Dürr AG — Earnings Release 2004

May 14, 2004

News Details

Ad-hoc | 14 May 2004 08:27

Dürr with profit in the first quarter of 2004

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Dürr with profit in the first quarter of 2004 Stuttgart, May 14, 2004 – With earnings before taxes of EUR 4.3 million (first quarter of 2003: EUR minus 14.5 million), the Dürr Group returned to the profit zone in the first quarter of 2004, after finishing fiscal 2003 with earnings before taxes of EUR minus 6.9 million due to restructuring. The Dürr Group’s gross margin improved in the first quarter of 2004 to 17.3 %, while having amounted to 16.1 % in fiscal 2003. Earnings before interest expense, taxes, depreciation, and amortization (EBITDA) increased to EUR 16.3 million from EUR minus 0.1 million in the previous year’s period. With consolidated net income of EUR 2.2 million (first quarter of 2003: net loss of EUR 8.4 million), earnings per share amounted to EUR 0.16 (first quarter of 2003: EUR minus 0.59). The earnings improvement is primarily attributable to the SPRINT² earnings enhancement program. Dürr was able to raise consolidated sales in the first quarter of 2004 by 21 % to EUR 486.7 million (first quarter of 2003: EUR 403.8 million). The increase is primarily the result of completing a large contract in North America. Consolidated incoming orders in the first three months of 2004 amounted to EUR 415.1 million and thus returned to a normal level, as expected, after the extraordinarily high previous year’s figure of EUR 1,123.8 million. For the full year 2004, Dürr expects earnings before taxes above the figure achieved in 2003 before restructuring expense (EUR 18.7 million). The SPRINT² program is expected to contribute substantially to the earnings improvement. The financial statements for the first quarter of 2004 have been prepared in accordance with US GAAP. In an internal review, Dürr has determined that order-specific receivables were valued too high, and accruals too low, in the financial statements for the first quarter of 2003. It has subsequently adjusted the affected items in the statements of income for that quarter. The adjustment has no effect on the consolidated financial statements dated December 31, 2003, because the presented earnings effects reversed themselves in the subsequent quarters. Contact: Dürr AG Susanne E. Langer Head of Public & Investor Relations Tel.: +49 (0)711 136-1785 Fax: +49 (0)711 136-1034 E-mail: corpcom@durr.com end of ad-hoc-announcement (c)DGAP 14.05.2004 ——————————————————————————– WKN: 556520; ISIN: DE0005565204; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Hannover 140827 Mai 04