Dürr AG — Earnings Release 2004

Aug 13, 2004

News Details

Ad-hoc | 13 August 2004 08:10

Dürr continues to improve earnings

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Dürr continues to improve earnings – Business figures for the first half of 2004 Stuttgart, August 13, 2004 – The Dürr Group achieved earnings before taxes of EUR 8.3 million in the first half of 2004 (previous year: EUR minus 11.8 million). Earnings before taxes in the second quarter of 2004 amounted to EUR 4.0 million (previous year: EUR 2.7 million) and thus continued the positive development of the first three months (EUR 4.3 million; previous year: EUR minus 14.5 million). Earnings before interest expense, taxes, depreciation, and amortization (EBITDA) rose in the first half of 2004 to EUR 32.9 million (previous year: EUR 16.5 million). Along with a reduction of net financial debt to EUR 227.2 million as of June 30, 2004 (previous year: EUR 247.2 million), net financial expense improved by EUR 1.6 million to EUR 9.5 million. On consolidated net income of EUR 4.6 million (previous year: loss of EUR 6.7 million), earnings per share amounted to EUR 0.32 (previous year: EUR minus 0.47). The improved earnings situation is primarily attributable to the SPRINT SQUARED earnings enhancement program. Consolidated sales rose in the first half of 2004 to EUR 1,000.9 million (previous year: EUR 920.7 million). Consolidated incoming orders stood at EUR 975.0 million. As expected, they thus fell short of the unusually high previous- year level (EUR 1,513.0 million), which includes a large paint systems order from General Motors. Adjusted for exchange rate effects, sales would have come to EUR 1,037.6 million, and incoming orders to EUR 999.4 million. After last year’s loss due to special influences, the Board of Management expects that earnings before taxes in 2004 will exceed the amount (EUR 18.7 million) achieved in 2003 before restructuring expense. Sales will probably be slightly lower than the previous year’s high level. The financial statements for the first half of 2004 were prepared according to US GAAP. During an internal review, Dürr ascertained an overvaluation of order- specific receivables and undervaluation of accruals in the financial statements for the first quarter of 2003. The relevant items in the statements of income, balance sheets, and statements of cash flows for the first half of 2003 were subsequently adjusted. The adjustment does not affect the Group’s annual financial statements of December 31, 2003, since the earnings effects in question were reversed in subsequent quarters. Contact: Dürr AG Susanne E. Langer Head of Public & Investor Relations Phone: +49 (0)711 136-1785 Fax: +49 (0)711 136-1034 corpcom@durr.com end of ad-hoc-announcement (c)DGAP 13.08.2004 ——————————————————————————– WKN: 556520; ISIN: DE0005565204; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Hannover 130810 Aug 04