Dürr AG — Earnings Release 2002

Apr 10, 2003

News Details

Ad-hoc | 10 April 2003 07:30

Dürr AG english

Dürr focuses on increasing profitability Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– April 10, 2003 – The Board of Management and the Supervisory Board of Dürr AG will propose to the annual meeting that a dividend be paid of EUR 0.80 per share for FY 2002 (2001: EUR 1.10). The Dürr Group increased incoming orders in FY 02 to EUR 2,346.7 m (01: EUR 2,063.2 m). Sales fell by about 5% to EUR 2,082.1 m (01: EUR 2,196.2 m); adjusted for exchange rate effects (about EUR 60 m), the decline amounts to 2.5%. In FY 02 EBITDA amounted to EUR 89.1 m (01: EUR 127.8 m), EBT to EUR 22.6 m (01: EUR 39.8 m), net income to EUR 12.0 m (01: EUR 20.0 m), and EPS to EUR 0.84 (01: EUR 1.40). The reasons for the earnings decline are restructuring expenses (about EUR 20 m), cyclically induced shortfalls particularly in high-margin product business, lower sales, and changes in currency relations. Due to restatements of order-related receivables and project-related accruals in connection with the transfer of a group company, the earnings figures for FY 01 have been restated retroactively. Orders on hand rose to EUR 1,381.4 m (EUR 1,171.6 m), and the number of employees (as of Dec. 31) to 12,902 (12,675). Adjusted for the Services business unit, the number fell by 318 (minus 3.6%). Preliminary figures for the first quarter 03: incoming orders EUR 1,124 m (1Q 02: EUR 486.3 m); sales EUR 396 m (1Q 02: EUR 395.0 m); orders on hand EUR 2,097 m (1Q 02: EUR 1,258.2 m); employees 12,878 (1Q 02: 12,410); EBITDA EUR 10 m (1Q 02: EUR 2.6 m); EBT EUR minus 5 m (1Q 02: EUR minus 14.8 m). Because of the unsatisfactory earnings development, Dürr will significantly intensify its measures to improve profitability. With the SPRINT SQUARED earnings enhancement program, Dürr intends to achieve its EBT ROS target of 5%. Dürr has not assumed any improvement of the business environment in its planning for FY 03. Due to the high level of orders on hand, particularly in the Paint Systems business unit, and the implemented restructuring measures, the Board of Management expects the sales and earnings situation to stabilize in FY 03. Reliable forecasts are currently not possible, however, in view of the economic and political uncertainties. But with the SPRINT SQUARED program, Dürr is fulfilling all the prerequisites to be able to profit above average in an economic upswing. Susanne E. Langer, Phone: +49 (0)711 136-1785 end of ad-hoc-announcement (c)DGAP 10.04.2003 ——————————————————————————– WKN: 556520; ISIN: DE0005565204; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Hannover 100730 Apr 03