Dürr AG — Earnings Release 2002

Nov 20, 2002

News Details

Ad-hoc | 20 November 2002 07:58

Dürr AG english

Dürr Group business developments as of Sept. 30, 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Incoming orders up sharply despite difficult business environment 11/20/02 – With an increase of consolidated incoming orders by 25% to EUR 1,775 million (PY: EUR 1,417m), the Dürr Group has held its own well in an economically difficult environment in the first 9 months of 2002. At EUR 1,427m, consolidated sales almost reached the high previous-year level (PY: EUR 1,445m). Consolidated orders on hand were up 21%, to EUR 1,515m (PY: EUR 1,250m). Important contributions toward this success were provided by major orders from automobile manufacturers in Europe, North America and China. The operating income EBITDA improved significantly in the third quarter (EUR 28.1m), bringing total EBITDA for the first 9 months of 2002 to EUR 50.0m (PY: EUR 89.2 m). It has been influenced significantly by restructuring expenses of roughly EUR 22m for German and American Group companies and by cyclically induced weakness of demand, especially in connection with high-margin short-term orders. Earnings before taxes for the first 3 quarters were EUR minus 5.7m (PY: EUR 20.1m). The Groups workforce was 7% smaller as of September 30, 2002, not counting new hires for specific projects in the Services business unit. All in all, the number of employees was down 1.7% to 12,608 (PY: 12,823). Capital expenditures for property, plant and equipment amounted to EUR 12.8m (PY: EUR 29.9m). Since the situation in strategic large projects is predominantly stable, the Board of Management anticipates that for the entire year 2002 incoming orders and orders on hand will be above last years, but with different levels of capacity utilization in the various business units. Dürr expects sales to be on the same order of magnitude as in the previous year. But with the world economy and automotive business still weak and competition still intense, total 2002 earnings before restructuring expenses will not match the previous-year figures. Dürr foresees good chances for improving earnings in 2003. Assistance here will come from the large volume of orders on hand, carefully focused restructuring programs to enhance profitability, and the unabated fast pace of innovation with corresponding R&D expenditures. Susanne Langer (+49 – 711- 136 1785), Gerhard Zaiß (+49 – 711 – 136 1095) end of ad-hoc-announcement (c)DGAP 20.11.2002 ——————————————————————————– WKN: 556520; ISIN: DE0005565204; Index: MDAX Listed: Amtlicher Markt in Frankfurt und Stuttgart; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover und München 200758 Nov 02