium to long term, however, key impetus is expected to come entirely from new drive technologies.
"Building on a broad product portfolio and diversified customer base, ElringKlinger is well prepared for this process of transition," said CEO, Stefan Wolf.
"Thanks to gaskets and near-engine shielding parts and plastic modules, we have gained a strong foothold when it comes to conventional combustion engine technology.
"At the same time, innovative structural components as well as parts used in alternative drive systems are among the key contributors to growth."
Overall, the Group expects to be able to exceed global market growth by two to four percentage points per annum in the short to medium term.