Dürr AG — Earnings Release 1999

Oct 27, 1999

News Details

Ad-hoc | 27 October 1999 08:34

Ad hoc-Service: Dürr AG

Ad-hoc announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. —————————————————————————— Report of Dürr Aktiengesellschaft on the first nine months of 1999 . Sales up 6 % . EBITDA up 19.2 % . Consolidation of world market leadership The Dürr group has continued its growth trend in the third quarter of 1999. Group sales increased by 6 % to DM 1,230 million (EUR 629 million). Corresponding year-earlier sales amounted to DM 1,160 million (EUR 593 million). Earnings before taxes came to DM 32.5 million (EUR 16.6 million), which is slightly below the comparable year- earlier figure of DM 33.2 million (EUR 17.0 million). EBITDA (earnings before interest, tax, depreciation and amortization) improved by nearly 20 % on the year-earlier level from DM 50.1 million (EUR 25.6 million) to DM 59.7 million (EUR 30.5 million). Incoming orders amounted to DM 1,415 million (EUR 723 million) in the first three quarters. Since incoming orders in the year-earlier period of DM million 1,725 (EUR 882 million) were strongly influenced by a single major systems order, the current value still is below the year-earlier level, down 18 %. With orders on hand of DM 2,006 million (EUR 1,026 million) at the end of nine months, utilization of Dürr group capacities is assured until far into the year 2000. The year-earlier level amounts to DM million 2,753 (EUR 1,407 million). Dürr Systems group: Takeover of the leading French competitor During this financial year, the Dürr Systems group has received several major systems orders mainly from Germany and Eastern Europe. With the takeover of Alstom Automotive and Painting Systems at the end of September 1999, the leading French supplier of paint finishing systems to the automotive industry, the Dürr Systems group opened up an additional market potential and fortified its top position as a world market leader for mass-production paint finishing. Due to Alstom Automotive and Painting Systems strong market position, also as a supplier of painting systems for plastic components and systems for final car assembly, Dürr opens up an additional potential in yet another growth market by way of this acquisition. Premier Group: Excellent prospects for manufacturing support services Since the Dürr group acquired Premier in April 1999, Premier has concluded new services contracts with automobile factories in China and Poland. As the tendency to outsource services in the automobile production continues around the globe, Dürr sees good growth prospects for manufacturing support services. Further potential for development has been created by branching out into high standard services. Dürr Ecoclean group: Consolidation of top position The Dürr Ecoclean group has maintained its top position in the markets of industrial cleaning technologies and treatment plants for cooling lubricants in production systems. High demand for efficient cleaning and filtration systems exists in the USA, where several automakers are launching new generations of engines and transmissions on the market. The extension of the product range in European markets has been an additional growth stimulus to filtration systems. Outlook for 1999 The Board of Management is confident about 1999 and expects sales and incoming orders to exceed the preceding year’s high levels. The highly intense competitive climate continues to exist. In respect to earnings, Dürr intends to match last year’s results. End of Message